Memos from the Chairman [Hardcover]

Alan C. Greenberg (Author), Warren Buffett (Foreword)

Book Description

Publication Date: March 1, 1996

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

Editorial Reviews

Amazon.com Review

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. --This text refers to an out of print or unavailable edition of this title.

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.

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Product Details

• Hardcover: 160 pages
• Publisher: Workman Publishing Company (March 1, 1996)
• Language: English
• ISBN-10: 0761103465
• ISBN-13: 978-0761103462
• Product Dimensions: 8.6 x 6.5 x 0.7 inches
• Shipping Weight: 10.4 ounces (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (15 customer reviews)
• Amazon Best Sellers Rank: #121,770 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

9 of 9 people found the following review helpful:

4.0 out of 5 stars Absurd -- but it worked!, June 5, 2001

By 

jumpy1 (New York, NY) - See all my reviews

This review is from: Memos from the Chairman (Hardcover)

Ah - a book that recalls the days when people wanted to work for corporations! As a former employee of Bear Stearns who received some of the memos in this book, I can say that those memos created an atmosphere of comraderie and humor during the recession of the early '90s. Back then, Bear Stearns was considered a great place to work. Of course, Mr. Greenberg is not running the company anymore. At that time, BSC was one of the largest banking institutions in the world, and every level of employee was very proud of his or her role in the success of the company. I recommend this book for managers who need to remember who is really doing the work!!

4 of 4 people found the following review helpful:

5.0 out of 5 stars Haimchinkel Malintz Anaynikal speaks!, April 6, 2007

By 

Scott C. Locklin "Selectos nisi das mihi libe... (Berkeley CA) - See all my reviews
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This review is from: Memos from the Chairman (Hardcover)

Alan "Ace" Greenberg's pithy sayings apparently created a spirit of comradery which brought Bear Stearns through the tumultuous 1970s and 80s, to be the powerhouse it is today. In addition to his many talents with arbitrage, yoyo, and playing bridge, the Chairman is a funny guy. It's heartwarming to know he still has his finger in the game, and that his successor is cut of the same cloth. Save your paperclips and fix those rubber bands, people!

BTW, if you've ever been to Bear Stearns HQ on Madison avenue; the place still sizzles with elan and zeal. He's certainly built a corporate culture which has lasted. No slouchy people in jeans at the Bear; people there never got sloppy like the rest of america did. Of course, I'm an outsider looking in, but what I saw looks pretty impressive. Who would you trust with your money? The slob slouching around throwing paper clips in the trash, or the guys who are neat as pins who waste nothing? Check out their returns for the answer to that.

Edit Add: OK, maybe ties were not all that was needed. It's still a great book, even if the coda to the Bear story is a sad one.

2 of 2 people found the following review helpful:

5.0 out of 5 stars Critical Insights & Common Sense, June 25, 2007

By 

Ryan D. Bond "Mistermarket" (Pittsburgh, PA) - See all my reviews
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This review is from: Memos from the Chairman (Hardcover)

To begin with, an author, particularly of a business-related book could not receive a better endorsement than from Warren Buffett. For the informed reader, that could suffice for a review.

For those unfamiliar with Buffett, this book is a must read. Ace Greenberg is witty, humorous and on the money with each subject. Peter Drucker suggested that the most effective form of communication is the 1-page memo and Ace Greenberg shows uncanny mastery of that form of communication. Whether you work in a small or large organization, but particularly a large one, this book is must reading.

Enjoy.