![]() I kid you not – reread that sentence, three times. He was proud of how managers of one division were able to “come up with” a few more cents of earnings if another division fell short of its forecast. In his book, Welch raved that from the early 2000s GE always beat Wall Street estimates. Jack’s GE was not in the business of building moats and investing for the long run he was in the business of beating quarters. Welch built a company with a “beat this quarter” culture. I’d argue that this history needs some serious rewriting. Jack Welch went into the corporate history books as the best American CEO ever. To make things worse, despite GE’s being one of the most-admired companies in the US, I have always hated its culture. I looked at GE a half a dozen times over the years, and every single time I walked away without understanding the business or what it is worth. I’m a value investor I should be all over this stock that is making a generational low. It’s just that when I agree with one – which happens often, actually – there is little value in it: Love, hate, or indifference is already priced into the stock.Ī lot of times I won’t have an insight into a business because I don’t understand it or because it’s too complex. ![]() That doesn’t mean I disagree with the common opinion all the time, not at all. I was thinking, what’s the common thread among all of my articles? I realized that it’s my willingness to disagree with a popular opinion if my research leads me to a contrary conclusion. When I was trying to pick its name I did a lot of soul searching. I created my article repository site (also known to some as a blog),, in 2004. If you’re interested, please drop a line to my wonderful assistant Barbara. (We may do a few in different locations depending on interest.) I’ve done these three times over the last four months in Los Angeles, Fort Lauderdale, and San Francisco, and I’ve really enjoyed meeting my readers. ![]() ![]() I’ll try to organize reader get togethers while I’m in Florida, but I’m not sure when and where yet. I am attending a conference in South Beach Wednesday-Friday and then will spend Friday-Sunday in the Delray Beach area. I will spend a few hours in Fort Lauderdale on Wednesday afternoon. I am going to be in South Florida February 21-25 (Wednesday-Sunday). I also emphasized in italics, my view on what the key themes are. I added article subtitles to break up the reading a bit. This is a guest post by Vitaliy Katsenelson who writes the Contrarian Edge.
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