I LOVE MY APPLE

Apple was nearly bust a decade ago. And then Steve Jobs who'd founded the company and had been ousted returned. He diagnosed the problems.

Apple had a long, dull product line, terrible logistics and was a challenger brand whose biggest enemy was itself. Michael Dell actually tough Apple should shut down, it was that bad. Jobs shortened the line radically, insisted the products become "sexy", launched the living poster sites of Apple Store and went on a crazy crusade of rentless improvement. As an astute marketer who never used research to tell him what people would like, Jobs understood that he was in the costumer appliance business, not the computer business. 

He made people around him do simple things brilliantly. Apple is a legend as a leader of markets that never stops trying to do it better, or faster, or lighter or brighter. When Jobs said to Jonh Scuelley (then  a Pepsico) " Do you want to spend your life selling sugared water or do you
want to try and change the world?" he was showing himself to be a great salesman and a visionary. Apple actually has changed the world.

BUILDING SOCIETES

Building societies are lending and saving institutions, and they compete with Banks. They are mutual institutions that are run by boards of directors, and whose investors, borrowers and account holders have a right to vote, receive information and attend and speak at meetings. Banks, in contrast, are companies owned by, and run for, their shareholders.

There are 59 building societies in the UK, with total assets of £360 billion. They also exist in Ireland, as well in New Zeland and Australia.

One of the defining features of a building society is that not allowed to raise more than 50 per cent of its funds from the wholesale markets. On average, it raises 30 per cent of its funds this way. This is one reason why building societies were less exposed to the credit crunch than banks.

Building societies have the sole task of meeting customer’s needs, but the banks must make a profit from their customers. Some building societies have been undercapitalized and a needed to grow fast. Between 1989 and 2000, 10 UK building societies decided to become banks.

In 2000, Barclays bought Woolwich, and in 2001, Halifax merged with bank of Scotland to form HBOS. In 2004, Abbey was bought by Banco Santander. Others sold themselves directly to banks.  Cheltenham & Gloucester is now owned by Lloyd`s TSB, and National & Provincial by Santander.