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I've been investing in the stock market for about five years now, and over the years I've learned that perception can be misleading. In fact there was a time in my life when what was perceived and what was reality was so drastic that it cost me a large sum of money.
Five years ago I was given a little over $10,000 by my grandfather to do with as I pleased. I decided to invest the money in the stock market since I had a passion with Wall Street. I was a novice investor trading through my Ameri Trade account. Through general articles in the business section of the local paper and magazines articles I had chosen the companies that I would invest in. Most of the companies that I invested in were the larger Fortune 500, like Budweiser and Coca-Cola. To be a good investor I needed to be better diversified. I read about an energy company named Enron, that was taking the corporate world by storm. After reading many articles about this company it was a hard thing to resist. After seeing CEO Jeff Skilling on TV shows like MSNBC Talking about his approach to selling energy was the future way of doing business. After reading how the company was expanding and the financials numbers looked great, I decided to jump aboard. That was the perception.
The reality was it is a company that wanted to expand to fast. As the chart shows below the in order to expand it had to borrow millions of dollars, even Enron had the banks on for the ride (See Table 1).
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Table 1
Europes banks turn out to be big Enron creditors
MILLIONS
ROYAL BANK OF SCOTLAND $500 Britain
INTESA-BCI 00 Italy
CREDIT LYONNAIS 50 France
ABN AMRO 00 Netherlands
SOCIETE GENERALE 167 France
ABBEY NATIONAL 160 Britain
BARCLAYS 16 Britain
DEUTSCHE BANK 50 Germany
With all this money being borrowed the company had to show good profits to keep the investors happy. In order to do this many of the top Executives had to exploit the numbers to keep the company to keep up the public perception that the company was turning a profit rather than a loss. In the table below you will see how what was perceived and what was reality (See Table ).
Table
As you can see over the years Enron executives over stated their profits, thus misleading the investors. To do this Enron needed the help of its independent accounting firm to help shore up the numbers that the company was filling. Anderson accounting firm, which was being paid close to a million dollars a week, help Enron inflate the numbers shown above. In the later half of the 000 and early 001 many of ther top executives at Enron started selling off most of their shares. On December 00 with a debt of 1.1 billion of its parent company and 18.1 billion in the affiliates the company filed for bankruptcy (Zellner). The ship came to a screeching halt, 4000 people at Enron lost their jobs along with it their savings (Zellner). Since Enron invested their employees 401k back into company stock they lost their entire retirement portfolio (See Table )
Table
It seems that Enron official not only fooled their employees but the public also(Zellner). This quote by Gary Hamel, Chairman of consultant Stategos (Cited in Business Week 001) shows that even the business world was taken back.
Before
Enron isnt in the business of eking the last penny out of a dying business but of continuously creating radical new business concepts with huge upside.
After
Do I feel like an idiot? No. If I misread the company in some way, I was one of a hell of a lot of people who did that.
I was apart of the millions who lost money through Enron. I was one of the fortunate people who only lost a couple of thousand dollars wrapped up in shares of Enron stock, I managed to sell off the shares as the stock plummeted and loose about $800. Some people were not so lucky, as stated above many investors and employees of Enron lost their entire portfolio. Perception is very deceiving when it comes to company stocks I.E. Tyco, Martha Stewart and Inclone, only with research will reality confirm what is perception.
References
Zellner, Wendy. Forrest, Stephanie. Thorton, Emily. Coy, Peter. Timmons, Heather. Lavelle,Louis. Henry, David Business Weekly. 10 Aug. 004
http//www.businessweek.com/magazine/toc/01_51/B76magazine.htm
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