...for making money. At six year old, Buffett made a five cent profit by purchasing a six-pack of Coca-Cola for twenty-five cent and reselling each bottle for a nickel. At eleven, he purchased three shares of Cities Service at $38 per share. Shortly after buying the stock, it fell to just over $27 per share (Kennon). When the shares rebounded to $40 he sold the shares, but regretted his actions when the shares shot up to $200. The experience taught him that patience is a virtue (Kennon). Buffett was a graduate of the University of Nebraska-Lincoln. Some time after graduation, Buffett had the opportunity to work for his mentor, Ben Graham, on Wall Street. There, he spent his day analyzing S&P reports, searching for investment opportunities (Kennon). He took a different interest than that of his mentor, he became interested in how a company worked, what made it superior to competitors and observed how the company was managed when deciding to invest; he was not interested in the corporate leadership of the companies he researched and invested in. In the mid-1950’s Buffett aligned himself with seven limited partners and created Buffett Associates, Ltd. Over the course of five years, the Buffett organization earned 251% profit, much higher than the Dow, who came in at 74.3% during the same period. After ten years, the Buffett Partnership (the new entity created from the limited partners) had profits up 1,156% compared to the Dow’s 123%. The year following the Vietnam War...
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...became a dual management team. Jim Parker became the chief executive and vice president who serves as the brains of the operation with responsibility for business structure. Colleen Barrett is the heart of SWA where she serves as the president and chief operating officer who oversees the culture (“Southwest succession,” 2002). SWA defines its culture as altruism, listening intently, leading with a servant’s heart and exhibits an exciting-loving and fun approach, (McGee-Cooper, Trammell, & Looper, 2008). Barrett stimulates the image, allows workers at each level to grow into family, prototypes the way of servant leadership, acknowledges works well done and inspires the souls of 32,000 SWA employees (McGee-Cooper, Trammell, & Looper, 2008). Barrett created the Culture Committee, whose goal is to support the Southwest spirit and values throughout the company; to enhance it and assist the improvement in which the committee previously subsists (McGee-Cooper, Trammell, & Looper, 2008). The members who serve on this committee do it voluntarily. They put in the time willingly, and they hold themselves accountable. What is amazing is that from the start of this, the participation, and attendance was and still is 100% (McGee-Cooper, Trammell, & Looper, 2008). Barrett is very big on accountability, and anyone who doesn’t full fill that obligation is politely taken off the committee. After members serve for three years on the committee, they are rotated...
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...Hirshfield’s product to stand out among the competitor’s candy-counter offerings, which were sold by the scoop from jars (St. James Press, 1996). Sold at a penny apiece and affectionately named after Hirshfield’s five-year old daughter, Clara, whose nickname was “Tootsie,” Tootsie Rolls propelled Hirshfield’s modest corner store into burgeoning candy enterprise that has evolved in little more than a century into the multinational corporation, Tootsie Roll Industries. The Tootsie Roll Industry main head quarter and production plant is located in Chicago, Illinois. Its operations are also in Illinois; Massachusetts; Tennessee; Wisconsin; Mexico City, Mexico; and Concord, Ontario. Today they employee around 2200 employees. The company’s website is www.tootsie.com. Its three top competitors are listed as The Hershey Company (Ticker Symbol HSY), Nestle S.A. (shares are traded at SIX Swiss Exchange symbol NESN.VX (Nestle , 2011), and Mars Inc (privately held company). The board of Directors has appointed PricewaterhouseCoopers LLC as the independent registered public accounting firm for its 2011 fiscal year. PricewaterhouseCoopers LLC has been the company’s independent auditors since 1968 (Tootsie Roll Industries, Inc., 2011). In 1905, Hirshfield realized that he would need more capital to promote and expand his candy business to meet demand. Within the year he merged his operations with a local candy manufacturer, Sterg & Staalberg. In 1917 the company was renamed to Sweets...
