Tom Peters’ X25*Tom Peters’ X25*

EXCELLENCEXCELLENCE. ALWAYS.E. ALWAYS.Microsoft/Redmond/13 September 2007Microsoft/Redmond/13 September 2007

**In Search of ExcellenceIn Search of Excellence 1982-2007 1982-2007

Slides at …

tompeters.comtompeters.com

EXCELLEXCELL

--ENCE??ENCE??

????

“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 Buy a very large one very large one and just waitand just wait.”.”

—Paul Ormerod, Why Most Things Fail: Evolution, Extinction and Economics

“Forbes100” from 1917 to 1987: 3939 members members of the Class of ’17 were alive in ’87; 18 in ’87 of the Class of ’17 were alive in ’87; 18 in ’87

F100; 18 F100 “survivors” significantly F100; 18 F100 “survivors” significantly underunderpperformederformed the market; the market;

just just 22 (2%), (2%), GEGE & & KodakKodak, , outoutpperformederformed the market from the market from

1917 to 1987. 1917 to 1987.

S&P 500 from 1957 to 1997: 7474 members of the Class of ’57 were alive

in ’97; 1212 (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

““Mr. Foster and his McKinsey Mr. Foster and his McKinsey colleagues collected detailed colleagues collected detailed

performance data stretching back 40 performance data stretching back 40 years for 1,000 U.S. companies. years for 1,000 U.S. companies. They They

found that none of the long-term found that none of the long-term survivors managed to outperform the survivors managed to outperform the market. Worse, the longer companies market. Worse, the longer companies had been in the database, the worse had been in the database, the worse

they did.”they did.”—Financial Times—Financial Times/11.28.2002/11.28.2002

““It’s just a fact:It’s just a fact:

Survivors Survivors underperform.”underperform.”

—Dick Foster—Dick Foster

““A pattern emphasized in the case studies in A pattern emphasized in the case studies in this book is the degree to which powerful this book is the degree to which powerful

competitors competitors not only resist not only resist innovative threats, but innovative threats, but

actually resist all efforts actually resist all efforts to understand themto understand them, ,

preferring to further their positions in older preferring to further their positions in older products.products. This results in a surge of This results in a surge of

productivity and performance that may take productivity and performance that may take the old technology to unheard of heights. But the old technology to unheard of heights. But

in most cases this is a sign of impending in most cases this is a sign of impending death.”death.” —Jim Utterback, —Jim Utterback, Mastering the Dynamics of Mastering the Dynamics of

InnovationInnovation

DDaimler.aimler. And And DDumb. umb. Both Start Both Start with “with “dd.”.”

Mission impossible?Mission impossible?

$36B/’98$36B/’98minus minus

$675M/‘$675M/‘0707

$10,000,000/$10,000,000/DayDay

DaimlerChrysler/’98-’07:DaimlerChrysler/’98-’07: DuhDuh,, Duh Duh,, Duh Duh,, Duh Duh and … and … DuhDuh

ManifoldManifold SynergiesSynergies//NoNoSevere Severe ScaleScale limits/ limits/YesYesCultureCulture clashes/ clashes/YesYes

Rushmorean Rushmorean egoego issues/ issues/YesYesCustomerCustomer acceptance acceptance

/No/No

Welcome to the “Club of Shattered Dreams”:

Of Korea’s Top 100Top 100 companies in 1955, only 77 were still on the

list in 2004. The 1997 crisis “destroyed halfhalf of Korea’s 3030 largest conglomerates.”

Source: “KET Issue Report,” Kim Jong Nyun (14.05.2005)

BIAS.BIAS.BUILT.BUILT.

TO.TO.LAST.LAST.NOT.NOT.

The The lastlast word: word: There There is is nono “last “last

word.”word.”

GMGM2525/50-/50-75:75: “Built to “Built to

last”last”????????

TP#1*:TP#1*:

NetscapeNetscape

!!*Where would you rather have worked for those 5 years, Netscape*Where would you rather have worked for those 5 years, Netscape

or IBM-HP-Microsoft-Oracle? (Where, 25 years from now, would you or IBM-HP-Microsoft-Oracle? (Where, 25 years from now, would you rather to be able to tell someone—e.g., grandchild—that you worked?) rather to be able to tell someone—e.g., grandchild—that you worked?)

