Category Archives: National Vanguard

Tapping into a remote workforce

Checkers was able to build its in-house team to 40 from 18 staffers during the last year because many are working remotely. Chambers said video conferencing tools helped with recruiting.

Its allowed us to hire amazing talent, he said. When we look at being able to hire different people, in Baltimore or Phoenix, I can hire and not worry about whether people are willing to move.

The team at Columbia Threadneedle Investments, a asset management company,was virtual throughout the pandemic and it created more confidence in remote work, according to Marc Williams, director of digital content strategy.

Even if you hadnt worked that way in the past you had to adapt pretty quickly for me, he said. Personally, I wasnt that big of a fan of working remotely but now its become second nature.

At spice marketer McCormick & Co., the internal creative and digital team produces 80% of the food brands marketing content, including digital shelf graphics, social media messaging, recipe videos and long-form storytelling on YouTube. Alia Kemet, VP of creative and digital marketing at McCormick, said that hiring people with a positive attitude and willingness to deploy multiple skills is crucial. One of the brands producers recently performed double-duty as a TikTok personality, for example, after McCormick had noticed that its TikTok content was not working and that a more human touch was needed.

TikTok content is not the same as Instagram content or Facebook content, said Kemet. The importance of authenticity and being scrappy and feeling like its from a person and not from a brand is critical. McCormick has had similar success being nimble on social media by creating ASMR content internally to meet current trends at a faster pace than it would have by outsourcing such content to an agency, Kemet said.

For Stanford Health Care, the ability of staffers to play multiple roles helped with moral, according to Corey Dill, director of marketing operations.

The lines of demarcation between roles and responsibilities disintegrated, in a good way, he said, noting that many pitched. It allowed us to leverage more people on the team and I dont think anything gave people more morale than feeling like they were helping.

Iovate Health Sciences, which sells food brands such as Hydroxycut and Muscle Tech, handles its media buying and production internally. CMO Jarrod Jordan said a key for being successful with taking media in-house is not relying on customized products. Jordan advised that brands looking to build their tech stacks internally buy off-the-shelf technologies and limit the need to continually update any customized products. The less customization a brand has, the less risk, Jordan said.

Ive seen organizations that built tech stacks with a lot of customization but as time goes by as the different types of tools evolve and they do the next release, you may find that you have an entire team thats spending weeks every month or every quarter updating their code in order to match whats changed and that becomes expensive, he said, advising brands to try to use as much as you can with off-the-shelf technologies.

Will the in-housing trend outlive the pandemic?Andrea Ruskin, in-house agency and creative marketing consultant at Blum Consulting Partners, suggested it will, sayingthe ability of the groups to create content at rapid speed built confidence and trust in the in-house model.

Marketers needed to have a certain level of trust and confidence in their in-house teams to be able to deliver with the demands of what the pandemic brought on, she said. Theyre in-house because they have an understanding of the business and business needs and what drives business forward and thats a huge advantage to the IHA.

After the years experience, Aleka Sansom, executive creative director at Vanguard, said that in-house agencies will be focused on proving the value they provide to the business beyond just speed of operation.

Looking at the value of the business were contributing to is a really important part of the overall access and measurement metrics of an in-house agency, she said.

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Why CMOs relied more on in-house agencies in the pandemic and what is next - AdAge.com

LOS ANGELES, May 13, 2021 /PRNewswire/ --Lendistry, a minority-led and technology-enabled small business and commercial real estate lender headquartered in a Los Angeles Opportunity Zone, announced today that its executive team is four members stronger. Lendistry prides itself on a culture of mission-fueled overachievement, and each one of these additions to its leadership team will elevate the fintech lender's ability to serve small businesses in underserved communities across the country.

Lendistry CEO, Everett K. Sands, says, "Lendistry is pleased to add these outstanding individuals to our team of rock stars!"

