I am coming to the end of my week long Ithacation of golf and not much else. I have met a lot of my classmates this week and right now there are two lessons I will take from my week off in Ithaca.
One, small setbacks can have a tremendous effect on my performance if I don't put them behind me. Thursday I had what I thought was a great round of golf. I pitched well, I putted well and I was consistent off of the tee. I had two holes where I completely blew up but recovered quickly and finished with what I felt was a great round. Today, I struggled off of the tee and allowed it to affect my second and third shots. I came off the 18th green feeling like it was a terrible round. That was until I added up my score and compared it to Thursday's score. I had the same score but felt very different about the rounds because I allowed myself to concentrate on what I didn't do well.
As an MBA candidate that has been out of school for over eight years I need to remember that. I need to be prepared to work harder than some of my classmates and put minor setbacks behind me early. If I don't meet my own expectations for something, I need to be prepared to stay consistent and make sure my "second shot" makes it.
Second, there is a reason that no man in my family has a mustache. They look terrible. Don't ask for pictures because I won't send them.
Saturday, August 9, 2008
Wednesday, August 6, 2008
Humble Pie...Again?
Today's menu included a big piece of humble pie for me. After the total domination of my classmates yesterday, Pat staged a comeback today that could only be classified as a beat down on the Hillendale Golf Course. I dropped eight strokes on the back nine (we played the back nine first) and came back to only drop one stroke on the front nine. It was a little embarrassing.
This reminded me of the new KKR public offering (work with me, here). For the second time in two years. The first time was last year during the credit crunch and the planned was scuttled. Now they are offering a second IPO. I applaud them for their courage at this time. The story is they are raising money to absorb the Dutch vehicle (KPE) which invests mainly in KKR buyouts. Appartenly, the shares have tanked as of late.
Henry Kravis and George Roberts are two of the most courageous men to work in private equity. These are the guys that took RJR Nabisco private and inspired the book "Barbarians at the Gate." I am not buying the reason that KPE assests are undervalued and they want to restructure in order to buy KPE. These gentlemen plan for the long term and I believe that is what this is about. Taking KKR public could ensure its longevity and move it away from its entrepreneurial roots.
While the spirit may not die when it goes public, I believe that Messrs Kravis and Roberts are looking for a way out. They are both near retirement age and probably looking to spend their time taking advantage of the fruits of their labor. Unfortunately, with the retirement of Mr. Kravis we may see another example of a company not being able to continue without its founder. Look at Schwab when Charles Schwab retired, for a year. He eventually came back and fixed everything. As of late he bought another company with the idea of finding his successor, spent three years grooming his successor and announced his retirement, again. My concern is that KKR may lose its way without the men that made the company what it is. I am not a huge fan of all founders, Jerry Yang should have sold out. Many founders hang on too long and stifle the spirit or the growth of a company. Messrs Kravis and Roberts don't belong in that group.
They are smart enough to pick a time when the market will give them what they deserve plus a premium. Then again, they may be joining me for a piece of humble pie.
This reminded me of the new KKR public offering (work with me, here). For the second time in two years. The first time was last year during the credit crunch and the planned was scuttled. Now they are offering a second IPO. I applaud them for their courage at this time. The story is they are raising money to absorb the Dutch vehicle (KPE) which invests mainly in KKR buyouts. Appartenly, the shares have tanked as of late.
Henry Kravis and George Roberts are two of the most courageous men to work in private equity. These are the guys that took RJR Nabisco private and inspired the book "Barbarians at the Gate." I am not buying the reason that KPE assests are undervalued and they want to restructure in order to buy KPE. These gentlemen plan for the long term and I believe that is what this is about. Taking KKR public could ensure its longevity and move it away from its entrepreneurial roots.
While the spirit may not die when it goes public, I believe that Messrs Kravis and Roberts are looking for a way out. They are both near retirement age and probably looking to spend their time taking advantage of the fruits of their labor. Unfortunately, with the retirement of Mr. Kravis we may see another example of a company not being able to continue without its founder. Look at Schwab when Charles Schwab retired, for a year. He eventually came back and fixed everything. As of late he bought another company with the idea of finding his successor, spent three years grooming his successor and announced his retirement, again. My concern is that KKR may lose its way without the men that made the company what it is. I am not a huge fan of all founders, Jerry Yang should have sold out. Many founders hang on too long and stifle the spirit or the growth of a company. Messrs Kravis and Roberts don't belong in that group.
They are smart enough to pick a time when the market will give them what they deserve plus a premium. Then again, they may be joining me for a piece of humble pie.
Monday, August 4, 2008
The Domination Continues
It was a tough day for anyone at 411 Summerhill that wasn't me. They all got dominated on the Robert Trent Jones Golf Course and then in PS3 Tiger Woods 2007 Golf. It was tough to see so many dreams shattered in one day by the same person but I was able to continue.
I am sure that I will come to regret these words, the Ickey Shuffle I did in the living room and the plaque I made for myself but I have real problems celebrating my victories. Bygones.
On a more serious note, I continue to read about business conditions in Russia. The TNK-BP joint venture/company issues with its CEO versus the Russian shareholders was interesting. Neither the WSJ or The Economist wanted to cry foul about the treatment of the non-national shareholder interests and blame the Russian government but I will. The Russian government, Putin and Medvedev, had said that it is best to leave these disagreements to the private sector, yet there has been considerable involvement by the government in blocking Robert Dudley's, the American CEO, work visa as well as constant harassment to anyone not a Russian national working for the company.
