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The Outsiders

Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
Lu par : Brian Troxell
Durée : 5 h et 52 min
4.5 out of 5 stars (6 notations)

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Description

"It is impossible to produce superior performance unless you do something different." - John Templeton.

What makes a successful CEO? Most people call to mind a familiar definition: a seasoned manager with deep industry expertise. Others might point to the qualities of today's so-called celebrity CEOs charisma, virtuoso communication skills, and a confident management style. But what really matters when you run an organization? What is the hallmark of exceptional CEO performance? Quite simply, it is the returns for the shareholders of that company over the long term.

In this refreshing, counterintuitive audiobook, author Will Thorndike brings to bear the analytical wisdom of a successful career in investing, closely evaluating the performance of companies and their leaders. You will meet eight individualistic CEOs whose firms' average returns outperformed the S&P 500 by a factor of twenty in other words, an investment of $10,000 with each of these CEOs, on average, would have been worth over $1.5 million twenty-five years later. You may not know all their names, but you will recognize their companies: General Cinema, Ralston Purina, The Washington Post Company, Berkshire Hathaway, General Dynamics, Capital Cities Broadcasting, TCI, and Teledyne.

In The Outsiders, you'll learn the traits and methods striking for their consistency and relentless rationality that helped these unique leaders achieve such exceptional performance. Humble, unassuming, and often frugal, these "outsiders" shunned Wall Street and the press, and shied away from the hottest new management trends. Instead, they shared specific traits that put them and the companies they led on winning trajectories: a laser-sharp focus on per share value as opposed to earnings or sales growth; an exceptional talent for allocating capital and human resources; and the belief that cash flow, not reported earnings, determines a company's long-term value.

Drawing on years of research and experience, Thorndike tells eye-opening stories, extracting lessons and revealing a compelling alternative model for anyone interested in leading a company or investing in one and reaping extraordinary returns.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your My Library section along with the audio.

©2012 William N. Thorndike, Jr. (P)2013 Audible, Inc.

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Notations

Global

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  • Global
    5 out of 5 stars
  • Interprétation
    5 out of 5 stars
  • Histoire
    5 out of 5 stars

Great book an investment.

Loved it. As very often I would have loved the author to read it. Appart from that this audiobook is excellent and well narrated.

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  • Global
    5 out of 5 stars
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    4 out of 5 stars
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  • Anurag K.
  • 01/09/2015

Clear, structured presentation. Well narrated. Worth a listen!

This audiobook is certainly worth a listen. The book is laid out in a clear, concise manner with a case study on each of the Outsiders CEOs. Each of the CEOs faced a unique set of obstacles making this book an engrossing listen/read throughout.

Please note that the emphasis is on the success of the CEOs in office rather than on the formative background that made these CEOs unique. As such, the reader/listener has to take on a degree of blind faith in making sure the author uses the right metrics to identify success for these standout CEOs. For example, much is made of about the stock price CAGR during the tenure of the CEO and therefore, a heavy emphasis is placed on various methods to gain leverage (stock buybacks, debt issuance, etc.). Naturally, higher beta/leverage in a growing industry promises to substantial outperformance in a growing industry but taking on more risk in an uncertain market and have the dice fall in your favor doesn't necessarily mark great decision making. Rant over. Good book. Well narrated. Makes you think.

5 personnes ont trouvé cela utile

  • Global
    5 out of 5 stars
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  • William G. Stuart
  • 06/07/2015

Corporate Leaders Do Make a Difference

What made the experience of listening to The Outsiders the most enjoyable?

It's fascinating to see the similarities and differences in these leaders' strategies. What's remarkable is how their results were so much better than their competitors' in the same industry. These executives didn't achieve their success with blockbuster products or emerging markets. Instead, they focused on capital allocation - taking the funds that the company generated and allocating it toward its highest and best use, whether that use was to buy back stock, reduce debt, pay shareholders, expand the existing business or acquire complementary or integrated businesses.

Was there a moment in the book that particularly moved you?

What I took from this book is that leaders make a huge difference in the performance of a business. And those leaders aren't the people who make the cover of Fortune or Forbes. They're men (mostly) who take actions (divesting assets, buying back stock) that the public generally doesn't notice, but that make their shareholders substantially richer than investors in other companies in the same industry. Who expects an executive who shrinks a defense contractor to a fraction of its former size or sells his visible consumer packaged goods businesses to focus on agricultural feed or buys back her stock when its undervalued to be more successful than Jack Welsh, the standard against which our subjects are measured.

