The McKinsey Quarterly Newsletter 	
[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 newsletter light on graphics to minimize download time. If you prefer a text version instead,  please click here to reach your profile page , where you can adjust 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 categories that make up our site. October's list focuses on the corporate-finance  function. Among other things, McKinsey authors present a postmortem on the Nasdaq crash, explain how companies can avoid vendor-financing disasters, and debunk the illusion that costs deserve more attention than revenues after a merger.  See you at the site!  Lang Davison Editor, mckinseyquarterly.com  [IMAGE]  This month at mckinseyquarterly.com   Making the most of uncertainty   Is your company a shaper or an adapter? Shapers get most of the 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 are, the better your chance to shape them in a direction of your own choosing.  Managing the asset manager   Since asset-management companies rely so much on talent, they must be top-notch at recruiting, developing, rewarding, and retaining it-right? Actually, our survey shows that only some of them manage their talent well. Surprise, surprise-these are the firms that deliver the best returns to shareholders.  What do broadband consumers want?   The US broadband population has moved beyond predominantly young and male early 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 decisions about Web site development and marketing.  Weathering telecom's dark and stormy night   Telecommunications companies, struggling with staggering debt, sluggish revenues, and a pummeling from the stock market, may be passing 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 far?   The race to hand over capital-intensive manufacturing assets to outside suppliers may be leading some companies to cede the very skills and processes that have distinguished them in the marketplace. This article suggests a better way to resolve the make-versus-buy riddle.  Remaking China's giant 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 shedding their quota mind-set and focusing on what their customers want, are in poor 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  Deals that create value  The people problem in mergers  What happened to the bull market?  The winner-takes-all economy   [IMAGE]  Share the wealth!  If you know colleagues who would be interested in The McKinsey Quarterly, please forward this e-mail message to them . [IMAGE]  You are receiving this monthly newsletter because you are a registered member of mckinseyquarterly.com , the on-line business and economics journal published by McKinsey & Company, and have requested this information be sent to you.  Visit your member profile to change your subscription preferences.  There, you may unsubscribe from this newsletter, subscribe to other McKinsey Quarterly e-mail services, change your e-mail address, and make other revisions to your member account.  To unsubscribe from all McKinsey Quarterly mailing lists, click here  to e-mail us your request. YOU WILL RECEIVE NO FURTHER E-MAIL from The McKinsey Quarterly if you take this action.   PLEASE DO NOT REPLY TO THIS MESSAGE. Address questions or comments to: quarterly_info@mckinsey.com   	

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