Heading up operations as Lendistry's new Chief Operations Officer, Scharrell Jackson has over 20 years of experience leading teams to outperform all expectations at firms including Squar Milner and more recently, BPM LLP. Jackson has a well-honed, holistic approach to operations that results in sustainable business practices, scalability, and financial profitability.

Jackson is also Founder and CEO of Leadership in Heels Women Speaker Series, through which she motivates, educates and equips women to see themselves as unapologetic leaders.

Jason Haasehas come on board as Lendistry's new Chief Financial Officer. Haase brings with him expertise in technology and financial services that spans from startups to Fortune 500 companies, with a focus on financial planning and analysis, strategic planning, and team building.

With a dynamic history of roles from Co-Founder, to CFO, to Managing Partner, Haase comes to Lendistry after serving as CFO at ePreop, now part of Provation, where he oversaw all administrative activities and supported considerable company growth.

Before joining Lendistry as its Chief Marketing Officer, Joseph Kerwin spent 18 years in B2B marketing leadership roles at Wells Fargo, in addition to overseeing all aspects of marketing at tech and fintech startups.

An in-depth knowledge of business operations and management strategies gives Kerwin a nuanced approach to communications and brand identity. Kerwin's creative approach to brand evolution in a high-performing organization is the perfect fit for Lendistry and its nonprofit partner, The Center by Lendistry.

As Lendistry's new Chief Technology Officer, Karthik Ramaswamy has over 18 years of experience driving the development of high-performance software products. Most recently, Ramaswamy served as VP of Framework Engineering and Digital Banking at American Express, then Chief Architect of Digital Platforms at JP Morgan, where he oversaw the architecture of API and data frameworks at the firm's Central Investment Bank.

As the only fintech Community Development Financial Institution, Lendistry trusts the growth and evolution of its proprietary technology to Ramaswamy's self-proclaimed maniacal attention to detail.

This vanguard of accomplished leaders is taking the helm on the Lendistry team in a time of great momentum as Lendistry rises to the challenge of helping locally-owned businesses weather the pandemic.

About Lendistry

Lendistry (Lendistry.com) is a minority-led and technology-enabled small business and commercial real estate lender with Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certification. Lendistry ranks second nationwide in SBA Community Advantage lending, providing responsible financing to small business owners and their underserved communities. Lendistry is a member of the Federal Home Loan Bank of San Francisco, and is headquartered in a Los Angeles Opportunity Zone. In 2020, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states and was selected by the State of California to administer the California Small Business COVID-19 Relief Grant Program, which distributed grants to small businesses that lost significant revenues during the pandemic. Lendistry and its nonprofit partner organization, The Center by Lendistry, are dedicated to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.

Media Contact:

Kate Kearns

kate.kearns@lendistry.com

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Lendistry Adds Four Top Executive Trailblazers to Its Leadership Team - KPVI News 6

Nigerias Federal Government has taken delivery of 656,752 prepaid meters as part of the National Mass Metering Programme (NMMP).

Under phase 0 of the Central Bank of Nigeria-funded meter rollout programme, the government of Nigeria pledged to provide one million meters to Nigerians whose bills are still based on estimation.

However, of the 656,752 prepaid meters, 305,962 have already been installed for consumers, according to the Special Adviser to the President on Infrastructure, Ahmad Zakari.

Have you read?Nigeria federal government rejects World Bank power sector report

In an interview with local media, Vanguard News Nigeria, he said: The major problem faced by the indigenous producers and Meter Asset Providers, MAPs is the pace of ramp-up of available personnel for installation. Another problem is the lack of a vital plastic component as one of the two major global suppliers (based in Germany) had shut down during the Coronavirus pandemic, resulting in pressure to the value chain.

However, disbursement has been made for 656,752 meters, with the Discos already in receipt of almost 85% of the funded meters. Based on the current trend, all Phase 0 installations should be completed by the end of June, 2021.

According to him, the nation would start its phase one and later phase two of the meter rollout plan.

