Alan &#;Ace&#; Greenberg became CEO of Bear Stearns in His witty, humorous memos, covering two decades, set the tone, maintained morale, and repeated his simple business philosophy backed by common sense.
The Notes
Alan &#;Ace&#; Greenberg assumed the role of CEO of Bear Stearns after Cy Lewis died in The memos span from to
He repeated these fundamental axioms most:
Control expenses.
Customer service.
Watch for scams, con artists, and theft in and outside of the company.
Avoid overconfidence, stay humble.
Market Crash, Oct. 19th memo:
&#;It is amazing how history keeps repeating itself. The market in stocks and bonds has taken a precipitous drop, but I am far from depressed. Why? Because once again we are seeing and we will be seeing great opportunities in all areas, particularly in personnel. I can assure you we are pursuing every lead at this very moment.&#;
Customer Service:
&#;Now is t
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Memos from the Chairman Quotes
“It is up to all of us to fight our unrelenting enemies—complacency, overconfidence and conceit.” &#; Alan C. Greenberg, Memos from the Chairman
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“The developments at Bear Stearns certainly seem to be positive and as a result we will, of course, intensify our surveillance of all positions and expenses. You know how I feel about the dangers of overconfidence.” &#; Alan C. Greenberg, Memos from the Chairman
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“This may come as a surprise to some of you, but Federal Express is not a wholly owned subsidiary of Bear, Stearns & Co. Inc. I mention this because we have been spending $50, a month with them and there is no explanation to justify this expenditure unless it was an intercompany transfer.” &#; Alan C. Greenberg, Memos from the Chairman
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“review some fundamentals: 1. We must continue doing our best to control expenses. Every dollar we save on expenses goes directl
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Here's The Classic Memo Ace Greenberg Sent Telling Traders To rädda Paper Clips
Dominique Godbout
Wall Street lost a legend on Friday.
Alan "Ace" Greenberg, the former bära Stearns CEO, died after a battle with cancer. He was
Greenberg, who could be described as "old school" on vägg Street, was famous for the udda memos he would send his traders.
These memos have been chronicled in his book "Memos From The Chairman."
The most famous one fryst vatten probably his "paper clip" memo from Aug. 9, After a profitable quarter, he told his traders that they would cut back on expenses bygd saving paper clips. (Note: the man Haimchinkel Malintz Anaynikal he refers to is a fictitious character he used in many of his memos to illustrate his points.)
I was just shown the results for our first quarter. They were excellent. When mortals go through a prosperous period, it seems to be human naturlig eller utan tillsats for expenses to balloon. We are going to be the exception. inom ha