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43255a930a73095840a06a7d1fde9fa6 | https://www.forbes.com/sites/joshsteimle/2014/10/17/how-one-social-entrepreneur-saved-100000-lives/ | How One Social Entrepreneur Saved 100,000 Lives | How One Social Entrepreneur Saved 100,000 Lives
Jenny Bowen wouldn’t call herself a social entrepreneur or a growth hacker. She’d be unlikely to label her organization a social venture. Yet in 2007, Bowen was awarded the American Chamber of Commerce’s Women of Influence Entrepreneur of the Year Award in Hong Kong and in 2008, she received the Skoll Award for Social Entrepreneurship.
She is the founder of Half the Sky Foundation, which provides services to orphaned children and orphanages in China. Half the Sky is one of only 20 foreign NGOs officially recognized by the Chinese government. Bowen recently published the book Wish You Happy Forever: What China’s Orphans Taught Me About Moving Mountains, detailing her experiences over the past 18 years. But Bowen would tell you that she is simply a normal person who saw a need and did something about it. What she did has saved the lives of more than 100,000 children in China. And she’s not done yet.
Jenny Bowen’s Personal Rescue Mission
In 1996, Jenny Bowen and her husband Richard were empty-nesters with busy careers as filmmakers in Southern California. One day, they saw a newspaper article covering a Human Rights Watch report, Death by Default: The Policy of Fatal Neglect in China’s State-Run Orphanages. There was a photo of a tiny girl, described by Bowen in her book as “the shadow of a child--eyes crusted over, cheeks sunken and dark. Her body, all bones.” Bowen’s husband asked, “What can we do?” They thought of sending money, but felt it would be futile. Who would they send it to? How would it get to the children? “We could bring one home,” Bowen’s husband said.
Eighteen months later, Bowen and her husband adopted an almost two-year-old girl from China. The daughter they adopted was not well. She had open sores on her cheeks. She was malnourished, her body host to six kinds of parasites. She was emotionally traumatized. Bowen says their daughter “never seemed truly present.” Her eyes were empty. She could not speak in any language. “It seemed like our baby had never known love,” Bowen says. And it’s probable she hadn’t.
Heartbreaking Statistics
When we see a baby, we smile at her, talk to her, and we assume that babies around the world receive the same loving care. But in China’s orphanages, known in China as “social welfare institutes,” many children were tied to cribs or chairs to keep them immobile. They often had no toys or mental stimulation. The adults were overworked and untrained, and in many cases had no emotional interaction with the children. What Bowen’s daughter and other Chinese orphans were missing, both physically and emotionally, was not just heartbreaking, but life-threatening.
We all need to love and be loved. When a baby is deprived of a loving human touch, essential growth hormones are not stimulated. This can lead to underdeveloped brains, fragile bodies, impaired social skills, and weaker immune systems. The children also tend to be less determined throughout their lives and can face more severe problems over time.
In 1991, the Chinese government had issued official figures putting the mortality rate in state-run orphanages at 77.6%. However, Human Rights Watch estimated the real figures to be closer to 90%, meaning around only 10% of the children who went into orphanages in China would ever come out alive. It is no exaggeration to refer to what the Bowens and other adoptive parents of Chinese children did during that era as a rescue mission.
Making a Difference in More Children’s Lives
One year later, despite the physical and emotional scars their little girl bore, the Bowens were amazed at the progress their daughter had made. On a sunny afternoon they watched as she played, laughed, and talked with a group of friends in their backyard. As a result of reading that newspaper article, Bowen and her husband had acted, and they made a remarkable difference in one child’s life. Then the bug that afflicts all entrepreneurs kicked in. As Bowen and her husband watched their daughter playing and spoke about what they had done for her, Bowen asked “Why can’t we do that for the ones we can’t bring home?”
Watch Steven Levitt, co-author of the best-selling Freakonomics book series, talk about adopting his daughter from China.
The Formation of Half the Sky
“I felt absolutely compelled to act,” Bowen writes. “I saw a solution, plain and simple. I couldn’t ignore it.” In 1998, Bowen started work on what would become Half the Sky, a foundation that improves the circumstances of children in Chinese orphanages by training the adults who care for them. The programs and trainings are based on the Reggio Emilia approach and also incorporate the mandate of the Chinese government that all children learn about the arts, sciences, language, social development, and health. Much of it is simply providing caring interaction, so necessary for young, developing minds. “A young child’s experiences dictate how her brain is wired,” says Bowen. “Each kiss, story, and smile promotes the development of brain cells. Holding and stroking an infant stimulates the brain to release growth hormones. A child who lacks connection with a caring adult will often fail to thrive.” Amongst other things, Half the Sky teaches caregivers to hold children, talk to them, play with them, and give them the caring attention that can literally mean the difference between life and death.
“All the children who are held and loved will know how to love others…. Spread these virtues in the world. Nothing more need be done.” -- Meng Zi, circa 300 B.C.
Bowen’s Run-In With the Chinese Government
It’s hard to imagine anyone standing in the way of such an organization, but effecting change was not easy. In 1998, the Chinese government still felt the sting of the Human Rights Watch report and the accompanying negative publicity. As a result, all orphanages had been closed to Westerners. Bowen was an American with virtually no knowledge of China, its language, or how to navigate the Chinese government bureaucracy. She faced obstacles and challenges that would have made most give up. But Bowen didn’t. Like the “great CEOs” Ben Horowitz refers to in his book The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers, Bowen simply didn’t quit.
Bowen’s efforts are paying off. There are 53 Half the Sky centers in China. Half the Sky has spawned a local sister program, the Chunhui Bo’Ai Children’s Foundation. Twelve thousand caregivers have been trained, and over 100,000 children’s lives have been directly impacted. As a result of her efforts, Bowen has earned the trust, respect, and support of the Chinese government. She has been invited by the Chinese government to become its national partner with the goal of spreading Half the Sky’s approach to every child welfare worker in China.
Ordinary People Can Do Extraordinary Things
I had the privilege of meeting Bowen in Hong Kong in May 2014. In person, she is humble and unassuming. She could be the grandmother who lives next door to you. Bowen doesn’t see herself as someone who has special abilities or particularly suited for the job she took on. And that’s part of the message she hopes to spread--that normal people can do extraordinary things.
We cannot know the full impact of Bowen’s work, although we know it is large. But there are still one million orphaned children in China that Half the Sky and its sister organization have not yet reached, and that’s why Bowen continues to press forward. Seventeen years after the idea for Half the Sky was born, Bowen is still saying today what she said then, “I know what I’m going to do with the rest of my life.” What are you going to do with the rest of yours?
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4ed97a71d2ff15fb84cb2b29ddd74625 | https://www.forbes.com/sites/joshsteimle/2014/12/01/deloitte-reveals-500-fastest-growing-tech-firms-in-asia-pacific/ | Deloitte Reveals 500 Fastest Growing Tech Firms in Asia Pacific | Deloitte Reveals 500 Fastest Growing Tech Firms in Asia Pacific
Deloitte Touche Tohmatsu Limited (DTTL) recently released the results of its 13th annual ranking of Asia Pacific’s 500 fastest growing technology companies, dubbed “The Deloitte Technology Fast 500.” Daum Kakao Corp, a South Korean firm and producer of the popular multi-platform texting app Kakao, has taken the top spot. Based in Seoul, Kakao Corp achieved astonishing annual growth of 11,618%. The list showed China and Taiwan holding strong positions, although down slightly from last year, while India, Australia, New Zealand, and South Korea all increased their presences.
The Fast 500 list includes nine Asia Pacific locations: Australia; China (including Hong Kong); India; Japan; South Korea; Malaysia; New Zealand; Singapore and Taiwan. Fast 500 companies span a variety of industry sectors, including hardware, software, telecom, semiconductors, life sciences, and emerging areas such as clean technology. All the firms making up the list combine technological innovation, entrepreneurship and rapid growth.
Seoul, South Korea. Photo credit: iStockPhoto
Revenue Growth Trends
The top 500 companies in 2014 averaged revenue growth of 405%, a marked increase from last year’s average growth of 356%.
According to Jolyon Barker, DTTL Managing Director, Global Technology, Media & Telecommunications, major drivers of this growth are increasing penetration of smartphones and tablets and access to high speed Internet. “The rollout of 4G networks throughout China, India, and Southeast Asia combined with low cost smartphones is allowing people to connect and communicate,” Barker said. “And because we’re at the beginning of these trends, we expect to see much more growth in the years ahead.”
Geographic Trends
With 100 companies in the top 500, China once again leads the rankings geographically for number of fastest growing companies; but this year marked a decline from 128 companies in 2013. Taiwan recorded 90 companies in the ranking, down from 108 companies last year.
Other countries are strengthening their presence in the rankings, with India now tied with Taiwan for second place, with 90 ranked companies. India contributed 43 companies in 2011, making this a 109% increase over the last four years.
Similarly, Australia (74), New Zealand (51) and South Korea (47) also recorded increased numbers of ranked companies in the 2014 results.
William Chou, National Managing Partner of Growth Enterprise Market and Services, sees changes in China that are favorable for investment and entrepreneurship tied to the success of tech firms such as Alibaba Group. “The success of Alibaba and other Chinese companies is inspiring Chinese entrepreneurs and supporting changes throughout the country,” Chou said. “China is opening up more industries, such as telecom and banking, to the private sector. This is a hot topic in China and will provide new opportunities for smart entrepreneurs.”
Sector Trends
Although the Software sector is down 16 companies from 2013, it still leads the industry sectors for the second consecutive year with 146 companies, and also delivers the overall winner in the ranking, Daum Kakao Corp.
The Telecommunications and Networking sector recorded an increase from 31 to 58 companies ranked since 2013, and from this sector Australia’s NEXTDC placed at number six in the ranking. The Media and Entertainment sector also recorded impressive growth of 69% over 2013, with more companies focused on digital advertising making the ranking.
While Green Technology saw little change in numbers listed on the ranking, it is notable that Chinese company Telison ranked number 2 overall, and a total of four Green Technology companies made the top 50 list, perhaps an indication that this sector is adapting fast and changing to meet market needs.
“Our 2014 rankings have once again revealed some fascinating results from across the region and it’s encouraging to see a green technology firm take second place,” said Ichiro Nakayama, DTTL Leader, Technology Fast 500 Asia Pacific. “It’s also extremely exciting that in addition to continued strong representation from China over the years, we now have a South Korean firm taking the top spot for the first time in the thirteen years of the Deloitte Technology Fast 500 Asia Pacific program.”
Private and Listed
Privately owned firms continued their annual trend of dominating over public companies and this year they held nearly 70% of the top 500.
Key Takeaways
Asia-Pac is clearly a growth market and the tech sector has strong fundamentals to sustain growth for the foreseeable future. “The innovation environment in APAC remains healthy,” said Barker. “The capacity for new business models to grow at extraordinary speeds is robust.” Barker stated that it’s not just the sheer number of consumers in Asia that should be interesting to businesses around the world, but that Asia is now developing new business models. Chou seconded this opinion, saying that “In the past Chinese entrepreneurs have been criticized for copying other companies, but today Chinese entrepreneurs are truly innovating.” He continued “Companies in Europe and the U.S. shouldn’t be complacent, or they may find themselves fighting off competitors, on their own turf, that already boast hundreds of millions of customers.”
Top 10 ranked companies in the 2014 Asia Pacific Technology Fast 500
Rank Company Location Industry Sector Growth 1 Daum Kakao South Korea Software 11,618% 2 Telison China Green Technology 9,793% 3 BOE Technology Group China Semiconductor, Components and Electronics 9,710% 4 tap4fun China Software 4,638% 5 HSTYLE China Internet 3,990% 6 NEXTDC Australia Telecommunications/Networking 3,626% 7 Ace Technologies South Korea Media/Entertainment 3,536% 8 XI'AN Bossun Mining Safety Technology China Semiconductor, Components and Electronics 3,120% 9 Eat Now Services Australia Internet 2,768% 10 Edureka India Internet 2,768%
The full list of winners of the Technology Fast 500 Asia Pacific program for 2014 and details about the nomination and eligibility criteria of the program can be found on www.deloitte.com/fast500asiapacific.
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312260a62e5942932afadc57b607aa36 | https://www.forbes.com/sites/joshsteimle/2014/12/20/from-broadway-actress-to-ceo-of-multi-million-dollar-healthy-chocolate-company/ | From Broadway Actress To CEO Of Multi-Million Dollar Healthy Chocolate Company | From Broadway Actress To CEO Of Multi-Million Dollar Healthy Chocolate Company
I love what I do as an entrepreneur, but I have a confession to make--there are days I wonder if I went into the wrong kind of business. I had one of those days recently when I got the scoop on Heather K. Terry’s story. But I suppose we can’t all run chocolate factories.
Terry also didn’t get her start in the chocolate business. Her first break was as a Broadway actress. Reviews called Terry “an actress with a rare combination of a lovely, open spirit with Hollywood-caliber beauty.” She performed briefly in the Broadway play “Irena’s Vow,” which opened in March 2009 and closed only three months later. During this time Terry doubled as a waitress and contemplated life beyond acting.
Fast forward six years and Terry, a health fanatic with a sweet tooth for chocolate, is the CEO of a multi-million dollar company, with its organic chocolates (no refined sugar, dairy, gluten or GMO) sold in more than 4,000 stores nationwide. Co-founded with a kindred spirit she met while attending the Institute of Integrative Nutrition just after the her play closed, NibMor (for “Nibble More”) quickly rose to the top of healthy treat lists across top tier publications, websites like Oprah.com, and morning talk shows such as “Today.”
Heather Terry, Photo Courtesy NibMor
“With such great exposure, NibMor’s sales exploded--taking us from working 15 hours a day making chocolates in our kitchen to working with manufacturers producing millions of bars a year,” said Terry, whose first book, “My life in chocolate: Cautionary tales of an unlikely entrepreneur,” comes out in February. “What we learned in those first two years in business was huge: how to hire--and manage employees, negotiate with manufacturers and closing contracts to get NibMor on the shelves of thousands of businesses.”
While she’d earned her masters of fine arts at Rutgers University in 2004, her only business education came from her year-long education at Integrative Nutrition, where she’d planned to become a health coach to help others become healthy and happy. That education was critical. So was the most important piece of business advice she received from the school’s founder, Joshua Rosenthal, when she told him she was planning to get into a really crowded space. “There is enough room for everyone,” he said.
“It’s true and it changed everything,” Terry said. “Every time I felt down about the competition, I would think about that conversation. If you love what you do, it doesn't matter if there are a hundred other people doing what you perceive to be the 'same thing.' Some people will gravitate to you and your message or product and some will go elsewhere. There is room for all.”
During that year learning about nutrition and how to start a health coaching business, she also learned to understand her strengths and weaknesses and create a proper work/life balance.
“In business as in life, you need to know how much work makes you happy or how much time you need to spend with your spouse or children or friends to make you happy,” Terry said. “That’s what’s stuck with me through the years and helped me stay sane and healthy and upbeat.”
NibMor is in the midst of major changes, with Terry’s partner moving on to pursue other interests, and Terry having to make one of the most difficult decisions for any entrepreneur: when to step aside and let a more experienced person take control. At the end of the year, NibMor is hiring a C-level executive with 20+ years of experience in confections and the two will run the business together.
“If you want to continue to grow your business, you have to recognize where you fit and what you bring to the table and then bring in others with complementary skills and knowledge to help get you there,” Terry said. “Knowing when to step aside is the only way it can happen--and still give you balance. But if you stay in some capacity, be open to helping make the necessary changes to further success.”
Consider these additional tips from Terry as you contemplate starting a business:
1. Choose: Large or Small? Where do you envision your business in 10 years? As a mom-and-pop shop or a Hershey or Apple, making millions of products--and dollars. “Both are incredibly admirable paths,” Terry said, “but you have to make a decision. If you live in the gray area, you will spend either too little or too much time to get to your goal.”
2. Be Honest: Life is too short not to be honest with yourself about what you really want to do in business or life. “While an actor, I always carried this phrase--‘If there is anything else in the world you can do that will make you happy, go do that.’ That applies to entrepreneurs too. Just do something you love. Life is too short to not. Not every moment in business is rosy and beautiful, but I can always look at mine and be proud of what I have done every day.”
3. Find Balance: Spend time to figure out what it takes to make you happy in life and in business. You will do better in both if you are able to find that balance. If you decide you are devoting too much time to work, for example, consider stepping aside and letting someone else take over.
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a2f5b98b5dca24b2a50dac87713651bd | https://www.forbes.com/sites/joshsteimle/2014/12/23/the-long-tail-and-why-your-seo-keyword-strategy-is-wrong/?c=0&s=trending | The Long Tail And Why Your SEO Keyword Strategy Is Wrong | The Long Tail And Why Your SEO Keyword Strategy Is Wrong
If you’re doing SEO for your business or looking into it, chances are you’re thinking a lot about which keywords you want to focus on. You probably have a pretty good idea which ones are the most important to you. You might even have a certain “golden” keyword you’re looking at, thinking to yourself “If I could rank #1 for that, it would change my entire business!” Guess what? You’re wrong.
I’ve heard all my life that the customer is always right, but not when it comes to SEO. Nevermind that most clients focus too much on rankings to begin with, rather than conversions or lead generation. Many, if not most of, the SEO clients out there are dead wrong when it comes to which keywords to focus on. We can learn how so many people got off track in the first place by taking in a quick history lesson about SEO and keyword strategy.
A Brief History of Keyword Strategy
In the beginning (of the Internet), there were three pillars the ideal keyword rested upon. The three qualities of keywords that were best to focus on were:
1. Relevance. What’s the use of your website ranking well for a keyword that isn’t relevant to your business? Do you think someone searching for a product or service you don’t sell is going to land on your website and think “Interesting, I wasn’t searching for this, but now that I’m here, maybe I should look into this…” More likely they’ll get a bad taste in their mouth about your company and quickly hit the back button.
2. Search volume. Why bother ranking for a keyword nobody searches for? The ideal keyword is searched for a lot.
3. Competitiveness. That is, you want a keyword with low competition. Do a quick Google search for whatever your most desired keyword is. If you’re a law firm that needs more clients the term might be “law firm” or “lawyer”. After doing a search, you’ll see a line right below the Google search box and navigation that looks something like this:
About 276,000,000 results (0.63 seconds)
In the case of a search for “lawyer” that’s the number Google gives me. For whatever you searched for, that’s how many webpages you’ll be competing against if you want to optimize for that keyword. Making it into the top 3 search results, where the majority of search traffic goes, is easier to do when you only have 100,000 web pages to compete against rather than 100 million.
Based on this understanding, you might say “I see, targeting the keyword ‘law firm’ is too competitive, so perhaps since our firm only practices in Utah, we should optimize for ‘utah law firm’.” If you’re thinking along these lines, you’re on the right track...to do SEO the old way, which is still the wrong way.
The Forces Changing Keyword Strategy
In the new paradigm of SEO keyword strategy, you still want to focus on relevance, search volume, and competitiveness, but with subtle differences in approach. The reason you need to change your approach is because the Internet has changed, and continues to change, in two fundamental ways; size, and your potential customers or clients using what is called “natural language search.”
When it comes to size, Netcraft’s December 2014 Web Server Survey shows a total of 915,780,262 websites in existence. 10 years ago that number stood at just under 57,000,000. The number of websites, and webpages, has grown dramatically. But just like 10 years ago, only one website can hold the #1 spot for any given keyword search. And let’s not forget that 10 years ago hardly anyone knew what SEO was, whereas today everyone is getting in on the game. This means the online marketing landscape has become considerably more competitive.
What’s matters even more is how people are changing their search habits. With desktop computer use stagnating and mobile use exploding, rather than using their fingertips to search, people are speaking their searches into their phones using services like Apple’s Siri and Google Now. Many Android devices now let you say “Ok, Google” to your phone to start performing a search, and Darren Orf at Gizmodo writes that the service is being rolled out to Chromebooks, after which “it will most likely migrate to beta and onto all of our machines.” Remember when talking to your computer was just a fancy idea on Star Trek? That future is here, today.
As people use voice search functionality, they’re changing the keywords they use. Instead of searching for “utah law firm” when looking to hire a law firm in Utah, a searcher on Google might say “How do I hire a law firm in Utah to handle my divorce case?” This is a natural language search, and it’s rise has accelerated the trend toward longer keyword phrases being used to perform searches. Short, generic keywords still dominate in that each one generates a lot of traffic, but the trend is downward, as can be seen for just about any short keyword using Google Trends.
Trend for searches for “law firm” on Google.
Trend for searches for “utah law firm” on Google.
It’s not that there are fewer people searching for law firms today as opposed to a few years ago--quite the contrary. But the terms they are using to find law firm have changed.
Where to Focus Your Keyword Strategy
Where are all those searches going? The trend can be understood through the concept of “the long tail.” First popularized by Chris Anderson in a Wired article and then a subsequent book, the concept of the long tail, applied to SEO and keyword strategy, is that a small number of keywords are searched for a lot, and a lot of keywords are searched for a little. The keywords that are searched for a lot (high volume) are the body, and the keywords that are search for a little (low volume) are the long tail. When you add up the the total number of searches in the long tail, it can be larger than the searches in the body. This graphic illustrates this idea.
Within the paradigm of the long tail, relevance, search volume, and competitiveness still matter. In fact, they matter more than ever. But the keyword strategies used to reach searchers have changed. The goal used to be to target a small number of somewhat relevant search terms, each of which would drive high volumes of traffic. Today, a successful keyword strategy targets hundreds or thousands of potential keyword phrases, each of which will only drive a moderate amount of traffic. However, these new keyword phrases, which use natural language, are highly relevant, and therefore more likely to convert.
For example, while a law firm specializing in divorce cases in Utah might be thrilled to get a high ranking for “law firm,” how much of that traffic is going to turn into leads? A high percentage of those searchers will be looking for a law firm outside of Utah, specializing in a different practice area. Other searchers might be looking for a job at a law firm, rather than to hire one. If this same law firm can rank high for “How do I hire a law firm in Utah specializing in divorce?” they may receive a bare trickle of visitors compared to what they would get from ranking high for “law firm,” but that trickle of visitors will be highly relevant, and very likely to convert by contacting the law firm for more information. When you factor in the high cost of ranking well for a generic term like “law firm,” and the relative ease of ranking well for a long tail phrase, it makes good sense for most businesses to focus on long tail search terms. In terms of the new reality vs. the old reality when it comes to keyword strategy, this table lays it out.
How Do I Create And Implement My New Keyword Strategy?
There are many keyword research tools and even more ways to implement your new natural language keyword strategy. Covering this in depth is a topic for another post, but one short answer is that the best long tail SEO strategy dovetails with an effective content marketing strategy. One of the easiest ways to get started is by asking your customers the following questions:
What questions did you have during the process of researching our products and services? What made you trust us? Why did you choose our product or service? What have you learned since using our product or service that you wish you had known before?
The answers to those questions will provide you with a wealth of information you can use to create blog posts, infographics, white papers, and other content that will get indexed by the search engines, be found by searchers, and then lead them to your website, where more high quality content will convince them to become your customer.
Have you successfully implemented a long tail keyword strategy? Tell us how in the comments below.
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cda38f6485052a4d75198b9291932203 | https://www.forbes.com/sites/joshsteimle/2015/01/05/people-who-keep-their-resolutions-do-these-5-things/ | People Who Keep Their Resolutions Do These 5 Things | People Who Keep Their Resolutions Do These 5 Things
Have you ever promised yourself you would accomplish a goal, and then you failed miserably? Yeah, me too. I once purchased a gym membership--a 1 year, payable up front, $400, non-refundable gym membership. I chose that option on purpose, because I wanted to commit myself, like Cortés sinking his ships so his men would be committed to their mission. How many times did I use that gym membership? A grand total of four times, which means I paid about $100 per workout. I’m not alone. Tim Utton of the Daily Mail writes that “nine out of ten people stop going regularly within six weeks of joining, even though they have paid for a year's membership.”
When we make resolutions or commitments and don’t keep them, we feel guilty. These feelings of guilt occasionally lead to renewed determination and commitment, but more often seem to lead to depression, lethargy, and lost motivation, all adding up to further unproductive behavior which leads to more guilt and a downward, self-reinforcing negative cycle.
After quitting the gym and in every other case where I’ve failed to keep a commitment to make changes in my life, I’ve wondered why I’m so lazy and weak. The question “Why can’t I just come up with the willpower to stick with it?” would roll through my mind repeatedly. Then I stumbled across some information that changed everything.
The “ah-ha” moment came while reading the book Change Anything: The New Science of Personal Success by Kerry Patterson, Joseph Grenny, David Maxfield, Ron McMillan, and Al Switzler (hey, with that many authors it’s got to be good, right?). You may be familiar with another book by many of the same authors called Crucial Conversations: Tools for Talking When Stakes Are High, a best-seller which has sold 2 million copies. To write Change Anything, the authors polled 1,800 people to see what could be learned about making and keeping resolutions. They found that half of all resolution makers give up on their goals by the end of January. And three out of the four people who do make it to February throw in the towel by the end of March. “Giving up on these resolutions is costly,” says Maxfield. “Of course people’s success and self-esteem took hits. But we were surprised by the financial impact of a failed resolution: seven out of ten said their failure cost them more than $1,000.” Maxfield further pointed out that 3 out of 4 respondents said they’d made and then failed to keep the exact same, costly resolution for more than five years!
The revelation I got from reading Change Anything came when the authors showed, using scientific analysis of their results, that when it comes to making majors changes in our lives, willpower is not enough. Maxfield calls this “the willpower trap.” Willpower matters, but those who keep their resolutions focus on 6 areas of influence; personal motivation, personal ability, social motivation, social ability, structural motivation, and structural ability. The authors’ research showed that those who marshal the 6 sources of influence in their change plans are 10 times more likely to succeed than those who don’t. I realized the problem wasn’t that that I was lazy or weak willed, but that I was putting all my effort into one area rather than the 6 that are necessary. Suddenly, there was hope, and a journey began that improved every area of my life including my health, my marriage, and my business.
5 Ways to Make Changes Stick
When it comes to making big changes in your life, focusing on just one or two of the 6 areas of influence mentioned above won’t work. Here are the 5 things you can do to target the 6 areas, and change anything.
1 - Love What You Hate
To overcome challenges to your personal motivation, learn to love what you hate. To do this, the authors recommend imagining your default future if your behavior doesn’t change. I used to hate exercise of any sort, and especially running. But I could see that my default future if I didn’t learn to love exercise was bleak. The authors also recommend you make loving what you hate into a game. I did that by signing up for events that involved running. Today I’m an active trail runner and triathlete with multiple marathons and half-Ironman events under my belt. I can truly say I’ve come to love running.
2 - Do What You Can’t
That is, learn the skills you need to overcome a challenge. You can do this by educating yourself and breaking skills into smaller parts. For example, if you’re terrible with money, you can read Dave Ramsey’s book The Total Money Makeover and create a plan that breaks seemingly difficult tasks like “Pay off all my debts,” into smaller, easier ones like “Pay off my smallest credit card balance.”
3 - Turn Accomplices Into Friends
This targets the areas social motivation and social ability. We all know the people we spend time around can either lift us up (friends) or drag us down (accomplices). To turn accomplices into friends, first identify which is which. Then redefine what “normal” is in the area you want to change. If it’s weight loss, you may have become used to hanging around people who are overweight, and you need to change your perspective on what a normal weight is. Hold a “transformation conversation” with your accomplices and ask for their help in making the changes you want to see in your life. Add new friends to your associations who can assist you. If there are accomplices who cannot be turned into friends, it may become necessary to separate yourself from them.
4 - Invert the Economy
To increase structural motivation, create rewards and penalties that act as incentives and disincentives for positive and negative behavior. Incentives can be used in combination with other activities. Would buying myself a GoPro camera with a head mount once I achieve my target weight so I can film my trail runs give me some added motivation to eat right and get my workouts in? You betcha. And having that camera would make running that much more fun, helping me to better love what I once hated.
If you’re thinking “This is stupid, I can tough it out on my own,” or “Shouldn’t the intrinsic reward of accomplishing something be enough?” then you’re falling into the willpower trap again.
5 - Control Your Space
I found this to be one of the most useful tools for changing my behavior for the better. By analyzing when I got into trouble with bad behaviors, and when I was the most engaged in good behaviors, I was able to identify ways in which I could modify my environment and plan my activities to support my goals. You’re probably already familiar with the idea that you shouldn’t go grocery shopping when you’re hungry. The authors recommend “building fences” like this, or creating rules that will keep you out of trouble. You can also “manage distance” by making bad behaviors inconvenient to engage in. If the change you’re working on is to be more healthy, this means getting rid of the candy dish or junk food vending machine in your office. It might also mean moving to a location that is near a gym or venues where exercise will be convenient.
Controlling your space also means effectively using tools, such as Google Calendar or Wunderlist, to manage your schedule and stay on top important tasks. If you want the ultimate guide to controlling your space, I recommend David Allen’s timeless classic Getting Things Done: The Art of Stress-Free Productivity.
What’s Your Future?
In 2007 I hit rock bottom in every way. Change Anything hadn’t been written at that point, but the tactics it contains were exactly what I used to dig myself out of my hole. Today I’m in the best shape of my life, make more money than I’ve ever made before, and in every other area of my life can confidently state that things have never been better. My default future looks much better than I could have imagined a few years ago, and it’s still improving.
Have you used the tactics described in Change Anything to change your future? Tell us how in the comments below.
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b7b515b493041242215f9e1c8643f9df | https://www.forbes.com/sites/joshsteimle/2015/02/05/how-to-become-a-thought-leader-and-win-the-pr-game/ | How To Become A Thought Leader And Win The PR Game | How To Become A Thought Leader And Win The PR Game
How would you like to have the media beating a path to your door, citing you and your business any time a story gets written about your industry or the products and services your organization provides? How would you like to be featured in print magazines, online publications, on blogs, in social media, on radio, and on TV? How would you like to get your marketing for free instead of paying for it?
Last week I taught a class at General Assembly in Hong Kong to a group of entrepreneurs on how they could do their own PR on a tight budget. During the class and in a follow up email one attendee, Tammy Cheung with Eco Travel, brought up a challenge she faced when reaching out to the media. “When I reach out to the media and help them with a story I always seem to run into this problem,” Cheung said. “They focus on how cool the places, activities, and wildlife featured on our tours are, but without mention of our company.”
My advice to Cheung was to go beyond simple outreach, and establish herself, or someone else in her organization, as a knowledge expert and a thought leader through an effort focusing on PR, content marketing, and SEO. I explain how below, but first, let’s define some terms.
Knowledge Expert vs. Thought Leader
Question: If you and your friend are being chased by a hungry lion, how fast do you have to run to live?
Answer: Faster than your friend.
The word “expert” is a relative term. If you know more than the person you’re talking to about a particular topic then you are an expert, at least compared to that other person. Becoming a knowledge expert is difficult for broad areas, like general medicine, but much easier for niche topics like treatment options for multiple sclerosis in Hong Kong. You are already a knowledge expert in many areas, such as your own life experience. The business question is whether that experience is of marketable value to others.
While being a knowledge expert is a must, being a thought leader is something more. One can be a knowledge expert in a vacuum, but to become a thought leader you must have followers. A knowledge expert knows something others don’t, but a thought leader shares that knowledge effectively and is widely recognized as an expert.
How to Become a Thought Leader
At the core, there are three primary steps when it comes to becoming a thought leader. It isn’t easy, but the good news is that you’ve probably already done most of the hard work.
1. Learn. It stands to reason that if you don’t know more than someone else, you have little to share. For this reason those who are young and inexperienced and try to become thought leaders come off as naive, ignorant, and often as arrogant. The individual who can become a thought leader while still being younger than 30 years old is rare, although there are certainly exceptions.
“You will be the same person in five years as you are today except for the people you meet and the books you read.” -- Charlie “Tremendous” Jones
I read several books each week. Reading books and other forms of gathering knowledge like watching videos and listening to podcasts are great, but the most effective thought leaders speak from experience. Much of this experience comes from working with other people, and this is why becoming a thought leader when young is rare--it takes time to gather the experiences necessary to become a credible expert. However, if you’ve been working for 5 to 10 years, you likely have a wealth of experience to draw on already, especially if you’re an entrepreneur where life and work experience tend to be concentrated.
2. Focus. It can be tempting to try and be an expert on everything, but a lack of focus will likely mean you become an expert on nothing. Along with focus, remember to zoom in. It’s not enough to focus on a large topic like digital marketing, you need to zoom in on a specific aspect of the digital marketing industry, like marketing automation implementation for B2B companies.
3. Share. You can only lead if others want to follow. When it comes to being a thought leader, you gain followers by sharing your thoughts. The questions are when, where, and how. Should you share content through a monthly email newsletter? Through blog posts three times a week? Or should you be posting on Twitter 8 times per day? You can get some clues by researching other successful thought leaders who are similar to who you want to become, but ultimately you’ll need to experiment and find out what works best. The best strategy may still be waiting to be discovered--by you.
Will this work? Yes, but it may take time. I wrote on my personal blog about my adventures as an entrepreneur for 10 years before I secured an article in a major publication. Then, within a few months, I was asked to write for several other major publications, which has led to my firm increasing revenues by over 1,000% in one year, a TEDx talk, and many other amazing opportunities.
Of course there’s a lot more to becoming a thought leader. For more detail, I recommend reading Trust Agents by Chris Brogan, Platform: Get Noticed in a Noisy World by Michael Hyatt, and The New Rules of Marketing & PR by David Meerman Scott.
If you have the budget, I wouldn’t rule out working with a PR firm. There are times when it’s the right decision to do your own PR, and there are times when the coaching of someone who has been-there-done-that can be helpful. The most important next step is to act now, even if all you can do is set up a Twitter account and start sharing your thoughts. For Cheung and Eco Travel, it’s the difference between pitching the media and being ignored, and having the media come to her, asking to quote her in articles. If you dive in you’ll make mistakes, but the faster you make mistakes, the faster you’ll learn from them and get to where you want to be.
Have you had success becoming a thought leader at any level? Tell us how you did it in the comments below.
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09d67d483a5680dc35404a061d42e5d0 | https://www.forbes.com/sites/joshsteimle/2015/03/16/why-phoenix-arizonas-business-leaders-are-excited-about-2015/ | Why Phoenix, Arizona's Business Leaders Are Excited About 2015 | Why Phoenix, Arizona's Business Leaders Are Excited About 2015
In 2008 when the global economy slipped into recession the real estate market in the United States was hit hard. One of the hardest hit areas was Phoenix, Arizona, the sixth largest city in the U.S. Repercussions were felt far and wide in the business community, but a streamlined foreclosure process in Arizona allowed the Phoenix real estate market to get back on its feet quickly. While the economic environment in Arizona has its challenges, such as meager job growth of just 2.00% in 2014 versus the 4.1% average growth rate for the 30 years prior to 2008, that still beats the national average. And in Phoenix job growth has outpaced the state average, in addition to accounting for 74.4% of state job growth. The city is also looking to the future. “We are building an economy that better supports local businesses,” says Greg Stanton, Phoenix’s mayor. “Our city is connected by a 20-mile light rail system, with easy access to the airport. We’ve cut red tape to make permit processes easier, and we’re bringing universities to downtown Phoenix for the first time, which will create the talent local companies need to grow.”
The business community is echoing Mayor Stanton’s optimism for the future. In February the Phoenix Business Journal held its annual Book of Lists party to bring together “more than 600 of the Valley’s most influential, connected, and informed business executives.” Here’s what some of those executives had to say about the business environment in Phoenix in 2015.
Phoenix is becoming an extraordinary market to do business in, we are starting to diversify our businesses, we have new leadership in government, and Doug Ducey is going to be a great Governor for this area, he is business minded, and we are definitely moving in the right direction.
Ray Schey, Publisher, Phoenix Business Journal
Phoenix, Arizona is a great place to do business because we have all the ingredients necessary to really accelerate the modern economy. We have a great university in ASU that focuses on engineering and high tech. We have great health sciences resources: University of Arizona, Mayo Clinic, Barrow Neurological, Phoenix Children’s Hospital, to name just a few. We have a new governor who is committed to really regenerating the economy of this state, and we have a very open welcoming environment. We have plenty of capital to lend, and so really all of the elements are in place of the Arizona economy to really explode in the next 5 years.
Jim Lundy, CEO, Alliance Bank of Arizona
I think the economy here has significantly improved over 5 years ago. I also think that the current mayor and city council have done a number of great things in terms of tax base, paying down the debt, and getting it on an even keel. There is a lot of work left to do with the legislature and the agreements between the state and the city, but I think it is a very welcoming environment economically for new companies moving in, and the Arizona technology council has really contributed to making this a very viable market for technology.
Fred Coon, CEO, Stewart, Cooper & Coon
I think that Phoenix is a great place to do business, especially for 2015. Theres a lot of growth and a lot of exciting, entrepreneurial, innovative, things happening that are not happening in other places around the country because we are still the “wild west.”
Victoria Harris, Owner, Hunter, Hagan & Company, LTD
The Greater Phoenix Region can best be described as an “opportunity oasis”. It’s a fresh, transforming place where a person can start over, renew their lives, while building personal and economic success like no other place in the country that I know. That’s the reason why Phoenix has been the birthplace for great startup companies like Cold Stone Creamery, GoDaddy and LifeLock. And now the founder of Cold Stone is our Governor! Phoenix is a welcoming place where new-comers not only have the opportunity to get involved, but can become community and/or business leaders in short order. Phoenix is special, and it will be my last stop on a seven state career spanning nearly 40 years.
Donald A. Smith, Jr., President & CEO, CopperPoint Mutual Insurance Company
Phoenix’s market fell harder than most in the recession, but it’s bouncing back stronger, leaner and more diverse, and powered by a new crop of business and thought leaders ready and willing to leverage our global potential in the 21st century.
Gonzalo A. de la Melena Jr., President & CEO, Arizona Hispanic Chamber of Commerce
The Phoenix area provides a great quality of life and a culture that embraces and supports entrepreneurs and businesses. A key differentiator for the Phoenix area is speed—it is easy to quickly feel at home, volunteer, pursue hobbies, become part of the fabric of our community and start, grow or scale a business.
Chris Zaharis, Executive Vice President, Empire Southwest
Phoenix is personally exciting to me as well. I first visited a few years ago to attend an expo put on by the Arizona Self Storage Association. We decided to open an office of our online marketing firm there last year, and my business partner relocated to the area. Phoenix is an important part of our plans to open offices nationally due to its size, friendly business environment, talent pool, and growth potential.
Do you have a business in the Phoenix area? Let us know your thoughts on 2015 and the years ahead in the comments below.
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e645f363e5d1c6a7516ef5f54b45f3ec | https://www.forbes.com/sites/joshsteimle/2015/03/23/4-things-i-learned-getting-my-first-4000-followers-on-twitter/ | Four Things I Learned Getting My First 4,000 Followers On Twitter | Four Things I Learned Getting My First 4,000 Followers On Twitter
I have a confession to make. For someone with a graduate degree in information systems, who has a networking certification, and has been coding on one level or another for 15 years, I’m a bit of a technology laggard. I buy smartphones that are one model behind the newest. I wait to update my OS until everyone else has. And I didn’t join Twitter until 2009. When I did, I wasn’t active on the social network, which now has almost 300 million users, many of whom are exactly the type of people I want to be hobnobbing about with. I didn’t reach 1,000 followers until the tail end of 2013. In the year and a half since, I’ve reached 4,000 followers and some change, according to my latest stats from TwitterCounter below. Here’s what I’ve learned from the process.
1. What Twitter is good for. When I talk to people who aren't actively using Twitter, I usually get the same question, "I don't get it. What is Twitter good for? Why should I be using it?" I used to ask myself the same question. I used to be confused by use of the "@" symbol and everything with #hashtags. It was easy enough to understand, once somebody explained that if you want to send someone a message or tag them in a tweet, you use "@" and their username, and that the hashtag is used to categorize or organize content. But I still didn't get the big picture. Then, after reading Michael Hyatt's book Platform: Get Noticed in a Noisy World, I challenged myself to use Twitter actively for a full month. It didn't take that long for me to "get it."
Since then, I've found Twitter to be useful for three primary activities:
Finding content. Twitter is a content curation tool. I follow people I trust, and they often post links to articles. A large part of the content I consume comes from what is shared by others on Twitter. Sharing content. When I find content I want to share with others, I share it on Twitter, and others see it and share it. Connecting. I've been able to engage in conversations on Twitter to find sources for my articles, become a source in others, and otherwise connect with people I want to get to know.
2. How to get followers. I haven't bought any of my followers or engaged in any sort of trickery to boost my numbers. It's all organic. The only "trick" I've found for increasing the number of followers I have, beyond simply being active on Twitter, is to follow others. It seems most people follow back when you follow them. This is made obvious when I graph the number of people I follow alongside the number of my followers.
You can see that around February 6th and March 8th I followed substantial numbers of people, and my own follower count jumped as a result. This is not my strategy for getting followers--I follow people because I'm interested in following them, but it works to get followers too.
"You can get pretty sophisticated, or desperate, trying to get more followers on Twitter, but don't forget the basics," says social media marketing consultant Murray Newlands. "Use hashtags (but not too many, generally a maximum of two), tag others (where it makes sense, such as to credit them as the author of a link you're sharing), include links, images, and video, favorite and retweet others' tweets, and engage in conversations on Twitter, you know, be social."
3. Images get retweeted. Tweet a line of text and maybe it will get favorited or retweeted, but probably not. Add an image to the same tweet, and engagement goes up steeply. Twitter's own data says tweets with images get retweeted 35% more than tweets without them, so take a little extra time and include a good image along with that tweet.
4. How to write better. What seems to many people as Twitter's most annoying limitation--you can only post messages up to 140 characters--has an interesting side benefit in that it has helped me become a better writer. Any fool can get his idea across with 1,000 words, but to cram it into 140 characters? That takes some talent, or as the saying goes, "If I had more time, I would have written a shorter letter."
Bonus tip, Buffer is awesome. If you use Twitter more than here and there, check out Buffer. It has become my go-to social media management tool. Buffer's primary feature is the ability to schedule tweets, which is useful for me since I live and work in Hong Kong most of the time, while my audience is still U.S. centric. With Buffer and some help from Moz's Followerwonk tool I can schedule my tweets to go out at the optimal times for my followers, which happens to be while I'm sleeping. But Buffer also makes it easy to tweet content whether on the desktop or mobile, including images with a simple right click.
Are you a recent adopter of Twitter? What have you learned since starting to use it? Tell us in the comments below. And of course you can follow me here: Joshua Steimle
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bbcc7ee57cd3a34fa52d31b51c594d3b | https://www.forbes.com/sites/joshsteimle/2015/04/02/dating-site-coffee-meets-bagel-begins-international-expansion-with-hong-kong/ | Dating Site Coffee Meets Bagel Begins International Expansion With Hong Kong | Dating Site Coffee Meets Bagel Begins International Expansion With Hong Kong
Young professionals in Hong Kong who are hungry for love now have access to Coffee Meets Bagel, a dating app that has been making waves in the United States ever since the founders went on the popular TV show SharkTank and rejected investor Mark Cuban’s offer of $30 million USD--the largest ever made on the show. The founders weren’t bluffing--the company went on to close a $7.8 million series A financing round earlier this year.
The app uses a proprietary algorithm that analyzes factors such as the member’s age, education level, religious and ethnicity preferences, and interests as well as their friends on social networks to deliver just one match every day. The idea is that Coffee Meets Bagel members get a perfectly picked meal as opposed to a large quantity of mediocre fare, such as what you’d get at a buffet.
Once a match, or "bagel", is delivered, members have 24 hours to like or pass on what they see. If both members like each other, they are connected through a private and secure chat line that expires in seven days.
Coffee Meets Bagel arrived in Hong Kong on March 4th. Founder Dawoon Kang wouldn’t reveal membership numbers but did say that the service has achieved “consistent 20 percent week on week growth” since launch. Facebook is proving a key platform for spreading interest in the app as, on average, Hong Kong members have a staggering 768 Facebook friends, which is nearly eight times the worldwide standard. Each Hong Kong Coffee Meets Bagel member has around 48 Facebook friends who are also using the app.
It was this – the highly social nature of life in this city, coupled with the fact that people are often time poor thanks to long work hours – that attracted the founders to Hong Kong. Kang created the service alongside her sisters, Arum and Soo, and she and her boyfriend are one of Coffee Meets Bagel’s success stories.
Kang lived in Hong Kong for three years as an expat working at J.P. Morgan and saw the city’s dating scene first hand. “Hong Kong is a very young, vibrant city full of ambitious singles in their 20s and 30s who are eager to meet new people but have very little time for it. Coffee Meets Bagel was designed with these young professionals in mind, which made Hong Kong our perfect market – and our initial results show that,” she says.
Engagement here has already shown some differences between dating habits in Hong Kong and the US. Kang says: "On average, 72 percent of Hong Kong members log in every day to check their Bagel. Of these, 77 percent are connecting on an iPhone. They log in 4.3 times a day (33 percent higher than US members) and spend a total of 7.7 minutes a day (117 percent higher than US members)”. The average age of the HK female membership is 29 years old and just one year older for the men, whereas the average age of members in the US is 28. Kang adds, however, that there are also exact parallels. The gender ratio - 62 percent of members in Hong Kong are female - is similar to that of the membership in New York and Washington DC as is the academic attainments with 98 percent of the membership both here in HK and in US boasting bachelors degrees.
The app has achieved more than 20 million introductions in the US to date, including 80 marriages, and the Kangs are confident that the success will be mirrored in Hong Kong. From here, Kang says that they will “continue their international expansion” hinting that a launch in the sisters’ birth country of South Korea may be possible though it would require a “bit of time” for translation. Their model, however, seems to have translated seamlessly to life in South East Asia. She says proudly: “It's been about 20 days so far and we've made more than 3,000 connections between people who mutually liked each other so far.” Now we’ll just await news of the first Hong Kong wedding that started with coffee and a bagel.
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6397349c64f3c73088734560b5516d54 | https://www.forbes.com/sites/joshsteimle/2015/04/14/hustle-con-the-startup-conference-for-non-techies/ | Hustle Con: The Startup Conference For Non-Techies | Hustle Con: The Startup Conference For Non-Techies
You want to launch a tech startup, but you’re not a programmer. Then Hustle Con, being held April 24th, 2015, in San Francisco, is the event for you. That doesn’t mean you’ll be uncomfortable or bored if you’re a techie and you attend. You’ll love it as much as everyone else there since you’ll get to hear from speakers like Tim Westergren of Pandora, Dave McClure of 500 Startups, and Arum Kang of Coffee Meets Bagel. But the organizers go out of their way to make sure non-technical founders feel at home, because not everyone with a good idea and the ability to make it reality has a technical background.
Hustle Con team 2014. Image courtesy Hustle Con.
Hustle Con is managed by Sam Parr. He’s 25 years old. In 2013 he was a college student in Tennessee when he received an offer from Airbnb for a position in San Francisco. He flew out to California to tour the Airbnb office and during the visit used the Airbnb service for lodging and as a result met John Havel. Havel had an idea for a roommate matching company. Parr liked Havel’s idea, so he turned down the Airbnb offer, dropped out of school, and moved to San Francisco to join Havel. 10 months later, the company was acquired by Apartment List. After a year of working at Apartment List, Parr was miserable and quit.
While the deal with Apartment List was in progress, Parr met Eric Bahn. Bahn had previously founded and sold BeatTheGMAT, and he became a mentor to Parr. Bahn told Parr about Hustle Con 2013, an event Bahn and co-founder Liz Yin were putting on. It was going to be a one day event with approximately 150 people attending. Parr attended, and loved it. After leaving Apartment List in 2014 Parr asked Bahn if he could organize another Hustle Con. “I put up a crappy website and started creating content,” Parr says. “In just 7 weeks somehow 400 tickets were sold and we made $50,000. I was shocked it went so well.”
After the successful 2014 event Parr decided to turn Hustle Con into something larger for 2015. He convinced Havel to join him, and they organized a team to manage the conference. “The idea behind Hustle Con was that John, Eric, Liz, and I had all started and sold tech companies even though we couldn't code,” Parr explains. “We decided to get the best non-technical founders together to teach.” But over the last year the event has warped into a sort of “startup MBA in a day” with startup founders as the professors. Parr explains, “We wanted to put on an event that taught real actionable stuff from people who actually founded a company, not some MBA professor who hasn't ever started or run a business, or a VP at a company--we want real founders doing the talking.” Parr was drawn to the TED event format, but wanted it to be less uptight and more fast and loose, like a startup. He describes the feel of Hustle Con as “if TED and Coachella had a baby.”
The team announced the event in January and immediately thousands of people sign up for presale email list. Sales of 500 tickets went live on January 22nd and as of this writing are 90% sold out. Due to demand, Hustle Con has added additional workshops on Saturday, the day after the event.
In case you can’t attend, Hustle Con is working on releasing products and content. You can already find great stories on the Hustle Con website like this one about hustlers like Pandora’s founder Tim Westergren, and Parr promises they'll release another similar story each week.
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0f324346f218f3af9117bae95d895e1a | https://www.forbes.com/sites/joshsteimle/2015/05/15/get-dramatic-content-marketing-and-seo-results-through-research-and-data/ | Get Dramatic Content Marketing And SEO Results Through Research And Data | Get Dramatic Content Marketing And SEO Results Through Research And Data
Want to get your company featured in major publications? How would you like to drive lots of traffic to your website and generate more leads and sales from your target audience? Finding interesting facts, statistics, and trends and then sharing them can produce dramatic results when it comes to your content marketing and SEO efforts. You can gather this information with relatively simple research, and then engage in outreach to major publications to get media attention as well as high quality backlinks to your website.
Why Links From High Profile Publications Are Important
Many factors determine your rankings in search engines. This infographic from SearchMetrics, an enterprise platform for search experience optimization, shows various Google ranking factors.
As Barry Schwartz of Search Engine Land points out in his analysis of this infographic, “The quantity and especially the quality of backlinks remains important.” Getting high quality links tells Google and other search engines two things; 1) your website is worth linking to, and 2) what you are saying is likely to be factually accurate (having your facts right is another ranking factor that may become critical). Simply put, trustworthy links validate your website in Google’s eyes. The only question is how do you get more links from trustworthy sites?
Give Writers Interesting Data
If you want to get trustworthy links from high profile publications, give journalists and writers what they want. What do they want? They want their articles to get read, shared, and go viral. One of the things that can make an article go viral is interesting data. Data makes a story credible. Interesting data makes a story credible and shareable.
Giving a writer interesting data is easier said than done. Some journalists receive up to 50 story pitches per day. When your pitch starts out with “I’ve got an interesting story…” then your pitch is already done. Most writers won’t read any further, because everyone thinks they have material for an interesting story. If you want to get through to writers, understand that the story is not about you. Put yourself and your company aside and share something bigger that matters to more people.
Interesting Data Comes From Research
Instead of pitching your “interesting story,” imagine you started your pitch with “Our recent study shows that…” or “We compiled data from 10 sources to produce this infographic…” Now you’ve got something interesting that sets your pitch apart from the others. You’re giving the writer something of real value.
In the book Made to Stick: Why Some Ideas Survive and Others Die, authors Chip and Dan Heath note six principles to make stories interesting and powerful:
Simplicity Unexpectedness Concreteness Credibility Emotions Stories
Data gives an article credibility and concreteness. If the data is relevant and actionable, then it will also be interesting. You can increase how interesting it is through simplicity, unexpectedness, emotions, and stories.
Putting It All Together
The running show review website RunRepeat.com helps runners find out what shoes they should buy. If you are a trail runner like me, it can be a challenge to find the running shoe that fits your needs the best. RunRepeat.com aggregates reviews of running shoes to give a more accurate and comprehensive overview of what running shoes are well rated by other runners. RunRepeat.com produced a study that was published in the New York Times, Wall Street Journal, Washington Post, and 50+ other newspapers and top-tier magazines and newspapers. That’s a lot of high quality backlinks. How did they do it?
RunRepeat.com performed research to create two stories. First was the classic men versus women, in which they asked “Are women better marathon runners than men?” The results of their study gained the attention of over 30 newspapers and magazines including the Washington Post and The Guardian. Secondly they created a comparison of marathon performance across nations, which resulted in this Wall Street Journal article. These stories touch on key emotional centers, making the data interesting.
How did RunRepeat.com get their content in the hands of the right people to publish it? “First, I found the world’s 500 largest newspapers,” says Jens Andersen, RunRepeat.com’s founder. He explains how he found the most relevant journalist to pitch at each publication, meaning one who had written about research or studies related to running and marathons. From there he was able to find 72 journalists with a direct email that was publicly available. He sent a personal pitch to each one and agreed on an embargo, or a date and time before which the study could not be released. This way more top-tier newspapers are willing to publish the content because nobody likes to publish someone else’s old news. After the study was published Andersen pushed more standardized pitches to the rest of the list. The success rate there was surprisingly a lot bigger than on the extremely personalized pitches. The best part? “Now I have proved the quality of our work and built a relationship,” Andersen says. This will make his future pitches that much easier because writers and journalists know he’s bringing them valuable information.
Did it work? It can be difficult to sort out the results of this campaign from other marketing initiatives, but Andersen says since RunRepeat.com published their first study in December, their monthly traffic has increased 1,267%. You be the judge.
How To Perform Great Research
Good research, or at least good enough to produce good results, can sometimes be done in a matter of a few hours by compiling information or data from other sources. Putting this data into an interesting infographic or white paper can often generate large amounts of backlinks and traffic. Great research, the kind that gets into major publications, often requires more of a time commitment. Journalists will ask in-depth questions on how you compiled your data, who did the study, what was the purpose, and how significant your numbers are. Be prepared to invest enough time.
Great research is going to require data gathering and some ability to perform statistical analysis. A platform like UpWork can connect you with affordable freelance researchers and statisticians who can help you sort through the numbers if that’s not your thing.
Great Data Is Not Enough
It’s not enough to simply have great data--you need to present it well. A lot of companies have gone by the wayside because they assumed that having the best product meant they would win. Instead, they were beaten by better marketing, and they’re no longer around. Great data doesn’t sell itself. To pitch your data put it on a professionally designed web page or in an attractive infographic. Craft a compelling, well-written story, which can just be a brief paragraph, to go with it. You can hire an agency to work with you on this, or use a company like Visual.ly that connects creative professionals with clients like you. By putting your data in an attractive wrapper, it can get attention for years to come. This infographic shows how RunRepeat.com did this with their second study.
Have you used research, studies, or data to boost your content marketing and SEO efforts? Tell us how in the comments below.