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...James “Jamie” Dimon, JPMorgan Chase's CEO, is one of America's most powerful and outspoken bankers. Dimon's career in the brokerage business seemed preordained by his lineage. His grandfather, a Greek immigrant from Smyrna, was a broker and passed on his knowledge of the business to his son and partner, Theodore Dimon. Jamie Dimon's father and grandfather worked together for 19 years, and Dimon worked summers in their New York office. In 1978 Dimon graduated cum laude from Tufts University. He worked for the Management Analysis Center, a consulting firm in Boston, for several years and then enrolled in Harvard Business School. While a student at Harvard, Dimon interned at Goldman Sachs and was offered a job there after graduation in 1982. He declined, instead going to work for the mentor who would profoundly shape his career: Sandy Weill. From 1982 to 1985 Weill and Dimon teamed up at American Express, where Dimon signed on as vice president and assistant to the president. Dimon's abilities to crunch numbers meshed well with Weill's people skills. When Weill was forced out of American Express, he made Dimon his second in command at the little-known consumer-lending outfit that he bought called Commercial Credit Company. That tiny firm was the beginning of what would eventually become Citigroup. Dimon was a key member of the team that launched and defined Commercial Credit's strategy. He served as the company's chief financial officer and an executive vice president and then...
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...customize along with a wide variety of clothing, shoes and accessories to choose from (“Build-A-bear Workshop, Inc,” 2014). It all started with a simple idea that was inspired by a 10-year-old girl. Maxine Clark was the former President of Payless Shoesource and left her successful career behind in pursuit of what she calls retail entertainment. Gleaning the advice from her mentor, Stanley Goodman, former CEO of May Department Stores, she recalls one of her greatest lessons from him, which was that retailing is entertainment and the store was the stage. The happier the customers, the more money they will spend. In an interview with CNBC, she states, “I just felt like he was calling me. And saying, ‘Maxine, you gotta get back to it.’ And I didn’t know exactly what I was gonna do, but I knew it was gonna be something for children, because children require you to be creative. They aren’t really worried about whether you’re making money or not making money. They want you to create something that’s fun and lasting and changing and growing. And that’s what I wanted to do” (Clark, 2012). After leaving Payless Shoesource, Clark moved back to her hometown of St. Louis, Missouri to get back to her roots. Clark had no children of her own, but she worked with children often. At that time, she had a 10-year-old best friend, named Katie. While shopping with Katie...
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...History of Fiji Fiji was first settled about 3,500 years ago by the Melanesians and Polynesians. According to Fijian legend, the great chief Lutunasobasoba led his people across the seas to the new land of Fiji. Most authorities agree that people came into the Pacific from Southeast Asia via the Malay Peninsula. Here the Melanesians and the Polynesians mixed to create a highly developed society long before the arrival of the Europeans. The European discoveries of the Fiji group were accidental. The first of these discoveries was made in 1643 by the Dutch explorer, Abel Tasman and English navigators, including Captain James Cook who sailed through in 1774, and made further explorations in the 18th century. Major credit for the discovery and recording of the islands went to Captain William Bligh who sailed through Fiji after the mutiny on the Bounty in 1789. The first Europeans to land and live among the Fijians were shipwrecked sailors and runaway convicts from the Australian penal settlements. Sandalwood traders and missionaries came by the mid-19th century. European traders and missionaries arrived in the first half of the 19th century, and the resulting disruption led to increasingly serious wars among the native Fijian confederacies. One Ratu (chief), Cakobau, gained limited control over the western islands by the 1850s. Cannibalism practiced in Fiji at that time quickly disappeared as missionaries gained influence. When Ratu Seru Cakobau accepted Christianity in 1854...
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...9-707-446 REV: JANUARY 28, 2008 JOHN R. WELLS Providian Financial Corporation Introduction On October 3, 2005, Washington Mutual acquired Providian Financial Corporation, the ninthlargest credit card issuer in the U.S., for $6.5 billion. At the time, Providian had approximately 10 million customer relationships and a balance of $18.6 billion. For some observers, the transaction was merely the end of another chapter in the history of the fast consolidating credit card market.1 For Providian CEO Joseph Saunders it was vindication of four years’ hard work in turning around a company that many thought was close to bankruptcy. Saunders reflected, “I actually think that we took over a company that many people—maybe even most people—thought was going to fail”; he added, “Providian is no longer just a turnaround story, we are a success story.”2 Company History Providian began as Commonwealth Insurance, which was founded in 1904. The company survived the depression of the 1930s and, in the late 1960s, formed Capital Holdings to acquire other insurance enterprises and financial services companies. In the 1980s Capital Holdings started targeting low- and middle-income people when it established itself in Kroger grocery stores and in certain Bank of America branches. The 1984 acquisition of First Deposit Corporation from Parker Pen marked the beginning of the compnay’s focus on credit cards, which “later became [its] primary profit-making operation.”3 In the 1990s, Capital Holdings...
