14th January 2013: Second Acts

Minyanville‘s Justin Sharon has profiled five ‘second acts’ in finance: Michael Milken, Henry Blodget, Martha Stewart, Jamie Dimon, and Apple.

 

Sharon’s choices have several lessons for career planning. Milken and Blodget developed new media and philanthropic vehicles after legal prosecutions ended their Wall Street careers. Stewart survived an insider trading case to re-establish her super-profitable media empire. Dimon waited for the right job and used his attention to detail to benefit from merger negotiations. Steve Jobs made turnaround cutbacks at Apple and then oversaw the development of disruptive new products that created profitable new markets. The common thread in all five cases appears to be: resilience; ‘decision rights’ control of an organization used as a personal vehicle; and either creating or seizing on breakout opportunities.