Bruce W. Marcus 
Competing for Capital 
Investor Relations in a Dynamic World

Praise for Competing for Capital

‘An indispensable guide for investor relations and communication
counselors alike. With more individual investors in the market than
ever before, this book makes navigating the new regulatory playing
field much more possible–and makes clear the path to
victory.’

–Michael W. Robinson

Director, Levick Strategic Communications; Former Director of
Public Affairs and Policy, U.S. Securities and Exchange Commission
(SEC); Director of Media Relations, NASD

‘More than simply writing a textbook on IR, Bruce Marcus shares his
wealth of experience and critical viewpoint with those seeking to
understand a fast-changing profession.’

–June Filingeri

President of Comm-Partners LLC, Investor Relations Consultant, and
Educator

‘Bruce Marcus puts some solid ground under the shifting landscape
of being an investor relations professional. A must-read primer for
public companies.’

–Robert C. Roeper

Managing Director, VIMAC Ventures, LLC

‘As the song lyrics go, ‘everything old is new again, ‘ but this
time with a vengeance. Disclosure has always been the touchstone of
securities laws, but now more disclosure is required on a real-time
basis with heightened accountability. Competing for Capital is a
must-read for those in the securities industry, providing insights
into securities markets, the information age and technology, and
their impact on the job of investor relations professionals.
Investors come in all shapes and sizes from around the globe, and
investor relations personnel have their work cut out for them to
provide clear, comprehensible, and comprehensive information,
accessible to the novice and sophisticate alike. Competing for
Capital shows them the way.’

–Donna L. Brooks, Esq.

Partner, Shipman & Goodwin, LLP

‘Competing for Capital puts our recent turbulent financial
marketplace in context, provides solid information for both new and
experienced investor relations practitioners, and offers insights
into the future of IR–all in Bruce Marcus’s easy-reading
style.’

–Dixie Watterson

IR consultant, Communica Partners

‘Competing for Capital aptly illustrates how investor relations has
become a major corporate responsibility in generating trust, and
how the profession must realize now more than ever that the needs
of investors have changed because of technology, regulation, and
globalization.’

–Mark Kollar

Managing Director, Cubitt Jacobs & Prosek

Cuprins

Acknowledgments ix

Preface xiii

CHAPTER 1 Strategic Factors in a New Environment 1

The Coming of Sarbanes-Oxley and the Brave New World

CHAPTER 2 The New Investor–and What Influences the
Investment Decision 9

This Ain’t Your Father’s House No More

CHAPTER 3 Regulation 27

Rules Of Disclosure–The SEC and Sarbanes-Oxley

CHAPTER 4 The Street 65

A Funny Thing Happened on the Way to Unbridled Wealth . .
.

CHAPTER 5 Talking to the Financial Community and the Shareholder
89

Let Me Tell You About Our Company . . .

CHAPTER 6 Analysis and Analysts 123

What Do Analysts Really Want (Besides a Crystal Ball)?

CHAPTER 7 Dealing with the Business and Financial Media
165

On and Off the Record to Get It Right

CHAPTER 8 The Future of Investor Relations 205

If We Don’t Know Where We’re Going, How Do We Know How to Get
There?

Index 209

About the Author 217

Despre autor

BRUCE W. MARCUS, a pioneer in investor relations and a consultant serving some of the nation’s largest corporations, is a longtime Wiley author whose first of several bestselling books on investor relations, Competing for Capital, was published by Wiley in 1977. He is a widely published author of hundreds of articles and more than a dozen books on investor relations, ERISA, and marketing; a Connecticut-based consultant to some of the nation’s largest corporations and to many professional service firms; and the editor of the internationally read newsletter, the Marcus Letter (www.marcusletter.com). As a marketing expert, he has been at the forefront of instituting fundamental changes in the art of marketing professional services, and is responsible for creating innovative marketing programs for both large international and small accounting, law, and consulting firms. He is the coauthor, most recently, of Client at the Core (Wiley). His e-mail address is marcus@marcusletter.com.