Apple: Visionary Leadership Still Matters

Editor’s Note: Martin Lipton is a founding partner of Wachtell, Lipton, Rosen & Katz, specializing in mergers and acquisitions and matters affecting corporate policy and strategy. This post is based on a Wachtell Lipton memorandum by Mr. Lipton.

Chris Paul took over the Clippers-Grizzlies game last, scoring his team's final eight points before draining a buzzer-beater (almost) over two defenders. The Clippers won 93-91 to take a 2-0 series lead. Since 1995 only eight teams have ever lost a series after winning the first two games. So this is huge. The shot that sealed it was incredibly difficult.

In one of the more unusual endings you will ever see in an NBA game, the Rockets were tied with the Suns 98-98 when James Harden threw up a three-pointer at the buzzer. The shot clanged off the rim and it appeared that the game was headed for overtime. But Jermaine O'Neal of the Suns inexplicably hit the ball while it was on the rim and the refs ruled it was a goaltending, giving three points, and the win, to the Rockets.

Lalit Sharma submits: Goldman Sachs group manages over $100 bn in equities primarily through its asset management subsidiary Goldman Sachs Asset Management . The firm manages the Goldman Sachs series of funds apart from other series of mutual funds and caters to individuals and institutions.

After losing to the Lakers on Christmas Day, the Knicks had lost three of five and were facing a tough back-to-back game on the road in Phoenix. All of a sudden things were looking a little less rosy for the Knickerbockers. But with the score tied at 97 and just one second remaining on the clock, J.R. Smith took the inbounds pass despite stumbling and hit an amazing falling backwards buzzer-beater to give the Knicks the win.

Those that regularly follow me know that although I'm quite the mediocre short term trader, I have uncommon strengths that lie in the realm of medium to long term strategy and macro-fundamental valuation.

The first quarter of 2012 is now in the books – and it was quite a strong period for equities… Barron’s noted that this was the best quarterly start to the year since 1998 with the Dow rising 8% and the S&P 500 gaining 12%.