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43b399929748e11e80722d076ee81416 | https://www.forbes.com/sites/joshsteimle/2015/05/21/20-people-to-meet-at-communicasia-2015/ | 20 People To Meet At CommunicAsia2015 | 20 People To Meet At CommunicAsia2015
From June 2nd through the 5th, Singapore will play host to the largest event in Asia focused on mobile technology and communications, CommunicAsia2015. In its 26th year, the event will feature speakers from the Singaporean government as well as companies like Amazon, Cisco, Google, and LinkedIn. There will be presentations, panel discussions, and training sessions covering topics like "What Role Do We Play in the Age of 'The Internet of Everything'," "Changing Roles of Today’s CIO/CTOs and CMOs," and "Social Media and Mobile Marketing = Are They Double-Edged Swords?" I will have the opportunity of participating twice, first as I present on mobile marketing and then as I interview Sunita Kaur, Managing Director for Spotify in Asia who will talk about Spotify as a case study for a mobile first strategy.
While you and I would like to meet all the speakers and presenters at CommunicAsia 2015, here are 20 of the top influencers I hope to meet in person, and whom you should be following online if your interests draw you to mobile technology in Asia. In no particular order:
Dmitri Chen, COO and VP Specialty Sales, APJ, EMC
A leader, visionary, and IT expert, Dmitri Chen IT builds teams for services firms in Asia and North America and helps companies grow. Dimitri Chen is Chief Operating Officer and Vice President of Specialty Sales for Asia Pacific and Japan (APJ) at EMC Corporation in Singapore. In his role at one of the world’s leading IT and cloud computing B2B companies, Mr. Chen assists in the creation & execution of go-to-market strategies for the $23.3 billion a year company.
Steve Leonard, Executive Deputy Chairman, IDA
As a board member in, investor, and adviser to disruptive info-tech startups, Steve Leonard is a leading expert on building revenue across software, hardware, integration, consulting, and outsourcing businesses. Mr. Leonard is the Executive Deputy Chairman for IDA, a 2,000 person statutory board within the Singapore government. His primary focus is the growth of Singapore as an innovative tech-product start-up hub in Asia.
Hari V Krishnan, Managing Director, Asia Pacific and Japan, LinkedIn
As Managing Director at LinkedIn, Hari V. Krishnan leads LinkedIn's teams in the Asia Pacific region. Mr. Krishnan is a seasoned general manager and passionate people leader. A popular keynote speaker and worldwide thought leader, Mr. Krishnan is inspired by the LinkedIn vision to create economic opportunity for every member of the global workforce.
Kevin Ackhurst, Director, Google for Work APAC
With experience at Microsoft and Google Australia, Kevin Ackhurst stands out among tech leaders as an innovative leader in the Information Technology and Services industry. As Managing Director at Google for Work - APAC | Digital | Collaboration | Innovation in Sydney, Australia, Mr. Ackhurst assists companies throughout the region utilize Google’s products to maximize productivity and connectedness.
Olivier Legrand, Senior Director – Marketing Solutions, LinkedIn
Heading an executive team in Asia as Senior Director of Marketing Solutions at LinkedIn, Olivier Legrand helps brands build relationships with the world’s professionals. With over 15 years of experience in the online marketing space, Mr. Legrand is passionate about all things digital, from personal technology to social media. He is a sought after speaker and thought leader.
Markku Lepistö, Senior Principal Technology Evangelist, Amazon Web Services
Markku Lepistö delivers insight and technical expertise as Senior Principal Technology Evangelist at Amazon Web Services. Mr. Lepistö is a thought leader and a sought-after expert within the mobile communications industry. With past positions including Head of Technical Support at Nokia Siemens Networks, Mr. Lepistö possesses a rare combination of technology knowledge and natural management skills.
Doug Madory, Director of Internet Analysis, Dyn Research
Doug Madory is the Director of Internet Analysis at Dyn Research (formerly Renesys) in Boston, and has been interviewed as an Internet situational expert for the Washington Post, NPR, CBS News, NBC News, and Bloomberg Business. He covers national Internet outage situations and, as stated in the Washington Post, Mr. Madory has “the rare ability to see in real time where a nation is situated in the global digital fabric.”
Andrew Milroy, Vice President – ICT Research, Frost and Sullivan
Andrew Milroy is a Singapore-based ICT Practice Senior Vice President with recent appearances on BBC, CNBC, Bloomberg and Channel News Asia. He has led research and consulting projects in cloud computing, 'The Internet of Things', and digital marketing. Mr. Milroy now leads Frost & Sullivan's ICT research practice in Asia Pacific.
Rob van den Dam, Global Telecommunications Industry Leader, IBM
With 20 years of experience in the telecommunications industry, Rob van den Dam is a strategic thought leader in telecommunications; he is a frequent contributor to over a dozen industry publications (including Wireless Asia, TelecomAsia, Mobile Europe, Admap, the Annual Review of Communications, Journal of Telecommunications Management, and European Communications) and is based out of the Netherlands. Rob van den Dam is a contributor to IBM’s telecom strategy as Global Telecom Leader at the IBM Institute for Business Value and is a sought-after speaker at major industry conferences.
Mazlan Abbas, Chief Executive Officer, Redtone IoT
With a PhD in Telecommunications and over 30 years of experience in R&D, product development, technology management, executive leadership, and network operations, Mazlan Abbas is an influencer you don’t want to miss. His telecommunications and research expertise extends to finding new ways of innovating businesses by using sensors data to connect, aggregate, and decipher transforming insights. Based out of Malaysia, Mr. Abbas is a popular speaker at global conferences and events, including WiFi World Summit, Wireless Broadband Emerging Market, and U-World.
Dinesh Saparamadu, Chief Executive Officer, hSenid
A serial entrepreneur, Dinesh founded half a dozen successful companies in the past two decades and has 25 years of experience in the IT and related technology industries. Based out of Connecticut, USA, Mr. Saparamadu is an expert authority on cloud computing, entrepreneurship, business development, and mobile applications. Dinesh Saparamadu is the Founder and Chief Executive Officer of the hSenid Group of companies and is a sought after speaker at industry events.
Toby Ruckert, Chief Executive Officer, Unified Inbox
Based out of Singapore, Toby Ruckert is the Chief Executive Officer for Unified Inbox and is a highly sought-after speaker and tech entrepreneur. Mr. Ruckert specializes in creating vision within a company and guiding ventures that succeed globally; he is available on a consulting basis as a Strategic Business Coach and Mentor, focusing on startups and entrepreneurship. A concert pianist and native of Europe, Mr. Ruckert is an expert on intercultural competence, team building and general management in Europe and Asia Pacific.
Heru Sutadi, Executive Director, Indonesia ICT Institute
As a leader and experienced keynote speaker in the telecommunications industry, Heru Sutadi is an innovative leader and results-driven executive. He is the former Commissioner of the Indonesian Telecommunication Regulatory Authority and is now serving as the Executive Director of the Indonesia ICT Institute. Mr. Sutadi’s approaches to leading change, strategic orientation, leadership communication, and promoting teamwork have made a lasting positive impact on corporations around the world in an industry dominated by change and fast-paced technology.
Asif Khan, Founder and President, LBMA
Asif Khan makes waves in the global location based marketing industry as a veteran tech start-up, business development consultant, mentor, and marketing entrepreneur with more than 15 years experience. Mr. Khan is President of the Toronto-based Location Based Marketing Association @thelbma and co-host of This Week In Location Based Marketing podcast. Mr. Khan’s past clients include Limited Brands, IBM, Baxter Pharmaceuticals, Molson-Coors, Communispace, BestBuy, American Airlines, and ScotiaBank.
Don Anderson, Managing Director, We Are Social (Singapore)
A global media and communications specialist with nearly 20 years of experience, Don Anderson is the Managing Director at We Are Social (Singapore) and the Co-Founder of the Asia Content Marketing Association. An authority in traditional and interactive media, Mr. Anderson is a skilled communicator, researcher, copywriter, presenter, motivator and educator. His expertise on sales and marketing, business development, product development, and strategic planning has guided many companies to the top in their respective industries. In addition to furthering the mission of We Are Social, Mr. Anderson’s expertise has also been felt at past companies, including FleishmanHillard, ESPN STAR Sports, CNN (CNNGo), and Turner Broadcasting Ltd.
Christian Geissendoerfer, Chief Executive Officer, YOOSE
As founder and CEO of YOOSE, the leading experts in location-based advertising in Asia and Europe, Christian Geissendoerfer is a top authority on Location-Based Advertising, mobile advertising, and mobile apps in the region. Based out of Singapore, Geissendoerfer is an entrepreneur at heart who loves creating results-oriented business solutions to everyday problems, like how to influence consumers at key decision points, activate sales and build loyalty. Fluent in 4 languages, Geissendoerfer is a world traveler and is a highly sought after speaker at conferences worldwide. He is the President of the Location Based Marketing Association in Singapore and President of the Mobile Alliance.
Sunita Kaur, Managing Director, Asia, Spotify
A favorite speaker and thought leader, Sunita Kaur is an authority on media with 19 years of experience in the print and digital space. Her innovative, forward-thinking approach in media marketing has contributed to the success of Forbes, Time Warner, Facebook, Microsoft, and Singapore Press Holdings. As the Managing Director at Spotify, Ms Kaur creates and drives the strategic expansion of Spotify’s online music service into the company’s largest global market.
Latif Ladid, Founding Chair, 5G World Alliance
As the Founding Chair for the 5G World Alliance, Latif Ladid is one of the world’s foremost authorities on wireless networks, computer network architecture and engineering, TCP/IP, switches, security, cloud computing, and related topics. In addition to his work for the 5G World Alliance, Mr. Ladid is also the President of IPv6 Forum, a worldwide consortium of Internet vendors aiming to promote IPv6. A resident of Luxembourg, Mr. Ladid is a celebrated speaker who draws huge crowds at events all over the world.
Bill Chang, Chief Executive Officer, Enterprise Group, SingTel Group
As CEO of Asia’s leading communications company SingTel Group, Bill Chang delivers results-oriented methodology and stellar management that gets companies ahead of the competition. Mr. Chang has over 20 years of experience, including management roles at companies like Cicso and Hewlett-Packard. With expertise in strategic partnerships, sales, mobile devices, and go-to-market strategies, Mr. Chang is a recognized leader in the telecommunications industry worldwide.
Peter Moore, Regional Managing Director, Amazon Web Services
With an impressive resume that includes 15 years as Managing Director and Chief Technology Officer at Microsoft, Peter Moore is definitely someone who stays on top of tech trends. Mr. Moore has lived and worked in Australia, Singapore, and China and founded Inventus Pte Ltd to provide strategic insight to foreign companies planning to enter the Asian market. A top tier executive and sought after strategic business consultant in the office of Chief Technology Officer, Peter Moore is an authority on identifying and cultivating potential partners for companies entering Asia and other international markets. Mr. Moore is the Regional Managing Director at Amazon Web Services, Global Public Sector – APAC.
Check out the full list of speakers for CommunicAsia 2015. Will you be there? Who would you want to meet?
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8ad33ad29d4256c4398e0afb1be7ad27 | https://www.forbes.com/sites/joshsteimle/2015/06/19/innovation-and-economic-growth-drive-self-storage-industry-in-asia/ | Innovation And Economic Growth Drive Self Storage Industry In Asia | Innovation And Economic Growth Drive Self Storage Industry In Asia
By all measures the self storage industry is expanding in Asia, driven by tech-savvy startups, innovative practices, and economic growth. Growth in the property class is occurring not only in established markets like Hong Kong and Tokyo, but in newer markets like Singapore and China. “Self storage in Asia is attracting entrepreneurs and investors because they smell opportunity,” says Luigi La Tona, Executive Director of the Self Storage Association Asia (SSAA), an industry group dedicated to promoting the self storage industry in Asia. He adds, “We’re seeing a large increase in the number of investors contacting us to get more information about the self storage market all across Asia, and deal flow is increasing.”
In July, 2013 StorHub acquired storage operator Big Orange for approximately $68M USD. In March, 2015, Hong Kong based MiniCo Self Storage was purchased by investment group Blackstone for approximately $54M USD. Self storage demands rents four times as high as other uses for the same land such as factories, grade C office space, and warehouses. Internal rates of return for sub-leasing underutilized space and turning it into self storage range from 23% in Hong Kong to 30.4% in Singapore. This kind of activity is attracting operators with new ideas and non-traditional approaches to storage, as well as young tech entrepreneurs.
(Credit: iStock)
Technology and Innovation
When you think of self storage you might think of a run down, single story cinderblock building with a metal roof sitting on a back street on the bad side of town, run by a senior couple as a supplement to their retirement plan. While that description may still be accurate in some parts of the United States, it’s anything but the norm in China, Japan, Taiwan, Hong Kong, or a host of other Asian countries where the sector is relatively new. In Hong Kong, MiniCo owns a 25-story building where the first floor is leased to car owners for daytime parking (a lucrative business in Hong Kong--last year a single parking spot in the city sold for $547,000 USD) and the other floors, accessible by elevator, are full of state of the art metal lockers. In Tokyo, storage operator Box has a location in the middle of a residential area, where customers can literally walk their storage items to the facility.
Today's self storage customers are looking for more than a square room where they can store their extra stuff. They also don't use phone books or depend on ads to find what they want. A 2015 study by the consulting firm Ipsos found that in Hong Kong, 71% of non-users of self storage said they would look for a self-storage facility on the Internet. A new self storage concept that combines the new desires of self storage customers with online technology is “valet storage.” Several valet operators have popped up in Hong Kong during the past year, including startups like AirBox, Boxful, and Spacebox [Full disclosure: Spacebox is a client of my agency]. Because most Hong Kong residents don’t own a car, and getting a bunch of stuff to a self storage facility is inconvenient without your own transportation, these companies drop off plastic storage bins at your residence. You fill up the bins, then they pick them up and store them for you. You can track your bins through a website or smartphone app, and when you need something from one of the bins, you use the website or app to request the bin you need, which is then delivered to your door.
Other startups include service providers to the industry. Brothers and business partners Charlie and Miles Davison launched the valet storage company StuffGenie in early 2014, but then quickly took that experience and launched Storeganise, which provides valet storage software to traditional self storage operators so these companies can offer valet storage services in addition to traditional self storage.
Self storage operators used to track tenants and manage their properties on paper, then spreadsheets, but now they use sophisticated software. “Operators are getting increasingly sophisticated and they need cutting edge software that can help them manage their assets,” says Dallas Dogger from Sitelink Software Asia. More than 11,000 self storage locations run Sitelink software worldwide, making it the largest provider of self storage management software. The company, headquartered in Raleigh, North Carolina, had the foresight to look beyond the US and began expanding international several years ago. Says Dogger “We recognised early on that Asia was a growth path for self storage and we implemented language support and tax rules along with payment options, supporting local operators.”
Economic Growth
At the 3rd annual Self Storage Expo, hosted in Tokyo by the SSAA, Darren Benson, Executive Director Industrial & Logistics Services for CBRE, the world’s largest commercial real estate services and investment firm, shared a forecast of increased demand for self storage in Asia due to a low usage per household and a growing middle class. In the US there are 21.62 square feet of self storage per household, whereas in Tokyo there is a mere 0.32 square feet of storage per household. Hong Kong and Singapore are only slightly higher, with 1.13 and 1.3 square feet of storage per household, respectively. While households in Asia tend to purchase fewer large items than the typical US family due to small living quarters, there is clearly room to grow. Ernst & Young predicts that Asia’s middle class will grow by billions over the next 15 years, and that by 2030 Asia-Pac’s populations will account for two thirds of the global middle class. With increased prosperity, this middle class is doing what you might expect--they’re buying more stuff. As they accumulate more goods, a subset of that population finds itself wanting to declutter, which leads to demand for self storage.
“We have seen a constant increase in demand from operators and new market entrants in Asia,” Neil Waterman, General Manager of Steel Storage Asia, a storage design and construction firm. “The initial operators have continued to expand in the core countries while spreading to new territories and we have a constant flow of inquiries from new entrants.” Waterman says while initially most of their work came from Singapore and Hong Kong, now they are seeing activity and interest across the whole region, including Indonesia, South Korea and most recently China.
Challenges
Although the fundamentals look good, the self storage industry in Asia has its challenges. "Consumer awareness and usage rates are very low compared with Australia and the US,” says Simon DeGaris, Managing Director of Self Storage Investments. DeGaris, an Australian who became fluent in Japanese after a two-year stint in Tokyo as a young Mormon missionary, returned to Tokyo to attend the Expo and explore opportunities to build storage facilities in Japan. “For the industry to flourish in Asia there are many parties who need to be educated about self storage including banks, property experts, and consumers,” he says. He continues, “There aren’t many properties available for purchase in Japan, so some self storage operators are forced to entertain very short term leases within multi story buildings. In some countries the laws make property acquisition challenging.” But, he says, “The most important factors for the self storage industry are population density and an undersupplied marketplace, and that’s what Asia has in abundance. Once you get past the hurdles the opportunities are exceptional.”
Another challenge for the self storage industry in Asia is a lack of good, relevant data. “Data is critical to real estate because it fosters transparency in the market, and participants can better measure and compare performance metrics,” says Christian Sonne, Executive Managing Director of Cushman & Wakefield, who presented at the Expo in Tokyo. “In an emerging sector like self storage in Asia, data is particularly important so market participants can become comfortable with the sector. Collecting and analyzing data now will allow for trend analysis in future years.” Sonne went on to say that in the US, his firm collects data on 8,000 storage facilities per quarter. Over 100 free publications that include parts of that data can be found at SelfStorageEconomics.com and soon this type of data will be available in Asia.
The best data will come years in the future, but the data available right now is already fueling investment.
While the US got a head start on self storage decades ago, it had to create the industry from scratch. It also didn’t enjoy the massive scale of Asia, nor the technology that facilitates every aspect of growth for the self storage industry. If history is any guide, we can expect to see rapid development of the self storage industry in Asia. Just as Asia now has more than three times the number of smartphone users than there are people in the US, the day may come when its self storage capacity far surpasses that of the US as well.
Joshua Steimle is the CEO of MWI, a digital marketing agency with offices in the US and Hong Kong.
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5ddfac3fe575b2025f358187a28a90d0 | https://www.forbes.com/sites/joshsteimle/2015/07/21/how-outwhiz-is-motivating-the-unmotivated-when-it-comes-to-learning-math/ | How Outwhiz Is Motivating The Unmotivated When It Comes To Learning Math | How Outwhiz Is Motivating The Unmotivated When It Comes To Learning Math
To survive in today's digital world basic math proficiency is a prerequisite. It’s foundational for learning how to code, look at financial statements or run a business. It's not unusual for jobs to require expertise in statistics, big data and analytics, but let’s face it, motivating your kids to practice subjects like math and English is often a nightmare. We parents try to sneak it in alongside other topics, we interject little math lessons in everyday life, and we listen in shock as other parents say “Oh, my kid just loves math.” One entrepreneur seeking to make math easier for children, and parents, is Andrew Kwan, the cofounder of Hong Kong-based education startup Outwhiz. His secret? A website and mobile app that focus on motivating the unmotivated.
(Photo: iStock)
Kwan spent 14 years in Hong Kong before beginning his American education at Phillips Exeter Academy--a top boarding school in New Hampshire. He then went on to earn three degree from Harvard and Stanford. Kwan says Outwhiz, and its sister company Edore--also an education focused startup, were inspired by the blending of his Asian and American educational background along with experiences closer to home. “I saw my nephew argue repeatedly with his mom over his math homework,” Kwan says. “When we told him he couldn’t fail math if he wanted to get into college or find a job, he said, ‘I’m just a kid! College and jobs are too far away. Talk to me about Minecraft!’”
Kwan was also inspired by both positive and negative experiences playing the piano. “I took piano lessons for eight years, hated it and got fired by my piano teacher,” Kwan relates. “Later at boarding school I found my passion for music and became quite a good piano player. It would not have been possible if I hadn’t built the skills earlier on.”
Kwan is a firm believer that, while for some people it’s passion that leads to practice and in turn proficiency, for others it’s practice and proficiency that builds the foundation for passion. Inspired by his nephew, Kwan wanted to develop something for kids who were smart, but not necessarily motivated, and he wanted to help students learn the skills required to fan a passion for the subject. Kwan feels there are aspects of both the Asian and American systems of education that can help.
In a 2012 PISA test, the top seven math performers all came from Asian economies: Shanghai, Hong Kong, Macau, Japan, Korea, Singapore and Taiwan. America slipped behind; its 15 year old students ranked worse than Spain, Portugal and the Slovak Republic. Kwan moved back from America a few years ago to live in Hong Kong and noticed that the average Hong Kong citizen had a fairly high level of numeracy. "Walk through a market and stall owners can do quick mental math to price swaths of seafood items, factoring in precise weights!" he says. He thinks the difference in math education between the East and the West is most acute at the kindergarten to grade five level. “During these years,” he says, “America prioritizes understanding, while Asia prioritizes skills." While students in an American classroom might spend more time presenting fractions in different ways like slicing a pizza or sharing a cake; in the Asian classroom there is more time devoted to the mechanics of manipulating fractions. In Kwan’s mind, it's about achieving a balance between creativity and skills, which he says complement each other. He believes the Asian system could stand to move a bit in the American direction, and vice versa. "If your system is at one end of the pendulum, you want to swing the pendulum the other way a bit."
Either way, Kwan says kids don’t learn much of anything unless they’re motivated. Kwan’s cofounder Michael Luk, agrees. Luk says he’s the perfect example of someone who knows what it means to be transformed from being an unmotivated individual to a highly motivated one. A Hong Kong high school drop out who was not accepted into his last year of high school, Luk started learning an iOS program online four years ago with Lynda.com and is now Outwhiz’s Chief Technology Officer.
Outwhiz aims to offer students the perfect motivation tool. They can practice for free with 200 plus topics in math and English. Each topic contains hundreds of unique questions with tutorial hints. As they practice the students earn points, move up levels and get badges to decorate their profile pages.
In addition, parents have access to the Reward Store where they can subscribe to Outwhiz coins. These points and coins unlock fun rewards like gift cards for iTunes, Amazon or Minecraft...things kids really care about. Outwhiz analyzes data to help parents understand their children’s learning progress, performance and habits.
Just out of beta, it’s too early to talk user numbers, but to date, the results are encouraging with a consistent 30% week on week growth in users. Eighty-one percent of those are out of Asia, mainly China; Kwan expects the number of U.S. users to rise as they start discovering the unique math learning program. In the future, Kwan wants to make a push into blended learning and supplement face to face learning with online learning.
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ee482945160974bc1911016efd49cfab | https://www.forbes.com/sites/joshsteimle/2015/08/27/13-people-to-meet-at-cmo-summit-2015-in-singapore/ | 13 People To Meet At CMO Summit 2015 In Singapore | 13 People To Meet At CMO Summit 2015 In Singapore
Although some organizations like the Gap have done away with the role of chief marketing officer, the CMO remains a popular stepping stone on the way to the CEO spot. CEOs at Audi USA, Campbell’s Soup, McDonalds, Mercedes-Benz USA, Priceline.com, and Taco Bell are just a handful of those who used to rep the CMO moniker. Those who aspire to the top marketing role in their organizations, and perhaps beyond that, can attend several events this year focused on providing education and networking opportunities for CMOs, top marketers, and executives. One of these, CMO Summit 2015, is organized by CMO Council and will take place in Singapore on October 5-6th, 2015. Amongst the many attendees and speakers, here are 13 of the top marketers you’ll want to meet.
(Photo: BigStock)
Damien Cummings, Global Head of Digital Marketing, Standard Chartered Bank
With 20 years’ experience in the marketing industry, Cummings was recently recognized as "Asia's Most Influential CMO 2015" at the 6th CMO Asia Awards at the World Brand Congress in Singapore. Cummings is the Global Head of Digital Marketing at Standard Chartered Bank after stints at Philips, Samsung, Dell, and ad agency Ogilvy & Mather. Cummings will be the keynote speaker at CMO Summit 2015.
Frederique (Freddie) Covington, International Marketing Director, Twitter
As International Marketing Director at Twitter, Covington oversees the company’s marketing activities in APAC, India, Middle East, Africa and Canada. Prior to Twitter, Covington worked as a Senior Director at Microsoft in the Asia-Pacific region, and with Ogilvy Group, where she worked with clients such as Avon, Dell, HSBC, Samsung, Sony, and Virgin Mobile.
Szeki Sim, Marketing Director - Asia, Middle East, Libya, Egypt, Motorola Solutions
Based in Singapore, Sim holds the position of Marketing Director at Motorola Solutions for Asia, the Middle East, Libya and Egypt. She has worked previously at Tektronix Communications and Nokia Siemens Networks, which was acquired by Motorola Solutions. Sim’s first professional experience was as a Financial Analyst at Hewlett Packard, but she later moved into marketing, working at Wunderman Singapore and then BBDO.
Elektra Mararian, Senior Client Partner, Korn Ferry
Mararian is a leader in Korn Ferry’s Global Technology Market practice, the Software Practice Leader for Asia Pacific, and a leading executive in the firm’s Digital and Marketing Center of Expertise. Mararian has deep expertise in technology markets, and prior to Korn Ferry managed her own consulting firm. She also worked in a senior position at interTouch, helping the company through an acquisition by Japan’s NTT DoCoMo. Prior to interTouch, she worked at iPass and experienced the company’s IPO on the NASDAQ. She is a founding member and director of the Hospitality Financial and Technology Professionals (HFTP) Asia Chapter, sits on the American Chamber of Commerce Information and Communication Technologies Committee in Singapore, and sits on the Leadership Committee of the American Dragons of Singapore.
Eunice Yap, Chief Marketing Officer, Esplanade
Yap is the Chief Marketing Officer for The Esplanade Company Limited, Advisory CMO for Hospitality Group Asia, Chief Operating Officer for ST Travel Specialist, and Head of Brand & Communication for The Good Life Cooperative. She was previously Senior Vice President - Global Marketing at Millennium & Copthorne International Limited where she was responsible for global brand alignment, strategic sales and marketing initiatives, global e-commerce strategy and CRM. At Wyndham Exchange & Rentals, prior to M&C, she oversaw marketing in Asia Pacific as Vice President - Marketing. Yap has won awards for marketing work from organizations such as Anantara Vacation Club, OAG Worldwide, Fraser Serviced Residences, Zuji, Raffles International, Angsana Resorts & Spa, Banyan Tree Hotels & Resorts, and Thomas Cook. She is a Fellow Member of the Chartered Institute of Marketing, Executive Committee - Marketing Council Asia, and Advisory Board Member - CMO Council.
Ralph Brunner, Chief Marketing Officer - Asia, MetLife
Brunner became Chief Marketing Officer of MetLife for Asia in March 2014. Brunner has 29 years of marketing, brand, and communications experience within the financial services industry and has a refined understanding of Asia and its culture after 20 years in Singapore in regional and global roles before joining MetLife in Hong Kong. Prior to joining MetLife, Brunner was Vice President of Brand, Marketing & Communications at American Express. He led China brand strategy and co-developed the Japan strategy that helped it become Amex’s No. 1 market. He has won 9 Chairman’s Awards for Innovation, a Gold Effie and 20 external strategy awards, and was voted by his peers to THE ASIA 50, the top 50 marketers in the region, in 2013.
Saurabh Singhal, Head of Marketing, Asia Pacific, Jabra
Singhal is the APAC Marketing Director at Jabra, a leading producer of headset and speakerphone solutions. Previously, Saurabh was Director, Enterprise Marketing, APAC at Juniper Networks. Before Juniper, Saurabh held various marketing and account management roles at Avaya, Cisco, HP, Microsoft and Infosys.
Vipul Chawla, Managing Director, Pizza Hut, Asia FBU
From 2011 Chawla served as Chief Marketing Officer for Yum! Asia FBU, based in Singapore, with responsibility for KFC. This meant responsibility for marketing activities for 3,000 restaurants with annual turnover of US $3B. In 2014 Chawla was appointed Managing Director - Pizza Hut, Asia FBU, making him the head of the largest Pizza Hut system outside of the U.S. In 2013 he was named one of the 50 leading marketers in Asia by the Internationalist. Chawla previously worked with Unilever in Asia and Europe for 19 years.
Nicole Worthington, CMO, Asia Pacific, JLL
Worthington currently leads all marketing and communications for JLL in Asia Pacific, which includes 14 individual markets. As a member of the global marketing leadership team, she sits on global boards for the company’s hotels and hospitality and capital markets divisions. Nicole has an entrepreneurial background, establishing and running a successful marketing and distribution business in Europe before moving to Singapore.
Jim K. Whittle, Head, Japan Practice, RSR Partners
Whittle is a member of RSR Partners’ Consumer Goods and Services and Healthcare practices. He has enjoyed a storied career in senior leadership positions at global Fortune 500 and start-up companies including JDSU Flex Products, NanoInk, Meji Seika, United Biscuits, Keebler, Pfizer, and GSK. Whittle lived and worked in Japan for eight years and is fluent in Japanese.
Maneesh Sah, Head of Marketing - Asia Pacific, Middle East & Africa, Aon Hewitt
In 2011 Sah was honored with the Brand Leadership Award for Excellence in Branding & Marketing conferred by CMO Asia, and has been listed among the Top 100 most talented global marketing leaders by the World Marketing Congress and CMO Council. He currently holds the position of Head of Marketing for Aon Hewitt for Asia Pacific, Middle East and Africa.
Alok Bharadwaj, SVP & Head of Corporate Strategy, South & South East Asia, Canon
Dr. Bharadwaj is Senior Vice President at Canon Singapore and is responsible for strategic business planning and execution as well as corporate communications for Canon's South East & South Asian regional operations. He also oversees business development in emerging Asian markets in this region. Dr. Bharadwaj previously served as Executive Vice President of Canon India, where he was influential in Canon’s sales, marketing, PR, corporate planning and brand building activities which have led to the company's exponential growth in India.
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7e0d2b218cfb4dcc0f317254d2d51f6f | https://www.forbes.com/sites/joshsteimle/2015/09/29/how-getting-fit-helped-me-lose-weight-become-a-better-entrepreneur-and-move-to-a-tropical-island/ | How Getting Fit Saved My Life And My Business | How Getting Fit Saved My Life And My Business
At the end of 2006 I was fat, depressed, and broke. My business was in about as good of shape as I was. Today I’m in the best shape of my life, I live on a tropical island, and my business pays me more than I have ever been paid in my life. This might sound like the beginning of an infomercial for weight loss pills or a get rich quick scheme, but I’m not selling anything. I share my story because it’s real, it’s simple, and if it helps just one person escape the situation I was in, it’s worth it.
Before I get started, let me make a few things clear. Getting fit isn’t merely losing weight any more than a business is successful just because it has a lot of revenue. A fixation on weight can be harmful to one’s health, as a fixation on revenue, office space, number of employees, or other business "vanity metrics" can impede the likelihood of having a truly successful business. While losing weight was my original motivation, what made me a better entrepreneur and saved my business was the process of getting healthy, of which losing weight was a side effect.
I also don’t want you to think I lost a spectacular amount of weight or that I’m a millionaire. I’ve only lost 60 lbs, not hundreds, and I don’t make millions of dollars per year. My bases are covered, I’m paying off the debts of the bad years, and I can’t complain about my family’s lifestyle, but we don’t live extravagantly. And that tropical island? It’s Hong Kong, which is actually subtropical, although it sure feels tropical during the summer. Regardless, while it's not Tahiti or Vanuatu, I do live five minutes from the beach and it’s beautiful here. Now, here’s the story.
Lantau Island, my backyard. Photo: iStock
Backstory
In January, 2007 I hit rock bottom. I wasn’t drinking or doing drugs--as a Mormon I chose different vices. Instead of heading to a bar, club, or liquor store after work, I stayed at work all night, working 90 hour weeks and eating junk food--a lot of junk food. The only exercise I got was walking from my car to the ice cream aisle at the grocery store. I also did a lot of lifting. Of spoons, that is. And I got fat. I peaked at 239 lbs when my healthy weight was probably closer to 170. I know plenty of people in much worse shape, but I was in bad enough shape to be miserable and hate myself for the choices I had made that led me to that point. I also seemed to get sick frequently.
I didn’t just hit rock bottom physically, my business hit rock bottom as well. I had mountains of debt and more piling on every month. I went four years without paying myself a dime while my wife supported us on her meager salary. We lived in a small studio apartment above a garage. I put off hard decisions, thinking I could solve them by working harder. On the mornings I didn’t sleep at the office I would walk up the single flight of stairs to our office, wheezing, knowing that behind the front door there would be no relief, only a feeling that my life was falling apart.
The positive side of hitting rock bottom is that when you’re in the gutter, things can only get better. You might disagree, but then you haven’t hit your rock bottom yet. I was lucky enough that my rock bottom was relatively mild compared to what alcoholics or drug addicts go through. A small taste of the misery they go through was enough to set me on the path to recovery.
Waking Up
I realized if I didn’t change the path I was on I was going to die young. I didn’t have kids yet, but I knew they’d come soon, and I didn’t want them to see me as I was. And I knew that somehow, my eating habits, my health, and my business were tied together.
But what could I do? I looked at the business and had no clue. Pay off debt? Become profitable? Those are nice goals, but more easily said than done. But when it came to my health, the answer was easy. I could go to the gym. I could eat better. Those were things that were simple to measure and well within my control.
The Hard Start
I started out with baby steps. I went to the gym five mornings each week. I started out with 20 minutes going easy on the treadmill, following by using weight machines on the easiest settings. I enlisted a friend to go with me. I told him I’d pay for his membership as long as he made sure I got up and to the gym each morning. It took four months of this before I felt mentally strong enough to go to the gym on my own.
By April, 2007 I had lost around 20 lbs. I felt better, but nowhere close to where I wanted to be. Then, a friend of mine invited me to watch him in a triathlon. It was inspiring. I hated running and had never run over a mile in my life, but as I watched these fit people swimming, biking, and running I couldn’t help thinking “What I wouldn’t give to be able to do this. This could change my entire life.” Not long after, I signed up for my first triathlon, bought a bike, and started training.
The Friday after the first week I started running, I got out of bed and fell onto the floor. My knees wouldn’t hold me up. I wasn’t running very much, but my body couldn’t even take a few miles per week. I had to take a week off, and then ease very slowly into it.
In October, 2007, I participate in my first triathlon. Physically and mentally it was the hardest thing I had ever done. It seems pitiful to me now, given how short that triathlon was. I learned an important lesson from this--it’s not the guy who wins the race who raced the hardest, but more likely the guy in last place.
Fast Forward
Almost nine years later, my life has been transformed since the first day I stepped into the gym. I’m in the best shape of my life. After my first triathlon I signed up for another. Then a half marathon. Then a half-Ironman triathlon. Then a full marathon, and so forth. Today, my focus is on ultra-distance trail running. It’s normal for me to run a marathon distance on steep trails each Monday as part of my normal training, while carrying 10 lbs of liquids and food. This October I’ll run my first 70K (43.5 miles), summiting two mountain peaks in the process. Doing a full Ironman race is a future goal, as well as running a 100-mile race.
I don’t share any of this to brag, but to show what’s possible, even for someone as out of shape and athletically challenged as I was. If I can do this, you probably can, too.
Unexpected Benefits
When I started working out, it was out of desperation. I figured I would work out hard, lose weight, and things would get better. I didn’t think much about the details, and I didn’t expect other changes that came into my life as a result of working out. One unexpected benefit was that I became interested in nutrition.
After becoming involved in endurance sports I saw how the foods I ate made it easier or harder for me to work out and recover afterward. I became interested in the science of nutrition and read books like The Omnivore’s Dilemma by Michael Pollan, Whole: Rethinking the Science of Nutrition by T. Colin Campbell, and Eat to Live by Joel Fuhrman. I gained further motivation to learn about health and nutrition as I became a resource for others, sharing articles on social media, answering questions, and writing a beginner’s column for Asia Trail Magazine. My diet switched from fast food, candy, and ice cream to one based primarily on fresh fruits and vegetables, nuts, and beans. I now largely avoid meat (yes, you can participate in endurance sports without meat), dairy products, sugar (other than that found naturally in fruit), processed foods, or supplements of any type.
Other changes I made also impacted my health. I started working 4 to 5 days per week instead of 6, ending work at 5 pm, getting to bed early and not working late (except for the occasional emergency), waking up early, and sticking, for the most part, to a set schedule. I work at a standing desk.
I now weigh 180 lbs, 60 lbs lighter than I was when I began on this journey. Weight can be a poor indicator of health, but given my lifestyle, I’m led to believe my current weight, give or take a few pounds, is reasonable and healthy. I rarely get sick, and when I do it is mild and passes quickly. I feel wonderful.
Business ROI
The health benefits of working out and learning about nutrition would be reward enough, but alongside the improvements in my physical health my business made progress as well. Here are three examples of what changed as a result of my improved health, and how it impacted me as an entrepreneur.
Confidence. Doing hard things physically gave me confidence to do hard things in my business. Where I previously couldn’t see my way forward, I was able to make the right choices, even when they were difficult. I restructured my team. I got rid of our office space and went 100% virtual. These were hard decisions that struck at my ego, and that’s why I hadn’t been able to see before that they were the right decisions. But exercising and getting in shape changed that. Self discipline. You can’t slack off in one area of your life and expect it to not impact other areas. The opposite is also true. As I built up discipline by following an exercise routine and planning out and achieving goals, the same practices found their way into my business activities. Rather than running around after every shiny opportunity, I made long term plans and executed them. I created a schedule and stuck to it. I was able to see direct results in increased personal productivity that led to tangible benefits like landing more deals, better deals, increased customer satisfaction, all leading to increased revenue and profit. Control. Before I got healthy my life controlled me--I did not control my life. I was reactive, not proactive. Taking control of my life allowed me the free time to meditate and think about what I wanted to do with my life, rather than going wherever it carried me. As a result, I focused on writing which led me to write for Forbes and a host of other publications, a book deal, and speaking opportunities. If you need tangible evidence of how this benefited me, I can track 1,000% growth in my business over a 12 month period directly to writing.
These three qualities and the flexibility that came with them and their results led me to one day turn to my wife and ask “Why don’t we move to China?” We ultimately decided Hong Kong was a better fit, and now my company has opened an Asia office, and I live in a small village a five minute bike ride from the beach, a five minute jog from mountains covered with trails, with water buffalo roaming the quiet rural roads.
Entrepreneurship Is Endurance
Overnight success stories are rare. In most cases, they’re an illusion. You don’t see the 5, 10, or 20 years of hard work and preparation that set the foundation for the success which, when it happens, appears almost magical. Many successful entrepreneurs became successful simply because they kept on going when others quit.
One doesn’t go from running 1 mile to running a marathon overnight, but with slow, deliberate work, you can work up to where you can run 100 miles. However, success for me, both with my health and in my business, has not been a straight line of steady improvement. It looks more like a volatile stock chart with steep ups and downs. Thankfully, the trend has been in the right direction, and despite many setbacks, I'm happy with where I am today. In fact, if you had told me in 2007 that someday I'd be doing 40+ mile trail runs in Hong Kong and opening an Asia office of my business, there would have been absolutely zero chance I would have believed you. What will you be doing a few years from now that you find unbelievable? The best part, and perhaps the most unbelievable part to me, is that I'm not the only one benefitting. Just as the example and support of friends inspired me, I now have the opportunity to inspire others and see them improving their health and other parts of their lives at the same time.
Your health and your business are related. Building self control, health, and endurance in one area of your life will increase your abilities in others. If you’re not sure where to start fixing your life, start with your health, because it’s easy to measure whether you’re doing it or not. You either go to the gym or you don’t. You take a walk five days a week or you don’t. Don’t be tempted to make unrealistic goals--if you’re in poor shape you’re probably not going to do a full Ironman event six months from today, although it's possible. But maybe you can do a 5K in two months, and a short triathlon in three months. A year or two from now you might be doing that Ironman, or a 100 mile race. It starts out with small goals, and from there you will be amazed where you get to.
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53cbec064c1b32313dd7f3b2510ad4cf | https://www.forbes.com/sites/joshsteimle/2015/10/20/when-should-i-start-seo-for-my-new-website/ | When Should I Start SEO For My New Website? | When Should I Start SEO For My New Website?
Regardless of whether you’re launching a brand new website or launching a redesign for an existing website, the short answer to the question “When should I start SEO for my new website?” is the same--before it launches. Or as an old Chinese proverb puts it:
The best time to plant a tree was 20 years ago. The second best time is now.
But do the same rules apply for new websites vs. a redesigned website? If I haven't started on my website, when exactly should I start on SEO, and how? What should I do if my website is already finished? I'll answer all these questions below.
SEO for a New Website vs. a Redesigned Website, Does it Matter?
Yes. Ignoring certain aspects of SEO unique to launching a new version of an existing website can have serious consequences. How serious? It could put you out of business--that’s how serious. For example, I know of an ecommerce company that redesigned its website, which included thousand of product pages, all of which were showing up prominently in Google. Unfortunately, the company doing the redesign of the website had no SEO experience and in creating the new website they changed the URLs without redirecting traffic from the old URLs to the new ones. Suddenly all that traffic from Google was finding nothing but “404 - Page not found” errors, sales collapsed, and within one month the company was bankrupt. Having a 301 redirect plan in place is critical to SEO success when redesigning your website.
Other factors affecting SEO are unique to website redesigns as well. For example, if you have a page that ranks particularly well in Google and drives a lot of traffic and leads or sales for your business, you don’t want to lose that with your redesign. In order to make sure you can preserve that performance, you’ll need to know why you’re getting those results so that you can incorporate what is producing them into the new version of that page, or into other places on the website that are influencing the rank of that page. My recommendation to a client who wants to redesign a website is to complete a thorough SEO audit before any new design is considered. This will reveal what “SEO assets” the company owns, and then plans for the redesign can take these assets into consideration.
Universal Principles of SEO for New Websites
While the above advice applies only to websites that are being redesigned, here are 3 tips that are relevant whether your company is launching a redesigned website or a completely new one.
SEO should start alongside UX (user experience) or web design. Your SEO strategy may impact what content is placed on your homepage, and where it’s placed on your homepage. The same goes for every other page on your website. In other words, UX, web design, and SEO are inextricably intertwined. Some have even said that UX is SEO, or that UX is at least a key to SEO success. Too often I have been approached by a client who says “We just finished our new website, we’re ready to start SEO.” We then audit the website and find out that there are so many parts of it that need to be fixed in order to do SEO effectively that the company has to scrap their new website and start over. In almost every case this large expense in terms of time and money could have been avoided had an SEO professional been consulted at the beginning of the project, rather than at the end. SEO should then continue throughout the UX/web design/build process.
In addition, SEO should start during the web design process in order to accelerate results. During the first month of SEO there is often no work taking place on the website. Much or all of the time spent on SEO involves discovery, analysis, strategy, and planning. Starting this when the website launches rather than before only means pushing back the time when SEO will start producing results for you.
Your UX and web designers should understand SEO, and your SEOs should understand UX and design. The people working on UX, web design, and front end development on your website are unlikely to understand much about SEO, and vice versa. Whatever little the individuals possessing each of these skills can learn about what everyone else is doing will help immensely in making sure your new website is successful. Here are some resources for learning about each of these disciplines:
Learning UX: There are many online courses to learn UX, just Google them. And you might consider a more in-depth course on UX from General Assembly or another such provider. But for starters I recommend reading Steve Krug’s book Don’t Make Me Think and The Design of Everyday Things by Don Norman. Learning design: Check out the lessons from Designlab and read The Principles of Beautiful Web Design by Jason Beaird and James George. Learning front end development: Try a course from Udacity or any other number of places, and while you’re at it, read The Mythical Man Month by Frederick P. Brooks Jr. It won’t teach you front end development, but it will teach you how to understand developers and development work better. Learning SEO: How To Teach Yourself SEO
There is certainly more one could learn about content strategy, writing, and social media integration which would also be beneficial to the website design or redesign process, but the four areas above are the basics.
SEO is never done. Your website isn’t “SEO’d” and then it’s done. You can’t “SEO your content.” Yes, there are parts of SEO that are more like one-time activities while others are definitely ongoing, but SEO isn’t SEO unless you have both. You might compare it to using a truck to run a delivery service. One-time SEO activities are like building the truck, but if you never get in it and drive it to your destinations, it’s worthless. Likewise, SEO is an ongoing process, and just as your delivery business would die if you stopped making deliveries, your website will only continue to perform if you keep up with ongoing SEO activities. While the Yoast WordPress SEO Plugin is a great tool which we install on all our clients’ websites, if you only install it and do nothing else--you’re not doing SEO.
When is the Best Time to Plant a Tree?
It’s the same with SEO as with trees. You can’t go back in time and plant a tree, nor can you undo what’s already been done or do what hasn't been done when it comes to SEO. But you can start taking the right steps right now. If you’re coming to this webpage having already built your new website without having considered SEO yet, don’t despair, but do take action today.
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0321c37b09befb06a7f21e1514353b7c | https://www.forbes.com/sites/joshsteimle/2015/10/30/what-cmos-need-to-know-about-online-buyer-journeys/ | What CMOs Need To Know About Online Buyer Journeys | What CMOs Need To Know About Online Buyer Journeys
The process by which an individual becomes a customer is called “the buyer’s journey.” But of course if you’re a CMO you know this. What you may not have thought through are the particular nuances of your customer’s buyer’s journey as it takes place online. But before we go there, let’s review the basics of the buyer’s journey as it might apply to a typical consumer purchase.
Observe. The buyer becomes consciously aware she has a need or want. Orient. The buyer collects and analyzes relevant information, considering options and solutions. Decide. The buyer chooses an option, which includes details such as the product or service, vendor, location, and other details. Act. The buyer implements the decision.
Let’s see how this works in action.
(Photo: iStock)
Imagine a customer as she visits a high end jewelry website. We’ll call her Sam. Sam is 28. She lives in New York. She’s single. She has an undergraduate degree in journalism from Columbia, and an MBA from Harvard. She works as an associate at a private equity firm. She has a 40 minute commute each day on the subway. She enjoys triathlons and vegan cooking--she’s a health nut. Oh, and she’s been set up on a blind date, which is coming up in three days, and she’s stressed out about buying jewelry she can wear to it because she’s not all that into jewelry.
This simple buyer persona sets the stage. Armed with this information, what steps can the jewelry website take to facilitate Sam’s journey from potential customer to pleased customer? Due to Sam’s age, her commute, and her busy lifestyle the jeweler might predict Sam will access the website on a smartphone while on the subway. If the jeweler were to take a look at its other buyer personas, analytics data, and general consumer trends, it’s likely it would come to the conclusion that more and more of its customers will access its website via a mobile device in the future. Therefore the jeweler would be wise to make the mobile experience of its website a high priority.
The Buyer Persona As Preparation
While the buyer journey is a tool that helps marketers see how customers buy their products and services, it is a weak tool when not accompanied by effective buyer personas. Whereas the buyer journey tells us how, the buyer persona tells us who. “The objective is to understand customer needs and wants and all the content that helps with meeting those needs,” says Guy Marion, CMO of Autopilot, a marketing automation firm. “Marketers need an understanding of consumer demographics, behavior and engagement – how they engage with your content, where they go online and use products, how they use apps, and so on.”
In the modern day that last part is key. How do customers make decisions online? In order to map an online buyer journey, we must first make sure considerations about online behavior are part of the buyer personas we create.
The User Journey
The user journey is not the buyer’s journey, although they overlap. Whereas the buyer’s journey moves through initial interest, gathering information, exploring options, and purchasing decisions, the user journey as applied online gets more specific, answering questions such as how will Sam, our buyer persona, find the aforementioned jewelry website? What will Sam do once she’s on the website, based on what we know from her persona? What information is she looking for? What is she likely to click on? What path will she take through the website before making a purchase? Asking and answering these questions are the basics of creating user journey scenarios which, like buyer personas, help marketers discover the more obvious changes to make to their websites, social media channels, and other online marketing properties.
Where Are The Buyers And What Are They Doing Online?
A 2013 Google/Nielsen study showed that when it comes to mobile research, 48% of the time the common starting point is a search engine, followed by branded websites at 33%.
Search engine optimization (SEO) takes care of making sure a website shows up in search engines during this research phase, and conversion rate optimization (CRO) ensures once the buyer lands on a branded website she encounters an experience that delivers the information and features she’s looking for.
SEO, CRO, And The User Journey
While SEO is fairly straightforward and the basics are understood by most marketers, CRO is often neglected. For example, in an analysis I performed of the websites of major cosmetics brands in Hong Kong, I found many whose meta description tags provided a less than ideal experience for customers. While meta description tags don’t influence search engine rankings, they do show up in search engines, influencing whether or not someone clicks through to a website. They also set the expectation for a visitor of what she’ll find after she clicks through to the website. If the content in the meta description tag doesn’t match what is found on the accompanying web page, this creates cognitive dissonance. It may be unconscious, but the result is an increased likelihood the visitor will hit the back button and move on to the next search result. That’s not good for the user journey, and it interferes with the “orient” phase of the buyer’s journey.
To Improve CRO, Start With The Customer
Good CRO begins with an understanding of the user journey, and that comes from firsthand experience with customers. “Real-life testing of smartphone users shows that they're so distracted and hurried that they rarely follow the script we've created for them,” says Michael Mace, VP of Mobile for UserTesting. In addition to gathering data, Mace advocates systems that match themselves to the changing needs of customers. “The customer journey, so elegant and straightforward when we sketch it on a whiteboard, is actually a random walk through a minefield of distractions and competing priorities. Creating a great customer experience in the multi-channel world requires a much higher standard for simplicity and flexibility than most of us realize.”
On-Site CRO
Many people associate CRO with A/B testing. In a standard A/B test you create two versions of the same web page, and you change something on one page. You then drive half of your traffic to one page, half to the other, and see which page converts better. In this case a conversion doesn’t necessarily mean a lead or sale, it means the visitor does what you want them to do, which may be buying something, or it may be navigating to a certain other page, or any number of possible actions. A/B testing is just one among many CRO tactics. Others include:
Multivariate testing User testing Usability testing User surveying Eye tracking Heatmap analysis Analytics analysis
On-site CRO includes the type of content you create to accelerate buying decisions. It’s the way your website is built and hosted to ensure is fast, working, and functions well. It’s the way you design and architect your website to ensure it is easy to use and visitors can find the information they are looking for. It’s the lead nurturing journeys you set up through marketing automation to keep prospects coming back to the website. It’s in the data analysis you do to continually optimize the user experience.
It Begins And Ends With Data
The moment someone lands on your website you should already be collecting data about him. For many small businesses, Google Analytics is enough to provide more data than many marketers will know what to do with. For larger companies, there are plenty of enterprise analytics tools to choose from.
Like anything in science, the larger your sample size the more reliable your data. In order to engage in data-driven CRO, we advise our clients they need a minimum of 5,000 visitors per month coming to their website. Even for larger enterprises this can sometimes be a challenge if their website hasn’t been a core focus of their marketing in the past. If your site is receiving fewer than 5,000 visitors per month, you may want to invest in driving more traffic before you dive into analyzing the data for CRO purposes.
The Journey Never Ends
With both online and offline buyer’s journeys, it’s important to note the journey never ends. That is, it shouldn’t. “The buyer journey doesn’t end just because your customer completes your desired action,” says Tim Ash, CEO of online conversion consulting firm SiteTuners and founder of the international Conversion Conference event series. “CMOs and other marketers know it costs more to acquire new customers than keep the ones you already have, but when it comes to the online buyer’s journey many marketers don’t know how to build retention into the online experience. They’re too focused on the one-time transaction.” Ash recommends sending post-purchase emails to customers with cross-sell and up-sell offers, email list opt-in options, and incentives for connecting on social media. He also says marketers can turn customers into advocates by sharing content they’ll find valuable and want to share, by encouraging them to review products, and by asking for testimonials.
Done right, the online buyer’s journey doesn’t end with a sale, but with an ongoing relationship.
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4717f8b2d2b07a8e4756bfd578662bb6 | https://www.forbes.com/sites/joshsteimle/2015/11/28/19-essential-skills-and-traits-for-thought-leaders/ | 19 Essential Skills And Traits For Thought Leaders | 19 Essential Skills And Traits For Thought Leaders
My life changed the day in 2012 I sat down with my fellow Forbes contributor Cheryl Conner. I wasn’t writing for Forbes or any other publication at the time. Cheryl was a longtime friend and associate and I knew her as a public relations guru, so I wanted advice on how to promote my digital marketing agency. I was hoping she could tell me how to get my company featured in articles in mainstream publications. Instead, she gave me some straight advice. “Your company isn’t very interesting,” she said. My heart sank. “Your story is what’s interesting. That's what you need to tell.”
That boosted my ego, but also made me uncomfortable. I didn’t want to be “that guy” who always talks about himself. I would much rather have promoted my company or members of my team. Self-promotion reeked of...well, of self-promotion. But Cheryl explained to me that if I had something of value to offer based on my knowledge and experience I had an obligation to help others by sharing it. I would have to set myself up publicly as an expert in my field. Thinking about it made me feel embarrassed. “Get over it,” Cheryl said. “It’s not about you, it’s about what you can do to help others.” Despite my discomfort, I started researching thought leadership, looking for ways to share whatever meager knowledge and experience I had.
(Photo: BigStock)
Since that day three years ago, I’ve written over 200 articles for Forbes as well as many other publications. That writing has led to other opportunities. I’ve been flown and hosted in exotic places to speak at events. I've been featured on national TV and radio and presented at a TEDx event with over 1,000 attendees.Within one 12-month period my company’s revenues grew over 1,000%. This year I received my first book deal. Most rewarding of all has been the thank you notes from people who have been positively affected by what I’ve shared. It’s not that I’m smarter than anyone else--much of what I share is lessons learned from the extraordinary number of errors I’ve made during my career as an entrepreneur. I tell people "I've made all the mistakes so you don't have to."
The skills and traits I share here I don't share because I've mastered them, but because I've spent time researching thought leaders I admire like Ann Handley, Michael Hyatt, and Clayton Christensen and have found these to be the qualities they possess. Here are 19 essential skills and traits I’ve seen work for them, and work for me to the extent I’ve applied them.
1. Research
Successful thought leaders are voracious consumers of articles, podcasts, videos, and other media, especially books, which often represents the most highly curated form of knowledge. Most people don’t have time to dedicate to a particular field of knowledge. They rely on thought leaders to keep up on it and pass on the most valuable tidbits.
2. Writing
While there are many vehicles to get one’s message out, perhaps none is so accessible or simple to produce as the written word. Thought leaders write blogs, articles, white papers, ebooks, and books. Bonus tip: Great readers make great writers.
3. Typing
If you want to write a lot, you have to be able to type fast. If you have trouble typing, find an app or website that will help you speed up. I wish I could recommend one, but my secret to typing fast was to take Ms. Nunez’ typing class when I was in the 9th grade at Dana Junior High School in Arcadia, California, where I learned to type using an old-fashioned manual typewriter.
4. Storytelling
Data by itself is boring. Stories are interesting. Stories with data are interesting and credible. Great thought leaders weave data into stories to create credible and compelling narratives people remember and apply.
5. Thinking Like a Journalist
When I drive down a city street I see things nobody else sees, because I’m a skateboarder. You might see some people walking down some stairs, but in my mind I see an urban skatepark. Just as I see skate spots everywhere, journalists see stories everywhere. They can’t help it. Start thinking like a journalist and you’ll start seeing stories everywhere as well, and you’ll have no shortage of what to write and talk about. I’ve written 200 articles but the only reason I haven’t written 400 is a shortage of time.
