Vocabulary

When you read the postings in this blog, you will pick up on the fact that we enjoy the power of the written words. On this page you will find a list of terms and phrases that are either uniquely ours or just very, very cool. We reserve all rights to terms and phrases that are uniquely ours.

You will also find an explanation of certain concepts and ideas, as well as our unique take on these.

Terms and phrases

  • A piece of correspondence can always benefit from one more review before being sent out — Per Jacobsen
  • Perfectly understandable, totally unacceptable — Marc Fagan
  • Hope is not a strategy — Per Jacobsen
  • You are either stupid or criminal… pick your poison — Per Jacobsen
  • Interviewing is easy… In 2 minutes or less, you can tell the person who has done it apart from the person who has read about it — Per Jacobsen
  • Doing nothing is not doing something — Per Jacobsen
  • The fact that my pain is psychosomatic does not mean that I do not feel it — Per Jacobsen
  • If we can’t win the game, we should change the rules — Jan Linders
  • This is like changing the engine on a Boeing 747 while it is in flight — Chris Scatliff
  • In M&A there is no such thing as a good deal unless the seller is in distress — Per Jacobsen
  • Cheating is in the eye of the beholder — Per Jacobsen
  • The world of software sales work only because of the inherent strength of license agreements that are backed by a legal system based on fear and faith — Per Jacobsen
  • In all-hands meetings there is fine line between morale boosting and morale busting — Per Jacobsen
  • Many problems in society and business originate with the lack of consequences of lying, leading to a lie and try attitude — Per Jacobsen
  • Let’s not slide down on the slippery slide of paranoia quite yet — Per Jacobsen
  • Nicht Kleckern, sondern Klotzen! — Heinz Guderian — Read about it here, in our posting about the science of assault
  • In a sales situation, you can always ask for $1 more — especially when your counterpart has just agreed to give you what you want — Per Jacobsen
  • Saying NO is one of the most under-appreciated business tools — Per Jacobsen
  • Business is not like war, but that does not mean that you cannot apply the fundamental principles of warfare to business — Per Jacobsen
  • If you can hit your enemy it is overwhelmingly probable that he or she can hit you, too— Per Jacobsen
  • When a professional management team gets too much control, they will lose respect for the owner and attempt to steal the company — Per Jacobsen
  • Perquisites are the devil’s playground — Per Jacobsen
  • Trust is good, but, ultimately, no replacement for validation — Per Jacobsen
  • Words are important… there is a world of difference between talking to someone and talking with someone — Per Jacobsen
  • Operational and tactical advice from lawyers and CFOs should always be scrutinized — Per Jacobsen
  • Don’t ever try to understand the man. Instead try to understand his incentive — Per Jacobsen
  • No company has ever regretted scrutinizing the quality of work done by its recruiters — Per Jacobsen
  • A senior executive’s most direct opportunities to impact upon a company are in the hiring process and in the allocation of money at budget time — Per Jacobsen
  • We will not walk in fear, one of another — Edward R. Murrow
  • A man has got to know his limitations — Harry Callahan in Magnum Force
  • The top-line can be found on the top line and the bottom-line can be found on the bottom line… It should be impossible to mistake the two — Professor in business school

Really cool and rarely used words and phrases

  • Perspicacious — Having or showing an ability to notice and understand things that are difficult or not obvious, As in “A very well researched and perspicaciously approached assessment of the problem”
  • Resistentialism — The seemingly spiteful behavior shown by inanimate objects.
  • Beef-witted — Having an inactive brain, thought to be from eating too much beef.
  • Curglaff — The shock felt in bathing when one first plunges into the cold water.
  • Groak — To silently watch someone while they are eating, hoping to be invited to join them
  • California widow — A married woman whose husband is away from her for any extended period
  • Spermologer — A picker-up of trivia.
  • Acerbic — Expressing harsh or sharp criticism in a clever way.

Concepts and ideas

Shelf-registrations, in a sense, are early-warning registration statements filed with a regulatory body. They are generally not well received in the market — mostly because their fundamental nature, an indication that the company may at some point in the future exchange some of its own paper equity for a share in another equity, is not understood for what it is, namely a non-dilutive mechanism for growing a company in a non-organic way.

The rationale for shelf-registrations is quite simple. They allow companies to move faster in raising capital once such companies find acquisition targets, since the preliminary filings have already been undertaken, and, also, reduce the scope of the category of objections by the seller that relates to the liquidity of the buyer in a merger and acquisitions scenario.

The lack of understanding of shelf-registration on behalf of the market is partly a question of education and experience, but, also, a consequence of the fact that companies tend to be more tight-lipped about shelf-filings than they are about most other things. This tight-lipped behavior is in most cases related to the fact that when a company files a shelf-registration it is already in advanced talks with a seller and, therefore, there is a concern that any public information regarding the shelf-registration will adversely impact the talks.

The general idea, of course, is that the filing company intends to use its equity — rather than it cash — to acquire another company. Presumably, the value of the company being acquired will be equal to or exceed value of the equity being expended, and, thus, the event is non-dilutive to the common shareholder.

Thus, from an educated fundamentals investor’s standpoint, shelf-registrations are good signs, since a shelf-registration indicates that the company is seeking acceleration of its growth and, importantly, that the company considers its shares to be undervalued by the market. Most importantly, however, because of the market’s ignorance and general paranoia, the filing of shelf-registration introduces a near-immediate drop in the per share price of the filing company, providing the fundamentals investor with a discount for entry.