[PandaRider]

> ... Costco has a variety of "bad governance" provisions, such as a super-majority (of all shares, not just votes) provision threshold for shareholder votes

Do you believe there's a fundamental tradeoff between structural constraints (i.e. the 'democratic' model, where dispersed shareholders and markets have a voice) vs. insulated leadership (i.e. the 'benevolent dictator' model, where competent leaders are shielded from short-term shareholder pressure)?

Also, thank you for your quick replies.

Somewhat related: https://en.wikipedia.org/wiki/Benevolent_dictatorship

[drumdance]

From my perspective, there is such a thing as "too much democracy." I don't know how to quantify the exact right amount for a given situation.

In the case of companies, a benevolent dictatorship is fine because employees, customers and investors can all exit and find other companies. It's at the nation state level where you need more structural veto points. (Arguably true for towns/counties/states too, but you still have the right to exit so...)