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...Great Britain) A: said that the United States is free (from Great Britain) 9. What are two rights in the Declaration of Independence? A: life A: liberty A: pursuit of happiness 10. What is freedom of religion? A: You can practice any religion, or not practice a religion. 11. What is the economic system in the United States?* A: capitalist economy A: market economy 12. What is the "rule of law"? A: Everyone must follow the law. A: Leaders must obey the law. A: Government must obey the law. A: No one is above the law. B. System of Government 13. Name one branch or part of the government.* A: Congress A: legislative A: President A: executive A: the courts A: judicial 14. What stops one branch of government from becoming too powerful? A: checks and balances A: separation of powers 15. Who is in charge of the executive branch? A: the President 16. Who makes federal laws? A: Congress A: Senate and House (of Representatives) A: (U.S. or national) legislature 17. What are the two parts of the U.S. Congress?* A:...
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...SEC's Formative Years Author(s): Thomas K. McCraw Source: Journal of Policy Analysis and Management, Vol. 1, No. 3 (Spring, 1982), pp. 346-370 Published by: Wiley on behalf of Association for Public Policy Analysis and Management Stable URL: http://www.jstor.org/stable/3324354 . Accessed: 02/10/2013 10:25 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . Wiley, Association for Public Policy Analysis and Management, John Wiley & Sons are collaborating with JSTOR to digitize, preserve and extend access to Journal of Policy Analysis and Management. http://www.jstor.org This content downloaded from 129.22.124.137 on Wed, 2 Oct 2013 10:25:50 AM All use subject to JSTOR Terms and Conditions WithConsent the of Governed: SEC'sFORMATIVE YEARS Thomas K. McCraw The Securities and Exchange Commission, established in 1934, has achieved a uniquely high reputationfor effectiveregulation. TheSEC succeededin largemeasurebecause of the initial strategy developedby its founders.Led by Joseph P. Kennedy,James M. Landis, and...
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...Vannevar Bush (/væˈniːvɑr/ van-NEE-var; March 11, 1890 – June 28, 1974) was an American engineer, inventor and science administrator, who during World War II headed the U.S. Office of Scientific Research and Development (OSRD), through which almost all wartime military R&D was carried out, including initiation and early administration of the Manhattan Project. He is also known in engineering for his work on analog computers, for founding Raytheon, and for the memex, a hypothetical adjustable microfilm viewer with a structure analogous to that of hypertext. In 1945, Bush published As We May Think in which he predicted that "wholly new forms of encyclopedias will appear, ready made with a mesh of associative trails running through them, ready to be dropped into the memex and there amplified".[1] The memex influenced generations of computer scientists, who drew inspiration from its vision of the future. For his master's thesis, Bush invented and patented a "profile tracer", a mapping device for assisting surveyors. It was the first of a string of inventions. He joined the Department of Electrical Engineering at Massachusetts Institute of Technology (MIT) in 1919, and founded the company now known as Raytheon in 1922. Starting in 1927, Bush constructed a differential analyzer, an analog computer with some digital components that could solve differential equations with as many as 18 independent variables. An offshoot of the work at MIT by Bush and others was the beginning of digital...
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...1) Where is the white house located? 2) Which are the 2 big political parties? 3) Name 2 senators of Virginia? 4) What is the legislative branch of government? 5) What are the beliefs of declaration of independence? 6) When do we inaugurate the new commander in chief? Part A: Principles of American Democracy 1. What is the supreme law of the land? The Constitution 2. What does the Constitution do? Sets up the government defines the government protects basic rights of Americans 3. The idea of self-government is in the first three words of the Constitution. What are these words? We the People Free Online US Citizenship Practice Test. 4. What is an amendment? A change (to the Constitution) an addition (to the Constitution) 5. What do we call the first ten amendments to the Constitution? The Bill of Rights 6. What is one right or freedom from the First Amendment?* Speech religion assembly press petition the government 7. How many amendments does the Constitution have? Twenty-seven (27) 8. What did the Declaration of Independence do? Announced our independence (from Great Britain) declared our independence (from Great Britain) said that the United States is free (from Great Britain) 9. What are two rights in the Declaration of Independence? Life liberty pursuit of happiness 10. What is freedom of religion? You can practice any religion, or not practice a religion. 11. What is the economic system in the United States?* Capitalist economy market...
