The Analysts

In writing this next episode of my inside look at the corporate world, I am going to take the liberty of stepping outside and shining the light on another group, the stock market analysts. This group, in a manner of speaking, is like a super-company which has perhaps reached even greater heights in skullduggery than the most astute corporate gurus.

There is no gradual rising up the ladder for a member of this analyst group. Each one is a self-proclaimed pundit from inception. They have the final word on any situation or company, or both, except that the final word is never a conclusion or definitive recommendation on anything. If you think any of these ‘experts’ will tell you which stock or mutual fund to invest in, you will be sorely disappointed – the best you are going to get may be something like, ‘subject to global winds of uncertainty, we see a potential for this company to add value in the long run’. ‘How long is long?’; ‘Value for who?’; and, ‘What is Value anyway?’

When an analyst rates a stock, the words are well designed to be ambiguous enough to cover his/her backside when (not ‘if’, you may note) the predictions fall flat. ‘Outperform’, ‘Underweight’ and similar terms may give you the impression that you are looking at an advertisement for a gymnastics show or MMA event. And it becomes even more complicated, read incomprehensible, when the ratings of multiple analysts are averaged out on a scale of 1-5 and you get a ‘recommendation’ of 1.49. You might as well toss a coin to make your decision.

When these analysts form a panel to discuss ‘stuff’ on TV or other online media, it feels like you are watching an alien invasion of your property, read sanity. The topics discussed and the language used are bizarre and so full of jargon that discussions in any corporate meetings sound like nursery rhymes. Terms like ‘forward looking same-store performance’ and ‘earnings per share adjusted for reverse splits’ leave you mesmerized and frightened at the same time. To top it all, an array of charts and graphs are shown, moved around and superimposed on one another till you are dizzy with vertigo.

Data is the analysts’ forte and invincible weapon. Any point of view can be proven or dismissed using ‘relevant’ data. So, the analysts, over decades, have come up with more and more ratios and ‘indicators’. They could bind you into a tangled web with price-to-earnings-to-growth and return-on-equity ratios while befuddling you with operating income from ongoing operations. When they run out of numbers and ratios, they invent new ones by dividing two existing numbers.

If you feel the need to run for your life from the assault of these analysts, I would recommend you head for your backyard and, along with the squirrels, bury your precious savings.

Calendar-Run Company

Of all the innovations, rather intrusions, of technology in day-to-day life, nothing comes close to the digital calendar in occupying the top spot. I am sure everyone (excluding those who live in a cave) is familiar with the uncomfortable buzz that your electronic devices emit to let you know that it is time for your next meeting or activity.

Those of you who are old enough to remember will long for the good old days of manual diaries and paper calendars, some hung on the wall and some others stuck to your fridge, where you had to make an entry with a pen or pencil indicating when your rent is due or when someone’s birthday is.

The corporate organizations of today seem to be run by a bewildering array of digital calendars. The calendar is no longer a productivity tool, as many management pundits would have to believe. You are effectively a slave to the master, the Calendar! In the spirit of an open office, other peoples’ calendars are game for you to insert entries at will – all you need is a blank space in time that is common across the designated audience. It helps if you are the boss as your subordinates cannot refuse your calendar ‘invite’ and you even have the authority to overwrite their ‘personal time off’.

There are many quirks in the world of calendars that provide humor and entertainment in their own right. For example, any calendar invite worth its salt will have a long list of dial-in information, for global participants, along with a series of code numbers to validate your identity. Getting past all these numbers and entering a virtual meeting on time could be a nerve wracking experience.

Then there are the innumerable updates that follow an original calendar invite.  There may be a dozen corrections to the original date, time, location (meeting room numbers are my favorite), invitees and even the very subject of the meeting – all of which will result in updated invites that will land in your inbox in random order. If you want to retain your sanity, you are best advised to ignore all these updates and hope that you will have the good (?) fortune to be at the right place at the right time.

Calendars are huge status symbols in the office. A full calendar that runs several weeks, even  months, into the future is an indication of how busy you are and, in turn, your importance in the organization. The fact that many of the meetings (the best ones are those that repeat every week or even more frequently) on the calendar are a complete waste of time is beside the point and is not to be questioned. This is where it helps to have friendly colleagues across multiple departments who can mutually invite each other to meetings, and follow up meetings, as needed. There is an ongoing, informal competition for executives to own the busiest calendars, with winners fighting hard to stay at the top.

Calendars can be used to avoid, or at least postpone, serious work. By ‘blocking your  calendar’ (a term that is all too familiar in the corporate world) for relatively unimportant, or even fictitious, discussions and tasks, you can effectively make yourself unavailable for any real work. If you manage to make yourself a part of a team that is geographically distributed, you will be able to practice this master trick with impunity, as no one person will know what all you are (not) doing – your calendar is your armor.

As with every other tool or technique in the corporate world, the calendar phenomenon can be used to your advantage.