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An OPEN Client Edition


Updated 6/18/04, 2:20 p.m. PDT (adds "No Skirts, Please!")

Echoes from Hewlett Packard’s Conference for Global Consultants

Delivering Value Horizontally

CEO, Other Execs, Outline Their Roadmap to Long-term Success for HP

PHOENIX, June 18 – Perhaps the most poignant thought during the two-day conference for global consultants that Hewlett Packard staged last week in San Jose, CA, was the very last comment that its CEO, Carly Fiorina, made at the end of the executive Q&A session on June 9. 

“IBM is now more vertically integrated than it ever was before” (Gerstner’s era), Fiorina said, summing up her answer to a question.  “We consider it our competitive advantage.”


What the HP CEO said is something that we have been repeating almost ad nauseum for 11 years now (i.e., ever since Gerstner decided he would not break up IBM).  We said that is that IBM’s centralized, imperial structure is ill-suited for the modern marketplace in which nimbleness and flexibility carry more weight than bigness [size] (see “Louis XIX of Armonk,” Aug 1996).

Fiorina set up this conclusion earlier that morning in a speech with which she kicked off the global event that attracted about 150 analysts and consultants from around the world.  Citing HP’s own experience with the Compaq merger that produced more than double the savings originally projected ($3 billion over two years), Fiorina said that the value is now being delivered horizontally across an enterprise (i.e., by automating business processes globally, instead of within individual organizational stacks).

Which means that geographic or product-related vertical stacks are obstacles to efficient delivery of global solutions, both with the IT vendors’ organizations, as well as their customers.

The same point was reiterated by several other HP executives who talked about, what HP calls, the “adaptive enterprise” concept (also see "IT Industry: Whither Goeth It?", Jan 2004).  Besides being an indication they were all playing from the same sheet of music, the notion suggested that flattening out HP is a statement of fact, not just some futuristic mantra.  That the idea has traction at HP was confirmed to us in numerous real world, close-to-where-the-rubber-meets-the-road examples. 

Virtual HQ

Marc Schwarz, for example, an HP vice president who was recently hired from Deloitte to head up HP Services’ Business Process Outsourcing practice, said he expected to have to move to California if he were to join HP. 

“No, you can stay where you are,” he was told in an interview during the hiring process.  Schwarz lives in New Jersey.

Another marketing executive we met is based in Texas.  His assistant is based in Massachusetts.  So it goes…

HP’s accounts payable fulfillment is done in India, though its mailing address is in Colorado.  So it goes…

The head of HP Services worldwide sales and marketing is based in Munich, Germany.  His direct reports hail from all over the U.S. and the world.  So it goes…

Unlike the imperial courts of Armonk, which Lou Gerstner expanded in late 1990s by adding a Versailles to the original Louvre, HP evidently has no real “worldwide headquarters.”  WW HQ is a virtual notion, not a dwelling.  Nor even a notion worth dwelling on. JText Box: Fiorina: Value Driven Horizontally
(an excerpt from a Fiorina chart)

Fiorina said that the IT industry imperatives of the 1980s were “cost and stability.”  In the 1990s, they changed to “speed and flexibility.”  Now, she says, “simplicity, manageability and adaptability” is what the customers are seeking (see the chart).

Well, since adaptability entails both speed and flexibility, and simplicity and manageability have always been promises IT vendors had made but rarely delivered, it appears that not much has changed since the 1990s.  Which means that the “new news” is that the IT vendors are finally figuring out how to deliver adaptability.  And the answer is horizontally, as HP has shown with its own merger example.

Revenue Sharing?

“It’s excellent that you’d practiced before preaching, and that you’re using your own merger experience as a reference,” this writer told Fiorina during the Q&A.  “But I wonder if there are some pitfalls in that approach?”

Just as Fiorina was set to answer the question, we elaborated on the reasons for it.  It was the presentation that HP’s CIO, Gilles Bouchard, had just made.  He proudly boasted how HP reduced its own IT spending from the pre-merger 4.6% of revenue, to less than 3% (goal in phase 2).

