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How the ultra-high-net-worth investor prepares for a recession
August 27, 2019 | - The Globe and Mail | by TARA DESCHAMPS, SPECIAL TO THE GLOBE AND MAIL.

investment managers thinking more strategically about how to protect their clients’ wealth, which includes everything from traditional stocks and bonds to alternative assets such as real estate, private equity and debt.

Mr. Janson, who still has “deep, long scars” from the 2008 recession, which he spent in Switzerland as a portfolio manager, says his main advice for UHNW individuals is to diversify. By spreading assets around, investors have a better chance of softening the blow to their overall portfolio if one sector is hit harder than others.

“Too many Canadians have too many eggs in one or two baskets, usually stocks and bonds,” Mr. Janson says. “You should be thinking about all asset classes, whether that’s stocks, bonds, private equity, private debt, real estate debt, real estate equity, hedge funds and others.”

Mr. Janson also keeps an eye on real estate investments as an opportunity. Housing prices typically fall during a recession, and more homes hit the market when owners can no longer afford the mortgages or need to shore up cash.

If the UHNW want to be involved in real estate in a recession, Mr. Janson recommends they look for “defensive” pockets in the market.
asset_classes  diversification  high_net_worth  howto  personal_finance  precaution  preparation  recessions 
7 weeks ago by jerryking
Momofuku’s Secret Sauce: A 30-Year-Old C.E.O.
Aug. 16, 2019 | The New York Times | By Elizabeth G. Dunn.

Momofuku was founded in 2004, with an East Village ramen bar that, after some initial stumbles, wowed diners by combining pristine ingredients and impeccable technique in humble dishes that melded influences from Japan to Korea to the American south. Since then, it has become a private-equity backed company with restaurants from Sydney to Los Angeles; a growing chain of fast-casual chicken sandwich shops; a media production unit churning out television shows and podcasts; and designs on creating a line of sauces and seasonings that could capture supermarket aisles across America. While Mr. Chang is the brand’s lodestar, Ms. Mariscal, 30, is the executive who makes it all work.

Born and raised on the Upper West Side, to the family that founded the specialty foods emporium Zabar’s, Ms. Mariscal began her career at Momofuku in 2011, as a public relations and events intern. Over the years, she quietly became Mr. Chang’s closest collaborator and confidante, a largely unknown force shaping matters as varied as menu design, branding and business development. “She’s the only person I’ve ever felt comfortable giving complete carte blanche to, in terms of what Momofuku looks like and what it should be,” Mr. Chang said. He recalled suggesting to the company’s board that Ms. Mariscal be named C.E.O. almost four years ago, when she was 26. She finally assumed the role in April.

It’s not unusual for a chef like Mr. Chang to parlay cooking talent and charisma into restaurants, cookbooks and television shows — a formula pioneered by the likes of Emeril Lagasse, Bobby Flay and Rick Bayless in the 1990s. But chef-driven food brands of the scope and ambition that Mr. Chang and Ms. Mariscal envision for Momofuku, with dozens of locations and mainstream packaged food products, are harder to pull off.

Adding to the challenge is Momofuku’s particular identity, which revolves less around a distinct culinary tradition than an attitude of restless innovation, boundary pushing and spontaneity. A formulaic chain of steakhouses, Momofuku ain’t. Scaling that ethos requires a tightrope act: Create enough structure and continuity to stave off chaos, without destroying the brand’s animating spirit in the process.
Asian  brands  branding  business_development  CEOs  chefs  commercial_kitchens  David_Cheng  detail_oriented  differentiation  diversification  food  founders  fusion  growth  high-standards  interns  investors  kitchens  leadership  Momofuku  organizational_structure  restauranteurs  restaurants  scaling  special_sauce  women  workaholic 
7 weeks ago by jerryking
The Ad Industry Has High Hopes for Direct-to-Consumer Businesses
June 17, 2019 | WSJ | By Nat Ives.

Advertising has turned its attention to what it hopes will be the next new engine of growth for the industry: direct-to-consumer marketers.

Direct-to-consumer businesses, which offer everything from mattresses to toothbrushes to home workouts, start by cutting out middlemen such as physical retail distributors. And they relentlessly focus on measures such as the cost to acquire a new customer—while relying on advertising, usually on social media, as the main way to grow.......ad executives hope that the booming DTC business can become a major new revenue source for the industry.....DTC brands play in an apparently unlimited range of products and could have rapid expansion ahead.

A varied field
Measures of DTC activity vary, but all indicate rapid growth. For a picture of U.S. ad spending by DTC companies, Magna tracks a basket of 13 companies that it considers disrupters, including footwear seller Allbirds Inc. and bedding marketer Casper Sleep Inc. Their spending increased 35% last year to $378 million, and is likely to grow another 30% this year and 25% next year.

