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Title: NOTE: To appreciate this presentation [and ensure that it is not a mess], you need Microsoft fonts:


1
NOTE To appreciate this presentation and
ensure that it is not a mess, you need Microsoft
fonts Showcard Gothic, Ravie, Chiller
and Verdana
2
NOTE To appreciate this presentation, you need
Microsoft fonts Showcard Gothic, Ravie,
Chiller and Verdana Master Excellence.
Always. part one (of 7) all you need to
know (dwelling on the obvious) not your
fathers world introduction to excellence. 19
October 2007
3
THE MASTER PRESENTATION
There are about 3,500 slides in this 7-part
Master Presentation. The first six chapters
are indeed meant add up to a logical, linear
argument. Part I is context. Part II is devoted
entirely to innovationthe sine qua non, as
perhaps never before, of survival. In earlier
incarnations of the master, innovation
stuff was scattered throughout the
presentationnow it is front and center and a
stand-alone. Part III is a variation on the
innovation themebut it is organized to examine
the imperative (for most everyone in the
developed world) of an ultra high value-added
strategy. A value-added ladder (the ladder
configuration lifted with gratitude from Joe Pine
and Jim Gilmores Experience Economy) lays out a
specific logic for necessarily leaving
commodity-like goods and services in the dust.
Part IV argues that in this age of
micro-marketing there are two macro-markets of
astounding size that are dramatically
under-attended by all but a few namely women and
boomers-geezers. Part V underpins the overall
argument with the necessary bedrockTalent, with
brief consideration of Education Healthcare.
Part VI examines Leadership for turbulent times
from several angles. Despite the logical
argument, I think youd be better off if you
thought of all this as I doan ENCYCLOPEDIA OF
IDEAS. Various riffs are attached throughout
which, though not perfect fits, serve my purpose
as meat from which I cobble together a finance
presentation in Bahrain or a health-services
lecture in Virginia. For example, the day I
wrote this I spoke to an association made up of
independent middle-size companies. I led off with
a new section on the place for and power of
middle-sized firms in general, featuring the
German Mittelstandwhich is the basis for that
countrys surprise ranking as the worlds 1
exporter. These agile players, residing in the
ultimate high-wage nation, tend to own a niche
courtesy astoundingly high-value-added products.
This Mittelstand opener does not fit in the
Master in a tidy fashion, but I want it to be
available for future use and it works pretty well
in the overall innovation argumenthence its
landing in Part II. The placement is not bad, but
the point is that this idea is now available to
meand youin my encyclopedia. And there you
have it! 19 October 2007
4
NOTE To appreciate this presentation, you need
Microsoft fonts Showcard Gothic, Ravie,
Chiller and Verdana Master Excellence part
two (of 7) innovate. Or. Die.
5
NOTE To appreciate this presentation, you need
Microsoft fonts Showcard Gothic, Ravie,
Chiller and Verdana Master/ Excellence.
Always./ part THREE (of 7) up, up, up, up
the value added ladder (raw
materials-manufactured goods-services- solutions-e
xperiences-dreams-lovemarks)
6
NOTE To appreciate this presentation, you need
Microsoft fonts Showcard Gothic, Ravie,
Chiller and Verdana Master/ Excellence.
Always./ part FOUR (of 7) new
Markets (Stupendous Opportunity)
7
NOTE To appreciate this presentation, you need
Microsoft fonts Showcard Gothic, Ravie,
Chiller and Verdana Master Excellence.
Always. part FIVE (of 7) people! (Brand you.
Talent. Health. Education.)
8
NOTE To appreciate this presentation, you need
Microsoft fonts Showcard Gothic, Ravie,
Chiller and Verdana Master Excellence.
Always. part six (of 7) leadership!
9
NOTE To appreciate this presentation, you need
Microsoft fonts Showcard Gothic, Ravie,
Chiller and Verdana Master Excellence part
Seven (of 7) excellence. summaries. Lists.
10
Slides at tompeters.com
11
Welcome to Tom Peters
PowerPoint World! Beyond the set of slides
here, you will find at tompeters.com the last
eight years of presentations, a basketful of
Special Presentations, and, above all, Toms
constantly updated Master Presentationfrom which
most of the slides in this presentation are
drawn. There are about 3,500 slides in the 7-part
Master Presentation. The first five chapters
constitute the main argument Part I is context.
Part II is devoted entirely to innovationthe
sine qua non, as perhaps never before, of
survival. In earlier incarnations of the
master, innovation stuff was scattered
throughout the presentationnow it is front and
center and a stand-alone. Part III is a
variation on the innovation themebut it is
organized to examine the imperative (for most
everyone in the developed-emerging world) of an
ultra high value-added strategy. A value-added
ladder (the ladder configuration lifted with
gratitude from Joe Pine and Jim Gilmores
Experience Economy) lays out a specific logic for
necessarily leaving commodity-like goods and
services in the dust. Part IV argues that in
this age of micro-marketing there are two
macro-markets of astounding size that are
dramatically under-attended by all but a few
namely women and boomers-geezers. Part V
underpins the overall argument with the necessary
bedrockTalent, with brief consideration of
Education Healthcare. Part VI examines
Leadership for turbulent times from several
angles. Part VII is a collection of a dozen
Listssuch as Toms Irreducible 209, 209
things Ive learned along the way. Enjoy!
Download! Stealthats the whole point!
12
We all agree your theory is crazy. The question,
which divides us, is whether it is crazy enough.
Niels Bohr, to Wolfgang Pauli
13
part one
14
NOTE In what follows you will find a variety
of openings. I mix and match from this section
depending on the demographics, industry and
nationality of the target audience.
15
Tom Peters X25 EXCELLENCE.
ALWAYS. MASTER/Part ONE In Search of
Excellence 1982-2007
16
Story Lines.
17
Our Story Line Not your fathers world Big
Pitiful. Excellence. Always./only-ones -who-do-wh
at-we-do. (what else?) Innovate. Or. Die. Up.
Up. Up. Up. Up, Up, Up the Value Added
Chain. (Raw materials. Goods. Services.
Implemented-gamechanging Solutions.
Scintillating experiences. Dreams come true.
Lovemarks.) Stupendous-underserved New Markets
(Women, Boomers geezers) Talent Brand. /You
Brand You. / educate-for-creativity Leading
with passion relentlessness (21st Century
Leadership. Ha.)
