The turnaround checklist
In the current economic gloom, real skill lies in finding the prince without having to kiss a hundred frogs
In the fairy tale, The Frog Prince, a magical kiss transforms a cursed frog into a handsome prince. In a similar vein, Warren Buffett, in his inimitable style, describes acquisition-hungry CEOs as being “mesmerized by their childhood reading of the frog-kissing princess. Remembering her success, they pay dearly for the right to kiss corporate toads, expecting wondrous transfigurations". Buffett might as well have been talking about promised corporate turnaround stories.