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Archive for the 'Business' Category

Friday, December 19th, 2014

The Strange Journey of John McAfee via The Best American Magazine Writing 2014

Best American Magazine Writing 2014

“[McAfee] greets me wearing a pistol strapped across his bare chest. Guards patrol the beach in front of us. He tells me that he’s now living with five women who ap­pear to be between the ages of seventeen and twenty; each has her own bungalow on the property.”—Joshua Davis

One of the strangest and most compelling stories in The Best American Magazine Writing 2014*, edited by Sid Holt, is “Dangerous” by Joshua Davis. Published in Wired, the story recounts software mogul John McAfee’s rise and subsequent encampment in Belize after fleeing the United States. Below in an excerpt and recordings of Davis’s conversations with McAfee.

*Use the coupon code HOLBES and Save 30% on The Best American Magazine Writing 2014.

[John McAfee] started McAfee Associates out of his 700-square-foot home in Santa Clara. His business plan: Create an antivirus pro­gram and give it away on electronic bulletin boards. McAfee didn’t expect users to pay. His real aim was to get them to think the software was so necessary that they would install it on their computers at work. They did. Within five years, half of the For­tune 100 companies were running it, and they felt compelled to pay a license fee. By 1990, McAfee was making $5 million a year with very little overhead or investment.

His success was due in part to his ability to spread his own paranoia, the fear that there was always somebody about to at­tack. Soon after launching his company, he bought a twenty ­seven-foot Winnebago, loaded it with computers, and announced that he had formed the first “antivirus paramedic unit.” When he got a call from someone experiencing computer problems in the San Jose area, he drove to the site and searched for “virus resi­due.” Like a good door-to-door salesman, there was a kernel of truth to his pitch, but he amplified and embellished the facts to sell his product. The RV therefore was not just an RV; it was “the first specially customized unit to wage effective, on-the-spot coun­terattacks in the virus war.”

It was great publicity, executed with drama and sly wit. By the end of 1988, he was on The MacNeil/Lehrer NewsHour telling the country that viruses were causing so much damage, some com­panies were “near collapse from financial loss.” He underscored the danger with his 1989 book, Computer Viruses, Worms, Data Diddlers, Killer Programs, and Other Threats to Your System. “The reality is so alarming that it would be very difficult to exagger­ate,” he wrote. “Even if no new viruses are ever created, there are already enough circulating to cause a growing problem as they reproduce. A major disaster seems inevitable.”

In 1992 McAfee told almost every major news network and newspaper that the recently discovered Michelangelo virus was a huge threat; he believed it could destroy as many as 5 million computers around the world. Sales of his software spiked, but in the end only tens of thousands of infections were reported. Though McAfee was roundly criticized for his proclamation, the criticism worked in his favor, as he explained in an e-mail in 2000 to a computer-security blogger: “My business increased tenfold in the two months following the stories and six months later our revenues were 50 times greater and we had captured the lion’s share of the anti-virus market.”

This ability to infect others with his own paranoia made McAfee a wealthy man. In October 1992 his company debuted on Nasdaq, and his shares were suddenly worth $80 million….

***

In August, McAfee and I meet for a final in-person interview at his villa on Ambergris Caye. He greets me wearing a pistol strapped across his bare chest. Guards patrol the beach in front of us. He tells me that he’s now living with five women who ap­pear to be between the ages of seventeen and twenty; each has her own bungalow on the property. Emshwiller is here, though McAfee’s attention is focused on the other women.

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Thursday, December 18th, 2014

The Best Business Writing 2014 on The NFL’s Questionable Business Practices

The Best Business Writing 2014

As a business the National Football League continues to make a lot of money. However, as revealed in The Best Business Writing 2014, edited by Dean Starkman, Martha Hamilton, and Ryan Chittum how the NFL does business is deeply troubling. This year’s anthology includes two stories about some of football’s recent travails and its more deceptive practices.

The first is a transcript from a Frontline story “League of Denial” that examines how the NFL reacted or did not react to the football concussion crisis. The excerpt and clip tell the tragic story of Mike Webster, a former all-pro center for the Pittsburgh Steelers.

