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jerryking : nobystanders   4

A Quiet Giant of Investing Weighs In on Trump
FEB. 6, 2017 | The New York Times | Andrew Ross Sorkin

In his letter, Mr. Klarman sets forth a countervailing view to the euphoria that has buoyed the stock market since Mr. Trump took office, describing “perilously high valuations.”

“Exuberant investors have focused on the potential benefits of stimulative tax cuts, while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers,” he wrote.

“President Trump may be able to temporarily hold off the sweep of automation and globalization by cajoling companies to keep jobs at home, but bolstering inefficient and uncompetitive enterprises is likely to only temporarily stave off market forces,” he continued. “While they might be popular, the reason the U.S. long ago abandoned protectionist trade policies is because they not only don’t work, they actually leave society worse off.”

In particular, Mr. Klarman appears to believe that investors have become hypnotized by all the talk of pro-growth policies, without considering the full ramifications. He worries, for example, that Mr. Trump’s stimulus efforts “could prove quite inflationary, which would likely shock investors.”.....“The big picture for investors is this: Trump is high volatility, and investors generally abhor volatility and shun uncertainty,” he wrote. “Not only is Trump shockingly unpredictable, he’s apparently deliberately so; he says it’s part of his plan.”

While Mr. Klarman clearly is hoping for the best, he warned, “If things go wrong, we could find ourselves at the beginning of a lengthy decline in dollar hegemony, a rapid rise in interest rates and inflation, and global angst.”...In his recent letter, he explained for the first time his decision to say something publicly. “Despite my preference to stay out of the media,” he wrote, “I’ve taken the view that each of us can be bystanders, or we can be upstanders. I choose upstander.”....How Mr. Klarman wants investors to behave in the age of Trump remains an open question. But here’s a hint: At the top of his letter, he included three quotations. One was attributed to Thomas Jefferson: “In matters of style, swim with the current; in matters of principle, stand like a rock.”
Seth_Klarman  investors  hedge_funds  Donald_Trump  investing  ETFs  value_investing/investors  money_management  Andrew_Sorkin  countervailing  the_big_picture  nobystanders  Thomas_Jefferson  quotes  stylish  principles  uncompetitive 
february 2017 by jerryking
Are we witnessing a comeback of the Stars and Stripes? - The Globe and Mail
JOHN STACKHOUSE
Special to The Globe and Mail
Published Friday, Sep. 26 2014

America’s retreat was the central question. Had the superpower become a super-bystander? Or had the President just lost interest, energy and credibility to do more than moralize?...Mr. Obama has drawn instead on what he calls “progressive pragmatism,” which his aides claim is his nature, relying on an informal network of networks, ad hoc groups of nations taking on the challenges of the day. Some of them champion liberal values. Some are partners of convenience. Exhibit A: the coalition of willing Arab states in this week’s air strikes. Exhibit B: the network of health agencies and charities operating with U.S. support in ebola-stricken West Africa....On the grander issues of his age – climate change, cyber-security, the financial imbalance between America and Asia – Mr. Obama will need ad hoc networks like never before. The 2008 financial crisis was mitigated by a small group of central bankers, commercial bankers, regulators and finance ministers, supported but not directed by the United States. A president who is not renowned for building private-sector trust, or the loyalty of other nations, may be challenged to do that again. He also needs what America has lacked of late – for its allies to do more. Canada’s approach to carbon emissions is the sort of passive resistance the U.S. has encountered from India on trade, Mexico on immigration and Turkey on Syria. Under Mr. Obama, everyone has loved to complain about Washington, but few have been willing to shoulder their share of the costs.

Skeptics believe this is no longer possible – the world has too many strong voices, too many competing interests, too much of what physicists call entropy, the thermodynamic condition that degenerates order into chaos.
America_in_Decline?  bouncing_back  U.S.foreign_policy  multipolarity  Obama  John_Stackhouse  G20  UN  NATO  Iran  Ukraine  geopolitics  complexity  networks  interconnections  instability  superpowers  indispensable  disequilibriums  ad_hoc  nobystanders  entropy  imbalances 
september 2014 by jerryking
How to leave your company better off than you found it - The Globe and Mail
VINCE MOLINARO

Special to The Globe and Mail

Published Thursday, Jan. 02 2014

How can you ensure that you are leaving your organization in better shape than when you took the reins? True leaders typically take the following steps:

1. Commit to making things better every single day – in ways that position your organization for both short- and long-term success. Don’t be a bystander and watch problems fester; have the courage to tackle them head on.

2. Guard the interests of the whole organization. Don’t just focus on your own department or self-interests.

3. Try to anticipate threats that can put your organization at risk. Stay plugged into what you hear from customers or employees close to customers. This is often where the early warning signs exist.
4. Build strong relationships both inside and outside your organization.
5. Develop an unyielding commitment to building a strong culture that drives high employee engagement.
6. Develop leaders for the future.
legacies  leadership  RBC  Gord_Nixon  stewardship  companywide  leaders  CEOs  employee_engagement  organizational_culture  leadership_development  relationships  anticipating  threats  thinking_holistically  long-term  short-term  incrementalism  nobystanders  warning_signs 
january 2014 by jerryking

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