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Vitalik Buterin Gets A Lesson On Reading Books By "Black Swan" Author

Ethereum (CRYPTO: ETH) co-creator Vitalik Buterin wanted to know if reading long-form books was “virtuous or even necessary” and he got 'schooled' on the topic by the author of the ‘Black Swan’ Nassim Nic read more.....»»

Category: blogSource: benzingaNov 27th, 2022

Goodreads" list of the best baby books of 2022 so far include a bagel-themed alphabet lesson

From creative ways to learn the alphabet to stories that teach kids about their emotions, these are the best baby books released in 2022. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.From creative ways to learn the alphabet to stories that teach kids about their emotions, these are the best baby books released in 2022.Amazon Picture books can teach meaningful lessons or simply convey a fun story to a baby or young child. We used Goodreads rankings and reviews to rank 21 of the best baby books of 2022. For more great children's books, check out our list of picture books written by celebrities. Picture books are a great way to instill a love of reading, teach challenging topics, or learn something new with babies and young children. Even if they don't have many words, picture books are filled with emotionally evocative illustrations that portray the lessons, messages, or history in memorable ways. Goodreads is the world's largest platform for readers — including parents and teachers of young children — to rate and review their favorite children's books, so we turned to their recommendations for the titles on this list. Whether you're looking for a great new picture book for your children, classroom, or niece's upcoming birthday, here are 21 of the best baby books of 2022 so far: The 21 best baby books of 2022 so far:"The Year We Learned to Fly" by Jacqueline Woodson, Illustrated by Rafel LópezAmazonAvailable on Amazon and Bookshop, from $12.72In this story, a brother and sister learn how to use their minds to combat boredom, overcome anger, and lift up others in the face of challenges. They follow their grandmother's advice, which was "use those beautiful and brilliant minds of yours. Lift your arms, close your eyes, take a deep breath, and believe in a thing.""Love in the Library" by Maggie Tokuda-Hall, Illustrated by Yas ImamuraAmazonAvailable on Amazon and Bookshop, from $14.81Based on the true story of the author's grandparents, this historical fiction children's book follows Tama as she's sent to live in a WWII internment camp along with countless other Japanese Americans on the West Coast. There, she works in the camp's library where she meets a friend named George who comes into the library every day. "I Am You: A Book about Ubuntu" by Refiloe Moahloli, Illustrated by Zinelda McDonaldAmazonAvailable on Amazon and Bookshop, from $14.49Ubuntu is the belief that all people are connected to each other. First published in South Africa, "I Am You" is a lyrical children's picture book that introduces young readers to ubuntu with a story about friendship, kindness, and the ways we are all connected. "This Is (Not) Enough" by Anna Kang, Illustrated by Christopher WeyantAmazonAvailable on Amazon and Bookshop, from $16.19Though two friends are excited to get presents for each other, it seems every idea isn't quite "enough" for their friend. In this simple and sweet tale, the friends learn that giving and gifts are about far more than what you can fit in a box. "My Grandma's Photos" by Özge Bahar Sunar, Illustrated by Senta UrganAmazonAvailable on Amazon and Bookshop, from $9.51When Ali's mother pulls out a truck of his grandma's old photos, she's able to tell Ali wonderful stories and memories from her past, even though she usually struggles to remember most things. In this children's book, Ali relives his grandmother's life through pictures and learns the importance of making and sharing memories. "I Am Able to Shine" by Korey Watari, Illustrated by Mike WuAmazonAvailable on Amazon and Bookshop, from $10.99"I Am Able to Shine" is an empowering children's book about perseverance and confidence, inspired by the author's young life growing up Asian American. Keiko has big dreams to change the world but knows the world sees her differently so she works hard to stand strong, lift up others, and know that she can still shine.  "Opal Lee and What It Means to Be Free" by Alice Faye Duncan, Illustrated by Keturah A. BoboAmazonAvailable on Amazon and Bookshop, from $14.39"Opal Lee and What It Means to Be Free" is a nonfiction historical picture book about Opal Lee, a young Black activist who wanted to bring about a national recognition of Juneteenth. Though her family and community always celebrated Juneteenth, Opal discovered many Americans hadn't heard of the holiday and sets out to honor the past, improve the future, and use her voice to make a difference.'Born Hungry: Julia Child Becomes "the French Chef"' by Alex Prud'Homme, Illustrated by Sarah GreenAmazonAvailable on Amazon and Bookshop, from $14.99This nonfiction children's book tells the story of how Julia Child discovered her passion for cooking in France and went on to become one of America's most cherished chefs. "Born Hungry" follows Julia Child through recipe books, culinary school, successes, and failures in cheerful and bright illustrations."The Monster Parade" by Wendy O'Leary, Illustrated by Noémie Gionet LandryAmazonAvailable on Amazon and Bookshop, from $16.49With playful imagery, "The Monster Parade" teaches young readers how to work through different and changing emotions by imagining them as monsters marching in a parade. With anger, sadness, fear, and other emotions portrayed as colorful monsters, children can learn coping strategies and mindfulness in this helpful new read. "Before the World Wakes" by Estelle Laure, Illustrated by Paola ZakimiAmazonAvailable on Amazon and Bookshop, from $16.19In the early morning before the sunrise, a brother and sister venture outside to enjoy the world and their time together before everyone else is awake. "Before the World Wakes" is a calm and colorful story about the bond between siblings and the importance of small moments. "Anansi and the Golden Pot" by Taiye Selasi, Illustrated by Tinuke FagborunAmazonAvailable on Amazon and Bookshop, from $15.70In West African folklore, Anansi is a much-loved trickster who often appears as a mischievous spider. In this picture book, Taiye Selasi reimagines the story with a young boy named Kweku, nicknamed Anansi after the spider. When Anansi the boy meets Anansi the spider, they discover a magical, golden pot that can be filled with anything they want as they learn an important lesson about greed, kindness, and giving. "Playing with Lanterns" by Wang Yage, Illustrated by Chengliang ZhuAmazonAvailable on Amazon and Bookshop, from $8.89Every year, Zhao Di and her friends celebrate Chinese New Year with colorful, unique paper lanterns in the village. "Playing with Lanterns" explains the excitement and joy of this tradition and the holiday for young readers. "Thursday" by Ann Bonwill, Illustrated by Kayla HarrenAmazonAvailable on Amazon and Bookshop, from $9.99"Thursday" follows a little girl, who learns of her parent's divorce on a Thursday, effectively ruining her favorite day of the week. Turning to her stuffed unicorn for comfort, the little girl is able to find joy every day, even as her life changes, until Thursdays can be happy again. "Pruett and Soo" by Nancy Viau, Illustrated by Jorge LaceraAmazonAvailable on Amazon and Bookshop, from $14.99On Pruett's planet, Planet Monochrome, everything is black, white, or gray and very straightforward — until the day Soo arrives from Planet Prismatic, full of color and zig-zag lines. "Pruett and Soo" is a fun story about how friends can help us see the world differently and how who we are is truly defined by what's on the inside. "Snuggle Time Easter Stories" by Glenys Nellist, Illustrated by Cee BiscoeAmazonAvailable on Amazon and Bookshop, from $8.99This cute and cozy new baby book is a collection of springtime and Easter stories for children ages 0-4. With biblical tales and colorful illustrations, this board book is a simple and adorable early read. "Jake and the Biggest Yawn Ever!" by Chris Hardy, Illustrated by Wally LLAmazonAvailable on Amazon, from $9.99When Jake lets out the biggest yawn ever, it makes its way through the neighborhood until everyone is yawning. This cute bedtime story follows the yawns through animals and friends to help young readers fall asleep. "The Helping Rock" by Tanya Hoover, Illustrated by Shannon O'TooleAmazonAvailable on Amazon, from $9.99Lani is struggling to learn to ride a bike but doesn't want help until her mother teaches her about the "helping rock". This picture book is a great way to teach young readers about how much stronger, happier, and connected we can be when we work together and how it's okay to ask for help when we need it. "Edward and Annie: A Penguin Adventure" by Carya Rivadeneira, Illustrated by Katy TanisAmazonAvailable on Amazon and Bookshop, from $14.79Modeled after two viral penguins from the Shedd Aquarium in Chicago, "Edward and Annie" follows two penguin friends as they explore the aquarium when no one seems to be there to visit. The pair discovers the amazing world outside their habitat before returning home at the end of their exciting day. "What Will I Do with My Love Today?" by Kristen Chenoweth, Illustrated by Maine DiazAmazonAvailable on Amazon and Bookshop, from $14.17Written by actress Kristen Chenoweth, "What Will I Do with My Love Today?" is a meaningful story that follows Kristi through New York City as she shows love to others through acts of generosity and kindness. Young readers will learn about adoption, sharing, and random acts of kindness as Kristi encounters a church choir, a neighbor gardening, and an adorable puppy. Grateful Jake by Chris Hardy, Illustrated by Wally LLAmazonAvailable on Amazon, from $9.99This new picture book follows Jake as he learns how grateful he is for his life when he gets out of the yard as a puppy and is lost in the streets until he's brought to the Humane Society and adopted into a wonderful family. This story uses other animals and situations to teach readers all the many things we can be grateful for. "B is for Bagel" by Rachel TeichmanAmazonAvailable on Amazon and Bookshop, from $13.59This bagel-themed ABC book uses bright photographs to walk through the alphabet with many different types of bagels, toppings, and flavors. "B is for Bagel" also includes two recipes for bagels, with one specially modified so that young children can help. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 19th, 2022

Transcript: Hubert Joly

       The transcript from this week’s, MiB: Hubert Joly, Best Buy CEO, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.   ~~~   BARRY RITHOLTZ,… Read More The post Transcript: Hubert Joly appeared first on The Big Picture.        The transcript from this week’s, MiB: Hubert Joly, Best Buy CEO, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.   ~~~   BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra special guest. Hubert Joly is the man who helped turn around Best Buy when they were floundering about a decade ago. The stock has since returned 10X from when he joined as Chairman and Chief Executive Officer. He is the author of a fascinating new book, “The Heart of Business: Leadership Principles for the Next Era of Capitalism.” He’s really a fascinating guy, has an amazing background, both as a consultant for McKinsey and being on a number of different boards and running a number of different companies. Everybody who’s looked at his work always put him amongst the best CEOs, top 100 this, top 30 that, really just a tremendous, tremendous track record. And I had a fascinating time speaking with him. I think if you’re at all interested in anything involving leadership or the next era of capitalism or why the old-school Neutron Jack approach to just firing everybody and cutting costs away to restore profitability no longer works, you’re going to find this to be a fascinating conversation. So, with no further ado, my interview with Hubert Joly. VOICEOVER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. RITHOLTZ: This week, my special guest is Hubert Joly. He is the former Chairman and Chief Executive Officer of Best Buy. He is currently the Senior Lecturer on Business at Harvard Business School. He is on the boards of directors at Johnson & Johnson and Ralph Lauren and has been named one of the top 100 CEOs by Harvard Business Review, one of the top 30 CEOs by Barron’s and one of the top 10 CEOs to work for in the U.S. by Glassdoor. Hubert Joly, welcome to Bloomberg. HUBERT JOLY, Senior Lecturer, Harvard Business School: Well, thank you, Barry, very much looking forward to our conversation. RITHOLTZ: So, let’s start with a little bit of your background, you’ve been the CEO of three major companies. Tell us about how that came about. Take us to the beginning or early days of your career. JOLY: Yes, Barry. I started my career with McKinsey & Company in France and then also in the U.S. Essentially, I didn’t know what I wanted to do. So, that, I thought, it’d be a great training ground and I ending up staying a dozen years at the firm, done a great deal and had wonderful opportunities to lead great companies. At first, I left McKinsey to lead a client that was EDS, Electronic Data Systems in France and I ended up doing a number of turnaround and transformations of companies in industry sectors that were challenged by technology. So, in videogames, in travel, and then, of course, ended up with Best Buy. And I’ve ended up working a variety of industry sectors and those specializations there and every move was a move that was based on — it was – there was somebody with whom I had developed relationship that played a critical role. And so, for example, when I left Vivendi Universal to become the CEO of Carlson Wagonlit Travel, the CEO of (inaudible), which was one of the two shareholders, had been a client of mine and where we have stayed friends. So, Barry, one of the key lessons is that try to minimize the number of people you annoy or irritate along the way and try to focus on doing a great job when you are and then I hope that God provides in the end, which is, I think, the lesson for me of my career. RITHOLTZ: So, I want to spend more time talking about your career. But I have to ask, how did you find yourself moving from France to the United States, what led to that and what was that transition like? Because every time I’m in Paris, I always end up saying to myself, God, I could live here. JOLY: Yes. Thank you for that, Barry. So, the first time I moved to the U.S. in 1985, I was with McKinsey & Company. I’d gone to school in France and there had been discussion of should I do an MBA in the U.S. and after a while, McKinsey said no, you really don’t need to do that. But if you want to spend time in the U.S., we’ll send you to one of our offices. So, I ended up in the San Francisco office, quite the years where the minors were at the top of their game, right? So, that — it’s quite fascinating. And then the last time I moved to the U.S. was in ’08, 2008, when I became the CEO of Carlson Companies. So, I moved there from Paris, France to Minneapolis, Minnesota. And I love France. I think it’s a great country. I love the U.S. What I love about the U.S. is that since Jefferson, we’ve been optimistic. It’s been the dream of a better life and it’s this optimism. Let me tell you, in France, you talk about a problem that has never been solved. People will say, well, who are you to talk about it. Nobody has been able to solve it, right. But in the U.S., if a problem has never been solved, immediately, your friends is like, this is interesting, let’s see whether we can solve it. I love this optimism in this great country and I’m now a dual citizen, Barry. RITHOLTZ: Very — really, really interesting. So, let’s talk a little bit about how one becomes a good CEO. Is it effectively on-the-job training or is it a function of your experience and ability that makes you a great leader? JOLY: Yes. There’s the myth that you’re born a leader. I think that every leader was born, of course, but none of us were born leaders and I think it’s a learning journey. And for me, it’s been — yes, I’m learning by doing, learning on the job, learning from great mentors. One thing I learned the most about — with McKinsey was watching my client’s lead and I learned so much from a number of them. Learning from colleagues, at Best Buy, I learned so much from the frontliners and some of our great executives and then our coach. So, let’s slow down here. Can we agree, Barry, that exactly 100% of the top 100 tennis players in the world have a coach. RITHOLTZ: Sure. JOLY: I think the same is true for all of the NFL teams, all of the Champions League teams. What about us executives, right? And so, it’s interesting that now, for CEOs and senior executives have coaches much more popular. But 10 or 15 years ago, not so much. And I’ve benefited enormously, my first coach was the inimitable Marshall Goldsmith. I’ve learned a ton from him. He helped me deal with feedback and focus on getting better and asking for advice. And without Marshall, I would not be – it is infomercial before and after picture, it’s most improved. RITHOLTZ: Marshall Goldsmith was where? Was that at McKinsey or? JOLY: It was — the first time I worked with Marshall was in 2009. I had just became the CEO of Carlson Companies and my head of HR, Elizabeth Bastoni, told me, would you like to work with a coach and my first reaction was, am I doing anything wrong, is everything wrong with this? He said, no, no. I know Marshall, he helps in a great deal get better. His clients are – were, at that time, Alan Mullally of Ford and Jim Kim of the World Bank. I said, that’s cool, I want to be a member of that club. And Marshall was so helpful because when I was getting feedback, you do a 360 and you hear the goods and then you hear the other parts and my reaction initially was, what’s wrong with them, right? What are they talking about? And Marshall helped me — and the way he helped was — so, I did the 360. He gave me first all of the good things that people have said and says, spend the time to swallow this, digest this. And then the next day, he gave me the other stuff and he said, here’s the scoop, you don’t need to do anything with it, right? There’s no god that says that you need to get better at any of these things but you can — but you get to decide what you want to work on and get better at, right? And think about, so, here’s a question that we could ask, right, think about things that you’d like to get better at, right, and if you cannot think about anything, try humility, right, as a potential area. And then what Marshall made me do is talk to my team and said, thank you very much for all of the feedback you’ve given me and then based on what you said, I’m going to start to work on three things, number one, number two, number three, and I’m going to follow up with each of you to ask you for advice on how I can get better at these three things and then a few months from now, I’ll follow up to see how I’m doing. Now, believe me, Barry, first time I did this, this was excruciating pain having to admit to my team that I was not perfect. They knew it. They knew I was not perfect but having to say it out loud and then I wanted to get better at something. But this getting better at something makes it very positive. And then — so, later on, when I joined Best Buy, I repeated that signaling to every one of the executives that it was OK to want to get better at something. And so, later on, everybody at Best Buy had a coach and we were all helping out each other on getting better at our job, which is what I think you need to do. So, coaching — executive coaching plays a key role in my life. RITHOLTZ: Very interesting. And I recall seeing Marshall Goldsmith’s name on a book, “What Got You Here Won’t Get You There” and a quick Google search shows me that like you, he also is a professor. He teaches at Dartmouth’s Tuck School of Business and has quite an impressive CV. But I want to stick with the concept of coaching and mentors, what did you learn at McKinsey who helped you when you were there sort of develop into the CEO that you are today? JOLY: Yes. So, there was — for me, there were two phases, Barry, at McKinsey that we serve, before the partnership and then the partnership. So, in my first say six years as an associate and then a manager, I learned a lot about problem-solving, communications, serving functional matters and so forth. So, I could say I learned a bunch of technical skills. But when I became a partner, the opportunity I got was sit down next to the CEO of the clients, watch them do their thing and listen and learn from them and that makes me — I got a great deal, right, because they were paying us and I was learning from them, right? Couldn’t get a better deal than that. And so, I will always remember, there was a client in, Jean-Marie Descarpentries was the CEO of a computer company Honeywell Bull and this is the guy who told me that the purpose of the company is not to make money, right? It’s an outcome, right? In business, you have three imperatives. You have the people imperative, which are the right teams. We have the business imperatives, which are the customers or clients and then great products and services. And then there’s a financial imperative and, of course, you have to understand that excellence on the financial imperative is the result of excellence on the business imperative, which itself is the result of excellence on the people imperative. So, it’s people, business, finance and finance is an outcome. And by the way, it’s not the ultimate goal because if you think about a company as a human organization, a bunch of people working together, they’re probably in there to create something in the world, right, and we can dig into this but that was — and believe me that was 30 years before the BRT statement of 2019 that we said we need (ph) in August the second anniversary. And so then, it was — the practical implications around this is that when you do your monthly review with your team, start with people and organization. Don’t start with financial results. If you should start with financial result, you’re going to spend your entire time on financials and you want to understand what’s driving these results whereas if you start with people and organization, you have a chance to spend time on that, then business, customers, products and then the CFO will make sure that you’ll spend enough time on the financial results. So, for me, that was a game changer and I applied this throughout my career and you could say whether it was in videogames or in travel or hospitality or in Best Buy, this focus on people first and treating profit as an outcome was a big driver performance. And this has not smoked anything illegal when I say this, Barry. As you know, the share price of Best Buy went from beyond low, it was $11. Recently, it’s been between 110 and 120. So, time spent in nine years, that’s not bad. Maybe you could have done better, Barry, but it’s OK, I think. RITHOLTZ: No. I don’t think I could have done better than 10X and PES no longer illegal in New York. So, you could smoke whatever you like. We’re going to — by the way, those three steps that you just mentioned are right from the book and we’re going to talk a little more about the book in a few minutes. But before we get to that, I have one last question to ask you which has to do with the fact that Best Buy, you mentioned it’s up 10X, it’s a publicly-traded company. Before you were at Best Buy, you are also at a giant company but it was privately held. Tell us a little bit about what that transition was like having to answer to shareholders and Wall Street. How did you manage that? Very different experience from everybody I’ve spoken with over the years. JOLY: Yes. Barry, so, I’ve worked in a public company, Best Buy. I’ve worked in a family-owned company, this was Carlson Companies. I’ve worked in a partially private equity-owned company, Carlson Wagonlit Travel, one equity partner of JPMorgan with 45 different shareholders and frankly, I think it’s pretty much all the same. You have shareholders whether they are large entities like Fidelity or Wellington or it’s a private equity player or it’s a family, they have expectations and needs and, by the way, all of them are human beings, right, by the way and that’s focused on the high-intensity trading that all the longs and all the shorts, they are human beings, and I’ve had – even though I say profit is an outcome and is not the ultimate goal, shareholders, even in stakeholder capitalism, are very important stakeholders. They’re taking care of our retirement. So, we love them for that. And so, when I was a CEO of Best Buy, I so enjoyed spending time with our shareholders sharing with them what we’re doing, answering their questions, they’re smart. It was always taking things away and the key was pay attention, listen and then pay attention to the say/do ratio. Best Buy had lost its credibility because they were saying a lot but not doing much, right? So, with my wonderful CFO sharing the column with me, we’re going to say less and do more and that’s how we’re going to build our credibility and we would be very transparent, share our situation, the opportunities we saw, what we’re going to do, and then we update them in our progress. And so, I really enjoy the competition. But in many ways, Barry, I think public, private equity or a family is largely the same. It’s people, we have to respect them and take care of their needs. RITHOLTZ: My extra special guest this week is Hubert Joly. He is the former Chairman and Chief Executive at Best Buy, a company that he helped turn around over the course of his tenure there. Let’s talk a little bit about that. If you would have asked me a decade ago what the future look like for Best Buy, I would have said they were toast that Amazon was going to eat their lunch and they were heading to the garbage pile. Tell us what the key was to turning the company around so successfully. JOLY: You’re, right. Everybody thought we’re going to die. There was zero buy recommendation on the start in 2012 and what I found as I was examining the opportunity to become the CEO because my first reaction when I was approached was this is crazy, right? This is the same reaction as you described. But what I found is that there was nothing wrong with the markets or the business outside. All of the problems were self-inflicted. In fact, the customers needed Best Buy because we needed a place where to see and touch and feel the products and ask questions. And the vendors ultimately needed Best Buy. They needed a place where to showcase their products, the fruit of their billions of dollars of R&D investments. The problems were self-inflicted. Prices were not competitive. The online shopping experience was terrible. Speed of shipping was bad. The customer experiences in the stores have deteriorated. The cost structure was bloated and, and, and. That’s great news because if a problem is self-inflicted, you can fix it. RITHOLTZ: Right. JOLY: And so the first phase was all about fixing what was broken and the advice I had been getting, Barry, was cut, cut, cut. We’re going to have to close stores, cut headcounts. We did the opposite. All of the stores were profitable. So, frankly, there was no point of closing stores in a significant fashion. RITHOLTZ: Right. JOLY: It was very — the first phase was a very people centric approach, listening to the frontliners. My first week on the job, I spent it in the store in St. Cloud, Minnesota. I think in France, we would say St. Cloud but over there it’s St. Cloud so there you go. And really listening to the frontliners, they had all of the answers about what needed to be done. And so, my job was pretty easy, it was do what they have to — what they said we needed to do like fix the website, make sure the prices were competitive and so forth. The second on the people centric approach, build the right team at the top and then instead of focusing on headcount reduction, focus on growing the top line by meeting the customer needs and fixing what was broken in the customer experience and treating headcount reduction really as a last resort. And then focus on mobilizing the team on what we need to do for the customers. That sounds soft but that was our opportunity and that’s what we need to do in the first two or three or four years. And then once we have saved the company, it was about how do we — where do we go from here, how — what kind of company do we want to build for the future. And that’s why we focused on designing our purpose as a company. We said we’re actually not a consumer electronics retailer. We are a company in the business of enriching life through technology by addressing key human needs, which we’ll talk more about this. But this was transported because it’s expanded our addressable market and have to mobilize everybody. And as a company, we have to work on making this come to life in all of our activities and really creating an environment where – I think the summary at that time was we unleashed human magic. We had a hundred thousand people plus, I think spring in their step, connecting would drive them in life with their job and doing magical things for customers. And frankly, Barry, I learned so much along the way and, again, all of this sound soft but go back to — we went from $11 to 110 or 120. That was the key. RITHOLTZ: To say the very least. So, let’s talk a little bit about what you guys had done in the physical stores. The big threat to Best Buy was people showrooming, meaning showing up to look it up products and then buying it for a little cheaper at Amazon. How did you — and this is the line from the book, quote, “How did you kill showrooming and turned it into showcasing?” unquote. JOLY: Yes. So, everybody was talking about showrooming at that time. The frequenct was not that high actually but of course, it was incredibly frustrating for the blue shirt associates in our store to spend time with you, Barry, we love you but we spent 30 minutes with you answering all of your questions about the TV and then you buy it online. So, after 30 days at the company, we actually decided that we were going to take price off the table by lining up places with Amazon and giving the blue shirts the authority on the spot to match Amazon prices. And so, I took price off the table … RITHOLTZ: Right. JOLY: … and the customers, once they were in our stores, they were ours to lose. RITHOLTZ: Right. When you want to drive home with the TV in the back of the car instead of waiting a couple of days from it to come from Amazon, immediate gratification has to be a huge benefit you guys have as the physical store. JOLY: Exactly. And then, yes, of course, the (inaudible) but you’re still going to die because your cost structure is too high, it’s higher than Amazon or Walmart. So, we did take $2 billion of cost out. RITHOLTZ: Wow. JOLY: But the way we won in the end was we just had aha moment of, as I said, showcasing. If you are a Samsung or HP or Amazon and Google products, you need a place where to showcase your products, right, because you spend billions of dollars on R&D and if it’s just I’d say vignette on a website or box on a shelf, you’re not going to excite the customers. RITHOLTZ: Right. JOLY: You need a place where to showcase your products. And so, we did deals. The first one was with Samsung where we had a meeting in December of 2012, Barry. J.K. Shin, the then CEO of Samsung Electronics came to visit us in Minneapolis in December of 2012 and over dinner, we did a deal where in a matter of months, you would have 1,000 Samsung stores within our stores where you could showcase these products. It was just across the aisle from — we already had an Apple store within the store and it was good for the customers because they could see the products, they could compare with Apple. It was good for Samsung, right, because the alternative for them first was to build 1,000 stores in the U.S., it takes time, it’s difficult, and. of course, we have this great location and great traffic. And good for us because it was part of our OPM strategy, other people’s money strategy, right, because there were some good economics for us. And so, that allowed us to offset the cost advantage in Walmart or Amazon we have and then over time, we did deal with all of the world’s foremost almost tech companies, including Amazon for crying out loud, and that was the game changer. And we look — if you look at our stores today, they are shiny because — we have all of these shiny objects and you can see and experience all of these products. So, that was really a game changer. RITHOLTZ: So, let’s talk a little bit about both Samsung and Amazon. First, I’m always surprised that people don’t realize what a giant product company Samsung is. It’s not just phones but it’s phones, its TVs, it’s washers, dryers. I mean, Samsung basically anything in your house is a product that Samsung makes and not just entry-level washer, dryers or refrigerators. I think was it last year or two years ago, they bought Dacor, which is like a subzero, high-end manufacturer of kitchen appliances. So, when you set up the store within a store with Samsung, tell us about what that did and how did that impact Samsung’s sales at Best Buys? JOLY: Sure. Yes. I mean, you’re right to highlight this great company. The first deal we did with them was focused on phones and tablets and cameras. So, in a matter of months, they had these stores within our stores and it really put them on the map. It is I think — if you go back to the ’90s, Samsung was not the same company. They were really low end and the chairman at that time, so, the father of the current — of J.Y. Lee now, came to the U.S. and said, at some point, I want Best Buy to carry us and it would be the ultimate goal. And now, they’re one of our top five vendors, probably better than top five. And so, it really gives them the physical presence and to prove that it’s worth for them was then we did the same in the TV department and then in the appliance department. So, it’s been a series of wins for them. And once we have announced the deal with Samsung, other — we had similar conversation with Microsoft, Steve Ballmer, we had a conversation at CES and then two months later, we did the Microsoft stores within Best Buy and then it went on and on. And Tim Cook at Apple told me that he didn’t really like what we were doing, he understood it but he didn’t really like it and Apple has been a very important vendor to Best Buy. So, what we decided to do with them is do more. And so, it was stronger partnership. So, Best Buy is not simply carrying products and partners with the world’s foremost tech companies and with some of these companies and partners on product development, new product introduction and because there’s so much innovation that drives the business, it’s a critical role we play. We also partner in service, Best Buy sells AppleCare, an authorized Apple service provider. So, these partnerships really changed the game. And in the U.S., I think it’s not arrogant to say that Best Buy is the only player which these large companies can do these meaningful deals. So, it really changed the trajectory. RITHOLTZ: I have to ask you about the Geek Squad. Whose idea was that and how significant is it to the company? JOLY: Sure. Robert Stephens was a student at the University of Minnesota, was the — is the founder of Geek Squad in 1994. Very creative guy. The name itself is good — is cool, the logo and so forth, and then Best Buy acquired the company in 2002 when it was quite — still quite small and now, of course, it’s become really big, it’s 20,000 employees. And it’s the key elements of Best Buy’s differentiation because Best Buy is not just in the business of selling you something. We’re — our target customer — people who are excited about technology need technology but also need help with it. And so, with the Geek Squad and the blue shirts, we’re able to advise you when you’re looking at what to do but also help you implement in your home, helps you figure out if something is not working across, right? Of course, let’s take an example. If Netflix is not working tonight at your house, Barry, is it because of Netflix, is it piping to the home, is it the router, is it the streaming device, is it the TV, honey, what is it, right? And we’re honey, right, and we’re going to be able to help you across all of these vendors. And so, that’s a big differentiator for the company. So, really genius. RITHOLTZ: My extra special guest this week is Hubert Joly. His new book is called, “The Heart of Business.” Let’s talk a little bit about writing a book which is quite an endeavor. What motivated you to sit down and say, sure, I’ll write a book? JOLY: Well, this is not a traditional field book. So, this is not a memoir. This is not about the story of the Best Buy turnaround per se. It was reflection, Barry, and it’s really been something I’ve been thinking about for the last 30 years that so much of what I’ve learned at business school, what McKinsey or the early years of my career is wrong, dated or incomplete. And when sit back today or in the last couple of years, even though I’m the eternal (ph) optimist, I have to say it out loud, the world as we know it is not working, right? We’re in this multifaceted crisis, you have, of course, the health crisis and economic crisis, suicidal issues, racial issues, environmental problems, geopolitical tension, it simply is not working. And what’s the definition of madness, right? It’s doing the same thing and hoping for different outcome. And for me, on my FBI’s most wanted list, is two people. One is Milton Friedman, shareholder primacy, and two is Bob McNamara, the former Secretary of Defense and executive at Ford who’s the — almost the inventor top-down scientific management. These approaches don’t work and I think they got us in trouble and there’s a growing number of us, right, and certainly, I’m not the only one, who believe that there’s a better formula that business can be a force for good that — it’s the idea that business should pursue a noble purpose and take care of all of the stakeholders that you put people at the center. You embrace all stakeholders in some kind of declaration of future dependents. There’s no need to choose between employees and customers and shareholders. It’s by taking care of customers and employees and the community that generate great returns for shareholders. We treat profit as an outcome and this formula, people call it stakeholder capitalism or purposeful leadership, I think everybody now talks about it and embrace it, most people. There’s still a few who don’t agree. But the challenge then is how do you do this, how do you make this happen and, Barry, I felt that with my experience and the credibility of the Best Buy turnaround, I could add my voice and my energy to call this necessary foundation of business and capitalism around purpose and humanity and provide like a guide for any leader at any level frankly who is keen to move in that direction but like the rest of us, we would help. And so, that was the genesis of the book and the subtitle of the book is leadership principles, right, for the next era of capitalism and the book is full of very concrete examples and stories and illustrations. There’s questions at the end of each chapter that people can use to reflect and act at their company. So, that’s the book. RITHOLTZ: Speaking of the book, it got a terrific review from all — of all people, Amazon’s Jeff Bezos. How did that come about, how did Bezos give you a review and what’s the relationship like between Best Buy and Amazon these days? JOLY: Sure. Best Buys has always sold Amazon products because we think about Amazon as the retailer, of course, as a cloud company but Amazon is also a product company, right? They have the Kindle and, of course, all of their Echo products. And Best Buy have always sold Amazon’s products in the stores. Other retailers say it otherwise but we felt these were great products and we’re here to serve customers. I got to know Jeff firstly through the business council. Both of us were members there on the executive committee and once, I was invited to discuss our turnaround and how we had approached that transformation and Jeff was in the first row and being very kind. But then we did this significant partnership where I think it was in 2018. Amazon gave Best Buy exclusive rights to Fire TV platform, which is their smart TV platform, to be embedded into smart TVs. So, any smart TV with the Fire TV embedded in it, Best Buy is going to control that. It’s only going to be sold at Best Buy or by Best Buy and Amazon. And when we did the announcement for this deal, we did it in a store in Beverly, Washington, and Jeff came and we had some media there and Jeff said, TV is a considerate purchase. You got to see the TV. Best Buy is the best place in the world we you can do this. That’s why we’re doing the partnership and we built this stress-based relationship. And, of course, the media was — this was a jaw-dropping moment and Jeff is a very generous man. It’s interesting because it raises another question which is how do you think about competition. As you lead a company, do you obsess about competition or do you obsess about your customers and what you can become. And that’s one of the things that Jeff and and I share which is you obsess about your customers and becoming the best version of yourself you can be. Of course, at Best Buy, we look at Amazon. We wanted to — actually, in the sense, we neutralize them, right, because same prices, same great shopping experience and we ship as fast as they do. So, let’s call it a draw on the online business and then we have unique asset. And so, you’re not obsessed about your competition. In fact, in some cases, you partner with them and I think the world — other than the COVID pandemic, there’s another pandemic in the world which is the fear or the obsession about zero-sum games. The only way that Amazon could win is if Best Buy loses or vice versa. The only way this podcast can be successful, Barry, is if you win and I lose. That’s crazy, right? You get to collaborate and create great outcomes and I think in this world as leaders, we have to think about how we can create when win, win, win outcomes for our customers, our employees, our vendors, the community and ultimately, their shareholders. RITHOLTZ: And to put some flesh on those bones, some numbers on it, in 2007, before the financial crisis, Best Buy had done about $35 billion in revenue. In 2020, they were somewhere in the neighborhood of 47 billion and this year, I think the company is looking for an excess of 50 billion. So, clearly, that’s been heading in the right direction. Let’s talk a little bit about your experience on other boards. You’re in the board of directors of Johnson & Johnson and you’re on the board of directors at Ralph Lauren. What have you learned from those firms that were applicable to Best Buy and what do you bring to the table for those companies? JOLY: Yes. So, I joined — the first board I joined was Ralph Lauren in 2009 and I was the CEO of Carlson Companies, which was Carlson Wagonlit Travel, TGI Fridays and then a bunch of hotels, Regent and Radisson. The reason why I was interested in joining another board was to try to become a better CEO in the relationship with my board and sitting on somebody else’s board, you can see the needs of the board and then you can see how the CEO and their team are dealing with you. So, that was a great experience because when you become CEO and you deal with the board, you have zero experience, right, dealing with the board. So, that’s one of the things you learn on the job. So, that was a great way for me to learn. And these two companies, J&J and Ralph Lauren, they’re two amazing companies. J&J, I joined recently. I joined about 18 months ago. And so, watching Alex Gorsky and his team navigate the pandemic, their Credo-based approach. I mean, they’re the inventor of stakeholder capitalism before (inaudible), right, with their Credo that they created in 1943 that’s focused on all of the stakeholders. They’re one of the most innovative companies. So, they show the value of doing meaningful innovation for the benefit of, in their case, their patients. This is a wonderful entrepreneur. The company was founded in ’67 and it’s a great company, one of the most iconic brands on the planet. So, how do drive this and how do you balance left brain and right brain and, of course, enjoying cooperating with Patrice Louvet, the CEO, who is a terrific guy. And so, learning — I’m like a sponge, I love learning (ph) from others. What I bring, I would frame it along the lines of what I was looking for my board to do when I was CEO and I was not looking for the board to give me all of the answers and do my job, right? But I use the board — I wanted — I build a board that would give me complementary skills. So, I wanted to have the best people on the board that would have skills that would be additive to our management team and use the board as a sounding board to — I would get 80 percent of the value of the board meeting in preparation to the board meeting. And then getting reaction at the sounding board. When you are in the weed, sometimes, you’re missing something and then being able to access unique expertise from my board. So, what I try to bring on these boards is I try to be a resource for the management team, a sounding board, and helping them with their most important issues. I really enjoyed that. I’m in the state now where I started a new chapter as you highlighted, I’m no longer a CEO but it’s a matter of giving back and helping the next generation of leaders be the — become the best version of themselves they can be. So, I do that through boards and through executive education at Harvard Business School, also coach and mentor of a number of CEOs and executives. So, it’s — I just love doing that. RITHOLTZ: So, let’s talk a little bit about what you’re doing now. Tell us about the class you’re teaching at Harvard. JOLY: So, on Monday, August 30th, that is the first day of school for the incoming MBA class. So, I’m one of the professors in the first year. I teach marketing, which is about — it’s focused really on how do you grow a company focusing on the customers. So, that’s one of the things I do. I’m also part of the faculty that’s — as a program for new CEOs. So, twice per year with a small bunch of new CEOs, I did this when I became CEO, that come here for three days and we try to help them out. I’m also part of the faculty that’s doing a program called Leading Global Businesses and last but not the least, I’m really passionate about this, we’re designing and we’re going to pilot program for companies and then also in the MBA program called Putting Purpose to Work and Unleashing Human Magic. So, many companies on this purpose journey today. And so, there’s going to be a series of workshops for the top 30 people, custom programs, one company at a time, and we’re going to try to support them in their journey. We’re doing our first pilot this fall and to look forward to learning from that experience. And I think we’re just in the early innings of that new era of capitalism. So, so much to learn. I’m super excited to be part of that journey with a number of companies. RITHOLTZ: Quite interesting. I have to ask you the obvious question, is your book a book you assigned to your students? What do you have them read? JOLY: So, HBS is a school where there’s really not, for the most part, mandatory reading of any books. So, I know that last year, before the book was established, my wonderful Section E from the MBA program, they all got a copy of the manuscript and they had great conversations, too. Sometimes, the book gets distributed to the participants of the executive education programs. But in the MBA, there’s little mandatory reading. It’s all about, as you know, the case study methodology, which is a wonderful way to learn because it’s hard to learn just from reading. Reading, I mean, I encourage people to read the books for sure but it’s by practicing that you really learned, right? So, that’s the HBS way. RITHOLTZ: To say the very least. And one of the things that Bezos specifically mentioned was that he thought your turnarounds at Best Buy was going on eventually become a Harvard Business School case study. What are your thoughts on that? JOLY: Well, we’re actually working on that with Professor Gupta and it’s going to be taught for the first time. This is going to be fun, right? It’s going to be the last case of the marketing class in December. And so, of course, in my section, it’s going to be ironic. I’m going to be Professor Joly and I’m going to be one of the protagonists. There’s been other cases on Best Buy but this one is going to be much on the turnaround and transformation. So, that’s going to be fun. I’ve also taught it — we’ve also taught it in some of the executive education programs. So, Jeff – I know Jeff is right, there’s a Best Buy case now at Harvard Business School. RITHOLTZ: Really, really quite interesting. So, you mentioned purposeful leadership. Let’s delve into that a little bit. How does one become a purposeful leader who’s focused on creating the sort of environment where others can flourish and perform at their best? JOLY: Yes. This is, for me, such an important information and I grew up believing that as the leader, what was important was to be smart, right, where I went to school and to — some of the best schools and in the early years of my career, this is the left brain would highlight being the smartest person in the room. I’ve learned over the years that this is not what drives great outcome over time. I had an entire reflection and we slowed down. One of the things that is important to do is reflect on why do we work. Is work markedly a mixed reputation, right? We work — is work a punishment because some dude send in paradise, right, or is work something we do so that we can do something else that’s more fun or is work part of our fulfillment as a human being, part of our quest for meaning, right, to talk about Victor Frankl. And one of the things that I really invite myself to do and every leader to do is reflect on this. What’s going to be the meaning of my life professionally? How do I want to be remembered? One of the things we ask the CEOs to do in the CEO program in Harvard is write your retirement speech or with my wife when I — when we coach or mentor CEOs, we ask them to write their eulogy. What would you like other people to say on that day when you’re not here to listen? And I think this is so meaningful because people talk about the purpose of the corporation. I think it starts with our individual purpose, right, because motivation is intrinsic, right? And so, how can you lead others if you cannot lead your life and yourself? For me, that’s the beginning. And very practical, one of the turning points in our journey at Best buy, Barry, was every quarter, we would get together as an executive team for an offsite and one day, I asked every one of the executive team members to come to the offsite with a picture of themselves when they were little, maybe two or three years old. We got some really cute pictures, Barry, I can tell you that and over dinner, we spent the evening sharing with each other our life story and what drives us in life, what’s the meaning of our life. And what came out of that discussion, several things, one is we realized that all of us were human beings, not just a CFO or CMO or CHO, and that, with a couple of exceptions, all of us had the same kind of goals in life, which is it is the golden rule, do something good to other people. And that was transformational because we said, well, we’re the executive team of Best Buy. At that time, Best Buy — we had saved Best Buy and it was — where do we go from here? Why don’t we use Best Buy as a platform to do something good in the world and become a company that customers are going to love, employees are going to love, community is going to love and, of course, shareholders are going to continue to love. And so, there’s a similar idea in my mind which is connecting what drives us as individuals with the purpose of the company and the thing for companies that are embarked on the purpose journey, they write down their purpose but if they just try to cascade it down and communicate it to everybody and say, why don’t you — why aren’t you excited about this new purpose, right, it doesn’t work. We really have to start with what drives every individual and the company and then you realize that, yes, what is your role. So, in the book, I talked about the five Bs of purposeful leadership. The first B is be clear about your — what we are talking about, be clear about your own purpose, be clear about the purpose of people around you and how it connects with what you’re doing at the company. The second one is be clear about your role as a leader. It’s not to be the smartest person in the room but to create the environment in which others can be the best version of themselves. And, of course, if you’re leading a significant company and Best buy has more than 100,000 people, the only thing that happens is the thing that you decide that you come up with, you know it’s going to go far, right? So, it’s all about creating this environment which is significant mind shift. It’s also about — yes, Barry? RITHOLTZ: I was going to say, I’m struck by your comments and this comes through the book about showing vulnerability, inspiring people, embracing your humanity. I think back to the former CEO of General Electric, Jack Welch, whose nickname was Neutron Jack for how frequently he would lay off people and close divisions and fire other executives. When you were putting your philosophy to work at Best Buy, were you aware that this is a radical break from what had come before you? JOLY: Yes. And to quote — so, to go back to France in 1789, at the moment of the Storming of Bastille, there is Louis XVI asked La Rochefoucauld, is this a revolt, and La Rochefoucauld’s response says, no, sire, this is a revolution. And I think that’s what it is and it’s really shifting things. People are not the problem. They’re the source and they’re also the ultimate goal. And I think that most people agree with this, Barry, the challenge is not agreeing with this now, I think it’s really doing it and it’s — I can speak from experience. If you were to look at my face, you would see all of these scars on my face. Learning from experience and trying to get better at this is a lifelong journey of learning to be vulnerable. I was raised — being taught that I — you couldn’t say I don’t know and now, in the world we live, did you have a manual for the COVID pandemic, did you have a manual for back-to-the-office, Barry? No. So, it’s clear that we don’t know. So, we have to be able to say my name is Hubert and I need help and we’re going to work together to figure it out. So, there’s a C change in leadership, meaning from a place of purpose and with humanity and a great deal of humility. RITHOLTZ: So, I want to talk about the pandemic in a moment. I want to stick with this revolution that you mentioned. There’s a quote from the book that I really like, quote, “The Milton Friedman version of capitalism got us here. But now, this model is failing.” Explain to us how it got us here, why it’s failing now and what comes next. JOLY: I used this to highlight the idea which mainly has been Milton Friedman’s, only I get was the context when he spoke. But the obsession with profits being the only thing that matters is proven to be poisonous and excessive focus on profit is poisonous and there’s several reasons for this. One is when we look at the reported profit of the company — by the way, if anybody believes that U.S. GAAP really tries to equate economic performance, study your accounting again, it’s not even trying, it’s a set of principles. There’s many things that GAAP profit does not capture, including your negative impact on the environment or how well your sales force is trained. The other thing is that it focuses on an outcome. So, in medicine, the (inaudible) analogous is my MD was focused on my temperature, right, and I don’t want a doctor that’s purely focused on my temperature because maybe he’s going to put the thermometer in the fridge or in the oven, right, depending. I want somebody who’s going to be interested in what’s driving my health and try to help me get healthy. And so, we got confused by this obsession and that was (inaudible) and, of course, there’s extreme cases. Enron is one of them but — where we lost track of why we’re on this planet and responsibility with doing the right thing. So, this new model, the reinvention of business probably going back to some of our roots, right, with the idea that business is here to purse enabled (ph) purpose. And this is not about socialism, this is about doing something good in the world that could be responding to needs of customers in a way that’s responsible. It’s about putting people at the center embracing all of the stakeholders in a harmonious fashion, refusing zero-sum games and treating profit as an outcome. I think that’s the formula that’s employed by some of the best companies on the planet. And as leaders, we need to go back to that and to learn new things because we’re so influenced by some of the techniques we learned last century, including this top-down management approach and using it extensively. So, that’s something you’re going to learn over time. There’s research by the MIT that shows that financial incentive deteriorates performance, which is the opposite of what we’ve learned, right? But if you feed somebody with carrots and sticks, beware because you’re going to get a donkey, right? RITHOLTZ: Right. JOLY: And in a world where you need creativity and people to be their best, motivation is going to be intrinsic. So, that’s what you need to be able to touch and get to the environment where people want to be their best and make a meaningful contribution in their work. So, I think this is a very exciting phase. This is an urgent phase because I’m concerned probably like you and many others that we have a few ticking timebombs and I have three wonderful granddaughters. I want to do my best to try to, quote-unquote, “make the planet” be a better world, right, than the current trajectory. RITHOLTZ: And this is very consistent, I have a fuller understanding of your philosophy that profit should be an outcome and not just the goal in and of itself. You’ve really put some meat on those bones. JOLY: Yes. Thank you, Barry, and there’s practical implications of that again and starting your monthly business meetings or even your board meetings with people and organization and then customers and business and then basically (ph) with with financial results. You should take care of the first two, the profits will follow. So, it’s a significant practical and philosophical transformation. Talking about quotes here, we quoted Milton Friedman, but I love this quote from the Lebanese prophet, Kahlil Gibran, who said that work is love made visible. RITHOLTZ: That’s a wonderful quote. And let’s talk a little bit about visibility of some of the changes you did. By the time you stepped down from the board of directors in June of last year, Best Buy’s board of 13 directors had, for the first time ever, a majority of women and three African-American directors. Tell us how you brought about this increase of diversity. What about diversity throughout the rest of the company and what was the impact of so much inclusion and a shift away from the older homogenous types of boards? JOLY: I think, Barry, it’s clear for every one of us today that having diversity is going to get to a better business outcome and I do believe that has there been Lehman brothers and sisters instead of Lehman brothers, we would have had a different outcome. But if you also take it a very practical fashion, in one of our stores in Chicago that’s in the Polish neighborhood, if the blue shirts don’t speak Polish, they’re not going to sell much. RITHOLTZ: Right. JOLY: Or when we had Brazilian tourists in Orlando, the blue shirts didn’t speak Portuguese, they were not going to sell much. So, having diversity of every dimension, talent, skills, profiles, gender, race, the country’s color is changing very rapidly, it’s becoming black and brown, we have to represent — it’s very simple, we have to represent the diversity of the customers we serve. If we don’t, bad things happen. And so, there’s a business imperative, there’s also a moral imperative when we see the state of the country. So, from a gender standpoint, as I said, I have three granddaughters, I want them to have the best opportunities, and why would it make sense to only recruit from a quarter of the population, right? RITHOLTZ: Right. JOLY: The board’s — I’ll say the board’s composition was a great place to focus now. It’s not the only one. When we rebuilt the board study in 2013, we want to have the best skills. We were determined to be diverse. So, we had an early focus on gender diversity and when I started to focus more on ethnic diversity, probably starting in 2016, 2017, I met — I had a great meeting with Mellody Hobson of Ariel Investments and … RITHOLTZ: Sure. JOLY: … she’s now the Chair of Starbucks, everyone knows Mellody, she’s amazing, one of the things she told me is that people cannot be who they cannot see. And so, starting at the top and having a board that would signal the direction was important. So, what’s really — and changing the composition of the board is not that hard with only 10 or 12 or 13 people, how hard can it be? So, we told the headhunter don’t bother giving us resumes of non-black directors, right, and if you believe that you are unable to find great black candidates, well, say that’s OK, we won’t have a problem with that. We’ll just work with another firm. It’s not a problem. And so, we recruited three amazing directors and we got them on the board that they’ve concluded (ph) in this direction and I think it makes a huge difference. And, of course, Best Buy is headquartered in Minneapolis and following the killing — the murder of George Floyd, it’s pretty simple, if you — if the city is on fire, right, if the community is on fire, you just can’t open stores, right? You can’t run a business. RITHOLTZ: Right. JOLY: So, in this country, we have this big racial issue that has been going on for centuries. I think generation has the opportunity to end systemic racism and that’s something we, I think, business can play a big role in this. So, that was determined and that’s what we did. RITHOLTZ: Let’s jump to our favorite questions that we ask all our guest starting with tell us what you’re streaming these days, give us your favorite Netflix or Amazon Prime, what’s keeping you entertained during the pandemic? JOLY: I have so much electronic equipment in our place that I’m doing a lot of streaming. I love — I always listen to music. I’m a movie buff. I have a collection of probably 800 movies on my (inaudible) setup. Our favorite I would say recently has been “Good Doctor.” I think that’s Season 5, it’s starting at the end of September. We’re very excited about this. And then from a podcast standpoint, I like listening to HBR’s Idea Cast. That’s a weekly – a great weekly podcast. Whitney Johnson has a great leadership podcast called “Disrupt Yourself.” And then I have to mention, there’s a young teenager, well, teenager would be young anyway, right, but let’s call him a teenager, Logan Lin has got a FinanZe podcast that focused on the Z generation. My God, the guy is so cool. So, everybody joins and downloads FinanZe spelled F-I-N-A-N-Z-E and that’s Logan Lin. RITHOLTZ: Quite interesting. We hinted at some of your mentors but let’s jump into that in more depth. Tell us some of the people who helped to shape your career. JOLY: There’s so many, Barry. Jean-Marie Descarpentries, a client of mine, had this big influence on me teaching me so much about how to put people first and treating profits as an outcome. There were two great friends, yes, who happened to be monks in a religious congregation in the early ’90s. That was a turning point. They asked me to write a couple of articles with them on the theology and philosophy of work which is where I got a lot of my roots in terms of work as part of our search for meaning as individuals, as human beings. It changed my perspective on work. Another turning point, too, in my early 40s, you could say throughout the book, it was at the top of my first mountain, right, had been a partner at McKinsey & Company. I was on the executive team of Vivendi Universal, by many measures., I’ve been successful, right, except I think the top of that first mountain was very dry which was not fulfilling. There was no real meaning. So, I call it my midlife crisis, right? So, instead of going on to an island, I did — I stepped back and I did the spiritual exercises of Ignatius of Loyola. So, you could say the founder of the Jesuits, of course. You could say he was one of my mentors that was really helpful to help me discern my calling in life, which today or since then has been to try to make a positive difference on people around me and use the platform I have to make a positive difference in the world which is what I’m doing now teaching and mentoring and so forth. And then we mentioned Marshall Goldsmith, my first coach and a good friend. Later on, I also worked with Eric Pliner at YSC. When the board — so, Marshall was doing my annual — having that board with my annual evaluation and the board realized that Marshall and I were such good friends and said, we need somebody more objective now. And we got Eric Pliner, who is now the CEO of YSC, worked with me but also his firm works with every one of our executives and helps us with executive team’s effectiveness and that was quite transformative. You should have spent more time earlier on not just on building the right team but enhancing our team effectiveness and I learned a lot working with Eric in that journey. RITHOLTZ: Let’s talk a little bit about everybody’s favorite question, tell us about some of your favorite books and what are you reading right now. JOLY: I read three books this summer. The first one is by Rakesh Khurana who’s now the President of Harvard College and it’s called “From Higher Aims to Hired Hands” which is the history — exactly for me, the history of business education in the U.S. over the last 120 years and how the business school curriculum were saved and how — and why he believes and I do believe as well that we need to evolve it not just learning techniques but also with — it’s not just about learning something or learning to do something, it’s also learning to be, which is I think an entire journey. I also read “Caste” by Isabel Wilkerson and a book by my colleague, Tsedal Neeley, “Remote Work Revolution” which is, of course, a very timely book. Best book ever read, I have to mention Marcel Proust being French, “In Search of Lost Time.” It’s only 3,000 pages. So, if you have a minute or two, I encourage you to get to it. Victor Frankl’s “Man’s Search for Meaning” is another favorite. And you mentioned the Marshall Goldsmith’s “What Got You Here Won’t Get You There.” And finally, I have to mention my wife’s book called “Aligned: Becoming the Leader You’re Meant To Be” and her name is Hortense Le Gentil. It’s one of the best leadership books that I’ve ever read and, of course, a little bias maybe. RITHOLTZ: Maybe you’re a little bit bias. So, you work with grad students and college students, what sort of advice would you give to a recent college graduate who is interested in a career either as an executive or leadership or even in retail? JOLY: I think the advice is the same as we give the new CEOs is write your retirement speech or even better, write your eulogy. And I know my good friend John Donahoe, who’s now the CEO of Nike, did this when he graduated and he’s always kept it. And I understand he goes back to it every year and it’s hard. (Inaudible) between the ages of 26 and 34, early in your adult life, you don’t necessarily know everything but try to write it and see what journey you want to be on and how you want to be remembered. That would be one plot. RITHOLTZ: Quite interesting. And our final question, what do you know about the world’s of leadership and executive management today that you wish you knew a couple of decades ago when you were first getting started? JOLY: Well, there’s so much over the years. I think it has to do with profits being an outcome not the goal. It’s about importance of looking at drivers of performance. It’s about my role as a leader is not to be the smartest person in the room but to create the right environment. Not about being perfect. Nobody’s perfect. And I think the quest for — maybe I’ll finish with this, the quest for perfection can be very dangerous, can be evil, right, because if you’re trying to be perfect, guess what, you’re not going to be successful. You’re going to be incredibly demanding and harsh with people around you because you expect them to be perfect. And so, you have to be laxed and be kind with yourself and others around you and be able to open up and share what you are struggling with, understand what they’re struggling with and help each other out. That’s the — I think to me, that’s — it’s such an important consideration. The quest of perfection can be very dangerous. Be kind to yourself. During the pandemic, we learned so much, right? We used to fly around Barry, long time ago on planes, right, and we were told by the steward or the stewardess, if the oxygen mask comes down, put it on yourself first before you help others. So, as we continue to go through challenging time, taking care of yourself as a leader, making sure you meditate, you reflect, you exercise, you ask for help either from your personal board of directors, your best friends, that’s the key thing, that’s going to be the way that we can then help others. So, take care of yourself first. RITHOLTZ: Quite interesting. We have been speaking with Hubert Joly, former Chairman and CEO at Best Buy and currently a lecturer at Harvard Business School. Thank you, Hubert, for being so generous with your time. If you enjoy this conversation, be sure and check out any of our previous 376 former discussions that we’ve had. You can find those at iTunes, Spotify, Acast, wherever you feed your podcast fix. We love your comments, feedback and suggestions. Write to us at mibpodcast@bloomberg.net. You can sign up for my daily reads, you can find those at ritholtz.com. Follow me on Twitter @Ritholtz. I would be remiss if I did not thank the crack staff that helps put these conversations together each week, Charlie Vollmer is my audio engineer extraordinaire, Atika Valbrun is my project manager, Paris Wald is my producer, Michael Batnick is my researcher. I’m Barry Ritholtz. You’ve been listening to Masters in Business on Bloomberg Radio   ~~~   The post Transcript: Hubert Joly appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureSep 27th, 2021

