What America Does Right: Learning from Companies That Put People First Review

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What America Does Right: Learning from Companies That Put People First ReviewMr. Waterman's book, based on findings of about 15 years ago, has its inspiring moments. However, one is apt to wonder how well the organizations he singles out for praise have prospered.
Chapter-by-chapter, the book reviews Procter & Gamble (PG, Ch. 3 and 9), P.S. 94, Bronx, NY (government, Ch. 4), Steadman Hawking Clinic, Vail, CO (private, Ch. 4), Federal Express (FEDEX, Ch. 5), Applied Energy Systems (AES, Ch. 6), Levi Strauss & Co. (private, Ch. 7), Rubbermaid (NWL, since 1999 Newell Rubbermaid, Ch. 8), Merck & Co. (MRK, Ch. 10), Motorola (MOT, Ch. 11) and Apple Computer (AAPL, Ch. 12).
Of these examples six have been public companies under the same organization since Mr. Waterman did his research in 1993. Their stock performance, based on adjusted exchange closing prices for September 30, 2008, and September 30, 1993, follows:
. . . . . 2008. . 1993. . Rate
PG. . . 69.69. 41.91. . 3.4%
FEDEX. 18.50. 13.55. . 2.1%
AES . . 11.69. . 7.42. . 3.1%
MRK . . 31.56. 41.60. -1.8%
MOT. . . 7.14. 10.10. -2.3%
AAPL. 113.66. 10.36. 17.3%
S&P. 1213.27. 995.97 . 1.3%
A 1993 investor who bought and held the stocks would have made money on four of the six and lost money on two. Mr. Waterman's approach did not always identify potential for financial success, but it pointed to more winners than losers. The average rate of return for the six public companies he praises is about 3.6 percent or nearly triple the aggregate S&P 500 index return over the period. This average return, alas, is in line with money-market earnings over the period.
In light of this history, did Mr. Waterman underplay inertia at Motorola and Merck? If he performed a new set of reviews today, could he identify potential for success more accurately?
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