Built to Last v. Built to FlipBuilt to Last v. Built to Flip

“The problem with Built to Last is that “The problem with Built to Last is that it’s a romantic notion. Large it’s a romantic notion. Large

companies are incapable of ongoing companies are incapable of ongoing innovation, of ongoing flexibility. … innovation, of ongoing flexibility. … Increasingly, successful businesses Increasingly, successful businesses

will be ephemeral. will be ephemeral. TheTheyy will be built to will be built to yyield somethinield somethingg of value – and once of value – and once that value has been exhausted, thethat value has been exhausted, theyy

will vanishwill vanish.”.” —Fast Company—Fast Company

Single greatest Single greatest contemporary contemporary

act of pure act of pure imaginationimagination

dubadubaii

2424%%

Basement Basement Systems Inc.Systems Inc.

*Basement Systems Inc.*Basement Systems Inc.*Larry Janesky*Larry Janesky**Dry Basement ScienceDry Basement Science (115,000!)(115,000!)

*1993: $0; 2003: $12M; *1993: $0; 2003: $12M; 2006: 2006:

$50,000,000+$50,000,000+

EXCELLENCE. EXCELLENCE. INNOVATE. INNOVATE.

OR. OR. DIE.DIE.

““It is It is notnot the the strongest of the strongest of the

species that survives, species that survives, nornor the most the most

intelligent, but intelligent, but the the one most one most responsive responsive

to changeto change.”.” —Charles Darwin

Hire Great PeopleHire Great People (Resilient, Passionate, Diverse)(Resilient, Passionate, Diverse)

give ’em a lot of roomgive ’em a lot of room (Decentralize)(Decentralize)

Try a Lot of StuffTry a Lot of Stuff (S.A.V./R.F.A.)(S.A.V./R.F.A.)

Enjoy It While It LastsEnjoy It While It Lasts

Life 101: A 40-year MeditationLife 101: A 40-year MeditationGo on offense. Go on offense.

Give everybody a shot. Give everybody a shot. Decentralize.Decentralize.Hire weird.Hire weird.

Foster discomfort. Foster discomfort. Try a bunch of stuff.Try a bunch of stuff.

Make it up as you go along. Make it up as you go along. Get some stuff wrong.Get some stuff wrong.

Laugh a lot.Laugh a lot.Get some stuff right. Get some stuff right. Become a “success.”Become a “success.”

For a while.For a while.Extract “lessons learned” or “best practices.”Extract “lessons learned” or “best practices.”

Thicken the Book of Rules for Success.Thicken the Book of Rules for Success.Become evermore serious.Become evermore serious.

Enforce the rules to increasingly tight tolerances.Enforce the rules to increasingly tight tolerances.Go on defense. Go on defense. Install walls. Install walls.

Protect-at-all-costs today’s franchise.Protect-at-all-costs today’s franchise.QEPS > SCNP QEPS > SCNP

Centralize. Centralize. Calcify. Calcify.

Install taller walls.Install taller walls.Write more rules.Write more rules.

Promote the CFO to CEO.Promote the CFO to CEO.Become irrelevant and-or die.Become irrelevant and-or die.

Sir Richard’s RulesSir Richard’s RulesFollow your passions.Follow your passions.

Keep it simple.Keep it simple.Get the best people to help Get the best people to help

you.you.Re-create yourself.Re-create yourself.

Play.Play.Source: Source: FortuneFortune/10.03/10.03

C.E.O.C.E.O. to

C.D.O.C.D.O.

AxiomAxiom: : We have met the enemy We have met the enemy and he is and he is us.us.AxiomAxiom:: The adaptive capabilities The adaptive capabilities of big corporations taken as a of big corporations taken as a whole is problematic [read: whole is problematic [read: patheticpathetic].].AntidoteAntidote: : The answer is 75% The answer is 75% internalinternal.. To sustain/win, we must To sustain/win, we must first and foremost and in first and foremost and in perpetuity beat back the forces perpetuity beat back the forces of darkness—of darkness—sizesize and and inertiainertia and and fearfear and and timiditytimidity and and over-over-complexitycomplexity..

On NELSON: “[other] “[other] admirals more admirals more frightened of frightened of losing than losing than

anxious to win”anxious to win”

Forget the Forget the “external focus” “external focus”

crap. My only crap. My only serious serious

competition is competition is internal.internal.

