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jerryking : william_cohan   10

Marty Chavez Muses on Rocky Times and the Road Ahead
NOV. 14, 2017 | - The New York Times | By WILLIAM D. COHAN.

Mr. Chavez is about as far from the stereotypical Wall Street senior executive as you can imagine, and that is one reason his musings about the future direction of Wall Street are listened to carefully.

He grew up in Albuquerque, one of five children, who all went to Harvard. He got a doctorate in medical information sciences from Stanford University. (At that time, he was known by his full name Ramon Martin Chavez.)

In 1990, Mr. Chavez came out, the day after he defended his doctoral dissertation. – “Architectures and Approximation Algorithms for Probabilistic Expert Systems.” He is one of the few openly gay executives on Wall Street. ......In his current role as Goldman's CFO, Marty views his job as a simple one that is hard to get right: “I’m not paid or evaluated on the accuracy of my crystal-ball predictions,” he said. “I’m paid to enumerate every possible outcome and do something about every possible outcome well in advance, when it’s still possible to do something, because once it’s happened it’s too late.”....Unlike many of his peers on Wall Street, Mr. Chavez does not complain about the extent of the regulation that hit the financial industry as a result of Dodd-Frank. Generally speaking, he says, the regulations have helped banks “confront their problems and capitalize and bolster their liquidity,” making them “stronger as a result,” and the financial system safer and more profitable.....Instead of complaining about the extra expense and manpower required to comply with the mountain of new regulations, Mr. Chavez chooses instead to think about it differently. “If you approach the regulations as ‘Oh, we’ve got to comply,’ you’ll get one result,” he said. He prefers thinking about the regulations as, “This makes us and the system and our clients safer and sounder, and yes it’s a lot of work, but what can we learn from this work and how can we use this work in other ways to make a better result for our shareholders and our clients? Everywhere we look we’re finding these opportunities and they’re very much in keeping with the spirit of the times.”

Like any good senior Goldman executive, he does worry. (Lloyd Blankfein, the Goldman chief executive, once told me he spent 98 percent of his time worrying about things with a 2 percent probability.)

His biggest concern at the moment is the risk of “single points of failure” in the vast world of cybersecurity (JCK: SPOF). He worries about any individual “repository of information” that does not have a backup and that can “be hacked.”

He does not even trust Goldman’s own computer system; he treats it as a potential enemy.

.....What also makes Goldman different from its peers is the firm’s love affair with engineers. At the moment, he said, engineers comprise around 30 percent of Goldman’s work force of about 35,000. It’s what drew him to Goldman in the first place — to work on Goldman’s in-house software, “SecDB,” short for “Securities Database,” an internal, proprietary computer system that tracks all the trades that Goldman makes and their prices, and regularly monitors the risk that the firm faces as a result.

He said the system generates some million and a half points of data that were used to calculate, for the first time, the firm’s “liquidity coverage ratio” — now 128 percent — and that were shared with regulators every day. He’s been busy trying to figure out how the newly generated data can be used to help him understand what the firm’s liquidity will be a year from now.

That way, he said, in his principal role as Goldman’s chief financial officer, he can perceive a problem in plenty of time to do something about it. “We’re able to get much better actionable insights that make the firm a less risky business because we’re able to go much further out into the future,” he said......
actionable_information  CFOs  cyber_security  databases  Dodd-Frank  engineering  financial_system  Goldman_Sachs  improbables  information_sources  jujutsu  low_probability  Martin_Chavez  proprietary  regulation  SecDB  SPOF  think_differently  Wall_Street  William_Cohan  worrying 
november 2017 by jerryking
Ari Emanuel's WME-IMG Merger: The Possible Financial Troubles
March 2015 | | Vanity Fair | BY WILLIAM D. COHAN.