“Let’s assume you’re wildly successful with your ‘adaptive enterprise’ pitch using yourself as a reference,” this writer continued.  “Wouldn’t it mean that you would help shrink your customers’ IT budgets, and thus reduce your revenue opportunities in the future?  So wouldn’t it be better not to give up the ownership of your ‘adaptive enterprise’ concept so easily, and work with your customers on some sort of revenue-sharing basis, such as Capgemini did, for example, at TXU?” (see “Capgemini Hits Texas-size Home Run,” May 2004).

“That’s a great question; I am glad you asked it,” the HP CEO replied.  She then proceeded to explain that she didn’t think the HP approach would lead to a contraction of IT budgets in absolute terms, and thus would not reduce HP revenue opportunities. 

First, customers have to consolidate and standardize the technology they already have, she said, before starting to invest in innovation to drive revenue growth in the future. 

“And that’s where we have an opportunity to gain market share,” she added.

But HP’s own merger results speak to the contrary.  The “$3.5 billionText Box: Big IT Cost Savings Claimed
(an excerpt from a Fiorina chart)
(an excerpt from a Bouchard chart)
savings” that Fiorina cited in her own presentation, and the “$1 billion+ annual cost reduction machine” that Bouchard quoted, are pretty absolute figures (see the chart).

So, while violently agreeing with Fiorina that IT is the “main event,” as she put it, or that, “IT is it!,” the slogan we had coined before, we reiterated that HP’s interests might be better served by creating new enterprises with their customers, and thus sharing with them the benefits of ownership, including future revenues and profits (as we also pointed out in our January Annex Bulletin - "IT Industry: Whither Goeth It?"). 

Fiorina agreed.  Sort of…

“Absolutely, there are opportunities to do that” (revenue sharing), she said.  She added that in some deals HP is already doing it.  In others, HP contracts to provide innovation during the course of a deal, she said.

What Fiorina did not say, however, was that such deals are far and few between; that a vast majority of the deals being done in the IT services sector is still based on old cost saving formulas and fee-based services.  Which means that innovative deal-making may be the next challenge facing the IT services vendors, including HP, if they are to make their “adaptive enterprises,” “OnDemand,” or “transformational outsourcing” concepts work to the mutual benefit of both the vendor and the customer.

Otherwise, they may do all the innovating while their customers get most of the benefits.

No Big Acquisitions

“We’re going to make fewer large bets,” said Shane Robison, the chief strategy and technology officer, speaking of possible future acquisitions.  During the Q&A, Fiorina seemed exasperated that she had to answer the same question again.

“We’re not going to buy EDS,” she said emphatically.  “We’ve not going to buy Capgemini.”

Fiorina justified such an attitude on the basis that acquiring a traditional outsourcer like EDS, for example, would be “looking back.”  She felt the outsourcing game needed to change, and HP wanted to “look forward” instead and lead such a change (we agree… see changing roles of clients and vendors in "IT Industry: Whither Goeth It?", Jan 2004).

We also agree that acquiring a company like Capgemini would not make sense on account of cultural differences.  And that buying EDS at this stage would be foolhardy, given the cans of worms among its contracts, and its still relatively high stock market price ($17.64).

But everything has its price… including the cans of worms.  They can be de-wormed or written-off for the right price.  So a contrarian argument is that acquiring a traditional outsourcer like EDS would give HP a global delivery channel, and legitimize its claim that it is an alternative to IBM, which has been HP’s stated goal.

Meanwhile, HP Services is having to slug it out with IBM on a deal-by-deal basis.  It’s a slower but safer way of achieving the goal.  And it’s working, according to Ann Livermore, the head of Technology Solutions Group, which includes HP Services.

“We outgrew IBM in every single sub-category,” she said during her presentation, referring to horizontal lines of business as “sub-categories.”

