The Outsiders

书名:The OutsidersEightUnconventionalCEOsandTheirRadicallyRationalBlueprintforSuccess
作者:WilliamN.Thorndike
译者:
ISBN:9781422162675
出版社:HarvardBusinessReviewPress
出版时间:2012-10-23
格式:epub/mobi/azw3/pdf
页数:272
豆瓣评分: 8.4

书籍简介:

This title includes the stories of eight extraordinary CEOs, who ignored or defied the conventional wisdom of their time and applied a common set of principles to achieve remarkable and enduring success. It's time to redefine the CEO success story. Ask most people what describes an effective CEO, and you'll get a pretty consistent answer-"a seasoned manager with deep industry expertise". Magnify that through today's celebrity – saturated lens, and someone like former GE head Jack Welch becomes the poster child for CEO success: seasoned, but also charismatic, cutting-edge, and "Wall-Street" savvy. But is this the blueprint we should be following? Not necessarily. The performance of Welch and other high-profile CEOs doesn't come close to the achievements of the CEOs profiled in "The Outsiders". Meet eight iconoclastic leaders who helmed firms where returns on average outperformed the S&P 500 by over 20 times. You may not know some of their names (Henry Singleton, Bill Anders, Tom Murphy) – but you will recognize many of their companies (General Cinema, Ralston Purina, The Washington Post Company, and Berkshire Hathaway). In this book, you'll learn the consistent and rational traits that helped these select leaders achieve that exceptional performance. Humble, unassuming, and often frugal, these "outsiders" shunned "Wall Street" and the press and shied away from hot management trends. Instead, they honed specific (and less sexy) characteristics including: a laser-sharp focus on per share value rather than sales or earnings; an exceptional talent for allocating capital and human resources; the belief that cash flow, not reported earnings, determines a company's long-term value; and, a penchant for giving local managers autonomy to release entrepreneurial energy. Drawing on extensive research, Will Thorndike tells many of these leaders' stories for the first time – and extracts lessons for those of you hoping to lead your company to exceptional returns today.

作者简介:

威廉·桑代克(William N. Thorndike)

巴菲特、比尔·阿克曼盛赞的投资精英。老牌PE胡萨托尼克合伙公司(Housatonic Partners)创始人。斯坦福商学院信托基金受托人、大西洋学院信托基金主席。美国煤炭巨头康索尔能源(Consol Energy)董事长以及多家知名上市企业董事。哈佛商学院、斯坦福商学院特约讲师。

书友短评:

@ zhifeige Where the Money Is 中提及,于是找来看看。三星半,有点啰嗦,总的来说作为投资者及公司管理层要关注现金流,要关注股东回报,等等。拥有好的投资回报的公司会有一个好的管理层,但有一个好的管理层不代表所投资的公司股票会有好的回报(正如 Adam Seessel 所言,好的商业模式是比好的管理层更重要的因素),即好的管理层是好股票的必要非充分条件,因此,作为投资者,(可能有哗众取宠的嫌疑)这本书有什么阅读价值? @ 晏天 Where the Money Is 中提及,于是找来看看。三星半,有点啰嗦,总的来说作为投资者及公司管理层要关注现金流,要关注股东回报,等等。拥有好的投资回报的公司会有一个好的管理层,但有一个好的管理层不代表所投资的公司股票会有好的回报(正如 Adam Seessel 所言,好的商业模式是比好的管理层更重要的因素),即好的管理层是好股票的必要非充分条件,因此,作为投资者,(可能有哗众取宠的嫌疑)这本书有什么阅读价值? @ Estro Have the confidence to do things differently from peers

书籍目录

  • 驱使我这么干的原因是我意识的,参照我们的历史记录,公司股票在交易中有非常大的溢价,达到了来年预期收益的二十三倍,历史平均水平是十六倍,用这么高的股价你打算干什么,当然是用来收购相关领域处于低价低市盈率的优质资产,依靠套利获利最好的资本配置者是实用主义者,善于把握机会的和灵活多变的。他们不会被教条或者战略所束缚。
    —— 引自第74页
  • 马龙也是一个专注价值的买家。他很快形成了一条简单的法则,并称为公司收购流程的基石。马龙只收购这样的企业:首先,能够很容易从节目制作折扣和开销节省中获得可量化收益;其次收购价格最多是其现金流的5倍。早在1981年,马龙就说:“这么做是有道理的,即出售我们部分的业务获得十倍的现金流,再以7倍的价格买回我们的股票
    —— 引自第95页
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