Why?

“A sweeping five-month investigation into the collapse of one of the nation's largest subprime lenders points a finger at a possible new culprit in the mortgage mess: the accountants.

“New Century Financial, whose failure just a year ago came at the start of the credit crisis, engaged in ‘significant improper and imprudent practices’ that were condoned and enabled by auditors at the accounting firm KPMG, according to an independent report commissioned by the Justice Department...

“Some of its accusations echo charges that surfaced about the accounting firm Arthur Andersen after the collapse of Enron in 2001.

“E-mail messages uncovered in the investigation showed that some KPMG auditors raised red flags about the accounting practices at New Century, but that the KPMG partners overseeing the audits rejected those concerns because they feared losing a client…

“Mr. Missal drew an analogy to Enron and said there was evidence that KPMG auditors had deferred excessively to New Century.

“‘I saw e-mails from the engaged partner saying we are at the risk of being replaced,’ Mr. Missal said in a telephone interview about a KPMG partner working on the audit of New Century. ‘They acquiesced overly to the client, which in the post-Enron era seems mind-boggling.’ …

“In one exchange in the report, a KPMG partner who was leading the New Century audit responded testily to John Klinge, a specialist at the accounting firm who was pressing him on a contentious accounting practice used by the company…

“[New Century’s] three founders together made more than $40.5 million in profits from selling shares in the company from 2004 to 2006.”


(“Inquiry Assails Accounting Firm In Lender's Fall.” Vikas Bajaj. The New York Times. March 27, 2008. pg. 1)

WHAT SEPARATES these folks from me? from you? What triggers foolishness in each of us? What are we watching out for?

Cool Niche or Warm Touch?

“On March 6 Apple announced new features for the iPhone, including some that will make it possible for people to fetch Microsoft Exchange e-mail with this device. In the overhyped, ever-breathless world of Silicon Valley this routine announcement got the kind of reception you might expect for the discovery of life on Mars. Apple is invading corporate America! Game over!

“Or maybe not. Apple has done a great job selling the iPhone to consumers, but tapping into the corporate market will take more than just supporting Microsoft e-mail and adding a few security features...

“The way to get corporate business is to create a product so appealing that people begin using it at work even though it's forbidden; then they force their IT department to accommodate them...

“However... hurdles stand in Apple's way. Research In Motion has 14 million BlackBerry subscribers worldwide, about two-thirds of them in corporate accounts. Those companies won't be in a hurry to tear out their BlackBerry systems, nor will they be eager to support two systems instead of one, no matter how sexy that new device may be...

“Businesses also value close relationships with vendors. ‘RIM has had a direct sales force meeting with Global 2000 companies for years,’ says Robert Laikin, chief executive of Brightpoint... ‘They have a reputation for security and a track record. They have deals with all the major carriers in the United States, who have trained their sales forces to sell the RIM product.’

“Apple, in contrast, has some really cool ads, snazzy stores and an exclusive deal with AT&T, which could put off enterprise customers who prefer a choice of carriers...

“Apple also has a history of creating new products that are not compatible with their predecessors, something consumers might put up with but businesses can't tolerate. It also helps explain why Apple computers are so rarely used at corporate sites despite being better in almost every way than Windows PCs...

“‘We think the iPhone will continue to appeal to a niche willing to pay for the sizzle of leading-edge technologies,’ says Sean Magee, senior vice president of information technology at Ricoh Americas Corp. ‘While the touchscreen, overall presentation, data management and navigation are cool, at the end of the day it is just an overpriced PDA with a lot of challenges in front of it.’”


(“Tough Customers; The earth shook. Mountains trembled. The world momentarily stopped turning on its axis.” Daniel Lyons. Forbes; April 7, 2008, Volume 181 Issue 7. pg. 54)


GOOGLE APS TOO, in spite of their cool tech and public sizzle, largely are not penetrating the corporate world.

The utility of an old-fashioned, well-entrenched behemoth -- technically inferior though it may be -- often trumps the latest fashion. Until the behemoth gets that idea too far into their head for too long. Then, watch out!

Credibility: Plans, Actions, Results

“Walgreen Co. thrived for decades by opening stores faster than its competitors -- a new location pops up every 16 hours -- and by pushing out more prescriptions per year than any other chain.