Previously, the Chairman of the Nigerian Electricity Regulatory Commission, NERC, Engr. Sanusi Garba, had said in an interview with Vanguard that, the Nigerian Electricity Supply Industry, NESI, had what we call the Meter Asset Provider, MAP. That scheme was a regulation we issued in 2018 and it took effect in 2019, involving third-party businessmen.

We gave them permits, and they went to the Discos and got contracts to supply, install and maintain meters for them.

So, they are the ones that have a responsibility to install meters for every Disco in Nigeria. That system is still working as we speak.

However, what happened was that when we gave the permits to those MAPs, and then they got the contract with the Discos, each of them was given quantities of meters to supply.

Have you read?NERC intends to conclude extraordinary tariff review for 11 Discos

In our regulation, we stated that each MAP must get at least 30 per cent of his meters from a local manufacturer, because we want to encourage local production, but 70%, they can import. So, they started, some importing, others buying locally to install the meters.

Along the line, the government had a new policy, introducing an additional levy of 35 per cent import levy on imported meters, which affected the MAP because at the time we agreed on the price of meters, the levy was about 10%.

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Nigerian government at 85% of its 1 million meter rollout plan - ESI Africa

You built your business from the ground up, patiently finding techniques and products that work, carefully crafting solid bonds with your clients. Then one day a new project, opportunity or simple request poses a question: Is it time to branch out overseas?

Of the welter of questions to consider, the first and most important involves location: not just the physical location of the prospective expansion site, but the cultural differences between a firm's home country and its new destination. Secondly, key company traits need to be considered in choosing the investment locations. Is your firm large or small? Young or old? Finally, of pivotal importance to companies outside the United States: Is your company privately held or state-owned?

In a recent paper, Rice Business professor Yan Anthea Zhang looked closely at these three variables with Yu Li of the University of International Business and Economics Business School in Beijing, China and Wei Shi of the Miami Business School at the University of Miami. What, the researchers wanted to know, was the relation of these three features and firms' location choices for their overseas investments?

To find out, Zhang and her colleagues analyzed 7,491 Chinese firms that had recently ventured into foreign markets with 9,558 overseas subsidiaries. Because China now has become the world's leading source of foreign direct investments, the sample promised to be instructive. Thanks to the large sample size, researchers could test hypotheses relating to firm size, age, ownership and the impact of geographical and cultural distance on their location choices.

After studying the elements of geographic distance and cultural distance, Zhang and her colleagues uncovered a paradox. Companies that had an advantage in tackling one dimension of distance were actually disadvantaged because of the same characteristic in another dimension.

How, exactly, did this paradox work? Larger firms, with access to more resources, can "experiment with new strategies, new products, and new markets," the researchers wrote. This large size makes geographic distance less of a concern, but it comes with a ponderous burden of its own. Company culture is directly influenced by the country of origin, Zhang wrote. Transferring that culture into a completely different environment can cause the kind of shock that could lead to failure, even with financial and physical resources to ease the geographical distance. Conversely, smaller firms may be more nimble and able to adapt to needed cultural changes but lack the resources to make true inroads in a foreign market.

A similar paradox exists for older and younger firms, Zhang wrote. A younger firm is more likely to adapt to a culturally distant country than an older firm might, even if that youth means that geographical distance is a greater logistical challenge.

State-owned firms face a similar paradox, one that comes down to the balance of resources against cultural flexibility. A company with state-generated resources may be better equipped to move a caravan people, machinery and materials to a distant new location. However, state-owned companies often typically lack the internal cultural flexibility to handle expansion to a different environment.

What does this mean for the average manager? Simply that going global demands meticulous weighing of factors. Does your firm have the practical resources to expand overseas? Does your staff have the personal flexibility and willingness to meld company culture with that of a different milieu? It's a truism that major overseas expansions require money and heavy lifting. Less obviously, managers of successful companies must thread a very fine needle: ensuring they have the material resources to get their business overseas physically, while confirming that company culture is light enough on its feet to thrive in day-to-day life in a new place.

