Saturday, December 25, 2010
Tuesday, December 14, 2010
Here are my highlights from the article but PLEASE read it first!!!
- About isolated impact - "despite the dominance of of this approach, there is scant evidence that isolated initiatives are the best way to solve many social problems in today's compex and interdependent world."
-This point - "social problems arise from the interplay of government and commercial activities, not only from the behavior of social sector organizations. As a result, complex problems can be solved only by cross-sector coalitions that engage those outside the nonprofit sector."
- The FIVE CONDITIONS of Collective Success - love it!
- "The expectation that collaboration can occur without a supporting infrastructure is one of the most frequent reasons why it fails." !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
- "Funders' reluctance to pay for infrastructure and preference for short term solutions."
- The Story of STRIVE - that has a $1.5 million annual budget but is coordinating the efforts and increasing the effectiveness of organizations with combined budgets of $7 billion." Refer to the upper point. Funders don't like to fund infrastructure and yet the leverage that could be created by funding infrastructure is HUGE. We need to fund this infrastructure in a this Collective Impact manner.
"Until funders are willing to embrace this new approach and invest sufficient resources in the necessary facilitation, coordination, and measurement that enable organizations to work in concert, the requisite infrastructure will not evolve." !!!!!!!!!!!! This is a call to action !!!!!!!!!!!!!!!!
Monday, December 13, 2010
Sunday, December 12, 2010
Tuesday, December 7, 2010
Sunday, December 5, 2010
Thursday, December 2, 2010
Monday, November 22, 2010
Sunday, November 21, 2010
Friday, November 19, 2010
Wednesday, November 17, 2010
Friday, November 12, 2010
"It [the Federal Reserve] wants us to go out there and buy stocks, which are overpriced because bonds they have manipulated into being even less attractive," (click here from FB) said Grantham, who is chief investment strategist of Grantham Mayo Van Otterloo, a Boston-based asset management firm, and a respected voice in the financial world. "So, we’re being forced to choose between two overpriced assets. That is not always a terrific choice to make because there is a third choice, and that is, 'don't play the game and hold money in cash.'" ( From CNBC)
I agree with the above, but would point out that the primary goal of 'manipulating' interest rates was to provide support for the housing market, as well as making money more affordable to support both business investment and private spending. The rise in equity valuations since late summer has been astonishing, and at these entry points, I am on the sidelines as well. Our favorite asset continues to be Gold. Jim Cramer was jumping up and down about it yesterday and is in words " talk to me about price when it is 5% of portfolios."
Have a great day.
Wednesday, November 10, 2010
Sunday, November 7, 2010
Friday, October 29, 2010
Saturday, October 23, 2010
Wednesday, October 20, 2010
Barbara Annis – Author, Leadership and the Sexes
Hannah Riley Bowles – Associate Professor Harvard Kennedy School, extensive research on gender in negotiations and the attainment of leadership positions.
Iris Bohnet – Professor of Public Policy at the Harvard Kennedy School, extensive research on the role of gender in decision making.
Robin Ely – Professor at Harvard Business School, research on race and gender relations in organizations.
Morten Huse – Professor of Organization and Management of BI Norwegian School of Management, published widely on the topic of women and diversity on boards of directors.
Herminia Ibarra – Faculty of INCEAD, and expert on professional careers and leadership development.
Rosabeth Moss Kanter – Professor at Harvard Business School and listed as “one of the most powerful women in the world.” ( pictured left)
Mona Lena Krook – Assistant Professor of Political Science, Women, Gender and Sexuality Studies at Washington University in St. Louis. An expert in Quotas for women in politics.
Terrance Odean – Hass School of Business and an expert in behavioral economics.
Scott Page – University of Michigan, Professor of Complex Systems, Political Science and Economics.
My takeaways in brief:
- The evidence for investing in women and girls in the developing world is conclusive and compelling. Create and fund programs that provide for economic their opportunity and security.
- Quotas Quotas Quotas. I am absolutely in favor of quotas for boards of directors of publically traded companies. Representatives were at the conference from Norway sharing how almost no one wanted it, but they did it, and it is having very positive impact. ( they have a 40% law) So many other countries are doing it and it is THE THING we can do to create huge positive change.
