Inquest for International Harvester

Let me start out by describing my relationship with International Harvester—so my biases will be clear. In 1972, I directed a review of the business planning procedures at International Harvester for Hay Associates. Perhaps the most important observation I made then was that for a good many years International Harvester had been and still was in the process of “liquidation.” That is, year after year the company earned a return lower than the cost of capital.