Enron - although an extreme case - is hardly the only company with a hollow set of values.

Values can set a company apart from the competition by clarifying its identity and serving as a rallying point for employees. But coming up with strong values - and sticking to them - requires real guts.

Although most executives pay lip service to the idea of hiring for cultural fit, few have the courage or discipline to make it the primary criteria for bringing someone into the company.

Empty values statements create cynical and dispirited employees, alienate customers, and undermine managerial credibility.

Meetings are the linchpin of everything. If someone says you have an hour to investigate a company, I wouldn't look at the balance sheet. I'd watch their executive team in a meeting for an hour. If they are clear and focused and have the board on the edge of their seats, I'd say this is a good company worth investing in.

Enron was no house of cards. It was a wonderful company.