Me.Me.

Forget the Forget the “external focus” “external focus”

crap. My only crap. My only serious serious

competition is my competition is my own conservatism.own conservatism.

Forget the Forget the “external focus” “external focus” crap. My most crap. My most

serious impediment serious impediment is my belief that I is my belief that I can “change the can “change the

culture.”culture.”

InnoTacsInnoTacs

We We becomebecome who we hang who we hang

out with out with

“The The Bottleneck Bottleneck

Is at the Top Is at the Top of the of the

Bottle”Bottle”“Where are you likely to find people with the least diversity of

experience, the largest investment in the past, and the greatest reverence for industry dogma:

AtAt thethe totop!”p!”

— Gary Hamel/Harvard Business Review

Measure “Strangeness”/Portfolio QualityMeasure “Strangeness”/Portfolio QualityStaffStaff

ConsultantsConsultantsVendorsVendors

Out-sourcing Partners Out-sourcing Partners (#, Quality)(#, Quality)Innovation Alliance PartnersInnovation Alliance Partners

CustomersCustomersCompetitors Competitors (who we “benchmark” against)(who we “benchmark” against)

Strategic Initiatives Strategic Initiatives Product Portfolio Product Portfolio (LineEx v. Leap)(LineEx v. Leap)

IS/IT ProjectsIS/IT ProjectsHQ LocationHQ LocationLunch MatesLunch Mates

LanguageLanguageBoardBoard

Women as Women as innovation innovation

force!force!

““Women Women areare thethe

majority majority market”market”

—Fara Warner/—Fara Warner/The Power of the PurseThe Power of the Purse

try it. Try it. Try it. try it. Try it. Try it. Try it. Try it. Try it.Try it. Try it. Try it.

Try it. Try it. Try it. Try it. Screw it Screw it up.up. Try it. Try it. Try Try it. Try it. Try

it. Try it. Try it. Try it. it. Try it. Try it. Try it. Try it. Try it. Screw it up.Screw it up. it. it. Try it. Try it. try it. Try it. Try it. try it. Try it.Try it. Screw it up.Screw it up.

Try it. Try it. Try it. Try it. Try it. Try it.

What makes What makes God laugh?God laugh?

PeoplePeople makingmaking plans!plans!

do do things.things.

““We have a We have a ‘strategic plan.’ ‘strategic plan.’ It’s called It’s called doing doing thingsthings.”.” — Herb Kelleher

““almost inhuman almost inhuman disinterestedness disinterestedness in … strategy”in … strategy” —Josiah —Josiah Bunting on Bunting on U.S. GrantU.S. Grant (from (from Ulysses S. Ulysses S.

GrantGrant))

drill.drill.

“This is so simple it sounds stupid, but it is amazing how few oil people really

understand that you only you only find oil if you find oil if you drill wellsdrill wells.. You may

think you’re finding it when you’re drawing maps and

studying logs, but you have to drill.”

Source: The Hunters, by John Masters, Canadian O & G wildcatter

try try things.things.

““We made mistakes, of course. Most of them were We made mistakes, of course. Most of them were omissions we didn’t think of when we initially wrote the omissions we didn’t think of when we initially wrote the

software. software. We fixed them by doing it over and over, We fixed them by doing it over and over, again and again.again and again. We do the same today. While our We do the same today. While our competitors are still sucking their thumbs trying to competitors are still sucking their thumbs trying to

make the design perfect, we’re already on prototype make the design perfect, we’re already on prototype

versionversion ##55.. By the time our rivals areBy the time our rivals are ready with wires and screws, we are on versionready with wires and screws, we are on version

##1010.. It gets back to It gets back to planning versus actingplanning versus acting: : We act We act from day onefrom day one; ; others plan how others plan how toto planplan——for monthsfor months.”.” —Bloomberg by —Bloomberg by

BloombergBloomberg

SERIOUS SERIOUS

PLAYPLAY

““You can’t be a serious You can’t be a serious innovator unless and until innovator unless and until you are ready, willing and you are ready, willing and

able to seriously play. able to seriously play. ‘‘Serious playSerious play’ is not an ’ is not an

oxymoron; it is the oxymoron; it is the essenceessence of of innovationinnovation.” .” —Michael Schrage,—Michael Schrage, Serious PlaySerious Play

Culture of PrototypingCulture of Prototyping

“Effective prototyping may “Effective prototyping may be be thethe most most

valuablevaluable core core competencecompetence an an

innovative organization can innovative organization can hope to have.”hope to have.” —Michael Schrage

Think about It!?Think about It!?

