Circle of Experts - Brain Food Blog - Leadership and Management http://www.circleofexperts.com/blog/ newtelligence powered en-us David Teten Fri, 12 Sep 2008 16:43:00 GMT newtelligence dasBlog 2.0.7226.0 BLOG@circleofexperts.com BLOG@circleofexperts.com http://www.circleofexperts.com/blog/Trackback.html?guid=98f81811-b256-4fdd-825c-bb002c472be8 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=98f81811-b256-4fdd-825c-bb002c472be8 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=98f81811-b256-4fdd-825c-bb002c472be8 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=98f81811-b256-4fdd-825c-bb002c472be8

I hope you can join us on Sep. 22 evening for a presentation on "Where are the Deals?  Private Equity and Venture Capital Funds' Best Practices in Deal Origination ".  We'll be discussing preliminary findings from a white paper we're writing on this topic.  I'd like to thank our hosts, the  Columbia Business School Alumni Club of New York .

Here's the ad:

The quality of the deals you source is one of the greatest drivers of your success as an investor. What are you doing to improve your deal flow?

David Teten will discuss:

  • How are you positioning yourself to become your target's preferred investor?
  • What does research on deal-origination indicate are the primary sources of deal flow for institutional investors?
  • What are you doing to identify companies that might be interested in being approached?
  • What are the earmarks of a potential investment opportunity?
  • How are you systematically identifying industries/situations in which you may be able to create new companies, rather than find existing companies?
  • How can you use Web 2.0 tools to identify appropriate investments?
  • How do you increase your inflow of useful referrals?
  • What is the best way to make warm cold calls?

David Teten is a Managing Director of Evalueserve, the world's largest knowledge process outsourcing company.  Founded in 2000, the company has over 2,400 employees.  Among its 1,100 clients are 6 of the top 10 investment banks and 10 of the top 15 strategy consulting firms.  David joined Evalueserve when the firm acquired his company, the Circle of Experts.  He leads Evalueserve's services in helping institutional investors originate investments.  David was formerly CEO of Teten Executive Recruiting, which he sold to Accolo, #42 on the 2007 Inc. 500 list.  Previously, he was CEO of GoldNames, an investment bank serving the internet domain name asset class.  He worked with Bear Stearns' Investment Banking division as a member of their technology/defense M&A team, and was a strategy consultant with Mars & Co.  David is lead author of The Virtual Handshake: Opening Doors and Closing Deals Online, the first book on how businesses can use online networks and other "Web 2.0" technologies to originate deals, raise capital, win new clients, recruit star employees, and market their firm.  He holds a Harvard MBA and a Yale BA, both with honors.   David is a member of the Advisory Board for Accolo, Grouply, and the Word of Mouth Marketing Association.   He is a frequent keynote speaker to finance and technology conferences


DATE
Monday, September 22nd

AGENDA
6:00 - 6:30 PM Registration
6:30 - 8:00 PM Program & Reception

PLACE
Cresa Partners

100 Park Avenue, [between 40th and 41st Street] 24th floor

PRICE
CBSAC/NY Members $25
Non-members $35
Pre-registration recommended. $10 surcharge added to day-of-event registrations
To become a member click here

REGISTRATION
To purchase tickets click here: Click here to buy tickets!!!
Space is limited and will fill up quickly.

NOTES
Reception includes bottled water, soft drinks and hot & cold hors d’oeuvres

EVENT ORGANIZERS
We are grateful to Gene Kenny and Frank Graziano (CBS '82) of the Private Equity Committee for organizing this event

Sep. 22: Where are the Deals? Private Equity and Venture Capital Funds' Best Practices in Deal Origination http://www.circleofexperts.com/blog/PermaLink.html?guid=98f81811-b256-4fdd-825c-bb002c472be8 http://www.circleofexperts.com/blog/Sep+22+Where+Are+The+Deals+Private+Equity+And+Venture+Capital+Funds+Best+Practices+In+Deal+Origination.html Fri, 12 Sep 2008 16:43:00 GMT <p> <span class=subhead>I hope you can join us on Sep. 22 evening&nbsp;for a presentation on "Where are the Deals?&nbsp; Private Equity and Venture Capital Funds' Best Practices in Deal Origination ".&nbsp; We'll be discussing preliminary findings from a white paper we're writing on this topic.&nbsp; I'd like to thank our hosts, the&nbsp;</span><span class=subhead><a href="http://cbsacny.org/article.html?aid=635">Columbia Business School Alumni Club of New York</a>&nbsp;.</span> </p> <p> <span class=subhead>Here's the ad:</span> </p> <p class=normaltext> <b>The quality of the deals you source is one of the greatest drivers of your success as an investor. What are&nbsp;you doing to improve your deal flow? </b> <br> <br> David Teten will discuss: <ul> <li> How are you positioning yourself to become your target's preferred investor?</li> </ul> <ul> <li> What does research on deal-origination indicate are the primary sources of deal flow for institutional investors? </li> </ul> <ul> <li> What are you doing to identify companies that might be interested in being approached?</li> </ul> <ul> <li> What are the earmarks of a potential investment opportunity? </li> </ul> <ul> <li> How are you systematically identifying industries/situations in which you may be able to create new companies, rather than find existing companies? </li> </ul> <ul> <li> How can you use Web 2.0 tools to identify appropriate investments? </li> </ul> <ul> <li> How do you increase your inflow of useful referrals?</li> </ul> <ul> <li> What is the best way to make warm cold calls? </li> </ul> <p> <strong><a href="http://www.teten.com/">David Teten</a></strong> is a Managing Director of <a href="http://www.evalueserve.com/">Evalueserve</a>, the world's largest knowledge process outsourcing company.&nbsp; Founded in 2000, the company has over 2,400 employees.&nbsp; Among its 1,100 clients are 6 of the top 10 investment banks and 10 of the top 15 strategy consulting firms.&nbsp; David joined Evalueserve when the firm acquired his company, the <a href="http://www.circleofexperts.com/">Circle of Experts</a>.&nbsp; He leads Evalueserve's services in helping institutional investors originate investments.&nbsp; David was formerly CEO of Teten Executive Recruiting, which he sold to <a href="http://www.accolo.com/">Accolo</a>, #42 on the 2007 Inc. 500 list.&nbsp; Previously, he was CEO of GoldNames, an investment bank serving the internet domain name asset class.&nbsp; He worked with Bear Stearns' Investment Banking division as a member of their technology/defense M&amp;A team, and was a strategy consultant with Mars &amp; Co.&nbsp; David is lead author of <i><a href="http://www.thevirtualhandshake.com/">The Virtual Handshake: Opening Doors and Closing Deals Online</a></i>, the first book on how businesses can use online networks and other "Web 2.0" technologies to originate deals, raise capital, win new clients, recruit star employees, and market their firm.&nbsp; He holds a Harvard MBA and a Yale BA, both with honors.&nbsp;&nbsp; David is a member of the Advisory Board for <a href="http://www.accolo.com/">Accolo</a>, <a href="http://www.grouply.com/">Grouply</a>, and the <a href="http://www.womma.org/">Word of Mouth Marketing Association</a>. &nbsp;&nbsp;He is a frequent keynote <a href="http://www.teten.com/speaker">speaker</a> to finance and technology <a href="http://www.teten.com/audiences">conferences</a> </p> <br> <b>DATE</b> <br> Monday, September 22nd <p> <b>AGENDA</b> <br> 6:00 - 6:30 PM Registration<br> 6:30 - 8:00 PM Program &amp; Reception<br> <br> <b>PLACE</b> <br> Cresa Partners </p> <p> 100 Park Avenue, [between 40th and 41st Street] 24th floor </p> <p> <b>PRICE</b> <br> CBSAC/NY Members $25<br> Non-members $35<br> Pre-registration recommended. $10 surcharge added to day-of-event registrations<br> To become a member <a href="http://cbsacny.org/mem_sub.html">click here</a> <br> <br> <b>REGISTRATION</b> <br> To purchase tickets click here: <a href="http://cbsacny.org/store.html?event_id=635">Click here to buy tickets!!!</a> <br> Space is limited and will fill up quickly.<br> <br> <b>NOTES</b> <br> Reception includes bottled water, soft drinks and hot &amp; cold hors d’oeuvres<br> <br> <b>EVENT ORGANIZERS</b> <br> We are grateful to Gene Kenny and Frank Graziano (CBS '82) of the Private Equity Committee for organizing this event </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=98f81811-b256-4fdd-825c-bb002c472be8" /> http://www.circleofexperts.com/blog/CommentView.html?guid=98f81811-b256-4fdd-825c-bb002c472be8 Events Leadership and Management Private Equity Investing Social Software
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Lately, I have been thinking about the unemployed and underemployed as a pool of talent. I'd argue they are one of the most undertapped economic segments.  Of the global working population, 6.3% is unemployed.  In the US, the long-term unemployed are better educated, older, and more likely to be professional workers than the mean unemployed population.  These workers are particularly held back by age discrimination and high wage expectation.

I am reasonably familiar with this market because a key component of the Circle of Experts' strategy is to tap the knowledge of people in transition.  Working with this community excites me because the unemployed are people facing significant challenges.  While they are wrestling with finding a job, we are glad to pay them a competitive rate. 

Particularly now as layoffs increase, there are significant entrepreneurial opportunities in creatively tapping the time and talents of the unemployed and underemployed.  The expert network business, the fastest growing sector of the investment research industry, is a prime example.  Other successful startups working in this market (broadly defined): Accolo, TheLadders, Notch Partners, and ProfessionaLink. Who else would you add to the list?

Underleveraged talent pool: the unemployed and underemployed http://www.circleofexperts.com/blog/PermaLink.html?guid=18dc92d2-2449-4cb7-b4a6-71a8a2ed150b http://www.circleofexperts.com/blog/Underleveraged+Talent+Pool+The+Unemployed+And+Underemployed.html Thu, 14 Aug 2008 14:55:37 GMT <p > Lately, I have been thinking about the unemployed and underemployed as a pool of talent. I'd argue they are one of the most undertapped economic segments.&nbsp; Of the global working population, <a href="http://www.ilo.org/public/english/employment/strat/download/getb07en.pdf">6.3%</a> is unemployed. &nbsp;In the US, the long-term unemployed <a href="http://www.epi.org/Issuebriefs/ib194/ib194.pdf">are</a> better educated, older, and more likely to be professional workers than the mean unemployed population.&nbsp; These workers are particularly held back by age discrimination and high wage expectation. </p> <p> I am reasonably familiar with this market because a key component of the <a href="http://www.circleofexperts.com/">Circle of Experts</a>' strategy is to tap the knowledge of people in transition. &nbsp;Working with this community excites me because the unemployed are people facing significant challenges.&nbsp; While they are wrestling with finding a job, we are glad to pay them a competitive rate.&nbsp; </p> <p > Particularly now as <a href="http://www.employmenttalk.com/outplacement-2008.pdf">layoffs increase</a>, there are significant entrepreneurial opportunities in creatively tapping the time and talents of the unemployed and underemployed.&nbsp; The <a href="http://www.integrity-research.com/cms/our-services/researchfocus/expert-networks/">expert network business</a>, the fastest growing sector of the investment research industry, is a prime example.&nbsp; Other successful startups working in this market (broadly defined): <a href="http://www.accolo.com/">Accolo</a>, <a href="http://www.theladders.com/">TheLadders</a>, <a href="http://www.notchpartners.com/">Notch Partners</a>, and <a href="http://www.professionalink.com/">ProfessionaLink</a>. Who else would you add to the list? </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=18dc92d2-2449-4cb7-b4a6-71a8a2ed150b" /> http://www.circleofexperts.com/blog/CommentView.html?guid=18dc92d2-2449-4cb7-b4a6-71a8a2ed150b Career Acceleration Leadership and Management
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I recently learned about an entrepreneur with a very clever business model: Thorkil Sonne, founder of Danish software testing company Specialisterne.  The 55-person firm's clients include CSC, Microsoft, and Oracle.

Specialisterne claims to be the world's first company focused on leveraging the unique talents of people with autism spectrum disorders (ASD).  Sonne started the company in large part to ensure that people with ASD—including his own son—would have employment opportunities.  ASD, the most common form of autism, affects close to 1% of the population, but only 10% of ASD adults obtain any form of employment.

Software testing is a repetitive role which requires high attention to detail, and is an excellent fit for the typical ASD personality. 75% of Specialisterne's testers have Asperger syndrome or a form of ASD.  Sonne estimates that 1% of all the tasks executed in a given large company are suitable for autistic workers.

What I particularly like about this is that Sonne identified a community of talent almost unused by the labor market, and has built a successful firm on that insight.  From the point of view of both profit and of social welfare, he has built a powerful model. He is now expanding internationally.

Leveraging the talents of the autistic/creating a new business http://www.circleofexperts.com/blog/PermaLink.html?guid=c3af760c-a36e-49f6-abdb-06cac660c334 http://www.circleofexperts.com/blog/Leveraging+The+Talents+Of+The+Autisticcreating+A+New+Business.html Sun, 13 Jul 2008 14:54:25 GMT <p class=body> I recently learned about an entrepreneur with a very clever business model: <a href="http://www.linkedin.com/pub/2/002/066">Thorkil Sonne</a>, founder of Danish software testing company <a href="http://www.specialisterne.dk/html/english/Home.html">Specialisterne</a>.&nbsp; The 55-person firm's clients include CSC, Microsoft, and Oracle. </p> <p class=body> Specialisterne claims to be the world's first company focused on leveraging the unique talents of people with <a href="http://www.nichd.nih.gov/health/topics/asd.cfm">autism spectrum disorders</a> (ASD).&nbsp; Sonne started the company in large part to ensure that people with ASD—including his own son—would have employment opportunities.&nbsp; ASD, the most common form of autism, affects close to <a href="http://specialisterne.dk/html/english/Home.html">1%</a> of the population, but only <a href="http://www.nas.org.uk/nas/jsp/polopoly.jsp?d=634&amp;a=7449">10% of ASD adults</a> obtain any form of employment. </p> <p class=body> Software testing is a repetitive role which requires high attention to detail, and is an excellent fit for the typical ASD personality. <a href="http://hbswk.hbs.edu/item/5869.html">75%</a> of Specialisterne's testers have <a href="http://en.wikipedia.org/wiki/Asperger_syndrome">Asperger syndrome</a> or a form of ASD.&nbsp; Sonne estimates that <a href="http://www.bcs.org/upload/pdf/specialisterne.pdf">1%</a> of all the tasks executed in a given large company are suitable for autistic workers. </p> <p class=body> What I particularly like about this is that Sonne identified a community of talent almost unused by the labor market, and has built a successful firm on that insight.&nbsp; From the point of view of both profit and of social welfare, he has built a powerful model. He is now expanding internationally. </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=c3af760c-a36e-49f6-abdb-06cac660c334" /> http://www.circleofexperts.com/blog/CommentView.html?guid=c3af760c-a36e-49f6-abdb-06cac660c334 Leadership and Management Personal Productivity
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I finally had a chance to upload slides prepared by my partner Scott Lichtman on how law firms can use Web 2.0 technologies to increase their billings. Download. Scott delivered this presentation as a talk some months ago.

How Law Firms Can Increase Their Billings with Web 2.0 Technologies http://www.circleofexperts.com/blog/PermaLink.html?guid=89fa45b9-3053-43ce-a9ae-1b2a7b669fe0 http://www.circleofexperts.com/blog/How+Law+Firms+Can+Increase+Their+Billings+With+Web+20+Technologies.html Tue, 25 Sep 2007 06:05:53 GMT <p> I finally had a chance to upload slides prepared by my partner Scott Lichtman on how law firms can use Web 2.0 technologies to increase their billings. <a href="http://www.teten.com/assets/docs/Web-2.0-for-Lawyers.pdf">Download</a>. Scott delivered this presentation as a talk some months ago. </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=89fa45b9-3053-43ce-a9ae-1b2a7b669fe0" /> http://www.circleofexperts.com/blog/CommentView.html?guid=89fa45b9-3053-43ce-a9ae-1b2a7b669fe0 Leadership and Management
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I’m looking forward to speaking at the monthly New York Software Industry Association meeting on September 10 in New York. The topic is ‘Secrets of Silicon Alley's Serial Entrepreneurs’. Carter Burden, Laurel Touby and I will be sharing our thoughts. (Personally, I think the key secret is fail fast and often.)

Secrets of Silicon Alley's Serial Entrepreneurs, Sep. 10, NYC http://www.circleofexperts.com/blog/PermaLink.html?guid=340f30cb-dbc4-4f87-9266-4a881f9083ab http://www.circleofexperts.com/blog/Secrets+Of+Silicon+Alleys+Serial+Entrepreneurs+Sep+10+NYC.html Thu, 06 Sep 2007 02:52:06 GMT <p> <p> I&#8217;m looking forward to speaking at the monthly New York Software Industry Association meeting on September 10 in New York. The topic is &#8216;Secrets of Silicon Alley's <a href="http://www.gobignetwork.com/wil/">Serial Entrepreneurs</a>&#8217;. <a href="http://www.logicworks.net/page.php/prmID/179">Carter Burden</a>, <a href="http://www.mediabistro.com/aboutus/">Laurel Touby</a> and I will be sharing our thoughts. (Personally, I think the key secret is fail fast and often.) </p> > <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=340f30cb-dbc4-4f87-9266-4a881f9083ab" /> http://www.circleofexperts.com/blog/CommentView.html?guid=340f30cb-dbc4-4f87-9266-4a881f9083ab Career Acceleration Events Leadership and Management Personal Productivity
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I'm looking forward to speaking at an upcoming conference, Web 2.0 / Enterprise 2.0 in the Capital Markets Industry, on September 17 in New York.


Liz Abraham of Financial Markets World reports that they still have slots for a few speakers with experience in using or implementing Web 2.0 in the capital markets industry. If you're interested and qualified, contact liz.abraham(at)FMWOnline.com .


My topic is How to Source Deals Using Web 2.0 Technologies, focused on how investment bankers, hedge funds, and private equity funds source investments.  I also will be on a panel on Web 3.0.  Preliminary outlines of my presentations are at the preceding links.  If any readers have suggestions on this general topic, I would welcome them.

How to Source Deals Using Web 2.0 Technologies http://www.circleofexperts.com/blog/PermaLink.html?guid=a5dd0b1c-b8ad-4d1c-a123-f41eb8219c6e http://www.circleofexperts.com/blog/How+To+Source+Deals+Using+Web+20+Technologies.html Sun, 19 Aug 2007 02:30:32 GMT <p> I'm looking forward to speaking at an upcoming conference, <a href="http://www.fmwonline.com/Conferences/2007/conf091707.htm">Web 2.0 / Enterprise 2.0 in the Capital Markets Industry</a>, on September 17 in New York. <br> </p> <p> <br> Liz Abraham of <a href="http://www.fmwonline.com/">Financial Markets World</a> reports that they still have slots for a few speakers with experience in using or implementing Web 2.0 in the capital markets industry. If you're interested and qualified, contact liz.abraham(at)FMWOnline.com . <br> </p> <p> <br> My topic is <a href="http://teten.com/assets/docs/Raise-Funds.pdf">How to Source Deals Using Web 2.0 Technologies</a>, focused on how investment bankers, hedge funds, and private equity funds source investments.&nbsp; I also will be on a panel on <a href="http://www.teten.com/assets/docs/Teten-Web-3.0.pdf">Web 3.0</a>.&nbsp; Preliminary outlines of my presentations are at the preceding links.&nbsp; If any readers have suggestions on this general topic, I would welcome them. </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=a5dd0b1c-b8ad-4d1c-a123-f41eb8219c6e" /> http://www.circleofexperts.com/blog/CommentView.html?guid=a5dd0b1c-b8ad-4d1c-a123-f41eb8219c6e Leadership and Management Private Equity Investing Public Markets Investing Securities Research
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I enjoyed tonight's talk by Peter Thiel at NYC Junto, on "How New Technologies Thwart Government and Promote Freedom". Junto is a libertarian-focused discussion group organized by Victor Niederhoffer. I've been following Peter's writing for a while, since we overlap directly in our interests in investing and in online networks. Peter is President of Clarium Capital Management, an investor in both LinkedIn and Facebook, and was co-founder and former CEO of Paypal.

Peter started with two questions:

1) Let's assume libertarian view is correct. Why aren't more people libertarian?

2) What do we do about it? How do we make the world more libertarian?

Answers to question 1

- maybe libertarianism is not in peoples' interest

- lack of education

- [Cf. Bryan Caplan's book, The Myth of The Rational Voter]

Answers to question 2

When Peter was an undergrad, he might say:

- Education

- Go door to door

- Convince people to vote for candidates

But as he got older, he saw this is very hard to do.

