Lenn Harley always warns us when we are about to be challenged by HARD CORE REAL ESTATE TALK. I've never been sure if this is Lenn's way of re-directing lazy commentators or a smart way to attract intelligent conversation. Anyway, taking the cue from the reigning queen of the Active Rain Blogosphere, I warn you that the video embedded below is HARD CORE FINANCIAL TALK.
I had taped the show on Charlie Rose earlier about the CEO of JP Morgan Chase, Jamie Dimon. It's one of the most fascinating interviews I've ever watched; revealing and remarkable insights by one of the most formidable thought leaders on Wall Street today.
If real estate brokers and agents have learned anything from the current market crisis, it should be that we need to understand and be aware of financial markets. Our business is inextricably intertwined at every level.
There are many nuggets of wisdom in this interview. Dimon is known for being 'quotable.' But, it's a little piece of paper which he carries around which struck me as curiously intriguing. It his 'You Owe Me List.' Apparently, on a regular basis, Dimon writes down what HE OWES other people... i.e. things he has said he would do and follow-through on AND what others OWE him.
He regularly checks this list to make sure that people keep their word and that he keeps his. Integrity and Truth are high priorities for Dimon according to this indepth conversation with Charlie Rose. Let's pray that these principles continue to guide the helm of an outfit which has just undertaken one of the riskiest financial buyouts in financial history with the purchase of Bear Stearns.
Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511. Thanks for visiting our blog. Here are links to some of our most popular posts for you to enjoy!
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Lola, they used to call these You Owe Me Lists chit sheets. It's a matter of calling in your chips sometimes when you have paid to someone else but they still owe you. It is definitely leveraging your power. But on the flip side it is the "opposite" of unconditional love where you give with no thought of getting. Maybe Jamie doesn't know that side of life, being "all business."
Gary, Thanks for your comment. Actually, the interview with Jamie is one of the most surprising interviews I've listened to in a long time. What he has to say is important and people like himself are making decisions which will have a profound impact in our lives. I think he is using the 'sheet' in a manner which is different than the traditional way you alluded to.
Lola - I'll have to watch the video when I get home. As far as Lenn's rationale for her *Hard Core Real Estate Talk* phrase, my guess is it is both of the things you pointed out. I like the idea of the list Dimon carries around. On most nights, I'll hand write a list of things, people, & general stuff I have to do the next day.
Jason, Thanks for stopping by. There are people who speak and we do well to hear and take note of what they are saying...regardless of if we agree. I think you will find Dimon very interesting if you haven't heard him speak before. I'll be curious to know what you think.
Hi Lola,
Thank You for your inspiring insight! Jaimie is clarifying the connection we have with people. Our words do bring life or death. People remember the words that we say. If we do what we say and we encourage others to do what they say, we experience integrity!
Lola, seeing the end of the video the "You Owe Me List" reminds me about the DWYSYWD Do What You Say You Will Do. It was interesting with the Bear Stearns acquisition if they didn't get bailed out with the government guarantee they would have gone bankrupt.
I always do what I say, so I'm not on anyone's owe me list and I don't beat the others too hard on their commitments to me. People should do what they say though. Thanks for finding this interview for us.
Dan, Jamie Dimon arrested my attention, probably in much the same way that he's given Wall Street pause. I found his honesty refreshing, particularly his willingness to share his own failures and doubts...even acknolwedging that he doesn't fully grasp the complexities of the global market. The truth, I think is ...who does? When he speaks about operating from a 'true north' in terms of integrity that speaks volumes to me.
Gary, Thanks for continuing the dialog and for watching the video. I was shocked to understand how dire the situation was with Bear Stearns and the thousands of people all of over the world who literally worked day and night over that weekend to stem off an implosion in the world financial markets. Dimon certainly has a reputation for being brash and abrupt, but watching him speak gave me a broader perspective.
Hi Lola, I sat here and watched this video for the 56+ minutes. I wasn't sure I was going to but I did and I picked up some really good points that I actually knew but had forgotten. One highlight was the discussion about the i.q.and e.q. when asked about leadership. I won't write a book here but the emotional quotient ( E.Q.)was particularly interesting. His illustration about someone walking into the meeting room and the others openly feeling good about that. This person represents clarity and clear ideas and people come to rely on them and feeling good that they are in the room. I particularly like that and know of this. I liked this and Dimon gives some simple honest answers to some extraordinarily complex issues. He is more about the human elements of business couples with business acumen and very easy to associate with.
William, I echo the sentiments in your comment as I had a similar experience. It was difficult to turn this interview off...Dimon speaks with forthrightness and insight about the markets in a way that connects at the human level.
I did find it interesting that he talked about emotional intelligence. I think that emotional intelligence and cultural IQ will be extremely important leadership traits in a global economy. Well, & I suppose one should include common sense...as I'm increasingly convinced that that commodity may be the most scarce. :)
Lola:
Dimon is an impressive individual, no doubt, and his down to earth style, despite the brashnesss ones sometimes sees, etc. makes him more believable and trustworthy. It is refreshing to hear someone state that they don;t really know the answers, the tur state of the economy, and so on. He also takes a much broeder view of the economy and forces impacting it than does the media - no surprise. I love the idea of his list!
Jeff
Lola,
Watching that interview has made me a Jamie Dimon fan...His values are where every CEO's values should be!!! Thanks, Fran
Jeff, His thoughts about China and India were definitely not what you hear in a lot of the popular media. But, I appreciated his approach to operating within a global economy. He seems to have a grasp on the motivations which underlie decision making in financial capitals around the world. He also is humble enough to admit that he doesn't know it all. I agree...it's refreshing.
Fran...Ditto. :)
What an excellent idea, to keep an IOU List - something that all of us can learn from. While overwhelming, it is so true that we need to keep track of everything going on in the financial world - whether we like it or not, it effects us.
Kate...thanks for stopping by. Appreciate your sharing your thoughts.
Lola - Thanks for the information on this interview. I like Charlie Rose, and it'll be great to have it on in the background as I start my day.
I always advise young people starting out in their careers to be aware of their company's environment. It doesn't matter whether they are working at a fast-food joint or taking their first step into corporate America, it is critical to know (1) how their company makes money, (2) who their company's top competitors are, (3) what affects their industry, (4) what other industries supply (or are closely linked to) their industry.
This knowledge not only makes them promotable, it also helps them see the handwriting on the wall.
Thanks for a great post!