Advisor Term Quotes

On 10 September 2008, Raghuram Rajan, noted economist and honorary advisor to Prime Minister Manmohan Singh, delivered a speech at the Bombay Chamber of Commerce where he spoke about how most of India's billionaires did not derive their wealth from IT or software but from land, natural resources, and government contracts or licences. He spoke of India being second only to Russia in terms of wealth concentration (the number of billionaires per trillion dollars of GDP). To show how extraordinary this number was he quoted the case of Brazil which had only 18 billionaires despite a greater GDP than India. Or Germany, which had three times India's GDP and a per capita income 40 times India's but had the same number of billionaires. 'If Russia is an oligarchy, how long can we resist calling India one?' he wondered.

Clearly, the largest part of the failure of the president was that he did not change his Task Force. Even before I arrived in Washington as an advisor, there should have been broad personnel changes made in the Task Force. None were made; it remained intact until the end of the president’s term.

For a psychiatrist who holds the keys to this “kingdom of the sick,” there is rarely comfort about committing a patient to care that they refuse. Yes, the near-term gain is clear, because treatments can control the symptoms and prevent a suicide. But the long-term gain is less clear. The gifted therapist Marsha Linehan, who was one of my advisors at NIMH, used to say that there is nothing worse that hospitalizing a suicidal patient. “When you commit a patient, you are saying they are hopeless. You are saying, ‘I can’t help you.’ A suicidal person does not need a locked unit. He needs a reason to live.

In the Middle Ages, spiritual advisors always warned against a state that had a variety of names but was difficult to describe: inertia, ill pleasure (acedia), nausea, laziness (pigrita), dullness (tarditas). All these terms pointed to a joyless, antimystical condition: an idleness that can be highly busy, a nauseousness with life that has learned the morbid art of seeing only decay and destruction in everything, a laziness of life that makes us too sluggish to look for God's radiance in creation or to make it shine again. Not to he able to cry and to rejoice, to curse and to pray, were regarded at that time as an ill-fortune and disturbance.

For God’s sake, Anders, your pacing is driving me wild,” Leigh said with exasperation. “Sit down.” Anders paused with surprise and turned to peer at the brunette curled up in the corner of the couch with a book in her hands. “I’m not pacing, I’m . . .” She arched her eyebrows, waiting, and he sighed. “Pacing,” he acknowledged and sank onto the nearest chair. He rested his elbows on his spread knees, allowing his hands to dangle between them, and stared out the window. After several minutes, he dropped back in the chair with a heavy sigh, then straightened and asked impatiently, “What the devil is she doing up there?” “She’s checking with her academic advisor to ensure that missing the first two weeks of classes won’t bugger her up for the term,” Leigh reminded him patiently. “Yeah, but that should have been a five-minute conversation. She’s been up there over an hour,” he complained. Valerie had helped clean up the kitchen after breakfast, then had taken Roxy with her and escaped upstairs on the pretext of calling the veterinary college to be sure she was still welcome after missing the first two weeks of the semester. “Yes, well, perhaps whoever she needs to speak to wasn’t available and she’s waiting for a call back,” Leigh suggested. “Or maybe they had work for her to do to keep from falling behind and she’s up their reading her textbooks and studying.” “Or maybe she’s hiding,” Anders said unhappily. Leigh tsked with irritation. “Why would she be hiding?” Anders didn’t respond, but in his mind he was remembering their kiss that morning . . . well, kisses. Or maybe one kiss. He wasn’t sure how to classify it. Did you have to come up for air to classify it as more than one kiss? Or was it counted in minutes or seconds? Because it had been a constant devouring of each other’s mouths for several minutes. “Oh my, yes. I see,” Leigh murmured. Anders glanced up at her murmur and noted her narrowed concentration on him. She’d read his damn mind. “Yes, that might have made her want to hide out,” she said sympathetically. “It wasn’t that long ago when I had my first encounter with life mate passion. It was pretty terrifying. And she didn’t have any idea what was happening. I mean, as an immortal you had heard about it, had some idea of what to expect, and yet you were still overwhelmed by it. Imagine how she must feel. She got hit by a nuclear explosion of passion out of nowhere.” Anders sighed and ran one hand wearily over his closely cropped hair. Leigh wasn’t saying a damned thing he hadn’t already thought of. Which was why he suspected Valerie was hiding out. The question was, how long would she hide? And how was he supposed to get her to know and trust him if she wouldn’t come out of her room?

The various ways of creating a culture of innovation that we’ve talked about so far are greatly influenced by the leaders at the top. Leaders can’t dictate culture, but they can nurture it. They can generate the right conditions for creativity and innovation. Metaphorically, they can provide the heat and light and moisture and nutrients for a creative culture to blossom and grow. They can focus the best efforts of talented individuals to build innovative, successful groups. In our work at IDEO, we have been lucky enough to meet frequently with CEOs and visionary leaders from both the private and public sectors. Each has his or her own unique style, of course, but the best all have an ability to identify and activate the capabilities of people on their teams. This trait goes far beyond mere charisma or even intelligence. Certain leaders have a knack for nurturing people around them in a way that enables them to be at their best. One way to describe those leaders is to say they are “multipliers,” a term we picked up from talking to author and executive advisor Liz Wiseman. Drawing on a background in organizational behavior and years of experience as a global human resources executive at Oracle Corporation, Liz interviewed more than 150 leaders on four continents to research her book Multipliers: How the Best Leaders Make Everyone Smarter. Liz observes that all leaders lie somewhere on a continuum between diminishers, who exercise tight control in a way that underutilizes their team’s creative talents, and multipliers, who set challenging goals and then help employees achieve the kind of extraordinary results that they themselves may not have known they were capable of.