- The benefit of gender diversity in groups is nuanced. It is not just add women and better outcomes; it is about creating an inclusive environment which leads to better outcomes. This is the main reason why diversity programs have failed to deliver. We are adding women without changing the culture. PS – an inclusive culture is better for men too!
- Change has and always will be about power. Women have so much more then we are using. We continue to be asking permission when we should be demanding change. The research supports that change is good business.
- Overall there is just a huge and significant amount of research that makes the business case for women. I knew that, but this gathering solidified it for me. Even where there was not absolutely conclusive research of a diversity bump, it does not matter. Show me the other research that says conclusively that excluding women or keeping them a minority leads to better outcomes. The fact that in 2010 we still have to PROVE that we deserve a seat of the table is crazy. I mean really?!? Really?
It was a joy to meet the researchers that do the work that fuel my arguments and my passion. Hopefully soon I will have an updated research list of all their work but for now many of their studies are listed or quoted in the resource section of my website.
Wednesday, October 13, 2010
Sunday, October 10, 2010
Wednesday, October 6, 2010
- Same stat for 2001 - 58.8 cents
Saturday, October 2, 2010
Wednesday, September 29, 2010
Tuesday, September 28, 2010
Monday, September 27, 2010
Thursday, September 23, 2010
"Building on President Clinton's lifetime in public service, the Clinton Global Initiative (CGI) reflects his belief that governments need collaboration from the private sector, non-governmental organizations, and other global leaders to effectively confront the world’s most pressing problems. After attending thousands of meetings during his career in which urgent needs were discussed but no action was taken to solve them, President Clinton saw a need to establish a new kind of meeting with an emphasis on results."
I considered attending this year but just could not make it happen. Thankfully so many of the women I know and deeply respect are there representing the gender related issues I care so passionately about. In particular my dear friend and the most fabulous Lisa Witter, author of "The She Spot" was the leader in convening a WHISPER ROOM to talk about the following:
• jobs/economic development
• leadership/women as decision makers
• a million “new” opportunities for women that might be a catch-all for a number of different issues.
The need to invest in women and girls is front and center at this gathering as it is now broadly accepted that they hold the key to economic growth and security for all. There were many sessions where a gender lens was applied, as well as this dedicated plenary to "Empowering Women and Girls" featuring Secretary of State Hilary Clinton. ( click here to watch )
Here is a list of what this incredible initiative has accomplished.
Last but not least. Jennifer Buffet, President of the NOVO Foundation is an amazing philanthropist and I am honored to call, a personal friend. NOVO "seeks to foster a transformation in global society from a culture of domination and exploitation to collaboration and partnership, empowering women and girls as the primary agents of change." I think they are the largest foundation dedicated to women and girls and they do incredible work.
Just released at CGI is this brand new GIRL EFFECT Video. If you have not seen it - click here.
Saturday, September 18, 2010
Friday, September 17, 2010
I have much to say on this topic. So much. Bloomberg asked me to write something for them and here it is. I have received many incredible emails in response to it, from men in particular. Many men have shared with me their frustrations in trying to hire, retain and promote women. Further they point to the institutional challenges that exist and must be addressed if we are to move forward. I have written many times in this space how I think diversity efforts have largely failed, and I will write more on that topic.
Wednesday, September 15, 2010
National Class Action Lawsuit in Federal Court Charges Violations of Federal and Local Civil Rights Laws
NEW YORK -- September 15, 2010
Goldman Sachs has engaged in systemic and pervasive discrimination against its female professional employees, a lawsuit filed today in federal court in New York alleges.
The lawsuit, Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (S.D.N.Y.), filed by three highly-credentialed women represented by Outten & Golden LLP and Lieff, Cabraser, Heimann & Bernstein, LLP, accuses Goldman Sachs, a leading global investment banking, securities and investment management firm, of engaging in a pattern and practice of gender discrimination against its female Associates, Vice Presidents, and Managing Directors. The women allege violations of federal and city laws, including Title VII of the Civil Rights Act of 1964 and the New York City Human Rights Law.
The case is pending before United States District Court Judge Leonard Sand.
According to the complaint, the ``violations of [Goldman Sachs'] female employees' rights are systemic, are based upon company-wide policies and practices, and are the result of unchecked gender bias that pervades Goldman Sachs' corporate culture. They have not been isolated or exceptional incidents, but rather the regular and predictable result of Goldman Sachs' company-wide policies and practices.''
