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Marissa Mayer’s Tardiness at Google

'Marissa Mayer and the Fight to Save Yahoo' by Nicholas Carlson (ISBN 1455556610) Tardiness has a detrimental effect on the organization. Tardiness is a display of disrespect. Establishing ground rules, documenting violations, using an official discipline process and identifying larger workplace issues can go a long way toward correcting issues with executive tardiness.

Per this noteworthy anecdote from Marissa Mayer and the Fight to Save Yahoo by Nicholas Carlson:

The other factor compounding Mayer’s coldness was that she had the awful habit of being late, all the time.

Every Monday afternoon at 3:00 p.m. California time, Mayer’s staff would gather for a three-hour meeting with the boss. Mayer demanded all of her staff across the world join the call, so executives from New York, where it was 6:00 p.m., and Europe, where it was 11:00 p.m. or later, would dial in, too. Inevitably, Mayer would show up at least forty-five minutes late. Some calls started so late that Yahoo’s executives in Europe didn’t hang up till after 3:00 a.m. their time. Mayer had approximately two dozen people reporting to her during her first year at Yahoo. In theory, she was keeping up with each of them in a regularly scheduled weekly meeting. In practice, she would go weeks without talking to people because she was so busy.

For a while, each of those two dozen people thought that Mayer was just picking on them, individually. The people who had been at Yahoo before Mayer joined assumed that this meant she was going to fire them soon. The people Mayer had hired into the company, including HR boss Jackie Reses and CMO Kathy Savitt, were even more puzzled. Why had they been hired only to be ignored?

But then, during one of those long waiting periods after 3: 00 p.m. on a Monday, a conversation unfurled that revealed all. Making small talk, one executive said to another: “Did she cancel one of your one-on-ones again?”

A third jumped in: “Oh my God, she does that to you, too?” It turned out that everyone in the room and on the call had been canceled on by Mayer, frequently.

Mayer was also constantly late to product reviews. The meeting would be scheduled for 2:00 p.m., and around 2:15 p.m., Mayer’s assistant, Trish Crawley, would come out and say, “Really sorry. She’s going to be late. We’re not sure when she’ll get here.” Then it would 3:00 p.m. and then 4:00 p.m., and then Crawley would come out and say the meeting was canceled.

The standard joke was that if you had a review with Mayer, you should expect not to know when it was going to be and that it would change at the last minute. It was annoying for people who worked in Sunnyvale. It was brutal for remote teams in India and Europe.

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Posted in Leaders and Innovators Management and Leadership

Top 10 Russian Authors and Their Masterpieces

Top 10 Russian Authors and Their Masterpieces

1. Leo Tolstoy (1828–1910)

  • Anna Karenina (1875–7)—“All happy families resemble one another, but each unhappy family is unhappy in its own way.”
  • War and Peace (1865–9)—“The strongest of all warriors are these two—time and patience.”

2. Fyodor Dostoevsky (1821–1881)

  • Crime and Punishment (1866)—“Pain and suffering are always inevitable for a large intelligence and a deep heart. The really great men must, I think, have great sadness on earth.”
  • The Brothers Karamazov (1880)—“Above all, don’t lie to yourself. The man who lies to himself and listens to his own lie comes to a point that he cannot distinguish the truth within him, or around him, and so loses all respect for himself and for others. And having no respect he ceases to love.”

3. Anton Chekhov (1860–1904)

  • The Three Sisters (1901)—“Man must work by the sweat of his brow whatever his class, and that should make up the whole meaning and purpose of his life and happiness and contentment.”
  • Uncle Vanya (1897)—“When a woman isn’t beautiful, people always say, ‘You have lovely eyes, you have lovely hair.”
  • The Cherry Orchard (1904)—“To begin to live in the present, we must first atone for our past and be finished with it, and we can only atone for it by suffering, by extraordinary, unceasing exertion.”

4. Alexander Pushkin (1799–1837)

  • Eugene Onegin (1833)
    “A woman’s love for us increases
    The less we love her, sooth to say—
    She stoops, she falls, her struggling ceases;
    Caught fast, she cannot get away.”
  • Boris Godunov (1825)
    “Pimen [writing in front of a sacred lamp]:
    One more, the final record, and my annals
    Are ended, and fulfilled the duty laid
    By God on me a sinner. Not in vain
    Hath God appointed me for many years
    A witness, teaching me the art of letters;
    A day will come when some laborious monk
    Will bring to light my zealous, nameless toil,
    Kindle, as I, his lamp, and from the parchment
    Shaking the dust of ages will transcribe
    My true narrations.”

5. Nikolai Gogol (1809–1852)

  • Taras Bulba (1835)—“Turn around, son! What a funny figure you are! Are those priests’ cassocks you are wearing? And do they all go about like that at the academy?” With these words old Bulba greeted his two sons who had been studying at the Kiev college and had come home to their father.”
  • Dead Souls (1842)—“As you pass from the tender years of youth into harsh and embittered manhood, make sure you take with you on your journey all the human emotions! Don’t leave them on the road, for you will not pick them up afterwards!”

6. Mikhail Sholokhov (1905–1984)

  • And Quiet Flows the Don (1934)—“The grass grows over the graves, time overgrows the pain. The wind blew away the traces of those who had departed; time blows away the bloody pain and the memory of those who did not live to see their dear ones again—and will not live, for brief is human life, and not for long is any of us granted to tread the grass.”