“But facing pressure from rivals, a weak economy and cracks in the health system, Walgreen is changing its time-tested formula. Instead of simply bottling pills, it is refashioning itself into a broad health-care provider…

“In the last few years, Walgreen has begun making bolder moves. It has dropped its longtime aversion to acquisitions and snapped up specialty pharmacies that are experts in infertility, cancer, AIDS and other conditions that are expensive to treat. It is opening pharmacies in hospitals and assisted-living facilities. Last year, it quadrupled the number of pharmacists certified to give flu shots and other immunizations.

“Investors, though, aren't sure it is taking the right approach. In October, Walgreen reported its first quarterly earnings decline in nearly a decade, hurt by lower generic-drug reimbursements, and higher store and advertising expenses. Investors were rattled by the rare wobble from Walgreen's normally steady business. Since then, its stock price has dropped nearly 22%.

“‘It hasn't had the consistency over the last year,’ says Mark Miller, a William Blair & Co. retail analyst. ‘It's rebuilding credibility.’ …

“While Walgreen shares have fallen, CVS Caremark shares have risen 17% in the last 52 weeks. Last year was the first time since 2002 that Walgreen shares posted an annual decline.

“Walgreen's share price has recovered some ground since the beginning of the year. But drugstores' profits are currently under pressure...

“‘What folks are missing is that multiple strategies are able to win in such a big area,’ Gregory Wasson, Walgreen's president, said in an interview. ‘It's easy to see something big and tangible. CVS has had its shareholders gain value. Ours is a winning strategy. People may not have realized the value yet.’ …

“‘The real opportunity is to begin to connect the dots,’ says Mr. Wasson.

(“How Walgreen Changed Its Prescription for Growth.” Amy Merrick. Wall Street Journal: March 19, 2008. pg. B.1)


CHANGE IS COSTLY, risky, threatening -- and vital. Buy-in comes slowly as plans are announced, gradually as actions unfold, and then perhaps as results are interpreted and framed.

Seeing afar what others cannot yet perceive is indeed a rare gift, yet its value may only lie in your ability to open the eyes of your market.

Buy Lower; Sell Higher

“Under mounting pressure from surging commodity prices, makers of the name-brand foods that fill the nation's grocery shelves are fighting back… One of the most effective weapons used to defend their bottom lines -- and one they rarely discuss in public -- involves placing big bets in the grains market, a strategy known as hedging.

“Food makers use hedges to protect against sudden price moves, smoothing out some of the peaks and valleys in the commodities market by managing risk through futures and options. This gives them a better idea what costs they are likely to encounter in the months ahead, crucial to budget planning...

“The company should be in a strong position to offset future costs. For 2008, General Mills has hedged 66% of its costs for key commodities, such as wheat and fuel.

“‘They are smartly locked in,’ said Edward Jones analyst Matt Arnold… ‘They are as well-hedged as anybody.’

“Food makers are facing unprecedented costs for their ingredients. The Agriculture Department forecasts average prices for wheat, corn and soybean meal will continue to hover well above their 10-year averages through 2008…

“It has become dicier these days to pinpoint the costs of grains and other commodities…

“Sanderson Farms Inc., a major buyer of soybeans and corn to feed its chickens, said 10% of its soybean delivery has been priced in through the rest of the year.

“On the other hand, the company said it is fully exposed to market prices for corn, with any market advantage on this front hinging entirely upon whatever terms it can negotiate with suppliers. Laurel, Miss.-based Sanderson Farms doesn't stockpile feed grains, keeping only a week's worth in its mills at a time.

“‘At these values, we just think it would be the wrong time to do a lot of forward pricing,’ said Chief Executive Joe Sanderson… citing uncertainty about the amount of corn being planted. This is the cautious approach taken by buyers wary of locking in high prices when there is a chance prices in the grain market might move lower.”


(“Corporate News: Food Firms Hedge Against the Grain.” Matt Andrejczak. The Wall Street Journal. March 24, 2008. pg. B.4)

EXCELLENT STRATEGIC MANAGERS detect discontinuity by disrupting our thinking.

Is this a trend? Does it have legs? What about reversion toward the mean? Has there been a seismic structural shift in the way markets behave? Are the rules being re-written? Will the norm prevail?

Who can see? For every buyer who sees a low price, there is a seller who sees a fully-valued price. Maybe this is why we say "bets" ...

Principles & Critical Success Factors

“When the Formula One racing season starts on Sunday with the Australian Grand Prix, Toyota Motor Corp., which can practically do no wrong in the factory and the showroom, will be out to prove after years of disappointing finishes that it can finally turn things around in the world's top auto-racing circuit.

