Some good observations but I'm not convinced that the focus on shareholder value is to blame otherwise we'd see non-public companies systematically outperform p

Some good observations but I'm not convinced that the focus on shareholder value is to blame otherwise we'd see non-public companies systematically outperform public ones over the medium and long term. Also, there isn't much evidence that companies with a focus on short term financial results don't engage in long-term strategic planning. The two basically exist side-by-side.