On Sunday, our friends Meghan and Anthony threw Lauren and me a wonderful engagement luncheon at Tapeo in Boston. We had such a wonderful time celebrating with our friends here and are sad that we won't have any of them with us in San Francisco.
Comment by 
Gowri on October 26, 2007
The stock has gained 150% from Oct 8, 2007 to Oct 22, 2007.
By the way check this company MDFI. Their stock is set to increase because of their association with Apple iphone and Complete Care Medical. Find more about this company and stock http://www.growurmoney.com/medefile/
By the way check this company MDFI. Their stock is set to increase because of their association with Apple iphone and Complete Care Medical. Find more about this company and stock http://www.growurmoney.com/medefile/
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On the last week of classes at MIT Sloan, the student senate runs an event known as "Disorientation." Essentially, its the opposite of orientation; giving you a quick refresher on what you should have learned in business school (such as industrial economics) followed by a final reminder of what you actually learned at business school (how to optimize the line for beer).
Click on the picture to see the whole set on Flickr...
Click on the picture to see the whole set on Flickr...
Labels: MITSloan
Today, Jack Welsh is speaking here at MIT. I'm live blogging some of the nuggets of wisdom:* The trend in environmentalism is a HUGE opportunity for capitalism. If I were a CEO today, I wouldn't even have a choice about embracing this trend. Regardless of whether it's true or not, the perception is driving consumers and must be capitalized on.
* China is a huge market, growing at 8%. The US is an enormous market growing at 3%. I'd bet on the US keeping up that growth trend. We have an incredible entrepreneurial environment driven by a free market and a powerful educational system. We need, though, to keep letting the smart people that come here to MIT in with the Visas that they need.
* The worst manager is a kind manager. "I'm too kind to tell them what I think about them." That's not good enough.
* The nice thing about a baseball team is that the statistics are up there all day. Everyone has an opinion about how everyone is doing. In the business world, the stats are less obvious but the objective is the same. Your goal is to build the best team and you need to identify the best and eliminate the worst. They have to know where they stand at all times so that when you have to let them go, they know exactly why.
* The problem of firing is this. When you fire someone, there are 2 cycles. When you release someone you're relieved, but they are pissed! They linger around the office during their severance period and become a leper. Its your obligation to treat them as well as possible AFTER you fire them, because they are going out there and will become customers or whistle blowers. You would rather have customers.
* The secret to management is this: rigorous appraisal systems and loads of training. Constantly reinforce their education with successful leaders. Candor is the most important thing we develop. Its the only way to let everyone where they stand.
* Giving rewards with intrinsic value but not great pay is a losing proposition. This is what private equity has going for it right now. Its interesting non-bureaucratic work that has great pay straight away. The compensation is outrageous, a starting Harvard MBA going into Private Equity last year made $289k. That's unbelievable money. Its causing a brain-drain for the modern American corporation.
Would you consider an offer to join us as Dean here at MIT Sloan?
* My ability to be the dean of a school where tenure exists is non-existent. My 20-30-10 just wouldn't work here.
If you were CEO of GM from 1981 till now, how would the American Auto Industry be different?
* In hindsight, its easy. Letting the UAW run your business is not good business. The job banks are outrageous, people literally show up to do nothing. This is killing the business. Would I have been smart enough to take on labor and change this? I don't know, it would be pompous to say I would but I'd like to think I would have taken them on.
* You can guarantee a 100% correlation between a union election and a horses ass.
You believe in a lot of the skills that are gained through military leadership. Do you believe that America would benefit from some type of military service requirement?
* The question started out so well, but I'm not going to tough the last part. I think doing something like that would tear this country apart. I was at West Point yesterday, though, and its an incredible environment. Applications are at the highest point ever and the students are amazing.
How would you influence people who don't like you and don't want to work for you?