``The gender-equality issues raised by this lawsuit are all too familiar – Goldman Sachs systematically undervalues the efforts and achievements of its female employees. This is an important step in our efforts to eradicate discrimination within the financial-services industry,'' said plaintiffs' attorney Adam T. Klein of Outten & Golden LLP of New York, New York.
``This case challenges Goldman Sachs' practice of treating its talented female professionals like disposable, second class citizens,'' said plaintiffs' attorney Kelly M. Dermody of Lieff, Cabraser, Heimann & Bernstein, LLP of San Francisco, California. “By coming forward, the plaintiffs are working to ensure a level playing field across Wall Street.”
The complaint charges that, among other things, Goldman Sachs compensates its female professionals less than similar male professionals, disproportionately promotes men over equally or more qualified women, and offers better business opportunities and professional support to its male professionals.
Attorneys Adam T. Klein, Cara E. Greene, and Jennifer Liu of
Outten & Golden LLP and Kelly M. Dermody, Anne Shaver, and Heather Wong of Lieff Cabraser Heimann and Bernstein LLP represent the plaintiffs.
The case is Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (S.D.N.Y.).
So where do I stand on this as a former GS partner ( trader ), an executive who worked in human capital management for two years with a focus on diversity, compensation, lateral hiring, succession planning, performance measurement and more? I am working on that entry................. more soon.
Tuesday, September 14, 2010
Thursday, September 9, 2010
Saturday, August 28, 2010
Thursday, August 26, 2010
Wednesday, August 25, 2010
I jumped over to the PIMCO to see if investment guru Bill Gross had a comment on the continued houseing crisis, and YUP, he did. Better yet he recently presented to Treasury a solution to the Fannie Mae/ Freddie Mac disaster. GO BILL! I like his plan, and if anyone knows alot about the mortgage market, it is Bill. I met Bill a very long time ago when I ran the mortage pass-through desk at Goldman, and he truly is one smart, and uber intense, cookie. ( can a cookie be intense?) I too recently went to Washington and had a meeting at Treasury and it is an incredible experience to walk in to that building to share ideas. It is awesome that Treasury is inviting the likes of Bill Gross to take part in solution building. Now will they listen? I hope so....
Tomorrow is a big day. Well yes, it is the first day of school in our new town for my children, but that is not what I meant. It is Women's Equality Day!!! I have co-written an OPED with the amazing Linda Tarr-Whelan, author of "Women Lead the Way" and former Ambassador to the UN Commission on the Status of Women. A MAJOR news source is publishing it!!!!! Go team. I will post it first thing. Please put on your girl power, Wonder Woman, or Rosie Riveter T-shirts and say, GENDER EQUALITY MATTERs and a more balanced world, means a better world for ALL !!!
Friday, August 20, 2010
"Suppose the Congress controlled the production of all the lemons in US. Then assume the Federal Reserve decided that it was going to use its balance sheet to buy lemons as a means of adding liquidity into the market when times were tough. While the government ramped up lemon production during tough times, the Fed not only bought most of those lemons, but sent out a clear message that it stands ready to buy a whole bunch more lemons if the economy falters. Finally, suppose that the government started changing the rules and regulations forcing financial institutions to hold more lemons rather than limes - as lemons were deemed the only safe fruit. What happens to the price of lemons? The answer is a 2.50% 10 year note!
These are not “market prices”. The Congress, Fed and Treasury are controlling the supply, demand and the rules of the game in the US government bond market. And make no mistake – lemon production is ripping higher. Eventually people will realize there are not enough Corona bottles to stuff those lemons into and there will be lemonade all over the streets. Until then, please remember that this will go down as one of the greatest examples government price control and manipulation in history. Maybe soon we will be lining up at 15th and Constitution in DC - at the doors of the Treasury on odd and even days depending on our birthdays - in order to buy limited supplies of those precious lemons!! There is a great book by two gentlemen from the Hoover institution -http://www.amazon.com/Doomsday-Myth-Years-Economic-Crises/dp/081797962X. The stories span 10,000 years but they all have one thing in common – when governments distort asset prices, bad things happen. It is an easy and fun read. I encourage you to grab a copy.
