
by
Sallie Krawcheck
I’ve
worked directly for 7 financial services CEOs (don’t ask…..it’s a
really long story) and covered many more during my days as a research
analyst. Each of them worked very, very hard; each of them was
incredibly smart; and each of them was human. They each taught me a lot
as I saw them work under great stress….both “what to do’s” and
(unintentionally) “what to don’ts.”
The best really understood the concept of NPV (net
present value). By that, I mean they were willing to forgo earnings
today, to invest smartly for more earnings tomorrow. For example, at
Sanford Bernstein, we pulled our research analysts out of the
underwriting business, with the view that an unconflicted business
model, focused on...