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In the Media
1.
The downfall of Boeing
I have long followed stories in the media about companies which get into trouble or fail. Over the years I have accumulated a large of such case studies which instruct me on the pitfalls of business and what to avoid as an investor. This account of the downfall of Boeing is fascinating because it traces the root cause of the problem. Jack Welch, the once legendary CEO of GE, and now much maligned as well, created a generation of toxic corporate leaders whose sole mission in life was EPS growth, at the cost of everything else. Today the results are there for everyone to see. GE just this week has been divided into three parts and is a shadow of its former self. Traces of the toxic culture has pervaded large parts of American, and later world business. I would urge you to read the entire article and not just this snippet. ~ Abhishek
It seems hard to remember now, but until quite recently, Boeing had a sterling reputation. For the second half of the 20th century, the plane-maker leaped from strength to strength, propelled by a fierce commitment to the quality of its engineering. Boeing only grew more powerful, eventually swallowing up its main domestic rival, McDonnell Douglas, in 1997. Between them, they sold two-thirds of the world’s commercial aircraft.
But that merger contained the seeds of Boeing’s current problems. McDonnell Douglas was run by a man named Harry Stonecipher, who was an acolyte of Jack Welch, the longtime head of General Electric who was viewed at the time as “the Manager of the Century.” He espoused the view that a corporation’s first and only duty was to maximize shareholder value — or, to put it in simpler terms, to make its own stock price go up in the short term. No other concerns — environmental degradation, employee well-being, or even its own long-term viability as a company — could even be entertained, let alone prioritized.
2.
The passing of a legend - Daniel Kahneman
Daniel Kahneman, who never took an economics course but who pioneered a psychologically based branch of that field that led to a Nobel in economic science in 2002, died on Wednesday. He was 90.
Much of Professor Kahneman’s work is grounded in the notion — which he did not originate but organized and advanced — that the mind operates in two modes: fast and intuitive (mental activities that we’re more or less born with, called System One), or slow and analytical, a more complex mode involving experience and requiring effort (System Two).
“Before Kahneman and Tversky, people who thought about social problems and human behavior tended to assume that we are mostly rational agents,” the Times columnist David Brooks wrote. “They assumed that people have control over the most important parts of their own thinking. They assumed that people are basically sensible utility-maximizers, and that when they depart from reason it’s because some passion like fear or love has distorted their judgment.”
But Professors Kahneman and Tversky, he went on, “yielded a different vision of human nature.”
“Our biases frequently cause us to want the wrong things. Our perceptions and memories are slippery, especially about our own mental states. Our free will is bounded. We have much less control over ourselves than we thought.”
Pic of the Week
Thought of the Week
“Risk cannot be eliminated; it just gets transferred and spread.” ~Howard Marks
“Survival is the only road to riches. You should try to maximize return only if losses would not threaten your survival and if you have a compelling future need for the extra gains you might earn.” ~Peter L. Bernstein
Video of the Week
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Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
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