An addiction to short-term financial results was one of the flaws in American capitalism that Sony's co-founder, Akio Morita, used to bewail. (That was back in the 1980s, when the Sony Walkman, a portable music-player, was trampling its rivals underfoot.) So Mr Morita must have turned in his grave this week as Daniel Loeb, an American hedge-fund boss, announced that he had built a 6.5% stake in the firm, worth ¥115 billion ($1.1 billion), and presented his plan for its future.
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