14 influential essays from Black writers on America"s problems with race

From Ida B. Wells to James Baldwin to Ta-Nehisi Coates, these works by Black authors give important context for what's going on in America. Martin Luther King Jr. Day is an opportunity for allies to educate themselves on the history of race in America.Santi Visalli/Getty images Business leaders are calling for people to reflect on civil rights this Martin Luther King Jr. Day. Black literary experts shared their top nonfiction essay and article picks on race.  The list includes "A Report from Occupied Territory" by James Baldwin. For many, Martin Luther King Jr. Day is a time of reflection on the life of one of the nation's most prominent civil rights leaders. It's also an important time for people who support racial justice to educate themselves on the experiences of Black people in America. Business leaders like TIAA CEO Thasunda Duckett Brown and others are encouraging people to reflect on King's life's work, and one way to do that is to read his essays and the work of others dedicated to the same mission he had: racial equity. Insider asked Black literary and historical experts to share their favorite works of journalism on race by Black authors. Here are the top pieces they recommended everyone read to better understand the quest for Black liberation in America:An earlier version of this article was published on June 14, 2020."Southern Horrors: Lynch Law in All Its Phases" and "The Red Record: Tabulated Statistics and Alleged Causes of Lynching in the United States" by Ida B. WellsIda B. Wells, pictured here in 1920.Chicago History Museum/Getty ImagesIn 1892, investigative journalist, activist, and NAACP founding member Ida B. Wells began to publish her research on lynching in a pamphlet titled "Southern Horrors: Lynch Law in All Its Phases." Three years later, she followed up with more research and detail in "The Red Record." Shirley Moody-Turner, associate Professor of English and African American Studies at Penn State University recommended everyone read these two texts, saying they hold "many parallels to our own moment."  "In these two pamphlets, Wells exposes the pervasive use of lynching and white mob violence against African American men and women. She discredits the myths used by white mobs to justify the killing of African Americans and exposes Northern and international audiences to the growing racial violence and terror perpetrated against Black people in the South in the years following the Civil War," Moody-Turner told Business Insider. Read  "Southern Horrors" here and "The Red Record" here>>"On Juneteenth" by Annette Gordon-ReedAnnette Gordon-Reed won a Pulitzer Prize in history for her book, “The Hemingses of Monticello: An American Family.”Jimi Celeste/Patrick McMullan via Getty ImagesIn this collection of essays, Pulitzer Prize-winning author Annette Gordon-Reed combines memoir and history to help readers understand the complexities out of which Juneteenth was born. She also argues how racial and ethnic hierarchies remain in society today, said Moody-Turner. "Gordon-Reed invites readers to see Juneteenth as a time to grapple with the complexities of race and enslavement in the US, to re-think our origin stories about race and slavery's central role in the formation of both Texas and the US, and to consider how, as Gordon-Reed so eloquently puts it, 'echoes of the past remain, leaving their traces in the people and events of the present and future.'"Purchase "On Juneteenth" here>>"The Case for Reparations" by Ta-Nehisi CoatesWriter and journalist Ta-Nehisi Coates, testified about reparations for the descendants of slaves during a hearing before the House Judiciary Subcommittee in June 2019.Cheriss May/NurPhoto via Getty ImagesTa-Nehisi Coates, best-selling author and national correspondent for The Atlantic, made waves when he published his 2014 article "The Case for Reparations," in which he called for "collective introspection" on reparations for Black Americans subjected to centuries of racism and violence. "In his now famed essay for The Atlantic, journalist, author, and essayist, Ta-Nehisi Coates traces how slavery, segregation, and discriminatory racial policies underpin ongoing and systemic economic and racial disparities," Moody-Turner said. "Coates provides deep historical context punctuated by individual and collective stories that compel us to reconsider the case for reparations," she added.  Read it here>>"The Idea of America" by Nikole Hannah-Jones and the "1619 Project" by The New York TimesReporter Nikole Hannah-Jones attends The 75th Annual Peabody Awards Ceremony in 2016.Mike Coppola/Getty Images for Peabody AwardsIn "The Idea of America," Pulitzer Prize-winning investigative journalist Nikole Hannah-Jones traces America's history from 1619 onward, the year slavery began in the US. She explores how the history of slavery is inseparable from the rise of America's democracy in her essay that's part of The New York Times' larger "1619 Project," which is the outlet's ongoing project created in 2019 to re-examine the impact of slavery in the US. "In her unflinching look at the legacy of slavery and the underside of American democracy and capitalism, Hannah-Jones asks, 'what if America understood, finally, in this 400th year, that we [Black Americans] have never been the problem but the solution,'" said Moody-Turner, who recommended readers read the whole "1619 Project" as well. Read "The Idea of America" here and the rest of the "1619 Project here>>"Many Thousands Gone" by James BaldwinJames Baldwin is best known for his works "Notes of a Native Son," "The Fire Next Time" and "Go Tell It on the Mountain."Jean-Regis Rouston/Roger Viollet/Getty ImagesIn "Many Thousands Gone," James Arthur Baldwin, American novelist, playwright, essayist, poet, and activist lays out how white America is not ready to fully recognize Black people as people. It's a must read, according to Jimmy Worthy II, assistant professor of English at The University of Massachusetts, Amherst."Baldwin's essay reminds us that in America, the very idea of Black persons conjures an amalgamation of specters, fears, threats, anxieties, guilts, and memories that must be extinguished as part of the labor to forget histories deemed too uncomfortable to remember," Worthy said.Read it here>>"Letter from a Birmingham Jail" by Martin Luther King Jr.Martin Luther King Jr. was the most visible spokesperson and leader in the Civil Rights Movement from 1955 until his assassination in 1968.GettyOn April 13 1963, Martin Luther King Jr. and other Civil Rights activists were arrested after peaceful protest in Birmingham, Alabama. In jail, King penned an open letter about how people have a moral obligation to break unjust laws rather than waiting patiently for legal change. In his essay, he expresses criticism and disappointment in white moderates and white churches, something that's not often focused on in history textbooks, Worthy said."King revises the perception of white racists devoted to a vehement status quo to include white moderates whose theories of inevitable racial equality and silence pertaining to racial injustice prolong discriminatory practices," Worthy said. Read it here>>"The Transformation of Silence into Language and Action" by Audre LordeAfrican-American writer, feminist, poet and civil-rights activist Audre Lorde poses for a photograph during her 1983 residency at the Atlantic Center for the Arts in New Smyrna Beach, Florida.Robert Alexander/Getty ImagesAudre Lorde, African American writer, feminist, womanist, librarian, and civil rights activist asks readers to not be silent on important issues. This short, rousing read is crucial for everyone according to Thomonique Moore, a 2016 graduate of Howard University, founder of Books&Shit book club, and an incoming Masters' candidate at Columbia University's Teacher's College. "In this essay, Lorde explains to readers the importance of overcoming our fears and speaking out about the injustices that are plaguing us and the people around us. She challenges us to not live our lives in silence, or we risk never changing the things around us," Moore said. Read it here>>"The First White President" by Ta-Nehisi CoatesCoates is the author of several books including "Between the World and Me" and "The Water Dancer."Associated PressThis essay from the award-winning journalist's book "We Were Eight Years in Power," details how Trump, during his presidency, employed the notion of whiteness and white supremacy to pick apart the legacy of the nation's first Black president, Barack Obama.Moore said it was crucial reading to understand the current political environment we're in. Read it here>>"Just Walk on By" by Brent StaplesDirector Roger Ross Williams and New York Times writer Brent Staples speak in 2019 in Park City, Utah.Tasos Katopodis/Getty Images for The New York TimesIn this essay, Brent Staples, author and Pulitzer Prize-winning editorial writer for The New York Times, hones in on the experience of racism against Black people in public spaces, especially on the role of white women in contributing to the view that Black men are threatening figures.  For Crystal M. Fleming, associate professor of sociology and Africana Studies at SUNY Stony Brook, his essay is especially relevant right now. "We see the relevance of his critique in the recent incident in New York City, wherein a white woman named Amy Cooper infamously called the police and lied, claiming that a Black man — Christian Cooper — threatened her life in Central Park. Although the experience that Staples describes took place decades ago, the social dynamics have largely remained the same," Fleming told Insider. Read it here>>"I Was Pregnant and in Crisis. All the Doctors and Nurses Saw Was an Incompetent Black Woman" by Tressie McMillan CottomTressie McMillan Cottom at the 70th National Book Awards Ceremony & Benefit Dinner in November 2019.Dimitrios Kambouris/Getty ImagesTressie McMillan Cottom is an author, associate professor of sociology at Virginia Commonwealth University and a faculty affiliate at Harvard University's Berkman Klein Center for Internet and Society. In this essay, Cottom shares her gut-wrenching experience of racism within the healthcare system. Fleming called this piece an "excellent primer on intersectionality" between racism and sexism, calling Cottom one of the most influential sociologists and writers in the US today. Read it here>>"A Report from Occupied Territory" by James BaldwinJames Baldwin lived from 1924 to 1987.Ted Thai/The LIFE Picture Collection via Getty ImagesBaldwin's "A Report from Occupied Territory" was originally published in The Nation in 1966. It takes a hard look at violence against Black people in the US, specifically police brutality. "Baldwin's work remains essential to understanding the depth and breadth of anti-black racism in our society. This essay — which touches on issues of racialized violence, policing and the role of the law in reproducing inequality — is an absolute must-read for anyone who wants to understand just how much has not changed with regard to police violence and anti-Black racism in our country," Fleming told Insider. Read it here>>"I'm From Philly. 30 Years Later, I'm Still Trying To Make Sense Of The MOVE Bombing" by Gene DembyGene Demby pictured here with his colleague NPR's Karen Grigsby Bates in 2019.JC Olivera/Getty ImagesOn May 13, 1985, a police helicopter dropped a bomb on the MOVE compound in Philadelphia, which housed members of the MOVE, a black liberation group founded in 1972 in Philadelphia, Pennsylvania. Eleven people, including five children, died in the airstrike. In this essay, Gene Demby, co-host and correspondent for NPR's Code Switch team, tries to wrap his head around the shocking instance of police violence against Black people. "I would argue that the fact that police were authorized to literally bomb Black citizens in their own homes, in their own country, is directly relevant to current conversations about militarized police and the growing movement to defund and abolish policing," Fleming said. Read it here>>Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 13th, 2023

25 books management consultants from firms like McKinsey and Bain recommend for anyone who wants to make smarter business decisions

This wide-ranged reading list provides tips for problem solving and persuasion, different management styles, and more. There are some skills management consultants can learn and develop from books.Goodboy Picture Company/Getty Images Management consultants can make six-figure salaries right after college or business school.  Consultants are often expert problem-solvers who have mastered negotiation and soft skills. Insider spoke with consulting experts and business school professors who shared 25 of their go-to reads.  Titles range from a 90s classic, "The McKinsey Way," by Ethan M. Rasiel to "Never Split the Difference" by Chris Voss, a former international hostage negotiator for the FBI who shared tips on how to get through to anyone.  Visit Business Insider's homepage for more stories. Whether you're a consultant hoping to excel at work or a business school student eager to land a six-figure job at a firm, books can serve as a great resource for you to learn the ins and outs of the management consulting industry. Consultants specialize in advising leaders to make smarter money and business decisions. They usually have a knack for diagnosing company strengths and weaknesses on the fly.Apart from the high salaries and prestige, consultants spend their days collaborating with teams, negotiating with high-profile clients, and solving complex problems. Most of their skills are mastered through business school and rigorous training at elite firms. But there are some skills management consultants can learn and develop from books.Leading consulting firms like McKinsey & Company, Boston Consulting Group, and the Big Four account firms (which consists of Deloitte, KPMG, EY, and PwC) are known to be rather tight-lipped about their client work. But there are several books written by former employees and journalists that can offer you more insight to what it's like to work there. Insider has compiled a list of books recommended by MBA graduates, business school professors, and consultants. We also included resourceful reads for job seekers who want to learn more about specific firms. This wide-ranged reading list gives tools for problem solving and persuasion, teaches the impact of different management styles, informs you about effective DEI practices, and tells you what you're expected to know.Here are 25 books related to management consulting you should read. "Quiet" by Susan CainCrown Publishing Group, Random House, Inc."Quiet" is a curriculum requirement in Zoë Chance's lectures at Yale School of Management. Chance, a management professor teaching "Mastering Influence and Persuasion," shared in a Medium post that her students can become better leaders once they figure out how to work well with introverts. In this book, author Susan Cain gives a crash course on how extroverts and introverts think differently. She explained their strengths and weaknesses in problem solving, and she emphasized that introverts can make great (if not better) leaders. Get it here >> "Good to Great: Why Some Companies make the Leap and Others Don't" by Jim CollinsHarperBusinessDavis Nguyen, went to Yale and worked at Bain & Company for two years. He also founded careers company My Consulting Offer. He suggested several books that helped him through job transitions and leadership challenges.  The first is "Good to Great," a leadership book that is applicable to today's changing workplace, and it's also a standard read in business school, Nguyen said.Author Jim Collins previously published "Built to Last," a six-year research project that  provided a blueprint for building long-lasting companies. In his latest book, Collins takes a closer look at what turns the good companies into great ones. "Good to Great" lays out four key management strategies that combine classic business concepts with an entrepreneurial mindset. Get it here >> "The McKinsey Way" by Ethan M. RasielThe McGrawHill Companies, Inc.Landing a job at McKinsey & Company is challenging. One way to prepare for their hiring process is to read about how the "McKinsey-ites" think. Author Ethan M. Rasiel is a former consulting associate at the company. The book title, "The McKinsey Way," is as on the nose as it sounds. Rasiel discusses how McKinsey consultants' approach to every aspect of the job — how they brainstorm, how they build a team, and how they navigate through a high-pressure work environment. Get it here >> "Stories that Stick: How Storytelling can Captivate Customers, Influence Audiences, and Transform Your Business" by Kindra HallHarperCollins LeadershipMorgan Bernstein, director of strategic initiatives at Berkeley's Haas School of Business, recommended Kindra Hall's bestseller for management consultants who want to be more effective in their jobs. Consultants are also storytellers. They compile data, research competitors, propose a plan, and paint a picture for each client through presentations.Hall's "Stories that Stick" classifies four types of stories that appear in business: The value story, the founder story, the purpose story, and the customer story.Hall's book gives concrete examples and templates on how to leverage storytelling as a business skill. Get it here >> "The Five Dysfunctions of a Team: A Leadership Fable" by Patrick LencioniJossey BassNguyen said "The Five Dysfunctions of a Team" is one of his favorite leadership books — it's also a standard issue at Bain & Company once you take on a leadership role.  Author Patrick Lencioni offers practical information to build small and large teams. He pinpoints five main dysfunctions that even the best companies struggle with. These dysfunctions are often identifiable and curable, he wrote. The author gives ways to overcome those issues.  Get it here >> "Linchpin: Are you Indispensable?" by Seth GodinPenguin GroupIn this book, bestselling author Seth Godin draws attention to an emerging third team in today's workplace: The linchpins or the people who figure out what to do when there's no rule book. Godin refers to real-world narratives of people who refused to conform, carved their own paths, and succeeded. As one of Harvard's recommended books for aspiring consultants, "Linchpin" guides readers to find their own niche and see work through an entrepreneurial lens. Get it here >> "Leaders Eat Last: Why Some Teams Pull Together and Others Don't" by Simon SinekPenguin Random House LLCIn "Leaders Eat Last," bestselling author Simon Sinek puts the spotlight on leadership and management sacrifices. Sinek, who's also career and workplace keynote speaker, travelled around the world and came across a variety of team cultures. He wondered what builds trust in a workplace, and why some leaders fail to establish that same trust with their employees. After an encounter with a US Marine Corps general, the author finally understood a crucial lesson in management — it's that great leaders sacrifice their own comfort for their teams.Get it here >> "HBR's 10 Must Reads: The Essentials" by Harvard Business ReviewHarvard Business School Publishing CorporationHarvard Business Review editors compiled 10 seminal articles by management's most influential experts.Some of the big ideas in "The Essentials" include how to understand customer needs, the importance of soft skills in business, and the eight critical stages in leading change.  Get it here >> "Love Does: Discover a Secretly Incredible Life in an Ordinary World" by Bob GoffThomas Nelson, Inc."Love Does" is written by Bob Goff, a New York Times bestselling author and a former lawyer. His memoir is another book included in the Yale School of Management's curriculum.Chance assigns two particular chapters for her MBA courses.Chapter six, "Go Buy Your Books," is to encourage her students to seize an opportunity when they get one. Chapter 10 in the book, "The Interview," is when Goff finally realized that success is much more about hard work and strategy rather than talent, as he discovered that "ordinary people" can become important. Unlike the more practical reads in this list, "Love Does" documents Goff's journey in overcoming challenges with a positive attitude and how he adapts to life's curveballs. Get it here >> "The Trusted Advisor" by David H. Maister, Charles H. Green, and Robert M. GalfordSimon & Schuster"This book is given to every Bain manager who is on the path to becoming partner," Nguyen wrote in an email to Business Insider. "This is also one of the managing partners of Bain's favorite books. I learned this while working with him." The three authors (who are also former management consultants) give readers the essential tools for consulting, negotiating, and advising. They emphasize perfecting soft skills to build trust with clients. Get it here >> "Just Listen: Discover the Secret to Getting Through to Absolutely Anyone" by Mark GoulstonAmerican Management AssociationEffective people skills are hard to master. For Mark Goulston, the many aspects of connecting with someone, whether they be a client, friend, or spouse, is an art form. The author draws from his experience as a psychiatrist, business consultant, and coach to identify techniques for persuasion, negotiation, and sales. "I think of this as the modern version of "How to Win Friends" for anyone who loved the classic but want to hear more about how it is applied this decade," Nguyen added. Get it here >> "Rising Strong: How the Ability to Reset Transforms the Way we Live, Love, Parent and Lead" by Brené BrownRandom HouseBernstein recommends this book for business school students who want to be successful and deliver compelling "stories that inspire an audience to take action," she wrote to Business Insider. Social worker Brené Brown, a New York Times bestselling author, dedicates her career to studying shame and vulnerability. In this book, she leverages grounded theory research and offers advice on how to navigate through failures and discomfort.In business and in life, we often stay away from the unfamiliar, but regaining our footing during hard times make us better, Brown wrote. Get it here >> "Problem Solving 101: A Simple Book for Smart People" by Ken WatanabePenguin Books Ltd."Problem Solving 101" is written by Ken Watanabe, a former McKinsey consultant who later became a school teacher. He originally wrote the book to encourage the Japanese education system to redirect its focus from memorization to critical thinking, and it soon became an international bestseller."He wanted to be able to teach McKinsey's way of thinking creatively and structurally to kids at a younger age," Nguyen told Business Insider. "It's one of my favorite books and a gift I give to a lot of my mentees." Throughout the book, Watanabe uses logic trees, matrices, and illustrations to simplify complicated concepts. It's essentially a guide for consulting beginners disguised as a teen read.Get it here >> "Give and Take: Why Helping Others Drives Our Success" by Adam GrantPenguin Random HouseAdam Grant, an award-winning organizational psychologist  and a Wharton professor, documents in empirical detail how being a "giver" — that is, someone who seeks to help others — is a strategy for career success, as opposed to only "taking" from other people, which often comes back to haunt would-be high achievers. "In class, we discuss why so many of the least and the most successful people are givers," Chance wrote of the book in a Medium post. Get it here >> "Influence: The Psychology of Persuasion" by Robert B. CialdiniAn essential skill for any consultant is persuasion. Cialdini's bestseller is a must-read book in business school, Chance said. It teaches six universal principles on persuasion that are based off decades of scientific research and experiments. The liking principle, for example, refers to how we're more likely to agree with people we like and how we're also prone to like people who agree with us.  You can use this book as a guide for better negotiations once you understand the behavioral concepts. Get it here >> "Never Split the Difference: Negotiating as if your Life Depended on it" by Chris Voss with Tahl RazHarperCollins BooksNguyen recommends "Never Split the Difference" because it teaches readers how to deal with tough conversations. "This happens a lot in consulting where you have multiple stakeholders and you need to decide how to best work with them," he wrote in an email. Author Chris Voss is a former international hostage negotiator for the FBI, and he simplifies negotiating into nine core principles you can use to become more persuasive. For example, the first big tip in the book encourages readers to be better listeners. Making your clients feel heard is the very first step in any negotiation. Some other strategies Voss discusses include mirroring their clients and getting better at saying no. Get it here >> "Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean" by Karen Berman and Joe KnightHarvard Business School Publishing"Financial Intelligence" is the closest reference to a textbook in this list. It's a guide that helps people make sense of the numbers and why it matters. "To be a consultant, you need to be able to read financial statements and be comfortable with numbers," Nguyen said. "This is a primer guide to accounting and understanding what the numbers mean." Get it here >>   "The Hard Thing about Hard Things: Building a Business When There are no Easy Answers" by Ben HorowitzHarperCollins BooksIf anyone knows how hard it is to run a successful business, it's Ben Horowitz.He had previously run Opsware, a software company that was sold for $1.6 billion in 2007. That acquisition led to him cofounding venture capital firm Andreessen Horowitz. In this book, he reflects on his experience as cofounder of Andreessen Horowitz and gets candid about the entrepreneurial challenges that he never learned in business school. The author shares insights on how to maintain a growth mindset, establish sustainable growth, and outperform business competitors.Get it here >> "The Back of the Napkin: Solving Problems and Selling Ideas with Pictures" by Dan RoamPenguin GroupRecommended by Harvard's Professional Development Center, "The Back of the Napkin" urges consultants to leverage the power of visual thinking to work through client problems. In this book, author Dan Roam draws on more than 20 years of experience in vision science and argues that drawing on a piece of paper can help you communicate your ideas better than any PowerPoint presentation. "There is no more powerful way to prove that we know something well than to draw a simple picture of it," he wrote in the book. "And there is no more powerful way to see hiddens olutions than to pick up a pen and draw out the pieces of our problem." Get it here >>"Flawless Consulting: A Guide to Getting Your Expertise Used" by Peter BlockPfeiffer"Flawless Consulting" by Peter Block is known to be a must-read for consultants, and it's been revised and published with three editions to fit the challenges that next-generation consultants might face at work. With over 18 comprehensive chapters, Block guides readers on how to deal with difficult clients, address the challenges of international consulting, and work in a virtual workplace.Harvard's Professional Development center champions the author's emphasis on maintaining authentic relationship and his concise breakdown of the consulting process. Get it here >> "The Firm: The Story of McKinsey and Its Secret Influence on American Business" by Duff McDonaldSimon & Schuster, Inc.Duff MacDonald is one of few business journalists who penetrated the culture at McKinsey, one of the most influential and secretive consulting firms in the world. In this book, the author tells the origin of the firm and how it earned it prestige in the corporate world. MacDonald also narrates McKinsey's involvement in legendary business transformations as well as controversial projects like building the Enron bomb or working with General Motors before its bankruptcy in 2009. Get it here >> "The Pyramid Principle: Logic in Writing, Thinking, and Problem Solving" by Barbara MintoMinto International, Inc.Barbara Minto is a former McKinsey consultant who wrote "The Pyramid Principle" during her time at the firm. She wrote this book to help consultants how to structure their advice for clients, leverage logic and reasoning, and communicate ideas concisely. Through her research and experience, Minto argues that we can arrange information into a pyramidal groupings to save time. This book remains a must-read for employees at McKinsey, Ernst & Young, and boutique firm Booz Allen Hamilton today, according to consulting careers resource company Management Consulted.Get it here >> "The Consultant with Pink Hair" by Cal HarrisonRockbench Publishing CorporationAlex Nuth, a former strategy consultant at Accenture and cofounder of Now or Never Ventures, an innovation consultancy, wrote that "The Consultant with Pink Hair" offers an entertaining glimpse into the lives of consultants. This book is about two partners at a management consulting firm who navigate through a tough client case. Despite it being a novel, author Cal Harrison accurately describes a consultant's lifestyle of working late nights, managing clients, and tackling competition at work, Nuth wrote. Get it here >> "The Waymakers" by Tara Jaye FrankAmplify PublishingTara Jaye Frank's book, "The Waymakers: Clearing the Path to Workplace Equity with Competence and Confidence," explains how leadership can be the key to greater equality in the workplace. She uses case studies to show how leaders can use their authority to make a way for those historically excluded from professional spaces.Fortune 500 consultant Nika White previously recommended this book to Insider for its actionable steps in leadership-capacity building."Any leader needing this kind of support should consider this book and after reading it, read it once again, and then again," White said.Get it here >>"Plantation Theory" by John GrahamMynd Matters PublishingIn his book, "Plantation Theory: The Black Professional's Struggle Between Freedom and Security," DEI and culture consultant John Graham wrote about the realities many Black professionals face in the corporate world. He includes his own experiences to educate leaders and encourages them to do the hard work in ending inequitable workplaces rather than continuing with performative gestures.Netta Jenkins, the founder of Holistic Inclusion Consulting, previously recommended this book to Insider for leaders to form a deeper level of racial justice action and commitment. "Many organizations want to start and continue their DEI journey, but fail at understanding the historical context," Jenkins said. "This gives all a chance to do that."Get it here >>Read the original article on Business Insider.....»»

Category: smallbizSource: nytJan 12th, 2023

Where"s The Woodward And Bernstein Of The COVID Scandals?

Where's The Woodward And Bernstein Of The COVID Scandals? Authored by Bill Rice via The Brownstone Institute, I was just a kid, but I’m old enough to remember Watergate. As I grew older, I learned more specific details about this historic event. Here’s my Watergate takeaway, which I think is the accepted “narrative” on this historic event: Watergate was the biggest political scandal of the century. The fallout or denouement caused President Nixon to resign from office and sent several “conspirators” to prison.  It also made Woodward and Bernstein the most famous journalists of all time.  Few people had heard of these journalists when they began compiling relevant facts about the original Watergate crime and obligatory cover-up, but this changed over the span of about two years. Based in part on these two journalists doing their jobs, Congressional officials decided to also do their jobs and before you knew it, most of the sordid story was known to the world.  Woodward and Bernstein, who were already minor celebrities, really cashed in with the publication of their best-selling book All the President’s Men, which was adapted into an Academy Award-winning movie starring Robert Redford and Dustin Hoffman, two of the biggest stars of our era. After filling their mantles with every journalism prize, the Washington Post scribes parlayed this fame and success into a lifetime of speaking gigs. By “breaking” the Watergate scandal, they also acquired the panache that allowed them to play leading roles in future investigations that resulted in even more best-selling books. Today, the names of both journalists are literally in the history books, where their journalistic accomplishments will live forever.  Every ambitious journalist who followed wanted to be the next Woodward and Bernstein and break some huge scandal that might elevate them onto a similar professional pedestal.  The employer of Woodward and Bernstein, the Washington Post, built most of its reputation on the fact it was the newspaper that did more than any other to expose Watergate. So … It pays handsomely – directly and indirectly with benefits that will last a lifetime – to be the journalists or news organization that breaks the “scandal of the century.” Which leads to THE question: Given all of the above, why doesn’t any journalist, editor or publisher want to be the next Woodward and Bernstein when it comes to Covid scandals?  The Covid scandals that could be exposed by an enterprising journalist(s) are vastly larger and more important than those involving Watergate. To cite one difference … nobody died in Watergate. In way of comparison, the disease Covid – as well as all the calamitous responses to Covid – must have killed and injured 10, 20, 50 million (a billion?) people by now. And these casualty figures are still growing. Nor did Watergate cripple the economy nor lead to rampant inflation.  Nor did it lead to mass censorship and the evisceration of civil liberties.  Also, the Watergate conspiracies and cover-ups included only a small group of Nixon loyalists in the White House, plus a few people who actually did the “dirty tricks.” It takes no Woodward and Bernstein for the Man on the Street to realize that Covid crimes and cover-ups must have involved practically every agency in government by now.  NIH, NIAID, CDC, FDA, the Pentagon, the FBI, the CIA, the White House, the Department of Homeland Defense, Congress, the Justice Department, the courts , judges, governors, mayors, OSHA, the Departments of Transportation, Commerce, Labor, HHS … local police departments, all the state and local health agencies, colleges, school boards … almost all of these agencies went “all in” on the bogus Covid narratives and requisite cover-ups. Then we have all of the private sector cronies and conspirators.  In Watergate, at least that I am aware of, Big Pharma was not implicated. With Watergate, none of the world’s major corporations signed onto the program.  With Covid, as far as I can tell, every big company endorsed the CDC’s policy guidebook and did their patriotic best to make sure the conspiracy went off without a hitch.  When you stop and think about it, there’s no way a “Woodward and Bernstein” could tell the story of the Covid Scandal. There’s simply too many scandals that would have to be exposed. It would take an army of Woodward and Bernsteins to break the pieces down into individual, sub-scandal components.  Still, the journalists who provided the public with a few key answers to what really happened and why, journalists who told the world the names of the people who committed the biggest crimes and cover-ups, would surely go down in history as the most important journalists of world history.  That is, Woodward and Bernstein would have to move down to second place.  Which isn’t their fault. It’s just that, compared to Covid, Watergate seems like a scandal to fix a few parking tickets.  But, still, not ONE mainstream media journalist nor one mainstream media news organization has shown any interest in exposing any parts of the scandal of all time.  How does one explain such a surreal reality?  If saving lives and exposing corrupt (I’d say evil) officials doesn’t motivate today’s journalists, one would think that the All-American values of wanting to become rich and famous would get the adrenalin of a few crackerjack journalists flowing. But, no.  As it turns out, nobody wants to be the next Woodward and Bernstein. Nobody cares about earning that spot in the history books and making their children and grandchildren proud. (“My Dad scored four touchdowns in a high school football game.” “… Well, my Dad broke the Covid scandal …”) Why doesn’t any journalist want to expose the real truth about the myriad Covid scandals?  The answer to this puzzler seems pretty obvious to me. The watchdog press must be a part of the conspiracy. The conspiracy must be that vast. This is the only possible answer I can come up with. The reason Woodward and Bernstein were able to tell the the world that Nixon’s White House was full of crooks is because the Washington Post wasn’t part of that conspiracy. In fact, the journalists and their employer were part of a massive group effort involving hundreds of news organizations that were working around the clock, trying to expose the crimes and cover-ups. When you realize this, you realize that Nixon and his team never had a chance of getting away with it.  But skip forward 50 years to Covid times and we see that the scales of journalism have completely flipped.   The key to the modern-day scandal is … Of course everyone will get away with their miscellaneous crimes and misdemeanors because nobody who could expose the crooks is trying to do this.  The lesson here is a big one: If you want to get away with “crimes against humanity,” you better make sure you’ve fully captured the watchdog press. (Even Woodward and Bernstein, who are still alive and cranking out stories, don’t care about no Covid scandals.) How the Bad Guys were able to capture and control approximately 40,000 mainstream journalists would itself be one heck of a story. But who’s going to tell that story? Don’t laugh, but I guess it will end up being someone like me. In the past, I would never have considered that some small-time freelance journalist could break some big, historic scoop. I mean, I can’t even get one government official to return my calls or emails (“Dr. Fauci, Bill Rice, Jr. on the phone …”) Nor do I have a partner like Woodward helping me with any digging. But, I’ll say this: I’m not like today’s other 40,000 mainstream journalists. Becoming rich and famous wouldn’t bother me. If I could save a few lives and help put a few diabolical crooks into prison, this would check my “I did something meaningful with my life” box. Plus, I’ve had this thought: Nobody else is really on the case. Even today, Woodward and Bernstein – with some research help from some of theWashington Post’s army of interns – could expose some of these scandals in three weeks … if they tried.  But we all know these guys are sitting this scandal out.  Breaking this scandal would make them even richer and more famous, but it would also prove all the conspiracy “kooks” were right all along. The embarrassment and professional stigma would be too great for them to bear. The mean tweets from former colleagues (“Why did you go and do that? You’re not in our club anymore!”) wouldn’t be worth the cost. As it turns out, for reasons that boggle the mind, the amateurs on Substack have been granted complete monopoly rights to investigate the Story of All Time.  What the heck. If the Big Leaguers don’t want play, I say, “Put me in, Coach …”  Anyway, if anyone reading this happens to be a potential whistleblower with information that would tell your fellow citizens what really took place with Covid, please contact me via this Substack site. I also know this. In 2023, Covid’s version of Deep Throat would be wasting his breath to call anyone at theWashington Post. But every real journalist at Substack would take that call and run with it.  *  *  * Reposted from the author’s Substack Tyler Durden Mon, 01/09/2023 - 22:20.....»»

Category: blogSource: zerohedgeJan 9th, 2023

With Schools Ditching Merit For Diversity, Families Of High Achievers Head For The Door

With Schools Ditching Merit For Diversity, Families Of High Achievers Head For The Door Authored by Vince Bielski via RealClear Wire, Alex Shilkrut has deep roots in Manhattan, where he has lived for 16 years, works as a physician, and sends his daughter to a public elementary school for gifted students in coveted District 2.  It’s a good life. But Shilkrut regretfully says he may leave the city, as well as a job he likes in a Manhattan hospital, because of sweeping changes in October that ended selective admissions in most New York City middle schools.  These merit-based schools, which screened for students who met their high standards, will permanently switch to a lottery for admissions that will almost certainly enroll more blacks and Latinos in the pursuit of racial integration.   Shilkrut is one of many parents who are dismayed by the city’s dismantling of competitive education. He says he values diversity but is concerned that the expectation that academic rigor will be scaled back to accommodate a broad range of students in a lottery is what’s driving him and other parents to seek alternatives. Although it’s too early to know how many students might leave the school system due to the enrollment changes, some parents say they may opt for private education at $50,000 a year and others plan to uproot their lives for the suburbs despite the burdens of such moves.   “We will very likely leave the public schools,” says Shilkrut, adding that he knows 10 Manhattan families who also plan to depart. “And if these policies continue, there won’t be many middle- and upper middle-class families left in the public schools.”  A National Battle Over Merit  The battle in New York City is an example writ large of a high-stakes gamble playing out in cities across the country – essentially a large experiment in urban education aiming to improve the decades-old lag in performance of mostly black and Latino students. By ending screened admissions that segregate poorer performers and instead placing them in lottery schools with higher achievers, the theory goes, all students benefit.     But the research cuts both ways on the academic impact of mixed-ability classrooms, and many New York City parents say they don’t want to roll the dice on their kids’ education. If a large number of families do exit the city’s public schools in 2023, it would mean another financial blow to a system that has already lost more than 100,000 students since the beginning of the pandemic. Yet some of these parents may decide to remain in the public system and augment their kids’ education with advanced after-school classes, a common practice.  “When desegregation policies have been adopted in other cities, some parents who object stick it out and adapt,” says David Armor, a professor emeritus at George Mason University who has extensively researched integration policies. “But I would expect some degree of middle-class flight in New York City given how the lottery is going to change the academic composition of the middle schools.”   Diversity advocates – school educators, local politicians, and progressive nonprofits and parents – dismiss the threat of an exodus as scaremongering while they score wins. In Park Slope, Brooklyn, an affluent, progressive NYC neighborhood, it was parents who led the charge to end selective middle schools several years ago in a prelude to the citywide policy shift this fall. But Park Slope isn’t representative of the more moderate politics of much of the city like Manhattan’s District 2, where most parents at a recent series of community meetings strongly backed selective education.   Nationwide, about 185 school districts and charters in 39 states have adopted integration policies, ranging from redrawing school boundaries to preferential admissions for low-income and black and Latino students, according to the Century Foundation, an advocacy group. A quarter of them have been implemented since 2017.   “Students benefit educationally and socially from racially and economically integrated schools,” says a report from New York Appleseed, an advocacy group that lobbied for the removal of admission screens. “Society and our political systems benefit from the reduction in racial prejudice.”    But advocates don’t win them all, suffering a remarkable setback in progressive San Francisco in 2022. After the Board of Education angered some parents, particularly Asian Americans, by shifting Lowell, the city’s premier selective high school, to a lottery system during the pandemic, a grassroots campaign formed and successfully recalled three members in a landslide vote. The new board voted to keep screened enrollment at Lowell.  NYC Rolls Back Selective Ed  The retreat from selective middle schools in New York City gained momentum during the pandemic. Prior to COVID, almost 200 of the city’s middle schools, or nearly half the total, used enrollment screens, typically grades and test scores, to select high achievers.   Whites and Asians won a disproportionate number of seats in these competitive schools, creating a form of segregation based on academic performance. For instance, at Salk School of Science, a junior high in District 2, these groups accounted for three-fourths of the enrollment, with blacks and Latinos taking less than a quarter of the seats even though they make up two-thirds of all students in NYC’s system.  During the pandemic, middle schools suspended screened admissions because standardized testing had been temporarily paused – and that gave diversity advocates an opening to lobby for a permanent end of selective middle schools.   NYC Department of Education Chancellor David Banks, a black man who rose up the ranks from school security officer, recently got a taste of bitter politics of integration after making a politically incorrect comment in favor of merit-based education. The blunt-spoken chancellor was pilloried as “evil” on Twitter for saying that students who work harder deserve to go to a top school compared to those who need water thrown on their face to get them to class. As a former principal, Banks was speaking from experience.   But perhaps due to the political pressure, rather than ordering the restoration of screening, Banks punted. He told his superintendents who run more than 30 districts to solicit feedback from parents and then decide whether to bring them back.  In October, the superintendents mostly sided with progressives, dropping screened admissions permanently in more than 130 middle schools and restoring the practice in almost 60 of them for enrollment in fall 2023. Some parents cheered the sea change, arguing it’s wrong to pressure young children in 4th grade to compete for selective middle schools.  “Screens end up excluding black students and English language learners and those from low-income families,” says Nyah Berg, the executive director of New York Appleseed. “It’s fundamentally unsound to judge the worthiness of a student who is nine years old to attend a middle school based on their test scores and grades.”  But many other parents, particularly in District 2, are appalled by the rollback of meritocracy. The district covers a large swath of Manhattan, from the affluent Upper East Side and Midtown to Greenwich Village and the financial district. It is also home to a disproportionate share of high performing students.  One District 2 mom, who taught in city public schools for six years, says she and her husband have already bought a house in Riverside, Conn., where schools provide accelerated education. They plan to move there if they can’t afford a private school in the city.  “It’s 100% certain that our children won’t go to an unscreened school,” says the mother, who asked not to be named because she has two kids in public elementary school. “It’s heartbreaking because I grew up in the city and went to public schools. But the standards are falling now.”  The major problem with mixed-ability classrooms, particularly in an unscreened urban school, is the remarkably large difference in skill levels that teachers will likely encounter, says Jonathan Plucker, a professor of education at Johns Hopkins University who researches student achievement gaps. Some middle school students may be at least three years behind their grade level and others three years ahead, making it next to impossible for a teacher to give struggling students the attention they need while challenging advanced students with specialized curriculums.    “The idea that everyone benefits in a mixed-ability classroom is an ideological statement that flies in the face of all the evidence we have, which is very mixed,” Plucker says. “And not just for advanced students. It’s not clear that struggling students benefit either.” The Exodus The New York City school system, the nation’s largest, has been losing students for years. With about 1.1 million students at its peak, the system began shedding students in about 2016, which some experts attributed to a decline in the birth rate.   The drop-off accelerated in this and other cities nationwide during the pandemic. Many parents left after seeing the harm done to their children by remote learning when teachers, backed by their union, refused to return to the classroom. Families of all races, particularly blacks, and all income levels exited public schools for charters, homeschools, and mostly for an education outside New York City in New Jersey and in southern states like Florida.  By 2022, the city’s schools were down to about 900,000 students, a remarkable 10% drop from two years earlier.   Nothing is more dangerous to the city’s schools than the loss of students. State funding is based on head count, and the decline already forced Mayor Eric Adams to cut more than $200 million from the education budget this summer.    Future cutbacks may jeopardize a major reform approved in September that requires the city to reduce the size of its large classes – high school classes now capped at 34 students will go down to 25. The goal is to lift the abysmally low English and math test scores of city public school students, with more than half of them failing to achieve proficiency in these key areas in 2022. “I have no doubt that some parents in areas like the Upper East Side will leave the city because of the elimination of screens,” says Ray Domanico, a longtime researcher of the city’s school enrollment both within the system and now at the conservative Manhattan Institute. “With significantly fewer kids enrolled today, the city shouldn’t be pushing policies that could drive more families away.”  When the City Lured Families Back  Selective middle schools were created decades ago to keep middle-class families in the city as crime was pushing them to the suburbs in large numbers. By the 1990s, as the soaring murder rate began to recede and more people moved into less inhabited areas of District 2, parents began to demand better schools, Domanico says.  “The school system chose to respond to those families by setting up screened schools,” he says. “The city wanted to appeal to better-educated parents of all racial groups who had good jobs.”  In District 2, officials rolled out screened middle and high schools that quickly gained a reputation for excellence, including the Salk School of Science on East 20th Street in 1995.   The schools helped lure white and Asian families to the district. In the following two decades, the number of white students in the district rose to 26% in 2020, up from 19% in 2003, according to state enrollment data. More Asian students enrolled in the district too, bringing their total to 22%, while the number of black students fell to 14% from 22%. Latinos, the largest group, declined as well.    Chien Kwok, a Chinese-American, was part of that transformation of District 2. He was working in China when his child was accepted into a gifted and talented elementary program in the district, prompting his family to move back to Manhattan.    “District 2 had a real draw for parents,” says Kwok, the treasurer of the district’s Community Education Council, which gives parents a voice in school policy. “You could work in the city, send your kids to a great gifted and talented elementary program, then to an awesome screened middle school, and high schools are the best. It was a meritocratic feeder system that is now destroyed.”  Parents Back Selective Admissions   The battle over District 2 middle schools came to a head this fall. At four community meetings attended by the district’s superintendent, Kelly McGuire, a large majority of parents and advocates spoke in favor of restoring screened admissions. The meetings added weight to resolutions already passed by the district’s CEC supporting competitive admissions.     So in late October, when McGuire announced he was imposing a permanent lottery for admission at all of the about 17 middle schools that had used screens, parents were flabbergasted.   It didn’t help his cause that the day before his announcement, McGuire’s wife, Judith Kafka, a professor of educational policy at City University of New York, co-wrote an opinion piece against screened admissions. She said that competition for admission hurts all students, and quoted a parent in Park Slope who prefers a lottery because it ends the stress that comes with striving for high marks and a seat in a good school.    Parents in District 2 were offended by the article. To them, it suggested that McGuire always intended to ignore their views and instead wanted to persuade them using his wife as a surrogate.   At a community meeting in November following McGuire’s decision, parents directed their fury directly at the superintendent.   “I am now looking for private schools for my son,” said CEC member Danyela Souza Egorov. “But so many families in our district have reached out to me that they cannot afford it. It's deeply unfair that your plan does not meet the needs of these families.”   McGuire responded that he did hear the community’s call for accelerated learning. But rather than restoring competitive schools that stress out families, the superintendent said he’s creating a new honors math course in four middle schools for those who qualify, and all schools will offer eligible 8th graders an advanced biology course and algebra, which is sometimes taught in 9th grade.  For reading and writing, McGuire said, middle schools will continue to differentiate instruction, in which students pick books and essay topics to match their own proficiency levels.  The changes, he told parents, “dramatically increase the number of accelerated learning options for students in our district.”  CEC member Kaushik Das didn’t agree, calling McGuire’s honors offerings “meager scraps.”  When Mixed-Ability Schools Fail  Parents see a big difference between the defunct selective schools, once full of strivers and bright minds, and the new mixed-ability schools that will try to tailor instruction to learners of widely differing skills and motivation.   Hunter Dare’s daughter learned this lesson at Simon Baruch, which became a District 2 lottery school during the pandemic. The sixth grader was three years ahead of her peers in math in a classroom with some students working at the second-grade level. The teacher’s response was to give the girl an algebra textbook for self-study and promised to work with her when time permitted. But that never happened.   She was bored in her other classes as well, and was handed only 15 minutes of homework a day.   “It was bad because she wasn’t challenged and she just lost interest in school and started slipping backwards, not doing things she was supposed to do,” says her father.    Dare was considering leaving the city for a better school for his daughter. But she got lucky in the 2022 lottery and was placed in the Baccalaureate School for Global Education in Queens, which Dare calls one of the few remaining highly rigorous middle school programs in the city. His daughter’s motivation is back as she tackles at least two hours of homework a night.   Another mother in District 2 calls her son’s experience during the pandemic at the unscreened Robert Wagner middle school “a disaster.” In English class on most days, she said, 25 students spent much of the period reading a variety of unchallenging fantasy and sports books. So there was little opportunity for a dynamic class discussion around a compelling literary topic. Instead, the teacher walked around the classroom and briefly talked individually to students. They avoided tackling difficult authors from Toni Morrison to William Shakespeare whose works require more elucidation and class discussion.   “Advocates say students learn best in mixed-ability classrooms, but in fact nobody really learned much from their reading in my son’s class, and that’s terrible,” says the mother, who asked not to be named because her children are still in public schools.   She says she won’t put her younger child in an unscreened District 2 middle school after seeing one up close. Instead, the family will likely decamp to Connecticut, where they recently bought a home.  Tyler Durden Fri, 01/06/2023 - 19:00.....»»

