In late 1996, Steve Jobs returned to Apple (AAPL) after being ousted as CEO 12 years earlier. He soon became Apple’s interim CEO, and immediately terminated a number of non-profitable projects. By wikipedia’s account, many employees were in fear of bumping into Jobs in the elevator–‘afraid that they might not have a job when the doors opened.”
But it was Jobs doing what was necessary to restructure Apple into profitability, which he has done very successfully, and the company has never looked back since. Under Jobs leadership, Apple has become the symbol of innovation and “cool” in consumer gadgets.
[Source: Online MBA]
Seth Klarman Tells His Investors: Central Banks Are Treating Investors Like “Foolish Children”
"Surreal doesn't even begin to describe this moment," Seth Klarman noted in his second-quarter letter to the Baupost Group investors. Commenting on the market developments over the past six months, the value investor stated that events, which would typically occur over an extended time frame, had been compressed into just a few months. He noted Read More