(highlight of the evening: Victor Niederhoffer's toddler son wanders around Peter's legs at this point)

An IQ test for libertarians: ask them how optimistic they are. The more pessimistic they are, the smarter they are.

One solution: move control of money from the government to individuals. But you cant do this via plebiscite. If there was a form of money that government couldn’t measure or track, you'd have a powerful alternative. This insight was genesis of Paypal in late 1990s.

In mid 90s, several companies were creating alternative currencies: Cybercash, Digicash, etc. All of the initial attempts were going out of business. Money has a network-like aspect. How do you create a new currency when no one else is using it?

All these efforts had run aground against this rock. So Paypal started by leveraging against existing systems: credit cards, checks. Send money to anyone with an email address. Started with 24 employees at Paypal. Preloaded accounts with $10. Started to spread. We grew at 5-7% compounded daily.

Einstein, "Compound interest is so miraculous it could only be created by G-d".

Initial theory was very idealistic. In reality we ran up against many obstacles, the first of which were customers. Massive amounts of emails/customer service inquiries.

Spring/summer 2000: discovered bad people are out there. Whole wave of fraud, including Russian mobsters, tried to exploit Paypal. Someone threatened Peter's mother unless PayPal unfroze his account. Then that person ended up shot dead.

Found dystopian website in Former Soviet Union: "Carders World". A carder is someone who steals financial information on people. This was a marketplace for personal financial information. They had a manifesto saying that they were going to take down the capitalist system. Paypal information was there.

2001 period: next obstacle was government. Initial Paypal strategy was to ignore government regulations—'we are not a bank'; ' none of these laws apply to us'. If we rolled this out quickly enough, the government couldn't stop us. "If you have a world where everyone is a criminal, you have to change the law."

Visa/Mastercard tried to come up with rules to prohibit Paypal from using their service. Government was even slower. Radical technological change must be fast.

In 2001/02, when company went public, things really hit the wall. The person investigating their S-1 thought that his job was to stop companies from going public. "He was demoted in government, which is a really extraordinary thing to happen."

Businessweek article said that state of Louisiana hadn't quite signed off on this. SEC investigator told Paypal management that state of Louisiana was going to shut this down. So in middle of roadshow, Peter had to track down government regulators in Louisana and convince them that Louisana did not want to get reputation as a particularly backward place. "So within 2 days, we managed to get that stopped. At the time we had 100,000 Louisana users."

"We are now in 100 countries. 3rd largest payment brand after Visa/Mastercard in the world. "

How successful were we? Paypal currency is still denominated in national currencies. If you only have one form of currency, you're beholden to the issuer of that currency. Our initial vision inspired in part by Argentinean economic turmoil. If you can force competition between governments, you'll have stabler currencies.

Early 1980s: high inflation rates all over the world. Since then, it's gone down almost everywhere. Forms and symbols can persist well after the substance is gone, e.g., Queen's face is still on UK currency. Technology has been a very powerful force for decentralizing things.

1960s Time magazine cover: picture of 1 big computer that could run the world. Cf. Hal 2001. Computers as a force for centralization is a classic image. In the 90s, power shifted to individuals.

Famous early example: Soros distributing fax machines throughout Eastern bloc.

If everyone becomes a currency dealer thru Paypal, it changes the world.

So much has changed. For example in 1971: it was illegal to own gold and other currencies in the US. 1971 Treasury Secretary said, "It's our money---we can print as much as we want and it's the rest of the world's problem". You can't imagine Hank Paulson saying something similar today.

Power is shifting ineluctably away. Will technology continue to be a force for decentralization?

Why did 1960s vision of centralized computer not happen?

Peoples' ability to process information is flat, but the amount of information has gone up dramatically. So the only solution is decentralization. This is also why Moscow can't set the price of potatoes in Vladivostock.

You may be able to approximate information processing to a problem solveable in polynomial time---and then you have AI, and the 1960s vision of a centralized computer processing everything.

By 2050, we could have thousands of different countries. We have 10-20 years to push as hard and far as we can in direction of more liberty.

Q: How do you prevent Paypal from being used as electronic hawalla---form of terrorist financing?

A: We have protections in place---abide by Patriot Act.

2002: first year number of printed checks in US went down.

Q: question about Second Life and inflation

Q: question about goldmoney.com

A: The problem with gold is that when you really need it, it's not there. In 1933 the government confiscated all the gold bullion in the US.

Q; How do you promote libertarianism?

A: When I was young I tried to reduce the demand side (demand for regulation), but then I saw it was much too hard. So now I focus on the supply side. If I expand the supply side (e.g., more options for currencies), I reduce the amount of government in the system.

I want to promote change without being obliged to go through an election or plebiscite.

Governments are losing power to inflate because of technology. The risks are now tilted to deflation, not inflation. A deflationary environment is hard to invest in, because you can't just lever up and pay things off in cheaper dollars. Private equity and real estate are bad ideas in a deflationary environment. Donald Trump's argument is that you should be short dollars by going long real estate, is disastrous.

Q: How does Facebook promote libertarianism?

A: Facebook will be the dominant next media company . Since the old media companies are non-libertarian, this in itself is good.

Hedge funds are a way to bet against stupidity of governments.

Q: Could you comment on US visa policies and their impact on competitiveness.

He commented that once a tipping point happens, it's impossible to go back. Once the camel's back is broken, it can't be healed. Right now the marginal tax rate in NY is ~50%. In London it's 0%. So it's compelling for a hedge fund to set up shop in London, not NY.

There's a definite shifting of centers of quality overseas. It's happening faster in finance than in technology, but it is happening. (Audience member mentioned that Microsoft is setting up research centers in Canada and elsewhere specifically because they cant bring the researchers they hire into the US.)

Peter Thiel, Paypal co-founder, on How New Technologies Thwart Government and Promote Freedom http://www.circleofexperts.com/blog/PermaLink.html?guid=80d98156-10db-46fd-b84e-1347d792c2b0 http://www.circleofexperts.com/blog/Peter+Thiel+Paypal+Cofounder+On+How+New+Technologies+Thwart+Government+And+Promote+Freedom.html Fri, 03 Aug 2007 16:55:01 GMT <p> I enjoyed tonight's talk by <a href="http://www.thefoundersfund.com/team_bios.html">Peter Thiel</a> at <a href="http://www.nycjunto.com/">NYC Junto</a>, on &quot;How New Technologies Thwart Government and Promote Freedom&quot;. Junto is a libertarian-focused discussion group organized by <a href="http://www.dailyspeculations.com/">Victor Niederhoffer</a>. I've been following Peter's writing for a while, since we overlap directly in our interests in investing and in online networks. Peter is President of Clarium Capital Management, an investor in both <a href="http://www.linkedin.com/">LinkedIn</a> and <a href="http://www.facebook.com/">Facebook</a>, and was co-founder and former CEO of <a href="http://www.paypal.com/">Paypal</a>. </p> <p> Peter started with two questions: </p> <p> 1) Let's assume libertarian view is correct. Why aren't more people libertarian? </p> <p> 2) What do we do about it? How do we make the world more libertarian? </p> <p> <b><u>Answers to question 1</u></b> </p> <p> - maybe libertarianism is not in peoples' interest </p> <p> - lack of education </p> <p> - [Cf. Bryan Caplan's book, <a href="http://www.cato-unbound.org/2006/11/06/bryan-caplan/the-myth-of-the-rational-voter/">The Myth of The Rational Voter</a>] </p> <p> <b><u>Answers to question 2</u></b> </p> <p> When Peter was an undergrad, he might say: </p> <p> - Education </p> <p> - Go door to door </p> <p> - Convince people to vote for candidates </p> <p> But as he got older, he saw this is very hard to do. </p> <p> (highlight of the evening: Victor Niederhoffer's toddler son wanders around Peter's legs at this point) </p> <p> An IQ test for libertarians: ask them how optimistic they are. The more pessimistic they are, the smarter they are. </p> <p> One solution: move control of money from the government to individuals. But you cant do this via plebiscite. If there was a form of money that government couldn&#8217;t measure or track, you'd have a powerful alternative. This insight was genesis of Paypal in late 1990s. </p> <p> In mid 90s, several companies were creating alternative currencies: Cybercash, Digicash, etc. All of the initial attempts were going out of business. Money has a network-like aspect. How do you create a new currency when no one else is using it? </p> <p> All these efforts had run aground against this rock. So Paypal started by leveraging against existing systems: credit cards, checks. Send money to anyone with an email address. Started with 24 employees at Paypal. Preloaded accounts with $10. Started to spread. We grew at 5-7% compounded <u>daily</u>. </p> <p> Einstein, &quot;Compound interest is so miraculous it could only be created by G-d&quot;. </p> <p> Initial theory was very idealistic. In reality we ran up against many obstacles, the first of which were customers. Massive amounts of emails/customer service inquiries. </p> <p> Spring/summer 2000: discovered bad people are out there. Whole wave of fraud, including Russian mobsters, tried to exploit Paypal. Someone threatened Peter's mother unless PayPal unfroze his account. Then that person ended up shot dead. </p> <p> Found dystopian website in Former Soviet Union: &quot;Carders World&quot;. A carder is someone who steals financial information on people. This was a marketplace for personal financial information. They had a manifesto saying that they were going to take down the capitalist system. Paypal information was there. </p> <p> 2001 period: next obstacle was government. Initial Paypal strategy was to ignore government regulations&#8212;'we are not a bank'; ' none of these laws apply to us'. If we rolled this out quickly enough, the government couldn't stop us. &quot;If you have a world where everyone is a criminal, you have to change the law.&quot; </p> <p> Visa/Mastercard tried to come up with rules to prohibit Paypal from using their service. Government was even slower. <u>Radical technological change must be fast.</u> </p> <p> In 2001/02, when company went public, things really hit the wall. The person investigating their S-1 thought that his job was to stop companies from going public. &quot;He was demoted in government, which is a really extraordinary thing to happen.&quot; </p> <p> Businessweek article said that state of Louisiana hadn't quite signed off on this. SEC investigator told Paypal management that state of Louisiana was going to shut this down. So in middle of roadshow, Peter had to track down government regulators in Louisana and convince them that Louisana did not want to get reputation as a particularly backward place. &quot;So within 2 days, we managed to get that stopped. At the time we had 100,000 Louisana users.&quot; </p> <p> &quot;We are now in 100 countries. 3<sup>rd</sup> largest payment brand after Visa/Mastercard in the world. &quot; </p> <p> How successful were we? Paypal currency is still denominated in national currencies. If you only have one form of currency, you're beholden to the issuer of that currency. Our initial vision inspired in part by Argentinean economic turmoil. If you can force competition between governments, you'll have stabler currencies. </p> <p> Early 1980s: high inflation rates all over the world. Since then, it's gone down almost everywhere. Forms and symbols can persist well after the substance is gone, e.g., Queen's face is still on UK currency. Technology has been a very powerful force for decentralizing things. </p> <p> 1960s Time magazine cover: picture of 1 big computer that could run the world. Cf. Hal 2001. Computers as a force for centralization is a classic image. In the 90s, power shifted to individuals. </p> <p> Famous early example: Soros distributing fax machines throughout Eastern bloc. </p> <p> If everyone becomes a currency dealer thru Paypal, it changes the world. </p> <p> So much has changed. For example in 1971: it was illegal to own gold and other currencies in the US. 1971 Treasury Secretary said, &quot;It's our money---we can print as much as we want and it's the rest of the world's problem&quot;. You can't imagine Hank Paulson saying something similar today. </p> <p> Power is shifting ineluctably away. Will technology continue to be a force for decentralization? </p> <p> Why did 1960s vision of centralized computer not happen? </p> <p> Peoples' ability to process information is flat, but the amount of information has gone up dramatically. So the only solution is decentralization. This is also why Moscow can't set the price of potatoes in Vladivostock. </p> <p> You may be able to approximate information processing to a problem solveable in polynomial time---and then you have AI, and the 1960s vision of a centralized computer processing everything. </p> <p> By 2050, we could have thousands of different countries. We have 10-20 years to push as hard and far as we can in direction of more liberty. </p> <p> Q: How do you prevent Paypal from being used as electronic hawalla---form of terrorist financing? </p> <p> A: We have protections in place---abide by Patriot Act. </p> <p> 2002: first year number of printed checks in US went down. </p> <p> Q: question about Second Life and inflation </p> <p> Q: question about <a href="http://www.goldmoney.com/">goldmoney.com</a> </p> <p> A: The problem with gold is that when you really need it, it's not there. In 1933 the government confiscated all the gold bullion in the US. </p> <p> Q; How do you promote libertarianism? </p> <p> A: When I was young I tried to reduce the demand side (demand for regulation), but then I saw it was much too hard. So now I focus on the supply side. If I expand the supply side (e.g., more options for currencies), I reduce the amount of government in the system. </p> <p> I want to promote change without being obliged to go through an election or plebiscite. </p> <p> Governments are losing power to inflate because of technology. The risks are now tilted to deflation, not inflation. A deflationary environment is hard to invest in, because you can't just lever up and pay things off in cheaper dollars. Private equity and real estate are bad ideas in a deflationary environment. Donald Trump's argument is that you should be short dollars by going long real estate, is disastrous. </p> <p> Q: How does Facebook promote libertarianism? </p> <p> A: Facebook will be the dominant next media company . Since the old media companies are non-libertarian, this in itself is good. </p> <p> Hedge funds are a way to bet against stupidity of governments. </p> <p> Q: Could you comment on US visa policies and their impact on competitiveness. </p> <p> He commented that once a tipping point happens, it's impossible to go back. Once the camel's back is broken, it can't be healed. Right now the marginal tax rate in NY is ~50%. In London it's 0%. So it's compelling for a hedge fund to set up shop in London, not NY. </p> <p> There's a definite shifting of centers of quality overseas. It's happening faster in finance than in technology, but it is happening. (Audience member mentioned that Microsoft is setting up research centers in Canada and elsewhere specifically because they cant bring the researchers they hire into the US.) </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=80d98156-10db-46fd-b84e-1347d792c2b0" /> http://www.circleofexperts.com/blog/CommentView.html?guid=80d98156-10db-46fd-b84e-1347d792c2b0 Events Leadership and Management Public Markets Investing Securities Research Social Software
http://www.circleofexperts.com/blog/Trackback.html?guid=a4deab60-9f2f-46fd-abe6-19bc6ee1ab11 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=a4deab60-9f2f-46fd-abe6-19bc6ee1ab11 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=a4deab60-9f2f-46fd-abe6-19bc6ee1ab11 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=a4deab60-9f2f-46fd-abe6-19bc6ee1ab11

Jason Alba at JibberJobber added a JibberJobber profile to the Virtual Handshake social software company wiki. Barbara Safani writes,

A successful job search campaign requires exceptional organizational and follow-up skills. Jibber Jobber provides an easy to use interface that takes the drudgery out of the job search process while improving efficiencies and accelerating search activity.
What I like about Jibber Jobber is that it addresses a clear need among job-searchers: managing their job search and all of the people and companies with whom they interact during the course of their job search. The great majority of people I meet have very primitive personal CRM systems--often as primitive as a shoebox of business cards. So there's a large opportunity to provide people with more sophisticated tools. Jibber Jobber's challenge is that it is so narrowly focused on the job search, whereas every professional needs a personal CRM tool (e.g., Act, Microsoft Business Contact Manager, etc. They may find that they successfully penetrate the job-seeker market, then at some point rebrand and target the broader professional market.

Jibber Jobber http://www.circleofexperts.com/blog/PermaLink.html?guid=a4deab60-9f2f-46fd-abe6-19bc6ee1ab11 http://www.circleofexperts.com/blog/Jibber+Jobber.html Thu, 12 Jul 2007 00:54:11 GMT <p> Jason Alba at <a href="http://JibberJobber.com">JibberJobber</a> added a <a href="http://www.thevirtualhandshake.com/wiki.html?page=JibberJobber">JibberJobber profile </a> to the Virtual Handshake <a href="http://www.thevirtualhandshake.com/directory.html">social software company wiki</a>. Barbara Safani writes, </p> <blockquote>A successful job search campaign requires exceptional organizational and follow-up skills. Jibber Jobber provides an easy to use interface that takes the drudgery out of the job search process while improving efficiencies and accelerating search activity.</blockquote> What I like about Jibber Jobber is that it addresses a clear need among job-searchers: managing their job search and all of the people and companies with whom they interact during the course of their job search. The great majority of people I meet have very primitive personal CRM systems--often as primitive as a shoebox of business cards. So there's a large opportunity to provide people with more sophisticated tools. Jibber Jobber's challenge is that it is so narrowly focused on the job search, whereas every professional needs a personal CRM tool (e.g., <a href="http://act.com">Act</a>, <a href="http://www.google.com/url?sa=t&amp;ct=res&amp;cd=1&amp;url=http%3A%2F%2Fwww.microsoft.com%2Foutlook%2F&amp;ei=U3uVRsfDH6Wceo72zZMF&amp;usg=AFQjCNHP5L2s-bZBMqgIMln5MsDIi6GmRw&amp;sig2=XheKlAjTaP-cN5-KgL2cxg">Microsoft Business Contact Manager</a>, etc. They may find that they successfully penetrate the job-seeker market, then at some point rebrand and target the broader professional market. <p> </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=a4deab60-9f2f-46fd-abe6-19bc6ee1ab11" /> http://www.circleofexperts.com/blog/CommentView.html?guid=a4deab60-9f2f-46fd-abe6-19bc6ee1ab11 Career Acceleration Leadership and Management Personal Productivity Social Software
http://www.circleofexperts.com/blog/Trackback.html?guid=6669a6ae-7dfc-422d-97f6-3e9ac025f68d http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=6669a6ae-7dfc-422d-97f6-3e9ac025f68d David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=6669a6ae-7dfc-422d-97f6-3e9ac025f68d http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=6669a6ae-7dfc-422d-97f6-3e9ac025f68d 1 I am prone to agree with Robert Frank's argument in "A Career in Hedge Funds and the Price of Overcrowding". 

"[The market for hedge fund talent] is what economists call a winner-take-all market — essentially a tournament in which a handful of winners are selected from a much larger field of initial contestants. Such markets tend to attract too many contestants for two reasons.

The first is an information bias. An intelligent decision about whether to enter any tournament requires an accurate estimate of the odds of winning. Yet people’s assessments of their relative skill levels are notoriously optimistic. Surveys show, for example, that more than 90 percent of workers consider themselves more productive than their average colleague.

This overconfidence bias is especially likely to distort career choice because, in addition to the motivational forces that support it, the biggest winners in many tournaments are so conspicuous. For example, N.B.A. stars who earn eight-figure salaries appear on television several nights a week, whereas the thousands who failed to make the league attract little notice....

A second reason for persistent overcrowding in winner-take-all markets is a structural problem called “the tragedy of the commons.” This problem helps explain, for instance, why we see too many gold prospectors, an occupation that has much in common with prospecting for corporate deals. In the initial stages of exploiting a newly discovered gold field, adding another prospector may significantly increase the total amount of gold found. Beyond some point, however, additional prospectors contribute little. The gold found by a newcomer to a crowded field is largely gold that would have been found by existing searchers."



more...


