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 The McKinsey Quarterly Newsletter =09
[IMAGE]  Greetings from The McKinsey Quarterly!  This month, for the first =
time, we're pleased to begin offering users with e-mail readers to support =
it the McKinsey Quarterly newsletter in HTML format. We've made the newslet=
ter light on graphics to minimize download time. If you prefer a text versi=
on instead,  please click here to reach your profile page , where you can a=
djust your settings.  Also this month, we introduce a rotating Top 5 list, =
which in the months to come will visit the many industry and functional cat=
egories that make up our site. October's list focuses on the corporate-fina=
nce  function. Among other things, McKinsey authors present a postmortem on=
 the Nasdaq crash, explain how companies can avoid vendor-financing disaste=
rs, and debunk the illusion that costs deserve more attention than revenues=
 after a merger.  See you at the site!  Lang Davison Editor, mckinseyquarte=
rly.com  [IMAGE]  This month at mckinseyquarterly.com   Making the most of =
uncertainty   Is your company a shaper or an adapter? Shapers get most of t=
he glory in the press, but adapting can be just as lucrative. The secret of=
 this essential strategic choice is that the more uncertain your markets ar=
e, the better your chance to shape them in a direction of your own choosing=
.  Managing the asset manager   Since asset-management companies rely so mu=
ch on talent, they must be top-notch at recruiting, developing, rewarding, =
and retaining it-right? Actually, our survey shows that only some of them m=
anage their talent well. Surprise, surprise-these are the firms that delive=
r the best returns to shareholders.  What do broadband consumers want?   Th=
e US broadband population has moved beyond predominantly young and male ear=
ly adopters to comprise both sexes and a wide cross-section of age, family =
composition, and income. This article segments these new users into helpful=
 categories and behavioral patterns that companies can employ for savvy dec=
isions about Web site development and marketing.  Weathering telecom's dark=
 and stormy night   Telecommunications companies, struggling with staggerin=
g debt, sluggish revenues, and a pummeling from the stock market, may be pa=
ssing through their dark night of the soul. Yet in this interview, McKinsey=
 adviser Reed Hundt, a recent chairman of the FCC, explains why the future =
still looks good for this beleaguered industry.  Has outsourcing gone too f=
ar?   The race to hand over capital-intensive manufacturing assets to outsi=
de suppliers may be leading some companies to cede the very skills and proc=
esses that have distinguished them in the marketplace. This article suggest=
s a better way to resolve the make-versus-buy riddle.  Remaking China's gia=
nt steel industry   Demand for steel in China is set to soar in the coming =
decade. Yet China's steel producers, which face the daunting task of sheddi=
ng their quota mind-set and focusing on what their customers want, are in p=
oor shape to take advantage of their homeland's boom. Can they rise to the =
task?  [IMAGE]  Top 5 articles on Corporate Finance   Why mergers fail  Dea=
ls that create value  The people problem in mergers  What happened to the b=
ull market?  The winner-takes-all economy   [IMAGE]  Share the wealth!  If =
you know colleagues who would be interested in The McKinsey Quarterly, plea=
se forward this e-mail message to them . [IMAGE]  You are receiving this mo=
nthly newsletter because you are a registered member of mckinseyquarterly.c=
om , the on-line business and economics journal published by McKinsey & Com=
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McKinsey Quarterly if you take this action.   PLEASE DO NOT REPLY TO THIS M=
ESSAGE. Address questions or comments to: quarterly_info@mckinsey.com   =09

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