At these levels management is incentivized to create value through a narrowing of the discount, a special distribution or even a reinstatement of the dividend.

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So are share buybacks, however wimpy they make management look, the best way to create value at the moment?

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Progressive organizations are evaluating their procurement, sourcing and supplier management from a new perspective to create additional value and explore resulting business sustainability risk that will continue well into 2011.

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Given that managers are paid to create value, not destroy it, asset write-downs reflect management incompetence and failure to allocate capital effectively.

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This is another indicator to me that a great deal of how we do work and organization and management is incongruent with our growing understanding of human beings and how human beings create value together.

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