【每日阅读训练第三期——速度越障1系列】【1-17】经管

泾渭不凡

^o^~:此次速度材料很长~~饭饭之后上传文件附件，有兴趣的同学可以下载看一下~谢谢狐狐姐姐呦~~~这份材料是从狐狐姐姐给的网站找出来的~~~
速度
The executive’s guide to better listening
Strong listening skills can make a critical difference in the performance of senior executives, but few are able to cultivate them. Here’s how.
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A senior executive of a large consumer goods company had spotted a bold partnership opportunity in an important developing market and wanted to pull the trigger quickly to stay ahead of competitors. In meetings on the topic with the leadership team, the CEO noted that this trusted colleague was animated, adamant, and very persuasive about the move’s game-changing potential for the company. The facts behind the deal were solid.
The CEO also observed something troubling, however: his colleague wasn’t listening. During conversations about the pros and cons of the deal and its strategic rationale, for example, the senior executive wasn’t open to avenues of conversation that challenged the move or entertained other possibilities. What’s more, the tenor of these conversations appeared to make some colleagues uncomfortable. The senior executive’s poor listening skills were short-circuiting what should have been a healthy strategic debate.
Eventually, the CEO was able to use a combination of diplomacy, tactful private conversation, and the bureaucratic rigor of the company’s strategic-planning processes to convince the executive of the need to listen more closely to his peers and engage with them more productively about the proposal. The resulting conversations determined that the original deal was sound but that a much better one was available—a partnership in the same country. The new partnership presented slightly less risk to the company than the original deal but had an upside potential exceeding it by a factor of ten.
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The situation facing the CEO will be familiar to many senior executives. Listening is the front end of decision making. It’s the surest, most efficient route to informing the judgments we need to make, yet many of us have heard, at one point or other in our careers, that we could be better listeners. Indeed, many executives take listening skills for granted and focus instead on learning how to articulate and present their own views more effectively.
This approach is misguided. Good listening—the active and disciplined activity of probing and challenging the information garnered from others to improve its quality and quantity—is the key to building a base of knowledge that generates fresh insights and ideas. Put more strongly, good listening, in my experience, can often mean the difference between success and failure in business ventures (and hence between a longer career and a shorter one). Listening is a valuable skill that most executives spend little time cultivating. (For more about one executive’s desire to be a better listener, see “Why I’m a listener: Amgen CEO Kevin Sharer,” forthcoming on mckinseyquarterly.com.)
The many great listeners I’ve encountered throughout my career as a surgeon, a corporate executive, and a business consultant have exhibited three kinds of behavior I’ll highlight in this article. By recognizing—and practicing—them, you can begin improving your own listening skills and even those of your organization.
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1. Show respect
One of the best listeners I have ever observed was the chief operating officer (COO) of a large medical institution. He once told me that he couldn’t run an operation as complex as a hospital without seeking input from people at all levels of the staff—from the chief of surgery to the custodial crew. Part of what made him so effective, and so appealing as a manager, was that he let everyone around him know he believed each of them had something unique to contribute. The respect he showed them was reciprocated, and it helped fuel an environment where good ideas routinely came from throughout the institution.
The COO recognized something that many executives miss: our conversation partners often have the know-how to develop good solutions, and part of being a good listener is simply helping them to draw out critical information and put it in a new light. To harness the power of those ideas, senior executives must fight the urge to “help” more junior colleagues by providing immediate solutions. Leaders should also respect a colleague’s potential to provide insights in areas far afield from his or her job description.
