Thriving In the New Economy
Lori Ann LaRocco, Senior Talent Producer at CNBC and a producer of the show Squawk Box, was in a position to ask some of the best minds in business today how they are responding this economic environment, how they are defying failure and what opportunities do they see?
As a result, LaRocco has assembled 23 insightful essays in Thriving In the New Economy. In their own words, they shed light on how they view the crisis, what they did as a result, and what they plan to do. It makes for a compelling read to gain a window on these leaders' different but similar viewpoints and approaches.
The essays are divided into five sections: the economy, banking, real estate, autos, and retail. You will read personal accounts from people like economists Larry Lindsey and David Malpass; Wall Street legends Jack Bogle, Bob Doll, Abby Joseph Cohen, Ron Baron and Peter Cohen; bankers Kelly King, and Donald Powell; real estate executives Don Peebles Richard LeFrak, and Ron Peltier; and from the auto and retail industries Jim Lentz and Steve Sadove.
Larry Lindsey, CEO of The Lindsey Group shares this on the function of leadership: “Most institutions prefer managers who will serve the needs of an existing institution—that is, who will follow the wishes of the various constituencies within the institution—rather than managers who will lead the institution to a new place."
“Our political process is dominated by leaders who tell us what they think we want to hear, thereby effectively following the polls and the media and not necessarily leading the country…. But that type of leadership by itself can actually be a handicap for a society dealing with a financial or economic catastrophe. To be precise, financial crises throughout history have developed when excesses went unchecked. Like the over-leveraging of risk in our capital system. All these manias, panics, and bubbles have the same characteristic: the absence of real leadership that takes a contrarian perspective.”
At Forbes, Steve Forbes says, “Essentially, we learned that in a down economy you have to both tighten your belt and plant seeds for the future, which is tough to do.”
Peter Cohen founder of the $7.5 billion alternative asset management company Ramius, says you have to remain open and pay attention. “What I do know,” Cohen writes, “is you have to show up every day at work; you have to be there every day to find opportunity. You have to be constantly alert to what the possibilities are. Good ideas are all around all the time, if you’re paying attention.” He continues:
I’ll take information wherever I get it and run it down. Winning is all about showing up. I know a lot of people who say they don’t want to go to work and claim to have nothing to do there. That’s not true. There is always something to do at work—always. That is a philosophy that I follow, and that we follow. And while I think we’re in for a really difficult time ahead, I’m really excited that there’ll be some great opportunities that will come out of it.Luck must play a part in all of this too. Thriving in the New Economy has no chapter 11. LaRocco says that when she began to assign chapters in the book, a lot of the authors asked her not to put them in “Chapter 11.”
You can read (PDF) the contribution by Wilbur Ross on how he analyzes a crisis and how he chooses to invest.
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