How to Think Like Benjamin Graham and Invest Like Warren Buffett

222 InManagersWeTrust ment, energy, intelligence, knowledge, leadership, and creativity.^1 Which of these is the most important? ...

TheFiresideCEO 223 1979, Welch has redefined major aspects of business management. In his widely followed annual letters to GE s ...

224 InManagersWeTrust velopment of GE’s unique culture but also reflect Welch’s imagi- nation, energy, and vision. They are a co ...

TheFiresideCEO 225 structures in business. At many businesses, managers set targets and are evaluated on the basis of whether th ...

226 InManagersWeTrust cept in American politics, GE practiced it, getting ideas from those closest to the particular problem. Th ...

TheFiresideCEO 227 sharing them not only with GE businesses but with businesspeople the world over. Welch notes that “the intell ...

228 InManagersWeTrust pioneered at GE. It means “the virtual elimination of defects from every product, process and transaction ...

TheFiresideCEO 229 made for GE, he says, telling us that the “E” in GE assumes a whole new meaning in this learning culture that ...

230 InManagersWeTrust Welch developed a culture of creativity—one without the bar- nacles of bureaucracy that retard progress—wh ...

TheFiresideCEO 231 chored on four guiding lights. First and foremost is the goal of in- creasing shareholder wealth while simult ...

232 InManagersWeTrust Through adversity and opportunity, Eisner recounts how the challenges he faces are not all that different ...

TheFiresideCEO 233 mation was the product of a two-part strategy. First, it successfully rereleased the great classics in old an ...

234 InManagersWeTrust question, “Which came first, Mickey Mouse or the Disney com- pany?” The answer is not easy. Of course the ...

TheFiresideCEO 235 teachers in society and responded generously to the upheaval re- flected in the Los Angeles riots of 1992. Ei ...

236 InManagersWeTrust through 1990, assuming reinvestment of dividends, was 37%, and from 1986 through 1990, it was 34%. Driving ...

TheFiresideCEO 237 brand strength was the key. Brand strength was for Goizueta not solely about delivering value to the marketpl ...

238 InManagersWeTrust up cash for reinvestment at low cost. It reinvested those and other funds to expand its global bottling ne ...

TheFiresideCEO 239 was in southern California! Coke sold more cans and bottles of Coke per capita in Hungary than in southern Ca ...

240 InManagersWeTrust adds value “to everyone who touches it.” Shareholders, bottlers, Coke’s customers, and end consumers all b ...

TheFiresideCEO 241 stead is “an infinite series of openings, of possibilities.” He empha- sized that what uncertainty calls for, ...