7. Mikhail Bulgakov (1891–1940)

  • The Master and Margarita (1966-67)—“The tongue can conceal the truth, but the eyes never! You’re asked an unexpected question, you don’t even flinch, it takes just a second to get yourself under control, you know just what you have to say to hide the truth, and you speak very convincingly, and nothing in your face twitches to give you away. But the truth, alas, has been disturbed by the question, and it rises up from the depths of your soul to flicker in your eyes and all is lost.”

8. Ivan Turgenev (1818–1883)

  • Fathers and Sons (1862)—“Nature is not a temple, but a workshop, and man’s the workman in it.”
  • On the Eve (1860)—“No matter how often you knock at nature’s door, she won’t answer in words you can understand—for Nature is dumb. She’ll vibrate and moan like a violin, but you mustn’t expect a song.”

9. Maxim Gorky (1868–1936)

  • The Lower Depths (1902)—“Everybody, my friend, everybody lives for something better to come. That’s why we want to be considerate of every man—Who knows what’s in him, why he was born and what he can do?”

10. Mikhail Lermontov (1814–1841)

  • A Hero of our Time (1840)—“The love of savages isn’t much better than the love of noble ladies; ignorance and simple-heartedness can be as tiresome as coquetry.”
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Posted in Hobbies and Pursuits Music, Arts, and Culture

Peter Cundill Quotes from ‘There’s Always Something to Do’

Peter Cundill Quotes from 'There's Always Something to Do'

F. Peter Cundill (1938–2011) was a Canadian value investor of the Benjamin Graham investment school. He was most well known for his flagship investment fund, Cundill Value Fund. His The Mac Cundill Value Fund Series A has returned 10.1% per annum during 1993 until 2003, compared with 8.1% for the benchmark Citigroup World Equity index, according to Morningstar.

  • On Forecasting: “I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.”
  • On Skepticism: “Scepticism is good, but be a sceptic, not an iconoclast. Have rigour and flexibility, which might be considered an oxymoron but is exactly what I meant when I quoted Peter Robertson’s dictum ‘always change a winning game.’ An investment framework ought to include a liberal dose of scepticism both in terms of markets and of company accounts. Taking this a step further, a lot of MBA programs, particularly these days, teach you about market efficiency and accounting rules, but this is not a perfect world and there will always be anomalies and there is always “wriggle room” within company accounts so you have to stick to your guns and forget the hype.”
  • On Patience for Investors and Selling Too Early: “This is a recurring problem for most value investors—that tendency to buy and to sell too early. The virtues of patience are severely tested and you get to thinking it’s never going to work and then finally your ship comes home and you’re so relieved that you sell before it’s time. What we ought to do is go off to Bali or some such place and sit in the sun to avoid the temptation to sell too early.”
  • 'There is Always Something to Do' by Peter Cundill (ISBN 0773535373) On Statistical Overvaluation: “I almost stopped selling Japan short in the last quarter of 1989 because I couldn’t stand it anymore. But intellectually I was convinced that I was right and so I carried on and then in the first quarter of 1990 the Japanese market fell by 25% in eight weeks and I made back everything I’d given away since 1987 plus a good deal more. But I tell you statistical overvaluation is a funny thing—it can go on for a very long time, far beyond the limits of rationality, and it is a problem for the value investor in two ways: it can tempt one to compromise standards on the buy side and it may lure one into selling things far too early. I have less of a problem with the selling temptation because I have always loved cash—if you’ve got lots of it you will never have to pass up a great opportunity.”
  • On Curiosity: “Curiosity is the engine of civilization. If I were to elaborate it would be to say read, read, read, and don’t forget to talk to people, really talk, listening with attention and having conversations, on whatever topic, that are an exchange of thoughts. Keep the reading broad, beyond just the professional. This helps to develop one’s sense of perspective in all matters.”
  • On Patience: “For all my emphasis on the virtues of patience in value investment it has to go hand in hand with minute attention to the detail, with conviction and determination, otherwise patience is just futile endurance.”
  • On Intellectual Distractions for Investors: “Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental, truths.”

On the Worst Investment He Ever Made

The worst investment we have ever had was Cable & Wireless, which had built up a large cash pile through the sale of telephone companies in Hong Kong and Australia and their mobile telephone business in the UK. They were well negotiated, judicious sales. What they had left was a stand-alone operation in the Caribbean, which still exists, and they were in the fibre optic business that was blowing cash. So we said, look they’ve got cash, they’ve got a valuable, viable business and let’s assume the fibre optic business is worth zero—it wasn’t, it was worth less than zero, much, much less! Their accounting was flawed to say the least and they became obsessed by a technological dream. In this respect it was reminiscent of Nortel and that should have caused me to think twice.

I talked to John Templeton about it afterwards and he took a worse hit than us. He said “this is why we diversify, if you are right 60% of the time and wrong 40% you’re always going to be a hero, if you are right 40% of the time and wrong 60% you will be a bum.” I think he probably put it more elegantly than that! But there’s one more thing. We had put a huge amount of time and energy into that one and we were willing it to save itself and, on the face of it, it could have. What we needed was a dissenter in the team—a contrarian among contrarians, a lateral thinker watching out for the left field. On that occasion there wasn’t one. So my thought is, if there’s no natural sceptic on an investment maybe it would be wise to appoint one of the team to play Devil’s Advocate anyway.