6. Presenting
Public speaking is the number one phobia in the U.S. That means if you can do it well, you have a distinct advantage. The good news is the more you practice, the better you get, and event organizers are dying to find people who can speak well and won’t embarrass the organizer in front of a crowd. My two favorite books on how to speak in public and present well are Speak to Win by Brian Tracy and Talk Like TED by Carmine Gallo.
7. Smiling
People do business with people they like and trust, and people like people who smile. Smiling is one of the three key traits of likability according to Guy Kawasaki, along with proper dress and a good handshake.
8. Thinking Fast
Every great thought leader I’ve seen has been particularly skilled at thinking fast on his or her feet. They process information quickly, see where, when, and how it can be applied, and are rarely caught off guard. To maintain your brain at peak function sleep well, eat well, exercise, and learn to know when your mind needs a break.
9. Connecting
Thought leaders are always making connections. They introduce people to each other, see links between topics and ideas that seem to have nothing in common, and easily form connections with others. On that last point, if you want to form better connections with others, learn to listen. It’s also more interesting--I learn a lot more from listening to others than I do listening to myself.
10. Objectivity
Animals are 100% subjective in their thinking. You and I are different in that we can mentally step out of ourselves and view our thoughts and actions as though from the standpoint of a third party. The more we develop this sense of objectivity, the more we can give ourselves feedback and improve.
11. Empathetic
If you write, speak, or otherwise try to communicate with an audience you don’t understand it will show through loud and clear. Thought leaders have empathy for others and are able to understand how others see the world and what they feel. Your most powerful tool for developing empathy is your imagination, but getting to know those you communicate with is critical as well.
12. Responsible
We often see responsibility as a negative because we equate it with being at fault for something bad that has happened. Change your thinking, because the other side of responsibility is that when you take it, it means you assume the power to make things better, and people follow people who have power.
13. Accessible
In his book The Power Principle, the late Blaine Lee teaches that leaders can’t influence others if other people can’t get in touch with them. If you want to be a legendary thought leader, form deep bonds with your audience by responding to their emails, tweets, and Facebook messages. And I don’t mean have your assistant send them a generic response, but send them something they know could only have come from you, and that is only meant for them. They’ll remember it forever, and they’ll become evangelists for your message.
14. Critical Analysis
If you can’t critically analyze yourself, chances are nobody else will be able to do it for you. People are trusting that you are doing the hard work of filtering out low quality and false ideas and delivering the treasure that’s left to them. If they feel you don’t properly analyze the information in front of you, they won’t trust you.
15. Creativity
In the book How Google Works Google Executive Chairman and ex-CEO Eric Schmidt and former SVP of Products Jonathan Rosenberg call the people Google strives to attract “smart creatives.” These individuals are results oriented, constantly produce new ideas, and openly and freely collaborate and share with others. Not all smart creatives are cut out to be thought leaders, but every thought leader should be a smart creative. Some people think creativity is something you either have or don't have, but I believe it can be worked out and built up just like a muscle. One of the best ideas I’ve found for building creativity comes from best selling author James Altucher, who advocates keeping a daily idea list. He explains how in his blog post The Ultimate Guide for Becoming an Idea Machine.
16. Humility
In the business classic Good to Great Jim Collins found that the best business leaders were, counterintuitively, quite humble. Some misunderstand humility to be the act of putting yourself down or thinking of yourself as less than others. But humility is simply seeing things, including yourself, as they truly are. Pride is its opposite, and pride is what keeps us from learning and progressing, and who wants to pay attention to a thought leader who is stuck in a rut?
17. Authenticity
It’s hard to work on being authentic because as soon as you do, you’re not. Instead of trying to be authentic, be honest. Be honest even if it scares you. That’s the definition of vulnerability, and when you become vulnerable, authenticity sneaks in the back door. If you’ve never had the experience of being about to say something, and then thinking “Oh, this is going to be embarrassing for me, but it’s the best way to help this person I’m talking to…” then dig deeper.
18. Focus
There are fascinating people in the world who spread themselves across many ideas and efforts. Unfortunately, we rarely hear about these people because they never spend enough time on anything to do it well. The advice I received when I started writing for Forbes was “Choose a dragon to slay, and then kill that dragon every time you write.” When it comes to developing this kind of focus, perhaps the most helpful resource I’ve come across is the book The One Thing by Gary Keller and Jay Papasan.
19. Generosity
My favorite thought leaders are generous people. Guy Kawasaki talks about “defaulting to ‘yes’” whenever someone asks him to do something. I’ve contacted countless thought leaders for advice and almost invariably their immediate response is “Sure!” Some even beat me to the punch. Earlier this year I met entrepreneur and author John Rampton at the Startup Grind 2015 Global Event and before I could get past my name he said “What can I do for you?” Not as a form of generic greeting, but sincerely asking how he could help me achieve my goals, before he even knew anything about me. Embracing this kind of generosity is part of a larger abundance mentality that has led me to some of the most rewarding opportunities of my life.
Who are the thought leaders you most admire? What skills and traits do they have that I didn’t cover? Tell us in the comments below.
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4902d391fce60a11305de8c64b73893c | https://www.forbes.com/sites/joshsteimle/2015/12/11/6-tips-for-managing-a-distributed-team/ | 6 Tips For Managing A Distributed Team | 6 Tips For Managing A Distributed Team
How do you feel about spending thousands of dollars each month on something you don’t need? I don’t like it much, either. That’s why I got rid of my company’s office in 2007 and never looked back. It wasn’t easy. It took me years to get to that point mentally, but it was the right decision and being liberated from an office has provided big benefits in the years since. One benefit is being able to hire the best people regardless of where they live. We now have team members in Washington, Texas, Utah, Illinois, Arizona, and Hong Kong, and that’s just the full-timers.
But managing a distributed team isn’t without challenges. It’s easy to feel disconnected from others, run into communication problems with timezones, and when you add cultural differences into the mix things can get complicated quickly. Here are 7 ways we’ve learned to make overcome the challenges and turn not having an office into a net positive for our business.
Buffer's remote team on a working retreat in Cape Town, South Africa in 2014. Photo courtesy Buffer.
Focus On Results
Managing a distributed team won’t work for every type of business, nor for every type of person. I run a digital marketing agency which might lend itself more easily to a distributed team model. The way we work isn’t much different than how we would work if we were in an office together. What has been clear to me from day one, however, is that creating a results-only culture is key. We don’t track employee work hours (although we do track project hours for billing and internal efficiency purposes) and offer unlimited vacation time. We’re also considering “forced” vacation time for those team members who are tempted to never go on vacation. The point is, we don’t care what our team members are doing as long as they’re producing the results we do care about, and are able to produce those results on a sustained basis. This means stripping out arbitrary rules like a 40-hour work week or 2 weeks of vacation and saying “We don’t care when you work or how you work, as long as you get the work done.” Then we strive for clarity as to what “getting the work” done means.
Hold Structured Daily and Weekly Meetings
We’re big fans of Scrum. When I was introduced to the book Scrum: The Art of Doing Twice the Work in Half the Time by Jeff Sutherland I read it four times in four days. One of the core practices of Scrum is to have daily standing meetings. Because we all work remotely we can’t have these meetings in person so we do them in Slack. I have separate “standing meetings” each day with my business partner, our managing director in Hong Kong, and with one of our sales associates. The meeting is simple--we each post three things we’re going to get done that day. If we see an opportunity to provide input on the others’ to-do list, we offer it. If someone needs help with an item, this is their chance to ask for it. Other teams in the company have their own standing meetings. It takes about 30 seconds each day, per meeting, but makes a huge difference when it comes to feeling like everyone knows what every else is doing.
We also have set weekly meetings. We have all-hands company meetings each week using GotoMeeting. These meetings last approximately half an hour and each member of our team gives a brief report of the highlights from the past week and what they’ll be working on the next week. We don’t use this meeting to manage projects or coordinate anything--it’s purely to help everyone stay in the loop, see each others’ faces, and hear each other's’ voices. There are also separate weekly project management meetings, and a weekly management meeting conducted by phone between me and my partner. These meetings are more in-depth.
Host Company Retreats
These can be challenging to put together. One company that gets it right is Buffer, and they aren’t shy about sharing the details. When your team is spread around the world hosting a retreat doesn’t come cheap, but we saw the payoff from ours, and we’re working on having them more often. For all the benefits of working remotely, nothing can fully replace in-person, face to face contact.
Use the Right Software
Using the right software can make life as a distributed team a breeze. In addition to the software mentioned above, we also use:
Switch. This replaced our physical handsets earlier this year. We now use it for virtually all phone calls. UberConference. My favorite conference calling software, it provides a “party line” that doesn’t require a code so I can give it out to anyone and I don’t need to give them a pin or code. It also records all calls and sends me an mp3 file afterward. Wunderlist. For basic to-do list management. Skitch. Makes it easy to take screenshots and add notes which is useful for giving feedback on websites we’re designing or optimizing for conversions. Google Docs. The collaboration features in Google Docs convinced me to give up Office years ago, and the quality of Docs gets better every month. DropBox. For sharing common resources like our library of stock photography, presentation templates, and other files. Basecamp. This popular project management software helps us to work together as a team even when we’re thousands of miles away from each other. WorldTimeBuddy. My indispensable friend for quickly figuring out timezone questions like “Client A wants to call me at 3 pm Florida time...what time is that in Hong Kong where I am?”
And of course Google Enterprise Email, which gives us all the functionality of Gmail on our company domain with easy to use administration tools.
Launch a Company Intranet
You don’t hear much about corporate intranets anymore, but we still find it useful to have one. It’s a simple WordPress site, made private so only those in our company can access it. We use it to post larger updates to the whole company, training and policy materials, and as a company directory.
Create a Book Club
I’m a believer in the power of books. They are one of our primary training tools. I usually read a few books each week, and when I find one that is particularly important, I add it to a Google Sheet that is shared with everyone in the company. If I think the book is critical, I buy it for everyone and then use the spreadsheet to track what books I’ve bought for whom. Sometimes some of us on the team will read books at the same and discuss them, which fosters a sense of connection through shared knowledge.
Bonus Tip: Study Other Distributed Companies
The Year Without Pants: WordPress.com and the Future of Work by Scott Berkun and Remote: Office Not Required by Jason Fried and David Heinemeier Hansson are two classic books about managing distributed teams, but the most up to date information is going to be found on websites and blogs. Businesses that foster remote work are surprisingly open about how they do it, as evidenced by the stories shared by companies like Buffer, Zapier, Groove, and Basecamp.
Does your company run a remote team? What benefits have you seen? What challenges have you faced? Tell us in the comments below.
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6c951b2f1b6ebf4b6e45e5fdab17291f | https://www.forbes.com/sites/joshsteimle/2016/01/22/3-ways-cmos-can-break-down-silos/ | 3 Ways CMOs Can Break Down Silos | 3 Ways CMOs Can Break Down Silos
Silos stifle communication and prevent teams from working together to achieve organizational objectives. Chief marketing officers, with their focus on the customer, are ideally positioned to bust silos and promote the kind of collaboration that leads to a better customer experience and real growth.
Silos form naturally as the result of systems and processes that reward information hoarding. These divisions are exacerbated by fear–a byproduct of a lack of healthy culture, vision, or communication. When silos develop and team members are unable to or refuse to share vital information the relationship with the customer suffers, business dries up, and without intervention the organization dies. Because the the buyer journey is no longer linear but omni-channel, and because information flows through those channels faster than ever, the consequences, whether positive or negative, are being reaped faster than ever. Companies that break down silos, foster communication, and deliver customer value are quickly rewarded, while those companies that lag behind are disappearing at a rapid pace.
While omni-channel is the trend, so is specialization. There is a need for ever more competent experts in niche areas (e.g. witness the rise of the “social media analytics specialist” or the “cloud architect”). Someone needs to understand who these people are, what they do, and how it all comes together to serve the customer. “As these channels evolved, their roles in the consumer journey expanded,” says Wendell Lansford, CEO of Offerpop, a marketing platform for visual, user generated content. “This makes it critical for brands' marketing organizations to break down the walls between teams and subject matter experts.” Here are three key ways CMOs can make this happen.
1. Shift the Physical Working Environment
Does the organization of your global office locations or the layout of individual office spaces support silos? One of the best ways to get out of the separate-channel mindset is to physically change your work space. Keith Weed, CMO of Unilever, swears by his company’s “dynamic working environment–with an open desk plan and flexible working–where ideas can circulate.” While interviewing Peter Horst, CMO of The Hershey Company, for my upcoming book Chief Marketing Officers at Work: How Top Marketers Build Customer Loyalty, he spoke about how Hershey is eliminating silos by creating “agile pods,” where “You have someone from PR, someone from social, a digital technologist, a copywriter, and a brand strategist all sitting together in real time co-creating, executing, testing, sharing, learning.”
Companies with multiple offices can examine whether geographic separation is isolating departmental functions. It’s only natural for this to happen, but as a leader you can push for intelligent organization rather than succumb to the default. Does it make sense for the bulk of the marketing team to be headquartered in New York, or to have parts of the team in each office around the globe? Sometimes, mere physical proximity can be a large part of facilitating effective communication.
2. Communicate
“Silos, by virtue of what they are, are typically not of any communicative environment,” says Geraldine Calpin, Senior Vice President and Global Head of Marketing at Hilton Worldwide. The modern workspace is as much virtual as physical, so while changing your physical workspace may be a key factor, it can only go so far if your technology still separates people by function.
Because CMOs are often a bridge between various organizations including sales, customer service, and product design and engineering, they can push for the use of tools that actively encourage collaboration across functional barriers. “We use our matrix structure to ensure that great ideas flow from any part of the organisation to inspire other teams,” says Weed. “And we’ve operationalised this using sharing tools/software, such as our internal platform ‘Chatter’.” For Unilever, this technology serves 70,000 team members across all functions and geographical areas of the business. “Having something like this encourages people to collaborate far more than in the past, which is really driving a change in our agility,” Weed says.
3. Unify Your Team With a Common Goal
In the absence of common objectives from leaders, individuals and groups create their own. This can lead to conflict between groups and promote silos. When all groups have the same goal, the reasons to create silos are greatly diminished. At GE, everyone unites around a single, simple idea. “We talk about this concept of the GE store and what we do as a company that puts things into the store,” says Linda Boff, CMO at GE. She continues, “We don’t go to market as separate brands. We go to market as a brand in-house. That drives a lot of commonality.” For Jeff Jones, Executive Vice President and Chief Marketing Officer at Target, the unifying vision is all about customer satisfaction. “One of the things I try to do is to stay obsessed with who we’re serving,” he says. “The more I start with the guests, the less the way we’re organized is relevant.” That’s because when all team members are focused on the customer, they solve process, organization, and technology issues on their own.
No One Better Than the CMO
Shifting your work environment, communicating well, and unifying your team with a common goal aren’t activities designed to fight against specialization. As Weed notes, “One person’s silo is another person’s focus.” Busting silos isn’t about turning everyone into a generalist, but rather allowing specialists to gain a broad perspective by which they can see how their work fits into the whole and makes a difference for customers. One might argue this is the CEO’s role, but the CEO’s attention is divided across all operations of a business including manufacturing, HR, finance, and 20 other things. There is no C-suite executive more focused on the customer than the CMO, and that’s why David Doctorow, Senior Vice President of Global Marketing at Expedia, says “CMOs are perfectly positioned to break down silos. That’s because our job is to listen to the customer first.”
Do you agree that the CMO is ideally suited to break down silos? Why or why not? Tell us your thoughts in the comments below.
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aab80824587315a15547126653036876 | https://www.forbes.com/sites/joshuacohen/2018/07/27/right-to-try-for-some-raises-false-hopes-for-many/ | Right To Try For Some Raises False Hopes For Many | Right To Try For Some Raises False Hopes For Many
US President Donald Trump smiles after the signing of the 'Right To Try Act', which allows... [+] terminally ill patients to seek treatment using drugs that have not yet been approved, at the White House in Washington, DC, on May 30, 2018. (Photo by Nicholas Kamm / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
The Right to Try bill signed into law by President Trump on May 30th this year allows terminally ill patients residing in the U.S. to gain access to medicines that have passed Phase 1 of the FDA approval process but have not established efficacy in post Phase 1 clinical trial testing. Prior to Trump’s signing of the legislation 38 states had already enacted Right to Try laws.
Critics of Right to Try have focused on the regulatory and safety aspects. Here, however, the emphasis is on logistics and equity concerns.
Crucially, in order for Right to Try to be realized a pharmaceutical firm must be willing to provide experimental drugs to the patient. Nothing in the legislation makes it mandatory for drug companies to provide these medications. Furthermore, even if offered to patients many will not have access to medical facilities capable of administering investigational medications, and the vast majority of payers will not reimburse the medicines or required ancillary services. Nor can most patients obtain the necessary resources for reimbursement through industry-sponsored patient assistance programs or charitable organizations.
Expanded Access, also called Compassionate Use, is the name of a program that already does practically the same thing as Right to Try. It allows patients with serious and life-threatening diseases to obtain experimental treatments. The difference is that Compassionate Use operates through the Food and Drug Administration (FDA), which may deny requests for use of unapproved drugs. FDA’s oversight duties are not limited to assessing requests. The agency also leverages its knowledge of investigational medications to help physicians and other healthcare providers with proposed treatment plans, including dosing adjustments.
The FDA regulatory process exists for many reasons, not least of which is to enforce the do no harm principle, but also to establish when companies may charge for experimental treatments.
If made available by pharmaceutical companies, unapproved drugs – whether in the Compassionate Use program or under Right to Try arrangements - tend to be provided to those who know about the possibility, have access to hospitals with the appropriate infrastructure to deliver investigational medicines to patients, can afford the full array of treatment costs, or are the beneficiaries of charitable donations.
The Right to Try law is well-intended, but hollow. A rigorous regulatory framework, such as the one that undergirds the Compassionate Use program, is needed to prevent undue harms to patients. At the same time, and equally important in my view, policymakers need to find ways to address systemic inequalities in access to investigational drugs. Without a means of defraying costs for patients who cannot afford an investigational treatment offered by a drug company or don’t have access to a nearby medical center with the appropriate infrastructure, the bill will exacerbate the inequality that already exists in the U.S. healthcare system.
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961892f12154f326223f2a2b3c9d63c5 | https://www.forbes.com/sites/joshuacohen/2019/01/14/a-qaly-is-a-qaly-is-a-qaly-or-is-it/?sh=76685115496a | A QALY Is A QALY Is A QALY, Or Is It? | A QALY Is A QALY Is A QALY, Or Is It?
Photo credit: Getty Getty
Since the 1980s, the phrase “a QALY is a QALY is a QALY” has often been cited in the academic literature to emphasize that all Quality-Adjusted Life Years (QALYs) are considered equal regardless of the patient or situational factors concerned (e.g., baseline health, severity of disease, socioeconomic status, area of residence, age). As such, the argument goes, the QALY is egalitarian, as it is the same regardless of to whom it accrues. Further, the QALY allows for tradeoffs between its two factors - life expectancy and quality of life - which in turn facilitates comparisons of cost-effectiveness across a wide range of disease states and treatments.
The Institute for Clinical and Economic Review (ICER)'s “Equal Value of Life Years Gained” assessments expand upon the notion of equal QALYs, as they do not adjust for quality of life differences arising from “age, severity of illness, or level of disability.” As such, an equal value to life extension is assigned regardless of the patient’s current state of health.
In practice, this assumption implies that a QALY gained and lost is blind to health conditions and personal characteristics. In effect, what matters under this principle is the sum total of the population health and not the distribution. When interpreted in conjunction with the efficiency objective, the ‘QALY is a QALY is a QALY’ principle means that an intervention that results in a small loss of QALYs for some but a greater gain of QALYs for others will result in a net efficiency increase, irrespective of the resulting distribution.
And now that ICER and several stakeholders involved in the U.S. pharmaceutical supply chain, including the pharmacy benefit manager CVS Caremark, are openly dealing in QALYs, the QALY is no longer confined to the halls of academia. The QALY and cost-per-QALY threshold are being mainstreamed. Recently, CVS Caremark launched an initiative to develop a value-based formulary based on ICER's cost-per-QALY analyses.
An important lesson drawn from ICER analyses is that given the constraints on payer budgets, additional costs imposed by treatments invariably have an “opportunity cost” in terms of the health foregone due to other interventions not being able to provided. It's ICER's use of cost-effectiveness thresholds that make explicit the stark reality of opportunity costs. According to CVS Caremark, cost-per-QALY thresholds allow clients to exclude from the formulary drugs with a cost-effectiveness ratio over $100,000 per QALY as determined by ICER.
Besides the arbitrariness of the numerator in cost-per-QALY thresholds, a central question facing ICER and CVS Caremark is whether a drug’s value should depend on not only a measure such as QALYs, but also on which disease or population is being treated, which implies that a QALY may not always have the same weight. In other words, should ICER invoke higher (i.e., more lenient) cost-per-QALY gained cost-effectiveness thresholds in some areas (say, cancer or rare diseases, or young patients) than others and, if so, on what basis?
In a related vein, there is the thorny theoretical issue regarding commensurability of different diseases and health states; specifically, the presumption that the interval scale on which the QALY is based is divided into equal increments. This is the cardinal scale anchored by the end-points 0 (death) and 1 (perfect health). A move between, say, 0 and 0.4, is considered equivalent to a move from, for example, 0.4 to 0.8. However, survival, or avoiding death (0), however meager the quality of life, is preferable for most people presented with a hypothetical scenario to a `mere' improvement in quality of life. Indeed, the literature suggests that a significant majority of the general population has a preference for putting greater weight to health gains accrued by children, those who are severely ill, and the socioeconomically disadvantaged. All QALYs are not created equal, if you will. Therefore, using the QALY and cost-per-QALY threshold to compare qualitatively different kinds of interventions and disease or condition categories - life-saving or life-threatening versus life-improving - may be problematic.
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91b261ace98881916a5538742e7750a7 | https://www.forbes.com/sites/joshuacohen/2019/02/04/rebates-to-the-dustbin-of-history/ | Rebates To The Dustbin Of History? | Rebates To The Dustbin Of History?
Alex Azar, secretary of Health and Human Services (HHS), speaks during healthcare pricing roundtable... [+] with U.S. President Donald Trump, not pictured, in the Roosevelt Room of the White House in Washington, D.C., U.S., on Wednesday, Jan. 23, 2019. Photographer: Al Drago/Bloomberg © 2019 Bloomberg Finance LP
The Trump Administration has proposed eliminating certain rebates drug manufacturers pay pharmacy benefit managers (PBMs) and insurers. Specifically, safe harbor protection - which exempts rebates from anti-kickback laws - would be removed for rebates drug manufacturers pay to PBMs operating in Medicare and Medicaid, as well as Medicare Part D plans and Medicaid managed care organizations. Without safe-harbor protections, rebate monies retained by PBMs, Part D and Medicaid plans, would be considered illegal kickbacks.
A new safe harbor would be established for rebates offered directly to patients picking up their prescriptions at the pharmacy, as well as fixed-fee service arrangements between drug manufacturers and PBMs, Part D and Medicaid plans.
In a statement, Department of Health and Human Services (HHS) Secretary Alex Azar railed against PBM rebates as “a hidden system of kickbacks to middlemen” that increases drug costs for U.S. residents.
The proposal is open for public comments for the next 60 days and is scheduled to go into effect in January 2020. There is no guarantee that the proposal will go ahead as planned as it will likely encounter obstacles, including possible Congressional and legal barriers.
Drug manufacturers pay rebates to PBMs and insurers in exchange for moving market share towards products for which rebates are paid. This is accomplished by placing products in a preferred status on the formulary relative to competitors, i.e., a lower patient cost-sharing tier and fewer conditions of reimbursement, such as prior authorization and step therapy. While a portion of rebates is retained as profit by PBMs, a larger percentage of the rebate pie is returned to payers and employers who contract with PBMs.
The pharmaceutical industry has asserted that PBMs prefer higher-priced drugs so they can negotiate larger rebates and retain more profit. As such, rebates have been deemed anti-competitive by critics, who blame them for making many patients pay more out of pocket as a patient's cost-share is calculated as a percentage of a drug's list price.
On the other hand, it is claimed by PBMs that rebates help reduce insurance premiums. It's even asserted that rebates can help to lower patients' overall out-of-pocket costs. Without a system in place that replaces the main function of rebates - to lower purchasing costs of medicines for payers and employers - payers and employers may be forced to raise premiums, deductibles, or out-of-pocket co-payments.
As was said above, under the HHS proposal rebates would only be permitted if they were passed through directly to patients. However, the notion that rebates would be given to patients at the pharmacy counter is unclear and perhaps even meaningless in the context of the current rebate system, unless one sees patients as purchasers of drugs. Generally, patients are not purchasers of drugs. The purchasers of prescription drugs for which rebates are paid out are third-party payers and employers, not patients. PBMs negotiate purchases of drugs on behalf of payers and employers.
Patients do pay a share of the cost of drugs in the form of co-payments and co-insurance. And, in the current rebate system, co-insurance or a percentage of the cost of medicines is based on the list and not the net price. Perhaps then what Secretary Azar is referring to as a 100% pass-through of rebates is that patients would be charged a percentage of the net rather than list price. But then rebate amounts and net transaction prices would no longer be proprietary. De facto this would mean an end to the rebate system, at least in Medicare and Medicaid.
What still needs to be spelled out is the rebate system's replacement in the public sector. With third-party insurance, the main purchasers of prescription drugs will continue to be health insurers and employer sponsors. It may be wishful thinking to suggest they could simply bypass PBMs and establish an upfront discount system on their own. Certainly patients by themselves have no negotiating leverage, as can be seen by the fact that the uninsured pay the highest retail prices for drugs. And so there would need to be a clout wielding entity to negotiate on behalf of the main buyers of prescription drugs. It follows that PBMs would be a necessary cog in the new discounting system. But, they would need to be incentivized by fees of some sort to perform their negotiation and formulary management functions.
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b44504dddb045ccf750f68c24b218737 | https://www.forbes.com/sites/joshuacohen/2019/04/22/priority-review-vouchers-and-access-to-drugs-targeting-neglected-diseases/ | Priority Review Vouchers Have Helped To Improve Access To Drugs Targeting Neglected Diseases | Priority Review Vouchers Have Helped To Improve Access To Drugs Targeting Neglected Diseases
FILE - This April 28, 2010, file photo shows the GlaxoSmithKline offices in London. On July 20,... [+] 2018, the Food and Drug Administration approved GlaxoSmithKline's Krintafel, a one-dose treatment to prevent relapses of malaria. (AP Photo/Kirsty Wigglesworth, File) ASSOCIATED PRESS
The Food and Drug Administration's (FDA) Priority Review Vouchers (PRVs) for neglected tropical diseases (NTDs) are aimed to incentivize pharmaceutical companies to develop drugs or vaccines for NTDs. The vouchers do this by providing a six-month expedited review of another drug within that company's development pipeline if they receive FDA approval for such a drug (or the voucher can be sold to another company). Though critics have claimed that the program doesn't require the treatments to be novel or affordable, the program has been successful in ensuring a number of new medications for NTDs have been developed and launched in an accessible way.
Pharmaceutical companies have brought a number of already existing drugs to market and received a PRV. These are drugs that had been approved by other regulatory agencies – sometimes decades ago - and were in use and often on the World Health Organization's Essential Drug List (WHO-EDL).
High-profile examples include the artemether/lumefantrine (Coartem) combination targeting malaria (in use as early as the 1990s, approved by FDA in 2009), benznidazole indicated for Chagas disease (in use as early as the 1970s, approved by FDA in 2017), and miltefosine, a treatment for leishmaniasis. The latter was approved by the Indian regulatory agency in 2002. It was subsequently placed on the WHO-EDL. In 2014, miltefosine obtained orphan drug status in the U.S. A PRV was awarded. The PRV was then sold for $125 million without establishing a means to improve access to the drug at an affordable price.
In the case of Coartem, however, a comprehensive access plan was established. Together with public-private partners, including Medicines for Malaria Venture, Novartis established donation programs for Coartem dispersible, a sweet-tasting, cherry-flavored tablet that dissolves in water and is developed for children. Besides the donation programs, Novartis is supplying the drug at marginal cost to malaria-endemic countries.
There are also a growing number of instances of novel NTD drugs that have gained FDA approval, and for which certain guarantees of access have been promised or already established. For example, in December 2018, moxidectin became the first onchocerciasis (river blindness) treatment approved by the FDA in 20 years. The drug had not been registered elsewhere. Additionally, the sponsor, the not-for-profit Medicines Development for Global Health, has declared that revenue from the sale of the PRV will be supporting access to moxidectin.
According to Dr. John Reeder, director of TDR, the WHO hosted Special Program for Research and Training in Tropical Diseases, the "voucher fully meets the original spirit of the PRV program to promote research and development of affordable and accessible drugs for neglected tropical diseases. Without this program, Medicines Development for Global Health would not have been able to raise the funds to complete all of work for the new drug application."
Another example is Krintafel (tafenoquine), also named Kozenis, which was approved in 2018 for the prevention of relapse of Plasmodium vivax malaria in patients aged 16 years and older. Developed by GlaxoSmithKline and Medicines for Malaria Venture with funding from the Bill & Melinda Gates Foundation, Krintafel is the first new drug approved to eradicate Plasmodium vivax in 60 years. Given in a single dose it's much easier to use than the previous standard of care, which often requires a two-week course. The manufacturer, GlaxoSmithKline, has promised that in malaria-endemic countries tafenoquine will be provided at an "affordable price" to maximize access to those who need it.
Yet another example is bedaquiline (Sirturo). Following a fast-track, accelerated approval process, FDA gave the nod to Sirturo in 2012. Sirturo became the first novel treatment in 40 years for pulmonary multi-drug resistant tuberculosis (MDR-TB). Access is available through a number of routes, including tiered pricing. The sponsor, Johnson & Johnson, has implemented an equitable pricing strategy that sets prices according to a country's ability to pay. Initially, the price for a six-month course of bedaquiline is different for low-, middle-, and high-income countries ($900, $3,000, and $30,000, respectively). Per July 2018, Johnson & Johnson announced a not-for-profit price of $400 for more than 130 eligible countries procuring through the Stop Tuberculosis Partnership's Global Drug Facility.
In 2014 the sponsor also set up a donation program that is managed by the United States Agency for International Development (USAID) to increase access to the product in over 100 low- and middle-income countries. The program initially covered 30,000 treatment courses. USAID and Johnson & Johnson subsequently made an additional 75,000 courses available until March 2019. According to Johnson & Johnson, 118 countries currently have access, including all 30 countries with high MDR-TB burdens. The program incorporated physician and patient education on proper application of diagnostics, the use of bedaquiline, and activities to minimize risk to exposure to tuberculosis. Although a donation program continues in China, the USAID-managed program appears to have recently expired.
A growing number of novel NTD treatments with post-marketing access plans in place appear to be addressing critics' concerns about the PRV program. Nonetheless, it's imperative that sustained paths to access be coupled with NTD drug development.
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0a6399c60f94bc1a4c2b50df29b69859 | https://www.forbes.com/sites/joshuacohen/2019/08/07/senates-prescription-drug-pricing-bills-limited-impact-on-drug-prices/ | Senate's Prescription Drug Pricing Bill's Limited Impact On Drug Prices | Senate's Prescription Drug Pricing Bill's Limited Impact On Drug Prices
Senator Ron Wyden, a Democrat from Oregon and ranking member of the Senate Finance Committee,... [+] center, speaks during a hearing on drug pricing on Capitol Hill in Washington, D.C., U.S., on Tuesday, Feb. 26, 2019. Top executives from seven of the world's biggest drug companies were testifying before Congress about drug costs, a long-awaited session that could kickstart legislation to rein in prices. Photographer: Zach Gibson/Bloomberg © 2019 Bloomberg Finance LP
Two weeks ago, the Prescription Drug Pricing Reduction Act (PDPRA) advanced out of the Senate Finance Committee. The Act will be considered by the full Senate this fall. If passed and enacted, the bill would cap Medicare beneficiary out-of-pocket costs for prescription drugs at $3,100 per year, beginning in 2022. Furthermore, it would require drug makers to rebate Medicare if they raise prices above inflation.
The Act has been hailed as a means towards reducing prescription drug prices, but in reality it does more to limit out-of-pocket spending by seniors and disabled people than move the needle on drug prices.
Certainly, forcing drug makers to rebate Medicare if they raise prices above inflation could be impactful. However, the inflation provision mirrors what Medicaid has done for several decades. Namely, Medicaid requires drug manufacturers to pay the government a rebate if prices outpace inflation.
A number of Republicans tried to excise the inflation provision, but failed. Their argument was that doing so would constitute too much government intervention in the marketplace.
Conversely, Democrats attempted to include a provision allowing Medicare to negotiate drug prices. Their attempt failed. Nevertheless, ranking Committee member Ron Wyden, a Democrat from Oregon, said Democrats may not allow the full Senate to begin debate on the drug bill unless the Senate also considers allowing Medicare to directly negotiate with drug manufacturers, and reaffirms the preexisting condition mandates established by the Affordable Care Act.
Notably, Senate Finance Committee Chairman, Iowa Republican Chuck Grassley said that he wants to reintroduce reforms to the prescription drug rebate system. Last month, the Trump Administration scuttled its plan to remove the safe harbor exemption that pertained to rebates paid by drug manufacturers to pharmacy benefit managers (PBMs) managing outpatient drug benefits for Medicare beneficiaries. Apparently, there were concerns expressed by Administration officials that removing rebates would cause PBMs to increase prescription drug plan premiums for Medicare beneficiaries. Now, Senator Grassley has stated that point-of-sale rebates – passing rebates through to end-users who pick up their prescriptions at the pharmacy – would be considered during discussions on the PDPRA in the full Senate debate in September.
Though not included in the PDPRA itself, the Senate Finance Committee did discuss a possible measure to block the International Pricing Index (IPI) proposed payment model being put forward by the Department of Health and Human Services to tie Medicare Part B (physician-administered) prices in the U.S. to those of other developed nations. The IPI pilot program for Medicare Part B is slated to commence in the spring of 2020 and take five years to complete. The program would apply to 50% of Medicare beneficiaries. It would benchmark prices of most Part B drugs to an average calculated among a group of approximately 16 countries. Effectively, this would import foreign price controls and lower Medicare Part B prices.
Most of the Republicans on the Senate Finance Committee backed an amendment to block the IPI proposal. Surprisingly, however, a few Republicans did not support the amendment, which ultimately meant it didn't pass. This implies that the IPI proposal with has more potential to truly disrupt U.S. prescription drug prices than the PDPRA bill, is still on the table, and could be implemented without Congressional approval.
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2300caa8b5458afcff3252cf3eb8e26a | https://www.forbes.com/sites/joshuacohen/2020/01/09/us-cancer-mortality-rate-declines-but-disparities-in-treatment-point-to-access-problems/ | U.S. Cancer Mortality Rate Declines, But Disparities In Treatment Point To Access Problems | U.S. Cancer Mortality Rate Declines, But Disparities In Treatment Point To Access Problems
A box of erlotinib 100mg tablets, also known by its brand name Tarceva, a cancer treatment drug ... [+] manufactured by Roche Holding AG. Tarceva is indicated for the initial treatment of patients with EGFR mutation-positive metastatic non-small cell lung cancer. Photographer: Chris Ratcliffe/Bloomberg © 2018 Bloomberg Finance LP
There’s good news on the cancer front. In the U.S., the cancer death rate dropped by 2.2% from 2016 to 2017, which is the largest yearly decrease ever recorded. Lower rates of lung and skin cancer deaths appear to be the biggest drivers. It’s unclear how much of the decrease can be attributed to factors such as recent advances in cancer treatments, early detection, or improved lifestyle habits like smoking cessation. But, it’s probable that at least some of the progress can be attributed to better cancer treatments.
Nevertheless, a vexing and persistent problem in U.S. healthcare is inequality in access to treatments of all kinds, including cancer therapies.
For example, disparities in lung cancer treatment may point to an access problem. Less than 62% of lung cancer patients in the U.S. receive treatments recommended by the National Comprehensive Cancer Network (NCCN) guidelines, according to research recently published in the Annals of the American Thoracic Society. About 22% percent got no treatment, and 16% received treatment that was less intensive than recommended.
The NCCN has established clinical guidelines for treating both non-small cell lung cancer and small cell lung cancer. Together, the two types of lung cancer are the leading causes of cancer deaths in the U.S.
In “Disparities in Receiving Guideline-Concordant Treatment for Lung Cancer in the U.S.” Dr. Erik Blom and colleagues report that the probability of receiving the guideline-recommended treatments is even lower than 62% for African American patients and the elderly.
The findings are based on a review of nearly 442,000 lung cancer cases diagnosed between 2010 and 2014 in the U.S. National Cancer Database.
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The study did not examine reasons for the disparities cited. But, an educated guess suggests several possibilities. Some patients, especially elderly, may simply opt not to get treatment. Others, after a weighing of benefits and risks, may decide that on balance treatment is not worth it. But, for a subset of patients lack of access to healthcare is a probable reason.
For the purposes of this post the focus is prescription drugs. Access to prescription drugs is multi-dimensional, with both regulatory and reimbursement dimensions playing critical roles.
For most cancer drugs, the problem in the U.S. is not on the regulatory approval side. To illustrate, the U.S. approves more oncology drugs than Europe. And, for those approved in both U.S. and Europe the time to approval tends to be shorter in in the U.S.
But, regulatory approval is a necessary but insufficient condition for access. This is where insurance comes into play, as well as affordability. Insurers tend not to exclude cancer drugs from the formulary, or list of covered treatments. However, they often impose high rates of cost-sharing and other restrictions or conditions of reimbursement. Barriers to cancer care access can also include denials for coverage of diagnostics and mutational profiling using next-generation sequencing.
Despite co-payment assistance, and in a number of instances free prescription drug programs offered by pharmaceutical companies, some patients cannot afford the high cost of a targeted therapy. This includes the cost of medicines, hospital, and physician services.
Here, the type of insurance that a person has matters - commercial, Medicare, Medicaid - as the bulk of treatment costs are paid for by third parties. And, within each type of insurance differences in coverage can be significant. That is, formulary decisions and restrictions on coverage matter.
Consider Medicaid, for example. Medicaid is sometimes not accepted at certain cancer treatment centers. Likewise, physicians may elect not to take Medicaid patients. Nonetheless, it’s better to have Medicaid than no insurance. According to a 2019 analysis of electronic health records of over 30,000 patients, in states where Medicaid access was expanded under the Affordable Care Act, previous racial disparities in timely cancer treatment between African American and white patients virtually disappeared.
Summing up, disparities in lung cancer treatments exist. These differences may be partly attributed to inequality in (insurance) access to guideline-driven care.
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29dbf63d0a519c6c6eb734706b6a4de4 | https://www.forbes.com/sites/joshuacohen/2020/08/03/seroprevalence-studies-may-underestimate-immunity-to-the-coronavirus/ | Seroprevalence Studies May Underestimate Immunity To The Coronavirus | Seroprevalence Studies May Underestimate Immunity To The Coronavirus
3D visualization of coronavirus Getty
Globally, there are more than 18 million confirmed novel coronavirus infections. A question many have is whether having had a coronavirus infection confers immunity.
By performing antibody tests, the Centers for Disease Prevention and Control (CDC) has been attempting to learn more about the percentage of people in the U.S. who have been infected with SARS-CoV-2, the virus that causes Covid-19. Because infected people can have mild or no illness or may not have gotten tested, CDC wants to use this information to estimate the number of people who have been previously infected with SARS-CoV-2 and were not included in official case counts.
But, seroprevalence surveys may underestimate immunity to the novel coronavirus. For several months, scientists have been questioning whether the presence of antibodies to the novel coronavirus can reliably determine immunity.
There have been reports of rapid decline in antibodies following a mild infection. Indeed, antibodies are no longer detected in serum in some of those who’ve been previously infected. And this has sparked worries of the possibility of re-infection.
Yet, some who don’t have detectable antibodies may still be immune to the coronavirus. Evidently, there are limits to seroprevalence as marker of prior infection and potential immunity.
Dr. Vincent Rajkumar, oncologist at the Mayo Clinic in Rochester, Minnesota, and editor in chief at the Blood Cancer Journal, has been arguing that seroprevalence isn’t the whole story regarding why coronavirus cases have plummeted in certain hard-hit areas, such as Wuhan, Madrid, and New York City, and remained low.
The typical trajectory in these cities has been rapid ascent in cases, hospitalizations, and deaths, followed by a steep decline to a very low level of infectivity which stays more or less constant over time. Indeed, experts have observed marked drop-offs in the numbers of coronavirus cases in many prior hot spots, despite seroprevalence that’s much lower than the usual 70% threshold for herd immunity.
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Of course, some of this has to do with continued diligence on the part of the community; social distancing, proper hygiene, and the use of face coverings.
But, it’s likely that there is more to it than that. Rajkumar maintains that many in these areas, even those without antibodies, may still be protected. He posits three main reasons why a subset of the population may not be susceptible to symptomatic Covid-19: 1. Low viral dose at exposure 2. Pre-existing cross-reactive immunity 3. Genetic factors, such as a particular blood type, that reduce susceptibility.
Reason number 2 above is particularly intriguing. Antibodies are known to not be the only form of protection against pathogens. The coronavirus also induces a memory T cell response. There is evidence that some people exposed to the coronavirus have a transient antibody response. What may be protecting them are memory T cells.
A newly published study of memory T cells in people infected with SARS-CoV-2 indicates T cells recall past encounters, if you will, with other human coronaviruses. This may explain why some people appear to ward off the virus and are as a result less susceptible to becoming severely ill with Covid-19.
Also, recent studies show that some recovered patients who tested negative for coronavirus antibodies did develop T cells in response to their coronavirus infection.
For example, a Swedish study found a strong T cell response in most individuals who had mild illness or were asymptomatic following coronavirus infection, regardless of the presence of antibodies. The finding suggests that coronavirus infection rates may be higher than what has been detected by merely using antibody tests.
Due to cross immunity with other related viruses, or a T cell immune response, some may not be susceptible to contracting the virus at all. They may not even mount an immune response, which would show up as antibodies. Others may be immune from getting symptomatic Covid-19.
Rajkumar is convinced that seroprevalence studies greatly underestimate the true level of immunity of a given population to the novel coronavirus. Antibody production upon exposure to the virus, existing antibodies, and T cells all contribute to immunity.
The great unknown, though, is how close does this get us to herd immunity? According to Dr. Ryan of the World Health Organization “we’re still not close to herd immunity.”
And so, Rajkumar exhorts people to continue to adhere to guidelines, because many are still at risk and therefore susceptible to the virus. By wearing masks, practicing physical distancing, and following hygiene rules, individuals can do their part in preventing the spread of coronavirus.
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6b02cbcba099f183cf992da75789bcc5 | https://www.forbes.com/sites/joshuacohen/2020/10/19/second-wave-of-coronavirus-hits-europe-major-differences-in-impact-across-countries/?sh=6f9e9541542e | Second Wave Of Coronavirus Intensifies Across Europe [Update] | Second Wave Of Coronavirus Intensifies Across Europe [Update]
PARIS, FRANCE - In this composite image, a comparison is made between two nightlife scenes before ... [+] and after the Paris coronavirus curfew was enforced. TOP - SEPTEMBER 13: Parisians enjoy the late summer weather in packed cafes and restaurants on the Rue de Buci, Paris. BOTTOM - OCTOBER 17: Closed bars and cafes are pictured on empty streets on the first night of the coronavirus curfew.(Photo by Kiran Ridley/Getty Images) Getty Images
By mid to late May, Europe had tamed the first wave of the coronavirus, but not eradicated it. Had Europe opted to pursue elimination of the virus, a second wave could have been avoided. But, on the whole, governments let down their guard. And then, complacency kicked in. Restrictions were substantially eased over the summer and into early autumn. Subsequently, as the weather cooled in September, people returned indoors to bars, restaurants, offices, and homes where the virus could easily spread.
In the past 10 days, the European Union (E.U.) has overtaken the U.S. in terms of new coronavirus cases per capita. Europe’s regional director of the World Health Organization (WHO), Hans Kluge, has said that there has been an exponential increase in daily cases across all of Europe, including the U.K. and non-E.U. countries, with the continent now reporting a 7-day average of more than 1,200 deaths a day.
While all of Europe is experiencing the effects of a second wave of coronavirus infections, there are major differences in impact and response across individual countries.
The figure below shows that Europe’s coronavirus resurgence is being led by several countries that also headed the first wave, including Belgium, France, Italy, the Netherlands, and Spain. But, the second wave also includes several countries that had been spared for the most part during the initial March onslaught, such as Poland and the Czech Republic.
October's exponential rise in coronavirus cases across a number of European countries. Our World in Data
The level of confirmed infections is presently much higher than in March and April in many European countries. This is partly owing to more testing than during the first wave. But, the alarming rise in test positivity – now double-digit percentages in many European countries – suggests the intensity of the spread of the contagion is strengthening. Hospitalizations and intensive care unit occupancy are steadily increasing, with a number of jurisdictions - for example, the region in and near Liège in Belgium, and the metropolitan Rotterdam area in the Netherlands - already reporting healthcare system capacity issues.
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Belgium stands out as an especially poor performer, not only during the first wave, but now it’s experiencing a dramatic rise in new daily cases; nearly an 80% increase in one week. Hospitalizations have also gone up, with currently more than 3,500 people in hospital with Covid-19. Belgian officials warn that if daily new cases continue to rise at the same rate, Belgium will fill its capacity of 2,000 intensive care beds by mid-November.
In several countries, such as the Czech Republic, the second wave is far worse than the first in terms of all three key indicators: Cases, hospitalizations, and deaths.
Czech Republic's second wave is worse than the first Worldometer
Other nations, like Spain, demonstrate that while numbers of new daily cases are worse than in March and April, hospitalizations and deaths are not as high as they were at their peak in the first wave.
Spain's daily deaths in second wave not as high as first wave Worldometer
A few European countries have been able to maintain relatively steady control over the situation in both the first and second waves. The figure below shows that Denmark’s second wave of daily new cases is relatively short-lived and muted, so far. Its strategy of test (third highest rate in Europe behind Iceland and Luxembourg; and 2.2 times the U.S. rate), isolate, and contact trace that it began implementing in March, appears to be working throughout the crisis. Furthermore, the death rate in Denmark, measured in deaths per million inhabitants, continues to be more than five times lower than its neighbor, Sweden.
Denmark's second wave in daily new cases may have peaked Worldometer
Overall, Europe’s second wave is worse in terms of daily new cases, but this hasn’t (yet) translated into aggregate hospitalizations and deaths that exceed the numbers seen in the first wave, though in many countries numbers of hospitalized Covid-19 patients are already nearing 60% of the peak levels last March and April. The three growth curves – cases, hospitalizations, and deaths – exhibit distinct slopes, with hospitalizations less steep, and deaths somewhat flatter still. An important caveat is that death is a lagging indicator. Many who die from Covid-19 spend more than four weeks in hospital. So, it is premature to draw definite conclusions about the trajectory of the deaths curve. A fourth curve to keep an eye on is excess all-cause mortality. Across most of Europe excess deaths are rising again.
Notably, in the U.S. the observed pattern thus far is that the second peak (focused on the sunbelt states during the summer) and now ascending third wave (concentrated in the Midwest and Northern Plains) is hardest in areas previously less impacted; while across Europe the second wave seems to be affecting many of the same hard-hit areas that were struck during the first wave. There are a few conspicuous exceptions to the rule, including Italy’s Southern provinces which had largely escaped Covid-19, and are now being hit hard as well.
As with the second apex that primarily impacted the sunbelt states in the U.S. over the summer, the discrepancy between curvature in the case and death curves can be traced to numerous factors. More testing may be at the top of the list, especially as it pertains to a younger demographic and those with mild or no symptoms. Indeed, the median age of those testing positive is at least 30 years lower than of people who contracted the virus in March. Older age is a critical risk factor that is positively correlated with a greater degree of severity of symptoms as well as death. Also, we may attribute fewer aggregate deaths during the second wave to the availability of number of comparatively effective treatments.
Since last week, European countries have re-introduced varying levels of restrictions, though so far most jurisdictions, with the exception of Ireland and the Czech Republic, are resisting the kinds of draconian lockdowns imposed in March. The impact of Europe’s second wave of coronavirus infections is being felt differently across different countries. Accordingly, policy responses have differed.
The raft of measures taken by European governments includes limits on gatherings outside households, mask and physical distancing mandates, closing of non-essential businesses, bars, and restaurants, and even curfews in some locales.
Until now, the Czech Republic has implemented the most restrictive set of measures, which includes the closing of schools for at least three weeks. The Netherlands and Germany have imposed what they’re calling a “partial lockdown” that comprises a shuttering of bars and restaurants (except takeout) but does not include schools. Other countries like the U.K. and Italy have tightened opening times of restaurants, imposed local partial lockdowns, set stricter limits on gatherings, and further expanded mask requirements. These measures are intended to stave off full lockdowns. It’s unlikely these softer measures will preempt the need to impose harsher steps in the very near future.
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dfba0e479c34d1bdf0410dd729517204 | https://www.forbes.com/sites/joshuacohen/2020/11/01/dismal-us-life-expectancy-trend-reflects-disconnect-between-dollars-spent-on-healthcare-and-value-produced/? | Dismal U.S. Life Expectancy Trend Reflects Disconnect Between Dollars Spent On Healthcare And Value Produced | Dismal U.S. Life Expectancy Trend Reflects Disconnect Between Dollars Spent On Healthcare And Value Produced
Doctor holding a bag of money getty
Long before the Covid-19 pandemic struck, there were signs of structural inefficiencies and comparatively mediocre outcomes in the U.S. healthcare system. Most worrisome was the fact that decades of ever-rising healthcare expenditures haven’t led to a concomitant improvement in value, measured in terms of mortality and morbidity outcomes.
In recent years U.S. deaths from Alzheimer’s, diabetes, suicides, stroke, and even heart and lung diseases have been rising at alarming rates. Furthermore, deaths from unintentional injuries, including drug and alcohol overdoses, have soared.
With the exception of a very small (0.08%) increase in 2019, life expectancy in the U.S. has been falling since 2014, as the figure below shows. And prior to 2014, for several decades, the slope of the life expectancy curve was relatively flat. This is a trend not seen in any other Organization of Economic Cooperation and Development (OECD) nation.
U.S. spends a lot on healthcare, but gets poor return on investment in terms of life expectancy Our World in Data
Per capita, the U.S. spends more on healthcare than any other OECD nation; more than $11,000 per person annually. But, the U.S. gets a comparatively meager return on its investment of healthcare resources.
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Invariably the question is asked whether the U.S. spends too much. It’s the wrong question. The focus should be on value. Are resources allocated to healthcare leading to a commensurate increase in outcomes? Surely, judging from the life expectancy figures the U.S. isn’t spending wisely.
Of course, healthcare’s poor return on investment is certainly not the only factor implicated in the disconcerting life expectancy trend. Socioeconomic determinants also play an important role. In 2015, Princeton economists Anne Case and Angus Deaton first analyzed a disturbing trend disproportionately impacting white middle-aged Americans. They highlighted three “diseases of despair:” Drug abuse, alcoholism, and suicide.
In several ways, the Covid-19 pandemic has laid bare the disconnect between healthcare dollars spent and value obtained.
For example, in areas of healthcare which have traditionally been cost-effective, such as public health - particularly preventive care and social services - the U.S. has considerably underspent compared to its peer nations. Public health departments at the local, state, and federal levels have been decimated by budget cuts for decades. Underfunding of public health may have compounded the already dismal U.S. performance with respect to Covid-19 death rates.
In addition, throughout the Covid-19 pandemic, relatively inexpensive items, technologies, and communication tools have either been underutilized, or are perpetually in short supply; the most conspicuous examples being the shortage of personal protective equipment and an array of testing issues, including depleted supplies of swabs and reagent material.
Additionally, there have been tens of thousands of preventable nursing home fatalities, which could have been avoided by applying relatively straightforward isolation measures.
By the time all is said and done the Covid-19 pandemic will have likely made matters worse for the U.S. in terms of its OECD ranking in terms of life expectancy. According to the Centers for Disease Control and Prevention, approximately 300,000 excess deaths occurred in the U.S. from late January until October 3rd, 2020. Two-thirds of these deaths were attributed to Covid-19. As the country currently faces another surge in confirmed coronavirus cases and hospitalizations, excess mortality is sure to increase further.
Besides, a new global study examining life expectancy finds that the Covid-19 pandemic will lead to a temporary decline in life expectancy in areas of the world most affected by the disease, including the U.S. and parts of Europe and South America.
And then there is the indirect negative impact of Covid-19 on health outcomes. During the first five months of the pandemic, more than 40% of U.S. adults had delayed or avoided medical care. This included routine and emergency healthcare.
Moving forward, health system initiatives - such as improvements to public health, social services, changes in health insurance design, and payment reform - should be judged by whether they move the nation toward higher-value use of resources that translates into improved mortality and morbidity outcomes.
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1785bec5aa9d502afd04dda28d630864 | https://www.forbes.com/sites/joshuacohen/2020/12/03/will-2021-be-another-break-through-year-for-biosimilars/?sh=207fb13f35d8 | Will 2021 Be Another Break-Through Year For Biosimilars? | Will 2021 Be Another Break-Through Year For Biosimilars?
A Basalog One insulin glargine disposable pen. Photographer: Dhiraj Singh/Bloomberg © 2016 Bloomberg Finance LP
In 2019, Scott Gottlieb, former Food and Drug Administration (FDA) commissioner, argued against throwing in the towel on biosimilars, as some other experts had advised. Gottlieb was right.
The growth in biosimilar market share from late 2018 until now has been remarkable.
Biosimilars are biologics that are highly similar to a reference or originator biologic product. There are no meaningful clinical differences in safety and effectiveness between a biosimilar and its reference product.
The chart below shows the unit market share for the biosimilar versions of seven reference provider-administered biologics.
Increase in biosimilar market share Drug Channels Institute
Biosimilars compete on price. And, as can be seen in the figure above, biosimilar adoption rates for the newest categories are spiking upwards. In 2020, in particular, trastuzumab, rituximab, and bevacizumab biosimilars all climbed leaps and bounds in terms of market share.
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The latest data show that physician-administered biosimilar drugs are successfully displacing their reference biologics. Newer biosimilars are being adopted faster than before, due in large part to declining prices. In turn, originator manufacturers are lowering drug prices or offering so-called biobetters - for example, new, more convenient formulations - to preserve their market shares.
However, obstacles remain for biosimilars.
Therapeutic interchangeability
Thus far, none of the approved biosimilars have received therapeutic interchangeability designation from the FDA. This is not to say that patients don’t ever switch from originator to biosimilar. Some do. But, most of the biosimilar uptake is accounted for by prescriptions for newly diagnosed – treatment-naïve – patients. Therapeutic interchangeability could be a game-changer in that it would facilitate more switching.