Patrick Vlaskovits, who was part of the initial conversation that the term “growth hacker” came out of, put it well: “The more innovative your product is, the more likely you will have to find new and novel ways to get at your customers.”12 For example: 1. You can create the aura of exclusivity with an invite-only feature (as Mailbox did). 2. You can create hundreds of fake profiles to make your service look more popular and active than it actually is—nothing draws a crowd like a crowd (as reddit did in its early days). 3. You can target a single service or platform and cater to it exclusively—essentially piggybacking off or even stealing someone else’s growth (as PayPal did with eBay). 4. You can launch for just a small group of people, own that market, and then move from host to host until your product spreads like a virus (which is what Facebook did by starting in colleges—first at Harvard—before taking on the rest of the population). 5. You can host cool events and drive your first users through the system manually (as Myspace, Yelp, and Udemy all did). 6. You can absolutely dominate the App Store because your product provides totally new features that everyone is dying for (which is what Instagram did—twenty-five thousand downloads on its first day—and later Snapchat). 7. You can bring on influential advisors and investors for their valuable audience and fame rather than their money (as About.me and Trippy did—a move that many start-ups have emulated). 8. You can set up a special sub-domain on your e-commerce site where a percentage of every purchase users make goes to a charity of their choice (which is what Amazon did with Smile.Amazon.com this year to great success, proving that even a successful company can find little growth hacks). 9. You can try to name a Planned Parenthood clinic after your client or pay D-list celebrities to say offensive things about themselves to get all sorts of publicity that promotes your book (OK, those stunts were mine).

Brisbane’s nature tended towards the serious, but there was a graveness to his manner that told me he was speaking entirely from his heart. “I would like to work with Morgan. On a regular footing.” Sir Morgan Fielding. Secret advisor to the Prime Minister, my distant cousin, and Brisbane’s sometime employer in activities that could only be termed espionage . “You have given this a great deal of thought,” I temporised. “I have.” He began to walk, pulling me slowly along, his hand covering mine. “The threat in Germany grows. I don’t know how long we have, but something is stirring, something ugly and dangerous. Morgan is worried, too. He is in Berlin now.” ---- “Morgan is not terribly trusting at the best of times, even of us.” “But you want to work for him.” “With him,” he corrected . “Times are changing, and we both believe that the methods that have been used in the past will no longer serve. It’s time to create a new agency with new operatives, young minds that can be trained properly to sleuth out information and pass it back to London.” “You have thought this through,” I said, a trifle tartly. “I suppose it even has a name.” “Morgan likes the notion of the industriousness of bees. He was thinking of calling it the Apiary.” I thought a moment then shook my head. “No. Call it the Vespiary. After a nest of wasps. They have a more ferocious sting. If we are going to take on Germany, let them know we mean it.” He stopped, openmouthed. “You’re serious. You raise no objection.” “To what? You taking on dangerous work? You’ve done that since before I knew you. It was half the reason I fell in love with you, I expect. I could no more ask you to give up your work than I could hold back the tides. It is the stuff of which you are made.” He embraced me then, and when he drew back, my lips were tingling in the cold. “There’s something else,” he said. “Tell me.” “Morgan and I shall want your help.” It was my turn to stare, mouth agape. “You mean it?” “I do. You bungle into my cases with no method or order, and yet you have the instincts of a bloodhound. You understand people and what drives them. The Apiary will have need of people like you.” I pressed a kiss to his cheek. “The Vespiary,” I corrected. He grinned. “We shall see.” Just then he cocked his head. “And I would like to go up to the nursery and see the child.” I smiled in return.