Innovation Innovation = = Reaction to the Reaction to the

PrototypePrototypeSource: Michael SchrageSource: Michael Schrage

Screw. Screw. things.things.

Up.Up.

“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

Sam’s Sam’s Secret Secret

#1!#1!

““RewardReward excellent failures.

PunishPunish mediocre

successes.”Phil Daniels, Sydney exec

try.try.Miss.Miss.try.try.

READY.READY.FIRE!FIRE!AIM.AIM.

Ross Perot (vs “Aim! Aim! Aim!” /EDS vs GM/1985)

S.A.S.A.V.V.

No try. No try. No deal.No deal.

““You miss You miss

100100%% of the shots of the shots you never you never

take.”take.” —Wayne—Wayne GretzkyGretzky

EXCELLENCE. EXCELLENCE.

4/40.4/40.

4/404/40(Decentralization/Execution/Accountability/6:15A.M.)(Decentralization/Execution/Accountability/6:15A.M.)

DECENTRALIZATIONDECENTRALIZATION..

EXECUTION.EXECUTION.ACCOUTABILITY.ACCOUTABILITY.

66:15A.M. :15A.M.

De-cent-De-cent-ral-iz-ral-iz-a-tion!a-tion!

Enemy Enemy #1#1

I.C.D.I.C.D.Note 1:Note 1: Inherent/Inevitable/Inherent/Inevitable/Immutable Centralist DriftImmutable Centralist Drift

Note 2: Jim Burke’s 1-word vocabulary: “No.”Note 2: Jim Burke’s 1-word vocabulary: “No.”

Ex-e-Ex-e-cu-cu-

tion!tion!

“Execution is a

systematic systematic processprocess of rigorously

discussing hows and whats, tenaciously following through, and

ensuring accountability.” —Larry Bossidy & Ram Charan/ Execution:

The Discipline of Getting Things Done

Ac-count-Ac-count-a-bil-ity!a-bil-ity!

““Mr Zetsche, Mr Zetsche, head of Chrysler head of Chrysler

from 2000 to from 2000 to 2005, denied2005, denied

he should take he should take any any

responsibility for responsibility for the U.S. the U.S.

carmaker’scarmaker’s troubles …” troubles …” ——Financial Financial

TimesTimes /05.29.07 /05.29.07

““GE has set a GE has set a standard of candor. standard of candor.

… There is no … There is no puffery. … puffery. … There isn’t There isn’t an ounce of denial in an ounce of denial in the placethe place.”.” —Kevin Sharer, CEO

Amgen, on the “GE mystique” (Fortune)

6:15A.M6:15A.M..

““NEW” NEW” MARKETS.MARKETS.

women.women.BOOMERSBOOMERS

..GEEZERS.GEEZERS.

women.women.BOOMERBOOMER

S.S.GEEZERSGEEZERS

..

““Forget Forget ChinaChina, , IndiaIndia and the and the

InternetInternet: Economic : Economic Growth Is Driven Growth Is Driven

by by WomenWomen.”.” —Headline, Economist, April 15, 2006, Leader, page 14

DUH.DUH.

““To be a leader in To be a leader in consumer products, consumer products, it’s critical to have it’s critical to have

leaders who leaders who represent the represent the population wepopulation we

serve.” serve.” —Steve Reinemund, —Steve Reinemund, former CEO, PepsiCoformer CEO, PepsiCo

women.women.BOOMERBOOMER

S.S.GEEZERSGEEZERS

..