18
The Story Not your fathers world Big
Pitiful. Excellence. Always. (what
else?) Innovate. Or. Die. Up, Up, Up the Value
Added Chain. New Markets (Women,
Boomers) Talent Brand. Leading with passion
19
Context/5/42/500/900. Weeks of Whoops! Built
to Flop Pitiful Performance! Innovate. Or. die.
Value-added Ladder/ raw materials to
lovemarks. BEDROCK MODEL PSF. New
Markets/ women. Boomers-geezers. aside
Eternal Basics. Talent. BRAND YOU.
Education. VIRAL Leadership.
20
  • Re-imagine! Speech Story Line in
    100 Words or Less
  • 1. Wildly altered context (technology,
    China-India, global terrorism, etc)
  • Only answer adaptive skills and
    bold-breathtaking innovation
  • (top-line focus rather than cost-cutting
    focus)
  • 3. Race way, way up the value-added curve
    (implemented game-altering solutions rather
    than services, experiences rather than
    transactions, and much more)
  • 4. As part of value-added exercise, pursue Ripe
    Enormous new marketsWomen, Boomers Geezers
  • 5. Radical (!!!) use of IS-IT
  • A Roster of Weird Wondrous Entrepreneurial
    Talent engaged
  • in Wow Projects
  • Metabolic Leadership (Passionate-Radical
    Leaders who instill a Discipline of Execution, a
    Quick Tempo-Adaptive Culture and
  • an appetite to Eat Radical Change for
    Breakfast)
  • (96
    words by my count)

21
Bias/es Trained by Mess-ists those with a
non-linear view of the world. Hobbies are
history statistics. Professional life,
center of, Silicon Valley, 1970-2000. Axiom200
7 The older I get, the less boring the
basics become. Favorite book, Nassim
Nicholas TalebFooled By Randomness
22
Palo Alto/30 California/35
23
Entrepreneurial magnet Talent in
general Critical mass VCs (all
levels) Immigrants-Diversity Research
Universities Climate-Way of life Attitude!
(Everything is possible!) IBM? Who cares? Etc
24
Bedrock.
25
Excellence can be obtained if you ... care
more than others think is wise ... risk
more than others think is safe ... dream
more than others think is practical ...
expect more than others think is
possible. Source Anon. (Posted _at_ tompeters.com
by K.Sriram, November 27, 2006 117 AM)
26
Strive for Excellence. Ignore success. Bill
Young, race car driver (courtesy Andrew Sullivan)
27
profits, people or people, profits?
28
Our Mission To develop and manage talent to
apply that talent, throughout the world, for the
benefit of clients to do so in partnership to
do so with profit. WPP
29
Flash
30
Flash The Rich Get Richer
31
1/100 Best Companies to Work for/2005
32
Wegmans
33
Luiza Helena, Magazine Luiza
34
I have always believed that the purpose of the
corporation is to be a blessing to the
employees. Boyd Clarke
35
TP How to piss away 500,000 in one easy
lesson!!
36
It is not the strongest of the species that
survives, nor the most intelligent, but the one
most responsive to change. Charles Darwin
37
The last word There is no last word.
38
Headline, Wall Street Journal, 3 October 2007
WalMart Era Wanes Amid Big Shifts In Retail
Rivals Find Strategies To Defeat Low Prices
World Has Changed Sentence 1 The WalMart
Era, the retailers time of overwhelming business
and social influence in America, is drawing to a
close.
39
Flat as a Pancake (Or Worse) WalMart Dell
Intel Yahoo Home Depot Microsoft GE
40
EXCELLENCE. ASPIRATION. 2006.
41
Why in the World did you go to Siberia?
42
Synonyms Purity Transcendence Virtue Elegance Maj
esty Antonyms Mediocrity
43
The Peters Principles Enthusiasm. Emotion.
Excellence. Energy. Excitement. Service. Growth.
Creativity. Imagination. Vitality. Joy.
Surprise. Independence. Spirit. Community.
Limitless human potential. Diversity. Profit.
Innovation. Design. Quality. Entrepreneurialism.
Wow!
44
Enterprise (at its best) An emotional,
vital, innovative, joyful, creative,
entrepreneurial endeavor that elicits maximum
concerted human
potential in the wholehearted service of
others. Employees, Customers, Suppliers,
Communities, Owners, Temporary partners
45
BUSINESS IS ABOUT POWER. Joanne Lipman,
editor, on Portfolio
46
TP BUSINESS IS ABOUT ...
47
enterprises that Matter change the game
offer solutions experiences that surprise ,
amaze, and transform perceptions of whats
possible and stick like super-glue in
customers minds. such offerings are
brilliantly conceived and flawlessly delivered
by unconventional, creative, hyper-committed,
energetic talent from within outside the
organization. Tom Peters E.g. Apple, Whole
Foods, Cirque du Soleil, Starbucks, Wegmans,
London Drugs, Griffin Hospital/Planetree
Alliance, John Laing Homes, RE/MAX, Sewell Autos,
Jims Group, The Met/Big Picture, Virgin,
Commerce Bank, Google, Basement Systems Inc.,
Ford (circa 1917), IBM (circa 1970), Wanamakers
(circa 1880)
48
To me business isnt about wearing suits or
pleasing stockholders. Its about being true to
yourself, your ideas and focusing on the
essentials. Richard Branson
49
Make sure your executive team includes top
talent in design, engineering and manufacturing,
because thats your only! priority to
build! Cars! People! Want! to buy!. Hot styling
sells them and quality keeps them sold. Lee
Iacocca, Where Have All the Leaders Gone?
50
It suddenly occurred to me that in the space of
two or three hours he never talke4d about cars.
Les Wexner            
51
Game plan The unvarnished Basics
52
Hire Great People (Resilient, Passionate) Try
a Lot of Stuff (S.A.V./R.F.A.) Enjoy It While
It Lasts
53
Toms Change Rules Cause. (pissed off.) Try
it. (S.A.V.) Fail. Forward. Fast. Quests. Demos.
Heroes. Stories. Boonies. (Parallel
universe.) lt12. Just Say No Normal. AttitudegtAbil
ity. Wow. Insanely great. Sell! Sell!
Sell! Master politics!