* I suggest that generally spend as little time with them as possible. Why would you want to spend time with someone who doesn't like you. With these people you have a talk with them and if they don't buy onto the program and move forward with the business, shoot them. You will not have everyone liking you, so long as they are buying into the program and moving forward its okay. If they are a resistor, you can't have that -- you need to have people on the same page buying in and moving forward.
What is your take on work-life balance? Is there such a thing?
* The problem with that work is "balance." The word is choices, and you make them. You in the end make choices, and you live with them. Its not a company's job to make your choice or to make the choice easy for you. I respect all the choices you make, but no company is working to make your balance; they're dealing with your choices. If firms can't attract people with intrinsic value and pay packages, then they have other problems.
* Without face time, you're dead. If your not in the trenches, if your not there when they need you, when it comes time for the promotion, you're not going to get it. You're looking for the people who are going to be there with the team, because they get results. You think a manager is going to promote the telecommuter who they haven't seen in 12 years? Come on, quit kidding yourself with this crap.
Labels: business, Jack Welch, MITSloan
In a rehash of a test we did coming into MIT Sloan last year, we're using the Myers-Briggs type indicator to determine the mix of personalities on our team for my Product Development class this semester. The outcome is pretty interesting in much the same way that on occasion your horoscope is dead on for a given day. The test claims that I'm an ENTJ, which amounts to a description of how my personality falls along four axis.
On the first axis, which measures Extraverts vs. Introverts, I fall squarely as an extrovert. Not surprising, really. I think you can see the distinction when you see the types of things that I typically blog about -- its pretty interesting actually. Wikipedia provides a description of this axis as:
On the second axis measuring Sensing vs. Intuition, I'm strongly along the Intuition axis (denoted by the 'N'). This mostly makes sense, as I tend to have a reasonable ability to come up with rational hypotheses and tend to look toward the future when I build plans and actions. Wikipedia:
The third axis, I clearly fall along the thinking dimension. According to the Wikipedia entry:
No question that its the right dimension for me -- I would tender a bet that most programmers fall along this dimension at some level. Knowing this about myself is important in group settings for a number of reasons. First, I focus on results rather than feelings. For better or worse, I think this allows me to evaluate people based on actual actions rather than on emotional responses. Second, it exposes something that I need to focus on when I start my new job managing people. It will be important for me to put some extra thought into the "subjective people-centric" aspects of decisions before I make them.
The last axis is that between Judging and Perceiving. On this dimension I fall on the Judging side, which means that I really prefer an organized life. In other words, I'm anal -- no shock there. Wikipedia again:
The combination is where it starts to get really interesting, because apparently I'm a pretty rare bird. Of the sixteen possible combinations of types, ENTJ is the least common showing up in merely 1.8% of the population. The type is often referred to as "Entrepreneur" in Socionics circles because it is a combination of traits highly corellated to those found in successful entrepreneurs. Also "ENTJ is sometimes considered to be the ideal type in business - for example MBA students who take the MBTI are expected to test as ENTJ," which I think is cool.
The official descriptive summary of an ENTJ, and I suppose a basic warning about who I apparently am, is:
Check out the Jung Personality Test at Similar Minds to see what you are.
On the first axis, which measures Extraverts vs. Introverts, I fall squarely as an extrovert. Not surprising, really. I think you can see the distinction when you see the types of things that I typically blog about -- its pretty interesting actually. Wikipedia provides a description of this axis as:
The terms Introvert and Extravert (normally spelled 'extrovert' outside of the Myers-Briggs context) are referred to as attitudes and show how a person orients and receives their energy. In the extraverted attitude the energy flow is outward, and the preferred focus is on other people and things, whereas in the introverted attitude the energy flow is inward, and the preferred focus is on one's own thoughts, ideas and impressions.