A Career in Hedge Funds and the Price of Overcrowding http://www.circleofexperts.com/blog/PermaLink.html?guid=6669a6ae-7dfc-422d-97f6-3e9ac025f68d http://www.circleofexperts.com/blog/A+Career+In+Hedge+Funds+And+The+Price+Of+Overcrowding.html Thu, 12 Jul 2007 00:29:52 GMT I am prone to agree with Robert Frank's argument in "<a href="http://www.nytimes.com/2007/07/05/business/05scene.html?_r=1&amp;oref=slogin">A Career in Hedge Funds and the Price of Overcrowding</a>".&nbsp; <br> <br> <p> "[The market for hedge fund talent] is what economists call a winner-take-all market — essentially a tournament in which a handful of winners are selected from a much larger field of initial contestants. Such markets tend to attract too many contestants for two reasons. </p> <p> The first is an information bias. An intelligent decision about whether to enter any tournament requires an accurate estimate of the odds of winning. Yet people’s assessments of their relative skill levels are notoriously optimistic. Surveys show, for example, that more than 90 percent of workers consider themselves more productive than their average colleague. </p> <p> This overconfidence bias is especially likely to distort career choice because, in addition to the motivational forces that support it, the biggest winners in many tournaments are so conspicuous. For example, N.B.A. stars who earn eight-figure salaries appear on television several nights a week, whereas the thousands who failed to make the league attract little notice.... </p> <p> A second reason for persistent overcrowding in winner-take-all markets is a structural problem called “the tragedy of the commons.” This problem helps explain, for instance, why we see too many gold prospectors, an occupation that has much in common with prospecting for corporate deals. In the initial stages of exploiting a newly discovered gold field, adding another prospector may significantly increase the total amount of gold found. Beyond some point, however, additional prospectors contribute little. The gold found by a newcomer to a crowded field is largely gold that would have been found by existing searchers." </p> <br> <br> <p> <a href="http://www.nytimes.com/2007/07/05/business/05scene.html?_r=1&amp;oref=slogin">more...</a> </p> <br> <p> </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=6669a6ae-7dfc-422d-97f6-3e9ac025f68d" /> http://www.circleofexperts.com/blog/CommentView.html?guid=6669a6ae-7dfc-422d-97f6-3e9ac025f68d Career Acceleration Leadership and Management Private Equity Investing Public Markets Investing
http://www.circleofexperts.com/blog/Trackback.html?guid=30ab4b16-54b6-4dd1-bbf2-4ed227ab8c05 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=30ab4b16-54b6-4dd1-bbf2-4ed227ab8c05 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=30ab4b16-54b6-4dd1-bbf2-4ed227ab8c05 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=30ab4b16-54b6-4dd1-bbf2-4ed227ab8c05

In our latest FastCompany column, we summarized best practices in managing virtual employees at Evalueserve:

...Daigle observed that the virtual structure eliminates many political issues: "Not only do we not have much of the water cooler, idle time type of communication, and resulting issues -- we don't have time for it. I think there is some truth that the four of us [of the EVS management team] have got by without serious conflicts over 6 full years because we're somewhat forced (by geographic non-proximity) to stay out of one another's way, trusting each other to execute. Despite being geographically dispersed, all four senior managers are actively involved in both sales and operations, in touch via email, instant messaging, and phone daily. However, because we are distant we are forced to act independently and to focus on execution."
How to Manage Virtual Employees http://www.circleofexperts.com/blog/PermaLink.html?guid=30ab4b16-54b6-4dd1-bbf2-4ed227ab8c05 http://www.circleofexperts.com/blog/How+To+Manage+Virtual+Employees.html Tue, 19 Jun 2007 10:35:23 GMT <p> In our latest FastCompany column, we summarized best practices in <a href="http://www.fastcompany.com/resources/networking/teten-allen/052307-managing-virtual-employees.html">managing virtual employees</a> at Evalueserve: </p> <p> <blockquote>...Daigle observed that the virtual structure eliminates many political issues: "Not only do we not have much of the water cooler, idle time type of communication, and resulting issues -- we don't have time for it. I think there is some truth that the four of us [of the EVS management team] have got by without serious conflicts over 6 full years because we're somewhat forced (by geographic non-proximity) to stay out of one another's way, trusting each other to execute. Despite being geographically dispersed, all four senior managers are actively involved in both sales and operations, in touch via email, instant messaging, and phone daily. However, because we are distant we are forced to act independently and to focus on execution."</blockquote>> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=30ab4b16-54b6-4dd1-bbf2-4ed227ab8c05" /> http://www.circleofexperts.com/blog/CommentView.html?guid=30ab4b16-54b6-4dd1-bbf2-4ed227ab8c05 Career Acceleration Leadership and Management Personal Productivity
http://www.circleofexperts.com/blog/Trackback.html?guid=a34a6448-878c-4125-b322-0cc39ee00f60 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=a34a6448-878c-4125-b322-0cc39ee00f60 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=a34a6448-878c-4125-b322-0cc39ee00f60 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=a34a6448-878c-4125-b322-0cc39ee00f60 I hope that some of you will join us for the program below.

CONSULTING OPPORTUNITIES WITH HEDGE FUNDS, PRIVATE EQUITY FUNDS, MUTUAL FUNDS AND OTHERS

Webinar with David Teten, Co-Managing Director, Nitron Circle of Experts

Friday, June 08, 2007, 1:00 - 2:00 PM EST

Sponsored by Execunet, the executive network for the $100K+ executive.

David is Co-Managing Director of the Nitron Circle of Experts ( CircleofExperts.com ), an independent research firm that pays senior industry executives to consult with professional investors, law firms, and a range of corporate clients. Our clients learn from experts like you through one-on-one consultations, customized surveys, and interactive events. Nitron is a subsidiary of Evalueserve, an offshore research & analytics firm.

Joining the Circle of Experts never costs you a dime. Your benefits:

  • Interact and learn from the leading institutional investors.
  • Work on strategic, thought-provoking projects.
  • Monetary compensation. We pay a competitive hourly rate, varying depending on your experience.
  • Convenience. Most consultations are over the phone, at times you choose.
  • Privacy. Your consultations are entirely confidential. Only discuss topics of your choosing.
  • Earn additional compensation to introduce qualified colleagues.

Among our Circle of Experts are alumni of:

Premier companies:

AIG, Cisco, Dow, DuPont, GE, IBM, McKinsey, MetLife, Microsoft, Pfizer, Shell, Sony, Toyota

Leading universities:

California Institute of Technology, Columbia, Cornell, Dartmouth, Duke, Harvard, MIT

Scientific institutions:

National Institutes of Health, National Science Foundation, Harvard Medical School

Update:

Execunet has posted a recording of the presentation, available free at

http://www.execunet.com/execunet_ondemand/FTBREATETE_tetan_coffeebreak/ondemand.html

REGISTRATION

(Requires membership in Execunet )

https://members.execunet.com/e_membership_alertlogin.cfm?
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Execunet Webinar: Consulting Opportunities with Hedge Funds, VC Funds, and Others http://www.circleofexperts.com/blog/PermaLink.html?guid=a34a6448-878c-4125-b322-0cc39ee00f60 http://www.circleofexperts.com/blog/Execunet+Webinar+Consulting+Opportunities+With+Hedge+Funds+VC+Funds+And+Others.html Thu, 07 Jun 2007 17:25:32 GMT I hope that some of you will join us for the program below. <p align=center> </p> <p align=center> <b>CONSULTING OPPORTUNITIES WITH HEDGE FUNDS, PRIVATE EQUITY FUNDS, MUTUAL FUNDS AND OTHERS </b> </p> <p align=center> </p> <p align=center> <b>Webinar with David Teten, Co-Managing Director, <a href="http://circleofexperts.com">Nitron Circle of Experts</a></b> </p> <p align=center> </p> <p align=center> <b>Friday, June 08, 2007, 1:00 - 2:00 PM EST </b> </p> <p align=center> <b></b> </p> <p align=center> <b>Sponsored by <a href="http://execunet.com">Execunet</a>, the executive network for the $100K+ executive.</b> </p> <p> <b><img height=8 src="execunet%20mail_files/image001.gif" width=1></b> </p> <p> David is Co-Managing Director of the Nitron Circle of Experts ( <u><a href="http://www.circleofexperts.com/">CircleofExperts.com</a></u> ), an independent research firm that pays senior industry executives to consult with professional investors, law firms, and a range of corporate clients. Our clients learn from experts like you through one-on-one consultations, customized surveys, and interactive events. Nitron is a subsidiary of <a href="http://www.evalueserve.com">Evalueserve</a>, an offshore research &amp; analytics firm. </p> <p> <b>Joining the Circle of Experts never costs you a dime. Your benefits: </b> </p> <ul> <li> Interact and learn from the leading institutional investors. <li> Work on strategic, thought-provoking projects. <li> Monetary compensation. We pay a competitive hourly rate, varying depending on your experience. <li> Convenience. Most consultations are over the phone, at times you choose. <li> Privacy. Your consultations are entirely confidential. Only discuss topics of your choosing. <li> Earn additional compensation to introduce qualified colleagues. </li> </ul> <p> Among our Circle of Experts are alumni of: </p> <p> <b>Premier companies:</b> </p> <p> AIG, Cisco, Dow, DuPont, GE, IBM, McKinsey, MetLife, Microsoft, Pfizer, Shell, Sony, Toyota </p> <p> <b>Leading universities:</b> </p> <p> California Institute of Technology, Columbia, Cornell, Dartmouth, Duke, Harvard, MIT </p> <p> <b>Scientific institutions:</b> </p> <p> National Institutes of Health, National Science Foundation, Harvard Medical School </p> <p> <img height=10 src="execunet%20mail_files/image002.gif" width=1 border=0><strong>Update</strong>: </p> <p> Execunet has posted a recording of the presentation, available free at </p> <p id=UrlText> <a href="http://www.execunet.com/execunet_ondemand/FTBREATETE_tetan_coffeebreak/ondemand.html"> http://www.execunet.com/execunet_ondemand/FTBREATETE_tetan_coffeebreak/ondemand.html</a> </p> <b><u>REGISTRATION</u></b> <p> (Requires membership in Execunet ) </p> <p> <a href="https://members.execunet.com/e_membership_alertlogin.cfm?redirfile=e_network_online_register.cfm&amp;fmtid=7a56&amp;CFID=9087973&amp;CFTOKEN=4193b43320a9da58-C37A4E8C-EA68-1A78-C8A40DD1F900B762">https://members.execunet.com/e_membership_alertlogin.cfm?<br> redirfile=e_network_online_register.cfm&amp;<br> fmtid=7a56&amp;CFID=9087973&amp;<br> CFTOKEN=4193b43320a9da58-C37A4E8C-EA68-1A78-C8A40DD1F900B762</a> </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=a34a6448-878c-4125-b322-0cc39ee00f60" /> http://www.circleofexperts.com/blog/CommentView.html?guid=a34a6448-878c-4125-b322-0cc39ee00f60 Career Acceleration Events Leadership and Management
http://www.circleofexperts.com/blog/Trackback.html?guid=c7f2cd21-b757-40ba-b90c-86f227f3aed2 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=c7f2cd21-b757-40ba-b90c-86f227f3aed2 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=c7f2cd21-b757-40ba-b90c-86f227f3aed2 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=c7f2cd21-b757-40ba-b90c-86f227f3aed2 5

The folks at Landslide have figured out a great marketing strategy: If you view a demo of their "sales workstyle management" system, they'll give you a free copy of The Virtual Handshake--Opening Doors and Closing Deals Online.

Alex Salkever of Inc. wrote in Turning Sales Into Science that Landslide "gives sales staffers what they need, when they need it, to close a deal."  In other words, Landslide provides salespeople more infrastructure, so that they can focus more on selling and less on all of the other activities that distract them from their main job.

Link: Watch a Landslide demo, get a copy of The Virtual Handshake

Free copies of The Virtual Handshake http://www.circleofexperts.com/blog/PermaLink.html?guid=c7f2cd21-b757-40ba-b90c-86f227f3aed2 http://www.circleofexperts.com/blog/Free+Copies+Of+The+Virtual+Handshake.html Fri, 04 May 2007 02:56:56 GMT <p> The folks at <a href="http://www.Landslide.com">Landslide</a>&nbsp;have figured out a great marketing strategy: If you view a demo of their "sales workstyle management" system, they'll give you a free copy of <a href="http://www.TheVirtualHandshake.com">The Virtual Handshake--Opening Doors and Closing Deals Online</a>. </p> <p> Alex Salkever of Inc. wrote in <a href="http://www.inc.com/magazine/20061201/sales-into-science.html">Turning</a> Sales Into Science that Landslide "gives sales staffers what they need, when they need it, to close a deal."&nbsp; In other words, Landslide provides salespeople more infrastructure, so that they can focus more on selling and less on all of the other activities that distract them from their main job. </p> <p> Link: <a href="http://www.landslide.com/demo?campaign=dteten">Watch</a> a Landslide demo, get a copy of The Virtual Handshake </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=c7f2cd21-b757-40ba-b90c-86f227f3aed2" /> http://www.circleofexperts.com/blog/CommentView.html?guid=c7f2cd21-b757-40ba-b90c-86f227f3aed2 Career Acceleration General Leadership and Management Personal Productivity Public Markets Investing Securities Research Social Software
http://www.circleofexperts.com/blog/Trackback.html?guid=404 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=404 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=404 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=404 If you're having trouble understanding why and how it's become normative for the broadband generation (12-24) to document their entire lives online, I recommend Emily Nussbaum's Say Everything in New York magazine. My favorite section is from Clay Shirky of NYU, who has an amazing gift for metaphor:

Shirky describes this generational shift in terms of pidgin versus Creole.

“Do you know that distinction? Pidgin is what gets spoken when people patch things together from different languages, so it serves well enough to communicate. But Creole is what the children speak, the children of pidgin speakers. They impose rules and structure, which makes the Creole language completely coherent and expressive, on par with any language. What we are witnessing is the Creolization of media.”

That’s a cool metaphor, I respond. “I actually don’t think it’s a metaphor,” he says. “I think there may actually be real neurological changes involved.”

Kids, the Internet, and the End of Privacy http://www.circleofexperts.com/blog/PermaLink.html?guid=404 http://www.circleofexperts.com/blog/Kids+The+Internet+And+The+End+Of+Privacy.html Sun, 11 Mar 2007 19:40:47 GMT If you're having trouble understanding why and how it's become normative for the broadband generation (12-24) to document their entire lives online, I recommend <a href="http://nymag.com/nymag/author_112">Emily Nussbaum</a>'s <a href="http://nymag.com/news/features/27341/">Say Everything</a> in New York magazine. My favorite section is from <a href="http://shirky.com">Clay Shirky</a> of NYU, who has an amazing gift for metaphor: <blockquote> <p> Shirky describes this generational shift in terms of pidgin versus Creole. </p> <p> “Do you know that distinction? Pidgin is what gets spoken when people patch things together from different languages, so it serves well enough to communicate. But Creole is what the children speak, the children of pidgin speakers. They impose rules and structure, which makes the Creole language completely coherent and expressive, on par with any language. What we are witnessing is the Creolization of media.” </p> <p> That’s a cool metaphor, I respond. “I actually don’t think it’s a metaphor,” he says. “I think there may actually be real neurological changes involved.” </p> </blockquote><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=404" /> http://www.circleofexperts.com/blog/CommentView.html?guid=404 General Leadership and Management Personal Productivity Social Software
http://www.circleofexperts.com/blog/Trackback.html?guid=403 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=403 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=403 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=403 Blogs as Business Tools (Investors' Business Daily) http://www.circleofexperts.com/blog/PermaLink.html?guid=403 http://www.circleofexperts.com/blog/Blogs+As+Business+Tools+Investors+Business+Daily.html Wed, 28 Feb 2007 09:43:34 GMT Gary Stern of Investors’ Business Daily wrote in a recent article, <a href="http://www.investors.com/editorial/IBDArticles.asp?artsec=24&issue=20070223&view=1"><em>Blogs Are Put To Use As Business Machines</em></a> on the significant benefits of unconventional marketing tools, especially blogs. According to the article, blogs can help greatly in generating new prospects and business leads. Of course, blog functionality is migrating steadily to all websites. The Hindu Business Line predicts <a href=”http://www.thehindubusinessline.com/ew/2007/02/26/stories/2007022600080200.htm ">Blogs may replace typical corporate Web sites</a>. There is one slight misstatement in the article. In the quotation from me about the efficacy of referrals, the correct quotation from me should be, “83% of emails sent via a LinkedIn referral receive a response, far more than without a referral.” <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=403" /> http://www.circleofexperts.com/blog/CommentView.html?guid=403 General Social Software Leadership and Management http://www.circleofexperts.com/blog/Trackback.html?guid=398 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=398 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=398 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=398 Dion Hinchcliffe reports on "Ten Ways To Take Advantage of Web 2.0".
One of the questions I get asked fairly frequently is how people can leverage Web 2.0 techniques in their applications and infrastructure today. Now that it's getting more well known, more people seem to be actively interested in making immediate, practical use of Web 2.0 ideas.
On a related note, the new meta-search tool Zuula looks very useful. (via Shally) Ten Ways To Take Advantage of Web 2.0 http://www.circleofexperts.com/blog/PermaLink.html?guid=398 http://www.circleofexperts.com/blog/Ten+Ways+To+Take+Advantage+Of+Web+20.html Wed, 31 Jan 2007 03:52:33 GMT Dion Hinchcliffe reports on "<a href="http://web2.wsj2.com/ten_ways_to_take_advantage_of_web_20.htm">Ten Ways To Take Advantage of Web 2.0</a>". <blockquote>One of the questions I get asked fairly frequently is how people can leverage Web 2.0 techniques in their applications and infrastructure today. Now that it's getting more well known, more people seem to be actively interested in making immediate, practical use of Web 2.0 ideas.</blockquote> On a related note, the new meta-search tool <a href="http://Zuula.com">Zuula</a> looks very useful. (via <a href="http://www.ere.net/blogs/CyberSleuthing/AAAA63268F6347758AE4A166C1760C3E.asp">Shally</a>)<img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=398" /> http://www.circleofexperts.com/blog/CommentView.html?guid=398 General Social Software Personal Productivity Leadership and Management Career Acceleration
http://www.circleofexperts.com/blog/Trackback.html?guid=397 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=397 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=397 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=397 Via Barbara Safani:
Career Hub, a career advice blog I contribute to, recently launched their second free ebook, Insider’s Guide to Resume Writing. The free download is http://careerhub.typepad.com/main/2007/01/resume_writing_.html
Insider Guide to Resume Writing http://www.circleofexperts.com/blog/PermaLink.html?guid=397 http://www.circleofexperts.com/blog/Insider+Guide+To+Resume+Writing.html Wed, 24 Jan 2007 04:20:18 GMT Via <a href="http://www.careersolvers.com">Barbara Safani</a>: <blockquote>Career Hub, a career advice blog I contribute to, recently launched their second free ebook, Insider’s Guide to Resume Writing. The free download is <a href="http://careerhub.typepad.com/main/2007/01/resume_writing_.html ">http://careerhub.typepad.com/main/2007/01/resume_writing_.html </a> </blockquote> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=397" /> http://www.circleofexperts.com/blog/CommentView.html?guid=397 General Leadership and Management Career Acceleration
http://www.circleofexperts.com/blog/Trackback.html?guid=395 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=395 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=395 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=395 "For CEOs and CEOs-to-be, sports may be a more effective training ground than any business school, according to both psychologists and entrepreneur athletes themselves." http://trax.inc.com/k/w/mailman/inc_leading/20070117/athletes Sports and entrepreneurship http://www.circleofexperts.com/blog/PermaLink.html?guid=395 http://www.circleofexperts.com/blog/Sports+And+Entrepreneurship.html Fri, 19 Jan 2007 05:18:41 GMT "For CEOs and CEOs-to-be, sports may be a more effective training ground than any business school, according to both psychologists and entrepreneur athletes themselves." <a href="http://trax.inc.com/k/w/mailman/inc_leading/20070117/athletes">http://trax.inc.com/k/w/mailman/inc_leading/20070117/athletes </a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=395" /> http://www.circleofexperts.com/blog/CommentView.html?guid=395 General Personal Productivity Leadership and Management Career Acceleration http://www.circleofexperts.com/blog/Trackback.html?guid=379 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=379 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=379 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=379 An interview with Michael Gerber, Author of The E-Myth Revisited:
"If they don’t fail outright, most businesses fail to fully achieve their potential. That’s because the person who owns the business doesn't truly know how to build a company that works without him or her.. which is the key." - Michael Gerber

Michael Gerber is the founder and CEO of E-Myth Worldwide, and best selling author of The E-Myth Revisited, and E-Myth Mastery. He defines E-Myth as:

1: The entrepreneurial myth: the myth that most people who start a small business are entrepreneurs,

2: the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does technical work.

Since its publication in 1995, this business classic has sold over one million copies, and is published in 16 languages. Michael observes that most small businesses are started by "technicians", that is, people who are skilled at something and who enjoy doing that thing.

When these technicians strike out on their own, they tend to continue doing the work they are skilled at, and ignore the overarching aspects of business.

 Without clear goals and quantification benchmarks, they soon find themselves overworked, understaffed, and eventually broke. They come to hate the work they do. Rather than owning a business, Gerber writes, "they own a job." Click here for the interview.