Category: blogSource: zerohedgeJan 6th, 2023

Students Speak Out On Anti-White, Anti-Christian, Anti-American Culture At Florida University

Students Speak Out On Anti-White, Anti-Christian, Anti-American Culture At Florida University Authored by Darlene McCormick Sanchez via The Epoch Times (emphasis ours), Florida may be “where woke goes to die,” according to Florida Gov. Ron DeSantis, who has repeated the line in many speeches. A journalism student at a Florida university, who asked to be identified only as Mia, said professors on her campus openly disparage Christians, America's founders, and whites. (Courtesy of Mia) But talk of its demise is greatly exaggerated, according to some university students in the state and an organization that tracks progressive policies on college campuses. Six conservative students attending a major Florida university told The Epoch Times, on condition of anonymity, about their frustration with the anti-white, anti-Christian, and anti-American environment on campus and in classrooms that make them feel uncomfortable at best and threatened at worst. Across the country, parents have pushed back against their community school boards for allowing radical race and gender theories in grades K-12. But experts told The Epoch Times that the same pushback hasn’t happened at the college level—the birthplace of Critical Race Theory (CRT). CRT, the experts said, is rampant across the nation, not just in Florida. And that means conservative students nationwide are struggling to navigate college systems, where they face disdain for their beliefs and encouragement to reject their core values. On a campaign stop in rural North Florida on Nov. 3, 2022, Florida Gov. Ron DeSantis, a Republican, scorns left-wing ideology, saying “Florida is where ‘woke’ goes to die.” (Nanette Holt/The Epoch Times) Carol Swain, a retired political science and law professor at Vanderbilt University and a frequent television analyst on race relations, sympathizes with the struggle conservatives face at colleges. But she urges students to think strategically before outing themselves as holding conservative views, which are often unpopular among or even demonized by fellow students and professors. Conservative students should pick their battles carefully, Swain told The Epoch Times, to successfully finish college—because the country needs young conservative voices in the professional world. “There are key players that you want in position—you want [conservatives] to become university professors, or whatever profession they’re trying to go into,” Swain said. ‘Extremist’ views A Christian law student, who supports the National Rifle Association (NRA), told The Epoch Times he didn’t know he’d been reported as “an extremist” for expressing conservative views until FBI agents knocked on his apartment door. They questioned him about his political views for more than an hour. A journalism student said she felt bullied by a professor who forced students to parrot her scorn for America’s “systemic racism” and affirm “progressive talking points” on immigration, gender-identity issues, “queer theory,” intersectionality, transgenderism, religious faith, and the ideas of Karl Marx, author of “The Communist Manifesto.” “I can’t write what I truly believe” about these issues, Mia said. “When I did that, I got an F. In order to pass a class, I have to affirm leftist ideas I don’t believe in. When I repeat all the talking points and present them as ideas I believe wholeheartedly, I get As.” “It feels like being brainwashed when they reward you for repeating their ideas and punish you for saying things that go against their beliefs.” A Florida university student, who asked to be identified only as Mia, sits with her Bible at home on Christmas break on Dec. 22, 2022. Expressing Christian views on campus draws scorn from professors, who openly talk about their “hate” for Christians, she told The Epoch Times. (Courtesy of Mia) At the core of the students’ struggle is the university’s apparent glorification of CRT, a Marxist-derived ideology that substitutes race or gender for class struggle. The theory divides people into two groups—oppressors and the oppressed—based on factors such as skin color or sexual orientation. One of the leading architects of modern CRT is Ibram X. Kendi, who attended Florida A&M University, and later taught at the University of Florida. Kendi’s book, “How to be an Antiracist,” promotes fighting racism by discriminating against groups that, according to Kendi, are “oppressors,” such as white males. Antiracism practices often are taught in classes and employer trainings that promote “diversity, equity, and inclusion” (DEI). Students said CRT, gender theory, and other topics considered “woke” are flourishing at their Florida university. That’s despite attempts by Republican Gov. Ron DeSantis to stop racial activism in education and workplaces in his state by formally banning CRT training and discrimination. CRT controversy In April, DeSantis signed the Stop Wrongs to Our Kids and Employees Act, also known as the Stop WOKE Act. The law prohibits discriminatory classroom instruction, such as CRT. And it prohibits employers from forcing workers to attend antiracism and CRT training. The law bans instruction that implies someone is responsible for actions committed in the past by other members of the same race, color, sex, or national origin. The measure also allows Floridians to sue if they believe their school or workplace has violated the law. The Stop WOKE Act originated as a response to the spread of CRT and other social justice concepts widely promoted by works such as The New York Times’ 1619 Project, which paints America as a country founded on slavery and characterizes the nation’s Founding Fathers as racists. While the 1619 Project has been rejected by many academics, historians, and politicians, its teachings have been embraced just as vigorously by many liberals and progressives. Many have held it up as a model of how history should be taught to children and college students. New York Times Magazine reporter Nikole Hannah-Jones, creator of The 1619 Project, speaks as colleagues hold a rally outside The New York Times headquarters in New York City, on Dec. 8, 2022. (Michael M. Santiago/Getty Images) Under the Stop WOKE Act, Florida university faculty members who teach CRT could be fired as part of post-tenure reviews. A violation of the Stop WOKE Act would make schools ineligible for what is known as performance funding. That’s extra money awarded by the state for measurable successes, such as high graduation rates and impressive median earnings of alumni.The threat of facing those repercussions for teaching CRT has sparked legal challenges. Several Florida college professors and students filed a lawsuit challenging the Stop WOKE Act. They claim the law chills free speech in the classroom, confuses professors, and violates their First Amendment rights. Chief U.S. District Judge Mark Walker, an appointee of former President Barack Obama, issued a preliminary injunction against the law in November. The DeSantis administration is appealing the decision. Hostile Environment Florida college students who spoke with The Epoch Times described a campus culture focused on race and social justice and hostile to conservative or Christian views. They asked to use pseudonyms to protect their identity, fearing retaliation for speaking publicly. Jeff, a pre-law freshman, told The Epoch Times he felt pressure in an economics course to write about globalization as a “good thing,” even though he disagrees with it. Globalization is a movement to reduce trade barriers and build closer political, social, and economic ties between countries. It has been criticized by conservatives, who warn it’s moving countries toward a one-world government that would strip away the sovereignty of nations. Ellen, a Florida college freshman, said her classes have elements of gender theory, climate change, and race woven into teachings on business. One class defined professional attire by showing what would be appropriate for men, women, and people who identified as both genders, or neither. Sam Brinton, shown at an event in Beverly Hills, Calif., on Nov. 17, 2019, was the first “gender fluid” person in federal government leadership. Brinton served under President Joe Biden as a deputy assistant secretary in the Office of Nuclear Energy until being charged with luggage theft twice. (Tasia Wells/Getty Images for The Trevor Project) In a required philosophy course, Ellen’s classmates seemed convinced they were doomed to die from what they were taught were human-caused climate changes, she said. The view that fluctuations in weather patterns might be a normal, natural occurrence that’s happened throughout history was not presented by the professor, she said. And when the professor announced that President Joe Biden had recommitted the United States to the Paris Climate Accords, the room erupted in applause, she recalled. Unwilling to cheer, the moment made her feel alienated, she said. In an introductory business course that focused on DEI, another student, Luis, said he was told to list all his “identities,” including being a white, heterosexual, Catholic male. The point of the assignment seemed to be to make white students feel ashamed, he said. He ignored the risk of stigma and wrote that he would like to perpetuate his Irish-American bloodline. Demonstrators denouncing “systemic racism” in law enforcement and calling for the defunding of police departments kneel in Maria Hernandez Park in the borough of Brooklyn in New York City on June 5, 2020. (Scott Heins/Getty Images) Journalism major Mia spoke of a required class in which the professor emphatically spoke about “white privilege” and “systemic racism” as fact. If students wrote about views contrary to the professor’s anti-white, anti-establishment positions, their grades suffered, she said. Speaking among themselves, classmates indicated they were afraid to ask questions or assert their true beliefs, she said. One professor, who lauded the teachings of Marx, warned students on the first day of class that “hate speech,” which the professor didn’t define, would be reported to the dean, Mia said. It had a chilling effect. The professor also warned students not to get “too comfortable” in writing about their beliefs in a journaling assignment, Mia said. That could lead to students being reported and punished, the professor promised, indicating she’d lodged formal complaints against students for such violations. The professor praised students who acknowledged, with apparent regret, that their parents had not raised them to hold views similar to the professor’s but were thankful to finally be learning about progressive beliefs, Mia said. Writing Satire for an ‘A’ The traditional belief that journalists should question authority and think for themselves was not taught in the required journalism class, Mia said. All assignments in the class would be “viewed through a lens of social justice,” students were told on the first day. White people were described as “privileged” in readings assigned by the black professor, Mia said. Students were told by the professor that it’s a “myth” that journalists must report both sides of a story. For example, if a journalist covers a story involving members of the Ku Klux Klan, the public doesn’t have to hear from them, the professor told the class, Mia said. “Our government and social institutions have created advantages that disproportionately channel wealth, power, and resources to white people,” a slide from the professor proclaimed. “This affects everyone, whether we are aware of it or not.” In a required journalism class at a major Florida university, the professor spends most of the time teaching about race, class, gender-identity, and sexual orientation, rather than principles of journalism, according to a student who asked to be identified only as Mia. (Courtesy of Mia) Students faced the ethical dilemma of choosing between turning in writings that affirmed the professor’s views, with which they disagreed, or failing the class, Mia said. When she turned in a paper with views that opposed her professor’s, but were attributed to others, Mia received a failing grade. In that assignment, she defended Christianity as an institution that helped end slavery. That position was attacked by a teaching assistant, who penned scathing comments. Desperate to pull up her grade, Mia came up with a plan. She’d pretend to agree, pursuing assignments as if writing for the satirical, social-media powerhouse, The Babylon Bee. “It’s horrible. I feel so fake,” Mia told The Epoch Times. “I’m not learning anything, except to write things I don’t believe.” Conservative on Campus A Christian now studying law, Robert was only an undergraduate when he discovered the risk of being known as a conservative on campus. That revelation quickly became clear when two FBI agents knocked on his apartment door at 9 a.m. They told him they’d received an anonymous tip that he was “an extremist.” “They did ask me if I was an extremist or was a member of extremist groups,” he told The Epoch Times. “I asked them to define it. When they hesitated, I asked if being a Christian or a member of the NRA qualified. They said, ‘No.'” To their credit, Robert said, the two agents seemed to be “reasonable people.” They told him that, after speaking with him, they had no idea why someone would report him. He was told the case against him would be closed, he said. Environmental activists rally on Capitol Hill in Washington, on March 25, 2022. (Alex Wong/Getty Images) Robert, now a second-year law student, says Florida’s new Stop Woke Act is “toothless.” Teachings that applaud principles of CRT, such as the need for “social justice,” are ubiquitous on campus, he said. In law courses, students are taught to consider skin color with regard to crime and punishment. Robert said that because blacks have suffered racism at the hands of whites, students debated if “systemic racism” should be considered when sentencing people of color. Discussions centered on whether black people should be punished less severely than white people for similar crimes to compensate for historical oppression of blacks by whites, and because whites, on average, live longer, Robert said. “The new trend is to see the difference and discriminate,” he said. ‘Tear up the Constitution’ Robert, who focuses on constitutional law, recalled students arguing that the U.S. Constitution was illegitimate from the start, and was written by racist, old, white men. The professor didn’t express that he condoned that point of view, but he didn’t offer a rebuttal, either, Robert said. Law students, he added, “talk about how we should tear up the Constitution.” A slide showing part of a quiz on bankruptcy law describes a scenario involving divorced lesbians, though gender and sexual orientation have nothing to do with the concept. (Courtesy of Chris) Chris, a third-year law student, objects to the pervasive LGBT ideology woven into classes. “What does homosexuality have to do with bankruptcy, right?” he asked. “They were literally just pushing this same-sex, homosexual agenda.” When answering questions on timed exams, students often lose precious moments trying to determine if gender is pertinent to the legal concept, or if it’s just an attempt to “virtue-signal,” Chris said. Legal textbooks routinely use “she” when describing situations in which gender is not specified, Chris said. That causes confusion. “I had to get used to reading these textbooks constantly referring to a lawyer as she.” Traditionally, it’s been considered correct to use “he” and “him” as gender-neutral pronouns. Progressives have insisted on using other pronouns such as “she” and “they” when gender is not specifically designated. And failing to use a person’s “preferred pronouns” has meant harsh punishments, such as expulsion for students and termination for instructors around the country. Conchy Vasquez (R) and Jony Rozon, both engineers at the Naval Undersea Warfare Center, Division Newport, discuss the importance of using correct pronouns in a training video for the U.S. Navy. (Courtesy of the Defense Visual Information Distribution Service) “The left preaches tolerance…until they become strong,” and then tolerance for opposing views ends, Chris said. “That’s what we saw with the communist revolutions.” ‘Our Policy is Not to Comment’ Ray Rodrigues, Chancellor of the State University System of Florida, assumed the post to oversee the state’s universities in November. He was asked by The Epoch Times about students’ claims that professors teach CRT and radical gender theory as irrefutable truth, and how students say they fear speaking out against such class material. “As you know, the legislature passed legislation regarding this issue, and we have prepared a regulation to implement that legislation,” spokeswoman Renee Fargason, an assistant vice chancellor for public affairs, wrote in an emailed response. “It has been enjoined by the Court, and our policy is to not comment on pending litigation.” She directed The Epoch Times to the Board’s Statement of Free Expression. The iconic Century Tower on the University of Florida campus in Gainesville, Fla. on July 30, 2022. (Nanette Holt/The Epoch Times) Florida universities actively promote CRT, according to the Critical Race Training in Education database maintained by the Legal Insurrection Foundation. Florida colleges follow CRT principles by renaming campus spaces after progressive icons, and they present race-based workshops and resources for students and staff, the organization says. The Sunshine State’s universities also have encouraged students to report each other for “biased” speech or beliefs, according to the database. For example, the University of Florida in Gainesville made headlines for naming a study room on campus in honor of Karl Marx. The school removed the name after media attention in March. At Florida State University in Tallahassee, the College of Education offers antiracism training resources, including a list of children’s books to “combat racism” in children as young as 3. The college’s website cites Harvard research asserting that by age 5, “white children are strongly biased towards whiteness. To counter this bias, experts recommend acknowledging and naming race and racism with children as early and as often as possible.” The University of Central Florida in Orlando was sued by Speech First in 2021 for creating rules and regulations that “suppress and punish speech about the political and social issues of the day.” The lawsuit described a campus atmosphere where students reported each other for “biased” views, triggering investigations by the university. Students were forced to sit through lectures on university-approved speech that Speech First compared to a “reeducation camp.”  The result was students became afraid to voice their views, the lawsuit stated. Toeing the Line Cornell law professor William Jacobson, founder of the Legal Insurrection Foundation, said the experiences of the Florida students are typical throughout the states. Conservative students at Cornell and at institutions around the country have complained to him about the same issues, he told The Epoch Times. The increasing popularity of CRT prompted him to launch CritialRace.org in 2020. Students are being conditioned to go along with a professor’s political views and say whatever is necessary in order to survive their courses, even going against their own deeply held beliefs, he said. “It’s a massive problem because one bad grade in a course can keep you out of graduate school. Students are mostly terrified of going against the professor. That’s something I hear all the time.” As the reach of CRT has expanded, so has the scope of CriticalRace.org, Jacobson said. The database now includes private medical, military, and K-12 schools. It has examined hundreds of U.S. higher education institutions and documented critical race training courses. The problem is that universities have developed what Jacobson calls “systemic repression.” By hiring politically progressive professors and mandating progressive policies, administrators create a culture that allows little room for dissent. “That’s the complete opposite of what higher education is supposed to be about,” Jacobson said. Students parrot materials and professors’ views to survive their courses, he said. Meanwhile, administrators pretend the students aren’t being pressured. And when students complain, administrators may demand proof that students were penalized for speaking against a professor’s beliefs. “How are you going to prove it without putting yourself at risk?” Jacobson asked. Pervasive Problem Swain, who wrote “Black Eye For America: How Critical Race Theory is Burning Down the House,” agrees that student fear is a pervasive problem. “I have often told conservative students that they have rights. They should be protected against discrimination,” Swain said. Going along with racial and gender ideology to get through college is more common than people realize, Swain said. The political left has persuaded many students to jettison whatever values and principles they’d held for most of their early lives, she added. It starts with freshman orientation, the first day on campus, she said. That’s when established students and administrators let new students know that their past beliefs—based on their religion or family values—are unsophisticated. To understand the opposition, conservative students should become familiar with Saul Alinsky’s “Rules for Radicals,” a guide of progressive beliefs, Swain said. The book advocates for deception, infiltration, and manipulation to win political power. Read more here... Tyler Durden Tue, 12/27/2022 - 18:00.....»»

Category: dealsSource: nytDec 27th, 2022

Put these 20 books on your Christmas wishlist if you want to understand investing and conquer bear markets, according to top Wall Street experts

We asked investors for a list of the books that have helped them to better understand and invest in stock market crashes. Top Wall Street stock pickers shared 20 books to put on your Christmas wishlist if you want to better understand bear markets.Bryan R. Smith/Getty Images The S&P 500 has slumped over 19% this year as investors fret about a potential recession. We asked experts for the essential reading that's helped them to better understand bear markets. Here are 20 books to help investors navigate a stock market downturn. 2022 has been a tough year to make money in the stock market.Equities suffered a broad and deep sell-off this year, with investors panicking about a potential recession, rising interest rates, and Russia's invasion of Ukraine.Growth stocks have led the downturn, with the Nasdaq down 32%. Some retail and even professional investors are experiencing their first prolonged bear market after two years of record-breaking outperformance from major indices and the extended bull run in the decade after the 2008 financial crisis. Insider asked a number of veteran Wall Street strategists which books have helped them better understand bear markets, recessions, and stock market crashes.They shared 20 top picks, ranging from Michael Lewis's "The Big Short," which tells an important story of the 2008 financial crisis, to "Reminiscences of a Stock Operator," a 1923 novel written by the journalist Edwin Lefèvre.1. "The Big Short: Inside the Doomsday Machine" by Michael Lewis"The Big Short" by Michael LewisAmazonMichael Lewis' "The Big Short" chronicles three sets of investors who bet against the US housing market ahead of the 2008 financial crisis. It was later adapted into an Oscar-winning film that starred Christian Bale as Michael Burry.The book details how Burry, hedge fund manager Steve Eisman, and Cornwall Capital's Jamie Mai, Charlie Ledley, and Ben Hockett used unconventional methodologies to identify the US' housing bubble — and then shorted bank stocks and bought credit default swaps against subprime mortgages to profit from the stock-market crash.Recommended by: Amanda Rebello, head of passive sales at DWS Group2. "Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies" by Jeremy Siegel"Stocks for the Long Run" by Jeremy SiegelAmazonIn "Stocks for the Long Run," famed markets guru Jeremy Siegel shares his ultimate stock-picking strategies, with a particular focus on the impact of the 2008 financial crisis. The Wharton School professor recommends that investors should avoid bonds due to their weak long-term performance, instead preferring index funds for their passive income."It's a must-read primer for investing in the stock market," Bernstein Private Wealth Management's co-head of investing strategies Alexander Chaloff told Insider. "You don't buy stocks for a month, or a quarter, or even a year. You buy them for the long run. And this book captures that concept."Recommended by: Nancy Tengler, chief executive of Laffer Tengler Investments; Alexander Chaloff, co-head of investment strategies at Bernstein Private Wealth Management3. "When Genius Failed: The Rise and Fall of Long-Term Capital Management" by Roger Lowenstein"When Genius Failed" by Roger LowensteinAmazonRoger Lowenstein's "When Genius Failed" chronicles the rise and fall of hedge fund Long-Term Capital Management. In four years, the $100 billion fund suffered enormous losses, not only sending ripples through Wall Street, but the world's financial system at-large. "It's good to study other people's mistakes," Court Hoover, head of research at Pervalle Global, said. "There's an old quote that says 'Every trade either makes you richer or wiser.' When you get something right, there's a tendency not to think about it. You made money. If you get something wrong, you really study it, but that's a really expensive way to learn a lesson."Recommended by: Court Hoover, head of research at Pervalle Global4. "Reminiscences of a Stock Operator" by Edwin Lefèvre"Reminiscences of a Stock Operator" by Edwin LefèvreAmazonEdwin Lefèvre's "Reminiscences of a Stock Operator" is a first-person chronicle about a master stock market trader who made and then lost all of his fortune. Written in 1923, the book details a fictionalized account of prominent Wall Street speculator and day trader, Jesse Livermore. Recommended by: Michael Wang, founder and chief executive of Prometheus Alternative Investments 5. "Market Wizards: Interviews with Top Traders" by Jack D. Schwager"Market Wizards" by Jack D. SchwagerAmazonJack D. Schwager's "Market Wizards" features interviews with 17 of the most successful Wall Street vets including Paul Tudor Jones, Bruce Kovner, Richard Dennis, and Michael Steinhardt. Published in 1989, the book recalls how each person had unprecedented success, turning small sums of capital into large fortunes.Recommended by: Michael Wang 6. "Lords of Finance: The Bankers Who Broke the World" by Liaquat Ahamed"Lords of Finance" by Liaquat AhamedAmazonLiaquat Ahamed's "Lords of Finance" retells the events that led to the 1929 Wall Street crash, focussing on central banks in the US, the UK, France, and Germany."'Lords of Finance' is more of a dire-warning book, but it's helpful to understand the dynamics that can create market crashes that are driven by central bankers," Bernstein's Chaloff told Insider. "This is my recommendation to people who ask 'how bad can it get' — a world war and a great depression, that's how bad."Recommended by: Alexander Chaloff7. "The Asian Financial Crisis 1995-98: Birth of the Age of Debt" by Russell Napier"The Asian Financial Crisis" by Russell NapierAmazonIn "The Asian Financial Crisis," author Russell Napier recounts his time writing for institutional investors amid an economic downturn, when the US dollar value of certain Asian stock markets sunk 90%. The catastrophe led to the loss of billions of dollars and hundreds of lives in rioting ."Understanding financial crises is really important because they present such opportunity. In order for there to be a financial crisis, it has to be unforeseen by the majority of participants," Hoover said. "Otherwise, it wouldn't occur in the first place. And those sorts of unforeseen events offer the most asymmetry in terms of prospective returns."Recommended by: Court Hoover, head of research at Pervalle Global    8. "The Black Swan: The Impact of the Highly Improbable" by Nassim Taleb"The Black Swan" by Nassim TalebAmazonIn "The Black Swan," Nassim Taleb details times throughout history when highly improbable events have occurred like the enormous success of Google or catastrophes like 9/11. The book explores the implications of these as well and what readers can take away from them. Black Swan events have three major characteristics, per Taleb, including their massive impact, unpredictability, and that later people try to explain the phenomena to make it seemingly less random and bizarre.Recommended by: Amanda Rebello9. "A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing" by Burton Malkiel"A Random Walk Down Wall Street" by Burton MalkielAmazonWritten by Princeton economist Burton Malkiel, "A Random Walk Down Wall Street" popularized the "random walk hypothesis " – a financial theory that argues traditional stock markets cannot be predicted, and, well, are random. Malkiel critiques popular investing strategies like technical analysis and fundamental analysis, adding that the traders cannot consistently outperform market averages.Recommended by: Kevin Philip, partner at Bel Air Investment Advisors10. "Anatomy of the Bear: Lessons from Wall Street's Four Great Bottoms" by Russell Napier"Anatomy of the Bear" by Russell NapierAmazonMany investors are now aiming to identify the bottom of the bear market so that they can start snapping up undervalued stocks that are well-positioned for long-term growth.In "Anatomy of the Bear," Russell Napier investigates what causes bear markets to end. The investor and economic historian read over 70,000 old newspaper articles to try to pinpoint when sentiment on Wall Street started to shift the stock market bottoms of 1921, 1932, 1949, and 1982.Recommended by: Patrick Diedrickson, equity analyst at Ameriprise Financial11. "Manias, Panics, and Crashes: A History of Financial Crises" by Charles P. Kindleberger"Manias, Panics, and Crashes" by Charles P. KindlebergerAmazonCharles P. Kindleberger outlines the speculative panic associated with major financial crises, along with the mismanagement of money and credit, in his 1978 book "Manias, Panics, and Crashes." From the so-called "South Sea Bubble" of 1720 to countless stock market bubbles since, the book engages readers by detailing financial explosions throughout the centuries. Recommended by: Marc Chandler, chief market strategist at Bannockburn Global Forex12. "Debt: The First 5,000 Years" by David Graeber"Debt" by David GraeberAmazonBefore money, anthropologist David Graeber argues, there was debt and credit. "Debt" by anthropologist Graeber explores how it seeps into every major social institution like marriage, religion, government, and war. Recommended by: Marc Chandler13. "Stabilizing an Unstable Economy" by Hyman Minsky"Stabilizing an Unstable Economy" by Hyman P. MinskyAmazonIn "Stabilizing an Unstable Economy," Hyman P. Minsky argues that our financial systems are inherently dubious and prone to tottering. Published in 1986, Minsky makes sense of why the United States undergoes phases of rising unemployment, debilitating inflation, and even credit crises.Recommended by: Marc Chandler14. "Triumph of the Optimists: 101 Years of Global Investment Returns" by Elroy Dimson, Mike Staunton, and Paul Marsh"Triumph of the Optimists: 101 Years of Global Investment Returns" by Elroy Dimson, Mike Staunton, and Paul MarshAmazonIn "Triumph of the Optimists," the authors compare and contrast the performance of the US stock market over time to markets in 16 other developed nations."The big reveal is that equities have upward bias regardless of jurisdiction," said David Waddell, chief investment strategist and CEO at Waddell and Associates. "A bet against global equities is quite simply a bet against human progress. The best way to survive bear markets is to zoom out!!!"Recommended by: David Waddell, chief investment strategist and CEO at Waddell and Associates15. "A Short History of Financial Euphoria" by John Kenneth Galbraith"A Short History of Financial Euphoria" by John Kenneth GalbraithAmazonIn "A Short History of Financial Euphoria," economist John Kenneth Galbraith proves the age-old adage of history repeating itself by exploring major market collapses over the last 300 years in the US economy."When you talk about volatility, this classic never goes out of style," said Dan Kimerling, founder of venture capital firm Deciens Capital. "There are cycles of irrational exuberance throughout history in all kinds of assets and those bubbles are not permanent."Recommended by: Dan Kimerling, founder of Deciens Capital16. "Too Big To Fail" by Andrew Ross Sorkin"Too Big To Fail" by Andrew Ross SorkinAmazonIn "Too Big to Fail," esteemed financial journalist Andrew Ross Sorkin recounts a gripping retelling of the 2008 economic crash, presenting the crisis from two points of view: both the regulators and the most powerful leaders of the biggest investment firms. One of the book's highlights is that it reads just like a novel without slipping into over-technical territory for readers who may come from an extensive finance background, said Robert Johnson, CEO of Economic Index Associates.Recommended by: Robert Johnson, Creighton University finance professor and CEO of Economic Index Associates17. "Irrational Exuberance" by Robert J. Shiller"Irrational Exuberance" by Robert J. ShillerAmazonOriginally published in 2000, Nobel laureate Robert Shiller wrote "Irrational Exuberance" to explain the stock market's cyclical peaks and troughs and make the case that the US stock market was significantly overvalued – one month before the historic burst of the dot-com bubble. Since then, two editions have been published: one in 2005, prophetically warning readers of an impending housing bubble crash, and one in 2015, cautioning against holding long-term bonds.Recommended by: Robert Johnson18. "Boom and Bust: A Global History of Financial Bubbles" by John D. Turner and William Quinn"Boom and Bust: A Global History of Financial Bubbles" by John D. Turner and William QuinnAmazonIn "Boom and Bust," authors Quinn and Turner dive into the history of financial busts to explain the actions investors and speculators took leading up to these crashes."The authors use creating fire as an analogy to bubbles. Just as fire needs fuel, heat, and oxygen, the necessary elements for a bubble are; excess money, easy liquidity, and speculation. Oftentimes, new technology acts as the spark to set things in motion," said Garrett Aird, Northwestern Mutual Wealth Management Company's vice president of investment management & research.By providing this historical context, the book highlights the three key elements of a financial bubble to help future investors predict an upcoming economic decline.Recommended by: Garrett Aird, vice president of investment management & research at Northwestern Mutual Wealth Management Company19. "Extraordinary Popular Delusions and the Madness of Crowds" by Charles MacKay"Extraordinary Popular Delusions and the Madness of Crowds" by Charles MacKayAmazonCharles MacKay's book, written over 150 years ago, is a classic early case study of crowd psychology. In "Extraordinary Popular Delusions and the Madness of Crowds," MacKay dissects historical market crashes like the Dutch tulip mania and the South Sea Company bubble in the early 1700's to prove that market speculation has always been around."The underlying causes may be different, but human nature hasn't changed," Aird explained to Insider. "The book is helpful in understanding herd mentality and avoiding groupthink."Recommended by: Garrett Aird20. "The Dow Jones-Irwin Guide to Modern Portfolio Theory" by Robert Hagin"The Dow Jones-Irwin Guide to Modern Portfolio Theory" by Robert HaginAmazonRobert Hagin's "The Dow Jones-Irwin Guide to Modern Portfolio Theory" is an encyclopedia of risk management, portfolio strategies, and asset valuation. Hagin, a former executive director at Morgan Stanley, breaks down investing and financial concepts, recalling lessons he learned in his 40-year career on Wall Street."In my opinion, it's a master class of individual investment analysis and portfolio allocation, which was really pivotal in my growth as an investor and capital allocator," Franzen told Insider in a statement. Recommended by: Caleb Franzen, senior market analyst at Cubic AnalyticsRead the original article on Business Insider.....»»

Category: worldSource: nytDec 23rd, 2022

86 thoughtful gifts for every kind of mom

If you're looking for a thoughtful gift for Mom, we put together a list for all budgets and interests. When you buy through our links, Insider may earn an affiliate commission. Learn more.Tiny Tags; Urban OutfittersFinding the perfect holiday gifts for a mom — be it for your own mother, grandmother, mother-in-law, aunt, or a new parent on your list —  can be tricky. She might claim she doesn't want anything or have very specific tastes, so finding a thoughtful gift might require some extra thought.  Even if they don't give you much to go off of directly, the key to shopping for moms is simply to pay attention to their likes (and dislikes). Whether she's a minimalist, bookworm, foodie, nature lover, techie, or fitness fanatic, we've rounded up a selection of gifts below, guaranteed to bring a smile to every mom's face.  A luxury set of maternity essentialsHatchHatch To Hospital X Jenni Kayne, available at Hatch, $398Best for: The expectant motherExpecting mamas with no clue what they should be packing for the hospital will love this pre-made kit designed by maternity brand, Hatch in collaboration with California lifestyle brand, Jenni Kayne. The limited-edition box is a bundle of joy all its own, as it consists of luxury essentials that will help make Mom feel supported but pampered, too, including a matching nightgown, robe, and cozy cashmere socks.A subscription specifically for petite clothingShort StoryShort Story Petite Styling Subscription Box, available at Short Story, from $50Best for: The petite fashionistaIf the mom on your list is a fashionista standing at or under 5'4", a Short Story Subscription is the perfect gift. Each box is curated by a professional stylist tapped into petite fashion and caters to the subscriber's preferences and needs. From tops to dresses to accessories, outfits are handpicked and boast brand names from Vince Camuto to Blank NYC, because no one should have to sacrifice style to accommodate their height.A silky slipNordstromLUNYA Washable Silk Slipdress Nightgown, available at Nordstrom, Saks Fifth Avenue, and LUNYA, $198                                         Best for: The slip loverDo you know what pairs exceptionally well with holiday cheer? Anything cozy. Enter this silky slipdress from LUNYA that is breathable, thermoregulating, and machine washable. It comes in three colors (Immersed Black, Meditative Grey, and Otium Tan) and is designed to be a bit oversized for optimal comfort.A personalized gold bar necklaceTiny TagsTiny Tags Gold Skinny Bar Necklace, available at Tiny Tags, from $145Best for: The minimalistThis Skinny Bar Necklace from Tiny Tags is about to be their new favorite accessory. Available in either yellow, white, or rose gold, and three length options (choker, STD, or 18 inches), the necklace is a personalized accessory that can fit up to 25 characters of text. Whether you engrave the piece with the names of their children, birthdates, or a sweet quote, the sentiment is sure to warm their heart.A crossbody phone case and walletCrystal Cox/InsiderKimberly Leather Crossbody, available at Bandolier, $128Best for: The mom who hates bulky bagsIf all they need is something to store their phone and wallet, this stylish crossbody case was invented for them. It accommodates a wide range of smartphones and features card slots and a snap pocket to keep their essentials all in one tiny, easy-to-access place.The gift of comfortable loungewearTommy JohnWomen's loungewear and sleepwear, available at Tommy John, $48Tommy John E-Gift Card, available at Tommy John, from $25Best for: The mom who loves to loungeThe Insider Reviews team is positively smitten with Tommy John's loungewear and underwear — so much so, we named the latter one of the best women's underwear brands in our buying guide, so you can be sure Mom will love it too.A diamond charm of her initialsMejuriDiamond Letter Charm, available at Mejuri, $225Best for: The mom who loves personalized giftsQuite a few mothers rock necklaces with their initials — or, sometimes, even their children's or spouse's. It's sweet and sentimental, but also really chic, especially when the charms are these diamond ones from Mejuri. Pair it with one of Mejuri's dainty chains so it's ready to wear or let Mom add the charms onto one of her own necklaces. You can also browse more jewelry gifts for mom here.An ultra-comfy loungewear set that's one of Oprah's Favorite ThingsSpanxAirEssentials Wide Leg Pant, available at Spanx, $118AirEssentials Half Zip, available at Spanx, $118This AirEssentials set from Spanx is one of the comfiest sets we've ever tested. Sally Kaplan, the executive editor of Insider Reviews, says it's her go-to travel outfit and all-around favorite sweatsuit. The material is lightweight and buttery, not too hot but not too light, and the pieces are easy to mix and match with other wardrobe staples.The pants are available in petite, regular, and tall sizes, and each set comes in a few neutral colors. The sweatshirts come in several styles — a cropped pullover, regular pullover, and half-zip — and if you don't think the wide leg pant isn't quite right for your giftee, you can also buy a tapered jogger-style pant in the same material for $110.Popular leggings with a no-slip fitVuoriDaily Legging, available at Vuori, $89Best for: The mom who prioritizes comfortVuori is well-known for its super-soft fabrics and flattering cuts, and the Daily Leggings are just another example. This style looks like a pair of joggers but fits like a pair of leggings. The high waistband and drawstring allow for a snug feel while the brand's smoothing technology gives an airbrushed appearance.Read more about the Daily Legging here.A pair of cozy, eco-friendly slip-on shoesAllbirdsWomen's Wool Lounger Fluffs, available at Allbirds, $89Best for: The mom who loves sneakersKeep mom looking cool and feeling comfy every time she leaves the house with these slip-on sneakers. Made with cozy soft merino wool inside and out, these shearling shoes are ideal for cool fall days running errands or meeting up with friends for lunch. The best part: The entire shoe is machine washable.A luxurious bathrobeParachuteClassic Bathrobe, available at Parachute, $109Best for: The mom who takes self-care seriouslyA plush bathrobe will make every shower feel like a trip to the spa. Parachute's soft Turkish cotton robe comes in four great colors: white, mineral, blush, and stone. This cozy gift for Mom will become her go-to pick. Read our full review of the Parachute Classic Bathrobe here.A pendant necklaceSet & StonesSet & Stones Cheyenne Mama Necklace, available at Nordstrom, $232Best for: The proud mamaYour mom will want to keep this pendant necklace very close to her heart. It'll sit lightly around her neck and be a subtle reminder of her special bond with you. If this is quite her style, you can browse more jewelry gifts for mom here.A roomy work bag with tons of pocketsDagne DoverDagne Dover Allyn Tote, available at Dagne Dover, from $340Best for: The mom who's picky about bagsDagne Dover's Allyn Tote is a sophisticated and spacious work bag with a padded laptop sleeve, water bottle holder, and other thoughtful interior pockets that will keep Mom organized and always ready to go. A comfortable, ethical sandalNisoloGo-To Flatform Sandal, available at Nisolo, $117Best for: The mom in search for a good summer sandalNisolo is known for its ethically and sustainably made footwear. The aptly named Go-To Flatform Sandal is a basic summer staple that can be dressed up or dressed down — a practical wardrobe necessity.  Pearl hoop earringsMejuriMejuri Pearl Hoops, available at Mejuri, $78Best for: The mom who loves minimalist jewelryGet your mom a beautiful pair of earrings or a necklace with her zodiac sign that she can wear every day. Mejuri is a favorite jewelry startup of ours, so your Mom will likely enjoy this Canadian company's delicate jewelry, too. You can also browse more jewelry gifts for mom here.Read our full review of Mejuri here.A pair of sunglasses to block the sun in styleGlassesUSACheck out GlassesUSA's selection of sunglasses, from $29Best for: The mom who loves the sunSunglasses are spring and summer essentials and a perfect gift for Mom. GlassesUSA carries a wide variety of popular brands, including Ray-Ban, Oakley, Muse, Prada, and more. If you want a pair for yourself too, you can buy one and get one free with the code BOGOFREE at checkout.Read our full review of GlassesUSA here.A gold square watch to keep track of timeNordstromMVMT Signature Square Bracelet Watch, available at Nordstrom and Macy's, from $102.40Best for: The mom who hates using her phone for a watchThis elegant square watch bears a minimalist and luxurious design that elevates any look. The gold watch is so impossible to miss that she'll now be on time for every occasion with it as a reminder.A beautiful scarf with her birth-month flowerUncommon GoodsBirth Month Flower Scarf, available at Uncommon Goods, $48Best for: The mom who likes sentimental giftsGive her something beautiful to wear that will remind her how thoughtful you are every time she wraps it. This scarf is patterned with the flower of her birth month, a nice touch of under-the-radar personalization.A chic purse that can turn into a backpackSenreveAlunna, available at Senreve, from $595Best for: The mom who hates lugging stuff on her shoulderA purse is an obvious gift for Mom if she has an eye for handbags, but you can mix things up by giving her one that's both a purse and a backpack. The Alunna by Senreve is versatile and stylish, and it can be worn on her back, hand, over the shoulder, or across the body. Plus, it can organize all of Mom's essentials with its two interior pockets and exterior cardholder.Luxe slippers with a cozy cashmere blendMargauxSlippers, available at Margaux, $248Best for: The mom who refuses to walk barefoot on hardwood floorsMade from a soft wool-cashmere blend and cushiony foam padding, Margaux slippers feel like stepping into a cloud. Mom will enjoy wearing any of the three styles — Slide, Ballet, or Cozy — around the house.A leather wallet that can be monogrammed with Mom's initialsLeatherologyKlyde Continental Wallet, available at Leatherology, from $140Best for: The mom with the wallet that's falling apartA sophisticated leather wallet instantly elevates a busy mother's everyday style and keeps her organized when she's constantly moving from place to place. You can get this leather wallet from Leatherology in 11 colors and three different personalization options. A personalized T-shirtKnown SupplyPersonalized Women's Fitted Crew, available at Known Supply, $32Best for: The new mom beaming with prideYou can personalize this comfortable Pima cotton tee with "mom" or "mama" — or any other name that's under nine characters — in cute, loopy cursive. A crossbody bag with a hand-painted monogramClare V.Midi Sac, avaliable at Claire V., starting at $335Best for: The practical yet stylish momThis leather crossbody bag comes in tons of colors and is great for travel and daytime outings — for an extra $50, you can customize it with a gold foil or hand-painted monogram. A passport cover and luggage tagLeatherologyDeluxe Passport Cover + Luggage Tag Set, available at Leatherology, starting at $75Best for: The mom who travels more than you doMom might be planning her next trip out of town, and what better travel accessory to have than a personalized passport cover and luggage tag? She'll be less likely to lose her passport or suitcase thanks to these colorful accessories that also sport her initials. A dish purely for melting cheeseAmazonEmile Henry Cheese Baker, available at Amazon and Emily Henry USA, from $50Best for: The cheese loverAs far as we're concerned, cheese lovers and entertainers need this stunning glazed baker from Emile Henry. It's both a heavy-duty pot and a stylish serving dish that melts and keeps cheese melted for deliciously decadent dips and fondue. Don't be surprised when night outs become nights in, because who needs takeout when there's ooey, gooey cheese to enjoy? An impressive electric kettleWalmartBeautiful by Drew Barrymore 1.7L One-Touch Electric Kettle, available at Walmart, $39.96Best for: The tea drinkerWhile there's nothing quite like a stovetop-boiled cup of tea, electric kettles are also beloved by tea drinkers for their speed and efficiency. This programmable model from Beautiful by Drew Barrymore, for example, can boil up to seven cups of water in under seven minutes. What's more, the touch-activated appliance features four preset options for white, green, oolong, and black teas, to ensure every cup is brewed to perfection. It also comes in six beautiful colors, including Merlot and Sage Green, so you can easily match the kettle to their kitchen decor.A box of beautiful holiday chocolatesCompartésCompartés Holiday Chocolate Truffles, available at Compartés, $39.95Best for: The chocolgate loverIf they have a sweet tooth, Compartés Holiday Truffles are sure to curb their craving. But this is no average box of chocolates; each treat boasts a uniquely festive flavor, from gingerbread and decadent butter pecan to pumpkin, sticky toffee, and more. You won't be just gifting them dessert; you'll be gifting an experience any candy connoisseur won't want to miss this season.A gift card to buy whatever food they're cravingGoldbellyGoldbelly Gift Card, available at Goldbelly, from $25Best for: The homesick foodieIf your mom has a favorite city or place that she misses (or just craves a food she can't easily get where she is), a Goldbelly gift card goes a long way. Goldbelly is one of our favorite services when it comes to delivering regional meals, meal kits, and desserts, be it Maine lobster rolls, Southern BBQ, or NYC bagels. A delicious treat from Milk BarMilk Bar/Alyssa Powell/InsiderMilk Bar Treats, available at Milk Bar, from $27Best for: The mom with the sweet toothMilk bar cakes topped our list of the All-Time Best things we've tested and these treats will definitely satisfy Mom's sweet tooth. Choose from a limited-edition Strawberry Shortcake Cake, the bestselling B'Day Truffles, and plenty more. We break down how to shop for Milk Bar online, here. Read our full review of Milk Bar.A cocktail maker that mixes drinks in secondsBartesianBartesian Premium Cocktail and Margarita Machine, available at Amazon and Williams Sonoma, from $299.99Best for: The bartender momSummer's almost here, which, for some moms, means it's time to break out refreshing cocktails. This cocktail maker will make Mom's life a whole lot easier, since all she has to do is pop in a cocktail capsule, choose her preferred strength, and press mix. She'll be sipping a margarita, cosmopolitan, or gin martini in seconds.Read our full review of the Bartesian Premium Cocktail and Margarita Machine here.  A wooden gift crate with 2 pounds of cheese insideMurray's CheeseMurray's Cheese Greatest Hits Gift Box, available at Murray's Cheese, $108Best for: The mom who *always* says yes to cheese on her pastaCheese lovers will find a lot to like in this wooden gift crate (yes, crate) from Murray's Cheese, which includes two mouthwatering pounds of English cheddar, brie, cave-aged Gruyere, and one-year-aged Manchego along with snacks to pair with each cheese: spiced cherry preserves, sea salt crackers, and Marcona almonds.For more of the best from Murray's Cheese, check out our guide to the best cheeses you can buy online.Read our review of Murray's Cheese gift boxes.A cookbook focused entirely on vegetablesMilk StreetMilk Street Vegetables Cookbook, available at Amazon and Bookshop, from $26.35Best for: The vegetarian chef If your mom is a vegetarian (or just trying to do more Meatless Mondays), this cookbook takes inspiration from the many ways in which vegetables are celebrated by different cultures around the world.A Le Creuset dutch ovenAmazonLe Creuset Round Dutch Oven, available at Williams-Sonoma and Crate & Barrel, from $260Best for: The mom with chipped potsAt $160, this Le Creuset dutch oven might be the most expensive piece of cookware in Mom's kitchen, but it'll also be the most used. It comes in tons of colors, so you can choose Mom's favorite. We've even ranked it as the best overall in our guide to the best dutch ovens. It's one of the best products we've ever tested.Read our full review of the Le Creuset Round Dutch Oven here.A cutting board in the shape of the state Mom calls homeAmazonTotally Bamboo State Cutting & Serving Board, available at Amazon and Totally Bamboo, from $14.99Best for: The mom full of state prideAvailable for all 50 states as well British Columbia, Puerto Rico, Long Island, and Ontario, this uniquely shaped cutting and serving board doubles as kitchen decor. An indoor herb garden that requires zero effortClick & GrowSmart Garden 3 Indoor Gardening Kit, available at Click & Grow and Amazon, $74.96Best for: The mom who loves a fresh garnishEvery chef knows that cooking with fresh ingredients like basil can make a big difference. The Click & Grow Smart Garden is a self-watering system that allows even the most amateur gardeners to quickly and effortlessly grow herbs and vegetables. We tried it and were impressed with how well it worked, as well as the truly effortless process. Read our full review of the Click & Grow Smart Garden 3 Indoor Gardening Kit here.A tasty baking cookbookAmazon"Dessert Person" by Claire Saffitz, available at Amazon and Bookshop, from $21.11Best for: The mom who bakes all the timeFor the mom who adores baking, this dessert cookbook has plenty of baking recipes to satisfy the family's sweet tooth. It offers recipes and guidance on how to bake sweet and savory treats whether it's a caramelized honey pumpkin pie or English muffins.  If she already has it, here are some of the best baking books recommended by professional bakers.A water bottle that solves all pain pointsHydro Flask/Alyssa Powell/InsiderHydro Flask Wide Mouth Water Bottle (32 oz), available at REI and Amazon, from $37.92Best for: The mom who needs to hydrateHydro Flask water bottles are one of the All-Time Best products we've ever tested and have a cult following for a number of reasons: The double-walled vacuum seal keeps hot drinks hot and cold drinks cold for hours on end, many products come with a lifetime warranty, and the bright colors add a bit of fun to something that's otherwise thought of as ordinary. You can hear more about why we love this water bottle in our guide to the best travel mugs. A delicious wine-mimic for healthy nights offJukes CordialitiesJukes 6, available at Jukes Cordialities, $55Best for: The sober momIf mom loves vino, she'll love this tasty non-alcoholic substitute for nights where she's craving a glass but wants to stay sober. Created by a British wine critic, Jukes Cordialities are thoughtful and complex — the closest to the real stuff we've tried.We personally love the full red mimic, Jukes 6, which is deep and spicy like a glass of Rioja, and pairs well with food in the same way wine does — all without the buzz and with the added health benefits of organic apple cider vinegar (the base).A voice-assisted remote for all Mom's streaming needsAmazonFire TV Stick with Alexa Voice Remote, available at Amazon and Target, from $24.99Best for: The mom who watches everythingShe can access hundreds of streaming services, including Hulu, Netflix, Disney Plus, HBO Max, and more, with this affordable entertainment hub. Plus, Amazon Prime members get unlimited access to thousands of movies and TV episodes with Amazon Prime Video. This model supports up to 4K Ultra HD. You can read more in our guide to the best streaming devices.The Amazon EchoAmazonAmazon Echo (4th Generation), available at Amazon and Target,  $59.99Best for: The mom who wants some hands-off helpThere's an ever-so-slight learning curve in figuring out what Amazon's Alexa can and can't do, but once that's passed, the Echo can forecast the weather, read an audiobook, order a pizza, tell jokes, or any number of things Mom should find charming. Read our full review of the Amazon Echo (4th Generation) here.A step tracker to keep her movingFitbitFitbit Charge 5, available at Best Buy and Amazon, $99.95Best for: The fitness enthusiastIf your mom's looking to stay on top of their health, we highly recommend gifting a very practical Fitbit. The Charge is one of our top picks for covering all the basics — counting steps, tracking sleep, 24/7 heart rate monitoring, tracking 20 different exercises — without breaking the bank, and all with an easy-to-read display and sleek design on the wrist.(If she'd want smartphone notifications on her wrist, too, we recommend the Versa 2, which has a bigger display but is still reasonably priced.)Alexa-enabled glassesAmazonEcho Frames Smart Glasses, available at Amazon, $269.99Best for: The mom who wants the glasses of the futureIf your mom loves tech, they'll think these smart glasses are from the future. Amazon's Echo Frames allow for open-ear audio, hands-free calling, and access to thousands of Alexa's skills.Read our full review of the Amazon Echo Frames.A cuter way to send mom "love you" messagesUncommon GoodsLovebox Spinning Heart Messenger, available at Uncommon Goods, from $30Best for: The mom who loves being reminded of how much you love herMoms love nothing more than being randomly told their kids love them, and this creative box lets you do it in a way more special than just a text. When you send a message, the heart on the box will spin and she can open it up to read the digital display of your loving words.A digital picture frame for remembering the good timesAuraCarver Digital Picture Frame, available at Aura, $149Best for: The mom who can't decide on one photo to frameIt's hard to find a mom who isn't obsessed with taking photos and displaying them all around the house. But instead of buying tons of picture frames, she can show off all her family photos using this digital picture frame. You can upload an unlimited amount of pictures to the Aura app, connect the frame to Wi-Fi, and she's all set. Read our full review of Aura here.A waterproof Kindle PaperwhiteAmazonAmazon Kindle Paperwhite, available at Amazon, $129.99Best for: The avid readerIf your mom's tired of lugging around heavy hardcovers, the Kindle Paperwhite is an extremely thoughtful and practical gift. The latest version is waterproof, too, which is a huge bonus.Read our full review of the Amazon Kindle Paperwhite here.A rejuvenating, at-home foot massagerRENPHORENPHO Foot Massager Machine, available at Amazon and Walmart, from $102.38Best for: The mom who loves an at-home spa dayTreat her to a spa day any (and every) day she wants with this at-home foot massager. It's a full-service Shiatsu device that offers kneading, compression, and heat therapy. We love that it encompasses your ankles too for extra relief, all of which is why it's our top pick.An alarm clock that uses light to wake her up gentlyAmazonPhilips Light Alarm Clock, available at Amazon and Philips, from $99.95Best for: The mom who struggles waking up in the morningJust because Mom has to wake up before the sun rises doesn't mean they have to awaken to the blaring of an obnoxious alarm clock.Philips makes a lovely alarm clock that gradually lights up to mimic the sunrise. The light alarm clock also displays the time and has customizable sounds, so Mom can wake up feeling rested and ready for the day. You can find out why we recommend this alarm clock in our guide to the best sunrise alarm clocks. Read our full review of the Philips Wake-Up Light.A mini massage gunTherabodyTheragun Mini, available at Therabody and Amazon, from $149Best for: The mom who's always working outIf she's achy from regular exercise or a pulled muscle, every type of person will see benefit from using a massage gun. We love the Theragun Mini because it'll work out kinks and aches anywhere you place it with a powerful motor and easy-to-hold grip.A soothing, interactive sand sculptureBest BuyHoMedics Drift Sandscape, available at Best Buy, Walmart, and Bed Bath & Beyond, from $319.99 Best for: The mom who appreciates sand artWhether they're a new or seasoned mama, anything that can serve as an element of calm in their chaos is going to be appreciated. We love the HoMedics Drift Sandscape because it does exactly that, but subtly, and it doubles as decor. The shifting sand, illuminated with soft LED lighting, changes shape based on the movements of the metal sphere, and just watching these shapely creations come to life can promote a sense of relaxation and calm they may not have even realized they needed. Plus, the sculpture is small enough that it can fit on a side table or desk, and is automated via a smartphone app. Fresh flowers every monthBloomsyBoxBloomsyBox Subscription, available at BloomsyBox, from $44.99 per monthKeep the bouquets coming with a subscription to BloomsyBox. With options from monthly to weekly deliveries, the BloomsyBox flower subscription service ships gorgeously crafted collections of stems from eco-friendly farms straight to your lucky recipient's door. From roses to more exotic, tropical blooms, the plant-loving mom on your list will look forward to displaying their new arrangement each month.A fresh flower bouquetUrbanStemsFresh flower bouquets, available at UrbanStems, from $35Best for: The mom who loves the classicsWe've ordered bouquets from UrbanStems and it offers gorgeous flower arrangements, potted plants, and even dried bouquets, and they're delivered quickly, too. A bouquet of flowers is a classic gift for Mom that she'll love on any given day. Its bouquets are one of the best things we've ever tested. Read our full review of UrbanStems.A candle for your favorite spot togetherHomesick, Rachael Schultz/InsiderMemory Candles, available at Homesick and Amazon, from $21.28Best for: The mom who loves reminiscing Whether your best memories are childhood ski trips, your annual beach vacation, or just baking in the kitchen together, share the sentiment with mom. Homesick makes a deliciously-scented candle for nearly every memory — and if that doesn't work, it also has a candle for every state and city, astrology sign, and even one that simply says, "Thank you, Mom."Soft, crisp sheets and beddingBrooklinenBrooklinen Queen Classic Hardcore Sheet Bundle, available at Brooklinen, $195.71Brooklinen Queen Luxe Hardcore Sheet Bundle, available at Brooklinen, $272.25Best for: The mom who needs to be comfierBrooklinen's luxe sheets are the ones we always recommend to friends, family, and readers, for their affordable price, sophisticated look, and comfort.The Hardcore Sheet Bundles have everything she needs to completely makeover your mom's bed — and stay nice and cozy all year long. Each bundle includes a flat sheet, fitted sheet, duvet cover, and four pillowcases. Brooklinen also sells comforters, pillows, candles, and blankets. This is another item that features in our list of the All-Time Best products we've tested.Read our full review of Brooklinen sheets here.A custom map posterGrafomap InstagramCustom Map Poster, available at Grafomap, from $19Best for: The mom who misses her favorite placeGrafomap is a website that lets you design map posters of any place in the world. You can make one of your mom's hometown, college town, favorite travel destination, or the place she got engaged or married — you're only limited by your imagination.Read our full review of the Grafomap Custom Map Poster here.A hardcover photo book for any mother figureArtifact UprisingHardcover Photo Book, available at Artifact Uprising, starting at $61.20Best for: The mom with 17 old photo albumsHonor any mother figure with a custom hardcover photo album that commemorates their best life moments. You can tie in her life story with a display-worthy dust jacket that puts her front and center. Choose from 11 fabric binding colors to complement her bookshelf or coffee table.A cute potted plant instead of flowersThe SillShop The Sill's selection of plants, starting at $20Best for: The mom who prefers long-lasting plantsThe Sill is a relatively new startup that's making the process of choosing and buying house plants much easier. This gift set is just one of many options you can choose from — you can even shop based on which plants are pet-safe. Read our full review of The Sill here.A weighted blanket to help her sleep betterBearabyBearaby 15-pound Cotton Napper, available at Bearaby, $249Best for: The mom who cherishes being cozyMade of soft organic cotton just like her favorite T-shirt, this weighted blanket can help Mom fall asleep faster and its buttery softness is perfect for wrapping up in. We ranked it as the best weighted throw blanket in our guide to the best weighted blankets. A jewelry holderCatbirdSwan Ring Holder, available at Catbird, $38Best for: The mom who always loses her ringsThis ornate swan is a subtle jewelry holder that'll dress up any bathroom countertop or nightstand.A personalized photo calendar for her deskArtifact UprisingWalnut Desktop Photo Calendar, available at Artifact Uprising, starting at $35Best for: The mom who loves physical calendarsA desk calendar can add a decorative touch to her desk, but one that displays photos of family makes for an even better gift for Mom. She'll love glancing at her calendar and being reminded of her favorite memories with you.A coffee table book for the mom who loves photographyAmazon"Women: The National Geographic Image Collection," available at Amazon and Bookshop, from $26.49Best for: The mom who loves a good coffee table bookYou can't go wrong with a coffee table book gift for Mom, and this one is a true standout. The photography is sure to be top-notch, since National Geographic created this book. Moms often serve as constant sources of inspiration, so why not pass along this book of powerful women?A postpartum self-care kitHonestHonest Mama Beyond the Bump Kit, available at Honest, $55.95Best for: The new mom in need of a breakIf the mom on your list is new to the parenting life, treat her to the Honest Company's Beyond the Bump Kit that will give her body the TLC it deserves. The four-piece set includes body oil and lotion, bath salts, and nipple balm, all of which have been formulated to soothe and support the body in this crucial time of healing.A skincare regimen that worksSephoraThe Outset Daily Essentials Starter Set, available at Sephora and The Outset, from $25Best for: The mom who wants to nail down a skincare routineTo make the self-care practice a bit easier to implement into their daily routine, surprise them with this essentials kit from The Outset. The skincare brand was founded by Scarlett Johansson and is one of the best celebrity beauty brands on the market by far. The set includes a trifecta of basic products that make up a complete regimen (a gentle micellar cleanser, a firming prep serum, and a daily moisturizer). Though only three simple steps, regular use is sure to offer quality results.A sampler of eco-friendly cleansersUltaBanila Co. Clean it Zero Pink Wonderland Cleansing Balm Mini Set, available at Ulta, $12Best for: The mom in search of a good cleanserArguably, one of the worst and most tedious parts of a nightly skincare regimen is taking off makeup. Wipes aren't super effective, plus they're not great for the environment. Banila Co.'s Clean it Zero set is perfect for the eco-conscious mom on your list who loves getting all dolled up but loathes getting un-ready at the end of the day. Whether they're dealing with acne or dryness, there's a formula in this set to remedy it. A comfier lactation setFourth PhaseFourth Phase Mylk Box, available at Fourth Phase, $88Best for: The mom currently breastfeedingFor new moms who've decided to breastfeed their children, Mylk Box by Fourth Phase can offer some support in this stage of motherhood. The lactation-supporting kit includes MylkBlend lactation tea, a hot and cold compress enhanced with lavender and flaxseed, a Rose Quartz GuaSha stone to massage the breast area and release milk engorgement, and a coconut oil-based salve for dry nipples. It's everything breastfeeding mamas need to stay lactating, and, even more importantly, stay comfortable through the process.A robust bath bomb setLushLUSH USA Sleepy Bus Gift Set, available at LUSH USA, $50Best for: The bath loverMoms require optimal rest to be the superhumans that they are, so if you're stuck on what to gift the mom on your list, you can't go wrong with treating them to the tools they need to clock in some quality snooze time. This aromatic gift set from LUSH includes six items meticulously crafted to promote high-quality sleep, including three bath bombs, one bubble bar, a shower gel, and a body lotion formulated with ingredients sure to lull them to sleep.A fancy candle setOtherland/Alyssa Powell/InsiderOtherland Candles The Threesome, available at Otherland, $89Best for: The mom who loves quality candlesCandles make any home smell great, and this fancy candle set from Otherland will look gorgeous in any room in her house. It includes three coconut and soy wax blend candles in beautiful glass vessels. Each candle burns for 55 hours — that's a lot of time that your mom can spend enjoying this gift. We named candles by Otherland one of the All-Time Best products we've tested.Read our full review of Otherland candles here.Laneige Lip Sleeping MaskAmazonLaneige Lip Sleeping Mask, available at Amazon and Walmart, from $12.99Best for: The mom with chapped lipsIf Mom is always complaining of rough or chapped lips in the winter, introduce her to her new favorite product: Laneige's lip sleeping mask. All she has to do is apply it at night before going to bed, and she'll wake up with smoother, softer lips.A silk pillowcase to upgrade her beauty sleepAmazonSlip Silk Queen Pillowcase, available at Amazon and Anthropologie, from $62.30Best for: The mom who appreciates luxuryUpgrade Mom's beauty sleep with a pillowcase or two from Slip. Not only do silk pillowcases look and feel luxurious, but because they're made of a material that's not too absorbent, they're great for keeping skin and hair moisturized. A face mask set for at-home spa daysfreshMini Loves Mini Masks Set, available at Walmart, $49.99Best for: The mom who never passes on a face maskMoms need time to themselves, too, and these face mask minis will have her and her skin feeling rejuvenated. She can kick back and relax with one of the black tea masks, the clay mask, the rose mask, or even the sugar exfoliator.A two-in-one hair dryer brush for easy at-home blowoutsAmazonRevlon 1 Step 2-in-1 Hair Dryer Volumizer Styling Brush, available at Amazon and Target, from $32.49Best for: The mom who wants a salon blowout at homeIf your mom has been eyeing the $600 Dyson Airwrap, this is a more affordable alternative that produces similarly easy blowouts at home. It's our favorite blow dryer brush if you're on a budget.A luxurious facial treatment deviceZIIPZIIP GX Series, available at ZIIP Beauty, $495Best for: The mom who cares about her skinSwitch up her facial appointments with the ZIIP experience that beautifully improves your skin beyond your imagination with every use. The ZIIP devices employ energy from tiny electrical currents with a conductive gel to sculpt and tighten the skin for a radiant glow. The weighted sleep mask that's the ticket to instant sleepAnthropologieNodpod Weighted Eye Mask, available at Anthropologie and Nordstrom, from $23.80Best for: The mom who prioritizes beauty sleepMove over, weighted blankets. These eye masks have gentle weights with just the right amount of pressure to lull her to sleep. The four equally weighted pods let her rest easy no matter her sleep position. A floral fragrance with a pear and white freesia scentJo MaloneEnglish Pear & Freesia Cologne, available at Jo Malone and Macy's, from $155Best for: The mom who collects perfumeIf she prefers a light yet luscious fragrance, this Jo Malone perfume makes for a lovely layer. This floral perfume accentuates her style with a smell of autumn from the freshness of the pear and freesias along with the subtle woodsy scents.A subscription to a great workoutThe Sculpt SocietyThe Sculpt Society Subscription, available at The Sculpt Society, $19.99/MonthBest for: The fitness fanAdult responsibilities can make it hard to find the time (let alone the motivation) to exercise. Add motherhood into the mix, and it can feel almost near impossible. For the fitness enthusiast on your list, there's The Sculpt Society, an app and workout regimen founded by celebrity trainer, Meagan Roup. Exercises within the program include a mix of strength training circuits and dance cardio, so there's something for everyone, and routines are customizable, so they can follow along with a class that best speaks to their body's needs on a given day.An adorable reading lightUrban OutfittersIcon Book Light, available at Urban Outfitters, $20Best for: The night readerIf the mom you're shopping for is big on night reading, this adorable clip-on light can help her stay cozy without needing to turn on additional lamps. It comes in three styles — a cute cloud, flower, or frog — and just needs separate batteries.A calming meditation subscriptionHeadspaceHeadspace Subscription, available at Headspace, $69.99/YearBest for: The mom who needs to clear her headMom or not, taking care of our mental health is an act of self-care that should not be skipped, and the Headspace app is an excellent gift for moms to help them stay on top of it. The app includes a library of guided meditations that cater to a variety of needs, like general mindfulness, stress relief, and better sleep.A 101 online course on starting motherhoodPsyched MommyPsyched Mommy Keeping Mommy in Mind Course, available at Psyched Mommy, $79Best for: The mom in search of guidanceMotherhood is magical, but it's also life-altering, and many mothers feel as though they don't have the tools to stay healthy and grounded in all aspects of life outside of caring for their child. This course from Psyched Mommy would make an excellent gift for a new parent or mom-to-be who's obsessed with self-improvement and being prepared for anything and everything. It's split into seven modules that cover the essentials (i.e. how to make sure they're getting enough sleep and ways to better improve their communication with their partner) and, hopefully, leave them better equipped for this beautifully complicated season of life. A pass to access almost all the National ParksREIAmerica the Beautiful Pass, available at REI, $79.99Best for: The road trip loverFor the mom who loves nature and road trips, it's hard to find a better gift than an annual pass to most of the US's national parks. It provides free admission to a car of up to four people to all participating parks and overall makes it so much easier to park-hop. It's the best nudge to get your mom to finally plan that Zion and Bryce Canyon vacation.A vibrating foam rollerCrystal Cox/InsiderVibrating Pliability Roller, available at TB12, $160Best for: The mom in need of a good stretchIf she's very physically active, a foam roller is a nice gift to aid in her workout recovery and soreness. This one is our favorite because it has four levels of vibration, a pattern that targets muscle groups, and a durable exterior. But, if your budget doesn't fit a $160 foam roller, never fear — we like some under-$50 options too. A 'book of the month' membershipBook of the MonthBook of the Month Membership, available at Book of the Month, from $49.99 for 3 monthsBest for: The book loverIf she loves to read and isn't ready to go 100% digital, a Book of the Month membership is the perfect gift. This gift subscription gets Mom her pick of the best new books for $12.50-$15 a month, depending on the length of subscription you choose to give. She can also request extra books if she reads more than one book a month. You can learn more about Book of the Month here.A yoga mat for the fitness enthusiastMandukaProLite Yoga Mat, available at Manduka and Amazon, $95Best for: The yoga enthusiastFor the mom who starts every morning with yoga, this mat has just the right amount of padding, is made of eco-friendly materials, and has a no-slip grip texture. It has even earned the title of best yoga mat overall in our guide to the best yoga mats.A year-long MasterClass membership to learn new thingsMasterClassAnnual Membership, available at MasterClass, $180/yearBest for: The lifelong studentMasterClass, unlike many competitors, follows a format that feels like a one-sided conversation with your favorite icons rather than a traditional academic setting. You can get into the supplementary reading materials or just listen to their insight while running errands. An Unlimited Membership grants access to all the site's online courses for the year.Some popular courses include Neil deGrasse Tyson on Scientific Thinking and Communication, Malcolm Gladwell on Writing, Shonda Rhimes on Writing for Television, and Bob Iger on Business Strategy and Leadership.Read our full review of MasterClass here.A jigsaw puzzle featuring a family photoZazzleMemorable Family Jigsaw Puzzle, available at Zazzle, starting at $23.96Best for: The mom who loves a good puzzleIf your mom loves puzzles (and has finished practically all of them), this custom one featuring a cherished family photo will earn a spot on the wall when it's done.A daily planner for the busy momAmazonPanda Planner Daily Planner, available at Amazon and Panda, from $19.97 Best for: The journalerEven the most organized mom could use the help of a trusty planner. This one from Panda Planner has monthly, weekly, and daily sections for all of her needs. She'll have her schedule, tasks, goals, and projects all in one place. We like the layout of this planner so much that we include it in our guide to the best planners.A DNA test kit23andme23andMe Health + Ancestry DNA Test, available at 23andMe, $129Best for: The mom interested in her family treeThis genetic test kit from 23andMe is a unique and cool gift idea for any mom who's interested in learning more about her family history.A personalized video message from her favorite celebrityCameoPersonalized video message, available at Cameo, from $1Best for: The celeb-obsessed momWhen trying to think of a unique gift for Mom, one that might not immediately come to mind is Cameo. The online service has tons of famous people she might want a personalized video message from, like her favorite actor from "The Office." Whether it's for her birthday, Mother's Day, or a different milestone, there's something for everyone on Cameo, with all types of categories and price points to choose from.Read more about Cameo and how to use Cameo. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 12th, 2022