Here’s an example: I recall a meeting between a group of engineers and the chief marketing officer (CMO) at a large industrial company. She was concerned about a new product introduction that had fallen flat. The engineers were puzzled as well; the company was traditionally dominated by engineers with strong product-development skills, and this group had them too. As the CMO and I discussed the technological aspects of the product with the engineers, I was struck by their passion and genuine excitement about the new device, which did appear to be unique. Although we had to stop them several times to get explanations for various technical terms, they soon conveyed the reasons for their attitude—the product seemed to be not only more efficient than comparable ones on the market but also easier to install, use, and maintain.
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After a few minutes, the CMO, who had been listening intently, prompted the engineers with a respectful leading question: “But we haven’t sold as many as you thought we would in the first three months, right?”
“Well, actually, we haven’t sold any!” the team leader said. “We think this product is a game changer, but it hasn’t been selling. And we’re not sure why.”
After a pause to make sure the engineer was finished, the CMO said, “Well, you guys sure seem certain that this is a great product. And you’ve convinced the two of us pretty well. It seems that customers should be tripping over themselves to place orders. So assuming it’s not the product’s quality that’s off, what else are your customers telling you about the product?”
“We haven’t spoken to any customers,” the engineer replied.
The CMO blanched. As the conversation continued, we learned that the product had been developed under close wraps and that the engineers had assumed its virtues would speak for themselves. “But maybe not,” said the team leader. “Maybe we ought to push it a little more. I guess its good traits aren’t so obvious if you don’t know a lot about it.”
That engineer had hit the nail on the head. The device was fine. Customers were wary about switching to something untested, and they hadn’t been convinced by the specs the company’s sales team touted. As soon as the engineers began phoning their counterparts in the customers’ organizations (an idea suggested by the engineers themselves), the company started receiving orders.
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Had the CMO looked at the problem by herself, she might have suspected a shortcoming with the product. But after some good listening and targeted follow-up questions, she helped to extract a much better solution from the engineers themselves. She didn’t cut the conversation short by lecturing them on good marketing techniques or belittling their approach; she listened and asked pointed questions in a respectful manner. The product ultimately ended up being a game changer for the company.
Being respectful, it’s important to note, didn’t mean that the CMO avoided asking tough questions—good listeners routinely ask them to uncover the information they need to help make better decisions. The goal is ensuring the free and open flow of information and ideas.
I was amused when John McLaughlin, the former deputy director of the US Central Intelligence Agency, told me that when he had to make tough decisions he often ended his conversations with colleagues by asking, “Is there anything left that you haven’t told me . . . because I don’t want you to leave this room and go down the hall to your buddy’s office and tell him that I just didn’t get it.” With that question, McLaughlin communicated the expectation that his colleagues should be prepared; he demanded that everything come out on the table; and he signaled genuine respect for what his colleagues had to say.
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越障
Shares Are Too Tempting Not to Bite
Apple Inc.'s surging shares have prompted hundreds of mutual funds to buy the stock—including many that aren't expected to invest in a giant, U.S.-based technology company that pays no dividends.
At least 50 small-cap and midcap mutual funds—which focus on small and midsize companies—own Apple, the world's largest company by market value, according to analyses for The Wall Street Journal by market-data firms Morningstar Inc. and Ipreo Holdings LLC. Non-U.S.-focused funds also own it. Apple doesn't pay a dividend, but about 40 dividend-focused funds hold its stock. And Apple shares can be found even in one high-yield bond fund.
Managers pile into company's shares despite their fund descriptions.
40 dividend-focused funds own Apple, which has never paid a dividend.
50 small and midcap funds own Apple, the biggest of the big caps.
Although such moves are permitted by securities rules and have so far paid off because of Apple's successes, they could expose investors to unexpected risks should the company falter. They also underline the leeway given to fund managers when choosing investments even when they explicitly contradict their stated objectives.
