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Success By Ten
George Russell's Top Ten Elements to Building a Billion-Dollar Business
George F. Russell, Jr. (Author), Michael Sheldon (Author)
9780470537275, Wiley
Hardback, published 11 December 2009
208 pages
23.6 x 16 x 1.9 cm, 0.417 kg
"... The four decade history of Frank Russell Company (know today as Russell Investments) is intertwinded with Mr. Russell's matter-of-fact storytelling and insights. His anecdotes about non-negotiable integrity, hiring smarter people, recognizing luck and having fun at work are treasured lore for those who worked alongside him the past 40 years. Now Mr. Russell is sharing his favorite lessons at a time when many entrepreneurs, business leaders and civic-minded philanthropists are questioning what it takes to be successful during challenging times. ..."
FinanzNachrichten.de, 20.11.2009
The father of pension fund management shares essential lessons to building a business As the world's leading pension fund consultant, George Russell's advice has been sought by many of America's largest corporations. A pioneer in this business since the late 1960s, Russell has seen a lot. Now, he shares his experiences in this field with you, and provides valuable insights into what it takes to succeed in business today. Broken down into ten chapters, Success by Ten describes significant moments in the origins and development of pension fund consulting and the institutional investment industry. This history is intertwined with Russell's own personal story and the innovations that his company introduced to the industry. Taken together, the innovations outlined throughout these pages spurred the professionalization of pension fund management, with the potential benefit of improving financial security for everyone who is investing for retirement. In Success By Ten, Russell discusses the development of these innovations and reveals how you can apply them to build a better business.
Acknowledgment xi Introduction xiii Chapter 1 Non-Negotiable Integrity 1 Building Character 2 Reach for the Summit 4 Our Business is Based on Trust 6 Integrity is More Important than the Bottom Line 9 Do the Right Thing 9 Integrity Cannot Be Negotiable 11 Chapter 2 Persistence, Patience, and Cold Calls 13 Early Days at Frank Russell Company 14 Building a Retail Sales Operation 15 Harvard to the Rescue 17 The Cold Call 20 Paul Kaltinick’s Perspective 22 A Unique Selling Proposition 23 Evolving the Business Model 24 Compensation 25 Top 40 Hits: 1970–1974 27 Minimal Debt; Reinvest 28 Notes 29 Chapter 3 Hire People Smarter Than You Are 31 The Need for Innovation in Pension Fund Management 32 Peter Dietz and His Method of Performance Measurement 33 Helane Grill, Madelyn Smith, and Joan Sobba—The Three Musketeers of Manager Research 36 Creating a Universe 39 A New Process for a New Industry 40 Madelyn Smith Shows Her Style 42 Russ Fogler—Pioneer of Asset Allocation 43 Duncan Smith Asks the Tough Questions—and Answers Them 46 Don Ezra Defines the Right Way to Be a Fiduciary 49 The Best Investment I Ever Made 52 Notes 53 Chapter 4 Be Creative 55 The Treasurer’s Club: They’re Not Laughing Anymore 55 Blake Eagle Puts Real Estate on the Map 57 London Calling 60 Our Battle to Exceed Client Expectations 62 A Funny Thing Happened on May 1, 1980 63 The Only Difference is the Zeros 64 Making It Fly 65 FRTC’s All-Stars 67 From Wall Street to Main Street 70 Concentric Circles 73 Chapter 5 Work Hard 77 Setting the Tone 78 The 120 Percent People 81 Work is Only a Means to an End 83 Incentives that Worked 85 Growth and Change 88 Chapter 6 Share Credit 93 Getting Rid of Titles 93 Stars of the Investment Industry 94 The A Team 95 Our Biggest Mistake 98 Plenty to Celebrate 100 Sharing Credit—Globally 104 Sharing Ownership 105 Chapter 7 Recognize Luck 109 Are You a Decision Maker? 111 The Decision Factory 112 Decision Triggers 114 Kelly Haughton Builds a Better Benchmark 116 GM Starts with a Clean Slate 118 Crossing the Threshold 118 Testing the Concept 120 How Much is Luck and How Much is Skill? 122 A Grammatical Postscript 124 Note 125 Chapter 8 Plan Transitions 127 Hire and Train Your Replacement 128 The Apprenticeship of Michael Phillips 131 Mike Takes the Helm 133 Continuity of Culture 135 Selling the Company 137 Closing the Deal—Complementary Skills 139 Moving Forward 140 Chapter 9 Take Risks 143 New Opportunities 143 The Inspiration of John Mroz 145 The Opportunity of a Lifetime 146 Access Matters 148 Russell’s Venture in Alternative Investing 150 Asset Allocation is Rocket Science 152 The Final Frontier? 154 Chapter 10 Have Fun 159 Fun in the Himalayas 160 The Russell Sabbatical Program 161 Fun at Work 163 Transition to Philanthropy 166 New Adventures: Russian Puppets and Nuclear Waste 167 EastWest Institute 169 The National Bureau of Asian Research 170 The Pacific Health Summit 171 The Business Humanitarian Forum 173 One Nation Brings Together Americans of Different Faiths 175 A Child’s Right 176 Note 177 About the Authors 179 Index 181
Subject Areas: Finance & accounting [KF]