Transcript: Marcus Shaw

    The transcript from this week’s, MiB: Marcus Shaw, CEO of AltFinance, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ ANNOUNCER: This is Masters in… Read More The post Transcript: Marcus Shaw appeared first on The Big Picture.     The transcript from this week’s, MiB: Marcus Shaw, CEO of AltFinance, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have another special guest. His name is Marcus Shaw. He has really a fascinating career and a focus these days. He really began as a traditional engineer/finance person working at IBM as a network engineer before he got his MBA at Duke. And from there, he did the usual research and investment banking gigs throughout a lot of Wall Street before the opportunity came to help entrepreneurs develop and grow their businesses in places like Alabama and Tennessee, which ultimately led him to participate in the founding of a new firm called AltFinance, which was created by really a group of, for lack of a better word, finance royalty. It’s Howard Marks of Oaktree Capital. It’s Tony Ressler of Ares, Marc Rowan of Apollo Global. These three gentlemen said we’re lacking the ability to tap into a very rich, diverse talent pool, including historically black colleges and universities. Venture capital, private equity, just were not recruiting for those spaces. And so they stood up a firm called AltFinance, whose main purpose was to help alternative asset managers tap into that rich pool of potential hires. Marcus Shaw works with them, and he’s the CEO of AltFinance. I found this to be really a fascinating conversation about how to access the most skilled partners and employees, what can be done to shake up a relatively staid industry that has lagged behind its peers in terms of recruiting and other things, and really how to help have a major impact in the world of finance. And I found this conversation to be fascinating and I think you will also. So with no further ado, my interview with Marcus Shaw. MARCUS SHAW, CEO & PRESIDENT, ALTFINANCE: Barry, thank you so much for inviting me. RITHOLTZ: I’m excited to chat with you. So let’s talk a little bit about Wall Street and diversity. Wall Street has been pretty bad at recruiting black talent. It’s been a stated objective for decades. Why is finance so bad at this? SHAW: Barry, I think that it’s a complex question that requires actually a complex solution and a multifaceted solution. I would say the most general issue here is that folks don’t have the networks and the access to careers in finance from across the country. Right? So if you grew up in New York, yeah, you’ll probably know some people that worked in the industry and you may have some relationships. You may go to school with somebody. Your parent may work there. And that’s whether you’re white or black. All right. But if you don’t, if you grew up in a market, where there’s not an investment bank, there’s nothing other than a branch bank for one of the multi-dimensional financials, then you’re not really going to have an understanding of what that career looks like at a young age. And so as you get ready to go to college, and you start thinking about what your career going to look like, it’s going to be primarily academic for you. And so I think that’s always a challenge that they’re not a ton of people that are in the seats, that are getting access to, in this case, black students from across the country. They’re giving them a look and this is what a career could look like for you. This is what an opportunity could look like for you. Here’s what the realm of possibilities is. And this primarily is how you get there, here’s a path to get there. That’s the biggest challenge. RITHOLTZ: So tell us about AltFinance, what is its mission? And why is this a better mousetrap than the way things have been done before? SHAW: So AltFinance is focused on building diversity in the alternative investment industry. RITHOLTZ: Alternatives being venture capital, private equity, anything else? SHAW: Private credit, real estate investing, hedge funds, everything kind of outside of traditional stock and bond investment, right, the things that are more private and market-driven often. And so our goal is to increase diversity in that space by working with partnerships at historically black colleges and universities, by providing students from HBCUs opportunities to have co-curricular programming, understanding, you know, exactly what you need to know to be successful in that role. Also to provide mentorship for students so that they’re not operating in a vacuum, so that when they have questions, there are people in the business, people that have experienced in the business that they can talk to. And also by working and partnering with schools to provide financial support to help increase capacity not only for students, but also for the institutions themselves. RITHOLTZ: So let’s talk a little bit about how AltFinance was initially funded and created. You have Howard Marks of Oaktree Capital, Marc Rowan of Apollo, Tony Ressler of Ares. These are like three heavy hitters at giant legendary firms. That’s a heady group to work with. What led them to say we need help accessing black talent, and we’re not getting it from anywhere else, we have to do it ourselves. SHAW: What I think all three gentlemen, you know, Howard, Marc, and Tony all recognize is that relationships help drive value. And so you got to have relationships with the schools and the places where there is a lot of black talent, and I think they saw HBCUs as an opportunity for that. I think what’s important, though, and what’s key is that we found ourselves at a very interesting point in time, in 2020, in the wake of George Floyd, in the middle of COVID. And so I think, everybody around the world, business leaders from across multiple industries were trying to think about how can we make the world a better place? How can we address racial equity in a way that’s specific to the businesses that we operate in? And I think that’s the key, right? This was not just about, you know, going out and being philanthropic, right, and making one time gifts. This was about how can you be strategic in building partnerships over the long term, that are going to have a systemic impact in the industry in which you operate. And that’s where I really think that the three firms led by, again, Howard, Tony, and Marc really found something that was special and something that was, you know, a better solution to a question that Wall Street has been dealing with for years. RITHOLTZ: So is it safe to say that Wall Street, in general, but alternatives like private equity and venture capital, were not recruiting at historically black colleges and universities? Was that void out there forever? SHAW: I think that it was not systemic, right? There was no systemic recruiting at HBCUs, in a way that was going to be sustainable, right? And I think that a lot of that was driven by needing to take some time and figure out how do we engage with these universities. We know we’ve got talent there. We’ve got density of talent, which is the important thing. And so I think giving us time to reflect on what had happened over the past few years was a really strong case for let’s go, let’s be direct and intentional. Let’s work with presidents of these universities. Let’s work with the deans, let’s work with the students to develop a strategy together, that’s going to rise the tide for everybody. RITHOLTZ: So I want to get into the details of what you guys actually do with students. But before I get there, you mentioned Tony, Howard and Marc, what led them to say, hey, let’s stand up some entity so we can set up an institution to correct just a recruiting shortfall we’ve had for years and years. Like that’s an unusual group of guys to get together and say “Let’s see if we can dent the universe a little bit.’ SHAW: Yeah. So I think there are two factors. Number one, and I think they both reflect strong leadership at the firms. Number one, you had, you know, somewhat of a groundswell from within the firm, certainly at leadership that said we need to figure out a way to do something. And I think as great leaders do, I think Howard and Tony and Marc were receptive to that. And also, it was perfect timing because they were thinking, how can we drive impact? How can we impact and affect change in our own way? And so it starts off with senior leaders at the firm and you know, these heads of industry working together to figure out, what can we do? Then you bring the relationships together. So Howard, Marc and Tony have known each other, but also many of their senior leaders have known each other as well. RITHOLTZ: Right, right. SHAW: And so the main thing that you have to do is say we want to take down any competitive barriers in which we operate during our standard business. And we recognize that what we’re trying to solve for is bigger than our individual company. It’s really about the industry. And if you can get to that point, which they did, very quickly, I mind you, then you can instantly start to put together something as powerful as AltFinance. And that happened, and it happened fairly quickly. But I think it took a lot of time and a lot of vulnerability, and a lot of transparency. And I think that’s really symbolic of what AltFinance represents. RITHOLTZ: So now let’s drill down a little bit and talk about what you exactly do with students. Do you guys provide coaching or mentorship? What do you do to help kids who probably aren’t all that familiar with what private credit is, and put them on a career path until alternative investments? SHAW: So there’s a framework that I use, I use it with entrepreneurs, I use it with talent anywhere I see it. First, you identify really good talent, right? Kids that have an interest in investing. Although they may not know the nuance of what investing asset class that they’re most interested in, or, you know, they’re young, they may not have the experience of understanding multi-cycles in the market, but they have an interest in investing. They have academic strength, right, some real intellectual rigor and horsepower. And so you look at kids that perform well, no matter what they do. You know, the kid can be a philosophy major, they can be a finance major, but they’re doing well in the pursuit that they’re following. And then we look for students that are coachable, right? RITHOLTZ: Coachable? SHAW: Coachable. Coachable is key. RITHOLTZ: Really? SHAW: It’s an apprentice model business. You know, there’s nobody that comes into this business, and comes in right out of college as a partner. Even if they’ve got all the resources in the world, nobody is going to come in as a partner. By and large, most people start this business as an analyst and they work with associates, and those associates working with VPs and principals, and managing directors and so forth. So you need people that are going to be willing to work through the apprenticeship model, that are willing to come in, you know, well compensated, a great network of people that they’re going to be around, but they’re still going to have to listen and be coached up in order to benefit the team in the company. And so we look for those things, people that have an interest in investing, people that have intellectual horsepower, and people that are coachable. RITHOLTZ: That’s really intriguing. So it’s not so much specific qualifications that are needed as qualities that will allow the students you select to succeed going forward? SHAW: Yeah. I think by and large, I mean, I would say that those qualities, you know, we recognize them through qualifications, right? So I look for people who have strong GPAs, and people that are taking some rigorous coursework, even if that coursework is not in finance. I look for people that have done extracurricular work, or you know, manage their own little portfolio, or have stock ideas or businesses ideas that they want to pitch. And then I look for people who also have references that say, “You know what, this young man, this young woman has been really coachable in the time that I’ve had them in school.” RITHOLTZ: So generally speaking, alternative assets, that’s a tough gig to get into regardless of where you go to school. Private equity, venture capital, hedge funds, real estate, down the whole list, not easy, how much harder is it to get into that space if you’re coming from an HBCU? SHAW: I think it can be difficult, and not because of anything that’s attributable to the student themselves. I think it can be difficult because no matter where you’re coming from, you need to know somebody to get into this business. And so the first key is how can you create networks that allow HBCU students to have mentors, to have advocates that are in the industry, that learn and know them well, know their strengths, know their weaknesses, know, you know, their ambition and their aspirations, and can speak to that and help guide them to certain careers inside of alternatives where they can be successful. RITHOLTZ: Really intriguing. Let’s talk a little bit about some of the work you’ve done, start with CEO of The Company Lab, what was CoLab’s mission and why Tennessee? SHAW: My wife and I decided to move to Tennessee back in 2016. She joined a practice down there and we had family in Tennessee, and it was really a unique opportunity to move around. We’ve moved around a bunch and have enjoyed all the different places that we lived in the country. Chattanooga is a fascinating city, really steeped in some rich history, but also a city that faces some challenges as they grow from a very small city to a more significant city in the U.S. economy. When I moved down there, I was still working with MLT, and then an opportunity came up to take a pretty significant role within the community as a CEO of The Company Lab. The Company Lab was the entrepreneurship and economic development center for Chattanooga and the surrounding areas, which include North Georgia, North Alabama, and Southeast Tennessee. It was incredible to really focus on local opportunities for entrepreneurs, for investors. for economic development, and really see how the fabric of a city with, you know, about a couple of hundred thousand people can develop, when you have people that are really dedicated to fostering that growth. RITHOLTZ: Was this like a private public partnership? Tell us a little bit about the structure of that. SHAW: It was a private public partnership. It was set up as a nonprofit that had some funding coming from the state, some funding coming from foundations, and then some funding coming from corporate entities that also found economic development in the region very important RITHOLTZ: What’s some of the economic sectors within that area? What is Chattanooga known for? SHAW: So Chattanooga is known for a couple of things, right? Key brands, number one, Coca-Cola Bottling is the company that really helped to jumpstart the city. And so Jack Lupton was kind of the patriarch of that company, and sold that company back to Coca-Cola in the mid-90s. RITHOLTZ: They were two separate companies for a while. SHAW: That’s right. So, yes, there were a number of bottling companies that would bottle Coca-Cola product and distribute it throughout the country or throughout the region. And the one in Chattanooga, Coca-Cola Bottling was one of the larger ones in the mid-century. Again, it was sold back to Coca-Cola as they consolidated those businesses, and left a pretty strong economic footprint in Chattanooga. Chattanooga was also the home of Moon Pie and Little Debbie, right? And a number of consumer products that are very familiar brands that we know about, but did not know that they were from Chattanooga. And so what I saw in Chattanooga was a rich history around entrepreneurship that necessarily hadn’t found its way into the modern day, right? We didn’t see a lot of great companies coming out of Chattanooga in the late ‘90s during the tech bubble, and so forth. RITHOLTZ: So what did you accomplish when you were there? Do you feel like you moved the needle at all? SHAW: Well, we moved the needle tremendously. You know, there were some companies that were there when I took the seat, companies like Bellhop, that’s a tremendous company and kind of operates in the Uber of moving, right. So you have fantastic moving company and a fantastic culture. There was a company FreightWaves that has done fantastic work. People kind of equate it to the Bloomberg of trucking. And so they’ve got a — RITHOLTZ: FreightWaves? SHAW: FreightWaves. FreightWaves. RITHOLTZ: W-A-V-E-S? SHAW: That’s correct. And Craig Fuller who’s the founder and CEO down there was a good friend, but also a really strong business person who’s done some great work. We brought Steve Case in Rise of the Rest to Chattanooga. RITHOLTZ: Sure. SHAW: And FreightWaves was actually the investment that they made in Chattanooga, and has done great work. The company has grown. They’ve employed hundreds of people with meaningful salaries. And that’s what it takes to move the needle in a place like Chattanooga, and there are hundreds of cities like that around the country. RITHOLTZ: So how do you go from Tennessee to Alabama at the Montgomery TechLab? SHAW: So as I was leaving CoLab, in Tennessee, I saw what was going on in Montgomery, and I saw that Montgomery had great leadership. The mayor down there, Steven Reed, has done a fantastic job in Montgomery. I also saw that they had some really unique assets. They’ve got a fantastic Air Force installation down there. They’ve got the state capitol there in Montgomery. They got a really diverse population. And so what I really did was take the thesis that we were working with in Chattanooga, and adjust it so that it applied to Montgomery. And so in a couple of years down there, we’ve been able to bring some really incredible companies to Montgomery, to see the type of value that they have there. But we’ve also, in this most recent cohort, and the team down has done an incredible job, helped grow companies that are there in Montgomery, focusing on tech solutions and tech services, to help them expand and recognize assets even outside of the region. RITHOLTZ: So you mentioned tech, I tend to think of the West Coast as the, you know, center of tech in the U.S. The Northeast is the center of finance. The Southeast, how should we think about that in terms of the business sectors that they should be known for? SHAW: So I think there are a couple of things. Number one, manufacturing has been strong in the Southeast for a number of years. RITHOLTZ: A lot of car companies really, right? SHAW: A lot of car companies. There’s a lot of pro-business environment for companies with big labor forces in the Southeast. You’re able to operate at a more efficient standard of living in terms of cost. And so you see a lot of car manufacturers operating down there. Also, transportation and logistics, Chattanooga was probably one of the biggest hubs for transportation logistics in the country. Anything that’s coming through the Southeast via truck is coming through either 81 or 75 or 24. All of that comes through Chattanooga. And so that was something that we saw. You’ve got companies like U.S. Xpress and Covenant that operate in Chattanooga. RITHOLTZ: Didn’t FedEx or UPS have a big logistics center? SHAW: So FedEx is out in Memphis, Tennessee, so on the other side of the state. But those trucks, again, will all come through Chattanooga. And so when you think about, you know, the south and you think about industries that are moving, it continues to be manufacturing and logistics. Also, healthcare is really popping up. Nashville and Atlanta are two very large healthcare hubs. Some of that is due, unfortunately, to demand, right, where you have health outcomes that are probably a little more severe in some of the Southeastern states in the United States. And so you need strong healthcare to meet the needs of the population. RITHOLTZ: It’s interesting we’re talking about different parts of the country. A lot of the bigger firms want to see the end of remote work or hybrid work. But I would imagine that that creates opportunities for parts of the country like Chattanooga, and Nashville, and Montgomery, where there are a lot of big companies that may not be located there, but they want to tap the pool of talent that’s there. SHAW: So we’ve seen that, and talking with leaders in a number of cities throughout the south, and even throughout other areas in the middle of the country that have not traditionally had the type of talent there, or the draw to those cities. You definitely saw a surge of people, I would say, during the COVID period, that were moving to cities where there was a lower cost of living, but a strong quality of living, and they could work remote. And so I think there’s been a benefit to those cities, and that you’re getting people that are moving. You know, Nashville had a ton of people that were moving to Nashville primarily from California, and that really strengthened the work or the labor force in Nashville. What you do see on the other side of the coin, though, is that for companies that are there locally, it can be a detriment because you have people that are there in the city and may take jobs outside of the region instead of taking jobs there in the region. And so there’s a delicate balance, right, to the impact, particularly for small to mid-size markets, where you have a labor force that’s needed in the market, that’s finding opportunities outside of the market, even if they continue to live. RITHOLTZ: Let’s spend a little time going over some of your history. Your family is from Mississippi, but you grew up a little bit of a military brat? Tell us about those experiences. SHAW: Yes. So my dad is actually from Mississippi. My mom was from North Carolina. My dad was a naval officer who retired shortly before I was born. So I spent most of my time growing up in Maryland, right outside of D.C. RITHOLTZ: So you didn’t do the whole army brat travel around the country? SHAW: I didn’t do that. But I did hang out on military bases a lot. So all my friends would change every three years when they PCS, right. So I had kind of the opposite side of the travel, which is being the friend that was always left behind. RITHOLTZ: Right. That’s really intriguing. What did your dad retire from doing? What was his — SHAW: So my dad had two careers in his life. He grew up in Mississippi. He’s picking cotton, believe it or not, when he was 7 years old. He was born in 1929. RITHOLTZ: Seven? SHAW: 7 years old. Right. RITHOLTZ: Wow. SHAW: We talk about skipping generations. He went into the Navy in 1945, and spent 27 years in the Navy. He retired and went to work at the Library of Congress as personnel. He was able to get his undergrad, master’s, PhD all through the GI Bill while he was in the Navy. RITHOLTZ: Wow. SHAW: But I always say my father is a real hero of mine because he truly did skip three generations in one lifetime. RITHOLTZ: Wow. That’s really impressive. Was mom working? Was she a homemaker? SHAW: My mother was a 50-year school teacher and taught public school in D.C. for 50 years — RITHOLTZ: 50. Wow. SHAW: — and really was an inspiration for the way I think about learning and understanding the value of education. RITHOLTZ: So let’s talk a little bit about education. You went to Sidwell Friends School, that’s some rarefied company, isn’t it? SHAW: There’s some good people that have gone there. RITHOLTZ: Yeah. Who did you go to school with? Any famous names that you know of? SHAW: Marcus Shaw is one. But, no, I had great, great folks in my class. Baratunde Thurston, who you may have heard of, author and producer that spent time with The Daily Show; Jon Bernthal who’s a great actor; Tommy Kail who was the director of Hamilton and some other big plays. RITHOLTZ: Wow. SHAW: But you know, everybody in our class was phenomenal. Also, folks like Chelsea Clinton, and later, the Obama girls went to Sidwell. So some rarefied air indeed, but a great group of students and a great group of friends. RITHOLTZ: So you go from there to get a mathematics degree from Morehouse College, then onto Georgia Tech for an electrical engineering degree, with little football mixed in. Tell us a little bit about your academic career in college. SHAW: So when I went to Morehouse, I was excited. I went down there with a few friends. It was a great mix to be able to go to a school, like Sidwell, and then go to an HBCU as esteemed as Morehouse was. It was really a great opportunity for me to have a bunch of different experiences. My story around playing football is probably my great interview story. I was playing cards with a bunch of guys right at the beginning of the school year, and made a bet that I could kick a 50-yard field goal. So we go out on the field, we jumped the fence, I lined up, take about 20 steps back, kick a field goal from 50 yards. One of the coaches comes out and yells at us to get off the field. We’re trespassing. As we’re leaving, he tells me to come out to the walk-on tryouts at the end of the week. RITHOLTZ: How close did you come to a 50-yard field goal? SHAW: Oh, I knocked it down. RITHOLTZ: No kidding. SHAW: I made it, man. He didn’t want me to come out because I missed it. He wanted me to come out because I made it. And you know, I went on to play four years in Morehouse and had some strong accolades there. But really, even that experience was about building great friends that I played football with. And many of those gentlemen have gone on to do incredible things as well. RITHOLTZ: Why is it not surprising that a math nerd is also a placekicker? It seems to be like the field goal seems to be one of the most mathematical parts of football. SHAW: Well, it’s pure geometry. RITHOLTZ: Right. SHAW: So 1.3 seconds from the snapper to putting the ball down and getting the ball off the ground, the angle that has got to come up, you know, is pretty significant in terms of your probability of making it. So I looked at it as an exercise in physics, geometry, you know, a little bit of chemistry, depending on the texture of the football. So I thought I was a natural. RITHOLTZ: That’s really intriguing. And then you go on, get your master’s at Duke School of Business. What led you in that direction, given the mathematics and electrical engineering undergraduate? SHAW: So I went to IBM after completing my undergrad degree at Georgia Tech in electrical engineering. I had a great time there, learned a lot, but really wanted to understand the way that we were selling business, right, understanding more about the business of IBM, and how we thought about the products and services that I was delivering as an engineer. Not to mention one of my, you know, very good friends that played football with me in Morehouse, was a year ahead of me in business school, he said, “You’re pretty smart, you should check out business school.” And fortunately enough, I had a great school in Duke that was right there in Durham. My wife was in med school at UNC. And I didn’t have to move to go to a great business school, which was really refreshing. And it was a great experience, and I learned a lot about business there and kicked off a new career. RITHOLTZ: From there, you ended up going into a decade of equity research and investment banking at shops like Bank of America, Piedmont, others. What led to that aspect of finance? SHAW: So I always tell folks this is one of the great turning points in my life. When I went to business school, I was pretty confident that I was going to come out of business school and go back to IBM. I was going to stay an engineer, wanted to learn more about marketing and you know, some operations around technology. There was a point right before the start of my first year in business school, so this is 2003, I had an opportunity to go to a camp, two-day camp at Goldman, that was focused on providing insights in investment careers for people that did not have an investment background. And you know, they fly you up, you’re a smart kid, put you up in a nice hotel. And I met a woman who covered enterprise software at Goldman, and she gave me really great insight into how I could leverage the industry knowledge that I had developed at IBM. And so, really, it was one person on an off-conversation, you know, down on Broad Street, 20-plus years ago, that led to my career. She said, “Equity research is a great place where if you know a lot about the business, and you learn a lot about finance, you can be impactful. You can earn a good living. You can really understand the markets and meet great people.” RITHOLTZ: As opposed to the opposite which is knowing a lot about finance, and then having to learn a whole industry from the outside, it’s a very different perspective than starting with the industry knowledge from the inside. SHAW: That’s right. And that perspective is something that I think we’ve got to learn to embrace more because, you know, finance is challenging, but it’s not difficult, right? It requires putting in work and getting reps in order to start to understand patterns and be able to anticipate things that you will see in the market, or things that you’ll see at a company. But really understanding the core of industry is what makes a master of business, right? I mean, that’s how you really start to hone the skills that you need in order to make true alpha out in the market as an investor. RITHOLTZ: So tell us what you did it at shops like Bank of America, what was your focus? SHAW: So I covered telecom services at Bank of America. During my time at IBM, I worked on several telecom networking projects and really understood the industry, things like spectrum and things like wireless that were coming of age at that time, I understood pretty deeply. And you know, through my understanding of finance, I was able to say, these are businesses that I think will do well. these are businesses that are positioned to do well. And once the market understands that, the stocks will perform. I had great mentors at Bank of America, a great team that I worked with, and really set me up for a great start in finance. RITHOLTZ: So you have a little bit of a health scare when you’re relatively young, and it changes your career trajectory. Tell us what led you to stepping off of the merry-go-round? SHAW: Yeah. Barry, it’s an incredible story and one that I think also defines a lot of where my life has led. So you know, I was at a firm in D.C. and covering tech media telecom, a bunch of regulated industries as well, and was having some chest pain. And a bunch of traders had, you know, what we call walking pneumonia, but it takes everything to get a trader off the desk, right? I mean, the whole desk will get pneumonia before they leave. And I was pretty sure that’s what I had and was coughing for a few days, and had some pain in my chest, go to the hospital. They take an X-ray. They see that I’ve got some swelling and a little bit of cloudiness there in my lungs, and they gave me a Z-Pak, an antibiotic. They think that I might have had pneumonia. My wife who’s a physician, as I shared with you before, you know, comes to the hospital, to the emergency room. She asked me what they said, I said, you know, as an equity research guy, I think I know it all, “I’ve gotten pneumonia. You know, they saw it on the X-ray.” What I didn’t– RITHOLTZ: It’s like, “Let me see those films.” SHAW: She’s like, “Let me see what’s going on.” Exactly. RITHOLTZ: She didn’t buy it? SHAW: Well, she didn’t buy it because she’s a doctor and she’s very good at her job. Like, I say all the time. I’ve got a great wife, but I got the best doctor that anybody could have in their house. I had some leg pain earlier in the week. RITHOLTZ: Left side? SHAW: Yeah, left side. RITHOLTZ: Ooh. SHAW: So we know where this is going, right, Barry? RITHOLTZ: All right. Yeah, you can just ignore that. That will sort itself out. SHAW: I thought it was a charley horse. RITHOLTZ: Really? SHAW: I played a little basketball with buddies. This was right at the end of a Thanksgiving holiday. And I got a group of buddies, lifelong friends, we always play basketball together. And I thought it was a charley horse. Pain in the leg went away. A couple of days later, I’m having this pain in my chest and I take myself to the hospital. She goes, “Did you tell them about your leg?” And I said, “No.” She goes into the head of the emergency room’s office. RITHOLTZ: Really? SHAW: The guy comes back out and he says, “How come you didn’t tell me about your leg?” I said, “Well, my leg doesn’t hurt anymore. It’s my chest. I got pneumonia. That’s what X-ray said.” This is where equity research guys talk themselves into a hole. They think they know more than they do. RITHOLTZ: Right. SHAW: I know a lot about telecom. I know nothing about healthcare. All right. So the guy comes out and he says, “Well, we got to give you what we call a D-dimer.” Right. There’s a test for blood clots essentially. RITHOLTZ: Right. SHAW: They do the tests. I am at this point, the second sickest person, highest priority in the emergency room. RITHOLTZ: Wow. SHAW: They rolled me in. They gave me an MRI. They see the blood clots in my lungs. They see some remnants in my leg. I’m immediately, you know, brought into the hospital and I’m there for several days. They gave me blood thinner. They want to make sure that these clots don’t — RITHOLTZ: So no bypass or anything crazy like that? SHAW: No, no, no, no, no. So what I had was a blood clot, right? So I did not have a heart attack. I’m in the stroke center there at the hospital in D.C. And for me, it was really a point where you start thinking about your life in a different way. RITHOLTZ: It had to be terrifying when your wife comes in and the head of the ER says, “Stat. Let’s get this guy taken care of immediately.” SHAW: It is, but not as scary until you realize what’s really happening. And that, you know, there’s things that they call the widow-makers, which are these bilateral blood clots that you get across the aortic valve. And I mean, you just go away. RITHOLTZ: You’re done. Right. SHAW: You’re done. Right? As somebody that kind of steeped in mathematics, probabilities, investment, you’re always thinking about the future. And you know, my great story from that is that I actually upgraded a stock Pandora Media from the ICU in the hospital. RITHOLTZ: I bet they loved that. SHAW: Yeah. To which my wife responded, you know, “If you die writing a research report, I’ll kill you.” Right. So this is where you start putting it together, you put a little bit of life together, and you start thinking like an investor, and you start investing in yourself and thinking about, you know, how are you going to measure the return in your life? And for me, I’ve done well as an analyst. You know, we did well. And I said I really I want to find ways that I can impact and help others with the years that I have left because it could have gone away right then in there. RITHOLTZ: So is that what led to Management Leadership for Tomorrow, and then AltFinance? Tell us about what took place when you got out of the hospital? SHAW: Yeah. So got out of the hospital, stuck around for a few more months at the firm that I was working. And then decided to do some other things, and that included doing some work with small- to medium-sized businesses, providing some outsourced CFO type of service, to really understand how some of these small businesses worked. An organization that I looked at doing some work with was Management Leadership for Tomorrow. And John Rice and the team at MLT do a great job. They have absolutely moved the needle and changed the trajectory for thousands of Black, Latino and Native American students over 20-plus years. I knew John a little bit and knew about the work that he had done. I had written recommendations for mentees of mine into that program. And John asked me to come out and you know, “Can you help raise some money, right, running business development?” And for me, that was a step away from the industry. And what I recognized is I got tremendous fulfillment out of seeing young people that were, you know, 10, 20 years younger than myself, but helping them get to the next level, helping give them the opportunities that that woman gave me from Goldman, when she said, “Here’s the path you should think about taking.” RITHOLTZ: Quite interesting. (COMMERCIAL BREAK) RITHOLTZ: I’m Barry Ritholtz. You’re listening to Masters in Business on Bloomberg Radio. We’re talking to Marcus Shaw. He is the CEO of AltFinance, a firm which seeks to increase diversity across alternative asset management firms. So we’ve been talking earlier about the lack of recruiting and the lack of diversity, historically, on Wall Street. But let’s talk about the other side. You often speak to groups of smart college kids, and you ask them, hey, what do you guys know about private equity, or credit, or venture capital? What sort of answer do you get when you ask those college students those questions? SHAW: So the most interesting thing that I’ve seen in assessing college students and talking to them is that students generally have very little knowledge of the companies that are operating in the private equity, private credit markets, real estate. They know some of the venture capital firms because I think venture capital has done a great job of a PR over the past 10 years or so. I mean, everybody wants to be a venture capitalist and an entrepreneur. I always attribute that to a low interest rate environment where — RITHOLTZ: Oh, no, go back to the 1990s when venture capitalists were rock stars also. SHAW: That’s right. That’s right. Well, also, though, you know, a period there where you had the Fed being a little accommodative, right? I think that by nature and by design, many of the firms that operate in private equity and private credit space don’t want to be known. But our students know many of the holding companies, right. And that’s what’s really interesting, that they know the publicly-traded companies, they know the private companies, but they don’t know the holding companies for the private companies. RITHOLTZ: You use the example, and I think it’s fascinating, Rihanna partnered with a private equity firm for her fashion line. The students know who Rihanna is and they know how wildly successful she’s become, but they don’t know who the financers are. SHAW: That’s right. That’s right. RITHOLTZ: And how do you get them to look behind the curtain and/or under the hood and see that capitalist is what’s driving the business? SHAW: I think the key to that, and we check for this when we’re interviewing students for our program, is intellectual curiosity, right? That’s the key to being an investor. Are you always thinking about peeling back another layer to the onion? You go in a store; you see a great product. Hmm, where is that product made? Who’s the company that owns that? Is there’s several different pieces to the product? Where are they getting the components from? Where are they sourcing them from? Who owns that company? Who finances those companies? That’s the way we’re teaching students to think because that brings about the type of intellectual curiosity that you need to have when ultimately, you want to put some capital behind a company that you really like. RITHOLTZ: So let’s go back to first principles. Why are companies interested in diversity? What’s in it for them? SHAW: So I think there are a number of reasons why companies are and should be interested in diversity. We have hundred million students out here, coming through, you know, K through 12, and university system that are operating at a higher level than we were 20 years ago. Students are very smart, independent of their color, their background, their religion, their gender orientation, right? What we know is that students are being educated at tremendous levels today. They have so much more access, that their intellectual curiosity is going to be really fueled by a lot more information that’s delivered in a more equitable way. If I’m hiring for talent, I want access to all of that. I want to know the brightest kid from every corner of the country, boy, girl, gay, straight, black, white, it doesn’t matter. I want to know that student because that student can help me. That student can help me build and invest, and find opportunities and generate alpha, and bring more clients into my business. And so if I’m a senior leader at a company, I think that’s the business operative, right? I’ve got to have the brightest talent, the talent that’s most differentiated and intelligent, and also helpful. I think the social part of this is that, you know, a lot of these dollars are public dollars, that companies are managing. My mother, again, a 50-year school teacher who put money into her retirement for 50 years. It would benefit her, and it would benefit the other teachers and firefighters and police officers that represent diverse communities, to have people who are investing their money look like them as well, RITHOLTZ: Really interesting. So this is more than just a checkbox on any list. Companies are actually looking to expand their diversity and inclusion practices because they see a genuine benefit to both their decision-making process and their businesses. SHAW: I think that’s the obvious answer. And that’s why with AltFinance, you know, this is a long-term plan. We’ve got a 10-year commitment from our three initial partner firms. And so this is not about checking the box; this is about changing the paradigm for recruiting talent in this industry. RITHOLTZ: So this industry has been notoriously laggard when it comes to diversity. But there are lots of other industries, technology has been accused of having a diversity issue. Medicine, law, pretty much wherever you look, United States has its own history, with some of its dark pockets. What other sectors could benefit from an organization like AltFinance, or what else can we focus on? SHAW: Yeah. I think there are a number of sectors that could benefit from this strategy, even sectors like tech that have already developed some strategies. I think, again, we’re focused around education, exposure and experience, the three elements that are going in to preparing students for careers. This is not just about scholarships, right? You give a student a scholarship, but then you don’t really give them access to the people at your firm that are going to help that student not only get a job at that firm, but feel a sense of belonging, right, once they get to that firm, so that they maximize their individual output. That’s what you’re trying to go for. Right? I’ll tell you a story about a student. So we have a student in our program. And when you talk about counseling and coaching, it was a phenomenal story. A student, very bright student who had the ability to graduate in three years, and worked last summer at a fairly reputable consulting company. And I asked the student, I said, “Why are you in a hurry to graduate? You students got a pretty good scholarship package.” Student comes from a background where, you know, he’s having to support family still at home. I mean, you know, a tough situation, and he wanted to get out in the workplace where he can earn. I said, “Trust me, if you stay for your full four years, you’ll have the opportunity through this program, to get access to a career in alternatives. You had a great opportunity last summer. You’ll come out. You could make 2x, even 3x if you stay and pursue this opportunity in alternatives.” So the young man stayed, had multiple opportunities, selected one. But here’s the real power of the network. As he’s making his decision to which role he’s going to take and you know, at one of three mega funds, he calls up his mentor who is not at one of the firms that he has an offer from. And he says, “Well, what do you think I should do?” In the course of that conversation, not only does he get guidance from the mentor, the mentor connects him with another gentleman who used to work at one of the firms, in the same group that he was going to. Now, he has a decision that he’s made, that’s been informed by two people that he did not know a year ago. That’s the dinner table. RITHOLTZ: And we will take those conversations for granted if specially someone grown up in a New York area, where you know people who work in finance or people’s parents were in finance, that network just doesn’t develop elsewhere without focused exposure to it. SHAW: That’s right. RITHOLTZ: That’s really intriguing. So you’re at Bank of America a decade ago. You had some important teams you worked with, and you led some groups. How do you see Wall Street having changed over the past 10 or 20 years? Were the signs on the road that things were getting better? Were they ripe for moving in the right direction? Or is Wall Street just calcified and needed to really be shaken up? SHAW: Well, Barry, I think that question really highlights something that’s amazing to me. Number one, that I’ve been in this business, you know, a long time. RITHOLTZ: It goes by quick, doesn’t it? SHAW: It goes by very fast. And number two, how much things change, you know, in a fairly short amount of time. You know, when I started my career in finance, I was the only black person in my group, in my division. Okay. Another young woman came shortly after. We had a great relationship. In fact, she’s been a lifelong friend. And I, you know, was a mentor to her. And — RITHOLTZ: Was that something that was very consistent? You were the only black guy working at the other shops you worked at, or at least the only person in the department? SHAW: Well, for a couple of firms. I also did work at a minority-owned firm down in North Carolina, and it was refreshing. I mean, actually, you know, some of the brightest people that I ever worked with, and much of my investment philosophy and the thesis, the way I think about investing was developed there, amongst an incredibly diverse group of investors who had, you know, tremendous experience and success. RITHOLTZ: Really intriguing. So given that you were at some big firms early 2010s, you know, what was it that led Wall Street to finally being ripe to accept changes? SHAW: I think there is an inevitable pressure from society that helps drive change. And I think Wall Street, while we talk about it, in this compartmentalized concept of its Wall Street. It’s in New York. It’s, you know, the bull down on Wall Street, right? And it’s the movies that we see. In reality, the funds that Wall Street is managing, the capital that it’s managing is coming from all over the country. RITHOLTZ: Right. SHAW: It’s coming from people that look like me. It’s coming from people that look like you. It’s coming from people that look like our parents and our children. So at the end of the day, and I think we saw this in 2008, I think we saw it again during COVID, that at the end of the day, these companies are accountable to the people, right, and to the people that are their investors, their LPs, and entities that their LPs represent, and their clients. And so I think that what we’ve evolved into is a more human Wall Street that is more inclusive by nature. And I do believe that what we’re seeing now, right, we will continue to see because we’ll have people that come through AltFinance, but also people more senior that are at the table and helping make decisions on where and how we invest in people, and where and how we invest in companies. RITHOLTZ: So that leads me to a pretty straightforward question, which is, first, how do you measure your own success with AltFinance? And second, how to people like Oaktree, Apollo, and Ares, how did they ask you to track your progress? What metrics do they look at, to say, hey, we’re getting our money’s worth for standing up this company and giving them a decade long horizon? SHAW: So I’ll address the latter first, right. Number one, so I came in in September. We started our first cohort of our fellowship in January. We now have the second cohort. I’ve got 75 students from HBCUs that are now building relationships, getting education, getting exposure, and ultimately getting experience to the alternative investment industry. That is fascinating. We’ve got students in our program that have their first full time offer with alternative investment firms, that will graduate in 2023, in May. So we’re already in a few months really hitting the cover off the ball. That’s the quantitative element, right? Those are the KPIs up on the dashboard that are saying, you know, how many students are you getting to exposure to these jobs? How many students are getting these jobs? What I also measure and this is through the conversation with students, how many students are building confidence, skills, and relationships that will help improve their wealth and economic mobility as they grow? How many students are having a conversation around the learning session that we do on interest rates, and then calling mom or dad at home and saying, “You know what, you know, what’s the interest rate on your credit card? Did you refi your house? How should I think about my student loans?” Right. They are really taking an active position in the way that they think about their personal finance, but also the way they think about investing. And I hear those conversations and have those conversations with students almost on a daily basis, and that’s what fulfills me and lets me know we’re moving in the right direction. When I look down the road in 10 years, I believe that I will have hundreds of students that are actively working in alternative investments, but I’ll have thousands that are knowledgeable and have relationships with people in this business, and are better off for it. RITHOLTZ: So we’ve been talking a lot about alt investments. Are there parallel entities to AltFinance for traditional asset management, investing banking, stocks, bonds, IPOs, et cetera? It seems like there should be something similar to what you’re doing for that space as well, which arguably, is even bigger than AltFinance. SHAW: So I think there are some organizations that have, you know, been active and providing similar opportunities for students for traditional banking, right. I mean, when you think about what Reginald Lewis did, you know, almost 30 years ago, and breaking grounds for blacks in investment banking. I think that we’re doing some of that today in the alternative space. Remember, we had our first group of fellows. We had 33 fellows in our first cohort. RITHOLTZ: What year was that? SHAW: So this is January of 2022. This is just, you know, a few months ago, right? And I asked the students, all right, how many of you know Morgan Stanley, Goldman, Citigroup? Everybody raises their hand. They all know it. They see the commercials. They get the commercials on the Internet. I asked, how many of you know Ares, Apollo, or Oaktree? One student, so roughly 3%. These students are brilliant, all high performers, all strong academic performers. I mean, they will not fail to get a job. They could get a job doing anything. But they did not have the awareness of how the pathway to enter one of the most rewarding careers in investing. RITHOLTZ: Really? SHAW: And that’s a key. And so when I look at other industries, and what other organizations are doing, we are squarely focused on helping move the needle in the alternative investment space, places where people can help do deals, be long-term owners. It’s not about, you know, the transactional element of investment banking, right? Be an owner, a direct owner of a brand that you know, but you never knew who the holding company was. I have 75 students now that can answer that question of what’s the pathway. RITHOLTZ: How much larger can you expand this to be? SHAW: So Barry, we will expand the fellowship program ultimately to be round 100 or 120 students, and you know, each year, about 40 or so in each class. We are also partnering with the Wharton School of University of Pennsylvania to develop an institute, the Wharton AltFinance Institute, which will be an online community and platform providing, again, curriculum and content and community, as well as resources to help students at any HBCU gain access to again education, exposure, and opportunities for experience in the space. And so through the institute, we’ll be able to scale some of the best parts of our fellowship, which is a real high touch part of our programming. But we will scale that to the students that are at HBCUs that we don’t partner with directly. RITHOLTZ: Really, really quite fascinating. I know I only have you for a couple of minutes more. So before I let you go, I want to ask the standard questions that I ask all of my guests, starting with, what have you been streaming these days? What’s been keeping you entertained post lockdown? SHAW: Yeah. So Barry, I would say I tend to read a lot and follow a lot obviously in news channels on finance. On podcasts, I mean, I love Howard Marks, The Memo, and I read his memos that he puts out. But I love what he’s doing in the podcast format that he’s developed. But I listened to a lot of sports. I’m a huge Jalen & Jacoby fan. I love what those guys are doing in terms of sports and entertainment. And so, you know, probably not as heavy as some of the other answers you get. But I love sports talk radio. RITHOLTZ: That’s interesting. Tell us about some of your early mentors who helped shape your career. SHAW: So, you know, a couple of the mentors that I had, there was a woman named Stacy Gorin who hired me actually at IBM. And it’s amazing to think this is over 20 years ago. Stacy was a long-term executive at IBM and has now moved to a consulting firm. But what she really helped me focus on early in my career was continuous improvement, right. You think about it as an engineer a lot, right, kind of the Kaizen principle, right, that Toyota use. But personal improvement of yourself, right, how do you continue to develop as a person? If you’re strong technically, how do you develop into a person that people feel comfortable managing others, and feel comfortable being managed by. And so as I developed into an executive and then CEO, I always reflect on those lessons that she gave me early on, about being vulnerable, and being coachable, even being coached up, right. So having somebody that reports to you have the ability to coach you up on things where you can be more helpful for your organization. RITHOLTZ: You mentioned books and you like to do a lot of reading, tell us what some of your favorites are and what are you reading right now. SHAW: Yeah. So you know, a book that I go to often and I reread this probably once every couple of years is Peter Bernstein’s “Against the Gods.” RITHOLTZ: So good. SHAW: It’s fascinating to think about this concept of risk, and how it’s affected us since the very beginning of time, right. And then, really how we have taken risk from something that was deified, right, kind of this religious concept, and turned it into an economic tool that we can arbitrage for personal gain. Unbelievable, well written, I love the historical context and bringing into the future. And so that’s one that I go to often. I’ll tell you a book that I want to pick up and the title here is John Mack’s new book. And I thought it’s interesting because, you know, John is somebody that I don’t know, personally, but I’ve always respected kind of the way that he organized and ran businesses. And you know, it’s of note that he’s dealing — you know, I think has talked publicly about the aging process that he is going through himself. And I found that particularly endearing because it’s something that I’ve dealt within my family. And to recognize that, you know, in this business, we’re still human and we’re not excluded from the human process. And so that’s the book, John Mack’s new book is one that I certainly want to pick up. RITHOLTZ: “Up Close and All In: Life Lessons from a Wall Street Warrior” is that it? SHAW: That is it. That is it. RITHOLTZ: Yeah. That’s a hell of a title. SHAW: Hell of a guy. RITHOLTZ: This is kind of a funny question because I ask this to everybody, but essentially, I’m asking you a question which is what AltFinance does, but I’ll ask it anyway. What advice do you give to a recent college grad who was interested in the career in either investments or alternative finance? SHAW: So there are two things that I tell all of our students. Number one is bigger picture and probably pretty simple, you’ve got to have intellectual curiosity. You can never run out of questions. I mean, you run incredible podcasts. You can never run out of questions. You’ve always got to have something that you’re thinking about in terms of what’s the next layer. How can I think about in a different perspective? How can I put myself in somebody else’s shoes and think about it? And how does that change the value of what I’m looking at? Right? I think that’s critical to being successful as an investor. Number two is something that somebody shared with me and that’s actually John Rice who runs MLT and is a partner and a great friend, and really one of the great leaders in the D&I space. When you’re young and you’re bright, you’ve got to take risk early in your career. And in fact, not taking risk is actually the riskiest thing you can do. It’s a little bit of a parable, right? But — RITHOLTZ: When you’re young, you can recover from failure. You don’t have that same luxury when you’re older. SHAW: It’s so hard to appreciate that when you’re, you know, 20 or 21. When you’re — RITHOLTZ: You’re afraid of failure. SHAW: When you’re afraid of failure, when you should actually be seeking failure. Right? You should not be doing anything when you’re 22 or 20 or 21 that you can’t fail it. RITHOLTZ: Right. Playing it safe is risky. SHAW: It is risky. RITHOLTZ: That’s really interesting. And our final question, what do you know about the world of investing and AltFinance today you wish you knew 20 or so years ago when you were really exploring the field in its earliest days? SHAW: So the biggest thing I would say procedurally that I see in the investment hiring cycle is that you got to be ready for the gig before you get it, which means that the recruiting process for alternative investment, even if you’re going to investment banking as an analyst, it may start before you actually start that job. There may be people that are reaching out to you, trying to assess your interest, and what you’re going to do after banking. And that was, you know, I say, one of the secrets of the industry that, you know, I was well into my career before I knew that’s how people were getting recruited into the industry. And so you got to have your ear to the ground, right? You got to know who’s who, where the players are, who you should be expecting emails and calls from. And when you get those emails and calls, you got to be ready for it. RITHOLTZ: Really interesting answer. We have been speaking to Marcus Shaw, CEO of AltFinance. If you enjoy this conversation, well, be sure and check out any of the previous 400 or so we’ve done over the past eight and a half years. You can find those at iTunes, Spotify, YouTube, wherever you get your podcasts from. We love your comments, feedback and suggestions. Write to us at mibpodcast@bloomberg.net. Sign up for my daily reading list at ritholtz.com. Follow me on Twitter @ritholtz. I would be remiss if I did not thank the crack team that helps put this conversation together each week. Justin Milner is my audio engineer. Atika Valbrun is our project manager. Paris Wald is my producer. Sean Russo is my researcher. I’m Barry Ritholtz. You’ve been listening to Masters in Business on Bloomberg Radio. END ~~~   The post Transcript: Marcus Shaw appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureNov 22nd, 2022

