The hotel ballroom is jammed. And this isn’t any old ballroom but the ballroom of the Al Faisalya Hotel in Riyadh – the most posh hotel in a city of posh hotels. I am writing this from the foyer of the hotel, having just finished a speech to Arab investors on the global economy in 2014.
These people manage billions of dollars, deploying the country’s oil fortune in the financial markets to generate a return for future generations. The discussion jumped between the fate of the dollar, the likely move in US interest rates and whether the new Fed boss Janet Yellen will “taper” next year? There was much talk about what Germany would do now that it has inflation and the rest of the eurozone has deflation; would the Germans tolerate a possible ECB rate cut?
The conversation was the typical diet of financial market players – that was until the end. Just as I was finished, one guy comes up to the podium and asked the question that had been on his mind all morning.
“How will Roy Keane get on with Martin O’Neill?”
You’ve got to love it.
We got chatting about the biggest story in Saudi sport yesterday morning and, as we talked, a few Sri Lankans, Indians, Omanis and a few more Saudis started talking about Roy Keane. It was all a bit surreal. This is what Roy does: he animates people.
Anyone who has visited the Gulf will know how much the locals love football. However, not surprisingly given these are business people, as we were chatting quite incongruously about Roy Keane, the conversation turned to transformational managers, in business as well as sport.
More specifically, the talk was about the similarities between management and performance, whether in sport, business or economics.
The job for O’Neill and Keane of rebuilding the Irish football team is not unlike the job that a manager in any business faces each day. What will we do differently? How will we get the best out of our resources? How will we keep the customers (fans) interested? How will we get results against better sides and not lose against lesser sides? What tactics and strategy will we employ and how will we execute it in the competitive marketplace?
In this regard, business and sport are very similar and the qualities inherent in good business managers and good sports managers are not that different.
It made me think about some of the great manager-player teams of the past. The ones that come to mind are those who caused the greatest upsets in sporting history. And we all know that in order for the Irish soccer to recover, our team will have to cause a few great upsets by beating a few great teams. These victories themselves could be the catalyst to greater things.
All this talking about sporting heroics, the Irish football team and the World Cup in Qatar, got me thinking of the Rumble in the Jungle. In the same way as Qatar has paid for the World Cup (in winter) with its enormous oil wealth, Zaire’s ruler, Mobuto in 1974, paid for the Rumble in the Jungle with Zaire’s huge mineral wealth.
However, in the context of O’Neill and Keane, the interesting thing about the Rumble – one of the greatest sports upsets in history – is that it was conjured up by one of the greatest management teams the world has ever seen – Muhammad Ali and Angelo Dundee.
On paper Ali hadn’t a chance.
He was older, slower and out of shape. Joe Frazier had hammered Ali. But Frazier was pulverised by Foreman. Foreman floored Frazier five times in one bout and yet Ali was saying he was going to win. He said he had a plan.
Foreman was a beast. He had the hardest punch in boxing. He was the champion. He was younger, heavier and in terrific form. At 24, he was eight years younger than Ali. He knocked opponents down for fun.
But like all great managers, Dundee spotted that Foreman’s greatest strength was his weakness. Dundee knew that there was only one outside chance of victory for Ali. If Ali could just withstand the barrage, Foreman might just punch himself out and, when he was knackered, Ali could pounce.
But how could Ali take the punishment?
Ali and Dundee figured out that if he lay on the ropes, the ropes would dissipate the force of Foreman’s blows, allowing Ali, in effect, to roll with the punches. Before the fight, Dundee insisted because of the heat that the ropes should be loosened. Nobody batted an eyelid. Rather than go toe to toe with Foreman, Ali lay back on the ropes, looking supremely confident. What he was actually doing was carrying out his plan to perfection. Ali would later call the strategy “rope-a-dope”.
And that’s what happened.
Foreman, the beast, punched and punched and punched. Ali kept on the ropes while taunting him with the famous, “Is that all you got George?”
By the 8th round, Foreman had punched himself out, Ali waited and waited and then famously decked him, conjuring up one of the biggest upsets in sporting history.
He won by making his opponent’s strength his weakness.
This is what transformational business leaders do. The best example of this in Irish business is Ryanair. O’Leary and his team took an ailing business, devised a strategy, identified the competitors’ weakness and ruthlessly exploited it.
Today Ryanair flies 80 million passengers, dwarfing BA’s 28 million and O’Leary did this by deploying tactics and strategies that his opponents didn’t anticipate. By the time they did, they were well behind the game. It doesn’t mean they won’t catch up, but for now, despite the recent travails and profit warnings, Ryanair is well ahead.
