Yes / This article explores the use made of humour in three different private sector organisations. It draws on observations of managers working towards a management qualification and, from the jokes they exchange, it argues that studying humour may offer insights into sentiments not easily articulated in `serious¿ conversation. Humour¿s ambiguity enables contentious statements to be made without fear of recrimination. Equally, constructing jokes by juxtaposing two different frames of reference provides a glimpse of alternative (and shared) perceptions of `reality¿. This sensitivity to complexity makes humour a particularly appropriate vehicle for conveying ambitions, subversions, triumphs and failures and this article considers some of the `serious¿ messages underlying the jokes.