On the second axis measuring Sensing vs. Intuition, I'm strongly along the Intuition axis (denoted by the 'N'). This mostly makes sense, as I tend to have a reasonable ability to come up with rational hypotheses and tend to look toward the future when I build plans and actions. Wikipedia:
Sensing and Intuition are the perceiving functions. These are the nonrational functions, as a person does not necessarily have control over receiving data, but only how to process it once they have it. Sensing people tend to focus on the present and on concrete information gained from their senses. Sensing prefers to receive data primarily from the five senses. Intuitives tend to focus on the future, with a view toward patterns and possibilities. These people prefer to receive data from the subconscious, or seeing relationships via insights.
The third axis, I clearly fall along the thinking dimension. According to the Wikipedia entry:
Thinking people tend to base their decisions on logic "true or false, if-then" connections and on objective analysis of cause and effect. Feeling people tend to base their decisions primarily on values and on subjective evaluation of person centered concerns.
No question that its the right dimension for me -- I would tender a bet that most programmers fall along this dimension at some level. Knowing this about myself is important in group settings for a number of reasons. First, I focus on results rather than feelings. For better or worse, I think this allows me to evaluate people based on actual actions rather than on emotional responses. Second, it exposes something that I need to focus on when I start my new job managing people. It will be important for me to put some extra thought into the "subjective people-centric" aspects of decisions before I make them.
The last axis is that between Judging and Perceiving. On this dimension I fall on the Judging side, which means that I really prefer an organized life. In other words, I'm anal -- no shock there. Wikipedia again:
Judging and Perceiving reveals the specific attitudes of the functions. J or P records which of the strongest of the judging functions or perceiving functions is outwardly displayed. People who prefer judging tend to like a planned and organized approach to life and prefer to have things settled. People who prefer Perceiving tend to like a flexible and spontaneous approach to life and prefer to keep their options open. (The terminology may be misleading for some—the term "Judging" does not imply "judgmental", and "Perceiving" does not imply "perceptive".)
In J-types, the preferred judging function (T or F) is extraverted (displayed in the outer world). J-types tend to prefer a step-by-step (left brain: parts to whole) approach to life, relying on external rules and procedures, and preferring quick closure. The preferred perceiving function (S or N) is introverted.
The combination is where it starts to get really interesting, because apparently I'm a pretty rare bird. Of the sixteen possible combinations of types, ENTJ is the least common showing up in merely 1.8% of the population. The type is often referred to as "Entrepreneur" in Socionics circles because it is a combination of traits highly corellated to those found in successful entrepreneurs. Also "ENTJ is sometimes considered to be the ideal type in business - for example MBA students who take the MBTI are expected to test as ENTJ," which I think is cool.
The official descriptive summary of an ENTJ, and I suppose a basic warning about who I apparently am, is:
Frank, decisive, leaders in activities. Usually good in anything that requires reasoning and intelligent talk, such as public speaking. Are usually well-informed and enjoy adding to their fund of knowledge. May sometimes appear more positive and confident than their experience in an area warrants.
Check out the Jung Personality Test at Similar Minds to see what you are.
Boy, is this trophy going to look good on my desk! Our team of 4 marginally decent duffers took the prize within the handicapped competition for the best round on Sunday within the 2006 Fall "Open Container" Open. Big shout-out to my awesome teammates:Anthony "Sergio" Garcia
Heidi "Birdie Maniac" Zak
Adrian "Comes up" Bignami
Heidi "Birdie Maniac" Zak
Adrian "Comes up" Bignami
First place, definitely better than any of us expected. I want to make sure to save a special thank you for the gnomes that kept catching the balls that I hit into the woods and chucking them back into the fairway -- seriously, we would never have won without your generous "bounces."
The first hack of the 2006-2007 year has appeared on top of the great dome. Very cool!
Photo by Marcel Osco
Comment by Nick Hofmeister on September 12, 2006
I've been thinking that we (Sloan) needed to do a hack to improve our geek cred on campus.
Didn't know you had a blog, Trond, but it's on my bloglines list now.
