DOCSLIB.ORG

U.S. High M. R. Sauter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
U.S. High M. R. Sauter A BUSINESSMAN’S RISK THE CONSTRUCTION OF VENTURE CAPITAL AT THE CENTER OF U.S. HIGH TECHNOLOGY M. R. SAUTER DEPARTMENT OF ART HISTORY AND COMMUNICATION STUDIES MCGILL UNIVERSITY, MONTREAL MAY 2020 A THESIS SUBMITTED TO MCGILL UNIVERSITY IN PARTIAL FULFILLMENT OF THE REQUIREMENTS OF THE DEGREE OF DOCTOR OF PHILOSOPHY ©M.R. SAUTER 2020 !ii TABLE OF CONTENTS ABSTRACT………………………………………………………………………………………..iv RÉSUMÉ……………..……………….………………..……………………………………….…v PREFACE……………..…………………………………………………………………………..vi LIST OF FIGURES….………………….…………………………….…………………………..vii ACKNOWLEDGMENTS……..….……..…………………………………..…………………..…viii INTRODUCTION: AND VENTURE CAPITAL! REMEMBER VENTURE CAPITAL?…………..……..1 LITERATURE REVIEW………………………………………………………………7 THEORIZING THE NEOLIBERAL……………………………………………..….…20 A NOTE ON PRIMARY SOURCES…………………………………………….……32 CHAPTER OUTLINE……………………………….………………………….…..34 MAJOR ACRONYMS AND FINANCIAL CONCEPTS………….…………………..…39 CHAPTER ONE: A PRE-HISTORY OF VENTURE CAPITAL..………..………………………..…41 WILLIAM J. CASEY: A FORGOTTEN FUNDING FATHER?…………..……………..42 PREPARING THE GROUND FOR VENTURE CAPITAL………………………………52 FINDING A HISTORY FOR VENTURE CAPITAL……………………………………67 THE 1973-1975 RECESSION……………………………………………..……….77 ERISA: A PREVIEW………………………………………………………..…….79 CHAPTER TWO: GET THERE FIRST OR GET SHOT DOWN FIRST: THE CASEY TASK FORCE AND THE MAKINGS OF THE CASEY REPORT………………………………………………..…87 CASEY’S NATIONAL VENTURE CAPITAL ASSOCIATION ADDRESS……….………91 THE TASK FORCE’S FIRST MEETING……………………………………………101 THE TASK FORCE’S ORIGINAL INTERESTS………………………………..….…105 OTHER INFLUENCES WITHIN THE ARCHIVE………………………………….…120 CHAPTER THREE: EPITOMIZING AMERICAN FREE ENTERPRISE: THE DIFFUSION OF THE CASEY LIFE CYCLE MODEL…………………………………………………………….….…132 THEORIZING THE MODEL…………………………………………..……..……135 THE MODEL IN THE ARCHIVE………………………………………..…………151 THE MODEL AS COMMON SENSE……………………………………..……..…169 CHAPTER FOUR: “I WOULD VERY MUCH LIKE TO USE YOUR REPORT IN TEACHING MY CLASS”: THE CASEY REPORT’S CIRCULATION IN THE CULTURAL CIRCUIT OF CAPITAL…200 “HE HAS PERSONALLY PASSED OUT OVER A HUNDRED COPIES”..……………203 MEDIA APPEARANCES…………………………………………………………..209 PROFESSIONAL CIRCUITS OF CAPITAL…………………………………………..217 GOVERNMENT CITATIONS AND REFERENCES………………………….………..227 !iii CHAPTER FIVE: EVERY ROTTEN IDEA SINCE ADAM: THE CASEY REPORT AND ERISA REFORM IN VENTURE CAPITAL………………………………………..…………………..….240 THE REPORT’S RECOMMENDATIONS……………………………………………242 IMPACT ON THE DEVELOPING VENTURE CAPITAL INDUSTRY……………..……247 IMPACT BEYOND VENTURE CAPITAL…………………………………….…..…251 THE VENTURE CAPITALIST SHIFTS THE BUSINESSMAN’S RISK BUT KEEPS HIS VALOR………………………………………………………………..…269 THE ROLE OF TASK FORCE MEMBER CHARLES LEA AND NEW COURT EQUITY IN ERISA REFORM………………………………………………….……..272 GOVERNMENT CITATIONS AND REFERENCES……………………………….…..284 CHAPTER SIX: WILLING TO TAKE A BUSINESSMAN’S RISK: SEC RULES 144 & 146 AND FIGURING THE MODERN VENTURE CAPITALIST AS PATRIOTIC RISK-LABORER……….….291 REGULATION A AND SEC RULES 144 AND 146…………………..…….………292 HISTORICIZING VENTURE CAPITAL FROM PERICLES TO POLAROID…………….309 CONCLUSION: FORTY YEARS OF LIMITED IMAGINATION…..…………………………….…350 WORKS CITED:……………………………………………………………….