Harvard Business Review

MARCH 11, 2015

” But the only real wins are a victory for the hedge funds, and a Pyrrhic victory for GM in that it managed to keep Wilson off its board and reduced the size of the buyback from the $8 billion the investors had been demanding. During the bailout, financial firms, including hedge funds, were nowhere to be found. Instead, U.S.

Hedge 8

Hedge Company Automotive Restructuring 8

Harvard Business Review

OCTOBER 16, 2014

9, armed with about 1% of Apple’s outstanding stock, the hedge-fund activist published an open letter to Apple CEO Tim Cook, urging him to accelerate the company’s stock repurchases by making a tender offer. In August 2013, Icahn bought more than $1 billion worth of Apple shares. Carl Icahn is at it again.

Safe Harbor 9

Safe Harbor Hedge EPS Price 9

Harvard Business Review

NOVEMBER 27, 2015

Legendary bosses like Bill Sanders in real estate, Julian Robertson in hedge funds, and Bill Walsh in professional football all communicated visions that entranced employees and left them hell-bent on success. A 2013 Society for Human Resource Management survey of managers in the U.S. ’” Focus on feedback. ” Just 2%!

Hedge 8

Hedge Real Estate Film Motivation 8

Harvard Business Review

MARCH 11, 2014

First, making significant amounts of your own power at zero variable cost is more than nice; it’s a hedge against volatility and smooths out expenses, which makes business planning easier. Consider Walmart’s significant commitments to energy efficiency and renewables. ” Third, the brand value of walking the talk is significant.

CEO 8

CEO ROI Environment Hedge 8

Harvard Business Review

MAY 30, 2013

At 74% of the 1,471 companies that have voted so far in 2013, according to Equilar''s say-on-pay tracker , the "yes" percentage exceeded 90%. Only 31 companies (2%) have gotten sub-50% no-confidence votes in 2013. What shareholders have been saying, in overwhelming numbers, is yes! That''s up from 69% in 2012 and 2011.

Hedge 8

Hedge Asset Management Incentives Outsourcing 8

Harvard Business Review

OCTOBER 25, 2017

” We collected data from a private online knowledge-sharing platform where buy-side (hedge fund, mutual fund) investment professionals (analysts, portfolio managers) share their investment recommendations to buy and sell a given security, along with the analysis supporting their position, with other members of this platform. .”

Objective 8

Objective Metrics Sample Hedge 8

Harvard Business Review

DECEMBER 16, 2013

Law firm Wachtell Lipton identified 27 activist-investor initiatives in 2000, but more than 200 in 2013. The firm also estimated that more than a hundred hedge funds have now migrated into the activist camp. Even Microsoft is soon to have a hedge-fund activist, ValueAct Capital Management’s president G. Mason Morfit.

Hedge 8

Hedge Sharpe Short-term Active Listening 8

Harvard Business Review

APRIL 4, 2014

In Interbrand’s 2013 list of the World’s most valuable brands , Nike ranks 24 th , two slots up from the prior year and a 13% increase in value to $17.085 billion. Neither hedge fund managers, nor venture capitalists, nor mutual fund managers came anywhere close to these results. The returns in our Design Value Index were 2.28

Venture Capitalist 8

Venture Capitalist Fashion B2B Hedge 8

Harvard Business Review

OCTOBER 27, 2014

billion in 2013, making him the fifth highest-paid fund manager in the land. After using borrowed money in the 1980s and 1990s, then opening up a hedge fund in 2004, he has since 2011 basically just been managing his own money. But Icahn’s campaign to get eBay to spin off PayPal succeeded last month. Then Andreessen quit the board.

Hedge 8

Hedge Venture Capitalist Letter Reputation 8

Harvard Business Review

MAY 15, 2014

s Co-operative Bank in June 2013. hedge funds. One section highlights the problems the bank encountered as it attempted to replace its core banking systems, a program that was cancelled in 2013 at a cost of almost £300 million. billion capital shortfall announced by the U.K.’s

Banking 8

Banking Project Enterprise Architecture CIO 8

Harvard Business Review

JANUARY 21, 2014

More than 200 activist-investor initiatives hit companies in 2013, a seven-fold increase over a decade earlier. But as we have suggested elsewhere, activists are here to stay , and are increasingly prominent players on the equity landscape—sometimes even inside the company boardroom.

Hostile Takeover 8

Hostile Takeover Chief Financial Officer Due Diligence Charan 8

Harvard Business Review

MAY 14, 2013

Earlier this month the Rolling Stones kicked off a brief 2013 tour celebrating their 50th anniversary. Guitarist Keith Richards could casually drop in an interview that this may very well likely be the band''s last tour (the "hedge" in the wording is intentional). Or, as the band did at its opening gig in L.A.

Price 8

Price Discount Brand Merchandising 8

Harvard Business Review

DECEMBER 17, 2013

Also see psychologist Maria Konnikova’s 2013 Mastermind: How to Think Like Sherlock Holmes. Of course, the wisest among us will always hedge our forecasts with qualifiers such as “will likely” or “is apt to.”

Groupthink 8

Groupthink Emotional Intelligence Learning-by-Doing Hedge 8

Harvard Business Review

JANUARY 24, 2014

It’s roughly one in five in Europe, and it’s getting worse , not better: youth unemployment rates reached record highs in 2013 in Greece ( 65% ) and Spain ( 56.1% ). In the Middle East and North Africa, more than 1 in 4 young people can’t find work. The jobs we can get are awful. What few opportunities there are are underwhelming—and unfair.

