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Steven Mnuchin’s Defining Moment: Seizing Opportunity From the Financial Crisis - WSJ
By RACHEL LOUISE ENSIGN, ANUPREETA DAS and REBECCA BALLHAUS
Updated Dec. 1, 2016.

Federal officials expected to suffer as much as $8 billion in losses from IndyMac. That left regulators looking for someone to take over the bank and mitigate the damage. Speed was essential, since the FDIC was bracing for a wave of additional bank failures.

Mr. Mnuchin assembled an all-star cast drawn from his years on Wall Street, including Mr. Soros, hedge-fund manager John Paulson, billionaire Michael Dell’s investment firm and several former Goldman executives, including J. Christopher Flowers. They signed up on the basis that Mr. Mnuchin would personally run the bank, according to people familiar with the matter.

By now, he knew that few bidders would be willing to buy all the failed bank’s assets. And he knew he was taking a giant risk.

At the end of 2008, Mr. Mnuchin persuaded the FDIC to sell IndyMac for about $1.5 billion. The deal included IndyMac branches, deposits and assets. The FDIC also agreed to protect the buyers from the most severe losses for years. That loss-sharing arrangement turned out to be a master stroke.
turnarounds  financial_services  Steven_Mnuchin  Goldman_Sachs  opportunistic  Carpe_diem  economic_downturn  vulture_investing  kairos  seminal_moments  rainmaking  defining_moments 
december 2016 by jerryking
Eight ways to become the most proactive person you know - The Globe and Mail
MICHAEL MOGILL
Young Entrepreneur Council
Published Tuesday, Dec. 09 2014

It’s all about you. No one else is going to get you where you want to go – it’s up to you.... Take ownership of your problems, and realize that nobody else is going to solve them for you.

Be solution-focused. ...The most effective way to handle a problem is to focus on finding a solution. Focusing on things that are out of your control is a waste of time, so focus on what you can control with the final outcome.

Be accountable. Set your clearly defined, quantifiable goal and then work backwards from that goal to establish metrics to track and evaluate it.

Use “SMART” goals. S: Specific (Pick something particular instead of using a broad category.) M: Measurable (Choose something you can quantify.) A: Attainable (You should actually be able to reach this, and it may just require the right steps.) R: Realistic (Be honest – it’s probably unrealistic to say you will go from making $10,000 to being a billionaire in one year.)T: Timely (Give each goal a timeframe to create a sense of urgency.)

Make your own luck. Being successful ... is about taking steps every day to be better than you were the day before by moving in a positive, forward trajectory. Make a blueprint and set out milestones for yourself in specific timeframes, or you are not going to hit your goal. Things do not come to fruition just because you really, really want them to happen. You have to make them happen.

Be consistent. Ultimately, success is not about getting everything right. It is about being consistent. Are you consistently and persistently taking steps every day to steadily move toward your goal?

Find the right people. Surrounding yourself with driven, effective people is a proven way to help you succeed.

Honesty is the best policy. Busywork is not effectiveness/progress. At the end of the day, if you don’t hit your goals, you are only doing a disservice to yourself. You cannot get better if you tell yourself, “Oh, it’s okay, I’m fine where I am.” (There has to be a certain element of sustained dissatisfaction).
accountability  affirmations  beyond_one's_control  blueprints  books  busywork  chance  character_traits  consistency  contingency  dissatisfaction  effectiveness  goal-setting  GTD  honesty  indispensable  intrinsically_motivated  It's_up_to_me  JCK  ksfs  luck  Managing_Your_Career  personal_control  proactivity  problem_solving  productivity  rainmaking  restlessness  self-starters  solutions  solution-finders  span_of_control  the_right_people  thinking_backwards  work-back_schedules 
december 2014 by jerryking
Relax
1. Develop your own personal operating system. Carve out and define your own reality, philosophy, values, and interests rather than automatically accepting those of your family, peers, religion, or culture.