The second, “How the NFL Fleeces Taypayers”, by Gregg Easterbrook from The Atlantic examines how the league, which has been able to receive non-profit status, has built its multi-billion-dollar empire on the largesse of politicians and taxpayers (see excerpt following the transcript).

A clip from “League of Denial”:

Narrator: Nearly broke, homeless, and losing his mind, Web­ster decided football had hurt him, and the NFL was going to pay for it. In 1997, he went to see a lawyer.

Bob Fitzsimmons, Webster’s attorney: The thing that struck me the most was how intelligent Mike was, and the problem was that he just couldn’t continue those thought patterns for longer than a thirty-second period, or a minute or two minutes. He would just go off on the tangents at that point. It was pretty obvious, actually, the first interview that he had some type of cognitive impairment.

Narrator: Attorney Bob Fitzsimmons drew up a disability claim against the NFL.

Steve Fainaru: He began to assemble a case with Webster to basically say that Webster had suffered brain damage as a re­sult of his seventeen-year career in the NFL.

Narrator: Fitzsimmons pulled together Webster’s complicated medical history.

Bob Fitzsimmons: So I took the binder of records and got four doctors together, four separate doctors, all asking them, “Does he have a permanent disability that’s cognitive? And is it related to football?”

Narrator: Webster’s final application for disability contained over one hundred pages and the definitive diagnosis of his doctor—football had caused Webster’s dementia. His claim for disability was filed with the National Football League’s re­tirement board.

Steve Fainaru: The Disability Committee is part of the NFL. The head of the Disability Committee is the commissioner himself, so it’s very much a creature of the NFL.

Narrator: From the beginning, the league’s board was skepti­cal, reluctant to give Webster money.

Colin Webster: They were fighting it from the beginning, against just the common sense of, you know, here’s this guy, look at him, you know? He played for nearly twenty years in a brutal and punishing sport, and you know, this is what’s going on with him. Why would you fight that? What possible motive?

Narrator: The league had its own doctor review Webster’s case.

Bob Fitzsimmons: The NFL had not only hired an investigator to look into this, they also hired their own doctor and said, “Hey, we want to evaluate Mike Webster.”

Narrator: Dr. Edward Westbrook examined him.

Mark Fainaru-Wada: Dr. Westbrook concurs with everything that the four other doctors have found and agrees that abso­lutely, there’s no question that Mike Webster’s injuries are football-related and that he appears to be have significant cognitive issues, brain damage, as a result of having played football.

Narrator: The NFL retirement board had no choice. They granted Webster monthly disability payments.

Document: —“has determined that Mr. Webster is currently to­tally and permanently disabled.”

Narrator: And buried in the documents, a stunning admission by the league’s board—football can cause brain disease.

Document: —“indicate that his disability is the result of head injuries he suffered as a football player.”

Bob Fitzsimmons: The NFL acknowledges that repetitive trauma to the head in football, football can cause a permanent dis­abling injury to the brain.

Narrator: The admission would not be made public until years later, when it was discovered by the Fainaru brothers.

Mark Fainaru-Wada: And that was a dramatic admission back in 2000. And in fact, when you talk about that later with Fitzsimmons, he describes that as the sort of proverbial smoking gun.

Narrator: It was now in writing. The NFL’s own retirement board linked playing football and dementia. At the time, it was something the league would not admit publicly. And Webster felt he’d never received the acknowledgment that his years in the NFL had caused his problems.

Pam Webster: Mike would call this his greatest battle. He’d say it was like David and Goliath, over and over, because it was. He was taking on something that was bigger than him. He took on this battle for the right reasons. He was the right per­son to do it. Unfortunately, it cost us everything.

Narrator: Just two years later, in 2002, Mike Webster died.

(more…)

Tuesday, December 16th, 2014

Best Business Writing 2014 — Taking on Google, Facebook, and the Ethos of Silicon Valley

The Best Business Writing 2014

The Best Business Writing 2014, edited by Dean Starkman, Martha Hamilton, and Ryan Chittum includes a series of sharp essays on the culture, practice, ethos, and ideology of Silicon Valley. In different ways, Evgeny Morozov, Rebecca Solnit, and Susan Faludi puncture the bubble that surrounds much of our celebration of technology’s impact on society.