'Routines and Orgies- The Life of Peter Cundill' by Christopher Risso-Gill (ISBN 0773544720) Peter Cundill was the founder of Cundill Investment Research and was named Canada’s fund manager of the year at the Canadian Investment Awards gala held in early December 2004. Born in Montreal and based in London, Cundill spent much of the year scouring the globe in search of value opportunities for Mackenzie Financial‘s Cundill fund family.

On Investors’ Biggest Challenges

The ultimate skill in this business is in knowing when to make the judgement call to let profits run. While it is true that 99% of investment effort is routine, unspectacular enquiry, checking and double checking, laboriously building up a web of information with single threads until it constitutes a complete tableau, just occasionally a flash of inspiration may be necessary. Once we have begun to build a position it has to be recognized that our intentions may change in the course of its construction. An influential, or even controlling, position quite often results from a situation where a cheap security does little or nothing price-wise for such a long time that we are able to buy a significant percentage of the equity. Whether our intentions remain passive under these circumstances depends on an assessment of the outlook for the company and the capability of its management, but I don’t think that we ought to be pro-active merely for the sake of it. My task is principally the identification of opportunity and the decision to press the buy button. This may sometimes turn out to be a catalyst in itself, but normally we should rely on others to do the promotional work or to put the company directly into play. Otherwise it will turn into a constant and time-consuming distraction from our prime objective of finding cheap securities to buy.

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Posted in Investing and Finance

Leadership Lessons from Katharine Graham

Katharine Graham, renowned publisher of The Washington Post, spent 30 years overseeing and enlarging her media empire. Yet the rigidities of being CEO never discouraged her from the core mission of journalism, and she showed her responsibility by her actions.

The best leaders know that you cannot just talk about priorities; you have to exhibit what you care about by taking action. You can show your priorities in five ways:

  1. 'Personal History' by Katharine Graham (ISBN 0375701044) Get out of the office and into your employees’ ecosystem. Graham spent time in the newsroom each day. Ben Bradlee, the editor Graham hired who directed the paper through the Pentagon Papers and Watergate dramas, said that Graham had “round heels for reporters.” For her, “writing the first draft of history” (journalism) was at the center of her company. Employees felt she recognized their work because she observed it as it happened. In addition, Graham intensified her understanding of jobs in the newsroom by her direct observation, by listening, and by asking questions.
  2. Be proactive in building competence and knowledge. Graham held lunches for reporters in her private dining room, and welcomed experts for briefings. Journalists coveted being invited to these luncheons, which permitted them to deepen their knowledge of both their subject area and their publisher’s mentality. Once Graham brought in a psychologist to discuss personality disorders, notwithstanding the sensitivity she must have felt from her husband’s manic-depression and subsequent suicide. Graham carefully questioned the psychologist, and gave her journalists permission to explore the subject.
  3. Show that you are willing to jump in when needed. Graham built her resources by adding news bureaus worldwide, and boosted editorial budgets and staff, but she always saw herself as an operational part of the team. She would eagerly call in tips she picked up at social occasions and take excellent and extensive notes of speeches. During a violent press operator’s strike, which nearly shut down the paper, Graham lived inside the Post building. She did everything from taking classified ads to stuffing newspapers in bags, getting ink on her designer dresses. She was undeterred, and after the strike, directed the paper to its greatest financial success.
  4. 'Katharine Graham: The Leadership Journey' by Robin Gerber (ISBN 1591841046) Stand up for your employees. One Sunday afternoon Graham heard that the Chinese government ransacked the room of one of her foreign correspondents and held the woman for questioning. Graham did not pick up the telephone or ask for a letter of protest to be written. She put on her heels and single strand of pearls and drove to the Chinese embassy, marching up to the door and insisting on a justification. Her actions were not lost on her reporters.
  5. Follow your core convictions—even in small matters. In writing about Katharine Graham, Robin Gerber tried to get an interview with Warren Buffett, who had been Graham’s friend and mentor. In a final attempt, she sent Buffett the draft manuscript with a note saying that she hoped he enjoyed it. Two weeks later, he called her and talked about Graham, her leadership, and his relationship with her. He told Gerber about an occurrence he felt she had gotten wrong and gave her a quote for the book cover. Why did the CEO of Berkshire Hathaway take time to talk to Gerber? He could have dictated a note about the error, or asked his assistant to call. It is because the legacy of his friend is important to him. Devotion to relationships, identifying outstanding CEOs, and sticking with them has been a characteristic of Buffett’s success.

Leaders show their priorities through their actions. Think about how you are connecting to your staff through what you do, rather than through what you say. Make your actions fit your company’s mission and others will follow your lead.

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Posted in Management and Leadership

The Science of Fear

'The Science of Fear' by Daniel Gardner (ISBN 0452295467) Confirmation bias leads us to accept more readily perceived facts that keep to our existing worldview more willingly than objectively considering all of the evidence. Many corporate leaders leverage disruptive change by making targeted, courageous moves toward new market opportunities. Many companies face up to risk with a strategic framework based on extenuating and managing the probable consequences but that line of attack might build bigger protective walls without guarding against the greatest risks—the ones that are unidentified. The uncertainty advantage is something different: an approach that compels managers to recognize the unknown as a market differentiator and an opportunity to give a free rein to innovative solutions that appeal to customers, investors, strategic partners, regulators, and competitors. Concisely, it is an opportunity to go well beyond the characteristic meaning of risk management—that is, seeking ways to achieve the best of the worst outcomes—to create new and sustainable value out of confusion.

