The Typical Investment Personality 55I purposely omitted this lion’s name because he’s not presented in
a flattering light. This approach to collaborative decision making
is not likely to produce wild and crazy new ideas. For starters, just
think of the phrase “Robert’s Rules of Order.” Do the words rules
and order conjure up any notions of breakthrough thinking? Prob-
ably not. Henry Martyn Robert was a U.S. general in the 19th
century. Does it make sense that a military leader who designed
this system more than 100 years ago would create a cutting-edge
method for change? No; the rules were designed to manage meet-
ings, control chaos, and maintain or impose order. Different pro-
cesses, which we’ll discuss later, are necessary for opening meet-
ings up to new and radical ideas.
As we discuss lions and their role in the investment world, I
think it’s fair to ask, “What’s wrong with lions as leaders? They
have a pretty good success record. Many big firms are thriving.
Why change?” True enough. And the premise of this book is not
that one style is better than another. Let me repeat that: All styles
have value. The danger, though, arises when our thinking becomes
limited. Lions may foster an environment that is hostile to creative
new ideas.
Where’s the evidence for that?
In my work with professional advisors, I’ve conducted a sur-
vey that asks these money managers to rate their organization’s
culture. On a scale of 1 to 10, they are to rate their organization’s
culture as far as valuing and encouraging the behaviors in line A
or B:A—Logical thinking, Clarity, Consistency, Idea implementation
B—Creative insights, Flexibility, Risk taking, Idea generationThe many different respondents gave an average rating of 7.5 to
line A, and only 5.0 for line B. The significant difference suggests
the influence of lions on a firm’s culture.07 ware 55 1/19/01, 1:09 PM