If your needs are not attainable through safe instruments, the solution is not to increase the rate of return by upping the level of risk. Instead, goals may be revised, savings increased, or income boosted through added years of work. . . . Somebody has to care about the consequences if uncertainty is to be understood as risk. . . . As we’ve seen, the chances of loss do decline over time, but this hardly means that the odds are zero, or negligible, just because the horizon is long. . . . In fact, even though the odds of loss do fall over long periods, the size of potential losses gets larger, not smaller, over time. . . . The message to emerge from all this hype has been inescapable: In the long run, the stock market can only go up. Its ascent is inexorable and predictable. Long-term stock returns are seen as near certain while risks appear minimal, and only temporary. And the messaging has been effective: The familiar market propositions come across as bedrock fact. For the most part, the public views them as scientific truth, although this is hardly the case. It may surprise you, but all this confidence is rather new. Prevailing attitudes and behavior before the early 1980s were different. Fewer people owned stocks then, and the general popular attitude to buying stocks was wariness, not ebullience or complacency. . . . Unfortunately, the American public’s embrace of stocks is not at all related to the spread of sound knowledge. It’s useful to consider how the transition actually evolved—because the real story resists a triumphalist interpretation. . . . Excessive optimism helps explain the popularity of the stocks-for-the-long-run doctrine. The pseudo-factual statement that stocks always succeed in the long run provides an overconfident investor with more grist for the optimistic mill. . . . Speaking with the editors of Forbes.com in 2002, Kahneman explained: “When you are making a decision whether or not to go for something,” he said, “my guess is that knowing the odds won’t hurt you, if you’re brave. But when you are executing, not to be asking yourself at every moment in time whether you will succeed or not is certainly a good thing. . . . In many cases, what looks like risk-taking is not courage at all, it’s just unrealistic optimism. Courage is willingness to take the risk once you know the odds. Optimistic overconfidence means you are taking the risk because you don’t know the odds. It’s a big difference.” Optimism can be a great motivator. It helps especially when it comes to implementing plans. Although optimism is healthy, however, it’s not always appropriate. You would not want rose-colored glasses in a financial advisor, for instance. . . . Over the long haul, the more you are exposed to danger, the more likely it is to catch up with you. The odds don’t exactly add, but they do accumulate. . . . Yet, overriding this instinctive understanding, the prevailing investment dogma has argued just the reverse. The creed that stocks grow steadily safer over time has managed to trump our common-sense assumption by appealing to a different set of homespun precepts. Chief among these is a flawed surmise that, with the passage of time, downward fluctuations are balanced out by compensatory upward swings. Many people believe that each step backward will be offset by more than one step forward. The assumption is that you can own all the upside and none of the downside just by sticking around. . . . If you find yourself rejecting safe investments because they are not profitable enough, you are asking the wrong questions. If you spurn insurance simply because the premiums put a crimp in your returns, you may be destined for disappointment—and possibly loss.

The President had agreed to his one unbreakable rule in his first week in power when, in a weak moment, he told his wife, and his closest political advisor, that he wouldn’t decide anything “really big” unless all three agreed. He had come to regret his words within days, but, by then it was too late, and he had been hobbled ever since with what amounted to a quiet ‘Three Way Presidency.’ His staff members soon figured out how things worked, so they invariably lobbied Vivian first, then the First Lady, and if they had both votes, then they presented their proposals to the man elected as the ‘leader of the free world’, though there were really three co-leaders.

The Obama administration’s efforts to forge “a new beginning” with Iran might well mean that one of the most determined enemies of America will possess a nuclear weapon by the end of Obama’s term. Here’s the grim assessment of Ali Younesi, senior advisor to President Rouhani and formerly Iran’s intelligence minister: Obama is the weakest of U.S. presidents; he had humiliating defeats in the region. Under him the Islamic awakening happened. . . . Americans witnessed their greatest defeats in Obama’s era: Terrorism expanded, the U.S. had huge defeats under Obama and that is why they want to compromise with Iran.

I see professional advisors cold-call perfect strangers rather than do a call rotation for existing clients. I see advisors do prospecting seminars rather than a client advisory council or client appreciation event, and I see advisors run advertising campaigns rather than network with existing strategic allies and other professional influencers. “Spray and pray” marketing strategies are flawed on so many levels. Why, then, do so many advisors still attempt them? The reason for this is simple; nurturing existing relationships and other tried and true strategies can be boring and rarely results in instant gratification. Too many advisors want to find the next “new idea”, something with some “sizzle”, and, as a result, are continually searching for and dabbling with concepts that ultimately have minimal impact. It’s not unlike investing. How many times have you seen someone try to hit a home-run with a high-risk investment opportunity rather than stick with a methodical long-term approach? It’s not just money that compounds. As I’ve said before, discipline compounds, too. You have to be patient and let your efforts gather momentum. Too many advisors get themselves into the proverbial “Red Zone” and, rather than stick to the plan and see it through, they self-sabotage by abandoning the fundamentals and trying something new. Neglect also compounds. If we neglect our existing relationships it’s only a matter of time before they’ll be lured away and we’ll have to throw our own Hail Mary. Don’t deviate from your process. Identify the most fundamentally sound and proven trust-building activities, stick with them and tune out all the other noise. It’s much more effective to strengthen and nurture existing relationships over the long haul, rather than perpetually trying to start new ones. The prospecting treadmill is draining and you are building a business that is chaotic and unfocused. Relationships are proprietary and are a big part of the equity that you are building in your business.

Advisors ask me what it takes to be referable. My response is simple: It all comes down to trust. Clients and strategic partners have to trust that endorsing you will reflect positively on them in turn, but what does that mean, and how can you predictably and methodically create trust? Let’s revisit the foundation of refer-ability, summed up in the four Cs.: Credentials – Your skills as a professional advisor in terms of your judgment and the solutions you provide give you the credibility needed to foster trust. Consistency – People crave consistency and your professional deployment of best practices helps you meet and exceed the expectations you set for your clients. Chemistry – The rapport you develop using F.O.R.M., as well as your sincere and holistic interest in your clients’ lives, creates comfort and chemistry. Congruency – Doing what you say you will and conducting yourself as a professional consultant rather than as a salesperson means that you can attract rather than having to chase new business. Many elite advisors who deploy the Four C’s are still underwhelmed with the quality and quantity of referrals they see. The reason is simple - while they have laid down a foundation for refer-ability, they still find themselves in the red-zone but not in the Promised Land. The last piece of the puzzle is to create awareness for the concept of referrals in their on-going Communication (the fifth C) with their clients and rain-makers. Just because you are referable due to your professional conduct, that doesn’t mean that it will occur to your clients that they should introduce a friend to you. You have to continually communicate your value to them so that they make the connection.