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This article originally ran on Rice Business Wisdom and is based on research from Yan Anthea Zhang, a professor and the Fayez Sarofim Vanguard Chair of Strategy in the Jones Graduate School of Business at Rice University.

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To expand or not to expand? Houston researcher weighs in on global growth - InnovationMap

As if retirement savers didnt have enough to worry about, last week a report reminded us how much money theyre going to need in retirement just for health care.

In fact, Fidelity Investments 20th annual Retiree Health Care Cost Estimateclaims that a 65-year-old, opposite-gender couple[i]retiring this year can expect to spend a whopping $300,000 in health care and medical expenses throughout retirementan 88% increase since 2002.

This years estimate is a new high, and even if its up just 1.7% from 2020 ($295,000), its 30% higher than 10 years ago when the amount was $230,000.

What Are the Odds?

Now, if youre finding all that a bit depressing, you might turn instead to the work that the Employee Benefit Research Institute (EBRI) did a year ago, when the group examined those needs. However, they found that the overall projected savings needed to have a 90% chance of having enough money to pay for premiums, Part B deductiblesandout-of-pocket drug expenses for retirement at age 65 in 2020 for a couple with drug expenses at the 90th percentile was then estimated at $325,000that said, it was down from $363,000 in 2019 and $399,000 in 2018.[ii]

Not feeling any better?

The Spread

Well, consider that for a typical 65-year-old woman, a Mercer-Vanguard modelpredicts an annual health care expense of (just) $5,200 in 2018. And then there is that interesting report from 2019 (aptly titled A New Way to Calculate Retirement Health Care Costs) by T. Rowe Prices Sudipto Banerjee who suggested then (and presumably would again today) that it may be more practical to look at health care as an annual expense incurred over the 20-30 years youll actually incur those expenses, rather than as a lump sum.

More recently, Banerjee points outanother aspect of these large lump sum totals that is easy to overlookand thats the impact of health care shocksthose really high health care cost increases (say in excess of $25,000) that many worry about, but that dont usually affect younger retirees.[iii]

Confused?

Well, even if you arent, you can surely understand why your average retirement saver might be. Worse, my guess is that the only takeaway most would get from all this is the first headline[iv]that theyre going to need more for health care expenses in retirementalonethan many have accumulated for the totality of their retirement expenses.

Ultimately, these types of projections serve to remind us that health care costs need to be contemplated as a part of retirement expensesand that, at the extremes, those costs can quickly wipe out funds set aside for living expenses. Little wonder that concerns about the costs of health care in retirement dominate the concerns of those not yet across that threshold.

But as youre sharing these headlines with saversdoubtless hoping theyll take it as a wake-up call, an incentive and an encouragement to plan, and perhaps to save morewe should keep in mind that those attention-grabbing lump sum numbers are, at best, an estimate that attempts to put a framework around a very specific aspect of retirement spendingone that for the vast majority wont come due all at once, but over decades, one that may well not emerge until much later in retirement, one that may never ever arise in that projected magnitude.

Bear in mind as well that, however eye-opening or jaw-dropping the headline, presented out of context it might have the opposite effectdiscouraging and even disincentivizing the very behaviors we hope to inspire.

[i]For single retirees, the 2021 estimate is $157,000 for women and $143,000 for men.

[ii]Fidelitys estimates above assume both members of the couple are enrolled in traditional Medicare (which between Medicare Part A and Part B covers expenses such as hospital stays, doctor visits and services, physical therapy, lab tests and more), and in Medicare Part D, which covers prescription drugs. Neither includes the potential impact of long-term care costs, though EBRI routinely does in it modelling of retirement savings needs.

[iii]Indeed, not only does he write that they are more prevalent among those who reach their 80s and 90s, but thateven thenits (only) a very small percentage of people (3.6% of those ages 80-89, and 8.4% for those ages 90-99however, overall, even for those between ages 90 and 99, less than one-third experienced an increase of more than $2,000, he notes).