Given the similarities between business and sport, can you imagine if the first call O’Neill and Keane make isn’t to Stephen Ireland but to Michael O’Leary? Who wouldn’t pay to be a fly on the wall at that particular hangout?
I’m sure people would pay as much as Don King charged for ringside seats at the Rumble in the Jungle.
David McWilliams hosts Kilkenomics this weekend in Kilkenny. Tickets at www.kilkenomics.com
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Dia dhaoibh ar maidin Great Article. I know this story and just read about it on Wikipedia to recap There was an excellent documentary about the rumble where one of the contributors tells how Ali had to pass through Foreman’s training area to get to where Ali trained. Every time Ali walked through he would see Foreman punching the huge heavy bag and it must have been frightening All Foreman had was a hammer punch. Ali was faster and hit Foreman several times with his right in round one but Ali was taking two more steps than Foreman and in… Read more »
Tactics is one thing. Execution is another. The one thing that comes across is failure through arrogance and underestimation. Ryanair has underestimated and overplayed and painted themselves into a corner. Ireland Inc of early 2000s did exactly the same. Personally I think it is an unfortunate Irish trait…all fluff and bluster in the first 20 mins and blowout…mind you, no so for our boxers, so maybe we need to looking at them before our over hyped soccer and rugby teams.
When ever I see Roy Keane on TV the first thing that springs to mind is the 80’s management book by Peters and Waterman “ In Serch of Excellence” – the title alone is enough to move the immovable. Then there’s the Japanese motivational mantra “ We have nothing but our hard work” – like Ireland it has no real mineral wealth – possibly even less. The interesting thing about the Japanese is that they realised early on that in the overall scheme of things, it is actually easier to produce excellent products than it is, to make shit ones… Read more »
David, There are a number of points here that need examination. When the arabs asked you would Yellen taper what did you tell them? I bet you dithered. Not only will yellen not taper the rate of printing will increase or they will default. Surely the Arabs didn’t pay you to prevaricate? Next. Deflation. Hmmmm. Anyone on the board receive a letter recently from ANYONE saying they were cutting their prices? Ryanair David? When you meet Keiser in Kilkenny get him to explain to you why Ryanair is on his karma bank list as one of the top companies just… Read more »
‘Million Mask March’ becomes ‘Million Cop Charge’
Check out this hilarious brief footage. How many cops do you count? Bloody trouble makers!
https://www.youtube.com/watch?v=csQoGEqQBR4
PS If you’re wondering about the cavalry charge, the reason the trouble makers snatched the young guy was he earlier goofed about like any excited kid at a demo and sat down for a nano-second at a traffic light. And, he was wearing a mask.
It’s shocking.
Thankfully the police helicopter-riot van-cars- horse mounted unit-bicycle mounted unit-riot unit and others too numerous to mention all collectively brought this ‘traffic violation terrorist’ to justice, discretely and professionally.
And Finally…
Job Creators should instead install Lie Detectors
http://www.donegaldaily.com/2013/11/05/company-boss-defends-use-of-jobbridge-applicants-to-install-water-meters/
Summary Extracts OF Article: Gombeen Boss says::
To ‘create employment’ you need a ‘viable business’ which ‘the way things are’ means hiring free labour.
Q: So if he’s paid by the government to do the contract and the government pay his staff, does that by his own account make him a ‘job creator’?
Any of you life takers & heart breakers going too Kilkenny ?
Hope to go sat back sunday
Gimme a call
Barry
0871749372
“would the Germans tolerate a possible ECB rate cut?” ,our host asks
http://uk.reuters.com/article/2013/11/07/uk-ecb-rates-idUKBRE9A60OE20131107
“…lower interest costs make it more attractive for banks to hold on to the loans for longer and invest them in higher-yielding assets.”
And the ECB will continue to limbo dance to .25% and lower …no wiggle room you see ( rock and a hard pace ,what? )
@PaulDivers
“If you are going to dream make sure it is a big dream.”
+1
Did DMcW fly to Riyadh with Ryanair? And do the Royals there read the blog? Just in case they do, we are waiting for the release of the 28 pages that Obama promised. Therein will be found further evidence of the 9/11 terrorist attack. Prince Bandar Threatens US; Another 9/11 Coming? As Saudia was cheated of a Syria “jolly little war” on behalf of the British Empire, direct threats against the USA and Putin’s Russia followed. The horribly dangerous irony is that London-Riyadh has likely quite different plans for 2014. They just neglected to tell the visiting Tiger, and George… Read more »
The reason rugby and soccer are faring so poorly is a result of gombeens at the top trying to milk it from day 1. No long term thinking as you see in GAA and Boxing. Was at the Craft Beer session led by the Franciscan Well brewery based in Cork. AMazing! They have been building their product base from the mid 90s. These people love their business. There are loads of operations like this…slow build big vision long term and multi generational commitment. I vomit when I look at these prizes given to best entrepreneur of the year best whatever… Read more »
Bonbon why don’t you tell people that the link above goes to a “Larouche” website? I’ve asked you before so how about explaining YOUR OWN views briefly in plain english without reference to these ridiculous links?
