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Ace Greenberg does almost everything better than I do-bridge, magic tricks, dog training, arbitrage-all of the important things in life. (Warren Buffet)
Make decisions based on common sense. Avoid the herd mentality. Control expenses with unrelenting vigil. Execute the fundamentals. Free your motivated, intelligent people from the chain of command. Hire PSDs. And stay humble, humble, humble.
These are just some of Alan C. Greenberg's management truths. And they've served him and his company well. Since taking over as chairman 18 years ago, this cigar-smoking, shirt-sleeved trader has helped transform Bear Stearns into one of the most profitable investment banks in the world.
And one way he's done it is through the judicious use of memos that inspire, exhort, and coax is colleagues on to ever-greater efficiency and prosperity. Now, after gathering a reputation in financial circles over the years, Ace Greenberg's wise and often humorous messages are collected in Memos From the Chairman, where they combine to create a unique management philosophy.
Focused, simple and sane, it's a philosophy that will benefit everyone in business, from Fortune 500 CEOs, to middle managers, to entrepreneurs.
Ace Greenberg does almost everything better than I do-bridge, magic tricks, dog training, arbitrage-all of the important things in life. (Warren Buffet)
Make decisions based on common sense. Avoid the herd mentality. Control expenses with unrelenting vigil. Execute the fundamentals. Free your motivated, intelligent people from the chain of command. Hire PSDs. And stay humble, humble, humble.
These are just some of Alan C. Greenberg's management truths. And they've served him and his company well. Since taking over as chairman 18 years ago, this cigar-smoking, shirt-sleeved trader has helped transform Bear Stearns into one of the most profitable investment banks in the world.
And one way he's done it is through the judicious use of memos that inspire, exhort, and coax is colleagues on to ever-greater efficiency and prosperity. Now, after gathering a reputation in financial circles over the years, Ace Greenberg's wise and often humorous messages are collected in Memos From the Chairman, where they combine to create a unique management philosophy.
Focused, simple and sane, it's a philosophy that will benefit everyone in business, from Fortune 500 CEOs, to middle managers, to entrepreneurs.
Telephone Manners: "Transferring a call seems to require more athletic ability than some of our associates possess. Be prepared for spot checks...those who flunk will get private lessons from me."
Cutting Costs: "At last weeks partners meeting. Haimchinkel pointed out to me that the hors d'oeuvres had been upgraded considerably from peanuts. You will be happy to know that we are now back to peanuts."
Good Times: "The time to stop stupidity and be tough on costs is when times are good. Any schlemiel and most schlamozels try to cut costs when times are bad."
Bad Times: "Now is not the time to hide from clients. It takes real courage to make calls when you know the reception might be hostile."
Arrogance: "Conceit and complacency are dangerous, particularly in our line of work. If I ever feel that the people at Bear Stearns start thinking their body odor is perfume and I cannot convince them otherwise-I will sell my stock."
Excerpted from Memos From The Chairman. Copyright (c) 1996. Reprinted with permission by Workman Publishing.
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