He believed in layers of management and many meetings that often kept Motorola from responding quickly to dynamic market circumstances.
The pattern was interrupted when the financial crisis hit and 2007 and 2008, the last two years of the Bush administration, experienced a serious bear market but the circumstances were unusual, and the few times over the last hundred years that the cycle did not hold true to form did not affect the long-term percentage of the cycle.
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Because there always seems to be one big market club out there whose circumstances make them ripe to be suckers.
But life moves fast, and over the course of a few years family situation, employment circumstances, and market conditions all evolve.
It seems as though market participants have forgotten the dire circumstances that precipitated these stimuli.
In these circumstances a global bear market for bonds is probably already under way, and a bear market in equities may not be far behind.
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The Welsh government said it had already recognised the need to "enhance our trade and investment effort in these difficult economic circumstances and an increasingly competitive market place".
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Under those circumstances, how long could market timing abuses continue?
Certainly in the financial markets, the view is that the ECB's readiness in some circumstances to intervene in the market for government debt has bought some time, and it's up to those governments to put the time that has been bought for them to good use.
In the circumstances of 1974 with the stock market depressed, it made sense to leverage up.
While this Monday was not nearly as black, it is important that we use the opportunity to recall the circumstances that nearly sent the stock market into cardiac arrest.
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In these circumstances a stronger yen and weaker bond market may be less bad news than a response to good news.
To find value in the municipal bond market, your analysis must constantly keep up with changing circumstances.
Start-ups, venture investors and multinational conglomerates have invested millions of dollars and decades worth of research to bring these portable power systems to market, only to stumble into technical challenges, difficult economic circumstances and customer indifference.
In such circumstances, downturns occurred when too much supply hit the market at the wrong time.
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But Labour argues that the regulations "mandate market tendering on the medical profession in all but the most exceptional circumstances".
Sales will continue, raw numbers are going to continue to climb, but the market share numbers have been strong due to a unique set of circumstances that are unlikely to happen again.
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Baldt pushes his 20 analysts to focus on the minutiae: What's in the bond indenture to secure repayment, under what circumstances can they be called in early, and does the market misunderstand them?
As for the companies that claim harm from federal financing of exports, they have a steep hill to climb in explaining how their circumstances would be improved if U.S. exporters yielded market share to companies making similar products in other countries.
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Of course, circumstances for these put and call buyers could always reverse as evidenced by the market shifts already observed today.
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He said further integration of the 17-nation eurozone was "indispensable", but "under no circumstances must this be seen as an alternative to the integrity of the single market, or indeed the integrity of the union as a whole".
The beauty of the market, Hayek brilliantly pointed out, is that it allows people to use knowledge of their particular circumstances to generate something valuable for others.
The market, having rallied sharply in three of the last four years, has accepted that our collective circumstances continue to get better, even as the utopian state remains maddeningly out of reach.
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While these two scenarios are more pessimistic than our current forecast, they could help explain some of the discrepancies between the market price and our price estimate, and it could highlight some potential sources of downside risk should circumstances deteriorate further than the ones outlined here.
When the parties to a transaction and the professionals facilitating it know that a given transaction format has been used before successfully after being stress tested and enforced in many forums under various circumstances, the risks of the deal are then limited to the specific business terms and market conditions rather than the formalities of the documents and their enforcement.
Under those circumstances, members of Congress and private-sector activists may in the future seek targeted capital-market sanctions in response to egregious developments abroad.
In normal circumstances, a buy-back boosts earnings per share, making it easier for the company to meet market estimates and for its executives to profit from their stock options.
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