Most of what I write about draws on my experience as an investor over the last four decades, and my investment company interests. However, my role as an architect has taught me many valuable lessons as well. One of my most cherished lessons comes from the United States Marines Corps.

Constant Mission Improvement
The concept of Constant Mission Improvement was presented to me in early programming and design meetings for an aircraft maintenance training facility at the U. S. Marine Corps Air Station, Camp Pendleton, CA. There is nothing complex about the concept. Simply stated, everything shall be reviewed on a constant basis for potential improvement, and if something can be improved then strive to make it happen. This means that each team member, owners representatives designers, engineers, managers and the rest shall be on the look out for ways to make the project better all the time.

Think of Jack Welch's adoption of the Six Sigma program; disciplined, data-driven approach and methodology for eliminating defects (driving towards six standard deviations between the mean and the nearest specification limit) in any process.

Think of what eBay (EBAY) should be doing and is not.

Either General Electric Co. (NYSE: GE) needs to do a better job of explaining its business to investors or it needs to change its corporate strategy. As reported in today's New York Times [subscription required], despite its efforts to explain the value of its processes, GE's stock remains 43% below its August 2000 peak of $58.69.

To be fair, GE did well in 2003 and 2004, beating the market while posting 30.7% and 20.7% returns respectively. However, in 2005, the stock fell 1.4% and it is down 3.9% so far this year.

GE, which under Jack Welch and previous leaders, has been perceived to be a global leader in management techniques, is now trying to sell itself to investors based on four "processes":

• Innovation/Cross-Selling. GE notes that its research department has developed new products and services which it uses in its different divisions. For example, it developed sensors used in medical devices and security systems. And it cross-sells financing and fleet management;
• Lean Six Sigma. GE has been using this technique for streamlining business processes and cutting costs for years. Under current CEO Jeff Immelt, GE has added Lean to the Six Sigma mix;
• Net Promoter Score. GE scores its customers on whether they would recommend GE; it labels each as a detractor, neutral, or a promoter; and it calculates the score by substracting the detractors from the promoters; and
• Deep Bench. GE has been allowing its operating managers to present at analyst meetings rather than requiring Immelt do all the presenting. This is intended to let investors know that GE has many talented managers.