--- title: "Meaning & Key Takeaway of: In the '70s and '80s, what private equity…" description: "\"In the '70s and '80s, what private equity did is it changed corporate America. It started holding companies accountable, and for the first time manager..." image: "https://sms4smile.com/quotes/i/ba1/henry-kravis-18319_accountable_in-the-70s-and-80s-what-private-equity-d_2580121.png" --- # In the '70s and '80s, what private equity did is it… ![“In the '70s and '80s, what private equity did is it changed corporate America. It started holding companies accountable, and for the first time managers started thinking like owners.” quote by Henry Kravis](https://sms4smile.com/quotes/i/ba1/henry-kravis-18319_accountable_in-the-70s-and-80s-what-private-equity-d_2580121.png) [Download](https://sms4smile.com/quotes/i/ba1/henry-kravis-18319_accountable_in-the-70s-and-80s-what-private-equity-d_2580121.png) [Open image](https://sms4smile.com/quotes/i/ba1/henry-kravis-18319_accountable_in-the-70s-and-80s-what-private-equity-d_2580121.png) > “In the '70s and '80s, what private equity did is it changed corporate America. It started holding companies accountable, and for the first time managers started thinking like owners.” [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Private equity introduced owner‑like accountability in corporations, reshaping management culture. **In simple terms:** Equity made managers act like owners. Key Takeaway Adopt ownership mindset in business. Themes business ownership accountability culture Mood analytical strategic Type business economic When to use this quote - strategic planning - entrepreneurship - organizational change Key Concepts private equity corporate governance leadership Questions to Reflect On - How does ownership affect decision making? - What are the risks of this mindset? A Different Perspective Shift may create short‑term profit focus. ★ ★ ★ ★ ★ No ratings yet [America](https://sms4smile.com/quotes/about/america/) [Companies](https://sms4smile.com/quotes/about/companies/) [Corporate](https://sms4smile.com/quotes/about/corporate/) [Corporate america](https://sms4smile.com/quotes/about/corporate-america/) [Customer](https://sms4smile.com/quotes/about/customer/) [Equity](https://sms4smile.com/quotes/about/equity/) [Justice](https://sms4smile.com/quotes/about/justice/) [Private equity](https://sms4smile.com/quotes/about/private-equity/) [Thinking](https://sms4smile.com/quotes/about/thinking/) [Time](https://sms4smile.com/quotes/about/time/) ## Related quotes > [There is a broad movement that has been holding companies accountable on human rights for a long time.](https://sms4smile.com/quotes/rebecca-mackinnon/there-is-a-broad-movement-that-has-been-holding-companies-accountable/) [Rebecca MacKinnon](https://sms4smile.com/quotes/author/rebecca-mackinnon/) > [Let's hold insurance companies accountable the right way by making them put their whole customer base on the line.](https://sms4smile.com/quotes/ron-wyden/let-s-hold-insurance-companies-accountable-the-right-way-by-making/) [Ron Wyden](https://sms4smile.com/quotes/author/ron-wyden/) > [Why don't we call on the credit card companies to be accountable? They need to be held accountable for their predatory lending practices.](https://sms4smile.com/quotes/paul-wellstone/why-don-t-we-call-on-the-credit-card-companies-to-be-accountable-they/) [Paul Wellstone](https://sms4smile.com/quotes/author/paul-wellstone/) > [If we can just take a few companies, and use those as models, as examples, to show the rest of corporate America how they…](https://sms4smile.com/quotes/henry-kravis/if-we-can-just-take-a-few-companies-and-use-those-as-models-as/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [I always like to refer managers in corporate America as the renters of the corporate assets, not the owners.](https://sms4smile.com/quotes/henry-kravis/i-always-like-to-refer-managers-in-corporate-america-as-the-renters/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [The trouble, in my opinion, with corporate America today, is that everything is thought of in quarters.](https://sms4smile.com/quotes/henry-kravis/the-trouble-in-my-opinion-with-corporate-america-today-is-that/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [Some of the very best private equity people, in my experience, are people who start out as stock pickers - people who really understood…](https://sms4smile.com/quotes/david-bonderman/some-of-the-very-best-private-equity-people-in-my-experience-are/) [David Bonderman](https://sms4smile.com/quotes/author/david-bonderman/) > [Nobody in my generation ever started out in private equity. We got there by accident. There was no private equity business - actually, the…](https://sms4smile.com/quotes/david-bonderman/nobody-in-my-generation-ever-started-out-in-private-equity-we-got/) [David