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1、www.hbr.orgHBRCASESTUDYANDCOMMENTARYWhatiswrongwithWhenEverythingIsn’tNormanSpencer,andhowcanhefixHalfEnoughit?FourcommentatorsofferbySuzyWetlauferexpertadvice.•ReprintR00211EntrepreneurNormanSpencerworked22yearstomakehiscompanysuccessfulandhisfamilywealthy.Nowthattheyare,whydoeshefeel
2、sohollow?HBRCASESTUDYWhenEverythingIsn’tHalfEnoughbySuzyWetlaufer“Youhave18newmessages.”NormanSpencer“Hi,Norm,it’sme,”Timsaid,“justgivinglookedathiswatch,shookhishead,andletoutyouthenoonupdate.We’reofftoagreatstartasharpsigh.Wasitpossiblethathehadre-today—upapointandahalfagainstthemar-
3、ceived18voicemailmessagesinthetimeheket.Anotherfantasticweekforus.Thatoughthadspentatlunchandthegym?He’donlytocheeryouup—andhey,I’llcheckinagainatbeengonefortwohours.Hedroppedintohistheclose.”deskchairandunhappilypokedatthenumberNormanhitthedeletekeyandleanedback.1keytoletthemessagespl
4、ay.Likeeverythingelselately,Tim’snewshadleftThefirstwasfromTimCarson,chieftraderhimfeelingnumb.HegazedoutoverSanFran-atArrowheadCapitalManagement,theSanciscoBayfromhis34th-floorofficeandwon-FranciscoinvestmentfirmthatNormanhadderedwhyanyonereallycaredhowhisfirmfoundedandwherehewasowner
5、,president,performedonanygivenday.ThemarketwentandCEO.After22yearsinbusiness,Arrowheadupandthemarketwentdown.Samestory,yearhadabout$25billioninassetsundermanagementinandyearout.andwaswellknownonWallStreetasatop-Secondmessage.“Hello,Norm.FrankKellernotchboutiquefirm,specializinginthequa
6、nti-here.Iwantedtoremindyouthatthere’saPer-tativeanalysisofsmallandmidcaptechnologymanentEndowmentCommitteemeetingnextstocks.Overtheyears,Normanhadputto-Mondaynightat7:30.We’rereallygoingtogetheroneofthebestteamsof“quantjocks”inneedyoutherethistime,Norm—yourleader-thebusiness.Butthatwa
7、sn’ttheonlyreasonship,thatis.Itmakessuchadifference...”NormArrowheadhadsoared,andheknewit.ThenewpunchedthedeletebuttontocutKelleroff.Heeconomywastherisingtidethatliftedallships.wassickandtiredofthePermanentEndow-COPYRIGHT©2000HARVARDBUSINESSSCHOOLPUBLISHINGCORPORATION.ALLRIGHTSRESERV