“Since joining F1 in 2002, Toyota has never won a race or ended a season in better than fourth place despite spending an estimated $2.5 billion the past six years. Last year, it finished sixth out of 11 teams, causing restlessness among Toyota's top executives…

“Now, Toyota is pinning its hopes on fully implementing its vaunted consensus-management style, which is out of step with the rest of the world of grand-prix racing, to breathe life into its half-billion-dollar-a-year F1 team…

“While governments, hospitals and manufacturers world-wide have successfully copied Toyota's celebrated philosophy, many racing analysts question whether it is suited to the competitive world of F1…

“Historically, the most successful teams have been led by strong personalities who function like field generals in battle, calling all the shots not only during the race but also during the design phase.

“‘To shine in F1, you have to be reactive, very quick in everything,’ says Patrick Camus, an F1 analyst…

“[Toyota's F1 executive Tadashi] Yamashina says he was struck by the limitations of this traditional management style, which he says relied too much on the experience and skills of one individual…

“While all F1 teams rely on teamwork -- involving hundreds of people from aerodynamicists to materials engineers to test drivers -- the Toyota philosophy takes it to a new level…

“Many Toyota team members, accustomed to the faster-paced decision- making process of traditional F1 teams, resisted the changes at first…

“Critics say Toyota performed best under the leadership of British technical director Mike Gascoyne, who is known in racing circles for his aggressive style. With Mr. Gascoyne, the team ended the 2005 season in fourth place, its highest finish to date. By 2006, however, Toyota suspended Mr. Gascoyne because of ‘differences of opinion,’ Toyota says. Mr. Gascoyne declined to be interviewed for this story.”

(“Will Toyota's Way Win on the Track?; Car Maker Is Counting On Its Consensus Style to Break Formula One Losing Streak.” John Murphy. Wall Street Journal: March 14, 2008. pg. B.1)


CONSENSUS MANAGEMENT is widely considered to be the optimal right way to lead. Can the "right" way be the wrong way in the right situation? Is managing strategically situational or universally principled?

What do we do when following industry norms has led to moderate, mediocre results?

Will bucking the apparent trend improve results, or is there something deeper to blame?

Crisis and Reality Construction

“Borders Group Inc. has decided you can sell a book by its cover.

“In a radical move aimed at jump-starting sales, the nation's second-largest book retailer is sharply increasing the number of titles it displays on shelves with the covers face-out. Because that takes up more room than the traditional spine-out style, the new approach will require a typical Borders superstore to shrink its number of titles by 5% to 10%.

“That makes the strategy a big gamble for Borders. Reducing inventory goes against the grain of booksellers' efforts over the past 25 years or so…

“With the book market facing unmitigated gloom, Borders has little choice but to experiment….

“Some think the move is overdue. Unlike modern supermarkets, booksellers haven't done enough to make books look attractive on the shelves, says John Deighton, editor of the Journal of Consumer Research.

“‘Breakfast cereals are not stocked end-of-box out,’ he says. ‘You want to your product to be as enticing as possible. It's a little bizarre that it's taken booksellers this long to realize that the point of self-service is to make the product as tempting as possible.’

“At the same time, Borders' willingness to reduce the number of titles it stocks reflects a growing view that store customers can be intimidated by too great a selection. ‘We can be overwhelmed or thrust into indecisiveness by the presence of a large number of temptations,’ Mr. Deighton adds. ‘People don't want choice, they want what they want. And what they want is sometimes constructed for them in the store by the attractiveness of what's on offer.’

“Borders says customers visiting its prototype store said their impression was that more books were available.”

(“Borders Tries About-Face on Shelves; Counting on Covers to Sell, Bookseller Changes Display While Cutting Titles Stocked.” Jeffrey A. Trachtenberg. Wall Street Journal: March 12, 2008. pg. B.1)


SO, WHICH MAKES YOU MORE NERVOUS -- change or stasis? constructing the customer's perceived experience or leaving them to "want what they want?"

The Mythical Beast vs Real Life

“In recent times, most economists have pretended that the economy is essentially predictable and understandable. Economic decision- and policy-making in the private and public sectors, the thinking goes, can be reduced to a science. Today we are seeing consequences of this conceit in the financial industries and central banking. ‘Financial engineering’ and ‘rule-based’ monetary policy, by considering uncertain knowledge to be certain knowledge, are taking us in a hazardous direction…

“Friedrich Hayek began a movement to bring key points of uncertainty theory into the macroeconomics of employment…

“In the 1970s, though, a new school of neo-neoclassical economists proposed that the market economy, though noisy, was basically predictable. All the risks in the economy, it was claimed, are driven by purely random shocks -- like coin throws -- subject to known probabilities, and not by innovations whose uncertain effects cannot be predicted.