In 2020, we did see the biosimilar market open up for a number of insulin products. The market is expanding with follow-on insulin products now designated as biosimilars, including for insulin glargine. And, there is the potential for the first therapeutically interchangeable insulin biosimilar to come to market in 2021, as insulin has gained a new pathway to increase competition. Furthermore, passage of H.R. 8190 could lead to biosimilar insulins obtaining automatic interchangeability designation, analogous to an AB-rated small molecule generic. Interchangeable status would enable prescriptions to be filled with lower-cost biosimilars, without a prescribing physician’s authorization.
Reimbursement
Facilitating uptake of biosimilars through reimbursement reform is long overdue. Several minor changes have taken place. Other more significant changes may be on the way.
Twenty of the 28 FDA-approved biosimilars are physician-administered drugs covered under a patient’s medical benefit. In the Medicare program these are designated as Part B drugs. Congressional leaders have expressed concern that the current payment system creates incentives that contribute to higher Part B drug costs due to higher physician reimbursement for pricier originator biologics.
Senators Grassley (R - Iowa) and Wyden (D - Oregon) co-sponsored S.2543, the Prescription Drug Pricing Reduction Act of 2019. This bill, which has bipartisan support and could pass in 2021, proposes an inflationary rebate for Part B drugs. If prices for brand-name drugs or biologics covered under Part B increase faster than the rate of inflation, manufacturers would be required to pay the difference in the form of a rebate to Medicare. Importantly, the bill also proposes reimbursement for Part B biosimilars at Average Sales Price (ASP) plus 8%.
The Grassley/Wyden bill also provides for modifications in the structure of the Medicare Part D benefit which may impact adoption of outpatient biosimilars, of which the biggest is class set to launch in 2023; biosimilars with the reference product Humira (adalimumab).
In the 340B program, the Centers for Medicare and Medicaid Services has already lowered reimbursement for certain originator biologics to ASP minus 22.5%. And, the Department of Health and Human Services has proposed decreasing it further still.
Despite adjustments to Medicare Parts B and D as well as the 340B program, headwinds persist. Continued preferred positioning of originator products on some commercial plan formularies impedes biosimilar uptake. Additionally, physician preferences can slow adoption. A 2019 survey found that a majority (61%) of oncology physicians still prefer not to use biosimilars, and merely prescribe them for supportive care, or opt not to switch patients.
Perhaps the most problematic challenge to biosimilar uptake is President Trump’s recent executive order; the most favored nation demonstration project for Medicare Part B drugs. Ostensibly, the demonstration project aims to lower Medicare Part B prices. However, it undermines price-competing biosimilars by subjecting them to international reference pricing and narrowing the differential in prices between originator biologics and biosimilars.
Systematically addressing hindrances to biosimilar competition is instrumental to establishing a competitive marketplace for originator biologics and biosimilars. Such a marketplace reduces net expenditures on biologic treatments by billions of dollars, and can lead to lower out-of-pocket costs for patients. Millions of Americans taking insulin and other biologics have difficulty paying for their medications. To cope, some patients report skipping doses or not filling certain prescriptions, resulting in poor outcomes. Given that patient co-insurance is calculated as a percentage of list prices, for access purposes, it’s vital that list prices of biologics come down. Surely, biosimilars are part of the solution.
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f9582a10aeb3e1f5394109c209c6082c | https://www.forbes.com/sites/joshuacohen/2020/12/11/though-promising-gene-therapies-face-durability-and-reimbursement-headwinds/ | Though Promising, Gene Therapies Face Durability And Reimbursement Headwinds | Though Promising, Gene Therapies Face Durability And Reimbursement Headwinds
WALPOLE , MA - AUGUST 6: Estelle Lemieux, a 21-month-old with spinal muscular atrophy, practices ... [+] using her new wheelchair outside of her home in Walpole, MA on Aug. 6, 2019. Estelle will be getting a treatment of Zolgensma after her insurer, Aetna, decided to cover the $2.1 million drug. (Photo by Jessica Rinaldi/The Boston Globe via Getty Images) Boston Globe via Getty Images
The promise of gene therapy is to cure diseases associated with faulty or missing genes. There’s enormous potential. Just this month, at the annual American Society of Hematology meeting, it was shown that gene therapy stops bleeding in hemophilia. Researchers reported that a single injection of a viral-mediated gene therapy vector decreases the bleeding rate among patients with Factor IX-related hemophilia B by 91% over a 6 month period.
Ideally, gene therapies address the root causes of disease with a single curative dose. If they can replace a lifetime of expensive maintenance treatments this may lead to cost savings in the long run. Yet, the high upfront costs, uncertainty surrounding long-term durability, and adverse events have led to some concerns among payers and regulators.
Pharmaceutical firms deploy multiple approaches to pursuing curative gene therapy, including:
Replacing a mutated gene that causes disease with a healthy copy; Inactivating a mutated gene; Introducing a new gene into the body.
These approaches build on advances in basic science. Companies involved in gene therapy research and development include mid-size and large firms. Among other large pharmaceutical firms, Bayer is establishing a cell and gene therapy platform within its pharmaceuticals division. The company aims to deploy the platform in as many indications as possible.
Novel drug development is invariably a risky venture. The issue of risk is further amplified in gene therapy. Promising therapies face unexpected challenges. For example, in a surprise decision this fall, the Food and Drug Administration (FDA) rejected BioMarin’s license application for its gene therapy to treat severe hemophilia A. According to the FDA, valoctocogene roxaparvovec gene therapy, is “not ready for approval in its present form.” The FDA changed its data requirements for the application. The agency is now requesting that the sponsor BioMarin provide two years of data from the company’s ongoing Phase 3 study of the therapy.
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While development challenges will persist, payment hurdles may be equally difficult to overcome. Should many of the gene therapies in the pipeline be approved in the coming decade the budgetary impact burden on payers could become overwhelming. Payer concerns stem in part from there being hundreds of gene therapies in clinical development, across a wide range of therapeutic categories, including among others, cardiovascular disease, Parkinson’s, various inherited disorders, different types of cancer, viruses such as HIV, and blood diseases like sickle cell anemia.
The churn or turnover at U.S. insurers - as beneficiaries frequently switch plans - lowers the potential return on investment for payers. So, being saddled with high upfront costs without necessarily experiencing the downstream long-term benefits of gene therapies is a considerable problem for which a structural solution has not yet been found.
The payer assumes all the risk with fixed, static pricing. And, the payer isn’t able to properly assess that risk, given that clinical development of gene therapies has, thus far, mostly included only very small numbers of patients. Therefore, the real-world benefits and risks remain unclear at the time of approval. Clearly, given the uncertainties regarding long-term durability of gene therapies as well as the potential for toxicity and other adverse effects to patients, a dynamic pricing structure is not only desirable but essentially required for these treatments.
Value-based contracts
In what appear to be harbingers of new ways to finance gene therapies and potentially turn fortunes around of therapies lagging in uptake, drug manufacturers are offering - and in some cases payers have been amenable to - indication-specific pricing arrangements, value-based contracts, and installment plans.
For example, in 2018, the FDA approved the gene therapy Luxturna. This treatment holds the promise to restore “functional vision” to the blind. The sponsor, Spark Therapeutics, set its product’s price at $425,000 per eye. Harvard Pilgrim entered into a unique outcomes-based contract with Spark Therapeutics. In the deal, Harvard Pilgrim pays for Luxturna, but gets certain refunds if the treatment wears off after a defined period of time. The full details of the contract are confidential. What is known, however, is that because of federal regulations, known as Medicaid “best price” rules, the maximum refund cannot exceed 23.1%, or the amount Spark Therapeutics is required to offer Medicaid programs. Spark Therapeutics did request that the Centers for Medicare and Medicaid Services (CMS) offer ways to work around the Medicaid best price requirement, in order for it to be able to accept installment payments and provide insurers deeper refunds or rebates in case the product doesn’t meet certain targets.
Novartis Gene Therapies has been working closely with payers to create five-year outcomes-based agreements and novel pay-over-time options for the Zolgensma therapy, indicated for spinal muscular atrophy. The sponsor asserts that the treatment is cost-effective, even when priced at $2.125 million per patient. The installment plans would spread out payments over five years. In addition, the sponsor would offer a refund if a patient dies or the treatment otherwise fails within that period. The current alternative to Zolgensma is Biogen’s Spinraza, which patients take for the duration of their lifetime. The costs of Spinraza are approximately $4 million over a 10-year span.
In 2019, Bluebird Bio told investors it was seeking value-based installment plan contracts to reimburse its sickle cell anemia product LentiGlobin for transfusion-dependent beta-thalassemia. The installments would be paid over a period of up to five years.
After an initial charge, Bluebird Bio would only get reimbursed if the one-time infusion benefits patients. This implies that up to 80% of the cost of LentiGlobin would only be made if there is treatment success. And this success would then be measured and tracked in patient registries maintained by payers.
As part of its contracting preparations, Bluebird Bio has sought ways to bypass Medicaid best price rules; for example, waivers to establish an exemption. The company has also pursued a resolution to the issue of portability - when patients change insurers - by way of a “mutual recognition strategy across payers.”
But, now the FDA wants Bluebird Bio to provide additional information on the manufacturing process it will use as it transitions the product, LentiGlobin, from clinical trials to commercial production. This will push back the timing of execution of contracts until LentiGlobin gets approved by FDA, which may not be until 2022 or later.
Across the various contract constructs described, payments can be administered in different ways that are not mutually exclusive:
Annuity-based payment. The payer agrees to pay a fixed price for the therapy but pays in regular installments, like with an annuity, spreading the cost over time; Outcomes-based payment. The payer pays only a portion of the full price up front. If the therapy achieves pre-specified outcomes, the payer pays the remainder in full. As a result, this model spreads the risk between the payer and manufacturer; Outcomes-based rebate. The payer pays the full price of the drug up front but receives a rebate if the drug does not achieve pre-specified outcomes. This model, again, shares risk between the payer and manufacturer.
Reimbursement of pharmaceutical products generally happens on a per-unit basis, which spreads out costs over years. But, the cost of a gene therapy is much more concentrated, possibly all upfront in a single payment. Such high upfront one-time costs make it harder for payers to underwrite the risk of full payment for one therapy, let alone the entire range of gene therapies that may be coming to market shortly. Therefore, a combination of installment plans and value-based contracting arrangements will likely be the wave of the future for gene therapy reimbursement.
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1c73472030779160e9b882b0f469d8e0 | https://www.forbes.com/sites/joshuacohen/2021/01/01/covid-19s-impact-on-public-health-healthcare-and-the-economy-will-linger-in-2021/ | Covid-19’s Impact On Public Health, Healthcare, And The Economy Will Linger In 2021 | Covid-19’s Impact On Public Health, Healthcare, And The Economy Will Linger In 2021
2021 crystal ball getty
Crystal ball gazing is invariably a perilous activity. Conventional wisdom suggests that in health and the economy there is only one way for 2021 to go and that is up. Surely, there are valid reasons to be cautiously optimistic about 2021. Nevertheless, just as no-one could have predicted in December 2019 that a novel coronavirus would sweep around the world and wreak havoc, we can’t know with certainty which exogenous shocks to the economic and healthcare systems may occur in 2021, or, for that matter, how long existing, structural problems will persist.
The economy is experiencing a bumpy recovery, but many sectors - especially services, such as tourism, transportation, lodging, and restaurants - are still barely limping along. Given a decimated small business sector and crippling state and federal deficits, 2021 isn’t going to be smooth sailing, at least not on Main Street. And, while the stock market boom is consolation to some, the disconnect between what’s happening on Main versus Wall Street will likely widen.
Covid-19 aftermath
The Covid-19 pandemic will leave an indelible mark in the U.S. and across the globe. There have been more than 350,000 deaths in the U.S. alone, with tens of thousands more to die this month, and perhaps as many as several hundred thousand more fatalities projected this year.
The pandemic will eventually begin to fade in 2021, but it will be an excruciatingly tough slog. The first half of 2021 will be particularly difficult. A combination of continued efforts at mitigating the spread of the virus and the rollout of multiple vaccines will eventually subdue Covid-19, but this may not occur until the third quarter.
Vaccine uptake will face significant obstacles. Recent Covid-19 vaccination distribution problems highlight inadequacies in federal and state governance, but also the U.S. public health system writ large. In December, tens of millions of doses of Covid-19 vaccines were shipped, but poor planning and distribution have led to an inefficient, sub-par process of inoculating high priority groups.
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The Covid-19 crisis has exposed major defects in U.S. public health. Especially early on, the public health system failed to provide adequate personal protective equipment, testing, and contact tracing. Throughout the crisis it has also been deficient in delivering consistent messaging at the state and federal levels. Regarding the vaccination campaign, on the demand side, vaccine hesitancy is an obvious challenge that messaging is supposed to address. On the supply side, other major hurdles must be overcome, including distribution, bottlenecks in the pharmacy supply chain, storage, and a detailed plan for prioritizing at-risk groups. It is hoped states, counties, and municipalities will increasingly coordinate and implement evidence-based prioritization and distribution plans. However, impediments to efficient delivery will continue to crop up, given the glaring issues in states’ preparedness at this point in time.
Silver linings
Despite the doom and gloom surrounding Covid-19, there may be a few silver linings to the pandemic. The crisis exposed flaws in the American public health infrastructure and messaging, which legislators and policymakers will now seek to redress. There are many vexing problems in public health of which the Covid-19 response is but one example. The stubborn long-term decline in life expectancy in the U.S. is a result of multiple deep-seated issues plaguing the country; from the diseases of despair - drug overdose, alcoholism, and suicide - to problems of access to healthcare to persistent socioeconomic inequalities. It’s very likely the Biden Administration will prioritize these issues early in the Administration, as a way of beginning to rectify decades of neglect of public health.
Of all industries that needed a public image boost the pharmaceutical industry got one from an all-out effort to develop Covid-19 therapeutics and vaccines. Dozens of firms have been active in Covid-19 therapeutic and vaccine development. At the same time, Food and Drug Administration approvals for non-Covid-19 indications are still humming along. In 2020, there were 53 new approvals, many of which are orphan and cancer drugs, which continues a long-term trend in these disease categories.
Perhaps the most prominent positive development to emerge from the Covid-19 pandemic is the revival of the public-private partnership. The ability of governments and the pharmaceutical industry to collaborate successfully on vaccine development in an incredibly short span of time could reinvigorate cooperation in other areas of drug and vaccine development. HIV vaccine and neglected tropical diseases come to mind.
The federal government hasn’t just been involved in Covid-19 drug and vaccine development. It has also been instrumental in establishing procurement and payment systems for approved products targeting Covid-19.
Besides the Covid-19 realm, the federal government continues to be a key player in promulgating new payment models in Medicare and Medicaid. In recent years, the Department of Health and Human Services has signed off on a number of state-based initiatives with respect to value-based contracting. These include Louisiana’s subscription model for hepatitis C medications and Oklahoma’s novel value-based contracting initiative.
In 2020, the Trump Administration made several important policy changes to facilitate value-based contracting in the public sector. Perhaps the most noteworthy example was that it altered the Medicaid best price rule. Rather than only allowing one best price for each drug, the Centers for Medicare and Medicaid Services (CMS) is permitting arrangements in which there is more than one price for a drug, based on health outcomes. This represents a capstone on the value-based contracting front, and may usher in a new wave of innovative payment models in the ever-expanding Medicaid program.
However, for those expecting major changes in 2021 in the pricing and reimbursement of pharmaceuticals landscape, they may be disappointed. It’s unlikely the pharmacy benefit manager rebate system will be overhauled, the Trump Administration’s executive order notwithstanding. Although this order is due to go into effect in January 2022, it may not survive the transition to a Biden Administration, or court challenges.
Nor should we expect the proposed mandatory demonstration project (“most favored nations”) to peg Medicare Part B (physician-administered) drug prices to an international price index (IPI) to successfully fend off legal as well as logistical challenges.
Nevertheless, some watered down version of the H.R. 3 legislation (Lower Drug Costs Now Act), which contains IPI elements, could pass in 2021, but will still face a steep uphill battle in the Senate.
Several of the biggest reform measures regarding drug pricing and reimbursement this year may occur in Medicare Part D - the prescription drug benefit. The Senate bill S.2543 (Prescription Drug Pricing Reduction Act), co-sponsored by Senators Grassley (R - Iowa) and Wyden (D - Oregon), restructures the Medicare Part D (outpatient) drug benefit, capping maximum annual out-of-pocket costs for Medicare beneficiaries at $3,000, and shifting a substantial portion of cost management to Part D plans rather than the federal government. This piece of legislation stands a chance of passage in 2021.
Finally, it’s expected at some point in 2021 that the Biden Administration will initiate a policy discussion on a possible expansion in Medicare by way of reducing the age of eligibility to 60. Physician and patient support for Medicare eligibility at the age of 60 is growing. And, there may even be bipartisan backing in the House and Senate for a modest expansion of Medicare.
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9d869df9d42e8901ecfe4a76bd25a471 | https://www.forbes.com/sites/joshuacohen/2021/02/20/on-covid-19-mitigation-us-state-governors-throw-caution-to-the-wind-while-european-leaders-maintain-restrictions/ | On Covid-19 Mitigation, U.S. State Governors Throw Caution To The Wind While European Leaders Maintain Restrictions | On Covid-19 Mitigation, U.S. State Governors Throw Caution To The Wind While European Leaders Maintain Restrictions
A restaurant owner posts a carry-out only notice. getty
Americans are an optimistic lot, which is a positive trait. As policymakers navigate what will hopefully be the final chapter of the Covid-19 pandemic there are reasons to be optimistic. There’s now a powerful tool at the nation’s disposal – vaccines – to help steer it in the right direction. After a bumpy rollout, the vaccination rate has steadily increased over time.
Further fueling the country’s optimism is the fact that Covid-19 indicators have improved nationwide for five straight weeks.
But, in response, the majority of state governors - who in the U.S. federalist system ultimately matter the most in terms of setting Covid-19 mitigation policy - are throwing caution to the wind. One by one states are removing restrictions. Some are loosening the reins incrementally, by altering capacity limits, for example, in indoor businesses. Others, however, are going much further by eliminating indoor capacity limits altogether - even with respect to venues for (sports) events and dining - and abolishing mask mandates.
Conspicuously, while the U.S. is in open up mode - in some states at full throttle - most of Europe continues to enforce strict mitigation measures, firmly resisting the notion that now is the time to let up.
Both the U.S. and Europe are faced with a similar set of problems. They’re still contending with a major pandemic, the need to vaccinate as efficiently as possible, and the great unknown of potentially dangerous variants that could complicate matters.
Yet, the policies to counter spread of the coronavirus are, for all intents and purposes, diametrically opposed at this point. State governors appear to be forgetting that, according to most public health experts, now is the wrong time to further relax Covid-19 restrictions. Rather, a concurrent, dual strategy of strong mitigation and rapid vaccination seems more appropriate.
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Improvement in Covid-19 indicators notwithstanding, the problem with lack of mitigation is underscored by the fact that cases, hospitalizations, and deaths are all still at elevated levels higher than previous peaks.
And while it’s too early to be definitive, it appears that a rebound in Covid-19 cases may be taking place in the Great Plains. What’s unsettling about the news is that this is the area that sparked the most recent and by far deadliest surge across the country.
Vaccinations and natural immunity acquired from past infections will likely stem a major, nationwide resurgence in cases, hospitalizations, and deaths this time around. But caution is warranted, in light of the emergence of new variants, vaccine hesitancy - particularly among some of the most vulnerable sub-populations - and the potential for reinfections as immunity wanes or as a result of mutations in the novel coronavirus. Defending against the surging B.1.1.7 is one thing, dealing with other, perhaps more worrisome variants, against which the vaccines may be less protective, is a whole other ballgame. This includes, among others, the P.1, B.1.351, and 501Y.V2 variants.
Across Europe the B.1.1.7 variant is becoming increasingly dominant. In spite of sharply falling case numbers in January in most European countries due to strict lockdowns, the hospitalization (and ICU usage) curve didn’t slope downward as much. Of course, there is a lag between new daily case decreases and a reduction in hospitalizations. But, the drop in hospitalizations has been less steep than the decline in cases for more than six weeks. It’s unknown why this is. Perhaps it’s due to the B.1.1.7’s increased severity.
A case in point is the situation in the Netherlands. After a steady drop in January in new daily cases, hospitalizations (and ICU usage) decreased, but not by nearly as much. In addition, this month we observe plateauing in all three indicators in the Netherlands. Moreover, the plateau is not even close to the low level it was at in the late spring of 2020. In fact, for all three Covid-19 indicators it’s 20 to 30 times as high.
The figures below are from the Dutch equivalent of the Centers for Disease Control and Prevention (CDC) - the RIVM. The first graph shows new daily cases from the first of November 2020 until the present. The graph indicates that numbers of cases bottomed out about 10 days ago after a 65% drop, and are currently increasing slightly. The second graph shows that after decreasing by 30% in January and early February hospitalizations and ICU usage are now relatively flat. Similarly, the third graph shows how daily recorded deaths, after diminishing in January by approximately 38%, have plateaued for the past few weeks.
7-day average of cases in the Netherlands from 1 November until the present RIVM
Level of Covid-19 hospitalizations (red) and ICU units occupied (pink) in the Netherlands RIVM
7-dag average of Covid-19 deaths in the Netherlands RIVM
Based on the most recent data, Prime Minister Rutte announced on Thursday, February 18th, that it’s very unlikely tight Covid-19 restrictions would be lifted in early March. Prime Minister Boris Johnson has been similarly reluctant to ease the U.K.’s mitigation measures.
Bear in mind that when the Covid-19 pandemic first unfolded Rutte and Johnson were among those most opposed to taking strong action. Both leaders were even drawn to the herd immunity concept. What a difference a year makes.
To end the pandemic as efficiently as possible requires the simultaneous pursuit of vaccination and mitigation. But, this two-pronged strategy is not happening in many parts of the U.S., with many states almost exclusively relying on vaccines to do the job. And it’s not a political thing. Red and blue states are susceptible to the belief that now that there are vaccines there’s much less need to mitigate. In view of the uncertainty surrounding the path the pandemic will take in the short term, U.S. policymakers may want to look to Europe for lessons on how to follow a more cautious, prudent approach.
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5628486a390baf9db6c5eff5b1ad0f3b | https://www.forbes.com/sites/joshuacohen/2021/03/02/what-could-bidens-possible-bid-for-a-national-health-technology-assessment-entity-look-like/ | What Could Biden’s Possible Bid For A National Health Technology Assessment Entity Look Like? | What Could Biden’s Possible Bid For A National Health Technology Assessment Entity Look Like?
Healthcare cost and value. Getty
The U.S. has never had a publicly funded, independent health technology assessment organization to evaluate prescription drugs, diagnostics, and devices, and subsequently provide recommendations on pricing and reimbursement. This may soon change as the Biden Administration considers creating such a national health technology assessment entity with advisory powers.
Details are sparse regarding the Biden Administration’s possible plans to launch a national evidence gathering entity that would advise public programs like Medicare on drug, diagnostic, and device pricing and reimbursement issues. In passing, the Biden team has mentioned Germany’s drug pricing watchdog, the Institute for Quality and Efficiency in Health Care (IQWiG) as a possible template.
The federal government does have the Agency for Healthcare Research and Quality (AHRQ) and the Patient-Centered Outcomes Research Institute (PCORI). AHRQ is a federal agency that produces “evidence to make healthcare safer, higher quality, more accessible, equitable, and affordable.” PCORI is a non-profit research institute established by the Affordable Care Act that “funds studies that can help patients and those who care for them make better-informed healthcare choices.” Both AHRQ and PCORI are, however, currently prohibited from advising government directly on pricing and reimbursement. While PCORI’s authorizing law was amended in 2019 to include a mandate to consider the full range of clinical and patient-centered outcomes data relevant to patients and stakeholders, it is still barred from funding cost-effectiveness analyses and comparative studies regarding the costs of care.
Perhaps the Biden Administration’s bid for a national health technology assessment body would expand the mandates of AHRQ or PCORI to include the ability to make recommendations on pricing and reimbursement, similar to what Medicare’s Coverage with Evidence Development program currently does in a limited capacity. If so, the entity could be patterned after IQWiG.
IQWiG in Germany
In the German healthcare system, IQWiG plays an integral role in national drug pricing negotiations to determine drug prices. Launched in 2011 under the Pharmaceutical Market Restructuring Act the German approach to drug pricing and reimbursement is based on a centralized assessment by IQWiG of a drug’s safety and effectiveness profile; in other words, a determination of how much added benefit (value) the drug offers. This then forms the starting point for pricing negotiations.
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The negotiation process is governed by the German Joint Federal Committee (G-BA), which also oversees the so-called sickness funds in Germany. These are not-for-profit health plans which must provide a comprehensive medical and pharmacy benefit package. For the purposes of conducting a rigorous value assessment, the G-BA contracts with IQWiG to conduct a drug dossier review.
Of note, the German system of pharmaceutical evaluation may have some advantages over, say, the British system which uses cost-per-Quality-Adjusted-Life-Year (QALY) analysis and explicit cost-effectiveness thresholds. Coupled with thresholds, cost-per-QALY analyses facilitate comparisons across therapeutic classes, but may leave out certain qualitative differences between drugs indicated for qualitatively (very) different disease states. If IQWiG becomes the template, then the assessment body would be doing clinical and cost-effectiveness analyses within therapeutic classes; not across classes.
Also, IQWiG is considered more inclusive in its decision-making process than the U.K.’s National Institute for Health and Care Excellence (NICE). IQWiG allows pharmaceutical manufacturers and patient representatives to weigh in on value determinations. Furthermore, the G-BA covers drugs at launch and permits manufacturers to set prices freely for the first year following approval while the drug is being assessed.
As the figure below shows, IQWiG has taken a dim view of the added benefits of many newly approved drugs, across multiple therapeutic categories. This has led to a large number of drugs that IQWiG suggests do not offer added benefit compared to existing treatments. Such assessments can help drive down the price that is ultimately negotiated.
IQWiG assessment of added benefit versus standard of care, by indication. Wieseler et al., BMJ 2019;366:l4340
If a drug is shown to offer added value, the G-BA negotiates a price with manufacturers. If no value is demonstrated, the drug’s price is capped at what is being charged for comparable drugs.
Translating this to the U.S. situation, an IQWiG-like entity could enable the federal government to negotiate “ceiling prices” for newly approved drugs that would apply to Medicare and Medicaid, and could extend beyond that to the commercial sector. Specifically, Biden’s campaign website had mentioned Medicare pricing and reimbursement of new specialty biologics with no competition as an area which could be subject to value assessment conducted by an independent review board.
Ideally, from the Biden Administration perspective, setting up a health technology assessment entity would be conjoined with a roll-back of the statutory prohibition on direct government price negotiation in Medicare Part D.
Some analysts have said that because the Institute for Clinical and Economic Review (ICER) has already gained traction among payers it could function as the national, publicly funded health technology assessment body. This may turn out to be the case for the purpose of intra-class ranking of products. However, to arrive at pricing and reimbursement recommendations ICER’s methodology is vastly different from IQWiG’s. ICER uses a similar method to the one adopted by the U.K.’s NICE: Cost-per-QALY (thresholds) and inter-class assessments, both of which IQWiG has eschewed. IQWiG conducts comparative effectiveness reviews without using QALYs or cost-effectiveness thresholds.*
Politically, establishing an IQWiG-like entity and eliminating the statutory prohibition on direct government negotiation of Medicare drug prices would be a difficult undertaking to pull off. Moreover, even if the Biden Administration is successful, there’s no guarantee such an entity would be a going concern in the long run. If the history of AHRQ is any indicator, periodic attempts by future Administrations or the legislative branch to put a health technology assessment entity on the chopping block may wind up undermining its continuity and therefore viability.
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52ed0f2957eb64c2259900aec512bb9c | https://www.forbes.com/sites/joshuacohen/2021/03/04/vaccine-passports-could-exacerbate-global-inequities/ | Covid-19 Vaccine Passports Could Exacerbate Global Inequities | Covid-19 Vaccine Passports Could Exacerbate Global Inequities
Covid-19 vaccine passport getty
The European Union is moving forward with plans for a Covid-19 vaccine passport by this summer. Government officials assert that proof of vaccinations in the form of proper documentation will expedite a return to international travel.
Experts have, however, expressed concerns about the logistics, but also the equity of a vaccine passport. This doesn’t just apply within the E.U. The unintended consequence of requiring vaccine passports for travel could be to turn back some of the progress that had been made in reducing global inequity, in particular, strides in increasing mobility around the world. It raises the prospect of (further) dividing regions, and the world for that matter, along lines of wealth and vaccine access. While the set of logistical issues concerning a digital vaccine passport can probably be overcome, the ethical problems are not as easily dispatched.
Prior to the Covid-19 pandemic, the world had become a much smaller place, spurred by the Internet and connectivity, as well as travel. Taking inflation into consideration, the real price of air travel has dropped considerably in the past few decades. Also, in certain zones, such as the European Union, there were few if any border checks once a person entered the Schengen area.
How things have changed, at least temporarily, since March of 2020. Thank goodness for the Internet and companies that helped connect us globally. This has been a savior to many businesses and has allowed people who are unable to travel internationally to communicate with one another. But international travel has been decimated. Initially, with travel restrictions and in some cases outright bans. Currently, besides the travel limits, there are Covid-19-related requirements to exit, enter, and stay in a growing number of countries. A Covid-19 negative test result, for example, is an entry requirement in many countries. And some countries, including Australia, China, New Zealand, and South Korea, have imposed 14 day mandatory hotel quarantines for persons (re) entering the countries.
For the purposes of facilitating international travel for tourism and business, governments in Denmark, Estonia, Greece, Israel, and Sweden are developing plans for a digital vaccine passport.
The concept of a digital vaccine passport appears to be patterned after the World Health Organization (WHO)’s “Smart Vaccination Certificate.” At the WHO, a working group of experts is attempting to reach a consensus around security and authentication of such a certificate, and to develop guidelines and best practices on optimal use of the certificates.
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Government officials expect a digital vaccination certificate to eventually allow people to bypass quarantine restrictions and other barriers that are presently in place.
But, access to vaccine passports will be limited to people in countries that have (adequate) supplies of vaccines. The majority of countries don't have sufficient supplies of vaccine. This includes developing nations, but also a number of emerging market countries. Nearly 100 countries haven’t even started a Covid-19 vaccination program of any kind. And, in many of the low-income countries, it’s likely most people won’t be vaccinated for many years. Further compounding the situation is the fact that low-income nations, which have suffered economically from the pandemic, don’t have the financial reserves or fiscal wherewithal to spend on expanding healthcare capacity for vaccine administration sites, storage facilities, and outreach campaigns.
The WHO’s COVAX program is attempting to bridge the divide between wealthy and developing nations in terms of manufacturing of and access to vaccines. It’s encouraging to see that the COVAX arrangement is now operational in a number of African countries, including Ghana and the Ivory Coast. This week, they became the first two African countries to commence vaccination campaigns with doses provided by the COVAX program.
But, the program has a very long way to go. WHO has said that by May of this year COVAX will deliver 270 million doses worldwide. Comparatively speaking, that’s a drop in the bucket, and certainly doesn’t meet the need that exists. WHO is certainly aware of this and has promised delivery of two billion doses by the end of this year. Nevertheless, there’s a high degree of uncertainty regarding vaccine supply and being able to get doses in the arms of people. Supply and vaccine rollout issues in wealthy nations don’t augur well for a smooth deployment in poorer countries.
The entrenched tiering globally that has always existed is being perpetuated, albeit unintentionally, as vaccine passports will effectively prioritize the mobility of people who are already privileged. The future requirement of digital documentation that demonstrates Covid-19 vaccine status may exacerbate inequality and leave many behind.
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ef01b3ed5716dd37073fb9cb1bee63f2 | https://www.forbes.com/sites/joshuacohen/2021/03/17/latest-covid-19-variant-discovered-in-france-isnt-detected-by-standard-pcr-tests/ | Latest Covid-19 Variant Discovered In France Isn’t Detected By Standard PCR Tests | Latest Covid-19 Variant Discovered In France Isn’t Detected By Standard PCR Tests
This picture, taken on March 16, 2021 shows the hospital in Lannion, in the Brittany region in the ... [+] northwest of France, where a new variant of the SARS-CoV2 coronavirus has been detected. Investigations are underway to assess its transmissibility and severity. (Photo by Damien MEYER / AFP) (Photo by DAMIEN MEYER/AFP via Getty Images) AFP via Getty Images
A new variant of the novel coronavirus has been identified in the French region of Brittany. On Monday evening, the French Ministry of Health put out a statement that said the mutation was found by way of genomic sequencing in a cluster of infections in a hospital in the town of Lannion. Eight of 79 Covid-19 patients turned out to be carriers of the new variant, nicknamed “le variant breton.” Initially they tested negative with gold-standard PCR tests, despite presenting with typical symptoms of Covid-19. But later, coronavirus infection was confirmed with analysis of blood samples and tissue in the respiratory system. All 8 patients have since died.
Preliminary research results do not indicate the new mutation causes more severe disease or is more contagious than other known variants. However, more research will be needed to establish this with certainty. Clinical investigators are also attempting to determine the variant’s response to vaccination and antibodies from prior coronavirus infection.
What’s remarkable about this particular mutation is that the novel coronavirus may have already evolved in such a way as to bypass detection by conventional PCR tests. Last month, Finnish researchers also discovered a new variant that is undetected by at least one standard PCR test, though evidently not all conventional PCR tests, as appears to be the case with the new variant found in France. As a result, the World Health Organization has assigned the latest variant to the category “variants under investigation.”
The announcement came as France and most of the rest of Europe battle a resurgence in coronavirus cases and hospitalizations, driven in part by the B.1.1.7 variant which has become dominant throughout the continent.
New variants are not a surprise. Variants are popping up everywhere and will continue to do so. The novel coronavirus must evolve to survive. In fact, viruses constantly mutate. Some mutations are relatively benign, while others are more worrisome. Each time a new variant emerges researchers must investigate the extent to which it is more more deadly or contagious than other known mutations, and the degree to which it reduces vaccine efficacy. Furthermore, as is the case with the new variant found in France, clinical investigators must assess ways to adapt PCR testing protocols to possibly enable detection.
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At present, the biggest concern with variants that escape detection is that they may fuel spread of the disease. And this, in turn, can spawn new, more potent variants. Indeed, the driving force behind the emergence of variants of concern, such as the B.1.1.7, B.1.351, and P.1, is the massive number of infections globally. Uncontrolled spread of infection allows more and more mutations to develop, which increases the likelihood that new virus variants will emerge that can evade detection by conventional PCR testing, and worse, elude vaccines.
Currently, the three major variants that public health experts worry about most are the B.1.1.7, B.1.351, and P.1 variants. Regarding transmissibility and lethality it appears B.1.1.7 is more than 50% transmissible and at least 30% more lethal than earlier variants, with several reports suggesting it is 64% more deadly. The other two major variants are considered more contagious, though estimates vary widely on the magnitude of increased transmissibility. Further, question marks remain with respect to the lethality of the other major two variants, in comparison to previous variants.
What’s on everyone’s mind is how effective the vaccines are in preventing severe disease in those who contract one of the variants of concern. It appears that the vaccines granted emergency use authorization as well as those in clinical development lose only a small amount of efficacy against the B.1.1.7 variant. Less is known, however, about how effective vaccines are against the other two major variants. Findings suggest that the vaccines are significantly less effective against the B.1.351. AstraZeneca’s vaccine recently flopped in a clinical trial, only providing 10% efficacy. Also of note is that there is evidence to suggest that the P.1 variant is less vulnerable to antibodies generated by a previous Covid-19 infection, which could allow for a much greater possibility of reinfections.
Mutations that allow the virus to circumvent our immune response (whether naturally acquired or vaccine-mediated), replicate more quickly. As such, a higher viral load is generally associated with more severe illness and a greater chance of death.
And so the hunt for new variants is critical, which is why health authorities worldwide have increased genomic surveillance amid worry about variants that can avoid detection, spread more readily, cause more severe disease, or thwart vaccines.
Full coverage and live updates on the Coronavirus
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0ec99c3ddac9d0e830d69beb72267946 | https://www.forbes.com/sites/joshuacohen/2021/03/20/bungled-eu-covid-19-vaccination-rollout-jeopardizes-return-to-near-normal-later-this-year/?sh=b18016c71144 | Bungled E.U. Covid-19 Vaccination Rollout Jeopardizes Return To Near-Normal Later This Year | Bungled E.U. Covid-19 Vaccination Rollout Jeopardizes Return To Near-Normal Later This Year
Ursula von der Leyen, European Commission president, puts on a protective face mask during a news ... [+] conference in Brussels, Belgium, on Wednesday, March 17, 2021. Photographer: Thierry Monasse/Bloomberg © 2021 Bloomberg Finance LP
The surge in coronavirus infections across a large part of the European continent is relentless. And it’s not just cases that are increasing. Hospitalizations, along with ICU usage, are rising, too. Fueled by the B.1.1.7 Covid-19 variant, the latest wave has forced authorities across the E.U. to reinstitute lockdowns, or reinforce existing ones. This jeopardizes a return to near-normal later this year.
Relaxing mitigation measures too soon in some countries has contributed to the current wave. But, a poorly managed vaccination rollout throughout most of the E.U. has exacerbated the problem. Adjusted for population, Britain and the U.S. have administered around three times as many doses as France and Germany.
Vaccine supply issues are to blame, including tardy purchase orders, inadequate numbers of doses ordered, and insufficient production capability. In addition, on the demand side, Europe has a major vaccine hesitancy problem, which has further been compounded by the recent trials and tribulations associated with the AstraZeneca vaccine.
The European Commission runs the joint vaccination procurement program, which was endorsed by all E.U. governments last June. This program allows the E.U. to negotiate purchase of vaccines on behalf of its member states. The Commission has maintained that this helps reduce costs and avoid competition among member countries.
Member states do not have to join the scheme, but all 27 E.U. countries chose to do so last year. Individual countries may still sign separate agreements with vaccine suppliers. In light of shortages, Hungary, the Czech Republic, and Slovakia have done just that with Russia and China.
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In December 2020, four months after the U.S. and U.K. had signed agreements with Pfizer-BioNTech, the European Commission inked a deal for 300 million doses of the Pfizer-BioNTech vaccine. But subsequent production issues delayed shipments. In January, the E.U. doubled its order to 600 million doses and the French company Sanofi has agreed to assist with manufacturing the vaccines.
Ostensibly, the European Commission’s goal was to create a “fair and affordable” system. Though more affordable in terms of price per vaccine dose, it turned out to be a penny wise, pound foolish proposition, especially when availability wasn’t secured in a timely manner. As New York Times columnist and Nobel laureate Paul Krugman wrote, the E.U. was “not just risk averse, but averse to the wrong risks.” The biggest risk the penny-pinching European Commission perceived in June 2020 was spending too much money upfront – before emergency use authorization – on vaccines that may not get approval. But, the risk which the Commission evidently overlooked was that the E.U. could fall badly behind in vaccinations and lose lives to Covid-19 unnecessarily. According to a French analysis, for people aged 50 and above, every 100,000 vaccines that are delayed by just one day will result in 15 deaths.
European Commission President Ursula von der Leyen has come under intense criticism for the mishandled vaccine rollout. To her credit, von der Leyen has acknowledged the E.U.’s vaccine rollout failures. In February, she said: “We were late to authorize. We were too optimistic when it came to mass production and perhaps too confident that what we ordered would actually be delivered on time.”
And this month, she lamented that “Britain is like a speedboat, while the E.U. is a tanker.” Surely Brexiteers are gloating, as this doesn’t exactly sound like a ringing endorsement of the European project, at least not on the vaccination front.
In attempting to rectify the situation, the European Commission is resorting to drastic measures. This week, it broached the idea of considering additional measures to secure vaccine supplies for all member states, including the potential use of emergency powers that would allow it to effectively seize control of production and distribution and block exports, to, among other countries, the U.K.
A few days ago, von der Leyen tweeted that although the “start was tough we’re making progress on vaccination.” She cited Pfizer-BioNTech and Moderna “delivering on their contracts,” and pointed to the arrival in April of Johnson & Johnson vaccines. Von der Leyen went on to say “we can achieve our target to have 70% of adults fully vaccinated by the end of summer.”
Maybe that goal can be met. But that’s at least four months after the U.K. will have achieved the target, and three months after the U.S. And frankly, given the slow pace of vaccinations, the objective may not even be feasible, certainly not for the E.U. as a whole. On average, E.U. countries are still lagging behind markedly, administering vaccines less than half as rapidly as the U.S. and U.K.
The mismanaged deployment of vaccines threatens to keep countries across the E.U. in varying states of lockdown, with businesses closed for possibly months to come. The periodic lifting of lockdowns only to reimpose them later has further demoralized a population yearning for at least near-normalcy, which unfortunately looks less and less likely in the near future.
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9cf87a25f466281d3cff058e0f5363ab | https://www.forbes.com/sites/joshuacohen/2021/04/04/inclusion-of-hr-3-drug-price-control-measures-in-infrastructure-bill-may-negatively-impact-drug-industry/ | Inclusion Of H.R. 3 Drug Price Control Measures In Infrastructure Bill May Negatively Impact Drug Industry | Inclusion Of H.R. 3 Drug Price Control Measures In Infrastructure Bill May Negatively Impact Drug Industry
UNITED STATES - FEBRUARY 6, 2021: During her weekly news conference in the Capitol Visitor Center, ... [+] Speaker of the House Nancy Pelosi, D-Calif., referenced H.R. 3, the House-passed bill allowing Medicare to negotiate lower drug prices based on international price indexing,(Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images
After successfully passing the $1.9 trillion American Rescue Plan, Democrats are setting their sights on another massive spending package that is centered around infrastructure. House Speaker Nancy Pelosi has repeatedly said that measures to contain prescription drug pricing would be included in the infrastructure legislation. Specifically, Pelosi stated that “one of the considerations that members are discussing is whether we have aspects of H.R. 3, the Elijah Cummings Lower Drug Costs Now legislation” incorporated in the forthcoming infrastructure bill.
Should the infrastructure bill be enacted, with “aspects of H.R. 3” that include measures which peg U.S. prices of a number of prescription drugs to an international price index, it may have negative ramifications for the biopharmaceutical industry.
Prominent legislators, including Senators Bernie Sanders (I-VT) and Ron Wyden (D-OR), are aggressively pursuing ways to tackle drug pricing. On March 23rd, in a Senate subcommittee hearing on prescription drug prices, lawmakers discussed authorizing Medicare to negotiate prices of certain brand-name drugs and to base these prices on assessments of the drugs’ clinical benefits.
The U.S. has never had a publicly funded, independent health technology assessment organization evaluate prescription drugs, diagnostics, and devices, and subsequently provide recommendations on pricing and reimbursement. To have Medicare negotiate drug pricing based on evidence produced by a health technology assessment entity would constitute a major change.
But, the direct price control measures in H.R. 3 go further, and are of more immediate consequence to the biopharmaceutical industry.
The H.R. 3 bill, which passed the House in December of 2019 but has not been taken up by the Senate since, would allow the Secretary of Health and Human Services to negotiate prescription drug prices for Medicare. However, this negotiation process would cap the prices of a select number of drugs in both Medicare Part B and D, based on an international price index. Namely, the bill would require a drug’s price to be set at or below 120% of the average price across six high-income countries: Australia, Canada, U.K., France, Germany, and Japan.
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The pharmaceuticals chosen for index-pricing would be selected on the basis of their high cost and lack of competition. The subset would include at least 50 and up to 125 drugs, plus all single-source insulin products. And, the indexed prices would apply not only to Medicare but could extend to Medicaid and the private sector as well.
According to a report published by the Congressional Budget Office (CBO), the legislation would save the government $450 billion. Medicare and other beneficiaries stand to gain financially through lower out-of-pocket spending, as their co-insurance is calculated on the basis of list prices.
However, while monetary gains accrue to stakeholders like the government, others will lose out, most notably the biopharmaceutical industry, through lost revenue. Moreover, lower out-of-pocket costs notwithstanding, Medicare beneficiaries and others could be faced with reduced access to newer treatments, particularly in the long term. This is because price controls of the kind envisioned may lead to diminished R&D in future drug development.
How much of an impact the H.R. 3 proposed measures would have on innovation - for brevity, defined as numbers of newly approved drugs - is subject to debate. Biopharmaceutical industry groups maintain that H.R. 3 could have potentially devastating consequences, as it would reduce earnings by more than 60% on average for the companies most impacted. In turn, this could reach back to negatively impact investments in companies’ R&D programs, leading to more than 60 fewer medicines over a 10-year period. A CBO report’s estimates were much less dire, as it predicts that H.R. 3 would lead to between eight and 15 fewer drugs launched during the next decade.
Given that H.R. 3 targets high-cost drugs this would disproportionately impact new treatments in the rare diseases and oncology spaces; areas of high unmet need. Conspicuously, H.R. 3 aims at high-cost drugs but does not distinguish between the value of different drugs. Some high-cost drugs may be of considerable value, that is, cost-effective, particularly in spaces with limited or no availability of treatment alternatives.
Unlike the discussion in the March 23rd Senate subcommittee hearing, which referenced the role of health technology assessment to inform Medicare negotiations, H.R. 3 narrowly focuses on cost without regard for value.
It’s unclear exactly how the biopharmaceutical industry would respond to the implementation of H.R. 3 steps. But, speculatively several scenarios could play out.
Launch prices for new drugs introduced into the U.S. would likely be higher, especially those granted regulatory approval first in the U.S. before other markets. The higher initial prices may be a reaction to what could happen to the prices of companies’ existing portfolio of drugs. This is because H.R. 3 also includes the imposition of new rebates for existing drugs whose prices increase faster than inflation.
Furthermore, H.R. 3 may have repercussions regarding whether, where, and at what prices drug companies will launch new products in the six reference countries to avoid having low prices available for inclusion in the international pricing index. Companies may decide to delay or not enter markets where lower prices would adversely affect their U.S. revenues.
An unintended consequence of H.R. 3 could be a reduction in the pool of investment capital for risky projects with the potential for large rewards, for example in the oncology and orphan disease spaces.
It’s difficult to predict the precise series of responses by the biopharmaceutical industry to drug price containment actions subsumed under the pending infrastructure bill. But one thing is clear, the industry must gird itself for possible impediments to its ability to price products as it sees fit.
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dc0b97b450fb6330e9f652e62329d6cd | https://www.forbes.com/sites/joshuadines/2018/09/09/should-rafael-nadal-avoid-future-us-opens-to-save-his-knees/ | Should Rafael Nadal Avoid Future U.S. Opens To Save His Knees? | Should Rafael Nadal Avoid Future U.S. Opens To Save His Knees?
Rafael Nadal in his match against Juan Martin del Potro on Friday. (AP Photo/Adam Hunger)
During the first set of a U.S. Open semifinal against Juan Martin del Potro, Rafael Nadal felt pain in his right knee from “a bad movement.” Trainers and medical timeouts weren’t enough to help Rafa make it through the match, and he eventually retired after dropping the first two sets.
"That was not a tennis match at the end. Just one player playing, the other staying on one side of the court," Nadal said. "I hate to retire, but staying one more set out there, playing like this, would be too much for me."
Some of these effects might have been lingering from his quarterfinal victory over Dominic Thiem, which lasted five sets and nearly five hours. He also had a knee issue earlier in the tournament, when he had it taped during the third round against Karen Khachanov.
Nadal has been dealing with patellar tendinitis in both knees since the age of 21. He has often cited this issue when withdrawing from previous matches, and notably when deciding to not defend his Wimbledon title in 2009.
Nadal's right knee, taped, during the semifinals of the U.S. Open. (AP Photo/Adam Hunger)
Patellar tendinitis is defined as inflammation of the patellar tendon, which is a thick, organized band of tissue that attaches the kneecap (patella) to the shinbone (tibia). It plays an important role in transmitting force from the quads to the tibia so the leg can be straightened and support our weight. The explosive movements involved in tennis can cause micro-tears and degeneration in the tendon because of repetitive strain and overuse.
Symptoms of patellar tendinitis include pain with palpation of the injury area, which is most commonly at the inferior pole of the patella. The tendon will also appear swollen and warm to the touch. X-rays are sometimes used to evaluate other possible causes of knee pain, but are not very helpful when diagnosing tendinitis. Alternatively, ultrasonography and MRIs are both useful for identifying patellar tendinitis and localizing the area of “micro-injury” to the tendon.
To potentially prevent patellar tendinitis, it is recommended to warm up and stretch properly before and after playing, to strengthen the leg muscles, to wear shoes that fit properly with orthotics if necessary, and to play with a knee brace if the player has a history of knee pain or injuries.
As is the case with many overuse injuries, the best way to heal tendinitis is to rest and take time off. Rehabilitation should focus on eccentric strengthening programs (strengthening the muscle as the muscle and tendon are lengthening).
More recently, biologic injections such as platelet-rich plasma (PRP) have been used with some success. Steroid injections are not recommended to treat patellar tendinitis because steroid medication can weaken the tendon and increase the risk of patellar tendon rupture.
Rarely, in more extreme cases, a tendon excision procedure can be performed to remove the frayed tendon and begin the healing process. Many elite athletes, including Brandon Inge, Oliver Perez and Carlos Beltran, have undergone this surgery to return to Major League Baseball.
Nadal has received several PRP injections for his knees in the past, which have provided him mixed results.
After Nadal retired from the match, he couldn't say for sure how long he might be sidelined. All that is certain is that his knee pain derailed his bid for a fourth U.S. Open title and 18th Grand Slam title. Interestingly, Rafa has lost only four matches this year, but it was the second defeat that involved him quitting during a Grand Slam match because of injury (the other was in the fifth set of his Australian Open quarterfinal against Marin Cilic).
While Rafa is clearly a favorite going into any tournament, these best-of-five-sets matches on hardcourts may be too much for his knees to handle. It will be interesting to see if Nadal modifies his tournament schedule going into 2019.
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ff1adf0317fa7942142f5bdffb92fafd | https://www.forbes.com/sites/joshuadudley/2019/09/30/heavyweight-returns-with-a-fourth-season-of-happy-and-sad-stories-from-host-jonathan-goldstein/ | ‘Heavyweight’ Returns With A Fourth Season Of Happy And Sad Stories From Host Jonathan Goldstein | ‘Heavyweight’ Returns With A Fourth Season Of Happy And Sad Stories From Host Jonathan Goldstein
Jonathan Goldstein, the host of Heavyweight Gimlet Media
Heavyweight just returned this week for its fourth season, ending a drought of full episodes since last December which feels like an eternity. In response, I tried to fill the time by doing the most Heavyweight thing possible, which was listening to old episodes of Heavyweight. At first, I listened repeatedly to the final episode of season three about the wedding tapes that Gimlet CEO Alex Blumberg recorded for his friends 16 years ago but never put together into one definitive recording and had to be helped by Jonathan Goldstein and company. But that episode alone, as magical as it was about healing an oft unspoken but subtle rift between friends could not sate my appetite for new episodes.
For eight weeks before the premiere, Heavyweight had been releasing mini-episodes called “The Heavy Wait Diaries” which served mostly to satirize the painstaking process involved in making new episodes as well as provide hilarious product placement (more on that later). Did you notice the subtle name change in the title of the mini-episodes? Heavyweight became Heavy-Wait meaning you have to wait longer for a full episode. I was still hungry.
No longer willing to wait any longer, I elected to listen to the episode entitled “Skye” because I read the daily podcast story roundup newsletter Inside Podcasting that Skye puts out and she has in her bio at the bottom of the newsletter that she was in an episode. I loved her story about how her childhood friends painted an obscenity on her garage door and then never spoke to her again, but I was confused why it was so painful for them to talk to her about it many years later.
To help clear up my confusion, I asked Jonathan Goldstein, the host of the Heavyweight podcast himself, about it over the phone.
In the Skye episode, it felt unusual to me that these girls that shunned her wouldn’t be willing to talk about something they did when they were 11. All they would have to do is say, “We were 11 and it was a dumb thing. We're sorry.” Why hold on to something like that?
Jonathan Goldstein: That is a re-occurring theme in the show and makes you realize that people have a very strange allegiance to the person that they were and are protective of it in a way. They still feel the same way they did back then being rejected by their friends, and in some ways you start to see that the past and the present are just ideas and are never really gone. And we live with this stuff. And It's a part of our lives and...
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Sorry, The last few seconds cut off.
JG: I’m just basically in a very long-winded way saying what I think Faulkner ended up saying in a much more economical way “that the past isn't past.”
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Heavyweight is a show built around problems that come from listeners who are still dwelling on an episode from their past. They carry it around with them, and they have decided that they want to put it down by having Jonathan and the team intervene to become their interlocutor. It’s a beautiful show where people are thrust together, often for the first time in many years, and they talk about the past and what happened, and magically they begin to heal, or begin the journey towards friendship, and so many other wonderful outcomes. Along the way, Jonathan jokes so much in the first half of each episode, that I would almost describe it as This American Life by way of David Sedaris. But at a certain point, the switch is flipped, and Jonathan finds the emotion in the moment and the right things to say to bring a heartwarming conclusion to a heavy weight that the guest no longer has to carry.
Heavyweight Gimlet Media
How do you pick which email requests you use for an episode?
JG: I don’t know that we've gotten that down to a rule. I think it's true of myself and the team that no matter how busy we are, whenever we see a submission in the email inbox, we drop everything and can't resist checking it out. I think one of the first rules is, we don't want to get into something that’s too provocative. We only enter into it if we feel like we could do some good. We don’t want to muck things up. Then if there's something that touches us there will be a pre interview with one of the producers on the phone for about 15 minutes or so. That way you can make sure it's not so raw that it’s better suited for a therapist. I also really want to feel like there are real stakes to it.
The best stories, the ones that I'm the most happy to get, are the ones, like with Skye, where so many people get to access the way that they felt when they were kids. They have such a sympathy for who they were, that when someone tells a story, there's no detachment or ironic objectivity, and they’re right back there like its been echoing through the years.
I love the contrasts you do in the shows between the jokes at the beginning, and then getting more serious in the second half. Was that always your concept?
It was never an explicit concept. I think it's just the way that I write. My favorite stories are the ones that are both funny and sad. And that is, again, like an alchemy that we try to get right. The better stories have a balance of both. You don't want to overwhelm it with too much comedy because you don't want to overshadow someone's real feelings. But at the same time, you want to cut the treacle. Finding that right balance has always been a part of the show from the beginning.
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The Heavy Wait Diaries is an eight-part series released one week at a time leading up to the first episode of season four that gave Jonathan free reign to be as droll as possible with a light plot dealing with how Jonathan has wasted his summer off and doesn’t have anything to show his boss, Alex Blumberg, who wants to listen to a preview of the new season. It is also officially sponsored by Miller High Life and Subway who must have a sense of humor because Jonathan gently teases the offerings of both companies throughout the series. “This truly is the champagne of beers,” Jonathan says in the pretend voice of someone who has never had a beer before.
What made you want to do those hilarious mini-episodes, the Heavyweight Diaries?