[iv]To their credit, having gotten your attention with that headline, the press releaseaccompanying it does offer a perspective on how that financial need could be satisfied taking advantage of a health savings account. Ahh, the magic of compounding!

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Second Opinion(s) on Health Cost 'Coverage' - National Association of Plan Advisors

Valley News Business Writer

Published: 5/10/2021 6:30:26 PM

Manufacturer Hypertherm, marking out diversity in the workplace and implicit biases among managers as top priorities at the company, has signed a pair of pledges committing to be more inclusive in both hiring and advancement of current employees.

The move puts Hypertherm among the vanguard of U.S. employers that are taking proactive stands in reaching out to underrepresented segments of the population as long-simmering issues of racial and gender equality are confronting political and business bosses in statehouses and board rooms.

Diversity and inclusion are often difficult and sensitive issues to discuss, Hypertherm CEO Evan Smith said in a news release last week. Hypertherm strongly believes we have a responsibility to cultivate an environment that is welcoming to all people no matter their ethnicity, gender identity, sexual orientation, age, religion, or countless other aspects of individual identity.

The first pledge, called Pledge for Action and organized by the National Association of Manufacturers, seeks to increase employees at Hypertherm from underrepresented communities and is part of NAMs goal to create 300,000 manufacturing jobs for people of color by 2030.

The NAM pledge includes developing tools for hiring managers to detect their own unconscious bias or affinity bias when recruiting and interviewing job candidates for open positions in addition to implementing methods for tracking diversity at each stage of the hiring and promotion process.

Bias can take the form of a hiring manager favoring certain schools or not giving weight to atypical job experience on a job candidates resume, Smith noted in an interview.

Smith acknowledged the challenge of seeking a diverse labor force for factory jobs at the companys Lebanon plant given the lack of diversity in the regional population.

But he said Hypertherm, which makes industrial cutting systems, will broaden its recruitment strategy for professional positions in engineering and business by strengthening links with national historically Black colleges and universities and other recruitment networks that reach the Black, Indigenous or people of color community.

Hypertherm says that 14% of its 1,550 U.S. employees the company employs 250 people outside the U.S. from whom data is not collected identify as BIPOC, although many of them are based at company facilities in Seattle and Minneapolis.

(In the Upper Valley, Hypertherm employs about 1,100 people; Smith said turnover runs about 7% or 77 positions annually).

The second pledge, called CEO Action for Diversity & Inclusion an initiative launched by executives from such corporate giants as Accenture, Deloitte, New York Life and Procter & Gamble commits members to cultivate a workplace where diverse perspectives and experiences are welcomed and respected and where employees feel encouraged to discuss diversity and inclusion.

Smith said the pledges are not simply meant to align Hypertherm with the latest buzzwords served up by human resource consultants; they aim to solidify the companys core philosophy of inclusion and respect.

Honestly, if we were doing this just for credit we wouldnt be doing it, Smith said. The pledges are a testament to our workforce. ... Its driven by whats right, whats fair and what works well for us.

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Hypertherm signs pledges to foster inclusivity in its workforce - Concord Monitor

Strengthening STEM pathways

Todays STEM students and researchers are the leaders and innovators of tomorrow. One of my key priorities is realizing the full potential of the American workforce. There is tremendous talent throughout our nation, but only a fraction of it becomes part of the broader STEM community.

US competitiveness depends on reaching that talent, because we need an agile and adaptable workforce that can upskill, reskill and succeed through creative and innovative mindsets. The need is perhaps more urgent now than ever as the pandemic has deeply impacted pathways to STEM education and careers.

As we work to spur recovery and provide relief, we are looking at how we can scale up the reach of the broader STEM community so that anyonefrom any background and from any part of the countrywho has the aspiration and talent to go into a STEM career is given the opportunity and provided the support to do so.

This will require strengthening pathways into STEM fields and expanding our reach into communities where talent exists. We are going to have to develop new approaches and tailor educational experiences for communities to be more effective at bringing talent into the STEM enterprise.

