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Building Long-Term Value in a Short-Term World,[object Object],Alfred Rappaport,[object Object]
Essential Messages,[object Object],Short-termism destroys,[object Object],Incentives matter,[object Object],There’s a better way,[object Object],2,[object Object]
Financial Crisis of 2007-9,[object Object],Public sector culprits,[object Object],Congress,[object Object],Federal Reserve,[object Object],Government bailouts,[object Object],3,[object Object]
Financial Crisis of 2007-9,[object Object],Private sector culprits,[object Object],Homebuyers,[object Object],Appraisers,[object Object],Lenders,[object Object],Credit-rating agencies,[object Object],Corporate boards,[object Object],Investment banks,[object Object],Institutional investors,[object Object],4,[object Object]
Corporate Short-Termism,[object Object],“Talks” shareholder value,[object Object],“Walks” quarterly earnings,[object Object],5,[object Object]
Pay-Performance Disconnects,[object Object],Annual performance plans,[object Object],Multi-year plans,[object Object],Non-financial performance incentives,[object Object],Standard stock option plans,[object Object],Restricted stock grants,[object Object],6,[object Object]
Superior Long-Term Performance Plans,[object Object],Indexed option plans,[object Object],Equity-premium option plans (EPOPs),[object Object],7,[object Object]
Essential Habits of Value-Creating Companies,[object Object],Do not manage short-term earnings.,[object Object],Select strategies that maximize long-term value even if they lower near-term earnings,[object Object],Instill a consumer equity mindset throughout the organization.,[object Object],Reward employees at all levels for delivering superior long-term value.,[object Object],Return cash to shareholders when there are no value-creating investments.,[object Object],Provide investors with value-relevant information.,[object Object],8,[object Object]
Overhaul of Corporate Reporting,[object Object],The objective,[object Object],The shortfall,[object Object],Corporate Performance Statement,[object Object],9,[object Object]
Corporate Performance Statement,[object Object],10,[object Object]
Investment Management Short-Termism,[object Object],Relative performance measurement,[object Object],Benchmark index,[object Object],Similar funds,[object Object],Tracking error,[object Object],11,[object Object]
What Determines Investor Returns?,[object Object],Fees and expenses,[object Object],Manager incentives,[object Object],Performance-chasing,[object Object],Numbers to remember,[object Object],60%, 70%, 80%,[object Object],9%, 7.5%, 6%, ,[object Object],12,[object Object]
Long-Term Performance Fees,[object Object],Base fee,[object Object],Rewards and penalties,[object Object],Performance measurement period,[object Object],13,[object Object]
Performance Plan Benefits,[object Object],Longer time horizons,[object Object],Lower fees, higher returns,[object Object],14,[object Object]
Tilting the Investment Odds,[object Object],Concentrated funds,[object Object],Expectations investing process,[object Object],15,[object Object]
Essential Messages,[object Object],Short-termism destroys.,[object Object],Incentives matter.,[object Object],There’s a better way.,[object Object],16,[object Object]
Read a sample chapter,[object Object],Available now,[object Object]

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Building Long-Term Value in a Short-Term World

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