Memos from the Chairman – Alan Greenberg
For many years, Alan C. Ace Greenberg, the legendary chairman of the investment bank Bear Stearns, sent short, sharp memos to the firm’s partners and employees. They became famous on Wall Street for their wit, common sense and unconventional wisdom.
Memos from the Chairman collects a selection of these memos, offering a unique window into how one of the most respected figures in finance ran his business. In plain language and often with humor, Greenberg addresses the issues that mattered most to him: controlling costs, avoiding waste, taking losses quickly, managing risk, treating clients well, hiring the right people and maintaining high ethical standards.
Among the most memorable themes are his insistence on frugality, including his famous suggestions that employees reuse paper clips and rubber bands, his preference for hiring people with PSD degrees, poor, smart and with a deep desire to become rich, rather than only graduates from elite schools, and his belief that common sense and humility are more valuable than complicated theories.
Many of the memos feature the advice of his fictional philosopher, Haimchinkel Malintz Anaynikal, adding a playful touch to serious business lessons.
Short, entertaining and surprisingly practical, Memos from the Chairman offers timeless lessons about management, discipline and corporate culture. It is a delightful read for business people, investors, managers and anyone interested in Wall Street history.
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