Why Most Small Businesses Dont Work and What to Do About It http://www.circleofexperts.com/blog/PermaLink.html?guid=379 http://www.circleofexperts.com/blog/Why+Most+Small+Businesses+Dont+Work+And+What+To+Do+About+It.html Sun, 19 Nov 2006 18:25:25 GMT An interview with Michael Gerber, Author of <a href="http://www.e-myth.com/">The E-Myth Revisited</a>: <blockquote>"If they don’t fail outright, most businesses fail to fully achieve their potential. That’s because the person who owns the business doesn't truly know how to build a company that works without him or her.. which is the key." - Michael Gerber</blockquote> <p> Michael Gerber is the founder and CEO of E-Myth Worldwide, and best selling author of The E-Myth Revisited, and E-Myth Mastery. He defines E-Myth as: </p> <p> 1: The entrepreneurial myth: the myth that most people who start a small business are entrepreneurs, </p> <p> 2: the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does technical work. </p> <p> Since its publication in 1995, this business classic has sold over one million copies, and is published in 16 languages. Michael observes that most small businesses are started by "technicians", that is, people who are skilled at something and who enjoy doing that thing. </p> <p> When these technicians strike out on their own, they tend to continue doing the work they are skilled at, and ignore the overarching aspects of business. </p> <p> &nbsp;Without clear goals and quantification benchmarks, they soon find themselves overworked, understaffed, and eventually broke. They come to hate the work they do. Rather than owning a business, Gerber writes, "they own a job." Click here for the <a href="http://www.totalpicture.com/shows/entrepreneur/the-e-myth-revisited.html">interview</a>. </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=379" /> http://www.circleofexperts.com/blog/CommentView.html?guid=379 Career Acceleration General Leadership and Management Personal Productivity
http://www.circleofexperts.com/blog/Trackback.html?guid=368 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=368 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=368 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=368 Calorie-Restriction Diets http://www.circleofexperts.com/blog/PermaLink.html?guid=368 http://www.circleofexperts.com/blog/CalorieRestriction+Diets.html Thu, 26 Oct 2006 03:26:33 GMT America is ready for a new diet fad every year or so. Now that Atkins is done, the <a href="http://www.mprize.org/blogs/">Calorie-Restriction Diet</a> could well be next, particularly as the baby-boomers age. For a view of life with that diet, see <a href="http://www.printthis.clickability.com/pt/cpt?action=cpt&title=The+Ultra-Extreme+Calorie+Restriction+Diet+Test+--+New+York+Magazine&expire=&urlID=19913068&fb=Y&url=http%3A%2F%2Fnewyorkmetro.com%2Fnews%2Ffeatures%2F23169%2Findex.html&partnerID=73272">New York magazine's article.</a> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=368" /> http://www.circleofexperts.com/blog/CommentView.html?guid=368 General Personal Productivity Leadership and Management http://www.circleofexperts.com/blog/Trackback.html?guid=367 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=367 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=367 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=367
"People who access the Internet for what have become routine functions -- sending emails, writing blogs, and posting photos and information about themselves on social networking sites -- do not realize how much of their personal privacy they put at risk, according to Wharton faculty and legal experts. Nor, they add, have the courts fully addressed the ways in which the Internet can be harnessed for questionable purposes that encroach on privacy. "
Kevin Werbach observes:
...[L]ots of situations that used to be private are now public. It's not a question of privacy but of social norms. Perhaps the answer is just, 'That's too bad.' If someone had snapped a photo of [the Korean girl who didn't clean up after her dog on the subway] robbing a bank and she said, 'You can't take a photo of me,' most of us would say, 'Too bad, you were robbing a bank.' In a perverse way, we're going back to the small town where everyone knows what everyone else is doing by virtue of the global information superhighway. My point is, right or wrong, this is going to happen. Google is not going to go away."
I agree that we may be moving to more of a "small town" environment, where your actions are known to many people, instead of you benefiting from the traditional anonymity of the big city. However, unfortunately so far there's very little evidence that this is resulting in an increase in standards of behavior, which would be my preferred outcome. Unfortunately, for broader societal reasons, we seem to be steadily defining deviancy down. More at http://knowledge.wharton.upenn.edu/article/1567.cfm Unwitting Exposure: Does Posting Personal Information Online Mean Giving up Privacy? http://www.circleofexperts.com/blog/PermaLink.html?guid=367 http://www.circleofexperts.com/blog/Unwitting+Exposure+Does+Posting+Personal+Information+Online+Mean+Giving+Up+Privacy.html Sun, 22 Oct 2006 16:01:28 GMT <blockquote>"People who access the Internet for what have become routine functions -- sending emails, writing blogs, and posting photos and information about themselves on social networking sites -- do not realize how much of their personal privacy they put at risk, according to Wharton faculty and legal experts. Nor, they add, have the courts fully addressed the ways in which the Internet can be harnessed for questionable purposes that encroach on privacy. " </blockquote> <a href="http://www.werbach.com/ ">Kevin Werbach</a> observes: <blockquote>...[L]ots of situations that used to be private are now public. It's not a question of privacy but of social norms. Perhaps the answer is just, 'That's too bad.' If someone had snapped a photo of [the <a href="http://en.wikipedia.org/wiki/Dog_poop_girl">Korean girl who didn't clean up after her dog on the subway</a>] robbing a bank and she said, 'You can't take a photo of me,' most of us would say, 'Too bad, you were robbing a bank.' In a perverse way, we're going back to the small town where everyone knows what everyone else is doing by virtue of the global information superhighway. My point is, right or wrong, this is going to happen. Google is not going to go away." </blockquote> I agree that we may be moving to more of a "small town" environment, where your actions are known to many people, instead of you benefiting from the traditional anonymity of the big city. However, unfortunately so far there's very little evidence that this is resulting in an increase in standards of behavior, which would be my preferred outcome. Unfortunately, for broader societal reasons, we seem to be steadily <a href="http://www2.sunysuffolk.edu/formans/DefiningDeviancy.htm">defining deviancy down</a>. More at <a href="http://knowledge.wharton.upenn.edu/article/1567.cfm">http://knowledge.wharton.upenn.edu/article/1567.cfm</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=367" /> http://www.circleofexperts.com/blog/CommentView.html?guid=367 General Social Software Personal Productivity Leadership and Management
http://www.circleofexperts.com/blog/Trackback.html?guid=366 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=366 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=366 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=366 1

I went to a very worthwhile talk last night at the Harvard Club by Mohamed A. El-Erian, President and CEO, Harvard Management Company, which manages the $29 billion Harvard endowment (as of 6/30/06). The endowment has had consistently impressive performance. As background, I've posted on the blog below an article I wrote for the Harbus, the HBS school newspaper, back in 1998, profiling Jack Meyer (Dr. El-Erian's predecessor).

One of the marks of a sophisticated thinker is that he can make complex subjects seem simple. The global economy is certainly complex (especially now) but this talk boils it down to just a few key issues and tensions.

My notes:

                                                                                "Navigating a Fluid World"

Presentation to the Harvard Club of New York

Mohamed A. El-Erian, President and CEO, Harvard Management Company

and Faculty Member at Harvard Business School

Oct. 17, 2006

You're obviously not Mets fans or else you wouldn't be here.

Will discuss impact of global economy on investing. Internally, we've gone back to 1st principles as we rebuild HMC.

Signals from the market are increasingly inconsistent (i.e., confusing). We've come across issues that are systemic in nature, uncertain in impact. And we have lots of questions. Some will think we don’t know the answers. Some will think we know but aren't telling. And you're both right.

Market signals which used to appear sequentially inconsistent now appear simultaneously so. So very tempting to dismiss them as noise. Don't dismiss them as noise---they're consequential in terms of info content.

=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

1. What are the markets trying to tell us?

Signals have gone from being sequentially inconsistent to being simultaneously inconsistent. 3 examples:

A) In the world's most liquid markets, are US equities or US bonds correct? Equity market is doing well. Suggests vibrant economy. But bond market suggests economy is slowing down very quickly. Last week, both shape & level of interest rates suggest something more sinister than a soft landing.

B) What to make of the unusual dispersion in interest rate forecasts in the context of subdued volatility? Some suggest by Dec. 07, Fed will cut rates to 4%. Some suggest Fed will raise rates to 6%. I've never seen such a range in terns of magnitude and sign. Reason: we're at an inflection point in the economy.

o        Market volatility has declined (VIX index). Intra-market differentiation in developed markets has also declined (graph: FTSE All-europe valuation dispersion). EM Credit spreads have tightened in a quasi-linear fashion (graph: EM Sovereign spread over USTs). FX market volatility has collapsed (graph: avg. GX implied volatility).

C) Michael Cullen, New Zealand finance minister, says investors in NZ are "irrational". "Just how badly do we have to do on the current account before investors notice? … I have to think someone would have to be slightly strange to take a bet on the NZ dollar right now."

I can explain each of these inconsistencies, but not in a self-consistent way. Harvard prof told me about this: "This is complex. But in academe, we can just go to something less complex."

=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

2. What are the underlying drivers?

3.5 major structural changes ongoing:

1) Global productivity shock. Secular, long-term in nature.

Communications costs plummeting. Internet users spiking. Less and less capital controls. Transport costs down. More and more regional trade agreements. Greater involvement of new segments of the labor market.

2) Global terms of trade shock. Secular, long-term in nature.

Significant increase in demand (from China, India, etc.) which won't go away.

3) A financial innovation shock. Secular, long-term in nature.

Proliferation of derivative-based instruments that lower entry/exit barriers and facilitate many permutations of risk securitization, tranching, and bundling.

3.5) New marginal price setters. Possibly short-term.

New set of marginal price setters have emerged: central banks, hedge funds, private equity, etc. (Graph: Notional amounts outstanding of credit default swaps have swelled enormously) This is 'half a change' because it's not as yet clear whether it is cyclical or secular

Seemingly different objective functions, time horizons, and guidelines now have an important marginal influence. I'm particularly talking about central banks in emerging countries who have huge influence---China has $1trillian in reserves.

Compare playing the game of Risk. It's a purely probability-driven game. You'll win if you can calculate probabilities. When someone joins the game and behaves irrationally, all the others have to adjust accordingly. In the financial markets, these are the non-commercial players who have entered the marketplace.

Results:

A. Convergence in real economy indicators.

Standard deviation of global growth rate has converged to US growth rates. Global interest rates have also converged to US. US is the global locomotive of growth. It's the Goldilocks economy.

B. Portfolio diversification and reduction in home biases.

 Both assets & liabilities are becoming globalized. Countries own more and more of one another; so does the corporate sector in each country. Over 50% of US treasuries are held outside the US. This is a good thing---it's international risk sharing.

C. Unprecedented global payment imbalances.

US current account balance is at -$800B. Largest deficit any country has ever run in terms of global GDP. In 1995, many countries ran a deficit. Now, the US runs a huge deficit and relatively few other countries do. We've never seen this imbalance. (Shows powerful slide from IMF.)

This is our "vendor-financing relationship" with Asia, aka "Bretton Woods 2". Asia supplies goods (and India supplies services), and Asia also supplies credit for us to buy it. It's like Ford financing your car. It makes great sense for the US consumer, using his house as an ATM---consuming above his income.

Why is Asia doing this? They don’t think about bits of paper. They think about the benefits of being massive export machine: creates jobs, which attracts foreign investors. Easier to import FDI (foreign direct investment). Lastly, once you acquire market share, it's hard to lose it.

This all turbo-charges int'l reserve growth among oil exporters. They're accumulating even more reserves than Asia.

=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

3. What are the implications?

This is a "stable disequilibrium" (quoting PIMCO)

No agreement on lifespan of this. How long will Asia take bits of paper for their goods---when the bits of paper will lose value?

3 views:

A. Optimists ("new paradigm school") looks at: US productivity gains, demographics, entrepreneurship. Maturation of key emerging economies. Gradual resurgence of Japan/Europe.

B. Cynics. Others believe we're on verge of large disruption: size of huge current account deficit, leverage in financial sector, bubble in housing market, risk of a change in the asset preferences of holders of US financial assets.

C. All the views in the 'muddled middle': those noting 'dark matter' (measurement error), enhanced policy credibility, system self-insurance.

This is a frightening slide. Endowments and foundations have to focus on long term, and there are question marks about what the long term is.

=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

Future is function of four factors:

-         Developments in the US in private consumption. Will consumption soft- or hard-land?

-         Developments in surplus countries, including relative asset preferences and 'managing success' (suddenly being in surplus). Finance minister told him: "Managing success is more difficult than managing a crisis."

-         Interactions between the two. They're two sides of an income statement.

-         Prospects for orderly re-alignment of exogenous and endogenous liquidity.

The challenges for policy reaction functions in advanced economies:

- navigate payment imbalances

- understand and adjust to structural changes

- counter protectionist tendencies

The challenges for emerging economies:

They're used to running a deficit---that's what the textbooks suggest. How do they handle this?

Theoretical orderly global solution exists, and is discussed at every G7

+ Rebalance of US economy—US must consume less.

+ Structural reform in Euroland and Japan to grow faster.

+ Asia has to consume more.

+ Oil exporters provide cheap financing in the interim.

BUT: if any one of these parties moves first, they're hurt. This is a classic game theory dilemma/prisoner's dilemma. So without coordination, it's best not to move.

G7 can't act as a coordinating body because it excludes the countries in massive surplus. So we rely on IMF and other multilateral institutions.

At a time when int'l coordination is essential, legitimacy of multilateral institutions is being questioned due to: lack of representation, governance, resources etc.

Business models have to adopt: new two-way flows between advanced & emerging economies. Regional and local product development.

Just 5 years ago we thought emerging economies were a destination for capital; now they're the major source of capital.

Most companies have outperformed lately because growth outside US has been stronger than envisioned.

Investment management is about 3 things: asset allocation, investment vehicles, and risk management. Not very complex.

Key questions for investors:

-         striking the right balance between forces of economic synchronization and de-coupling.

-         Portfolio positioning in the context of binary medium-term outcomes

-         Appropriately handle the internationalization of investment management

-         Dealing with asset class fluidity and correlation changes

-         Ensuring value for money in accessing investment vehicles

-         Navigating organizational challenges.

Buying real estate in Mexico is very different than buying bonds there.

Traditional classifications no longer make sense.

How to ensure value? Fees get very high when everyone wants a certain asset.

Risk management is going to be increasingly important. We're rebuilding and reinventing the institution of HMC.

CONCLUSION

These signals are meaningful. Global economic convergence has continued while fluidity of int'l monetary system is increasing.

At public sector level, we need to test and retest robustness of nat'l policy reaction functions and global governance.

Q&A

Q: As you know there are 8,000 hedge funds. Is this a problem?

Hedge funds are not asset classes; they are a means of managing investments. They do 2 things different from tradition: a) they leverage, b) they can go short and long. Like everything else, if taken to extreme, these actions can cause problems.

3 distinctions:

- Are they a threat to stability? Amaranth at least was not, despite losing more money than LTCM.

- Are they a threat to the small uninformed investor? Those investors shouldn't be in them.

- Do they potentially contaminate economic relationships? Are they a level playing field?

Q: Insights on Africa, Egypt? On carry trades?

Most crowded carry trades in April were in NZ, Turkey—all funded by yen. You could borrow at 1%, get 10-17% returns in NZ, Turkey. Then certain markets dropped by 20-30%---and nothing blew up. Carry trades have tendency to become more crowded.

Q: How do you handle risk management?

     1)      Buy cheap insurance on fat tails

2)      Analyze correlation of exposures across and within asset classes.

Q: What is optimal compensation scheme for outside funds and for your own employees?

Several new hedge funds have overly generous comp schemes, and we tend to avoid them.

For our own employees, we have clawback provision. If they don't consistently outrperform, the carry they earn is clawed back.

Q: Aren't US markets much more sophisticated? US markets providing a service to global economy.

There's a view that Asians don't trust their own markets. So they delegate capital allocation to the West. I think that's an outcome, and not a bad outcome, but it wasn't by design.

Part of the orderly solution is for emerging markets to develop more sophisticated capital markets.

At some point Asian populations will ask for bridges, schools, etc.

Q: Opinion on china?

HMC has increased the emerging markets allocation by $1b+.

One of the reasons managing success is tough is that the typical emerging market is not used to deal with large capital inflow.

How do you get out of overinvestment? Because China is mostly a closed economy, you can work off overinvestment over years, unlike the typical boom/bust of Thailand, Argentina, etc.

Q: Hedge funds account for ½ of NYSE volume. Doesn’t that call for regulation?

Have not thought about this.

Q: Where are you investing?

We think US fixed income market is near a secular top.

We think US economy will soft-land, either for endogenous reasons (housing market corrects but corporate investment picks up) or will soft-land because of enormous monetary market flexibility (Fed could cut rates). It's hard to imagine foreign markets doing better than US when US goes into recession. So there's no safe refuge.

If world goes into recession, you want a liquid market. We think of recession as a risk under our 'fat-tail' insurance.

 

