Saturday, August 27, 2011
Book Review: The Buffettology Collection by Mark Buffett and David Clark
This book on CD includes both books: Buffettology and The New Buffettology. The New Buffettology Collection is read by Mary Buffett, former daughter-in-law of Mr. Warren Buffett himself. She goes through the very logical though process of one of the most highly-regarded investors in the world. Some of those logical ideas include: ensuring the company has identifiable consumer monopolies or brand name products, understanding how the company works, ensuring it's conservatively financed, the company earnings are strong and show an upward trend, the shareholders' value is increasing, the return on equity is above average, the company is free to adjust prices to inflation, and the operations of the company do not require large capital expenditures. The ideas identified in this book are rather simple and the though process is easy to follow. Do pick up the book version of Buffettology to go through the mathematics that Mary describes in the audio version of these books.
Tuesday, August 9, 2011
Generation Gap: Video Game Generation
A recent hot topic has been the generation gap and personality profiles between our different generations. The discussion has been one that compares and contrasts the various generations (Silent, Baby Boomers, Generation X, Generation Y and Generation Z). One of the generations, that I'll call the "Video Game" generation, includes the Gen Y and Gen Z members. This group is comfortable achieving things in steps and being rewarded once they complete a level - like in a video game.
In a video game you start off on easy levels, which progressively get harder, as you beat each level. In order to beat each level, you must build and demonstrate your skills. Once you've demonstrated those skills, you're able to move on to the next level.
Translating this to a business environment, expect those from the Video Game generation to have those same expectations about moving up in the company. Once they have demonstrated certain skills, they are ready to move on to the next level. They don't care about how long or little time it takes for them to complete the level satisfactorily, just that they are able to move to the next level.
Recent discussion about this has attributed these expectations to overconfidence, and maybe that does play into the Video Game generation's personality. But they have been raised that they can "do anything you set your mind to" and "be anything you want to be when you grow up." Couple that part of an upbringing with being trained to succeed by achieving levels at your own pace gives this generation a negative rap.
The question now is, how do you work with the Video Game generation? You must set expectations and a structure, in the form of "if you do X, Y will happen." For example, "if you complete this project, then we will give you this more challenging project." Monetary rewards aren't always necessary when working with the Video Game generation; many of them are just looking for challenges and/or ways to further and progress their careers.
In a video game you start off on easy levels, which progressively get harder, as you beat each level. In order to beat each level, you must build and demonstrate your skills. Once you've demonstrated those skills, you're able to move on to the next level.
Translating this to a business environment, expect those from the Video Game generation to have those same expectations about moving up in the company. Once they have demonstrated certain skills, they are ready to move on to the next level. They don't care about how long or little time it takes for them to complete the level satisfactorily, just that they are able to move to the next level.
Recent discussion about this has attributed these expectations to overconfidence, and maybe that does play into the Video Game generation's personality. But they have been raised that they can "do anything you set your mind to" and "be anything you want to be when you grow up." Couple that part of an upbringing with being trained to succeed by achieving levels at your own pace gives this generation a negative rap.
The question now is, how do you work with the Video Game generation? You must set expectations and a structure, in the form of "if you do X, Y will happen." For example, "if you complete this project, then we will give you this more challenging project." Monetary rewards aren't always necessary when working with the Video Game generation; many of them are just looking for challenges and/or ways to further and progress their careers.
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