If a public co CEO acts differently than others and then underperforms the market, shareholders then look at rhe idiosyncrasy as a bad thing. So they naturally

If a public co CEO acts differently than others and then underperforms the market, shareholders then look at rhe idiosyncrasy as a bad thing. So they naturally all start to act like each other. Buffett had a similar idea he termed the institutional imperative. If you’re the private owner/CEO you just get to be steered by the customer, and can even stop growing if you want.