2. Begin to let go of the need for validation. Don’t be motivated by the opinions or others or the desire for recognition. Be driven by what is important to you and what you value.

3. Trust your instincts and allow for experimentation. Get to know yourself and discover what you enjoy and find exciting, even if you have to fail a few times.
4. Accept others as they are. Begin letting go of judgments and criticism of others. Focus on people’s strengths rather than their faults. Learn to deal with difficult people without diminishing yourself.

5. Really hear people. Go beyond just listening and understanding. Let people know that you really get them.

6. Take care of unresolved matters in your life. Restore your integrity. Forgive and ask for forgiveness where necessary. Reclaim the energy you have given to these matters.

7. Embrace a healthy lifestyle. Get some form of exercise daily. Eat healthy foods that support your body, not your emotions. Do this because you respect yourself, not to impress others.

8. Cause things to happen. Don’t wait for them. Be a creator, an instigator, a collaborator. Share your enthusiasm.

9. Show people you care. Don’t just talk about it. Show them in ways that are meaningful to them, not you.

10. Require the best of people. See them not only for who they are, but who they can be. Lovingly reflect that vision to them.

11. Ensure your own needs are met. Discern your primary needs, and communicate fully what is important and valuable to you in your relationships. Don’t compromise these to keep peace or hang on.

12. Speak constructively. Use your words to uplift, inspire, motivate, and encourage. Don’t offer “constructive criticism” or subtle digs.

13. Laugh easily. Have a lightness about you. Take life less seriously and choose to find and create fun and joy.

14. Cease gossip. Choose not to talk about others in ways that are openly or subtlety critical. Don’t share information for the feeling of power or intrigue.

15. Make requests, not complaints. If you need something from someone, ask for it directly. Don’t whine or complain to them or others.

16. Handle situations fully. Kindly but clearly deal with negative issues as soon as possible. Don’t tolerate anything if it causes resentments.

17. Be done with arguments. Smile and walk away until healthy communication is possible.

18. Offer help only when asked. Don’t assume that others want you to fix them or that you know best for them. Be available and give help only when asked.

19. Care deeply, but remain detached. Let others know you care deeply about them when they have problems, but don’t get caught up in their problems.

20. See with your heart, not your eyes. Look beyond superficiality when seeing someone. Financial status, appearance, notoriety, all mean nothing. Look for the authentic person inside.

21. Don’t say yes when you mean no. If you mean no, your yes will be harnessed with resentment. Say yes only when your yes is given freely.

22. Let others know you are grateful. Tell them and show them that you feel blessed to have them in your life.

23. Never play the guilt card. Don’t try to manipulate or hurt someone by trying to make them feel bad about their choices, decisions, or actions.

24. Give more than is expected. Don’t over-commit, but freely give more than you promise.

25. Be inter-developmental in your relationships. Don’t be controlling, dependent or co-dependent. Create relationships that are mutually uplifting, reward, and satisfying.

26. Be a big person. Don’t try to take credit, diminish others, or hold back on praise. Offer acknowledgment and power when it is needed and deserved.

27. Be confident enough to be humble. Be able to laugh at yourself, acknowledge your flaws and failures, and accept that they don’t define you.

28. Be open to learning. Don’t flaunt your intelligence or superior knowledge. Recognize that there is always something to learn, even from those who appear “less than.”

29. Be more engaged than engaging. Show your sincere interest in others. Use the word “you” more than “I.” Listen intently and reflect back to others who they are.

30. Give gifts that others want. Not just gifts to impress or that are important to you.

31. Challenge yourself constantly. Don’t settle for mediocre. Don’t languish in past accomplishments. Keep moving forward and exude enthusiasm about possibilities and the actions to make them happen.

32. Detach from adrenaline. Simplify your life enough so you are not rushed, stressed, cluttered, or distracted. Allow yourself time and room to focus.

33. Embrace the incredible power of now. Nothing is more valuable than this moment. Make it the best moment you possibly can right now.