In Why We Are Allowed to Hate Silicon Valley, published in the Frankfurter Allgemeine Zeitung, Morozov takes a closer look at the intrusive role technology companies such as Google have in our life:

But consider just how weird our current arrangement is. Imagine I told you that the post office could run on a different, innovation-friendly business model. Forget stamps. They cost money—and why pay money when there’s a way to send letters for free? Just think about the world-changing potential: the poor kids in Africa can finally reach you with their pleas for more laptops! So, instead of stamps, we would switch to an advertis­ing-backed system: we’d open every letter that you send, scan its contents, insert a relevant ad, seal it, and then forward it to the recipient.

Sounds crazy? It does. But this is how we have chosen to run our e-mail. In the wake of the NSA scandal and the debacle that is Healthcare.gov, trust in public institutions runs so low that any alternative arrangement—especially the one that would give pub­lic institutions a greater role—seems unthinkable. But this is only part of the problem. What would happen when some of our long cherished and privately run digital infrastructure begins to crum­ble as companies evolve and change their business models?….

Now that our communication networks are in the hands of the private sector, we should avoid making the same mistake with privacy. We shouldn’t reduce this complex problem to market-based solutions. Alas, thanks to Silicon Valley’s entrepreneurial zeal, privatization is already creeping in. Privacy is becoming a commodity. How does one get privacy these days? Just ask any hacker: only by studying how the right tools work. Privacy is no longer something to be taken for granted or enjoyed for free: you have to expend some resources to master the tools. Those re­sources could be money, patience, attention—you might even hire a consultant to do all this for you—but the point is that privacy is becoming expensive.

(more…)

Monday, December 15th, 2014

Book Giveaway! Best Business Writing 2014 and Best American Magazine Writing 2014

With the end of the year upon us, we wanted to highlight our two “best of” annuals: The Best Business Writing 2014, edited by Dean Starkman, Martha M. Hamilton, and Ryan Chittum and The Best American Magazine Writing 2014, edited by Sid Holt for the American Society of Magazine Editors.

In addition to featuring these books we will also be posting about the book on twitter, and facebook.

We are also offering a FREE copy of Best Business Writing 2014 and Best American Magazine Writing 2014 to one winner. To enter the contest please e-mail pl2164@columbia.edu and include your name and address. The winner will be selected Friday, December 19 at 1:00 pm.

Tuesday, November 18th, 2014

New Book Tuesday: Best Business Writing, Coney Island, and More!

The Best Business Writing 2014Our weekly listing of new titles now available:

The Best Business Writing 2014
Edited by Dean Starkman, Martha M. Hamilton, and Ryan Chittum

A Coney Island Reader: Through Dizzy Gates of Illusion
Edited by Louis J. Parascandola and John Parascandola

Inheriting Dance: An Invitation from Pina
Edited by Marc Wagenbach and The Pina Bausch Foundation

Art/Commerce: The Convergence of Art and Marketing in Contemporary Culture
Maria A. Slowinska

The Intelligible Metropolis: Urban Mentality in Contemporary London Novels
Nora Pleßke

Studying Early and Silent Cinema
Keith Withall

Talk Radio, the Mainstream Press, and Public Opinion in Hong Kong
Francis L. F. Lee

Understanding South Asian Minorities in Hong Kong
John Nguyet Erni and Lisa Yuk-ming Leung

Exploring Lung Fu Shan: A Nature Guide
Lung Fu Shan Environmental Education Centre

Thursday, October 30th, 2014

Lawrence Cunningham Discusses “Berkshire Beyond Buffett” at Google

In the following video from his talk at Google, Lawrence Cunningham’s discusses his new book Berkshire Beyond Buffett: The Enduring Value of Values:

Friday, October 24th, 2014

B*E*R*K*S*H*I*R*E — The Values of Warren Buffett

Warren Buffett, Berkshire Hathway

The following is a post by Lawrence Cunningham, author of Berkshire Beyond Buffett: The Enduring Value of Values:

Berkshire Beyond Buffett: The Enduring Value of Values tells the stories of Berkshire’s 50 significant direct subsidiaries, which define the company today, representing 80 percent of its value.

As I examined each, through archival research plus interviews and surveys, a pattern emerged: the same traits began to appear repeatedly, nine altogether. These intangible traits translate into financial gain. They also secure the company’s future, hence the book’s sub-title: The Enduring Value of Values.