54
"Because we are such poor implementors does not
mean laws of success underpinning built to
last do not exist. Comment at tompeters.com
(0625.07) Bingo. nothing amuses me more than,
"It's just an implementation problem. Good
God, that's the whole damn reason we wrote
In Search of Excellence 25 years ago! McKinsey
invented "perfect" strategiesIt was just that
our clients were too stupid to implement!!! It
reminds me of the great ad man David Ogilvy, "If
it doesn't sell it was a bad aDregardless of the
prizes it won. Implementation is the
all-important "last 99" per me. Companiese.g.
GMcould indeed last forever, save for lousy
implementation. The close kin, an old joke,
This would work fine if it werent for the damn
people. FYI, I apparently wrote, at Stanford,
the first doctoral dissertation on
implementation. Needless to say, all this is
near dear to my heartand has been for almost
40 years.
55
The Big Three Justas The strategy is
right. Its just a communications
problem. The plan is dead onits just an
implementation problem. Look, weve got the
strategy rightwe just need to fix the people
bit.
56
Excellence! Always! Soft is hard. Hard is soft.
(People, customers hard, s soft) 25
(Blinding flash of the obvious) Wow! (Passion!
Enthusiasm! Hot language! Insanely greatSteve
Jobs) Wow EVERYWHERE (Jims Group, Basement
Systems Inc) Innovate. Or die. Top line
obsession!!! (CRO/Chief Revenue Officer
SalesgtMarketing cost cutting death
spiralVH) Innovation Mess (What makes God
laugh? People making plans.) 1/100 (Big
over-rated/Mega-mergers destroy value/Built to
last chimera Built to last v Built to rock
the world (TPs love affair with Netscape)
Last word There is no last word! 0/800 (We
are who we hang out with/Weird for weird
times) Lead the customer! Whacky Wild WikiWorld!
(Electronic planetary scrum.) Try stuff!!!!!!!!!
(R.F.A., S.A.V.) (Ready. Fire. Aim. Screw Around
Vigorously.) Fail. Forward. Fast. (Reward
excellent failures. Punish mediocre
successes.) Try MORE stuff!!! (You miss 100 of
the shots you dont take.) Parallel Universe
(Jill Ker Conway, Starbucks 1, Intel V.C. fund,
China!) 4/40 (4 learnings in 40 years
Decentralization, Execution, Accountability,
615AM) Lord Nelson (Other admirals more afraid
of losing ) Up, Up, Up the VA Ladder
(Solutions/PSF, Experience Dreamketing
Lovemark) Women rule! (Buy all ! Control all
wealth! Better leaders!) 15,000,000,000,000/7 of
13 (Boomers. Geezers. Wealth. Half of life still
to go) Brand You (Or else!) PSF!!! (All) Talent
Brand (Leaders do people, connoisseur of
talent, Send em on bold Quests, HR rules!
ltCapEx, gtPeopleX ) (Think Wegmans) 195,000
(Healthcare Quality-Safety/EMR/DSS,
Prevention-Wellness, Public Health 1!) Teach to
test Evil! (The Creative Age is a wide-open
game. Richard Florida) Leadership/12Ps
(Purpose. Passion. Potential. Presence. Personal.
Pissed off. Playful. Persistence. People.
Peculiar. Potent. Positive.) Do one thing every
day that scares you. (Eleanor Roosevelt) Basics!
(Decency. Flowers. Grace. Respect. Servant. Host.
Etc.)
57
This I Believe Toms
Super-TIB25 1. TECHNICOLOR Times. 2. Passion!
Enthusiasm! Energy! 3. Action/R.F.A./O.O.D.A.
Speed. 4. Screw-ups. BIG SCREW-Ups! 5. Mess!
Improv! 6. Revolution! Re-imagine! 7. INNOVATE OR
DIE! 8. Decentralize! 9. Bulk is BULL! (Mergers
dont work. FOCUS Does!) 10 Different gt
Better 11. eALL/Power Tools for Power
Strategies! 12. Forgetting/Destruction. 13. Hot
Language Matters! 14. WOW!/WOW Projects. 15. VA
Bedrock The PSF. (Professional Service
Firm.) 16. Daring. 17. Talent Time! Leaders Do
People! 18. Talent/Diversity. 19. Talent/Women
Rule! 20. Brand You Universe. 21. Design! 22.
Gasp-worthy Experiences/Lovemarks. 23. New Market
Demographics/Women/Boomers Geezers/Green/Wellnes
s. 24. Grace. 25. EXCELLENCE!
58
Sir Richards Rules Follow your passions. Keep
it simple. Get the best people to help
you. Re-create yourself. Play. Source
Fortune/10.03
59
All you need to know
60
25
61
The magic number 25. Mbwa. Calendars never
lie. Excellence. Always. Tom Peters/0709.07
62
25
63
Though his empire is enormous, and his executive
team strong, Starbucks founder Howard Schultz
still religiously visits at least 25 Sbucks
shops per week! Regardless of our size, he
told me, we still sell it one-cup-at-a-time, one
customer-at-a-time, one server-at- a-time. I need
to see it and touch it and feel it.
64
MBWA 5,000 miles for a 5-minute face-to -face
meeting (courtesy super- agent Mark McCormick)
65
When Bob Waterman and I wrote In Search of
Excellence in 1982, business was by the
numbersand the Americans were struggling (to
put it mildly) with hands on, tactile stuff, like
Japanese quality. Then, at Hewlett Packard, we
were introduced to the famed HP Way, the
centerpiece of which was in-touch management. HP
had a term for this MBWA. (Managing By
Wandering Around.) Bob and I fell in immediate
love. Not only was the idea per se important and
cool, but it symbolized everything we were coming
to cherishenterprises where bosses-leaders were
in immediate touch with and emotionally attached
to workers, customers, the product. The idea is
as important or more important in fast-paced 2007
as it was in 1982.
66
You Your calendar Calendars never lie
67
All we have is our time. The way we spend our
time is our priorities, is our strategy.
Your calendar knows what you really care about.
Do you?
68
You must be the change you wish to see in the
world. Gandhi
69
Its always showtime. David DAlessandro,
Career Warfare
70
20-minute rule Craig Johnson/30 yrs
71
Craig Johnson, a famed Venture Capitalist for
three decades refuses to invest in companies
that are more than a 20-minute drive from his
office. To guide them through the serpentine path
ahead, he insists that he must be in constant
touch as banker, advisor, friend.
72
gt70 Hank Paulson, China visits, Fortune 1127.06
73
China is clearly our most important economic
partner. Our dialog with China was not what it
might have been when Hank Paulson took over as
Secretary of the Treasury. Immediate improvement
occurred for numerous reasons, not least of which
were Paulsons SEVENTY TRIPS to China while at
Goldman Sachs.