………………..362 !iv ABSTRACT A Businessman’s Risk: The Construction of Venture Capital at the Center of U.S. High Technology is a micro-history of a key, but forgotten, moment in the development of the high technology/finance nexus in the United States. In this dissertation I argue that the Small Business Administration’s Task Force on Venture and Equity Capital for Small Business, established in 1976 and headed by experienced financial attorney and future CIA director William J. Casey, had an outsized impact on the development of modern venture capital and its close associations with the high technology sector. This project examines several sets of policy recommendations made by the Task Force in 1977. These reforms were central in the establishment of the venture capital industry as we know it today. They include reforms to the prudent man rule as applied to pension funds by the 1974 ERISA statute, and SEC Rules 144 and 146 which governed how equity investments could be made. This project also examines the role of the Task Force’s published report in establishing the figure of the venture capitalist as a central player in high technology and normalizing his financial activities in the minds of policymakers, businessmen, and the general public. I argue that the Task Force was a prime mover in establishing this figure and his attendant business narrative as the dominant understanding of how high technology firms developed over time and how the venture capitalist fit into the history of American business. This was achieved through widespread citation of the Report and its conclusion in newspapers, professional publications, and in government hearings on various topics, and through the development of a novel business model that included the venture capitalist and his practices as essential to a firm’s success. The aim of this project is to contribute an empirical, historical account to scholarly attempts to de-naturalize or de-center the venture capital funding model and its attendant ideologies of explosive growth, “disruptive” market dominance and financialized success from the high technology sector. Through this historical account, I argue that there were identifiable events, actions, and individuals responsible for valorizing venture capital, that they were primarily financiers and experienced government bureaucrats located on the East Coast, and that they were invested in the mechanisms and promotion of deregulation and financialization as policy projects with identifiably neoliberal aims, rather than the development of the high technology sector itself. !v RÉSUMÉ A Businessman's Risk: The Construction of Venture Capital at the Center of U.S. High Technology (« Le risque de l'homme d'affaires: La construction du capital de risque au centre du secteur de la haute technologie aux États-Unis ») étudie un moment clé qui a été négligé dans l'historiographie du développement des liens entre le secteur de la haute technologie et celui de la finance aux États-Unis. En 1976, la Small Business Administration (l'administration des petites entreprises) a mis en place un groupe de travail chargé de se pencher sur le capital de risque et les capitaux propres pour les petites entreprises (le Task Force on Venture and Equity Capital for Small Business). Dirigé par William J. Casey – avocat en droit des affaires expérimenté et futur directeur de la CIA – ce comité a exercé une influence énorme sur l'évolution du capital de risque moderne et son association avec le secteur de la haute technologie. Cette thèse constitue une micro-histoire de cette influence. Il s'agit d'une étude des orientations recommandées par le groupe de travail dans son rapport, publié en 1977. Ces réformes ont été au centre de l'établissement du secteur du capital de risque contemporain. Parmi elles, on trouve des modifications du principe de gestion prudente tel que l'appliquait aux caisses de retraite l'acte ERISA (Employee Retirement Income Security Act, 1974). En plus, le groupe a suggéré des changements aux règles 144 et 146 de la Securities and Exchange Commission, qui régissaient l'investissement dans le capital-actions. La thèse examine également le rôle que le rapport du groupe de travail a joué dans l'élaboration de la figure du capital-risqueur. Ce rapport en faisait un acteur clé dans le secteur de la haute technologie, ainsi normalisant ses activités financières aux yeux des décideurs