And they’re spreading out from their usual advertising havens such as social media. The 13 brands’ national TV spending soared 42% in 2018 to $137 million, for instance, and is expected to rise 34% this year and 25% in 2020, Magna says........For some DTC brands, diversification is partly about protection.....Bombas LLC decided to move a big chunk of its marketing budget away from Facebook .....fearing its strategy could be hurt if the social network unexpectedly changed an algorithm or shifted a policy......Diversification is also a matter of taking growth to another level. DTC brands are “reaching the scale where they want to talk to the mass market, to consumers everywhere in the country, not just the trendsetters,” ......After a certain point for a DTC brand, increasing spending in the same place begins to produce diminishing returns, says Heidi Zak, co-founder and co-chief executive at DTC bra company ThirdLove Inc. The company says it has sold more than four million bras since it started taking orders in 2014, and has had annualized revenue growth of 180% over the past four years. It declines to disclose its sales figures or ad budget.

“Today, when people ask me where we are, I say pretty much everywhere,” Ms. Zak says, rattling off advertising channels including Facebook, Pinterest , search, podcasts, radio, direct mail, print and TV. The company ran its first national branding campaign last fall to advance a theme of “To Each, Her Own”—with a longer-term goal rather than immediate sales.
advertising  advertising_agencies  booming  brands  customer_acqusition  direct-to-consumer  diversification  out-of-home  self-protection  social_media  store_openings 
june 2019 by jerryking
Decolonising Science Reading List – Chanda Prescod-Weinstein – Medium
"A note on Making Meaning of “Decolonising” — and in relation to that I want to be clear that the original motivation behind the creation of this list was to address a land claim issue: the use of Maunakea by non-Kanaka Maoli for science. Please be thoughtful about using “decolonising” if you’re not going to tie it into the physicality that colonialism necessarily requires. Intellectual colonialism only works when there is a physical threat associated with it.

A twitter thread by Melissa Daniels (Athabasca Chipewyan First Nation) on engaging in colonialist activity under the guise of “decolonising education”

Thank me for my free labor maintaining this list by making a donation to The Offing via Paypal, Crowdrise, or a monthly donation at Patreon.

October 2016 Introduction
In April, 2015, one of the most visible topics of discussion in the Astronomy community was the planned Thirty Meter Telescope and protests against it from Native Hawaiians who didn’t want it built on Mauna Kea. I wrote a lot about this on social media, spending some significant time trying to contextualize the debate. This reading list was originally created in response to requests for where I was getting some of the information from. A lot of people asked me about what I’d been reading as reference points for my commentary on the relationship between colonialism and what we usually call “modern science.”

In August 2016 I updated to announce: I’m happy to report that Sarah Tuttle and I will be contributing to this list with our own publications in future thanks to this FQXi grant that we are co-I/PI on: Epistemological Schemata of Astro|Physics: A Reconstruction of Observers. The grant proposal was based on a written adaptation of a speech I gave at the Inclusive Astronomy conference, Intersectionality as a Blueprint for Postcolonial Scientific Community Building.

As part of this work, I’ve continued to expand the reading list, which seems to have become a global resource for people interested in science and colonialism. As I originally said, I make no claims about completeness, about updating it regularly, or even ever coming up with a system for organizing it that I find to be satisfactory. You’ll find texts that range from personal testimony to Indigenous cosmology to anthropology, to history to sociology to education research. All are key to the process of decolonising science, which is a pedagogical, cultural, and intellectual set of interlocking structures, ideas, and practices. This reading list functions on the premise that there is value in considering the ways in which science and society co-construct. It is stuff that I have read all or part of and saw some value in sharing with others.

I am especially indebted to the #WeAreMaunaKea movement for educating me and spurring me to educate myself.

Original April 2015 Commentary

There are two different angles at play in the discussion about colonialism and science. First is what constitutes scientific epistemology and what its origins are. As a physicist, I was taught that physics began with the Greeks and later Europeans inherited their ideas and expanded on them. In this narrative, people of African descent and others are now relative newcomers to science, and questions of inclusion and diversity in science are related back to “bringing science to underrepresented minority and people of color communities.” The problem with this narrative is that it isn’t true. For example, many of those “Greeks” were actually Egyptians and Mesopotamians under Greek rule. So, even though for the last 500 years or so science has largely been developed by Europeans, the roots of its methodology and epistemology are not European. Science, as scientists understand it, is not fundamentally European in origin. This complicates both racist narratives about people of color and innovation as well as discourse around whether science is fundamentally wedded to Euro-American operating principles of colonialism, imperialism and domination for the purpose of resource extraction.

This leads me to the second angle at play: Europeans have engaged what is called “internalist” science very seriously over the last 500 years and often in service and tandem with colonialism and white supremacy. For example, Huygens and Cassini facilitated and directed astronomical observation missions in order to help the French better determine the location of St. Domingue, the island that houses the modern nations of Haiti and the Dominican Republic. Why? Because this would help make the delivery of slaves and export of the products of their labor more efficient. That is just one example, which stuck out to me because I am a descendant of the Caribbean part of the Atlantic Slave Trade, and I also have two degrees in astronomy (and two in physics).