"It would clearly be inappropriate for a midcap fund to hold Apple. You've got to say that manager is violating his reason for being," says John C. Bogle, founder of Vanguard Group. "I can't help but believe that is going to end up in disappointment for his shareholders. I don't know when, but it will."
The reason Mr. Bogle and others are concerned: Many investors in these funds may not realize they have exposure to Apple, and indeed may have invested in the funds to get exposure to a different segment of the market. Investors' concentration in Apple raises the risk that a big reversal in its shares would reverberate beyond the technology sector.
Apple's popularity with investors of all stripes is a testament to its historic climb. The stock has soared nearly sevenfold since its March 2009 lows. In the past year alone, Apple has jumped 61% to close Tuesday at $568.10 a share, an all-time high. The gains helped push the Nasdaq Composite Index, where Apple is the largest weighting, to close above 3000 on Tuesday for the first time since late 2000.
Robert S. Bacarella, president and portfolio manager at Monetta Mutual Funds in Wheaton, Ill., targets companies of up to $10 billion in market value for his Monetta Mid-Cap Equity Fund. He made an exception for Apple.
"I'm going to hold it until it gives me a reason not to," says Mr. Bacarella, whose firm manages about $100 million. "If you have a good company, why shouldn't you let it run?"
Under a 2001 securities rule, managers like Mr. Bacarella can apportion up to 20% of their portfolios to investments that aren't part of their mandate. Funds discuss this flexibility in their prospectuses, which are published online, and disclose their holdings in quarterly reports. But few investors read them, and some financial advisers admit they don't always scrutinize quarterly updates.
If they did, they would find some of the biggest names in investing have reached beyond their stated focus. BlackRock Inc.'s $5.9 billion High Yield Bond Fund held Apple shares worth $8.3 million at the end of 2011, according to Morningstar. BlackRock declined to comment.
Fidelity Investments manages three Europe-focused stock funds that hold Apple. A spokeswoman declined to comment. Goldman Sachs Asset Management's U.S. Equity Dividend and Premium Fund holds Apple as its largest position. A Goldman spokeswoman said the fund holds "some stocks that pay no dividend."
"I have no idea how a fund manager even justifies that," says Timothy Parker, an investment adviser in Midland Park, NJ. "Is Apple a great company? Yes. Is it a good stock? Yes. But that is not what I'm hiring you to do."
Managers of dividend funds argue Apple may soon pay a dividend, given its $100 billion in cash and signs from Apple chief Tim Cook that he would be more amenable to a payout than his predecessor. Judith Saroyan at Eaton Vance Investment Managers bought Apple shares for two dividend-focused funds. She believes the company will pay a dividend within six months.
"Apple is a great company, it's well-managed, and if they do pay a dividend, they'll bring in a whole new set of investors," Ms. Saroyan says.
At New York firm Cohen & Steers, which manages $41 billion in assets, fund manager Richard Helm says he too is "trying to get ahead of a dividend," adding Apple to the Cohen & Steers Dividend Majors Fund and the Cohen & Steers Dividend Value Fund.
Many fund managers are joining a bet that hundreds of others are making—that Apple will continue to churn out ever-more-popular consumer gadgets, driving up revenue, profit and ultimately, its share price.
About one-third of all U.S. stock mutual funds own Apple's stock, up from 21% five years ago, according to Morningstar. One in five hedge funds holds Apple among their 10 largest bullish positions, according to Goldman Sachs . Of the 54 analysts that follow Apple, just two recommend selling the stock, according to Thomson Reuters.
Some investment advisers worry about the impact if Apple cools off. "Yes, these funds may have performed well, but things could just as easily have gone the other way," says Andrew Feldman, a Chicago-based registered investment adviser. "When you're holding things that you shouldn't be and they're doing great, there's no problem. But when it fails you're going to have a lot of very upset people."
Chace Brundige, portfolio manager at Waddell & Reed Financial Advisors, says Apple's growth is why the stock is the largest in his two international growth funds. The funds together have about $750 million in assets and are tasked with investing primarily in stock of foreign companies.
Mr. Brundige says he initially planned to buy Asian suppliers to Cupertino, Calif.-based Apple, but decided it was simpler to own Apple itself. He says his investors understand the company fits within his global perspective: "If the stock is down 40% in a flat market, though, then we'll get a lot of pushback."
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以下上传的是速度全文，因为饭饭本本又失常了，不能更改文件名，大家下载之后自己更改一下文件名字吧~~0-0~~~