Those nine values define the book’s central chapters, each chapter telling the stories of four or five subsidiaries that exemplify given values. After I organized and wrote the book, I played around with the nomenclature to form an acrostic from these values that spells out the company’s first name, as seen below, which also captures the essence of each and notes an illustrative subsidiary. The book then weaves these stories and values together to reflect what amounts to a profound succession plan.

B*E*R*K*S*H*I*R*E

Budget-mindedness
Essence: A penny saved is a nickel earned
Illustration: GEICO

Earnestness
Essence: The value in promise keeping
Illustration: Gen Re

Reputation
Essence: Results benefit from reputation
Illustration: Clayton Homes

Kin-like
Essence: Wealth can last more than 3 generations when families value identity and legacy
Illustration: Ben Bridge Jeweler

Self-starters
Essence: To the entrepreneur go the spoils
Illustration: Dairy Queen

Hands-off
Essence: Delegate everything but reputation
Illustration: Pampered Chef

Investor savvy
Essence: Price is paid, values are exchanged
Illustration: BH Energy

Rudimentary
Essence: Impossible dreams are impossible, so stick to your knitting
Illustration: Fruit of the Loom

Eternal
Essence: Berkshire as a permanent home, a Boys Town for the corporate homeless
Illustration: Brooks Running Shoe

Thursday, October 23rd, 2014

What Will Happen to Berkshire afer the Buffett Era? — Lawrence Cunningham

“What will enable the great company to endure beyond the Warren Buffett era, is Berkshire’s corporate culture.”—Lawrence Cunningham

Berkshire Beyond BuffettThe following post is by Lawrence Cunningham, author of Berkshire Beyond Buffett: The Enduring Value of Values.

What will happen to Berkshire Hathaway after the Warren Buffett era? The answer to that multi-billion dollar question lies in my book, Berkshire Beyond Buffett: The Enduring Value of Values, which lays out in detail Berkshire’s five-pronged succession plan with all its nuances and complexities. Here is a thumbnail sketch.

At most companies, succession planning focuses on grooming a senior manager who can assume the role of chief executive. Today you hear about who should succeed Jamie Dimon at JPMorgan and 15 years ago about who should succeed Jack Welch at General Electric. The personnel aspects of Berkshire’s succession plan are a bit more involved—although, despite enormous attention, they are also the least significant parts of its plan.

Buffett’s management roles will be divided into an executive function (CEO) and an investment function (CIO). The next CEO will come from among existing Berkshire executives, probably one of its 50 significant subsidiaries. This successor will get responsibility for Berkshire’s acquisitions and allocating capital. Chapter 9 of the book shows how many Berkshire managers excel in these areas, providing a wealth of managerial talent.

The second function is handling investments. Berkshire hired two people in the past half-decade—Ted Weschler and Todd Combs—for that job. They’ll face challenges ahead, including tough choices about when to sell big stakes and what to do with the proceeds. While still important, the investment side of Berkshire has greatly declined in significance in recent years, now representing only about 20 percent of its value.

Third, for board chairman, Buffett says he’d propose a member of his family, widely assumed to be Howard, his eldest son. That job would be to sustain the cultural heritage I outline in Berkshire Beyond Buffett. In an interview for the book, Howard noted that Berkshire is his father’s life’s work, and sustaining the legacy is vital to him.

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Tuesday, October 21st, 2014

Interview with Lawrence Cunningham, author of Berkshire Beyond Buffett

“Berkshire practices a philosophy of capitalism that does well by doing good, is sensitive but unsentimental, lofty yet pragmatic, and public-spirited but profitable.”—Lawrence Cunningham

Lawrence Cunningham, Berkshire Beyond Buffett

Question: What inspired you to write this book and what are some of its key implications?

Lawrence Cunningham: People have been asking for 20 years what happens to Berkshire Hathaway if Warren Buffett gets hit by the proverbial bus; the question now has added urgency since the billionaire businessman is 84. The popular answer became paradoxical: Buffett tried to build an enduring institution at Berkshire and yet even great admirers doubt that the company can survive without him. My book demonstrates how Berkshire’s corporate culture is designed to make the company outlast any one person, making the culture part of its succession plan.