John and Diane Worcester are always on the run. In their amazing pursuit of God’s call, they have planted churches in cities like Moscow, Toronto, and Fort Worth. John tells part of their story: God has called my wife, Diane, and me to be sequential church planters. We move to one city after another to plant churches. Our goal is to make disciples of unsaved people and gather them in churches, where they can mature and be mobilized to make more disciples. By God’s grace, we have planted eight churches and over a dozen other expressions of the church, such as evangelistic campus ministries, singles ministries, etc. We typically apprentice future church planters as we plant, and once the church starts, we turn the church over to a long-term pastor. As planters like John and Diane Worcester run after what God has called them to do, their coaches run alongside them. God has used them to make an incredible gospel impact for thousands of people. No doubt well-intended advisors suggested they stop moving so often, but God had a unique plan. Paul reminds Thessalonian believers to give honor, respect, and love to those who lead: Dear brothers and sisters, honor those who are your leaders in the Lord’s work. They work hard among you and give you spiritual guidance. Show them great respect and wholehearted love because of their work. And live peacefully with each other. (1 Thess. 5:12–13 nlt)

As I travel around the financial services industry today, the most interesting trend I see is the one toward relationship consolidation. Now that Glass-Steagall has been repealed, and all financial services providers can provide just about all financial services, there's a tendency - particularly as people get older - to want to tie everything up... to develop a plan, which implies having a planner. A planner, not a whole bunch of 'em... You've got basically two options. One is that you can sit here and wait for a major investment firm, which handles your client's investment portfolio while you handle the insurance, to bring their developing financial and estate planning capabilities to your client's door. And to take over the whole relationship. In this case, you have chosen to be the Consolidatee. A better option is for you to be the Consolidator. That is, you go out and consolidate the clients' financial lives pursuant to a really great plan - the kind you pride yourselves on. And of course that would involve your taking over management of the investment portfolio. Let's start with the classic Ibbotson data [Stocks, Bonds, Bills and Inflation Yearbook, Ibbotson Associates]. In the only terms that matter to the long-term investor - the real rate of return - he [the stockholder] got paid more like three times what the bondholder did. Why would an efficient market, over more than three quarters of a centry, pay the holders of one asset class anything like three times what it paid the holders of the other major asset class? Most people would say: risk. Is it really risk that's driving the premium returns, or is it volatility? It's volatility.... I invite you to look carefully at these dirty dozen disasters: the twelve bear markets of roughly 20% or more in the S&P 500 since the end of WWII. For the record, the average decline took about thirteen months from peak to trough, and carried the index down just about 30%. And since there've been twelve of these "disasters" in the roughly sixty years since war's end, we can fairly say that, on average, the stock market in this country has gone down about 30% about one year in five.... So while the market was going up nearly forty times - not counting dividends, remember - what do we feel was the major risk to the long-term investor? Panic. 'The secret to making money in stocks is not getting scared out of them' Peter Lynch.

But however determined this programme of domestic consolidation, following the Reichstag election results of May 1924, not even the votes of the SPD were sufficient to carry the constitutional amendments necessary to ratify the Dawes Plan, which included an international mortgage on the Reichsbahn. Over a quarter of the German electorate had voted for the far right - 19 per cent for the DNVP, almost 7 per cent for Hitler's NSDAP. Almost 13 per cent had opted for the Communists. The two-thirds majority would have to include at least some deputies from the DNVP, intransigent foes of the Versailles Treaty and the progenitors of the 'stab in the back' legend. So concerned were the foreign powers that the American ambassador Alanson Houghton intervened directly in German party politics, summoning leading figures in the DNVP to explain bluntly that if they rejected the Dawes Plan, it would be one hundred years before America ever assisted Germany again. Under huge pressure from their business backers, on 29 August 1924 enough DNVP members defected to the government side to ratify the plan. In exchange, the Reich government offered a sop to the nationalist community by formally renouncing its acceptance of the war-guilt clause of the Versailles Treaty. Nevertheless, on 10 October 1924 Jack Morgan bit his tongue and signed the loan agreement that committed his bank along with major financial interests in London, Paris and even Brussels to the 800-million Goldmarks loan. The loan was to apply the salve of business common sense to the wounds left by the war. And it was certainly an attractive proposition. The issuers of the Dawes Loan paid only 87 cents on the dollar for their bonds. They were to be redeemed with a 5 per cent premium. For the 800 million Reichsmarks it received, Germany would service bonds with a face value of 1.027 billion. But if Morgan's were bewildered by the role they had been forced to play, this speaks to the eerie quality of the reconfiguration of international politics in 1924. The Labour government that hosted the final negotiations in London was the first socialist government elected to preside over the most important capitalist centre of the old world, supposedly committed by its party manifesto of 1919 to a radical platform of nationalization and social transformation. And yet in the name of 'peace' and 'prosperity' it was working hand in glove with an avowedly conservative adminstration in Washington and the Bank of England to satisfy the demands of American investors, in the process imposing a damaging financial settlement on a radical reforming government in France, to the benefit of a German Republic, which was at the time ruled by a coalition dominated by the once notorious annexationist, but now reformed Gustav Stresemann. 'Depoliticization' is a euphemistic way of describing this tableau of mutual evisceration. Certainly, it had been no plan of Wilson's New Freedom to raise Morgan's to such heights. In fact, even Morgan's did not want to own the terms of the Dawes Settlement. Whereas Wilson had invoked public opinion as the final authority, this was now represented by the 'investing' public, for whom the bankers, as financial advisors, were merely the spokesmen. But if a collective humbling of the European political class had been what lay behind Wilson's call for a 'peace without victory' eight years earlier, one can't help thinking that the Dawes Plan and the London Conference of 1924 must have had him chuckling in his freshly dug grave. It was a peace. There were certainly no European victors.