Bonderman](https://sms4smile.com/quotes/author/david-bonderman/) > [“U.S. Bancorp & Capital Trust is a licensed Investment Bank and Statutory Trust specialized in assisting entrepreneurs and businesses across the world with equity…](https://sms4smile.com/quotes/us-bancorp-capital-trust/u-s-bancorp-capital-trust-is-a-licensed-investment-bank-and-statutory/) US Bancorp & Capital Trust > [In our equities business, 49 of the 50 most important Lehman clients are back doing business with us. The flows are 75 to 80…](https://sms4smile.com/quotes/bob-diamond/in-our-equities-business-49-of-the-50-most-important-lehman-clients/) [Bob Diamond](https://sms4smile.com/quotes/author/bob-diamond/) > [I delivered lectures, and I was also a consultant for international companies in finance, both private equity and big venture capital funds.](https://sms4smile.com/quotes/ehud-barak/i-delivered-lectures-and-i-was-also-a-consultant-for-international/) [Ehud Barak](https://sms4smile.com/quotes/author/ehud-barak/) > [People in private equity complain that they have so much capital and so few places to invest. But you have lots of entrepreneurs trying…](https://sms4smile.com/quotes/clayton-christensen/people-in-private-equity-complain-that-they-have-so-much-capital-and/) [Clayton Christensen](https://sms4smile.com/quotes/author/clayton-christensen/) > [I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Not all private equity people are evil. Only some.](https://sms4smile.com/quotes/paul-krugman/not-all-private-equity-people-are-evil-only-some/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [It's important that we educate Americans about how hedge funds and private equity play completely different roles.](https://sms4smile.com/quotes/stephen-a-schwarzman/it-s-important-that-we-educate-americans-about-how-hedge-funds-and/) [Stephen A. Schwarzman](https://sms4smile.com/quotes/author/stephen-a-schwarzman/) ## More by Henry Kravis > [Giving back is something that comes from the heart to me. It's not that I do it because it's the right thing: I do…](https://sms4smile.com/quotes/henry-kravis/giving-back-is-something-that-comes-from-the-heart-to-me-it-s-not/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [In the large buy out space, which is where we (Kohlberg Kravis Roberts) focus our efforts, there are relatively few firms with the capital,…](https://sms4smile.com/quotes/henry-kravis/in-the-large-buy-out-space-which-is-where-we-kohlberg-kravis-roberts/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [A real entrepreneur is somebody who has no safety net underneath them.](https://sms4smile.com/quotes/henry-kravis/a-real-entrepreneur-is-somebody-who-has-no-safety-net-underneath-them/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [The trouble, in my opinion, with corporate America today, is that everything is thought of in quarters.](https://sms4smile.com/quotes/henry-kravis/the-trouble-in-my-opinion-with-corporate-america-today-is-that/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [As I said there is nothing wrong with failing. Pick yourself up and try it again. You never are going to know how good…](https://sms4smile.com/quotes/henry-kravis/as-i-said-there-is-nothing-wrong-with-failing-pick-yourself-up-and/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [Look, don't congratulate us when we buy a company, congratulate us when we sell it. Because any fool can overpay and buy a company,…](https://sms4smile.com/quotes/henry-kravis/look-don-t-congratulate-us-when-we-buy-a-company-congratulate-us-when/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [One, I love the creativity. I love the ability to create a capital structure that is appropriate for a company, no matter what field…](https://sms4smile.com/quotes/henry-kravis/one-i-love-the-creativity-i-love-the-ability-to-create-a-capital/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [You only have one thing to sell in life, and that's yourself.](https://sms4smile.com/quotes/henry-kravis/you-only-have-one-thing-to-sell-in-life-and-that-s-yourself/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [I love the ability to work with very good managers, and to provide the right incentives for them, and truly become a partner with…](https://sms4smile.com/quotes/henry-kravis/i-love-the-ability-to-work-with-very-good-managers-and-to-provide-the/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [It used to be that you would go in to see a CEO, and you would ask them, 'Is your company for sale?' and…](https://sms4smile.com/quotes/henry-kravis/it-used-to-be-that-you-would-go-in-to-see-a-ceo-and-you-would-ask/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [To understand KKR, I always