JG: A big part of it was an economic decision, because we were really pushing it in terms of how many episodes we can afford to put out. Even though it's a short season they're really time consuming and some of the episodes going into this season were years in the making. We wanted to make some shorter episodes and the idea of product placement with Miller highlife seemed like absurd fun and an excuse to make some jokes that were product placement.
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From the Heavyweight website’s description of the first episode of season four:
When he was only 10 years old, Jonathan Marshall was sent on a 240 mile bicycle trip. 3 days. Across 2 states. With no adult supervision. 45 years later, Jonathan can’t stop thinking about the trip. Or the little boys he made it with.
Season four of Heavyweight just started with the Jimmy and Mark episode. What about these childhood friends on a long bike trip made you want to start the season with it?
JG: There was something about the mood, something wistful about this idea of being middle aged and harkening back to a weekend or a few days that you spent when you were 10 years old, and it being so much a part of their own personal mythology. And it was so close to the surface in terms of their ability to access the feelings from back then and reminded the atmosphere of that Stephen King novel Stand By Me.
Also it deviated from some of the some of the other heavyweights in that the ask, the thing that he was looking for, was pretty simple; he just wanted to reconnect with his old friends and wanted to reminisce with them. And I was drawn to the way Jonathan tells the story about how close he was with his dad, and I knew it wasn't going to be the case for these other guys involved, because it seemed like a kind of negligence. What man in the ‘1970s would allow his kid to go unsupervised on a 250 mile bicycle ride? So we cast the net and tried to find his friends and it was a search that seemed like, as with a lot of these stories, it might just die, because we couldn’t find them.
A lot of these stories fall apart for very small reasons. There are situations in which we've searched for a key player for a really long time, and then they just didn't want to talk and then the episode didn't happen.
How much work goes into summing up the theme of each episode?
JG: It's always different. Sometimes you have an ending and it's somewhere in the middle and you realize that it's an ending only later. We're lucky to have the time to work on these stories, you know and be able to just sit with it for a while and take some time to see what we can make of it.
And we’re lucky to be able to listen to it. The first episode of Season Four is available now.
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6d1d48bf218c0352f1ef0d59511a5ea8 | https://www.forbes.com/sites/joshuadudley/2020/04/13/30-rock-stars-jack-mcbrayer-and-john-lutz-team-up-for-new-virtual-comedy-adventure/ | ‘30 Rock’ Stars Jack McBrayer And John Lutz Team Up For New Virtual Comedy Adventure | ‘30 Rock’ Stars Jack McBrayer And John Lutz Team Up For New Virtual Comedy Adventure
Escape from Virtual Island cover art Audible
If you’ve been on social media during the quarantine you’ve likely seen ads for an Audible program called Escape from Virtual Island featuring Paul Rudd in a funny cowboy hat and Jack McBrayer looking off in the distance.
If you were wondering if Paul Rudd can do no wrong and is the show worth listening to, the answers would be No, and Yes*.
*Paul Rudd is great in everything and Escape from Virtual Island is well worth your time if you like silly comedies with a high joke-per-minute ratio. The story is set in the future where Paul Rudd runs an island resort that provides its guests with VR simulated worlds that look and feel real and can be whatever you want. Everything is going great until a guest in one of the simulations disappears inside the computer and it turns out that a glitch in the programming has created a sentient being that can control all of the VR worlds.
It’s up to Paul Rudd and his co-stars Jack McBrayer (Kenneth the Page from 30 Rock) Paula Pell (writer, performer SNL, 30 Rock) and Amber Ruffin (writer from Late Night with Seth Myers) to stop him on a madcap chase through various VR worlds like a British Royal Navy Ship, a Wild West saloon, and a Central Park rom-com. The different locations allow for memorable guest appearances by Jane Krakowski, Seth Meyers, Jason Sudeikis, Kenan Thompson, Olivia Wilde and Henry Winkler.
Now I know this is by Audible but Escape from Virtual Island is not an audio book in the traditional sense of a written book being read by a narrator, and despite the fact that it’s broken up into eleven chapters, it’s not a podcast either. It’s a four and a half hour comedic audio adventure that Jack McBrayer calls “a movie for your ears.”
They call it an Audible Original and it was written by John Lutz of 30 Rock and directed by Peter Grosz known for being part of the long running “Two Guys” commercials from Sonic Drive-Ins.
I spoke to John Lutz, Jack McBrayer, and Peter Grosz by phone. This interview is condensed for content and although you can read some of their teasing to each other you can’t read all the laughter that happened during it. We had a great time talking Virtual Island and you’ll have a great time listening to the show.
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I watched some local tv interviews you guys did for Virtual Island on YouTube and in it you said you pitched this story two years ago. So my question is, was it always intended to be this kind of long form audio?
John Lutz: I just want to say that I'm happy it's finally up and people can listen and enjoy it. So originally Broadway Video (founded by Lorne Michaels) approached me and asked if I had any ideas for this kind of audio stuff and I pitched them Virtual Island and Audible liked it. I started working on it immediately and ended up writing about 368 pages of script.
Jack McBrayer: Dagum
How many of those did you use?
JL: Every single one.
Everything else was improvised?
JL: Basically. The first four pages were okay and then the rest I just let people go
JM: We all got it after the first four pages. It was pretty clear.
Jack with your lines like “this seat is cozy dozy” and “where are the fish sticks?” Your role felt very much like Kenneth (from 30 Rock).
JM: Well if I may. We have all known each other and have been working together for decades. With John writing it, and Pete working with the writing and the directing, it’s like we’re all speaking the same language. There’s a shorthand that’s just been there for so many years. And we all know each other so well it was like being back in our old improv days of goofing around and making each other laugh.
Peter Grosz: I’ve been listening to it when I walk the dog, which is like the only thing I can do right now. It makes me happy to remember doing it because it’s a very fun show with a lot of heart, has celebrities doing cool cameos and I think this will bring a lot of joy to people's ears and brain.
How many Star Trek Next Generation holodeck episodes did you guys watch in preparation for a show about virtual reality?
JL: Well there’s that, but there was also a show called Voyagers that ran for one season in the early 80s about a guy who goes around fixing things in time and flies around the world. Virtual Island is meant to be a throwback to shows like Quantum Leap and Sliders and the comedy is really goofy too like old radio plays that just made you laugh.
JM: Well, Jon. I have a question for you and you might have already told me, but was writing for this too terribly different than the narrative writing you’ve done before?
JL: This was much more challenging because of the timeline of it. I approached it the same way I approach everything except it was 100 the amount of work it normally is and I had some great co-writers who helped me create a 90-page outline.
JM: Your writing didn't have to adjust technically because it was just audio?
JL: That was kind of fun because it’s all dialogue and there are no descriptions of anything. If you look at the script, there are no physical jokes that are just described. It's all said out loud like your character saying “oh my goodness that sharks eating that thing and then a whale ate him and then the whales are attacked by whale hunters.”
JM: Oh that old chestnut.
JL: Jack, are you interviewing me now?
JM: Noooo!
John, at what point did you realize it was too much work for one person and you brought in your friend Peter?
JL: I immediately knew it was too much work. Pete and the other writers Lauren Gurganous and Tammy Sagher helped me break out the story and outline it, and Jenny Hagel, who I work with at Late Night, reviewed my outlines because I’m a terrible speller.
PG: (in a teasing voice) I’m a professional writer.
JL: I knew when we were recording it that I needed someone to listen to it and watch it which is what Pete did as a director. If I didn’t have him there, this thing would have been a mess.
PG: Thank you.
Peter, what was it like directing your friend?
PG: Me and John actually worked together directing the actors, and I didn’t have to direct John that much because he didn’t do that many voices in the show. But everybody was great and all the actors were extremely well prepared.
JM: Thank you.
PG: Save for one.
JL: His name rhymes with Mac McMayer
PG: We had so many interesting people doing small roles like Seth Meyers who played one of the crew on a pirate ship. We recorded his stuff in about an hour even though he had quite a few lines. Kenan Thompson also did a great job with a song.
I was wondering if maybe this was a way to pull a lot of different ideas together into one cohesive story with all these different virtual worlds?
JL: Not really. Anytime I've tried to shoehorn a sketch into a larger thing, it doesn’t end up working because sketches are compartmentalized little things that don't follow a story structure as much. Mostly I just imagined fun places to put all these weirdos and have it be very visual while not being able to see it. Like for instance, 10,000 babies attacking the cast I thought would be fun because you can imagine what it would look like in your head, but you're never going to see it.
JM: You don't know. You don't know that
Jack. You are kind of inimitable. In the interview I watched on YouTube you said Virtual Island was like watching a movie with your ears. So was your character, Beasley, written with you in mind?
JM: When people include me in their projects, for the most part they know what they're getting, and they especially write with my voice in mind, which I am very okay with. I have what they call “limited range”.
PG: You have a narrow range but your abilities are so deep. You have a great well of talents that aren’t spread out over a wide range of parts.
I’d like to see Jack McBrayer as a singing cowboy.
PG: That’s within his range. Now a hard nose police detective might be out of his range.
JM: I should have auditioned for the role of 10,000 babies.
How quickly did Paul Rudd dive into the work? I don’t know if he was an improv background like you guys.
JL: He brought so much to the role and even though we would goof around a lot he knew how to get exactly where I needed him to be the first time we recorded.
I made him do one line I wrote that in my mind is similar to a line in Star Wars. It’s the scene when they're flying to the Death Star and the X-wing fighter says, “I believe it's the guns they’ve stopped.” So the line I wrote for Paul was “the chickens, they’ve stopped.” He really got into it and wanted to do the line exactly like the guy in Star Wars so we watched it over and over again. It was the dumbest thing ever and he did it just for me.
JM: It’s a testament to how committed he is. Paul Rudd is just a funny human being. If he was working at Chipotle he would still be a funny person. You're gonna be able to find some funny stuff with anything that he delivers.
JL: Are you getting paid by Chipotle Jack?
PG: And Paul Rudd?
JM: I’m just saying vote Paul Rudd 2020 and let’s go to Chipotle!
Jane Krakowski plays Paul Rudd’s mother. Did you mean for it to be a mini 30 Rock reunion?
I just know all these funny people from places I’ve been lucky enough to work at from 30 Rock, and SNL, and some are from the Chicago Improv Olympics which is where I met Peter. I just think everybody in our world wants to keep working with the same people they enjoy working with, which is weird because I don’t know why I asked Jack.
JM: You know I can still hear you right?
Escape from Virtual Island is available to listen to exclusively on Audible.
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9a4807811c1b8d6c5aafde7e11caa7c6 | https://www.forbes.com/sites/joshuadudley/2020/07/29/ten-best-moments-from-the-first-episode-of-the-michelle-obama-podcast-with-barack-obama/ | Ten Best Moments From The First Episode Of The Michelle Obama Podcast With Barack Obama | Ten Best Moments From The First Episode Of The Michelle Obama Podcast With Barack Obama
WASHINGTON, DC - FEBRUARY 12: Former U.S. President Barack Obama and first lady Michelle Obama ... [+] participate in the unveiling of their official portraits during a ceremony at the Smithsonian's National Portrait Gallery, on February 12, 2018 in Washington, DC. The portraits were commissioned by the Gallery, for Kehinde Wiley to create President Obama's portrait, and Amy Sherald that of Michelle Obama. (Photo by Mark Wilson/Getty Images) Getty Images
The news just two weeks ago felt like a miracle when it was announced that Michelle Obama was doing a podcast and that her husband, the former president, Barack Obama, would be her first guest. The way that they talk to people and about people, and about themselves is not only revealing, but life affirming. The amount of love and goodwill that they’ve earned during their time in public life is tantamount to the respect and honor that they’ve given back.
The expectations were extremely high for this new show and probably very few people that would be inclined to listen to it will care what reviews say. As such, you don’t need me to tell you to listen to it, you only need me to tell you that it exists.
I can tell you that the episode brought me so much joy that I wanted to share it with everyone, and instead of a formal review, I thought it might be more helpful for coverage to mention my ten favorite moments and why they were so good.
1) The very beginning from 0:00 to 0:08
The very beginning of this thing had to set the tone and calm the anxious nerves of people in the middle of a pandemic and the longest sustained social protest movement ever. They did that by starting with some Michelle Obama rehearsal takes to remind the audience why we love them so much as a couple, and that starts with their overflowing affection for each other.
“So let’s just dive dive in. So let’s just dive in (Barack Obama snicker) So we’re gonna just dive in (Barack Obama deep belly laugh).
2) The introduction to Barack Obama from 4:07 to 4:13
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Their affection for each other is often demonstrated most clearly with their ability to bounce back and forth from silly to serious when the moment calls for it.
“Just in case you don’t recognize that voice, that is my husband, Barack Obama.”
“That’s me.”
3) Barack Obama talking about their shared experiences and what he learned from growing up the way he did. 6:15-6:38
Nobody explains the importance of self sacrifice better than Barack Obama.
“What we shared was my mom and grandparents were similar in prioritizing kids and thinking they had to make sacrifices for kids so we felt loved and supported, and that’s’ obviously where community starts.”
4) Barack talking about how our changing governmental structures causes members of society to think of themselves as an individual instead of part of a collective. This kind of instructional dialogue is where he absolutely shines the brightest and you just don’t hear anyone with his kind of platform talking in this way. 8:45-9:00
“You have all these institutions that used to be support systems shrinking. So more and more people start thinking in terms of me (they both echo that word)”
“And not us” (Michelle)
VARIOUS CITIES - JUNE 28: In this screengrab, Michelle Obama is seen during the 2020 BET Awards. The ... [+] 20th annual BET Awards, which aired June 28, 2020, was held virtually due to restrictions to slow the spread of COVID-19. (Photo by BET Awards 2020/Getty Images via Getty Images) Getty Images via Getty Images
5) Michelle talking about the house she wished her parents had moved into when she was a kid is oh so relatable. 10:53-11:02
“I wanted stairs and a station wagon.” (Michelle)
“Now that’s some success.” (Barack)
“That’s some success right there.” (Michelle followed by a big belly laugh from Barack)
“That’s some Cleaver success.” (Michelle with a Leave it to Beaver reference)
6) Barack talking about community parenting while growing up in Chicago is a reminder of what people in the suburbs are losing. 13:00-13:18
People would say if I was messin up it wasn’t Miss Smith down the street she’d see me messin up. She’d scold me, then when I got home I might get whooped because Miss Smith would call my mom.
7) Michelle talking about how her grandparents lived with her and so did other grandparents in her community reminds us that there’s a different way then casting people off and trying to “make it” on your own. 13:59-14:12
“Every elder lived with someone they shared expenses, they shared households, they shared the duties of raising kids so there wasn’t this feeling that you were supposed to do this thing called loving and supporting your family on your own.”
8) Michelle reminds Barack of one of the reasons she fell in love with him, and it’s a great answer. 16:23-16:39
“One of the reasons I fell in love with you.” (Michelle)
“It was just my looks.” (Barack)
“You’re cute, but you know. One of the reasons I fell in love with you is that you’re guided by the principle that we are each other’s brothers and sisters keepers.”
9) Barack as a young man figured out that happiness in life comes from helping others succeed and more people need to hear that. 17:50-18:04
“I think I figured out when I got to school that if I’m just chasing after my own success that somehow I’m gonna end up alone and unhappy.”
10) Michelle sharing a life lesson from her parents about sharing is food for the soul and a lesson that some Americans need very badly. 27:13-27:51
“The phrase that just sticks with me from my parents is: never enough, never enough. (Barack hearty laugh) Because the minute you had a little bit of something you know you had a pint ice cream of chocolate and you asked for strawberry you’d get in trouble it’s like how dare you not be satisfied with what you have and we would feel bad because you think “you’re right here I am with this little bowl of ice-cream and I’m asking for more.
“Before you’d even finished.” (Barack)
“Before you’d even finished.” (Michelle)
“You hadn’t even finished yet.” (Barack)
“Never satisfied, never satisfied.” (Michelle)
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04fb0e4b412711871048fff8d67471e9 | https://www.forbes.com/sites/joshuadudley/2021/03/04/examining-the-dangers-of-enlightenment-inastray-podcast-from-iheartmedia/ | Examining The Dangers Of Enlightenment In ‘Astray’ Podcast From iHeartMedia | Examining The Dangers Of Enlightenment In ‘Astray’ Podcast From iHeartMedia
How Far Would You Go For Enlightenment? iHeartMedia
In our media-saturated world, it can feel hard to hear the sound of your own voice and to sit in the stillness of your own thoughts. This modern phenomenon can leave us bound up in the thoughts and worries of an increasingly complex world and leave some of us, okay many of us, wondering how to find an exit, how to find peace, or what some call enlightenment. For a rare few, this feeling draws them to India, known for its spiritual mystique, as a way to cleanse their mind of the thoughts and worries of their life in the western world. Some of them have vanished without a trace and the media has dubbed it “India Syndrome.”
“How far would you go for enlightenment” is the theme of the new podcast Astray that is dedicated to this subject and explores the lives of those who have gone missing.
It’s co-produced by iHeartMediaIHRT and the School of Humans and hosted by filmmaker Caroline Slaughter known for her award-winning short feature Lamb, about a fictionalized account of one woman preparing to meet Harvey Weinstein for the first time in his hotel room.
Caroline says she’s a seeker and can relate to those who have gone on this globe-trotting quest. She described to me the process of looking for ways to unpack and heal from the trauma in her own life and said she had even gone on a number of retreats as part of a largely unregulated 4.2 trillion dollar wellness industry. So in the process of seeking she went down an internet rabbit hole and came across this 2015 Ted Talk by an author named Scott Carney called “Body, Mind, Spirit: Pitfalls on the Path to Enlightenment” about people who’ve gone missing when they went to India. One woman from Virginia even jumped off a roof the night after a meditation retreat in India.
Astray builds off the concept behind that talk and goes deeper by talking to the victim’s families and experts on the subject like Scott Carney, to try to figure out what could have been going on in the minds of these people who vanished, sometimes without a trace. The show also stresses that these are just normal people like you and me who went deeper looking for answers in their life than most ever will. In the process of looking for answers by talking to victims' families, Caroline realized how easy it would have been to exploit those who have given up hope of seeing their loved ones again and use their stories for cheap entertainment. “There's a thin line between ethics and entertainment,” she says.
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She has more of an understanding now of just how personal enlightenment can be and the show explores the idea that in the spiritual wellness world people are often looking for a guru to listen to instead of finding answers from within themselves and that can take them to some dangerous places if they don't have self-awareness of the line between healing and harm. She wants to give a voice to the families of those who have gone missing.
Every episode is a case study of someone who has disappeared or died or had some sort of spiritual awakening like Justin Alexander Shetler, a backpacker who was well known on Instagram for his travel photos, or Gary Stevenson (descendant of Robert Louis Stevenson) who went to India and started eating corpses.
Caroline had a lot of help on the show from her producer in Delhi, journalist Ankita Anand, who is featured in a few segments and brings a tone of rational wisdom to the show. When asked what a seeker was in the first episode, Ankita responded that “it’s someone whose not so worried about having all the answers but knowing that there is just much unlearning as there is learning.”
She also helps debunk the idea of India Syndrome rationalizing that to create a generalized term that describes a whole country based on someone’s limited experience with it is reckless and irresponsible.
The quest for enlightenment has taken westerners to exotic locales in search of answers and Astray attempts to unpack those questions and help us find the way back.
The first episode of Astray is available now.
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8aad9d7386de5c9ddf8626e93b9bf223 | https://www.forbes.com/sites/joshuagans/2012/03/30/my-little-pony-will-blast-you-to-oblivion/ | My Little Pony will Blast you to Oblivion! | My Little Pony will Blast you to Oblivion!
That is precisely what you will get if you try out this great new site: GenderRemixer.com. What the site allows you to do is take the audio from one toy advertisement (say, Battleship) and place it
Lego Friends (Photo credit: Per Olof Forsberg)
with the video of another toy advertisement (say, My Little Pony). While the result is to tell us what we already know -- toy manufacturers treat boys and girls differently -- it does so in a beautifully stark manner. That makes it worth your attention if only to see how similar the structure and narrative of these ads are despite their markedly different tone and orientation.
Actually, GenderRemixer specifically target Lego that has been in the news lately releasing Lego sets designed specifically for girls. If you try this tool out you can play around with those advertisements too. Lego recently released 'Lego Friends' that were designed to be played with as well as built. This all came from Lego's own research that suggested a gender difference in how kids play with Lego (boys build and girls play they found). And, of course, given that no such research that is devised to determine differences in average behavior can possibly suit all comers, that generated controversy. In my household, with two girls and one boy, 'Lego Friends' were completely unappealing. Why? My eldest daughter (13) is only interested in building stuff from sets. My son (11) wants to build set to understand how he can change them. While my youngest daughter (7) loves the Star Wars sets so she can reenact the scenes from the movies. Now, of course, that last bit is consistent with Lego's research about play versus building. But she wanted to play with the sets related to the movie she loves and not some alternative Lego structured scenario. Of course, in her scenarios, invariably, Han Solo and Princess Leia get it on after Leia blasts Darth Vader's head off.
Marketing is a tricky business but, as a parent, I'm sensitive to the messages marketing sends. Despite years of progress so reasons that have long kept me troubled, the market still finds it worthwhile to target genders differently. They do this for adults as well as for children. But it is the children we worry about because we worry about reinforcement of stereotypes. In my case, we have ruthlessly used the hard hand of parental preference to stamp these things out. While, for our eldest, we achieved our goal (perhaps too far), for our youngest, we got Star Wars but we also could not rid ourselves of American Girl Place. Call it all just part of the ongoing battle of wills.
[Update: As if on cue, the comic Foxtrot plays on a similar theme.]
[Update 2: We visited a Lego store. My 7 year old daughter looked carefully over the Lego Friends sets and was interested in buying one. She opted not to because only the largest set had a boy in it and she wanted multiple genders. She regarded that as too expensive. She ended up making herself a minifig.]
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5fcfbf79c90a7055837c922041c17002 | https://www.forbes.com/sites/joshuagans/2012/05/21/how-to-wire-up-the-doll-house/ | How To Hot Wire The Doll House | How To Hot Wire The Doll House
Many people, including myself, have ruminated over the gender differences in toys. Well, as if inspired by that rumination, comes Roominate; a Kickstarter project that plays the gender game but with a different set of bells and whistles. Basically, the idea is to build components for a doll house that include the wires: you can, literally, wire the doll house up for electronics. Here is a video explaining the product. The product comes with normal building components, decorations and then wires and electronics to put in lights, bells and other jazzy features. The catch is that the electrical bits have to be built just like the material bits. But you can experiment and design as you please.
The theory here is that early exposure to science and engineering can inspire more women to eventually go into those disciplines. That is a pretty old notion. What is interesting here is how Roominate's engineers have decided to hit on the problem. If you look at the end product, once it is built, it is a pretty normal doll house. What is different is that the back is a mess of wires. Now I can't vouch for how this will be to use but at least the video got my seven year old daughter excited. I backed this one for that reason just to see how the end product turns out.
Of course, there are many options available these days for getting kids interested in electronics in a gender neutral, as opposed to gender-specific way like Roominate. One that seems interesting is littleBits. As demonstrated in this TED talk by Ayah Bdeir, these are building blocks but with electronic interactivity. They look expensive but again the motive was to broaden the appeal of electrical engineering. Another is Ardunio which is open source and from the looks of it is one that I would have to leave to my electrical engineer wife to explore with the kids.
What is encouraging is that entrepreneurs are taking this challenge seriously. What is also interesting is that they are drawing on their experience rather than a focus group to develop these ideas. Perhaps that is why these are all ventures independent of major toy manufacturers.
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d7dafb07c8314ca42d3f4aaff1bf5ff8 | https://www.forbes.com/sites/joshuagans/2012/06/04/moves-to-open-up-social-networks-to-kids-are-essential-because-facebook-needs-training-wheels/ | Opening Up Facebook is Essential Because Kids Need Training Wheels | Opening Up Facebook is Essential Because Kids Need Training Wheels
facebook (Photo credit: Sean MacEntee)
The Wall Street Journal reported that Facebook is considering ways to open up its social network to under 13 year olds. Well, what they mean is finding ways of allowing access to 13 year olds officially. Research by Danah Boyd and her colleagues has shown that they are already there. What's more, they are there with the help and assistance of parents, over half of whom know that officially Facebook is off limits for their kids but help them get on anyway. Recently, my daughter turned 13 and I took a close look at the legal and official situation. It is, frankly, a mess and does little to protect privacy or children. Indeed, as I have noted, the whole matter has caused confusion as to who might be violating laws regarding under 13 year olds on social networks.
The report suggested that parents could grant their kids access and control over who they friend. It would also allow them to control applications. This sounds like the right approach as it essentially enables parents who are currently helping their kids on to Facebook control the process more transparently. It should also give confidence to those who shy away from these things to let their kids in.
It is worthwhile remarking that while I do not believe that Facebook are acting to "get them young" there are some commercial issues that are likely driving this. First, Google Apps for Education has made its way into schools. That gives kids access to Google's social network -- Google +. I've seen Facebook blocked at school but the kids just move on to Google+ that can't be similarly blocked. Facebook have probably noticed.
Second, the millions of kids on Facebook are currently seeing ads. That means for Facebook advertisers you don't know if your age-targeted ads are really hitting people of that age. You may be targeting a 17 year old but getting an 11 year old. That's wasted advertising dollars. For that reason alone, Facebook has no choice but to clean up the age situation. Without that it is crimping the products they are selling to advertisers.
Of course, it isn't hard to find someone to criticise these moves. A spokesperson from Common Sense Media was quoted saying that there was simply no educational value to Facebook and so children should be barred from it. But, in fact, such off the handle views neglect a critical element of online social networks; they are how adults are communicating. Moreover, they are likely to be how children when they grow up will communicate. What that means is that we want children to experience these networks. Put simply, a parental supervised approach is like giving them training wheels for society. There are rules of interaction and norms of appropriate behavior. Either you believe parents have a role in helping kids with that or not. And at the moment what the law and Facebook's official policy are saying is: when you turn 13 you are on your own. I don't know about you but my preference is not to throw my thirteen year old into society unprepared.
In the Huffington Post, Larry Magid presents a sane voice of reason:
I think Facebook should allow children under 13 but, as I said last year, it has to be done carefully and thoughtfully with extra precautions. There needs to be parental involvement and control and Facebook needs to provide extra privacy protections for young children that would include more secure defaults than it has for older teens and adults. There are already additional privacy protections for users under 18, but the company needs to be even more careful for younger children. Ideally, I would like to see children under 13 have an ad-free experience and Facebook certainly must avoid collecting and storing personal information about children other than what is needed to provide them the service.
I would agree with this mostly but not the last part. If the notion of having children on Facebook is about 'training wheels' then they have to be trained to understand what that means. Children need to sort out ads and how to react to them. Children need to work out how to manage their data and privacy. This is part of the mission. I am happy for these things to be under parental control but I wouldn't require or even insist on Facebook playing a role in structuring the social and commercial experience for kids.
As a final thought, think about it this way: if your child is your 'friend' prior to 13, they are likely to be your friend for a while afterwards. Sure, they'll eventually likely want to block posts from your view but it would be nice to get a few extra years in to see what's going on in their lives. Who knows? Start early and they might get used to staying as open to you as they are to the rest of the world.
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ad23e0117e06ffedb5a12ce8c8d07f12 | https://www.forbes.com/sites/joshuagans/2012/06/13/can-apps-transform-learning-into-games/ | Can Apps Transform Learning into Games? | Can Apps Transform Learning into Games?
There has been much excitement about the possibilities for using tablets and mobile devices in education. Because they are so easy and intuitive to learn, they do not create barriers for kids. There is much experimentation going on as a result. To date, some of the most successful apps replicate learning games in the classroom but perhaps with a little more fun. Futaba create games that can be played up to four people to help with reading, mathematics and other more rote learning concepts. These games do not provide learning per se but create a set of competitive games where you do better if you have paid attention in class. Kids find it fun but I wouldn't class it as a learning experience. That said, it is a fun game for adults to play with their kids.
Beyond this, apps that actually allow for learning that have real potential. On the high end, there is this excellent app that teaches you to visualize higher dimensions. But perhaps more relevant for kids is the magnificent Algebra Touch teaches algebra the right way by allowing kids to manipulate objects (e.g., dragging a term from the left to the right hand side of an equation). It does something that is very difficult to do in a classroom.
Today, a couple of apps were launched that allow for learning but are clearly games. DragonBox+ is an app that teaches kids to play algebra. It is a puzzle game with animations that are a bit Angry Birds and a bit Fruit Ninja. I tried out this one and to say that the fact that it is teaching mathematics is subtle is an understatement. Basically, you have to eliminate 'objects' on each side of the board but you are restricted to moves that, when you think about it, follow the rules of algebra. The idea is that you get comfortable with the game and then can move on to doing exactly the same thing with equations.
Also launched today is a different type of learning app, PenyoPal Food Frenzy. Before I describe it, some disclosure. PenyoPal is a start-up that is part of Canada's Next36. This is a very exciting entrepreneurial incubator project that takes 36 of the brightest Canadian undergraduate students and puts them into nine teams each with up to $50,000 in start-up funding. The teams come up with mobile app ideas and then come to the University of Toronto for the summer where they work more and receive lectures in business. I was one of the instructors this year teaching them about competitive strategy. So I have more than a keen interest in the apps developed on the program.
PenyoPal Food Frenzy is the first of the apps to reach the market. Its goal is to help kids learn Mandarin. Not surprisingly, there is a keen interest in this nowadays but also, in particular, from parents of Chinese origin who want to pass on the language to their kids. Of course, as with all of these things getting kids to learn a language is difficult. PenyoPal want to make it fun.
As with many of these things, achieving that is much easier said than done. But what PenyoPal's first app has managed to do is provide an environment where you learn in the game and the more you learn the better you get. It is a little like the Khan Academy that way. The basic idea is that you have to identify Chinese words with particular food objects. But the words can come in a phonetic English form, Chinese characters and even spoken form. It is a little frenetic but kids actually seem to learn. My 11 year old tried out the beta version the other week and he played nonstop for an hour. And this was not playing where the alternative option was normal classroom instruction. This was playing when he could have just played any other game. In other words, for him at least, the game was fun in of itself. But what impressed me is that it could only be fun if you progressed -- that is, learned the words. Now my son is actually taking Mandarin at school so it is hard for me to judge how much he learned but the time spent told me something. What is more, as a parent I could view a report to see how far he had progressed mastering the concepts.
What this taught me about these apps is that there is a way to embed learning in a game. But the learning cannot be like mixing in tomato sauce to make the vegetables taste better. The learning must actually be the achievement in the game. PenyoPal have more apps coming including a very interesting conversational version that requires you to speak phrases properly to progress. Food Frenzy is available for free in the iTunes App Store with in-app purchases giving you more word options. From what I can see, parents will end up being surprised as their kids ask them to buy vegetables!
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f709e4cd66f6f578655a11433cb9205e | https://www.forbes.com/sites/joshuagans/2012/06/23/nudging-workplaces-to-allow-people-to-have-it-all/ | Nudging Workplaces to Allow People to "Have It All" | Nudging Workplaces to Allow People to "Have It All"
Princeton Professor, Anne-Marie Slaughter has certainly brought to life an important discussion of the expectations of women regarding their life choices. In a beautifully constructed and compelling written essay in The Atlantic, she raises a number of issues but ultimately concludes that the promise that women can have both a high-powered career with a minimally acceptable level of family time is not easily attainable. In part, this is because some jobs will never permit a balance between work and life. But more importantly, it is because expectations in the workplace do not permit people to exercise trade-offs. "Having it all" translates into "All or Nothing"; a black and white choice rather than a carefully considered balance.
WASHINGTON - MAY 03: Professor of politics and international affairs Anne-Marie Slaughter testifies... [+] during a hearing before the Senate Foreign Relations Committee May 3, 2011 on Capitol Hill in Washington, DC. The hearing was to discuss the end-state in Afghanistan and how the death of Osama Bin Laden will affect the withdrawal of U.S. troops, transition strategy, and partnership in the region. (Image credit: Getty Images via @daylife)
Now one of the issues with the essay, of course, is that Slaughter does appear to have had it all. She rose to the top of academia while maintaining a healthy family life. It is only when she went to Washington to work at the State Department that the family life suffered beyond what she wanted. One suspects, as Dan Drezner has argued, that those types of jobs really involve a all or nothing trade-off as part of their intrinsic nature. But aside from that Slaughter's main argument resonates. Academia is, for the most part, well suited to work-life balance choices. (I, say, for the most part because science, maths and engineering appear to have deeper problems). That is, indeed, why I chose that path for myself. But, for the vast majority of other workplaces, there is way too little attention paid as to how to design jobs to allow people to achieve a balance. The evidence, neatly summarized by Slaughter, indicates that workplaces that are designed for employees to exercise more inside-outside work choices end up being more productive. So why is it that so many workplaces make this so hard?
It is instructive to look at academia, a place where choices are relatively easy, to understand the pressures. I know from my own experience that when your 'boss' (in my case a Dean) does not factor in family constraints, poor outcomes result. When my first child was due back in 1998, I anticipated that I wanted to be home the following semester at nights and not to be teaching. We had a part-time MBA program that was taught at night so I requested not to have that assignment for the semester after my daughter's birth. Now the family leave policy for fathers at the University of Melbourne was to allow for two weeks off. But I did not even get that when I was called into a couple of days after her birth to the Dean's office because they had decided to revoke my request and needed me to get my course syllabus and materials in right away. Near as I can tell this was all done because they could rather than do some more difficult re-scheduling. But for that time and the next semester, being away a few nights a week (and not to mention teaching with little sleep) tore me up. I vowed not to let it happen again and have since that time spent considerable energy in working out how to move my workload to activities other than teaching. Nothing in this was good for my workplace.
But even when I could exercise choice it was amazing how costly it could be. When we had our first child, we decided that this would be the best time for my wife to pursue an MBA as it would allow her not to have a visible CV gap. It was actually really hard to do that. What we wanted was a part-time program that allowed day-time classes but arbitrary University rules stood in the way. Once this was explained to us that she could not take a day-time class because those students were full-time and would have expectations on her to meet for study groups that, taking time to say, nurse a baby, would interfere with! MBA programs were really missing out on opportunities here.
Faced with that, she took classes at night. For the initial period, we had to interweave nights to accommodate my teaching. But MBA studies required study. Say whatever you want about their value, they require work. That meant that I took on the majority of the housework. That was fine and exhausting but it also allowed me to bond with my children in ways so many miss out on. And clearly, it got me thinking about parental issues which is why I can write here today.
But there was actually a cost and I only realized it many years later. For over two years, I could not travel. For academics, especially ones in Australia, travel is very important. It is how you maintain visibility and sell your work. Perhaps my best academic paper was written just before my second child was born. People constantly ask me why it is so poorly cited. The reason was that I only presented it twice. Academics pick up on the work of others through presentations much more than just picking up journals. Now, in this case, that career cost fell on me (although I should say that the benefits to family vastly outweighed that cost). But consider a world where this cost mostly falls on women academics and it becomes easier to understand why, in academia, with its better work-life balance, women are still so under-represented. I should say, however, that despite taking on the vast majority of household duties during my wife's MBA time, I was fired from most of them as soon as that degree was done. My way of doing things was apparently less valuable than I had thought.
Moving beyond my experience, again from academia, I had a friend who had, at a very young age, risen to a Dean's position. At the same time as the upper level University job she was made for and was perfect for came up, she was pregnant. I was thrilled as I saw this as an opportunity for someone to hold a top position and to enable the organization to fit around family balance. But that turned to dismay when she decided to withdraw her candidacy because of concern that she would not be able to strike the right balance. As I read Slaughter's article, it occurred to me that I was being unfair in my judgment. It isn't fair to expect someone, just because of her gender, to take a risk on her family especially for purposes of setting an example. The whole issue is that we expect women to behave in certain ways and it expect it to be as a role model is part of the problem. And it would have been a risk. It is easy to imagine that one can strike a balance in a higher powered job. It is more sensible to realize that might not be possible.
What this means is that we actually need broader changes rather than individual changes to improve the balance in most jobs. Slaughter talks about many of these but I thought here I would concentrate on what governments can do; in particular, parental leave policy. Everywhere except the US, governments have state mandated parental leave policies. Some of these give mothers (and in some cases fathers) rights to leave upon the birth of a child from six weeks to a year. Employers have to hold their jobs and not put them at a disadvantage upon re-entering the workforce. In some cases, the parental leave is paid through government subsidies or mandates on employers. But while commonplace, these policies concern me. Yes, they make taking parental leave easier but they do not take into account the root of the problem. Rightly or wrongly, many employers believe that having employees who sacrifice work for family life is costly to them. These policies actually increase those costs and may lead to employers opting to employee 'lower risk' people. And let's face it, today as it has been before, that 'lower risk' is more likely to be a man than a woman.
We have to think outside of the box when it comes to parental leave. A few years ago when this issue was being debated in Australia, I argued that parental leave should come in the form of a tax credit paid to employers rather than a subsidy. To be sure, rights to parental leave should always be there but the question was: a right isn't much value without an income but how do we pay for that? My tax credit plan worked as follows: if an employer successfully had an employee take parental leave and then return to the workforce, the employer would receive a tax credit on that employee's income for the first year of return to work. My reasoning is that it was on return to work that the issues of work-life balance really came to the fore. But it was precisely then that the workplaces failed to allow a balance to be struck. That is where things would start to fall apart.
With a tax credit, a returning employee would suddenly be much cheaper for employers. That would give them an incentive to make the return to work, well, work. Moreover, employers would want to pay some of that benefit forward by introducing paid parental leave schemes. After all, if you didn't tie the employee to come back to you, you would miss out on the tax credit. Done the right way, employers could see employees with family lives not as a risk but as an opportunity. Once a workplace gets over the hump of how to organize for families we might be on our way to a better outcome for women or anyone else desiring more flexible arrangements.
Tax rebates are one way governments might be able to break the cycle that leaves us with too many jobs having too poor design for work-life balance. Yes, there is much more to the issue than economics. But my hunch is that by getting the economic policy right we can nudge workplaces in the right direction.
For more on my parental leave idea you can watch this series of short videos or read about it, here, here or here.
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6c8d1112fed0b2ea32c48f643476f0b0 | https://www.forbes.com/sites/joshuakennedy/2013/10/17/how-do-you-value-a-three-year-old-company-with-a-100-year-ambition/ | How Do You Value A Three-Year-Old Company With A 100-Year Ambition? | How Do You Value A Three-Year-Old Company With A 100-Year Ambition?
The logo of Finnish computer game maker Supercell. (Image credit: AFP/Getty Images via @daylife)
This week, Japanese internet giant Softbank and mobile gaming mighty mouse Gungho Online teamed up to make an investment in what is probably Gungho's closest genetic cousin: closely-held Finnish game studio Supercell.
Supercell was founded three years ago, has 130 employees, and has two games on the market. What's that worth? Apparently $3 billion dollars. Remember when Google bought Youtube for $1b when it was only one year old? The math on valuing fast-growing startups appears to be pretty straightforward!
Plenty of intelligent reporting and commentary has been written on these companies and the deal. For example here, and here.
But my question is, how do you come up with a number for a company like Supercell? And critically, what are the implications of that number being accurate?
Firstly, Supercell is obviously a valuable property that Softbank and Gungho urgently wanted to pin down. Softbank has a long history of making hugely speculative investments that turned out brilliantly ( Yahoo Japan and Alibaba most importantly). Gungho's stock price is riding high from its own hit game, Puzzles and Dragons. And both companies have plenty of money, although that is not a reason to spend recklessly. Further, Supercell's two games are admittedly very successful and cash-generative, and each gaming property has room to grow simply through the relatively unexploited Android channel.
Based on what Supercell is generating now, it appears they are paying as little as 8x earnings. Considering that Gungho sells for roughly 13x earnings and Softbank derives a huge portion of its value from Alibaba, which will presumably have a high multiple when it IPO's in the near future, you could easily argue this is a bargain. Plus, Supercell just raised money in February 2013 at a $770 million valuation, so they already have a bunch of cash.
But what are they buying, exactly? This is a hit-driven and inherently unpredictable business. Supercell developers work in five-man teams to develop a game like Clash of Clans. There are literally thousands of five-man teams developing games that will compete for the same audience on the same distribution platform. Son-san of Softbank has made some brilliant long-term investments, but he has made some forgettable ones also, for example Zynga, which once looked very much like Supercell does today: top of the heap, with successful games and a plausible but ultimately disproven explanation for why they would be able to churn out one hit after another. Or look at Japanese gaming platforms like Gree and DeNA, whose growth evaporated in a matter of quarters.
Or for that matter ... look at Gungho. Gungho's stock price has gone from 2000 yen to nearly 150,000 yen in a year, driven by the earnings from Puzzles and Dragons. But P&D's download rate is falling and the stock has been cut in half from the highs. Last quarter's massive grower is now resorting to buying growth. The reality of casual gaming is that people get tired of even the best games. It happens fast in this space.
But let's say the price is right. It very well could be. What are the implications of that for the video game giants? Supercell was founded 3 years ago with 10 people and today has 130 employees. Based on run rates as recent as May it has a revenue line of approximately $1 billion. Nintendo -- the company that Supercell founder Ilkka Paananen holds as a model for what Supercell could become -- has 5080 employees and an approximately $6.4 billion revenue line. It's worth about $16 billion. Electronic Arts has 9300 employees and a $4 billion revenue line and is valued in the market for about $7.3 billion -- barely 2x Supercell. Activision Blizzard has a $4.8b revenue line, 6700 employees and a $20 billion market cap.
These companies are different animals. They make console games (and in Nintendo's case, consoles, too) and control powerful franchises (Mario, Madden, Call of Duty) that actually do result in sustainable advantages. Furthermore, each is valued at approximately 2-4x sales, which is right in line with Supercell.
But here is my question: if you can create a company in 3 years with a handful of people that can generate cash and attract investment that inherently makes it a threat to the stalwarts of the industry, then how can you possibly predict what the space will look like 3 years from now? If tablets continue to progress in their technological capability -- which seems like a sure bet -- they will be relatively indistinguishable from consoles in about that time frame. What then? Does the enormous technical experience of EA and Activision in building high-def, complex games assert itself as an advantage? Or do these companies start to look like disrupted dinosaurs with a serious human resources problem? One could argue Nintendo already falls into the latter category.
But three years is not the time frame that Softbank cares about. If you read Mr. Paananen's blog post about the deal, he claims that Son-san is thinking about the next 300 years of entertainment. Mr. Paananen is slightly more realistic, he is thinking about 100 years.
A hundred years? What was entertainment like 100 years ago? Baseball and bare-knuckle boxing? OK, those are bad examples, they are probably both more popular today than ever before. So, some things have staying power.
But the category of digital entertainment that includes video games and whatever comes after them was only invented 30 years ago, and it has changed more in the last five (Wii, Kinect, iPad) than it did in the prior 25. The only thing I can see from looking at Supercell today and projecting out 100 years is that, in all likelihood, if you want to have one of the most important companies in the space, you can wait 97 years and then found your company. When the pace of change is accelerating, it means more can happen in the five minutes before midnight than happened all day long.
That is a good environment for starting a company, but it is a brutal environment for investing profitably.
On a three-year view, the price for Supercell might be right, or the price for EA and Activision might be right. But I don't see how they can both be right. And it seems to me we might not have even heard of the next big player yet -- it probably hasn't been founded -- in which case both prices might be wrong.
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4689a3f68899eccfef617479a7fbd48a | https://www.forbes.com/sites/joshualaw/2019/11/08/arsenals-issues-run-deeper-than-unai-emery-and-its-clash-with-leicester-brings-them-into-sharp-focus/ | Arsenal’s Issues Run Deeper Than Unai Emery, And Clash With Leicester Brings Them Into Sharp Focus | Arsenal’s Issues Run Deeper Than Unai Emery, And Clash With Leicester Brings Them Into Sharp Focus
Arsenal's US owner Stan Kroenke waits for kick off in the English FA Cup final football match ... [+] between Arsenal and Chelsea at Wembley stadium in London on May 27, 2017. / AFP PHOTO / Adrian DENNIS / NOT FOR MARKETING OR ADVERTISING USE / RESTRICTED TO EDITORIAL USE (Photo credit should read ADRIAN DENNIS/AFP/Getty Images) AFP/Getty Images
When Arsenal meets Leicester City on Saturday teatime, it will feel like a real ‘what if’ moment for Gunners fans. Brendan Rodgers, who is currently transforming Leicester into a potential top-four finisher in the Premier League, was one of the many names linked with the Arsenal manager's job in 2018. Yet the Northern Irishman didn’t even get as far as an interview. In their wisdom, the Arsenal hierarchy appointed Unai Emery instead. Almost 18 months on, the contrast in fortunes between the two clubs and two managers could not be starker.
With the fine work that Rodgers is doing this season, and the constant speculation around Emery’s future, those rumors linking him to the Arsenal job have again popped up. And if he were to go, it would be a coup for Arsenal. Rodgers flew under their radar in 2018 because he was with Celtic, where, people assumed, winning the title was a natural by-product of not having a strong Rangers to compete with. But since his return to the Premier League in February, he has proved why he was so highly rated during spells with Swansea and Liverpool.
With Arsenal in their current funk, people have questioned whether Rodgers would even want to leave a club like Leicester – which has a young, vibrant squad and appears to be on an upward trajectory – to take on the challenge of turning the north London outfit around. But while Rodgers and Emery have been held up as the embodiment of their clubs’ respective fortunes, they are not the only factor. That those questions about Rodgers wanting to leave Leicester for Arsenal are being asked is a sign of something deeper at both clubs.
LEICESTER, ENGLAND - SEPTEMBER 29: Caglar Soyuncu of Leicester City shakes hands with Brendan ... [+] Rodgers, Manager of Leicester City during the Premier League match between Leicester City and Newcastle United at The King Power Stadium on September 29, 2019 in Leicester, United Kingdom. (Photo by Michael Regan/Getty Images) Getty Images
Leicester, under the ownership of Vichai Srivaddhanaprabha, who tragically perished in a helicopter accident at the King Power Stadium in October 2018, and now of his son, Aiyawatt Srivaddhanaprabha, has been run with passion, intelligence and ambition. When the club won promotion from the Championship to the Premier League in 2014, Vichai famously said that Leicester would be competing for a Champions League place within three years, a declaration that was met with derision. Twenty-four months later, he was holding the league winner’s trophy.
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Since his passing, Vichai’s son Aiyawatt, better known as Top, has carried on that legacy of ambition and now the club looks well positioned to challenge for a place in Europe’s elite soccer competition once more. Appointing Rodgers, of course, was a bold move and the manager has played an important role in pushing the team to another level. But the money that has been wisely invested in building a balanced squad over a sustained period has been the crucial factor. Without such a fine array of tools, it is unlikely that Leicester would have been able to attract a craftsman of Rodgers’ caliber.
BANGKOK, THAILAND - MAY 19: Vichai Srivaddhanaprabha, Chairman and Owner of Leicester City poses ... [+] with the Premier League Trophy during a visit to the Emerald Palace on May 19, 2016 in Bangkok, Thailand. (Photo by Plumb Images/Leicester City FC via Getty Images) Leicester City FC via Getty Images
If you look back to the summer of 2018, Leicester signed Ricardo Pereira, who has gone on to become one of the finest full backs in the Premier League, for around $27.5m. It brought in Johnny Evans, one of the most underrated center backs in the division, for a bargain $4.5m, and the youthful promise of James Maddison for $25m. Then, in January, the Foxes went out and got Youri Tielemans, one of the top-rated young midfielders in Europe, on loan, before making his signing permanent this summer for a little over $50m. They were not all cheap signings, but they were intelligent ones, designed to address clear weaknesses in the squad, with a good mix of youth and experience and a clear playing style in mind.
Perhaps the piece of business that best epitomizes their approach, though, was the purchase of a young defender by the name of Çağlar Söyüncü in August 2018. Leicester knew it was likely to lose England international Harry Maguire to Manchester United, a move which eventually happened in July 2019, so planned ahead. It brought Söyüncü in, even though his appearances would be limited last season, with an eye the future. After a year to settle in, the Turkey international's performances alongside Evans in this campaign have been so composed that some have suggested Leicester sold its third-best center back to the Red Devils in the summer.
Arsenal’s dealings in the same period do not stand up to similar scrutiny. As Leicester planned for the future with clarity of vision, Arsenal brought in the aging Stephan Lichtsteiner on a free transfer. The Swiss defender, who had acquitted himself well for years at Juventus, was so clearly past his peak that it was at times painful to watch. Alongside him, the Gunners signed Sokratis Papastathopoulos, who is the same age as Jonny Evans and has not performed nearly as well, for $22.5m. There were some more forward-looking signings, like Matteo Guendouzi, who has been an undoubted success, and Lucas Torreira. But the second of those two seems not to fit into the system that Emery wishes to play.
LONDON, ENGLAND - MAY 05: Stephan Lichtsteiner of Arsenal is booked by match referee Anthony Taylor ... [+] during the Premier League match between Arsenal FC and Brighton & Hove Albion at Emirates Stadium on May 5, 2019 in London, United Kingdom. (Photo by James Williamson - AMA/Getty Images) Getty Images
The signings do not reflect well on Sven Mislintat, Arsenal’s chief scout at the time, but they are an even more damning indictment of the lack of ambition of Arsenal’s American owner, Stan Kroenke. A statement released by a collection of Arsenal supporter groups last summer read, “As Arsenal fans we have watched with frustration as the team’s football performances have declined over the past decade. When Stan Kroenke began buying Arsenal shares the club had just competed in a first Champions League final. Twelve years on Arsenal are about to play in the Europa League for the third year running.” Those final two sentences say it all.
Ambition is something that comes down from the top. Leicester’s owners have it, but it appears Arsenal’s owners do not. In the furor around the team’s poor performances and their manager's lack of tactical nous, that seems to have been forgotten. Sacking Unai Emery and bringing in Brendan Rodgers might have a positive effect at Arsenal, were the move to happen. But, with the way things are, Rodgers might well feel he is better off staying put.
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911bbdcef68612d340f86d7ce2012103 | https://www.forbes.com/sites/joshualaw/2019/12/20/leicester-city-january-transfer-window/ | The Best, And Worst, Moves Leicester City Can Make In The January Transfer Window | The Best, And Worst, Moves Leicester City Can Make In The January Transfer Window
LIVERPOOL, ENGLAND - DECEMBER 18: James Maddison of Leicester City celebrates scoring the opening ... [+] goal during the Carabao Cup Quarter Final match between Everton FC and Leicester FC at Goodison Park on December 18, 2019 in Liverpool, England. (Photo by Chris Brunskill/Fantasista/Getty Images) Getty Images
At the beginning of the 2019-20 season, the expectations surrounding Leicester were high. Towards the end of the previous campaign, new manager Brendan Rodgers had shown signs that he was turning a fine selection of players into a cohesive unit capable of challenging the Premier League’s big six.
Yet the way this term has transpired so far has superseded any hopes Foxes fans might have had in early August. Second in the Premier League on Christmas day, ahead of reigning English champions Manchester City; a run of eight consecutive league wins from October to December; 40 goals scored, only 11 conceded.
Related on Forbes: The Best-Case Scenario For The 20 Most Interesting Teams Of The January Transfer Window
But even after that dream first half of the season, Leicester will not be ready to rest on its laurels. The club’s Thai ownership, led by Aiyawatt 'Top' Srivaddhanaprabha, is genuinely ambitious and wants to establish Leicester as a regular contender for the Champions League places.
With that in mind, they may decide to strengthen the squad in January to help maintain their top-four status until May.
Who Might Be Leaving
Ben Chilwell and James Maddison have both been linked to Manchester United, whilst a Manchester City move for Caglar Soyuncu has been mooted and Kelechi Iheanacho was rumoured to be leaving on loan before his form improved.
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Related on Forbes: The Worst-Case Scenario For The 20 Most Interesting Teams Of The January Transfer Window
Asked about the rumors, Brendan Rodgers said, “There'll be no-one leaving in January – categorically. I'm sure if we speak [to the club directors], they will have the same message.”
Well, that’s that then.
Leaving Leicester is not currently the most attractive proposition. Everyone in the teams looks happy and the club is on course for a Champions League spot. The temptation of higher wages elsewhere remains, of course, but the same players will likely be in an even better position to make salary demands come the end of the season.
Areas Of Need
Rodgers has said that he, working alongside the recruitment staff, has identified “one of two areas” that he would like to strengthen, but did not specify which.
It is likely that center-back is one of them – initially as back up for Johnny Evans and Soyuncu, but possibly as a longer-term replacement for the Turkish international, were he to make a move in the future.
Judging by the names Leicester has been linked to, the other may well be a forward or attacking midfielder, but probably more with development in mind than making an immediate impact on the first team.
Targets
Interest in a number of central defenders has been reported, some more high profile than others. Merih Demiral, the Juventus player who is an international team-mate of Soyuncu, is high on the list, but would not come cheap. Juve spent around $20 million on the 21-year-old last summer and would likely want to turn a profit, despite him only making two appearances this term.
Apart from Demiral, Leicester have been linked to Schalke 04’s Senegal international Salif Sane, Freiburg player Robin Koch, Brighton’s Ben White, currently on loan at Leeds, Olympiacos captain Omar Elabdellaoui and Kristoffer Ajer of Celtic. Quite the list.
The most likely arrival in forward positions, according to The Sunday Mirror, is Hull City revelation Jarrod Bowen. The 22-year-old already has 15 goals and 4 assists in the English second tier and is said to be close to signing for the Foxes for around $13 million.
Other prospects from lower divisions, such as Charlton’s center forward Macauley Bonne and non-league forward Ronald Sobowale, are also on the radar. Further afield, there has been talk of interest in Club Brugge’s Emmanuel Dennis, who would come in at around $24.5 million, Vedat Muqiri of Fenerbahce, Lille forward Victor Osimhen and even Nigeria’s U-17 World Cup sensation Akinkumni Amoo.
Leicester does need to be careful not to fall foul of Financial Fair Play rules though. It spent over $130 million on the likes of Youri Tielemans, Ayoze Perez and Dennis Praet last summer and is building a new training ground, set to cost $125 million. Profits, meanwhile, dropped from over $100 million in 2017 to under $2 million in 2018.
On the other hand, the club did recoup around $105 million on Harry Maguire last summer and may see this transfer window as an opportunity to speculate to accumulate. That record profit came in a season when they were playing Champions League football, and if they get to the top European competition again, it will give them more economic wiggle room.
Best-Case Scenario
First and foremost, the ideal transfer window involves none of the first-team players leaving. Then; Demiral in, Bowen in and (why not?) and an exciting young attacking talent from overseas. Everyone loves an unknown quantity.
Worst-Case Scenario
Ben Chilwell and James Maddison turning out in red, white and black come February and Soyuncu swapping his royal blue shirt for a sky blue one. That, to the delight of Leicester fans, looks very unlikely.
