A Quote by Jon Oringer
I met with several public company CEOs to learn about their experiences of going public and listened to as many earnings calls as I possibly could.
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VMWare, as you know, remains a public company, and Secure Works is also a public company. And it's possible in the future that within the group, we could have other public companies.
Going public for the sake of going public is not really an optimal thing. You're going public because as a company you believe it is the right thing to do and it will benefit the ability of the company to achieve its long-term objectives.
Being captive to quarterly earnings isn't consistent with long-term value creation. This pressure and the short term focus of equity markets make it difficult for a public company to invest for long-term success, and tend to force company leaders to sacrifice long-term results to protect current earnings.
A society - any society - is defined as a set of mutual benefits and duties embodied most visibly in public institutions: public schools, public libraries, public transportation, public hospitals, public parks, public museums, public recreation, public universities, and so on.
Do I regret taking the company public? Yes and no. Yes, because it put us under enormous pressure for a young company to go public at that point in its history, something you never could have done in the old days.
I think that the public is in and the public is in big, and the public is not, I don't think going to pull out because the public knows what I said about 1987.
When you go public, the value equation of your company changes immediately. It is valued on anticipated earnings.
Public hangings are teaching moments. Every company has to do it. A teaching moment is worth a thousand CEO speeches. CEOs can talk and blab each day about culture, but the employees all know who the jerks are. They could name the jerks for you. It's just cultural. People just don't want to do it.
CEOs must embrace the role of serving as the public face of the company to their customer community and the marketplace at large.
My goal is to buy a company at a low multiple to normal earnings power several years out and that the company earns good returns on capital at that level of normal earnings. A holding period of more than one year also works quite well as the factors are persistent in years 2 and 3.
Many university presidents assume the language and behavior of CEOs and in doing so they are completely reneging on the public mission of the universities. The state is radically defunding public universities and university presidents, for the most part, rather than defending higher education as a public good, are trying to privatize their institutions in order to remove them from the political control of state governments. This is not a worthy or productive strategy.
I never say too much about that in public interviews, because it disappoints the public to tell them you're not that crazy about a property you did that possibly they liked.
And I always was getting fired and quitting jobs, so I was not going to ruin Public Storage, and I was excited about Public Storage because I knew eventually I could be one of those property manager people that had their own apartment on site. So I had these big dreams for Public Storage.
Many states can no longer afford to support public education, public benefits, public services without doing something about the exorbitant costs that mass incarceration have created.
I've talked to several CEOs - from a recycling company in Indiana, a furniture company in Kentucky, a brewing company in Colorado, and more - who believe paying higher wages is both the right thing to do and part of a successful business model.
I think polling is important because it gives a voice to the people. It gives a quantitative, independent assessment of what the public feels as opposed to what experts or pundits think the public feels. So often it provides a quick corrective on what's thought to be the conventional wisdom about public opinion. There are any number of examples that I could give you about how wrong the experts are here in Washington, in New York and elsewhere about public opinion that are revealed by public opinion polls.
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