““Women Women areare thethe

majority majority market”market”

—Fara Warner/—Fara Warner/The Power of the PurseThe Power of the Purse

?????????Home Furnishings … 94%Home Furnishings … 94%

Vacations … 92% Vacations … 92% (Adventure Travel … 70%/ $55B travel equipment)

Houses … 91%Houses … 91%D.I.Y. D.I.Y. (major “home projects”) … 80% … 80%

Consumer Electronics … 51% Consumer Electronics … 51% (66% home computers)

Cars … 68% (90%)Cars … 68% (90%)AllAll consumerconsumer purchasespurchases … … 83%83%

Bank Account … 89%Bank Account … 89%Household investment decisions … 67%Household investment decisions … 67%Small business loans/biz starts … 70%Small business loans/biz starts … 70%

Health Care … 80%Health Care … 80%

““Goldman Sachs in Tokyo has Goldman Sachs in Tokyo has developed an index of 115 developed an index of 115

companies poised to benefit companies poised to benefit from women’s increased from women’s increased

purchasing power; purchasing power; over the past over the past decade the value of shares in decade the value of shares in Goldman’s basket has risen by Goldman’s basket has risen by

96%, against the Tokyo 96%, against the Tokyo stockmarket’s rise stockmarket’s rise

of 13%of 13%.”.” —Economist, April 15

10.610.6

Women-owned BizWomen-owned Biz

U.S. employees > U.S. employees > F500 employees F500 employees

worldwideworldwideSource: Martha Barletta, Source: Martha Barletta, Marketing to WomenMarketing to Women

WOMEN.WOMEN.

DOMINATE. DOMINATE. ECONOMIC. ECONOMIC. GROWTH.GROWTH.

““Forget Forget ChinaChina, , IndiaIndia and the and the

InternetInternet: Economic : Economic Growth Is Driven Growth Is Driven

by by WomenWomen.”.” —Headline, Economist, April 15, 2006, Leader, page 14

““Since Since 19701970, , women have women have

held held twotwo out of out of every every three three new new jobs created.”jobs created.” —FT,

10.03.2006

10 UNASSAILABLE REASONS WOMEN RULE10 UNASSAILABLE REASONS WOMEN RULEWomenWomen make [all] the financial decisions. make [all] the financial decisions.WomenWomen control [all] the wealth. control [all] the wealth.WomenWomen [substantially] outlive men. [substantially] outlive men.WomenWomen start most of the new businesses. start most of the new businesses.Women’sWomen’s work force participation rates have work force participation rates have soared worldwide.soared worldwide.WomenWomen are closing in on “same pay for same are closing in on “same pay for same job.”job.”WomenWomen are penetrating senior ranks rapidly are penetrating senior ranks rapidly [even if the pace is slow for the corner [even if the pace is slow for the corner office per se].office per se].Women’s Women’s leadership strengths are exceptionally wellleadership strengths are exceptionally well aligned with new organizational effectiveness &aligned with new organizational effectiveness & value-added imperatives.value-added imperatives.WomenWomen are better salespersons than men. are better salespersons than men.WomenWomen buy [almost] everything—commercial buy [almost] everything—commercial as well as consumer goods.as well as consumer goods.

SoSo whatwhat exactlyexactly isis … … thethe pointpoint ofof menmen??

women.women.BOOMERBOOMER

S.S.GEEZERSGEEZERS

..

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!““People turning 50 People turning 50 today have today have more more

thanthan halfhalf of of their adult life their adult life

ahead of them.”ahead of them.” —Bill Novelli, 50+: Igniting a Revolution to Reinvent America

7/17/133

Average # of cars purchased per

household, “lifetime”: 1313Average # of cars bought per household after the “head of household” reaches

age 50: 77Source: Marti Barletta, PrimeTime Women

2020$14,000,000,000,000$14,000,000,000,000

--

$25,000,000,000,000 $25,000,000,000,000

women.women.BOOMERBOOMER

S.S.GEEZERSGEEZERS

..

Subject: Marketers & StupiditySubject: Marketers & Stupidity

““It’s 18-It’s 18-44, 44,

stupid!”stupid!”

Subject: Marketers & StupiditySubject: Marketers & Stupidity

Or is it: “18-44 is

stupid, stupid!”

2000-2010 Stats

18-44: -1%-1%55+: ++2121%%(55-64: ++4747%%)

BOOMERS.BOOMERS.GEEZERS.GEEZERS.MONEY.MONEY.

ALL.ALL.NOW.NOW.

