In this issue
“Any enterprise requires three components,” the late Minnesota entrepreneur Curtis Carlson once remarked to me. “You need a good idea; you need the talent to execute the idea; and you need capital. Of those three, the capital is the toughest part of the equation.”
It was the worst of times. Last September, with war on the horizon and corporate earnings lackluster, the Standard & Poor's 500-stock index dropped 10% of its value, after having peaked on August 22. But not all stocks dropped. Shares of Medallion Financial Corporation, a lender to the taxi industry, rose from less than $3 in August to $4.80 by the end of September. Why? Who knows? As investors have learned too well recently, markets don't always behave rationally.
Bertelsmann confronts its past
An inspiring story, with one piece omitted
It wasn't working out at Al Martinez Auto Body & Paint, a third-generation firm in Orange, Calif. President Al Martinez Jr., would say one thing to employees, and his son, Al Martinez III, would say something else. “He'd be pulling one way and I the other,” says the father. “We had guys say to us, ‘I don't know who to listen to.'”