Tuesday, May 7, 2013

Just because you are a CEO, doesn't mean you have a clue.

Over the past 7 years there's no better example of "we didn't see that brick wall directly in our path" than Blackberry, aka Research In Motion.  A few months ago, their current CEO (not to be confused with the previous CO-CEOs, neither of which saw said brick wall in their path) Thorsten Heins said The user interface on the iPhone, with all due respect for what this invention was all about, is now five years old.” The irony of this is that he's the CEO of Blackberry. Those of you old enough will remember the term "crackberry". For those of you not old enough to remember, before there was the iPhone, Android or Angry Birds, people were sleeping with their Blackberry phones just for email access.

But before you think I'm off my rocker, or too Apple-sensitive, here's a response article that pretty much says the same thing.

My point is just because someone has a title doesn't mean they know what they're talking about, or that they are not trying to blow smoke up your butt.  I only care from the standpoint of investing. Full disclosure, I bought some RIMM stock a few months ago, and almost immediately got waxed like a new Bentley.  Not bitter because I cut my losses, had I known this guy was in charge I'd never have bought it.

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