“ridiculous” is allowing these “shape-shifting” banks
What’s ridiculous is that we tolerate the ENORMOUS growth of top-tier financial institutions and the corresponding increase in their economic and political power which is at the HEART of our life threatening problems
don’t “get busy on the proof”, rather , keep it simple
Split these MEGA banks and give us all a life saving firewall
A HERO WHO DIED OF SHAME
Of all the footballers who have played for Scotland against England, none was so idolised as the great `Wembley Wizard’, Hughie Gallacher. And, discovers James Dalrymple, none met a more tragic end …
http://www.independent.co.uk/arts-entertainment/a-hero-who-died-of-shame-1124187.html
D McW,
I don’t find it so surprising that the chap asked you about Roy Keane.
Bill Shankly:
“I hear people say football isn’t a matter of life&death. When I hear this it really disappoints me. It’s obviously much more important than that!”
Tyson is no Ali “ruthlessly exploited” some people admire greatness others admire ruthlessness! O’Leary is no Ali, the MAN Ali used his fame well he exploited the so called sport of boxing to achieve greatness outside of his strange gift, he did this in the hope that life for others may be better. Mike Tyson O’Leary has built noting- he has destroyed – a tug- a biter of ears- he has produced nothing of benefit to society. To equate the greatness of a ‘sporting hero’ Ali with O’Leary speaks volumes – is shameful and insults… There are some great Irish… Read more »
I saw the fight live on closed circuit TV in an auditorium in the midwestern U.S. my Dad took me when I was a boy. That said, SOCCER SUCKS! This obsession with the most boring of all games blows my mind. Id rather watch paint dry than this thing yall call “footie” or football! Its laughable. Everyone seems to love it here. I cant f’kn stand it. If given the choice of having a tooth pulled or sitting through a “match”? well,… guess. In America foot balls score is “A touchdown!” here,,,… its “a goal” In America foot ball has… Read more »
Good luck to all you brothy sons of the sod at Kilkenomics.
Mind and behave yourselves now.
I’m so fast that last night I turned off the light switch in my hotel room and was in bed before the room was dark.
Muhammad Ali.
LOL!
What the Saudi’s neglected to tell the visiting Tiger economist, was let out of the bag today on bbc, telegraph, etc.
The full report is on the way, but basically Saudia has or can promptly have, both warheads and a launch capability. There is every reason to believe this is presently an extremely dangerous development, considering Bandhar’s recent open threats to the USA and Russia. The continuing 9/11 coverup by Obama and the Administration implicates them in a possible holocaust if Saudia attempts this route. It would mean the extinction of humanity.
Vive La France! Prof François Heisbourg, a former French diplomat and chairman of the International Institute for Strategic Studies and the Geneva Centre for Security, who was in Dublin this week to talk to the Institute for International and European Affairs. “The dream has given way to nightmare,” he says in his latest book, Le Fin du Rêve Européen (The End of the European Dream). “We must face the reality that the EU itself is now threatened by the euro. The current efforts to save it are endangering the union yet further.” A case of, as the French would put… Read more »
I wonder how much the Saudi’s have “invested” in the Euro?
Nobel economist Stiglitz: ‘I’m astonished at Irish ability to suck up austerity pain’.
http://www.independent.ie/business/irish/nobel-economist-stiglitz-im-astonished-at-irish-ability-to-suck-up-austerity-pain-29737373.html
A safety net / firewall ,to PROTECT us all , in the form of GS needs to be FIRMLY in place before any experimenting with an introduction of silver/gold coins as possible tandem currencies. Remember this notional tandem currency will certainly create even more waves in our already choppy waters. We are already balancing on a knife edge evereybody! So firstly, calm the waters with Glass Steagall. 3mins and it sums up a gold obsession beautifully http://www.youtube.com/watch?v=HZCaSyid4m0 Well i’m taking “my sober ,pink Irish ass” on a few weeks holidays ( maybe to Adam’s island in the Carribean?? Lol or… Read more »
What’s that I just saw on RT – Ausi bitcoin bank robbed ?
Looks like It’s not just Edward Snowden… Huey from the FLC when they mentioned Dick Cheney.
http://www.youtube.com/watch?v=6vYsAgWyEwA
And could You put it in a lyric…
“Sometimes I speak my mind rather plainly.. .. ..but i’m not a Dick like Cheney!”
