Earlier this week Harvard Business School Dean of Admissions Dee Leopold had written a blog post dispensing some good advice to HBS candidates regarding their MBA letters of suggestion. She hits on several key designs that we inform our clients, which are covered at length inside your MBA IDEA, our MBA admissions guide.
Your recommendation authors Got to know you well. Details and Details are a must. While your recommendations don’t all have to result from your professional experiences, the best ones are written by someone who has evaluated your performance usually. Simply knowing an HBS student or grad doesn’t give you any kind of advantage in the admissions process. Dee’s last point is a critical one. For further advice and information on applying to Harvard, visit the Veritas Prep HBS information page.
I wish more annual reports were such as this. But again then, if you don’t have a great historical background, you wouldn’t want charts like these in the first few web pages of your record. For quite some time since the turmoil, people kept stating that JPM is adding fake income by reversing loss reserves and that whenever that runs out their cash flow will tank. Or that spread compression will continue so their profits will fish tank on that. Or that increasing capital requirements will hit their earnings.
And tangible publication value per talk about has been increasing each year since 2004. Because the 2007 peak, TBPS has increased 10.3%/yr. That’s pretty astounding. This includes the great recession/ financial crisis, and the Whale ‘catastrophe’. TBPS has outperformed the S&P 500 since Dimon became CEO of Bank One, and because the Bank One/ JP Morgan merger. Total return of the stock was not as great, though. But a CEO can’t really control the stock price.
Dimon regrets that the stock price, while outperforming the industry, has only kept pace with the S&P 500 index. For fun Just, and since Dimon and most of us are Buffett supporters, I’ll compare these figures with Berkshire Hathaway (BRK). This might not be totally fair as I will compare tangible BPS growth of JPM with the BPS of BRK.
BRK does have a lot of goodwill on the balance sheet so that it will make a difference. So keep that at heart. Still, BRK’s BPS growth is a decent benchmark for performance of a great CEO. The statistics for JPM are from the furniture/charts above. The 1, season numbers exclude dividends as I simply viewed the TBPS chart 5 and 10.
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JPM numbers start during the year for 2000 and 2004 whereas for BRK, I just used the closest year-end amount (so as to reduce my work-load). The striking figure is the higher one. You will see that JPM has outperformed BRK in about every time frame just, from the 2007 high even. That’s really crazy when you see it (The five and ten year exclude dividends so is understated).
In 2007, right before the worst financial meltdown since the great depression, if you knew how bad it was going to get exactly, you would never reckon that JPM shall outpeform BRK over the next eight years. OK, let’s look at the stock price. By stock price, JPM outperforms in just about each time frame too.
This one does not have the tangible BPS versus BPS problem, so is ‘pure’ in that sense. Not too bad. And it’s not like JPM does well in a single area versus another. It seems like they perform consistently in all certain areas, which is reassuring. SPLIT UP the Big Banks?