74
I called 60 CEOs in the first week of the year
to wish them happy New Year. Hank Paulson,
former CEO, Goldman Sachs Source Fortune,
Secrets of Greatness, 0320.05
75
MBWA, Grameen Style! Conventional banks ask
their clients to come to their office. Its a
terrifying place for the poor and illiterate.
The entire Grameen Bank system runs on the
principle that people should not come to the
bank, the bank should go to the people. If any
staff member is seen in the office, it should be
taken as a violation of the rules of the Grameen
Bank. It is essential that those setting up a
new village Branch have no office and no place
to stay. The reason is to make us as different as
possible from government officials. Source
Muhammad Yunus, Banker to the Poor
76
You must be the change you wish to see in the
world. Gandhi
77
Its always showtime. David DAlessandro,
Career Warfare
78
a blinding flash of the obvious Manny Garcia
79
All this this little riff is indeed, as
seminar participant and leading Burger King
franchisee Many Garcia once said to me,
obvious. But observation over four decades
suggests that amidst the hubbub and travails of a
typical days work, the so-called obvious is
often-usually left unattended. For perfectly good
reasons, another week passes without a visit to
our equivalent of the Starbucks shops or HP RD
labs, without the equivalent to Hank Paulsens
How ya doin? call to a key customer. My Tom
Peters Job One in life? Remind busy folks of the
obvious! Manny Garcia/1983 Tom, I hope you
wont be insulted when I say this was the best
seminar Ive ever been toand it was a blinding
flash of the obvious. I had two commanding
officers during my two Vietnam tours in U.S.
Naval Mobile Construction Battalion NINE. One was
a Shultz look-alikeinstinctively in the field.
The other was an in the office leader. The one
produced. The other didnt. At age 24 I learned
an incredible life lesson, though I couldnt
describe it well until tripping over HPs
MBWA/Managing By Wandering Around.
80
The older I get the less boring the basics
become!
81
The Primitives Carlos Slim n Warren
Buffett
82
The one thing you need to know about sustained
individual success Discover what you dont like
doing and stop doing it. Marcus
Buckingham, The One Thing You Need to Know
83
All you need to know except for
84
Conrad Hilton, at a gala celebrating his life,
was asked, What was the most important lesson
youve learned in your long and distinguished
career? His immediate answer remember to
tuck the shower curtain inside the bathtub
85
This is it All you need to know
86
Thank you!!!
87
Thank you Ann!!!
88
FLOWER POWER
FLOWER POWER
89
The Jim Jeffords oversight!
90
Courtesies of a small and trivial character are
the ones which strike deepest in the grateful and
appreciating heart. Henry Clay
91
Relationships (of all varieties) THERE ONCE WAS
A TIME WHEN A THREE-MINUTE PHONE CALL WOULD HAVE
AVOIDED SETTING OFF THE DOWNWARD SPIRAL THAT
RESULTED IN A COMPLETE RUPTURE.

92
Be kind, for everyone you meet is fighting a
great battle. Philo of Alexandria
93
The Managers Book of Decencies How Small
/gestures Build Great Companies. Steve
Harrison, Adecco
94
W. Donald Schaefer 1921-Forever He Cared
95
William Donald Schaefer Mayor of Baltimore He
Cared.
96
The Managers Book of Decencies How Small
gestures Build Great Companies. Steve Harrison,
Adecco Servant Leadership Robert
Greenleaf One The Art and Practice of Conscious
Leadership Lance Secretan, founder of Manpower,
Inc. (What would happen if we looked at a
customer and saw the face of God in them?)
97
What would happen if we looked at a customer and
saw the face of God in them? To most people it
sounds like a lofty idea. But if you see the face
of God in a flower, why wouldnt you see it in
the face of a customer? If we treated customers
and honored the God within themif we loved
themwe would not need a quality program.
Lance Secretan, founder of Manpower, Inc., and
most recently author of One The Art and Practice
of Conscious Leadership
98
Respect. Decency. Wee Gestures.
99
Success Consult everyone on everything Thank
you note carpet bombing Source Roger
Rosenblatt, Rules for Aging
100
This is it All you need to know
101
R.O.I.R
102
Return On Investment In Relationships
103
network. Breadth. Depth. Recruitment
strategy. Maintenance scheme.
104
C(I) gt C(E)
105
Master the intricacies of the system Tom DeLay
(Al Smith, LBJ)
106
You can make more friends in two months by
becoming interested in other people than you can
in two years by trying to get other people
interested in you. Dale Carnegie
107
Leaders SERVE people. Period. Anon.
108
Servant Leadership/Robert Greenleaf 1. Do
those served grow as persons? 2. Do they,
while being served, become healthier wiser,
freer, more autonomous, more likely themselves to
become servants?
109
TP People are always ready to tell their
story! See also The story leaners edge
(Steve Farber) The dream manager (Matthew
Kelly)
110
No matter what the situation, the great
managers first response is always to think
about the individual concerned and how things can
be arranged to help that individual experience
success. Marcus Buckingham, The One Thing You
Need to Know
111
We are a Life Success Company. Dave Liniger,
founder, RE/MAX
112
Cause (worthy of commitment) Space (room
for/encouragement
for initiative) Decency (respect,
humane)
113
Our Mission To develop and manage talent to
apply that talent, throughout the world, for the
benefit of clients to do so in partnership to
do so with profit. WPP
114
TP How to piss away 500,000 in one easy
lesson!!
115
Success Consult everyone on everything Thank
you note carpet bombing Source Roger
Rosenblatt, Rules for Aging
116
Fred Reichhelds The Ultimate Question
Customer satisfaction is best measured by one
simple question, how likely are you to recommend
______ to a friend? Net Promoter Score
117
THE PROBLEM IS RARELY/NEVER THE PROBLEM. THE
RESPONSE TO THE PROBLEM INVARIABLY ENDS UP BEING
THE REAL PROBLEM. Watergate, M Stewart,
BR And PERCEPTION IS ALL THERE IS!

118
This is it All you need to know
119
Do one thing every day that scares you.
Eleanor Roosevelt
120
NOTE you will discover that the prior slide
appears time and time again in this
presentation.
121
Intelligent question Pretty much know the
answer. Dumb question (1) Dumb (you perceived
as fool) or (2) the source of a true insight/all
knowledge. Axiom No dumb questions, no
progress!
