And I think John Marks Templeton would agree. Templeton managed the Templeton Growth Fund when it earned the reputation as the most successful mutual fund during the 60s and 70s. Our efforts to support the community certainly help and enrich others, and yes, those efforts help our corporation at the same time. But it shows up in better schools, a better quality of life, and understanding and support when we need it. Let's not forget the construction of a corporate reputation.
Community leadership contributes to a company's image.
A good reputation can carry a company through a disaster or crisis when you want the public, government and your employees to continue to support the company and believe in it. It helps to build a kind of moral equity, and there is no way to put a price on a great reputation - unless you lose it. The way I see it, community involvement is a win-win for everyone. But there is one more reason for companies to engage in social action. I want to borrow a passage from Walter Lippmann's seminal work, A Preface to Morals, a text that is probably familiar to many of you.