In his book, The Science of Fear: How the Culture of Fear Manipulate Brain, New York Times bestselling author Daniel Gardner describes some of our pitfalls when it comes to framing risk properly:

Once a belief is in place, we screen what we see and hear in a biased way that ensures our beliefs are “proven” correct. Psychologists have also discovered that people are vulnerable to something called group polarization—which means that when people who share beliefs get together in groups, they become more convinced that their beliefs are right and they become more extreme in their views. Put confirmation bias, group polarization, and culture together, and we start to understand why people can come to completely different views about which risks are frightening and which aren’t worth a second thought.

It’s also much easier to simply be afraid of that with which we can easily recall to memory. Gardner uses Daniel Kahneman’s two systems of thought to explain:

You may have just watched the evening news and seen a shocking report about someone like you being attacked in a quiet neighborhood at midday in Dallas. That crime may have been in another city in another state. It may have been a very unusual, even bizarre crime—the very qualities that got it on the evening news across the country. And it may be that if you think about this a little—if you get System Two involved—you would agree that this example really doesn’t tell you much about your chance of being attacked, which, according to the statistics, is incredibly tiny. But none of that matters. All that System One knows is that the example was recalled easily. Based on that alone, it concludes that risk is high and it triggers the alarm—and you feel afraid when you really shouldn’t.

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Posted in Investing and Finance Philosophy and Wisdom

Review of N.R. Narayana Murthy’s Visionary Book, ‘A Better India: A Better World’

A Better India- A Better World is a stimulating book by an important business leader. When an Indian assistant first lent it to me, I wasn’t excited to read it but felt necessitated. I was very much completely astounded. N.R. Narayana Murthy, the founder and chairperson of Infosys organizes a rather comprehensible and positive vision to the world according to himself. If only many more business leaders thought like him, one might even feel tempted by this thing called “compassionate capitalism.” Narayana Murthy has thought much about India, his homeland, and its contradictions.

'Better India: A Better World' by N.R. Narayana Murthy (ISBN 0143068571)

If the eyes of all men were naturally jaundiced, all white objects would appear uniformly yellow. In the introduction to A Better India- A Better World, Narayana Murthy outlines,

The enigma of India is that our progress in higher education and in science and technology has not been sufficient to take 350 million Indians out of illiteracy. It is difficult to imagine that 318 million people in the country do not have access to safe drinking water and 250 million people do not have access to basic medical care. Why should 630 million people not have access to acceptable sanitation facilities even in 2009? When you see world-class supermarkets and food chains in our towns, and when our urban youngsters gloat over the choice of toppings on their pizzas, why should 51 per cent of the children in the country be undernourished? When India is among the largest producers of engineers and scientists in the world, why should 52 per cent of the primary schools have only one teacher for every two classes? When our politicians and bureaucrats live in huge houses in Lutyens’ Delhi and the state capitals, our corporate leaders splurge money on mansions, yachts and planes, and our urban youth revel in their latest sport shoes, why should 300 million Indians live on hardly Rs 545 per month (US$10 at current exchange rate), barely sufficient to manage two meals a day, with little or no money left for schooling, clothes, shelter and medicine?

His starting point is Franklin D. Roosevelt’s “four freedoms”—freedom of speech and expression, freedom of religion, freedom from want, and freedom from fear. He later elaborates on what a “civilized society” entails: “a society where everybody has equal opportunity to better his or her life; where every child has food, shelter, healthcare, and education; a society where duties come before rights; where each generation makes sacrifices to make life better for the next generation.” Obviously, many of these tenets are increasingly not present in today’s USA and, worse; many Americans on the right would dispute these principles as smacking of socialism. In this case, an effect has been given for a cause.

Could we be certain that the admeasurements of these two different meridians were made without error, this would, undoubtedly, be a demonstrative proof of the irregularity of the earth’s figure. Narayana Murthy is a well read and well-travelled, learned man who clearly thinks a lot about societal issues. In the introduction, his acknowledged three books that have influenced him deeply: The Protestant Ethic and the Spirit of Capitalism by Max Weber; My Experiments with Truth by Mahatma Gandhi; and Peau Noire, Masques Blancs by Franz Fanon. This rather eclectic selection shows the breadth of his reading and attests to an open mind. He builds his own philosophy on these disparate strains of thought, emphasizing the importance of values and leadership. He sets out early in the book that, “I do not know of any community—a company, an institution or a nation—that has achieved success without a long journey of aspiration, hard work, commitment, focus, hope, confidence, humility and sacrifice”. This question cannot be resolved exactly, without the author’s help. The first time he was restored, he thought he actually touched whatever he saw; but by degrees his experience corrected his numberless mistakes.