Finally, it has been a humbling summer watching 10 year rates move to these levels. I remain steadfast in the view that we are at least 75 to 100bps expensive in long term rates. But with the supply, demand and rules fixed by the Fed/Treasury/Congress Troika, I probably should have been more prepared for this – mea culpa. In any case, I’ll fall back on one of the better calls we have had and that is in MBS space where price manipulation is just as rampant. In fact, we can see that as the Fed has decided not to treat MBS like lemons anymore, they were quickly turned to lemonade. Once again my market screens are all red in MBS – days with 5yr futures down 5 tics and FBCL6.5s down 11 tics are amazing to watch. The 5.5/4.5 swap which peaked at 5-15 has fallen to 2 points since April. There is a lot of pain in the MBS world and it may be a good preview to what happens when government price manipulation schemes unravel. Good luck trading!"
Global Fixed Income Strategy
Jefferies & Co
As an add. US Treasury notes are a benchmark for all spread products. It you agree that these rates are low because of manipulation, then what is the right "spread" for anything? I argue that investors should be looking at absolute yield levels versus the risk of the bond and asking themselves, does this make sense? I don't follow debt spreads too closely anymore, but if I were an investor I would be careful. If treasury rates break down, so will spread product... bigtime.
Sunday, August 15, 2010
I woke this beautiful Sunday morning to find this essay in my in box, sent to me by one of my best friends. This is yet another example, to me, of how I know God is real. Two days ago during our 17 hour car ride home, my husband and I talked about the following:
Thursday, August 12, 2010
- New foreclosure relief programs to help troubled homeowners announced – a few billion. ( $3 ?)
- Cash strapped states to get billions of federal funding.( $26 ?)
- Employment numbers not good.
- HUGE negative trade balance numbers.
Quote from David Rosenburg to finish up....
"The best way to describe the financial backdrop is that it is truly a meat-grinder market. The S&P 500 was at 1,090 back on October 14, 2009. It’s at 1,090 today. That means 208 trading days of doing nothing. Nada. While I am sure there were gems beneath the surface, we are talking about an entire asset class here — you were better off clipping coupons for the past nine months."
Sorry, not very perky. On a brighter note our peach crop is looking mighty nice so I thought I would include a photo from our orchard. (ABOVE) We are leaving BC and our beautiful orchard tomorrow to head back to the states to get geared up for school. Summer has gone by way to fast. Best wishes to all...
Monday, August 9, 2010
This is a great article about women and social media from the blog ComSCORE. Thanks to Linda Ambraham for the post.
"Now maybe this gender disparity is not particularly noteworthy or an issue even worthy of consideration. After all, technology has often been the purview of men, so doesn’t the composition of the start-up community merely reflect that fact? That may be the case. But it is only when you understand just how important women are to the fabric of the digital media landscape that you begin to see the opportunity for women in our industry – and why the time is now for women to stand up and start up."
Wednesday, August 4, 2010
"Hold my hand, and walk joyously with Me throughout this day. Together we will savor the pleasures and endure the difficulties it brings. Be on the lookout for everything I have prepared for you: stunning scenery, bracing winds of adventure, cozy nooks for resting when you are weary, and much more. I am your Guide, as well as your constant Companion. I know every step of the journey ahead of you, all the way to heaven.
You don't have to choose between staying close to Me and staying on course. Since I am the Way, staying close to Me is staying on course. As you focus your thoughts on Me, I will guide you carefully along today's journey. Don't worry about what is around the next bend. Just concentrate on enjoying My presence and staying in step with Me."
And I begin to shake
I stop a sec and look around
Am I dreaming or awake?
The air it seems way too cool
For this time of year
I begin to get a sense
That the cool is my own fear
I keep walking straight ahead
Knowing not which was too turn
Thinking of all I have left behind
And all that I have learned.
A bench is on the road
As if put there just for me
To help relieve my load.
I sit down to rest and think
As I can no longer stand
Suddenly I’m scared and turn
For there is someone holding my hand.
I’m here to show you the way
I wake up, get out of bed
And get down on my knees to pray. (J Zehner 2002)
This term was mentioned by another author, this time from one of the most well known economists, Nouriel Roubini, in his recent comments. I have met Nouriel and other members of his team many times and find them both thorough and thoughtful. Nouriel's website Roubini.com.