-Nick
Didn't know you had a blog, Trond, but it's on my bloglines list now.
-Nick
Calling MIT Sloan class of 2009...don't let my mug scare you off of coming to one of our admission events:
Autographed copies available, just come to visit and look me up...
Autographed copies available, just come to visit and look me up...
Labels: MITSloan
With classes right around the corner, and first year Sloanies wrapping up their orientation activities its time to discuss the time-honored tradition of b-school hazing. At Sloan they call it "the Warren Center" -- which is Spanish for "Fighting Chicken" -- but let's call it what it is: hysterically humiliating. As a "pilot" I lead a team of first-years through the halls of tradition, with entertaining results:
In the end, the "Caribbean Puffins" -- seriously, that's the team name -- were great. They walk away from the day knowing a lot more about each other and hopefully with a strong sense of the collaborative culture we pride ourselves on at Sloan. The Warren Center is a huge part of getting everyone started on the right foot and the balance of fun, challenge and teamwork is awesome.
In the end, the "Caribbean Puffins" -- seriously, that's the team name -- were great. They walk away from the day knowing a lot more about each other and hopefully with a strong sense of the collaborative culture we pride ourselves on at Sloan. The Warren Center is a huge part of getting everyone started on the right foot and the balance of fun, challenge and teamwork is awesome.
Labels: MITSloan
No doubt there is a ton of hype about alternative fuels at the moment, and a lot of interest in Ethanol in general. For a class at Sloan, I did a lot of research into the market and see why there is a lot of hype. A typical 40 million gallon per year plant running on Corn is making upwards of 45% margins on an ongoing basis. I believe its called a "money machine." Natural gas and corn prices are the main supply costs and MTBE reductions across the country are spurring enough demand to drive prices for Ethanol to crazy high levels. As they increase, however, ethanol's price advantage over gasoline will erode and the fickle economics may start to break down. That fact will likely stabilize prices in the short term, while rapid increases in supply will stabilize prices in the long term. Thats why this summer I expect Ethanol prices to be very close to on par with gasoline in a per BTU comparison.
As far as investing goes, I think Pacific Ethanol is interesting only in that it is one of the few public options for investing in the future of Ethanol. As more and more capacity enters the market, the firm must find ways to establish a competitive advantage or the firm will fall into a pure commodity trap. Parallels to Exxon and Mobil are unfounded because of a distinct disadvantage in terms of vertical integration. Exxon and Mobile control end-to-end production, refining and distribution. The last link in this value chain is where a large percentage of the profits come from and where Exxon and Mobil extract a great deal of their advantage. PE owns one small link in the chain, one where there is little opportunity for differentiation in the future (think of ways to cut down on input costs and improve distribution). At the moment, it serves as an alternative higher value fuel (replaces MTBE and has some psychological advantages over oil) but as ligno-cellulosic ethanol and more efficient bio-diesel options become available this advantage will erode. Unless PE can ride the technology advances to stay at the forefront and find a way to integrate down into the distribution level of the value chain, they should remain a short-term investment option that you monitor carefully and exit at the moment of greatest hype. Unfortunately, the hype moment looks like its closer and closer. I think you had better be careful with this one. Hold for now.
I like Archer Daniels Midland (ADM) only a little better because its tied more tightly to the entire value chain and has the ability to extract more value from the creation of these fuels than does PE. I also like ADM's diversity of businesses which can help them bridge turbulent times and defend against the possibility of OPEC dropping its drawers to kill alternative fuel production. Still, I remain cautiously optimistic on ADM -- like the profits it can earn in the short-term, but am hesitant about its long-term strength in the market. Its a bit overvalued at the moment, but I expect it to become even more over-valued if the market for alternative energy continues as it has been going ths year...