Transcript: Edward Chancellor

     The transcript from this week’s, MiB: Edward Chancellor on the Real Story of Interest, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, and YouTube. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ ANNOUNCER: This… Read More The post Transcript: Edward Chancellor appeared first on The Big Picture.      The transcript from this week’s, MiB: Edward Chancellor on the Real Story of Interest, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, and YouTube. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have another extra special guest. Edward Chancellor is a legend amongst financial journalists and historians. His book on the history of speculation and manias and bubbles, “Devil Take the Hindmost” is just legendary. It is the full history of financial speculation. His latest book could not be more timely, “The Price of Time: The Real Story of Interest,” it’s all about the history of interest rates, money lending, investing speculation, funded by banks and loans and credit. According to Chancellor, interest is the single most important feature of finance, both ancient and modern. And it’s how we allow transactions to take place across time. I found this conversation to be fascinating, informative. He is one of a kind, and I’m confident you will find this to be fascinating also. With no further ado, my conversation with Edward Chancellor. Let’s start with your background in academia. So you study history at Trinity College. What is a Master of Philosophy in Enlightenment and History from Oxford? Am I mangling that in the American — EDWARD CHANCELLOR, AUTHOR, FINANCIAL HISTORIAN & INVESTMENT STRATEGIST: Well, we call it MPhil. It’s the shorter version of a doctorate or DPhil. I read a research paper and had exams at the same time, and it was originally created as a sort of academic teaching degree, but then got somewhat usurped by the PhD. RITHOLTZ: And that was where I was going to go, it looks like you’re setting yourself up for a career as an academic. CHANCELLOR: I thought about it. And then I was invited with the other graduate students to my History professor’s house on the outskirts of Cambridge. And I thought, well, if this is where — this is where — the guy who’s got to the top at Oxford list, I’m going to go and get a job in the city of London. So that’s what I did. And I sort of didn’t — my thinking on leaving academia is that if I need to earn a living, I might as well make money from money, which is what Aristotle disapproved per se. It was the sort of an anti-Aristotelean act of going into the city. RITHOLTZ: That’s really interesting. So you go into the city of London, and is that where you began at Lazard Brothers or how did your career start? CHANCELLOR: Yes, I started at Lazard’s. RITHOLTZ: No relationship to the U.S. Lazard? CHANCELLOR: Yes. They’re all — they call it Lazard Brothers in London, Lazard Freres in Paris, and Lazard probably here. So they’ve now all been drawn together. Though, when I was there, there were sort of interconnected shareholdings that were joining the different branches together. I went into what’s called corporate finance, what people would see now as sort of M&A department. RITHOLTZ: In the 1990s in London, that had to be pretty busy time. CHANCELLOR: Well, I was actually in a sort of subgroup there, which was called corporate strategy. We were sort of doing our job. Our job was basically to give sort of strategic advice to Lazard clients, which would generate capital-raising mergers and debt financing. First, these companies, they were sort of self-interested advice. But I didn’t last very long there because I thought I didn’t like corporate finance. I sort of — I felt they were sort of ruthless, cynical, always looking for a deal. I remember once, one of my colleagues says that a friend, one of the French Lazard Frerers partners was asked by a sort of junior, “How much should we tell our client to bid?” And the French partner said, “The price is right which hurts our client.” There’s sort of cynicism in corporate finance. I didn’t find it intellectually interesting. You had all those deal books you can imagine and — but it was — RITHOLTZ: Tedious, not thrilling. CHANCELLOR: Yes. And I was sort of grunt level. RITHOLTZ: Sure. CHANCELLOR: And I came to the point where I thought, well, I’d sooner be driving a bus if I continue this work. RITHOLTZ: Right. So how did you transition from Lazard to GMO. CHANCELLOR: So it wasn’t a straight path. When I was at Lazard, you can’t work in finance without people talking about the great speculative bubbles of the past. So people would mention this British Railway Mania in the 1840s and Tulip Mania and so forth. And I left with no more money than I had when I came in, and I decided I would write a history of financial speculation of my own bat. I’ve read the other stuff, Kindleberger got rate [ph] and that sort of stuff. And I still felt there was room to write a new book. RITHOLTZ: The space had not been mined through exhaustion. CHANCELLOR: I think Kindleberger is very good. If you’re me, he’s writing a sort of taxonomy of the bubble. And then as an historian, I wanted to write the narrative of the bubble. Now, you’re probably aware of Charles Mackay’s “Extraordinary Popular Delusions.” RITHOLTZ: Sure. CHANCELLOR: I mean, that’s your 1840s narrative and it’s highly inaccurate and — RITHOLTZ: Really? CHANCELLOR: Yes. It is full of sort of legend. He talks about the black tulip and stories that people bite — people biting — with the tulip bulb, he talked about a sailor coming along and mistaking a tulip bulb for an onion and eating it, and it turning out to be a rare tulip bulb worth the value — RITHOLTZ: Hundreds of thousands of dollars. CHANCELLOR: — of an Amsterdam townhouse. And (inaudible) from a sort of investment perspective, you don’t really get a proper picture of what’s going on. So in some ways, I was sort of right. And then, obviously, Mackay writing, he only covered tulip mania, South Sea bubble and Mississippi bubble. So I thought I want to write the sort of arch of financial speculation up to the current day. And then in the course of writing it, the dot-com bubble started to form. So that made it more pressing, and in a way, more interesting, because you could — RITHOLTZ: You’d see it in real time. CHANCELLOR: Exactly. But also, you could see these parallels. So I was writing about the British Railway Mania of the 1840s. Railways were this revolutionary technology that was going to change the world, going to change civilization, the speed with which people — roughly at the same time, remember Mary Meeker of Morgan Stanley — RITHOLTZ: Sure. CHANCELLOR: — in light with the Internet report that was being sold at Barnes & Noble in ‘96. And I wrote the book, but also journalism in ’96 and the FT saying, “Hey, this Internet stuff looks a lot like the railway mania of the 1840s,” and ‘96 hadn’t really started getting and going for — RITHOLTZ: As a reminder, Alan Greenspan’s infamous irrational exuberance speech was late in ‘96. CHANCELLOR: Yes, December. RITHOLTZ: Yes. And we were really just ramping up for the next couple of years. CHANCELLOR: Yes. RITHOLTZ: So the book comes out, I think, June 1999, is that right? CHANCELLOR: Yes, correct. RITHOLTZ: That’s fairly auspicious timing. CHANCELLOR: So it came out with Farrar Straus. I’m sure you’re aware. And I said to Jonathan Glass [ph], the editor, “You’ve got to get this out quickly. And FSG, to their credit, reduced publication time from their normal one year to six months. RITHOLTZ: You still had 15 months so — well, let’s see, June, you had nine months before things really topped out. CHANCELLOR: Yes. As you know bearish messages oftentimes — I’d say even — was it better to have left the publication date later? I don’t know. I mean, you remember a bit later, Robert Shiller’s “Irrational Exuberance” came out. RITHOLTZ: 2000, right? CHANCELLOR: Yes. So I was probably a sort of eight, nine months before Shiller. RITHOLTZ: But it’s a book. It’s not — you’re not picking the top or bottom. A book is multi-year process and it’s — it could have been “Dow 36,000” which came out around the same time. So — CHANCELLOR: Well, yes. No, I — the first thing I spoke at was a Goldman Sachs Asset Management conference, strange enough in a place called Carefree, Arizona. And the “Dow 36,000” people were there. And I was saying there’s a great bubble, which is about — this would have been in late ‘99. And I said, “We’re here in Carefree, Arizona, but around the corner is a place called truth or consequences. And perhaps we should really be meeting there.” You can imagine, you give a bearish message at a bullish investment conference, and no one listens to you. Not a single one of the partners or anyone like that thanked me or — RITHOLTZ: Really? CHANCELLOR: — for the talk. It was completely — I felt completely blank. But actually, I’m later met, one of the “Dow 36,000” people, Kevin Hassett. I met him there. He’s actually a very nice fella. And he did — when I met him, let’s say in 2010, he acknowledged that they’ve got things wrong. RITHOLTZ: James Glassman, and Kevin — CHANCELLOR: Kevin Hassett. RITHOLTZ: –Hassett. Now, not too long ago, just before the pre-pandemic period, like late 2010s, they kind of came out when Dow first crossed 36,000. Maybe it was ‘21. They kind of came out and said, “See, we told you.” And it’s like if you write a book Dow 100,000, well, I guess you just got to come back in 60 years to say, “I told you so.” But 23 years later, you don’t get credit for saying you could buy stocks right here, right before they collapse. CHANCELLOR: Yes. But the other point is that when people say, “Oh, well,” and I think Wall Street Journal had an editorial opinion about “Dow 36,000.” RITHOLTZ: That’s how you know it’s going to be low? CHANCELLOR: And look — yeah, but then if you look at the valuation of the market at that time, the market was — the U.S. market at the end of last year, so probably we’re on what we call the Shiller P/E ratio, the cyclically adjusted price-to-earnings ratio, which is the sort of most reliable long-term valuation, where it was at its highest level at the end of last year than at any point apart from the last stages of dot-com bubble that’s higher than in 1929 and higher during the 1950s when the market is very expensive. And what we will also know, those of us who work in investment, is that your future returns are inversely related to the valuation. So perhaps every time we get to Dow 36,000, you can expect a long period of decline. I mean, in the end, inflation will — and accrued earnings will mean that we’ll get to 36,000 one day on a sustained basis. RITHOLTZ: Right. CHANCELLOR: But just probably not the next decade or so. RITHOLTZ: That’s interesting. So you write the book, gets published to great acclaim. How did you go from that and other writings to GMO? CHANCELLOR: So ’99, the quant shops, Jeremy Grantham in GMO; Rob Arnott’s First Quadrant, now Research Affiliates; Cliff Asness — RITHOLTZ: AQR? CHANCELLOR: — AQR. They were in trouble. They were not buying into the TMT bubble. They were buying their beloved value stocks. And everyone was just saying they were idiotic quants and that that approach would no longer work. So then they found that — they saw this book came out, saying, “Look, the — RITHOLTZ: You’d be right eventually? CHANCELLOR: And then they looked through the dot-com bubble, it looks a lot like these historical bubbles. So all of them, independently, Jeremy, Rob, Cliff read the book and got in touch with me. And Jeremy became more of a friend, but I didn’t go straight to GMO. I then was doing journalism for Breakingviews, which was the sort of dot-com startup, FX FT people known by Reuters, and started doing some — and then I did some research for Crispin Odey, London hedge fund guy. And so, Crispin and I were having lunch in late 2003. Crispin said — we were talking about what was going on in the markets and in world. And Crispin said, “It’s really all about credit.” And I said, “Yes, I agree.” And he said, “Well, why don’t I just pay you to write a report and to analyze what’s going on?” So I spent next sort of nine months looking at what was going on in the U.S. and the U.K. in the credit boom, in real estate boom, and development of securitized lending and subprime, so forth. And then I put that out as I — I did that for Crispin, but I also sold it as a report, but not for wide distribution, sort of $1,000 a shot. And that went to sort of a few people. I gave a copy to Jeremy as a present. And then I was having lunch with Jeremy in Boston. I was working for Breakingviews in New York, and we were returning to England after a couple of years. I was having lunch with Jeremy in the summer of 2007, just after the Bear Stearns hedge fund started blowing up. And Jeremy said, “Well, at least there’s enough structural redundancy in the banking system.” And I said, “What the hell makes you think that?” RITHOLTZ: And what was his response? CHANCELLOR: Well, he sort of — yeah, he thought about it. And then I went home, I went — we have a house in Cape Cod and I went out. Jeremy called and said, “Would you like to join the asset allocation team?” And — RITHOLTZ: That’s a hard thing to say no to. CHANCELLOR: Well, I said no initially. And then went back to England, then he called again. And because these investors sometimes say, like, throw job offers around then never serious. RITHOLTZ: Right. CHANCELLOR: And then he called a couple of months later, and then I decided, yes, I would take it. And Jeremy wanted a — obviously I’ve done a lot of work on the credit boom. But he also wanted sort of — I said to Jeremy, “I’m not a quant.” And look, GMO is, so to speak, a quant shop. RITHOLTZ: It’s filled with quants. Right. CHANCELLOR: Filled with quants. Yes. And Jeremy said, “I’m not a quant, either.” So he wanted a sort of non-quanty view input into the asset allocation process. RITHOLTZ: And I assume that worked out pretty well. CHANCELLOR: Yes and no. RITHOLTZ: They did well during the financial crisis. CHANCELLOR: Yes. RITHOLTZ: It’s relatively — CHANCELLOR: They were well positioned. RITHOLTZ: Positioned already. Yes. CHANCELLOR: They had the equity allocation. I mean, I didn’t want to blow my own trumpet up too much because most of the positions were in place, the quality funds, which more defensive and less leveraged, and low allocation to — a relatively low allocation to equities, and then the hedge funds sort of long/short positions that benefited in the financial crisis. My only real contribution that year was right at the beginning, when I hit the first week I joined GMO, I’ve written a piece in an FT column I had at the time saying, “Don’t believe the story that emerging markets can decouple from the rest of the world.” And GMO was still sitting on a massive emerging market position in the asset allocation team. And I tried to sort of chip away at that with Jeremy, and not having much success. And then the CLSA Asian economists called Jim Walker. I don’t know if you ever came to know. RITHOLTZ: No. CHANCELLOR: He’s sort of Scotsman with sort of voice like a Presbyterian minister. He was also on the sort of anti-decoupling story and he was bearish on EM. I dragged Jeremy to Jim Walker. And he said that this Scotsman with his gloomy voice is more effective and persuasive than I with my language, English drawl. And then Jeremy went out and sold all the emerging position. RITHOLTZ: Wow. Really? CHANCELLOR: Several billion dollars. And within, I don’t know, two months, he bought them back at half the price. RITHOLTZ: So you earn your keep then? CHANCELLOR: Yeah, only by — I think it was Jim Walker who did the thing, but at least I got Jeremy — RITHOLTZ: You got him in front of him. That’s what I’ll say. CHANCELLOR: Yes. And that sort of — I suppose I used to tell that sort of paid my way while I was there. RITHOLTZ: Absolutely fascinating. So let’s talk about what’s with this quote that I like from a 19th century trader, James Keene, “All life is speculation. The spirit of speculation is born with men.” Tell us about that? CHANCELLOR: Well, I mean, the act of speculation is to look out into the future. The word speculator is Latin and was a Roman military guard whose job was to look out and see whether the — RITHOLTZ: Speculate on danger. CHANCELLOR: — the gulfs [ph]were (inaudible) over the hills. In particular, when you get into what — financial market’s capitalist world, you’re always trying to anticipate what’s going on. In that sense, even people who describe themselves as investors are also necessarily speculators. But when we talk about speculation, we often talk about sort of unfounded, or irrational, or dangerous gambling- type tendencies. RITHOLTZ: So that leads me to the question, what is the actual difference between speculation and investing? Clearly, they’re both a gamble on the future. Is it about the amount of risk taken and the psychology of the person involved? Or is it something a little more quantitative? CHANCELLOR: You read threads where all the customers (inaudible). And you remember there he says, “The difference between speculation and investment is that speculation is an attempt, normally unsuccessful to turn a little amount of money into a lot. Whereas an investment is an attempt, normally successful to make sure a lot of money — RITHOLTZ: Doesn’t turn — CHANCELLOR: — doesn’t become a little.” RITHOLTZ: Fred Schwed, right? Is that who wrote the — CHANCELLOR: Fred Schwed. Yes, that’s right. So embedded in that is the idea — is the speculator is going to be taking more risk. RITHOLTZ: And not concerned with preservation of capital, the way an investor might be, is that what’s embedded in that? CHANCELLOR: I’d say the speculator now called in the book, “Devil Take the Hindmost.” And that is really a reflection of what they call the greater fool theory of investment is via a Shiba Inu coin or an NFT, and sell it to you, Barry. Well, then I buy because I think Barry is a bigger sucker than I am., and that he’ll take it off me from a bigger price. That’s a sort of Ponzi scheme or pyramid chain letter dynamic to a speculative bubble. And the other aspect of the speculator is he often gets lured into envisioning how the world will be and gets drawn into these new technologies, whether it’s radios or cars in the 1920s, or Internet stocks in the 1990s, and various types of — well, think of all those specs and electric vehicles the last couple of years. And the speculator — the trouble is that they look into the future and they draw — they imagine the future is actually much closer than it turns out to be. And so you could say that they’re operating with a sort of hyperbolically discounting the future, or just say they have too low discount rates. So they’re drawing everything forward. And even with the Internet, which we know, established and changing one’s life within a very short period of time. Even then, it didn’t stop the NASDAQ coming down by more than 75%. RITHOLTZ: Right. CHANCELLOR: A lot of these dot-com businesses flaming out. RITHOLTZ: By the way, everybody talks about the Internet happening so quickly. It began in the 1980s as a way to survive a nuclear attack and be able to launch the retaliatory codes through DARPA. CHANCELLOR: Yeah. RITHOLTZ: So it took decades to be commercialized and more decades to become more broadly adopted. So if you are an Internet investor in the late ‘80s, early ‘90s, most of those companies didn’t do well. CHANCELLOR: What I didn’t say the “Devil Take the Hindmost” was some research from a guy. I think he was at Bell Labs at that time, called Andrew Odlyzko. He’s now at University of Minnesota. And he and a colleague worked out in ’98, ‘99 that the projections for Internet traffic growth that the likes of WorldCom and big telecoms company was saying that Internet traffic growth was doubling every couple of months. And Odlyzko found out that actually the rate of growth was slower than that. Still doubling, but I think once every six months or so. And the result was getting — in the mania, people get overfixated on growth. They have growth projections –overoptimistic growth projections, then you get the overinvestment, you get speculative companies raising money over investment. And then if you remember after the dot-com, bust, you had these miles and miles of so-called dark fiber because you had excess capacity in fiber optic cable, which is, I mean, so commonly cited about, some 95% excess capacity. And that ran for several years, a bit like the sort of — if you think about it, the excess U.S. homebuilding during the real estate bubble which took — RITHOLTZ: A couple years to work out. CHANCELLOR: When they’re more than — I think it really took from 2006 to 2012. Before that, access build had really just worked its way out the system. RITHOLTZ: And then the hangover from that is we were under building houses for the rest of the decade because once bitten, twice shy. And then when suddenly there was demand for houses, there’s no inventory. There’s a shortage. CHANCELLOR: Yes, that’s it. I mean, given now, we’re going to get right into later. Now, first year mortgage rates have doubled. I think the Americans going to be grateful that they didn’t do that much building in the last few years because otherwise, we would really have a replay of 2007 and ’08. RITHOLTZ: That’s really quite fascinating. So I mentioned earlier, the book comes out in June ’99, pretty auspicious timing. But it raises the question with the publication of your new book, how often does history repeat itself? Are all of these bubbles and manias and collapses, is it pretty much the same playbook that just substitute Internet for railroads, substitute houses for telegrams? Do all these things just follow the same sort of cycle just forward in history? CHANCELLOR: Well, Jim Grant has a comment there. He says, “We’re always stepping on the same rake.” And I have a — a friend of mine, a financial strategist, lives in Edinburgh called Russell Napier runs a — has a — RITHOLTZ: Oh, I know the name. He wrote a book on — CHANCELLOR: He wrote a book called the “Anatomy of the Bear.” RITHOLTZ: Of the bear, that’s right. CHANCELLOR: An excellent book. He has a financial library in Edinburgh called the Library of Mistakes. And the idea is that you can learn everything you need to know in finance and for an investment career by actually working out the mistakes people have made. And that does seem to be, yes, as sort of similar pattern. Although, I should add that certainly it doesn’t help you on the short side, betting against speculative bubbles. When I was at GMO, we — a colleague and I ran a sort of quantitative analysis of speculative bubbles and we crunched, produced my system date 10,000 years of data of various commodity markets, and real estate markets, and stock markets around the world. And what we found is that bubbles are indeterminate in length. And they’re also indeterminate as to how high they can go. So if you don’t know how long the bubble is going to last and how high it’s going to rise, then you might be able to identify a bubble. And I don’t think that’s, frankly, that hard. And I think that’s useful if you’re just a long-only investor, you can stay out of the bubble market. RITHOLTZ: Right. But the timing on the downside is really difficult. CHANCELLOR: Yes. And I think what we’ve been — look, the last decade, we had — people were talking about dot-com 2.0 back in sort of 2012. RITHOLTZ: Yes. CHANCELLOR: And I actually — one of my last projects at GMO was to do a sort of — to look at what was going on from economic sentiment perspective, looking at various different measures in a bull bear ratio, amount of margin loans in system. I can’t quite remember what they were. But anyway, I put them all together and it looked — that speculative sentiment was very inflated in 2013. And actually, I presented this to (inaudible) and Jeremy got up afterwards and said, “I think the bull market has looked good to run.” And the other day, he was sort of tweaking my notes by saying — reminding me that I had been bearish and that he’d been relatively bullish. But clearly, there was another seven years to go and it got pretty — what happened in 2020 was nothing like — it was– RITHOLTZ: That’s a one-off. Yes, for sure. CHANCELLOR: Yes. I mean — RITHOLTZ: By the way, I have a — my partner Michael Batnick wrote a book that your colleague Russell Napier would really appreciate, called “Big Mistakes: The Best Investor and Their Worst Investments.” And he went through the history of George Soros and Warren Buffett, and all these legendary investors, and their giant mistakes and what they learned from them. I’ll send you guys a copy, you’ll appreciate it. CHANCELLOR: Yes. And that definitely belongs to the Library of Mistakes. RITHOLTZ: Yes, for sure. It’s literally exactly what he was discussing. So again, we see auspicious timing on your part to put out a book on interest rates in the middle of 2022, the most rapid increase in inflation since the 1980s, the fastest rising set of rates from central banks. I think you could say they ever from zero to 3.5% on the way to 4%, 4.5%. Your timing is quite auspicious. When did you first start thinking about, hmm, maybe it’s time to write a book about interest rates? CHANCELLOR: Well, quite a long time ago. I think I got interested in those subjects about a decade ago. And when I did this work on the credit boom, before the financial crisis, I belong to the school that thought that when the Greenspan Fed took U.S. Fed funds rate down to 1%, after the dot-com bust, that ignited, in my mind, the real estate bubble. RITHOLTZ: Obviously, a giant factor, has anyone actually made a case to say, “No, no, keeping rates under 2% for three years and under 1% for a year had no impact on real estate?” I mean, it’s not the only factor. But it’s pretty hard to say, “Oh, no, not relevant.” CHANCELLOR: Whether the Fed under Nobel laureate Bernanke — RITHOLTZ: Yes. Saving squad, we all know that’s nonsense. CHANCELLOR: Yes. I mean, I used to write about that in this new book where money flows off to the emerging markets when dollar rates are low. And then it comes back because these guys, they’re not saving. They’re actually just buying long dollars, treasuries. RITHOLTZ: And then investing. Right. CHANCELLOR: They’re buying them to manipulate the currency of China, most of all. But then I suppose difference between Bernanke and me is that Bernanke has a sort of abstract view of economics, whilst I try and look at what’s going on in the real financial world. RITHOLTZ: Although, to be fair, for an academic, he actually got to put his theories into practice as Fed chair. CHANCELLOR: Yes. And that’s problematic. I mean, do you remember, it was in ‘99 Milton Friedman’s 90th birthday. RITHOLTZ: Right. CHANCELLOR: When they passed 2002, Friedman’s 90th birthday party in the Fed, Bernanke says facetiously to Friedman, “Apologizing for the Great Depression on behalf of the Federal Reserve, and ensuring that it won’t happen again.” And then five years later, we get meltdown. Bernanke and the Fed had — in particular, Bernanke had no inkling of what was about to happen. And then we didn’t get a Great Depression. But we then got into this era of extremely low interest rates and of quantitative easing, and that was associated with a period of what they call secular stagnation or extremely low growth. And we never really got out of that. We — RITHOLTZ: Until the pandemic. CHANCELLOR: Well, we didn’t get out — I mean, the pandemic was just the last gasp when they went back to quantitative easing. And they really came — the House of Lords, which the House of Lords wrote a report on quantitative easing last year which they called a dangerous addiction. And as Ben Bernanke introduced this financial dope, and I went off to work for hedge funds, or whatever he does, that is. RITHOLTZ: He’s a consultant. CHANCELLOR: He’s consultant. RITHOLTZ: Right. They consult. So let’s bring this back to the book, which is really quite fascinating. You start in Babylon with the origins of interest, and you go straight through the most recent boom and bust. How did the concept of paying interest on money begin? CHANCELLOR: Well, what we know is that interest is a very old phenomenon, five millennia, at least. RITHOLTZ: Before Babylon? I mean — CHANCELLOR: Well, if you look at the words in the ancient languages, including Assyrian, and Greek, and Latin, Egyptian, all the words for interest are linked to calves and lambs and kid goats. So there is this sense that interest must have existed in prehistoric societies. And the idea was I’ll lend you my cow. But a year later, I want the cow and a calf back, and you can keep if it has male. You can keep the male. Now, you can keep the extra cow. And as I cite in the book, the Americans were still — in the beginning of the 20th century, they’re out in the Midwest or whatever, people were still lending livestock and demanding interest payments in the offspring of the livestock. That I think is the origin. And then as I say, in ancient Mesopotamia, which had large cities and trading quite in a way, quite capitalistic, and you can see that interest was used on loans. It contains a sort of risk factor that people were using, borrowing and paying interest to finance, shipping ventures to finance local businesses and trade crafts, and also for financing the purchase of houses. So, you’ll see that in this sort of what you might call a proto capitalistic society, interest is serving a number of different important functions. And my reason for getting back to that point is to try and underline how important the function of interest is. That the Yale historian, William Goetzmann says that the invention of interest is the most important invention in the history of finance because it allows people to transact across time. And my thought, when I was doing this work, is we’re at a moment of zero interest and of negative interest in many countries, and that the zero negative interest was the sort of second most important development in the history of finance, and possibly the most, to my mind, worrying development. RITHOLTZ: We’re going to talk more about negative interest rates in a moment. But I have to reference the title of the book, “The Price of Time,” interest and interest rates are all about being able to engage in commercial transactions over time. Essentially, that’s what interest rates allow. CHANCELLOR: Yes. So time, as Ben Franklin says, is money. Time is valuable. Time is our most precious possession. And we must use time well. All our economic actions are taking place across time. And we need to sort of coordinate those actions. How much are we going to save? How much are we going to invest? What type of investments we’re going to make? What valuations will we place upon the house that we’re purchasing? Whether — should we invest in this country? How much risk should we take? All these factors have an interest rate embedded in them. And the American economist, Irving Fisher says that interest is an omnipresent phenomenon. And really what I’m trying to do with this book is to take this oldest of financial institutions, this omnipresent phenomenon, that to my mind, had been neglected by modern economists who really just see interest as a lever to control inflation and ignore these other functions. And thrust to the argument, the second half of the book is that the — when the central banks focused only on using the interest to prevent the price level from falling after the global financial crisis. They neglected the impact the saving has on valuations, on the allocation of capital, on savings and pensions, on the amount of risk-taking, and on capital flows, and the direction of capital flows. And in each of these other areas, we see a chronicle in the book, problems building up. And so if you take, for instance, valuation and we just discussed earlier how valuation of the U.S. stock market was very high last year, but aggregate household wealth that the Fed actually gathers — RITHOLTZ: Record highs. CHANCELLOR: Six times GDP against an average of 3.5 times GDP. And what you can see if you chart and I showed a chart in the book, is I showed the household wealth with the Fed funds rate. And each time the Fed funds rate goes down, the household wealth sort of pushes higher and higher and higher. So that’s obviously a source of instability because then when you raise rates, hey, presto, the markets come down in tandem with the bond stocks. Everything bubble gives way to the everything bust. RITHOLTZ: So clearly, the cover of the book has an hourglass showing time slowly seeping away. How important is time to those of us working in finance and engaging in transactions, where capital is put at risk? CHANCELLOR: Well, I mean, it’s likely. But, first of all, I’d say time is important to all human beings. And what’s called time preference, people’s tendency to prefer the present to the future to what we call discount the future, it appears to be a universal phenomenon. Some people are — another way to talk about is impatience. Some people are more impatient than others. So everyone has their own internal interest or discount rate. In finance, all finance is about transacting across times, lending, investing and so forth. It’s absolutely essential. There’s no activity in finance that doesn’t involve an interest rate. I mean, I cite a description of the failure of the Soviet economy. Even if you have a Soviet planned economy, you need to allocate resources across time. And if you’re not guided by the interest rates, as which the Soviets weren’t, you’re going to have these misallocations of capital that eventually clog up the system. RITHOLTZ: So let’s talk about that. I love this quote, “Interest rates are the most important signal in a market-based economy and the universal price affecting all others.” You’re suggesting, because that signal was missing from the Soviet economy, it eventually crashed and burned? CHANCELLOR: Yes. I mean, among other reasons. What I’m saying is that every — because it’s innate to human, because all humans are constrained by their mortality. All actions take place. Economic actions take place across time. But even if you didn’t have a capitalist or market economy, suddenly would need to rational to direct your resources or direct your behavior across that. In a way, it’s more explicit in a capitalist economy because you’re paying a certain rate of interest on your loan, or you have a certain required hurdle rate on your investment, or you’re applying a certain discount in the valuation of an asset. So in that sense, the time value of money is sort of first thing one learns in finance. RITHOLTZ: So prior to the financial crisis, I never thought about zero interest rates and I certainly never thought about negative interest rates. The decade that followed that seem to have created all of these negative rates. How do they affect economies? How do they affect trade? And how do they affect the consumer? CHANCELLOR: So the zero rate leads to these buildups of financial instability, and at the same time contributes to a misallocation of capital. RITHOLTZ: You’re not getting any yield on fixed income, so you tend to go to more speculative — CHANCELLOR: Exactly. RITHOLTZ: The whole TINA, there is no alternative. CHANCELLOR: Exactly. Yes. I say the English 19th century finance writer Walter Bagehot, where he says, “John Bull, the eponymous Englishman, John Bull can stand many things, but he cannot stand 2%.” And when people — we talk about yield chasing or carry trading when rates are very low. With the negative rates, you remember the argument negative rates was that they were going to turbocharge the economy. This was a phrase used by Ken Rogoff, the Harvard economist who wrote a book called “The Curse of Cash” in I think 2016, where he argued that you need to get rid of cash so that we could have properly negative rates. Well, the way I see negative rate is it’s a tax on capital, which is instituted by an unelected — RITHOLTZ: Central bank. CHANCELLOR: — central bank, or policymaker, without any one voting for it. He said these people who wanted us all to have accounts with the central bank, with the central bank having an authority, just takes much of our capital weight, seem to undermine property rights. But leaving aside that, while we see you in a place like Japan and Europe, there was no turbocharging of the economies. In fact, as you know, banks can’t make money at negative rates, and they are reluctant to lend. This is a point the Bill Gross, PIMCO’s former sort of Bond King, was making very early on in the era of zero rates. He says it’s sort of created — it was like sort of leukemia in the financial system, the negative rates, that destroyed the vitality of the banking system. But he said — he says that you need positive carry for the financial system to carry on making loans. Now, negative rates may seem a lot worse. I mean, what you saw when the Japanese went over to negative rates in 2016, articles in the newspaper about Japanese buying safes to store their money. And one of the large German banks also announced that it was going to be storing cash. And then you get these absurdities. So to note, I think it’s the impetus to credit growth, but you had these absurdities like Danish homebuyers actually receiving payments on their mortgages. So you’re having a transfer of wealth from savers to borrowers. And then they — RITHOLTZ: Which makes no sense. CHANCELLOR: No. I mean, we’ve been living in Alice in Wonderland world. I mean, I think it’s just the Lewis Carroll world. But I mentioned some of the long-dated Japanese bonds at negative yields, that some Japanese life insurance guy who I cited said, “Yields state matter.” And people were buying long-dated bonds at negative yields in anticipation — RITHOLTZ: Of them going lower? CHANCELLOR: — of yields going lower. And therefore, you could get capital gains from bonds with negative yields. And if you wanted income, you had to buy equities. RITHOLTZ: How is that any different than the people buying some of the coins you mentioned or the NFTs? You’re buying a negative yielding instrument. I’ll give you $100 for a century, and in 100 years, give me back $98. How is that any different than buying an NFT? CHANCELLOR: Well, I mean, you’re right. It’s — RITHOLTZ: Other than you get your $98. CHANCELLOR: Yes. I mean, well, credit of the government. But look what happened in the gilts market. RITHOLTZ: Recently or — CHANCELLOR: In the U.K. quite recently. So you had these long-dated index-linked gilts. The one I say is a 2073 linker, RITHOLTZ: So equivalent of a 50-year bond here in the U.S.? CHANCELLOR: Yes. But actually trading on a negative yield last year, 2.5%, been trading down for a long time. This year, that bond has lost 85% of its value at the trough before the Bank of England intervened to try and sort of stop the gilts market completely blowing apart. It was yielding to redemption 1.1%. So you blew 85% of capital to end up with an asset, with an expected real return held to redemption of just over 1%. RITHOLTZ: It doesn’t sound like a great trade to make. CHANCELLOR: It was A trade that, as you know, the U.K. pension funds engaged in to the tune of hundreds of billions of pounds. And to make things more interesting, they use leverage too. So there is sort of really a story for our times of pension funds induced too, because of the low interest rates and because that may have affected the present value of their liabilities as your discount rate. Again, they’re forced to go in and do sort of Walter Bagehot-type stupid things of leveraging up these long-dated bonds, while at the same time owning stuff that would have had a higher return, but then getting into a mess. RITHOLTZ: So let’s talk about what’s been going on around the world. And here in the United States, we have inflation at its highest level in 40 years. How much blame do you assign to central banks for the current circumstances? How significant were those quantitative easing and zero interest rate policies to the current state of inflation? CHANCELLOR: What do you think? I mean, pretty significant. RITHOLTZ: I think it’s one of many things, but obviously a very big one. CHANCELLOR: Yes. I mean, the inflation is complex phenomenon. RITHOLTZ: Right. But we had massive fiscal stimulus in U.S. CHANCELLOR: Yes. RITHOLTZ: And then the closing and reopening. But within the long-standing environment of zero for a decade. CHANCELLOR: Yes. So I think I mentioned quantitative easing becoming a dangerous addiction. Initially, that quantitative easing after the financial crisis, was a time where the sort of financial system was deleveraging. The money wasn’t really making its way to Main Street, besides Main Street was high unemployment, and so on and so forth. It’s different when by 2020, with the lock downs, and not just U.S., Britain and — RITHOLTZ: Around the world. CHANCELLOR: — around the world. You had I think $8 trillion of central bank QE or balance sheet expansion, and roughly, dollar-for-dollar increase in government spending. And then, obviously, people were just staying at home with their stimulus checks. RITHOLTZ: Right. CHANCELLOR: And they were going out and buy meme stocks, having looked up on Wall Street bets, which stocks to be targeting, and borrowing at 2% from Robinhood. And — RITHOLTZ: So here’s the question, if artificially low rates helped get us into this mess, will raising rates help get us out of this mess? CHANCELLOR: No. I’ll tell you why. I mean, the thrust of the book is that you’ve got yourself into a perilous position, too much debt, too much risk-taking, overinflated valuations, too little real savings, too much financial engineering, and too little real investment. And once you’re in that position, it’s very difficult to get out of it. Do you remember after the financial crisis that was commonly used this phrase “kicking the can.” And really for the last — you could say for the last 25 years or so, we’ve been kicking the can. And now, we’ve reached the point where we have inflation, as we say, and it’s more difficult for the central banks to come in and kick the can any further because they’re in danger of losing credibility. RITHOLTZ: The can is kicking back. CHANCELLOR: The can got bigger. It’s like sort of quantum. Every time you kick it, it gets bigger and bigger, and bigger. So we’re now sort of sitting under a massive can. RITHOLTZ: So I want to roll back to the financial crisis because I suspect I’m reading between the lines a little bit or maybe not so much. When we rescued a lot of the banks and then kept rates very low for the next seven, eight years, we ignored some of the things we had learned previously, when we go back to Walter Bagehot. Shouldn’t we have taken these banks and allowed them to go to that lovely building with the columns downtown, the bankruptcy court, and allow all these banks to wipe out the equity holders, give the bondholders a haircut, and clean up their balance sheets and send them back into the world revitalized? Like, the zombie banks we kept on life support of low rates, wasn’t fixing one problem, eventually setting us up for the next problem. RITHOLTZ: Yes. I think so. Well, the policymakers said — and central banks, they say there was no alternative. And if you criticize that, you were wishing another Great Depression. But, in fact, actually, I cite right towards the end of the book, the case of Iceland as a counterfactual. Because what happened in Iceland, Iceland went completely crazy. RITHOLTZ: Yes. CHANCELLOR: Their debt, foreign debt was 10 times GDP. The current guide deficit was 25% of GDP. They’ve completely given up fishing. They’ve all turned into bankers. RITHOLTZ: Right. CHANCELLOR: And then it blew. But Iceland was not part of the EU, so no one was really coming to their rescue. The Fed didn’t offer either credit lines, dollar swaps to the Iceland central bank. And so poor Iceland was just left on its own. And what’s interesting is they sort of followed that course that you described. The big banks went bust. They were put into receivership. Domestic depositors were protected. The mortgage borrowers who — interest rates went up, but mortgage borrowers were protected by giving taxation relief on their interest payments. And the foreign debt was defaulted on. And currency declined with capital controls. But after a few years, capital controls were taken off. And this is what’s most interesting is that the Icelandic economy transformed away from finance towards tourism, and technology as well. So you had this Schumpeterian creative destruction. The government debt relative to GDP came down. The economy, within six or seven years, Iceland was growing, had recovered all its losses, and was growing faster than any other European country. So making the creditors take a haircut, forcing them take that, goes back to these ancient Mesopotamian practices of debt jubilee, such they originated the debt jubilee, the giving up the writing off of debt, which also the Egyptians and the Israelites did. So — and that’s seen as a sort of left-wing idea, but I don’t think it necessarily has to be. If you’ve made loans that have bad loans, then it’s right that the creditor should take a haircut. RITHOLTZ: Right. And hence, bankruptcy courts exist for a reason, right? They shouldn’t — they are not just there to show off the architecture of those columns. CHANCELLOR: I’ve never been — as I mentioned in the book, insolvency rates was sort of absurdly low. We talked about the Great Depression. The new headlines were “Oh, another worst financial — the worst crisis since the Great Depression, it was called the Great Recession.” And then, actually, if you look at insolvencies, they were lower than the insolvencies after the dot-com bust — RITHOLTZ: Right. CHANCELLOR: — or the insolvencies after the savings and loan crisis of the early 1990s. So you didn’t get your bankruptcy, you said you get the zombies. And the zombies are sort of living dead, which is sort of death to a capitalist economy because they — RITHOLTZ: Right. CHANCELLOR: — they don’t — they discourage entrepreneurs. They discourage investment. They discourage productivity growth. RITHOLTZ: No doubt about that. And there are ramifications and unanticipated consequences that we’re still living with till this day, whether it’s a very low growth rate that begot the rise of authoritarianism, both here and abroad. You can trace that back to not allowing the banks to go through that process. CHANCELLOR: Yes. Well, I do — I mean, my chapter — the book ends with a — called The New Road to Serfdom, and the argument — RITHOLTZ: Channeling Hayek. CHANCELLOR: Yes. Friedrich Hayek, the Austrian economist, philosopher, and he wrote a book in the Second World War, thinking that the advance of the state during the war into the economy and into people’s lives was not going to retreat. And it wasn’t really right. There was sort of retreat. But my argument, drawing on Hayek, is that if you take away the universal price, the price of interest that guides the capitalist system, then the system will fail. And the more system fails, the more the authorities have to come in to prop things up until you get to a position where you no longer, in a way, have a capitalist society. And I suppose that’s the juncture we are today. Are we going to sort of go through the problems of adjusting from the low rates to normal rates, whatever that takes, or are we going to just shift into a sort of a different type of paradigm in which the state allocates capital and controls over that? I’m not saying that we’re going down that route. I’m just raising the question that I talked about people sort of stumbling, progressing without really — no real intention, blind progression. And one sense is that this has sort of been a blind progression. And no one, I mean, it’s absolute clear to me that no one in any position of authority considered the actual ramifications of monetary policy of these low rates. RITHOLTZ: Quite fascinating. I only have you for a few more minutes before we have to send you off to the airport. So let’s blow through these five questions in a few minutes, starting with, tell us what kept you entertained during the pandemic. What were you listening to or watching? CHANCELLOR: Well, we watched “Succession.” RITHOLTZ: Right. CHANCELLOR: And we watched then the other HBO, the — RITHOLTZ: “White Lotus?” CHANCELLOR: I watched “White Lotus.” I watched the TV — the series, “A Game of Thrones.” RITHOLTZ: Oh, okay. CHANCELLOR: I watch a lot of “Game of Thrones.” RITHOLTZ: Right. Tell us about some of your mentors who helped to shape your career. CHANCELLOR: Well, when I was writing “Devil Take the Hindmost,’ I went see Charles Kindleberger outside Cambridge, Massachusetts. Crispin Odey, who I mentioned, commissioned me to do that work on credit, which been very useful to me. Another investment from Marathon Asset Management, a friend called Charles Carter. I edited a couple of books for them called “Capital Cycle Theory of Investment,” which has been sort of quite important to me. And then Jeremy Grantham at GMO has been my mentor, I’d say. RITHOLTZ: That’s an impressive list. Let’s talk about other books in addition to what you’ve written. What are some of your favorites, and what are you reading now? CHANCELLOR: My wife and I get into Indie quite a lot. And my favorite novelist is R.K. Narayan, who Graham Greene said was the best writer in the English language. And I actually — I start that book with an epigraph from Narayan’s “The Financial Expert.’ On sort of Indian theme, I’ve been reading these colonial thrillers set in 1920s Calcutta by an Indian-Scottish writer called Mukherjee. I can’t quite remember his first name. They’re pretty good. And Vaclav Smil, Doctor Smil is the Canadian scientist who writes about energy and civilization, and has written — and last year, I read a book called “The Great Transition.” And this year, he’s written a book about — called “How the World Really Works.” And Smil’s argument is to look at how mankind has moved from one energy source to another. RITHOLTZ: I’ll definitely — I’ll definitely look at that. CHANCELLOR: Yes. And Bill Gates says he’s his favorite. I don’t know if that’s a recommendation. RITHOLTZ: Really interesting. Our last two questions, what sort of advice would you give to a recent college graduate who is interested in a career in either history, journalism or finance? CHANCELLOR: Sort of almost think again. I mean, I don’t think academia is a place to go into now. Journalism is much less — and my grandfather worked at Reuters. He was Shanghai Bureau Chief in the 1930s. And in those days, you could earn a decent living and have a decent career in — it’s harder, where in Bloomberg, the guys here are paid reasonable. Financial journalism pays, most other journalism doesn’t pay. So I’d probably say if you’re going to go into journalism, do financial journalism. And in finance, again, in my view, I went into finance, as I say, almost cynically. It actually then became a calling for me because I actually turned out to be genuinely interested in finance and finance history. People are drawn into finance because people are paid better. And we’ve had the financial sector growing and the markets rising. If we’ve reached a cusp, and the market is going to be not raising in the future, then actually that sort of (inaudible) that you earn from finance is perhaps not going to be there. And I suppose if I was sort of recommending, so when I said they want to get into investment finance, I would say, are you sure your talents can’t be used more beneficially elsewhere? Because if you think you’re just going to enter into this sector because you’re going to be paid 5 to 10 times more than anyone else, than the average, then I wouldn’t be sure that that’s going to be the case going forward. RITHOLTZ: And our final question, what do you know about the world of speculation, bubbles, interest rates today you wish you knew 30 or 40 years or so ago when you were first starting out? CHANCELLOR: Like, I didn’t know any. I mean, I didn’t know anything then. I mean, it’s — look, we’ve been living through the most extraordinary period. I used to think the dot-com bubble was amazing. RITHOLTZ: It was until we supersized. CHANCELLOR: No. And then I thought why wasn’t the security, subprime securities? That was extraordinary. And then we had the pandemic, everything, bubble. And we have lived through the most extraordinary period in the history of finance. I had no idea that that was going to be the case when I started my career. RITHOLTZ: Absolutely fascinating. Thank you, Edward, for being so generous with your time. We have been speaking with Edward Chancellor, author of “Devil Take the Hindmost” and “The Price of Time: The Real Story of Interest.” If you enjoy this conversation, well, be sure to check out any of the 450 or so conversations we’ve had previously. You can find those at Spotify, iTunes, Bloomberg, YouTube, wherever you feed your podcast fix. We’d love your comments, feedback and suggestions. Write to us at mibpodcast@bloomberg.net. Sign up for my daily reading list @ritholtz.com. Follow me on Twitter @ritholtz. I would be remiss if I did not thank the crack team that helps us put these conversations together each week. Sarah Livesey is my audio engineer. Atika Valbrun is my project manager. Sean Russo runs our Research. Paris Wald is my producer. I’m Barry Ritholtz. You’ve been listening to Masters in Business on Bloomberg Radio. END   ~~~   The post Transcript: Edward Chancellor appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureNov 9th, 2022

Cure Generational Poverty By Providing Rich Experiences To Youth

Developing the critical skills, attitudes, and behaviors children need to succeed as adults requires consistent, supportive relationships and positive developmental experiences in and out of school, according to a report by the University of Chicago Consortium on Chicago School Research. Foundations for Young Adult Success: A Developmental Framework states that children need to develop a […] Developing the critical skills, attitudes, and behaviors children need to succeed as adults requires consistent, supportive relationships and positive developmental experiences in and out of school, according to a report by the University of Chicago Consortium on Chicago School Research. Foundations for Young Adult Success: A Developmental Framework states that children need to develop a sense of agency, integrate a sense of identity, be productive, effective, and adaptable in order to succeed in college and a career, form healthy relationships, make wise choices, and become engaged citizens. Among these qualities are four foundational components: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   Find A Qualified Financial Advisor Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals, get started now. “Self-regulation,” or being aware of and able to manage one’s attention, emotions, and behaviors to achieve goals. “Knowledge and skills” refer to one’s ability to understand oneself and the world as well as perform tasks. “Mindsets” are the way everyday experiences are processed. “Values” are the moral code of conduct and long-term beliefs. The Wallace Foundation funded a study that found that children and youth benefit from development experiences involving action as well as reflection in order to develop agency, an integrated identity, and several key skills. In order to understand themselves and the world around them more fully, young people need strong, supportive, and sustained relationships with adults and peers. Additionally, the report offers educators, youth practitioners, parents, and families recommendations about when, where, and how factors to successfully develop. In addition, children’s social and cognitive experiences in and out of school influence their brain growth and their propensity to learn new languages and explore the world. What is a Rich Experience? In order for a child to have a rich experience, the following characteristics must be present: Learning. For kids, every new experience is an opportunity to learn. Immersion. In order to learn from an experience, a child must engage both her heart and mind. Takeaways. Transforming a bad experience into a good one is another great lesson in finding a takeaway. Having fun. Students are more likely to participate and take risks when teachers use engaging and fun activities. The process of learning is also enjoyable and memorable if students are having fun while doing it. One of the most important things young people are seeking is purpose. Adolescents who have a greater sense of purpose are happier and more hopeful. In some scholars’ definitions, “purpose” is an abiding aim that directs your behavior, gives meaning to your life, and has an impact on the world beyond your own. Whether children feel a sense of purpose depends on the type of experiences they have as children. The Childhood Experiences that Lead to a More Meaningful Life Focus and Self-Control Scheduling, habits, and routines help children learn self-control and focus, as well as create a sense of security — especially for children living in poverty. You should discuss what your child can expect each day with him or her. Provide your child with a space where shoes, coats, and personal belongings can be stored. In today’s noisy, distracting world, quiet activities like reading books, participating in sensory activities, or completing puzzles can help your child focus and slow down. Adversity The negative experiences we have early in life may affect our development of direction — even decades later. A study by psychologist Patrick Hill and his colleagues examined over 3,800 primarily white adults between the ages of 20 and 75. Among the early childhood adversities they reported were: Emotional abuse Physical abuse Socioeconomic disadvantage Family structure disadvantages, such as parents divorcing or dying. Health disadvantages, for example, poor early physical or emotional health. A sense of purpose as adults. It was found by Hill and his colleagues that people who experienced greater adversity as a child. particularly health disadvantages were less purposeful. “Individuals who experience early adversity are not ‘doomed’ to a lower sense of purpose later in life,” the researchers write. “Instead, early adversity may be better viewed as a potential risk factor.” Some people, however, find that tough times as children inspire them to pursue a particular calling, like working with children or eradicating poverty. “Some individuals may gain greater clarity on their life direction upon reflection on these adverse events,” Hill and his colleagues suggest. Perspective Thinking The ability to think from another’s perspective does not come naturally to most children. But it is something that can be learned. In the books you read, make observations about the character’s feelings and motivations. Conflict A child’s sense of purpose might even be affected by the conflict between their parents and children. Hill and his colleagues conducted another study that included over 1,000 six to twelve-year-old children and their parents. Children from these families were followed until they reached their twenties by the researchers. Most of them were white, working-class families from the Pacific Northwest. The children were asked to complete questionnaires about how much conflict, anger, and fun they had with their parents when they were in elementary school. A questionnaire was also filled out by the children as they became adults, in order to measure their satisfaction with their lives, their goals, and their stress levels. How did things turn out? No matter how stressed and satisfied with life young adults were, those who had conflict with their mothers in their early years had a diminished sense of purpose as adults. “Frequent conflict saps the child’s energy and enthusiasm, and in turn likelihood to live an active, engaged lifestyle, which has been suggested as a primary pathway by which individuals find what makes their lives purposeful,” Hill and colleagues contend. Communication To build healthy social-emotional skills, including understanding and communicating with others, children need high-touch, personal interactions every day. Although children develop these skills at different rates, they must learn how to recognize social cues and listen attentively. In order to communicate effectively, they must consider what they want to say and how to do it most effectively. Building these skills can be as simple as talking to an interested adult. Taking time to listen and respond to your child every day will make a big difference in their development. Attachment and Separation-Individuation Hill and colleagues explored how purpose might be impacted by another aspect of the parent-child relationship in an earlier study. In addition to parental attachment, they measured separation-individuation. In the study, parental attachment was measured by asking children to say things like, “I usually talk to [my mother or father] about my problems and concerns.” Parental attachment refers to the bond between a child and their primary caregivers that is based on their warmth and responsiveness. During adolescence and early adulthood, separation-individuation is the process of developing an independent, mature sense of self. A measure of separation-individuation problems was “I need other people around me to not feel empty.” In an online survey conducted by a Canadian university, over 500 primarily white undergraduates ages 17-30 described their relationship with their parents and their sense of purpose. Students who sensed purpose generally had a stronger attachment to their parents and had fewer separation-individuation problems than those with a lower sense of purpose. The result was a greater sense of mastery and control-they felt in control of their own lives. In the view of Hill and his colleagues, “Having a sense of purpose could assist emerging adults with the process of defining themselves while maintaining adaptive relationships with their parental figures.” Making Connections The ability to see patterns and connections between seemingly disparate things is what allows us to learn. In order to understand the world, we need to make connections. When children sort basic household items such as toys and socks, they begin to see connections and patterns. Simple acts, such as selecting clothing suitable for the weather, promote connections between them. There are also abstract connections in life that can be pointed out. For example, you’ve got to do more than just say, “That box of cereal costs $5.” Hand them some money and have them hand it over during checkout. Nature Positive childhood experiences, such as early memories of nature’s beauty, can prepare children for a purpose in life later on. In Japan, researchers Riichiro Ishida and Masahiko Okada recruited nearly 70 college students aged 18 to 35. As part of the questionnaire, participants were asked about their purpose, their early life, and their youth experiences, including nature-related questions such as “Do you remember having feelings associated with nature? ” Researchers found that more purposeful students had stronger memories of nature’s beauty during their early childhoods and early adolescence. This relationship requires further research. Having a diminished sense of self, which comes with purpose — may allow a child to “engage with some aspect of the world beyond the self.” Which just so happens to be a foundational part of purpose. Critical Thinking In today’s complex world, adults make decisions every day about a wide range of issues. As such, play is an excellent way to develop critical thinking skills. Provide your child with time to play alone or with friends each day. As part of this play, children might take on roles as superheroes, build structures, play board games, or play sports, such as tag and hide-and-seek. Play builds critical thinking skills through hypotheses, risk-taking, trying out ideas, making mistakes, and finding solutions. Exposure to Diverse Activities As children get older, early childhood experiences may influence not only whether or not they develop purpose at all, but also what kind of purpose they gravitate towards. Kendall Cotton Bronk conducted a study with nine 12 to 23-year-olds with an exceptional sense of purpose. Over the course of five years, her team interviewed them three times for three hours each. “According to the exemplars, they would not have discovered noble purposes in the areas they did had they not been involved in those areas early on, often as children,” Bronk said. “As parents, teachers, and other adults interested in fostering noble purpose among youth, then it is important to expose young people to a wide variety of activities.” An 18-year-old in the study told how she became interested in cancer research when she was five after volunteering for a fundraising event at the mall with the American Cancer Society. In the study, another 18-year-old with the purpose of creating and promoting jazz music shared, “I got into music when I was nine because my next-door neighbor . . . had a piano, and he taught me how to play Pink Panther and Greensleeves and stuff like that.” A related study by Ishida and Okada found that adults who remember receiving praise and praise from their parents, teachers, friends, and neighbors during childhood are more likely to have a stronger sense of purpose in life. In the early years of childhood, children may not be able to recognize the importance of a specific activity. They may instead find their strengths and ways to contribute gradually as they participate in the activity, slowly building their commitment. Self-Directed, Engaged Learning When a child loves learning, he or she will never be bored in life as an adult. Encourage children to read, play, and explore in an open-ended way to foster a love of learning. Encourage curiosity in your children by taking them to the library or even allowing them to make some messes at home. Budget-friendly Ways to Create Rich Experiences Bolster their academic skills. You can infuse math into mealtime, for instance. When preparing meals, children can count, measure, estimate, compare, and recognize shapes. Count the number of cups and utensils your family will need, and ask your child to measure and count ingredients. Enhance their communication skills. Having an adventure in your living room would be a great idea. Imagine you are riding a magic carpet, a submarine, or a school bus to your next adventure with your kids. Have them share their ideas about where they’d like to go, and take turns coming up with stories about your adventures. Ask kids creative questions based on what you see and describe what you see. Promote social-emotional development. Stay in touch with your emotions on a regular basis. When adults are stressed and worried, young children can easily pick up on that stress. As such, each day, spend time checking in and connecting with your child. Ask them, “How did your day go” and “what do you plan to do tomorrow?” Live richer on a budget. To live a rich life, you don’t need a lot of money, notes GoBankingRates. Despite the fact that it can be difficult to feel like you’re living well while cutting costs, you don’t have to sacrifice everything you enjoy. In the end, living on a budget doesn’t mean giving up everything you enjoy. You can still live a rich life if you follow these steps. Figure out what makes your life rich. Donna Freedman, long-time personal finance writer and author of the “Your Playbook For Tough Times” book series, said a rich life isn’t determined by money. “Money is essential to survival, but it’s not all there is to life,” she said. For example, spending time with loved ones. Finesse your budget. Your budget might have more room than you think for the things that you enjoy. Review your spending to see if there are any costs you can reduce. “Chances are you may be wasting money without realizing it,” money-saving expert Andrea Woroch said. Look for low-cost and free ways to live rich. For little to no cost, it is possible to get what you need, want or enjoy. If you live in an area where there is a Buy Nothing Project Facebook group, Freedman suggests checking it out. People can give away everything from furniture to musical instruments to children’s toys and clothes in these groups. Find frugal alternatives. Travel may not be possible. You can still tour museums and explore new cities through books or virtual tours. Be grateful for what you do have. Focus on what you do have and what is going right in your life. Maybe you would like to upgrade your phone but can’t afford it. Take pride in having a phone that works. Find them a mentor. Mentorship can provide stability and opportunities for those who may not have access to guidance or the right environment to help them discover and reach their goals. There are even some programs, such as Friends of the Children-Detroit, that aim to help children break the cycle of generational poverty. “The way I describe Friends of the Children is we are a long-term mentoring program that’s evidence-based that matches children, one-to-one, with a paid professional mentor with the goal to end generational poverty,” says Nicole McKinney, executive director of Friends of the Children-Detroit. The program strives for three long-term goals: Upon completion of the program, each child receives his or her GED or high school diploma. Preventing juveniles from entering the criminal justice system. Teen pregnancy prevention. Based on the needs of each child, the program is specially designed to promote achievement. Another option is MENTOR. According to its site, “MENTOR was created more than 30 years ago to expand that opportunity for young people by building a youth mentoring field and movement, serving as the expert and go-to resource on quality mentoring. The result — a more than 10x increase in young people in structured mentoring relationships, from hundreds of thousands to millions.” Take advantage of free or low-cost camps. As previously mentioned, spending time outside can help develop purpose in children. Furthermore, outdoor family activities and communal playtime can improve your child’s motor skills. Unfortunately, when leaving in generational poverty, this might be an option. For instance, a parent may be working multiple jobs and can not take their children to the park. Also, there may be easy access to green spaces. Fortunately, there are several free and low-cost programs that can provide such experiences, such: The YMCA. Although they are not free, they are very affordable. In New Hampshire, there are a variety of camp opportunities, such as Camp Lawrence for boys and Camp Nokomis for girls. In addition, Ohio is home to three Countryside YMCA locations. The Salvation Army. Children between the ages of 5 and 14 can enroll in the Salvation Army’s summer camps. There are no free camps, but each one costs no more than $50 a week for each child. Several discounts reduce the cost for your second child to $40 and for your third child to $30 if you send multiple children. Police Athletic League. In terms of summer camps for low-income families, the Police Athletic League is one of the best options. Summer camps are offered by PAL for children aged 5-13 at no cost. There may be a PAL location nearby since there are over a dozen locations across the country. The Fresh Air Fund. New York City’s Fresh Air Fund provides summer camp adventures for low-income communities. Additionally, there are non-profits like the Boys & Girls Club. Across the country, there are after-school programs that include homework assistance, art instruction, STEM activities, music, theater, sports, cooking, and special interest clubs. Besides computers and WiFi, there is also a social time for children to meet new people or be with friends. FAQS What is poverty? Aside from dollar amounts, quality of life also plays a part in poverty discussions. In poverty, there is struggle and deprivation every day. There is often a lack of quality education for children living in poverty. It may be due to a lack of quality schools, the inability of their parents to afford school fees, or the need for their children to work in impoverished families. Consequently, poverty becomes a generational cycle if children are not provided with a quality education. A poverty-stricken family can’t afford to visit a doctor or get medical treatment. As a result, there is often no electricity, limited shelter, and little to no food to eat. Poor nutrition can lead to stunting and wasting in young children, which will negatively affect their development for the rest of their lives. What causes poverty? It’s not just a lack of water, food, shelter, education, or health care that causes poverty. Poverty can also be caused by social inequalities such as gender discrimination, poor governance, conflict, exploitation, or domestic violence. As a result of these inequities, people or society can become poor as well as be unable to access social services that could help them to improve their situation. What is the cycle of poverty? Poverty is a trap that can be hard to escape. An individual must have access to educational opportunities, clean water, medical facilities nearby, as well as financial resources in order to escape poverty. Unless these elements are in place, poverty will carry on from generation to generation. Families with poor finances will not be able to send their children to school, which will impact their children’s ability to earn an income as adults. Conflict and natural disasters can enhance the poverty cycle or exacerbate it. People in impoverished communities are more vulnerable and often lack basic resources when a natural disaster strikes, therefore further entrenching their poverty or jeopardizing their newly emerging community. How many children in the US live in families with low incomes? In the US, 38 percent of children under 18 years old live in families with low income, and 17 percent – nearly one in five – live in poverty. As a result, kids make up 32 percent of the poor in our nation; they represent 23 percent of the population. There are a lot more kids living in families just above the poverty threshold. Low-income or poor families do not happen by accident. Children who experience economic insecurity are likely to have parents with low education and low employment, as well as racial or ethnic background. Race, geography, and other factors play a role in determining children’s economic insecurity experiences. What can we do to end generational poverty? In order to break generational poverty, education seems to be the most effective method. By creating a path for these families to reach new dreams, we can help them find hope in the future. It is necessary to implement many different programs in order to end generational poverty. A wide range of services is available to end generational poverty, including Head Start, vocational training, housing assistance, food assistance, and after-school programs. It’s crucial to provide basic courses like financial literacy and soft skills training as well. Overall, education, training, financial support, nutrition, and some human kindness can break the poverty cycle. Article by John Rampton, Due About the Author John Rampton is an entrepreneur and connector. When he was 23 years old, while attending the University of Utah, he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months, he had several surgeries, stem cell injections and learned how to walk again. During this time, he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine and Finance Expert by Time. He is the Founder and CEO of Due......»»