Livermore also said that in its “drive to gain market share” and achieve “profitable growth,” HP has already racked up over 100 wins in taking out the IBM mainframes.

Lagging Government Business

Considering that the government business has been the fastest growing segment of most of the IT companies we follow in the global war economy, we asked Fiorina in a one-on-one conversation why HP seems to be lagging behind, relatively speaking (HP’s public sector accounts for about $9 billion in revenues; it is growing at about 5% per year; HP’s market share of the $118 billion market is 7.6%, according to Fiorina – see the chart).

Text Box:  
(an excerpt from Fiorina slides)

We said we realized that there may be moral reasons why HP isn’t pursuing it more aggressively – so as not to end up being labeled as one of the “death merchants.”  So we were wondering what her position on that was?

Fiorina’s answer was quite surprising.  It had to do with HP’s history and lore. 

“When I got here (in July 1999), I found that when David Packard (the “P” in HP and the company’s co-founder) returned from his stint at the Pentagon, he was so disgusted that he issued a decree that HP would not do business with the government,” Fiorina said.

(Packard left HP in 1969 to become U.S. Deputy Secretary of Defense in the first Nixon administration. He served in this capacity for almost three years and resigned his post in 1971, at the height of the Vietnam war.  In 1985, Packard was appointed by former President Reagan to chair the Blue Ribbon Commission on Defense Management.  Packard died in 1996).

“So we didn’t, except for some ‘black ops’ that we inherited when we acquired Compaq.”

“Black ops?”

“You know… the very specialized CIA- and NSA-type of work that we can’t talk about.  Most of it goes back to the time Compaq acquired Tandem.”

Well, it appears that since Fiorina has “lifted Packard’s restraining order” against doing government work, the company may indeed become more aggressive in this area.  The appointment of Juergen Rottler earlier this year as the head of the public sector unit certainly hints in that direction.  Rottler was formerly the top HP Services sales and marketing executive.

Robison: “Chief Creative Officer?”

“Innovation will drive (our) growth,” said Robison, the chief strategy officer, during his presentation.  He added that more than half of the company’s R&D investments goes into software.  “For the rest, we partner.”

Among the companies that HP considers its partners Robison counted (and showed on a slide) Accenture, Capgemini, BearingPoint, Deloitte… among others – all vendors with whom HP also competes in the IT services arena.

Clearly, the lines between partners and competitors are blurred, especially when it comes to big outsourcing or systems integration contracts.  One deal’s partner may be the next deal’s competitor.

Robison (and Fiorina later on, during the Q&A) thinks that such partnering is a more efficient way of investing in innovation than trying to do it all in-house.Text Box:

Robison and Fiorina showed some “cool” applications in which HP has played an important part, such as in production of the Shrek movies at DreamWorks, or with Starbuck’s new “product line” – the music CDs.

“We want to be high-tech, low-cost, best TCE (Total Customer Experience) provider in the industry,” Robison summed up.

“He is your Chief Creative Officer at HP,” suggested one HP executive in a subsequent conversation, referring to our Holy Grail piece ("IT Industry: Whither Goeth It?", Jan 2004).

So now we have at least two nominations – John Wilder of TXU, and now Shane Robison of HP.

International Markets

“We’re larger than IBM in Europe,” boasted Peter Blackmore, HP’s executive vice president who gave a presentation on the company’s international markets.  Indeed, HP’s $30 billion European revenues surpassed IBM’s ($29 billion) last year.

Blackmore also highlighted HP’s sales model designed to increase the company’s “share of wallet,” as he put it.  After focusing on 107 largest named accounts, HP is not extending its coverage to some 1,700 next-tier enterprises (see the chart).Text Box:  
(a slide from Blackmore’s presentation)

HP is also expanding internationally.  Blackmore highlighted China, Middle East and Russia, as three fast growth examples.  But some of the things he said about the three markets were downright startling.  So we talked to him one-on-one during the break that followed his presentation.

