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Unlike most investors, who live in fear of failure, Scott Fearon actively seeks it out. He has earned millions of dollars for his hedge fund over the last thirty years shorting the stocks of businesses he believed were on their way to bankruptcy. In Dead Companies Walking, Fearon describes his methods for spotting these doomed businesses, and how they can be extremely profitable investments. In his experience, corporate managers routinely commit six common mistakes that can derail even the most promising companies: they learn from only the recent past; they rely too heavily on a formula for success; they misunderstand their target customers; they fall victim to the magical storytelling of a mania; they fail to adapt to tectonic shifts in their industry; and they are physically or emotionally removed from their companies' operations.
Fearon has interviewed thousands of executives across America, many of whom, unknowingly, were headed toward bankruptcy – from the Texas oil barons of the 80s to the tech wunderkinds of the late 90s to the flush real estate developers of the mid-2000s. Here, he explores recent examples like JC Penney, Herbalife and Blockbuster Entertainment to help investors better predict the next booms and busts―and come out on top.
- Sales Rank: #92786 in Books
- Brand: Fearon, Scott/ Powell, Jesse (CON)
- Published on: 2015-01-06
- Released on: 2015-01-06
- Original language: English
- Number of items: 1
- Dimensions: 9.47" h x .92" w x 6.26" l, 1.06 pounds
- Binding: Hardcover
- 256 pages
Review
“If you want to read a sharp, insightful, bitingly funny, crystal-clear, quick-read book that could help you avoid making fatal mistakes with your business, pick up Dead Companies Walking.” ―CFO Magazine
“An excellent investing book” ―Barbarian Capital
“Sharp insights into human fallibility as a potential source of moneymaking opportunity.” ―Kirkus Reviews
“[A] surprisingly entertaining mix of business guide and memoir. The final takeaway of this spirited book is that “learning to love failure all over again” can help America recover the adventurous spirit that Fearon believes our economy needs.” ―Publishers Weekly
“Scott Fearon’s Dead Companies Walking is chock full of wisdom―not just about investing but about the way to read between the lines about just about anything in life. Fearon’s book reads like a rollicking adventure―it’s vivid, entertaining and informative―and it offers enduring lessons about Wall Street and beyond.” ―Professor Alec Klein, bestselling author of Stealing Time: Steve Case, Jerry Levin, and the Collapse of AOL Time Warner
“Beginning with his drive from Illinois to Texas, Mr. Fearon weaves a fascinating odyssey captaining his hedge fund. Funny. True. Plain English. Anyone who has ever bought a stock or managed a business, big or small, will devour this book.” ―J. Carlo Cannell, managing partner, Cannell Capital LLC
“[Scott Fearon's] insights on the common ways that mature companies often doom themselves apply equally well to startups. Every business, young or old, needs to avoid the ... mistakes that he outlines.” ―Martin Zwilling, Forbes
“If you run a business, read this book. It contains great management lessons and why we should all embrace failure. If you manage your own money, read this book. Picking winners is a loser’s game and Scott spells out why short selling―and understanding why most companies fail―can help protect your portfolio.” ―Lee Munson, President and CIO, Portfolio Wealth Advisors and author of Rigged Money: Beating Wall Street at Its Own Game
About the Author
Scott Fearon worked as a stock analyst and mutual fund manager before launching his own hedge fund, Crown Capital Management, in 1991. Since its inception, the fund has averaged an 11.4 percent annual return-significantly higher than the benchmark S&P 500 index over the same time period. He is a contributor to Yahoo! Finance, CNBC.com, and Seeking Alpha and blogs at scottfearon.com. He lives in Marin County, California.
Most helpful customer reviews
33 of 37 people found the following review helpful.
Book is easy to read but does not have much meat
By stockbee
Book is easy to read but does not have much meat. There are no details of steps or how, just case studies told as stories. Those case studies are also not detailed , just few anecdotes. Neither is it practical for average investor to visit companies and talk to management.
The basic idea in the book is to find companies likely to go bankrupt because of fashion , fraud or business failure. While the concept is well known to short sellers, this book adds no substance to it in terms of actual process or steps used to identify those opportunities.
14 of 14 people found the following review helpful.
Interesting, But Doesn't Provide an Overall Structured Assessment Mode
By Loyd Eskildson
Businesses on the way to bankruptcy get there by following one of three paths: 1)Frauds (eg. Enron - these get the most public attention, however only a very small proportion of bankruptcies follow this path), following fads (eg. hula-hoop, Pac-Man - again, a quite limited number), or failure (bad ideas and/or bad management). Fearon focuses on the latter group, using examples within six groupings to illustrate how this happens.
The first - 'historical myopia' in which leaders don't look back far enough and miss major downturns (eg. oil busts in Texas); thus, they underestimate how bad their markets can get. Short-sellers (like Fearon) who monitor multiples of cash flow (a lagging indicator) usually miss important inflection points; rapidly shrinking revenues and quickly rising debt are more useful signs.
People in management positions almost always err on the side of excessive optimism, and competitive types think they can will their way to success - one of the worst qualities managers can have. (Former athletes are especially prone to having a competitive mindset.) Similarly, people often think a degree from some distinguished school inoculates them from failure, and even the sharpest tend to perform less due diligence when dealing with someone with whom they have an affinity (eg. same school, family, ethnic group).
27 of 32 people found the following review helpful.
It's okay, no framework or process that systematically identifies companies to buy or sell
By Manjunath Sharma
I bought this book, after reading a review in IBD, in which there was high praise and how the hedge fund manager uses 52 week lows to short an equity. But I did not see any framework or process that describes this in detail (in the book). So, it appears that IBD writer was just generating some press to sell its newspaper and/or this author's book is unclear. This book does not give any framework to analyze a company in depth. Main emphasis is on what the company is doing whether its product is selling or how it competes etc. Easy read. No analytical framework, or in-depth analysis of how author selects the companies to short or go long. The book reads more like a novel describing how author finds out that a company is in trouble by visiting some of the facilities or reviewing its products. One story regarding CYGN was right on the money.
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