Category: blogSource: valuewalkNov 1st, 2022

66 thoughtful gifts for every kind of mom

If you're looking for a thoughtful gift for Mom, we put together a list for all budgets and interests. When you buy through our links, Insider may earn an affiliate commission. Learn more.Uncommon Goods/Outdoor VoicesShopping for your mom can be a struggle. She could claim she doesn't want gifts at all, prefer minimalist fare, or have very specific tastes. Whether it's her birthday, Mother's Day, or just because, these gifts are a sweet way to show Mom or a mother figure in your life that you care. They also make great gifts for any mothers in your life, whether you have a friend who's a new mom or a mother-in-law you'd like to celebrate.Whether she's a bookworm, a techie, a fitness fiend, or a luxury lover, we have rounded up the perfect gifts for every type of mom below.Style gifts for momFood and kitchen gifts for momTech gifts for momHome gifts for momBeauty gifts for momHobby-related gifts for momStyle giftsKnown Supply/MejuriThe gift of comfortable loungewearTommy JohnShop all women's loungewear and sleepwear, available at Tommy JohnTommy John E-Gift Card, available at Tommy John, from $25Best for: The mom who loves to loungeThe Insider Reviews team is positively smitten with Tommy John's loungewear and underwear — so much so, we named the latter one of the best women's underwear brands in our buying guide, so you can be sure Mom will love it too.A diamond charm of her initialsMejuriDiamond Letter Charm, available at Mejuri, $225Best for: The mom who loves personalized giftsQuite a few mothers rock necklaces with their initials — or, sometimes, even their children's or spouse's. It's sweet and sentimental, but also really chic, especially when the charms are these diamond ones from Mejuri. Pair it with one of Mejuri's dainty chains so it's ready to wear or let Mom add the charms onto one of her own necklaces. You can also browse more jewelry gifts for mom here.Popular leggings with a no-slip fitVuoriDaily Legging, available at Vuori, $89Best for: The mom who prioritizes comfortVuori is well-known for its super-soft fabrics and flattering cuts, and the Daily Leggings are just another example. This style looks like a pair of joggers but fits like a pair of leggings. The high waistband and drawstring allow for a snug feel while the brand's smoothing technology gives an airbrushed appearance.Read more about the Daily Legging here.A pair of cozy, eco-friendly slip-on shoesAllbirdsWomen's Wool Lounger Fluffs, available at Allbirds, $115Best for: The mom who loves sneakersKeep mom looking cool and feeling comfy every time she leaves the house with these slip-on sneakers. Made with cozy soft merino wool inside and out, these shearling shoes are ideal for cool fall days running errands or meeting up with friends for lunch. The best part: The entire shoe is machine washable.A luxurious bathrobeParachuteClassic Bathrobe, available at Parachute, $109Best for: The mom who takes self-care seriouslyA plush bathrobe will make every shower feel like a trip to the spa. Parachute's soft Turkish cotton robe comes in four great colors: white, mineral, blush, and stone. This cozy gift for Mom will become her go-to pick. Read our full review of the Parachute Classic Bathrobe here.A pendant necklaceSet & StonesSet & Stones Cheyenne Mama Necklace, available at Nordstrom, $232Best for: The proud mamaYour mom will want to keep this pendant necklace very close to her heart. It'll sit lightly around her neck and be a subtle reminder of her special bond with you. If this is quite her style, you can browse more jewelry gifts for mom here.A proud sweatshirt for the southern momOutdoor VoicesY'all Graphic Sweatshirt, available at Outdoor Voices, $88Best for: The mom with Southern prideAny Southern mom will adore this loud-and-proud declaration of their heritage. She'll be as comfy as she is cheery in this yellow "y'all" soft cotton terry sweatshirt.A roomy work bag with tons of pocketsDagne DoverDagne Dover Allyn Tote, available at Dagne Dover, from $340Best for: The mom who's picky about bagsDagne Dover's Allyn Tote is a sophisticated and spacious work bag with a padded laptop sleeve, water bottle holder, and other thoughtful interior pockets that will keep Mom organized and always ready to go. A comfortable, ethical sandalNisoloGo-To Flatform Sandal, available at Nisolo, $130Best for: The mom in search for a good summer sandalNisolo is known for its ethically and sustainably made footwear. The aptly named Go-To Flatform Sandal is a basic summer staple that can be dressed up or dressed down — a practical wardrobe necessity.  Pearl hoop earringsMejuriMejuri Pearl Hoops, available at Mejuri, $78Best for: The mom who loves minimalist jewelryGet your mom a beautiful pair of earrings or a necklace with her zodiac sign that she can wear every day. Mejuri is a favorite jewelry startup of ours, so your Mom will likely enjoy this Canadian company's delicate jewelry, too. You can also browse more jewelry gifts for mom here.Read our full review of Mejuri here.A pair of sunglasses to block the sun in styleGlassesUSACheck out GlassesUSA's selection of sunglasses, from $19Best for: The mom who loves the sunSunglasses are spring and summer essentials and a perfect gift for Mom. GlassesUSA carries a wide variety of popular brands, including Ray-Ban, Oakley, Muse, Prada, and more. If you want a pair for yourself too, you can buy one and get one free with the code BOGOFREE at checkout.Read our full review of GlassesUSA here.A gold square watch to keep track of timeNordstromMVMT Signature Square Bracelet Watch, available at Nordstrom, $96Best for: The mom who hates using her phone for a watchThis elegant square watch bears a minimalist and luxurious design that elevates any look. The gold watch is so impossible to miss that she'll now be on time for every occasion with it as a reminder.A beautiful scarf with her birth-month flowerUncommon GoodsBirth Month Flower Scarf, available at Uncommon Goods, $48Best for: The mom who likes sentimental giftsGive her something beautiful to wear that will remind her how thoughtful you are every time she wraps it. This scarf is patterned with the flower of her birth month, a nice touch of under-the-radar personalization.A chic purse that can turn into a backpackSenreveAlunna, available at Senreve, from $595Best for: The mom who hates lugging stuff on her shoulderA purse is an obvious gift for Mom if she has an eye for handbags, but you can mix things up by giving her one that's both a purse and a backpack. The Alunna by Senreve is versatile and stylish, and it can be worn on her back, hand, over the shoulder, or across the body. Plus, it can organize all of Mom's essentials with its two interior pockets and exterior cardholder.Luxe slippers with a cozy cashmere blendMargauxSlippers, available at Margaux, $248Best for: The mom who refuses to walk barefoot on hardwood floorsMade from a soft wool-cashmere blend and cushiony foam padding, Margaux slippers feel like stepping into a cloud. Mom will enjoy wearing any of the three styles — Slide, Ballet, or Cozy — around the house.A leather wallet that can be monogrammed with Mom's initialsLeatherologyKlyde Continental Wallet, available at Leatherology, from $140 (+ $10 for monogram)Best for: The mom with the wallet that's falling apartA sophisticated leather wallet instantly elevates a busy mother's everyday style and keeps her organized when she's constantly moving from place to place. You can get this leather wallet from Leatherology in 11 colors and three different personalization options. A personalized T-shirtKnown SupplyPersonalized Women's Fitted Crew, available at Known Supply, $32Best for: The new mom beaming with prideYou can personalize this comfortable Pima cotton tee with "mom" or "mama" — or any other name that's under nine characters — in cute, loopy cursive. A crossbody bag with a hand-painted monogramClare V.Midi Sac, avaliable at Claire V., starting at $335 (+ $50 for hand-painted monogram)Best for: The practical yet stylish momThis leather crossbody bag comes in tons of colors and is great for travel and daytime outings — for an extra $50, you can customize it with a gold foil or hand-painted monogram. A passport cover and luggage tagLeatherologyDeluxe Passport Cover + Luggage Tag Set, available at Leatherology, starting at $75 + monogram $20Best for: The mom who travels more than you doMom might be planning her next trip out of town, and what better travel accessory to have than a personalized passport cover and luggage tag? She'll be less likely to lose her passport or suitcase thanks to these colorful accessories that also sport her initials. Food and kitchen giftsAmazon/Milk BarA gift card to buy whatever food they're cravingGoldbellyGoldbelly Gift Card, available at Goldbelly, from $25Best for: The homesick foodieIf your mom has a favorite city or place that she misses (or just craves a food she can't easily get where she is), a Goldbelly gift card goes a long way. Goldbelly is one of our favorite services when it comes to delivering regional meals, meal kits, and desserts, be it Maine lobster rolls, Southern BBQ, or NYC bagels. A delicious treat from Milk BarMilk Bar/Alyssa Powell/InsiderCheck out all the goodies in Milk Bar's Gift Shop, prices varyBest for: The mom with the sweet toothMilk bar cakes topped our list of the All-Time Best things we've tested and these treats will definitely satisfy Mom's sweet tooth. Choose from a limited-edition Strawberry Shortcake Cake, the bestselling B'Day Truffles, and plenty more. We break down how to shop for Milk Bar online, here. Read our full review of Milk Bar.A cocktail maker that mixes drinks in secondsBartesianBartesian Premium Cocktail and Margarita Machine, available at Amazon, $369.85Best for: The bartender momSummer's almost here, which, for some moms, means it's time to break out refreshing cocktails. This cocktail maker will make Mom's life a whole lot easier, since all she has to do is pop in a cocktail capsule, choose her preferred strength, and press mix. She'll be sipping a margarita, cosmopolitan, or gin martini in seconds.Read our full review of the Bartesian Premium Cocktail and Margarita Machine here.  A wooden gift crate with 2 pounds of cheese insideMurray's CheeseMurray's Cheese Greatest Hits Gift Box, available at Murray's Cheese, $108Best for: The mom who *always* says yes to cheese on her pastaCheese lovers will find a lot to like in this wooden gift crate (yes, crate) from Murray's Cheese, which includes two mouthwatering pounds of English cheddar, brie, cave-aged Gruyere, and one-year-aged Manchego along with snacks to pair with each cheese: spiced cherry preserves, sea salt crackers, and Marcona almonds.For more of the best from Murray's Cheese, check out our guide to the best cheeses you can buy online.Read our review of Murray's Cheese gift boxes.A cookbook focused entirely on vegetablesMilk StreetMilk Street Vegetables Cookbook, available at Amazon, $26.35Best for: The vegetarian chef If your mom is a vegetarian (or just trying to do more Meatless Mondays), this cookbook takes inspiration from the many ways in which vegetables are celebrated by different cultures around the world.A Le Creuset dutch ovenAmazonLe Creuset Round Dutch Oven, available at Williams-Sonoma, starting at $260Best for: The mom with chipped potsAt $160, this Le Creuset dutch oven might be the most expensive piece of cookware in Mom's kitchen, but it'll also be the most used. It comes in tons of colors, so you can choose Mom's favorite. We've even ranked it as the best overall in our guide to the best dutch ovens. It's one of the best products we've ever tested.Read our full review of the Le Creuset Round Dutch Oven here.A cutting board in the shape of the state Mom calls homeAmazonTotally Bamboo State Cutting & Serving Board, available at Amazon, $19.99Best for: The mom full of state prideAvailable for all 50 states as well British Columbia, Puerto Rico, Long Island, and Ontario, this uniquely shaped cutting and serving board doubles as kitchen decor. An indoor herb garden that requires zero effortClick & GrowSmart Garden 3 Indoor Gardening Kit, available at Click & Grow, $99.95Best for: The mom who loves a fresh garnishEvery chef knows that cooking with fresh ingredients like basil can make a big difference. The Click & Grow Smart Garden is a self-watering system that allows even the most amateur gardeners to quickly and effortlessly grow herbs and vegetables. We tried it and were impressed with how well it worked, as well as the truly effortless process. Read our full review of the Click & Grow Smart Garden 3 Indoor Gardening Kit here.A tasty baking cookbookAmazon"Dessert Person" by Claire Saffitz, available at Amazon, $21.11Best for: The mom who bakes all the timeFor the mom who adores baking, this dessert cookbook has plenty of baking recipes to satisfy the family's sweet tooth. It offers recipes and guidance on how to bake sweet and savory treats whether it's a caramelized honey pumpkin pie or English muffins.  If she already has it, here are some of the best baking books recommended by professional bakers.A water bottle that solves all pain pointsHydro Flask/Alyssa Powell/InsiderHydro Flask Wide Mouth Watter Bottle (32 oz), available at REI, $44.95Best for: The mom who needs to hydrateHydro Flask water bottles are one of the All-Time Best products we've ever tested and have a cult following for a number of reasons: The double-walled vacuum seal keeps hot drinks hot and cold drinks cold for hours on end, many products come with a lifetime warranty, and the bright colors add a bit of fun to something that's otherwise thought of as ordinary. You can hear more about why we love this water bottle in our guide to the best travel mugs. A delicious wine-mimic for healthy nights offJukes CordialitiesJukes 6, available at Jukes Cordialities, $55Best for: The sober momIf mom loves vino, she'll love this tasty non-alcoholic substitute for nights where she's craving a glass but wants to stay sober. Created by a British wine critic, Jukes Cordialities are thoughtful and complex — the closest to the real stuff we've tried.We personally love the full red mimic, Jukes 6, which is deep and spicy like a glass of Rioja, and pairs well with food in the same way wine does — all without the buzz and with the added health benefits of organic apple cider vinegar (the base).Tech giftsAmazon/Uncommon GoodsA voice-assisted remote for all Mom's streaming needsAmazonFire TV Stick with Alexa Voice Remote, available at Amazon, $39.99Best for: The mom who watches everythingShe can access hundreds of streaming services, including Hulu, Netflix, Disney Plus, HBO Max, and more, with this affordable entertainment hub. Plus, Amazon Prime members get unlimited access to thousands of movies and TV episodes with Amazon Prime Video. This model supports up to 4K Ultra HD. You can read more in our guide to the best streaming devices.The Amazon EchoAmazonAmazon Echo (4th Generation), available at Amazon, $49.99Best for: The mom who wants some hands-off helpThere's an ever-so-slight learning curve in figuring out what Amazon's Alexa can and can't do, but once that's passed, the Echo can forecast the weather, read an audiobook, order a pizza, tell jokes, or any number of things Mom should find charming. Read our full review of the Amazon Echo (4th Generation) here.A step tracker to keep her movingFitbitFitbit Charge 5, available at Best Buy, $149.95Best for: The fitness enthusiastIf your mom's looking to stay on top of their health, we highly recommend gifting a very practical Fitbit. The Charge is one of our top picks for covering all the basics — counting steps, tracking sleep, 24/7 heart rate monitoring, tracking 20 different exercises — without breaking the bank, and all with an easy-to-read display and sleek design on the wrist.(If she'd want smartphone notifications on her wrist, too, we recommend the Versa 2, which has a bigger display but is still reasonably priced.)Alexa-enabled glassesAmazonEcho Frames Smart Glasses, available at Amazon, $269.99Best for: The mom who wants the glasses of the futureIf your mom loves tech, they'll think these smart glasses are from the future. Amazon's Echo Frames allow for open-ear audio, hands-free calling, and access to thousands of Alexa's skills.Read our full review of the Amazon Echo Frames.A cuter way to send mom "love you" messagesUncommon GoodsLovebox Spinning Heart Messenger, available at Uncommon Goods, from $30Best for: The mom who loves being reminded of how much you love herMoms love nothing more than being randomly told their kids love them, and this creative box lets you do it in a way more special than just a text. When you send a message, the heart on the box will spin and she can open it up to read the digital display of your loving words.A digital picture frame for remembering the good timesAuraCarver Digital Picture Frame, available at Aura, $179Best for: The mom who can't decide on one photo to frameIt's hard to find a mom who isn't obsessed with taking photos and displaying them all around the house. But instead of buying tons of picture frames, she can show off all her family photos using this digital picture frame. You can upload an unlimited amount of pictures to the Aura app, connect the frame to Wi-Fi, and she's all set. Read our full review of Aura here.A waterproof Kindle PaperwhiteAmazonAmazon Kindle Paperwhite, available at Amazon, $129.99Best for: The avid readerIf your mom's tired of lugging around heavy hardcovers, the Kindle Paperwhite is an extremely thoughtful and practical gift. The latest version is waterproof, too, which is a huge bonus.Read our full review of the Amazon Kindle Paperwhite here.A rejuvenating, at-home foot massagerRENPHORENPHO Foot Massager Machine, available at Amazon, $129.99Best for: The mom who loves an at-home spa dayTreat her to a spa day any (and every) day she wants with this at-home foot massager. It's a full-service Shiatsu device that offers kneading, compression, and heat therapy. We love that it encompasses your ankles too for extra relief, all of which is why it's our top pick.An alarm clock that uses light to wake her up gentlyAmazonPhilips Light Alarm Clock, available at Amazon, $99.95Best for: The mom who struggles waking up in the morningJust because Mom has to wake up before the sun rises doesn't mean they have to awaken to the blaring of an obnoxious alarm clock.Philips makes a lovely alarm clock that gradually lights up to mimic the sunrise. The light alarm clock also displays the time and has customizable sounds, so Mom can wake up feeling rested and ready for the day. You can find out why we recommend this alarm clock in our guide to the best sunrise alarm clocks. Read our full review of the Philips Wake-Up Light.A mini massage gunTherabodyTheragun Mini, available at Therabody and Amazon, from $179Best for: The mom who's always working outIf she's achy from regular exercise or a pulled muscle, every type of person will see benefit from using a massage gun. We love the Theragun Mini because it'll work out kinks and aches anywhere you place it with a powerful motor and easy-to-hold grip.Home giftsHomesick/The SillA fresh flower bouquetUrban StemsFresh flower bouquets, available at UrbanStems, from $32Best for: The mom who loves the classicsWe've ordered bouquets from UrbanStems and it offers gorgeous flower arrangements, potted plants, and even dried bouquets, and they're delivered quickly, too. A bouquet of flowers is a classic gift for Mom that she'll love on any given day. Its bouquets are one of the best things we've ever tested. Read our full review of UrbanStems.A candle for your favorite spot togetherHomesick, Rachael Schultz/InsiderMemory Candles, available at Homesick, starting at $14Best for: The mom who loves reminiscing Whether your best memories are childhood ski trips, your annual beach vacation, or just baking in the kitchen together, share the sentiment with mom. Homesick makes a deliciously-scented candle for nearly every memory — and if that doesn't work, it also has a candle for every state and city, astrology sign, and even one that simply says, "Thank you, Mom."Soft, crisp sheets and beddingBrooklinenBrooklinen Queen Classic Hardcore Sheet Bundle, available at Brooklinen, starting at $207.22Brooklinen Queen Luxe Hardcore Sheet Bundle, available at Brooklinen, starting at $245.03Best for: The mom who needs to be comfierBrooklinen's luxe sheets are the ones we always recommend to friends, family, and readers, for their affordable price, sophisticated look, and comfort.The Hardcore Sheet Bundles have everything she needs to completely makeover your mom's bed — and stay nice and cozy all year long. Each bundle includes a flat sheet, fitted sheet, duvet cover, and four pillowcases. Brooklinen also sells comforters, pillows, candles, and blankets. This is another item that features in our list of the All-Time Best products we've tested.Read our full review of Brooklinen sheets here.A custom map posterGrafomap InstagramCustom Map Poster, available at Grafomap, starting at $19Best for: The mom who misses her favorite placeGrafomap is a website that lets you design map posters of any place in the world. You can make one of your mom's hometown, college town, favorite travel destination, or the place she got engaged or married — you're only limited by your imagination.Read our full review of the Grafomap Custom Map Poster here.A hardcover photo book for any mother figureArtifact UprisingHardcover Photo Book, available at Artifact Uprising, starting at $64.80Best for: The mom with 17 old photo albumsHonor any mother figure with a custom hardcover photo album that commemorates their best life moments. You can tie in her life story with a display-worthy dust jacket that puts her front and center. Choose from 11 fabric binding colors to complement her bookshelf or coffee table.A cute potted plant instead of flowersThe SillShop The Sill's selection of plants, starting at $34Best for: The mom who prefers long-lasting plantsThe Sill is a relatively new startup that's making the process of choosing and buying house plants much easier. This gift set is just one of many options you can choose from — you can even shop based on which plants are pet-safe. Read our full review of The Sill here.A weighted blanket to help her sleep betterBearabyBearaby 15-pound Cotton Napper, available at Bearaby, $249Best for: The mom who cherishes being cozyMade of soft organic cotton just like her favorite T-shirt, this weighted blanket can help Mom fall asleep faster and its buttery softness is perfect for wrapping up in. We ranked it as the best weighted throw blanket in our guide to the best weighted blankets. A jewelry holderCatbirdSwan Ring Holder, available at Catbird, $38Best for: The mom who always loses her ringsThis ornate swan is a subtle jewelry holder that'll dress up any bathroom countertop or nightstand.A personalized photo calendar for her deskArtifact UprisingWalnut Desktop Photo Calendar, available at Artifact Uprising, starting at $31.50Best for: The mom who loves physical calendarsA desk calendar can add a decorative touch to her desk, but one that displays photos of family makes for an even better gift for Mom. She'll love glancing at her calendar and being reminded of her favorite memories with you.A coffee table book for the mom who loves photographyAmazon"Women: The National Geographic Image Collection," available at Amazon, $26.49Best for: The mom who loves a good coffee table bookYou can't go wrong with a coffee table book gift for Mom, and this one is a true standout. The photography is sure to be top-notch, since National Geographic created this book. Moms often serve as constant sources of inspiration, so why not pass along this book of powerful women?A fancy candle setOtherland/Alyssa Powell/InsiderOtherland Candles The Threesome, available at Otherland, $89Best for: The mom who loves quality candlesCandles make any home smell great, and this fancy candle set from Otherland will look gorgeous in any room in her house. It includes three coconut and soy wax blend candles in beautiful glass vessels. Each candle burns for 55 hours — that's a lot of time that your mom can spend enjoying this gift. We named candles by Otherland one of the All-Time Best products we've tested.Read our full review of Otherland candles here.Beauty giftsAmazon/AnthropologieLaneige Lip Sleeping MaskAmazonLaneige Lip Sleeping Mask, available at Amazon, $24Best for: The mom with chapped lipsIf Mom is always complaining of rough or chapped lips in the winter, introduce her to her new favorite product: Laneige's lip sleeping mask. All she has to do is apply it at night before going to bed, and she'll wake up with smoother, softer lips.A silk pillowcase to upgrade her beauty sleepAmazonSlip Silk Queen Pillowcase, available at Amazon, $89Best for: The mom who appreciates luxuryUpgrade Mom's beauty sleep with a pillowcase or two from Slip. Not only do silk pillowcases look and feel luxurious, but because they're made of a material that's not too absorbent, they're great for keeping skin and hair moisturized. A face mask set for at-home spa daysfreshMini Loves Mini Masks Set, available at Walmart, $49.99Best for: The mom who never passes on a face maskMoms need time to themselves, too, and these face mask minis will have her and her skin feeling rejuvenated. She can kick back and relax with one of the black tea masks, the clay mask, the rose mask, or even the sugar exfoliator.A two-in-one hair dryer brush for easy at-home blowoutsAmazonRevlon 1 Step 2-in-1 Hair Dryer Volumizer Styling Brush, available at Amazon, $32.49Best for: The mom who wants a salon blowout at homeIf your mom has been eyeing the $600 Dyson Airwrap, this is a more affordable alternative that produces similarly easy blowouts at home. It's our favorite blow dryer brush if you're on a budget.A luxurious facial treatment deviceZIIPZIIP GX Series, available at ZIIP Beauty, $495Best for: The mom who cares about her skinSwitch up her facial appointments with the ZIIP experience that beautifully improves your skin beyond your imagination with every use. The ZIIP devices employ energy from tiny electrical currents with a conductive gel to sculpt and tighten the skin for a radiant glow. The weighted sleep mask that's the ticket to instant sleepAnthropologieNodpod Weighted Eye Mask, available at Anthropologie, $34Best for: The mom who prioritizes beauty sleepMove over, weighted blankets. These eye masks have gentle weights with just the right amount of pressure to lull her to sleep. The four equally weighted pods let her rest easy no matter her sleep position. A floral fragrance with a pear and white freesia scentJo MaloneEnglish Pear & Freesia Cologne, available at Jo Malone, $155Best for: The mom who collects perfumeIf she prefers a light yet luscious fragrance, this Jo Malone perfume makes for a lovely layer. This floral perfume accentuates her style with a smell of autumn from the freshness of the pear and freesias along with the subtle woodsy scents.Hobby-related giftsBook of the Month/ZazzleA pass to access almost all the National ParksREIAmerica the Beautiful Pass, available at REI, $79.99Best for: The road trip loverFor the mom who loves nature and road trips, it's hard to find a better gift than an annual pass to most of the US's national parks. It provides free admission to a car of up to four people to all participating parks and overall makes it so much easier to park-hop. It's the best nudge to get your mom to finally plan that Zion and Bryce Canyon vacation.A 'book of the month' membershipBook of the MonthBook of the Month Membership, available at Book of the Month, from $49.99 for 3 monthsBest for: The book loverIf she loves to read and isn't ready to go 100% digital, a Book of the Month membership is the perfect gift. This gift subscription gets Mom her pick of the best new books for $12.50-$15 a month, depending on the length of subscription you choose to give. She can also request extra books if she reads more than one book a month. You can learn more about Book of the Month here.A yoga mat for the fitness enthusiastMandukaProLite Yoga Mat, available at Manduka, $99Best for: The yoga enthusiastFor the mom who starts every morning with yoga, this mat has just the right amount of padding, is made of eco-friendly materials, and has a no-slip grip texture. It has even earned the title of best yoga mat overall in our guide to the best yoga mats.A year-long MasterClass membership to learn new thingsMasterClassAnnual Membership, available at MasterClass, $180/yearBest for: The lifelong studentMasterClass, unlike many competitors, follows a format that feels like a one-sided conversation with your favorite icons rather than a traditional academic setting. You can get into the supplementary reading materials or just listen to their insight while running errands. An Unlimited Membership grants access to all the site's online courses for the year.Some popular courses include Neil deGrasse Tyson on Scientific Thinking and Communication, Malcolm Gladwell on Writing, Shonda Rhimes on Writing for Television, and Bob Iger on Business Strategy and Leadership.Read our full review of MasterClass here.A jigsaw puzzle featuring a family photoZazzleMemorable Family Jigsaw Puzzle, available at Zazzle, starting at $23.96Best for: The mom who loves a good puzzleIf your mom loves puzzles (and has finished practically all of them), this custom one featuring a cherished family photo will earn a spot on the wall when it's done.A daily planner for the busy momAmazonPanda Planner Daily Planner 2021, available at Amazon. $19.97 Best for: The journalerEven the most organized mom could use the help of a trusty planner. This one from Panda Planner has monthly, weekly, and daily sections for all of her needs. She'll have her schedule, tasks, goals, and projects all in one place. We like the layout of this planner so much that we include it in our guide to the best planners.A DNA test kit23andme23andMe Health + Ancestry DNA Test, available at 23andMe, $129Best for: The mom interested in her family treeThis genetic test kit from 23andMe is a unique and cool gift idea for any mom who's interested in learning more about her family history.A personalized video message from her favorite celebrityCameoPersonalized video message, available at Cameo, starting at $1Best for: The celeb-obsessed momWhen trying to think of a unique gift for Mom, one that might not immediately come to mind is Cameo. The online service has tons of famous people she might want a personalized video message from, like her favorite actor from "The Office." Whether it's for her birthday, Mother's Day, or a different milestone, there's something for everyone on Cameo, with all types of categories and price points to choose from.Read more about Cameo and how to use Cameo. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 28th, 2022

27 of the best cookbooks according to Goodreads members, from French classics to new vegan recipes

Goodreads readers consider cookbooks like "Salt, Fat, Acid, Heat," "Plenty," and "Mastering the Art of French Cooking" as the best of all time. When you buy through our links, Insider may earn an affiliate commission. Learn more.Goodreads readers consider cookbooks like "Joy of Cooking," "Salt, Fat, Acid, Heat," "Plenty," and "Mastering the Art of French Cooking" as the best ones to read in 2022.Amazon; Rachel Mendelson/Insider Cookbooks offer recipes and techniques to help people discover new dishes. Readers often love the stories found in their favorite cookbooks. We used Goodreads to rank the best and most popular cookbooks of all time. Though the internet is laden with recipe videos for everything from ramen to roulades, reading cookbooks is a classic way to discover new recipes and learn how to cook. From themed recipe books to story-filled cookbooks, collections of recipes help us share meals and memories with the authors and each other. To rank the best cookbooks, we turned to Goodreads reviewers. Goodreads is the world's largest platform where anyone — including home cooks and professional chefs — can rate and review their favorite books. From classic cookbooks written by famous chefs to go-to guides for making the perfect bread, here are the most popular cookbooks, according to Goodreads reviewers. The 27 best cookbooks to read in 2022, according to Goodreads:27. "Momofuku" by David Chang and Petter MeehanAmazon Available on Amazon and Bookshop, from $20.99"Momofuku" is a cookbook filled with both the stories and recipes that revolutionized the culinary world with Chef David Chang's restaurants, techniques, and rise to fame. With beautiful food photography, unique ingredients, and a memorable foreward, readers love Chang's recipes but also often read this cookbook cover to cover. 26. "Ottolenghi Simple: A Cookbook" by Yotam OttolenghiAmazonAvailable on Amazon and Bookshop, from $21.49In "Ottolenghi Simple," Yotam Ottolenghi offers 130 of his simplest and easiest-to-make recipes. Each one can be made in less than 30 minutes, with 10 ingredients or less, in one pot, using what you have in your pantry, or made ahead of time — perfect for weeknight dinners and amateur home cooks.25. "Barefoot Contessa Back to Basics" by Ina GartenAmazonAvailable on Amazon and Bookshop, from $16.58Food Network star Ina Garten's fifth cookbook, "Barefoot Contessa Back to Basics," was not designed to be a collection of easy recipes, but to help home cooks prepare simple dishes that highlight the best flavors of their ingredients. With this cookbook, readers learn Garten's best techniques and tips to create simple but delicious dishes with fresh and accessible ingredients. 24. "The Pioneer Woman Cooks: Food from My Frontier" by Ree DrummondBookshopAvailable at Amazon and Bookshop, from $13.32Ree Drummond is best known for her Food Network show "The Pioneer Woman," where viewers get a glimpse of her ranch life and the incredible meals she makes to feed her family. This cookbook is a collection of her best, most mouthwatering recipes with step-by-step photographs and personal anecdotes.  23. "The Flavor Bible: The Essential Guide to Culinary Creativity, Based on the Wisdom of America's Most Imaginative Chefs" by Karen PageAmazonAvailable on Amazon and Bookshop, from $20.49"The Flavor Bible" won the 2009 James Beard Book Award for Best Reference and Scholarship Book and has been a kitchen staple of professional and learning cooks ever since. Though there are few traditionally recognized recipes in this book, readers love that it teaches how to pair flavors and spices to draw out the best qualities of our favorite ingredients and dishes. 22. "Artisan Bread in Five Minutes a Day: The Discovery That Revolutionizes Home Baking" by Jeff Hertzberg and Zoë FrançoisAmazonAvailable at Amazon and Bookshop, from $16.25This cookbook is an oven-side staple for any new or budding baker looking to make the perfect loaf of bread. "Artisan Bread in Five Minutes a Day" not only offers readers incredible recipes to make their own bread but lessons and explanations for different preparations as home cooks learn the art of baking.21. "The Barefoot Contessa Cookbook" by Ina GartenAmazonAvailable at Amazon and Bookshop, from $18.99This 1999 cookbook has delighted readers for more than 20 years as they learn how to make incredible recipes and host delightful gatherings from Ina Garten, the host of "Barefoot Contessa" on Food Network. This cookbook will help home cooks discover new recipes, twists on old favorites, and tips for preparing food for a table full of guests. 20. "How to Cook Everything Vegetarian: Simple Meatless Recipes for Great Food" by Mark BittmanBookshopAvailable at Amazon and Bookshop, from $19.99"How to Cook Everything Vegetarian" is the meatless version of Mark Bittman's "How to Cook Everything" bestseller, with over 2,000 creative recipes for vegetarians or those looking for delicious plant-based alternatives. With easy-to-follow recipes, meals that can be made in 30 minutes or less, and fully vegan dishes, this cookbook is an accessible guide for any veggie-loving cook.19. "Everyday Italian: 125 Simple and Delicious Recipes" by Giada De LaurentiisAmazonAvailable at Amazon and Bookshop, from $15.72Providing fresh and fabulous recipes from her Food Network show "Everyday Italian," Giada De Laurentiis continues to bring readers simple but exquisite Italian dishes to make for any occasion. Collecting over 100 recipes that use simple ingredients, this Italian cookbook is great for any budding or experienced home cook.  18. "The Art of Simple Food: Notes, Lessons, and Recipes from a Delicious Revolution" by Alice WatersAmazonAvailable on Amazon and Bookshop, from $17.11Alice Waters is the chef and food activist behind Chez Panisse, a California restaurant that played a major role in the farm-to-table culinary movement. This cookbook contains her best recipes for highlighting fresh, seasonal ingredients and her culinary philosophies that change the way we treat and approach simple ingredients.17. "How to Be a Domestic Goddess: Baking and the Art of Comfort Cooking" by Nigella LawsonAmazonAvailable at Amazon, $59.76This baking cookbook is not only about learning how to make a perfect cupcake from scratch, but how to fall in love with the process of baking and the joy that can come from being in the kitchen. Funny and delightful, Nigella Lawson's bright narration guides readers as they learn to bake the perfect banana bread.16. "Barefoot Contessa at Home: Everyday Recipes You'll Make Over and Over Again" by Ina GartenAmazonAvailable at Amazon and Bookshop, from $17.99Ina Garten is well-known for her Food Network show "Barefoot Contessa," and this cookbook brings all her coziest recipes to delight your friends and family at any gathering. With easy recipes and tips on hosting guests, it's a go-to guide for anyone learning how to entertain in their own home. 15. "Essentials of Classic Italian Cooking" by Marcella HazanAmazonAvailable at Amazon and Bookshop, from $25.49"Essentials of Classic Italian Cooking" is a bible for any cook wishing to learn how to create amazing, mouth-watering Italian dishes at home. This classic 1992 cookbook offers recipes from risotto and polenta to pasta sauces and gnocchi.14. "The Food Lab: Better Home Cooking Through Science" by J. Kenji López-AltAmazonAvailable at Amazon and Bookshop, from $27.86"The Food Lab" is a fascinating cookbook that focuses on the science behind American dishes, from the juiciest chicken to the perfect Hollandaise. With hundreds of recipes and over 1,000 photos, this cookbook is a delicious culinary science lesson.  13. "The Pioneer Woman Cooks: Recipes from an Accidental Country Girl" by Ree DrummondAmazonAvailable at Amazon and Bookshop, from $14.97This #1 New York Times bestselling cookbook traces Ree Drummond's life through her personal stories and incredible recipes. Made famous by her Food Network show "The Pioneer Woman," this cookbook will delight Ree Drummond fans or anyone looking to make delicious meals with accessible ingredients. 12. "Veganomicon: The Ultimate Vegan Cookbook" by Isa Chandra MoskowitzAmazonAvailable at Amazon and Bookshop, from $19.99This vibrant cookbook contains over 250 vegan recipes that vegans, vegetarians, and meat-eaters will love. With clear instructions and helpful features like icons to tell you if a recipe will take under 45 minutes or is gluten-free, this cookbook can guide you through delicious vegan recipes for any culinary occasion. 11. "Bad Manners: The Official Cookbook: Eat Like You Give a F*ck" by Thug KitchenAmazonAvailable at Amazon and Bookshop, from $11.99This straightforward and curse-filled vegan cookbook is loved by readers for its hilariously aggressive approach to plant-based eating. It contains over 100 recipes to help cooks of all skill levels approach a plant-based lifestyle without ruining their budget, disliking their food, or facing the inaccessibility sometimes found in vegan lifestyle cookbooks.10. "Cravings: Recipes for All the Food You Want to Eat" by Chrissy TeigenAmazonAvailable at Amazon and Bookshop, from $21.40The winner of the 2016 Goodreads Choice Awards for Best Cookbook, "Cravings" is Chrissy Teigen's first cookbook which collects her favorite recipes from around the world. As Chrissy Teigen boasts that food and love go hand-in-hand in her life, this cookbook will teach you how to make her favorite dishes for every occasion, from family dinners to weekend breakfasts.9. "Better Homes and Gardens New Cook Book" by Better Homes and GardensAmazonAvailable at Amazon and Bookshop, from $19.99With over 1,200 recipes for absolutely any occasion, this all-inclusive cookbook can teach any home cook how to make great recipes for meal prepping, weeknight dinners, or hosting a fun party. This closely cherished cookbook also contains instructional cooking guides, advice on food safety, and a carefully organized list of all the recipes. 8. "The Moosewood Cookbook: Recipes from Moosewood Restaurant, Ithaca, New York" by Mollie KatzenAmazonAvailable at Amazon and Bookshop, from $16.46First published in 1974 as a spiral-bound book, this classic vegetarian cookbook was written by artist Mollie Katzen while working at Moosewood Restaurant in Ithaca, New York. Filled with beautiful illustrations and hand lettering, this iconic cookbook is a fun throwback to the 1970s before vegetarian recipes evolved into the dishes we commonly see today. 7. "Jerusalem: A Cookbook" by Yotam Ottolenghi and Sami TamimiAmazonAvailable at Amazon and Bookshop, from $19.39Both of the authors of this cookbook were born in Jerusalem in the same year, though on opposite sides of the city, and together they collected recipes to represent the vibrant culinary culture of their city. This cookbook brings 120 recipes to life that demonstrate the cross-cultural cuisine these chefs experienced when they returned to Jerusalem as adults. 6. "Plenty" by Yotam OttolenghiAmazonAvailable at Amazon and Bookshop, from $17.99Collected from his "Guardian" column called "The New Vegetarian," these vegetarian recipes are inspired by Yotam Ottolenghi's Mediterranean background and love of fresh ingredients. Though Yotam isn't a vegetarian himself, his novel approach to vegetarian cuisine is a fusion of his life experiences and the amazing food he's had along the way. 5. "The Smitten Kitchen Cookbook" by Deb PerelmanAmazonAvailable at Amazon and Bookshop, from $17.14Deb Perelman is the author behind the award-winning food blog Smitten Kitchen, dedicated to hunting down and perfecting all the recipes everyone should have handy. With no previous culinary experience (but a great love of food and cooking to guide her), Deb assembled "The Smitten Kitchen Cookbook" to help home cooks find the joy in cooking great food. 4. "How to Cook Everything: Simple Recipes for Great Food" by Mark BittmanAmazonAvailable at Amazon and Bookshop, from $18.99Written by a "New York Times" food writer in the 1990s, "How to Cook Everything" is a nearly 1,000-page reference guide on how to cook any dish for any occasion. This cookbook covers countless recipes as well as crucial cooking techniques and the ins and outs of basic kitchen equipment.You can read our review of "How to Cook Everything" here.3. "Mastering the Art of French Cooking" by Julia ChildAmazonAvailable at Amazon and Bookshop, from $27.39Julia Child's classic 1961 cookbook is a definitive resource for American chefs learning the basics and the intricacies of French cooking. Made even more famous by Julia Child's cooking show "The French Chef" and the modern movie "Julie & Julia," which tells her life story, this cherished cookbook is a necessity for home and professional chefs alike. 2. "Salt, Fat, Acid, Heat: Mastering the Elements of Good Cooking" by Samin NosratAmazonAvailable at Amazon and Bookshop, from $16.65Samin Nosrat is a chef, writer, and culinary instructor who teaches pupils of all ages and skill levels that mastering the four elements of cooking — salt, fat, acid, and heat — will make you a great chef. This cookbook follows Samin's journey with food alongside 100 recipes to help readers practice the culinary elements and become master chefs in their own kitchens. 1. "Joy of Cooking" by Irma S. RombauerAmazonAvailable at Amazon and Bookshop, from $17.49With over 20 million copies in print and nearly 200,000 ratings on Goodreads, "Joy of Cooking" is the most popular cookbook amongst Goodreads members. Published in 1931, this classic is full of tried-and-true favorites and has since been updated by the author's great-grandson with new cooking techniques, additional dishes, and a fresh chapter about streamlined cooking. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderAug 22nd, 2022