“This model took hold in American economics and soon practitioners sought to apply it. Quantitative finance theory became a tool relied on by most banks and hedge funds. Policy rules based on this model were adopted at the Federal Reserve and other central banks…

“Current experience is putting these claims to the test…

“Entrepreneurs' willingness to innovate or just to invest -- and thus create new jobs -- is driven by their ‘animal spirits’ as they decide whether to leap into the void. Central bankers… can try to guess which way entrepreneurs are going to jump, but some wide swings in employment are inevitable…

“There may be other mechanisms at work. Uncertainty reigns.”


(“Our Uncertain Economy.” Edmund S. Phelps. Wall Street Journal: March 14, 2008. pg. A.19)

DECISION-MAKING IS NOT A SCIENCE. Policy cannot be engineered. Management is messy, and strategic management is the messiness of uncertainty.

The Mythical Beast is that data and facts drive decisions directly with no "animal spirits" of human interpretation. We slay that myth through the sense of feel we develop as we get in touch with the processes from which data are extracted.

Understanding and insight trump knowing once again.

Reality In Numbers

“When market confidence collapses, Wall Street, like the cowardly Kansas town in ‘High Noon,’ needs strong, silent types for protection.

“Last week's Gary Cooper was J.P. Morgan Chase, which "rescued" Bear Stearns as a prelude to devouring it. This week, investment banks will report quarterly financial results, just as investors are trying to identify which brokerage houses will be strong enough to weather the credit-market storm…

“The tricky part is that in this environment balance sheets may not be the best indicators of strength. Early last week, Buckingham Research analyst James Mitchell, based in part on numbers reported at the end of Bear's fourth quarter, estimated that Bear Stearns had $35 billion in liquid assets and borrowing capacity, enough to operate for 20 months. Turns out it had enough for three days…

“As Bear Stearns learned, in this environment whispers of weakness alone can cause a pack of nervous lenders to flee from you.

“‘A company is only as solvent as the perception of its solvency,’ Oppenheimer analyst Meredith Whitney wrote in downgrading Bear Stearns on Friday.”

(“Ahead of the Tape.” Mark Gongloff. Wall Street Journal: March 17, 2008. pg. C.1)


WHAT IS ENACTED REALITY? What we manage is what the masses perceive as real. The objectivity of managed reality lies within its inter-subjective creation.

Our balance sheet is as real as it is perceived to be.

Moods & Feelings

“Many bankers are steeling themselves for the global financial crisis to both last longer and grow deeper, a shift in mood that could magnify the potential for upheaval in markets and economies world-wide…

“The fact that yesterday's Bear Stearns deal puts a paltry $2-a-share value on the storied investment bank, which as recently as a week ago was trading around $70, is unlikely to assuage fears that the worst is in the past.

“The next four weeks will be critical in determining whether or not bankers' gloomy mood is justified. Tomorrow, the worlds' biggest banks and brokers will start reporting precisely how much money they lost in the first quarter on bad investments, on top of previous losses. These reports will also hold vital clues to what they feel the future holds.

“As last week's meltdown at Bear Stearns shows, bankers' mood swings can sometimes bring about the very scenarios they fear.”


(“Banks Fear a Deepening of Turmoil.” Carrick Mollenkamp and Mark Whitehouse. Wall Street Journal: March 17, 2008. pg. A.1)

ONCE AND FOR ALL -- feelings shape where we look, how we see, how we understand, what we believe, and how we decide to act on what is perceived and interpreted.

Not only do our actions generate the world upon which we are acting, but more powerfully, our actions are the product of a causal chain of feelings, perceptions, interpretations and beliefs.

Even the "objective," formula-rich world of high finance demonstrates this time and again.

Data, Perception and Understanding

“Monthly retail sales have long been an important tool for gauging the health of the American economy as well as the retailers themselves.

“But tomorrow, when retailers around the country report their February sales for stores open at least a year, the statistics will be a lot less meaningful. Macy's Inc., the nation's largest traditional department-store operator by revenue, will stop making its monthly disclosure, joining other retail titans such as Sears Holdings Corp., Home Depot Inc. and Dollar General Corp. …

“Two other retailers, Jos. A. Bank Clothiers Inc. and CVS Caremark Corp., abandoned reporting monthly sales as of January.