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...ope an insurance companies Trends and justifications over the years 2005-2009 Authors: Sara Palmén Jönköping International Business School Avare Suleyman Jönköping International Business School Tutor: Dr. Petra Inwinkl Associate Professor in Accounting and Finance, Jönköping International Business School Master thesis within Business Administration Title: CEO remuneration in listed European insurance companies – Trends and justifications over the years 2005-2009 Authors: Sara Palmén, Avare Suleyman Tutor: Dr. Petra Inwinkl Examiners: Dr. Petra Inwinkl, Prof. Gary Cunningham Date: Spring 2010 (uploaded 2010.06.03) Key words: CEO, chief executive officer, remuneration, fixed pay, variable pay, short-term, long-term, benefit, Europe, insurance, incentive, attraction, retention, agency theory, financial crisis, trend, justification. Abstract In the ever so increasingly competitive business climate of the 21st century, human resources are vital for corporate success. Employees need proper incentives to perform in goal-oriented manners. Incentive systems, especially Chief Executive Officer [CEO] remunerations, have been a popular topic since the 1990s, and this tendency has increased both during the 2002-2003 corporate scandal era, as well as the financial crisis which sparked in 2007. The recent tendency appears to lean towards companies cutting their executive bonuses as well as criticism and suspiciousness towards large...
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...Executive Summary The following report will determine the strategic position of Rolls-Royce and the environmental impact of a new technology upon that strategic position. The report will analyse and evaluate the role and impact of short to medium range single aisle narrow body aircraft on the strategic position of Rolls-Royce. The report will focus on the civil aerospace business of Rolls-Royce and will use Rolls-Royce Inchinnan as a base model. The Boeing 737 series and Airbus A320 are the most popular aircraft ever produced with a 737 landing in the world every five seconds. The 737 in particular will reach the end of its service life within the next ten years. Southwest airlines are requesting an overdue replacement with most airframes living thirty years, the original 737 was released in 1967. The effect of the next generation 737, released in 1998, retiring will leave a considerable gap to be filled. Rolls-Royce does not power the Boeing 737which is monopolised by Pratt and Whitney and General Electric. Should Rolls-Royce attain a share of this market it will become the largest contract ever undertaken by Rolls-Royce. The new aircraft is currently under development and is expected to form the latest of aerospace technology such as composite structures, geared turbofans or open rotor designs. All of the large aerospace manufacturers are currently vying for involvement in the programme for should the new edition emanate the previous, the returns will be substantial...
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...would. Intrapreneurs usually have the resources and capabilities of the firm at their disposal. The intrapreneur's main job is to turn that special idea or project into a profitable venture for the company. A.James Gosling B.Personal Information * Born on May 19, 1955 (age 60) Near Calgary, Alberta, Canada * Residence:San Francisco Bay Area,California, United States * Nationality: Canadian * Institutions: Sun Microsystems,Oracle Corporation,Google,Liquid Robotics,Typesafe Inc. * Alma mater: Carnegie Mellon University University of Calgary * Known for Java (programming language) C.Story/Profile James A. Gosling, O.C., Ph.D. (born May 19, 1955 near Calgary, Alberta, Canada) is a famous software developer, best known as the father of the Java programming language. In 1977, James Gosling received a B.Sc in Computer Science from the University of Calgary. In 1983, he earned a Ph.D in Computer Science from Carnegie Mellon University, and his doctoral thesis was titled "The Algebraic Manipulation of Constraints". While working towards his doctorate, he wrote a version of emacs (gosmacs), and before joining Sun Microsystems he built a multi-processor version of Unix[1] while at Carnegie Mellon...
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...Branson hands out free cans of Virgin Cola in downtown Tokyo. Sales of the brand lost fizz against the might of Coca-Cola and Pepsi.Photograph: EPA Sir Richard Branson has made a fortune from a string of business ventures that bear his signature brand, including Virgin Trains and Virgin Media. But Little Red joins a series of failures that have seen Branson fail to break into lucrative markets including soft drinks and alcohol. Virgin Cola Launched in 1994, Virgin Cola was initially available only on Virgin planes and in Virgin cinemas before Branson sought wider distribution. “It tasted better than Coke. For one wonderful year we had the dream of Virgin Cola being the brand on everyone’s lips.” Instead, Branson claimed, “swat teams and bagfuls of money” sent from Coke’s Atlanta headquarters gobbled up his drink, whose market share peaked at 0.5% in the three years it was on sale in the US. In 2012, the UK producer went bust and no one else acquired the licence. Virgin Vodka A complementary spirit was born at the same time, but never came close to gaining the same traction – with other alcopop and energy drinks also failing to whet the appetite. The entire Virgin Drinks subsidiary has since folded. Virgin Brides Launched in 1996 with one of Branson’s most striking publicity shoots: he appeared beardless with blue eye shadow in a...
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