34. Don’t fight the flow. Don’t struggle against people or situations you can’t control. Move effortlessly in a different direction.

35. Keep evolving. Stay on a path of self-improvement and stay alert for opportunities for shifts and growth.
motivations  inspiration  strengths  affirmations  personal_growth  self-improvement  immediacy  simplicity  focus  movingonup  gift_ideas  listening  continuous_learning  humility  praise  relationships  overdeliver  gratitude  sincerity  authenticity  self-awareness  constructive_criticism  foregiveness  values  self-starters  healthy_lifestyles  gossip  self-analysis  self-assessment  self-satisfaction  complacency  personal_energy  span_of_control  disconnecting  rainmaking  individual_initiative  beyond_one's_control  next_play  walking_away 
august 2014 by jerryking
Big Law’s Troubling Trajectory - NYTimes.com
By STEVEN J. HARPER
Published: June 24, 2013

big-firm practice has become just another business. Most readers might react to Weil’s staggering partner incomes by asking why $2 million plus a year — or even half that — isn’t enough. It’s a fair question. Ask equity partners in any big firm whether as law students they ever dreamed of making the money they now earn. Anyone answering honestly would give a resounding “No.” College students whose principal career objective was wealth typically headed into business; law school attracted those with different ambitions. After all, the legal profession was supposed to be something special.

Not anymore. Most big firms are now following the leads of their corporate clients, which run businesses with one eye on the current stock price while maximizing quarterly earnings. But that can be an unforgiving world. Weil’s enormous reported profits for 2012 included a downward arrow because they represented an 8 percent drop from 2011, in part because of expensive hires. However unjustified, even a single year of relatively minor decline can create concerns. Cutting costs through layoffs and getting more billable hours out of the survivors has become a typical, businesslike response.

Paradoxically, firms also pursue a growth agenda in the midst of such downsizing. The current demand for high-end legal services is flat, so many firm leaders use high profits to attract rainmakers from elsewhere. The effort to buy top-line revenues by acquiring partners with portable books of business has thrown most big law firms into a lateral hiring frenzy. In that contest, Weil recently lost some talent, but it has acquired even more — recruiting 20 new lateral partners in 2012 and 18 in 2011. (The firm had 195 equity partners at the end of 2012.) Ironically, recent studies demonstrate — and about 40 percent of managing partners admit — that lateral hiring usually is not profitable for the firms that do it. Yet the expensive strategy remains pervasive. The mantra that “bigger must be better” prevails in the face of contrary data.
Big_Law  law_firms  layoffs  winner-take-all  rainmaking 
june 2013 by jerryking
globeadvisor.com: 10 building blocks for employee engagement
February 27, 2012 | G&M | HARVEY SCHACHTER.

Make client goals your top priority

New York-based marketing consultant Andrew Sobel once asked a highly successful rainmaker what his secret was for bringing in so much business.

