3:17 run time
Thanks to Dad for the link
"Wall Street, and the market, works because it is large and liquid. Over time there are enough people with enough money that common sense will prevail. Time and the law of large numbers have to work, however. In the short term, or when the players are few, emotion, ambition, and greed can overwhelm common sense. This was reasonably apparent in 1995, long before the bubble of the late nineties or the growth of hedge funds. Still, in 1995, most investors were really betting on the underlying asset that is represented by a stock certificate. Five years later, more and more bets were being placed not on the asset, but on the value of the certificate itself. Today, for many traders and investors, this currency and its fluctuations have become more important than the companies and its capabilities."
Here's a great new arraignment (run time 3:30) of Christmas songs by the A Capella group Straight No Chaser. It's neat to see how people can take the old and recombine it into something fresh.
While private equity firms control just a tiny fraction of U.S. corporations, their companies are disproportionately troubled. Of the 105 big U.S. companies that have filed for bankruptcy this year, 66 have been owned by buyout shops or been spun off by them, according to Capital IQ, another unit of McGraw-Hill. Investors, meanwhile, remain skeptical of many of the recent buyouts that haven't yet blown up but soon could. Loans made for those deals are now trading for as little as 33 cents on the dollar.1
"One study of five hundred stunningly productive organizations revealed that peak performance had absolutely nothing to do with forms, procedures, and policies that drive performance management. In fact, half of the high flyers had almost no formal performance management processes.The easy part is knowing that accountability is essential for success. The hard part is actually pulling off these conversations in a manner that respect for the individual is maintained.
What's behind their success? It all comes down to how people crucial conversations. Within high-performing companies, when employees fail to deliver on their promises, colleagues willingly and effectively step in to discuss the problem. In the worst companies, poor performers are first ignored and then transferred. In good companies, bosses eventually deal with problems. In great companies, everyone holds everyone else accountable - regardless of level or position."
"One measure of an idea’s greatness is how obvious it seems in retrospect." - Jonathan Dee, NY Times Reporter
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