If you have a list of numbers that you would like your fax marketing company to broadcast to, they will. It's that easy. Much of the time you can even do it throughemail, but either way, you all of them the ad and the list and they'll take care of it. The problem is, people can make a few mistakes when typing up long listsof numbers or possibly have a customer listed more than once, so their fax number should make it onto the list several times. Shredding cause some problemsonce the ad starts going out, especially when short term installment loan fax machine is overrun by multiple ads coming a person. Fortunately for businesstoday, the fax marketing industry has set up, in the majority of cases, a screening process that will guarantee that no number on your list gets more thanone fax, even in the event you listed it several times. Sure - you precisely how many leads (opt-ins) each promotion generates immediately the. you can precisely how much each lead spend you . an individual alsocan know -- generally -- simply how much your average lead will expend with you over the time. Faster Moolah: Unlike the U.S. Postal Service which takes two fax list marketing to 3 weeks to provide bulk mail, the Internet lets me deliver my sales messageand begin generating sales instantly. If to be able to pictures, or marketing plans written on a table napkin and do not want to have supply file for it, then you just take a picture associated with in yourdigital camera or phone camera that has it transferred to your computer. It is then ready for sending as an internet based fax list marketing. Now, since it's outright develop a call to action straight away, several to convince first, so lets buy fax marketing get started. Initially, you might need to pique yourprospect's interest. You'll be able to do this visually, a few eye catching design. You will do it literally start by making an appealing offer, or possibly by spellingout an edge of goods. Better still, you may make use of both approaches. Twitter.com is really a source that can announce publishing a paper, changes to your website, good books and articles, workshops that you could be offer, etc. Manyoffer free things like recordings, articles, etc. It's another strategy network with the other professionals. It's popularity is exploding. Most business people still consider direct mail to be one of the extremely credible methods in contact with them. This makes marketing your services and productswith a mailing list a choice. Be an important person - Show for ones customers that you're made of flesh and blood. Add your complete name, phone number, fax, email address contact infoand business address showing that you might be a real guy with the business! faxmarketing.club/

If your company has any credible strategy for providing equity-based returns with muted volatility, you have not just a value proposition, but one of the most important value propositions of our time.... What's the concept in an operating real estate REIT? Operating real estate (as distinct from net leases or mortgages, which are other financing concepts) has the potential to produce equity-like long-term returns, but isan extremely powerful diversifier, in that real estate correlates positively with inflation while stocks and bonds correlate negatively with it. Inflation, with it attendant higher interest rates, chokes off new supply of real estate: new expensive to build, to expensive to finance at prevailing market rents. When new supply dwindles, normal growth absorbs the available space and puts upward pressure on rents, increasing cash flows to the owners... until rents get to a point where new construction pencils out again. (Meanwhile, in an inflation/interest rate flareup of any consequence, stocks and bonds are usually getting hit, and sometimes hit hard.) This, to me, is a trifecta of a conceptual value proposition: (a) the potential for the equity-like long-term returns investors need, (b) historically correlated positively with inflation, unlike all financial assets, and (c) just when you think this story can't get better, with 90% of available income paid out currently to income-starved investors.... What's the concept for variable life insurance? It's certainly the least expensive long-term form of life insurance, in that, as the investment portion grows, it extinguishes the insurance company's exposure. (As Ben Baldwin gnomically and brilliantly observes, 'All insurance is term insurance.') It may also be, in a given situation, the cheapest way of funding an estate tax liability, leaving the maximum legacy to one's heirs. And, of course, if the ownership is vested in an insurance trust, one may (under current law at this writing) be bequeathing wealth without income or estate taxation. As long as there is an estate tax - any estate tax - there will be a financial planning issue in the life of every affluent household/family: how do you want the heirs to pay it? And it seems likely that, conceptually, VUL will always be an answer.... Small cap equities? The concept is, clearly, higher returns with - and precisely because of - their higher volatility.

