With a homerun title like that, do I even need to write anything else?
Okay, I will… so that future generations will know what the hell I was talking about, and to assure my mom that I’m not drunk right now.
So, do you remember the story from earlier this year when Beam Inc (BEAM) said they were going to water down their Maker’s Mark whiskey? We predicted in that article that the stock would spike early as people tried to stock up on the bottles of non-diluted whiskey.
Well, Beam Inc. reversed the decision later because, not surprisingly, people told them it was a stupid idea. (Heck, I could have told them that if they just picked up the phone to call me — but alas, I can only dream).
So in this case, 1 wrong makes a right because they made their announcement, people rushed out to buy more whiskey, the company recanted their stupidity and guess what happened…
The company’s revenues and profit shot up — sales increased by 45% and profits increased by 44%.
So what’s the lesson here, kids? Tell the world that you’re going to do something, scare them into taking action, reverse your decision, and look like a hero.