politiques, des hommes d'affaires et du grand public. Le groupe de travail a donc été un élément moteur dans la promotion du discours d'affaires associé au capital-risqueur. Ce discours s'est imposé comme le récit dominant de l'évolution des firmes de haute technologie et du rôle du capital-risqueur dans l'histoire des affaires aux États-Unis. La prédominance de ce discours s'est consolidée par deux voies: la citation généralisée – dans les journaux et les publications professionnelles ainsi que lors d'audiences gouvernementales relatives à divers enjeux – des conclusions du rapport du groupe de travail; et le développement d'un modèle d'affaires qui plaçait le capital-risqueur et ses pratiques au centre de la réussite d'une firme. Cette thèse offre une explication empirique et historique du développement du modèle de financement par capital de risque afin de dénaturaliser celui-ci et l'idéologie qui y est associée et qui prône la croissance explosive, la domination du marché par « disruption » et la réussite financiarisée. Une telle explication historique nous permet de formuler trois conclusions. Premièrement, la valorisation du capital de risque s'est faite au moyen d'événements, d'actions et d'individus repérables. Deuxièmement, la plupart de ces acteurs était des financiers ou des bureaucrates expérimentés qui se trouvaient sur la côte est des États-Unis. Troisièmement, plutôt qu'au développement du secteur de la haute technologie en lui-même, ceux-ci s'intéressaient d'abord à la mécanique et à la promotion de la déréglementation et de la financiarisation comme des projets de politique ayant des fins néolibérales reconnaissables. !vi PREFACE This dissertation is a work of original research solely by the author. No parts have been published previously. !vii LIST OF FIGURES Figure 1: Hamilton, William. “And venture capital! Remember venture capital?” The Now Society. 3 December 1974………………………………………………………………………..1 Figure 2: “Table I ‘Average Annual Growth (Compounded)
Load more

Recommended publications
  • Insider's Guide: Columbia Business School
    mbaMission’s Insider’s Guide Columbia Business School Columbia University New York, NY 2019–2020 presented by Applying to Business School? mbaMission is your partner in the process! Our team of dedicated, full-time admissions experts has helped thousands of applicants get into their dream MBA programs. These skilled storytellers and MBA graduates will work one-on-one with you to help you discover, select, and articulate your unique stories and stand out from the crowd. Why mbaMission? 15+ years of experience advising Ranked number one firm by GMAT tens of thousands of business Club and Poets&Quants school applicants Exclusively recommended by Extensive, unparalleled library of Services available for all stages of Manhattan Prep since 2009 supplementary content the application process Schedule a free, 30-minute consultation at www.mbamission.com/consult, and start getting answers to all your MBA admissions questions! +1-646-485-8844 [email protected] www.mbamission.com About mbaMission With our collaborative, full-time team of experienced advisors, mbaMission has elevated and professionalized the world of MBA admissions consulting, earning the exclusive recommendation of the world’s leading GMAT prep firms, Manhattan Prep and Kaplan GMAT, and hundreds more verified five-star reviews on GMAT Club than any other such firm. mbaMission prides itself on its high-touch client engagement model and robust library of free content that includes these Insider’s Guides as well as our Complete Start-to-Finish MBA Admissions Guide. Having already helped thousands of aspiring MBAs from around the world gain entry into elite US and international business schools, mbaMission continues to grow and improve in our quest to “graduate” additional classes of satisfied clients.
