Fancy Ornate Cross
Executive Traits a Critical Gauge of Investment Merit
Investors evaluate companies by gauging management effectiveness, quality, character, and values. Surprisingly, executives, who have an inordinate influence on their stock price, often transmit the wrong signals and act improperly with their investors, the media, customers, and employees. They fall prey to cheerleading and puffery. They over-promote their stock, managing the stock instead of the company. I was a securities analyst on Wall Street for 32 years, and this subject is so important to investors that in my book, Full of Bull, I devote an entire chapter entitled, “Executive Traits are a Revealing Investment Gauge.”
Candor, Access Executives gain credibility by being forthright, freely discussing negative cross currents and challenges. Access is critical, management must be open, available, and responsive to Wall Street and investors as opposed to being evasive or secretive.
Humble, Genuine Company leaders should not be arrogant—no attitude or egos, hype, or PR baloney. Firms in the Midwest, for example, seem to be more genuine. Warren Buffet comes to mind, schmoozes with the little guy, eats hamburgers with Bill Gates in the local diner, and speaks with brutal frankness. Executives should willingly admit mistakes and alter course. No one’s perfect or invincible.
Trust, Quality, Class Management must be honorable, their comments reliable, their actions straightforward. They should act with class, not be litigious, display no vindictiveness, do nothing shady or sleazy. Investors need to be able to trust executives to the core.
Hands on, in Touch Executives should be aware of what’s occurring within the company at several levels and be in contact with the little people, not buffered by multiple management levels. Ross Perot was a master at this, chatting with his lowest-level associates in the elevator and in the cafeteria. John Chambers at Cisco engages all strata of employees.
Outgoing, Aggressive, Confident I like to see these elements, and yes, they can co-exist with humility. Executives should not be shy, inward, or parochial. There needs to be a certain toughness, assertiveness, and conviction as long as there is the realization of vulnerability.
Old-Fashioned Business Values Management should be long-term oriented, use no stopgap acts to boost immediate earnings, have a certain discipline, and avoid overpaying for acquisitions. They shouldn’t have sumptuous headquarters or ostentatious perks. They should care about low-level employees and small clients.
Conservative, Understated Executives shouldn’t mix business with social styling and other over the top dress practice. Investors are bothered by flashy manners, extravagant events or meetings, and anything that substitutes superficial showmanship for substance. Gold chain jewelry, monogrammed cuffs, overly chic designer shoes, or tony fashions are off-putting.
DON’Ts are Extensive and Subtle
There’s probably little dispute on the “DOs,” they’re fairly straightforward. The list of “DON’Ts” is more extensive and subtle: arrogance, flamboyance, trash-talking, stock price fixation, overindulging, to name a few. Many times executives are not lying; they are just uninformed, naive, overly optimistic, or eternal low-ballers, taciturn, or shrewd storytellers. When investors and the media notice undesirable traits they are immediately defensive and skeptical.
Investors are further disconcerted by executives appearing overly coiffed, with big rings, and fancy designer suits. The same for corporate headquarters, nothing too posh, ornate, or lavish. Making negative aspersions about competing companies and products, or Wall Street analysts who carry a negative view on your stock, is interpreted by investors as a cover-up for internal corporate inadequacies. Management references to their stock price valuation is repulsive to investors, connoting a short-term executive mindset. Executives should run the company to achieve financial goals and let the stock price follow along for the ride.
Executive Actions Under Pressure
When business issues arise and setbacks are incurred, investors closely observe management actions under pressure. These are the times investors scrutinize executives to see if they take the proper, studied, rational, and calm course to rectify the situation. This brings to mind more no-no’s like blind optimism. In a crisis situation canards flow freely, executives can take an insouciant attitude, believing everything will turn out alright. It’s called spin control. The proper course of action with investors should be forthright candor, an evenhanded assessment, a willingness to detail the negative situation, an admission of the challenges, and all the while open access and responsiveness to investors.
Investors get nervous when they sense executive panic, or during difficult times when management behaves in a deleterious manner, making mistakes that compound the problem. A common miscue in investor communications is assuming a current challenge is a passing, short-term situation, one or two quarter in duration. Executives need to manage investor expectations by veering to the conservative, worst-case scenario. Investors will gain confidence as the outlook improves, and will not feel misled by an ostrich-like management attitude if it takes a little longer to right the ship.