“The growth rates you showed us in China looked quite impressive,” this writer said.  “But I wonder why all IT executives around the industry keep talking about revenues or shipments growth, and none mention profits?  How profitable is your China operation, and how do you repatriate any profits in a country that doesn’t allow it?”

Blackmore said that HP is profitable in China, without quantifying it.  As to the repatriation question, he said that HP has been in China for 22 years now. 

“We have very good relations with Chinese government officials,” he said.  “We have no problems repatriating profits.”

Hm… An interesting answer, we thought.

Then we jumped from China to one of its neighbors.  “How do you explain the fact that HP gets only $750 million in revenues from the largest country in the world?”, this writer asked.

“You’re talking about Russia,” Blackmore said, smiling.  “Well, Russia is a complex country.”

We know.  That’s an old British imperial view of Russia (Blackmore is British).  Winston Churchill said in 1939 that, “Russia is a riddle wrapped in mystery inside an enigma.”  But Churchill also thought he had found a key – “Russian national interest.”  So he used it, managing to strike an alliance with Russia in the hopes of defeating Hitler.

And what’s HP’s key?

There doesn’t appear to be one.  As is the case with so many western multinationals, Blackmore offered us excuses rather solutions (also see “China Now Bigger Than the U.S.”, Jan 2004).

“Moscow and St. Petersburg account for 60% of Russia’s GDP,” he said, implying that was some sort of a problem.

“Actually, that should make it easier to sell to Russia,” we opined.  “But what about Russia’s energy sector, for example?  Russia is one of the world’s largest oil and gas producers and exporters.”

“Well, we do participate in it through BP” (British Petroleum), Blackmore replied.  He added that HP’s overall growth in Russia has been about 15% per year.

Which is not bad, of course, compared to the growth rates in “Old Europe” (as Donald Rumsfeld called established European economies), or relative to the U.S. market.  But compared to the explosive growth in China or other emerging countries, including some smaller nations in Eastern Europe, getting only $750 million out of the bustling Russian economy is simply a dismal performance. 

But if the HP shareholders are happy with such meager pickings, who are we to question its strategy?  So we changed the subject.

“Speaking of explosive growth,” we told Blackmore that we were stunned by his comment that the “Middle East is one of the fastest growing markets in the world.”

“For what products?”, we wondered.  “Caskets and hearses?” J

Blackmore laughed.  He then replied that he was actually referring to a growing demand in some oil-producing countries, such as Saudi Arabia.

Well, isn’t that “looking back” instead of “looking forward?” - to borrow the phrases Fiorina used in reference to a possible EDS acquisition.  What’s going to happen to such demand when (not if!) some of those repressive regimes collapse?

Given the human and material carnage that seems to be occurring daily in that part of the world, including the rising casualties among the western executives, an exit strategy seems to be a prudent one.  For a U.S.-based multinational, anyway.

Success Without Glamour

Vyomesh Joshi, the head of HP’s printing and imaging group, who goes by the nickname “VJ,” can probably relate to Rodney (“I get no respect”) Dangerfield.  He happens to lead a $24 billion operation that adds $2 billion to HP revenues a year; that generates profit margins of 15%+; that ships more than one million printers a week… In short, that's very successful.  Yet VJ and his business still get knocked around by ignorant analysts and/or the media, such as in a June 10 Street.com column:

"If Hewlett is not profitable in personal computers, and it's not profitable in mainframe computers, and it's not profitable in services, and their printer business is being hollowed out by Dell, then what's left?" asks Bret Rekas, a hedge fund manager in Minneapolis. "I'll answer that: nothing."

To which we replied:

As it turns out, HP is profitable in all of these business segments that your hedge fund manager-source cites as "not profitable."