“‘There's obviously a common theme among all of these retailers,’ says Ken Perkins, president of Retail Metrics Inc., a research-consulting firm. ‘This is a trend when things get lean and difficult.’ …

“‘Giving less information at a time of high investor concern heightens the perception that there might be bad results,’ says David Dreman, chairman and chief investment manager of Dreman Value Management…

“At Macy's, informal discussions for months focused on the benefits of abandoning monthly disclosure of same-store sales... Executives at the Cincinnati-based company began debating that the obligation to report monthly same-store sales was a big distraction...

“Macy's spokesman Jim Sluzewski notes that companies in other industries -- like Motorola or Dell -- don't report sales monthly.

“‘The practice of reporting sales monthly unfortunately has encouraged a short-term orientation that distracts retailers such as Macy's,’ adds Mr. Sluzewski…

“‘Increasingly the thought is that reporting monthly sales results makes retailers susceptible to managing on a month-to-month basis,’ says Frank Badillo, senior retail economist at Retail Forward...

“But critics of retailers that abandon monthly sales reports note that, in good times, chains go out of their way to trumpet big gains in monthly sales. ‘It always seems to be the companies that are having problems’ that go mum, says George Whalin, president of Retail Management Consultants... He complained to both Home Depot and Sears about their lack of disclosure, saying he tracks the numbers closely. He says he got no response.”

(“Macy's Joins Trend Of Retailers Ending Monthly Reports.” Vanessa O'Connell. Wall Street Journal: March 6, 2008. pg. B.1)


COPING WITH UNCERTAINTY may leave uncertainty in its wake. Just be sure where you stand, what you watch, and how you share.

Diminishing Returns

“Mark Zuckerberg, Facebook Inc.'s 23-year-old chief executive, is finding that he and his company have to grow up at Internet speed. The latest sign: He has poached a top Google Inc. executive, Sheryl Sandberg, to help expand his social-networking company.

“Ms. Sandberg, a six-year Google veteran who has been the search giant's vice president of global online sales and operations, will become Facebook's chief operating officer. In that role, the 38-year- old executive will try to help expand the privately held company's operations, revenue and international reach. She will also lead sales, business development, public policy and communication. Ms. Sandberg will report directly to Mr. Zuckerberg, who has been searching for a second-in-command for several months.

“Ms. Sandberg's appointment comes as Mr. Zuckerberg is trying to adjust to being head of a company that is quickly outgrowing its position as one of Silicon Valley's hottest startups while preparing himself to be able to lead it to Google-like international heft...

“In early December, the CEO had a conversation with one of his mentors, Silicon Valley investor Roger McNamee, in which he admitted he was having a tough time with some new pressures he was facing as chief. ‘Is being a CEO always this hard?’ he asked…

“Ms. Sandberg joins a roster of recent Facebook hires that includes Chief Financial Officer Gideon Yu, formerly CFO at YouTube, and Vice President of Product Marketing and Operations Chamath Palihapitiya, a former head of AOL's instant-messaging business. Mr. Zuckerberg is also seeking to hire a new general counsel and a vice president of communications and public policy...

“Part of the struggle for quickly maturing startups is that founders don't want to lose their stamp on the company -- something they fear may happen if they hand the reins to a hired CEO. Mr. Zuckerberg says he is trying to build Facebook on his own terms, and indicated recently that he doesn't want another No. 1 in the company. Owen Van Natta, chief revenue officer who previously held the role of Facebook COO, last month said he was leaving the company. The departure was related to Mr. Van Natta's ambitions to be CEO of a company, a title Mr. Zuckerberg isn't willing to relinquish, both men say.

“In Ms. Sandberg… Mr. Zuckerberg is seeking an experienced hand who can also enable him to hold on to the reins. ‘It's going to be very valuable for me to have a partner [to help] me to think about how to do operations, especially as the organization grows very large and as we scale internationally,’ says Mr. Zuckerberg.”


(“Facebook CEO Seeks Help as Site Grows Up; Google Veteran to Be Zuckerberg's No. 2; Search for Revenue.” Vauhini Vara. Wall Street Journal: March 5, 2008. pg. A.1)

BILL GATES? Steve Jobs? Michael Dell? Sergey Brin? Larry Page? Or... how about Jerry Yang? Who is your role model?

