Good morning.
I was in Bentonville, Arkansas last week for the first time in 15 years and was surprised to discover what a vibrant little town it has become. It’s no surprise that my colleague Jessica Mathews, who writes for Fortune’s Term sheet newsletter, chose to make it her home during the pandemic, or that Steve Case—former AOL CEO turned champion of small-town startups—celebrates it as one of the country’s heartland reinvention stories in his book Raising the rest. (The book comes out next week. I read a review copy and found it compelling. Who needs Silicon Valley?)
Much of the credit for Bentonville’s renaissance, of course, goes to the Walton family, who have invested heavily in the town, including building a world-class museum — Crystal Bridges — that I visited Friday afternoon.
But I started Friday at the Walmart museum, which is a tribute to one of the greatest marvels of modern business — a dilapidated 5 and 10 store in Northwest Arkansas that somehow managed to become number one on the Fortune 500 and Fortune Global 500. Regular readers of this newsletter know that I often focus on how leadership has changed in recent decades. But I was struck by founder Sam Walton’s 10 rules of business, posted on the museum wall, which still seem to strike all the right chords. They are, in short form:
- commit for your business.
- Share your earnings with your associates.
- Motivate your partners.
- Communicate everything you can for your partners.
- rate everything your associates do for the business.
- CELEBRATE your successes.
- hear to everyone in your company.
- exceed the expectations of your customers.
- control your costs better than your competition.
- To swim upstream.
I especially like that last one, which was Mr. Sam’s way of saying, “worry yourself.” More details on the rules here. More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
The pandemic is “over”
The U.S. COVID pandemic is “over,” President Joe Biden declared in an interview with CBS News — that particular statement reportedly was not included in his prepared remarks. Biden said the country still has “a problem with COVID” and the White House is still seeking new funding for vaccines, treatments and tests, but “nobody’s wearing masks [and] Everyone seems to be in pretty good shape.” According to the World Health Organization, the world “can see the finish line”, but “now is the worst time to stop running”. (PS: Biden also repeated his assertion that the US would defend Taiwan against a Chinese invasion.) wealth
Back to the office
The return to US offices is at its highest rate since the start of the pandemic, with office occupancy heading towards 50% of early 2020 levels, according to new data from Kastle Systems. Hybrid workplace strategies appear to be dominant. (The bonus reads: wealthSteve Mollman on how “everyone is wrong about the future of remote work.”) Wall Street Journal
Technical IPOs
On Wednesday, the US will have its longest period without a single tech IPO this century – 238 days, surpassing the droughts that followed the 2008 financial crisis and the dotcom bust of the early 2000s. The Nasdaq Composite has fallen nearly 28% this year and the ongoing fight against inflation has created the kind of uncertainty the IPO market hates. Financial Times
ABOUT THE WATER COOLER
Million-dollar bonuses aren’t enough to stop the C-suite exodus after a CEO leaves, by Lila MacLellan
How Figma Founder and College Dropout Dylan Field Went from LinkedIn Intern to Billionaire in Just a Decade, by Lucy Brewster
General warns of Putin response as Ukraine war ‘not going very well’, Russia ‘increasingly divorced’ from battlefield realities, by Steve Mollman
The World Bank warns that the risk of a ‘global recession’ is rising as central banks around the world raise rates simultaneously, by Will Daniel
We’re entering the next phase of the housing market downturn – 3 things to look forward to, by Lance Lambert
This edition of CEO Daily is edited by David Meyer.
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