I look for nuggets everywhere and recently, I’ve been listening to a lot of podcasts in the car. Although there are a lot of podcast apps out there, I particularly like the Stitcher app, which conveniently organizes my favorite podcasts including the Harvard Business Review Ideacast, the Stanford University Entrepreneurial Thought Leaders, the American Marketing Association’s MarketingPower Podcast Series, the Social Media Marketing Podcast from the Social Media Examiner and The Talk Show by John Gruber.
The other day, I was listening to Amazon’s CEO Jeff Bezos on the HBR Ideacast and he was asked, “So how much do you care about your share price?”
Mr. Bezos responded, “I care very much about our share owners, and so I care very much about our long term share price. I do not follow the stock on a daily basis, and I don’t think there’s any the information in it. Benjamin Graham said, ‘In the short term, the stock market is a voting machine. In the long term, it’s a weighing machine.’ And we try to build a company that wants to be weighed and not voted upon.”
I’ve seen too many companies shoot themselves in the foot as they make short-term decisions to make their quarterly numbers look better without thinking of the long-term consequences of their actions. I like this idea of “a weighing machine” as it connotes a long-term orientation.
Something to think about today…
Associate Professor of Marketing
Stillman School of Business
Seton Hall University