Most people would consider this to be just the government making domestic owners stronger but the case of Mechel Steel in the news today shows that business in the former Soviet Union is getting hard for even the citizens of Russia that do business outside of the country. Putin is making very overt threats that if the largest shareholder of Mechel does not answer questions about selling cokin coal abroad more cheaply that he could be investigated by the prosecution office and anti-monopoly service.
This is just another example of the strange business conditions that happen abroad. In America, we are all offended by the strong handed approach and nationalistic stance Putin has taken. In Russia it is perfectly acceptable. I don't fault the Russian Prime Minister for being who he is, I fault everyone else for thinking that the culture has changed, thinking that we can apply Western business practices into a completely different culture.
This is why the Chinese have been so successful in Africa as well as other developing nations. They have a "live and let live" way about them when it comes to doing business on foreign soil. They don't care what happens in Darfur or Zimbabwe. As long as their national interests are taken care of, they could care less who gets oppressed/beaten/killed. I don't condone it. Rather, I think that we should accept the fact that not everyone thinks like the West and realize that no matter how many holes in the ground we drill for oil, natural gas or even water that each culture is unique and that we can't judge them by a standard we set for ourselves.
I am sure that I will come to regret these words, the Ickey Shuffle I did in the living room and the plaque I made for myself but I have real problems celebrating my victories. Bygones.
On a more serious note, I continue to read about business conditions in Russia. The TNK-BP joint venture/company issues with its CEO versus the Russian shareholders was interesting. Neither the WSJ or The Economist wanted to cry foul about the treatment of the non-national shareholder interests and blame the Russian government but I will. The Russian government, Putin and Medvedev, had said that it is best to leave these disagreements to the private sector, yet there has been considerable involvement by the government in blocking Robert Dudley's, the American CEO, work visa as well as constant harassment to anyone not a Russian national working for the company.
Most people would consider this to be just the government making domestic owners stronger but the case of Mechel Steel in the news today shows that business in the former Soviet Union is getting hard for even the citizens of Russia that do business outside of the country. Putin is making very overt threats that if the largest shareholder of Mechel does not answer questions about selling cokin coal abroad more cheaply that he could be investigated by the prosecution office and anti-monopoly service.
This is just another example of the strange business conditions that happen abroad. In America, we are all offended by the strong handed approach and nationalistic stance Putin has taken. In Russia it is perfectly acceptable. I don't fault the Russian Prime Minister for being who he is, I fault everyone else for thinking that the culture has changed, thinking that we can apply Western business practices into a completely different culture.
This is why the Chinese have been so successful in Africa as well as other developing nations. They have a "live and let live" way about them when it comes to doing business on foreign soil. They don't care what happens in Darfur or Zimbabwe. As long as their national interests are taken care of, they could care less who gets oppressed/beaten/killed. I don't condone it. Rather, I think that we should accept the fact that not everyone thinks like the West and realize that no matter how many holes in the ground we drill for oil, natural gas or even water that each culture is unique and that we can't judge them by a standard we set for ourselves.
Sunday, August 3, 2008
My Ithacation and Some Great News
After an 18 month process of carefully researching, visiting, debating, applying, interviewing, visiting again and then a double elimination tournament of coin flipping for schools to decide my future, I have arrived in Ithaca, New York. I have a week to prepare for what I call "The Cruise," or Orientation for the Johnson School at Cornell for the rest of the world.
It is a full two weeks packed with something to do everyday. Sure there are evening cruises on Cayuga Lake and wine tastings, but there are also a whole litany of activities around resumes, team building and financial aid. This gives me a full week to get my books, read three cases (a walk in the park Kazanski) and get as much golf in as possible during my vacation in Ithaca.
I would like to share some wonderful news. I got a call from Randall Sawyer, Director of Admissions, on Thursday morning about a partial scholarship I was being awarded because of my work in Afghanistan/Iraq. Peter Nolan, a Cornell Alum, donated $200,000 a year for 5 years for a scholarship fund to be awarded to Veterans that have served on the ground in Afghanistan or Iraq. I would like to thank Peter for his generous gift and for lowering my student loan payment by about $300 per month. There is going to be a reception in November to thank Mr. Nolan. I will attempt to not embarrass myself by eating all of the shrimp or drinking too many of the free drinks.
It is a full two weeks packed with something to do everyday. Sure there are evening cruises on Cayuga Lake and wine tastings, but there are also a whole litany of activities around resumes, team building and financial aid. This gives me a full week to get my books, read three cases (a walk in the park Kazanski) and get as much golf in as possible during my vacation in Ithaca.
I would like to share some wonderful news. I got a call from Randall Sawyer, Director of Admissions, on Thursday morning about a partial scholarship I was being awarded because of my work in Afghanistan/Iraq. Peter Nolan, a Cornell Alum, donated $200,000 a year for 5 years for a scholarship fund to be awarded to Veterans that have served on the ground in Afghanistan or Iraq. I would like to thank Peter for his generous gift and for lowering my student loan payment by about $300 per month. There is going to be a reception in November to thank Mr. Nolan. I will attempt to not embarrass myself by eating all of the shrimp or drinking too many of the free drinks.
Subscribe to:
Posts (Atom)