like to say, don't congratulate us when we buy a company. Any fool can buy a company. Congratulate us…](https://sms4smile.com/quotes/henry-kravis/to-understand-kkr-i-always-like-to-say-don-t-congratulate-us-when-we/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [Our industry expertise (at KKR) enables the firm not only to make better investment choices but also to win the confidence of senior management…](https://sms4smile.com/quotes/henry-kravis/our-industry-expertise-at-kkr-enables-the-firm-not-only-to-make/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [But once you buy a company, you are married. You are married to that company.](https://sms4smile.com/quotes/henry-kravis/but-once-you-buy-a-company-you-are-married-you-are-married-to-that/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [We've got a portfolio of companies that range all the way from hotels to television stations and cable TV companies, oil and gas, consumer…](https://sms4smile.com/quotes/henry-kravis/we-ve-got-a-portfolio-of-companies-that-range-all-the-way-from-hotels/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) > [Whales who come up and spout off get harpooned.](https://sms4smile.com/quotes/henry-kravis/whales-who-come-up-and-spout-off-get-harpooned/) [Henry Kravis](https://sms4smile.com/quotes/author/henry-kravis/) [Explore all 35 Henry Kravis quotes ](https://sms4smile.com/quotes/author/henry-kravis/) ## More Accountable quotes > [If China someday gains a more fair, just, and accountable system of government, it will be due to the hard work and efforts of…](https://sms4smile.com/quotes/rebecca-mackinnon/if-china-someday-gains-a-more-fair-just-and-accountable-system-of/) [Rebecca MacKinnon](https://sms4smile.com/quotes/author/rebecca-mackinnon/) > [I don't have a boss or PR person, so I'm accountable to no one.](https://sms4smile.com/quotes/chris-sacca/i-don-t-have-a-boss-or-pr-person-so-i-m-accountable-to-no-one/) [Chris Sacca](https://sms4smile.com/quotes/author/chris-sacca/) > [Be aware and hold the government accountable.](https://sms4smile.com/quotes/mohit-chauhan/be-aware-and-hold-the-government-accountable/) [Mohit Chauhan](https://sms4smile.com/quotes/author/mohit-chauhan/) > [I'm against unanswerable concentrations of power, whether that be government or private industry or religious figures - anybody who is not accountable to the…](https://sms4smile.com/quotes/daniel-suarez/i-m-against-unanswerable-concentrations-of-power-whether-that-be/) [Daniel Suarez](https://sms4smile.com/quotes/author/daniel-suarez/) > [I am formally accountable to the steering board of the PIC, and I meet with nine ambassadors from the PIC every week. I have…](https://sms4smile.com/quotes/paddy-ashdown/i-am-formally-accountable-to-the-steering-board-of-the-pic-and-i-meet/) [Paddy Ashdown](https://sms4smile.com/quotes/author/paddy-ashdown/) > [When you're in a relationship, please believe that you are held accountable for every feeling felt, word spoken, and heart broken.](https://sms4smile.com/quotes/raghib-clitso/when-you-re-in-a-relationship-please-believe-that-you-are-held/) [Raghib Clitso](https://sms4smile.com/quotes/author/raghib-clitso/) > [We will make government more accountable. We will cut fraud, waste and abuse in our budget. But we will not do it by leaving…](https://sms4smile.com/quotes/john-e-james/we-will-make-government-more-accountable-we-will-cut-fraud-waste-and/) [John E. James](https://sms4smile.com/quotes/author/john-e-james/) > [It means a lot. It means I'm accountable.](https://sms4smile.com/quotes/champ-bailey/it-means-a-lot-it-means-i-m-accountable/) [Champ Bailey](https://sms4smile.com/quotes/author/champ-bailey/) > [If you can't hold yourself accountable and get your job done then you're not going to be successful.](https://sms4smile.com/quotes/danny-amendola/if-you-can-t-hold-yourself-accountable-and-get-your-job-done-then-you/) [Danny Amendola](https://sms4smile.com/quotes/author/danny-amendola/) > [There are multi-scatterings of various and associated issues and concerns, but it all boils down to accountable people versus those unwilling to be accountable.](https://sms4smile.com/quotes/ted-nugent/there-are-multi-scatterings-of-various-and-associated-issues-and/) [Ted Nugent](https://sms4smile.com/quotes/author/ted-nugent/) > [If you're going to give people authority and hold them responsible and ultimately accountable for their performance, you've got to get out of the…](https://sms4smile.com/quotes/randy-lerner/if-you-re-going-to-give-people-authority-and-hold-them-responsible/) [Randy Lerner](https://sms4smile.com/quotes/author/randy-lerner/) > [We all have to hold each other accountable and point that behavior out to each other in a kind way. 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