Partnering in Action: A Guide for Building Successful Collaboration Across Organizational Boundaries PDF
Preview Partnering in Action: A Guide for Building Successful Collaboration Across Organizational Boundaries
00 stern fm 2 7/30/03 12:36 PM Page iii Against the Grain How to Succeed in Business by Peddling Heresy Joel M. Stern with Irwin Ross John Wiley & Sons, Inc. 00 stern fm 2 7/30/03 12:36 PM Page i Against the Grain 00 stern fm 2 7/30/03 12:36 PM Page ii 00 stern fm 2 7/30/03 12:36 PM Page iii Against the Grain How to Succeed in Business by Peddling Heresy Joel M. Stern with Irwin Ross John Wiley & Sons, Inc. 00 stern fm 2 7/30/03 12:36 PM Page iv Copyright © 2003 by Joel M. Stern. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or oth- erwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rose- wood Drive, Danvers, MA 01923, 978-750-8400, fax 978-750-4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Per- missions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201- 748-6011, fax 201-748-6008, e-mail: [email protected]. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be cre- ated or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a profes- sional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, con- sequential, or other damages. For general information on our other products and services, or technical support, please con- tact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Stern, Joel M. Against the grain : how to succeed in business by peddling heresy / Joel M. Stern with Irwin Ross. p. cm. ISBN 0-471-21600-3 (cloth) 1. Economic value added. 2. Corporations—Valuation. 3. Capital investments—Decision making. 4. Managerial economics. I. Ross, Irwin. II. Title. HG4028.V3S828 2003 338.6'041'092—dc21 2003010884 Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 00 stern fm 2 7/30/03 12:36 PM Page v To my son, Erik Daniel, who has shown us the real meaning of beautiful feelings on the inside accompanied by a desire to innovate and inspire us. This is leadership in all of its aspects. 00 stern fm 2 7/30/03 12:36 PM Page vi 00 stern fm 2 7/30/03 12:36 PM Page vii Contents Foreword by John S. Shiely ix Chapter 1 The Great Break 1 Chapter 2 Beginnings 9 Chapter 3 Rebel Banker 23 Chapter 4 A Letter from Oppenheimer 49 Chapter 5 On Our Own 63 Chapter 6 How We Grew 77 Chapter 7 The Key Role of Incentives 91 Chapter 8 The Missionary Way of Life 99 Chapter 9 Dispatches from the Sales Front 123 Chapter 10 As for the Future 133 Chapter 11 The Credo of a Radical Free Marketeer 143 vii 00 stern fm 2 7/30/03 12:36 PM Page viii AGAINST THE GRAIN Appendix Heresies That Have Stood the Test of Time 169 Let’s Abandon Earnings per Share 171 Some Thinking to Do 178 What if Capital Markets Are “Efficient”? 181 Fewer Analysts, Please: Why People Believe Capital Markets Are “Inefficient”! 184 Are “Technicians” an Endangered Species? 187 Are “Fundamental” Security Analysts Necessary? 192 Companies Should Avoid Sharp Swings in Dividends 197 Why Dividends Do Not Matter 201 Risk Matters 204 Acknowledgments 207 Index 211 Photographs appear after page 110. viii
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