Mohamed A. El-Erian, President & CEO of Harvard endowment, on the global economy http://www.circleofexperts.com/blog/PermaLink.html?guid=366 http://www.circleofexperts.com/blog/Mohamed+A+ElErian+President+CEO+Of+Harvard+Endowment+On+The+Global+Economy.html Wed, 18 Oct 2006 09:11:44 GMT </meta> <meta content="Microsoft Word 11 (filtered)" name=Generator> > <div class=Section1> <p class=MsoNormal> I went to a very worthwhile talk last night at the Harvard Club by <a href="http://www.news.harvard.edu/gazette/daily/2005/10/14-mgt.html">Mohamed A. El-Erian</a>, President and CEO, Harvard Management Company, which manages the $29 billion Harvard endowment (as of 6/30/06). The endowment has had consistently impressive <a href="http://www.news.harvard.edu/gazette/2006/09.21/99-endowment.html">performance</a>. As background, I've posted on the blog below an article I wrote for the <a href="http://www.harbus.org/">Harbus</a>, the HBS school newspaper, back in 1998, profiling <a href="http://circleofexperts.com/blog/2006/10/18/profile-of-jack-meyer-harvard-management-company-president">Jack Meyer</a> (Dr. El-Erian's predecessor). </p> <p class=MsoNormal> One of the marks of a sophisticated thinker is that he can make complex subjects seem simple. The global economy is certainly complex (especially now) but this talk boils it down to just a few key issues and tensions. </p> <p class=MsoNormal> My notes: </p> <p class=MsoNormal> <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Navigating a Fluid World"</b> </p> <p class=MsoNormal style="TEXT-ALIGN: center" align=center> <b>Presentation to the Harvard Club of New York</b> </p> <p class=MsoNormal style="TEXT-ALIGN: center" align=center> <b>Mohamed A. El-Erian, President and CEO, Harvard Management Company</b> </p> <p class=MsoNormal style="TEXT-ALIGN: center" align=center> <b>and Faculty Member at Harvard Business School</b> </p> <p class=MsoNormal style="TEXT-ALIGN: center" align=center> <b>Oct. 17, 2006</b> </p> <p class=MsoNormal> You're obviously not Mets fans or else you wouldn't be here. </p> <p class=MsoNormal> Will discuss impact of global economy on investing. Internally, we've gone back to 1<sup>st</sup> principles as we rebuild HMC. </p> <p class=MsoNormal> Signals from the market are increasingly inconsistent (i.e., confusing). We've come across issues that are systemic in nature, uncertain in impact. And we have lots of questions. Some will think we don’t know the answers. Some will think we know but aren't telling. And you're both right. </p> <p class=MsoNormal> Market signals which used to appear sequentially inconsistent now appear simultaneously so. So very tempting to dismiss them as noise. Don't dismiss them as noise---they're consequential in terms of info content. </p> <p class=MsoNormal> =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- </p> <p class=MsoNormal> 1<b>. What are the markets trying to tell us?</b> </p> <p class=MsoNormal> Signals have gone from being sequentially inconsistent to being simultaneously inconsistent. 3 examples: </p> <p class=MsoNormal> <b>A) In the world's most liquid markets, are US equities or US bonds correct?</b> Equity market is doing well. Suggests vibrant economy. But bond market suggests economy is slowing down very quickly. Last week, both shape &amp; level of interest rates suggest something more sinister than a soft landing. </p> <p class=MsoNormal> <b>B) What to make of the unusual dispersion in interest rate forecasts in the context of subdued volatility?</b> Some suggest by Dec. 07, Fed will cut rates to 4%. Some suggest Fed will raise rates to 6%. I've never seen such a range in terns of magnitude and sign. Reason: we're at an inflection point in the economy. </p> <p class=MsoNormal style="MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.25in"> <span style="FONT-FAMILY: 'Courier New'">o</span><span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Market volatility has declined (VIX index). Intra-market differentiation in developed markets has also declined (graph: FTSE All-europe valuation dispersion). EM Credit spreads have tightened in a quasi-linear fashion (graph: EM Sovereign spread over USTs). FX market volatility has collapsed (graph: avg. GX implied volatility). </p> <p class=MsoNormal> <b>C) Michael Cullen, New Zealand finance minister, says investors in NZ are "irrational".</b> "Just how badly do we have to do on the current account before investors notice? … I have to think someone would have to be slightly strange to take a bet on the NZ dollar right now." </p> <p class=MsoNormal> I can explain each of these inconsistencies, but not in a self-consistent way. Harvard prof told me about this: "This is complex. But in academe, we can just go to something less complex." </p> <p class=MsoNormal> =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- </p> <p class=MsoNormal> <b>2. What are the underlying drivers?</b> </p> <p class=MsoNormal> 3.5 major structural changes ongoing: </p> <p class=MsoNormal> <b>1) Global productivity shock. Secular, long-term in nature.</b> </p> <p class=MsoNormal> Communications costs plummeting. Internet users spiking. Less and less capital controls. Transport costs down. More and more regional trade agreements. Greater involvement of new segments of the labor market. </p> <p class=MsoNormal> <b>2) Global terms of trade shock. Secular, long-term in nature.</b> </p> <p class=MsoNormal> Significant increase in demand (from China, India, etc.) which won't go away. </p> <p class=MsoNormal> <b>3) A financial innovation shock. Secular, long-term in nature.</b> </p> <p class=MsoNormal> Proliferation of derivative-based instruments that lower entry/exit barriers and facilitate many permutations of risk securitization, tranching, and bundling. </p> <p class=MsoNormal> <b>3.5) New marginal price setters. Possibly short-term. </b> </p> <p class=MsoNormal> New set of marginal price setters have emerged: central banks, hedge funds, private equity, etc. (Graph: Notional amounts outstanding of credit default swaps have swelled enormously) This is 'half a change' because it's not as yet clear whether it is cyclical or secular </p> <p class=MsoNormal> Seemingly different objective functions, time horizons, and guidelines now have an important marginal influence. I'm particularly talking about central banks in emerging countries who have huge influence---China has $1trillian in reserves. </p> <p class=MsoNormal> Compare playing the game of Risk. It's a purely probability-driven game. You'll win if you can calculate probabilities. When someone joins the game and behaves irrationally, all the others have to adjust accordingly. In the financial markets, these are the non-commercial players who have entered the marketplace. </p> <p class=MsoNormal> Results: </p> <p class=MsoNormal> <b>A. Convergence in real economy indicators</b>. </p> <p class=MsoNormal> Standard deviation of global growth rate has converged to US growth rates. Global interest rates have also converged to US. US is the global locomotive of growth. It's the Goldilocks economy. </p> <p class=MsoNormal> <b>B. Portfolio diversification and reduction in home biases.</b> </p> <p class=MsoNormal> <b>&nbsp;</b>Both assets &amp; liabilities are becoming globalized. Countries own more and more of one another; so does the corporate sector in each country. Over 50% of US treasuries are held outside the US. This is a good thing---it's international risk sharing. </p> <p class=MsoNormal> <b>C. Unprecedented global payment imbalances. </b> </p> <p class=MsoNormal> US current account balance is at -$800B. Largest deficit any country has ever run in terms of global GDP. In 1995, many countries ran a deficit. Now, the US runs a huge deficit and relatively few other countries do. We've never seen this imbalance. (Shows powerful slide from IMF.) </p> <p class=MsoNormal> This is our "vendor-financing relationship" with Asia, aka "Bretton Woods 2". Asia supplies goods (and India supplies services), and Asia also supplies credit for us to buy it. It's like Ford financing your car. It makes great sense for the US consumer, using his house as an ATM---consuming above his income. </p> <p class=MsoNormal> Why is Asia doing this? They don’t think about bits of paper. They think about the benefits of being massive export machine: creates jobs, which attracts foreign investors. Easier to import FDI (foreign direct investment). Lastly, once you acquire market share, it's hard to lose it. </p> <p class=MsoNormal> This all turbo-charges int'l reserve growth among oil exporters. They're accumulating even more reserves than Asia. </p> <p class=MsoNormal> =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- </p> <p class=MsoNormal> <b>3. What are the implications?</b> </p> <p class=MsoNormal> This is a "stable disequilibrium" (quoting PIMCO) </p> <p class=MsoNormal> No agreement on lifespan of this. How long will Asia take bits of paper for their goods---when the bits of paper will lose value? </p> <p class=MsoNormal> 3 views: </p> <p class=MsoNormal> A. <b>Optimists</b> ("new paradigm school") looks at: US productivity gains, demographics, entrepreneurship. Maturation of key emerging economies. Gradual resurgence of Japan/Europe. </p> <p class=MsoNormal> B. <b>Cynics.</b> Others believe we're on verge of large disruption: size of huge current account deficit, leverage in financial sector, bubble in housing market, risk of a change in the asset preferences of holders of US financial assets. </p> <p class=MsoNormal> C. <b>All the views in the 'muddled middle':</b> those noting 'dark matter' (measurement error), enhanced policy credibility, system self-insurance. </p> <p class=MsoNormal> This is a frightening slide. Endowments and foundations have to focus on long term, and there are question marks about what the long term is. </p> <p class=MsoNormal> =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- </p> <p class=MsoNormal> <b>Future is function of four factors:</b> </p> <p class=MsoNormal> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b>Developments in the US in private consumption.</b> Will consumption soft- or hard-land? </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b>Developments in surplus countries</b>, including relative asset preferences and 'managing success' (suddenly being in surplus). Finance minister told him: "Managing success is more difficult than managing a crisis." </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b>Interactions between the two.</b> They're two sides of an income statement. </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><b>Prospects for orderly re-alignment of exogenous and endogenous liquidity. </b> </p> <p class=MsoNormal> <b>The challenges for policy reaction functions in advanced economies: </b> </p> <p class=MsoNormal> - navigate payment imbalances </p> <p class=MsoNormal> - understand and adjust to structural changes </p> <p class=MsoNormal> - counter protectionist tendencies </p> <p class=MsoNormal> <b>The challenges for emerging economies:</b> </p> <p class=MsoNormal> They're used to running a deficit---that's what the textbooks suggest. How do they handle this? </p> <p class=MsoNormal> <b>Theoretical orderly global solution exists, and is discussed at every G7 </b> </p> <p class=MsoNormal> + Rebalance of US economy—US must consume less. </p> <p class=MsoNormal> + Structural reform in Euroland and Japan to grow faster. </p> <p class=MsoNormal> + Asia has to consume more. </p> <p class=MsoNormal> + Oil exporters provide cheap financing in the interim. </p> <p class=MsoNormal> BUT: if any one of these parties moves first, they're hurt. This is a classic game theory dilemma/prisoner's dilemma. So without coordination, it's best not to move. </p> <p class=MsoNormal> G7 can't act as a coordinating body because it excludes the countries in massive surplus. So we rely on IMF and other multilateral institutions. </p> <p class=MsoNormal> At a time when int'l coordination is essential, legitimacy of multilateral institutions is being questioned due to: lack of representation, governance, resources etc. </p> <p class=MsoNormal> Business models have to adopt: new two-way flows between advanced &amp; emerging economies. Regional and local product development. </p> <p class=MsoNormal> Just 5 years ago we thought emerging economies were a destination for capital; now they're the major source of capital. </p> <p class=MsoNormal> Most companies have outperformed lately because growth outside US has been stronger than envisioned. </p> <p class=MsoNormal> Investment management is about 3 things: asset allocation, investment vehicles, and risk management. Not very complex. </p> <p class=MsoNormal> Key questions for investors: </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>striking the right balance between forces of economic synchronization and de-coupling. </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Portfolio positioning in the context of binary medium-term outcomes </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Appropriately handle the internationalization of investment management </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Dealing with asset class fluidity and correlation changes </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Ensuring value for money in accessing investment vehicles </p> <p class=MsoNormal style="MARGIN-LEFT: 0.25in; TEXT-INDENT: -0.25in"> -<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Navigating organizational challenges. </p> <p class=MsoNormal> Buying real estate in Mexico is very different than buying bonds there. </p> <p class=MsoNormal> Traditional classifications no longer make sense. </p> <p class=MsoNormal> How to ensure value? Fees get very high when everyone wants a certain asset. </p> <p class=MsoNormal> Risk management is going to be increasingly important. We're rebuilding and reinventing the institution of HMC. </p> <p class=MsoNormal> <b>CONCLUSION</b> </p> <p class=MsoNormal> These signals are meaningful. Global economic convergence has continued while fluidity of int'l monetary system is increasing. </p> <p class=MsoNormal> At public sector level, we need to test and retest robustness of nat'l policy reaction functions and global governance. </p> <p class=MsoNormal> <b>Q&amp;A</b> </p> <p class=MsoNormal> <b>Q: As you know there are 8,000 hedge funds. Is this a problem? </b> </p> <p class=MsoNormal> Hedge funds are not asset classes; they are a means of managing investments. They do 2 things different from tradition: a) they leverage, b) they can go short and long. Like everything else, if taken to extreme, these actions can cause problems. </p> <p class=MsoNormal> 3 distinctions: </p> <p class=MsoNormal> - Are they a threat to stability? Amaranth at least was not, despite losing more money than LTCM. </p> <p class=MsoNormal> - Are they a threat to the small uninformed investor? Those investors shouldn't be in them. </p> <p class=MsoNormal> - Do they potentially contaminate economic relationships? Are they a level playing field? </p> <p class=MsoNormal> <b>Q: Insights on Africa, Egypt? On carry trades?</b> </p> <p class=MsoNormal> Most crowded carry trades in April were in NZ, Turkey—all funded by yen. You could borrow at 1%, get 10-17% returns in NZ, Turkey. Then certain markets dropped by 20-30%---and nothing blew up. Carry trades have tendency to become more crowded. </p> <p class=MsoNormal> <b>Q: How do you handle risk management?</b> </p> <p class=MsoNormal> &nbsp;&nbsp;&nbsp;&nbsp; 1)<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Buy cheap insurance on fat tails </p> <p class=MsoNormal style="MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in"> 2)<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>Analyze correlation of exposures across and within asset classes. </p> <p class=MsoNormal> <b>Q: What is optimal compensation scheme for outside funds and for your own employees?</b> </p> <p class=MsoNormal> Several new hedge funds have overly generous comp schemes, and we tend to avoid them. </p> <p class=MsoNormal> For our own employees, we have clawback provision. If they don't consistently outrperform, the carry they earn is clawed back. </p> <p class=MsoNormal> <b>Q: Aren't US markets much more sophisticated? US markets providing a service to global economy. </b> </p> <p class=MsoNormal> There's a view that Asians don't trust their own markets. So they delegate capital allocation to the West. I think that's an outcome, and not a bad outcome, but it wasn't by design. </p> <p class=MsoNormal> Part of the orderly solution is for emerging markets to develop more sophisticated capital markets. </p> <p class=MsoNormal> At some point Asian populations will ask for bridges, schools, etc. </p> <p class=MsoNormal> <b>Q: Opinion on china?</b> </p> <p class=MsoNormal> HMC has increased the emerging markets allocation by $1b+. </p> <p class=MsoNormal> One of the reasons managing success is tough is that the typical emerging market is not used to deal with large capital inflow. </p> <p class=MsoNormal> How do you get out of overinvestment? Because China is mostly a closed economy, you can work off overinvestment over years, unlike the typical boom/bust of Thailand, Argentina, etc. </p> <p class=MsoNormal> <b>Q: Hedge funds account for ½ of NYSE volume. Doesn’t that call for regulation?</b> </p> <p class=MsoNormal> Have not thought about this<b>.</b> </p> <p class=MsoNormal> <b>Q: Where are you investing?</b> </p> <p class=MsoNormal> We think US fixed income market is near a secular top. </p> <p class=MsoNormal> We think US economy will soft-land, either for endogenous reasons (housing market corrects but corporate investment picks up) or will soft-land because of enormous monetary market flexibility (Fed could cut rates). It's hard to imagine foreign markets doing better than US when US goes into recession. So there's no safe refuge. </p> <p class=MsoNormal> If world goes into recession, you want a liquid market. We think of recession as a risk under our 'fat-tail' insurance. </p> <p class=MsoNormal> &nbsp; </p> </div> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=366" /> http://www.circleofexperts.com/blog/CommentView.html?guid=366 General Leadership and Management Private Equity Investing Public Markets Investing Securities Research
http://www.circleofexperts.com/blog/Trackback.html?guid=364 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=364 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=364 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=364 Work.com Opens New Business Community http://www.circleofexperts.com/blog/PermaLink.html?guid=364 http://www.circleofexperts.com/blog/Workcom+Opens+New+Business+Community.html Mon, 16 Oct 2006 15:48:28 GMT <em>From <a href="http://thevirtualhandshake.com">Scott Allen</a>:</em> <blockquote>This week, <a href="http://www.work.com">Work.com</a> relaunched in the form of a Web 2.0-ish business community. The site consists of how-to guides for running your small business, written by a combination of in-house editors, certified topical experts, and members. While this has admittedly been done before, Work.com has done a great job on the execution: - great domain name - a clean, well-organized design - a highly consistent guide format that includes links to online resources to help you get it done - a team of professional editors, community leaders and experts to make sure content stays current and appropriate and to help members get engaged in the community I'm the community leader for the <a href="http://www.work.com/sales_and_marketing/">Sales & Marketing Channel</a>, and there's already a tremendous collection of how-to guides available on the site, including one I wrote on <a href="http://www.work.com/online-business-networking-767/">online business networks</a>. Here are some of my other favorites related to online networks, social software, and Web 2.0: <ul> <li> <a href="http://www.work.com/Small-Business-Blogs-721/">Small Business Blogs</a> </li> <li> <a href="http://www.work.com/Start-Podcasting-for-Your-Small-Business-1017/">Start Podcasting for Your Small Business</a> </li> <li> <a href="http://www.work.com/rss-for-small-business-417">RSS for Small Business</a> </li> <li> <a href="http://www.work.com/marketing-your-business-with-a-blog-768/">Marketing Your Small Business with a Blog</a> </li> <li> <a href="http://www.work.com/managing-small-business-email-233/">Managing Small Business E-mail</a> </li> <li> <a href="http://www.work.com/managing-email-overload-184/">Managing E-mail Overload</a> </li> </ul> I've committed to several more guides in the next few weeks -- I'll post here as they go up. Also, if you have a particular area of expertise and don't already see it covered (or at least not as well as you think you could), then you can also <a href="http://members.work.com/CreateGuideSplash.do">create a new guide</a> yourself. If you do, be sure to stop by <a href="http://members.work.com/Scott-Allen">my profile</a> and <a href="http://members.work.com/w/ContactAnotherMember.do?username=Scott-Allen">send me a message</a> so I can have a read and come post comments. Hope to see you at Work.com!</blockquote> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=364" /> http://www.circleofexperts.com/blog/CommentView.html?guid=364 General Social Software Personal Productivity Leadership and Management http://www.circleofexperts.com/blog/Trackback.html?guid=363 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=363 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=363 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=363 1

Quietly hidden in [Scott] Adams' groundbreaking work is a financial formula so simple it rivals Einstein's E=mc2. In its original form Adams' formula was apparently so heretical and so explosive that no major house would touch it when he proposed publishing it as a one-page book. After initial rejections, he announced sadly that "if God materialized on earth and wrote the secret of the universe on one page, he wouldn't be able to find a publisher" either. ... Fortunately for America's 95 million investors, Adams' secret nine-point formula was finally revealed in "Dilbert and the Way of the Weasels." Notice its simple brilliance in the exact reproduction of his formula:

1. Make a will

2. Pay off your credit cards

3. Get term life insurance if you have a family to support

4. Fund your 401k to the maximum

5. Fund your IRA to the maximum

6. Buy a house if you want to live in a house and can afford it

7. Put six months worth of expenses in a money-market account

8. Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement

9. If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio

MarketWatch via TheBigPicture Dilbert deserves the economics Nobel http://www.circleofexperts.com/blog/PermaLink.html?guid=363 http://www.circleofexperts.com/blog/Dilbert+Deserves+The+Economics+Nobel.html Mon, 16 Oct 2006 15:46:17 GMT <blockquote> <p> Quietly hidden in [Scott] Adams' groundbreaking work is a financial formula so simple it rivals Einstein's E=mc2. In its original form Adams' formula was apparently so heretical and so explosive that no major house would touch it when he proposed publishing it as a one-page book. After initial rejections, he announced sadly that "if God materialized on earth and wrote the secret of the universe on one page, he wouldn't be able to find a publisher" either. ... Fortunately for America's 95 million investors, Adams' secret nine-point formula was finally revealed in "Dilbert and the Way of the Weasels." Notice its simple brilliance in the exact reproduction of his formula: </p> <p> 1. Make a will<br> <br> 2. Pay off your credit cards<br> <br> 3. Get term life insurance if you have a family to support<br> <br> 4. Fund your 401k to the maximum<br> <br> 5. Fund your IRA to the maximum<br> <br> 6. Buy a house if you want to live in a house and can afford it<br> <br> 7. Put six months worth of expenses in a money-market account<br> <br> 8. Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement<br> <br> 9. If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio<br> </p> </blockquote><a href="http://www.marketwatch.com/news/story/Story.html?guid=%7BBE57F0AA%2D03D9%2D4320%2DBC4D%2D83363B6372F6%7D&amp;siteid=">MarketWatch</a> via <a href="http://bigpicture.typepad.com/comments/2006/10/dilberts_unifie.html">TheBigPicture</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=363" /> http://www.circleofexperts.com/blog/CommentView.html?guid=363 General Leadership and Management Personal Productivity Public Markets Investing Securities Research
http://www.circleofexperts.com/blog/Trackback.html?guid=362 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=362 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=362 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=362 1 Via Wharton's newsletter:

It's always been assumed that when employees leave their companies to join other ones that all their knowledge and experience leave with them.

 But new research suggests that, at least in the high-tech field, firms can wind up gaining access to the knowledge being generated at their former colleague's new place.

The results of this research are presented in a paper titled, "Learning from Those Who Left: The Reverse Transfer of Knowledge through Mobility Ties," by Wharton management professor Lori Rosenkopf and Wharton doctoral student Rafael A. Corredoira. ... "Contrary to the view that companies lose something when a worker leaves, the study found that they stood to gain.