As for HP's printer business being "hollowed out by Dell," the assertion is ludicrous. That's like saying Shaq O'Neal is being bested under the basket by a first grader. HP is shipping about one million printers a week covering a price range from $39 to $1 million each. Dell is shipping about 60,000 a week, with most printers under $100 bundled with their PCs (i.e., given away). Printers are the most profitable part of HP, with operating profit margins in the 15%+ range, despite the enormity of its revenues (about $24B). Dell's printers don't even rate a separate line in its financial statements. In fact, Dell has not published any revenue or profit figures for its printers. So you're comparing HP facts to Dell hype. 

(an excerpt from the “Beware Your CFO!”, June 2004)

Text Box:  
(a n excerpt from a Joshi slide)

“I hear so much about Dell entering the printing business (in June 2002), and affecting our business model,” VJ said.  “Frankly, I am a little tired of hearing that.  The fact is, they have not done that.  The fact is, we are improving our profitability.”

VJ went on to point out that Dell’s market share went from zero in 2002 to 17% in 4Q03.  But Lexmark’s dropped from 32% to 14% in the same period.  So Dell is winning market share from Lexmark, not HP, he asserted.

“Dell is not really affecting our business,” VJ concluded.  That’s because “from an IP (intellectual property) point of view, Dell has nothing.” (i.e., Dell is distributing other companies’ technology).

Nor is printing and imaging some sort of a low-tech operation – the image that it perhaps acquired when IBM was in that business with “dumb” printers were run by mainframes.

“We have 9,000 patents, and we add 2,000 patents every year,” VJ said on the subject of intellectual property.  “And that’s very important for our business… We think that the core technology that we have will be used to build new multi-billion dollar businesses as we move forward.”

And that includes many of the “cool” applications in the media and entertainment business where HP plays a major role.  From creation, to distribution, to consumption, HP is the “trusted content broker,” VJ asserted.

Yet even within the HP conference, we could not help but notice that VJ and the head of HP’s PC business, Duane Zitzner, were relegated to the poorly-attended afternoon session.  Undaunted, the two executives gave some of the most lively presentations of the day. 

Customer Panel

The after-lunch customer panel played to a half-full ballroom.  Yet it was one of the more lively sessions, especially during the Q&A.

After D. Krishnamurthy, general manager of technology at the Bank of India, John Dean, CIO of Steelcase, and Linda Clement-Holmes, director of infrastructure services at Procter & Gamble (P&G), finished making their canned pitches about why they chose HP, this writer asked them each a question.

“My question to the gentleman from the Bank of India is,” we said, addressing the panel moderator, Jim Milton of HP, “was your award of the business to HP a political decision, given that outsourcing of American jobs to India has become a political football in the U.S. presidential election?” (also see "A Passage from India", Mar 2004).

Long pause.

“Okay then, maybe I should ask all three questions at once to give you all a chance to think?,” this writer suggested.

The HP moderator nodded in approval.

“To the gentleman from Steelcase,” we continued, “do you consider yourself an ‘adaptive enterprise’ customer, and if so, can you envisage a point in time in the future when you might enter into some sort of revenue sharing or ownership arrangement with HP?”

“And to the lady from P&G… I think it was cute that you described your relationship with HP as a courtship that led to a May engagement and an August marriage.  But why did you then do an HR outsourcing deal with IBM, if you were already married to HP?  Isn’t that kind of cheating?”

Laughter spread across the ballroom.

“No punches held here,” said Milton, the moderator.  “I warned you,” he added, looking at the panel.

“That’s more like five questions,” Dean of Steelcase joked.

“Okay… let me deal with infidelity first,” the lady from P&G stepped in.

More laughter from the audience, mixed with scattered applause.

Ms. Clement-Holmes said that P&G went to an extensive selection of vendors for that HR contract, and that in the end it decided to choose the “best of breed” approach.  “So I don’t think it was cheating.  I don’t think.”

HP’s Milton agreed.  He said that HP had decided not to bid on the “HR” contract. 

The following day (June 10), Joe Hogan, vice president of marketing for HP Services, explained the reason during a breakout session.  “We were just getting off the ground with our first ($3 billion) deal.  It was our biggest contract.  And we wanted to make sure we did it right.  We did not want anything to distract us from that.” (see “An HP Hat-trick,” Apr 2003).