It’s a game of inches—and dollars. Get the latest sports news and analysis, once a week in your inbox, from the Forbes SportsMoney Playbook newsletter. Sign up here.
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8827497c8635c60df45bd34ff88f2f57 | https://www.forbes.com/sites/joshualaw/2020/08/19/lyons-ucl-success-shows-value-of-collectivism-in-soccers-era-of-the-individual/?sh=319cc0c87a18 | Lyon’s Champions League Success Shows Value Of Collectivism In Soccer’s Era Of The Individual | Lyon’s Champions League Success Shows Value Of Collectivism In Soccer’s Era Of The Individual
LISBON, PORTUGAL - AUGUST 15: Lyon players celebrate at full time during the UEFA Champions League ... [+] Quarter Final match between Manchester City and Lyon at Estadio Jose Alvalade on August 15, 2020 in Lisbon, Portugal. (Photo by Julian Finney - UEFA/UEFA via Getty Images) UEFA via Getty Images
In the 32nd minute of Lyon’s Champions League quarter-final win over Manchester City on Saturday night, there was a moment of simple, pure, elucidative beauty. Les Gones’ were out of possession and its supremely talented midfielder Houssem Aouar was focused intently on one thing: stopping Kevin De Bruyne.
As City swayed from left to right, shifting the ball and looking for breaches Lyon’s compact defensive formation, Aouar made sure he was never more than two arms’ length from the City midfielder, looking over his shoulder and constantly tracking the Belgian’s movements. Lyon had a plan and Aouar was going to stick to it. De Bruyne, Pep Guardiola’s team’s main creative spark, was to be denied the half-yard of room he so often finds to work his magic. And in the space that he had taken up at that moment, it was Aouar’s job to close him down.
De Bruyne is clever and constantly drifts to wherever he can find gaps, seeking out the triangular openings between midfielders, center-halves, and fullbacks. It is very difficult to stop him, as so many Premier League PINC teams have found out over the past three seasons. But Lyon had a hugely important tool in its fight: communication.
Manchester City's Belgian midfielder Kevin De Bruyne (L) vies with Lyon's French midfielder Houssem ... [+] Aouar (R) during the UEFA Champions League quarter-final football match between Manchester City and Lyon at the Jose Alvalade stadium in Lisbon on August 15, 2020. (Photo by FRANCK FIFE / POOL / AFP) (Photo by FRANCK FIFE/POOL/AFP via Getty Images) POOL/AFP via Getty Images
When De Bruyne eventually moved out of Aouar’s zone and towards the left wing-back Maxwel Cornet, Aouar pointed and shouted, making sure that Cornet had understood the message before handing over the marking responsibility. And when he moved out of Cornet’s zone and towards left center-back Marçal, Cornet pointed and shouted, making sure not to leave De Bruyne in peace until Marçal had picked him up.
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De Bruyne later moved over to see if he would have any more luck on the left. But he quickly found that Maxence Caqueret, Léo Dubois and Jason Denayer, Lyon’s triangle on that side, would do the same. It was a little portrait that made up part of a bigger picture.
Let us for a few moments forget Pep Guardiola’s tactical tinkering and the VAR’s decision to not give a foul or offside as Moussa Dembelé bore down on Ederson’s goal. Let us instead focus on what made it possible – not inevitable, but possible; with a little more luck City might still have won the game – for a team with considerably inferior individuals to emerge victorious in the biggest game of its season. Lyon made up for their frailties with cooperation, constant interaction, and dedication to a very clearly defined strategy.
LISBON, PORTUGAL - AUGUST 15: A dejected Raheem Sterling and Gabriel Jesus of Manchester City ... [+] following their loss in the UEFA Champions League Quarter Final match between Manchester City and Lyon at Estadio Jose Alvalade on August 15, 2020 in Lisbon, Portugal. (Photo by Julian Finney - UEFA/UEFA via Getty Images) UEFA via Getty Images
Although we live in the age of Cristiano, Messi and Neymar, of super-clubs, super-managers and the concentration of wealth among a small elite based in western Europe – essentially, of focus on the individual at the expense of the whole – soccer remains a collective sport.
In unity, there is strength.
And in this wildly engrossing Champions League Final 8 festival of spectator-less soccer, contorted and misshapen by the coronavirus pandemic, Lyon are the embodiment of that idea. The club’s collectivism has carried it further than anyone expected it could go, which is something worth celebrating under the circumstances.
LISBON, PORTUGAL - AUGUST 15: Gabriel Jesus of Manchester City is challenged by Marcelo of Olympique ... [+] Lyon during the UEFA Champions League Quarter Final match between Manchester City and Lyon at Estadio Jose Alvalade on August 15, 2020 in Lisbon, Portugal. (Photo by Franck Fife/Pool via Getty Images) Getty Images
Rudi Garcia, importantly, recognizes the limitations of his own group of players. They are not all world beaters. Some of them were not even first-team players at Lyon a few short months ago. But the coach has found a way of disguising and compensating for their fragilities in the way he sets up the side – of asking his individuals to do what they are capable of and nothing more.
The back three is the perfect example. Marcelo, Fernando Marçal and Jason Denayer are not exceptional players, but by playing three central defenders with complementary qualities, their strengths are highlighted and weaknesses hidden. Marcelo is not the quickest or most agile, but was able to assert a level of physical dominance in his battle with Gabriel Jesus that his young compatriot failed to handle. Denayer, meanwhile, provides a little more youthful energy and the ability to burst forwards, whilst Marçal is left-footed and competent defending in the wide spaces that Cornet vacates when he flies up the wing.
Further forwards, the harmony is similar. Of the midfielders, Aouar is lithe and dexterous, Caqueret a bundle of energy and snappy challenges and Bruno Guimarães is mobile, adept at monitoring the space in front of Marcelo and capable of spraying accurate long passes into the quick, hard-working, goal-getting front two. Together the Lyon players form a unit that is greater than the sum of its individual parts.
LISBON, PORTUGAL - AUGUST 15: Gabriel Jesus of Manchester City is tackled by Maxence Caqueret of ... [+] Lyon during the UEFA Champions League Quarter Final match between Manchester City and Lyon at Estadio Jose Alvalade on August 15, 2020 in Lisbon, Portugal. (Photo by Alex Livesey - Danehouse/Getty Images) Getty Images
When watching Lyon’s play on Saturday, the juxtaposition with how Barcelona had performed the previous evening – and in particular its reliance on Lionel Messi – was jarring, as it was when Rudi Garcia’s men took on a Juventus side so focused around Cristiano Ronaldo. But the individual-collective dichotomy is a scale of grays, not black and white. When Lyon took on Manchester City the contrast in approaches was not as great. And on Wednesday night in the Estádio José Alvalade it faces Bayern Munich, a team that certainly has more star power than Lyon but that also plays a discernibly cohesive sort of soccer.
That will make Bayern the biggest challenge Lyon has faced so far. In face of that greater threat, it will have double down on its own beliefs, on its ideas of how to approach the game not as a collection of individuals but as a united group. For, standing shoulder to shoulder, it still has a slim chance of a victory. But even if they progress no further, Lyon’s players and staff can count their efforts in this competition as an unequivocal triumph – and a proof of the value of cohesion.
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0270ba03014044b536620fdd76d1db0c | https://www.forbes.com/sites/joshualaw/2020/12/13/little-horse-tottenham-hotspur-experiences-growing-pains-in-crystal-palace-draw/?sh=2321e05c3edc | ‘Little Horse’ Tottenham Hotspur Experiences Growing Pains In Crystal Palace Draw | ‘Little Horse’ Tottenham Hotspur Experiences Growing Pains In Crystal Palace Draw
LONDON, ENGLAND - DECEMBER 13: Son Heung-Min and Eric Dier of Tottenham Hotspur look dejected during ... [+] the Premier League match between Crystal Palace and Tottenham Hotspur at Selhurst Park on December 13, 2020 in London, England. A limited number of spectators (2000) are welcomed back to stadiums to watch elite football across England. This was following easing of restrictions on spectators in tiers one and two areas only. (Photo by Clive Rose/Getty Images) Getty Images
“We are not even in the race”, said José Mourinho. His side had just drawn 0-0 with Chelsea in a predictably turgid game at the back end of last month, and had done enough to retain top spot in the Premier League PINC . But he was having none of the suggestion that Spurs might be capable of going on to win the title.
He reached for a tried-and-tested metaphor to emphasize his point but could not quite find the language required for it. “I do not know the word in English,” he said. “But the small, the young horses.”
Mourinho turned to the Tottenham Hotspur press officer, just off screen in his Zoom press conference, who obliged. “A what?” Mourinho asked. “A pony! We are just a pony.”
As any resident of north-east London will know, pony is word that was associated with Spurs in the more distant past, mostly used by their own fans, almost always without the indefinite article (‘We are just pony’, rather than ‘We are just a pony’) and often exceedingly accurately. This time, though, the pony was misplaced.
As mentioned, it is an image Mourinho has painted previously. During his second spell as Chelsea boss in 2013, he was similarly asked whether his Blues team were in a three-horse race with Manchester City and Liverpool for that season’s title. He replied that his team were “a little horse that still needs milk and work and [needs to] learn how to jump. [There are] two big horses and a nice horse, a horse that next season can race.”
LONDON, ENGLAND - NOVEMBER 29: Jose Mourinho, Head Coach of Tottenham Hotspur during the Premier ... [+] League match between Chelsea and Tottenham Hotspur at Stamford Bridge on November 29, 2020 in London, England. Sporting stadiums around the UK remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by Tottenham Hotspur FC/Tottenham Hotspur FC via Getty Images) Tottenham Hotspur FC via Getty Images
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Though I claim no expertise in equine matters, I would suggest the word Mourinho was searching for in both cases was ‘colt’ rather that ‘pony’.
In 2013, Mourinho was saying that Chelsea were not yet ready, that they would need to mature a little to challenge for a trophy. And he was quite correct. The next season, his team went on to lift the Premier League title. And in November, he again wanted to suggest that Spurs are an animal that still needs to grow and develop, that with the benefit of time will grow into a beast capable of competing with the thoroughbreds.
Spurs’ comms team, then, managed to further mangle Mourinho’s already rather clunky horsey metaphor. However much it is trained, a pony will never run fast enough to beat a racehorse. But a colt with potential? Well, you never know what the future might bring.
Set aside the philological debate of the intricacies of the equestrian figure of speech for a second, though, and it is clear that its use is a sign of José in his element. The little smirk on his face in both instances said it all. To bring the whole farmyard into our metaphor soup, he looked like a pig in the proverbial excrement.
LONDON, ENGLAND - DECEMBER 13: Vicente Guaita of Crystal Palace makes a save from Harry Kane of ... [+] Tottenham Hotspur during the Premier League match between Crystal Palace and Tottenham Hotspur at Selhurst Park on December 13, 2020 in London, England. A limited number of spectators (2000) are welcomed back to stadiums to watch elite football across England. This was following easing of restrictions on spectators in tiers one and two areas only. (Photo by Andrew Coudridge - Pool/Getty Images) Getty Images
José adores being in charge of the team that is not expected to win, loves being able to play down his side’s chances of success to take the pressure off when the press is bigging them up.
You could argue that he relies on it. For players to follow his big-match tactics – to abdicate possession, to close up and play on the counter – they must to some degree believe that their quality relative to the opposition's makes such caution a logical approach.
And in recent showpiece games, those tactics have worked magnificently. In the three league matches prior to Sunday’s trip to play Crystal Palace, Spurs had taken on Manchester City, Chelsea and Arsenal and come out with seven points and three clean sheets. In each of them, Tottenham had the smaller share of possession; 33% against City, 39% against Chelsea and 30% against Arsenal.
The results took the title talk and turned it up another notch, but those games were tailor-made for the underdog mindset that Mourinho has instilled. Mourinho would have known that Crystal Palace would be a different challenge entirely.
LONDON, ENGLAND - DECEMBER 13: Jeffrey Schlupp of Crystal Palace celebrate with his teammates ... [+] Cheikhou Kouyaté, Gary Cahill, James McArthur, Jaïro Riedewald after scoring goal during the Premier League match between Crystal Palace and Tottenham Hotspur at Selhurst Park on December 13, 2020 in London, United Kingdom. (Photo by Sebastian Frej/MB Media/Getty Images) Getty Images
Palace are not as dour or as reactive as many like to make out, but when facing a superior team, they are more than capable of dropping in, keeping their shape, and frustrating the life out of the opposition. Spurs, as the league leaders, would be expected to dominate here, to take the initiative and break Roy Hodgson’s side down.
To resort to cliché, winning this sort of fixture is what wins leagues. It turned out to be a test that Tottenham were not quite up to.
In the two spells when the scores were level, from the first minute until the twenty-third, before Harry Kane made it 1-0, and from the eighty-first until the final whistle, after Jeffrey Schlupp made it 1-1, Tottenham were excellent, creating plenty of chances and drawing some quite outstanding saves from Palace ‘keeper Vicente Guaita.
In between, though, they were passive and meek, allowing the hosts to push for an equalizer that, by the time it came, was richly deserved. Experienced champions, in a similar situation, would perhaps have known that 1-0 was not enough, that instead of handing over control they should look to increase the pressure and extend their lead.
In the aftermath Mourinho told BBC that, “I wanted [my players] to go forward, I wanted them to press high, like they did in the first half.” That they did not gives weight to his argument that Tottenham are a little green to be genuine contenders for a league title. The little horse is towards the front of the pack for now, but it will need to grow quickly if it wants to remain there come May.
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8187499bfd815719b1515bfd1a292cac | https://www.forbes.com/sites/joshualaw/2021/02/26/who-is-manchester-citys-new-brazilian-kayky-and-is-he-worth-30m/ | Who Is Manchester City’s New Brazilian Winger Kayky? And Is He Worth $30 Million? | Who Is Manchester City’s New Brazilian Winger Kayky? And Is He Worth $30 Million?
MANCHESTER, ENGLAND - JANUARY 02: The Manchester City club badge on the home shirt on January 2, ... [+] 2021 in Manchester, United Kingdom. (Photo by Visionhaus) Visionhaus
Though it has not been confirmed by either club, it is being widely reported that Brazilian side Fluminense have agreed to sell winger 17-year-old Kayky to Manchester City in a deal that, after add-ons, could be worth as much as $30m.
There is a lot of hype around Kayky, who has been referred to as the “left-footed Neymar”. But for a teenager who has never played a first-team game for his current club Fluminense, it is potentially a huge fee.
So who is he and why do the current Premier League leaders value him so highly?
Playing style
Kayky is a skilful, left-footed attacking midfielder who generally plays on the right for Fluminense’s U17 team, who were Brazilian champions in 2020.
He is quick and direct and loves to take on his marker. Though he is left footed, he can dribble down either side and is regularly able to take players out of the game with his one-on-one ability.
Once he has gone past his man, he is capable of playing accurate, clever passes to find team-mates in goal-scoring positions – this perhaps the reason for the premature Neymar comparisons.
Kayky also has an eye for goal himself and was the top scorer in last year’s U17 Brasileirão with 12 goals, often cutting inside onto his left foot to shoot into the bottom corner from short or long distance.
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As Fluminense U17 coach Guilherme Torres told Goal: “Kayky is a player who stands out a lot for his technical quality, especially with regard to one-on-ones, and also in his quality in front of goal.
“He is also very intelligent, searches for empty spaces on the field and has a good ability to provide assists for his team-mates.”
Background
Growing up in Rio de Janeiro, Kayky, like so many of the talented Brazilians who have come before him, got his break through futsal, the small-sided, indoor game popular in South American cities.
After playing for a local amateur club, he was taken in at Fluminense to play for their futsal team, before progressing to 11-a-side.
Fluminense have a strong track record of producing quality players – something they have relied on in recent years to keep the club afloat financially.
But even with that history of good youth teams, the side of which Kayky was part stood out, known as the club as the “dream generation”.
In addition to winning the U17 Brazilian championship last year, Kayky’s side finished as runners up in the U17 Copa do Brasil.
Indeed, it is not only Kayky who City have signed from the team. As well as the young winger, City have moved for Congo-born Fluminense U17 midfielder Metinho.
Is Kayky worth the money?
Firstly, it must be said that the reported initial fee is not the full $30m. Around $12m will be paid up front, with the rest of the fee to be handed over if and when Kayky reaches certain targets agreed by the two clubs.
It is also worth noting that neither Metinho nor Kayky has signed for Manchester City exactly, but for the City Football Group, the Manchester club’s parent company that also owns or part owns another nine clubs on five continents.
A report from Brazilian outlet Globoesporte suggests that Metinho will first go to the City Group’s French second-tier outfit Troyes, but that Kayky will go straight to Manchester, so highly is he thought of by the club's scouts.
Neither will be going anywhere just yet, however. FIFA regulations prohibit players from moving before they turn 18. As Kayky’s birthday comes in June, Fluminense fans are hoping they will have time to see him make a first-team debut for the club before he goes.
Whether he is worth the money paid is difficult to say given he has played no senior football, but the way they have structured the deal means the risk is minimal for City.
If he does not end up playing for Manchester City, his talent and age mean he will likely have significant sell-on value. And given the competition that exists to sign the best young Brazilian players, the initial $12m is not above the going rate.
For comparison, Real Madrid paid Flamengo around $55m for Vinicius Júnior at a similar age.
Admittedly, Vinicius was at a more advanced stage of his development, having played much more U20 football, starred for the Brazil U17 team and made one senior appearance.
But at less than a quarter of that $55m as an initial fee, City must feel they have negotiated a good deal for Kayky.
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8e61a077a68319ae6e97194c9ce6730d | https://www.forbes.com/sites/joshualaw/2021/02/27/variety-to-manchester-citys-game-primes-them-for-champions-league-success/ | Variety To Manchester City’s Game Primes Them For Champions League Success | Variety To Manchester City’s Game Primes Them For Champions League Success
LONDON, ENGLAND - FEBRUARY 21: Pep Guardiola, Manager of Manchester City reacts during the Premier ... [+] League match between Arsenal and Manchester City at Emirates Stadium on February 21, 2021 in London, England. Sporting stadiums around the UK remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by Manchester City FC/Manchester City FC via Getty Images) Manchester City FC via Getty Images
Before Manchester City took on Borussia Monchengladbach in their Champions League last-16 first-leg match at the Puskas Arena in Budapest, Gladbach manager Marco Rose was asked in an interview with the Guardian to describe how he wants the side he coaches to play.
His team, he said, is “always active in a game, against the ball and with the ball. It tries to win balls in a high position on the pitch. If we have the chance to score quickly we should use it, if not we should keep possession... Moving the ball fast, moving the opponents; winning it back in the shortest possible time if we lose it. Playing clever, playing hard, not just for the gallery.”
The question was asked in a general sense, not specifically with the City game in mind – but the same principles would apply against the current Premier League PINC leaders. Yet anyone watching his team for the very first time on Wednesday night would have had a hard time squaring that statement with reality. Always active? Moving the opponents? Playing hard? Really?
Though it may sound like one, that is not a dig at Rose – he has done wonders to get Gladbach into the last 16 of Europe’s top soccer competition, and it is not by chance he has been given the Borussia Dortmund job. Over the past 18 months, the 44-year-old’s team have often looked every bit as incisive and potent as that description would suggest.
BUDAPEST, HUNGARY - FEBRUARY 24: (BILD ZEITUNG OUT) Bensebaini of Borussia Moenchengladbach and ... [+] Bernardo Silva and Phil Foden of Manchester City battle for the ball during the UEFA Champions League Round of 16 match between Borussia Moenchengladbach and Manchester City at Puskas Arena on February 24, 2021 in Budapest, Hungary. (Photo by Peter Zador/DeFodi Images via Getty Images) DeFodi Images via Getty Images
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Instead, it is a credit to Manchester City; Pep Guardiola’s boa constrictor, a footballing predator that for the last three months has suffocated the resistance out of any team unfortunate enough to be standing in its way.
City had nine shots to Gladbach’s three on the night, and 61% of possession of the ball. Yet the story wasn’t in the numbers, but in how the game looked and felt. City were relentless.
In possession their passing was stunningly crisp, balls pinged into feet at warp speed and quickly moved on again before a Gladbach player could get close. On the odd occasion they lost it, the pressure was so quick and intense that you almost felt sorry for the Gladbach player with the ball at his feet.
In the first half particularly, City controlled territory and action, not letting Rose’s side have a sniff. And when left-back João Cancelo – whose dual role as left-sided defender and central creator has been so crucial to City’s run of 19 games unbeaten – conjured up a chance, they took it.
Against Arsenal in the previous game the level of control they had exerted was similar for long periods. Arteta, you imagine would use many of the same buzz words as Rose to explain what he wants to see from his charges, but again, Pep’s men did not allow them to get anywhere near their top level.
Yet the game against Arsenal also showed another, slightly different side to their playing style. As well as pressing and suffocating their opposition in the final third, City demonstrated they were capable of dropping back after the initial press, getting into a solid 4-4-2 shape and holding the Gunners at bay.
Playing a full 90 minutes defending a 1-0 lead against a Premier League team should not be easy, but they made it appear so. And that is the key this season.
LONDON, ENGLAND - FEBRUARY 21: Bukayo Saka of Arsenal battles for possession with Joao Cancelo of ... [+] Manchester City during the Premier League match between Arsenal and Manchester City at Emirates Stadium on February 21, 2021 in London, England. Sporting stadiums around the UK remain under strict restrictions due to the Coronavirus Pandemic as Government social distancing laws prohibit fans inside venues resulting in games being played behind closed doors. (Photo by Julian Finney/Getty Images) Getty Images
There has been much discussion about whether this is Guardiola’s best version of City, even better than the one that achieved 100 points in the 2017-18 Premier League. But to think of the discussion in terms of better and worse is facile. This team is different.
It is likely now that they will go on to win the Premier League, though with nowhere near 100 points. They are also favourites for the League Cup and FA Cup. But what will most interest Guardiola is another European crown, and that difference between this side and his previous ones in Manchester stands his team in better stead to win it.
As well as the high line and high press that has always been Guardiola teams’ forte – but had its pitfalls, most notably the space left behind the defence – he has added another way to win, another way to frustrate opponents. In the tight, knockout games in Europe that will be especially important.
Whether Guardiola was spurred to innovate when losing out on the title and Champions League last year, or whether he has devised this slight strategic tweak as a reaction to the odd conditions and packed calendar imposed by the coronavirus pandemic is difficult to say. What is certain, though, is that his team is more rounded, more versatile.
There will be tougher tests to come than Arsenal in the Premier League and tougher tests to come than Borussia Monchengladbach in Europe, but City look ready for them in a way they have not before.
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0fe1399a4cc10ea0df663b51714926f7 | https://www.forbes.com/sites/joshuapollard/2021/02/03/the-housing-market-just-began-a-new-10-year-upward-move/?sh=418a6aef6785 | The Housing Market Just Began A New 10-Year Upward Move | The Housing Market Just Began A New 10-Year Upward Move
Welcome to the Brave New Housing Cycle: Multiple factors indicate that an extended housing boom is underway.
In this March 25, 2020, photo, a sold sign is posted in front of a new home in Nashville, Tenn. (AP ... [+] Photo/Mark Humphrey) ASSOCIATED PRESS
A new long-term housing boom is upon us. And COVID-19 is the main reason why.
Both housing and economic cycles used to last five to seven years, but the economy has shifted to longer cycles, due to factors such as technology and monetary policy. The housing market has followed suit and the result is what I have defined as the Brave New Housing Cycle, which is poised to last seven to 10 years.
The current Brave New Housing Cycle actually started last year. Consider recently released data from the National Association of Realtors that showed sales of previously owned homes in 2020 were at the highest level since 2006.
There are additional reasons to believe another long upturn—a Brave New Housing Cycle—has begun.
The coming economic recovery
A pandemic on track to kill hundreds of thousands, and which destroyed countless businesses and livelihoods, has few if any silver linings. However, the inevitable economic recovery will bring good news for housing which, unlike other areas of the economy, never suffered a real downturn because of the pandemic.
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According to forecasts by the Federal Reserve and Goldman Sachs GS GS , GDP growth is estimated to be between 4.0 percent and 6.5 percent in 2021 with continued growth on the way in 2022 and 2023.
As devastating and economically damaging as the pandemic has been, the U.S. economy will bounce back—and help fuel the recently reinvigorated housing market.
Sustained low interest rates
In addition to the economic expansion that will come as the economy gets back on track, the federal government’s monetary policy response to the pandemic will fuel housing.
To safeguard the financial system during the Great Recession, over a three-year period the federal government built a safety toolkit of mechanisms to ensure global financial liquidity. At the onset of the pandemic in 2020, the government deployed this toolkit over just a three-month period.
That brought lower interest and mortgage rates—which, in turn, has begun to drive up housing prices—and the Fed is signaling that it will keep rates low for years. In fact, in the last 40 years the Fed has not ever raised rates until at least four years after aggressively lowering rates to jumpstart the economy out of recession.
Housing Turnover: A strong key indicator
Housing Turnover, a key metric that represents a complete measure of housing activity (it takes into account new and existing home sales and divides that combined figure by the total number of U.S. households) currently stands at just below its long-term average. By comparison, Housing Turnover was well above its long-term average in 2005, just before the onset of the housing crisis that fueled the Great Recession.
Technology is transforming the infrastructure
The U.S. real estate market remains in the pre-dot.com phase, in technology life-cycle terms. It is moving quickly into a new phase, however, as real estate technology investments have grown at a compound annual growth rate of 66 percent over the last 10 years, according to CB Insights.
As an example, in 2015 the U.S. had just reached critical mass for electronic deed recordings for two-thirds of the U.S. and all major cities. Today, over 85 percent of the U.S. population lives in a jurisdiction that offers electronic deed recording, according to the Property Records Industry Association.
As capital continues to flow into transforming the digital real estate infrastructure, housing will become a faster, more agile sector capable of supporting growth and allowing more participants to enter the housing economy in unique ways.
Institutional investors are pouring money into housing
Over the past decade the single-family rental industry, which has traditionally been the domain of mom-and-pop investors, has increasingly attracted institutional money managers.
Single-family rental property, which accounts for 50-60 percent of the rental housing stock, is a $60-plus billion industry attracting corporate property owners that a decade ago weren’t in the space at all. The 10 largest of these corporate entities now own a combined half-million units.
The lower cost of capital available to institutional owners has the net effect of lifting prices. And higher prices have a direct impact on demand—they tend to rise together. As more institutional capital flows into housing assets, we are likely to see increased growth in this Brave New Housing Cycle.
A Bright Future
Of course, as with any prediction, a seven-to-10-year housing boom isn’t without concerns. Home prices are twice as volatile now as they were a half-century ago, meaning that the end of the cycle could be ugly when it eventually comes. Also, as more homes are constructed, supply could potentially sate demand and push down prices (though, given the serious labor shortage in the construction industry, this seems unlikely).
When all the factors described above are considered, it is clear that a Brave New Housing Cycle is upon us.
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a4ff83fd17e1b271f1653bc7c3672190 | https://www.forbes.com/sites/joshuarhodes/2017/12/14/the-war-on-wind-and-solar/ | With Tax Bill, GOP Wages War On Wind And Solar | With Tax Bill, GOP Wages War On Wind And Solar
Renewable Energy Development in the California Desert Bureau of Land Management California (https://www.flickr.com/photos/blmcalifornia/)
While President Trump and some Republicans have been fighting back in the supposed ‘war on coal’, a new battle front has been formed – the ‘war on wind (and solar)’. This battle is playing out the in the current tax bill before Congress. The tax bills approved by the House and Senate vary in some significant ways, including how to treat tax credits and subsidies for wind and solar. While the Senate plan does not touch the credits, the proposed House plan reduces both the solar Investment Tax Credit (ITC) and wind Production Tax Credits (PTC) rebates and incentive structures.
It is unclear where reconciliation will end up, but AWEA estimates the House version would result in a loss of 60 thousand jobs and $50 billion in investment. For reference, using EIA data, we estimate that the total paid out for the ITC and PTC in tax year 2016 was about $6 billion, or 0.16% of the federal budget. Even if that lost energy investment were shifted to the coal sector, the net balance would be fewer jobs.
The solar and wind tax credits are different, but rather straight forward. For solar, system owners could write off 30% of the installed costs of the system on their taxes. For wind, owners received $23 for every megawatt-hour of energy produced for the first 10 years of operation. One might not like subsidies, but most all forms of energy production have some kind of subsidy, so it is somewhat hypocritical to claim that solar and wind need to compete ‘on their own’. These credits were conceived to jumpstart a nascent renewable energy sector for a set amount of time. The credits have been extended multiple times, albeit for smaller amounts each time.
The latest ITC/PTC extensions and graduated phase-out were part of a bipartisan grand bargain in 2015 that also opened up US crude oil exports. Reneging on parts of this bargain that were scheduled to expire on their own is simply a double-cross. The tax credits are already on a path to elimination starting in 2019/2020. The bargain that extended them is how congress is supposed to work, producing pro-competitive legislation that let markets figure out the details. Republicans got to open up crude exports in exchange for the eventual phase-out of the ITC/PTC. Democrats got an extension and certainty of wind/solar rebates/incentives. Although it is a not so secret secret that both sides wanted oil exports and ITC/PTC extensions, the grand bargain did provide good political cover.
Also, given that most wind and solar development is in rural Republican districts it seems odd that Republicans are trying to kill them and the jobs they bring with them.
There is a lot of uncertainty in the energy space right now. Low and no-growth electricity markets have made it hard for energy companies to plan for the future. Stopping the ITC/PTC early adds more anti-business uncertainty to these markets. It is no wonder investment is stalling in new generation deployment. This only adds to the chilling effect from the unresolved solar panel import issue in front of the international trade commission.
Neither side of the 2015 bargain got everything they ‘wanted’, but everyone got something they could live with. Even if you don’t like the ITC/PTC, you should be opposed to this attempt to gut them because a deal is a deal. Reneging on past bipartisan deals further diminishes trust and cooperation in Congress and the uncertainty that these proposals introduce is anti-jobs and anti-business.
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5472c39f7a5551e86829540c944af46d | https://www.forbes.com/sites/joshuarhodes/2018/08/21/what-does-100-renewable-energy-really-mean/?sh=2d5a71f21ac8 | What Does 100% Renewable Energy Really Mean? | What Does 100% Renewable Energy Really Mean?
GOVERNOR CUOMO'S MANHATTAN OFFICE, NEW YORK, UNITED STATES - 2018/08/16: A large crowd of New York... [+] climate leaders organized a rally outside Cuomo's Manhattan office on August 16, 2018, calling on him to stop fossil fuel infrastructure and shift New York to 100 percent renewable energy and delivered thousands of petitions to Governor Cuomo, urging him to be a true climate leader. (Photo by Erik McGregor/Pacific Press/LightRocket via Getty Images)
Companies, cities, and even entire countries claim that they are either 100% renewable (or very close). In both the US and Europe, there are even academic food fights over if, how, or why “it could happen here.”
These claims were highlighted recently in an op-ed skirmish between the Texas Public Policy Foundation, a conservative think tank, and the Mayor of Georgetown, TX. Their back-and-forth dialogue has created a great case study on what it really means to be 100% renewable in today’s system and why it is so easy to get tripped up on words and phrases that really don’t matter.
A few years ago, Georgetown, TX (population: ~67,000) decided to obtain 100% of its electricity from renewable sources, namely wind and solar. This decision was notable partly because it was one of the first municipalities to do so, and partly because Georgetown’s politics swing further to the right than one might expect given such a move. The irony of a conservative town going green has been just too much to resist.
Now, Georgetown wasn’t overtly trying to go green, but that was the cheapest and most secure option for local residents and businesses. While renegotiating a new power purchase contract city leaders found, to some’s surprise, that they could get a better deal by sourcing all of its power from wind and solar. And they could lock in the cheaper prices for 20 years – particularly appealing to an aging local population living on fixed incomes.
So, did Georgetown, TX really go 100% renewable? In a way yes, and in a way, no. The truth is more complicated, of course. But in the end, the semantics really doesn’t matter.
In the TPPF op-ed, Mr. González is critical of Georgetown’s decision, and uses it as a springboard to trot out some of the same tired tropes about renewables that pop up from time to time.
Let’s get these facts straight by answering a few basic questions.
If any company or city uses electricity that comes from non-renewable sources, can they still be “100% renewable”? Yes, they can. They can still be 100%, or 80%, or 30% renewable because renewable energy contracts are actually financial contracts that do not require physical delivery of the electricity to the buyer. This can happen because we have an impressive electricity grid that takes electricity from all kinds of sources and distributes it to the homes and businesses who consume it.
Think of it like this: you deposit cash at the bank on Monday and then withdraw cash from an ATM on Thursday. The paper money you’ve withdrawn are not the exact same bills you deposited, but it makes no difference at all, cash is cash. It would be silly, and require a more expensive banking system for everyone, for any individual depositor to demand that they get the exact same bills on Thursday that they deposited at a different location on Monday.
Say a company called Awesome Inc. consumes 1,000 megawatt-hours (MWhs) of electricity per year and they want to go 100% renewable. Awesome Inc. could enter into a virtual Power Purchase Agreement (PPA) with a wind or solar farm, say VentusSolis Inc., and agree to buy 1,000 MWhs of electricity per year for 20 years. This agreement guarantees VentusSolis a payment stream for which it can secure the financing needed to build the project. VentusSolis builds the project and 1,000 MWhs of electricity is put on the grid per year, displacing 1,000 MWhs of electricity that would have been supplied by some other power plant, fueled by natural gas or coal, perhaps.
In this example, Awesome Inc. pays for 1,000 MWhs that VentusSolis produced and Awesome Inc. is 100% renewable energy. But in the end, it doesn’t matter who actually consumes the electricity produced from the wind farms or solar arrays; once it’s on the grid, it’s all the same at the wall socket.
To be clear, without energy storage and for times when the sun is not shining and the wind is not blowing, 100% renewable energy consumers rely on other, perhaps non-renewable, sources for their energy. But they make up the difference when the renewables come back online.
Are the rest of us subsidizing the “100% renewable” club? Yes and no – the truth is that most energy sectors get some kind of subsidy.
While there are direct federal subsidies for wind and solar projects, they are being phased out and will expire in the coming years. But these are not the only subsides out there. Texas provides about $3 billion worth of subsides to the energy sector per year, with about 2/3 of that support going to oil and gas through favorable tax codes. These subsides have no expiration date – it is rather disingenuous to talk about subsides in one sector without talking about subsidies in all sectors.
Mr. González also makes the common, and erroneous, argument that every wind turbine or solar panel must be backed up with a coal or gas plant, should the wind stop or the clouds roll in. But in practice, this is just not the case. Grid operators have gotten very adept in forecasting solar and wind output, and continuously update their models as each day progresses, just like we have been doing for the demand side for over 100 years.
As Texas has approached getting 20% of its electricity from wind, we have not seen an increased need for backup. In most grids, backup levels are set by the largest plant that could trip offline, usually a nuclear or coal plant. So if we wanted to reduce the (rather small already) levels of backup generation, removing those large plants would likely be the most effective way to do so, but that doesn’t mean that it would be a smart thing to do. High levels of renewable energy can increase other grid ancillary service costs, but these increased costs are typically small and can be offset by lower total energy costs.
Bottom line: is 100 percent renewable doable? Getting the entire grid to be 100% renewable energy would be a tall order. There is considerable agreement among most engineers in this space that getting the grid to 80% green would be relatively easy, but that last 20% would be a lot tougher. In 2017, Texas got about 18% of its energy from wind and solar, so there is room for more growth among those sources. That said, we have other technologies (nuclear, carbon capture, etc.) that also could help us get to a low-carbon future, if that is where we decide to go.
I’d prefer to see the conversation move away from insisting we get our electricity from 100% renewable sources, because that really misses the point. The climate isn’t threatened by what technologies we use, it is threatened by the emissions from those technologies. When we focus just on technologies, that restricts the tools we can use. However, the more tools we have at our disposal, the better chance we have to develop solutions to our energy problems in a meaningful way.
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f80f6f422b0f839fe305abb16609b502 | https://www.forbes.com/sites/joshuarhodes/2020/02/03/the-us-solar-industry-in-2020/?sh=149820e5ed3f | The Future Of US Solar Is Bright | The Future Of US Solar Is Bright
Solar cell power engineer technician checks the maintenance of the solar panels. Getty
This is the first of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover solar, wind, oil & gas, coal, nuclear, and geothermal (so far) and will answer the same four questions for each.
1. How big is the US solar industry, and what is its growth trajectory?
Currently, the US solar industry employs about 242,000 people and generates tens of billions of dollars of economic value. By the end of September 2019, the US had deployed over 2 million solar PV systems, totaling about 71,300 MW of solar capacity, and generating over 100 TWh of electricity (2019 total, est.). In 2018, solar generated about 1.5% of US electricity. Of all renewable energy generation, solar PV is expected to grow the fastest from now to 2050. Some solar-heavy grids, such as the California Independent System Operator have experienced times where over half of demand was met by solar PV.
EIA projections of electricity generation by type to 2050: ... [+] https://www.eia.gov/todayinenergy/detail.php?id=38112 US Energy Information Administration
Total installed U.S. PV capacity is expected to more than double over the next five years as grid interconnection queues from California to Texas to the Mid Atlantic are full of solar projects. Thus, the US Bureau of Labor Statistics estimates that solar PV installer will be the fastest growing job between 2018 and 2028, with a median annual wage of over $42,000.
Solar PV growth projections by type: ... [+] https://www.seia.org/research-resources/solar-market-insight-report-2019-q3 SEIA/Wood Mackenzie
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Paring solar systems with energy storage is also starting to gain traction. So far, grids have been able to absorb the variable nature of solar PV’s output and most locations can easily incorporate more still. However, the more solar that you install in one location, the more impact it can have. During sunny spring days in California, there is so much solar generation relative to electricity demand, that wholesale electricity prices can go negative. Then, only a few hours later, the grid must quickly ramp up other power plants because the solar starts to lower its output just as demand is increasing, giving us what has been called the Duck Curve. Thus, there is considerable interest in paring solar with energy storage systems to that allow the output of the solar (or any electricity really) to be saved for later.
Energy storage prices are still too high to shift bulk amounts of energy around, but there are some hybrid solar + storage projects that have been able to pencil out in the peak demand market, but peaking power plants only provide about 1% of our total energy consumed. However, as prices come down, more and more solar farms are likely to be paired with energy storage systems, like the recently greenlit 690 MW solar + storage Gemini project in Nevada.
2. Which US states lead in solar?
California by far leads the nation with the most solar PV capacity with over 26,000 MW installed, almost five times more than second-place North Carolina. Over the next five years, five states (California, Texas, Florida, Nevada, and North Carolina, in order) are projected to deploy about half of all solar PV capacity in the US, with the top two states accounting for almost one-third. California’s recently enacted solar mandate for new construction should enforce a minimum of about 80,000 new solar systems (equivalent) deployed per year, often a significant cost savings over retrofits.
As of Q1 2019, the US had the capacity to manufacture about 6 GW of solar panels per year, with plans to expand to about 9 GW. The top three states for PV manufacturing (Ohio, Georgia, and New York) account for almost 60% of total US manufacturing capability.
3. What are the biggest challenges faced by the solar sector today?
One challenge currently facing the US solar industry are the import tariffs placed on solar panels by the Trump administration. By some estimates, the tariffs have cost 62,000 jobs and lost almost $20 billion in private investment. The tariffs also have a disproportionate impact on projects in less-sunny areas and raise the levelized cost of electricity for projects by non-negatable amounts.
The estimated average increase in the cost of solar energy resulting from the Trump Administration's ... [+] solar tariffs. Joshua D. Rhodes, PhD
The tight job market is making it hard for solar companies, like many other industries, to grow and retain qualified workers. A recent solar industry survey found that about one-quarter of firms said it was “very difficult” to find qualified applicants for open positions.
The last year for the full 30% investment tax credit (ITC) was 2019, and now as of January 1, 2020, the ITC is reduced down to 26%, in 2021, it falls to 22%, and in 2022 it flatlines at 10% for utility and commercial-scale projects, but goes to 0% for residential projects. There was an attempt to get the solar tax credit extended at the end of 2019, but it failed to materialize.
While solar power doesn’t produce emissions while it produces electricity, there are emissions associated with the manufacture of the panels themselves, albeit much lower than fossil fuel technologies. The production of solar panels does typically involve the use of industrial chemicals that must be cleaned up.
The rapid increase of solar deployment in the US will be followed by a rapid increase in the need for end of life solutions in 25-30 years. Whether that is recycling, as some manufactures have starting implementing, or second life uses, the industry will need to scale those solutions as fast as we are scaling deployment today.
4. How does the US solar sector compare globally?
Ever-changing numbers are hard to pin down, but as of the end of 2018, the US ranked second in terms of solar PV deployments behind China. Estimates for global PV growth are expected to exceed 100 GW/yr from 2019 on and more than triple that by 2050, with the US/North America responsible for about 20% of total deployment.
Cumulative global solar PV deployments by country in 2018: ... [+] https://www.nrel.gov/docs/fy19osti/73992.pdf National Renewable Energy Lab
All in all, the future of solar is… bright. Most major electricity grid studies show solar expanding significantly (even without specific mandates) as costs decline and societies use their values to drive their energy choices. These study results are being validated in real life as competitive electricity grids find their interconnection queues full of solar projects and new announcements are frequent.
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75bdd5c8df8c2cd9d487b8b7e491a384 | https://www.forbes.com/sites/joshuarhodes/2021/02/14/valentines-day-giving-the-texas-electric-grid-the-cold-shoulder/ | Valentine’s Day Giving The Texas Electric Grid The Cold Shoulder | Valentine’s Day Giving The Texas Electric Grid The Cold Shoulder
High voltage electric tower on a snowy day in the mountains getty
The energy world is currently transfixed by what is going on in Texas. Usually The Electric Reliability Council of Texas (ERCOT, the electric grid that serves 90% of Texas electricity demand) gets attention in the dog days of summer when temperatures soar above 100 degrees F, air conditioners work round-the-clock to keep us cool, and the grid strains to keep up. But this Valentine’s Day cold snap makes our sweltering summer peaks look like child’s play. Wholesale electricity market prices are at all-time highs and have been in the $1000s of dollars per MWh all weekend. On average, ERCOT prices are much lower, generally in the low $30s.
LMP pricing for ERCOT on February 13 at 10:15am. ERCOT.com
Volatility and high prices are nothing new for the electricity wholesale market in Texas. (Note that the vast majority of residential customers are not paying these high prices to keep their homes warm as their electricity providers offer higher retail rates in exchange for buffering them from these price spikes, but more on that later.) In fact, very high prices for a small number of hours of the year is a feature of the Texas electricity market, not a bug, as the price spikes are useful incentive for prodding developers to build more generating capacity. However, we generally expect price spikes to happen on hot summer afternoons, driven by air-conditioning. And we expect those price spikes to be brief, lasting minutes or hours, and in isolated locations. This swath of high prices that span the state and have already lasted more than a day and are likely to last several more days is wholly new territory.
What is going on? Demand is crazy high.
On some level, it is a classic case of supply and demand. However, there are two markets involved and both are competing for the same thing. Texas is, as a whole, a summer-peaking state. Our energy use and electricity price spikes are driven by hot summer afternoon air-conditioning use. But, even on a bad day, the temperature difference between the outside air (105F) and a “comfortable” inside temperature (75F) is at most 30F (105F-75F). Temperatures are forecasted to get down to 10F in Austin, so the indoor/outdoor difference between a “comfortable” indoor temperature of 70F is 60F (70F-10F), double what we are trying to control in the summer. Keep in mind our homes are designed with insulation for a 30F differential and a preference for shedding heat, not a 60F differential with a desire to retain heat.
That means our homes are demanding much more energy for heating energy right now than the cooling energy we demand for the same number of hours in the summer. Also, about 60% of homes in Texas are heated by electricity, but not the efficient heat pumps that can operate at these temperatures. Many are the inefficient resistance heating or the older kind of heat pumps that use resistance heating as a back-up when the heat pumps lag behind. To put it in context, a standard electric furnace or heat pump in this auxiliary mode pulls double the power that an air-conditioner pulls in the summer.
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All told this means a huge spike in demand for electricity.
But, what about all those 40% of homes that use natural gas for heating? They aren’t immune from the price madness, either.
Gas prices are up 5000% this week…
When Texas electricity prices get this high, it is almost always (forever as I can remember) driven by scarcity pricing. Scarcity pricing happens when reserves (power plants on standby ready to jump in if market conditions get tight) get low. As of this writing, scarcity pricing has not happened with this weather pattern yet. The scarcity pricing mechanisms are traditionally what drive ERCOT prices to their famous $9000/MWh peaks.
Homes and businesses in Texas use electricity and natural gas for heat and at the same time over half of power plants in Texas use natural gas to make electricity. There is competition for natural gas right now between heaters in buildings and power plants that make electricity for heaters. That competition has driven natural gas demand through the roof, driving gas prices into the triple digits from $2.77 in a normal week to over $140 today (Waha Hub). These high gas prices cause electricity prices to go up which invites more gas plants to come online which will drive up the price of gas, and so on and so forth.
Natural gas suppliers are able to claim force majeure and not supply contracted gas if they physically cannot do so. However, if natural gas power plants committed to provide electricity to the market and cannot do so because their gas provider cut off the supply, they might have to procure electricity on the open market (during a time of high price spikes) or face steep penalties to satisfy their contracts and ensure grid reliability, further increasing prices.
All of these factors coming together implies we might yet see scarcity pricing set in as temperatures drop further. In other words, the prices can go even higher.
We are a state defined by our hot summers, but we need to think more about winter
Texas gets this cold, but it is usually just in the north for a few of hours at a time, not a few days across the entire state simultaneously. Homes here can ride through short bouts of cold weather just with thermal lag (that is, it takes a few days for a well-insulated home to lose its heat), but our design specs for heating only account for temperatures down to about 25F in Austin, TX. Our demand response programs to remotely cycle air conditioners on and off are primarily geared towards summer operation.
Demand response behaviors are also likely more designed for typical summer operations than winter conditions. Industrial facilities and large commercial buildings will delay some operations until evening to avoid exacerbating peak demand during the afternoon. But in the winter, shifting more demand to night-time when others are trying to heat their homes makes things worse. There is less certainty and intuitive knowledge about how large consumers will respond to winter peak conditions.
The next few days are going to be tough for the ERCOT market. High and volatile prices are straining electricity market participants. Some retail electricity providers are even paying their customers to leave so they can reduce exposure of their balance sheets to an unforgiving market:
And some market contracts could be very out of the money:
The last time we had a deep freeze in Texas was in 2011 and it triggered the failure of coal and natural gas power plants. This cold snap is deeper and will last longer so risks will be high. At the same time, wind power capacity has more than tripled in the last decade, so we have more diverse resources to bear on the problem. Wind output so far has been good and, in general, exceeded forecasts. Going forward, we will need all hands on deck, and how all resources perform could spell the difference between a near-miss and widespread disaster.
When the dust settles, we will know more, but even though it is cold outside, the market is red-hot right now…
Caitlin Smith, Vice President, AB Power Advisors, contributed ERCOT market knowledge and insight and collaborated on content.
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7057c6db7ed7782eb6740c2c8c2a1936 | https://www.forbes.com/sites/joshuarogers/2012/04/04/how-to-outsmart-the-billionaires-wholl-bid-80-million-for-the-scream/ | How to Outsmart the Billionaires Who'll Bid $80 Million for "The Scream" | How to Outsmart the Billionaires Who'll Bid $80 Million for "The Scream"
One of several versions of the painting "The Scream". The National Gallery, Oslo, Norway. (Photo... [+] credit: Wikipedia)
In May Edvard Munch’s “The Scream” will come up for auction at Sotheby’s in New York. Officials at the auction house project this pastel-on-board painting will fetch a bid that may make you cry out: $80M.
Last year Hans Holbein the Younger’s “Madonna With the Family of Mayor Meyer” sold for more than $70 million to German billionaire Reinhold Würth. One of Paul Cezanne’s “The Card Players” paintings sold for $250 million to the Qatari royal family. Zhang Daqian’s “Eagle Standing on Pine Tree” sold for $65 million in Beijing. The list goes on.
The wealthy don’t merely collect art—they invest in it. Many even regard art as just another asset class, like real estate, precious metals, commodities, stocks, bonds or cash. And indeed, art prices have kept up pretty well with stocks over the past half-century. With the price of famed artworks like “The Scream” soaring to such heights, some wealthier investors are pooling their resources, via a new breed of hedge funds that specialize in buying fine art.
Hedge funds, jaw-dropping prices, intense bidding… How do the rest of us get our hands on a work like “The Scream?”
It turns out we have two choices. The first is to shrug and join in on the hedge-fund frenzy. The second, better option is what I’ll call the Thomas Olsen play.
First, let me touch upon the fine art hedge funds. When these were first introduced a few years ago, some had trouble raising money. Now so many of these funds have sprung up that some of them opt to specialize in niches like Chinese art investments.
All of these funds are touting the extraordinary returns that high-end art has generated over the years. Most point to an index developed by Professors Jianping Mei and Michael Moses of New York University. The pair created a benchmark index of the market for well-established art, the “Mei Moses Fine Art Index,” as well as a family of sub-indices that track the value of works from particular artistic movements or time periods. Their main index, the Mei Moses World All Art index, tracks more than 30,000 pairs of repeat sales of art at Christie’s and Sotheby’s auction houses around the world, a technique known as repeat sales regression. (It’s the method that Fiserve Case-Schiller uses to measure housing prices.)
The Mei-Moses World All Art index climbed 22% in 2010 and 10.2% in 2011, soundly beating the S&P 500’s total return. According to data from Castlestone and Bloomberg, art produced an annualized return of 10.9% between 2000 and 2010. By contrast, stocks produced a -0.5%, bonds a positive 4.9% and commodities a paltry 1.6%.
The most well-known fine art hedge funder is the Fine Art Fund Group’s Phillip Hoffman. Hoffman says that his fund is simply taking a cue from the very wealthy: “If you look at some of the wealthiest families in the world,” he explained in 2010, “they’ve probably made more money out of their art investments than they have from their bank stocks, their equities or their bonds.” Not all of Fine Art’s purchases are in the $1 million–plus category. Hoffman purchased a Cindy Sherman photograph in 2005 for $70,000 and sold it for $260,000 in October 2010. But he says his funds’ average art deal produces a 31% internal rate of return. A rival art fund, the Art Photography Fund, says they have returned 36% annualized since March of 2008.
For wealthy investors who want to be able to enjoy the art their money helps purchase, funds like these are willing to loan the works to shareholders. Just don’t expect the funds to buy art that suits your personal taste.
The fine art funds aren’t accessible to many of us because of their high investment minimums. Art Photography’s is $70,000 Euros. Fine Art’s is $500,000. Even if you admire Hoffman and his team, you’ve no business investing in his fund if you’re a “mass affluent” or “high net worth” investor with $1 million of liquid assets. Pouring 50% of your liquid net worth into an illiquid asset class like art is crazy.
Even if you have the money, is handing your capital to one of the current fine art funds the best way to invest in art? They are primarily focused on acquiring established, or what I call large-cap, artists. These artists are known quantities whose work already sells for thousands or even millions of dollars.
I think there’s a better way for rest of us to invest in art works like “The Scream.” Leave the hedge funds and billionaire collectors to fight over blue-chip art and instead behave more like Thomas Olsen.
Olsen was the Norwegian shipping magnate who was a friend and patron of Munch. Olsen bought "The Scream” after Munch painted it in 1895 at a tiny fraction of its present value. He “acquired ‘The Scream’ as well as many other works by the artist,” his son Petter explained, when the Munch family announced it would auction the painting in February. The shipping boss was keen to see Munch’s work gain greater recognition outside Norway and knew his purchases would help. Thanks to patron Thomas, the Olsen family and their friends were able to enjoy the Munch works privately for decades. And the rest of us got to see those works in our museums and on our t-shirts.
I’m convinced that winning at the art-investment game is to play it like Olsen did. Sprinkle around $100 to $10,000 amounts on original works of art that you love by artists you believe deserve a wider audience and will work to gain one. Enjoy your investments now and hope to hit a few jackpots eventually.
Remember why some art spikes in value. It’s a case of massive demand for a nearly nonexistent supply. When an artist creates a painting, there is only that one. The artist may later gain renown, license the work and even make a copy or two—or three, as Munch did—and still, there’s only the one original.
Yes, sometimes the copies can zoom upward in value, too. But don’t count on it. So buy original work. Preserve it. And pay special attention to artists who seem likely to produce great work and eventually gain renown.
The good news is that you don’t have to be as wealthy as Thomas Olsen. You can apply the kind of passion that Herb and Dorothy Vogel did when they were accumulating their art collection. Filmmaker Megumi Sasaki documented their remarkable story.
Herb Vogel was a postal worker and Dorothy Vogel a librarian. They bought pieces directly from artists for rock-bottom prices. They lived on Dorothy’s salary and invested all of Herb’s income into their art collection. Along the way, the Vogels thrilled in getting to know the artists, talking about their work, going on studio visits and developing their eye for the avant-garde. They ended up amassing what became one of the most important and valuable collections of modern art. When they donated their holdings to the National Gallery of Art later in their lives, it was valued at several million dollars.
How many of us can honestly say that we’re “passionate” about our investments? If you don’t find owning shares of Proctor & Gamble or that consumer staples ETF scintillating, maybe you should do what Thomas Olsen and the Vogels did: collect small-cap art.
I’m talking about work by artists who are not currently well known and whose work is priced below $10,000. This is a market where transactions are being done through small private galleries or directly through the artists, many of whom do not report their sales to price databases like ArtNet.
Much of this market is transacted in cash or bartering. This is the segment that would be impossible for professors Mei and Moses to track. Consequently, small-cap art lacks pricing transparency and is highly inefficient—so there’s heightened need for due diligence. And just as in micro-cap stocks, the most successful investors will be those who buy in for pure enjoyment, find a way to exercise some personal control over pricing or obtain some information advantage. The vast majority of the work trading at this level is not important. But that realm is also where the next Andy Warhol, Jackson Pollock or Pablo Picasso is currently struggling and unknown. So the small-cap market favors collectors who have a bit of money, time and savvy (which can be learned) to spare.
I have come to view small-cap art collecting as an important part of my overall investment portfolio—the most fun and rewarding part. I’ve plunked down as little as $100 for artwork that I admire. A few of those pieces are worth $1,000 or more now. As my friend and well-known Chicago artist Tony Fitzpatrick pointed out to me the other day, “In Europe people regularly go out on a Saturday afternoon, and they buy a piece of art after stopping by the bakery or the café. Buying art is just part of their leisure routine. A plumber and a teacher should be able to buy art. Everybody should be able to possess beauty.”
The KIA Art Fair (Photo credit: Wikipedia)
It’s probably only a matter of time until some noted art critic, gallery owner or investment guru starts the first small-cap fine art fund. (I’ve considered the idea myself.) If there were a professionally managed art fund with minimums of $10,000 that would allow more people to add this asset class to their portfolio, I might invest in it. It seems like a way to reconcile my desire to support artists who are on the verge of breaking through, at the very margin of the art world’s radar, with my desire to get a reasonable return on my money.
