Eagles Don't Do Tricks for Speculators

"We refuse to do it. I like to remind our managers: "We're not dogs on a leash, doing tricks to manage the stock price or maximize dividends quarter-by-quarter. quarter. We're eagles. We soar. If investors want to soar, too, they'll invest in us. The speculators, we don't need.""

"These days, you can't swing a dead cat without hitting some corporate executive whining that Wall Street won't let him run the company for long-term growth. But I say complaining is a waste of time. In the end, you have to choose your master-the investor vestor or the speculator."

"Here is the gist of my opening remarks to them: Many of you, with your short-term view of corporations, rations, remind me of a guy on drugs. You want that quick fix, that high you get from a big spike in earnings. So you push us to take on more debt, capitalize start-up costs and interest, and slow down depreciation and write-offs. All you're thinking about is the short term. You don't want to think about the pain of withdrawal that our company will face later on if we do what you want. Well, Nucor isn't going to respond to that kind of thinking. We never have and we never will."