We are the We are the Aussies & Kiwis &Aussies & Kiwis & Americans & Americans & CanadiansCanadians. We are the . We are the Western EuropeansWestern Europeans & & JapaneseJapanese. We are the . We are the fastest growingfastest growing, , the the biggestbiggest, the , the wealthiestwealthiest, the , the boldestboldest, ,

the most (yes) the most (yes) ambitiouambitious, the most s, the most experimental & exploratoryexperimental & exploratory, the most , the most

differentdifferent, the most , the most indulgentindulgent, the most , the most difficult &difficult & demandingdemanding, the most , the most service & service & experience obsessedexperience obsessed, the most , the most vigorousvigorous, ,

(the (the leastleast vigorous,) the most vigorous,) the most health health consciousconscious, the most , the most femalefemale, the most , the most

profoundly important commercial market in profoundly important commercial market in the history of the world—and we will be the the history of the world—and we will be the Center of your universe for the next Center of your universe for the next twenty-twenty-

fivefive yearsyears. We have arrived!. We have arrived!

See me.See me.Watch me.Watch me.respect me.respect me.

Suck up to me.Suck up to me.Serve me.Serve me.Love me.Love me.

Love my longevity.Love my longevity.Love my m-o-n-e-y. Love my m-o-n-e-y.

Elizabeth Cady StantonElizabeth Cady Stanton(more or less) (circa 0331.2007)(more or less) (circa 0331.2007)

See “See “herher.”.”Watch Watch herher..respect respect herher..

Be obsequious to Be obsequious to herher..Serve Serve herher..Love Love herher..

Love her Love her longlong longevity. longevity.Love Love herher m-o-n-e-y. m-o-n-e-y.

(which is damn near (which is damn near a-l-la-l-l the mon-the mon-$$$$$$$$$$$$.) .)

Boomers’-Geezers’-Women’s Trifecta+Boomers’-Geezers’-Women’s Trifecta+

*Buy/*Buy/allall *Wealth/ *Wealth/allall

*time left/ *time left/ lotslots *Eclipse of males/*Eclipse of males/retireretire--diedie

44-65: “New “New Customer Customer Majority”Majority” *

*45% larger than 18-43; 60% larger by 2010Source: Ageless Marketing, David Wolfe & Robert Snyder

““Baby-boomer Baby-boomer WomenWomen: The : The Sweetest of Sweetest of

Sweet Spots for Sweet Spots for Marketers”Marketers” —David Wolfe and

Robert Snyder, Ageless Marketing

“Fifty-four years of age has been the highest cutoff point for any marketing initiative I’ve ever been involved in. Which is Which is pprettrettyy weird when weird when yyou consider aou consider agge 50 is rie 50 is rigght ht

about when about when ppeoeopple who have le who have worked all their lives start to worked all their lives start to have some monehave some moneyy to s to sppendend.”.”

—Marti Barletta, PrimeTime Women

“One particularly puzzling category of youth-obsession is the highly coveted target of men 18-34, and it’s always referred to as ‘highly

coveted category.’ Marketers have been distracted by men age 18-34 because they are getting harder to reach. So what? Who wants Who wants

to reach them?to reach them? Beyond fast food and beer, they don’t buy much of anything. … The

theory is that if you ‘get them while they’re

young, they’re yours for life.’ What What nonsensenonsense!”!”

—Marti Barletta, PrimeTime Women

““The mature The mature market cannot be market cannot be

dismissed as dismissed as entrenched in its entrenched in its brand loyalties.”brand loyalties.”

—Carol Morgan & Doran Levy, —Carol Morgan & Doran Levy, Marketing to the Mindset Marketing to the Mindset of Boomers and Their Eldersof Boomers and Their Elders

““Advertisers pay more to reach the kid Advertisers pay more to reach the kid because they think that once someone hits because they think that once someone hits

middle age he’s too set in his ways to be middle age he’s too set in his ways to be susceptible to advertising. … susceptible to advertising. … In fact, In fact,

this notion of impressionable kids this notion of impressionable kids and hidebound geezers is little and hidebound geezers is little

more than a fairy tale, a Madison more than a fairy tale, a Madison Avenue gloss on Hollywood’s cult Avenue gloss on Hollywood’s cult

of youth.”of youth.”——James Surowiecki (James Surowiecki (The New The New YorkerYorker/04.01.2002)/04.01.2002)

The The discomfort discomfort imperative.imperative.

C.E.O.C.E.O. to

C.D.O.C.D.O.

On NELSON: “[other] “[other] admirals more admirals more frightened of frightened of losing than losing than

anxious to win”anxious to win”

““Do one Do one thing every thing every

day that day that scares you.”scares you.”

—Eleanor Roosevelt