The answer was in the man's shirt pocket, where he kept a sheet of paper with the names of each client. Next to each name was that executive's most important goals. "My job in life is to help them accomplish those goals," the rainmaker said.
Harvey_Schachter  employee_engagement  rainmaking  JCK  networking 
march 2012 by jerryking
Working Wounded: Find Big-Time Success at Work - ABC News
Feb. 29, 2008 | ABC News | By BOB ROSNER. Dear Working
WOUNDED: I'm a decent salesperson, but no rainmaker. How do you become a
big-time salesperson? Answer: Rainmakers aren't witch doctors who
dance to make it rain. Rather, they're salespeople who see markets
overflowing where most of us see nothing but desert. Below, I've listed
three dos and one don't for making sales fall from the sky. For more,
check out Ford Harding's book, "Creating Rainmakers" (Wiley, 2006).
DO Listen and synthesize. - Mr. Average assumes his most important tool
to making a sale is his golden tongue. While Ms. Rainmaker knows that
it's her ears.
DO Make a friend, not a sale.
DO Always be on the lookout. - have your eye on the horizon for that
next big sale.
DON'T Be part of the pack - make opportunities. Find the
not-part-of-the-pack marketing strategy for your product or service.
rainmaking  sales  selling  tips  prospecting  listening  rainmakers  differentiation  mindsets  books  packaging 
december 2010 by jerryking
Mark Cuban a change genius: Entrepreneur sees it as an opportunity waiting to happen
Nov 10, 2000 | National Post. pg. C.2 | by Ellie Rubin.
Discusses a WORTH magazine profile of entrepreneur Mark Cuban. Rubin is
struck by his approach to creating opportunity--his unique ability to
exploit change. Inefficiencies, opportunities and frailties: the only
thing you can depend on in business is change--embrace it! In doing so,
you will inevitably bump up against an opportunity waiting to happen.
Or, in "Cuban" terms, you will develop "a knack for spotting
inefficiencies, opportunities and frailties." The best way to scope out
inefficiencies within an industry is to create a product or service
that has a certain sense of urgency to it, or "high pain threshold"
opportunities. By focusing on an area of inefficiency that is creating
dramatic financial, human resource or market share pressure, one will
find that the decision makers who are managing this "pain" are eager to
invest in a sound and reliable solution--quickly.
creative_thinking  opportunistic  frictions  opportunities  constant_change  rainmaking  entrepreneur  Mark_Cuban  inspiration  inefficiencies  problem_solving  wealth_creation  urgency  pain_points  overlooked_opportunities  human_frailties 
october 2009 by jerryking
How To Make Your Own Luck
December 19, 2007 | Fast Company | By Daniel H. Pink. Lucky
people think differently from unlucky people in different ways. One way
is to be open to new experiences. Unlucky people are stuck in routines.
When they see something new, they want no part of it. Lucky people
always want something new. They're prepared to take risks and relaxed
enough to see the opportunities in the first place.
Daniel_Pink  novel  personal_growth  career_paths  innovation  strategic_planning  luck  risk-taking  howto  routines  rainmaking  open_mind  curiosity  chance  contingency  think_differently 
june 2009 by jerryking
Annals of Innovation: How David Beats Goliath: Reporting & Essays: The New Yorker
May 11, 2009 |The New Yorker | by Malcolm Gladwell. How
underdogs create opportunities by first understanding their strengths,
weaknesses, and the rules of the game, and then changing the rules....To Gladwell, the story illustrated how traditions become blind spots. “Playing insurgent basketball did not guarantee victory. It was simply the best chance an underdog had of beating Goliath,” he wrote. “And yet somehow that lesson has escaped the basketball establishment.” The anecdote became the opening passage of the book David and Goliath, another fixture on bestseller lists....A few years ago, Ranadivé wrote a paper arguing that even the Federal Reserve ought to make its decisions in real time—not once every month or two. “Everything in the world is now real time,” he said. “So when a certain type of shoe isn’t selling at your corner shop, it’s not six months before the guy in China finds out. It’s almost instantaneous, thanks to my software. The world runs in real time, but government runs in batch. Every few months, it adjusts. Its mission is to keep the temperature comfortable in the economy, and, if you were to do things the government’s way in your house, then every few months you’d turn the heater either on or off, overheating or underheating your house.” Ranadivé argued that we ought to put the economic data that the Fed uses into a big stream, and write a computer program that sifts through those data, the moment they are collected, and make immediate, incremental adjustments to interest rates and the money supply. “It can all be automated,” he said. “Look, we’ve had only one soft landing since the Second World War. Basically, we’ve got it wrong every single time.”
anecdotal  basketball  batch_processing  blind_spots  books  coaching  decision_making  economic_data  innovation  interest_rates  Malcolm_Gladwell  massive_data_sets  money_supply  overlooked_opportunities  rainmaking  real-time  rules_of_the_game  strategy  strengths  Tibco  underdogs  U.S._Federal_Reserve  Vivek_Ranadivé  weaknesses 
may 2009 by jerryking

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