The 66 best gifts to get Mom that aren"t just flowers

If you're looking for a thoughtful gift for Mom, we put together a list for all budgets and interests. When you buy through our links, Insider may earn an affiliate commission. Learn more.If you're looking for a thoughtful gift for Mom, we put together a list for all budgets and interests.Senreve; Homesick; The Sill; Artifact Uprising; Amazon; Nordstrom; Uncommon Goods; Alyssa Powell/InsiderShopping for Mom can be a struggle, especially if you're looking for an upgrade from the homemade macaroni necklaces and IOU coupon books she may have received one too many times already. So if you don't know where to start, we have some ideas to inspire you. Whether it's her birthday, Mother's Day, or just because, these gifts are a sweet way to show Mom or a mother figure in your life that you care. They also make great gifts for any mothers in your life, whether you have a friend who's a new mom or a mother-in-law you'd like to celebrate.Whether she's a bookworm, a techie, a fitness fiend, or a luxury lover, we have rounded up the perfect gifts for every type of mom below.Here are the best 66 gifts for Mom in 2022:Style gifts for momFood and kitchen gifts for momTech gifts for momHome gifts for momBeauty gifts for momHobby-related gifts for momStyle giftsKnown Supply/MejuriThe gift of comfortable loungewearTommy JohnShop all women's loungewear and sleepwear, available at Tommy JohnTommy John E-Gift Card, available at Tommy John, starting at $25Best for: The mom who loves to loungeThe Insider Reviews team is positively smitten with Tommy John's loungewear and underwear — so much so, we named the latter one of the best women's underwear brands in our buying guide, so you can be sure Mom will love it too.A diamond charm of her initialsMejuriDiamond Letter Charm, available at Mejuri, $225Best for: The mom who loves personalized giftsQuite a few mothers rock necklaces with their initials — or, sometimes, even their children's or spouse's. It's sweet and sentimental, but also really chic, especially when the charms are these diamond ones from Mejuri. Pair it with one of Mejuri's dainty chains so it's ready to wear or let Mom add the charms onto one of her own necklaces. You can also browse more jewelry gifts for mom here.Popular leggings with a no-slip fitVuoriDaily Legging, available at Vuori, $89Best for: The mom who prioritizes comfortVuori is well-known for its super-soft fabrics and flattering cuts, and the Daily Leggings are just another example. This style looks like a pair of joggers but fits like a pair of leggings. The high waistband and drawstring allow for a snug feel while the brand's smoothing technology gives an airbrushed appearance.Read more about the Daily Legging here.A pair of cozy, eco-friendly slip-on shoesAllbirdsWomen's Wool Lounger Fluffs, available at Allbirds, $115Best for: The mom who loves sneakersKeep mom looking cool and feeling comfy every time she leaves the house with these slip-on sneakers. Made with cozy soft merino wool inside and out, these shearling shoes are ideal for cool fall days running errands or meeting up with friends for lunch. The best part: The entire shoe is machine washable.A luxurious bathrobeParachuteClassic Bathrobe, available at Parachute, $109Best for: The mom who takes self-care seriouslyA plush bathrobe will make every shower feel like a trip to the spa. Parachute's soft Turkish cotton robe comes in four great colors: white, mineral, blush, and stone. This cozy gift for Mom will become her go-to pick. Read our full review of the Parachute Classic Bathrobe here.A pendant necklaceSet & StonesSet & Stones Cheyenne Mama Necklace, available at Nordstrom, $198Best for: The proud mamaYour mom will want to keep this pendant necklace very close to her heart. It'll sit lightly around her neck and be a subtle reminder of her special bond with you. If this is quite her style, you can browse more jewelry gifts for mom here.A proud sweatshirt for the southern momOutdoor VoicesY'all Graphic Sweatshirt, available at Outdoor Voices, $88Best for: The mom with Southern prideAny Southern mom will adore this loud-and-proud declaration of their heritage. She'll be as comfy as she is cheery in this yellow "y'all" soft cotton terry sweatshirt.A roomy work bag with tons of pocketsDagne DoverDagne Dover Allyn Tote, available at Dagne Dover, from $340Best for: The mom who's picky about bagsDagne Dover's Allyn Tote is a sophisticated and spacious work bag with a padded laptop sleeve, water bottle holder, and other thoughtful interior pockets that will keep Mom organized and always ready to go. A comfortable, ethical sandalNisoloGo-To Flatform Sandal, available at Nisolo, $130Best for: The mom in search for a good summer sandalNisolo is known for its ethically and sustainably made footwear. The aptly named Go-To Flatform Sandal is a basic summer staple that can be dressed up or dressed down — a practical wardrobe necessity.  Pearl hoop earringsMejuriMejuri Pearl Hoops, available at Mejuri, $78Best for: The mom who loves minimalist jewelryGet your mom a beautiful pair of earrings or a necklace with her zodiac sign that she can wear every day. Mejuri is a favorite jewelry startup of ours, so your Mom will likely enjoy this Canadian company's delicate jewelry, too. You can also browse more jewelry gifts for mom here.Read our full review of Mejuri here.A pair of sunglasses to block the sun in styleGlassesUSACheck out GlassesUSA's selection of sunglasses, starting at $19Best for: The mom who loves the sunSunglasses are spring and summer essentials and a perfect gift for Mom. GlassesUSA carries a wide variety of popular brands, including Ray-Ban, Oakley, Muse, Prada, and more. If you want a pair for yourself too, you can buy one and get one free with the code BOGOFREE at checkout.Read our full review of GlassesUSA here.A gold square watch to keep track of timeNordstromMVMT Signature Square Bracelet Watch, available at Nordstrom, $128Best for: The mom who hates using her phone for a watchThis elegant square watch bears a minimalist and luxurious design that elevates any look. The gold watch is so impossible to miss that she'll now be on time for every occasion with it as a reminder.A beautiful scarf with her birth-month flowerUncommon GoodsBirth Month Flower Scarf, available at Uncommon Goods, $48Best for: The mom who likes sentimental giftsGive her something beautiful to wear that will remind her how thoughtful you are every time she wraps it. This scarf is patterned with the flower of her birth month, a nice touch of under-the-radar personalization.A chic purse that can turn into a backpackSenreveAlunna, available at Senreve, starting at $645Best for: The mom who hates lugging stuff on her shoulderA purse is an obvious gift for Mom if she has an eye for handbags, but you can mix things up by giving her one that's both a purse and a backpack. The Alunna by Senreve is versatile and stylish, and it can be worn on her back, hand, over the shoulder, or across the body. Plus, it can organize all of Mom's essentials with its two interior pockets and exterior cardholder.Luxe slippers with a cozy cashmere blendMargauxSlippers, available at Margaux, $148Best for: The mom who refuses to walk barefoot on hardwood floorsMade from a soft wool-cashmere blend and cushiony foam padding, Margaux slippers feel like stepping into a cloud. Mom will enjoy wearing any of the three styles — Slide, Ballet, or Cozy — around the house.A leather wallet that can be monogrammed with Mom's initialsLeatherologyKlyde Continental Wallet, available at Leatherology (+ $10 for monogram), starting at $70Best for: The mom with the wallet that's falling apartA sophisticated leather wallet instantly elevates a busy mother's everyday style and keeps her organized when she's constantly moving from place to place. You can get this leather wallet from Leatherology in 11 colors and three different personalization options. A personalized T-shirtKnown SupplyPersonalized Women's Fitted Crew, available at Known Supply, $32Best for: The new mom beaming with prideYou can personalize this comfortable Pima cotton tee with "mom" or "mama" — or any other name that's under nine characters — in cute, loopy cursive. A crossbody bag with a hand-painted monogramClare V.Midi Sac, avaliable at Claire V., starting at $335 (+ $50 for hand-painted monogram)Best for: The practical yet stylish momThis leather crossbody bag comes in tons of colors and is great for travel and daytime outings — for an extra $50, you can customize it with a gold foil or hand-painted monogram. A bracelet that tells her how you really feelNordstromLittle Words Project "Ride or Die" Stretch Bracelet, available at Nordstrom, $25Best for: The nostalgic momFor your Day One ride or die, give this beaded stretch bracelet that will always remind Mom how special she is to you. If this saying or colorway isn't really her jam, Little Words Project makes plenty more options she's sure to love. A passport cover and luggage tagLeatherologyDeluxe Passport Cover + Luggage Tag Set, available at Leatherology, starting at $75 + monogram $20Best for: The mom who travels more than you doMom might be planning her next trip out of town, and what better travel accessory to have than a personalized passport cover and luggage tag? She'll be less likely to lose her passport or suitcase thanks to these colorful accessories that also sport her initials. Food and kitchen giftsAmazon/Milk BarA delicious treat from Milk BarMilk Bar/Alyssa Powell/InsiderCheck out all the goodies in Milk Bar's Gift Shop, starting at $46Best for: The mom with the sweet toothMilk bar cakes topped our list of the All-Time Best things we've tested and these treats will definitely satisfy Mom's sweet tooth. Choose from a limited-edition Strawberry Shortcake Cake, the bestselling B'Day Truffles, and plenty more. We break down how to shop for Milk Bar online, here. Read our full review of Milk Bar.A cocktail maker that mixes drinks in secondsBartesianBartesian Premium Cocktail and Margarita Machine, available at Amazon, $369.85Best for: The bartender momSummer's almost here, which, for some moms, means it's time to break out refreshing cocktails. This cocktail maker will make Mom's life a whole lot easier, since all she has to do is pop in a cocktail capsule, choose her preferred strength, and press mix. She'll be sipping a margarita, cosmopolitan, or gin martini in seconds.Read our full review of the Bartesian Premium Cocktail and Margarita Machine here.  A wooden gift crate with 2 pounds of cheese insideMurray's CheeseMurray's Cheese Greatest Hits Gift Box, available at Murray's Cheese, $95Best for: The mom who *always* says yes to cheese on her pastaCheese lovers will find a lot to like in this wooden gift crate (yes, crate) from Murray's Cheese, which includes two mouthwatering pounds of English cheddar, brie, cave-aged Gruyere, and one-year-aged Manchego along with snacks to pair with each cheese: spiced cherry preserves, sea salt crackers, and Marcona almonds.For more of the best from Murray's Cheese, check out our guide to the best cheeses you can buy online.Read our review of Murray's Cheese gift boxes.A gift subscription to a popular coffee clubAtlas Coffee ClubAtlas Coffee Club 3-Month Gift Subscription, available at Atlas Coffee Club, $60Best for: The coffee enthusiastIf her veins run dark roast, a coffee gift won't go unused. We recommend a gift subscription to the Atlas Coffee Club, which curates a global selection of single-origin coffee that gets freshly roasted and shipped to your house starting at $9 per bag. Read our full review of the Atlas Coffee Club Subscription here.A cookbook focused entirely on vegetablesMilk StreetMilk Street Vegetables Cookbook, available at Amazon, $26.35Best for: The vegetarian chef If your mom is a vegetarian (or just trying to do more Meatless Mondays), this cookbook takes inspiration from the many ways in which vegetables are celebrated by different cultures around the world.A Le Creuset dutch ovenAmazonLe Creuset Round Dutch Oven, available at Williams-Sonoma, starting at $250Best for: The mom with chipped potsAt $160, this Le Creuset dutch oven might be the most expensive piece of cookware in Mom's kitchen, but it'll also be the most used. It comes in tons of colors, so you can choose Mom's favorite. We've even ranked it as the best overall in our guide to the best dutch ovens. It's one of the best products we've ever tested.Read our full review of the Le Creuset Round Dutch Oven here.A cutting board in the shape of the state Mom calls homeAmazonTotally Bamboo State Cutting & Serving Board, available at Amazon, $29.99Best for: The mom full of state prideAvailable for all 50 states as well British Columbia, Puerto Rico, Long Island, and Ontario, this uniquely shaped cutting and serving board doubles as kitchen decor. An indoor herb garden that requires zero effortClick & GrowSmart Garden 3 Indoor Gardening Kit, available at Click & Grow, $79.96Best for: The mom who loves a fresh garnishEvery chef knows that cooking with fresh ingredients like basil can make a big difference. The Click & Grow Smart Garden is a self-watering system that allows even the most amateur gardeners to quickly and effortlessly grow herbs and vegetables. We tried it and were impressed with how well it worked, as well as the truly effortless process. Read our full review of the Click & Grow Smart Garden 3 Indoor Gardening Kit here.A tasty baking cookbookAmazon"Dessert Person" by Claire Saffitz, available at Amazon, $21.11Best for: The mom who bakes all the timeFor the mom who adores baking, this dessert cookbook has plenty of baking recipes to satisfy the family's sweet tooth. It offers recipes and guidance on how to bake sweet and savory treats whether it's a caramelized honey pumpkin pie or English muffins.  If she already has it, here are some of the best baking books recommended by professional bakers.A retro-inspired electric kettleNordstromSMEG 50's Retro Style 7-Cup Electric Kettle, available at Williams-Sonoma, starting at $189.95Best for: The mom who loves fresh coffee or teaWith this retro-inspired electric kettle in her kitchen, she'll spend much less time making tea and more time enjoying a cup. It comes in 10 fun colors, like pastel green and bright red. You can learn more about this kettle in our guide to the best electric kettles. A water bottle that solves all pain pointsHydro Flask/Alyssa Powell/InsiderHydro Flask Wide Mouth Watter Bottle (32 oz), available at REI, $44.95Best for: The mom who needs to hydrateHydro Flask water bottles are one of the All-Time Best products we've ever tested and have a cult following for a number of reasons: The double-walled vacuum seal keeps hot drinks hot and cold drinks cold for hours on end, many products come with a lifetime warranty, and the bright colors add a bit of fun to something that's otherwise thought of as ordinary. You can hear more about why we love this water bottle in our guide to the best travel mugs. A delicious wine-mimic for healthy nights offJukes CordialitiesJukes 6, available at Jukes Cordialities, $55 for 9 bottlesBest for: The sober momIf mom loves vino, she'll love this tasty non-alcoholic substitute for nights where she's craving a glass but wants to stay sober. Created by a British wine critic, Jukes Cordialities are thoughtful and complex — the closest to the real stuff we've tried.We personally love the full red mimic, Jukes 6, which is deep and spicy like a glass of Rioja, and pairs well with food in the same way wine does — all without the buzz and with the added health benefits of organic apple cider vinegar (the base).Tech giftsAmazon/Uncommon GoodsA voice-assisted remote for all Mom's streaming needsAmazonFire TV Stick with Alexa Voice Remote, available at Amazon, $39.99Best for: The mom who watches everythingShe can access hundreds of streaming services, including Hulu, Netflix, Disney Plus, HBO Max, and more, with this affordable entertainment hub. Plus, Amazon Prime members get unlimited access to thousands of movies and TV episodes with Amazon Prime Video. This model supports up to 4K Ultra HD. You can read more in our guide to the best streaming devices.The Amazon EchoAmazonAmazon Echo (4th Generation), available at Amazon, $99.99Best for: The mom who wants some hands-off helpThere's an ever-so-slight learning curve in figuring out what Amazon's Alexa can and can't do, but once that's passed, the Echo can forecast the weather, read an audiobook, order a pizza, tell jokes, or any number of things Mom should find charming. Read our full review of the Amazon Echo (4th Generation) here.A step tracker to keep her movingFitbitFitbit Charge 5, available at Best Buy, $119.95Best for: The fitness enthusiastIf your mom's looking to stay on top of their health, we highly recommend gifting a very practical Fitbit. The Charge is one of our top picks for covering all the basics — counting steps, tracking sleep, 24/7 heart rate monitoring, tracking 20 different exercises — without breaking the bank, and all with an easy-to-read display and sleek design on the wrist.(If she'd want smartphone notifications on her wrist, too, we recommend the Versa 2, which has a bigger display but is still reasonably priced.)Alexa-enabled glassesAmazonEcho Frames Smart Glasses, available at Amazon, $134.99Best for: The mom who wants the glasses of the futureIf your mom loves tech, they'll think these smart glasses are from the future. Amazon's Echo Frames allow for open-ear audio, hands-free calling, and access to thousands of Alexa's skills.Read our full review of the Amazon Echo Frames.A cuter way to send mom "love you" messagesUncommon GoodsLovebox Spinning Heart Messenger, available at Uncommon Goods, from $100Best for: The mom who loves being reminded of how much you love herMoms love nothing more than being randomly told their kids love them, and this creative box lets you do it in a way more special than just a text. When you send a message, the heart on the box will spin and she can open it up to read the digital display of your loving words.A digital picture frame for remembering the good timesAuraCarver Digital Picture Frame, available at Aura, $179Best for: The mom who can't decide on one photo to frameIt's hard to find a mom who isn't obsessed with taking photos and displaying them all around the house. But instead of buying tons of picture frames, she can show off all her family photos using this digital picture frame. You can upload an unlimited amount of pictures to the Aura app, connect the frame to Wi-Fi, and she's all set. Read our full review of Aura here.A waterproof Kindle PaperwhiteAmazonAmazon Kindle Paperwhite, available at Amazon, $129.99Best for: The avid readerIf your mom's tired of lugging around heavy hardcovers, the Kindle Paperwhite is an extremely thoughtful and practical gift. The latest version is waterproof, too, which is a huge bonus.Read our full review of the Amazon Kindle Paperwhite here.A rejuvenating, at-home foot massagerRENPHORENPHO Foot Massager Machine, available at Amazon, $129.99Best for: The mom who loves an at-home spa dayTreat her to a spa day any (and every) day she wants with this at-home foot massager. It's a full-service Shiatsu device that offers kneading, compression, and heat therapy. We love that it encompasses your ankles too for extra relief, all of which is why it's our top pick.An alarm clock that uses light to wake her up gentlyAmazonPhilips Light Alarm Clock, available at Amazon, $79.95Best for: The mom who struggles waking up in the morningJust because Mom has to wake up before the sun rises doesn't mean they have to awaken to the blaring of an obnoxious alarm clock.Philips makes a lovely alarm clock that gradually lights up to mimic the sunrise. The light alarm clock also displays the time and has customizable sounds, so Mom can wake up feeling rested and ready for the day. You can find out why we recommend this alarm clock in our guide to the best sunrise alarm clocks. Read our full review of the Philips Wake-Up Light.A mini massage gunTherabodyTheragun Mini, available at Therabody and Amazon, from $149.99Best for: The mom who's always working outIf she's achy from regular exercise or a pulled muscle, every type of person will see benefit from using a massage gun. We love the Theragun Mini because it'll work out kinks and aches anywhere you place it with a powerful motor and easy-to-hold grip.Home giftsHomesick/The SillA fresh flower bouquetUrban StemsFresh flower bouquets, available at UrbanStems, from $40Best for: The mom who loves the classicsWe've ordered bouquets from UrbanStems and it offers gorgeous flower arrangements, potted plants, and even dried bouquets, and they're delivered quickly, too. A bouquet of flowers is a classic gift for Mom that she'll love on any given day. Its bouquets are one of the best things we've ever tested. Read our full review of UrbanStems.A candle for your favorite spot togetherHomesick, Rachael Schultz/InsiderMemory Candles, available at Homesick, starting at $19Best for: The mom who loves reminiscing Whether your best memories are childhood ski trips, your annual beach vacation, or just baking in the kitchen together, share the sentiment with mom. Homesick makes a deliciously-scented candle for nearly every memory — and if that doesn't work, it also has a candle for every state and city, astrology sign, and even one that simply says, "Thank you, Mom."Soft, crisp sheets and beddingBrooklinenBrooklinen Queen Classic Hardcore Sheet Bundle, available at Brooklinen, starting at $230.25Brooklinen Queen Luxe Hardcore Sheet Bundle, available at Brooklinen, starting at $272.25Best for: The mom who needs to be comfierBrooklinen's luxe sheets are the ones we always recommend to friends, family, and readers, for their affordable price, sophisticated look, and comfort.The Hardcore Sheet Bundles have everything she needs to completely makeover your mom's bed — and stay nice and cozy all year long. Each bundle includes a flat sheet, fitted sheet, duvet cover, and four pillowcases. Brooklinen also sells comforters, pillows, candles, and blankets. This is another item that features in our list of the All-Time Best products we've tested.Read our full review of Brooklinen sheets here.A custom map posterGrafomap InstagramCustom Map Poster, available at Grafomap, starting at $19Best for: The mom who misses her favorite placeGrafomap is a website that lets you design map posters of any place in the world. You can make one of your mom's hometown, college town, favorite travel destination, or the place she got engaged or married — you're only limited by your imagination.Read our full review of the Grafomap Custom Map Poster here.A hardcover photo book for any mother figureArtifact UprisingHardcover Photo Book, available at Artifact Uprising, starting at $61Best for: The mom with 17 old photo albumsHonor any mother figure with a custom hardcover photo album that commemorates their best life moments. You can tie in her life story with a display-worthy dust jacket that puts her front and center. Choose from 11 fabric binding colors to complement her bookshelf or coffee table.A cute potted plant instead of flowersThe SillShop The Sill's selection of plants, starting at $38Best for: The mom who prefers long-lasting plantsThe Sill is a relatively new startup that's making the process of choosing and buying house plants much easier. This gift set is just one of many options you can choose from — you can even shop based on which plants are pet-safe. Read our full review of The Sill here.A weighted blanket to help her sleep betterBearabyBearaby 15-pound Cotton Napper, available at Bearaby, $249Best for: The mom who cherishes being cozyMade of soft organic cotton just like her favorite T-shirt, this weighted blanket can help Mom fall asleep faster and its buttery softness is perfect for wrapping up in. We ranked it as the best weighted throw blanket in our guide to the best weighted blankets. A jewelry holderCatbirdSwan Ring Holder, available at Catbird, $32Best for: The mom who always loses her ringsThis ornate swan is a subtle jewelry holder that'll dress up any bathroom countertop or nightstand.A personalized photo calendar for her deskArtifact UprisingWalnut Desktop Photo Calendar, available at Artifact Uprising, starting at $30Best for: The mom who loves physical calendarsA desk calendar can add a decorative touch to her desk, but one that displays photos of family makes for an even better gift for Mom. She'll love glancing at her calendar and being reminded of her favorite memories with you.A coffee table book for the mom who loves photographyAmazon"Women: The National Geographic Image Collection," available at Amazon, $26.49Best for: The mom who loves a good coffee table bookYou can't go wrong with a coffee table book gift for Mom, and this one is a true standout. The photography is sure to be top-notch, since National Geographic created this book. Moms often serve as constant sources of inspiration, so why not pass along this book of powerful women?A fancy candle setOtherland/Alyssa Powell/InsiderOtherland Candles The Threesome, available at Otherland, $89Best for: The mom who loves quality candlesCandles make any home smell great, and this fancy candle set from Otherland will look gorgeous in any room in her house. It includes three coconut and soy wax blend candles in beautiful glass vessels. Each candle burns for 55 hours — that's a lot of time that your mom can spend enjoying this gift. We named candles by Otherland one of the All-Time Best products we've tested.Read our full review of Otherland candles here.Beauty giftsAmazon/AnthropologieA silk pillowcase to upgrade her beauty sleepAmazonSlip Silk Queen Pillowcase, available at Amazon, $89Best for: The mom who appreciates luxuryUpgrade Mom's beauty sleep with a pillowcase or two from Slip. Not only do silk pillowcases look and feel luxurious, but because they're made of a material that's not too absorbent, they're great for keeping skin and hair moisturized. A face mask set for at-home spa daysfreshMini Loves Mini Masks Set, available at Walmart, $44.74Best for: The mom who never passes on a face maskMoms need time to themselves, too, and these face mask minis will have her and her skin feeling rejuvenated. She can kick back and relax with one of the black tea masks, the clay mask, the rose mask, or even the sugar exfoliator.A two-in-one hair dryer brush for easy at-home blowoutsAmazonRevlon 1 Step 2-in-1 Hair Dryer Volumizer Styling Brush, available at Amazon, $32.49Best for: The mom who wants a salon blowout at homeIf your mom has been eyeing the $600 Dyson Airwrap, this is a more affordable alternative that produces similarly easy blowouts at home. It's our favorite blow dryer brush if you're on a budget.A luxurious facial treatment deviceZIIPZIIP GX Series, available at ZIIP Beauty, $495Best for: The mom who cares about her skinSwitch up her facial appointments with the ZIIP experience that beautifully improves your skin beyond your imagination with every use. The ZIIP devices employ energy from tiny electrical currents with a conductive gel to sculpt and tighten the skin for a radiant glow. The weighted sleep mask that's the ticket to instant sleepAnthropologieNodpod Weighted Eye Mask, available at Anthropologie, $34Best for: The mom who prioritizes beauty sleepMove over, weighted blankets. These eye masks have gentle weights with just the right amount of pressure to lull her to sleep. The four equally weighted pods let her rest easy no matter her sleep position. A floral fragrance with a pear and white freesia scentJo MaloneEnglish Pear & Freesia Cologne, available at Jo Malone, $155Best for: The mom who collects perfumeIf she prefers a light yet luscious fragrance, this Jo Malone perfume makes for a lovely layer. This floral perfume accentuates her style with a smell of autumn from the freshness of the pear and freesias along with the subtle woodsy scents.Hobby-related giftsBook of the Month/ZazzleA 'book of the month' membershipBook of the MonthBook of the Month Membership, available at Book of the Month, from $49.99 for 3 monthsBest for: The book loverIf she loves to read and isn't ready to go 100% digital, a Book of the Month membership is the perfect gift. This gift subscription gets Mom her pick of the best new books for $12.50-$15 a month, depending on the length of subscription you choose to give. She can also request extra books if she reads more than one book a month. You can learn more about Book of the Month here.A yoga mat for the fitness enthusiastMandukaProLite Yoga Mat, available at Manduka, $99Best for: The yoga enthusiastFor the mom who starts every morning with yoga, this mat has just the right amount of padding, is made of eco-friendly materials, and has a no-slip grip texture. It has even earned the title of best yoga mat overall in our guide to the best yoga mats.A year-long MasterClass membership to learn new thingsMasterClassAnnual Membership, available at MasterClass, $180/yearBest for: The lifelong studentMasterClass, unlike many competitors, follows a format that feels like a one-sided conversation with your favorite icons rather than a traditional academic setting. You can get into the supplementary reading materials or just listen to their insight while running errands. An Unlimited Membership grants access to all the site's online courses for the year.Some popular courses include Neil deGrasse Tyson on Scientific Thinking and Communication, Malcolm Gladwell on Writing, Shonda Rhimes on Writing for Television, and Bob Iger on Business Strategy and Leadership.Read our full review of MasterClass here.A jigsaw puzzle featuring a family photoZazzleMemorable Family Jigsaw Puzzle, available at Zazzle, starting at $19.50Best for: The mom who loves a good puzzleIf your mom loves puzzles (and has finished practically all of them), this custom one featuring a cherished family photo will earn a spot on the wall when it's done.A daily planner for the busy momAmazonPanda Planner Daily Planner 2021, available at Amazon. $19.97 Best for: The journalerEven the most organized mom could use the help of a trusty planner. This one from Panda Planner has monthly, weekly, and daily sections for all of her needs. She'll have her schedule, tasks, goals, and projects all in one place. We like the layout of this planner so much that we include it in our guide to the best planners.A DNA test kit23andme23andMe Health + Ancestry DNA Test, available at 23andMe, $199Best for: The mom interested in her family treeThis genetic test kit from 23andMe is a unique and cool gift idea for any mom who's interested in learning more about her family history.A personalized video message from her favorite celebrityCameoPersonalized video message, available at Cameo, starting at $1Best for: The celeb-obsessed momWhen trying to think of a unique gift for Mom, one that might not immediately come to mind is Cameo. The online service has tons of famous people she might want a personalized video message from, like her favorite actor from "The Office." Whether it's for her birthday, Mother's Day, or a different milestone, there's something for everyone on Cameo, with all types of categories and price points to choose from.Read more about Cameo and how to use Cameo. Read the original article on Business Insider.....»»

Category: personnelSource: nytAug 11th, 2022

21 fascinating books being adapted to movies and shows this year that you should read first, from "The Summer I Turned Pretty" to the "Game of Thrones" prequel

Read the books before seeing actors such as Florence Pugh, Ana de Armas, Leonardo DiCaprio, and Robert De Niro bring the stories to life. When you buy through our links, Insider may earn an affiliate commission. Learn more.Read the books before catching their screen adaptations starring actors like Dakota Johnson, Florence Pugh, Ana de Armas, and more.Amazon; Rachel Mendelson/Insider Every year, beloved books and series get turned into movies and TV shows. Below are 21 popular books that will be released as a movie or TV series in 2022. Need more reading suggestions? Here are 19 new books to read in 2022, based on your favorite TV show Part of the joy of digging into a great new book is knowing that you'll be rewarded with hours of enjoyment. If it's one of the increasingly numerous books adapted for the big screen or a series (possibly with a stacked cast à la "Big Little Lies"), you can double the fun by reading them first.Below, you'll find 21 well-loved books slated to be released as a show or movie in 2022 (and some recent releseases), plus where to find them. Big premieres run the genre gamut, from new works in the "The Lord of the Rings" and "A Game of Thrones" universes to Sally Rooney's "Conversations with Friends."  While book adaptations can help launch lesser-known actors' careers, you might see some of your favorite big names this year: "Daisy Edgar-Jones in "Where The Crawdads Sing," Dakota and Elle Fanning in "The Nightingale," Florence Pugh in "The Wonder," Ana de Armas as Marilyn Monroe in "Blonde," and more. 21 books to read before they become movies or TV shows in 2022:Descriptions provided by Amazon and edited for length and clarity."Pachinko" by Min Jin LeeAmazonFormat: Series (Apple TV+), starring Lee Min-Ho, Jin Ha, Jung Eun-chae, Youn Yuh-jung, and moreRelease date: March 25, 2022"There could only be a few winners — and a lot of losers. And yet, we played on because we had hope that we might be the lucky ones."In the early 1900s, teenaged Sunja, the adored daughter of a crippled fisherman, falls for a wealthy stranger at the seashore near her home in Korea. He promises her the world, but when she discovers she is pregnant — and that her lover is married — she refuses to be bought. Instead, she accepts an offer of marriage from a gentle, sickly minister passing through on his way to Japan. But her decision to abandon her home, and reject her son's powerful father, sets off a dramatic saga that will echo down through the generationsRichly told and profoundly moving, "Pachinko" is a story of love, sacrifice, ambition, and loyalty. From bustling street markets to the halls of Japan's finest universities to the pachinko parlors of the criminal underworld, Lee's complex and passionate characters — strong, stubborn women, devoted sisters and sons, fathers shaken by moral crisis — survive and thrive against the indifferent arc of history."Anatomy of a Scandal" by Sarah VaughanAmazonFormat: Series (Netflix), starring Sienna Miller, Rupert Friend, Michelle Dockery, and moreRelease date: April 15, 2022Some people's secrets are darker than others.Sophie Whitehouse has a lovely home, two adorable children, and a handsome, successful husband. In other words, she has the "perfect" life. But everything changes the night her husband James comes home and confesses an indiscretion. Suddenly, her neat, ordered world is turned upside down. Did she ever really know the man she married?And, as it turns out, James's revelation is just the tip of the iceberg. He stands accused of a terrible crime. But, the truth is even more shocking than anyone ever could have thought. Is James the guilty perpetrator or an innocent victim of a toxic agenda?"Heartstopper" by Alice OsemanAmazonFormat: Series (Netflix), starring Kit Connor, Joe Locke, Yasmin Finney, and moreRelease date: April 22, 2022Charlie and Nick are at the same school, but they've never met... until one day when they're made to sit together. They quickly become friends, and soon Charlie is falling hard for Nick, even though he doesn't think he has a chance.But, love works in surprising ways, and Nick is more interested in Charlie than either of them realized."The Shining Girls" by Lauren BeukesAmazonFormat: Series (Apple TV+), starring Elisabeth Moss, Wagner Moura, Phillipa Soo, Chris Chalk, and moreRelease date: April 29, 2022Harper Curtis is a killer who stepped out of the past. Kirby Mazrachi is the girl who was never meant to have a future. Kirby is the last shining girl, one of the bright young women, burning with potential, whose lives Harper is destined to snuff out after he stumbles on a House in Depression-era Chicago that opens onto other times.At the urging of the House, Harper inserts himself into the lives of these shining girls, waiting for the perfect moment to strike. He's the ultimate hunter, vanishing without a trace into another time after each murder — until one of his victims survives.Determined to bring her would-be killer to justice, Kirby joins the Chicago Sun-Times to work with the reporter, Dan Velasquez, who covered her case. Soon Kirby finds herself closing in on an impossible truth…"Conversations With Friends" by Sally RooneyAmazonFormat: Series (BBC, Hulu), starring Joe Alwyn, Jemima Kirke, Sasha Lane, Alison Oliver, and moreRelease date: May 15, 2022Frances is a cool-headed and darkly observant young woman vaguely pursuing a career in writing while studying in Dublin. Her best friend and comrade-in-arms is the beautiful and endlessly self-possessed Bobbi. At a local poetry performance one night, Frances and Bobbi catch the eye of Melissa, a well-known photographer, and as the girls are then gradually drawn into Melissa's world, Frances is reluctantly impressed by the older woman's sophisticated home and tall, handsome husband, Nick. However amusing and ironic Frances and Nick's flirtation seems at first, it gives way to a strange intimacy, and Frances' friendship with Bobbi begins to fracture. As Frances tries to keep her life in check, her relationships increasingly resist her control: with Nick, with her difficult and unhappy father, and finally, terribly, with Bobbi."The Time Traveler's Wife" by Audrey NiffeneggerAmazonFormat: Series (HBO), starring Rose Leslie, Theo James, Kate Siegel, and moreRelease date: May 15, 2022A most untraditional love story, this is the celebrated tale of Henry DeTamble, a dashing, adventuresome librarian who inadvertently travels through time, and Clare Abshire, an artist whose life takes a natural sequential course. Henry and Clare's passionate affair endures across a sea of time and captures them in an impossibly romantic trap that tests the strength of fate."The Summer I Turned Pretty" by Jenny HanAmazonFormat: Series (Amazon), starring Lola Tung, Jackie Chung, Rachel Blanchard, Christopher Briney, and moreRelease date: June 17, 2022Some summers are just destined to be pretty.Belly measures her life in summers. Everything good, everything magical happens between the months of June and August. Winters are simply a time to count the weeks until the next summer, a place away from the beach house, away from Susannah, and most importantly, away from Jeremiah and Conrad. They're the boys that Belly has known since her very first summer— they have been her brother figures, her crushes, and everything in between. But one summer — one wonderful and terrible summer — the more everything changes, the more it all ends up just the way it should have been all along."Where the Crawdads Sing" by Delia OwensAmazonFormat: Movie, starring Daisy Edgar-Jones, Taylor John Smith, Harris Dickinson, and moreRelease date: July 15, 2022For years, rumors of the "Marsh Girl" have haunted Barkley Cove, a quiet town on the North Carolina coast. So in late 1969, when handsome Chase Andrews is found dead, the locals immediately suspect Kya Clark, the so-called Marsh Girl. But Kya is not what they say. Sensitive and intelligent, she has survived for years alone in the marsh that she calls home, finding friends in the gulls and lessons in the sand. Then the time comes when she yearns to be touched and loved. When two young men from town become intrigued by her wild beauty, Kya opens herself to a new life — until the unthinkable happens."Persuasion" by Jane AustenAmazonFormat: Movie (Netflix), starring Cosmo Jarvis, Dakota Johnson, Henry Golding, and moreRelease date: July 15, 2022Jane Austen's "Persuasion" concerns Anne Elliot, a young Englishwoman of 27 years, whose family moves to lower their expenses and reduce their debt by renting their home to an Admiral and his wife. The wife's brother, Navy Captain Frederick Wentworth, was engaged to Anne in 1806, but the engagement was broken when Anne was "persuaded" by her friends and family to end their relationship. Anne and Captain Wentworth, both single and unattached, meet again after a seven-year separation, setting the scene for many humorous encounters as well as a second, well-considered chance at love and marriage for Anne in her second "bloom.""Bullet Train" by Kotaro IsakaAmazonFormat: Movie, starring Brad Pitt, Joey King, Hiroyuki Sanada, and moreRelease date: August 5, 2022Satoshi — The Prince — looks like an innocent schoolboy but is really a stylish and devious assassin. Risk fuels him, as does a good philosophical debate, such as questioning: Is killing really wrong? Kimura's young son is in a coma thanks to The Prince, and Kimura has tracked him onto a bullet train heading from Tokyo to Morioka to exact his revenge. But Kimura soon discovers that they are not the only dangerous passengers on board.Nanao, also nicknamed Ladybug, the self-proclaimed "unluckiest assassin in the world," is put on the bullet train by his boss, a mysterious young woman called Maria, to steal a suitcase full of money and get off at the first stop. The lethal duo of Tangerine and Lemon are also traveling to Morioka, and the suitcase leads others to show their hands. Why are they all on the same train, and who will make it off alive?"Fire & Blood" by George R.R. MartinAmazonFormat: Series (HBO), starring Paddy Considine, Olivia Cooke, Emma D'Arcy, Matt Smith, and moreRelease date: August 21, 2022Centuries before the events of "A Game of Thrones," House Targaryen — the only family of dragonlords to survive the Doom of Valyria — took up residence on Dragonstone. "Fire & Blood" begins their tale with the legendary Aegon the Conqueror, creator of the Iron Throne, and goes on to recount the generations of Targaryens who fought to hold that iconic seat, all the way up to the civil war that nearly tore their dynasty apart."The Lord of the Rings" by J.R.R. TolkienAmazonFormat: Series (Amazon), starring Robert Aramayo, Morfydd Clark, Markella Kavenagh, and moreRelease date: September 2, 2022"The Lord of the Rings," J.R.R. Tolkien's three-volume epic, is set in the imaginary world of Middle-earth — home to many strange beings, and most notably hobbits, peace-loving "little people," cheerful and shy. Since its original British publication in 1954-55, the saga has entranced readers of all ages. It is at once a classic myth and a modern fairytale."Salem's Lot" by Stephen KingAmazonFormat: Movie, starring Lewis Pullman, Makenzie Leigh, William Sadler, and more Release date: September 9, 2022Ben Mears has returned to Jerusalem's Lot in hopes that exploring the history of the Marsten House, an old mansion long the subject of rumor and speculation, will help him cast out his personal devils and provide inspiration for his new book. But when two young boys venture into the woods, and only one returns alive, Mears begins to realize that something sinister is at work.In fact, his hometown is under siege from forces of darkness far beyond his imagination. And only he, with a small group of allies, can hope to contain the evil that is growing within the borders of this small New England town."Blonde" by Joyce Carol OatesAmazonFormat: Movie (Netflix), starring Ana de Armas, Adrien Brody, Sara Paxton, and moreRelease date: September 23, 2022In one of her most ambitious works, Joyce Carol Oates boldly reimagines the inner, poetic, and spiritual life of Norma Jeane Baker — the child, the woman, the fated celebrity, and idolized blonde the world came to know as Marilyn Monroe. In a voice startlingly intimate and rich, Norma Jeane tells her own story of an emblematic American artist — intensely conflicted and driven — who had lost her way. A powerful portrait of Hollywood's myth and an extraordinary woman's heartbreaking reality, "Blonde" is a sweeping epic that pays tribute to the elusive magic and devastation behind the creation of the great 20th-century American star."The School for Good and Evil" by Soman ChainaniAmazonFormat: Movie (Netflix), starring Sophia Anne Caruso, Sofia Wylie, Jamie Flatters, and moreRelease date: September 2022With her glass slippers and devotion to good deeds, Sophie knows she'll earn top marks at the School for Good and join the ranks of past students like Cinderella, Rapunzel, and Snow White. Meanwhile, Agatha, with her shapeless black frocks and wicked black cat, seems a natural fit for the villains in the School for Evil.The two girls soon find their fortunes reversed — Sophie's dumped in the School for Evil to take Uglification, Death Curses, and Henchmen Training, while Agatha finds herself in the School for Good, thrust among handsome princes and fair maidens for classes in Princess Etiquette and Animal Communication.But what if the mistake is actually the first clue to discovering who Sophie and Agatha really are?"She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement" by Jodi Kantor and Megan TwoheyAmazonFormat: Movie, starring Zoe Kazan, Carey Mulligan, Andre Braugher, and moreRelease date: November 18, 2022For many years, reporters had tried to get to the truth about Harvey Weinstein's treatment of women. Rumors of wrongdoing had long circulated. But in 2017, when Jodi Kantor and Megan Twohey began their investigation into the prominent Hollywood producer for the New York Times, his name was still synonymous with power. During months of confidential interviews with top actresses, former Weinstein employees, and other sources, many disturbing and long-buried allegations were unearthed, and a web of onerous secret payouts and nondisclosure agreements was revealed. Nothing could have prepared Kantor and Twohey for what followed the publication of their initial Weinstein story on October 5, 2017. Within days, a veritable Pandora's box of sexual harassment and abuse was opened. Women all over the world came forward with their own traumatic stories. Over the next 12 months, hundreds of men from every walk of life and industry were outed following allegations of wrongdoing. But did too much change — or not enough?"Killers of the Flower Moon: The Osage Murders and the Birth of the FBI" by David GrannAmazonFormat: Movie (Apple TV+), starring Leonardo DiCaprio, Robert De Niro, Jesse Plemons, and moreRelease date: November 2022In the 1920s, the richest people per capita in the world were members of the Osage Indian nation in Oklahoma. After oil was discovered beneath their land, they rode in chauffeured automobiles, built mansions, and sent their children to study in Europe.Then, one by one, the Osage began to be killed off. The family of an Osage woman, Mollie Burkhart, became a prime target. Her relatives were shot and poisoned. And it was just the beginning, as more and more members of the tribe began to die under mysterious circumstances.In this last remnant of the Wild West, many of those who dared to investigate the killings were themselves murdered. As the death toll climbed to more than 24, the FBI took up the case. It was one of the organization's first major homicide investigations and the bureau badly bungled the case. In desperation, the young director, J. Edgar Hoover, turned to a former Texas Ranger named Tom White to unravel the mystery. White put together an undercover team, including one of the only American Indian agents in the bureau. Together with the Osage, they began to expose one of the most chilling conspiracies in American history. "The Nightingale" by Kristin HannahAmazonFormat: Movie, starring Dakota Fanning, Elle Fanning, and moreRelease date: December 23, 2022France, 1939 - In the quiet village of Carriveau, Vianne Mauriac says goodbye to her husband, Antoine, as he heads for the Front. She doesn't believe that the Nazis will invade France… but invade they do, in droves of marching soldiers, in caravans of trucks and tanks, in planes that fill the skies and drop bombs upon the innocent. When a German captain requisitions Vianne's home, she and her daughter must live with the enemy or lose everything.Vianne's sister, Isabelle, is a rebellious 18-year-old girl, searching for purpose with all the reckless passion of youth. While thousands of Parisians march into the unknown terrors of war, she meets Gäetan, a partisan who believes the French can fight the Nazis from within France, and she falls in love as only the young can… completely. But when he betrays her, Isabelle joins the Resistance and never looks back, risking her life to save others."Daisy Jones & the Six" by Taylor Jenkins ReidAmazonFormat: Series (Amazon), starring Riley Keough, Sam Claflin, Suki Waterhouse, Camila Morrone, and moreRelease date: 2022Everyone knows Daisy Jones & The Six, but nobody knows the reason behind their split at the absolute height of their popularity… until now.Daisy is a girl coming of age in L.A. in the late sixties, sneaking into clubs on the Sunset Strip, sleeping with rock stars, and dreaming of singing at the Whisky a Go Go. The sex and drugs are thrilling, but it's the rock 'n' roll she loves most. By the time she's twenty, her voice is getting noticed, and she has the kind of heedless beauty that makes people do crazy things.Also getting noticed is The Six, a band led by the brooding Billy Dunne. On the eve of their first tour, his girlfriend Camila finds out she's pregnant, and with the pressure of impending fatherhood and fame, Billy goes a little wild on the road.Daisy and Billy cross paths when a producer realizes that the key to supercharged success is to put the two together. What happens next will become the stuff of legend."The Wonder" by Emma DonoghueAmazonFormat: Movie (Netflix), starring Niamh Algar, Florence Pugh, Tom Burke, and moreRelease date: 2022In this masterpiece by Emma Donoghue, bestselling author of "Room," an English nurse is brought to a small Irish village to observe what appears to be a miracle — a girl said to have survived without food for a month — and soon finds herself fighting to save the child's life."The Wonder" works beautifully on many levels — a tale of two strangers who transform each other's lives, a powerful psychological thriller, and a story of love pitted against evil."The Power" by Naomi AldermanAmazonFormat: Series (Amazon), starring Auliʻi Cravalho, John Leguizamo, Toheeb Jimoh, and moreRelease date: 2022In "The Power," the world is a recognizable place: there's a rich Nigerian boy who lounges around the family pool; a foster kid whose religious parents hide their true nature; an ambitious American politician; a tough London girl from a tricky family.But then a vital new force takes root and flourishes, causing their lives to converge with devastating effects. Teenage girls now have immense physical power: they can cause agonizing pain and even death. And, with this small twist of nature, the world drastically resets.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 19th, 2022

The 46 best fantasy books to escape into this summer, from the classics to new highly anticipated sequels

Whether you like fantasy books with a dash of drama, historical fiction, romance, or science fiction, these novels are sure to become favorites. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.Whether you like fantasy books with a dash of drama, historical fiction, romance, or science fiction, these novels are sure to become favorites.Amazon; Alyssa Powell/Insider Fantasy books are delightfully filled with magic, creatures, and new worlds. This list ranges from classic fantasy novels to exciting new releases. We looked at bestsellers, award-winners, and reader recommendations to find the best fantasy books. Fantasy books are a blissful escape from reality into worlds of magical creatures, mythological heroes, and folklore come to life. They are where we can discover new worlds where heroes and heroines face brutal beasts, travel across distant lands, and unearth forgotten kingdoms. From epic high fantasy to magical realism, the fantasy genre is expansive. Fantasy can include countless different types of magic, characters, and adventurous pursuits and many of these novels intertwine with other genres, especially science fiction and romance. To compile this list of best fantasy books, we looked at all-time fantasy bestsellers, award-winners, and new releases about which readers are raving. So whether you're looking to find a magical first fantasy read or delve deeper into a sub-genre you already love, here are some of the best fantasy novels to read this summer. The 46 best classic and new fantasy books to read in 2022:A historical fantasy retelling of an ancient Indian epicAmazon"Kaikeyi" by Vaishnavi Patel, available at Amazon and Bookshop, from $16.54For fans of "Circe," "Kaikeyi" is the historical fantasy tale of a young woman who discovers her magic while looking for deeper answers in the texts she once read with her mother. When Kaikeyi transforms into a warrior and a favored, feminist queen, darkness from her past resurfaces and the world she has built clashes with the destiny the gods once chose for her family, forcing Kaikeyi to face the consequences of resistance and the legacy she may leave behind. A new exciting fantasy sequelAmazon"Fevered Star" by Rebecca Roanhorse, available at Amazon and Bookshop, from $23.49"Fevered Star" is the highly anticipated sequel to "Black Sun," and continues as sea captain Xiala finds new allies with the war in the heavens affecting the Earth. Meanwhile, avatars Serapio and Naranpa must continue to fight for free will despite the wave of destiny and prophecy they face in this fantasy novel loved for its unique cast of characters and incredible world-building. The first epic fantasy novel in an upcoming trilogyAmazon"The Woven Kingdom" by Tahereh Mafi, available at Amazon and Bookshop, from $12.99"This Woven Kingdom" intertwines fantastical Persian mythology and rich romance in the first novel of an upcoming fantasy trilogy about Alizeh, the long-lost heir to the kingdom for which she works as a servant. Kamran, the crown prince, has heard the prophecies his kingdom is destined to face but couldn't imagine the strange servant girl would be the one to uproot everything he's ever known. The most classic fantasy you can getAmazon"The Hobbit" by J. R. R. Tolkien, available on Amazon and Bookshop, from $10.37An introduction to the mystical world of "The Lord of the Rings," "The Hobbit" is one of the most charming adventure fantasies in history. It's the timeless story of Bilbo Baggins meeting Gandalf as they set out to raid the treasure guarded by a dragon — indisputably a classic fantasy novel, and a must-read for any fantasy lover. A fantastical retelling of Chinese mythologyAmazon"Daughter of the Moon Goddess" by Sue Lynn Tan, available at Amazon and Bookshop, from $16.19Inspired by the legend of Chang'e, the Chinese moon goddess, "Daughter of the Moon Goodess" follows Xingyin as her existence is discovered by the feared Celestial emperor and she must flee her home and leave her mother behind. In this mythological retelling, Xingyin must learn archery and magic in the very empire that once exiled her mother and challenge the Celestial Emperor with her life, loves, and the fate of the entire realm at stake. A steamy fantasy retelling of "Beauty and the Beast"Amazon"A Court of Thorns and Roses" by Sarah J. Maas, available at Amazon and Bookshop, from $14.49In this wildly popular series, Feyre is brought to a magical kingdom on the crime of killing a faerie where both she and the secrets of her captor are closely guarded. This series is known for its careful pacing, beautiful romance, and nightmarish fantasy creatures. The final book was just released, so now you can binge-read straight to the end. A historical fantasy that you won’t soon forgetAmazon"The Invisible Life of Addie LaRue" by V.E. Schwab, available at Amazon and Bookshop, from $16.19In 1714, Addie LaRue accidentally prays to the gods that answer after dark and curses herself to a life in which she cannot be remembered. This book spans 300 years as Addie lives without a trace until one day, she meets a boy who remembers her name. Contrary to the premise, Addie's story is one that stays with you long after you finish this book. This was my favorite book of 2020 and remains in my top five of all time. A fantasy book that begins with "It was a dark and stormy night"Amazon"A Wrinkle in Time" by Madeleine L'Engle, available on Amazon and Bookshop, from $5.35This is one of the few books from my childhood that has stood the test of time and remained on my bookshelf to this day. Meg Murry — along with her mother and brother — rushes downstairs in the middle of the night to find a strange visitor in the kitchen, launching an adventure through space and time to save Meg's father and the world. I was whisked away by the magic in this story, along with so many other readers. A fantasy story that will take you to a new worldAmazon"The Lion, The Witch, and The Wardrobe" by C.S. Lewis, available at Amazon and Bookshop, from $7.64Though chronologically second, this was the first "Chronicles of Narnia" book to be published and therefore should be read first. It tells the story of three siblings who step through the door of a wardrobe and find themselves in the magical land of Narnia, enchanted by the evil White Witch. They team up with a lion and join the battle to save Narnia. C.S. Lewis wrote: "Some day, you will be old enough to start reading fairy tales again," and that resonates with so many readers who pick this book up and hold it close to their hearts forever.A fantasy series that's quickly become a modern classicAmazon"A Game of Thrones" series by George R. R. Martin, available at Amazon and Bookshop, from $26.93The "Game of Thrones" series is hailed as an undeniable classic even though it was just published in 2005. The entire series is iconic. It's about families caught in a never-ending war over who rules over the seven kingdoms. In these books, the good guys don't always win and the heroes don't always live. There are highly complicated characters, tons of subplots, and every kind of conflict imaginable. A powerful and diverse fantasy with contemporary issuesAmaozon"Legendborn" by Tracy Deonn, available at Amazon and Bookshop, $16.29"Legendborn" has quickly become a favorite amongst fantasy readers since it was published in September 2020. It weaves issues of grief, racism, and oppression with Arthurian-inspired magic. Bree enrolls in a college program for gifted high schoolers after an accident that left her mother dead. When an attempt to wipe Bree's memory after she witnesses a magical attack fails, her own magic and memories begin to return to her and leave her wondering if her mother's death was truly an accident. An enchanting, magical fantasy adventureBookshop"The Girl Who Fell Beneath the Sea" by Axie Oh, available at Amazon and Bookshop, from $16.99Mina's homeland has been devastated by storms for generations so every year, a maiden is sacrificed to the sea in the hopes the Sea God will take a true bride and end the villages' suffering. When Shim Cheong, her brother's beloved, is chosen for the next sacrifice, Mina throws herself into the sea in her place and is swept into the Spirit Realm where she seeks to wake the Sea God, confront him — and save her homeland before her time in the realm runs out. A feminist fairy tale classicAmazon"Ella Enchanted" by Gail Carson Levine, available at Amazon and Bookshop, $7.35Whether or not you've seen the hilarious Anne Hathaway movie, this is one to pick up. It's the story of Ella, enchanted as an infant with the "gift" of obedience. It quickly turns into a curse as Ella can't help but do what she's told no matter who orders her or how silly (or dangerous) the order may be. When Ella finds she might be in danger, she sets out to undo the curse and ends up on an adventure with ogres, elves, even the classic pumpkin carriage. I thought this book was just as amusing as the movie and I probably read it a dozen times as a teen. A deadly fantasy tale of three royal sistersAmazon"Three Dark Crowns" series by Kendare Blake, available at Amazon and Bookshop from $14.99In every royal generation on the island of Fennbirn, a set of triplets is born. They are each equal heirs to the throne and possess one of three magics: control of the elements, affinity to nature and animals, or immunity to poison. When the girls turn sixteen, the fight for the crown begins and will only end once only one queen remains. In this dark series about strong women, the tension and twists build with each novel until the action-packed and intensely satisfying ending. The magic in these books is easy to understand and really entertaining to read. I loved seeing this sisterhood grow and change over the four books.A bloody fantasy epic of warrior womenAmazon"The Gilded Ones" by Namina Forna, available at Amazon and Bookshop, from $15.39Deka is already different from the rest of her village, but when she bleeds gold — the mark of a demon girl — during a ceremony, she faces consequences worse than death. She is soon offered a choice: to stay and face her fate or leave and fight in an army of girls like her. This story moves swiftly with a mix of dystopian fantasy, horror, and a touch of romance. It can be quite violent at times, as demon girls suffer death after gruesome death. If you've ever been hesitant about picking up YA fantasy, this is one that won't disappoint. A dark fantasy that's perfect for a rainy dayAmazon"Neverwhere" by Neil Gaiman, available at Amazon and Bookshop, from $13.29While you are probably more familiar with "Coraline," "Neverwhere" is a Neil Gaiman book that just can't be passed over. On the streets of London, Richard Mayhew stops to help a bleeding girl and ends up in Neverwhere — a dark version of London where monsters lurk in the shadows. After finishing this, you'll ask yourself why you haven't read more of his novels. Gaiman also has a series on MasterClass that deconstructs his storytelling yet somehow adds more magic to every book. A classic fantasy novel full of magicAmazon"A Wizard of Earthsea" by Ursula K. Le Guin, available at Amazon and Bookshop, from $6.79When Ged was young, he was the reckless Sparrowhawk. Now he's grown into the most powerful sorcerer in Earthsea, but he must face the consequences of the power-hungry actions of his younger self. This book (and the entire six-book series) continues to enchant fantasy readers 50 years after its first publication. Through graceful writing and impeccable character development, Le Guin challenges us to know and embrace our true selves.A high seas pirate adventure storyAmazon"Fable" by Adrienne Young, available at Amazon and Bookshop, from $14.69Fable is a trader, a fighter, and a survivor. Four years ago, she watched her mother drown in a ruthless storm and her father abandon her on an island of thieves. Relying on the skills her mother taught her, Fable enlists West to help her confront her father and demand a place on his crew. When she finally makes it off the island, Fable learns how much more dangerous her father's work has become and finds that the island may have been the safest place for her after all. This is a gritty story with a strong feminist lead and (thankfully) a sequel that was just released.A fantasy series where light and dark magic exist in parallel worldsAmazon"A Darker Shade of Magic" by V.E. Schwab, available at Amazon and Bookshop, from $8.99Kell is a smuggler and one of the last magicians able to travel between parallel Londons: red, white, grey, and (long ago) black. After being robbed and then saved by Delilah Bard, the two set out on an adventure to save themselves and the worlds through which they travel. Schwab is a masterful world-builder and you will absolutely travel right along with this pair. Because of this series, I have become a sucker for a parallel universe trope. The fantasy story of a forced marriage between a witch and a witch hunterAmazon"Serpent & Dove" by Shelby Mahurin, available at Amazon and Bookshop, from $10.59In Belterra, witches are feared and burned at the stake by ruthless witch hunters. For two years, Louise hid her magic to stay alive until one mistake set in motion a story of impossible choices, an enemies-to-lover romance, and a tangled battle between right and wrong. With how compelling the writing is, you'd never guess it is a debut novel. I bought this one just for the gorgeous cover and had no idea how extraordinary it would be.A criminal account of a steampunk band of anti-heroesAmazon"Six of Crows" by Leigh Bardugo, available at Amazon and Bookshop, from $7.99Kaz is a professional criminal, offered an alluring heist that he can't pass up, but he can't pull off alone. This story is completely brilliant, gritty, and a little messy. With six main characters, "Six of Crows" is a fast-paced heist, a story that leaves you constantly surprised as you'll never fully know any one character's intentions due to its third-person point of view.The fantastical tale of a magical unicornAmazon"The Last Unicorn" by Peter S. Beagle, available at Amazon and Bookshop, from $13.99This is a beautiful fairy tale with poems and songs set throughout the pages. In this book, a unicorn who lives alone in a forest protected from death decides to find what happened to the others. Helped by a magician and a spinster, the unicorn sets out on a journey of love and destiny, faced with an evil king who aims to rid the world of the final unicorn. The life lessons woven throughout this book are bittersweet, but also real and honest. A cherished chronicle of magical children and guarded secretsAmazon"The House in the Cerulean Sea" by T.J Klune, available at Amazon and Bookshop, from $15.29This is one of the few books I refer to as "beautiful." Linus Baker is a quiet caseworker for the Department of Magical Youth — and has just been charged with investigating a highly secretive case that requires him to travel to an island where six dangerous magical orphans (including the actual son of Satan) live under the care of Arthur Parnassus. This book is all about family, filled with comforting magic as you come to care for fictional characters. Plus, reading about a child who is trying to be a good kid while also being the literal Anti-Christ is absolutely hysterical and was the highlight of this book for me.A dark, horror-fantasy book about occult magicAmazon"Ninth House" by Leigh Bardugo, available at Amazon and Bookshop, from $16.55Alex Stern is recovering in the hospital after surviving an unsolved homicide when she's mysteriously offered a full ride at Yale University. The only catch: she has to monitor the activities of the school's secret societies that practice dark magic. Alex, a high school dropout from LA, has no idea why she's been chosen but by the time she finds out, she'll be in too deep. This book won the Goodreads Choice Awards "Best Fantasy" category in 2019 and it absolutely lives up to the hype. It's intense, bloody, and powerful as dangerous magic weaves itself into an everyday school setting. A truly fun Greek mythology storyAmazon"The Lightning Thief" by Rick Riordan, available at Amazon and Bookshop, from $5.98Deeply loved, the Percy Jackson books are just as regarded as "The Hunger Games" or "Divergent." Percy has no idea that he is a demigod, son of Poseidon, but he's having trouble in school, unable to focus or control his temper. Percy is sure that his teacher tried to kill him and when his mom finds out, she knows she needs to tell him the truth about where he came from. He goes to a summer camp for demigods and teams up with two friends to reach the Underworld in order to prevent a war between the gods. Percy makes a great hero and it's so easy to root for him as he pushes through his journey, the pages filled with Grade-A characters, action scenes, and monsters. A West-African inspired fantasy world of danger and magicAmazon"Children of Blood and Bone" by Tomi Adeyemi, available at Amazon and Bookshop, from $12.99After a ruthless king left the world without magic and her mother dead, Zélie finds she has only one chance to save her people. On a dangerous journey to restore magic to the land before it is lost forever, Zélie's greatest danger may be herself. Readers agree that the best parts of this book are the characters, who all go on a transformative journey as they fight for peace. This is in TIME's Top 100 Fantasy Books of All Time, which is a huge deal. A captivating vampire fantasy novelAmazon"Crave" by Tracy Wolff, available at Amazon and Bookshop, from $11.51It's easy to draw a comparison between "Crave" and "Twilight," especially since the moment "brooding vampires" is mentioned, everyone's first thought is Edward Cullen. Plus, the cover looks like it's part of Stephanie Meyer's famous saga. But the "Crave" series is more sophisticated and literary while embracing the inherent cringe that now seems to accompany any vampire story. This is an engaging read because it blends nostalgia with something fresh and new. Open this book when you're ready to have fun with reading — the cheesy moody vampire moments are absolutely present amongst turf wars, a gothic academy, and dragons. A dark urban fantasy where people hunt the godsAmazon"Lore" by Alexandra Bracken, available at Amazon and Bookshop, from $14.99Greek mythology meets "The Hunger Games" in this world where every seven years, nine Greek gods are forced to walk the earth as mortals, hunted by those eager to steal divine power and immortality for themselves. Lore wants to leave this brutality behind when her help is sought out by two opposing participants: a childhood friend she thought long dead and a gravely wounded Athena. The world created in this standalone is thorough and complex. But if you love crazy twists and that "just one more chapter" feeling, you should give this a shot.An iconic fantasy book that checks every boxAmazon"The Princess Bride" by William Goldman, available at Amazon and Bookshop, from $10.11"The Princess Bride" is a modern classic that has something for everyone: action, beasts, true love, and a whole lot of fighting. A beautiful girl, Buttercup, and her farm boy, Westley, have fallen madly in love. Westley sets off to claim his fortune so he can marry her before he's ambushed by pirates. Thinking he's dead, Buttercup marries an evil prince as Westley plans to return to her. It's riddled with narration from the author that really adds to the passion and humor of this book.A 200-years-later fantasy sequel to "Cinderella"Amazon"Cinderella is Dead" by Kalynn Bayron, available at Amazon and Bookshop, from $15.63200 years after Cinderella found her prince, girls are required to appear at the annual ball where men select their wives. If a girl is not selected, she is never heard from again. Sophia would much rather marry her love, Erin, so she flees the ball where she runs into Constance, the last known descendant of Cinderella. Together, they decide to bring down the king once and for all. This book gathered attention for its Black and queer lead characters that have no intention of waiting for a night in shining armor to save them. It's a story of bravery, anger, and fighting for love.A fantasy that's all about booksAmazon"Inkheart" by Cornelia Funke, available at Amazon and Bookshop, from $9.29Meggie's father is reading to her from a book called "Inkheart" one night when an evil stranger from her father's past knocks on their door. When Meggie's dad is kidnapped, she has to learn to control the magic to change the story that's taken over her life, creating a world that she's only read about in books. It's a story about magic, for sure, but also about the unwavering bond between Meggie and her father — a truly heartwarming love that you'll feel as a reader.  A darker collection of fairy talesAmazon"The Complete Grimm's Fairy Tales" by Jacob and Wilhelm Grimm, available at Amazon and Bookshop, from $4.95The German brothers who wrote this book aimed to collect stories exactly how they were told. This led to a collection of fairy tales that we all know and love, minus the obligatory "happily ever afters." It has all the classics like "Cinderella" and "Rapunzel" that haven't been softened or brightly colored for younger audiences. This is great for anyone who loves the feeling of discovering all the secrets behind the stories or movies we loved when we were young.A fantasy re-telling of "Romeo and Juliet," set in 1920s ShanghaiAmazon"These Violent Delights" by Chloe Gong, available at Amazon and Bookshop, from $14.99In 1926, a blood feud has left the city starkly divided, Juliette the heir to the Scarlet Gang and Roma the heir to the White Flowers. They were each other's first love, separated by their families and long ago (but not forgotten) betrayal. Now, as a mysterious illness is causing the people to claw their own throats out, Roma and Juliette must put aside their differences to save their city. This one features a river monster, a serious amount of blood and gore, and nods to the original "Romeo and Juliet" throughout. A fantastical tapestry of legends and rivalriesAmazon"The Priory of the Orange Tree" by Samantha Shannon, available at Amazon and Bookshop, from $16.24Told from four points of view, Queen Sabran IX must conceive a daughter, for the legends say that as long as a queen rules, the monster beneath the sea will sleep. But as the assassins close in, the eastern and western kingdoms of Virtudom refuse to unite, even against an ancient and monumental threat that could kill them all. This is 800 pages of high fantasy, charged by dragons, queer representation, and a large cast of characters — but don't worry, you can find a glossary and character list in the back to help you keep it all straight. It's been hailed as "A feminist successor to 'The Lord of the Rings'" and decidedly embraces that praise.A fantasy novel hailed for its romanceAmazon"From Blood and Ash" by Jennifer L. Armentrout, available at Amazon and Bookshop, from $13.67While this absolutely falls into the fantasy genre, it actually won the Goodreads Choice Awards for "Best Romance" in 2020. Poppy is the Maiden, chosen to fulfill a destiny that has never been fully explained to her, living the life of a recluse and awaiting to ascend to prove she is worthy to the gods and can protect her land from the curse. When she can't stand it anymore, she sneaks away from the kingdom and meets Hawke, spurring a desperate secret romance. The beginning of the first book is slow, but the momentum builds quickly. It ends on a huge cliffhanger but the second one has already been released and the third is out on April 20, 2021. A classic Arthurian taleAmazon"The Sword in the Stone" by T. H. White, available on Amazon and Bookshop, from $15.50Before the famous King Arthur, there was a boy named Wart, a wizard named Merlin, and a sword stuck in a stone. In this story, Merlin helps Wart learn valuable coming-of-age lessons as he grows up. It feels both medieval and modern, with an emotional ending as Wart finally faces the sword. If you loved the Disney movie, you should still read this, since they're very different. The witchy prequel to “Practical Magic”Amazon"The Rules of Magic" by Alice Hoffman, available at Amazon and Bookshop, from $10.30Franny, Bridget, and Vincent are growing up in the 1950s, aware that they are different but held under strict parental rules to keep them safe and away from magic. When they visit their Aunt Isabelle in Massachusetts where their family name holds great history, the Owens siblings learn to embrace their magical sides. You don't need to have read "Practical Magic" to love this story of sibling love and finding your identity. The book is simply delightful and the whole thing feels like a cool autumn in Salem. A fantasy series that you'll hold close long after the final bookAmazon"Throne of Glass" series by Sarah J. Maas, available at Amazon and Bookshop, from $6.59This entire eight-book series has insanely high reviews, with a ton of fantasy readers picking up anything Sarah J. Maas writes. It follows Celaena Sardothien, an assassin who is offered a chance to serve as the King's Champion and earn her freedom after serving in a camp for her crimes. Celaena is drawn into a series of battles and a deeply woven conspiracy, discovering secrets about the kingdom and herself. This is an epic, powerful, and brilliant journey that might just become your new favorite series.The first in a new "Shadowhunter" seriesAmazon"Chain of Gold" by Cassandra Clare, available at Amazon and Bookshop, from $12.49Cordelia is a Shadowhunter, a warrior who has trained all her life to battle demons. On a mission to prove her father's innocence, she travels to London where she meets James, a childhood friend. She's whisked into his secret and dazzling life when a series of demon attacks hit London. These new monsters seem impossible to kill as they hide in plain sight and close off the city. The characters are what drives this book and if you've read other "Shadowhunter" novels by Cassandra Clare, you'll love getting to know family members you've heard about before. A portal fantasy that all begins with a girl finding magic in a bookAmazon"The Ten Thousand Doors of January" by Alix E Harrow, available at Amazon and Bookshop, from $14.99While serving as the ward to a wealthy man, January finds a strange book that tells a story of secret doors, adventure, and danger. As she reads, January is taken on an imaginative journey of discovery as a book she thought was fiction elaborately bends her reality. It's a portal story of love and enchanting adventure, a book about a book that will mercilessly break your heart but gracefully put it back together. A wintery fairytale story, loosely based on “Rumpelstiltskin”Amazon"Spinning Silver" by Naomi Novik, available at Amazon and Bookshop, from $10.99Miryem quickly earns a reputation for being able to spin silver to gold after setting out to save her family from poverty, capturing the attention of the Ice King. This is a woven story of three women, three mothers, and three marriages. Naomi Novik does an incredible job of helping you follow each story, creating some amazingly strong female protagonists. This is not your typical fairytale, but it's still full of whimsical writing, familial bonds, and tons of charm.  A deep-sea fantasy journey with seven kinds of magicAmazon"All The Stars and Teeth" by Adalyn Grace, available at Amazon and Bookshop, from $9.89In a kingdom where you can choose your magic, Amora knows that to be queen, she must master the dangerous but fickle soul magic. When her demonstration fails, Amora flees and strikes a deal with a pirate: she will help him reclaim his magic if he can help her prove that she's fit to rule. "All the Stars and Teeth" is an epic adventure-driven fantasy featuring mermaids, sea monsters, and a kingdom in danger. A fantasy book that will pull you in from the first lineAmazon"A Curse So Dark and Lonely" by Brigid Kemmerer, available at Amazon and Bookshop, from $9.89Set in the parallel land of Emberfall, a cursed Prince Rhen has become a destructive, murderous monster. Harper, a regular girl with cerebral palsy, was mistakenly kidnapped and is now the prince's only hope. Yes, this is the second "Beauty and the Beast" retelling in this roundup but they are both so different and so loved. Readers come for the complexity of Rhen and Harper and stay for the snarky, hysterical bickering between the two.A fantasy story of a darkly magical school where you graduate or dieAmazon"A Deadly Education" by Naomi Novik, available at Amazon and Bookshop, from $17.41At Scholomance, magically gifted students must survive to graduate — and failure means death. There are no teachers, no breaks, and only two rules: don't walk the halls alone, and beware of the monsters that lurk everywhere. El has no allies, just incredibly strong dark magic that could save her — but might kill all the other students. El's evolution and hilarity during this story plus Novik's thoughtful world-building and extremely diverse cast of characters are what make this a favorite. A fae-centered high fantasyAmazon"The Cruel Prince" by Holly Black, available at Amazon and Bookshop, from $10.9910 years ago, Jude and her sisters were kidnapped after their parents' murder and taken to the land of Faerie, where they are mortal humans amongst fantastical but cruel creatures. In order to belong, Jude must win a place in the high court which will require her to defy the youngest prince. Holly Black (crowned the supreme Faerie-world writer) creates a world so real, you'll forget its magic. A new fantasy duology of a world of enchanted injusticeAmazon"Spellbreaker" by Charlie N. Holmberg, available at Amazon and Bookshop, $8.49There are two kinds of wizards in the world: those who pay for the power to cast spells and those born with the ability to break them. Elise was born a spellbreaker but her gift is a crime. While on a mission to break the enchantments of aristocrats, Elise is discovered and must strike a bargain with an elite wizard to protect herself. It's a fun fantasy mystery with plenty of twists and danger that are sure to keep you intrigued.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 23rd, 2022

