In his column from April 2025, Jim Thompson reflects on the

differences between privately held and publicly traded companies, particularly

within the pulp and paper industry. He posits that privately owned firms often

outperform publicly traded ones due to a stronger sense of ownership and

long-term investment in facilities. Thompson illustrates this with the example

of a successful multi-generational family farm that prioritizes reinvestment in

their operation over personal luxuries. He contrasts this with the pressures

faced by management in public companies to prioritize dividends and short-term

gains, potentially at the expense of facility maintenance and future viability.

Thompson suggests that a genuine passion for the business and its assets,

exemplified by the late George Mead of Consolidated Papers, is crucial for

long-term success, regardless of ownership structure. Ultimately, the author

encourages readers to consider their personal motivations and the value of

caring for their professional endeavors.