As far as investing goes, I think Pacific Ethanol is interesting only in that it is one of the few public options for investing in the future of Ethanol. As more and more capacity enters the market, the firm must find ways to establish a competitive advantage or the firm will fall into a pure commodity trap. Parallels to Exxon and Mobil are unfounded because of a distinct disadvantage in terms of vertical integration. Exxon and Mobile control end-to-end production, refining and distribution. The last link in this value chain is where a large percentage of the profits come from and where Exxon and Mobil extract a great deal of their advantage. PE owns one small link in the chain, one where there is little opportunity for differentiation in the future (think of ways to cut down on input costs and improve distribution). At the moment, it serves as an alternative higher value fuel (replaces MTBE and has some psychological advantages over oil) but as ligno-cellulosic ethanol and more efficient bio-diesel options become available this advantage will erode. Unless PE can ride the technology advances to stay at the forefront and find a way to integrate down into the distribution level of the value chain, they should remain a short-term investment option that you monitor carefully and exit at the moment of greatest hype. Unfortunately, the hype moment looks like its closer and closer. I think you had better be careful with this one. Hold for now.
I like Archer Daniels Midland (ADM) only a little better because its tied more tightly to the entire value chain and has the ability to extract more value from the creation of these fuels than does PE. I also like ADM's diversity of businesses which can help them bridge turbulent times and defend against the possibility of OPEC dropping its drawers to kill alternative fuel production. Still, I remain cautiously optimistic on ADM -- like the profits it can earn in the short-term, but am hesitant about its long-term strength in the market. Its a bit overvalued at the moment, but I expect it to become even more over-valued if the market for alternative energy continues as it has been going ths year...
Labels: MITSloan
After a great deal of sweat and effort, my team in the GM Case Competition came in as the Runners Up. Our idea, which we dubbed "Access & Assurance for OnStar" was a combination of on-board WiFi access and in-vehicle safety cameras that can be used in the event of a catastrophic emerrgency. Our presentation looked pretty good, check it out.
Labels: MITSloan
When you arrive in Cambridge this fall, its going to be a little overwhelming. You're going to meet a thousand new people, and be pushed to make seemingly important decisions right from day one. Hopefully these tips can help ease the process a little:
If this all sounded like gibberish to you, don't worry -- its all Sloan jargon and you'll learn in time. Have fun with your time off and see if you can read a few pieces of Fiction before your reading list changes to HBS cases...
- Pickup your facebook and work on learning people's names. It gets really hard after orientation when all of a sudden people aren't wearing their nametags any longer. Get ready for it.
- Unless you are interested in being an i-banker, take Marketing in the Fall. The class is only a half-semester class which gives you a lot of extra room to breathe at Finals.
- Boston turns from summer to winter faster than you think. Take advantage of the free sailing lessons on the Charles as soon as you arrive here in August.
- Accounting is not going to be fun, and those of us in the second year class are without doubt going to tell you how much harder we had it than you do. We're lying just to prevent reliving the misery.
- Start updating your resume now. Don't waste your time on formatting, because the CDO is going to make you change it anyway. Use bullets for your accomplishments under each job title and phrase them: "action overcame challenge to produce result." Quantify results wherever you can. Do this while you are still "working," its a pain to do it later because the CDO conveniently releases the resume template during midterms.
- Take 3 SIP credits in the fall semester. You are going to want to skip part of SIP during the Spring semester to go somewhere cool -- like India or Tibet or China or Colombia or Turkey or Korea or Japan or Killington...
- The core is all about volume. The work is all manageable and you will rely on your team to help you through the tough times. Plan ahead every week and don't be tempted to do all of your problem sets as a team -- that's the biggest time black hole ever.
- Definitely go on the pre-orientation trips in August. They give you a leg up meeting classmates and offer you a few extra second-year contacts outside of your Ocean.
If this all sounded like gibberish to you, don't worry -- its all Sloan jargon and you'll learn in time. Have fun with your time off and see if you can read a few pieces of Fiction before your reading list changes to HBS cases...
Labels: MITSloan
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