War Stories Archive
“Be kind, for everyone you meet is fighting a great battle.”
— Philo of Alexandria*
Two asset management firms were competing for a sizable investment mandate — a piece of business significant not merely in terms of revenues, but also for what it would mean in enhanced prestige and credibility. The public pension plan running the search was having a hard time deciding between the two firms. Both companies had a similar style of investing and strong, consistent performance on a risk-adjusted basis. Both offered substantial resources for client service and reporting.
The pension plan decided to break the tie with an on-site visit to the two competing firms. At both companies, they sat on the trading floor and were introduced to a squadron of portfolio managers, research analysts and traders. Compliance and operations professionals for both firms appeared to be competent and thoroughly conversant with best industry practices. Still feeling undecided and somewhat weary, the pension plan representatives asked a stranger at Company A for directions to the airport. The stranger responded in a curt, off-hand manner. By contrast, at Company B, when they asked someone in the hall for directions to a local restaurant, the stranger responded with exceptional kindness. He seemed intent on making sure that they find the restaurant easily — and also suggested other good local restaurants for their next visit.
Happily for Company B, there would be many next visits. “Both A and B,” a committee member told Company B’s Head of Sales and Marketing, “were excellent candidates in every respect. But the spirit and culture of your firm, even in such small interactions as responding to a request for directions, ultimately won us over.”
Moral: Good manners are good for business.
* This quote opens the 2002 film, Between Strangers, directed by Edoardo Ponti. Philo of Alexandria was an early religious and philosophical thinker.