What We Learned from the Lehman Brothers Collapse

September 15, 2016
CNBC: On this day 8 years ago, Lehman Brothers collapsed: Have we learned anything?

We learned that great leaders must understand their business and know how the pieces fit. They need to read, network, connect the dots, anticipate, and try to limit the surprises. Surprises can kill a company.

January 10, 2007
CEO Richard Fuld on Lehman Brothers’ Evolution from Internal Turmoil to Teamwork

First, leaders must understand their business. “Know how the pieces fit,” he said. “Read. Network. Connect the dots. Anticipate. Try to limit the surprises; surprises kill you.” Leaders who have done their homework make it safe for others to follow, he added. “Leaders earn the right to lead.”

Oops. My bad. Richard Fuld taught us this in a Wharton Leadership lecture *before* the collapse.

In totally unrelated news...

September 14, 2016
Forbes: Sears 'Disagrees' With Report Of Its Imminent Demise

Business Insider believes the embattled department store Sears and its struggling discount chain Kmart may be facing their imminent demise. Sears spokesman Howard Riefs begs to differ. “We disagree with the opinions stated in the Business Insider report,” he told Forbes.

Well, if you can't trust a Sears spokesman to tell it how it is, then who can you trust? I'm therefore investing my life's savings in Sears Holdings (SHLD). Sure thing. Can't lose.

Eddie Lampert, I'm begging you. Keep it secret. Keep it safe.