NSF is also working to develop a diverse workforce capable of driving the industries of the future. For example, we are currently on the cusp of a new quantum revolution and we need a well-trained workforce to accelerate it.

NSF has funded quantum research and education since the 1980s by providing support for thousands of graduate students, post-docs, and early career researchers. Now, the agency is finding new ways to train students in the flexible thinking needed to learn about quantum and to adopt education concepts that could have broad benefits across the country.

Through the National Q-12 Education Partnership, NSF has invested $1 million in linking top industry and academic leaders to build a better-trained, more diverse group of quantum learners, ready one day to enter the quantum workforce.

This effort includes investing in projects such as a University of Illinois Urbana-Champaign and University of Chicago collaboration to create curricula and implement tools that will increase quantum awareness and literacy at the K-12 leveland ultimately for all age groups.

Another project, run by the American Association of Physics Teachers, will host summer workshops for teachers and build a community of educators working to deploy QIS-focused content at schools.

Seeding bold, large-scale foundational and transformative research with meaningful societal and economic impact

By seeding strategic investments, NSF steers the frontiers of discovery and innovation toward breakthroughs that address pressing societal challenges and that places the US at the vanguard of global leadership.

The global pandemic has dramatically underscored the importance and uniqueness of NSFs long-term support for foundational research coupled with use-inspired innovations across the entire spectrum of STEM fields.

NSF rapidly responded to the pandemic by deploying decades of discovery and innovations in support of researchers across all fields of science and engineering working to understand and combat the virus. The results ranged from new designs for vital personal protective equipment and testing devices more easily deployable in the field to new models that advanced our fundamental understanding of the viruss structure and how it functions, to name a few.

Additionally, NSFs early support for projects like CRISPR and the science that led to the creation of the technique polymerase chain reaction have enabled major advancements in our ability to understand the COVID-19 virus and the development of vaccines to slow its spread.

Years of NSF support for dark matter research even resulted in surprising outcomes that facilitated pandemic response efforts. When particle physicists working in Italy on NSF-supported dark matter research were forced to halt their work because of the global pandemic, they quickly shifted focus to look for solutions. Familiar with using and building sensitive detection equipment involving handling and pumping gases, it was a natural transition to adjust focus from the argon used in their dark matter detector to oxygen and lungs instead. Their quick work resulted in an FDA approved ventilator constructed from low cost and easily accessible materials.

These innovations began as exploratory-based research projects aimed at better understanding the world around us. They exemplify the potential benefits of science, technology and engineering solutions that are driven by the unbelievable power of curiosity-driven research.

In other words, NSF supports both fundamental explorations and use-inspired innovations that make possible technological progress and produces solutions to challenges facing society. This is because the scientific pursuit of knowledge and understanding cannot be separated from the development of new technological capabilities.

And, in turn, these new capabilities allow us to pursue new research questions that were once out of our reach, forming a virtuous cycle.

The DNA of NSF

It is this double helix of curiosity-driven, discovery-based explorations in synergy with use-inspired, solutions-focused innovations that makes up the DNA of NSF.

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Building Stronger Bridges Between Discovery, Innovation, and Prosperity - Physics

Almost Famous

Last Wednesday, David Swensen succumbed to cancer. He died as he had lived during the past 35 years, as the CIO for Yales endowment fund.

Although Swensen wasnt a household name, he was a superstar within his field. Just saying Swensen made pension-fund managers nod approvingly. Say David and they would also know to whom you referred, smirking at your attempt to convince them of your mutual familiarity. He was that famous.

The numbers were responsible. While personalities(Jim Cramer!)drive media ratings, the reverse occurs within the investment industry. There, the results create the personalities. By consistently beating its peers, year after year, decade after decade, Yales fund became the endowment benchmark--and Swensen its charismatic talisman. Other investment professionals wanted to be like David.