122
Im not comfortable unless Im
uncomfortable. Jay Chiat
123
Every time we come to a comfort zone, we will
find a way out. No Cloning. Reinvent the
brand with each new show. A typical day at the
office for me begins by asking, What is
impossible that I am going to do today?
Daniel Lamarre, president, Cirque du Soleil
124
You do not merely want to be the best of the
best. You want to be considered the only ones who
do what you do. Jerry Garcia
125
There are people who prefer to say Yes, and
there are people who prefer to say No. Those
who say Yes are rewarded by the adventures they
have, and those who say No are rewarded by the
safety they attain. Improv Wisdom Dont
Prepare, Just Show Up, Patricia Ryan Madson (
yes I said yes I will Yes.James Joyce, Ulysses)
126
This is it All you need to know
127
1 Person! Wendy Kopp, Princeton senior
(1989) Teach America (19,000-2,400) 10
Dartmouth, Yale 17,000 to date Principal hirer of
college graduates One of the few jobs that
people pass up Goldman Sachs for is Teach
America (Edie Hunt, HR) Source Fortune, 1127.06
128
Bonus
129
P Residual .0004 4/10,000 .02 X .02
130
1982 (-) 200 Years ()
131
Bonus
132
New Economy?! Sergey Larry gt Harvard/370
133
Truly, truly All you need to know
134
Forget China, India and the Internet Economic
Growth Is Driven by Women. Headline,
Economist, April 15, 2006, Leader, page 14
135
Truly All you need to know
136
80,000,000 N America, W Europe, Japan
(800,000,000)
137
All you need to know
138
New Zealand 2007
139
Ho hum 2 weeks in New Zealand
Pfizer Ford Gap Chrysler Yahoo microsoft walma
rt ??? ???
140
The last word There is no last word.
141
The last word There is no last word.
142
Headline, Wall Street Journal, 3 October 2007
WalMart Era Wanes Amid Big Shifts In Retail
Rivals Find Strategies To Defeat Low Prices
World Has Changed Sentence 1 The WalMart
Era, the retailers time of overwhelming business
and social influence in America, is drawing to a
close.
143
Flat as a Pancake (Or Worse) WalMart Dell
Intel Yahoo Home Depot Microsoft GE
144
We may not be interested in chaos but chaos
is interested in us. Robert Cooper, The
Breaking of Nations Order and Chaos in the
Twenty-first Century
145
All you need to know
146
The last word There is a last word.
147
Make sure your executive team includes top
talent in design, engineering and manufacturing,
because thats your only! priority to build!
Cars! People! Want! to buy! Hot styling sells
them and quality keeps them sold. Lee
Iacocca, Where Have All the Leaders Gone?
148
Radio City Music Hall September 2005
149
Franchise Lost! TP How many of you 600
really crave a new Chevy?
150
My (Less) Dinner with Henri JUSWHATIZZITUMAKE?
151
My (Less) Dinner with Henri JUST WHAT IS IT
YOU MAKE??????
152
Not long ago, I heard one studio chief utter the
unthinkable What would happen if I made a movie
I actually looked forward to seeing? Peter
Bart, Editor in Chief, Variety former Paramount
exec, Hollywoods Model Doesnt Produce Art, or
Much Profit (NYT/0721.06)
153
Did one of em ever turn to the other and say
Wow, I wonder what unimaginable new tools,
otherwise not possible, will be brought forth for
my daughter Alice, age 17, because of this deal?
154
Did one of em ever turn to the other and say
Wow I wonder what unimaginable new tools,
otherwise not possible, will be quickly brought
forth for our customers because of this deal?
155
All you need to know
156
Single greatest act of pure imagination
157
24
158
dubai
159
Dubai the next hot location for Hollywood
headline, EmiratesToday, 0527.07 (spurred by
Syriana)
160
joint venture worlds largest shopping zone
Khaleej Times, Dubai/UAE, 0527.07
161
Barneys New York Sold to Dubai Government for
825 Million Source Headline, New York Times,
0623.2007
162
Copper Thieves Cause Havoc for Commuters The
Guardian (London) 28.05.07 10 Billion Dollars
Contributing to the Development of Knowledge and
Culture Mohammed Bin Rashid Al Maktoum
Foundation (FT, 29.05.07) Last week Saudis buy
GE Plastics for 13B China govt investment firm
buys 10 of Blackstone Group
163
All you need to know
164
NOT YOUR FATHERS WORLD!
165
Copper Thieves Cause Havoc for Commuters
The Guardian (London) 28.05.07
166
Chicagolands Mystery Disappearances
167
Chinas share of global consumption/2005 Cement
47 Cotton 37 Coal 30 Steel
26 Source BusinessWeek/08.05
168
26m 60,000/3 yrs
169
43h 200/yr
170
1 Houston/ Month/15
171
5 (Years) /42 (New Airports)
172
Chinas share of global consumption/2005 Cement
47 Cotton 37 Coal 30 Steel
26 Source BusinessWeek/08.05
173
S P 500, circa 2007 gt50 of revenue from
outside the U.S., first time Source NYT,
0514.07
174
200 cities with gt1,000,000 population. Source
China Takes Off, David Hale Lyric Hughes
Hale/Foreign Affairs
175
china and India set sights on moon
mission Source Headline/FT/05.30.2007
176
Non-intervention is our brand, like intervention
is the Americans brand, Zhou Yuxiao, Chinese
diplomat on a mission in Africa (U.S. News
World Report, 0806.07)
177
THREE BILLION NEW CAPITALISTS Clyde Prestowitz
178
Schools Shifting Tectonic Plates In
"economics, technology, social customs and
globalization." Out Socialism in general ("one
short chapter"). Chinese communism before the
1979 economic revolution ("a sentence"). Mao
("only once, in a chapter on etiquette"). Source
The New York Times, p1, 0901.2006, on reported
on revised history textbooks for high school
seniors in Shanghai, China.
179
Let China sleep, for when she awakes she will
shake the world. Source Napoleon
180
APPARENTLY, NOT YOUR WORLD, EITHER!
181
40,000,000/20 Former Fed Vice-chairman Alan
Blinder remains an implacable opponent of
tariffs and trade barriers. But now he is saying
loudly that a new industrial revolutioncommunicat
ion technology that allows services to be
delivered from afarwill put as many as 40
million American jobs at risk of being shipped
out of the country in the next decade or two.
