Memos from the Chairman

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In nearly two decades as chairman of the board, Alan "Ace" Greenberg has successfully guided Bear Stearns & Co. through the financial marketplace's dizzying highs and sickening lows. His management philosophy, often credited to "advisor and mentor" Haimchinkel Malintz Anaynikal, was articulated over the years in a series of witty and revealing memoranda. Grouped by era and prefaced briefly by the author in Memos from the Chairman, they now offer a front-seat look at a unique business style.


From Library Journal
When Greenberg became chair of the investment banking firm Bear Stearns in 1978, he began the practice of communicating to his staff via memos. While this is accepted practice in the business world, Greenberg's staff soon discovered that their boss wrote memos quite unlike the ones they were used to receiving. This collection of memos written between 1978 and 1995 covers topics ranging from conserving electricity to promptly answering telephones. All are written with gentleness and wit. It is comforting to read memos from an employer who communicates to employees with intelligence and compassion. For business collections.Andrea C. Dragon, Coll. of St. Elizabeth, Convent Station, N.J.Copyright 1996 Reed Business Information, Inc.


Mark Trumbull, The Christian Science Monitor
The one-page topics include simple things like answering telephones, not throwing away paper clips, not bad-mouthing competitors, and letting people know where you can be reached if you leave the office. More broadly, they commend sticking to the basics during hard times, staying humble in good times, and focusing on customers. Greenberg enlists the help of that 'dean of business philosophers,' Haimchinkel Malintz Anaynikal, . . . to make the book a fun read and avoid a preachy tone. The sage's reminders, which Greenberg passes along second-hand, include: 'Thou will do well in commerce as long as thou does not believe thine own odor is perfume.' Also enjoyable are the book's jabs at management trends and fads that, even when they have merit, often deserve a little ribbing.


Book Description
Introduction by Warren Buffett. Since taking over as chairman 18 years ago, Alan C. Greenberg--a cigar-smoking, shirt-sleeved trader from the old school--has transformed Bear Stearns into one of the most profitable investment banks in the financial industry. Many believe that periodic messages from the man who sits in the middle of the firm's trading floor set the tone at Bear Stearns. Now collected in Memos from the Chairman, here they are: humorous, sometimes biting, always inspiring memos that, taken together, comprise a unique--and uniquely simple--management philosophy. On bureaucracy: "Forget the chain of command! If you think somebody is going off the wall or his/her decision-making stinks, go around the person, and that includes me." On telephone manners: "Transferring a call seems to require more athletic ability than some of our associates possess. Be prepared for spot checks. . .those who flunk will get private lessons from me." On success: "Remember that the Green Bay Packers won because they executed the fundamentals better than their competition. Trick plays make headlines, but winners execute the basics." On arrogance: "Conceit and complacency are dangerous, particularly in our line of work. If I ever feel that the people at Bear Stearns start thinking their body odor is perfume and I cannot convince them otherwise--I will sell my stock."

66,000 copies in print


From the Inside Flap
"Ace Greenberg does almost everything better than I do-bridge, magic tricks, dog training, arbitrage-all of the important things in life." (Warren Buffet) Make decisions based on common sense. Avoid the herd mentality. Control expenses with unrelenting vigil. Execute the fundamentals. Free your motivated, intelligent people from the chain of command. Hire PSDs. And stay humble, humble, humble. These are just some of Alan C. Greenberg's management truths. And they've served him and his company well. Since taking over as chairman 18 years ago, this cigar-smoking, shirt-sleeved trader has helped transform Bear Stearns into one of the most profitable investment banks in the world. And one way he's done it is through the judicious use of memos that inspire, exhort, and coax is colleagues on to ever-greater efficiency and prosperity. Now, after gathering a reputation in financial circles over the years, Ace Greenberg's wise and often humorous messages are collected in Memos From the Chairman, where they combine to create a unique management philosophy. Focused, simple and sane, it's a philosophy that will benefit everyone in business, from Fortune 500 CEOs, to middle managers, to entrepreneurs.


From the Back Cover
"Oh, Haimchinkel Malintz Anaynikal, where were you when I needed your wise counsel? I love this book. If I didn't have a dreaded MBA I might even, at age 53, apply for a job at Bear Stearns." (Tom Peters, co-author of In Search of Excellence)


Excerpt. © Reprinted by permission. All rights reserved.
(From Memos From the Chairman) Telephone Manners: "Transferring a call seems to require more athletic ability than some of our associates possess. Be prepared for spot checks...those who flunk will get private lessons from me." Cutting Costs: "At last weeks partners meeting. Haimchinkel pointed out to me that the hors d'oeuvres had been upgraded considerably from peanuts. You will be happy to know that we are now back to peanuts." Good Times: "The time to stop stupidity and be tough on costs is when times are good. Any schlemiel and most schlamozels try to cut costs when times are bad." Bad Times: "Now is not the time to hide from clients. It takes real courage to make calls when you know the reception might be hostile." Arrogance: "Conceit and complacency are dangerous, particularly in our line of work. If I ever feel that the people at Bear Stearns start thinking their body odor is perfume and I cannot convince them otherwise-I will sell my stock." Excerpted from Memos From The Chairman. Copyright (c) 1996. Reprinted with permission by Workman Publishing.


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When Greenberg became chair of the investment banking firm Bear Stearns in 1978, he began the practice of communicating to his staff via memos. While this is accepted practice in the business world, Greenberg's staff soon discovered that their boss wrote memos quite unlike the ones they were used to receiving. This collection of memos written between 1978 and 1995 covers topics ranging from conserving electricity to promptly answering telephones. All are written with gentleness and wit. It is comforting to read memos from an employer who communicates to employees with intelligence and compassion. For business collections.-Andrea C. Dragon, Coll. of St. Elizabeth, Convent Station, N.J.


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