    [Show full text]
  • Oral History with Charles L. Lea
    2UDO+LVWRU\ZLWKCharles L. Lea, Jr. NVCA Oral History Collection This oral history is part of National Venture Capital Association (NVCA) Oral History Collectionat the Computer History Museum and was recporded under the auspieces of the NVCA. In November 2018, the NVCA transferred the copyright of this oral history to the Computer History Museum to ensure that it is freely accessible to the public and preserved for future generations. CHM Reference number: X8628.208 © 201 Computer History Museum National Venture Capital Association Venture Capital Oral History Project Funded by Charles W. Newhall III Charles L. Lea, Jr. Interview Conducted by Carole Kolker, PhD October, 2008 This collection of interviews, Venture Capital Greats, recognizes the contributions of individuals who have followed in the footsteps of early venture capital pioneers such as Andrew Mellon and Laurance Rockefeller, J. H. Whitney and Georges Doriot, and the mid-century associations of Draper, Gaither & Anderson and Davis & Rock — families and firms who financed advanced technologies and built iconic US companies. Each interviewee was asked to reflect on his formative years, his career path, and the subsequent challenges faced as a venture capitalist. Their stories reveal passion and judgment, risk and rewards, and suggest in a variety of ways what the small venture capital industry has contributed to the American economy. As the venture capital industry prepares for a new market reality in the early years of the 21st century, the National Venture Capital Association reports (2008) that venture capital investments represented 2% of US GDP and was responsible for 10.4 million American jobs and 2.3 trillion in sales.
    [Show full text]
  • Kramlich Dick Donated.Pdf
    National Venture Capital Association Venture Capital Oral History Project Funded by Charles W. Newhall III C. Richard Kramlich Interview Conducted and Edited by Mauree Jane Perry 2006 All uses of this manuscript are covered by a legal agreement between The National Venture Capital Association and C. Richard Kramlich, dated January 9, 2009. The manuscript is thereby made available for research purposes. All literary rights in the manuscript, including the right to publish, are reserved to the National Venture Capital Association. No part of the manuscript may be quoted for publication without the written permission of the National Venture Capital Association. Requests for permission to quote for publication should be addressed to the National Venture Capital Association, 1655 North Fort Myer Drive, Suite 850, Arlington, Virginia 22209, or faxed to: 703-524-3940. All requests should include identification of the specific passages to be quoted, anticipated use of the passages, and identification of the user. Recommended citation: C. Richard Kramlich, “Venture Capital Greats: A Conversation with C. Richard Kramlich,” interviewed by Mauree Jane Perry on August 31, 2006, in San Francisco, California, National Venture Capital Association, Arlington, Virginia. Copyright © 2009 by the National Venture Capital Association www.nvca.org This collection of interviews, Venture Capital Greats, recognizes the contributions of individuals who have followed in the footsteps of early venture capital pioneers such as Andrew Mellon and Laurance Rockefeller, J. H. Whitney and Georges Doriot, and the mid-century associations of Draper, Gaither & Anderson and Davis & Rock — families and firms who financed advanced technologies and built iconic US companies. Each interviewee was asked to reflect on his formative years, his career path, and the subsequent challenges faced as a venture capitalist.
    [Show full text]
  • National Venture Capital Association Venture Capital Oral History Project Funded by Charles W
    National Venture Capital Association Venture Capital Oral History Project Funded by Charles W. Newhall III William H. Draper III Interview Conducted and Edited by Mauree Jane Perry October, 2005 All literary rights in the manuscript, including the right to publish, are reserved to the National Venture Capital Association. No part of the manuscript may be quoted for publication without the written permission of the National Venture Capital Association. Requests for permission to quote for publication should be addressed to the National Venture Capital Association, 1655 North Fort Myer Drive, Suite 850, Arlington, Virginia 22209, or faxed to: 703-524-3940. All requests should include identification of the specific passages to be quoted, anticipated use of the passages, and identification of the user. Copyright © 2009 by the National Venture Capital Association www.nvca.org This collection of interviews, Venture Capital Greats, recognizes the contributions of individuals who have followed in the footsteps of early venture capital pioneers such as Andrew Mellon and Laurance Rockefeller, J. H. Whitney and Georges Doriot, and the mid-century associations of Draper, Gaither & Anderson and Davis & Rock — families and firms who financed advanced technologies and built iconic US companies. Each interviewee was asked to reflect on his formative years, his career path, and the subsequent challenges faced as a venture capitalist. Their stories reveal passion and judgment, risk and rewards, and suggest in a variety of ways what the small venture capital industry has contributed to the American economy. As the venture capital industry prepares for a new market reality in the early years of the 21st century, the National Venture Capital Association reports (2008) that venture capital investments represented 2% of US GDP and was responsible for 10.4 million American jobs and 2.3 trillion in sales.
