1. What are total returns to shareholders (TRS), and why is this measure important?
2. What is the expectations treadmill, and how does it affect managers' ability to deliver above-average TRS over long periods of time?
3. What are the potential reasons why TRS over short periods of time may not reflect the actual performance of a company and its management?
4. What actions (good and bad) might managers take when investors have already-high expectations and managers desire to outperform peers on TRS?