Tether losing its one-to-one US dollar peg exposed its vulnerability — but also showed how the stablecoin can build confidence in the future

Tether has regained its US dollar peg. But experts say losing it earlier could be a wakeup call for the largest stablecoin by market capitalization. iStock; Insider Tether survived another market event that saw the stablecoin briefly lose its one-to-one US dollar peg. Experts say this could lead to more clarity from the company on what assets are backing Tether.  Tether is the largest stablecoin with a market cap of $80 billion. The stablecoin shockwaves rippling through the cryptocurrency market represent a wakeup call for Tether, whether it knows it or not.After losing its one-to-one US dollar peg on Thursday — falling as low as $0.95 — Tether quickly moved to ease investor concern. That came after the implosion of the Terra algorithmic stablecoin raised fears that others are vulnerable too.Tether has since regained its benchmark, but questions still loom as to how Tether will navigate the new crypto landscape, and if regulators will force their hand."Sadly, its balance sheet is not sufficiently transparent to gain comfort. But as long as it is considered 'risk-free' it presents risk," Marc Rubinstein, author of the Net Interest newsletter, wrote on Substack.Tether is the largest stablecoin with a market capitalization of early $80 billion. It's often used to facilitate crypto transactions due to its attractiveness as a token backed by highly liquid assets. Tether says it has billions in reserves, including US government debt and corporate bonds, to help process transactions and withdrawals.Still, details on those corporate bonds, such as the identities of the issuers, remain undisclosed. And Tether is also reluctant to reveal more about its government debt holdings. In an interview with the Financial Times, Chief Technology Officer Paolo Ardoino declined to give details about its US government bonds because he did not "want to give our secret sauce."Martha Reyes, head of research at BEQUANT, a digital brokerage and exchange noted that Thursday wasn't the first time Tether has depegged from the US dollar, but it's still a stark sign that more regulation and greater visibility into the space is needed. "To assuage concerns and encourage more entrants into the space, ideally it should disclose more details and regulators may force the issue," she told Insider.Meanwhile, a Barclays analyst said in a recent note that Tether's quarterly updates don't provide timely insights about liquidity for a portfolio comprised of short-maturity assets.To be sure, Tether disclosed Thursday that it boosted the amount of Treasury holdings, which now account for over 52% of the company's assets, and it expects to add to that amount. Meanwhile, it's been lowering its commercial debt. Those holdings were revealed after a settlement last year with the New York state attorney general, who alleged Tether wasn't fully backed by US dollars at all times.Tether said that it's confident it can continue to honor its commitment to clients and customers. "Tether has maintained its stability through multiple black swan events and highly volatile market conditions and even in its darkest days Tether has never once failed to honour a redemption request from any of its verified customers," the company said in an email to Insider. In fact, Tether said Thursday it processed more than $3 billion in withdrawals "pretty quickly," with redemption requests ranging from $100,000 to $600 million.Such transparency may not be enough to hold off regulators, or the wider crypto market. While Tether differs from algorithmic stablecoins, which use complex code to mint and burn tokens to maintain a peg, it is still at the mercy of the ebbs and flows in investor sentiment.And experts say the market may be in for tougher regulations that will force Tether to open their books wider."Everything crypto, including stablecoins backed by real assets, got sold and fears are elevated that stablecoin regulation will only get tougher," said Edward Moya, senior market analyst at OANDA. Read the original article on Business Insider.....»»

Category: personnelSource: nytMay 15th, 2022

Tether losing its one-to-one US dollar peg exposed its vulnerability and a way to build confidence in the stablecoin

Tether has regained its US dollar peg. But experts say losing it earlier could be a wakeup call for the largest stablecoin by market capitalization. iStock; Insider Tether survived another market event that saw the stablecoin briefly lose its one-to-one US dollar peg. Experts say this could lead to more clarity from the company on what assets are backing Tether.  Tether is the largest stablecoin with a market cap of $80 billion. The stablecoin shockwaves rippling through the cryptocurrency market represent a wakeup call for Tether, whether it knows it or not.After losing its one-to-one US dollar peg on Thursday — falling as low as $0.95 — Tether quickly moved to ease investor concern. That came after the implosion of the Terra algorithmic stablecoin raised fears that others are vulnerable too.Tether has since regained its benchmark, but questions still loom as to how Tether will navigate the new crypto landscape, and if regulators will force their hand."Sadly, its balance sheet is not sufficiently transparent to gain comfort. But as long as it is considered 'risk-free' it presents risk," Marc Rubinstein, author of the Net Interest newsletter, wrote on Substack.Tether is the largest stablecoin with a market capitalization of early $80 billion. It's often used to facilitate crypto transactions due to its attractiveness as a token backed by highly liquid assets. Tether says it has billions in reserves, including US government debt and corporate bonds, to help process transactions and withdrawals.Still, details on those corporate bonds, such as the identities of the issuers, remain undisclosed. And Tether is also reluctant to reveal more about its government debt holdings. In an interview with the Financial Times, Chief Technology Officer Paolo Ardoino declined to give details about its US government bonds because he did not "want to give our secret sauce."Martha Reyes, head of research at BEQUANT, a digital brokerage and exchange noted that Thursday wasn't the first time Tether has depegged from the US dollar, but it's still a stark sign that more regulation and greater visibility into the space is needed. "To assuage concerns and encourage more entrants into the space, ideally it should disclose more details and regulators may force the issue," she told Insider.Meanwhile, a Barclays analyst said in a recent note that Tether's quarterly updates don't provide timely insights about liquidity for a portfolio comprised of short-maturity assets.To be sure, Tether disclosed Thursday that it boosted the amount of Treasury holdings, which now account for over 52% of the company's assets, and it expects to add to that amount. Meanwhile, it's been lowering its commercial debt. Those holdings were revealed after a settlement last year with the New York state attorney general, who alleged Tether wasn't fully backed by US dollars at all times.Tether said that it's confident it can continue to honor its commitment to clients and customers. "Tether has maintained its stability through multiple black swan events and highly volatile market conditions and even in its darkest days Tether has never once failed to honour a redemption request from any of its verified customers," the company said in an email to Insider. In fact, Tether said Thursday it processed more than $3 billion in withdrawals "pretty quickly," with redemption requests ranging from $100,000 to $600 million.Such transparency may not be enough to hold off regulators, or the wider crypto market. While Tether differs from algorithmic stablecoins, which use complex code to mint and burn tokens to maintain a peg, it is still at the mercy of the ebbs and flows in investor sentiment.And experts say the market may be in for tougher regulations that will force Tether to open their books wider."Everything crypto, including stablecoins backed by real assets, got sold and fears are elevated that stablecoin regulation will only get tougher," said Edward Moya, senior market analyst at OANDA. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 15th, 2022

The Tucker Carlson origin story

Tucker Carlson's journey from prep school provocateur to Fox News flamethrower, according to his friends and former classmates. Tucker Carlson during a CNN National Town Meeting on coverage of the White House sex scandal, on January 28, 1998.Richard Ellis/Getty Images Tucker Carlson is remembered as a provocateur and gleeful contrarian by those who knew him in his early days. His bohemian artist mother abandoned her young family and cut Tucker and his brother out of her will. At a Rhode Island prep school and at Trinity College, classmates remember him as a skilled debater who could both amuse and infuriate his audiences. On Oct. 29, 1984, New York police killed an elderly Black woman named Eleanor Bumpurs in her own home. Bumpers, who lived in a public housing complex in the Bronx, had fallen four months behind on her rent. When officials from the city housing authority tried to evict her, she refused, and they called the police. Five officers responded by storming into her apartment. Bumpurs, who had a history of mental illness, grabbed a butcher knife as two officers pushed her against a wall with their plastic shields and a metal pole. A third officer fired two shots from his 12-gauge shotgun, striking Bumpurs in her hand and chest.Eleanor Bumpurs' death dominated the city's news for two months and led the NYPD to revise its guidelines for responding to emotionally disturbed individuals.At St. George's prep school, some 175 miles away in Rhode Island, the incident deeply haunted Richard Wayner. He was one of the school's few Black students and had grown up in a residential tower not far from where Bumpurs had lived. He earned straight As and was so admired that in 1984 his peers elected him senior prefect, the prep equivalent of student body president, making him the first Black class leader in the school's 125-year history. Harvard soon beckoned.Wayner was frustrated with how the St. George's community seemed to ignore the conversations about racial justice that were happening outside the cloistered confines of Aquidneck Island. It bothered Wayne that almost no one at St. George's seemed to know anything about Bumpurs' killing. "You had your crew, you put your head down, and you tried to get through three or four years of prep school with your psyche intact," Wayner said of those days.As senior prefect, one of the duties was to deliver an address each week at the mandatory Sunday chapel service. One Sunday, perched from the chapel podium, Wayner described the shooting as a sea of white faces stared back at him. He concluded with the words: "Does anyone think that woman deserved to die?"Near the front of the chapel, a single hand went up for a few brief seconds. It was Tucker Carlson.Eleanor Bumpurs was shot and killed by the New York Police Department on October 29, 1984APThen a sophomore, Tucker had a reputation as a gleeful contrarian – an indefatigable debater and verbal jouster who, according to some, could also be a bit of a jerk. "Tucker was just sort of fearless," said Ian Toll, a St. George's alumnus who would go on to be a military historian. "Whether it was a legitimate shooting may have been a point of debate but the fact was that Tucker was an underclassmen and the culture was to defer to the seniors." Wayner himself never saw Tucker's hand go up, and the two kept in touch over the years. (Note on style: Tucker Carlson and the members of his family are referred to here by their first names to avoid confusion.)  Four decades later, glimmers of that prep school provocateur appear on Tucker's Prime Time show on Fox, which garners an average of between 3 to 4 million viewers a night. His furrowed visage and spoiling-for-a-fight demeanor are all too familiar to those who have known him for decades. In the words of Roger Stone, a Republican political operative, frequent guest, and longtime friend of Tucker's: "Tucker Carlson is the single most influential conservative journalist in America… It is his courage and his willingness to talk about issues that no one else is willing to cover that has led to this development."Tucker's name has even been floated as a possible Republican presidential candidate in 2024. "I mean, I guess if, like, I was the last person on earth, I could do it. But, I mean, it seems pretty unlikely that I would be that guy." he said on the "Ruthless" podcast in June, dismissing this possibility.Tucker's four decades in Washington, and his transition from conservative magazine writer to right-wing television pundit, have been well documented. But less well known are his early years and how they shaped him: his bohemian artist mother, who abandoned her young family and cut Tucker and his brother out of her will; the Rhode Island prep school where he met his future spouse; and his formation into a contrarian debater who could both amuse and infuriate his audience with his attention-getting tactics.Tucker declined to participate in an interview with Insider, saying in a statement. "Your level of interest in the boring details of my life is creepy as hell, and also pathetic," he wrote. "You owe it to yourself and the country to do something useful with your talents. Please reassess."California roots Tucker Carlson's West Coast roots burrow as deep as a giant redwood. He was born in San Francisco in May 1969 as the excesses of the Sixties peaked and the conservative backlash to the counterculture and the Civil Rights movement started to take shape. Tucker's mother, Lisa McNear Lombardi, born in San Francisco in 1945, came from one of the state's storied frontier families. Lisa's mother, Mary Nickel James, was a cattle baron heiress. Her great-great-grandfather had owned 3 million acres of ranchland, making him among the largest landowners west of the Mississippi. Her father Oliver Lombardi was an insurance broker and descendant of Italian-speaking Swiss immigrants. Lisa enrolled at UC Berkeley, where she majored in architecture. She met Richard Carlson, a San Francisco TV journalist from a considerably less prosperous background, while still in college. Lisa and Richard eloped in Reno, Nevada in 1967. The couple didn't notify Lisa's mother, who was traveling in Europe with her new husband at the time. "Family members have been unable to locate them to reveal the nuptials," a gossip item published in the San Francisco Examiner dished.Tucker arrived two years later. A second son, Buckley, was born two years after that. As Richard's career began to flourish, the family moved first to Los Angeles and then, in 1975, to La Jolla, a moneyed, beach-front enclave about 12 miles north of San Diego. When Lisa and Richard divorced a year later, in 1976, Richard got full custody of their sons, then 6 and 4. According to three of Tucker's childhood classmates, Lisa disappeared from her sons' lives. They don't recall Tucker talking about her, or seeing her at school events. Marc Sterne, Tucker's boarding school roommate who went on to be executive producer of the Tony Kornheiser Show, says the two didn't talk much about Tucker's relationship with his mother and he got the impression that Tucker and Richard were exceptionally close. When Sterne's own parents split up that year, he said Tucker was supportive and understanding. Lisa spent the next two decades as an artist – moving first to Los Angeles, where she befriended the painter David Hockney, and later split her time between France and South Carolina with her husband, British painter Michael Vaughan. In 1979, Richard Carlson married Patricia Swanson, heiress to the Swanson frozen foods empire that perfected the frozen Salisbury steak for hassle-free dinners. She soon legally adopted Tucker and Buckley.  When Lisa died in 2011, her estate was initially divided equally between Tucker, his brother Buckley, and Vaughan. But in 2013, Vaughan's daughter from another marriage found a one-page handwritten document in Lisa's art studio in France that left her assets to her surviving husband with an addendum that stated, "I leave my sons Tucker Swanson McNear Carlson and Buckley Swanson Peck Carlson one dollar each." A protracted battle over Lombardi's estate involving Vaughan and the Carlson brothers wound up in probate court. The Carlsons asserted the will was forged but a forensic witness determined that Lisa had written the note. The case eventually went to the California Appellate Court, which allowed the Carlson brothers to keep their shares in 2019."Lisa was basically sort of a hippie and a free spirit," said one attorney who  represented the Vaughan family and recalled having conversations about the case. "She was very liberal and she did not agree with Tucker's politics. But she stuck the will in the book, everyone forgot about it, and then she passed away."In a 2017 interview with The New Yorker, Tucker described the dissolution of his family as a "totally bizarre situation — which I never talk about, because it was actually not really part of my life at all." Several pieces of art produced by Tucker's mother, Lisa Lombardi, and her then-partner Mo Mcdermott in the home of a California collector.Ted Soqui for InsiderLisa When Lisa left her husband and two young sons, she was escaping suburban family life in favor of the more bohemian existence as an artist. One of Tucker and Buckley's former teachers said their mother's absence "left some sour grapes." "I felt they sided with the father," Rusty Rushton, a former St. George's English teacher said. After the divorce, Lisa returned to Los Angeles and tried to break into the city's thriving contemporary art scene. She befriended Mo McDermott, an LA-based British sculptor, model, and longtime assistant to David Hockney, one of the most influential artists of the 20th century. A few years before he met Lisa, the scene was captured in Jack Hazan's 1974 groundbreaking documentary "A Bigger Splash," which followed Hockney and his coterie of gay male friends idly lounging around the pool in his Hollywood Hills home."When love goes wrong, there's more than two people who suffer," said McDermott, playing a slightly exaggerated version of himself, in a voiceover in the documentary.Lisa and McDermott became a couple and Lisa won admission into Hockney's entourage. Hockney lived a far more reclusive lifestyle than his pop art compatriot Andy Warhol but some four dozen or so artists, photographers, and writers regularly passed through his properties."She was more like a hippie, arty kind of person. I couldn't ever imagine her being a mother," said Joan Quinn, the then-West Coast editor of Andy Warhol's Interview Magazine, who knew Lisa during those years and still owns several of her works. "She was very nervous all the time… She was ill-content."The pair were often seen at Hockney's Hollywood Hills home and at Friday night gallery openings on La Cienega Boulevard. They collaborated on playful, large-scale wood sculptures of animals, vegetables, and trees. A handful of their pieces could be seen around Hockney's hillside ranch."Hockney had me over to meet them. He wanted a gallery to handle their work," said Molly Barnes, who owns a gallery in West Hollywood and gave the pair shows in 1983 and 1984. "They were brilliant and David loved Mo. He thought they were the best artists around.""She was quiet and intellectual and somewhat withdrawn," Barnes said. "She had come from a lot of money and that reflected on her personality. She wasn't a snob in any way but she had the manners of a private school girl and someone who was fighting the establishment."A sculpture by Tucker's mother, Lisa Lombardi, and her then-partner Mo Mcdermott in the home of a California collector.Ted Soqui for InsiderNone of them recall Lisa discussing her two sons. McDermott died in 1988. After his death, Hockney discovered that McDermott had been stealing drawings from him and selling them. Hockney said the betrayal helped bring on a heart attack. "I believe I had a broken heart," Hockney told The Guardian in 1995. (Hockney did not answer multiple inquiries about Lisa or McDermott.)In 1987, Lisa met Vaughan, one of Hockney's peers in the British art scene known as the "Bradford Mafia." They married in February 1989 and for years afterward they lived in homes in the Pyrenees of southwest France and South Carolina's Sea Islands.Lisa continued to make art, primarily oversized, wooden sculptures of everyday household items like peeled lemons and dice, but she exhibited her work infrequently. She died of cancer in 2011, at which point Carlson was a decade into his media career and a regular contributor on Fox News. Richard In contrast to Lisa's privileged upbringing, Richard's childhood was full of loss. Richard's mother was a 15-year-old high school girl who had starved herself during her pregnancy, and he was born with a condition called rickets. Six weeks later, his mother left him at an orphanage in Boston called The Home for Little Wanderers. Richard's father, who was 18, tried to convince her to kidnap the infant and marry him, but she refused. He shot and killed himself two blocks from her home.A Massachusetts couple fostered Richard for two years until he was adopted by a wool broker and his wife, which he described in a 2009 reflection for the Washington Post. His adoptive parents died when he was still a teenager and Richard was sent to the Naval Academy Preparatory School. He later enlisted in the Marines and enrolled in an ROTC program at the University of Mississippi to pay for college.In 1962, Richard developed an itch for journalism while working as a cop in Ocean City, Maryland at the age of 21, and the future NBC political correspondent Catherine Mackin, helped him get a copy boy job at the Los Angeles Times. Richard moved to San Francisco three years later and his career blossomed. He started producing television news features with his friend, Lance Brisson, the son of actress Rosalind Russell. They filmed migrant farm workers in the Imperial Valley living in cardboard abodes in 110 degree weather, traipsed the Sierra Nevada mountains to visit a hermit, and covered the Zodiac Killer and Bay Area riots (during one demonstration in 1966, they sent television feeds from their car where they trapped for four hours  and a crowd roughed up Brisson, which required four stitches under his left eye). Another time, they rented a helicopter in search of a Soviet trawler but they had to jump into the Pacific Ocean when the chopper ran low on fuel near the shore and crashed.In 1969, Richard and Brisson co-wrote an article for Look Magazine that claimed San Francisco Mayor Joseph Alioto had mafia ties. Alioto sued the magazine's owner for libel and won a $350,000 judgment when a judge determined the article's allegations were made with "actual malice" and "reckless disregard for whether they were true or not." (Richard was not a defendant in the case and has stood by his story. Brisson declined an interview.)Richard moved back to Los Angeles to join KABC's investigative team two years later. One series of stories that delved into a three-wheeled sports car called the Dale and the fraudulent marketing practices of its founder, Geraldine Elizabeth Carmichael, won a Peabody award in 1975. The series also outed Carmichael as a transgender woman. (Richard's role in Carmichael's downfall was explored in the HBO documentary "The Lady and the Dale.") Soon after arriving as an anchor for KFMB-TV, San Diego's CBS affiliate, Richard ran a story revealing that tennis pro Renee Richards, who had just won a tournament at the La Jolla Tennis Club, was a transgender woman."I said, 'You can't do this. I am a private person,'" Richards, who years later would advise Caitlyn Jenner about her transition, urged the television journalist to drop his story, according to a 2015 interview. "His reply? 'Dr. Richards, you were a private person until you won that tournament yesterday.'" By the time he left the anchor chair in 1977 to take a public relations job with San Diego Savings and Loan, Richard had soured on journalism. "I have seen a lot of arrogance and hypocrisy in the press and I don't like it," he told San Diego Magazine in 1977. "Television news is insipid, sophomoric, and superficial… There are so many things I think are important and interesting but the media can be counted on to do handstands on that kind of scandal and sexual sensation."Years later, Richard said that he never tried to encourage his eldest son in politics or journalism, but that Tucker had a clear interest in both from an early age. "I never thought he was going to be a reporter or a writer. I never encouraged him to do that," Richard told CSPAN of his eldest son in 2006. "I actually attempted not to encourage him politically, either. I decided those are the things that should be left up to them."A LaJolla, California post card.Found Image Holdings/Corbis via Getty ImagesA La Jolla childhoodAfter the divorce, Richard and his boys stayed in La Jolla in a house overlooking the La Jolla Beach and Tennis Club. Friends of Tucker's would later say that the trauma of their mother's absence brought the three of them closer together.  "They both really admired their dad. He was a great source of wisdom. He's one of the great raconteurs you'll ever meet. They loved that glow that came from him," said Sterne, Tucker's boarding school roommate. "They both looked up to him, it was clear from my eyes."In an essay included in his book "The Long Slide: Thirty Years in American Journalism," Tucker described Richard as a kind parent who imbued family outings with a deeper message.One of Tucker's earliest memories, he writes, was from just after the divorce, when Tucker was seven and Buckley was five: the brothers gripping the edge of a luggage rack on the roof of his family's 1976 Ford Country Squire station wagon, while their father gunned the engine down a dirt road."I've sometimes wondered what car surfing was meant to teach us," Tucker wrote. "Was he trying to instill in us a proper sense of fatalism, the acknowledgement that there is only so much in life you can control? Or was it a lesson about the importance of risk?... Unless you're willing to ride the roof of a speeding station wagon, in other words, you're probably not going to leave your mark on the world."More often, the boys were left unsupervised and found their own trouble. Tucker once took a supermarket shopping cart and raced it down a hill in front of their house with Buckley in its basket. The cart tipped over, leaving Buckley with a bloody nose. He also recalled building makeshift hand grenades with hydrochloric acid and aluminum foil – using a recipe from their father's copy of "The Anarchist Cookbook"  and tossing them onto a nearby golf course."No one I know had a father like mine," Tucker wrote. "My father was funnier and more outrageous, more creative  and less willing to conform, than anyone I knew or have known since. My brother and I had the best time growing up."Richard sent Tucker to La Jolla Country Day, an upscale, largely white private school with a reputation as one of the best in Southern California, for elementary and middle school. In his book, "Ship of Fools: How a Selfish Ruling Class Is Bringing America to the Brink of Revolution," Tucker described his first grade teacher Marianna Raymond as "a living parody of earth-mother liberalism" who "wore long Indian-print skirts," and sobbed at her desk over the world's unfairness. "As a conservative, I had contempt for the whiny mawkishness of liberals. Stop blubbering and teach us to read. That was my position," he wrote. "Mrs. Raymond never did teach us; my father had to hire a tutor to get me through phonics.""I beg to differ," Raymond countered in an interview, saying that she was also Tucker's tutor during the summer after first grade and was even hired again. "I'm a great teacher. I'm sure he liked me." For her part, she remembered Tucker as a fair-haired tot who was "very sweet" and "very polite." (When The Washington Post reached out her her, she said Carlson's characterization had been "shocking.")  Friends from La Jolla remember that Tucker loved swimming the mile-and-a-half distance between La Jolla Shores Park and La Jolla Cove, jumping off cliffs that jut out into the Pacific Ocean, riffing on the drums, and playing Atari and BB gun games at the mall with his friends. "He was a happy kid. We were young, so we used to go to the beach. We did normal kid stuff," said Richard Borkum, a friend who is now a San Diego-based attorney. When they weren't at the beach or the mall, Borkum and another friend, Javier Susteata, would hang out at the Carlson home listening to The Who, AC/DC, and other classic rock bands. Borkum said the adults at the Carlson household largely left them alone. "I'm Jewish and Javier was Mexican and I'm not sure they were too happy we were going to their house," Borkum said.Another friend, Warren Barrett, remembers jamming with Tucker and going snow camping at Big Bear and snorkeling off Catalina Island with him in middle school."Tucker and I literally ate lunch together every day for two years," Barrett said. "He was completely the opposite of now. He was a cool southern California surfer kid. He was the nicest guy, played drums, and had a bunch of friends. And then something must have happened in his life that turned him into this evil diabolical shithead he is today."LaJolla is a upscale beach community outside of San Diego. Carlson and his family moved their in 1975.Slim Aarons/Hulton Archive/Getty ImagesSan Diego's next mayorRichard, meanwhile, was exploring a second career in public service. By 1980, he had risen to vice president of a bank headed by Gordon Luce, a California Republican power broker and former Reagan cabinet official. The following year, Richard's public profile got a boost when he tangled with another veteran television journalist, CBS's Mike Wallace. The 60 Minutes star had interviewed Richard for a story about low-income Californians who faced foreclosures from the bank after borrowing money to buy air conditioners without realizing they put their homes up for collateral. Richard had his own film crew tape the interview, and caught Wallace saying that people who had been defrauded were "probably too busy eating their watermelon and tacos." The remark made national headlines and Wallace was forced to apologize.Pete Wilson, the U.S. Senator and former San Diego mayor, encouraged Richard to run for office. In 1984, Richard entered the race to challenge San Diego Mayor Roger Hedgecock's re-election. "He was a very well-regarded guy," Hedgecock told Insider. "He had an almost Walter Cronkite-like appearance, but because he was in local news he was all about not offending anybody. He didn't have particularly strong views. He was nice looking, articulate, and made good appearances, but what he had to say was not particularly memorable other than he wanted me out of office."Sometimes Tucker tagged along for campaign events. "He would always show up in a sport coat, slacks and a bowtie and I thought that's really nice clothing for someone who is a kid," Hedgecock remembers. He was a very polite young man who didn't say much."Five days before voters went to the polls, Hedgecock went on trial for 15 counts of conspiracy and perjury, an issue that Richard highlighted in his television campaign ads. Richard still lost to Hedgecock 58 to 42 percent despite pouring nearly $800,000 into the race and outspending Hedgecock two to one. (Hedgecock was found guilty of violating campaign finance laws and resigned from office in 1985 but his convictions were overturned on appeal five years later.)People are seen near a beach in La Jolla, California, on April 15, 2020.Gregory Bull/AP PhotoPrep school In the fall of 1983, a teenaged Tucker traded one idyllic beachfront community for another.At 14, Tucker moved across the country to Middletown, Rhode Island, to attend St. George's School. (Buckley would follow him two years later.) The 125-year-old boarding school sits atop a hill overlooking the majestic Atlantic Ocean, and is on the other side of Aquidneck Island where Richard Carlson went to naval school. The private school was known as a repository for children of wealthy East Coast families who were not as academically inclined as those who attended Exeter or Andover. Its campus had dorms named after titans of industry, verdant athletic fields, and a white-sand beach.Senators Claiborne Pell and Prescott Bush graduated, as did Vermont Gov. Howard Dean, and poet Ogden Nash. Tucker's class included "Modern Family" actor Julie Bowen; Dede Gardner, the two-time Oscar-winning producer of "12 Years a Slave" and "Moonlight"; and former DC Entertainment president Diane Nelson. Billy Bush – "Extra" host, and cousin to George W. Bush – was three years behind him.Tuition at St. George's cost $13,000 per year in the 1980s (it's now up to $67,000 for boarding school students) and student schedules were tightly regimented with breakfast, classes, athletics, dinner, and study hall encompassing each day. Students were required to take religion classes, and attend chapel twice a week. Faculty and staff would canvass the dorms on Thursdays and Sundays to ensure no one skipped the Episcopal service. Tucker impressed his new chums as an hyper-articulate merrymaker who frequently challenged upperclassmen who enforced dorm rules and the school's liberal faculty members."He was kind of a California surfer kid. He was funny, very intelligent, and genuinely well-liked," said Bryce Traister, who was one year ahead of Tucker and is now a professor at the University of British Columbia. "There were people who didn't like Tucker because they thought he was a bullshitter but he was very charming. He was a rascal and a fast-talker, as full of shit as he is today."Back then Tucker was an iconoclast more in the mold of Ferris Bueller than preppy neocon Alex P. Keaton, even if his wardrobe resembled the "Family Ties" star. Students were required to wear jackets, ties, and khakis, although most came to class disheveled. Tucker wore well-tailored coats and chinos, pairing his outfit with a ribbon-banded watch and colorful bowtie which would later become his signature. "He was always a very sharp dresser. He had a great rack of ties. He always knew how to tie a bowtie but he didn't exclusively wear a bowtie," said Sterne, Tucker's freshman year roommate. "He always had great clothes. It was a lot of Brooks Brothers." Their crew crew held court in each others' dorm rooms at Auchincloss, the freshman hall, kicking around a Hacky Sack and playing soccer, talking about Adolph Huxley, George Orwell, and Hemingway, and dancing to Tom Petty, the Grateful Dead, and U2 on the campus lawn. Televisions weren't allowed so students listened to their Sony Walkman swapping cassette recordings of live concerts. Tucker introduced several bands to his friends."He loved classic rock and he was and still is a big fan of Jerry Garcia and the Grateful Dead," said Sterne, who saw a Dead show with Tucker at RFK Stadium in 1986.Sometimes the clique got slices at Aquidneck Pizza and played arcade games in town, hung out in history instructor William Schenck's office, and smoked pot and Marlborough Red cigarettes on a porch in the main building's common room that faced the ocean, according to multiple sources. When the school administrators banned smoking indoors the following year so they congregated behind the dumpster behind the dining hall. Vodka (often the brand Popov) mixed with Kool-Aid was the drink of choice and students stockpiled bottles under their beds.Tucker was an enthusiastic drinker, half a dozen classmates recall. In his book, "The Long Slide," Tucker credits Hunter S. Thompson's "Fear and Loathing in Las Vegas" for enticing him to try drugs in 10th grade, The experience gave him "double vision and a headache." By the time he got to college, Tucker writes, "I switched to beer."By the late 1990s Tucker stopped smoking. He eventually cut alcohol too in 2002 after drinking so much while covering George W. Bush in New Hampshire during the 2000 primary that he accidentally got on the wrong plane, according to a friend.Most of Tucker's fellow students remember him best as a skilled speaker."He was always eager to take the less palatable side of the argument and argue that side," said Mahlon Stewart, who attended prep school and college with Tucker and is now a geriatric specialist at Columbia University. "Back then it was comedic. I thought it was an act.""His confidence was just amazing. He could just put out some positions and be willing to argue anything no matter how outlandish," Keller Kimbrough, a former classmate who's now a professor at the University of Colorado. "We were talking about politics and religion one time Tucker pulled this card out of his wallet and said, 'Well actually I'm an ordained minister, I'm an authority on the subject.' This was a stunt. He could literally play the religion card." "When he got the job at Fox I just thought 'Wow that's perfect for him, that's exactly what he can do.'"Their dorm room discourses were never serious. Tucker would pick a side in a debate between whether the color red or blue were better, and the crowd would erupt whenever he made a good point, friends said.  "Even at age 15 he was verbally dexterous and a great debater," Ian Toll said. "His conservative politics was fully formed even back then. He believed in strong defense and minimal government."His teachers saw a pupil who was primed for law school."Language and speaking came naturally to him. He took pleasure in it," said Rusty Rushton, Tucker's former English teacher. Tucker's politics, though, "seemed fluid to me," Rushton said. "I don't think of him as a deeply ensconced ideologue."He ditched soccer after sophomore year to act in a school theater production of Ayn Rand's courtroom thriller "Night of January 16th" (Julie Bowen starred as the prosecuting attorney. Tucker played a juror). But Tucker found his voice in competitive debate when he eventually joined the school's debate club. The team traveled to other private school campuses to compete against schools like Andover, Exeter, and Roxbury Latin in tournaments."He won some debate and basically did a victory lap afterward and got in the face of all the faculty there," one alum from a rival school who debated against Tucker said. "After defeating the student team, he started challenging the faculty, and said, 'Do any of you want to take me on? Are any of you capable of debating me?'"SusieIn the fall of Tucker's sophomore year, a new headmaster arrived at St. George's, Rev. George Andrews II. Andrews' daughter, Susie – who Tucker would eventually marry – was in Tucker's class. According to school tradition, a rotating group of underclassmen was charged with serving their classmates dinner and, one night in late September, Tucker and Susie had the shift at the same time. "They were sitting at a table at the far end of Queen Hall just leaning in, talking to each other," Sterne recalled. "You could see the sparks flying, which was cool."Susie floated between the school's friend groups easily. When she was seen mingling with Tucker, some questioned what she saw in him."People were saying, 'Come on Susie, why are you dating Tucker?' He's such a loser slacker and she was so sweet," Traister said. The pair started dating at the age of 15 and quickly became inseparable. Tucker gained notoriety on campus for repeatedly sneaking into Susie's room on the second floor of Memorial Schoolhouse, the school's stately administrative office that housed the headmaster's quarters. He had less time for his dumpster buddies now that the couple hung out on the campus lawn, attended chapel and an interdenominational campus ministry organization called FOCUS. His senior yearbook included a photo of Tucker squinting in concern to a classmate, with the caption "What do you mean you told Susie?While Susie was universally liked within the St. George's community, her father was polarizing.Andrews led the school during a turbulent period – it was later revealed – when its choirmaster Franklin Coleman was accused of abusing or having inappropriate conduct with at least 10 male students, according to an independent investigation by the law firm Foley Hoag in 2016. (Two attorneys representing several victims said 40 alumni contacted them with credible accounts of molestation and rape accusations at the hands of St. George's employees between 1974 and 2004 after a 2015 school-issued report detailed 26 accounts of abuse in the 1970s and 1980s. (Coleman was never criminally charged and he has not responded to Insider's attempts to reach him.) Over his eight-year tenure as school music director, from 1980 to 1988, Coleman invited groups of boys to his apartment for private parties. Sometimes he shared alcohol and pot with some of them, gave them back and neck rubs, showed pornographic videos, traveled with them on choral trips and stayed in their hotel rooms, and appeared nude around some of them, the report found. Several of Tucker's classmates and former faculty said they had no reason to believe he would have been aware of the accusations. "There were rumors circulating wildly that Coleman was bad news. The idea was he would cultivate relationships with young men," Ian Toll, a St. George's alum, said. "Anyone who was there at that time would have likely been aware of those rumors."Andrews told Foley Hoag investigators he was not aware of any complaints about Coleman until May 1988 (by then, Tucker had finished his freshman year in college) when school psychiatrist Peter Kosseff wrote a report detailing a firsthand account of misconduct. But Andrews acknowledged to investigators the school could have been aware of "prior questionable conduct" before then, the report said. Andrews fired Coleman in May 1988 after the school confronted Coleman with allegations of misconduct and he did not deny them. According to the investigation, Andrews told students Coleman resigned due to "emotional stress" and that he had the "highest regard and respect for him." On the advice of a school attorney, Andrews did not report the music teacher to child protective services. He also knew that his faculty dean wrote Coleman a letter of recommendation for a job at another school, according to investigators. Andrews left the school a few weeks after Coleman departed. By September 1989, he was named headmaster at St. Andrew's School in Boca Raton, Florida which he led for 18 years. (Andrews declined to speak about Tucker or his tenure at either school.) St. George's, meanwhile, reached an undisclosed settlement with up to 30 abuse survivors in 2016. Coleman found work as a choir director at Tampa Preparatory School in Tampa Bay, Florida before he retired in 2008. Tucker Carlson attended St. George’s School, a boarding school starting at age 14.Dina Rudick/The Boston Globe via Getty ImagesTrinity In the fall of 1987, Tucker enrolled at Trinity College in Hartford, CT, where Rev. Andrews had also attended.Nearly two-thirds of Trinity's student body back then originated from private schools and many came from wealthy backgrounds. Tuition in 1987 cost $11,700 plus an additional $3,720 for room and board—around $27,839 in today's dollars."When the Gulf War broke out" in 1990, one Trinity alum who knew Tucker recalled, "there was a big plywood sign in front of the student center that read, 'Blood for Oil,' and someone else threw a bucket of paint on it."The posh campus was situated in the middle of Hartford, Connecticut, the state's capital and one of its poorest cities. Discussions about race and inequality were sometimes at the forefront of campus politics, but many students avoided engaging in them entirely."There were issues about whether black students should only date other black students, that kind of thing," said Kathleen Werthman, a classmate of Tucker's who now works at a Florida nonprofit for people with disabilities. "My sophomore year, for new students, they had a speaker talking about racism, and one of the students said, 'I never met a black student, how are you supposed to talk to them?' And the idea that only white people can be racist was challenged too."Susie was at Vanderbilt in Nashville, Tennessee. His brother remained in Rhode Island and other prep school friends had fanned out across the East Coast. Tucker moved into a four-bedroom dormitory overlooking the main quad. One suitemate, Neil Patel, was an economics major from Massachusetts who played intramural softball. (They would co-found the Daily Caller together two decades years later.) Other roommates played on the varsity soccer team and they formed a tight-knit group."I remember being struck by him. He was the same way he is now," said Rev. Billy Cerveny, a college friend of Tucker's who's now a pastor at Redbird Nashville. "He was a force of nature. He had a sense of presence and gravitas. You might get into an argument with him, but you end up loving the guy."Tucker often went out of his way to amuse his friends. Once during the spring semester, several activists set up a podium and microphone beneath his dorm window to protest the CIA's on-campus recruitment visits. The demonstration was open-mic so Tucker went up to the stage and told the crowd of about 15 people, "I think you're all a bunch of greasy chicken fuckers.""I think people laughed. He did," Cerveny said. "There was always a small collection of people any time there was an issue who tried to stir the pot in that way. Some people were dismissive and other people loved it, thinking 'Oh we're getting a fight here.'"As a sophomore, Tucker and his friends moved into a dingy three-story house on Crescent Street on the edge of the campus. He ditched his tailored jackets, khakis, and bowties for oversized Levi jeans, t-shirts, and untucked oxford shirts. Tucker commandeered a low-ceilinged room above the front porch with so many windows he had to hang up tapestries to keep out the sun. The tiny alcove had barely enough space for an eight-foot futon and several bookshelves Tucker built himself stacked with books he collected. Friends remember Tucker receiving an 8-by-10 manilla envelope that his father sent through the mail once or twice a month containing dozens of articles from newspapers and magazines.One of Tucker's friends, Cerveny, remembered stopping by Richard's home in Washington, D.C. and finding evidence of his hobbies, including the world's second largest collection of walking sticks."His house was filled with rare canes he collected from all over the world," Cerveny said. "The hallways had really amazing rows of canes hung on hooks that were specially made to mount these things on the house. One used to be a functional shotgun, another one was made out of a giraffe. His dad would pull out newspaper clippings of WWII Navy aircraft carriers. It changed the way I thought about a lot of things. I had never seen anything like that. Who collects canes?"During sophomore year, Tucker's friends decided to rush Delta Phi, a well-to-do fraternity also known as St. Elmo's. The Greek scene had a large presence on campus — about 20 percent of men joined them even though Trinity was a liberal arts school — and St. Elmo's had a reputation as freewheeling scamps. Once a year, a St. Elmo's brother would ride his motorcycle naked through the campus cafeteria. (Faculty voted in 1992 to abolish Greek life saying they were sexist and racist, and school administrators instead forced fraternities to become co-ed.)But Tucker refused to come aboard. Some classmates thought it was because he didn't want to be hazed."Tucker was not a joiner like that," Mahlon Stewart said. "He wouldn't have set himself up for whatever humiliation would have been involved. He would not have put up with that." But Cerveny, who pledged the fraternity, said it was a matter of faith."I remember explicitly him saying 'Look, I want to focus on what my faith is about and I thought this would be a big distraction,'" Cerveny said. "But he was very much in the mix with us. When we moved to a fraternity house [on Broad Street], we asked him to live with us."Tucker occasionally dropped in on his friends' fraternity events and occasionally brought Susie when she visited or Buckley when he drifted into town. Other times they hung out at Baker's Cafe on New Britain Avenue. Mostly Tucker stayed in his room."He was basically a hermit. It wasn't like he was going to a ton of parties" one Trinity St. Elmo's brother said. "He was not a part of the organizational effort of throwing big parties, or encouraging me to join the fraternity." Susie, who didn't drink or smoke, was a moderating influence. "Tucker and Susie had their moral compass pointing north even back then," Sterne said. "Tucker's faith was not something he was focused on in his early years but when he met Susie and he became close to her family, that started to blossom and grow in him. Now it's a huge part of his life."By the time his crew moved to another house on Broad Street, they each acquired vintage motorcycles and tinkered with them in their garage. Tucker owned a 1968 flathead Harley Davidson that barely ran and relied on a red Jeep 4X4 to transport friends around town (the Volkswagen van he had freshman year blew up). He smoked Camel unfiltered cigarettes, sipped bourbon, and occasionally brewed beer in the basement, including a batch he named "Coal Porter," according to GQ.When he wasn't reading outside of his courses or tinkering with his carburetor, Tucker took classes in the humanities and ultimately majored in history. Tucker dabbled in other fields including Russian history, Jewish history, Women's Studies, and Religious Studies, sitting in the back of lecture halls with his friends. Ron Kiener, who taught an introductory level course in Judaism, recalled Tucker performing "poorly" but earning a credit. "He did not get a stellar grade from me," Kiener said. "Based on what he says now he surely didn't get very much out of my courses."But Leslie Desmangles, who led courses in Hinduism, Buddhism, and Myth, Rite, and Sacrament, said Tucker was engaged and likely did just enough to pass his courses even if he wasn't very studious or vocal in class discussions."He was interested in understanding the nature of religious belief and studying different cultures and religions but I'm not sure if he had an interest in diversity," Desmangles said. "He was genuinely interested in ritual since a lot of the Episcopal church is highly ritualistic."Tucker's fascination with religion extended to his extracurricular activities too. He and several friends joined Christian Fellowship, a Bible study group that met weekly and helped the school chaplain lead Sunday services. Some members even volunteered with ConnPIRG, a student advocacy group on hunger and environmental issues, and traveled to Washington D.C. to protest the Gulf War. But Tucker steered clear of campus activism. He spent his free time reading and seeing Blues Traveler, Widespread Panic, and Sting perform when they came through Connecticut. Sometimes he skipped school to follow his favorite band, the Grateful Dead, on tour.He took an interest in Central American politics too. At the end of freshman year, Tucker and Patel traveled to Nicaragua. "We did not have a place to stay or any set plans," Tucker told the Trinity Tripod, his college paper, in March 1990. "It was very spontaneous. We are both extremely political and we felt that getting to know the country and some of its citizens would give us a better perspective on the situation." In February 1990, Tucker returned with three friends to Managua for 10 days to observe Nicaragua's elections. The National Opposition Union's Violetta Chamoro, which was backed by the U.S. government, defeated the leftist Sandinista National Liberation Front Daniel Ortega who had been in power since 1979. A month later Tucker and his classmate Jennifer Barr, who was separately in Nicaragua to observe elections and distribute medical supplies to the Sandinistas, shared their perspectives about their visits to a small crowd at the Faculty Club for the school's Latin America Week. Tucker thought press coverage of the election was too left-leaning and criticized the media for skewing a conservative victory, according to Barr."I don't think it was necessarily true," Barr said. "He was dismissive [about my views]. I did get a sense that he believed in what he was saying, and it was very different from my experience and my understanding of the race."Tucker's stance on U.S. politics at the time was less didactic. As the 1992 presidential election loomed his senior year, Tucker touted the independent candidacy of Ross Perot, a Texas business magnate, to his friends although it did not appear that Tucker was an ardent supporter."Tucker would go on and on about how Ross Perot was the answer to this or that, as a joke, and every one would participate" one St. Elmo's brother said. "He liked the way Ross Perot was basically throwing a wrench into the system. He wasn't a serious Ross Perot proponent. He was cheering on somebody who was screwing up the system."In Tucker's college yearbook, below his tousle-haired, bowtie wearing thumbnail photo, was a list of his extra-curricular activities: "History; Christian Fellowship 1 2 3 4, Jesse Helms Foundation, Dan White Society." Neither of the latter two – named, respectively, after the ultra-conservative North Carolina Senator, and a San Francisco supervisor who assassinated Harvey Milk in 1978 – ever existed. Tucker admired Helms for being a "bull in the china shop" of Congress, one classmate said. Some friends believed Tucker slipped in the off-color references as a lark."It's like a joke you and a friend would put in a series of anagrams that only you and two friends would remember and no one else would," the St. Elmo's friend said. "It's so niche that only someone like Tucker is thinking things like that or would even know the name of the person who killed Harvey Milk. He paid attention to things like that."Others claimed Tucker was the victim of a prank."It would not at all surprise me if one of the other guys in the [fraternity] house filled it in for him, and not just an inside joke, but pegging him with something that he got grief for," another close friend said. Protesters rally against Fox News outside the Fox News headquarters at the News Corporation building, March 13, 2019 in New York City.Drew Angerer/Getty ImagesAn outsider among insidersBy the spring of 1991, Tucker's academic performance had caught up with him. He had accumulated a 1.9 grade point average and may have finished with a 2.1 GPA, according to one faculty member who viewed a copy of his transcript. Tucker would eventually graduate from Trinity a year late. Falling behind was not uncommon. About 80 percent of Trinity students completed their degrees in four years, according to Trinity College records. (A Trinity spokeswoman would not comment on Tucker's transcript due to FERPA laws, which protect student privacy.Tucker's post-collegiate plans fell through too. Tucker applied to the CIA that spring. The spy agency passed."He mentioned that he had applied and they rejected him because of his drug use," another college friend said, while declining to be named. "He was too honest on his application. I also probably should say I don't know whether he was telling the truth or not." Once the school year was over, Tucker and Neil Patel hit the road on a cross-country motorcycle ride. After that: Washington DC.  Tucker's family left Southern California for Georgetown after President Reagan named his father head of Voice of America. In June 1991, President George H.W. Bush appointed Richard ambassador to the Seychelles and the Carlson family upgraded to a nicer house in Georgetown with a pool in the basement. That summer, with Tucker's father and stepmother often out of town, the Carlson household was the center of Tucker's social lives, the place they retired to after a night drinking at Georgetown college dive bars like Charing Cross and Third Edition, and pubs like Martin's Tavern and The Tombs, immortalized in St. Elmo's Fire. In August, Tucker and Susie got married in St. George's chapel and held a reception at the Clambake Club of Newport, overlooking the Narragansett Bay. Back in Washington, Tucker's prep school, college, and his father's Washington-based networks began to mesh. Tucker took a $14,000-a-year job as an assistant editor and fact checker of Policy Review, a quarterly journal published at the time by the Heritage Foundation, the nation's leading conservative think tank. For the next three decades, Tucker thrived in the Beltway: He joined The Weekly Standard and wrote for several magazines before appearing on cable news networks as a right-of-center analyst and host at CNN, PBS, and MSNBC. His father embarked on a third career as a television executive where he ran the Corporation for Public Broadcasting and his brother became a political operative and a pollster. By the time Tucker reached the core of the conservative media sphere, a slot on Fox News's primetime opinion lineup, he shed friends from his youth who couldn't grapple with the hard-right turn he veered once he became the face of the network.One friend was not surprised with Tucker's act. In the spring of 2016, during the heat of Donald Trump's presidential campaign against Hilary Clinton and a few months before "Tucker Carlson Tonight" premiered on Fox, Tucker had lunch with his old prep school classmate Richard Wayner who made the speech about Eleanor Bumpurs all those years ago. Wayner believed Tucker's gesture from his pew was never serious. "As a 9th or 10th grader in a chapel full of people in a conversation, he was trying to get attention," Wayner said.The two stayed in touch over the years and Tucker at one point suggested he write a handful of pieces for the Daily Caller, the conservative news and opinion site that Tucker co-founded and ran in the 2010s. As they settled into their table at a Midtown Manhattan steakhouse, the two chatted about Wayner's experience on the board of St. George's (which Susie was about to join) and their respective careers. Tucker was floating around at Fox, and Wayner, now an investor and former Goldman Sachs investment banker, said the conversation drifted toward salaries."He was asking, 'How much do you make on Wall Street' and was like, 'Wow, Wall Street guys make a lot.'" Wayner said. When they left the restaurant and headed back toward the Fox News headquarters, several people recognized Tucker on the street even though he had jettisoned his trademark bowtie years ago. Wayner saw Tucker making the pragmatic decision to follow a business model that has made his conservative media counterparts a lot of money."I don't think he has a mission. I don't think he has a plan," Wayner said. "Where he is right now is about as great as whatever he thought he could be.""Tucker knows better. He does. He can get some attention, money, or both." he added. "To me, that's a shame. Because he knows better." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 5th, 2022