Executives should avoid blaming external, uncontrollable factors. Investors perceive excuses such as the economy, foreign currency, irrational competitor pricing, or a rival “buying” a contract, as evasiveness to dodge culpability. Take responsibility, take ownership. Don’t blame non-operational factors, things like inferior forecasting, accounting or reporting systems. As a long-time Street insider, I have even watched executives hold securities analysts and the press responsible when their stock price dives.
Never turn inward, wall off the company leaders, or become inaccessible when a storm hits. Hiding from Wall Street, investors, and the press is a serious mistake. It might be calm inside the firm when executives are conferring and contemplating resolutions to a sudden crisis, but be aware that it’s not just investors but also clients, suppliers, employees, lenders, government regulators, and other key stakeholders that are roiled, and in need of handholding.
Treat Street Analysts Impartially
During normal periods executives at publicly held companies have a tendency to give preferential, unequal access to Street analysts. Executive inducement of analysts via selected entrée is a pernicious practice. It is easy to blacklist analysts who carry negative investment ratings by granting only the bullish analysts exclusive meetings with the CEO, invitations to user meetings, and headquarters visits. Enlightened companies treat all Street analysts impartially and in an evenhanded manner. The natural response to a negative opinion is to retaliate by punishing the analyst, limiting access, not returning phone calls, or lambasting the analyst, making disparaging personal comments to discredit the unfavorable stock recommendation. Such behavior is unbecoming. A more magnanimous attitude toward Wall Street instills a long-term positive image.
Investors and Wall Street are constantly judging executive aptitude, appraising management prowess to determine a company’s prospects. Little things mean a lot. These factors are an important influence on the value of your company.
About the Author
Stephen T. McClellan CFA, is a former Wall Street investment analyst with 32 years of experience covering high-tech stocks. He spent 18 years as First VP at Merrill Lynch and eight years as VP at Salomon Brothers. McClellan has ranked on the Institutional Investor All-American Research Team for 19 straight years and on the Wall Street Journal Poll for seven years. He is in the Journal’s Analysts Hall of Fame.
McClellan is former President of the Computer Industry Analyst Group and the Software/Services Analyst Group. He has been a guest on CBS, CNN, CNBC, and Wall $treet Week and has presented to many leading technology companies including IBM, Apple, ADP, and EDS. He is the author of the national best-seller The Coming Computer Industry Shakeout: Winners, Losers, and Survivors, and his work has also been published in The New York Times, Financial Times, Forbes, and other leading publications.
He holds an MBA in Finance from George Washington University and resides in San Francisco with his wife, Elizabeth Barlow, an artist.
McClellan’s website is stephenmcclellan.com
“Beautiful St Petersburg & Peterhof” Broony79′s photos around St. Petersburg, Russian Federation
|
|
NEW Solid Sterling Silver Fancy Ornate Cross Pendant Slide $24.99 |
|
|
Ornate Cross Pendant Vicar/Nun/Priest/Monk Smiffys Fancy Dress $5.86 |
|
|
Solid Sterling Silver Fancy Ornate Cross Pendant Slide $25.91 |
|
|
Sterling Silver Fancy Crucifix on Ornate Cross Pendant $21.99 |
|
|
LYNELL HARLOW Brass Stencil ORNATE CROSS Fancy LG638 3.5″ X 4.5″ $4.95 |
|
|
Lovely Fancy Ornate Large Vintage Sterling Silver Cross $145.00 |
|
|
1912 AD Galvanized Fancy Ornate Roof Finials Holy Cross Torch Flame Lighting Rod $14.99 |
|
|
NUN CROSS – SILVER ORNATE CROSS – LADIES FANCY DRESS $4.66 |
|
|
Cross Stitch Kit ~ Ornate India / Far East Fancy Palace $32.99 |
|
|
NEW ORNATE FANCY CHRISTIAN CROSS NECKLACE PENDANT $6.97 |
|
|
Smiffys Cross, Ornate Pendant For Fancy Dress Costumes $4.89 A silver cross on a pendant a must-have to give the finale touch to your reigious monk or priest costumes. Ideal accessory!… |
|
|