    [Show full text]
  • Copyrighted Material
    pter O ha n C e An Historic Overview of Venture Capitalism • Those who cannot remember the past are condemned to repeat it. —George Santayana Why is an historical overview of VC important? Because history does in fact repeat itself, and a study of history allows us to frame an ­understanding of the present and the future. The playersCOPYRIGHTED and the investment climate MATERIAL change, but the entrepreneur’s innate instinct to risk capital for a return is no different today from what it was when John D. Rockefeller became America’s first billionaire in 1900. When Andrew c01.indd 1 10-12-2013 8:50:11 [2] The Little Book of Venture Capital Investing Carnegie joined forces with his childhood friend, Henry Phipps, to form Carnegie Steel in 1892, they were driven by the same conviction to improve the status quo as are the idealistic dream chasers of the twenty-first century. It was these early trailblazers who paved the way and developed the techniques that have laid the foundation for VC as we know it today. Arguably, historians will debate the nature of history and its usefulness. This includes using the discipline as a way of providing perspective on the problems and opportu- nities of the present. I believe it to be an important tool in providing a systematic account and window to the future. It is patently dishonest and irresponsible to perpetuate the popular mythology that those who created great wealth in America are to be despised and that there are no useful les- sons to be learned from an objective, historical review of their contributions to the subject at hand.
    [Show full text]
  • Beyond Greed and Fear Financial Management Association Survey and Synthesis Series
    Beyond Greed and Fear Financial Management Association Survey and Synthesis Series The Search for Value: Measuring the Company's Cost of Capital Michael C. Ehrhardt Managing Pension Plans: A Comprehensive Guide to Improving Plan Performance Dennis E. Logue and Jack S. Rader Efficient Asset Management: A Practical Guide to Stock Portfolio Optimization and Asset Allocation Richard O. Michaud Real Options: Managing Strategic Investment in an Uncertain World Martha Amram and Nalin Kulatilaka Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing Hersh Shefrin Dividend Policy: Its Impact on Form Value Ronald C. Lease, Kose John, Avner Kalay, Uri Loewenstein, and Oded H. Sarig Value Based Management: The Corporate Response to Shareholder Revolution John D. Martin and J. William Petty Debt Management: A Practitioner's Guide John D. Finnerty and Douglas R. Emery Real Estate Investment Trusts: Structure, Performance, and Investment Opportunities Su Han Chan, John Erickson, and Ko Wang Trading and Exchanges: Market Microstructure for Practitioners Larry Harris Beyond Greed and Fear Understanding Behavioral Finance and the Psychology of Investing Hersh Shefrin 2002 198 Madison Avenue, New York, New York 10016 Oxford University Press is a department of the University of Oxford It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Bangkok Buenos Aires Cape Town Chennai Dar es Salaam Delhi Hong Kong Istanbul Karachi Kolkata Kuala Lumpur Madrid Melbourne Mexico City Mumbai Nairobi São Paulo Shanghai Taipei Tokyo Toronto Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries Copyright © 2002 by Oxford University Press, Inc.
    [Show full text]
  • Discovering Doriot Societies
    is idea defied financial logic. It would take too on to become one of Harvard’s most influential Hlong, the risks were too high, and the rewards professors, whose 40-year teaching span inspired too small. Wall Street experts said it’d never work. some of the most prominent executives of the day, But, never say never. Proving the naysayers including Fred Smith, founder of Federal Express, wrong, this man watched a single investment earn and Ralph Hoagland, co-founder of CVS Corp. over 500,000 percent — seeing that investment In 1940, he received his U.S. citizenship and, more than double every year for nine straight years. the following year, enlisted in the U.S. Army. A It’s a mind-boggling number. To put it in lieutenant colonel and chief of military planning perspective, if you invested $1,000, a 500,000 for the Quartermaster Corps, Doriot put his percent increase would yield a $5 million windfall. manufacturing skills to good use by upgrading That’s impressive, considering this was an idea that military equipment, which earned him a wasn’t supposed to be viable. promotion to brigadier general. His improvements That alone would be a great ending to the story, included better shoes, cold-weather gear, uniforms, but it marked just the beginning of something tents, sunscreens, insecticides, freeze-dried foods, that would turn this man’s seemingly strange idea and powdered coffee. into industry standard practice. He changed the Then, due to a shortage of metallic armor in way we seek opportunities, the way we calculate 1942, he was called to oversee the invention of a risks, and the way we make serious money.