Back at the customer panel, Ms. Clement-Holmes said, “we have common strategies; common processes across all suppliers.”  “So we have three shared services suppliers,” she added.  “Yes, it is more difficult than having one (partner), but we still feel this is the best approach.”

So we suggested that perhaps then their relationship wasn’t really a marriage. “It sounds more like polygamy,” we joked.

More laughter from the audience.

Then the GM of IT at the Bank of India assured us theirs was not a political decision.  Mr. Krishnamurthy said the bank took 11 months to choose a supplier from 22 respondents to its original bid invitation.  The Bank of India also used three outside consultants to help it with the selection process.

Finally, it was John Dean’s turn to speak.  With some prodding by HP’s Milton, Dean said that Steelcase would consider some sort of revenue sharing arrangements with some HP product divisions. 

“On the product side,” Dean said, “you’re talking marriage… we’re more like dating or flirting.”

He evidently didn’t understand the question.  But we had already taken up too much of the panel’s time.  So we let it go.

“Are we an ‘adaptive enterprise’?” Dean continued. “We have a commitment to be adaptive.  The vision is right.  Are we on that journey?  Absolutely.  Do we have the right people committed to it?  Absolutely… But it’s a journey.  And I can’t tell you when we will get there because something will change.  But we are definitely on that journey.  And we are definitely committed.”

Dean sure sounded like a customer sold on the “adaptive enterprise” concept.


Overall, our impression was that Carly Fiorina does have a clear vision of where she wants to lead HP and how to get there.  As we said in our “Beware Your CFO!” piece, the HP CEO “was poised, relaxed and confident about her strategy and the HP future.”

“It was the best performance by a CEO we have seen in a long time,” we wrote.

So you can imagine how stunned we were to read on June 10 a Street.com column in which Fiorina was pronounced one of the nation's worst CEOs!? (for more on that, click on “Beware Your CFO!”).

What the author and his sources needed to do before writing an off-the-wall piece like that is attend a conference such as the one HP has just run for worldwide consultants.

“We are a technology company,” Fiorina said.  “We think innovation matters.  We think it will continue to matter.”

So given HP’s more than 21,000 patents and 650 products introduced just last year alone, Fiorina figures HP has a good chance of winning against its major competitors.

“We intend to win against IBM and Dell,” she put it quite bluntly.  Nor did she limit that just to product competition.

By contrast to IBM, “we think of services as a technology business; not a people business,” she also said.

The gentlemen from the Bank of India and Steelcase seem to agree, as does the lady from P&G.  And those are just three of HP’s 107 targeted top customers.

Text Box:

And the bottom line?  The day before (June 8), the Fiorina told the Wall Street analysts that she expected her company to generate 20% annual earnings per share growth, according to a Reuters report. 

So why is the HP stock under-performing the market? (see the chart).  That’s a good question for Fiorina to ask her CFO.

Happy bargain hunting!

Bob Djurdjevic

A P.S. - on a lighter note...

No Skirts, Please!

Besides being poised and acting confidently on stage, Carly Fiorina was also gracious, friendly and personable in private.  As she entered the ballroom before delivering her talk, she shook the hands of most people in the first row, both of HP executives/speakers, and of guests – consultants/customers.  Then she went over to the second row, where she worked the crowd of what must have been second-tier HP executives.  Some male Europeans also got two pecks on their cheeks, as is the custom in Europe.  "When in Rome..."

A nice touch, we thought; a contrast to the “ugly American” image that the former IBM CEO Lou Gerstner projected when he refused to eat Japanese food in Japan, for example.  Which I guess may be only a tad better than what “Bush 41” did there when he was President – throw up on his host, the Japanese prime minister.

Meanwhile, back to the HP conference, Fiorina wore an elegant light blue pantsuit with a matching blouse and gold earrings.  A gold necklace with a turquoise stone and a gold bracelet completed the ensemble that was both feminine and business-like.