“Take advantage of each day that's given to you, and do something to move the needle on your business, even if it's just an inch. You've heard it before, but life is not a dress rehearsal. Don't waste your time (or mine).”....In 2009, Emanuel decided to take another big risk. “Nobody fucks up like I do,” he once wrote, “but you'll never succeed unless you take big risks. Big ones.”......“There's nobody more important when it comes to television packaging than Ari and Rick Rosen [WME's television chief],” says entertainment mogul David Geffen. “There's nobody who does it better. For instance, Steven Spielberg was at CAA for decades, and they did nothing for him in television, and he goes with Ari, and he has had seven or eight shows on the air. That's about accomplishment, not about bullshit.”........Over the next decade Forstmann transformed IMG into an international production-and-packaging powerhouse. The expanding business cut profitable deals with more than 200 American college and university sports teams, as well as with Indian Premier League cricket, Wimbledon, the Australian and U.S. Open tennis tournaments, tennis tournaments in Spain and Malaysia, and Barclays Premier League soccer. It ran Fashion Week in New York, Milan, and London, and in China it formed an exclusive joint venture with the national television network to create sports programming—all this in addition to representing such sports stars as Novak Djokovic, Maria Sharapova, and Venus Williams. It also signed up an array of fashion designers and models, including Michael Kors, Diane von Furstenberg, Gisele Bündchen, and Kate Moss.
Ari_Emanuel  mybestlife  talent_management  mergers_&_acquisitions  entertainment_industry  chutzpah  Hollywood  overachievers  Ted_Forstmann  talent_representation  dealmakers  packaging  Silver_Lake  affirmations  idea_generation  creating_valuable_content  hard_work  performance  strivers  sports  fashion  superstars  risk-taking  William_Cohan  James_Baldwin  personal_accomplishments 
march 2015 by jerryking
'Congratulations, you've become a Goldman Sachs partner' | Business | The Guardian
Jill Treanor, City editor
The Guardian, Thursday 8 November 2012

To be selected, candidates will have survived a process known as "cross-ruffing", a term borrowed from the card game bridge. Insiders describe it as a rigorous cross-checking procedure that involves teams of Goldman partners interviewing each other about potential candidates.

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The individuals being cross-ruffed should, in theory, be unaware that their strengths and weaknesses are being scrutinised. They are not interviewed........ describes how partners are given the job of interviewing their fellow partners to discuss candidates put forward by divisional heads. The partner selected to cross-ruff is always drawn from another part of the firm, possibly even in another part of the world. No stone is left unturned — every aspect of their career to date is scrutinised — the deals they have worked on, the profit they have generated and the way they are regarded by their colleagues and staff.

The process, which Cohan believes was formalised by former Goldman banker and existing board member Stephen Friedman, continues even though the firm was floated on the stock market in 1999 and is no longer a partnership in the conventional sense. But the idea of partnership was retained "to maintain various core aspects of the firm's partnership culture among its leaders, including teamwork, client focus and a commitment to excellence".
Goldman_Sachs  partnerships  movingonup  howto  Wall_Street  career_paths  investment_banking  cross-checking  William_Cohan 
november 2012 by jerryking
Life after Wall Street - FT.com
February 17, 2012 8:45 pm
Life after Wall Street

By William D. Cohan
Second_Acts  investment_banking  layoffs  Wall_Street  William_Cohan 
february 2012 by jerryking
Create a Software Demo Presentation That Wows Prospects: 5 Mistakes to Avoid | MarketingSherpa
6 Feb 2007 | Marketing Sherpa | by Peter Cohan

"Most demos take 20 minutes or 40 minutes or -- God help you -- longer to get to the point," says Peter Cohan, Founder and Principal of The Second Derivative, a company that helps organizations such as Ariba and Business Objects improve the success of their business software demos.

Whether you're creating a demo to teach your sales force about a new product or for their use in the field, most marketers fall into the pit of five worst practices that leave viewers snoring.

1. Presenting a linear demo from beginning to end
2. Failing to focus on customer needs
3. Showing feature after feature
4. The one-demo-fits-all practice
5. Death by corporate overview

So, how do you put together a demo that works? Here are some presentation notes from Cohan.
presentations  Communicating_&_Connecting  linearity  marketing  mistakes  one-size-fits-all  sales  salesmanship  salespeople  sales_presentations  William_Cohan 
january 2012 by jerryking
Lazard's Rohatyn Urges Action on Budget Crises - WSJ.com
APRIL 13, 2010 | Wall Street Journal | By DENNIS K. BERMAN.
Lazard's Statesman, a Game-Changer. profiles Felix Rohatyn. Mr.
Rohatyn sees cash-rich Chinese companies buying up sizable stakes of
U.S. firms. "Control will go with capital," he says. "On both sides of
the world, we need to think about this and how it might work. It's very,
very delicate."

"The thing about Felix is that he's not enjoying his life if he's not
relevant, in the mix, or providing his wisdom," says William D. Cohan,
author of "The Last Tycoons," a history of Lazard that devotes large
sections to Mr. Rohatyn.
investment_banking  Dennis_K._Berman  China_rising  playing_in_traffic  Felix_Rohatyn  Lazard  books  Wall_Street  William_Cohan 
april 2010 by jerryking

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