Authors:

Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.

Lawrence A. Cunningham, Warren E. Buffett (2013). “The Essays of Warren Buffett: Lessons for Corporate America (Third Edition)”, p.48, Carolina Academic Press
Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.