> You're obliged to maximize [shareholder] earnings.

One of the most pernicious and harmful lies of the past 50 years.

Management is obliged to act in shareholders' interests. Executives are paid in stock. Maximizing earnings makes the stock price go up, which makes executives more money personally. So they're happy to let everyone believe they are legally required to make the stock price go up.

There is no law or court precedent making it illegal for management to de-prioritize short-term profit as long as they aren't hurting the shareholders interests and advancing their own.