While he was in school, we needed to pay our bills. I had to get a job. I'd majored in music (piano). I had no business credentials, connections, or confidence, so I started as a secretary to a retail sales broker at Smith Barney in midtown Manhattan. It was the era of Liar's Poker, Bonfire of the Vanities, and Working Girl. Working on Wall Street was exciting. I started taking business courses at night and I had a boss who believed in me, which allowed me to bridge from secretary to investment banker. This rarely happens. Later I became an equity research analyst and subsequently cofounded the investment firm Rose Park Advisors with Clayton Christensen, a professor at Harvard Business School. When I walked onto Wall Street through the secretarial side door, and then walked off Wall Street to become an entrepreneur, I was a disruptor. "Disruptive innovation" is a term coined by Christensen to describe an innovation at the low end of the market that eventually upends an industry. In my case, I had started at the bottom and climbed to the top—now I wanted to upend my own career. No wonder my friend thought I'd lost my sanity. According to Christensen's theory, disruptors secure their initial foothold at the low end of the market, offering inferior, low-margin products. At first, the disrupter's position is weak. For example, when Toyota entered the U.S. market in the 1950s, it introduced the Corona, a small, cheap, no-frills car that appealed to first-time car buyers on a tight budget.

Leigh mentioned that you’re a vet in Winnipeg, here to take some courses to update your skills?” “Yes.” Valerie grimaced. “That was the idea, but if they don’t catch this guy in the next day or two, I’ll have to give up the courses until next semester and if that happens, I might as well head home.” “What?” Anders turned on her sharply. Valerie bit her lip, not very happy at the thought herself. She would have liked to get to know him better, but if she couldn’t do the course now, she’d have to do it next term and it wouldn’t be fair to be away from the clinic that long. Sighing at the very thought, she said, “That’s what my academic advisor said when I talked to him today. I’ve missed the first two weeks of class already. He said if I’m not back by Monday, then I might as well give it up and reapply for next term.” Anders frowned, his gaze shooting to Lucian. It was Leigh who said worriedly, “You can’t go home, Valerie. Not with him still out there.” “Actually, it’s probably better if I did,” Valerie said and pointed out, “He can’t know I’m from Winnipeg, so I’d be safe there, and Anders wouldn’t have to waste his time playing babysitter so he could help hunt for him.” Dead silence met this announcement as the others all exchanged glances. “But your courses,” Anders said finally. “You wanted to upgrade.” “And I still do, but I can’t do that if I can’t attend classes,” she pointed out reasonably. Another moment of silence passed with everyone exchanging glances she didn’t understand and then Lucian said abruptly, “Then you’ll have to attend classes.” When Valerie stared at him with surprise, he added, “Anders will accompany you.” “Oh.” She hesitated briefly and then shook her head. “I don’t think they’ll let him attend with me.” “They might,” Dani said slowly. “I’ve heard of people auditing classes. I even knew someone who audited a couple of mine. She had to get permission from the instructor, and the department chair, and I think her program counselor first though.” “Then he’ll get permission,” Lucian said as if it were the simplest thing in the world. When Anders frowned at this news, he added solemnly, “It’s that or we put her and Roxy on a plane home to Winnipeg.” For some reason, those words sounded ominous to Valerie, and certainly Anders reacted as if they were. His mouth tightened grimly, and he nodded once. It was Friday now, but apparently come Monday, she was attending class and Anders was coming with her.

the frustration was knowing that the FBI’s silence had helped Putin succeed and that more exposure could have given the American people the information they needed. While Brennan and Reid had their hair on fire and Comey was dragging his feet, Republican Senate leader Mitch McConnell was actively playing defense for Trump and the Russians. We know now that even after he was fully briefed by the CIA, McConnell rejected the intelligence and warned the Obama administration that if it made any attempt to inform the public, he would attack it for playing politics. I can’t think of a more shameful example of a national leader so blatantly putting partisanship over national security. McConnell knew better, but he did it anyway. I know some former Obama administration officials have regrets about how this all unfolded. Former Homeland Security Secretary Jeh Johnson told the House Intelligence Committee in June 2017 that the administration didn’t take a more aggressive public stance because it was concerned about reinforcing Trump’s complaints that the election was “rigged” and being “perceived as taking sides in the election.” Former Deputy National Security Advisor Ben Rhodes, whom I’d come to trust and value when we worked together in President Obama’s first term, told the Washington Post that the Obama administration was focused on a traditional cyber threat, while “the Russians were playing this much bigger game” of multifaceted information warfare

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Even though most of the Germans were in China on short-term contracts and could have left once the shooting started, they felt an obligation to stay at a key moment when their host nation’s survival was at stake. “We all agreed that as private citizens in Chinese employment there could be no question of our leaving our Chinese friends to their fate,” Alexander von Falkenhausen, the top advisor, wrote later.

Finally, if you look at the wealth management business, you’ll find just about everyone chasing the same demographic segment: the high-net-worth individual. Not Edward Jones, one of the consistently most successful U.S. brokerage firms. For thirty years, it has focused on customers defined not by how much money they have, but on their attitude toward investing. Jones serves conservative investors who delegate financial decisions to a trusted advisor. In terms of the five forces, this customer segment has been less price sensitive and more loyal.

