Word: shermans
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...better to have a Joseph Kennedy whispering into the ear of the President of the United States than a Sherman Adams...
Each of these companies has one prime asset: inventive brains. The ability to develop new ideas and products is more prized today than such old measuring rods as a stock's book value. To Sherman Fairchild, the reasons for buying growth make good sense. When he decided to buy stock in Minnesota Mining & Manufacturing Co., which was a growth stock ten years ago and still is, he called up the Wall Street office that he set up just for investment purposes. "They asked me if I didn't want to see the balance sheets of the company," says...
...common complaint about growth stocks is that they rarely, if ever, pay dividends, thus do not provide a steady income. But, says Sherman Fairchild, "this question of dividends has been given much more importance than is due it. If a stock doubles in value every five years, it actually pays a dividend of 20% a year if you sell half your stock at the end of a five-year period, and it is taxed as a long-term capital gain. There is no point in making artificial distinctions between stocks that pay income and those that do not pay income...
Gravel for Grass. Sherman Fairchild amply meets his own definition of managers with vision. "If you can do constructive thinking along unorthodox lines in business," says IBM President Thomas Watson Jr., "you have it made. Sherman Fairchild is able to think along unorthodox lines." Fairchild's departure from orthodoxy begins right at the front door of his town house on Manhattan's East 65th Street, where he conducts all the affairs of his companies. The house is the height of a three-story house, but actually contains six levels built around an inner courtyard. Instead of staircases, long...
Raiding the Plant. Fairchild has been tinkering ever since he was old enough to handle tools. His father, George Winthrop Fairchild, the first president and chairman of IBM, encouraged his son and let him range through his plant near Oneonta, N.Y., raiding it for parts for young Sherman's inventions. Sherman went off to Harvard in 1915, where he designed a forerunner of the news flash camera, but was packed off to Arizona in his sophomore year when threatened by tuberculosis. Though he later attended both the University of Arizona and Columbia, he never bothered to get a college...