One of the enduring strengths of the modern corporate form is its impersonal longevity beyond the scope of its founders, owners, managers, employees and customers.

Remember the Beatles swan song -- "I Me Mine"?

Threats? Opportunities?

“Ever a showman, Virgin Atlantic Airlines President Richard Branson opened a vial of jet fuel made with oil from coconuts and Brazilian babassu nuts and drank it, forcing a stiff smile...

“On Sunday, Virgin flew a Boeing 747 from London's Heathrow Airport to Amsterdam with one of the four engines burning a mixture of 80% jet fuel and 20% oil from naturally grown plants. The first commercial airline test of biofuel came off without a hitch… demonstrating that someday planes may not fly on petroleum alone.

“Virgin, and the handful of other companies involved in the project, are hopeful that in three to six years, passengers may be riding on jets at least partially powered by naturally grown oil. The project's participants believe this could lead to a 20% reduction in total emissions.

“Airlines are under mounting pressure to reduce greenhouse gas emissions that contribute to global warming, even though aviation's pollutants amount to less than 3% of all emissions...

“As a result, airlines are now realizing that environmental issues, more than economic slowdowns or airspace congestion, may be the greatest threat to the future growth of air travel...

“Biofuel doesn't burn any cleaner in jet engines than kerosene, the basis for jet fuel today. Emissions are actually about the same, fuel experts say. But proponents say biofuel can reduce total environmental damage by 20% because it is less harmful to produce...

“Technology can make biojet fuel out of just about any renewable crop, and the substance that may hold the most promise for air travel is algae -- pond scum. Sewage-treatment plants offer an ample source, and algae-produced fuel wouldn't use up food crops like corn, soybeans or even coconuts.

“A fuel that is made completely from renewable sources and has the same energy output as kerosene is possible within five years... But before any biofuel starts getting pumped into airplanes, manufacturing plants have to be built, fuels have to win regulatory approval and customers have to be interested. It will be a long process.”

(“The Middle Seat: Virgin Puts Biofuels On Maiden Voyage.” Scott McCartney. Wall Street Journal: February 26, 2008. pg. D.1)


IT IS WHAT IT IS? Or, it is what we make it to be? Do we take our world as a given, or as the construction that we make it to be? Do we take our perceptions as a given , or as the enactment of what we see, hear, think and feel?

As we define and construct our threats, let us be sure to build a world of opportunities as well.

Perceptions And Mantras

“After long benefiting from an image more upscale than that of archrival Wal-Mart Stores Inc., Target finds itself on the losing end of the marketing game as Wal-Mart hammers home its ‘Every Day Low Prices’ mantra to shoppers ready to cut back on cheap-chic.

“Target yesterday reported its fiscal fourth-quarter profit dropped 8.1% from the year-earlier period, signaling a new stumble as shoppers snub its stylish but discretionary designer duds and homewares in favor of low-priced necessities…

“While Wal-Mart has always been the price leader, Target has thrived by emphasizing the ‘expect more’ part of its ‘Expect More. Pay Less.’ advertising slogan. Wal-Mart attempted to go upscale itself, in its stores and advertising. But as consumer spending tightened and the economic outlook dimmed, Wal-Mart trumped Target's successful ads by shifting its marketing back to its traditional low-price message. Its new slogan: ‘Save Money. Live Better.’ …

“Consumer perceptions have been on Target's side in the past, with shoppers flocking to Target because of its reputation for stylish, affordable goods. But now perceptions are working against the retailer, analysts say. While historically there's been only a 1% to 3% price difference in like items at Wal-Mart and Target, 87% of the shoppers recently surveyed by Citigroup Global Markets Inc. said they thought Wal-Mart had better pricing…

“[Target] is feeling the squeeze from above as well as below, as midtier department stores have improved their fashion quotient in accessories, home furnishings and apparel -- frequently by stealing a page from the Target playbook of getting recognized designers to create a more affordably-priced line that appeals to the masses.

“Meanwhile, Wal-Mart is offering a wider range of branded merchandise… [while] Target watchers seem to agree that offerings from the company once on the cutting edge of apparel style have grown tired.”


(“As Message Misses Mark, Target's Profit Drops.” Ann Zimmerman. Wall Street Journal: February 27, 2008. pg. B.1)

MANTRAS MAY elevate us to a higher state of transcendent consciousness, and they may distract us from stark, shifting reality as we buy into our own press.

Focused power, potency and blinders all in one -- imagine!