There was an interesting quotation at the end of King of Capital. Authors Stone and Brewster wrote:
"A list of the most influential corporate leaders of the twentieth century-Lee Iacoccca, Roberto Goizueta, Jack Welch, Sam Walton-would include very few financial services professionals.
One of the reasons for this dearth is that, for the most part, banks and brokerages have traditionally offered little incentive for the development of managerial skills. Within financial services, there has been so much opportunity for short-term gain that true executive development has never been emphasized." p282
There is truth to this comment. The industry generally does not laud management like manufacturing/operating companies. My question: is this rational, or is there just as large a need for managerial skills in finance (perhaps even a larger need given the 2007-08 swoon), but because of industry mores and culture management has not been emphasized to the same extent?
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Hi Drew,
ReplyDeleteI met you at an IBI Training program in Chicago a few years ago. Just by chance I ran across your blog and thought that I would say hello. I have enjoyed reading your blog and I remember you as a really sharp guy. With those thoughts in mind I was wondering if there was any way to contact you. I have a couple of questions on a valuation project that I am working on that I'd like to run by you if that would be okay. Keep up the great work on the blog. It's always an inspiration to see someone who has so much passion for what they do.
Mark (IBI Class Chicago 2009)