A journalist's breezy and bemused but on-the-money account of a frog who became, however briefly, a merchant prince. In evident wonder, Rothchild (A Fool and His Money, etc.) recounts how Robert Campeau, a French-Canadian entrepreneur who had achieved success as a real-estate developer in his own country, began looking for new worlds to conquer during the mid-1980's. With exquisite timing, the vaultingly ambitious speculator somehow convinced Wall Street that it made good business sense to advance him $4 billion to gain control of Allied Stores (whose holdings included Bonwit Teller, Brooks Brothers, Jordan Marsh, etc.). Within months, he managed to borrow another $7 billion to buy Federated, a carriage-trade chain with such outlets as Bloomingdale's, Bullock's, and Filene's. Having overbid for both acquisitions, Campeau was in deep trouble from the start. As Rothchild makes clear, the upstart debtor-baron's penchant for wishful thinking made him a difficult client for the white-shoe commercial and investment bankers who put up with his capricious ways. In hopes of handsome fees, putatively prudent intermediaries nonetheless raised the capital Campeau needed to realize his flights of fancy. Once securities markets broke and the retailing industry took a turn for the worse, however, the rookie proprietor's lack of operational and financial savvy hastened the collapse of his highly leveraged enterprise. The fallout from the resultant Allied/Federated bankruptcy was widespread. In addition to the owner, the casualty list ranges from investors in the junk bonds used to underwrite the takeovers through brokerage houses stuck with bridge loans, rival merchandisers forced to meet or beat price cuts instituted to unload excess inventory, suppliers not paid for their goods, and (at last count) over 25,000 others whose claims aggregate $8.2 billion. A marvelously entertaining and tellingly detailed recap of fiscal folly that reflects precious little credit upon any of the principals. (Eight pages of b&w photos—not seen.)
Pub Date: Nov. 19, 1991
ISBN: 0-671-72593-9
Page Count: 320
Publisher: Simon & Schuster
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Oct. 1, 1991
BOOK REVIEW
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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