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  • Global
    4 out of 5 stars
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    4 out of 5 stars
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    4 out of 5 stars
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  • Jason S
  • 04/09/2019

Great summary of the 8 CEOs, lessons to learn from

I think the mix of stories and principles the CEOs blended together are good. Having 8 CEOs makes it interesting because there's a variety to look at. I do think there's a bit glossed over, but still a positive read for learning.

Here are my notes:

- Greedy when others are fearful
- Investing in the right things in big ways, cut costs everywhere else
- Funding acquisitions with debt
- Think fast and slow: fast with your initial gut-reaction, slow with your analysis
- Concentration can decrease risk
- Always do the math: data driven decisions
- Reinvest your earnings to snowball income, sheltered from tax
- Determine the hurdle rate (minimum acceptable returns for investment) and calculate & rank investments by returns and risk, use conservative assumptions
- Money allocation should be owner led, not delegated.

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  • Global
    4 out of 5 stars
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    4 out of 5 stars
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  • Matt
  • 09/05/2015

Good depth of stories and business concepts

Strong on financial concepts. Good examples, well-supported. This book leans a little too much on stock repurchases, but otherwise good.

2 personnes ont trouvé cela utile

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    5 out of 5 stars
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  • Amman Bhasin
  • 04/01/2019

Superb book

Amazing. Finished the book in a couple hours, couldn't put it down. Wish I could see some of the figures but the narrator does a good job with them.

1 personne a trouvé cela utile

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    5 out of 5 stars
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  • Grant Hemingway
  • 09/11/2018

Excellent

Loved it, especially insight on Warren Buffett and Katherine Graham, fascinating story. Lots of great advice.

1 personne a trouvé cela utile

  • Global
    4 out of 5 stars
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    4 out of 5 stars
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    5 out of 5 stars
Image de profile pour Hendrick Mcdonald
  • Hendrick Mcdonald
  • 18/10/2015

A Very Good Summary of Value Focused CEOs

The book provides a to-the-point summary of value-focused CEOs, highlighting their business decisions and personality characteristics which seem to have made them effective managers. The book emphasizes these CEOs focusing less on stock growth and more on internal business growth, which then leads to greater stock values. Less focus on buybacks and dividends, with more focus on internal investment, business alignment, and making cuts where necessary.

1 personne a trouvé cela utile

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    5 out of 5 stars
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  • Brandon Lawrence
  • 08/09/2015

Great insights regarding capital allocation

The Outsiders explores high-performing, contrarian CEOs with an quantitative bent. The evaluation of performance based on shareholder return is getting back to basics in a world muddied by executives that, while experts in their chosen field, are not master allocators or capital and investment. There are many practical insights to be had, and I will be purchasing a hard copy for further review.

1 personne a trouvé cela utile

  • Global
    4 out of 5 stars
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    5 out of 5 stars
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    3 out of 5 stars
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  • Sami
  • 21/04/2015

It could have been better

The book's idea is great. The stories are too short to understand or enjoy.

I would give it the plus for opening the door to more investigations regarding theses CEOs

1 personne a trouvé cela utile

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    5 out of 5 stars
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  • Vanessa
  • 26/03/2020

If you own a business this is a must read.

Loved listening to this. Great motivation for new business owners. Provided a lot of outside the box ways of thinking. Highly recommended.

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    5 out of 5 stars
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Image de profile pour Anton Smirnov
  • Anton Smirnov
  • 15/09/2017

The hidden stars

The best role models aren't always on the cover because they are busy being great at what they do. Numbers don't lie

1 personne a trouvé cela utile

  • Global
    5 out of 5 stars
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  • Tom
  • 08/11/2018

Excellent book on capital allocation skills

The best book I have read and now also heard on capital allocation skills! I recommend reading/listening to this (audio)book multiple times, it really grows on you!
It outlines how 8 CEOs who generated outstanding results for their shareholders handled the difficult task of capital allocation, how they went against the grain and which similarities/differences can be found in their respective approach. Very well assembled and strucutred. Fully recommended!