Specifically, firms that lost an employee to another firm were 8% more likely to cite that firm than other equivalent firms, Rosenkopf says. The reverse flow of knowledge was particularly pronounced when the employee moved to another region. Then the old firm was 22% more likely to cite the new firm."

http://knowledge.wharton.upenn.edu/article/1565.cfm The many benefits of your star employees leaving the firm (?) http://www.circleofexperts.com/blog/PermaLink.html?guid=362 http://www.circleofexperts.com/blog/The+Many+Benefits+Of+Your+Star+Employees+Leaving+The+Firm.html Fri, 13 Oct 2006 05:11:49 GMT Via Wharton's newsletter: <blockquote> <p> It's always been assumed that when employees leave their companies to join other ones that all their knowledge and experience leave with them. </p> <p> &nbsp;But new research suggests that, at least in the high-tech field, firms can wind up gaining access to the knowledge being generated at their former colleague's new place. </p> <p> The results of this research are presented in a paper titled, "Learning from Those Who Left: The Reverse Transfer of Knowledge through Mobility Ties," by Wharton management professor Lori Rosenkopf and Wharton doctoral student Rafael A. Corredoira. ... "Contrary to the view that companies lose something when a worker leaves, the study found that they stood to gain. </p> <p> Specifically, firms that lost an employee to another firm were 8% more likely to cite that firm than other equivalent firms, Rosenkopf says. The reverse flow of knowledge was particularly pronounced when the employee moved to another region. Then the old firm was 22% more likely to cite the new firm." </p> </blockquote><a href="http://knowledge.wharton.upenn.edu/article/1565.cfm ">http://knowledge.wharton.upenn.edu/article/1565.cfm </a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=362" /> http://www.circleofexperts.com/blog/CommentView.html?guid=362 Career Acceleration General Leadership and Management Personal Productivity
http://www.circleofexperts.com/blog/Trackback.html?guid=359 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=359 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=359 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=359 As a followup on my Vistage presentations, here's "What every CEO needs to know about the array of new tools that foster online collaboration -- and could revolutionize business": Web 2.0 Has Corporate America Spinning Web 2.0 Has Corporate America Spinning http://www.circleofexperts.com/blog/PermaLink.html?guid=359 http://www.circleofexperts.com/blog/Web+20+Has+Corporate+America+Spinning.html Wed, 04 Oct 2006 15:10:15 GMT As a followup on my Vistage <a href="http://circleofexperts.com/blog/2006/10/02/slides-from-vistage-ceo-conference-this-week">presentations</a>, here's "What every CEO needs to know about the array of new tools that foster online collaboration -- and could revolutionize business": <a href="http://www.businessweek.com/technology/content/jun2006/tc20060605_424102.htm"> Web 2.0 Has Corporate America Spinning</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=359" /> http://www.circleofexperts.com/blog/CommentView.html?guid=359 General Social Software Personal Productivity Leadership and Management http://www.circleofexperts.com/blog/Trackback.html?guid=358 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=358 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=358 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=358 For people who are really sick of losing bags, try flying with a gun. It works for this photographer:
A "weapons" is defined as a rifle, shotgun, pistol, airgun, and STARTER PISTOL. Yes, starter pistols - those little guns that fire blanks at track and swim meets - are considered weapons...and do NOT have to be registered in any state in the United States. I have a starter pistol for all my cases. All I have to do upon check-in is tell the airline ticket agent that I have a weapon to declare...I'm given a little card to sign, the card is put in the case, the case is given to a TSA official who takes my key and locks the case, and gives my key back to me. That's the procedure. The case is extra-tracked...TSA does not want to lose a weapons case. This reduces the chance of the case being lost to virtually zero. It's a great way to travel with camera gear...I've been doing this since Dec 2001 and have had no problems whatsoever.
Via Schneier via BoingBoing Secure your checked bags: fly with a gun http://www.circleofexperts.com/blog/PermaLink.html?guid=358 http://www.circleofexperts.com/blog/Secure+Your+Checked+Bags+Fly+With+A+Gun.html Tue, 03 Oct 2006 04:14:51 GMT For people who are really sick of losing bags, try flying with a gun. It works for this photographer: <blockquote> A "weapons" is defined as a rifle, shotgun, pistol, airgun, and STARTER PISTOL. Yes, starter pistols - those little guns that fire blanks at track and swim meets - are considered weapons...and do NOT have to be registered in any state in the United States. I have a starter pistol for all my cases. All I have to do upon check-in is tell the airline ticket agent that I have a weapon to declare...I'm given a little card to sign, the card is put in the case, the case is given to a TSA official who takes my key and locks the case, and gives my key back to me. That's the procedure. The case is extra-tracked...TSA does not want to lose a weapons case. This reduces the chance of the case being lost to virtually zero. It's a great way to travel with camera gear...I've been doing this since Dec 2001 and have had no problems whatsoever. </blockquote> <em>Via <a href="http://www.schneier.com/blog/archives/2006/09/expensive_camer.html">Schneier</a> via <a href="http://www.boingboing.net/2006/09/24/secure_your_checked_.html">BoingBoing</a></em><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=358" /> http://www.circleofexperts.com/blog/CommentView.html?guid=358 General Personal Productivity Leadership and Management
http://www.circleofexperts.com/blog/Trackback.html?guid=357 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=357 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=357 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=357 2 Slides from Vistage CEO Conference last week http://www.circleofexperts.com/blog/PermaLink.html?guid=357 http://www.circleofexperts.com/blog/Slides+From+Vistage+CEO+Conference+Last+Week.html Mon, 02 Oct 2006 17:00:17 GMT I enjoyed speaking at lunch at two <a href="http://www.vistage.com">Vistage</a> conferences this past week, in New York and Chicago. (As background, Vistage is the world's largest CEO membership organization based on revenue.) You can download my two presentations here: + Chicago Conference: <a href="http://teten.com/assets/docs/Grow-Sales-Web2-Teten.pdf">How to Accelerate Your Company with Web 2.0 Technologies</a> New York Conference: <a href="http://teten.com/assets/docs/7-Free-Steps-Web_2.0-Teten.pdf">Seven Free, Easy Steps to Accelerate Your Business with Web 2.0 Technologies</a>. I have also attached the New York handout below in HTML format. Feedback welcome! <h1 align="center">Seven Free, Easy Steps to Accelerate Your Business with Web 2.0 Technologies </h1> <p> <b>Ch = Character </b> </p> <p> <b>Co = </b><i>Your firm’s </i><b><u>Competence</u></b><b> </b> </p> <p> <b>R = <u>R</u>elevance </b>of the <i>other </i>company </p> <p> <b>S = <u>S</u>trength </b> </p> <p> <b>I = <u>I</u>nformation</b> </p> <p> <b>N = <u>N</u>umber </b>of companies </p> <p> <b>D = <u>D</u>iversity</b> </p> <p> <b> </b> </p> <p> <b> </b> </p> <p> <b>Value of Your Corporate Network</b><b> = D * ∑<i><sup>N</sup><sub>n</sub></i><sub>=1</sub> (Ch<i><sub>n</sub></i> * Co<i><sub>n</sub></i> * R<i><sub>n</sub> </i>* S<i><sub>n</sub></i> * I<i><sub>n</sub></i>)</b> </p> <p> <b> </b> </p> <p> <b> </b> </p> <p> <b> </b> </p> <table border="1" cellspacing="0" cellpadding="0" width="400"> <tr> <td width="75" valign="top"> <p align="center"> <b>Attribute</b> </p> </td> <td width="75" valign="top"> <p align="center"> <b>Next Step</b> </p> </td> <td width="75" valign="top"> <p align="center"> <b>Cost</b> </p> </td> </tr> <tr> <td width="75" valign="top"> <p> 1)<b> <u>Ch</u>aracter</b> </p> </td> <td width="75" valign="top"> <p> Review your senior executives' profiles on <a href="http://ZoomInfo.com">ZoomInfo.com</a>. </p> </td> <td width="75" valign="top"> <p> $0 </p> </td> </tr> <tr> <td width="75" valign="top"> <p> 2)<i> Your firm’s </i><b><u>Co</u></b><b>mpetence</b> </p> </td> <td width="75" valign="top"> <p> Experiment with <a href="http://BasecampHQ.com">BasecampHQ.com</a> for project management. </p> </td> <td width="75" valign="top"> <p> $0 for one project </p> </td> </tr> <tr> <td width="75" valign="top"> <p> 3) <b><u>R</u>elevance </b>of the <i>other </i>firm </p> </td> <td width="75" valign="top"> <p> Encourage employees to join <a href="http://LinkedIn.com">LinkedIn.com</a>, <a href="http://Xing.com">Xing.com</a>, and other relevant online networks. </p> </td> <td width="75" valign="top"> <p> $0 </p> </td> </tr> <tr> <td width="75" valign="top"> <p> 4) <b><u>S</u>trength</b> </p> </td> <td width="75" valign="top"> <p> Standardize internal phone calls on <a href="http://Skype.com">Skype.com</a>. Encourage employees to use Instant Messaging services. (They're already doing it, most likely.) </p> </td> <td width="75" valign="top"> <p> $0 </p> </td> </tr> <tr> <td width="75" valign="top"> <p> 5) <b><u>I</u>nformation</b> </p> </td> <td width="75" valign="top"> <p> Sign up on <a href="http://Bloglines.com">Bloglines.com</a>, <a href="http://Technorati.com">Technorati.com</a>, or <a href="http://Topix.net">Topix.net</a> for alerts about you and your competitors' appearances in blogs and news sites. </p> <p> Join <a href="http://CircleofExperts.com">CircleofExperts.com</a> to be eligible for paid consulting opportunities. </p> </td> <td width="75" valign="top"> <p> $0 </p> </td> </tr> <tr> <td width="75" valign="top"> <p> 6) <b><u>N</u>umber </b>of people </p> </td> <td width="75" valign="top"> <p> Create standard corporate e-mail signature with strong brand reinforcement. </p> </td> <td width="75" valign="top"> <p> $0 </p> </td> </tr> <tr> <td width="75" valign="top"> <p> 7) <b><u>D</u>iversity</b> </p> </td> <td width="75" valign="top"> <p> Use <a href="http://Jigsaw.com">Jigsaw</a> or <a href="http://Spoke.com">Spoke.com</a> to identify contact information on prospects. </p> </td> <td width="75" valign="top"> <p> Jigsaw: $0 w/uploaded contacts. Spoke: $50/mo. </p> </td> </tr> </table> <p> And one more resource: </p> <table border="1" cellspacing="0" cellpadding="0" width="400> <tr> <td width="75" valign="top"> <p> 8) <b><u>Learn more about Web 2.0 </u></b> </p> > <td width="50" valign="top"> <p> Download <i>The Virtual Handshake: Opening Doors and Closing Deals Online</i> at www.TheVirtualHandshake.com </p> </td> <td width="50" valign="top"> <p> $0 </p> </td> > </table> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=357" /> http://www.circleofexperts.com/blog/CommentView.html?guid=357 General Leadership and Management Personal Productivity Social Software http://www.circleofexperts.com/blog/Trackback.html?guid=355 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=355 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=355 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=355 2 Via Barbara Safani, a no-cost job search ebook from Career Hub:

I'm excited to announce our very first eBook! The book, which features in-depth job search advice from 17 career marketing experts is available for download now.

 We put this book together because we know that so many job seekers feel lost when they start out on their search.

Having put all their time and energy into making their employers successful, they've had neither the time nor the need to keep up with the latest in job search strategies.

The Career Hub contributors are career coaches, recruiters, consultants, business executives and resume writers and all have valuable knowledge to share.

So I asked each of them to contribute to this free eBook in order to share what they know with those of you who are working your way through the job search process now (or plan to do so in the future).

Please feel free to share the book. And tell us what you think, either by email or in the comments. We plan to issue more free eBooks and your feedback will help us make them as useful as possible. Download here.

Job Search EBook http://www.circleofexperts.com/blog/PermaLink.html?guid=355 http://www.circleofexperts.com/blog/Job+Search+EBook.html Wed, 20 Sep 2006 17:59:06 GMT Via <a href="http://www.careersolvers.com/about_us.html">Barbara Safani</a>, a no-cost job search ebook from <a href="http://careerhub.typepad.com">Career Hub</a>: <blockquote> <p> I'm excited to announce our very first eBook! The book, which features in-depth job search advice from 17 career marketing experts is available for <a href="http://blueskyresumes.com/careerhub.html">download now</a>. </p> <p> &nbsp;We put this book together because we know that so many job seekers feel lost when they start out on their search. </p> <p> Having put all their time and energy into making their employers successful, they've had neither the time nor the need to keep up with the latest in job search strategies. </p> <p> The Career Hub contributors are career coaches, recruiters, consultants, business executives and resume writers and all have valuable knowledge to share. </p> <p> So I asked each of them to contribute to this free eBook in order to share what they know with those of you who are working your way through the job search process now (or plan to do so in the future). </p> <p> Please feel free to share the book. And tell us what you think, either by email or in the comments. We plan to issue more free eBooks and your feedback will help us make them as useful as possible. Download <a href="http://blueskyresumes.com/careerhub.html">here</a>. </p> </blockquote><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=355" /> http://www.circleofexperts.com/blog/CommentView.html?guid=355 Career Acceleration General Leadership and Management
http://www.circleofexperts.com/blog/Trackback.html?guid=354 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=354 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=354 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=354

The courageous actions of passengers on the hijacked United Airlines Flight 93 on 9/11 flew in the face of a long-standing contention in social science circles that people won't put themselves in danger to right a wrong, e.g., the famous Kitty Genovese case.

This fact prompted Monica Worline, a professor of organizational behavior at Emory University's Goizueta Business School, and a colleague to find out what was different about this incident.

The result of their lengthy research is a new paper entitled "Capabilities for Organizing Courage: The Story of United Airlines Flight 93."

It is the first academic study to examine the group behavior dynamics aboard the plane on that fateful morning. The chief finding?

 "People do things in conversations with others that create psychological resources that allow them to act in difficult situations."

http://knowledge.emory.edu/index.cfm?fa=viewArticle&ID=996 United 93 and Kitty Genovese: Courage in the Workplace http://www.circleofexperts.com/blog/PermaLink.html?guid=354 http://www.circleofexperts.com/blog/United+93+And+Kitty+Genovese+Courage+In+The+Workplace.html Fri, 15 Sep 2006 07:27:36 GMT <blockquote> <p> The courageous actions of passengers on the hijacked United Airlines Flight 93 on 9/11 flew in the face of a long-standing contention in social science circles that people won't put themselves in danger to right a wrong, e.g., the famous <a href="http://en.wikipedia.org/wiki/Kitty_Genovese">Kitty Genovese </a>case. </p> <p> This fact prompted Monica Worline, a professor of organizational behavior at Emory University's Goizueta Business School, and a colleague to find out what was different about this incident. </p> <p> The result of their lengthy research is a new paper entitled "Capabilities for Organizing Courage: The Story of United Airlines Flight 93." </p> <p> It is the first academic study to examine the group behavior dynamics aboard the plane on that fateful morning. The chief finding? </p> <p> &nbsp;"People do things in conversations with others that create psychological resources that allow them to act in difficult situations." </p> </blockquote><a href="http://knowledge.emory.edu/index.cfm?fa=viewArticle&amp;ID=996">http://knowledge.emory.edu/index.cfm?fa=viewArticle&amp;ID=996</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=354" /> http://www.circleofexperts.com/blog/CommentView.html?guid=354 Career Acceleration General Leadership and Management Personal Productivity
http://www.circleofexperts.com/blog/Trackback.html?guid=352 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=352 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=352 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=352 3

The event below is targeted at CFOs of mid-size and larger companies (over $50M in revenues). I hope that you can join us.

 CFO Leadership Team First Alumni Gathering September 21, Stamford, CT Guest Speaker: David Teten The Virtual Handshake: Opening Doors and Closing Deals Online Join fellow CFOs of mid-size and larger companies, and learn how to accelerate your sales, recruit star employees, enhance your marketing, or just find your next job by using online networks.

David Teten will discuss blogs, social network sites, virtual communities, relationship capital management software, biography analysis software, and other new tools.

 When: September 21, 6:30 to 8:30 PM Cost: $30 including hors'deurves, cash bar

Where: Stamford, CT (location disclosed to confirmed attendees) RSVP: by September 14 to Kevin McEnery, KJMcEnery(at)aol.com, 1-203-348-4435

Who: This event is open only to members of the CFO Leadership Group. Members must have experience as CFO or Divisional CFO in an organization with at least $50M in revenues.

 A few select recruiters specializing in CFO searches will also attend. Our members have experience with companies that include Acclaim Entertainment, Altria, Arc, Associated Press, Atari, Barnes & Noble, Calvin Klein, Dover, Gartner, Georgia Pacific, Gerber Scientific, Groupe Danone, Kodak, Labatt, McCann Relationship Marketing, Nestle, Newsweek, Pepsi, Revlon, Rogers, Scholastic, Sesame Workshop, The Reader’s Digest Association, Time Warner Cable, and World Wrestling Entertainment. Nominations welcome for members.

 Why: To see old and new friends

MORE ON OUR SPEAKER When you finish David Teten’s program, you’ll know how to:

 * create a powerful professional presence online

 * attract business in online networks

 * meet more relevant clients and potential clients

 * start and promote your own blog

 * master the email deluge

 * analyze and value your community of business partners

 * manage your contact database

 * ensure privacy and safety online

 "We hosted one of David Teten’s presentations at the Euromoney 2004 Annual Hedge Fund Start-Up & Business Development  Forum. Out of 40 speakers, David tied for first place for the highest speaker rating." - Diane Higgins, Financial Markets, EuroMoney PLC

BIOGRAPHY David Teten is CEO of Nitron Advisors ( www.NitronAdvisors.com), which provides independent industry experts with consulting opportunities to hedge funds and other institutional investors.

 To participate in paid interviews with Nitron Advisors’ institutional investor clients, at no cost to you, join the Nitron Advisors Circle of Experts ( www.CircleofExperts.com ).

 David is the co-author of The Virtual Handshake: Opening Doors and Closing Deals Online ( www.TheVirtualHandshake.com ).

David was formerly CEO of an investment bank specializing in Internet domain names. He has worked with the Bear Stearns Technology investment banking group and Mars & Co strategy consulting.

Event Sep. 21, Stamford, CT: for CFOs of mid-size/larger companies http://www.circleofexperts.com/blog/PermaLink.html?guid=352 http://www.circleofexperts.com/blog/Event+Sep+21+Stamford+CT+For+CFOs+Of+Midsizelarger+Companies.html Wed, 06 Sep 2006 03:21:01 GMT <p> The event below is targeted at CFOs of mid-size and larger companies (over $50M in revenues). I hope that you can join us. </p> <p> &nbsp;<strong>CFO Leadership Team First Alumni Gathering September 21, Stamford, CT Guest Speaker: David Teten The Virtual Handshake: Opening Doors and Closing Deals Online </strong>Join fellow CFOs of mid-size and larger companies, and learn how to accelerate your sales, recruit star employees, enhance your marketing, or just find your next job by using online networks. </p> <p> David Teten will discuss blogs, social network sites, virtual communities, relationship capital management software, biography analysis software, and other new tools. </p> <p> &nbsp;When: September 21, 6:30 to 8:30 PM Cost: $30 including hors'deurves, cash bar </p> <p> Where: Stamford, CT (location disclosed to confirmed attendees) RSVP: by September 14 to Kevin McEnery, KJMcEnery(at)aol.com, 1-203-348-4435 </p> <p> Who: This event is open only to members of the CFO Leadership Group. Members must have experience as CFO or Divisional CFO in an organization with at least $50M in revenues. </p> <p> &nbsp;A few select recruiters specializing in CFO searches will also attend. Our members have experience with companies that include Acclaim Entertainment, Altria, Arc, Associated Press, Atari, Barnes &amp; Noble, Calvin Klein, Dover, Gartner, Georgia Pacific, Gerber Scientific, Groupe Danone, Kodak, Labatt, McCann Relationship Marketing, Nestle, Newsweek, Pepsi, Revlon, Rogers, Scholastic, Sesame Workshop, The Reader’s Digest Association, Time Warner Cable, and World Wrestling Entertainment. Nominations welcome for members. </p> <p> &nbsp;Why: To see old and new friends </p> <p> MORE ON OUR SPEAKER When you finish David Teten’s program, you’ll know how to: </p> <p> &nbsp;* create a powerful professional presence online </p> <p> &nbsp;* attract business in online networks </p> <p> &nbsp;* meet more relevant clients and potential clients </p> <p> &nbsp;* start and promote your own blog </p> <p> &nbsp;* master the email deluge </p> <p> &nbsp;* analyze and value your community of business partners </p> <p> &nbsp;* manage your contact database </p> <p> &nbsp;* ensure privacy and safety online </p> <p> &nbsp;"We hosted one of David Teten’s presentations at the Euromoney 2004 Annual Hedge Fund Start-Up &amp; Business Development&nbsp; Forum. Out of 40 speakers, David tied for first place for the highest speaker rating." - Diane Higgins, Financial Markets, EuroMoney PLC </p> <blockquote> <p> BIOGRAPHY David Teten is CEO of Nitron Advisors ( <a href="http://www.NitronAdvisors.com ">www.NitronAdvisors.com</a>), which provides independent industry experts with consulting opportunities to hedge funds and other institutional investors. </p> <p> &nbsp;To participate in paid interviews with Nitron Advisors’ institutional investor clients, at no cost to you, join the Nitron Advisors Circle of Experts ( <a href="http://www.CircleofExperts.com">www.CircleofExperts.com</a> ). </p> <p> &nbsp;David is the co-author of The Virtual Handshake: Opening Doors and Closing Deals Online ( <a href="http://www.TheVirtualHandshake.com">www.TheVirtualHandshake.com</a> ). </p> <p> David was formerly CEO of an investment bank specializing in Internet domain names. He has worked with the Bear Stearns Technology investment banking group and Mars &amp; Co strategy consulting. </p> </blockquote><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=352" /> http://www.circleofexperts.com/blog/CommentView.html?guid=352 Career Acceleration General Leadership and Management Personal Productivity Social Software
http://www.circleofexperts.com/blog/Trackback.html?guid=346 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=346 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=346 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=346 From Harvard Business School Working Knowledge:
The researchers identified four successful tactics for obtaining stretchwork that were common to both groups:


* Differentiate competence. Anyone hoping to advance must distinguish his or her performance on the job. This is particularly true, however, for contract workers—because they are paid for each short-term job, their employers are likely to subject their work to close, frequent evaluation.
* Acquire referrals. Because high-tech contractors tend to work with a number of clients, brokers, and fellow contractors, they enjoy a broader social network from which to draw referrals than most permanent employees. In the film industry—where most hiring is done based on a production manager's previous experience with an individual—referrals are a vital aspect of getting any job, particularly if it stretches a worker in a new direction.
* Framing and bluffing. "This is one of the most creative attributes for obtaining stretchwork," O'Mahony notes. "People who are good at presenting their prior experience in a way that allows for an easy translation to the desired job can narrow the gap between their past experience and future capabilities." Adopting a hybrid job title to identify oneself—"director-screenwriter," for example—can also help establish authority in more than one area.
* Discounting. Accepting pay below the market rate is a temporary disadvantage some contract workers are willing to accept, if it means gaining the experience and exposure that will lead to a new position. One technical writer put it this way: "I turned down solid offers from three companies, all paying over $100K a year…I would take a job at $55K if they're using a totally new technology so I learn something…It's like playing pool…You hit the green ball with the white ball, and the point is to place the white ball to get the next shot. So I take that job in order to learn skills for my next project."

