There are no shortcuts to any place worth going - Beverly Sills

Tuesday, November 18, 2014 Francisco Carneiro 0 Comments

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You become what you think about all day long.
― Ralph Waldo Emerson
Everything in moderation, including moderation
  ---  Julia Child

A paper from Lee Biggerstaff at Miami University, David C. Cicero at the University of Alabama, and Andy Puckett at the University of Tennessee (which we were first alerted to by Bloomberg's Matt Levine) published in August looks at the relationship between CEOs that play lots of golf and the performance of those CEOs' companies. 
The findings are not in favor of the golfers. ....

Here are some of the highlights of the paper's findings:
  • Companies with CEOs in the top quartile of golf play (22 rounds or more per year) have lower operating performance and firm values.
  • Some CEOs in the database played more than 100 rounds in a year! (There are 365 days in a year.)
  • "While some golf rounds may serve a valid business purpose, it is unlikely that the amount of golf played by the most frequent golfers is necessary for a CEO to support her firm."
  • CEOs play more golf the longer they are the CEO.
  • The number of golf rounds a CEO plays are negatively correlated with changes in firm profitability. 
  • Overall, higher golf play is associated with a higher probability of CEO turnover.
  • One CEO played 146 rounds of golf in a year.
Among the other choice bits of info from the report include that Jimmy Cayne, the former CEO of Bear Stearns spent 10 of 21 working days away from the office playing golf or bridge in July 2007, the same month that two Bear Stearns hedge funds collapsed.

http://www.businessinsider.com/ceo-golf-rounds-indicate-poor-performance-2014-11


Nothing new here to be the best you have to be obsessed, No normal people have outstanding results. People who advise that you should work less are not giving a good advice. Work is one of the biggest weapons a person might have. 


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"Genius is 1% talent and 99% percent hard work..."
— Albert Einstein


Talent is cheaper than table salt. What separates the talented individual from the successful one is a lot of hard work."
— Stephen King

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