Swim With The Sharks Without Being Eaten Alive by Harvey Mackay is similar to Winning by Jack Welch in that both Harvey Mackay and Jack Welch go through several different areas of business and articulate their own opinion on how it should be done. I found that Mackay’s book had a bit more of an “entrepreneurial/small business” flavour to it compared to Welch’s book which had a bit more of a “corporate” flavour. This makes sense as Mackay started his own business, Mackay Envelopes, where as Welch started as an employee at GE and worked his way up the corporate ladder.
This book, as you might suspect, is a quite anecdotal with little references to any research or analysis but extremely useful nonetheless. Mackay does a fantastic job articulating concepts through his stories and experiences from his successful business career. Mackay is also very practical in his approach, avoids using buzzwords and buzzconcepts. Rather than giving you obscure theories and typical “fluff” that business books give you, Mackay delivers direct answers for realistic situations. Very easy to read and comprehend overall.
Mackay presents several useful and practical tools that he himself utilizes, including the “Mackay 66″, which is a customer relationship tool based on 66 different questions about your customer that, over time, should be completely answered. Even though this book was published in the late 80s, it did not feel dated at all and is still very relevant to this day.
Overall, highly recommended for anyone in business, small or large, old or new and simple or complex.
Financial statements are one of the most relied-upon sets of documents that investors utilize in order to make investment decisions. There is an entire industry dedicated to providing assurance on financial statements produced by a companies’ management. When auditors are working closely with several tiers of management to provide assurance on information that is used by widely dispersed, almost anonymous, shareholders represented by a mostly absent board of directors…who should the auditors consider their client? And why does it even matter?
Warren Buffett once brought up the issue in one of his letters to his shareholders. The following is an excerpt from the book “The Essays of Warren Buffett: Lessons for Corporate America“, which is a compilation of Warren Buffett’s letters to his shareholders.
Herbalife has been making headlines frequently over the past year now, ever since last December when Bill Ackman publicly announced that the California-based multi-level marketing company was a pyramid scheme and unveiled that his hedge fund, Pershing Square Capital Management LP, had taken a large short position. Since then numerous important events have happened including Billionaires Carl Icahn, George Soros and Daniel Loeb taking long positions, Herbalife’s auditor caught with insider trading and subsequently resigning and the Herbalife stock price soaring over 200%.
There are many multi-level marketing companies out there and they often receive accusations of harboring a pyramid scheme.
So what is really going on at Herbalife and other multi-level marketing companies? If you examine the DNA of multi-level marketing companies, you can see that most are inherently designed to (whether intentionally or not) evolve into a pyramid scheme. Let’s take a closer look…
I have decided to blog again, with a different approach this time.
With my previous blog, I often wrote about my personal experiences (travelling, conferences, projects, etc.). I will likely continue to write about my personal experiences, but on a different blog. This blog will be dedicated towards my opinions and analysis on topics surrounding my interests and expertise. I want to use this blog as a medium to organize my thoughts. Posts will likely be regarding business theories, investment philosophies and political analysis. In addition I will be writing up book reviews periodically, nothing extremely detailed, just my quick thoughts and reflections.
I would like to obtain responses and criticism from colleagues/friends and will try to encourage discussion here. Suggestions are always welcome.