Wall Street Journal /0328 Blinder 40
million only the tip of a very big
iceberg.
182
Income Confers No Immunity as Jobs Migrate
Headline/USA Today/02.2004
183
Deutsche Bank Moves Half of Its Back-office Jobs
to India/ headline/FT/0327 (500 of 900 Research)
184
There is no job that is Americas God-given
right anymore. Carly Fiorina/HP/January2004
185
Outsourcing Your Life Taking Your To-do List
Global Wall Street Journal, Pursuits, 0602.07
(e.g., review bids for kitchen design,
Philippines softball team logo, Bangalore, math
tutor at 4 per hour vs 41, etc.)
186
America, like everyone else, must get used to
being a loser as well as a gainer in the global
economy. In the end, the 21st century is
unlikely to be the American Century. When the
Chinese Consumer Is King/New York
Times/12.14.2003. The notion that God
intended Americans to be permanently wealthier
than the rest of the world, that gets less and
less likely as time goes on. Robert Solow,
Nobel laureate in economics/New York
Times/12.14.2003
187
In Store International Equality, Intranational
Inequality The new organization of society
implied by the triumph of individual autonomy and
the true equalization of opportunity based upon
merit will lead to very great rewards for merit
and great individual autonomy. This will leave
individuals far more responsible for themselves
than they have been accustomed to being during
the industrial period. It will also reduce the
unearned advantage in living standards that has
been enjoyed by residents of advanced industrial
societies throughout the 20th century. James
Davidson William Rees-Mogg, The Sovereign
Individual
188
There is no job that is _____s God-given right
anymore.
189
2003 98 U.S. 2005 U.S. 150 Shanghai
500
190
Level 5 (top) certification/ Carnegie Mellon
Software Engineering Institute 35 of 70
companies in world are from India Source Wired
191
One Singaporean worker costs as much as
3 in Malaysia 8 in
Thailand 13 in China 18 in
India. Source The Straits Times/2003
192
Teenagers in India have big ambitionsand the
confidence to match headline/Fortune
193
Short on Priests, U.S. Catholics Outsource
Prayer to Indian Clergy Headline, New York
Times (Special intentions, .90 for Indians,
5.00 for Americans)
194
Ogre to Slay? Outsource It to Chinese (New
York Times, page 1news section). The
factory Fuzhou, China. The workers youngsters
logging 12-hour shifts. Their clientele
youngsters from Seoul to San Francisco. The
work The Chinese youngsters are playing the
early levels of video games for their affluent
clients, who want to avoid the pain and time
associated with those annoying first few levels.
195
What strategic motto will dominate this
transition from nation-state to market-state? If
the slogan that animated the liberal,
parliamentary nation-states was make the world
safe for democracy, what will the forthcoming
motto be? Perhaps making the world available,
which is to say creating new worlds of choice and
protecting the autonomy of persons to choose.
Philip Bobbitt, The Shield of Achilles War,
Peace, and the Course of History
196
better material welfare vs. maximize the
opportunity of its people Philip Bobbitt, The
Shield of Achilles War, Peace, and the Course of
History
197
The facts of (messy) life
198
It is not the strongest of the species that
survives, nor the most intelligent, but the one
most responsive to change. Charles Darwin
199
Active mutators in placid times tend to die off.
They are selected against. Reluctant
mutators in quickly changing times are also
selected against. Carl Sagan Ann Druyan,
Shadows of Forgotten Ancestors
200
Natural selection is death. ... Without huge
amounts of death, organisms do not change over
time. ... Death is the mother of structure. ...
It took four billion years of death ... to invent
the human mind ... The Cobra Event
201
One of my superstitions had always been when I
started to go anywhere or to do anything, not
to turn back , or stop, until the thing intended
was accomplished. Grant
202
On NELSON other admirals more frightened of
losing than anxious to win
203
The only way to whip an army is to go out and
fight it. Grant Source John Mosier, Grant
204
recognized the value of momentum throw
opponent off balance blitzkrieg traveling
light headquarters in the saddle Jean Edward
Smith/GRANT
205
The Creative Age is a wide open game.
Richard Florida, The Rise of the Creative Class
206
Creativity Index The 3 Ts Technology (HT
Index/firms , Innovation Index/patent
growth) Talent ( with bachelors
degrees) Tolerance (Melting Pot
Index/foreigners, Bohemian Index/artists et al.,
Gay Index/rel. s) Source Richard Florida, The
Rise of the Creative Class
207
The Memphis
Manifesto Building a
Community of Ideas 1. Cultivate reward
creativity. 2. Invest in the creative
ecosystem. 3. Embrace diversity. 4. Nurture the
creatives. 5. Value risk-taking. 6. Be authentic
(emphasize uniqueness) 7. Invest in and build on
quality of place. 8. Remove barriers to
creativity. 9. Take responsibility for change.
Development as D.I.Y. 10. Ensure that every
person, especially children, has the right
to creativity. Become a Steward of
creativity. 2003/The Creative
100/Memphis Source Richard Florida, The Rise of
the Creative Class
208
THE FUTURE BELONGS TO SMALL POPULATIONS
WHO BUILD EMPIRES OF THE MIND AND WHO IGNORE
THE TEMPTATION OFOR DO NOT HAVE THE OPTION
OFEXPLOITING NATURAL RESOURCES. Source Juan
Enriquez/As the Future Catches You
209
AS A DEVELOPING COUNTRY YOU CAN LOWER
INFLATION REDUCE CORRUPTION CUT YOUR BUDGET
PRIVATIZE AND STILL NOT GET RICH. BECAUSE
YOU ARE NOT GENERATING KNOWLEDGE JUST
PRODUCT. (North America, Western Europe, and
Japan generated 84 percent of all scientific
papers published during 1995.)
Source Juan Enriquez/As the Future Catches You
210
AS A DEVELOPING COUNTRY YOU CAN LOWER
INFLATION REDUCE CORRUPTION CUT YOUR BUDGET
PRIVATIZE AND STILL NOT GET RICH. BECAUSE
YOU ARE NOT GENERATING KNOWLEDGE JUST
PRODUCT. (North America, Western Europe, and
Japan generated 84 percent of all scientific
papers published during 1995.)