His student years in France in the 1970s were very important in forming his thinking. In the first chapter, a lecture to students, he compares France to India for its civil-mindedness: “In France, everybody acted as if it was their job to discuss, debate and quickly act on improving public facilities. In India, we discuss debate and behave as if the improvement of any public facility is not our task, and consequently, do not act at all.” His deduction: being a developing country is a mindset. Here he breaks clear of the Left, placing the onus on the individual, as well as the society as a whole, to take responsibility for its own destiny. He tells a story of how he lost any compassion for the Left after having been imprisoned by Bulgarian authorities when traveling back from Paris to India in 1974.

The next event that left an indelible mark on me occurred in 1974. The location: Nis, a border town between former Yugoslavia, now Serbia, and Bulgaria. I was hitchhiking from Paris back to Mysore, India, my home town.

By the time a kind driver dropped me at Nis railway station at 9 p.m. on a Saturday night, the restaurant was closed. So was the bank the next morning, and I could not eat because I had no local money. I slept on the railway platform until 8.30 pm in the night when the Sofia Express pulled in.

The only passengers in my compartment were a girl and a boy. I struck a conversation in French with the young girl. She talked about the travails of living in an iron curtain country, until we were roughly interrupted by some policemen who, I later gathered, were summoned by the young man who thought we were criticising the communist government of Bulgaria.

The girl was led away; my backpack and sleeping bag were confiscated. I was dragged along the platform into a small 8×8 foot room with a cold stone floor and a hole in one corner by way of toilet facilities. I was held in that bitterly cold room without food or water for over 72 hours.

I had lost all hope of ever seeing the outside world again, when the door opened. I was again dragged out unceremoniously, locked up in the guard’s compartment on a departing freight train and told that I would be released 20 hours later upon reaching Istanbul. The guard’s final words still ring in my ears — “You are from a friendly country called India and that is why we are letting you go!”

The journey to Istanbul was lonely, and I was starving. This long, lonely, cold journey forced me to deeply rethink my convictions about Communism. Early on a dark Thursday morning, after being hungry for 108 hours, I was purged of any last vestiges of affinity for the Left.

I concluded that entrepreneurship, resulting in large-scale job creation, was the only viable mechanism for eradicating poverty in societies.

Deep in my heart, I always thank the Bulgarian guards for transforming me from a confused Leftist into a determined, compassionate capitalist! Inevitably, this sequence of events led to the eventual founding of Infosys in 1981.

Cofounder and executive chairman N.R. Narayana Murthy came out of retirement in 2013 to help right the Infosys ship. His return resulted in improved financial performance, although it has been marked by numerous high-profile executive resignations. Murthy again stepped down and re-entered retirement to make way for CEO Vishal Sikka in August 2014. Microsoft Founder Bill Gates said, “Narayana Murthy overcame many obstacles and demonstrated that is possible to create a world-class, values-driven company in India. Through his vision and leadership Murthy sparked a wave of innovation and entrepreneurship that changed the way we view ourselves and how the world views India.”

Review of N.R. Narayana Murthy's Visionary Book, 'A Better India- A Better World' This is a collection of 38 essays and speeches given at a variety of fora during the 2000s and selected for the book by the author himself. They are divided into sections:

  • Address to students;
  • Values;
  • Important national issues;
  • Education;
  • Leadership challenges;
  • Corporate and public governance;
  • Corporate social responsibility and philanthropy;
  • Entrepreneurship;
  • Globalization;
  • three short chapters on Infosys.

In such a collection, it is inevitable that there are overlaps between the chapters and many recurrent themes. I’ll pick a few themes that I found interesting here below.

He addresses students in a variety of schools, ranging from prestigious institutions like INSEAD, Indian Institute of Technology, IESE Business School in Barcelona and NYU, to various other universities in India. He exhorts his values: “You must believe in and act according to the principle that putting public interest ahead of private interest in the short term will be better for your private concerns in the long run.” … “Ego, vanity, and contempt for other people have clouded our minds for thousands of years and impeded our progress. Humility is scarce in this country.” … “No county that has shunned merit has succeeded in solving its problems.” … “The reason for the lack of progress in many developing nations is not the paucity of resources but the lack of management talent and professionalism.” The winds of the temperate zone are composed of the eddies of these two united.

Narayana Murthy is a fan of globalization and refers to the “global bazaar” and Thomas Friedman’s “flat world” in several places. In this context, he calls for “an environment of tolerance and respect for multi-culturalism.” He sees global warming and environmental degradation as major threats and sees that the answers must lie in global cooperation: “The solution is not to force developing nations to forgo what the developed world has enjoyed for over a century. It is to come together as one planet and use innovation in technology to produce alternate energy solutions and reduction of carbon emissions.” His thinking reflects the intergenerational equity perspective embedded in the original definition of sustainable development: “After all, this is the only planet we have. Conduct yourself as if you have borrowed it from the next generation. Remember that you will have to give it back to them in good shape.” The time of feeling the pulse is in a morning, some time after getting up, and before reduction of carbon emissions.