More... Advancing in your career without experience http://www.circleofexperts.com/blog/PermaLink.html?guid=346 http://www.circleofexperts.com/blog/Advancing+In+Your+Career+Without+Experience.html Thu, 17 Aug 2006 10:40:02 GMT From Harvard Business School Working Knowledge: <blockquote>The researchers identified four successful tactics for obtaining stretchwork that were common to both groups: <p> <br> * <strong>Differentiate competence. </strong>Anyone hoping to advance must distinguish his or her performance on the job. This is particularly true, however, for contract workers—because they are paid for each short-term job, their employers are likely to subject their work to close, frequent evaluation. > <br> * <strong>Acquire referrals. </strong>Because high-tech contractors tend to work with a number of clients, brokers, and fellow contractors, they enjoy a broader social network from which to draw referrals than most permanent employees. In the film industry—where most hiring is done based on a production manager's previous experience with an individual—referrals are a vital aspect of getting any job, particularly if it stretches a worker in a new direction. > <br> *<strong> Framing and bluffing.</strong> "This is one of the most creative attributes for obtaining stretchwork," O'Mahony notes. "People who are good at presenting their prior experience in a way that allows for an easy translation to the desired job can narrow the gap between their past experience and future capabilities." Adopting a hybrid job title to identify oneself—"director-screenwriter," for example—can also help establish authority in more than one area. > <br> * <strong>Discounting. </strong>Accepting pay below the market rate is a temporary disadvantage some contract workers are willing to accept, if it means gaining the experience and exposure that will lead to a new position. One technical writer put it this way: "I turned down solid offers from three companies, all paying over $100K a year…I would take a job at $55K if they're using a totally new technology so I learn something…It's like playing pool…You hit the green ball with the white ball, and the point is to place the white ball to get the next shot. So I take that job in order to learn skills for my next project." <br> </blockquote> > <a href="http://hbswk.hbs.edu/item/5471.html">More...</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=346" /> http://www.circleofexperts.com/blog/CommentView.html?guid=346 Career Acceleration General Leadership and Management Personal Productivity
http://www.circleofexperts.com/blog/Trackback.html?guid=343 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=343 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=343 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=343 1 There's a product liability lawsuit waiting to happen here:
Studying with diligent friends is fine, says Heidi Lessing, a University of Delaware sophomore. But after a couple of hours, it's time for a break, a little gossip: "I want to talk about somebody walking by in the library." One of those friends, however, is working too hard for dish -- way too hard. Instead of joining in the gossip, "She says, 'Be quiet,' " Lessing says, astonishment still registering in her voice. Her friend's attention is laserlike, totally focused on her texts, even after an evening of study. "We were so bored," Lessing says. But the friend was still "really into it. It's annoying." The reason for the difference: Her pal is fueled with "smart pills" that increase her concentration, focus, wakefulness and short-term memory.
more at A Dose of Genius Smart Pills Are on The Rise. But Is Taking Them Wise? http://www.circleofexperts.com/blog/PermaLink.html?guid=343 http://www.circleofexperts.com/blog/Smart+Pills+Are+On+The+Rise+But+Is+Taking+Them+Wise.html Fri, 11 Aug 2006 03:42:09 GMT There's a product liability lawsuit waiting to happen here: <blockquote>Studying with diligent friends is fine, says Heidi Lessing, a University of Delaware sophomore. But after a couple of hours, it's time for a break, a little gossip: "I want to talk about somebody walking by in the library." One of those friends, however, is working too hard for dish -- way too hard. Instead of joining in the gossip, "She says, 'Be quiet,' " Lessing says, astonishment still registering in her voice. Her friend's attention is laserlike, totally focused on her texts, even after an evening of study. "We were so bored," Lessing says. But the friend was still "really into it. It's annoying." The reason for the difference: Her pal is fueled with "smart pills" that increase her concentration, focus, wakefulness and short-term memory.</blockquote> more at <a href="http://www.washingtonpost.com/wp-dyn/content/article/2006/06/10/AR2006061001181_pf.html">A Dose of Genius</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=343" /> http://www.circleofexperts.com/blog/CommentView.html?guid=343 General Personal Productivity Leadership and Management Career Acceleration
http://www.circleofexperts.com/blog/Trackback.html?guid=342 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=342 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=342 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=342 Thanks to the American Mathematical Society, Dartmouth is giving away the much-praised textbook, Introduction to Probability by Charles M. Grinstead and J. Laurie Snell, as free etext. The website also includes computer programs to go along with the book. Link Via http://www.boingboing.net/2006/07/03/introduction_to_prob.html Introduction to Probability textbook---no charge http://www.circleofexperts.com/blog/PermaLink.html?guid=342 http://www.circleofexperts.com/blog/Introduction+To+Probability+Textbookno+Charge.html Sun, 06 Aug 2006 04:44:43 GMT Thanks to the American Mathematical Society, Dartmouth is giving away the much-praised textbook, <strong>Introduction to Probability</strong> by Charles M. Grinstead and J. Laurie Snell, as free etext. The website also includes computer programs to go along with the book. <a href="http://www.dartmouth.edu/%7Echance/teaching_aids/books_articles/probability_book/book.html">Link</a> Via <a href="http://www.boingboing.net/2006/07/03/introduction_to_prob.html">http://www.boingboing.net/2006/07/03/introduction_to_prob.html</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=342" /> http://www.circleofexperts.com/blog/CommentView.html?guid=342 General Personal Productivity Leadership and Management Career Acceleration Private Equity Investing Public Markets Investing Securities Research http://www.circleofexperts.com/blog/Trackback.html?guid=341 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=341 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=341 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=341 1 Springwise Features New Business Ideas from Around the World http://www.circleofexperts.com/blog/PermaLink.html?guid=341 http://www.circleofexperts.com/blog/Springwise+Features+New+Business+Ideas+From+Around+The+World.html Sun, 06 Aug 2006 04:40:24 GMT Via <a href="http://entrepreneurs.about.com/b/a/216337.htm">Scott Allen</a>: <blockquote>One of the few e-mail newsletters I read from top to bottom every month is <a href="http://www.springwise.com">Springwise</a>, which features hot new business ideas from around the world. These may be local/regional businesses that can be duplicated in your area, or just an early player in a new market segment that is still wide open to new entrants. <p> <a href="http://www.springwise.com/weekly/2006-07-11.htm">The current issue</a> features stories on: <blockquote> <a href="http://www.springwise.com/eco_sustainability/ecochic_update/??>Eco-Chic Fashion</a><br />A company that creates bags and belts from used fire hoses. <p><a href="http://www.springwise.com/automotive/car_prices_by_text_message/??>Car Prices by Text Message</a> <br /> Car shoppers can check retail and blue book prices via cell phone. > <p> <a href="http://www.springwise.com/retail/a_deal_a_day_update_1/">Boutique Wines Online</a> <br /> Advice, discounts and access to boutique wineries not generally available at your local liquor store. </p> <p> <a href="http://www.springwise.com/lifestyle_leisure/table_with_a_view/">Dinner in the Sky</a> <br /> This one's kind of wacky - you'll just have to see it. </p> <p> <a href="http://www.springwise.com/retail/luxury_convenience_store_updat/">Luxury Convenience Store</a> <br /> In England, it's Harrod's. Imagine a Neiman-Marcus Corner Store in your neighborhood. </p> <p> <a href="http://www.springwise.com/style_design/repackaging_barcodes/">Repackaging Barcodes</a> <br /> Graphic designers are turning plain old barcodes into an integral part of the packaging. </p> <p> <a href="http://www.springwise.com/life_hacks/helping_friends_keep_track/">Social Money</a> <br /> New tools help people who share bills or who lend and borrow money among friends to keep track of it. The latest issue of Business 2.0 predicts this is a $100 billion industry. </p> </blockquote> Subscriptions to Springwise are free. If you like it, be sure to check out their sister publication, <a href="http://www.trendwatching.com/">Trendwatching</a>, which covers new consumer trends.> </blockquote> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=341" /> http://www.circleofexperts.com/blog/CommentView.html?guid=341 General Personal Productivity Leadership and Management http://www.circleofexperts.com/blog/Trackback.html?guid=339 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=339 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=339 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=339 The August issue of Scientific American takes a deep look at how experts--chess grandmasters, musicians, physicians--develop their abilities.

Ericsson argues that what matters is not experience per se but "effortful study," which entails continually tackling challenges that lie just beyond one's competence.

That is why it is possible for enthusiasts to spend tens of thousands of hours playing chess or golf or a musical instrument without ever advancing beyond the amateur level and why a properly trained student can overtake them in a relatively short time.

It is interesting to note that time spent playing chess, even in tournaments, appears to contribute less than such study to a player's progress; the main training value of such games is to point up weaknesses for future study.

Even the novice engages in effortful study at first, which is why beginners so often improve rapidly in playing golf, say, or in driving a car.

 But having reached an acceptable performance--for instance, keeping up with one's golf buddies or passing a driver's exam--most people relax.

 Their performance then becomes automatic and therefore impervious to further improvement.

In contrast, experts-in-training keep the lid of their mind's box open all the time, so that they can inspect, criticize and augment its contents and thereby approach the standard set by leaders in their fields.

More... via Boingboing How to be an expert http://www.circleofexperts.com/blog/PermaLink.html?guid=339 http://www.circleofexperts.com/blog/How+To+Be+An+Expert.html Wed, 02 Aug 2006 15:48:19 GMT The August issue of Scientific American takes a deep look at how experts--chess grandmasters, musicians, physicians--develop their abilities. <blockquote> <p> Ericsson argues that what matters is not experience per se but "effortful study," which entails continually tackling challenges that lie just beyond one's competence. </p> <p> That is why it is possible for enthusiasts to spend tens of thousands of hours playing chess or golf or a musical instrument without ever advancing beyond the amateur level and why a properly trained student can overtake them in a relatively short time. </p> <p> It is interesting to note that time spent playing chess, even in tournaments, appears to contribute less than such study to a player's progress; the main training value of such games is to point up weaknesses for future study. </p> <p> Even the novice engages in effortful study at first, which is why beginners so often improve rapidly in playing golf, say, or in driving a car. </p> <p> &nbsp;But having reached an acceptable performance--for instance, keeping up with one's golf buddies or passing a driver's exam--most people relax. </p> <p> &nbsp;Their performance then becomes automatic and therefore impervious to further improvement. </p> <p> In contrast, experts-in-training keep the lid of their mind's box open all the time, so that they can inspect, criticize and augment its contents and thereby approach the standard set by leaders in their fields. </p> </blockquote><a href="http://www.sciam.com/article.cfm?chanID=sa006&amp;articleID=00010347-101C-14C1-8F9E83414B7F4945&amp;pageNumber=5&amp;catID=2">More...</a> via <a href="http://www.boingboing.net/2006/08/02/how_experts_are_made.html">Boingboing</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=339" /> http://www.circleofexperts.com/blog/CommentView.html?guid=339 General Leadership and Management Personal Productivity
http://www.circleofexperts.com/blog/Trackback.html?guid=336 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=336 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=336 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=336 According to the NY Times:
The amount of Internet buzz a movie generates is a strong predictor of its box-office take. But it hardly matters whether that buzz is good or bad, according to a study by Yong Liu, an assistant professor of marketing at the Eller College of Business at the University of Arizona.
I'd love to hear from the folks at trend-tracking companies such as Trendum, Intelliseek, Cymfony, and Brandimensions if they a) agree that people's positive or negative feelings are irrelevant for movies, and b) if this is true, does this pattern hold for other product categories? What Counts at the Box Office Is the Buzz http://www.circleofexperts.com/blog/PermaLink.html?guid=336 http://www.circleofexperts.com/blog/What+Counts+At+The+Box+Office+Is+The+Buzz.html Tue, 25 Jul 2006 05:46:25 GMT According to the <a href="http://www.nytimes.com/2006/07/24/technology/24drill.html">NY Times:</a> <blockquote>The amount of Internet buzz a movie generates is a strong predictor of its box-office take. <strong>But it hardly matters whether that buzz is good or bad</strong>, according to a study by Yong Liu, an assistant professor of marketing at the Eller College of Business at the University of Arizona.</blockquote> I'd love to hear from the folks at trend-tracking companies such as Trendum, Intelliseek, Cymfony, and Brandimensions if they a) agree that people's positive or negative feelings are irrelevant for movies, and b) if this is true, does this pattern hold for other product categories?<img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=336" /> http://www.circleofexperts.com/blog/CommentView.html?guid=336 General Social Software Leadership and Management
http://www.circleofexperts.com/blog/Trackback.html?guid=331 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=331 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=331 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=331 Prescription for Gaining Greatness in Work and Life http://www.circleofexperts.com/blog/PermaLink.html?guid=331 http://www.circleofexperts.com/blog/Prescription+For+Gaining+Greatness+In+Work+And+Life.html Thu, 06 Jul 2006 08:11:51 GMT <strong>Dennis Kimbro's Prescription for Gaining Greatness in Work and Life</strong> <p> What makes the great, great? It's a question author Dennis Kimbro took 20 years to research, interviewing leaders from diverse backgrounds from Earl Graves of Black Enterprise magazine to Bishop T. D. Jakes. His findings were eventually culled into a book of the same name and recently shared with aspiring corporate and entrepreneurial leaders of the future at the inaugural Black MBA Diverse Leadership conference at Emory University's Goizueta Business School. Among the offerings, Kimbro advised students to be "driven by your vision. Get a big dream and believe in yourself when no one else will."<a href="http://knowledge.emory.edu/index.cfm?fa=viewArticle&ID=979 "> </p> http://knowledge.emory.edu/index.cfm?fa=viewArticle&ID=979 > <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=331" /> http://www.circleofexperts.com/blog/CommentView.html?guid=331 Career Acceleration General Leadership and Management Personal Productivity http://www.circleofexperts.com/blog/Trackback.html?guid=329 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=329 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=329 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=329

HBS Professor Andrei Hagiu is an expert on multi-sided markets, and recently interviewed me on that topic:

Market Platform Dynamics--Catalyst Conversation: Conversation with David Teten. His site requires that you submit an email address to read the article (but I should note that he doesn't actually test if the email address is functional.)

Multisided Markets--HBS Professor Andrei Hagiu http://www.circleofexperts.com/blog/PermaLink.html?guid=329 http://www.circleofexperts.com/blog/Multisided+MarketsHBS+Professor+Andrei+Hagiu.html Wed, 28 Jun 2006 08:00:37 GMT <p> HBS Professor Andrei Hagiu is an expert on <a href="http://hbswk.hbs.edu/item.jhtml?id=5237&amp;t=strategy">multi-sided markets</a>, and recently interviewed me on that topic: </p> <p> <a href="http://www.marketplatforms.com/payingwithplastic/corporate/ourideas/Our%20Publications/Catalyst%20Conversations/Catalyst%20Conversations%20-%20David/default.html"><em>Market Platform Dynamics--Catalyst Conversation</em>: Conversation with David Teten</a>. His site requires that you submit an email address to read the article (but I should note that he doesn't actually test if the email address is functional.) </p> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=329" /> http://www.circleofexperts.com/blog/CommentView.html?guid=329 General Leadership and Management Public Markets Investing Social Software
http://www.circleofexperts.com/blog/Trackback.html?guid=315 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=315 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=315 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=315 John Doerr's Startup Manual is still timely (even though it dates from 1997). Via Marc Cenedella's blog Startup Manual by John Doerr http://www.circleofexperts.com/blog/PermaLink.html?guid=315 http://www.circleofexperts.com/blog/Startup+Manual+By+John+Doerr.html Tue, 06 Jun 2006 04:26:44 GMT <a href="http://www.fastcompany.com/online/07/082doerr.html"> John Doerr's Startup Manual</a> is still timely (even though it dates from 1997). <em>Via <a href="http://www.cenedella.com/stone/archives/2006/04/john_doerr_on_starting_up.html">Marc Cenedella's blog</a> </em><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=315" /> http://www.circleofexperts.com/blog/CommentView.html?guid=315 General Leadership and Management Career Acceleration Private Equity Investing http://www.circleofexperts.com/blog/Trackback.html?guid=314 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=314 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=314 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=314 2 Younger siblings, better entrepreneurs?
Which slot in the birth-order sequence makes for the most successful entrepreneurs? Ben Dattner: It's not that cut and dried. There are positives and negatives -- and examples of successful business people -- from all the places in the birth-order spectrum. For instance, first-born entrepreneurs tend to be more extroverted and confident than their younger siblings. In a business where somebody needs to maintain a high PR profile, you could imagine that it might be easier if you're naturally extroverted and confident. Especially if you'll be called on to talk to the media as the public face of your company. First-borns also tend to be more assertive and authoritarian, dominant and inflexible. They're good at executing a plan, following it, and driving others to follow it in a disciplined way. Conformist, task-oriented, disciplined, and concerned with getting things done right -- all these traits are naturally found in first-borns.
more.. Younger siblings, better entrepreneurs? http://www.circleofexperts.com/blog/PermaLink.html?guid=314 http://www.circleofexperts.com/blog/Younger+Siblings+Better+Entrepreneurs.html Sun, 04 Jun 2006 11:20:48 GMT <a href="http://www.businessweek.com/smallbiz/content/jun2006/sb20060601_963616.htm?chan=smallbiz_smallbiz+index+page_karen+e.+klein">Younger siblings, better entrepreneurs?</a> <blockquote><strong>Which slot in the birth-order sequence makes for the most successful entrepreneurs?</strong> Ben Dattner: It's not that cut and dried. There are positives and negatives -- and examples of successful business people -- from all the places in the birth-order spectrum. For instance, first-born entrepreneurs tend to be more extroverted and confident than their younger siblings. In a business where somebody needs to maintain a high PR profile, you could imagine that it might be easier if you're naturally extroverted and confident. Especially if you'll be called on to talk to the media as the public face of your company. First-borns also tend to be more assertive and authoritarian, dominant and inflexible. They're good at executing a plan, following it, and driving others to follow it in a disciplined way. Conformist, task-oriented, disciplined, and concerned with getting things done right -- all these traits are naturally found in first-borns.</blockquote> <a href="http://www.businessweek.com/smallbiz/content/jun2006/sb20060601_963616.htm?chan=smallbiz_smallbiz+index+page_karen+e.+klein">more..</a> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=314" /> http://www.circleofexperts.com/blog/CommentView.html?guid=314 General Personal Productivity Leadership and Management Career Acceleration
http://www.circleofexperts.com/blog/Trackback.html?guid=306 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=306 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=306 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=306 The MBAs of the Kellogg-Recanati Executive MBA program have posted summaries of all of their classes at: http://www.kr04.net/ This is a handy reference site---a summary of what you learn in an executive MBA, all on one website. Kellogg-Recanati Executive MBA Handbook http://www.circleofexperts.com/blog/PermaLink.html?guid=306 http://www.circleofexperts.com/blog/KelloggRecanati+Executive+MBA+Handbook.html Thu, 18 May 2006 08:34:27 GMT The MBAs of the Kellogg-Recanati Executive MBA program have posted summaries of all of their classes at: <a href="http://www.kr04.net/">http://www.kr04.net/</a> This is a handy reference site---a summary of what you learn in an executive MBA, all on one website. <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=306" /> http://www.circleofexperts.com/blog/CommentView.html?guid=306 General Personal Productivity Leadership and Management Career Acceleration Private Equity Investing Public Markets Investing http://www.circleofexperts.com/blog/Trackback.html?guid=304 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=304 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=304 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=304 Via Marc, I was led to a blog post by David Manaster on recruiter efficiency. He reports that "It would seem that (on average) the optimal workload for a recruiter is between 11 and 20 open positions. " I'd argue that the main reason for this phenomenon is that most recruiters are using only the traditional toolkit: Excel, Word, email, phone, to keep track of their applicants. Nitron couldn't function effectively if we were this inefficient. John Younger, CEO of recruiting process outsourcer Accolo, observed:

I actually find this research to be right in line with our surveys for the typical recruiter today.

 We have found the optimal workload to be between 4 and 18 unique full-time jobs simultaneously.

 At 18 or more, the applicant screening, follow-up and tracking take a severe dive.

The astounding part is that this is the same recruiter workload of 1963! Think about it.

What else in our lives has not budged a bit in productivity in over 40 years! This is the time before e-mail, job boards, the internet and Starbucks.

The core reason is that the recruiter today operates in exactly the same model as the early 1960’s. All we have done is pave the cowpath.

 It gets worse… the hiring manager service and applicant experience have actually diminished with all the technology noise in the middle.

There are new models emerging, but there is an army of people invested in keeping things the same.