Transportation 14

Transportation Education Hedge Bottom-up 14

Harvard Business Review

NOVEMBER 8, 2013

They''re the commitment equivalent of the hedge funder who uses LED light bulbs on his private jet to be ''environmental.''" Even our outrage is boring — we become insipidly incensed about "some guy who had his phone up in the air for, like, 20 seconds during the glockenspiel solo" of an Arcade Fire concert. They''re pretentious.

Armstrong 8

Armstrong Bond Entrepreneur Crisis Management 8

Harvard Business Review

JUNE 10, 2014

The National Association of College and University Business Officers Study on Endowments reveals that endowments are performing enviably — with returns of near 12% in 2013. Thus, the asset managers are more comfortable with hedge funds, real estate holdings, and trading strategies than in market opportunities in education.

Real Estate 8

Real Estate Education Disruptive Innovation Asset Management 8

Harvard Business Review

OCTOBER 24, 2014

The dissertation became a book, titled What Happened to Goldman Sachs: An Insider’s Story of Organizational Drift and Its Unintended Consequences (HBR Press, 2013). So I studied sociology, and for my doctoral dissertation focused on the organizational culture of Goldman Sachs.

Banking 9

Banking Ethics Long-term Hedge 9

Harvard Business Review

JANUARY 12, 2018

These numbers represent more than three times as much as was invested in 2013. Human advisors could also, like hedge fund managers, analyze the results from machine-advised decisions and advise clients on whether changes are necessary in the algorithms and logic employed by the machines.

Consultative 8

Consultative Strategy Advice McKinsey 8

Harvard Business Review

MAY 14, 2015

million in 2013, when realized gains from stock-based pay represented 27% of total pay, to a high of $20.1 Wall Street investment banks and hedge fund activists, some of whom began targeting McDonald’s a decade ago , also gain from the temporary boosts that buybacks produce. million in 2014 to a high of $12.6

Price 8

Price Franchising Short-term CFO 8

Harvard Business Review

JANUARY 8, 2014

And a former Fama PhD student, hedge fund manager Cliff Asness, argued at the time that even if his professor was right about the dot-coms, there clearly was a bubble in the equity of already established, already profitable tech companies. It already has a higher market capitalization (although of course some think that’s a bubble ).

Price 8

Price Finance Definition Uncertainty 8

Harvard Business Review

SEPTEMBER 16, 2014

I have inflated all the incomes to 2013 dollars to make comparisons more easily understood. Let’s look at how the pendulum has swung and how the treatment of the super-rich has changed. All the data is from the very handy Tax Foundation website. The First Era: 1862-1915.

System 8

System Incentives Hedge Crisis 8

Harvard Business Review

NOVEMBER 25, 2015

One 2013 study illustrates this well. In one hedge fund, the highest performing portfolio managers had higher total motivation. Insight Center. How to Be a Company That Employees Love. Sponsored by Citrix GoToMeeting. It takes a careful mix of mission, management, and culture. ” The workers were paid per image analyzed.

Motivation 8

Motivation Company Airlines Learning-by-Doing 8

Harvard Business Review

MARCH 24, 2017

” Many of them are in China, but there are also hedge funds and bitcoin investment funds who hold massive amounts of bitcoin. Most made their money early on by buying or mining bitcoin when it was still under $10 (in the early days of 2011-2013). It’s now worth approximately $1,1200 per bitcoin.

Venture Capitalist 11

Venture Capitalist Due Diligence Finance Long-term 11

Harvard Business Review

OCTOBER 9, 2015

.” Both stories contain some truth, as a forthcoming study of activist hedge funds demonstrates. The early activists were pension funds, but starting in the 1990’s some hedge funds adopted the strategy. The early activists were pension funds, but starting in the 1990’s some hedge funds adopted the strategy.

Hedge 8

Hedge Finance Short-term Document 8

Harvard Business Review

APRIL 2, 2014

And that’s what these guys [the 2013 Nobel winners] did. You have to be a macro hedge fund, and not only do you the hedge fund manager have to have nerves of steel, your clients have to have nerves of steel. Steve Ross , who was at Yale and now is at MIT, he did the basic theory.

CAPM 8

CAPM Discount Price Finance 8

Harvard Business Review

JUNE 17, 2016

We might look to Sir Richard Branson, who in 2013 co-launched the “B Team,” publicly decrying corporations’ sole focus on short-term profits and calling for a reprioritization of people- and planet-focused performance. So why do certain firms (and not others) choose to identify as B Corporations?

Company 8

Company Hedge Short-term Long-term 8

Harvard Business Review

AUGUST 11, 2015

But that will not in any way deter hedge-fund activists from demanding that companies do stock buybacks so that they can time their stock sales to take advantage of short-term, buyback-induced, stock-price boosts. A prime example is Carl Icahn, who began to accumulate his multibillion-dollar stake in Apple in August 2013.

Proposal 8

Proposal Hedge Safe Harbor Short-term 8

Harvard Business Review

DECEMBER 21, 2015

Now, in a New York Times op-ed , Carl Icahn, the billionaire corporate raider turned hedge fund activist, has joined the chorus. The hedge fund activist wants Apple to double its stock price , with massive buybacks as the lever. He labels the Pfizer-Allergan deal a “travesty,” blaming the U.S.’s

Hedge 8

Hedge Proposal Pharmaceuticals Price 8