Q: How did you research this book and what did your research reveal?

LC: Background research dates to the 1990s when I published The Essays of Warren Buffett: Lessons for Corporate America, based on a symposium with Buffett and Berkshire vice chairman, Charlie Munger. In that era, Berkshire looked like a mutual fund, primarily owning stocks. Today, the company is instead defined by its 50+ wholly owned businesses and so my immediate research focused on them. In addition to traditional archival material, I interviewed, with Buffett’s permission, many Berkshire insiders, including numerous subsidiary CEOs. I also surveyed 500 Berkshire shareholders. The result is, I hope, a comprehensive portrait of Berkshire Hathaway.

Q: Who is Tom Murphy and why did he write the foreword to your book?

LC: Tom Murphy is a legendary manager who built Capital Cities/ABC into a broadcasting powerhouse in which Berkshire invested. When I saw Warren during the weekend of Berkshire’s 2014 annual meeting, I asked him who he thought should write the foreword. He immediately named Murphy, explaining that he learned most everything he knows about management from Tom. Readers will discover that Murphy, now a Berkshire director, fostered the same culture at Capital Cities/ABC that characterizes Berkshire today. Tom writes, “From afar, it may look like Berkshire’s wide-ranging businesses are very different from one another. In fact … they span industries, they are united by certain key values, like managerial autonomy, entrepreneurship, frugality and integrity.”

(more…)

Monday, October 20th, 2014

Book Givewaway! Berkshire Beyond Buffett

This week our featured book is Berkshire Beyond Buffett: The Enduring Value of Values by Lawrence Cunningham.

In addition to featuring the book and the author on the blog, we will also be posting about the book on twitter, and facebook. You can also follow news about the book on the Columbia Business School Publishing twitter page.

We are also offering a FREE copy of Berkshire Beyond Buffett to a lucky winner. To enter the contest please e-mail pl2164@columbia.edu and include your name and address. The winner will be selected Friday, October 24 at 1:00 pm.

Berkshire Hathaway, the $300 billion conglomerate that Warren Buffett built, is among the world’s largest and most famous corporations. Yet, for all its power and celebrity, few people understand Berkshire, and many assume it cannot survive without Buffett. This book proves that assumption wrong.

In a comprehensive portrait of the distinct corporate culture that unites and sustains Berkshire’s fifty direct subsidiaries, Lawrence A. Cunningham unearths the traits that assure the conglomerate’s perpetual prosperity. Riveting stories recount each subsidiary’s origins, triumphs, and journey to Berkshire and reveal the strategies managers use to generate economic value from intangible values, such as thrift, integrity, entrepreneurship, autonomy, and a sense of permanence.

Friday, September 12th, 2014

Edward Hess: Can You Build a High-Performance Learning Organization?

Edward Hess, Learn or Die

“If we want adaptable learning organizations, we need to humanize our management models, and that requires many companies to fundamentally change attitudes and behaviors toward employees…. [W]e need to form new capital markets to support the building of endur­ing, value creating, people-centric, learning companies.”—Edward Hess

Appropriately enough, we conclude our week-long feature on Edward Hess’s Learn or Die: Using Science to Build a Leading-Edge Learning Organization with an excerpt from the books epilogue. In this passage, Hess describes the challenges of creating a High-Performance Learning Organization (HPLO):

Several people in the past year have asked me whether these research find­ings are scalable in a big company. My answer is: It depends. A private company built by an entrepreneur who aims to create an enduring business (like Gore and Bridgewater) has a good chance if the company executes its model well. Gore has scaled its model to over 10,000 employees globally, because maintaining the “Gore Way” has been a passionate pursuit of the successor leadership teams. Leadership succession coming from inside is critical. McKinsey & Company is another good example of a private busi­ness that has scaled and not lost its founder’s essence. Is it easier to do this in a private company? Yes, it is. The key is successful leadership succession from within. That is the challenge Bridgewater is tackling now.