A Better India- A Better World is also very critical of laissez-faire capitalism, a theme that resonates throughout the book: “Unfortunately, the greed of several corporate leaders, the meltdown of Wall Street, the increasing differences between the salaries of CEOs and ordinary workers, and the unbelievable severance compensation paid to failed CEOs have called into question whether capitalism is indeed a solution for the benefit of all, or if it is an instrument for a few cunning people to hoodwink a large mass of gullible middle-class and poor people. Never before in the history of capitalism have so few people brought so much misery to so many.” His views of how to manage a company are in line with his broader beliefs: “The only way you can save capitalism and bring it back to its shining glory is by conducting yourselves as decent, honest, fair, diligent, and socially conscious business leaders. In every action of yours, you have to ask how it will make the lowest level worker in your corporation and the poorest person in your society better. You have to learn to put the interest of the community—your corporation, your society, your nation and this planet—before your own interest.” In light of these issues, Infosys has launched a number of initiatives to improve its performance. The company has some way to go before rectifying its position, but a number of signs are promising, with revenue growth, margins, client mining, and employee attrition improving. Again emphasizing the need for sacrifice, he states that, “(T) to succeed in these days of globalization, global warming and laissez-faire capitalism, every worker in your corporation will have to accept tremendous sacrifices in the short term and hope that goodness will, indeed, succeed in the long term and make life better for every one of them.” Certainly not the thinking en vogue on this continent!

Review of N.R. Narayana Murthy's Visionary Book, 'A Better India- A Better World' Narayana Murthy is also rather harsh on India. In a chapter entitled “What Can We Learn from the West,” he chastises his own nation for faulty values: “Indian society has, for over a thousand years, put loyalty to family ahead of loyalty to society.” … “Unfortunately, our attitude towards family life is not reflected in our attitude towards the community. From littering the streets to corruption to violating contractual obligations, we are apathetic to the community good.” … “Apathy in addressing community matters has held us back from making progress which is otherwise within our reach. We see serious problems around us but do not try to solve them. We behave as if the problems do not exist or as if they belong to someone else.” He continues, “Our intellectual arrogance has also not helped our society. I have travelled extensively and, in my experience, have not come across another society where people are as contemptuous of better societies as we are, with as little progress as we have achieved.” He identifies things that India should learn from the West, including accountability, dignity of labor (“everybody in India wants to be a thinker and not a doer”), and professionalism (punctuality, respect for other people’s time, respecting contractual obligations), concluding that “the most important attribute of a progressive society is respect for others who have accomplished more than they themselves have, and the willingness to learn from them.” The conduct of the appetite regulates the health; and this is not enough regarded.

Elaborating on individual responsibilities, he adds one more: discipline. “There are several ingredients for national development—natural resources, human resources, leadership, and finally, discipline.” … “The utter lack of discipline exhibited by our people is rendering these other three powerful factors ineffective for fast-paced economic growth. We see umpteen examples of undisciplined behavior around us every day. What is even sadder is that this behavior has become the norm even among the powerful and the elite.” … “Discipline is about complying with the agreed protocols, norms, desirable practices, regulations and the laws of the land designed to improve the performance of individuals and societies. Discipline is the bedrock of individual development, community development, and national development.” In this category, Narayana Murthy includes aspects, such as lack of discipline in thought, or intellectual dishonesty (objectivity to focus on outcomes and results, rather than politics or focus on caste and religion; corruption). To achieve discipline, India needs role models (honest, accountable, disciplined leaders committed to change), swift and harsh punishment of offenders, transparency, political reform, and an improved bureaucracy. Manmohan Singh, former Prime Minister of India, wrote, “Narayana Murthy is a role model for millions of Indians. An iconic figure in the country, he is widely respected and looked up not only for his business leadership but also for his ethics and personal conduct. He represents the face of the new, resurgent India to the world.”

Review of N.R. Narayana Murthy's Visionary Book, 'A Better India- A Better World' The part focusing on important national issues considers a wide range, including the role of population in economic development in India. Talking about population growth as a strain to development risks being attacked from both the Left and the Right these days, but Narayana Murthy barges right into the issues. He highlights the need for “good human capital” but also warns “a failure to stabilize India’s population will have significant implications for the future of India’s economy” and that “high population densities have also led to overloaded systems and infrastructure in urban areas.” He links the population debate to environment and resources, in particular energy demand, noting how the combined demands from India and China will put pressure on world resources: “The rapid growth in emerging economies cannot be sustained in the face of mounting environmental deterioration and resource depletion.” He sees a clear role for the government, which must “focus on conservation-friendly policies. For example, subsidies on conventional fuel make it difficult for renewable energy sources to compete and should be removed at least for rich and middle-class people.” … “The government can play a key role as a regulator in making Indian industry environmentally responsible.” Would someone please tell that to the politicians in Washington, DC?

The fourth theme is a cornerstone of the Indian spiritual tradition: self-knowledge. Indeed, the highest form of knowledge, it is said, is self-knowledge. I believe this greater awareness and knowledge of oneself is what ultimately helps develop a more grounded belief in oneself, courage, determination, and, above all, humility, all qualities which enable one to wear one’s success with dignity and grace.

So, how to deal with the issue of excessive population growth? Well, there is the need to meet unmet need of contraception and the issue of how Indian states have failed to implement family planning programs. Narayana Murthy recognizes that there’s been a significant decrease in population growth in certain southern states, such as Kerala, Tamil Nadu, Karnataka and Andhra Pradesh, where “state governments here focused on human development, opened up local economies, and improved social services … Rising female literacy in these states contributed to the success of family planning … A focus on women’s and children’s health also contribute to population control.” He concludes, in line with what is also known from empirical literature: “human development goes hand in hand with lower population growth.” What he doesn”t mention is that states like Kerala have for decades been run by parties from the Left.