Source Juan Enriquez/As the Future Catches You
211
Hunting for the high ground
212
Better By Design A National Strategy NZ
Design Excellence
213
We have to move up the value chain and focus
increased efforts on becoming a knowledge-based,
entrepreneurial economy if we are to prosper in
the medium to long term. Tony Dromgoole, Chief
Executive, Irish Management Institute
214
Thaksinomics (after Thaksin Shinawatra)
Bangkok Fashion City managed asset reflation
(add to brand value of Thai textiles by
demonstrating flair and design excellence) Sourc
e The Straits Times/2004
215
Taiwan, Your Partner in InnoValue Poster/Buchares
t/03.06
216
THE FUTURE BELONGS TO SMALL POPULATIONS
WHO BUILD EMPIRES OF THE MIND AND WHO IGNORE
THE TEMPTATION OFOR DO NOT HAVE THE OPTION
OFEXPLOITING NATURAL RESOURCES. Source Juan
Enriquez/As the Future Catches You
217
Avoiding the Crush For countries to climb the
economic ladder they need strategies to get
around China Beijings industrial dominance
has forced middle-income nations such as the
Philippines to complementrather than compete
withthe wares of the Middle Kingdom Source
Headline, FT, 0614.07
218
FYI
219
China Timberland Farmer Campbell Soup
220
Hold You Horses 60 of U.S.
foreign investment goes to Europe U.S.
investment in the smaller European nations e.g.
Belgium, Ireland gt U.S. investment in China or
India. 2/3rds of European foreign investment is
in the U.S. Europes investment in Georgia,
Indiana and Texas gt U.S. investment in China
and Japan combined. Source Newsweek, 03.2007
221
All you need to know
222
0/800
223
0/800 normal!
224
Keep Austin Weird
225
F(Anger/Passion) gtgtgtgt f(Pushback from Threatened
Fat-cats Bureau-crats)
226
Intelligent people can always come up with
intelligent reasons to do nothing. Scott Simon
227
Honestly, All you need to know
228
You do not merely want to be the best of the
best. You want to be considered the only ones who
do what you do. Jerry Garcia
229
All you need to know
230
Excellence can be obtained if you ... care
more than others think is wise ... risk
more than others think is safe ... dream
more than others think is practical ...
expect more than others think is
possible. Source Anon. (Posted _at_ tompeters.com
by K.Sriram, November 27, 2006 117 AM)
231
Strive for Excellence. Ignore success. Bill
Young, PR driver (courtesy Andrew Sullivan)
232
Life is occupied in both perpetuating itself and
in surpassing itself. If all it does is maintain
itself, then living is only not dying. Simone
de Beauvoir Longevity has its place, but Im
not concerned about that now. I just want to do
Gods will, and Hes allowed me to go up the
mountain. And Ive looked over. And I have seen
the Promised Land. And I dont mind. I may not
get there with you. MLK/Memphis
233
Really, really All you need to know
234
Enemy 1 I.C.D. Note 1 Inherent/Inevitable/ Imm
utable Centralist Drift Note 2 Jim Burkes
1-word vocabulary No.
235
No problems No progress. Period.
236
Life 101 A 40-year Reflection Go on offense.
Give everybody a shot. Decentralize. Try a
bunch of stuff. Make it up as you go along. Get
some stuff wrong. Laugh a lot. Get some stuff
right. Become a success. Extract lessons
learned or best practices. Thicken the Book of
Rules for Success. Become evermore
serious. Enforce the rules to increasingly tight
tolerances. Go on defense. Install walls.
Protect-at-all-costs todays franchise.
Centralize. Calcify. Install taller
walls. Write more rules. Become irrelevant and-or
die.
237
Really, really All you need to know
238
try it. Try it. Try it. Try it. Try it. Try it.
Try it. Try it. Screw it up. Try it. Try it. Try
it. Try it. Try it. Try it. Try it. Screw it up.
it. Try it. Try it. try it. Try it. Screw it up.
Try it. Try it. Try it.
239
What makes God laugh?
240
People making plans!
241
NOTE you will discover that the prior slide
appears time and time again in this
presentation.
242
READY. FIRE! AIM. Ross Perot (vs Aim! Aim!
Aim! /EDS vs GM/1985)
243
S.A.V.
244
Paul Allaire/Xerox We are in a brawl with no
rules. TP Theres literally only one
possible answer Screw Around Vigorously!
245
Fail . Forward. Fast. High Tech CEO,
Pennsylvania
246
You miss 100 of the shots you never take.
Wayne Gretzky
247
The secret of fast progress is inefficiency,
fast and furious and numerous failures. Kevin
Kelly
248
Innovation Get mad. Start Doing something about
it. Now.
249
Tom Peters X25 EXCELLENCE. ALWAYS. In
Search of Excellence 1982-2007
250
EXCELL- ENCE????
251
I am often asked by would-be entrepreneurs
seeking escape from life within huge corporate
structures, How do I build a small firm for
myself? The answer seems obvious Buy a very
large one and just wait. Paul Ormerod, Why
Most Things Fail Evolution, Extinction and
Economics
252
SP Stability Ratings
1985 2006 Low Risk
41 13 Average Risk 24
14 High Risk 35 73 Likelihood
of stable long-term earnings growth Source
Fortune (2 October 2006)
253
Axiom We have met the enemy and he is
us. Axiom The adaptive capabilities of big
corporations taken as a whole is problematic
read pathetic. Antidote The answer is 75
internal. To sustain/win, we must first and
foremost and in perpetuity beat back the forces
of darknesssize and inertia and fear and
timidity and over-complexity.
254
Uncertainty is the only thing to be sure of.
Anthony Muh, head of investment in Asia,
Citigroup Asset Management
255
Forbes100 from 1917 to 1987 39 members of the
Class of 17 were alive in 87 18 in 87 F100
18 F100 survivors significantly underperformed
the market just 2 (2), GE Kodak,
outperformed the market from 1917 to 1987. SP
500 from 1957 to 1997 74 members of the Class of
57 were alive in 97 12 (2.4) of 500
outperformed the market from 1957 to
1997. Source Dick Foster Sarah Kaplan,
Creative Destruction Why Companies That Are
Built to Last Underperform the Market
256
0 for 60 China. Iran/79. USSR/bomb/49. Eastern
Europe/90. S Korea/50. Cuba/62. Arab-Israeli/73.
Afghanistan/79. USSR/1989. Kuwait/90. India/98.
WMDs/02-03. Etc. Source Legacy of Ashes ,
Tim Weiner Eisenhower The agency has a great
reputation but a terrible record.Donald Gregg,
natl security advisor, VP Bush
257
I.E. our best and brightest arent.