And Huey taking it to the Banksters. Take it away Hu-eeeeeeeeey…
http://www.youtube.com/watch?v=JFSLFBAJdBI
V for Vendetta… Remember Remember the 5th of November!
http://www.youtube.com/watch?v=k_13fFIrhPk
The explosive rhetoric of the would-be Guy Fawkes’ is astonishing. Obama was cheated of his nuclear gunpowder-plot in Syria, but the Saudi’s are fuming and have nuclear weapons. Russia has told the UN to secure Libya’s “yellow-cake”, 6,400 barrels of it, which apparently is under the control of a local arms dealer. On top of that, Libyan MANPADS (20,000 stock), mobile shoulder-launched anti-aircraft missiles, are flowing to Al Quaeda in Syria end elsewhere. Anglo-Dutch Empire Threatens Human Extinction The BBC Worldwatch report that Saudia owns a large part of Pakistans nuclear arsenal, and are now threatening to use it. Is… Read more »
As if the Tapes were not bad enough, now comes this :
http://www.irishtimes.com/news/world/europe/disgraceful-irish-report-on-kristallnacht-goes-on-display-1.1589059
Ireland’s reputation in Berlin is catastrophic!
Stiglitz notes Ireland faces a lost decade :
http://www.independent.ie/business/irish/nobel-economist-stiglitz-im-astonished-at-irish-ability-to-suck-up-austerity-pain-29737373.html
and AEP of DT :
“A new paper by Takeo Hoshi and Anil Kashyap for the International Monetary Fund said Europe has repeated many of the mistakes made in Japan in the 1990s and “is indeed heading towards a lost decade”.”
http://www.telegraph.co.uk/finance/economics/10434431/ECBs-Draghi-stuns-markets-with-rate-cut-but-deflation-still-looms.html
Next we will be told the emigrants, youth, chronically ill and aged were “lost”. Our food supply lost. Just wait for Noonan with a lost lifestyle choice.
There is a screw loose in the Empire’s frankenstein monster.
In my inbox there was an email from someone called ‘Des’.
My inbox is pretty quiet and well filtered for spam but I clicked the link as I was intrigued.
The link is to a book called Irish Life and Me and they are giving away a free chapter.
Do any of you lot know who this is?
Could it be that the KSA (Kingdom of Saudia Arabia) fear nothing more than the return to Glass-Steagall by the US without Obama? Are they so terrified of their international (and local) oligarchy crumbling to resort to the use of nuclear weapons? On Sunday, Saudi Prince Turki, who is the former head of Saudi Intelligence, brother-in-law of the current head of Saudi Intelligence, Prince Bandar, and brother of the current foreign minister of Saudi Arabia, gave an interview to Lally Weymouth published in the Washington Post, WEYMOUTH: Would Saudi Arabia consider becoming a nuclear power? TURKI: I suggested two years… Read more »
Is this another hint at something like a national bank? –
The Government will have to set up a State-sponsored financial institution to lend money to small and medium-sized businesses, a senior Bank of Ireland executive has said.
http://www.irishtimes.com/business/sectors/financial-services/executive-calls-for-state-lending-to-smes-1.1589105
A real separation of investment, insurance and commercial banking is a pre-requisite for this to work. But Hamiltonian Credit Systems are the way to go, after the field is cleared of the post-Glass-Steagall tsunami.
It is becoming painfully clear what to do even in Brussels : Finance Watch Brussels Conference: Break Up the Banks Now and Avoid Banking Union A conference held Thursday and sponsored by Finance Watch, a Brussels-based Non-Governmental Organization that focusses on financial regulation in the European Union, included among its topics the need for separating Europe’s commercial banks from investment banks, and making this, not banking union, the first priority. Among the participants was former Federal Deposit Insurance Corportation chair Sheila Bair, a known supporter of Glass-Steagall. In a short video interview, Finance Watch’s Secretary General Thierry Philipponat said that… Read more »
Many here echo this :
New York Fed’s William Dudley: We Don’t Need Glass-Steagall
The masters voice of the FED.
It is good that someone brought up medical care above. Obamacare kills.
A Tale of “Two Midnights”: It Was the worst of times, it Was the worst of times
It’s a “Cinderella rule…If you cross two midnights, you’re an inpatient. If not, you’re a pumpkin,” is how it was described by senior administrator Amy Deutschendorf, at Johns Hopkins Hospital in Baltimore, to the New York Times.
Tigers will say that could never happen here. “Is feidir linn”.
Bonbon life is short. Can you please give your OWN views in your OWN words and edit whatever crazy ideology that you keep referring to into some sort of coherent argument in plain english without the crazy Larouche links.
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