When we developed the PM40 stock index in 2004, we normalized its opening to 1,000. It has recently clocked in at 5,200, although it has been as high as 6,000 a year and a half ago. This works out to a CAGR of 7.6% per year to date. Not too shabby. Have you beat this?

At the same time, there have been about 100 events per year that fit into our Risks, Fires, Fatalities and Catastrophes Department, or about 2,200 total events over this time period.

Factor in the number of poor hires and poor terminations and we have another costly mess.

Then there are pricing mistakes and capital expenditure mistakes.

Conclusion--an industry that can turn in a CAGR of 7.6% over a fifth of a century despite a lot of costly fumbles is not doing too bad. Give yourself a pat on the back.

And clean up the boo boos.

Jim Thompson is CEO of Paperitalo Publications.