According to a staffing.org survey of 2,294 companies, during 2005, the national average Recruiting Efficiency Index was 12.3%. REI is calculated by dividing total recruiting costs, including recruiter salaries & overhead, applicant tracking, advertising fees, etc. and dividing it by total compensation recruited. Accolo reports an REI of under 7% for clients using Accolo's system. Among the drivers for that efficiency: - much higher per-recruiter workload - use of online networks for recruiting (more on that topic) Executive Recruiter Efficiency http://www.circleofexperts.com/blog/PermaLink.html?guid=304 http://www.circleofexperts.com/blog/Executive+Recruiter+Efficiency.html Tue, 16 May 2006 04:33:07 GMT Via <a href="http://www.cenedella.com/stone/archives/2006/05/how_many_recruits_could_a_recruiter_recruit_i.html">Marc</a>, I was led to a blog post by <a href="http://www.erexchange.com/blogs/Hire_Calling/">David Manaster</a> on recruiter efficiency. He <a href="http://www.erexchange.com/blogs/Hire_Calling/14C4BC15676F4C6396F190B09FDBCBCA.asp">reports</a> that "It would seem that (on average) the optimal workload for a recruiter is between 11 and 20 open positions. " I'd argue that the main reason for this phenomenon is that most recruiters are using only the traditional toolkit: Excel, Word, email, phone, to keep track of their applicants. <a href="http://www.nitronadvisors.com">Nitron</a> couldn't function effectively if we were this inefficient. John Younger, CEO of recruiting process outsourcer <a href="http://www.accolo.com">Accolo</a>, observed: <blockquote> <p> I actually find this research to be right in line with our surveys for the typical recruiter today. </p> <p> &nbsp;We have found the optimal workload to be between 4 and 18 unique full-time jobs simultaneously. </p> <p> &nbsp;At 18 or more, the applicant screening, follow-up and tracking take a severe dive. </p> <p> The astounding part is that this is the same recruiter workload of 1963! Think about it. </p> <p> What else in our lives has not budged a bit in productivity in over 40 years! This is the time before e-mail, job boards, the internet and Starbucks. </p> <p> The core reason is that the recruiter today operates in exactly the same model as the early 1960’s. All we have done is pave the cowpath. </p> <p> &nbsp;It gets worse… the hiring manager service and applicant experience have actually diminished with all the technology noise in the middle. </p> <p> There are new models emerging, but there is an army of people invested in keeping things the same. </p> </blockquote>According to a <a href="http://staffing.org">staffing.org</a> survey of 2,294 companies, during 2005, the national average Recruiting Efficiency Index was 12.3%. REI is calculated by dividing total recruiting costs, including recruiter salaries &amp; overhead, applicant tracking, advertising fees, etc. and dividing it by total compensation recruited. Accolo reports an REI of under 7% for clients using Accolo's system. Among the drivers for that efficiency: - much higher per-recruiter workload - use of online networks for recruiting (<a href="http://www.fastcompany.com/resources/networking/teten-allen/050806.html">more</a> on that topic) <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=304" /> http://www.circleofexperts.com/blog/CommentView.html?guid=304 Career Acceleration General Leadership and Management Personal Productivity
http://www.circleofexperts.com/blog/Trackback.html?guid=302 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=302 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=302 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=302 Steve Pavlina's list of 10 Stupid Mistakes Made by the Newly Self-Employed is worth reviewing even for the non-self-employed. Via Marc Cenedella's blog Ten Stupid Mistakes Made by the Newly Self-Employed http://www.circleofexperts.com/blog/PermaLink.html?guid=302 http://www.circleofexperts.com/blog/Ten+Stupid+Mistakes+Made+By+The+Newly+SelfEmployed.html Fri, 12 May 2006 10:08:52 GMT Steve Pavlina's list of <a href="http://www.stevepavlina.com/blog/2006/04/10-stupid-mistakes-made-by-the-newly-self-employed/">10 Stupid Mistakes Made by the Newly Self-Employed</a> is worth reviewing even for the non-self-employed. <em> Via <a href="http://www.cenedella.com/stone/archives/2006/04/10_stupid_mistakes.html">Marc Cenedella's blog</a> </em> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=302" /> http://www.circleofexperts.com/blog/CommentView.html?guid=302 General Personal Productivity Leadership and Management Career Acceleration http://www.circleofexperts.com/blog/Trackback.html?guid=300 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=300 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=300 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=300 1
A jobless marketing manager recently touted his accomplishments to New York search firm Canny, Bowen. He simultaneously sent the same cover letter and resume to more than 150 other executive recruiters -- and identified every recipient on his e-mail's distribution list. The shotgun approach helped chill the chances of Canny, Bowen proposing him for any vacancy. "We get a half-dozen mass mailings like this every week," reports Gregory Gabel, a managing director. "Two years ago, I never used to get these."
more... How Overeager Job Hunters Can Thwart Their Efforts http://www.circleofexperts.com/blog/PermaLink.html?guid=300 http://www.circleofexperts.com/blog/How+Overeager+Job+Hunters+Can+Thwart+Their+Efforts.html Wed, 10 May 2006 04:47:22 GMT <blockquote>A jobless marketing manager recently touted his accomplishments to New York search firm Canny, Bowen. He simultaneously sent the same cover letter and resume to more than 150 other executive recruiters -- and identified every recipient on his e-mail's distribution list. The shotgun approach helped chill the chances of Canny, Bowen proposing him for any vacancy. "We get a half-dozen mass mailings like this every week," reports Gregory Gabel, a managing director. "Two years ago, I never used to get these." </blockquote> <a href="http://www.careerjournal.com/columnists/manageyourcareer/20020925-managingyourcareer.html">more...</a> <img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=300" /> http://www.circleofexperts.com/blog/CommentView.html?guid=300 General Personal Productivity Leadership and Management Career Acceleration
http://www.circleofexperts.com/blog/Trackback.html?guid=299 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=299 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=299 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=299 From our latest FastCompany.com column:
Your dream employee is lurking out there. How do you find him or her? To track down those stars, recruiters are aggressively using online tools such as blogs, virtual communities, social-networking sites, and biography-analysis software. Here are some best practices in those areas, drawn from Accolo, Nitron Advisors, and Microsoft.
(Disclosure: I'm on Accolo's Advisory Board). full column Use Online Networks to Recruit Your Star Employee http://www.circleofexperts.com/blog/PermaLink.html?guid=299 http://www.circleofexperts.com/blog/Use+Online+Networks+To+Recruit+Your+Star+Employee.html Mon, 08 May 2006 16:14:27 GMT From our latest FastCompany.com column: <blockquote>Your dream employee is lurking out there. How do you find him or her? To track down those stars, recruiters are aggressively using online tools such as blogs, virtual communities, social-networking sites, and biography-analysis software. Here are some best practices in those areas, drawn from <a href="http://Accolo.com">Accolo</a>, <a href="http://NitronAdvisors.com">Nitron Advisors</a>, and <a href="http://microsoft.com">Microsoft</a>. </blockquote> (Disclosure: I'm on Accolo's Advisory Board). <a href="http://www.fastcompany.com/resources/networking/teten-allen/050806.html">full column</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=299" /> http://www.circleofexperts.com/blog/CommentView.html?guid=299 General Social Software Leadership and Management
http://www.circleofexperts.com/blog/Trackback.html?guid=298 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=298 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=298 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=298 1 From the Freakonomics column in the New York Times:
Their work, compiled in the "Cambridge Handbook of Expertise and Expert Performance," a 900-page academic book that will be published next month, makes a rather startling assertion: the trait we commonly call talent is highly overrated. Or, put another way, expert performers — whether in memory or surgery, ballet or computer programming — are nearly always made, not born. .... whatever innate differences two people may exhibit in their abilities to memorize, those differences are swamped by how well each person "encodes" the information. And the best way to learn how to encode information meaningfully, Ericsson determined, was a process known as deliberate practice. Deliberate practice entails more than simply repeating a task — playing a C-minor scale 100 times, for instance, or hitting tennis serves until your shoulder pops out of its socket. Rather, it involves setting specific goals, obtaining immediate feedback and concentrating as much on technique as on outcome.
more Deliberate Practice Makes Perfect http://www.circleofexperts.com/blog/PermaLink.html?guid=298 http://www.circleofexperts.com/blog/Deliberate+Practice+Makes+Perfect.html Mon, 08 May 2006 05:19:17 GMT From the <a href="http://www.nytimes.com/2006/05/07/magazine/07wwln_freak.html">Freakonomics column in the New York Times</a>: <blockquote>Their work, compiled in the "Cambridge Handbook of Expertise and Expert Performance," a 900-page academic book that will be published next month, makes a rather startling assertion: the trait we commonly call talent is highly overrated. Or, put another way, expert performers — whether in memory or surgery, ballet or computer programming — are nearly always made, not born. .... whatever innate differences two people may exhibit in their abilities to memorize, those differences are swamped by how well each person "encodes" the information. And the best way to learn how to encode information meaningfully, Ericsson determined, was a process known as deliberate practice. Deliberate practice entails more than simply repeating a task — playing a C-minor scale 100 times, for instance, or hitting tennis serves until your shoulder pops out of its socket. Rather, it involves setting specific goals, obtaining immediate feedback and concentrating as much on technique as on outcome. </blockquote> <a href="http://www.nytimes.com/2006/05/07/magazine/07wwln_freak.html">more</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=298" /> http://www.circleofexperts.com/blog/CommentView.html?guid=298 General Personal Productivity Leadership and Management
http://www.circleofexperts.com/blog/Trackback.html?guid=297 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=297 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=297 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=297 Hedge-fund guru Joel Greenblatt (also a principal of the Value Investors Club) applied Wall Street principles—and $1,000 per student—to turn around a struggling Queens elementary school. And it worked, spectacularly. more... How Is a Hedge Fund Like a School? http://www.circleofexperts.com/blog/PermaLink.html?guid=297 http://www.circleofexperts.com/blog/How+Is+A+Hedge+Fund+Like+A+School.html Fri, 05 May 2006 05:11:51 GMT Hedge-fund guru Joel Greenblatt (also a principal of the <a href="http://thevirtualhandshake.com/wiki.html?page=Value%20Investors%20Club">Value Investors Club</a>) applied Wall Street principles—and $1,000 per student—to turn around a struggling Queens elementary school. And it worked, spectacularly. <a href="http://www.nymetro.com/news/businessfinance/15958/"> more...</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=297" /> http://www.circleofexperts.com/blog/CommentView.html?guid=297 General Leadership and Management Public Markets Investing http://www.circleofexperts.com/blog/Trackback.html?guid=294 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=294 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=294 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=294 From Tom Peters: This list of not-always-obvious tips is worth reviewing. http://www.changethis.com/21.01.111ThoughtsOnSelling 111 Ridiculously Obvious Thoughts on Selling http://www.circleofexperts.com/blog/PermaLink.html?guid=294 http://www.circleofexperts.com/blog/111+Ridiculously+Obvious+Thoughts+On+Selling.html Tue, 02 May 2006 05:46:32 GMT From Tom Peters: This list of not-always-obvious tips is worth reviewing. <a href="http://www.changethis.com/21.01.111ThoughtsOnSelling"> http://www.changethis.com/21.01.111ThoughtsOnSelling</a><img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=294" /> http://www.circleofexperts.com/blog/CommentView.html?guid=294 General Personal Productivity Leadership and Management http://www.circleofexperts.com/blog/Trackback.html?guid=287 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=287 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=287 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=287 Maureen Crawford Hentz writes on Phone Interview Etiquette Can Propel You to the Next Step in the Hiring Process. Phone Interview Etiquette Can Propel You to the Next Step in the Hiring Process http://www.circleofexperts.com/blog/PermaLink.html?guid=287 http://www.circleofexperts.com/blog/Phone+Interview+Etiquette+Can+Propel+You+To+The+Next+Step+In+The+Hiring+Process.html Tue, 18 Apr 2006 05:24:41 GMT Maureen Crawford Hentz writes on <a href="http://www.quintcareers.com/phone_interview_etiquette.html">Phone Interview Etiquette Can Propel You to the Next Step in the Hiring Process</a>.<img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=287" /> http://www.circleofexperts.com/blog/CommentView.html?guid=287 Leadership and Management Career Acceleration http://www.circleofexperts.com/blog/Trackback.html?guid=289 http://www.circleofexperts.com/blog/pingback.html http://www.circleofexperts.com/blog/PermaLink.html?guid=289 David Teten http://www.circleofexperts.com/blog/CommentView.html?guid=289 http://www.circleofexperts.com/blog/SyndicationService.asmx/GetEntryCommentsRss?guid=289 Harvard Professor Andrew McAfee writes in his blog:

I have an article in the spring 2006 issue of Sloan Management Review (SMR) on what I call Enterprise 2.0 -- the emerging use of Web 2.0 technologies like blogs and wikis (both perfect examples of network IT) within the Intranet.

The article describes why I think this is an important and welcome development, the contents of the Enterprise 2.0 ‘toolkit,’ and the experiences to date of an early adopter.

 It also offers some guidelines to business leaders interested in building an Enterprise 2.0 inftrastructure within their companies.

One question not addressed in the article is: Why is Enterprise 2.0 is an appealing reality now? It’s not because of any recent technology breakthrough.

Blogs, wikis, and RSS have been brewing since the 1990s, and folksonomies and AJAX since the early years of this decade.

 Is it just that technologists and entrepreneurs needed a bit of time to absorb all of elements and combine them into useful tools?

That’s certainly part of the story, but focusing only on technology components risks missing the forest for the trees. In particular, it misses three broad and converging trends, all of them concerning the changing relationship between those who offer technologies and those who use them.

The trends are:

 1. Simple, Free Platforms for Self-Expression ....

2. Emergent Structures, Rather than Imposed Ones ....

3. Order from Chaos ....

 the technologists of Web 2.0 are providing a third valuable service -- they’re rolling out tools that help us filter, sort, prioritize, and generally stay on top of the flood of new online content.

 As described in the SMR article, these tools include powerful search, tags (the basis for the folksonomies at del.icio.us and flickr), and automatic RSS signals whenever new content appears. ... I’ll end this post with an anecdote that showed me that these three trends are not yet well understood by many business leaders.

 Last week I was teaching in an executive education program for senior executives - owners and presidents of companies.

I assigned a case I wrote about the internal use of blogs at a bank, and also gave one additional bit of homework: I pointed the participants to blogger and typepad, and told them to start their own blogs and report the blog’s URL to me.

What they reported instead was that they had no intention of completing the assignment.

They told me how busy they were, and how they had no time and no inclination to mess around with blogs (whatever they were).

 Out of two classes of 50-60 participants each, I got fewer than 15 total blog URLs. Trying to turn lemons into lemonade in class, I asked some of the people who actually had sent a URL to describe the experience of starting a blog.

They all shrugged and said it was no big deal, took about five minutes total, didn’t require any skills, etc. I then asked why I would give busy executives such a silly, trivial assignment.

 In both classes one smart student piped up to say "To show us exactly how trivial it was." At that point, class discussion became interesting.

via Ross Mayfield What Prof. McAfee is describing *inside* the enterprise is exactly the same sort of phenomenon that we see salespeople, recruiters and other using both inside and outside the enterprise, and explore in The Virtual Handshake. Another person now writing on this area: Paul Gillen. (Via Centrality Journal ) Web 2.0 Technologies Inside the Enterprise http://www.circleofexperts.com/blog/PermaLink.html?guid=289 http://www.circleofexperts.com/blog/Web+20+Technologies+Inside+The+Enterprise.html Sun, 16 Apr 2006 09:15:25 GMT <a href="http://blog.hbs.edu/faculty/amcafee/index.php/faculty_amcafee_v3/the_three_trends_underlying_enterprise_20/">Harvard Professor Andrew McAfee</a> writes in his blog: <blockquote> <p> I have an article in the spring 2006 issue of <a href="http://sloanreview.mit.edu/smr/" target=_blank>Sloan Management Review</a> (SMR) on what I call <em>Enterprise 2.0</em> -- the emerging use of <a href="http://www.oreillynet.com/pub/a/oreilly/tim/news/2005/09/30/what-is-web-20.html" target=_blank>Web 2.0</a> technologies like <a href="http://www.blogger.com/start" target=_blank>blogs </a>and <a href="http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml;jsessionid=QH23YYA1VDTC4AKRG5DB5VQBKE12GISW?id=606074" target=_blank>wikis </a>(both perfect examples of <a href="http://blog.hbs.edu/faculty/amcafee/index.php/faculty_amcafee_v2/three_technologies_three_opportunities_a_framework_for_it_leadership/" target=_blank>network IT</a>) within the Intranet. </p> <p> The article describes why I think this is an important and welcome development, the contents of the Enterprise 2.0 ‘toolkit,’ and the experiences to date of an early adopter. </p> <p> &nbsp;It also offers some guidelines to business leaders interested in building an Enterprise 2.0 inftrastructure within their companies. </p> <p> One question not addressed in the article is: Why is Enterprise 2.0 is an appealing reality <em>now?</em> It’s not because of any recent technology breakthrough. </p> <p> Blogs, wikis, and <a href="http://en.wikipedia.org/wiki/RSS_%28protocol%29" target=_blank>RSS </a>have been brewing since the 1990s, and <a href="http://en.wikipedia.org/wiki/Folksonomy" target=_blank>folksonomies </a>and <a href="http://en.wikipedia.org/wiki/AJAX" target=_blank>AJAX </a>since the early years of this decade. </p> <p> &nbsp;Is it just that technologists and entrepreneurs needed a bit of time to absorb all of elements and combine them into useful tools? </p> <p> That’s certainly part of the story, but focusing only on technology components risks missing the forest for the trees. In particular, it misses three broad and converging trends, all of them concerning the changing relationship between those who <span style="FONT-STYLE: italic">offer </span>technologies and those <span style="FONT-STYLE: italic">who </span>use them. </p> <p> The trends are: </p> <p> &nbsp;<strong><u>1. Simple, Free Platforms for Self-Expression</u> .... </strong> </p> <p> <strong><u>2. Emergent Structures, Rather than Imposed Ones ....</u></strong> </p> <p> <strong><u>3. Order from Chaos </u></strong>.... </p> <p> &nbsp;the technologists of Web 2.0 are providing a third valuable service -- they’re rolling out tools that help us filter, sort, prioritize, and generally stay on top of the flood of new online content. </p> <p> &nbsp;As described in the SMR article, these tools include powerful search, <a href="http://en.wikipedia.org/wiki/Tags" target=_blank>tags </a>(the basis for the folksonomies at del.icio.us and flickr), and automatic <a href="http://en.wikipedia.org/wiki/RSS_%28file_format%29" target=_blank>RSS </a>signals whenever new content appears. ... I’ll end this post with an anecdote that showed me that these three trends are not yet well understood by many business leaders. </p> <p> &nbsp;Last week I was teaching in an executive education program for senior executives - owners and presidents of companies. </p> <p> I assigned a case I wrote about the internal use of blogs at a bank, and also gave one additional bit of homework: I pointed the participants to blogger and typepad, and told them to start their own blogs and report the blog’s URL to me. </p> <p> What they reported instead was that they had no intention of completing the assignment. </p> <p> They told me how busy they were, and how they had no time and no inclination to mess around with blogs (whatever they were). </p> <p> &nbsp;Out of two classes of 50-60 participants each, I got fewer than 15 total blog URLs. Trying to turn lemons into lemonade in class, I asked some of the people who actually had sent a URL to describe the experience of starting a blog. </p> <p> They all shrugged and said it was no big deal, took about five minutes total, didn’t require any skills, etc. I then asked why I would give busy executives such a silly, trivial assignment. </p> <p> &nbsp;In both classes one smart student piped up to say <em>"To show us exactly how trivial it was."</em> At that point, class discussion became interesting. </p> </blockquote><em>via <a href="http://many.corante.com/archives/2006/04/13/enterprise_20.php">Ross Mayfield</a></em> What Prof. McAfee is describing *inside* the enterprise is exactly the same sort of phenomenon that we see salespeople, recruiters and other using both inside and outside the enterprise, and explore in <em><a href="http://www.thevirtualhandshake.com">The Virtual Handshake</a>.</em> Another person now writing on this area: <a href="http://www.gillin.com/blog.html">Paul Gillen</a>. (Via <a href="http://www.centralityjournal.com/archives/gillens_new_beat_business_application_of_social_software.html">Centrality Journal </a>)<img width="0" height="0" src="http://www.circleofexperts.com/blog/aggbug.ashx?id=289" /> http://www.circleofexperts.com/blog/CommentView.html?guid=289 General Leadership and Management Personal Productivity Social Software