For now, I’m content to do some collecting on my own. Imagine if more of us mass-affluent folks were actively buying art as part of everyday life—for the benefit of our portfolios and for the benefit of our humanity. There’s great art and therefore potentially great investments all around us. That artist friend of yours may be the next Edvard Munch.
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92e92829cc2da18508130dff0b7c80fc | https://www.forbes.com/sites/joshuarogers/2013/04/01/all-hedge-funds-may-be-bad-heres-how-to-suss-yours-out/ | All Hedge Funds May Not Be Bad -- Here's How to Suss Yours Out | All Hedge Funds May Not Be Bad -- Here's How to Suss Yours Out
Money and Magnifying Glass (Photo credit: Images_of_Money)
There’s a public debate raging about the pros and cons of hedge funds—not any individual hedge fund, mind you, but rather hedge funds in general.
There’s been plenty of skeptical talk in my circles. As a whole, the industry has produced very lackluster returns over the past couple of years, with the S&P 500 index clobbering the leading aggregate hedge-fund index. In 2012, the HFN Hedge Fund Aggregate Index was up 6.65 percent while the S&P 500 was up 16 percent. In 2011, the same hedge fund index had a return of -4.5 percent while the S&P 500 was up 2.11 percent. A well-reviewed new book by hedge-fund veteran Simon Lack, The Hedge Fund Mirage, argues that “if all the money that’s ever been invested in hedge funds had been put in Treasury bills instead, the results would be twice as good.” Meanwhile, SAC Capital, the famous Connecticut hedge fund founded by Steven Cohen, shelled out $616 million this month to government-securities regulators to settle insider-trading lawsuits. It's longtime portfolio manager was arrested last week.
So are hedge funds all bad? I decided to ask my friend Brian Portnoy, one of the country’s foremost experts on hedge funds, for his take. A CFA with a Ph.D. from the University of Chicago, Portnoy is a sought-after due-diligence man who specializes in scrutinizing hedge funds. His book, The Investor’s Paradox, is coming out soon and he makes a lot of sense on the history of hedge funds, how they work and how people and institutions make decisions about which ones to buy.
I assumed he and Simon Lack would be natural allies. But one of Portnoy’s complaints (sorry, couldn’t resist) is directed at Lack. “Lack supports his case with plenty of hard data, most of which is damning on its face,” he says. But “when we review his verifiable arguments versus his more impressionist views on friends and trends in the industry, we arrive at one nagging problem with the analysis: It is almost completely wrong.”
Portnoy shared with me his forthcoming review of Lack’s book. Here’s an excerpt:
Take [Lack’s] bold opening claim that U.S. Treasuries have been a much better investment than hedge funds. To support that claim, Lack relies heavily on an academic study by Dichev and Yu (2009), “Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn,” which takes a statistically informed look at the real experience of hedge fund investors. They conclude that such investors earn returns that are unsatisfactory. Theirs is a reasonable analysis. But it is hardly the appropriate citation for Lack’s claim. As Dichev and Yu state right up front in the abstract of their article (i.e., not hard to find and difficult to misread), hedge fund returns during the sample period “are only marginally higher than the risk-free rate as of the end of 2008.” In other words, hedge funds beat T-bills over time, not lagged, let alone lagged by half.
Portnoy also objects to Lack’s use of “dollar-weighted returns” to measure hedge funds’ performance. The method accounts for the fact that most investors drift in and out of these funds as they get hot or cold, rather than sticking with them through thick and thin:
There is no more basic lesson in finance than to “buy low, sell high.” Unfortunately, most of us don’t act that way consistently. For a number of behavioral considerations we often do the opposite. We might get excited about good performance and want to join in on a “winning” trade; by the same token, we feel unsettled buying something that is struggling and defer investing at depressed valuations. But here’s the rub: If I buy a high quality but volatile mutual fund like Fairholme (FAIRX) after seeing fabulous past returns, then lose faith and sell after awful returns in 2011, only to subsequently miss a huge rebound in 2012, my DWR is awful, but Fairholme’s overall TWR is not. That’s on me, not Bruce Berkowitz. Lack’s main statistical argument relies heavily on this DWR framing, which is simply inappropriate for liquid or semi-liquid securities (though may be more appropriate for truly illiquid investments like private equity). It’s simply the wrong way to think about the issue, which is why the numbers don’t add up.
I can’t shrug off Lack’s criticism of the overall profitability of hedge funds in general quite as roundly as Portnoy does. The fact is, many investors leapfrog from one hot hedge fund to the next. Even if the disappointment they experience in the end is mostly their own fault, that doesn’t mean the disappointment isn’t real. Nor does it change the fact that they might have been better off pouring their wealth into other, more liquid, less expensive investments.
Still, it’s ridiculous to make sweeping generalizations about hedge funds, declaring that they’re all good or all bad. As with any other type of security, there are some that are really good and there are some that are really bad, and there are a lot that are just OK. The wealthy clients of my firm, Arete Wealth Management, rely on us to go out there and figure out which are the best hedge funds to invest in to the extent that the client wants/needs/is appropriate for hedge funds. I’m convinced that 80 percent of hedge funds aren’t worth it. But one in five is.
If you're not ready to ban hedge funds from your investing life, there's the crucial question of how you vet them. Here are some of the steps in the process we use:
Don’t bother playing with the losers. There are just too many hedge funds now to look at them all. And why bother paying 2 & 20 (2 percent annual management fee plus 20 percent of the profits) if you’re not getting something truly superior? Superior performance (either in terms of top-line gross returns or in risk-adjusted, non-correlation terms) is the only compelling reason to invest in a hedge fund as opposed to publicly registered securities, which will generally have better liquidity and transparency. So eliminate any fund that doesn’t have either a track record of total returns that just blow away the indexes or a track record of exceptionally strong risk-adjusted returns where the Sharpe Ratio (rate of return minus the risk-free rate of return divided by standard deviation) is very high and correlation to other indexes is very low. This approach immediately eliminates probably 80 percent of all hedge funds from further evaluation.
Knock on doors, press some flesh and stare people down. Next, we physically go to the hedge-fund offices, meet all the key people and have a tour around the place. You’ve got to get on the ground and shake people’s hands, look them in the eye and get to know who you might be putting your money with. (Not to kick a dead pony, but if all Bernie Madoff’s investors had gone to his office to physically see all the “traders,” I’ll bet many of them wouldn’t have poured their millions into his fund.)
Be an accounting stickler. We won’t bless any hedge fund that doesn’t have a third-party financial audit every year performed in accordance with the standards of the Public Company Accounting Oversight Board, created by Congress as part of the Sarbanes-Oxley Act of 2002. These days, both FINRA and the SEC pretty much expect this.
Measure their measuring stick. The temptation for a hedge fund to fudge its numbers is significant. The hedge fund’s methods for tabulating its performance should comply with Global Investment Performance Standards, a set of rules established by the CFA Institute, and audited by a third party for accuracy. Because it’s fairly costly to get a GIPS-compliant audit done, unfortunately a lot of newer hedge funds we find have not done this yet.
Shrug at how the fund says it would have performed way back when. Particularly if the hedge fund is newer, they often will use performance numbers that are “backtested,” where they apply their models or algorithms to the past even if the fund didn’t exist then. We insist on a GIPS-compliant audit on these numbers, but even then we put less faith in them. The upshot is that we prefer funds with longer track records.
Beware the geeks. If the fund uses quantitative algorithms for its strategy, we meet with the strategist and the programmer. If they can’t explain their strategy in way that make sense—have them go through it twice if you have to—forget it.
Find a fellow traveler. We sometimes like to partner with other large family offices that have also done a ton of due diligence and invest with them into a fund of funds. Two heads are better than one.
Make friendship an issue. The more we know the manager the better. We want to play golf, have meals, go sailing and generally spend as much time with the managers as possible. You really get to know people once they’ve got a few libations in them. As Pliny the Elder said, in vino veritas. The fact is, a manager who sees you as a friend is going to try that much harder to tell you the truth about the fund and its prospects.
If you think all that sounds too difficult, don't invest in any hedge fund. There are dangers—and most investment firms with regular contact with hedge funds have a battle scar or two to prove it. In 2008 the assets of a hedge fund we had invested in were seized by the SEC. We had alerted regulators to discoveries that we made in our ongoing due diligence—the fund misrepresented the educational credentials of the president of its holding company and which law firms and accounting firms were advising it. The regulators then discovered that the president of the holding company had been involved in improperly commingling assets from one fund to cover losses in other funds. Fortunately, our clients did get some of their money back.
Needless to say, the suggestions I’m giving have been hard learned from numerous years in the trenches. Readers of my column will see one of my recurring themes emerging here: You’ve got to do the hard-core, physical due diligence on investments. The closer they are, in proximity and in friendship, the better. There are no easy generalizations about investments—there are great ones in every asset class and security type. But you have to dive deep to uncover them.
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08906bb459b377d00daec5d06cd3e46d | https://www.forbes.com/sites/joshweiss/2019/05/13/godzilla-king-of-the-monsters-production-designer-teases-redesigns-mothras-heralds-and-more/ | 'Godzilla: King Of The Monsters' Production Designer Teases Redesigns, Mothra's Heralds, And More | 'Godzilla: King Of The Monsters' Production Designer Teases Redesigns, Mothra's Heralds, And More
(L-R) Ghidora and Godzilla in Warner Bros. Pictures’ and Legendary Pictures’ action adventure... [+] “GODZILLA: KING OF THE MONSTERS,” a Warner Bros. Pictures release. Warner Bros./Legendary
Everybody loves a giant monster battle. That, apart from a hostile alien invasion, is what unites us as a species. It's also just really fun and cool to see these gargantuan creatures punch, kick, bite, and laser breath the stuffing out of each other as our manmade structures (devoid of any people, of course) are trampled to dust in the wake of their epic smackdowns. Humanity's love of explosive kaiju-on-kaiju action will be more than fulfilled when Godzilla: King of the Monsters hits theaters later this month.
A follow-up to 2014's Godzilla (helmed by Rogue One's Gareth Edwards) and 2017's Kong: Skull Island (helmed by Metal Gear Solid's Jordan Vogt-Roberts), King of the Monsters was directed by Michael Dougherty. After smaller horror hits like Trick 'r Treat and Krampus, the filmmaker finds himself in full-on blockbuster territory, helping reintroduce four of Toho's most iconic monsters in cinema history: Godzilla, Mothra, Rodan, and, of course, the three-headed King Ghidorah.
To help Dougherty execute his skyscraper-sized vision was Scott Chambliss, a production designer known for his work on J.J. Abrams' big screen Star Trek reboot, James Gunn's first Guardians of the Galaxy, and Brad Bird's Tomorrowland. Chambliss's pedigree in the realm of science fiction could not have been more impressive when he was brought on to help with the Godzilla sequel.
"It’s one of the interesting things for me in my career," he told me during a phone call. "It’s, of course, creating the environments for the story of the movie, but also I was hired to be the ringleader of the design team that we brought on to collaborate on the updating of the monsters themselves and, to me, is very exciting ... As part of a design team, none of us wanna f--- it up."
Ghidora in Warner Bros. Pictures’ and Legendary Pictures’ action adventure “GODZILLA: KING OF THE... [+] MONSTERS,” a Warner Bros. Pictures release. Warner Bros./Legendary
This monumental redesign task could have gone terribly wrong, but luckily Chambliss is a major Mothra fan from way back in the day, so his knowledge of this universe went a long way in helping guide the designs into the 21st Century.
"The challenge of trying to remain true at our core to the designs of these original monsters that people really hold dear in their hearts, but also bringing them up to date in a way that honors their past, but feels much more contemporary, not only technologically, but in terms of how monsters function in movies as characters," he continued. "We focused a lot of design attention on what the environment in terms of how all the monsters are affecting it, whether they’re directly or indirectly affecting it and what, visually, their place is in [the] world and what sort of natural elements they represent."
Of course, the captain of this scaly, winged, and fire-breathing ship—Dougherty—has basically worshipped at the alter of these "Titans" (as they're referred to in the movie) since childhood.
"When he was a kid, he would doodle into textbooks that he was reading, where they would have line drawing pictures, he would add a little to the line drawing of Godzilla interacting with whatever the scene was," Chambliss said. "He’s the reason that this movie got produced by Legendary, I think, because they really responded to all of his knowledge and his passion for the monsters in the project themselves and he wanted us to take them seriously and be true to their past and their origins, but also give them a kind of energy that made them vital now."
Nevertheless, die-hard Toho-ites should keep their eyes peeled for certain throwbacks to certain elements of these creatures' long cinematic histories. For example, Scott teased the appearance of the twins that follow Mothra around as her heralds/priestesses in the '60s-era movies.
"It’s pretty kitschy and also something that I love about those movies. I’m not gonna say any specifics, but hopefully, people who are expecting to see the twins will be pleased with what they see in our movie," he said, adding with a laugh that everyone on the design crew was "over-saturated with Godzilla movies" by the time they'd finished their research.
As much as many of us would like to see these kaiju fight for two hours straight, these types of films must always have human characters in order to ground the story in a way the average person can understand. And while King of the Monsters brings in all the classic Toho celebrities, it also packs in as many real-world celebrities per capita as Avengers: Endgame. Vera Farmiga (The Conjuring) leads the cast as Dr. Emma Russell, an agent for Monarch, the government agency tasked with finding these Titans. Millie Bobby Brown (Stranger Things) and Kyle Chandler (First Man) play her daughter and ex-husband respectively. You've also got Ken Watanabe (Detective Pikachu), O'Shea Jackson Jr. (Straight Outta Compton), Sally Hawkins (The Shape of Water), Thomas Middleditch (Silicon Valley), Aisha Hinds (Unsolved), Bradley Whitford (Get Out), Charles Dance (Game of Thrones), and Zhang Ziyi (Rush Hour 2).
"In visual terms, the story takes place in two completely different scales," added Chambliss. "Obviously, it’s the big scale of the monsters and then our present day comparatively tiny scale of our daily lives. And because we made the clear decision right off the bat that this is set in real time and the real world, everything about it, even the most improbable of our settings like the inner mountain underwater headquarters, had to have a level of believability and detail and up-to-the-moment quality that we would recognize as being authentic. With that sort of human scale grounding, we hope that it allowed for grander scale play of the monster fighting and just being in a picture to feel more awesome."
(L-R) MILLIE BOBBY BROWN as Madison Russell and VERA FARMIGA as Dr. Emma Russell in Warner Bros.... [+] Pictures’ and Legendary Pictures’ action adventure “GODZILLA: KING OF THE MONSTERS,” a Warner Bros. Pictures release. Warner Bros./Legendary
KYLE CHANDLER as Mark Russell in Warner Bros. Pictures’ and Legendary Pictures’ action adventure... [+] “GODZILLA: KING OF THE MONSTERS,” a Warner Bros. Pictures release. Warner Bros./Legendary
The monster battles promise to be so great and mind-blowing, that you may end up wishing that Godzilla & Pals were real. Well, maybe the kids in the audience will—adults know all too well that kaijus only lead to insurance nightmares. That being said, a very young fan, the five-year-old son of one of Chambliss's art directors, visited the film's set and got a heartbreaking lesson in reality. Chambliss recounts the story thusly:
"He’d been hearing about Godzilla and seeing Godzilla so much, and he was very excited to come see what mommy had been working on and she was taking him through some sets that were set up pre-destruction and some sets that were post-destruction. Finally, he said, 'This is great. This is great. When do I get to see Godzilla?' And we both just stood there with our mouths open [laughs], we didn’t know quite how to answer and when his mother kind of explained that Godzilla isn’t actually real, he started to cry. It was so sweet. I mean, not in an obnoxious way, but just little tears running down his face. [But] she distracted him with a big Godzilla toy that we had, so he was fine."
Let's all be like that little boy—our eyes wide and our heads full of wonder—when Godzilla: King of the Monsters stomps into theaters Friday, May 31. Dougherty co-wrote the screenplay with Zach Shields; the story was conceived by Dougherty, Shields, and Godzilla 2014/Kong: Skull Island scribe, Max Borenstein.
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a6dd0dde5cd59da78090df7280891f53 | https://www.forbes.com/sites/joshweiss/2020/08/17/the-department-of-truth-image-comics-exclusive/?sh=577563bf6355 | You’ll Want To Believe With A First Look At Image’s ‘Department Of Truth’ Conspiracy Comic Series | You’ll Want To Believe With A First Look At Image’s ‘Department Of Truth’ Conspiracy Comic Series
Courtesy of Image Comics
To quote Han Solo in the Star Wars: The Force Awakens: “It’s true, all of it.”
Those five words lie at the heart of The Department Truth, an upcoming Image series from writer James Tynion IV (Something is Killing the Children) and artist Martin Simmonds (Dying is Easy). A wonderfully dizzy mixture of Men in Black, John Carpenter, Stephen King, The Matrix, and 1970s conspiracy thrillers, the book (whose title wouldn’t feel out of place in a dystopian novel by George Orwell) posits that all conspiracy theories — from the JFK assassination, to lizard-like overlords, to the flat Earth model — are 100% true. They’re true, and one clandestine organization is responsible for keeping them under wraps.
“In creating The Department of Truth, I wanted to build a story that spoke to the part of us that is always painfully hunting for answers to the chaos of the world around us,” Tynion said in an exclusive statement to Forbes. “The way we're willing to cling to ludicrous ideas because they give us some handle on that chaos, a way to make it all make sense. I also wanted to tie that to the fact that most of recorded history is its own, slanted conspiracy theory.”
“The Department of Truth, an organization tasked with controlling a world where the potential to rewrite history and shatter what society believes to be true is a constant and very real threat,” added Simmonds in a statement of his own. “Along the way, we're introduced to various weird and mysterious characters, some of which may surprise a few people."
Image Comics was kind enough to provide Forbes Entertainment with an exclusive first look at a 2-page spread from Issue #3, as well as a character sketch for an unsettling being known only as the “Star-Faced Man.”
Courtesy of Image Comics
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Courtesy of Image Comics
While much of the story is being kept a secret (no surprise there), it’s not a spoiler to say that the book revolves around Cole Turner, an FBI agent, who studies conspiracy theories for a living. Most fittingly, the character looks a lot like Robert Redford’s Joseph Turner in 1975’s Three Days of the Condor. Directed by Sydney Pollack, the political conspiracy thriller was one of numerous films from the decade that (intentional or not) reflected America’s mistrust of the government in the wake of Vietnam and Watergate.
“There are always people out there guiding us towards their preferred vision of the world, even when it has no basis in fact,” continued Tynion. “There is a dangerous subjectivity to reality, particularly right now. And that danger is what attracted me to the project. I wanted to ask myself uncomfortable questions and try to get at the emotional truths at the heart of the conspiracy theories that are deeply intertwined with our day-to-day lives and politics here in 2020.”
When Cole stumbles upon something that completely shatters his perception of reality, he’s recruited by the book’s titular agency. He’s the newbie, the greenhorn — just like Will Smith’s Agent J in the first Men in Black — and he’s got much to learn.
Courtesy of Image Comics
Simmonds’ expressionist art style (which you can check out in previously-revealed pages set in the immediate aftermath of the JFK shooting in 1963) only reinforces the MiB connection, bringing to mind the covers of the original Malibu-Aircel comics written by Lowell Cunningham. Despite being a work of fiction (as far as we know), Department of Truth is, as James stated above, meant to tap into a higher...well, truth about our own world.
“That's why I wanted to approach subjects like the belief in False Flag shootings, the Satanic Panic, Flat-Earth Theory, QAnon, and more,” the writer finished. “The conspiracy theories that are actively reflecting or refracting the way we see the world today ... We'll get to the fun stuff like UFOs, Reptilians, the Illuminati, and yes, the assassination of JFK. The lore around it will be key to the story, but the real goal was to write something that speaks to the moment.”
The Department of Truth #1 goes on sale Wednesday, Sep. 30. Get more details here.
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14b1b75dc2ea8b6480ebbacdc0831b06 | https://www.forbes.com/sites/joshweiss/2021/03/01/cherry-covid-19-pushed-henry-jackman-to-break-all-the-composing-rules-for-the-russo-bros-addiction-drama/ | ‘Cherry’: COVID-19 Pushed Henry Jackman To Break All The Composing Rules For The Russo Bros.’ Addiction Drama | ‘Cherry’: COVID-19 Pushed Henry Jackman To Break All The Composing Rules For The Russo Bros.’ Addiction Drama
Tom Holland in "Cherry" Courtesy of Apple TV+
When life gives you lemons (or in this case, a pandemic), you create the genre-defying score for Cherry, Joe and Anthony Russo’s first directorial effort since the biggest movie of all time, Avengers: Endgame.
When COVID-19 hit the world hard last year, composer Henry Jackman quickly realized that his fifth collaboration with the sibling filmmakers required a vastly different approach; one that went against all the preconceptions of what a film score should be. Much like the film’s unnamed protagonist (a young Iraq war veteran who turns to robbing banks to support his and his wife’s persistent drug habit) Jackman was pushed to his absolute limits as he turned to antiquated tools that didn’t require in-person recordings or large, orchestral arrangements.
“COVID, for almost any other project, would be a total headache, but for Cherry, it was a weird silver lining that provoked and forced situations that produced results that may not have otherwise happened,” Jackman says during a Zoom interview. “It's like, ‘Look, here I am, I’ll stick a microphone in the middle of the room and just try playing all of these things and if I get somewhere, I get somewhere. If I don’t, we’ll have to come up with another plan’ ... It’s a bit more like being a slightly experimental recording artist.”
His ultimate goal was to craft music that was “perverse and experimental, but not so incoherent that it’s distracting. I really had to explore a lot to get to the right place. It needed enough structural cohesion not to be a complete mess, but enough experimental eccentricity to be right for the movie.”
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Luckily, the film itself complimented Jackman’s desire to throw out all the rules and get weird with the score. Working off a screenplay by Angela Russo-Otstot and Jessica Goldberg, the Russo Brothers employ a variety of different movie-making techniques: voiceover narration, Scorsese-esque cutaways, breaking the fourth wall, novel-like chapters, and more.
“It’s not a traditional movie in terms of the structure and filmmaking. It covers a lot of ground,” Jackman says. “It’s sort of a love story, but it isn’t; it’s sort of a war story, but it isn’t; it’s sort of a Bonnie and Clyde story, but it isn’t. It dances around these different genres and needs a light touch. There’s a lot of heavy material in there — PTSD, oxycontin, and criminality — but there is also a wry thread of humor through the whole thing as well. It’s not your average tone, and that affected the music.”
The film starts out with a budding romance between two college students — the main character (credit as “Cherry,” he’s played by Spider-Man’s Tom Holland in a career-defining role) and Emily (Ciara Bravo) — before transitioning into a gritty war flick before evolving into a nerve-wracking crime thriller and profound exploration of addiction.
“It’s got bits of everything,” Jackman adds. “If you mixed The Deer Hunter with Drugstore Cowboy, you still wouldn’t have the movie, but it’s definitely unusual in its influences, execution, and result.”
Henry Jackman in 2013 Courtesy of Henry Jackman
A carefully curated soundtrack of licensed tracks by classic rock bands such as Van Morrison and Humble Pie gives the movie a Forrest Gump-y feel as it traverses several different eras of the main character’s life. That said, Cherry is more of a darkest timeline version of the Robert Zemeckis classic in which Forrest and Jenny both become drug addicts.
“It really does help when you have the flags in the turf or signposts instead of at the last minute there being a scramble for songs,” Jackman says of the licensed music. That’s really handy, especially if you’re being really experimental and thinking, ‘Well, hang on, we don’t want to go off the cliff.’ It’s like, ‘Don’t worry, because in the overall architecture of the movie, you know where the next [song] is. You know how far you can deviate from the base before [going too far]. There’s something about a song that can bring you back in a bit.”
To lend a real human element to the story, Jackman avoided modern plug-ins and turned to old school recording technology like analog synthesizers from the late 1970s and early ‘80s.
“I really geeked out on a lot of the engineering,” he admits. “My kit’s not in a great condition so the oscillators, once they’ve been on too long, they go a little bit out of tune every time you play them [and] they sound slightly different ... I did all this stuff like shove the signal back through really old and crusty hardware that isn’t digitally in old analog gear to add weird noises and rig-mod effects. I was even shoving stuff onto old tape where the motors are not quite stable, so the wound flutters a bit high.”
(L-R): Ciara Bravo and Tom Holland in "Cherry" Courtesy of Apple TV+
The synths ended up giving Jackman a hauntingly ethereal sound, which he used for Emily’s introduction. Dipped in poignance, these cues are the sonic definition of young love and the indescribable rush that comes with it — something that Jackman calls “glittering, angeluses synth.”
“It actually sounds very human because A) everything’s performed, it’s not quantized and B) it’s these analog synths that kind of have a mind of their own and a lot of those engineering tricks of using tape and instability,” he continues. “All of this introduces a lot of the noise and unexpected anomalies and engineering bits and pieces that don’t happen when everything’s perfect and clean.”
That otherworldly Synthwave is just one of several genres contained within the score — a direct reflection of Cherry’s own narrative diversity. At the start of the movie, for example, you can also hear a more traditional piece of music (entitled “Carnival of Losers”) that skews toward the classical side of the spectrum. However, as Holland’s character heads overseas, the music turns from beauty to chaos.
For the war-related sequences, Jackman turned to dysfunctional equipment — like a Roland Space Echo with broken tape — in order to achieve “unstable pitch anomalies” that “were really useful for Cherry’s disintegrating [frame of mind].”
“By the time you get to Iraq and PTSD, there’s a lot of sound design, a lot of crumbling psychology in the film, and that’s reflected in the music,” he explains. “It feels like a love story at the beginning, but by the time that you get to the textures later in the movie, they can hardly even hold themselves together and everything’s dissonant and unsettling.”
Tom Holland as an Army medic in "Cherry" Courtesy of Apple TV+
Packing a score full of discordant noises isn’t usually the tried and true method for a Hollywood production, but for Cherry, it worked incredibly well.
“You make these really unsettling and counterintuitive discoveries by being really open to radical suggestions from the directors,” Jackman says. “I would always know if Joe was onto a brilliant idea if he went, ‘I know this sounds crazy…’ And then sure enough, the thing he would propose would make me go, ‘Really? I don’t know. That’s sort of the opposite.’ [And he said] ‘Well, alright. Let’s see.’”
He continues: “What we found with Cherry in general is that there’s no such thing as artistic rules of any kind. But if there was one on Cherry, it was, ‘Whatever you think [is right], do the 180-degree turn of what you might think would be helpful, musically. Do something where at first, thought, you go, ‘I don’t know, that seems like a pretty bad idea.’ With Cherry, that seemed to almost always yield more consistently creatively and harmonious results.”
As mentioned above, Jackman has worked with the Russos before. The trio’s working relationship first began in the Marvel Cinematic Universe with Captain America: The Winter Soldier and Captain America: Civil War, but the composer notes that scoring Cherry was very different than scoring a multi-billion dollar studio franchise.
“Very often in filmmaking, it’s quite natural that cues have quite narrative function. A director, quite naturally, in a more conventional movie will be like, ‘Hey, it’d be great if the music could help us do this. Could you help sell the stress? Could you help sell the heroism?’ ... The great thing about Cherry is that it was like, ‘Screw that. The scene’s already doing what it’s doing. The music doesn’t have to keep selling this, that, and the other. We can just make an artistic choice about what we want to do with the scene.’”
(L-R): Joe Russo, Anthony Russo, and Tom Holland on the set of "Cherry" Courtesy of Apple TV+
In this instance, the brothers had more creative control over the project, given that it was produced under the AGBO banner they first launched in 2016.
“They’re the bosses,” Jackman says. “There isn’t another silverback gorilla. There’s two silverback gorillas, and that’s it. They keep a consistent vision … It’s not like there was a third party who had a different vision rubbing against it. To be honest, the state of the picture hardly changed. Once they figured out their main cut with the brilliant picture editor who did Joker [Jeff Groth], it was just tiny nips and tucks.”
In a statement, the Russos describe Jackman’s score as his “most sublime work. Beautiful, poignant, riotous, devious. Breathtaking in its ability to manifest such complex tones, while unifying them at the same time. He's truly a master of the craft.”
“These kinds of movies don’t grow on trees,” Jackman concludes. “You get endless screeners and you go onto Netflix and there’s loads of stuff to watch, but it’s not like every 60 things you click on are like Cherry.”
Now playing in select theaters, Cherry premieres on Apple TV+ Friday, March 12. The official soundtrack is now digitally available from Lakeshore Records.
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064b7e8926e0003f8b5fe45dc060433e | https://www.forbes.com/sites/joshweiss/2021/03/01/mike-mignola-documentary-drawing-monsters-launches-kickstarter-campaign/ | Mike Mignola Documentary ‘Drawing Monsters’ Launches Kickstarter Campaign | Mike Mignola Documentary ‘Drawing Monsters’ Launches Kickstarter Campaign
Mike Mignola sketches his most iconic comic book creation: Hellboy. Courtesy of Kevin Hanna & Jim Demonakos
The Ogdru Jahad have finally answered the prayers of Mike Mignola fans everywhere by delivering a feature-length documentary about the famed Hellboy creator.
Featuring interviews with Neil Gaiman, Rebecca Sugar, Doug Jones, Mike Richardson, Adam Savage, and more, Mike Mignola: Drawing Monsters explores the writer/artist’s profound impact on the world of comic books — starting with the “Seed of Destruction” storyline from 1994 that first introduced Hellboy and the Bureau for Paranormal Research and Defense to an unsuspecting public.
Across the intervening years, Mignola introduced an impressive roster of quirky and memorable characters influenced by classic pulp, horror, and the cosmic dread of H.P. Lovecraft. His eclectic roster of heroes and antiheroes (such as Lobster Johnson, Joe Golem, Lord Henry Baltimore, and The Amazing Screw-On Head) form what is known as the “Mignolaverse.”
Watch the documentary teaser trailer below:
"We've already shot over 80 hours of footage all over the United States, as well as in the U.K.,” co-director/producer Kevin Hanna (Clockwork Girl) tells Forbes Entertainment. “While in the U.K., we sat down with Neil Gaiman, a long-time friend and one of Mignola's earliest collaborators, as well as Duncan Fegredo, who is the only other artist outside of Mignola to illustrate the main Hellboy story. In the U.S., we've been able to film Mike signing at comic book stores and conventions, while interviewing his fellow collaborators and fans.”
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Co-directed and produced by Jim Demonakos (founder of LightBox Expo and Emerald City Comic Con), Drawing Monsters also explores Hollywood’s fascination with Mignola’s singular aesthetic. Between 2004 and 2019, three blockbuster films based on the Hellboy comics were made by Guillermo del Toro and Neill Marshall.
“This is something that I, never in a million years, would have imagined, and certainly never would have pursued,” Mignola says. “But I’ve known Jim for years from his days running the Emerald City Comic Con and ... the fantastic Lightbox Expo. We’ve talked many, many times about just about everything. He’s a good guy and very smart, and I trust him. So, when he approached me with the idea of a documentary (though it seemed like a crazy idea), it was easy to say ‘Yes.’ And now, having seen just a few minutes of the thing, I’m very glad I did.”
NEW YORK, NY - APRIL 09: Mike Mignola attends the New York premiere of "Hellboy" at AMC Lincoln ... [+] Square Theater on April 9, 2019 in New York City. (Photo by Taylor Hill/WireImage) WireImage
“We've [also] sat down with people like Rebecca Sugar who told us how influential Mignola was to the world-building of her hit animated series, Steven Universe,” Hanna continues. “And we've had a chance to even talk to some of the actors who portrayed Mike's creations on film like Doug Jones (‘Abe Sapien’) and Vanessa Eichholz (‘Ilsa Hepstein’). We have lots of others we are looking forward to talking to as well, such as horror author Victor LaValle and the EVP Creative Director of Marvel Entertainment, Joe Quesada.”
As of today, the documentary has launched a Kickstarter campaign that will run through the entirety of March. The various backer tiers include: a digital or Blu-Ray copy of the film; an executive producer credit; an exclusive T-shirt; and a commission from Mignola himself. The most tantalizing remuneration is a Hellboy Portfolio Print Set that contains new 9"x12" prints by Mignola and a slew of Mignolaverse veterans: Dave Stewart, Laurence Campbell, Duncan Fegredo, Alex Maleev, Fábio Moon, Mike Norton, Paolo Rivera, Craig Rousseau, Tim Sale, and Ben Stenbeck.
"It's honestly been a bit daunting to take on telling the story of Mike Mignola's legacy. Top line, if nothing else, you could just talk about his creation of Hellboy," Demonakos explains. "But once you scratch that surface, you realize that he is a creator who built a shared universe in the tradition of Marvel Comics, all the while creating a path for creator-owned comics. In addition, his body of work, including his many iconic covers, has served as an inspiration to a generation of writers and artists who have absorbed what he's created. Its influence is evident in their work. The comic world, and I'll just say it, the entire world of pop culture, is better for having Mike Mignola in it.”
"Mike Mignola: The Quarantine Sketchbook" cover Courtesy of Dark Horse Comics
While Drawing Monsters isn’t quite finished yet, Mignola acolytes can get their hands on fresh content with Mike Mignola: The Quarantine Sketchbook that goes on sale from Dark Horse Comics this coming Wednesday (March 3). All proceeds of the collection (filled with illustrations Mignola whipped up during the COVID-19 pandemic last year) will benefit World Central Kitchen. The drawings — which present Mignola’s dark spin on pop culture icons like Mr. Peanut, SpongeBob SquarePants, and Pokémon — eventually went up for auction, bringing in over $400,000 for charity.
“I’m super excited about the sketchbook,” Mignola says. “The sketches were done just to entertain myself, and the people following me on Facebook and Twitter. And then it was Christine, my very wonderful wife, who came up with the idea to auction the art and donate the proceeds to José Andrés and his World Central Kitchen. I’m very proud to be associated with that organization, and very happy with could do some good. I'm very thankful to Dark Horse for agreeing to publish the book with all the profits going to World Central Kitchen. Also, I think some of the best drawings I’ve ever done are in this book, so that’s nice too.”
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b41a9d0854bb03a3b9acc1c76c1dcfe2 | https://www.forbes.com/sites/joshweiss/2021/03/08/in-search-of-darkness-part-ii-director-david-weiner-on-probing-the-obscure-corners-of-80s-horror/ | ‘In Search Of Darkness Part II’ Director David Weiner On Probing The Obscure Corners Of ‘80s Horror | ‘In Search Of Darkness Part II’ Director David Weiner On Probing The Obscure Corners Of ‘80s Horror
In Search of Darkness Part II Courtesy of CreatorVC
Almost two years ago, entertainment-journalist-turned-filmmaker David Weiner released In Search of Darkness, a mammoth-sized documentary about horror films in the 1980s. Well, it turns out four-and-a-half hours wasn’t enough time to encapsulate the full story because a second installment of equal length — In Search of Darkness Part II — is headed for Shudder late next month.
“I always hoped — in the back of my mind — that if Part I did well, we could continue the story,” Weiner tells Forbes Entertainment during a Zoom conversation. “We were very fortunate that the response was incredibly positive by the fans and horror audience. Part II was a great opportunity to incorporate the fans and community that had backed us, find out what they wanted to see, and put that in this film.”
Like its predecessor, Part II takes the form of a leisurely stroll through the ‘80s, shining a light on several different movies for each year. But where Part I sought to focus on the more mainstream projects (e.g., John Carpenter’s The Thing, A Nightmare on Elm Street, Fright Night, etc.), Part II brings more obscure titles — like The Beast Within and Silent Night, Deadly Night 3 — to the forefront.
“For Part II, I definitely made a very concerted effort to go on an international scope and do a lot of the B-sides and straight-to-video deep cuts,” Weiner explains. “There’s something special about horror films, where the fans will really love them like their own homely child. They circle the wagons around their favorites and defend them ‘till their dying breath. We all love these films for different reasons and we all acknowledge that while The Shining might be the cream of the crop, Chopping Mall still has a place in our hearts.”
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Emulating the golden structure of the first movie, Part II breaks up each year of releases with various interludes that dive into unmade projects, Italian cinema’s influence on American horror, the dawn of video games based on films, and actors and filmmakers discussing their legendary careers. The feature is constantly shifting gears, never letting one single topic overstay its welcome.
“You create this horror gumbo of wonderful anecdotes, where the end result is you feel like you’re sitting in the bar after they’ve closed, you get the table in the back, and can talk until four in the morning with horror filmmakers, stars, and fans about your favorite moments,” Weiner says. “It feels very special and intimate.”
Want to hear Tom Atkins give his thoughts on whether Dr. Challis was able to stop the deadly Silver Shamrock commercial at the end of Halloween III? Curious about which Gremlins rip-off Joe Dante likes best? Part II has it all and more. The end product is a highly binge-able horror black hole that can easily suck up an entire afternoon with almost no effort. All credit for the breezy watching experience, Weiner says, goes to editor Samuel Way.
"In Search of Darkness Part II" posters Courtesy of CreatorVC
“He is an incredibly talented and intuitive editor, who works with me on these and makes this incredibly watchable and fly over four-and-a-half hours like it’s nothing,” the director adds. “That’s the sort of the secret sauce of these movies. Even if you’re not that interested in one thing, you’re on to the next. It’s an information dump, a steady stream of information that you either know about or have never heard about or [you’re seeing] a new angle on it.”
While Part II brings back almost all of the interviewees from Part I (John Carpenter, Barbara Crampton, Alex Winter, James A. Janisse, Cecil Trachenburg, Cassandra Peterson, Jeffrey Combs, etc.), Part II also has a number of high-profile newcomers like special effects demigod Tom Savini and Freddy Krueger himself, Robert Englund.
“He was extremely gracious with his time,” Weiner recalls of the Elm Street star. “We went to his house and I sat down with him for three hours. It was a very welcome experience because he said, ‘I saw Part I and I really enjoyed it…it was a hit, and I like being in hits.’ It was very Hollywood of him.”
Elsewhere, the movie delves into the revolutionary nature of the horror genre by spotlighting individuals like Asian-American filmmaker Jackie Kong (known for cult classics such as The Being and Blood Diner). She literally paved the way for female directors, directors of color, and diverse production crews long before any of these concepts were important parts of our cultural dialogue.
Weiner says he wanted to provide Kong with an “opportunity to explain why she made these movies and how it was important to her to represent a well-balanced crew of men and women from around the globe in front of and behind the camera. [The fact that] she was able to accomplish that is quite a feat and interesting to me, in that it really broadens the scope of the storytelling of this decade of amazing filmmaking.”
L-R: Jackie Kong & Robert Englund Courtesy of CreatorVC
Despite the restrictions brought down by the COVID-19 pandemic over the last year, In Search of Darkness Part II was still able to add 23 new interviews to Weiner’s already massive library of existing footage.
“We waited for a long time. Everything is shot in 4K, so you can’t do a Zoom interview, unfortunately,” he says. “That made it impossible to talk to a bunch of the people that had already agreed to be in Part II. But after we were able to wait for a certain period of time last summer, we [got] a studio in Burbank. I sat down, socially distanced, masked up, sanitizer at the ready, and had a limited crew of just myself and the camera person.”
You would think that nearly 10 hours of content between Parts I and II is plenty, but you’d be wrong. As of last week, In Search of Darkness Part III is officially in pre-production, with interviews scheduled to kick off sometime next year.
“When I made Part I, I only made one movie, but hoped I could make another,” Weiner admits. “When I made Part II, I said, ‘Great, now I can put the nail in the coffin and be done.’ So many people have said, ‘I can’t wait for Part III!’ I would be happy to make Part III, we want to make Part III, and we plan to make Part III.”
David Weiner masks up with Cassnadra Peterson Courtesy of CreatorVC
He continues: “I think Part I and II tell a very effective nine-hour story. If it leaves you wanting more, then I’ve done an adequate job because it’s telling everyone who watches [them] that there is more to explore. There are so many more movies. You guys are hungry for more of the same, but just brand-new material and takes.”
In terms of what the third entry will focus on, the director teases a “laundry list” of movies that comprise “the underbelly of straight-to-video ... But there are other, bigger ones that were theatrical releases that we still have not touched on. Whether it’s Monkey Shines or The Serpent and the Rainbow.”
At the moment, however, the filmmaker is deep in the trenches on In Search of Tomorrow, another behemoth documentary that shines a spotlight on ‘80s sci-fi.
“It’s coming along really well. I’m actively doing interviews as we speak ... We’re going to have another crowdfunding effort for In Search of Tomorrow, and that’s what I’m going to be working on solely this year,” Weiner reveals. “Getting a lot more interviews, adding more names, and ideally, finishing it by the end of the year.”
In Search of Tomorrow marks the director’s third collaboration with CreatorVC, a production company founded and run by Robin Block, a renegade producer who believes in bypassing middle men as often as possible. The company’s films are almost always crowdfunded and sold directly to the consumer. Of course, finding a distributor is never a bad thing, but that’s secondary to pleasing the fans.
“Robin takes a lot of pride in being an outlier and doing things his way,” Weiner concludes. “His pride and joy is finding an audience for these things and then marketing and selling them directly to everyone — cutting out the distribution. Because then all the blood, sweat, and tears is something that gives us a proper return on our efforts. I’m perfectly happy to be able to do that because I get the absolute carte blanche creativity to do these movies with an amazing support team.”
In Search of Darkness of Part II premieres on Shudder Monday, April 26.
David Weiner poses with John Carpenter Courtesy of CreatorVC
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4b4840e8c178b81b6fe9a3ffb2b53e23 | https://www.forbes.com/sites/joshweiss/2021/03/15/dark-horse-reveals-hellboy-omnibus-box-set-with-stunning-slipcase-art-by-mike-mignola/?sh=173bca235116 | Dark Horse Reveals ‘Hellboy’ Omnibus Box Set With Stunning Slipcase Art By Mike Mignola | Dark Horse Reveals ‘Hellboy’ Omnibus Box Set With Stunning Slipcase Art By Mike Mignola
Hellboy Omnibus slipcase artwork Courtesy of Dark Horse Comics
Fresh on the heels of the Mike Mignola documentary launching its Kickstarter, Dark Horse Comics has announced a Cthulhu-sized omnibus box set of the writer/artist’s first four Hellboy volumes: Seed of Destruction, Strange Places, The Wild Hunt, and Hellboy in Hell. Until now, each book was only available as a separate volume.
The collection, which goes on sale this fall, comes with some gorgeous slipcase artwork (see above) drawn by Mignola himself. The collage-like piece features Hellboy and some of his most iconic adversaries and supporting characters like the Ogdru Jahad, Rasputin, Herman von Klempt, and Lobster Johnson — among others.
“It is kind of exciting to see those four books in one big, heavy lump,” Mignola exclusively tells Forbes Entertainment. “It’s a body of work I’m pretty proud of, and it’s right to have them all together like that.”
“The box set makes [for] a great gift and is such a perfect presentation of the four main Hellboy books,” adds Dark Horse editor Katii O'Brien. “For the readers who might already have those volumes, the print is a beautiful way to get the slipcase art!”
Hellboy Omnibus Collection Boxed Set Courtesy of Dark Horse Comics
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If you just want the artwork (entitled “Hellboy: His Life and Times”), Dark Horse Direct is offering it as a limited edition and hand-numbered print measuring 24” x 18”. Only 300 will be available, with supplies costing $49.95 a pop. You can pre-order one here.
“Because the four books basically cover Hellboy’s life, I tried to show the arc of his life— his birth, his death, and a bit of his afterlife,” Mignola says of the piece. “There was so much ground to cover and so many things I wanted to include — I guess editing it was the tricky part. You get a sense of his life and still a halfway decent picture. I didn’t want it just to be a huge pile of stuff. I did want to give something like equal weight to the different chapters of Hellboy’s life. The important thing for me was to show the progress of his life, and to give some sense of it and some of the major characters that shape his life along the way.”
John Carpenter has his “Apocalypse Trilogy”; Terry Gilliam has his “Imagination Trilogy”; and Mignola has his “Hellboy Epic.”
“Basically this is the big story, or most of it,” he adds. “His final chapter comes at the end of the B.P.R.D. series, but this is basically the important arc of his life.”
Hellboy Omnibus Collection boxed set artwork Courtesy of Dark Horse Comics
The Hellboy Omnibus Collection Boxed Set hits comic shops Wednesday, Sep. 29 before arriving in general bookstores Tuesday Oct. 12.
Once you’ve devoured all four books, you’ll be ready to dive into the plethora of spinoffs and one-shots. If that seems a little too daunting, then Mignola and O’Brien recommend you check out the Hellboy short stories (of which there are two volumes).
“Those are the stories that don’t really relate to the overall Hellboy epic,” Mignola concludes. “They can all just be read on their own in any order. They are great introductions to the character for a casual reader who doesn’t know if they're ready to sign on for the big story.”
“They have all the flavor and fun of the character and series, but you don’t need to be following the bigger story to make sense of them,” echoes O’Brien. “They’re the fun-size Halloween candy of the Hellboy universe. We’ll also have the Hellboy Universe Essentials books starting in 2022, with four standalone volumes following our main series that readers can pick up to get a taste for each book: Hellboy, B.P.R.D., Witchfinder, and Lobster Johnson.”
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51776c33d047e28456a44690213b718a | https://www.forbes.com/sites/joshweiss/2021/03/15/first-look-dark-horse-returning-to-spiral-city-this-summer-with-black-hammer-reborn/ | First Look: Jeff Lemire Returning To Spiral City This Summer With ‘Black Hammer: Reborn’ | First Look: Jeff Lemire Returning To Spiral City This Summer With ‘Black Hammer: Reborn’
Lucy Weber takes up the Black Hammer mantle in "Black Hammer: Reborn" Courtesy of Dark Horse Comics
Dark Horse Comics will officially spend its summer vacation just outside the streets of Spiral City — the bustling metropolis of Jeff Lemire and Dean Ormston’s Black Hammer mythos — in Black Hammer: Reborn.
Set two decades after Age of Doom, the new ongoing series finds Lucy Weber living a rather humdrum life after giving up the mantle of Black Hammer (a title once held by her late father, who scarified his own life to save the world from anti-God back in 1986).
Now married and living in the Spiral suburbs, Lucy is pretty much at rock bottom. Her marriage is falling apart, her job has reached a dead end, and for some unexplained reason, she hasn’t picked up the cosmic hammer in years.
As the character’s domestic life crumbles, the real reason behind her heroic retirement comes to light. The exact answer, which is still being kept under wraps, threatens to destroy Lucy’s family and the peace she tried so hard to find for herself.
Lemire (Gideon Falls, Sweet Tooth) is returning to write the book, with Caitlin Yarsky (Coyote, Bliss) taking over illustrative duties from Ormston.
"Black Hammer: Reborn is everything we have been building towards for the last several years, and it really is the culmination of everything we’ve done in Black Hammer to date,” Lemire said in a statement. “This series has it all. Black Hammer, Skulldigger, Doc Andromeda, and Sherlock Frankenstein all play major roles. Oh, and of course lots of Colonel Weird too.”
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"I am super excited and a little bit terrified to see Caitlin's work on Black Hammer," added Ormston. "Excited because her work is so incredible, and terrified because her work is SO incredible."
Check out two exclusive covers below:
(L-R): The main and variant covers for "Black Hammer Reborn" #1. The variant cover on the right was ... [+] drawn and colored by Jeff Lemire and Dave Stewart. Courtesy of Dark Horse Comics
Also praising Yarsky, Lemire continued: “Dean Ormston and I are very excited to welcome Caitlin to the Black Hammer universe and to the modern adventures of Lucy Weber. Caitlin's artwork is amazing — the way she does facial expressions and breathes life into the characters is really going to blow fans away.”
"Illustrating for the great Jeff Lemire and Dean Ormston is an absolute dream come true.” Yarsky said. “It has been such a joy to depict Black Hammer's emotionally complex characters, relationships, and beautifully surreal settings. I'm thrilled and honored to join this legendary team of storytellers. In fact, I'm still pinching myself.”
Dave Stewart (Hellboy, Gideon Falls) is coloring the book, with Nate Piekos on lettering. Malachi Ward (Prophet, Island) and Matt Sheean (Prophet, Island) will provide guest artwork for Issues #5-8. Black Hammer: Reborn #1 goes on sale Friday, July 23.
Dark Horse is also currently publishing an anthology of stories set within the shared universe. Written by Chip Zdarsky and drawn by Johnnie Christmas, Issue #3 of Black Hammer: Visions arrives Wednesday, April 14.
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3e801889a1712c561323b5ea6d4aba33 | https://www.forbes.com/sites/joshwilson/2021/02/28/itv-set-to-win-rights-to-harry-and-meghans-oprah-interview/ | ITV Set To Win Rights To Harry And Meghan’s Oprah Interview | ITV Set To Win Rights To Harry And Meghan’s Oprah Interview
Britain's Prince Harry, Duke of Sussex (L), and Meghan, Duchess of Sussex leave after attending the ... [+] Endeavour Fund Awards at Mansion House in London on March 5, 2020. - The Endeavour Fund helps servicemen and women have the opportunity to rediscover their self-belief and fighting spirit through physical challenges. (Photo by JUSTIN TALLIS / AFP) (Photo by JUSTIN TALLIS/AFP via Getty Images) AFP via Getty Images
Oprah Winfrey’s upcoming 90-minute CBS VIAC special with Prince Harry and Meghan Markle is heavily favored to land on British broadcaster ITV with the corporation rumoured to be paying over £1m ($1.4m) for the U.K. rights.
A steep figure considering the length and longevity of the programme. Distributor ViacomCBS is helming the sale of the show.
The interview
The special, set to air on March 7th in the U.S. and March 8th in the U.K., will see the legendary interviewer embark on a “tell-all” journey with the pair after their infamous split with the British royals.
In a statement, CBS eluded to some of the content from the interview. “Winfrey will speak with Meghan, the Duchess of Sussex, in a wide-ranging interview, covering everything from stepping into life as a royal, marriage, motherhood, philanthropic work to how she is handling life under intense public pressure.
“Later, the two are joined by Prince Harry as they speak about their move to the United States and their future hopes and dreams for their expanding family.”
The BBC was reportedly seen as the first choice for the Duchess of Sussex however the public service broadcaster will instead be broadcasting a Commonwealth day celebration featuring the Queen and other senior members of the Royal family. The BBC declined to even bid for the content.
Netflix NFLX , though having a production deal with the duo, also didn’t make a bid for the U.K. rights.
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WINDSOR, UNITED KINGDOM - MAY 19: Oprah Winfrey arrives at St George's Chapel at Windsor Castle ... [+] before the wedding of Prince Harry to Meghan Markle on May 19, 2018 in Windsor, England. (Photo by Ian West - WPA Pool/Getty Images) Getty Images
Late late show
On Friday, the Duke of Sussex discussed stepping back from the royal family, TV series The Crown, and the British press on The Late Late Show with James Corden. “We all know what the British press can be like, and it was destroying my mental health.
“I was like, this is toxic. So I did what any husband and what any father would do.”
“I’m way more comfortable with The Crown than I am seeing the stories written about my family or my wife or myself.
“They don’t pretend to be news, it’s fictional. But it’s loosely based on the truth.
“Of course it’s not strictly accurate, but… it gives you a rough idea about what that lifestyle, what the pressures of putting duty and service above family and everything else, what can come from that.”
The fun interview with the late-night host is said to contrast in tone and seriousness to the upcoming interview from Winfrey. Markle has notoriously been heavily tied to the British tabloids ever since becoming Prince Harry’s official girlfriend.
The controversial - and sometimes disturbing - tone members of the British media have taken in covering Meghan Markle will also be covered, including the “racial undertones” prescribed as being a key factor in the tabloids delivery and comments.
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2d2e051e89cd046055bd44b9ec939bb2 | https://www.forbes.com/sites/joshwilson/2021/04/07/kanye-west-documentary-series-coming-to-netflix/ | Kanye West Documentary Series Coming To Netflix | Kanye West Documentary Series Coming To Netflix
BEVERLY HILLS, CALIFORNIA - FEBRUARY 09: Kanye West attends the 2020 Vanity Fair Oscar Party hosted ... [+] by Radhika Jones at Wallis Annenberg Center for the Performing Arts on February 09, 2020 in Beverly Hills, California. (Photo by Rich Fury/VF20/Getty Images for Vanity Fair) Getty Images for Vanity Fair
Netflix NFLX has acquired the rights to a documentary series on Kanye West spanning over two decades with intimate home video and archive footage that has so far remained unseen.
The news was first reported by Billboard with the project garnering a rumoured amount of $30m. The price tag seems extremely steep for a documentary series, even for one based around Mr West factoring in a heightened premium.
A source close to the situation said that with an inflated cost of the archive sold to Netflix, and factoring in worldwide music rights clearances for West’s catalogue featured in the episodes, getting to $30m would still be a massive stretch for the low competition documentary market.
Realistically only Amazon AMZN or Netflix would be willing to pay that amount, and perhaps Apple AAPL , because of the music element syncing well with their brand. If it was truly sold for $30m it would certainly make it one of - if not the - highest selling documentary series of all time.
The docu-series will feature footage from his earlier career in music to his start and rise through the fashion industry, the death of his mother, Donda West, and the artist’s most recent presidential run. The content will also show West’s rise to billionaire status - with his worth currently totalling $1.8b - from being in a self-reported, $53m in debt in early 2016. According to Billboard the series is scheduled to arrive on the platform in 2021.
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Production team
Well-known music producing duo Clarence Simmons and Chike Ozah, known as Coodie & Chike, is helming the project with TIME Studios. The pair produced the third version of the Jesus Walks music video as well as Through the Wire.
Kanye West performs "Jesus Walks" (Photo by L. Cohen/WireImage for The Recording Academy (View ... [+] ONLY)) getty
Outside of music work they have also made the 2019 documentary on former NBA star Stephen Marbury titled A Kid From Coney Island and a 2012 ESPN documentary called Benji around former high school basketball star Benjamin Wilson, ranked the best high school basketball player in the U.S. who was shot and killed near his school in 1984.
Kanye West was recently featured on Forbes’ 35th annual world’s billionaires list as number 1750.
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d8091a41b799bac2f8b2d71923efdca4 | https://www.forbes.com/sites/joshwolfe/2012/07/09/the-promise-of-nano-cancer-drugs/ | The Promise of Nano Cancer Drugs | The Promise of Nano Cancer Drugs
Dr. Oliver Fetzer is President and CEO of Cerulean Pharma Inc., a nanopharmaceutical company focused on innovative cancer targeted therapies. We sat down for an exclusive interview with Oliver to learn more about the company’s promising technology platform and the future of cancer treatment.
Full Disclosure: My venture firm Lux Capital is an equity investor in Cerulean Pharma Inc.
What are nanopharmaceuticals?