The chart below portrays the 30-year performance for Yale Endowment, through its most recent fiscal year of June 30, 2020. Accompanying its annualized returns are those for: 1) Warren Buffetts Berkshire Hathaway (BRK.B), 2) Vanguard 500 Index(VFINX), 3) the largest balanced mutual fund of 1990, Vanguard Global Wellington(VGWLX), and 4) the average large educational endowment fund, courtesy of data from the National Association of College and University Business Officers, or NACUBO.

Berkshire Hathaway has struggled over the past several years, leading many to question whether Buffett has lost his touch, but its 30-year credentials are unquestioned. Theres no shame in slightly trailing Berkshire during that time. Yale Endowment clocked all the other contestants. Admittedly, Swensens pension-fund rivals didnt cover themselves in glory by lagging a traditional balanced fund, but Yales victory margin was nevertheless substantial.

Presenting annualized results over such a long period obscures the investments cumulative differences. The next chart better illustrates Swensens achievement.

Had Yale Endowment matched the performance of its typical competitor, claims its report, it would have forgone $34 billion in gains.[1] One can understand why Swensen, not the football coach, was perennially the universitys highest-paid employee. (Well, that and the fact that, unless Harvard is in town, the team draws about 10,000 fans per game, with Yale students attending for free.) The ability to add alpha when managing a large sum of money is highly valuable.

Swensen built his career with alternative investments. When he took over the fund in 1985, it was conventionally positioned. Aside from a small real estate position, Yale Endowment looked much like a mutual fund, holding two thirds of its assets in stocks, largely U.S. equities, and most of the rest in bonds and cash. Swensen had other ideas. In time, he transformed the fund almost completely. Today, its equity stake is only 14%.

What was lost in equities--or, to a lesser extent, fixed-income securities--has been gained in alternatives. The current composition of the portfolios Other slice appears below. The funds biggest exposures are to three types of private fund: 1) absolute return (Yale's term for what others call hedge funds),2) venture capital, and 3) leveraged buyout. Rounding out the portfolio are two tangible assets: 1) natural resources and 2) real estate.

This shift in allocation was based partially on investment math. Why should endowments, which are exempt from the Investment Act of 1940 that governs public funds, limit themselves to commonplace securities? Diversifications highest rewards come to those who invest most broadly. Spreading Yale Endowments wealth across the investment spectrum permits the fund to pursue higher returns while affording it the protection that comes from owning assets that move irregularly. When one part of the portfolio sinks, another might rise.

However, the change also stems from Swensens desire to invest actively. For him, adopting alternative investments not only modernized the funds allocation, but permitted him more opportunity to select winners. States Yales report, Alternative assets, by their very nature, tend to be less efficiently priced than traditional marketable securities, providing an opportunity to exploit market efficiencies through active management. But such chances are only infrequently seized. Only the elite managers can accomplish the feat consistently.

And who better than the well-placed Swensen, with his team of researchers, to identify and hire those elite? Nobody, as it turned out. Over the years, many pension-fund managers would mimic Yale Endowments asset allocation; most learned, to their regret, that Swensens greatest skill was manager selection. By Yales calculations, only 40% of its funds alpha owes to asset allocation. The remaining 60% comes from having superior managers. The alternative funds in Yales portfolio have comfortably outgained their peer-group averages.

Swensen was his industrys Peter Lynch. Like Swensen, former Fidelity Magellan (FMAGX) manager Lynch thrived by combining uncommon insight with privileged access. (Back in the day, Fidelity wielded as much power when summoning CEOs to its Boston office as Swensen did when inviting hedge fund managers to New Haven.) Each refuted the strongest form of investment skepticism, that even the best portfolio managers cannot outrun the pack. Lynch and Swensen were the best of their times and places, and they certainly did.