Ornate Cross $3.49 Ornate Cross Rub-On Vinyl Cut This rub on has an ornate cross in the center with an equally ornate design coming out from both sides. You will receive on of three colors; red, white or blue. Sorry, no color choice is available. |
|
|
14K Fancy CZ Cross $339.95 14K Fancy CZ Cross. |
|
|
Fancy White Gold CZ Cross $184.95 Fancy White Gold CZ Cross. |
|
|
Sterling Silver Fancy Cross Necklace $89.99 Sterling Silver Fancy Cross Necklace crafted in 925 Sterling Silver |
|
|
14k White Gold Ornate Large Cross Pendant $245 This fine polished cross is made of exquisite white gold. Let your faith grow stronger with this 14k White Gold Ornate Large Cross Pendant. |
|
|
14k Yellow Gold Ornate Large Cross Pendant $250 This fine polished cross is made of exquisite yellow gold. Let your faith enlighten othe with this 14k Yellow Gold Ornate Large Cross Pendant. |
|
|
14k Yellow Gold Blessed Ornate Passion Cross Pendant $105 This sleek and ornate cross is made of fine yellow gold. Let your faith grow stronger with this 14k Yellow Gold Blessed Ornate Passion Cross Pendant. |
|
|
14k Yellow Gold Ornate Budded Cross Pendant $65 This well crafted cross pendant of fine yellow gold represents the Holy Trinity. Celebrate the depth of your faith with this 14k Yellow Gold Ornate Budded Cross Pendant. |
|
|
14k White Gold Ornate Fashion Cross Pendant $75 This beautiful intricately carved and designed cross pendant signifies the great depth of your faith. Let your devotion be known with this 14k White Gold Ornate Fashion Cross Pendant. |
|
|
14k Yellow Gold Ornate Fashion Cross Pendant $325 This beautiful intricately carved and designed cross pendant signifies the great depth of your faith. Let your devotion be known with this 14k Yellow Gold Ornate Fashion Cross Pendant. |
|
|
Religion Ornate Cross T-Shirt $19.88 Religion Ornate Cross T-Shirt This is an officially licensed Religion t-shirt in which these Religion shirts have been screen printed with the Religion image on front. These Religion tshirts are usually made from heavyweight preshrunk 6oz. cotton tee shirt blanks. Check back often for some of our new Religion clothing and other Religion Merchandise at great prices only at – www.StylinOnline.com . |
|
|
14k Two Tone Gold Milgrain Ornate Fashion Cross Pendant $175 This ornate cross pendant has a milgrain finish on yellow gold and an inner cross of fine white gold. Your devotion will never go out of style with this 14k Two Tone Gold Milgrain Ornate Fashion Cross Pendant. |
|
|
Pink Gem Ornate Cross Belly Ring $11.99 Pink Gem Ornate Cross Belly Ring A faithful body jewelry accessory. Lustrous gems on this cross belly ring will give you spectacular style. Stainless steel belly ring with a jeweled cross charm. Specifications: 14 Gauge (1.6mm), 7/16″ (11mm), 316L Surgical Grade Stainless Steel, 5mm Ball |
|
|
Aqua Gem Ornate Cross Belly Ring $11.99 Aqua Gem Ornate Cross Belly Ring A faithful body jewelry accessory. Lustrous gems on this cross belly ring will give you spectacular style. Stainless steel belly ring with a jeweled cross charm. Specifications: 14 Gauge (1.6mm), 7/16″ (11mm), 316L Surgical Grade Stainless Steel, 5mm Ball |
|
|
Crystalline Gem Ornate Cross Belly Ring $11.99 Crystalline Gem Ornate Cross Belly Ring A faithful body jewelry accessory. Lustrous gems on this cross belly ring will give you spectacular style. Stainless steel belly ring with a jeweled cross charm. Specifications: 14 Gauge (1.6mm), 7/16″ (11mm), 316L Surgical Grade Stainless Steel, 5mm Ball |
|
|
14k White Gold Blessed Ornate Medium Fashion Cross Pendant $300 This sleek and ornate cross is made of fine white gold. Let your faith grow stronger with this 14k W Gold Blessed Ornate Medium Fashion Cross Pendant. |
|
|
14k Yellow Goldold Blessed Ornate Medium Fashion Cross Pendant $300 This sleek and ornate cross is made of fine yellow gold. Let your faith grow stronger with this 14k Y Gold Blessed Ornate Medium Fashion Cross Pendant. |
|
|
Fancy 14k White Gold Cubic Zirconia Cross $224.95 Fancy 14k White Gold Cubic Zirconia Cross . This beautiful fancy cross features a CZ centerpiece adding a variation to the cross pendant. For elegant jewelry at unbeatable prices search GoldenMine. |