As a personal finance advisor, you will provide guidance on how to manage money more effectively. Take into account techniques such as budgeting, setting financial goals, diversifying investments, and understanding credit. Offer advice about building wealth over time and discuss the importance of creating a plan for achieving long-term financial security. My first request is “What should I do to improve my financial situation?

The lies are of a scale and of a nature that in modern political life I think you can only compare to Donald Trump. I don't think anybody has lied or can lie as casually and as cooly and as completely as Boris Johnson does - accept Boris Johnson. We have learned over the last few weeks that his closest colleagues thought he was diabolical. The cabinet secretary that Boris Johnson appointed because he would prove to be, or he was believed to be, a soft touch has described Boris Johnson as being utterly unfit for the job. The advisor that he brought in as a sort of mastermind - having overseen Brexit - Dominick Cummings has described Johnson in terms that you would reserve for your worst enemies. These are the people working closest by him. The only person who's had anything vaguely warm to say about him is Matt Hancock and let me tell you why. They've shaken hands on it. I'd bet my house on some sort of gentleman's... let's rephrase that... I'd bet my house on some sort of charlatan’s agreement behind the scenes that they won't slag each other off because everybody else is telling the truth about them - about Johnson and about Hancock. Hancock's uselessness facilitated and enabled by Johnson's uselessness, by Johnson's moral corruption effectively. And now the lies begin. 5,000 WhatsApp messages. ‘No idea. No, no, no, no idea. Don't know. Don't know technical people. Uh... factory reset. Don't know. Bleep, bleep.’ And then the classic: the flooding of the Zone. With so much manure that it's hard to know where to start. ‘We may have made mistakes’ is one of the latest statements to come out. Turns up 3 hours early so that he doesn't have to walk the gamut of people congregating to remember their lost loved ones and to share their feelings with the man that they consider to be partly responsible for their death. Absolutely extraordinary scenes, truly extraordinary scenes. How does he get away with it? Hugo Keith is a much tougher inquisitor than Lindsay flipping Hoyle, the Speaker of the House of Commons. He's a much tougher inquisitor than any of the interviewers that Boris Johnson deigns to have his toes tickled by on a regular basis. He's a much tougher interviewer or scrutineer than the newspaper editors who have given him half a million pounds a year to write columns or already published articles about why he's the real victim in this story. Philip Johnston in the Daily Telegraph today writing an article before Boris Johnson has given a single syllable of evidence, claiming that Boris Johnson is the real victim of this. I'd love him to go and read that out to the Covid families assembled outside the inquiry. And remember it was Daily Telegraph columnists and former editors that convened at the Club with Jacob Rees-Mogg and others to launch the Save Owen Paterson Society after another one of these charlatans was found to have breached parliamentary standards. Their response of course was not to advise their ally to accept the punishment that was coming his way but to attempt to get him off the hook and rip up the rule book under which he'd been found to be guilty.

An Oklahoma senator was pushing a radical amendment that would give the president the power to change, for the first time in a hundred years, the value of the dollar in terms of gold. This was, of course, anathema. A dollar was defined as a fixed amount of gold. This was the essential, unchangeable truth of the gold standard, the bedrock on which the whole system was built. But on April 18, Roosevelt gathered his closest economic advisors and, to their shock, he said he was going to back the amendment. With his support, it would almost certainly become law. “Congratulate me,” Roosevelt said. “We are off the gold standard.” Then, as one advisor put it, “all hell broke loose in the room.” One banker-turned-advisor told Roosevelt that he was leading the country into “uncontrolled inflation and complete chaos.” Roosevelt’s own budget director agreed. The two men “fought like tigers

Define the ideal size of the first project (in dollars), and how that number fits into the larger relationship you want with the client. Your rationale is that relationships of this scale allow you to be effective and profitable. Describe the typical mix between strategy and implementation in your work. Must you do strategy at the outset, or would you go straight to implementation to get a foot in the door and then swim upstream later? What payment terms work well for you? If you require a significant portion of the fee at the outset, explain why you’ve come to that policy.

One of the top questions I get from managers is: “How can I carve out time to focus on long-term work when there’s so much to do right now to keep the trains running?” In the framing of this question, there is an assumption that popping your head up to plan for the months or years ahead comes at the expense of successful near-term execution. It doesn’t have to be this way. One of my colleagues runs her team with a strategy that is similar to that of an investor’s. Just as no financial advisor would recommend putting all your money into one kind of asset, neither should you tackle projects with one kind of time horizon. My colleague makes sure that a third of her team works on projects that can be completed on the order of weeks, another third works on medium-term projects that may take months, and finally, the last third works on innovative, early-stage ideas whose impact won’t be known for years. By taking this portfolio approach, her team balances making constant improvements to their core features while casting an eye toward the horizon. Over the past decade, they’ve shown that this strategy works: her team has an amazing track record of identifying new opportunities and scaling them to huge businesses over the course of three years.