Regarding public companies, UPS has scaled its high employee engagement and operational excellence model to over 400,000 employees, because Jim Casey’s philosophy is still alive in UPS. If successor leaders grew up in the culture and have lived the values for years, scaling is pos­sible. Other good examples of public companies that have achieved this are Costco, Corning, Inc., Sysco, and Southwest Airlines. Keeping the founder’s culture alive is the key, and that is difficult if an organization doesn’t build an internal leadership succession pipeline that keeps that culture alive. That is a challenge facing many good learning companies today, for example Starbucks, Amazon, and Google.

(more…)

Thursday, September 11th, 2014

VIDEOS: Edward Hess Presents Chapters from “Learn or Die”

We continue our video feature of Edward Hess’s discussions of chapters from his new book Learn or Die: Using Science to Build a Leading-Edge Learning Organization.

In these video, Hess presents overviews of chapters 7 to 11:

Chapter 7: Critical Thinking Tools

Chapter 8: A Conversation with Dr. Gary Klein

(more…)

Wednesday, September 10th, 2014

VIDEOS: Edward Hess Presents Chapters from “Learn or Die” (Part 1)

On Monday, as part of the giveaway for Learn or Die: Using Science to Build a Leading-Edge Learning Organization, we featured a video with Edward Hess in which he provides an overview of the book.

In conjunction with the book, Hess has provided short summaries for the other chapters in the book here are videos for chapters 2-6. (Tomorrow, we’ll post videos for chapter 7-11)

Chapter 2: Learning How Our Mind Works

(more…)

Monday, September 8th, 2014

Book Giveaway: Learn or Die by Edward D. Hess

Learn or Die: Using Science to Build a Leading-Edge Learning Organization

“This book does a beautiful job bringing together the most important ideas in organizational learning, established by academics and practitioners over the past thirty years or more, into one place.” — Amy C. Edmondson, Novartis Professor of Leadership and Management, Harvard Business School

This week our featured book is Learn or Die: Using Science to Build a Leading-Edge Learning Organization, by Edward D. Hess.

In addition to featuring the book and the author on the blog, we will also be posting about the book on twitter, and facebook.

We are also offering a FREE copy of Learn or Die: Using Science to Build a Leading-Edge Learning Organization to a lucky winner. To enter the contest please e-mail pl2164@columbia.edu and include your name and address. The winner will be selected Friday, September 12 at 1:00 pm.

In Learn or Die, Edward D. Hess combines recent advances in neuroscience, psychology, behavioral economics, and education with key research on high-performance businesses to create an actionable blueprint for becoming a leading-edge learning organization.

The following is a video based on chapter 1 of the book, which provides an overview of Learn or Die. We will share other videos for the remaining chapters during the week:

Friday, September 5th, 2014

Dean Starkman: Wrecking an Economy Means Never Having to Say You’re Sorry

Dean Starkman, The Watchdog That Didn't Bark

“We know the banks are eager to put the scandal of the financial crisis behind them. What’s disturbing is that, in the name of deference, convenience, or something darker, the Justice Department is letting them do just that.”—Dean Starkman

In his book The Watchdog That Didn’t Bark: The Financial Crisis and the Disappearance of Investigative Journalism, Dean Starkman charts the history of the financial press culminating in an analysis of the failure of mainstream journalism to cover the events and trends leading up to the 2008 financial crisis.

In a sense, he argues that the financial press abandoned its roots in investigative journalism and let mortgage lenders, banks, and Wall Street off the hook. Recently, in the New Republic, Starkman suggests that the government is doing the same after the fact. Despite some settlements paid out by the likes of J.P. Morgan and Citigroup, the Justice Department “has permitted the banks, for a price, to bury their sins.” Starkman writes:

It bears saying one more time: It’s a disgrace that the Justice Department has failed to bring a single criminal charge against any Wall Street or mortgage executive of consequence for their roles in wrecking the economy, despite having managed to make arrests in the comparatively piddling schemes of Enron and the Savings & Loan flimflam. (The latter resulted in more than 800 convictions, including those of many top executives.) These settlements are wan consolation. The sums being surrendered, for starters, are large only until compared with the $13 trillion or so the public lost in the financial crash—or, for that matter, with the banks’ own coffers. (Citi’s pure profit in the two years before the wipeout was more than triple its penalty.) Not to mention that the money won’t be paid by any parties actually responsible, but by the banks’ current shareholders, who pretty much had nothing to do with the misdeeds in question. And the bulk of the settlements will be tax deductible. For destroying trillions in wealth and thousands of jobs, banks will get a write-off.