    [Show full text]
  • A Century of Ideas
    COLUMBIA BUSINESS SCHOOL A CENTURY OF IDEAS EDITED BY BRIAN THOMAS COLUMBIA BUSINESS SCHOOL Columbia University Press Publishers Since 1893 New York Chichester, West Sussex cup.columbia.edu Copyright © 2016 Columbia Business School All rights reserved Library of Congress Cataloging-in-Publication Data Names: Thomas, Brian, editor. | Columbia University. Graduate School of Business. Title: Columbia Business School : a century of ideas / edited by Brian Thomas. Description: New York City : Columbia University Press, 2016. | Includes bibliographical references and index. Identifiers: LCCN 2016014665| ISBN 9780231174022 (cloth : alk. paper) | ISBN 9780231540841 (ebook) Subjects: LCSH: Columbia University. Graduate School of Business—History. Classification: LCC HF1134.C759 C65 2016 | DDC 658.0071/17471—dc23 LC record available at https://lccn.loc.gov/2016014665 Columbia University Press books are printed on permanent and durable acid-free paper. Printed in the United States of America c 10 9 8 7 6 5 4 3 2 1 contents Foreword vii 1 Finance and Economics 1 2 Value Investing 29 3 Management 55 4 Marketing 81 5 Decision, Risk, and Operations 107 6 Accounting 143 7 Entrepreneurship 175 vi CONTENTS 8 International Business 197 9 Social Enterprise 224 Current Full-Time Faculty at Columbia Business School 243 Index 247 foreword Ideas with Impact Glenn Hubbard, Dean and Russell L. Carson Professor of Finance and Economics Columbia Business School’s first Centennial offers a chance for reflection about past success, current challenges, and future opportunities. Our hundred years in business education have been in a time of enormous growth in interest in university-based business education. Sixty-one students enrolled in 1916.
    [Show full text]
  • 3Rd George Doriot Conference HEC Paris – EM Normandie & ADVANCIA
    2009-06-29 3rd George Doriot Conference HEC Paris – EM Normandie & ADVANCIA 4th and 5 th March 2010 Normandy (venue to be decided) Intrapreneurship: The reality behind the talk Call for papers At Harvard Georges Doriot was a pioneer in management teaching and research. At the beginning of the 1930s he introduced into France the CPA case study method, which became the Executive MBA of the Groupe HEC. He was also one of the “inventors” of risk capital in the USA after the war and made his fortune by participating in the creation of DEC. Reasons for organizing the Georges Doriot Conference: Every two years the Georges Doriot Conference – created by HEC Paris and EM-Normandie and now joined by Advancia – provides the opportunity to put into practice three strong principles: - practical intelligence : entrepreneurship is a field where the link between practice and academic reflection is necessary and fruitful; - a cross-disciplinary vocation : this conference will make it possible to examine different facets of entrepreneurial phenomena: managerial, legal, psychological, historical, etc… In addition to management science, the conference will be open to specialists of economic science, legal science, cognitive science and, more widely, the human and social sciences. - open to the professional world : this conference is intended to be a place of exchange between the academic community and the professional world, just like Georges Doriot, who was both a pioneer in research and teaching and a major figure in the area of risk capital and entrepreneurship. Intrapreneurship: theme of the 3rd edition What if, backed up by some success stories, academic research on intrapreneurship slightly preceded management practice? First of all, it is difficult to measure the real importance of the phenomenon because its definition is not self-evident.
