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| Celebrity CEOs |
In fact often it works in the opposite way this guy's gonna attack the sec how about removing it for a ceo to have reached a certain level of acclaim that's probably because they've already grown a business to the point where everyone's heard of them usually the bigger gains are going to come from a ceo that no one's ever heard of before someone who's working far away from the limelight and slowly building up the type of company that's going to contribute to huge shareholder wealth .
When people think about ceos they think about people like steve jobs or bill gates or jeff bezos people that are changing the world and while that can lead to a lot of shareholder return it's not always the case that those are going to be the best performing companies microsoft is a great example sure they changed the world and then for ten years the share price did nothing in the meantime tons of nameless faceless people came along started companies and drove up massive share price gains .
Here's the thing with steve jobs there's no question he was a visionary but there's also no question that his first time running apple didn't end with fireworks and roses and actually he had to be excommunicated from the company before he would then make a comeback and change the world all over again i'm pretty committed to this and seeing apple turn around the company i mean i started the company with steve wozniak in my parent's garage you know 20 years ago and over 22 years ago and so there's a definite place in my heart for this when steve jobs died in the fall of 2011 apple had a market capitalization of about 300 billion since tim cook took over for steve jobs apple's market value more than tripled from 300 billion up to about a trillion dollars at its peak nobody would say that tim cook is more important to apples growth and apples innovation than steve jobs .
So it's very tough to judge how much of a visionary the ceo is and then say that that's going to have some major impact on a chair price as apple has grown its iphone sales around the world its services business its watch all of the things that apple does it's obvious that tim cook as the ceo is still benefitting from the legacy that steve jobs built while he was alive while he was running the company but despite this the growth and market cap in both percentage terms and dollar terms under tim cook has been absolutely extraordinary so where does steve jobs end and tim cook begin i don't know that there's a quantitative answer to that question sometimes you can have the same company but all it needs is a change at the top microsoft is a great example under steve ballmer earnings grew but the share price didn't for a very long time.
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Satya nadella comes in as ceo and yes there was some change in the fundamentals of the company but valuation exploded wall street loved the new story the new ceo and the areas of expertise that he was bringing to the top job so i walked around new york where jamie dimon is a celebrity see how many people would recognize his name or warren buffett's name and how few people would have any idea who's running mastercard who's running visa who's running square or paypal or some of the fastest growing best performing financial stocks have you ever heard the name warren buffett never have you ever heard the name warren buffett do you know what that is okay.
Who is that berkshire berkshire hathaway alright i know you knew that do you know who the ceo of square is okay no idea the ceo do you know who the ceo is of mastercard paypal square not a not a lot of people know these either in recent years one of the most famous ceos has also become one of the most notorious names in the news and not always for a great reason elon musk is the founder and ceo of tesla motors tesla had made shareholders a lot of money and then over the last few years there's been a stole in the share price a lot of controversy tweets that the regulators have taken issue with a lot of statements that had had to have been walked back do you think you can work this out with the fcc over the next two weeks so while a lot of people are aware of elon musk that hasn't necessarily been great for stockholders oftentimes when a ceo becomes synonymous with their company.
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If the ceo has a scandal the company won't escape and vice versa we've seen examples of this phenomenon over the years and it rarely ends well for investors the ceo of worldcom had a scandal involving borrowing money from the company and that company no longer exists in the modern era many technology companies have figured out a way to have their cake and eat it too they get to be public companies with all of the market capitalization benefits that exist they can use their shares as currency to make acquisitions to pay highly valued employees but they don't give up any votes facebook is in a situation where mark zuckerberg controls approximately 60% of all the voting rights of facebook .
So you have a choice you can invest in the company but you're investing in what mark zuckerberg wants to do that can work in your favor or against your favor and if there is a major scandal it's hard to disassociate one from the other the types of ceos who end up on the news or in mainstream media or on the cover of magazines are usually the people who have grown revenues the fastest or who have innovated the most or who have changed the world with their inventions or have made huge mergers and acquisitions happen.
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But in reality the ceos who deserve the most credit are the ones who grow share price and build the most shareholder value so i turned to a book called the outsiders by william thorndike that looks at eight of the most unconventional ceos and the biggest money makers for shareholders of all time mr. Thorndike wanted to take a look at these companies and these ceos and find the common characteristics what they did that was correct and what they avoided doing that a lot of more popular ceos perhaps spend too much time with in the outsiders he looks at the ceo of berkshire hathaway which we all know is warren buffett but then also her his protege he looks at catherine graham from the washington post .
And one of the major things that stands out about the ceos who are mentioned in the outsiders is how little attention they pay to wall street analysts the mainstream media or the business press these are people who do not do quarterly conference calls these are people who do not seek out interviews or attention or publicity of any kind when catherine graham's husband passed away there were very few observers of the washington post who would have thought that she would be the one to lead the company going forward especially given the fact that the washington post company was in the midst of working on an ipo to bring the shares public katherine graham was more of a socialite and much less of a businessperson at the time this transfer happened but in the end she managed to find the right mentor to help her make the big decisions to make washington post not only a well-regarded newspaper but a fabulously profitable and successful business .
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As an investor you're not necessarily looking for famous name-brand ceos what you're looking for are people who have a very strong sense of capital allocation what to do with the free cash flow the company generates and if they become famous in the process that's not so terrible invest in you ready set grow cnbc and acorns.
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