258
Mr. Foster and his McKinsey colleagues collected
detailed performance data stretching back 40
years for 1,000 U.S. companies. They found that
none of the long-term survivors managed to
outperform the market. Worse, the longer
companies had been in the database, the worse
they did.Financial Times/11.28.2002
259
Its just a fact Survivors underperform.
Dick Foster
260
The difficulties arise from the inherent
conflict between the need to control existing
operations and the need to create the kind of
environment that will permit new ideas to
flourishand old ones to die a timely death. We
believe that most corporations will find it
impossible to match or outperform the market
without abandoning the assumption of continuity.
The current apocalypsethe transition from a
state of continuity to state of discontinuityhas
the same suddenness as the trauma that beset
civilization in 1000 A.D. Richard Foster
Sarah Kaplan, Creative Destruction (The
McKinsey Quarterly)
261
Welcome to the Club of Shattered Dreams Of
Koreas Top 100 companies in 1955, only 7 were
still on the list in 2004. The 1997 crisis
destroyed half of Koreas 30 largest
conglomerates. Source KET Issue Report, Kim
Jong Nyun (14.05.2005)
262
GM25/50-75 Built to last????
263
Forget gt Learn The problem is never how to
get new, innovative thoughts into your mind, but
how to get the old ones out. Dee Hock
264
Success Kills! The more successful a company,
the flatter its forgetting curve. Gary Hamel
and C.K. Prahalad
265
Wanted Corporate Senility! Desperately!
The problem is never how to get new,
innovative thoughts into your mind, but how to
get the old ones out. Dee Hock
266
It is generally much easier to kill an
organization than change it substantially.
Kevin Kelly, Out of Control
267
Biters Bit How Web Giants Are Losing Business
as Startups Scurry In. FT, 0725.07 (The
disruptive innovators of the first Silicon Valley
boom may be failing to keep up with a new wave of
arrivals.)
268
C.E.O. to C.D.O.
269
(Practical) Implication? Go for it! (Why
notalternative is slow death, at best)
270
Data drawn from the real world attest to a fact
that is beyond our control Everything in
existence tends to deteriorate. Norberto
Odebrecht, Education Through Work
271
Everything in existence tends to deteriorate/
Buy a very large one and just wait License
(Mandate!) for Radical Approaches
272
Joe J. Jones 1937 2007 HE WOULDA DONE
SOME REALLY COOL STUFF BUT HIS BOSS
WOULDNT LET HIM!
273
Thomas J. Peters 1942-No rush ! In Toms
world, its always better to try a swan dive and
deliver a colossal belly flop than to step
timidly off the board while holding your nose.
Fast Company
274
BIAS. BUILT. TO. LAST. NOT.
275
TP1 Netscape! Where would you rather have
worked for those 5 years, Netscape or
IBM-HP-Microsoft-Oracle? (Where, 25 years from
now, would you rather to be able to tell
someonee.g., grandchildthat you worked?)
276
Built to Last vs Built to Change/Rock the World
277
The last word There is no last word.
278
RMcK A lot of companies in the Valley
fail. RN Maybe not enough fail. RMcK What
do you mean by that? RN Whenever you
fail, it means youre trying new
things. Source Fast Company
279
Wealth in this new regime flows directly from
innovation, not optimization. That is, wealth is
not gained by perfecting the known, but by
imperfectly seizing the unknown. Kevin Kelly,
New Rules for the New Economy
280
Q4/2006 500,000 Source Barrons 0922.07
281
Q4/2006 500,000 ? Source Barrons 0922.07
282
Q4/2006 500,000 7,700,000 -7,200,000
Source Barrons 0922.07
283
Five hundred years before Christ in a little
town on the far western border of the settled and
civilized world, a strange new power was at work.
Athens had entered upon her brief and
magnificent flowering of genius which so molded
the world of mind and of spirit that our mind and
spirit today are different. What was then
produced of art and of thought has never been
surpassed, and the stamp of it is upon all the
art and all the thought of the Western world.
Edith Hamilton, The Greek Way
284
Headline, Wall Street Journal, 3 October 2007
WalMart Era Wanes Amid Big Shifts In Retail
Rivals Find Strategies To Defeat Low Prices
World Has Changed Sentence 1 The WalMart
Era, the retailers time of overwhelming business
and social influence in America, is drawing to a
close.
285
Great Companies SET THE AGENDA. disturb
the sleep of
286
AGENDA SETTERS Set the Table/ Pioneers/
Questors/ Adventurers US Steel Ford Toyota
Sears GM ITT The Gap Limited WalMart
Tesco PG 3M Intel IBM Apple Nokia
Cisco Dell MCI Sun Microsoft Google
Enron Schwab GE Laker Southwest People
Express Ogilvy Virgin eBay Amazon Sony
Amgen BMW CNN Nike
287
Built to Last v. Built to Flip The problem with
Built to Last is that its a romantic notion.
Large companies are incapable of ongoing
innovation, of ongoing flexibility. Increasingl
y, successful businesses will be ephemeral. They
will be built to yield something of value and
once that value has been exhausted, they will
vanish. Fast Company
288
Built to Last vs Built for Impact But what if
former head of strategic planning at Royal Dutch
Shell Arie De Geus is wrong in suggesting, in
The Living Company, that firms should aspire to
live forever? Greatness is fleeting and, for
corporations, it will become ever more fleeting.
The ultimate aim of a business organization, an
artist, an athlete or a stockbroker may be to
explode in a dramatic frenzy of value creation
during a short space of time, rather than to live
forever. Kjell Nordström and Jonas
Ridderstråle, Funky Business
289
The difficulties arise from the inherent
conflict between the need to control existing
operations and the need to create the kind of
environment that will permit new ideas to
flourishand old ones to die a timely death. We
believe that most corporations will find it
impossible to match or outperform the market
without abandoning the assumption of continuity.
The current apocalypsethe transition from a
state of continuity to state of
discontinuity has the same suddenness as the
trauma that beset civilization in 1000 A.D.
Richard Foster Sarah Kaplan, Creative
Destruction (The McKinsey Quarterly)
290
BUILT TO DETERIORATE! When it comes to
investing, Im old school. Buy a good stock,
stick it in the drawer and when you check back
years later the stock should be worth more.
Theres only one problem. When I checked the
drawer recently it was full of clunkers,
including Lucent, down 94 percent from its 1999
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