    [Show full text]
  • Jamieson Burgess.Pdf
    Regional Oral History Office University of California The Bancroft Library Berkeley, California J. Burgess Jamieson BAY AREA VENTURE CAPITALISTS: SHAPING THE ECONOMIC AND BUSINESS LANDSCAPE Interviews conducted by Sally Smith Hughes in 2009 Copyright © 2010 by The Regents of the University of California ii Since 1954 the Regional Oral History Office has been interviewing leading participants in or well-placed witnesses to major events in the development of Northern California, the West, and the nation. Oral History is a method of collecting historical information through tape-recorded interviews between a narrator with firsthand knowledge of historically significant events and a well-informed interviewer, with the goal of preserving substantive additions to the historical record. The tape recording is transcribed, lightly edited for continuity and clarity, and reviewed by the interviewee. The corrected manuscript is bound with photographs and illustrative materials and placed in The Bancroft Library at the University of California, Berkeley, and in other research collections for scholarly use. Because it is primary material, oral history is not intended to present the final, verified, or complete narrative of events. It is a spoken account, offered by the interviewee in response to questioning, and as such it is reflective, partisan, deeply involved, and irreplaceable. ********************************* All uses of this manuscript are covered by a legal agreement between The Regents of the University of California and J. Burgess Jamieson, dated January 15, 2010. The manuscript is thereby made available for research purposes. All literary rights in the manuscript, including the right to publish, are reserved to The Bancroft Library of the University of California, Berkeley.
    [Show full text]
  • INSEAD from Intuition to Institution
    INSEAD From Intuition to Institution JEAN-LOUIS BARSOUX © Insead 2000 Softcover reprint of the hardcover 1st edition 2000 978-0-333-80398-1 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 0LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2000 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world ISBN 978-1-349-42222-7 ISBN 978-0-333-98184-9 (eBook) DOI 10.1057/9780333981849 A catalogue record for this book is available from the British Library. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10987654321 09 08 07 06 05 04 03 02 01 00 Contents List of Plates page iv Acknowledgements ix Introduction: Ecrire, c’est choisir xi PART 1: FROM I NCEPTION TO O BSCURITY 1 Getting to the Drawing Board 3 2 Believing Something Into Being 25 PART 2: FROM O BSCURITY TO R ESPECTABILITY 3 Fighting Above its Weight 53 4 Here to Stay 83 PART 3: FROM R ESPECTABILITY TO P ROMINENCE 5 A Faculty For Renewal 109 6 Keeping the Show on the Road 131 PART 4: FROM P ROMINENCE TO I MPACT 7 Coming of Age 159 8 Taking on the World 185 9 Pillars of the Estabishment 211 Appendices 221 Index 243 List of Plates 1 The Palace at Fontainebleau 2 Georges Doriot 3 Inauguration ceremony of Insead at Fontainebleau Palace on 9th October 1959: W.
    [Show full text]
  • 59Th Annual Distinguished Service Award Harvey P. Eisen, BS BA
    59th Annual Distinguished Service Award Harvey P. Eisen, BS BA '64 Chairman, CEO and Director, Wright Investors' Service Holdings, Inc. Chairman and Managing Partner; Bedford Oak Advisers, LLC Chairman and Director, GP Strategies Harvey P. Eisen is Chairman, CEO and Director of Wright Investors’ Service Holdings, Inc. (WISH), formerly National Patent Development Corporation. He has also served as Chairman of Bedford Oak Advisors, LLC, an investment partnership since 1998, and Chairman and Director of GP Strategies since 2004. He was previously Senior Vice President of Travelers, Inc. and held various executive positions with Primerica, SunAmerica Corp., and Integrated Resources Asset Management. Mr. Eisen was president and portfolio manager of Eisen Capital Management for 10 years. He began his career as an analyst with Stifel, Nicolaus & Co. and Wertheim. Mr. Eisen has served on the Strategic Development Board for the Trulaske College of Business, University of Missouri since 1995 where he established the first accredited course on the Warren Buffett Principles of Investing. He also serves on the Zanvyl Krieger School of Arts and Sciences Advisory Board for Johns Hopkins University and is a member of the Carey Business School Board of Overseers and the Hopkins Parents Council. Mr. Eisen is widely recognized as one of the country’s leading portfolio managers. With over three decades of investment experience, he is often consulted by the national media for his expert views on all phases of the investment marketplace and is frequently quoted in The Wall Street Journal, The New York Times, Pension World, U.S. News & World Report, Financial World and Business Week, among others.
    [Show full text]