There is a lot that has been hidden from mainstream narratives about the history of astronomy, including 20th century history. Where has the colonial legacy of astronomy taken us? From Europe to Haiti to now Hawai’i. Hawai’i is the flash point for this conversation now, even though the story goes beyond Hawai’i. If we are going to understand the context of what is happening in Hawai’i with the Thirty Meter Telescope, we must understand that Hawai’i is not the first or only place where astronomers used and benefited from colonialism. And in connection, we have to understand Hawai’ian history. Thus, my reading list also includes important materials about Hawai’i’s history.

tl;dr: science has roots outside of the Eurasian peninsula known as Europe, it likely has its limitations as one of multiple ontologies of the world, it has been used in really grotesque ways, and we must understand all of these threads to truly contextualize the discourse in Hawai’i around science, Hawaiian epistemologies and who gets to determine what constitutes “truth” and “fact” when it comes to Mauna a Wakea.

Finally, I believe science need not be inextricably tied to commodification and colonialism. The discourse around “diversity, equity and inclusion” in science, technology, engineering and mathematics must be viewed as a reclamation project for people of color. Euro-American imperialism and colonialism has had its (often unfortunate) moment with science, and it’s time for the rest of us to reclaim our heritage for the sake of ourselves and the next seven generations.

Note: this reading list is woefully low on materials about science in the pre-European contact Americas, Southeast Asia and parts of Australasia. I’m probably missing some stuff, but I think it signals a problem with research in the history of science too. Also I make no claims about completeness or a commitment to regularly updating it with my newest finds. Also see A U.S./Canadian Race & Racism Reading List.

May 2017 edit: I also just learned that there is a Reading List on Modern and Colonial Science in the Middle East.

October 2017 edit: I gratefully acknowledge Duane Hamacher of the Indigenous Astronomy twitter account for suggesting texts on Australian Indigenous astronomy and for introducing me to research on subarctic Indigenous astronomy.

Martin Kusch’s Sociology of scientific knowledge bibliography may be of interest.

As of May 2017 Beatrice Martini has posted Decolonizing technology: a reading list.

Works by me that may help you contextualize the list with problems I’ve been thinking about. These are partly here not because I particularly enjoy tooting my own horn but because I found that without them, people were assuming I hadn’t contributed to the dialogue myself beyond this reading list:

[lists follow]"
sciene  decolonization  readinglists  chandaprescod-weinstein  diversification  diversity  culture  race  gender  indigenous  indigeneity  imperialism  colonialism  science 
april 2019 by robertogreco
How the 0.001% invest - Investing and the super-rich
Dec 15th 2018

Global finance is being transformed as billionaires get richer and cut out the middlemen by creating their own “family offices”, personal investment firms that roam global markets looking for opportunities. Largely unnoticed, family offices have become a force in investing, with up to $4trn of assets—more than hedge funds and equivalent to 6% of the value of the world’s stockmarkets. As they grow even bigger in an era of populism, family offices are destined to face uncomfortable questions about how they concentrate power and feed inequality......Every investment boom reflects the society that spawned it. ....The rise of family offices reflects soaring inequality......But since the financial crisis there has been a loss of faith in external money managers. Rich clients have taken a closer look at private banks’ high fees and murky incentives, and balked......Family offices’ weight in the financial system....looks likely to rise further. As it does, the objections to them will rise exponentially....that family offices have created inequality. They are a consequence, not its cause. Nonetheless, there are concerns—and one in particular that is worth worrying about: (1) The first is that family offices could endanger the stability of the financial system. (2) The second worry is that family offices could magnify the power of the wealthy over the economy.(3) that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors.

The answer is vigilance and light. Most regulators, treasuries and tax authorities are beginners when it comes to dealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed. And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings. In a world that is suspicious of privilege, big family offices have an interest in boosting transparency. In return, they should be free to operate unmolested.
diversification  family_office  finance  financial_system  investing  investors  money_management  the_One_percent  upper_echelons  high_net_worth 
january 2019 by jerryking
How different types of knowledge impact the growth of new firms | MIT News
In a paper published this week in the Proceedings of the National Academy of Sciences, a team led by César A. Hidalgo, director of the Collective Learning Group in the MIT Media Lab, studied the effects of occupation-specific, industry-specific, and location-specific knowledge on the success of pioneer firms. These are firms operating in an industry that has not previously been present in a region.

They found these pioneering firms were significantly more likely to survive and grow when their first hires were people with experience in the same or a related industry, rather than those who had experience carrying out the same type of job.
Research  diversification 
january 2019 by elrob

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