But theirs were solo achievements. Few who read Lynchs Beating the Street found their own collection of ten baggers.Lynch was not only more skilled than almost all his imitators, but also better equipped. He possessed both the staff and the near-insider information. Similarly, pension-fund managers who wished to become the next David Swensen rarely succeeded. Indeed, many lowered their portfolios returns, at least for the near term, by swapping equities for alternative investments before stocks began their long bull run. (Yale benefited from its allocation for the first 25 years of Swensen's tenure, but not during the most recent decade.)

Within his field, Swensen was regarded as a popularizer. Many contemporaries followed his lead. In doing so, they misunderstood Swensens true gift. His brilliance lay not in showing others the way, but rather in accomplishing what they could not.

[1] This note initially puzzled me, given that Yale Endowment held $31 billion in assets when that statement was written. How could Swensen have generated more wealth than the fund contains? But of course, Yale continually spends the portfolio, which accounts for about one third of the universitys revenues. Yale's point: Had the university instead retained those assets, the fund would be double its current size.

John Rekenthaler (john.rekenthaler@morningstar.com)has been researching the fund industry since 1988. He is now a columnist for Morningstar.com and a member of Morningstar's investment research department. John is quick to point out that while Morningstar typically agrees with the views of the Rekenthaler Report, his views are his own.

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David Swensen: The Peter Lynch of Institutional Investing - Morningstar.com

Americans love many things, and near the top of any such list of our delights and obsessions are sports and watching television.

The marriage of sports and TV in the mid-20th century was inevitable and brought the drama, thrills, tears, anger, comedy, boastfulness, tribal loyalties and nonsense of competition and talent into our living rooms. It also made a lot of people obscene amounts of money.

As a nation, weve been a hot mess when it comes to sports TV since the pandemic began. Were watching some events and leagues in far fewer numbers while sticking with others. The reasons abound and probably will be debated in the comment section.

The downward sports viewership trend appears to be leveling off, but who knows how itll play out as we exit this historic and tragic era.

Link:

From Preakness to Pulisic, NFL schedules to NBA playoffs: Here are 10 sports TV trends to monitor - The Athletic

"It's hypnotic, ballsy, amazing The crowd is on their feet, yelling and stomping their approval." (VIBE magazine reports a TV audience reaction to Missy Elliott's Get Ur Freak On, June 2001)

Twenty years ago, Virginia-born rapper, singer-songwriter and producer Missy "Misdemeanour" Elliott released what would prove to be one of the most iconic anthems in modern music: Get Ur Freak On. This was no debut Elliott had already made a bold impact with hits over two albums: Supa Dupa Fly (1997) and Da Real World (1999), as well as penning songs for R&B stars such as Aaliyah and SWV with her long-time friend, producer and collaborator, Timbaland but it was a gamechanger. From its opening notes, the track was fantastically irrepressible: the six-note melody played on a Punjabi one-stringed tumbi; the impulsive tabla percussion; Elliott's vivacious Southern flow ("I know you dig the way I sw-sw-switch my style"). In 2001, it felt like a thrilling shock to the system; countless plays, remixes (and multi-genre covers) later, Get Ur Freak On still sounds utterly electrifying.

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Switching things up had definitely been Elliott's intention. By then in her late 20s, she was already a savvy businesswoman, had founded her own offshoot (The Goldmind) from major label Elektra, and was conscious of the industry pressure surrounding her next move. There was also a sense that while Timbaland's distinctive productions were proving widely influential, they weren't yet getting their mainstream due. In the above VIBE feature (written by Marc Weingarten), Elliott explained that: "I wanted to do what everybody else is scared to do." She and Timbaland had actually created Get Ur Freak On as an impromptu late addition for what would be her third album Miss E So Addictive; first, though, she intended to let the track "marinate in the clubs for a while, get a street buzz going". This buzz would blossom into a crossover storm; Get Ur Freak On channelled serious hip-hop cach, worldly flavours, and an instant, all-encompassing pop appeal, as Elliott insisted: "It could be about dancing, the bedroom, whatever. You're cleaning your house? Get your freak on!"

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Get Ur Freak On: The most iconic 21st-Century dance anthem - BBC News