RE: RE: RE: Gladys, please explain....What a GREAT example of stepping up to the plate and taking responsibility! Well done! I had forgotten all about Michael McCain. But you're absolutely right. I used to work in the food industry, and the normal response to consumer complaints was "never take direct responsibility....say 'I'm sorry you had a problem with our product, and then replace it with 3 free items." Our insurance people actually trained us what to say...they preferred, if there was even a whiff of damage, to be called in right away. Interestingly, about 50% of the complaints were invalid...people who were plain naive about their digestion or food handling, or people who had developed well-oiled stories and techniques to get product, cash or dental work. So the door swings both ways.
But not in McCain's case. When people are dying, that's a whole different issue. And you're right, he handled it exceptionally well. But if he hadn't done what he did, what then? Well, it was pretty obvious to the world that the future of MLF was hinged on this fiasco. So if you're going to spend the a fortune anyway, where better to spend it...PR, oiling the buyer's palms at the grocery store chains and consumer advertising...or...lawyers, PR, oiling buyer's palms and consumer advertising? When someone is declared CEO of the Year for doing what was essentially the right thing, it's a pretty sad state of affairs.
We all know the right thing is to keep shareholders and customers updated. And as I said before, I don't agree with Vendtek's strategy to keep mum on what's happening. But customers aren't dropping dead like flies because VSI made an inventory reporting error. It's not headlines in the Globe and Mail. Nurez hasn't fled to Bolivia with a big wad of bank bills. And when you look at the shareholder base, the majority of the investors aren't spewing vitriol either. Why? Well, it's because they've done their due diligence, have developed open lines of communication with the company's management, are long-term investors and....they trust.
Ah....here comes that *&*^$ word again....I see you struggling with it, so let's go a little deeper here. There's trust of self, and trust of others, and they don't always conjoin.
- People who trust others but not themselves may fall under the category you talked about with Bernie Madoff, just as you described it...blind faith. You might as well wear a sign that says 'kick me.'
- People who trust themselves but not others (as described in xAnalyst's recent post) are quite likely to fall into the category of the "Boss from Hell"...we've all had one...:)
- People who don't trust themselves or others....I don't wanna think about that one....scary. Ok, ok, think teenager.
- People who trust themselves and others tend to make fairly healthy choices, at least better than the other 3.
Your quote about Reagan: "trust...but verify" is bang on. Exactly. Your own ability to trust yourself and others will influence every situation and how you deal with it. Doing your due diligence is essential.
And that you did...in spades. You really liked this stock. And now, my guess is, you have expectations of the company that are not being met and, based on that, you've lost trust in them. So my question to you is: "what can you do to get off the heart attack radar here?"
You might want to call up Samantha or Doug. Sorry to sound like a broken record, but you'll find that they are bothprofessional and honest. However, you may find that words like"fudging" and "fibbing" may not move you to the front of the line..:)Be pleasant and respectful, not critical. Remember that the dailybusiness is still going on and they are both very busy. Make surebefore you offer critical comments that you have relevant experienceand credentials to back them up...someone once wisely told me "no one wantwants to be told how to raise their kids or run their business."
And one more little quote from my mum: "You catch more flies with honey than with vinegar." I tried for years to motivate people through shaming or scolding...it didn't work...:))
As I said before, I don't agree with how this is being handled, and I certainly would like to see a regular report. But if I were to take all my criteria and score and rank them, this would not overshadow what is, in my estimation a very bright long-term future. Instead of "thinking only sunny thoughts", I think I'll keep my eye on the do-nut instead of the hole...:))
Gladys7
BTW, the quote about securities law was my error. I used the wrong terminology, but I am glad I was able to explain in more detail on my last post. Mistakes were made....AND by me I apologize. Thank you for being so meticulous...it's obvious that I am NOT.