A Better India- A Better World chapter “Framework for Urban Planning in Modern India” also recognizes the importance of planning but calls for “radical, immediate reform in the planning and management of our cities” that “must adequately address the shortage of low-cost housing.”

Review of N.R. Narayana Murthy's Visionary Book, 'A Better India- A Better World' Moving to corporate governance, he extols the virtues of good corporate governance to enhance corporate performance while ensuring that corporations conform to the interests of investors and society by “creating fairness, transparency, and accountability in business activities among employees, management and the board.” Infosys has many long-standing client relationships, a well-managed global delivery model, and a comprehensive services portfolio. “The abuse of corporate power results from incentives within firms that encourage a culture of corruption. … Clearly, good governance requires a mindset within the corporation which integrates the corporate code of ethics into the day-to-day activities of its managers and workers.” “Corporate leaders have to create a climate of opinion that values respectability in addition to wealth.” To recapitulate all that has been said upon the subject of compassionate capitalism: long continued tones are nothing more than a repetition of the same stroke and tone. Like the two halves of an ellipse, with their ends turned the contrary way.

So what is the “compassionate capitalism” that Narayana Murthy longs for? As said by him, it is about “bringing the power of capitalism to the benefit of large masses. It is about combining the power of mind and heart; the good of capitalism and socialism … The benefits of growth have to be distributed widely.” While this does not exist anyplace, Narayana Murthy does pay some respect to what he calls the “Swedish model.”

Review of N.R. Narayana Murthy's Visionary Book, 'A Better India- A Better World' N.R. Narayana Murthy returns to the leitmotif of the lack of credibility of capitalism today: “Greedy behavior from corporate leaders has strengthened public conviction that free markets are tools for the rich to get richer at the expense of the welfare of the general public.” Lest capitalism is rejected as the most accepted model for growth in developing countries and by the alienated poor, the business leaders have to regain the trust of society and abide the value system of the community where they operate. Touching on a debate that rages in both America and Europe, Narayana Murthy weighs in on executive compensation: “Business leaders should shun excessive managerial compensation. Managerial remuneration should be based on three principles—fairness with respect to the compensation of other employees; transparency with respect to shareholders and employees; and accountability with respect to linking compensation with corporate performance … We have to create a climate of opinion which says respect is more important than wealth.” Certainly. A number of high-profile client-facing executive departures could negatively affect the firm’s standing with legacy clients.

At the end of A Better India- A Better World, this rather prescient and socially aware business leader sees globalization in an virtually absolutely favorable light, concluding that “we need a flat world because is spreads the American beliefs in free trade to the rest of the world; it benefits consumers from all over the globe; it helps create a world with better opportunities for everyone; and, finally, it brings global trade into focus, shunning terrorism and creating a more peaceful world”. Let us for a moment compare this universe to a palace, erected by the divine Architect, and the unphilosophical spectator to a foreigner, who sees but the external part of the building. “Humble and self-effacing, Murthy is known to fly economy class and lives in a modest home in Bangalore—proof, say his fans, that you can combine business success with Gandhian humility.” said Time magazine of Narayana Murthy. Murthy, [says the Time magazine], has not sold his soul for money and success. One of country’s most admired men, he is vigilant about his employees’well-being, granting stock options, building exercise facilities and spreading values as much as wealth.

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100 Best Business Books of All Time

Following years of reading, appraising, and retailing business books, 800-CEO-READ creator Jack Covert, ex-president Todd Sattersten, and present general manager Sally Haldorson have selected and appraised the one hundred greatest business titles of all time—the ones that dispense the biggest payoff for today’s occupied readers. It’s a great list, and in the vein of all lists, bound by argument and long-windedness about what is and isn’t contained in this list. Each book gets a couple of pages of outline handling.

Best Business Books on Improving Your Life

Best Business Books on Leadership

Best Business Books on Strategy

Best Business Books on Sales and Marketing

Best Business Books on Economics and Metrics

Best Business Books on Management

Best Business Biographies

Best Business Books on Entrepreneurship

Best Narratives of Fortune and Failure

Best Business Books on Innovation and Creativity

Best Books on Big Ideas About the Future of Business

Best Business Books on Management and Leadership Lessons

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Posted in Business and Strategy Leaders and Innovators Management and Leadership Mental Models and Psychology Philosophy and Wisdom

Best Books on Creativity

Inspire Greater Creativity

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Books on Creativity Recommended by Ted Leonsis

Creative people often retain a capability to adopt a number of diverse stances or perspectives. When they look at their own work, they focus interchangeably on the technical aspects, the visual design, the ideas, and so on. They develop a set of standards or a checklist that leads their attention and helps them to scrutinize the creative process. Moreover, they master a lexis that enables them to assess their work in multiple dimensions, so that they can pass more qualified judgements than just ‘good’ or ‘bad.’

A multidimensional valuation gives students feedback, which helps them determine their strengths and detect areas in which they need to improve. The scores on such valuations can also help an educational program to review its results, contemplate its position and modify the course if necessary. Although creativity can only make the most of as originality, utility, and surprise all approach unity, the same description indicates that there are seven different ways that creativity can minimize. These alternatives were identified as

  • routine, reproductive, or habitual ideas,
  • accidental response bias,
  • irrational perseveration,
  • problem finding,
  • rational suppression,
  • irrational suppression, and
  • blissful ignorance.