whitethelittle

沙发，淡定的打个句号

whitethelittle

TMD“。”忘打了，地板补上。

fox0923

坐板凳，不谢哈~~

1'10"
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MI: Whether other companies should hold the shares of Apple Inc. without getting paid of dividends.
- The share value of Apple Inc. has been raised along with the growth of the company, and certainly many companies bought the shares of Apple.
- This is not the time to consider if Apple is a good company or not, because it actually is, but this cannot help to explain the future possibility of this company.
- But the problem is that these companies would have difficulties to explain to their clients if Apple Inc's business declined, since the growth of Apple Inc. is the main reason that its shares are valuable. Thus, it's better that Apple Inc. offers dividends to its share holders in order to attract more share holders.

CHRISTINE2010

占座啦。。。

harryhenry

1‘20
1’22
1‘45
1’19
1‘07
越障
7’31

hannah烂番茄

速度：1:19  1:09  1:33  1:14  读完
为神马速度这么慢！！！每次读心里面都要默读~很影响速度的有木有啊！怎么练呀！！！！
越障：5:33
是神马呀~~~~
只知道很多人买苹果的基金。
大概描述了下苹果的基金这几年的情况巴拉巴拉
然后列举了很多买基金的公司神马的~
然后说苹果的派息基金没有分红神马的
又有人出来说也许有一天苹果的股票会完全不是人们预期的那样。。
完全没看出这篇的结构~~汗呀

phoebe0624

速度
1'12"
1'05"
1'19"
54"
1'06"

越障
7‘00
The apple‘s stock
many investors buy apple's stock. Some of the holders are from big companies and they get lots of high value from the stock. B hold the stock-that valued 20% pre share. It is 540$ now.
It does not impossible to stop to hold a good stock. apple is a good company and has a big part in consume market.
Many investors believe that apple should dividend and bring more share and opportunity to investors. The new CEO did it so. Many holder expect that it will dividend again in 6 month.
More dividend may lead to investor disappointing.

Daisy汪

1‘34 executive的listening会影响他的performance，但是很少有人能够cultivate it。做了一个实验，大概是很多人一起开会，然后经理听不同人的意见，但是没有很认真听什么的吧。。。不记得了。。
1’18 上述CEO面临的问题也是很多executive面对的问题，在做决策之前不能够很好地聆听他人的意见，一些人认为如何高效地表达自己的观点更重要，这一点是错的。然后讲了下听取别人的意见的好处或者重要性吧，然后说可以通过自我提醒，训练来培养自己的listening
1‘56 有点走神。。。show respect，先举了一个doctor的例子，这个doctor在医院所有人心目中都很有声望，因为所有人都觉得他unique，大概是出于善于倾听的原因吧。。。一个好的COO应该知道，自己的同事也许对某件事非常有想法，可以很好的完成，所以善于倾听，能让周围的人put their views into a new light，高效工作的王道~然后提到了作者看到的一个很有活力的团体，来补充论据
1’20 怎么感觉场景像是在面试？好吧，。。看内容，一个CMO问engineer觉得产品的销量会如何？engineer说还没卖过，不知道。CMO问如果销量不好你觉得是什么原因。。。engineer说可能是产品的缺陷，后来CMO说可能是we put out a little more.然后说道收order
1‘19 CMO并没有从产品的shortcoming里找为什么销量不好，而是很好地咨询了engineer的看法，避免了用商业模式的方法去解决问题，省时省力。good at listening doesn't mean dont ask tough question，相反而是根据自己不知道的针对性地提问，然后作者说自己很佩服某某教授，他在每次做很难得决定时就会问colleague，你还有什么没有告诉我的吗？因为我不想让别人觉得I just don't get it。

越障：5’14
囧，中途有点打瞌睡
内容前面记得不清，大概说下：讲的是apple的fund，stock。。。先是介绍了一番apple的股权变动，谁谁谁的股权从多少到多少。。。
然后着重说了dividen的问题，虽然apple是一个好公司，stock是好stock，但是它的股票没有dividen，应该是没有分配股利吧，这一点很令人费解
然后说了一些人的看法，有人还是买了很多的apple股票，并相信它会在6个月内增长。。。最后说如果股票下跌40%，能largely pushback

dengly

2.00
1.47
2.09
1.24
1.10

越障6.55