(more…)

Thursday, July 3rd, 2014

The Value of Moats

The Nature of Value

“The investor’s job is to make a judgment about intrinsic value based on faith in the underlying capabilities to maintain the moat relative to the cluster and economy on a go-forward basis.” — Nick Gogerty

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. In today’s excerpt from The Nature of Value, Gogerty explains the concept of “moats,” and argues that identifying a moat is an extremely lucrative pursuit for any business.

Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!

Wednesday, July 2nd, 2014

The Nature of Value, as Illustrated Through Pins

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty.

Last month, we pinned many of the most profound illustrations from the book on CUP’s Pinterest profile.
As one can see below, Gogerty takes a completely original approach to explaining the relationship between intrinsic value and price. As the intrinsic value of a golden-egg-laying goose may not be obvious at a quick glance, neither is the value of a firm’s unique capabilities. View the full The Nature of Value board here.









Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.
Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!
Additionally, you can read an excerpt from the first chapter here.

Tuesday, July 1st, 2014

A Glimpse into The Nature of Value, by Nick Gogerty

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. Today, we are happy to present an excerpt from the first chapter of The Nature of Value, “The Problem with Price? It’s Not Value,” in which Gogerty illustrates the concept of intrinsic value as a golden-egg-laying goose. After seeing these original graphics, you won’t be able to confuse “price” for “value” again!

Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.
Don’t forget to enter our book giveaway for The Nature of Value by 1 PM Monday, July 7th!

Monday, June 30th, 2014

Book Giveaway! The Nature of Value, by Nick Gogerty

The Nature of Value

This week our featured book is The Nature of Value: How to Invest in the Adaptive Economy, by Nick Gogerty. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our CBSP Twitter feed.

The Nature of Value explores the function of economic value in the context of evolution’s processes to explain how investors can improve their allocation decisions. View the book trailer here:

We are also offering a FREE copy of The Nature of Value. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Monday, July 7th at 1:00 pm. Good luck, and spread the word!

Wednesday, June 18th, 2014

A Conversation With Leslie Pratch, Author of LOOKS GOOD ON PAPER?

Leslie Pratch

“Effective leaders are likely to act with consistently high integrity and to demonstrate sound, timely judgement when they occupy positions of power…. But every executive is unique … the most striking differences … are in their underlying motivations and their coping tendencies.”–Leslie Pratch

The following is an interview with Leslie Pratch, author of Looks Good on Paper: Using In-Depth Personality Assessment to Predict Leadership Performance

Q: How did you first become involved in the role you play for companies now—evaluating candidates for leadership positions?

A: I have been evaluating candidates for leadership positions for more than 15 years. But I didn’t get to this spot by accident; creating the tools and building the capability to do this was something I pursued for many years across multiple universities and graduate degrees.

First, I was a graduate student in psychology. As a graduate student, I had the chance to help set up a talent program for high potential professionals at Arthur Andersen. For my Ph.D. dissertation, I researched if it were possible to predict the emergence of leaders in a high performing group, using a psychological approach I was developing. It turned out that it was possible. After graduate school, I worked with State Farm on the development of a competency framework for their whole organization. That led me to the development of my own competency framework, which I use in my work today with my clients. I also got an MBA, after I had begun evaluating executives, to give me better tools to understand the issues my clients and their candidates face.

Q: How does holding an MBA help you in your work?

A: Having a strong understanding of business allows me to understand at a sophisticated level what my clients are trying to do with their companies and investments. I can understand and think critically about the investment thesis, understand the strategy of the firm, and see the implications of all of that for the job that will be ahead for the candidates I’m evaluating. Having a strong understanding of business lets me be a business discussion partner as well as a skilled psychologist.

Q: Why do you continue to track candidates for months and years after they have secured the position they were being considered for?

A: These are long-term jobs. The usual investment horizon for my clients is three-to-five years, and most public company boards give top managers some time before deciding whether a new CEO is a success (with rare, glaring exceptions when someone is clearly failing). Since I am not predicting how a candidate will perform on a specific task, but rather how the candidate will handle the complex job of leading an organization over time, we have to let time pass to see what happens. (more…)