According to conventional wisdom, creativity is somewhat done by creative people. Even creativity researchers, for several decades, seemed to direct their work by this principle, converging predominantly on individual differences: What are creative people like, and how are they different from most people in the world? Although this person-centered tactic yielded some important findings about the backgrounds, personality traits, and work styles of marvelously creative people, it was both limited and limiting. It presented little to practitioners related with helping people to become more creative in their work, and it virtually ignored the role of the social environment in creativity and innovation. In contrast to the long-established approach, the Componential Theory of Creativity assumes that all humans with normal capabilities are able to produce at least judiciously creative work in some domain, some of the time-and that the social environment (the work environment) can manipulate both the level and the incidence of creative behavior.

Books on Creativity Recommended by Ted Leonsis Ted Leonsis, the Internet entrepreneur, former AOL senior executive, and owner of the Washington Wizards and Washington Capitals recommends the following books on creativity.

  • Ed Catmull’s Creativity : 1970s computer animation pioneer and Pixar co-founder Ed Catmull‘s appealingly comprehensive explanation of how the studio he co-founded generated hits such as the Toy Story trilogy, Up, and Wall-E. Catmull closes that it is a leader’s responsibility to stop ambitious and perfectionist staff destroying their health and that of others. Aiming for zero mistakes is the worst possible goal for a creative project. He argues that a company has to appreciate the work of creativity and learn how to navigate the failures that will happen along the way.
  • 'Crossing the Chasm' by Geoffrey A. Moore (ISBN 0062292986) Geoffrey A. Moore’s Crossing the Chasm: Author Geoffrey A. Moore is managing partner of TCG Advisors, a consulting practice that delivers business and marketing strategy assistances to well-known high-technology companies. Moore declared that the greatest change in the marketing approach happens at the chasm—the organizations to the right of the chasm have meaningfully different opportunities than those on the left. Many ideas fail in the marketplace because their enthusiasts are not capable to cross the chasm.
  • Elmira Bayrasli’s From the Other Side of the World: Journalist Elmira Bayrasli posits that brilliant people around the world are conquering insoluble obstacles to build high-growth businesses that are driving wealth and building communities, regions and countries. By means of seven noteworthy stories, Bayrasli shows the next set of successful entrepreneurs could come not only from the as Silicon Valley but also from Nigeria, Pakistan or Mexico. She writes, “Entrepreneurs, by the very nature of what they do—disrupt and innovate—provide a necessary check and balance on government that no one else can—not businesspeople, not NGOs, not civil society organizations. They help remake the social order and help move progress forward, giving rise to new ideas, new industries, and new possibilities and forcing change. That is what has made them both heroes and villains that many in power feel the need to keep in check.”
  • 'Stop Playing Safe' by Margie Warrell (ISBN 1118505581) Margie Warrell’s Stop Playing Safe: When people confront a challenge, they often recoil into inaction. Drawing from the latest research plus dialogues with highly successful leaders and entrepreneurs, Warrell offers practical tools and inspiration needed to enjoy greater confidence, accomplishment and success in work and life. Outline your sense of purpose and engage in more inspiring goals. Circumnavigate uncertainty with clarity and be more decisive in adversity. Surmount the fear of failure and bounce back from setbacks with superior flexibility. Toughen your leadership ability and expand your influence regardless of position. Build a culture of courage in your office that advances bottom line results. As you strive to reach your goals, as you make those tough choices and take risks, look for your enthusiasm, find your power, and aim to make a difference. And know that this attitude—this mindset, this entrepreneurial way of looking at the world—runs though the lives of all successful people.
  • Linda A. Hill, et al.’s Collective Genius: The perpetual organizational challenge is to develop an organization capable of inventing over and over. Outdated, direction-setting leadership can work well when the resolution to a problem is known and forthright. The role of a leader of innovation is not to set a vision and stimulate others to follow it. It’s to create a cooperative spirit that is enthusiastic and capable to innovate. Collective Genius addresses (1) how leaders generate a willingness to do the hard work of innovation, and (2) how leaders can generate the ability to do the hard work of innovation.
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Read to Find Investment Ideas

Read to find investment ideas The secret of finding investment ideas can be summarized in one word: READ.

Of course, in order to spend a lot of time on business news, you must be interested in economic and financial affairs. But as you become more accustomed to accumulating and storing financial information, you will find the subject increasingly interesting, particularly if your interpretation of events leads to profits.

Nothing can motivate you more than your own success. The turbulence in the financial markets underscores the importance of becoming your own analyst. This will insulate you from other people’s opinions and will give you the confidence to pursue your own ideas and goals by checking out the facts.

The way to do this is with a disciplined system of reading and information gathering. Over time, you should acquire a financial file or library of companies, ideas and trends that warrant investment attention. To sniff out opportunities from the financial news requires an understanding of what to look for.

Two people might read the same article, one of whom may spot a nuance that suggests an important opportunity, while the other person sees nothing of significance.

What we aim to provide in this chapter are some hints and clues on what to look for in the financial news, what to read and how to accomplish all this in the least amount of time.

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Posted in Investing and Finance