Hannah tells me that you helped protect her from the Hispanics during the riot.” “The Hispanics? Oh, the protest, right.” “Call it what you like, son. This place was crawling with spics, and I am grateful that you took care of my only child.” “Well,” I shrugged. “I guess that’s what boyfriends do.” Spics?? “Only good boyfriends,” Hannah said, still tightly holding my left hand. I could never predict when she’d pour on the affection and when she’d act distant. Were all girlfriends this complicated? “I helped pass that law, you understand,” Mr. Walker said. “I’m an advisor to the senator, and it’s about time someone notable, someone of prestige, took a stand on the influx of hispanics into our once great city. The Hispanics were rioting because of that law, because they’re afraid of justice.” “Oh yeah?” I said. I knew nothing about politics or laws. But I had a feeling I disagreed with him. “But I’ll discontinue this tangent before I begin to preach,” he smiled. “Hannah is giving me the warning look.” “Thank you, Daddy,” Hannah said. “The spics destroyed your car,” he said. “Hannah informed me, and then I read the report in the newspaper.” “That was a good car,” I nodded. “I will miss it.” “Well, let me see what I can do to help,” he said. “I’m a financial consultant to many of our nation’s finest automobile manufacturers, including Mission Motorcycles. You have heard of them?” “I don’t know much about any cars. Or motorcycles,” I admitted. “Well, it just so happens, they owed me a favor and agreed to give me a short-term loan on one of their new electric bikes,” he said. And it was then that I realized we were standing beside a gleaming black, silver, and orange motorcycle. I hadn’t noticed before because our school parking lot always looks like a luxury car showcase, and I’d grown numb to the opulence. A sleek black helmet hung from each handle. Mr. Walker placed his palm on the seat and said, “This bike is yours. Until you get a new car.” “Wow,” I breathed. A motorcycle!! “Isn’t it sexy?” Hannah smiled. “It looks like it’s from the future.” “It does,” I agreed. “I’m almost afraid to touch it, like it’ll fly off. But sir, there’s no way…” “Please don’t be so ungrateful as to refuse, son. That’s low class, and that’s not the Walkers. You are in elite company. Dating my daughter has advantages, as I’m sure she’s told you. You just keep performing on the football field.” “Oh…right,” I said. “I’m gratified I can help,” Mr. Walker said and shook my hand again. “I’m expecting big things from you. Don’t let me down. It’s electric, so you’ll need to charge it at night. Fill out the paperwork in the storage compartment and return them signed to Hannah tomorrow. If you wreck it, I’ll have you drowned off Long Beach. I wish I could stay, but I’m late for a meeting with the Board of Supervisors. Hannah, tell your mother I’ll be out late,” he said and got into the back seat of a black sedan that whisked him away.

The collapse of startups should be no surprise. Ever since antitrust enforcement was changed under Ronald Reagan in the early 1980s, small was bad and big was considered beautiful. Murray Weidenbaum, the first chair of Reagan's Council of Economic Advisors, argued that economic growth, not competition, should be policymakers' primary goal. In his words, “It is not the small businesses that created the jobs,' he concluded, ‘but the economic growth.” And small businesses were sacrificed for the sake of bigger businesses.34 Ryan Decker, an economist at the Federal Reserve, found that the decline is even infecting the high technology sector. Americans look at startups over the years like PayPal and Uber and conclude the tech scene is thriving, but Decker points out that in the post-2000 period, we have seen a decline even in areas of great innovation like technology. Over the past 15 years, there are not only fewer technology startups, but these young firms are slower growing than they were before. Given the importance of technology to growth and productivity, his findings should be extremely troubling. The decline in firm entries is a mystery to many economists, but the cause is clear: greater industrial concentration has been choking the economy, leading to fewer startups. Firms are getting bigger and older. In a comprehensive study, Professor Gustavo Grullon showed that the disappearance of small firms is directly related to increasing industrial concentration. In real terms, the average firm in the economy has become three times larger over the past 20 years. The proportion of people employed by firms with 10,000 employees or more has been growing steadily. The share started to increase in the 1990s, and has recently exceeded previous historical peaks. Grullon concluded that when you look at all the evidence, it points “to a structural change in the US labor market, where most jobs are being created by large and established firms, rather than by entrepreneurial activity.”35 The employment data of small firms supports Grullon's conclusions; from 1978 to 2011, the number of jobs created by new firms fell from 3.4% of total business employment to 2% (Figure 3.2).36

Even what passes as heterosexual intimacy is often resented by straight women who find themselves doing the emotional heavy lifting for men who have no close friends and won’t go to therapy. Men are less likely than women to discuss mental health with friends and family, to seek out psychotherapy, or to recognize they are depressed—a pattern so common as to be termed “normative male alexithymia” by psychologists.51 For straight men in relationships, all of these needs get aimed at women partners. In 2016, the writer Erin Rodgers coined the term “emotional gold digger” to describe straight men’s reliance on women partners to “play best friend, lover, career advisor, stylist, social secretary, emotional cheerleader, mom.”52 Elaborating on this dynamic and the emotional burnout it produces in straight women, Melanie Hamlett further explains that the concept of the emotional gold digger “has gained more traction recently as women, feeling increasingly burdened by unpaid emotional labor, have wised up to the toll of toxic masculinity, which keeps men isolated and incapable of leaning on each other. . . . While [women] read countless self-help books, listen to podcasts, seek out career advisors, turn to female friends for advice and support, or spend a small fortune on therapists to deal with old wounds and current problems, the men in their lives simply rely on them.