Word: welling
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Dates: during 2000-2009
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...talk about how winning strategies aren't transitive. What's the lesson for managers? One mistake managers make is they'll read a book that says: Here are the eight things great managers do. They figure if they just live up to those attributes then they'll succeed. Well, no. It's not the attributes that matter, it's the circumstances - what's going on around them. Almost all successful strategies are circumstance-based, not attribute-based. Boeing, for instance, a very smart company, had outsourced a lot of their products, but then they outsourced the design...
...What does that mean for regulation? You can set up certain decision rules that try to keep people on the straight and narrow, but too much regulation about the details is going to get you in trouble. The big banks should probably be fairly boring and reasonably well regulated. And their core businesses are - but they were able to get away from their core activities and move further out on the risk spectrum and jeopardize the whole operation. So much more stringent capital requirements for banks as they get larger, to make sure that as they get larger they...
...Well, honesty never goes unpunished. Could you give me a good reason then why investors wouldn't be better off with index funds? By and large, investors would be better off with index funds. The question to me is, if you are an active manager, what makes you think you can do better than others over time? We like to think about four distinct building blocks. One is thinking about capital markets more properly. Sometimes markets are efficient and sometimes they aren't. The insight is knowing what mechanisms lead you from efficiency to inefficiency. The second is being very...
...President is left with a difficult task, like a salesman without a shiny car on the lot to show off. He is not exactly telling people to trust him - the theories behind the proposed cost savings are well documented. But he is promising something that cannot be demonstrated just yet, so instead of using the number he originally did, he has now settled on phrases like "It's going to start driving down our costs over the long term...
...attempts at jump-starting the Israeli-Palestinian peace process in recent months have failed, in large part because of Israel's refusal to freeze construction of Jewish settlements in the West Bank. Egyptian-mediated talks aimed at reconciling rivals Fatah and Hamas have yet to see a breakthrough as well...