A dress code is a part of most large companies’ culture.  At IBM, it used to be navy blue pinstriped suits, white shirts and black wing-tip shoes.  The culture descended from the two founders, Tom Watson, Sr. and Jr.  At Microsoft, it was the pullover sweaters and open-neck shirts, the casual attire its founder and CEO preferred (Bill Gates). 

HP’s old culture used to be the same as that of many engineering outfits in Silicon Valley – super casual.  This even included sandals (Birkenstock, of course) and facial hair among researchers and scientists.  Well, no longer.  Not only did HP’s “Chief Creative Officer” (Shane Robison) wear a suit and tie, but we were struck with another unusual phenomenon that seemed unique among the IT companies we follow.  Nearly all female HP executives and employees wore pantsuits.  It was almost as if someone had issued a decree, “no skirts or dresses, please!”

So over dinner, we broached the subject with an HP lady whom we shall call Margaret for the purposes of this story.  “Is there some sort of an unwritten or implied code at HP that requires women to wear pantsuits?”, we asked her.

Margaret seemed taken aback by the question.  Before she had a chance to answer it, another consultant who’d overheard the conversation piped in.  “I’ve noticed the same thing.  I’ve been meaning to ask someone the same question.”

“Really?” Margaret said.  “I have not noticed it.”

“Well, look around,” I suggested.  “Or even better, let me ask you… what are you wearing? (her legs were not visible as we were all seated around the dinner table).  A pantsuit or a skirt?”

“A pantsuit,” she replied sheepishly.

Everybody grinned.

“Have you ever seen Carly wearing anything other than pantsuits?”, I asked Margaret, working on a hypothesis that culture, including fashion, tends to seep into the lower echelons of a company from the top.

“I guess not.  I am not sure.”

That’s when Juergen Rottler, the HP executive in charge of its public sector business, interjected.  “We do have a strict dress code for men: No skirts allowed!”

Everybody laughed.

“Except for the Scotsmen, I hope?”, this writer suggested.

More laughter followed.  It was time to break the bread.

For additional Annex Research reports, check out... 

2004: HP: Delivering Value Horizontally (Jun 2004); Accenture: Revving Up a Notch (Jun 2004); Beware Your CFO! (May 2004); IBM: Changing of the Guard (May 2004); Capgemini: Texas-size Home Run (May 2004); Following the Money (May 2004); EDS: On a Wink and a Prayer (Apr 2004); HPS Wins by a Nose! (Octathlon 2004); Accenture: Burning the Track (Mar 2004);  IGS: "Crown Jewel" Restored? (Mar 2004); HP: Still No Cigar (Feb 2004); Cap Gemini: Another, Smaller Loss (Feb 2004); CSC: Good Quarter Gets Boos (Feb 2004); EDS: "Hot Air Jordan" Flaunts Flop as Feat (Feb 2004); IT Industry: Whither Goeth It? (Jan 2004); Cronyism Is Alive and Well at EDS" (Jan 2004)

2003 Global: "A Passage to India" (July 22),  Exodus from Equities (May 27), Money CAN Buy Longer Life (May 6), Global Investments Plummet (Jan 23)

A selection from prior years (Global): Greed Bites Back (Nov 29, 2002)Salomon/Gutfreund: Wall Street Casino (June 21, 2002)"From a Nation of Producers, to a Nation of Gamblers " (June 23, 1999), "When Will Wall Street's Bubble Burst?" (1998), "Wall St.'s Conquest of America" (1998),   THE GREAT AMERICAN HOOVER (1997)

Or just click on and use "financial engineering" or similar  keywords.

Volume XX, Annex Bulletin 2004-14
June 18, 2004

Bob Djurdjevic, Editor
(c) Copyright 2004 by Annex Research, Inc. All rights reserved.
e-mail: annex@djurdjevic.com

P.O. Box 97100, Phoenix, Arizona 85060-7100
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