Nanopharmaceuticals allow us to place drugs where we know they kill cancer cells. We put the drugs in little spheres, like miniature golf balls, small enough to flow through the blood vessels into the tumors. The blood vessels in a tumor are leaky, with pores larger than those found in healthy blood vessels. The little golf balls are small enough to slip through the leaky vasculature into the tumor, but too big to slip out of regular blood vessels into the rest of the body. So, we can use the leaky blood vessels of the tumor as a way to get selective uptake of the drug into the tumor tissue. The drug is released as the ball falls apart, like a warhead in the tumor cells. This confines all the damage to where you want it, and creates little damage in the rest of the body.
Dr. Oliver Fetzer wants to change the way we think about cancer therapy
Can you share any specifics on your lead drug candidate?
Our lead drug, called CRLX101, is a nanopharmaceutical that contains a very potent anticancer agent called camptothecin. Camptothecin is a natural product that was isolated from a tree in China. It’s also so toxic that it could never be developed as a drug on its own. Yet our nanopharmaceutical containing camptothecin has been used to treat over 150 patients, and the toxicity profile rivals that of even the safest cancer drugs currently in the marketplace.
What are the advantages to having a well-tolerated, safe drug?
Ultimately, the FDA and the marketplace will look for drugs to be more efficacious. In oncology, the maxim has always been that safety is a distant second to efficacy. But if a drug has a good safety profile in single agent therapy, it lays the foundation for enabling combination therapies. Most cancer mutates very rapidly, so a patient may benefit from one drug for only weeks or months, before the cancer cells mutate and become resistant, and the drug doesn’t work anymore. The only way to prevent that is to combine different drugs with different mechanisms. However, today’s individual therapies can be so toxic that a patient barely tolerates one drug, and may quit the drug too early. Imagine a world in which we can combine these agents, and start shutting down the ability of the cancer cells to mutate and become resistant.
What else can the company’s nano-delivery platform be used for?
We have another program that we expect to go into the clinic next year. We’re creating nanopharmaceuticals with not only the typical small molecule cancer drugs, but also with a very promising new compound class called siRNA (small interfering RNA). RNA is the translation mechanism in the DNA to make proteins. We’re working to interrupt the translation of genes that cause disease through the use of siRNA. Because siRNA is the perfect counter-template to a strand of messenger RNA, it could effectively gum up the process - the translation of the proteins wouldn’t happen, and in many cases, the disease would subside. In cancer, that’s particularly important because many cancer types are characterized by an up-regulation of certain enzymes. By interrupting that up-regulation and silencing the translation process, you could actually shut down select pathways that are essential for tumor cells to survive.
Researchers have tried for years to stabilize and shuttle siRNA into tumor cells, but it hasn’t really worked. Our results show that we can inject nanopharmaceuticals containing siRNA into the bloodstream of an animal, and into tumor cells through the leaky vasculature, where it releases the siRNA. It works—it shuts down the translational step.
If you take a step back and look holistically at cancer treatment, what type of impact could Cerulean have?
When Richard Nixon declared the war on cancer about 40 years ago, the five-year survival metric was absolutely horrible: roughly two-thirds of cancer patients did not live five-years beyond diagnosis. We certainly have made progress in some cancer types, including childhood leukemia, testicular cancer, and many forms of breast cancer. Yet in other cancer types, we have achieved almost nothing—lung cancer, pancreatic cancer, renal cancer, ovarian cancer. We’re still far, far away from the world that I would like to see five or ten years from now, when most cancers become manageable diseases.
Do you believe we'll eventually cure most cancers?
Finding a cure needs to be the end-goal, and I think we ultimately can cure cancer. But in terms of what is achievable, in a time horizon that’s meaningful for patients, it comes down to converting cancer from a death sentence to a manageable disease. I think the way to do that is with cocktails of drugs that shut down multiple cancer pathways.
Nanopharmaceuticals could allow us to target a whole host of drugs more effectively into cancer cells without burdening the patient with toxicities. We can transform the treatment of serious cancers in a manner similar to the way the treatment of HIV has been transformed - once considered a quick death sentence, HIV can now be managed through a cocktail of tolerable drugs that hit multiple pathways of the virus.
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f2839c11f9bde32c56d37c7296244842 | https://www.forbes.com/sites/joshwolfe/2012/12/10/the-critical-difference-between-skill-luck/ | The Critical Difference Between Skill & Luck | The Critical Difference Between Skill & Luck
Earlier this month, I was honored to sit down with longtime friend Michael Mauboussin to discuss his deeply insightful views on the topic of skill and luck.
Michael is the Chief Investment Strategist at Legg Mason Capital Management. The author of numerous business books, his latest, The Success Equation: Untangling Skill and Luck in Business, Sports and Investing is sure to be heralded as one of this year's best.
In our video recap below, Michael shares 7 compelling insights that define the difference between skill and luck and help leaders make decisions in areas ranging from business to baseball.
Skill & Luck: 7 Insights In 5 Minutes With Michael Mauboussin
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554b0998bec7f1cd338d7ca548026505 | https://www.forbes.com/sites/joshwolfe/2013/09/04/what-is-the-future-of-american-nuclear-power-a-conversation-with-christine-todd-whitman/ | What Is The Future Of American Nuclear Power? A Conversation With Christine Todd Whitman | What Is The Future Of American Nuclear Power? A Conversation With Christine Todd Whitman
Christine Todd Whitman served in the cabinet of President George W. Bush as Administrator of the Environmental Protection Agency from 2001 to 2003. She was the 50th Governor of New Jersey, serving as its first woman governor from 1994 until 2001. Prior to becoming Governor, she was the President of the New Jersey Board of Public Utilities and served on the Somerset County board of Chosen Freeholders. Since leaving the EPA, Governor Whitman has served as President of The Whitman Strategy Group (WSG), a consulting firm that specializes in energy and environmental issues. She co-chairs Clean and Safe Energy (CASE) and is a member of the board of directors of the American Security Project. Governor Whitman has a BA in government from Wheaton College in Norton, MA.
Let’s start with an overview of CASE. What are your primary areas of focus?
CASE (Clean and Safe Energy) works to educate people on nuclear energy. We put out information to help communities make informed decisions on the benefits and risks of nuclear energy. We put an extra focus on jobs and helping minority groups understand potential careers in the industry.
We’re funded by the Nuclear Energy Institute, and we are a coalition of about 3,200 members. Our members include current and former elected officials and opinion leaders, and we also have hospitals, associations and labor unions.
Today, there are 438 reactors worldwide. That number is expected to double by 2030, but almost all of that growth outside of the United States. What is driving that environment of growth outside of the United States, and why the decline here?
Today’s generation knows nuclear best from The Simpsons. The US is experiencing a lack of information, as well as a hangover effect from Chernobyl and Three Mile Island. Studies have shown that the closer people live to nuclear reactors, the more comfortable they are with nuclear, and the more they appreciate the safety of this energy and the benefits to the community. These studies excluded people who work at the nuclear sites. The farther people live from a reactor, the greater the lack of information.
There are problems, of course. First of all, there’s no question that bringing a reactor online is a big investment,especially compared to the current low price of natural gas. Yet we’ve been here before: natural gas prices go up and down, while uranium for nuclear energy stays affordable and we can lock in long term contracts.
Also, there are legitimate questions about safety, and CASE is about answering those questions and laying out the facts about the record of the US nuclear industry. We work with communities to make them comfortable with nuclear, and the four new reactors being built right now (two in Georgia, two in South Carolina) are examples of that process. How does CASE answer the concerns of environmentalists? My co-chair at CASE, Dr. Patrick Moore, is one of the co-founders of Greenpeace. He has emphasized the distinction between nuclear weapons and nuclear power, as well as the significance of climate change and air quality. Those issues are more important now to many environmentalists. We’ve met with leaders from the big environmental groups, such as NRDC and EDF , and while they may not embrace nuclear, they’re not putting up barriers as in the past, because they are so concerned about climate change and air quality, as they should be. You mentioned the extensive number of jobs in nuclear energy. Can you delve into that a little more? We are looking an industry with a lot of aging workers who are relatively close to retirement. In fact, some 39% of the current nuclear industry workforce will be eligible to retire in the next four years. Even considering the fact that more new reactors are being built outside of the US, even if the United States brings on no additional nuclear power, we’ll see an increase in manufacturing here in the United States. For example, 90% of the component parts for the A.P. Westinghouse 1000s are built in the United States. These were used in South Carolina and Georgia, but they’re also building two in China, and that has created some 19,000 jobs here in the United States. We are talking about a whole pipeline of jobs—not just nuclear scientists and engineers. These plants need electrical wiring, cement, security, cleanup—a whole panoply of jobs. There’s a lot of hiring to be done, and when the decision-makers consider what their energy mix should look like, they need to understand that nuclear brings a lot of good jobs. Construction requires anywhere from 1,500 to 1,800 jobs, up to 5,000 at peak construction. After construction, operation requires 400 to 700 permanent full-time jobs that pay 35% to 38% more than a comparable job would in that local community. Each reactor results in about 460 million dollars in generated state and local taxes, and 40 million dollars in labor costs and benefits, so they produce a lot for a community. Would you agree that our national political situation struggles to solve issues, including nuclear energy policy, in a bipartisan manner? That’s an understatement. Unfortunately, we’ve gotten to the point where we can’t look at any issue except through the partisan prism. It’s not policy anymore, it’s all politics, and it’s about what gets the vote at re-election. Yet, we live in a democracy, and we are the ones—the public—who must stand up and say it, instead of just complaining about Congress. People who want to learn more or want to support our work can join at www.cleansafeenergy.org, or follow us on social media. A lot of common questions are answered there, and we provide honest answers without sugar-coating issues, because the worst thing that can happen to us is lose our credibility by trying to pretend something isn’t an issue.
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025c25c9ba2cb5ac43d922a29e12072f | https://www.forbes.com/sites/joyburnford/2021/02/24/improving-resilience-a-simple-prescription/ | Improving Resilience: A Simple Prescription | Improving Resilience: A Simple Prescription
According to the Mental Health Foundation, people are naturally quite resilient and around 63% of people feel that they are coping well with pandemic-related stress. But the longer this crisis goes on, the more that resilience is tested, the fewer feel they are ‘coping’ and the greater the impact on mental health.
With restrictions—in the UK at least—set to continue in some form for a further four months, how do we bolster our resilience and our ability to bounce back when life seems intent on throwing everything—and the kitchen sink—at us?
Sara Price, Founder of Actually Karen Roswell
One woman who knows, is Sara Price the Founder of Actually, an organization dedicated to helping purpose-led entrepreneurs to grow their businesses and their impact in spite of the twists and turns of ‘outrageous fortune’.
Price is the first to admit that she is fortunate. She has a nice home, a loyal and supportive circle of friends and family, two very successful businesses doing work that she clearly loves.
But it hasn’t always been that way.
“I’d survived domestic violence, assault and cancer and I figured I was overdue some good luck! But in 2009, just as the global recession was really beginning to bite, the bottom fell out of my world again.” explains Price “First, I was made redundant. Then my best friend died. And then a few months later I had a horrific accident that led to months in bed and multiple surgeries. I definitely didn’t feel particularly fortunate.”
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Within six months of her accident, Price co-founded an independent communications agency called Pagefield. That company is now a multi-million-pound business employing forty plus people and working for some of the most iconic brands in the world.
Clearly she knows a thing or two about bouncing back!
Resilience is a Psychological Habit
“Resilience is, first and foremost, a psychological habit.” says Price. “I am a rebellious optimist. I refuse to give in, to feel helpless and hopeless. I actively choose to focus not on the ‘crisis’ but on the solution and the opportunity. We can each make that choice.”
Price is keen to point out that this is not some Pollyanna approach based on denial and ‘toxic positivity’.
“Being an optimist doesn’t mean I don’t feel despondent from time to time. I allow myself to feel those emotions, process them and crucially release them so that I can then choose to focus on solutions and possibilities.”
This doesn’t always appear to be an ‘easy’ choice to make but she believes there are a few things that can help.
Own Your Value
“Firstly, own your value. Women have often been socialized to see self-worth, self-belief and self-esteem as unattractive qualities somehow synonymous with arrogance and aggression. But here’s the thing: if you know, understand and own your value then it doesn’t matter what the outside world throws at you—it cannot break you.”
In a recent Masterclass for her clients, Price took participants through an exercise to help them recognize their value and own the value of the work they do. “One woman got in touch with me afterwards to say that she had been on the verge of giving up on her business before the class. She felt like she had been on her knees and that the next ‘curveball’ would finish her off. But now she can see the value of what she does and what it means to her clients. That knowledge has given her hope, has enabled her to pick herself up and keep going.”
Ask For Help
We are all coping with extraordinary circumstances right now. For twelve months we have been in and out of lockdown and tiers. We’ve had to socially distance from friends and family. We’ve not been able to go to the cinema or even the local pub. It’s no wonder people feel isolated and disconnected from their usual networks of support.
This can make it seem hard to do what Price advocates next—but she insists it is more essential than ever before:
“Bouncing back from a crisis is tough. You’re going to need help. So ask for it. I know that people are concerned about being a burden—particularly at this time—but here’s how I see it: you are only asking for help. You are not forcing people to help you. You are not holding a gun to their head and demanding help. You are responsible for asking the question. They are responsible for their response and they are entitled to say ‘no’ if they choose. But if you do not ask, you deny them the opportunity to say ‘yes’ and you martyr yourself in the process.”
As Price points out: “We are hard-wired for connection. Connection with others releases oxytocin which calms your mind, reduces stress and allows our brains to function optimally. Trying to ‘push on through’ without support undermines the biological systems that we have in place to help bolster our resilience!”
One of the most common responses to a crisis is paralysis: we get stuck. We are—like the proverbial bunny in the headlights—frozen in indecision; unsure which direction to take.
Choose A Path
“When you are stuck there is only one way to get unstuck and that is to take action. To misquote Irvine Welsh, choose a path, choose movement, choose action, choose change, just choose. Action creates change. It creates momentum. It generates feedback. And maybe the feedback you get is that you’re heading in the wrong direction—but that’s OK because now you know. You’re not hovering in indecision, wondering about which way to go. And you can always turn around.”
A Simple Prescription
Own your value. Ask for help. Choose a path. And act. A simple prescription to improve resilience in the face of adversity.
“Imagine every crisis is like a trampoline. Pessimism, low self-belief, isolation and inaction are like anchors you tie around your waist that make it awfully hard to bounce back. But if you cut them loose, you can fly.”
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b673933d909b3741e047507cf9c6df9e | https://www.forbes.com/sites/jplehmann/2016/04/10/the-south-china-sea-dispute-and-chinas-peaceful-rise/ | The South China Sea Dispute And China's 'Peaceful' Rise? | The South China Sea Dispute And China's 'Peaceful' Rise?
Following the recent flare-up between Indonesia and China in the South China Sea, the situation is clearly deteriorating. Doomsayers warn that the South China Sea may be the "Sarajevo" of World War III. As The Economist more judiciously and succinctly put it, "armed conflict in the South China Sea is a long way from being inevitable. But it is far from unthinkable".
In other words, while there is no need to panic, it would be dangerously irresponsible to be complacent. Above all, the situation needs to be looked at in proper perspective. China should be seen as a rising great global power, not as an "emerging" nation or part of a superficial category such as Brics, as the emerging market group of Brazil, Russia, India, China and South Africa is called.
China is in the process of joining the ranks of the relatively small number of nations that over the course of the last half-millennium, beginning with the rise of the Portuguese Seaborne Empire in the late 15th century, achieved great global power status. (The others, in chronological order, were: Spain, the Netherlands, Britain, France, Germany, the United States, Japan and Russia/Soviet Union).
What guidance can Beijing draw from the experiences of its predecessors? Every single nation, without exception, that became a great power did so through war and conquest.
The US rose by, among other things, eradicating the Indian tribes that got in the way of "manifest destiny", by establishing hegemonic power in the Americas through the "Monroe Doctrine" (1823), by transforming the Caribbean into an American Lake, by frequent military intrusions in Central America and elsewhere, by utilizing African slaves and "importing" Chinese coolie labor to build its railways, and so on.
In fighting with Spain in 1898/99, it not only consolidated its power in Latin America, but also extended it to the western Pacific by colonizing the Philippines. The US succeeded Britain as the leading power after World War II, from "pax Britannica" to "pax Americana", following struggles and actual conflicts in the 19th and early 20th centuries, such as the Anglo- American war of 1812, with Britain then totally exhausted after fighting two world wars.
The countries of South-east Asia, adjoining the South China Sea, were all, with the single exception of Thailand, Western colonies, and during World War II were all, again with the single exception of Thailand, invaded, conquered and pillaged by Japan as it sought to extend its rising power across Asia: the Greater East Asia "Co-Prosperity" Sphere.
For those who would believe that "Asian values" might differentiate Japan from the Western imperialist nations, in fact not only did its behavior conform to pattern, but even more savagely so through orgies of rape, torture and massacre - notably in Nanjing in 1937.
Until very recently, China failed to join the ranks of the great global powers. Indeed when the Ming Xuande Emperor (reign 1425-1435) brought to an end the extraordinary naval expeditionary exploits of the great Admiral Zheng He (down the East and South China Sea as far as Surabaya, across the Bay of Bengal and down again to Ceylon, through the Arabian Sea to Hormuz, and from Aden up the Red Sea and then across the Indian Ocean to East Africa), China renounced a global role, turned its back on the oceans, and looked inwards, developing continentally. The Middle Kingdom over the centuries expanded, but on land, not on sea.
From the establishment by the Portuguese of a trading port (later colony) in Macau in the mid-16th century until the opening-up reform programmer launched by Deng Xiaoping in the late 20th century, China was initially a passive observer and then, following the first Opium War (1839), an exploited victim of the great powers.
As Chinese territory was grabbed, spheres of influence established, sovereignty impeded, labor forced into indenture - hence the origin of the term "shanghaied" - there were no rules: just a Darwinian jungle.
The historical background, with the patterns that appear and implications that may arise, is essential as context for understanding current developments, forces and trends; and must inform the policy debate.
This is by no means to suggest that while describing the imperialistic exploitation and brutality of former rising great powers, China should be given an "it's your turn now" carte blanche. But nor is sermonizing particularly helpful; in fact, it is hypocritical and irritating. The Chinese, some intone, should "play by the rules" not because Western powers did so - they didn't - but because they say so!
Worse, confrontational approaches, such as the "pivot to Asia", especially those involving anti-Chinese alliance building, as we know from history, risk escalating and precipitating armed conflict.
What does need to be recognized by all players is that if China succeeds in achieving a peaceful rise to great power status - that is, dispensing with war, pillage, slavery, conquest and exploitation - it will be the first rising great power to have done so.
If it seeks inspiration from precedents, for example, Britain, the US and Japan, then the past patterns of rising great powers will re-appear and armed conflict will probably be unavoidable. When it is argued by some that the conflictual past is the past and today we have institutions - notably the United Nations - and rules, this fails to convince. The US/British invasion of Iraq in 2003 was a clear violation of the rules and the UN was ignored.
Great powers seem to be immune to rules.
So, to emphasize once again, the present cannot be understood and the future cannot be envisaged without recognition of what happened in the past. This requires a lot of dialogue.
One step forward could be to establish a discussion platform (a forum) composed of thought leaders, especially historians, from former rising great powers (especially Britain, the US and Japan), Southeast Asian nations and China.
This would be with the objective of deliberating on what lessons can be drawn from the past, how to avoid repeating past bellicose patterns, and how they should inform future policy. Proceedings and conclusions would be submitted to relevant heads of government and policymakers.
Dialogue cannot be a silver bullet. It will take time, there will be significant suspicions to overcome, but, as Churchill said: "Jaw-jaw is better than war-war."
For over half a millennium, the West has dominated the planet. When Japan rose, it chose not to confront the West, but to ally with risen Western powers: first imperial Britain (1902-1922), then with Nazi Germany (1930s/40s), and, since World War II, with the American global hegemon.
China's rise marks the first time in over 500 years that an alternative non-Western power, an erstwhile victim of Western/Japanese imperialism, is seeking its place in the ranks of global great powers.
The situation is radically different from the past. That, however, does not guarantee that past patterns of conflictual behavior will not re-impose themselves. Thus, in recognizing the past, we have to break from the past.
For China to achieve its peaceful rise and for the South China Sea to be conflict-free will depend not only on Beijing, but also on all concerned.
War need not be inevitable; establishing a forum for dialogue may prove to be a modest help in making it more unthinkable. It is definitely worth trying.
The article was originally published on April 9 in the Straits Times under the title “China's 'peaceful' rise? The world must work with China to achieve this historical aberration.
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0e1d05185989ccc0f1928163e2c05523 | https://www.forbes.com/sites/jpmorganchase/2015/05/18/growing-small-businesses-in-detroit-and-beyond/ | Growing Small Businesses In Detroit And Beyond | Growing Small Businesses In Detroit And Beyond
Every time I speak with a small business owner, I am struck by how hard they work, the satisfaction they derive from building something of their own, and the transformation of their aspirations into something tangible. Whether it is April Anderson of Good Cakes and Bakes (profiled in the video below), who is part of our Small Business Forward program in Detroit, or the recipients of our Mission Main Street Grants there -- they all share a common goal of creating their own success, while making their communities better places to live and work.
Last year, JPMorgan Chase made a $100 million commitment to support Detroit’s economic recovery that included several efforts aimed squarely at boosting small business. Whether it is our support for Eastern Market, where culinary entrepreneurs now have access to a commercial kitchen facility or our support for TechTown, which is supporting small businesses in underserved neighborhoods, these non profits are helping make Detroit a burgeoning hub for young businesses looking for a low-cost, vibrant community.
Detroit is a city with a long history of reinventing itself. Today the city’s entrepreneurs grapple with the same challenges as their counterparts across the country – a global marketplace, rapidly chancing technology, and new sources of competition. However, they also face a unique set of obstacles that come from working in a city that is transforming itself on a large scale. Though these challenges are particularly acute in Detroit, the ways we address them can be applied to communities across the country and around the world.
From a banking perspective, Chase has been on the ground for decades, providing a range of services to businesses of every size. And as a leading SBA lender, we leverage all the tools at our disposal to provide even more working capital to help companies thrive. We are also investing significantly in convenient, digital solutions, so our small business clients can save time and focus on running their business, not running to the bank.
We also are seeking additional ways we can help businesses grow. According to research by the Initiative for a Competitive Inner City, small businesses generate more revenue and create more jobs when they are well aligned with their communities’ strategic assets. This is the underlying theory behind our Small Business Forward program, which supports clusters of businesses, like Eastern Market in Detroit, to help them gain easier access to necessary services and funding. As these clusters strengthen, they can evolve into hubs of industry innovation and expertise, catalyzing further economic activity, which is why we are supporting them in cities around the world.
Our goal is to make banking easier for our clients and to support entrepreneurs. We know how hard it can be to run a business, so we want to play a part in helping them succeed – because it is the success of our small business owners and entrepreneurs that will help cities like Detroit regain their economic strength.
Learn more about our $100MM investment in Detroit.
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5580b4245b664de558d711eb142a26c3 | https://www.forbes.com/sites/jpmorganchase/2015/06/02/ale-solutions-providing-short-term-housing-for-people-displaced-by-natural-disasters/ | ALE Solutions: Providing Short-Term Housing For People Displaced By Natural Disasters | ALE Solutions: Providing Short-Term Housing For People Displaced By Natural Disasters
By Kate Silver
On November 17, 2013, at roughly11:05 AM, the EF4 tornado that hit Washington, Ill., tore through the center of town, leaving a path of destruction in its wake. It took just under 10 minutes with winds clocking 190 mpg to inflict $800 million in damages, devastate over 630 homes, and leave families and neighbors in shock and in desperate need of shelter.1
In the aftermath of an event, ALE Solutions is the company most trusted by insurance carriers to provide emergency housing to policyholders suddenly displaced by a large-scale natural disaster.
Since 2001, ALE Solutions has been instrumental in providing immediate housing solutions following every major U.S. disaster. ALE mobilizes quickly and arrives on site within 24 hours of events like Hurricanes Katrina and Sandy, California Wildfires and tornadoes like those that devastated Moore, Okla. and Washington, Ill. Whether responding to hurricanes or to the nation’s largest oil spill, ALE moves decisively to meet the challenge of finding suitable housing to large numbers of displaced homeowners, where supply is often eclipsed by the sudden demand.
When not responding to large-scale catastrophes, ALE serves the individual housing needs of those families who have lost use of their homes due to a fire or other perils covered by their insurance policies. These personal disasters happen at all hours and ALE maintains an empathetic staff around the clock to provide immediate temporary housing; typically a hotel.
Rowena Zimmers started ALE Solutions in February 2001 and runs the company with her husband, CEO Rob Zimmers. Together, they employ hundreds of people and serve approximately 60,000 displaced families every year. “We are often the first service that is given to them on behalf of the insurance company,” says Rob.
For home repairs that are expected to last longer than one month, ALE provides a more suitable long-term housing solution. This is typically a rental apartment or home located as near as possible to their damaged home. Most of these properties are made turnkey ready by ALE, with rental furniture and housewares, complete with dishes and towels. Throughout the housing process the family is hand held by Housing Specialists experienced at providing the personal care these families need.
There are never any “out-of-pocket” housing costs for the family. All hotel and housing costs are incurred by ALE and in turn billed to the policyholder’s insurance company. With thousands of policyholders in housing at any given time, cash flow must be closely managed. When business is steady, expenses and receipts are in relative balance and traditional lending practices suffice. However, during a sudden step-function in business growth or a catastrophe response, the need for capital to fund housing grows dramatically and ALE’s strong relationship with Chase is indispensable.
The Zimmers attribute much of ALE’s growth from a startup to a nationally recognized leader to their strong banking relationship with JPMorgan Chase. By working hand-in-hand with ALE, Chase created a customized credit program tailored to their specific needs and extended millions in credit so that policyholders wouldn’t face prohibitive, out-of-pocket charges for temporary housing.
“I have always been impressed at the interest taken in my commercial business by my business banker and those that support my account.” Says Rob. “Whenever increases in credit were needed, the groundwork was always in place so that no matter the situation, sufficient funding was available.”
Rob says the latest test was during last winter’s “polar vortex” that led to thousands of homeowners coming home to frozen and burst pipes. “There were days when we had more than 600 calls to put families up in hotels. The charges to our credit card climbed dramatically to nearly one million per day. Without a credit card program that can handle that kind of sudden influx, we would have quickly hit the credit limit and the unthinkable result would have been for thousands of policyholders entrusted to our care to be asked to leave their hotels.”
“Our customers rely on ALE to come through with the housing they need and I rely on Chase to make sure my business has the funding needed. They have never let me down,” adds Rowena.
At the core of ALE Solutions is a genuine desire to make a positive impact on people’s lives. In addition to the business operation, the Zimmers have created their own nonprofit arm, ALECares, which has two equally important missions: to help uninsured or underinsured, and to raise awareness of the importance of properly insuring residential properties. ALECares brings to life the passion with which the ALE team approaches their work on a very human, personal level.
Their Relationship Manager, Doug P., is grateful to work with a meaningful company like ALE. “It’s an honor to use our resources and infrastructure to help people in our communities get through a really potentially devastating time. That’s at the heart of my partnership with ALE and really of my job in general,” says Doug.
Disasters happen swiftly and without notice. ALE Solutions stands ready to help those affected most, 24 hours a day, seven days a week, 365 days a year.
Doug says, “At the end of the day, the team at ALE cares deeply about making an impact for the families that get displaced by these disasters. Their drive to provide the highest level of service to the insurance companies and the individuals is what excites everyone at Chase about the partnership and the support we can provide in making them the best at what they do.”
For more information, visit www.alesolutions.com or learn more at JPMorgan Chase & Co.
1. https://www.ncdc.noaa.gov/stormevents/eventdetails.jsp?id=483775
Kate lives in Chicago. Her work has appeared in Washington Post, Chicago Tribune, Crain's Chicago Business, Chicago Sun-Times, Men's Health and more.
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b9cb5b35b63df36c834ef547e78d1e20 | https://www.forbes.com/sites/jpmorganchase/2015/06/11/usa-rugby-igniting-a-passion-in-america-for-a-sport-loved-around-the-world/ | USA Rugby: Igniting A Passion In America For A Sport Loved Around The World | USA Rugby: Igniting A Passion In America For A Sport Loved Around The World
By Donna Bryson
When USA Rugby began in 1975, the game it represented was relatively unknown in the U.S. Nearly 40 years later, rugby has a loyal American following, with 115,000 active members on more than 3,000 teams across the country. Rugby itself has also experienced explosive growth in the U.S.—participation in the sport increased by 350 percent between 2004 and 2011.1
Bringing rugby into the American spotlight is now the job of Nigel Melville, USA Rugby’s executive director. But getting Americans excited about rugby couldn’t be done without funding and support. Melville noted that local Boulder-area bankers from Chase have recognized the value in growing rugby's domestic appeal and regularly offer the financial support necessary to expand the sport’s popularity.
They know that if we grow the game and increase our media and broadcast presence, we will attract more fans, sponsors, and more revenues to continue developing the game. Nigel Melville, USA Rugby Executive Director
Support from Chase has also helped USA Rugby to expand its grant program, enabling state rugby organizations to hire youth development staff. This year, USA Rugby has awarded 10 grants, compared to only three in 2010. The grant program’s budget has also increased, growing from $100,000 to $250,000. Then, when the organization experienced financial instability a few years ago, Chase helped by extending its line of credit.
Chase Market Manager Joe C. notes: “We understand that helping rugby grow means standing with the organization during both good and lean times. That’s what it means to be part of this sport’s community.”
But the company’s support for rugby isn’t just limited to financial services. Senior executives often serve as league coaches in programs coordinated by USA Rugby. The bank has also sponsored premiership rugby in England, and J.P. Morgan club teams have long competed in financial sector rugby tournaments in England and Hong Kong.
Melville acknowledges that the game isn’t as familiar to most Americans as it is to its fans at JPMorgan Chase. But he expects the exposure it will get as an Olympic sport will raise awareness among Americans, whose women’s national team is among the top five in the world.
Through careful planning and a commitment to growth, USA Rugby is poised to bring rugby back to the forefront of the American sports world. With help from thousands of loyal fans—including those at JPMorgan Chase—and their participation in the 2015 Rugby World Cup and the 2016 Olympics, rugby may just be the next big thing in American sports.
For more information about USA Rugby visit: usarugby.org or learn about Denver & JPMorgan Chase & Co.
1. http://www.irb.com/mm/Document/NewsMedia/MediaZone/02/04/22/88/2042288_PDF.pdf
After living abroad for 19 years, Donna returned to the US and is settled in Denver. She has written for AP, CBS, The Wall Street Journal and The Boston Globe.
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14457bd4cd76c5c3652bec5bfdbe7a13 | https://www.forbes.com/sites/jpmorganchase/2015/06/12/pacific-science-center-inspiring-a-lifelong-interest-in-science-math-and-technology/ | Pacific Science Center: Inspiring A Lifelong Interest In Science, Math And Technology | Pacific Science Center: Inspiring A Lifelong Interest In Science, Math And Technology
By Teresa Meek
With good reason, Science, Technology, Engineering and Math (STEM) education is making headlines. STEM jobs are growing at three times the rate1 of others, and business owners frequently report that they can’t find enough qualified workers to fill necessary positions. Since STEM positions are projected to grow 17 percent from 2008 to 2018 - compared with 9.8 percent for other jobs1 - addressing this problem is more urgent than ever.
To address this critical lack of STEM learning programs, Pacific Science Center has created a program that brings STEM skills to Seattle neighborhoods. JPMorgan Chase Foundation has contributed $750,000 over the past 5 years to support Pacific Science Center programs, including the Science Center’s STEM Out-of-School-Time, which sends teams of high school interns and Science Center educators into underserved communities to inspire students to pursue STEM learning.
The program is tied to JPMorgan Chase’s long-term commitment to directing resources to developing workforce skills in local communities across the US. “It’s a challenge to be able to make our programs as accessible as we would like to, particularly to underserved and under-represented communities, and we can only do it with philanthropic support,” says Erik Pihl, Pacific Science Center’s Vice President for Development and Membership. “JPMorgan Chase has been a leader in ensuring our programs are available to those who otherwise might not be able to participate.”
As one of the country’s leading science museums, Pacific Science Center delivers innovative interactive learning experiences to more than one million guests each year3. Its exhibits are noted for being memorable, and it’s easy to see why: people remember things better when they learn by doing—when they can feel, hear and touch the exhibits2. The Center's outreach initiatives serve more than 200,000 individuals spanning over 39 counties and four states, making it one of the top outreach organizations in the Pacific Northwest3.
The help is sorely needed. STEM studies can serve as a bridge to a higher income and a more secure life. According to a recent report from the U.S. Commerce Department, STEM professionals earn 26 percent more than their non-STEM counterparts1. Just 16 percent of U.S. high school seniors are proficient in mathematics and interested in a STEM career, according to the US Department of Education5.
Programs like Pacific Science Center’s take a micro-community approach to affect change within this macro-level problem. “Science and technology hold the key to our future and to the economic success of our region,” says Cat M. of JPMorgan Chase’s Seattle office. “We need to prepare youth at all socioeconomic levels in STEM training to meet the demand for a more skilled workforce and to strengthen our economy.”
For more information, visit: www.pacificsciencecenter.org or learn about Seattle & JPMorgan Chase & Co.
1. U.S. Department of Commerce, Economics and Statistics Administration, “STEM: Good Jobs Now and for the Future,” David Langdon, George McKittrick, David Beede, Beethika Khan, and Mark Doms, Office of the Chief Economist, July 2011
2. The Globe and Mail, “University students fare better with interactive learning, study finds, “James Bradshaw, May 12, 2011. http://www.theglobeandmail.com/news/national/ university-students-fare-better-with-interactive-learning-study-finds/article579698/
3. http://www.pacificsciencecenter.org/About/our-story
4. JPMorgan Chase Summer STEM-OST Program 2013, Evaluation Report, Pg. 18. Angelina Ong, Spotlight Imapct, LLC. October 2013
5. U.S. Department of Education, “Science, Technology, Engineering and Math: Education for Global Leadership,” http://www.ed.gov/stem
Teresa Meek lives and works in Seattle. With over 15 years of experience in communications, she has written for The Miami Herald, Newsday, Forbes, Coca-Cola, JPMorgan Chase and Microsoft.
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506c9aaacc9d06391e574e68ce04fc60 | https://www.forbes.com/sites/jpmorganchase/2015/07/21/how-a-150000-grant-empowered-the-new-orleans-school-of-cooking/ | How A $150,000 Grant Empowered The New Orleans School Of Cooking | How A $150,000 Grant Empowered The New Orleans School Of Cooking
By Carolyn Heneghan
Visitors to New Orleans often want to take a piece of the city's culinary magic home with them, and many do just that by learning traditional Cajun and Creole cooking skills in the heart of the French Quarter.
For 35 years, the New Orleans School of Cooking has been has been sharing the Fun, Food and Folklore of this region with the world. Through cooking demonstrations and hands-on classes, thousands of local and international students come together to learn how to prepare unique local dishes and understand more about culture that is the essence of the city. Charismatic and well-known chefs bring 'flavor' to classes, teaching the basics behind classic Louisiana dishes, such as gumbo, jambalaya and pralines, while incorporating snapshots of history into their lessons.
But classes are only part of what the New Orleans School of Cooking currently offers.
Through a $150,000 grant from Chase, Greg and Suzanne Leighton have been able to reach beyond the French Quarter to dinner tables around the world. In early 2015, The New Orleans School of Cooking received one of 20 Mission Main Street Grants® which gave the Leightons the capital needed for two important expansions. First, they were able to extend distribution of the school's extremely popular Louisiana General Store's branded products, such as Joe's Stuff seasoning blend, Sliced Garlic and Olive Salad. Simultaneously, they were able to launch the New Orleans School of Cooking Foundation, which will further increase the school's donations to local nonprofits.
“JPMorgan Chase is as invested in New Orleans as we are," says CEO Greg Leighton. "As big as Chase is, it has a small town bank feel in this city. The reaction of local Chase employees to our win was impressive and authentic."
Since the grant, the school has quickly caught up to speed on the global resources and capabilities of JPMorgan Chase. Now both a lending and business banking partner of the bank, the school has been empowered to purchase a centralized warehouse to further expand its ecommerce business internationally.
In New Orleans, we call getting a little something extra 'lagniappe,' The Mission Main Street Grant® was a lot of lagniappe. Great things happen when you believe in what you're doing and tell a compelling story. When JPMorgan Chase believes in what you do, and when your story strikes a chord with them, anything can happen. We're proof of that. Greg Leighton, CEO, New Orleans School of Cooking
For more information, visit: http://www.neworleansschoolofcooking.com/.
A freelance journalist, Carolyn has been a resident of New Orleans since she was ten years old.
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90b28320598aba2f21decf2ba076a9dd | https://www.forbes.com/sites/jpmorganchase/2015/11/10/former-army-chief-of-staff-general-ray-odierno-on-veterans-and-their-impact-in-corporate-america/ | Former Army Chief Of Staff General Ray Odierno On Veterans And Their Impact In Corporate America | Former Army Chief Of Staff General Ray Odierno On Veterans And Their Impact In Corporate America
By General Ray Odierno and Ross Brown
With more than 200,000 U.S. service members returning to civilian life each year, the task of facilitating their transition deserves our focus and best effort. JPMorgan Chase & Co. has a long history of supporting this effort, as a founding member of the Veteran Job Mission, and hiring over 9,500 U.S. military veterans since 2011.
They recently announced the appointment of retired General Raymond T. Odierno, former U.S. Army Chief of Staff, in a senior advisory role with the firm. During more than 39 years of distinguished service, Gen. Odierno commanded units at every level of the Army, with service in both the Persian Gulf and Iraq Wars. He will provide his expertise to JPMorgan Chase to help structure and carry out leadership and workforce development programs and advise the firm on a broad range of issues.
Ross Brown, Director of Military and Veteran Affairs at the company, discussed with Odierno the importance of hiring veterans, what support is needed as they transition to the private sector, and what advice he has for both veterans and employers as that change is made.
You retired from the military earlier this year after nearly 40 years of distinguished service. What has that transition been like?
Ray Odierno: I was in the military since I was 17 years old, so there is certainly an adjustment, but what I have found is that many of the same problems I faced as a senior military leader dealing with complex issues are very similar to the problems that major companies like JPMorgan Chase face. It comes down to understanding the ever-evolving global environment and dealing with constant change.
Are there issues hindering service members' transition that need to be removed, or other barriers we need to approach differently?
RO: There are many misconceptions about the military, and we need to look at the bigger picture. For example, when we analyze how being an infantryman could translate into a being high-performing employee in the private sector, we need to look at the tremendous traits that military veterans provide. You have somebody who is physically and mentally strong, who display moral and ethical courage during the most stressful situations. They have a strong grasp of leadership fundamentals and have significant experience leading others. They are able to quickly assess risk and adapt quickly in a variety of situations to include incredibly chaotic and sometimes in life and death situations. Those skills can transfer to any field to include the corporate environment with a small investment.
The 100,000 Jobs Mission was recently renamed the Veteran Jobs Mission, and their goal of hiring 100,000 vets was revised to a total of one million hires. This coalition of companies is keeping its focus on those who have served our country, and it understands their value in the workplace. Why do you think this mission has been so successful?
RO: It is extremely satisfying to see large corporations come together because they know it's the right thing to do. This says a lot about what they believe in – they understand the sacrifice veterans have made.
They grasp that less than one percent of our population serves in our military, and they want to recognize this and help them transition. They also realize that these young men and women have a lot to contribute to the success of their companies.
Do the young men and women who are part of the Millennial generation have specific skills as military veterans that make them attractive hires?
RO: In the military, people of all generations learn very quickly how important it is to deal with others. In the military you can't survive without having a significant amount of personal interaction, with many different groups of people. They learn about discipline, about dedication, being part of a team to accomplish tasks greater than themselves, all of which I think translates very well.
What advice would you give to these young men and women as they transition out of service into the private sector?
RO: As with any profession, don't assume that people understand what you did before or what responsibility you had. You have to be able to explain and translate that experience in civilian terms.
People don't quite understand the level of responsibility these young soldiers had, and what was required of them, the discipline and leadership involved, or the depth of knowledge that was required. You have to help people understand that. Great respect comes out of that understanding, which allows you to become more successful in your transition to the private sector.
*About the Veteran Jobs Mission
Launched in 2011 as the 100,000 Jobs Mission, the Veterans Jobs Mission brings together companies committed to hiring U.S. military Veterans. Eleven co-founders established the coalition – AT&T, Broadridge Financial Solutions, Inc., Cisco Systems Inc., Cushman & Wakefield Inc., EMC Corporation, Iron Mountain Incorporated, JPMorgan Chase & Co., Modis, NCR Corporation, Universal Health Services, Inc., and Verizon Communications Inc.
Since then, more than 200 companies have joined, and altogether they have hired 300,000 U.S. military Veterans, as of October 2015. Members also regularly meet to share best practices to help new companies institute their hiring programs. Visit jobsmission.com for more information.
Retired four-star General and former Chief of Staff of the U.S. Army Raymond T. Odierno, was appointed as a senior adviser at JPMorgan Chase & Co., effective Sept. 1.
Ross Brown, Director of Military and Veteran Affairs at JPMorgan Chase & Co., served in the U.S. Army for 27 years and, most recently, was a deputy director in the Office of the Secretary of Defense at the U.S. Department of Defense.
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4d340227ba3f3e65f8fba489541b653c | https://www.forbes.com/sites/jpmorganchase/2017/06/07/boosting-skills-is-key-to-health-care-workforce/ | Boosting Skills Is Key To Health Care Workforce | Boosting Skills Is Key To Health Care Workforce
By Chauncy Lennon
The U.S. economy is adding jobs and closing in on full employment. All of this is good news but it can also pose a challenge for businesses that need to hire workers to keep growing. This challenge is particularly acute in one industry – health care, which is projected to add 2.3 million jobs by 2024 as the population ages and demand for care increases.
Comprising roughly 18 percent of the American economy, health care is the fastest-growing industry nationally – even faster than technology. Employment in the sector is estimated to grow by 19 percent from 2014 to 2024, and rapidly evolving technology means that many of these newly created jobs require a higher skill level than ever before. As a result, the nation needs to double down on training workers to fill these roles or face critical worker shortages. Today, the health care industry has nearly 1.1 million positions that remain unfilled.
With so much attention being paid to the loss of traditional "good jobs" in sectors such manufacturing – jobs that pay well but only require a high school degree – we overlook the growth of new "good jobs" in sectors such as health care and information technology. The key distinction is that the ticket to entry for today's good job is a high school degree and some post-secondary training. These "middle skill" jobs pay good wages, and typically are the first step on a career pathway to middle class financial security and long-term economic stability. Community health workers, cardiovascular technologists and dental hygienists are the types of middle-skill jobs that pay, on average, hourly wages of $17.45, $26.38 and $34.77, respectively, but are going unfilled because not enough workers have the skills.
Neither employers nor our education and training systems have done enough to address the problem of equipping workers with the training they need to succeed. Without a solution, employers will continue to struggle to find the talent they need to be competitive and millions of job seekers and workers will lose out on opportunities for advancement.
The good news is there's a smart way forward in adequately preparing job seekers to join the skilled workforce. We are seeing increasing evidence of programs in the health care sector that are successfully creating a pipeline of workers with the skills employers require, and what distinguishes these success stories is that employers are at the helm, directly collaborating with the education and training providers to bring in qualified workers.
Here's a good example of how this is working: To lower costs and improve quality, 25 health care employers created CareerSTAT, a network to develop and share best practices around training and hiring "frontline" workers – the nursing assistants, housekeepers, medical assistants, community health workers, dietary service workers and others who make up approximately 50 percent of the health care workforce. CareerSTAT's new approach emphasizes hiring from local communities and the incumbent workforce, skill development and work-based learning, and helping employees get on internal career pathways.
Another bright spot is the growing number of employers partnering with education and training providers to better match training curricula to the needs of employers in a given sector. In Chicago, JPMorgan Chase has provided $3 million to Advocate Charitable Foundation, the philanthropic arm of Advocate Health Care, Illinois' largest health system, to partner with City Colleges of Chicago, the Cook County Workforce Investment Board and community-based organizations to recruit and train individuals interested in high-demand health care careers. Program participants will have access to clinical, work-based learning and paid internships at Advocate sites across the Chicago metro area, positioning them to fill vital higher-paying jobs in the health care industry, including patient service representatives, certified medical assistants, phlebotomists, and other skilled technical roles.
Shrinking the gulf between employers with unfilled positions and Americans looking for work is good for job seekers and for the American economy. It is that rarest of win-win opportunities. We all stand to benefit.
This piece is originally published on U.S. News.
Chauncy Lennon is the Head of Workforce Initiatives for JPMorgan Chase & Co.
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1041659d2d92a8e126823bcf88c2245c | https://www.forbes.com/sites/jppelzman/2019/08/09/film-study-breaking-down-sam-darnolds-passing-in-the-jets-preseason-opener/ | Film Study: Breaking Down Sam Darnold's Passing In The Jets' Preseason Opener | Film Study: Breaking Down Sam Darnold's Passing In The Jets' Preseason Opener
New York Jets quarterback Sam Darnold throws a pass during the first half of a preseason NFL ... [+] football game against the New York Giants Thursday, Aug. 8, 2019, in East Rutherford, N.J. (AP Photo/Michael Owens) ASSOCIATED PRESS
Sam Darnold’s first pass Thursday night demonstrated his one major flaw. But the rest of his brief workday showed off his boundless potential.
After nearly having his first pass picked off, Darnold bounced back and completed his last four passes for 68 yards, accounting for all but 7 yards of a touchdown drive for the New York Jets in their preseason opener against their MetLife Stadium co-tenant, the New York Giants.
"His sideline demeanor and his on the field demeanor, they're awesome," Jets coach Adam Gase said of Darnold. "Sam did a good job extending plays on third down."
Darnold made a huge mistake on his first throw, the kind young quarterbacks are prone to. On second-and-6 from the Jets’ 29, he tried for a quick out pattern to wide receiver Quincy Enunwa along the right sideline. Instead, it was nearly picked off by safety Jabrill Peppers.
"I thought I could have squeezed it in there," Darnold said. "I just threw it a little bit inside. I thought it would have been a tough catch, and the defender might have been close to it but I thought if I put it a little but more outside, Quincy would have been able to catch it but that was really dangerous."
Honestly, the throw itself wasn’t the problem. Darnold’s decision-making was at fault. From watching the play, it’s fair to assume he (and playcaller/head coach Gase) were expecting single coverage from Giants rookie cornerback DeAndre Baker. Instead, Peppers clearly read Darnold’s eyes, because the second-year pro never looked anywhere else besides at Enunwa. It was nearly impossible to get the ball to Enunwa, given the way he was bracketed by Baker and Peppers, who completely ignored tight end Chris Herndon to help out on Enunwa.
But give Darnold credit for resiliency, as he did not let the near-pick bother him. On the next play, he stepped up in the pocket to avoid possible pressure and spotted Herndon, who had gotten open near midfield. Darnold’s pass and Herndon’s run after the catch resulted in a 32-yard pickup, and it all was made possible by Darnold’s pocket awareness and his ability to throw accurately on the run.
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On his next pass, Darnold was patient, waiting for his primary read, slot receiver Jamison Crowder, to come open. Once he did, Darnold connected with Crowder for a 28-yard catch-and-run.
EAST RUTHERFORD, NEW JERSEY - AUGUST 08: Jamison Crowder #82 of the New York Jets carries the ball ... [+] in the first quarter against the New York Giants during a preseason matchup at MetLife Stadium on August 08, 2019 in East Rutherford, New Jersey. (Photo by Elsa/Getty Images) Getty Images
Finally, after a 5-yard checkdown pass to Ty Montgomery and a subsequent 3-yard carry by Montgomery, the Jets faced third-and-2 at the Giants’ 3-yard-line. On a designed rollout to the right, Darnold found primary target Crowder, who came open on a pick play, and threw to Crowder for the touchdown. It was an excellent red-zone play call by Gase because it also minimized the chances of an interception, thus preserving the opportunity for a field goal if Crowder wasn’t open.
"The pocket every single time I dropped back was super clean," Darnold said, "and I was even able to scoot up a couple of times, even that one to Chris, I felt like no one was really around me and that I just felt a huge gap in the pocket open up and I was able to find Chris over the middle and he obviously got a big gain. ... Hopefully it gave Jets fans a little taste of what the season is going to be like."
Darnold still must demonstrate a better ability to scan the field while remaining in the pocket. So far, most of his best improvisation as a pro has been when he is on the run and out of the pocket. And he must be less married to his first read, which was why he almost was picked off by Peppers.
But the physical skills, the pocket presence and an intuitive ability to improvise on the run all are there. And that’s a good start for a QB who still is maturing and is not a finished product.
Expect Darnold to get significantly more playing time next week if Gase sticks to the formula he used with Ryan Tannehill in 2016 and 2018 while Gase was coaching Miami. In the second preseason game in 2016, Tannehill played four series and had 20 pass attempts. In the second contest in 2018, he had 17 attempts in five series. Tannehill was sidelined with a knee injury in 2017.
Gase’s patterns predicted how he would handle the preseason opener with Darnold, and he very much is a creature of habit. We’ll see how Gase balances injury worries with his modus operandi when Darnold and the Jets visit Atlanta on Thursday.
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1f96ce005fbe4efbdcb31773bc73ed8b | https://www.forbes.com/sites/jppelzman/2019/09/30/the-jets-should-sit-sam-darnold-this-week-even-if-the-doctors-clear-him/ | The Jets Should Sit Sam Darnold This Week Even If The Doctors Clear Him | The Jets Should Sit Sam Darnold This Week Even If The Doctors Clear Him
EAST RUTHERFORD, NJ - SEPTEMBER 08: Sam Darnold #14 of the New York Jets signals to teammates ... [+] during the third quarter against the Buffalo Bills at MetLife Stadium on September 8, 2019 in East Rutherford, New Jersey. Buffalo defeats New York 17-16. (Photo by Brett Carlsen/Getty Images) Getty Images
The subdued tones of both Adam Gase and Sam Darnold on separate conference calls Monday told you all you needed to know about the results of Darnold’s latest checkup in his ongoing recovery from a bout with mononucleosis.
New York Jets coach Gase said that Darnold has been cleared to practice, but not for contact. In other words, he has not been cleared medically to play at Philadelphia on Sunday.
Even more ominous was the fact that Darnold avoided a question about whether his spleen still is enlarged after the illness.
“I'm going to let the specifics come out when they do,” Darnold said when asked about the condition of his spleen, a question he had answered in previous media sessions. “It's out of my control, my spleen at this point is going to do what it's going to do.”
Darnold divulged those specifics later during his weekly spot on The Michael Kay Show on ESPN New York Radio, admitting that yes, his spleen still hasn’t shrunk to normal size.
One of the major effects of mono is swelling of a person’s spleen, a condition that literally could be life-threatening to an NFL quarterback because the spleen thus would protrude from behind the rib cage, making the organ vulnerable to a hit.
But Gase made it quite clear that he, Darnold and the Jets still are hoping that Darnold will get cleared fully by the team’s doctors sometime this week and be ready to start against the Eagles. But he admitted, “There’s a lot of boxes we’ve got to check before we can see if we’re rolling (with Darnold) on Sunday.”
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Here’s some unsolicited advice–Stop hoping Darnold can return this week and get backup Luke Falk prepared to make a second consecutive start. Then focus on getting Darnold back 100 percent in time for the game versus visiting Dallas on Oct. 13.
Yes, it still is possible that Darnold can be cleared in time to play, and if the medical experts do that, then it would be evident the second-year quarterback would not be in danger of suffering a catastrophic spleen injury.
But that doesn’t mean he would be ready for the rigors of an NFL game. Although Darnold said Monday he feels 100 percent and is in good shape, he will not have played a game in four weeks by the time Sunday rolls around. Despite what he says, it’s hard to believe his energy and stamina would be the same as usual, and that certainly could affect his ability to perform at a high level. More importantly, that rustiness could make him more susceptible to injury because he might not possess his usual ability to escape the pass rush.
Even though Darnold’s 2019 cap figure of $6,874,476 is ranked ninth on New York’s roster per overthecap.com, he still is the team’s biggest asset in terms of players because of his potential to develop someday into a franchise quarterback. Even if the Jets were 3-0 right now instead of 0-3, the future matters, and they believe Darnold is their future.
“I am super anxious to get back out there,” Darnold said.
Of course he is. No competitor wants to sit and watch. But it isn’t Darnold’s decision to make. It’s the Jets’ call, and even if the doctors say he is a go, Gase, general manager Joe Douglas and owner Christopher Johnson must look at the bigger picture and sit him for at least one more week, for Darnold’s own safety.
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de3c4666081da7f95607e2b6179d7fa0 | https://www.forbes.com/sites/jppelzman/2020/12/14/the-frank-gore-train-rolls-on-for-the-new-york-jets-because-adam-gase-says-so/ | The Frank Gore Train Rolls On For The New York Jets Because Adam Gase Says So | The Frank Gore Train Rolls On For The New York Jets Because Adam Gase Says So
SEATTLE, WASHINGTON - DECEMBER 13: Jamal Adams #33 of the Seattle Seahawks and Frank Gore #21 of the ... [+] New York Jets hug after the Seattle Seahawks defeated the New York Jets 40-3 at Lumen Field on December 13, 2020 in Seattle, Washington. (Photo by Abbie Parr/Getty Images) Getty Images
Frank Gore has been a model of consistency throughout his career. A tireless worker and a four-time All-Pro, the 37-year-old Gore has kept himself in shape enough that only once in his 16-year career (not counting 2020) has he appeared in fewer than 14 games.
He has played in each of the 0-13 New York Jets’ games this season. Thus, once he is on the field for a play against the Los Angeles Rams next Sunday, he will take care of that milestone this season.
Gore is the third all-time leading rusher in pro football history, with 15,893 yards. And lest you think he is merely a compiler, consider that he still is averaging 4.3 yards a carry lifetime, despite the fact he has averaged below 4 yards an attempt in five of the last six seasons, including this one. (For purposes of comparison, Hall of Famer Emmitt Smith, who ran for a record 18,355 yards, averaged 4.2.)
Unfortunately for Gore, however, the spotlight recently has been on him for a different reason, through no fault of his own.
Embattled New York head coach Adam Gase has kept Gore in the lineup despite the team going with a youth movement at other positions, most notably cornerback. In November, the Jets cut Pierre Desir so that younger players could see more time. One of those youngsters, Lamar Jackson, gave up the winning touchdown in the Las Vegas game on the bizarre Cover Zero call that got veteran defensive coordinator Gregg Williams fired by Gase.
But the “let the kids play” mantra doesn’t seem to apply to Gore, even though youngsters Ty Johnson and Josh Adams totaled 178 rushing yards on 30 carries against Las Vegas after Gore suffered a concussion on his first carry. Johnson (104 yards) was the first 100-yard individual rusher during Gase’s 29-game tenure as Jets’ coach, and the team reached the 200-yard rushing mark overall for the first time under his regime.
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No matter. Gore got four of the five carries on the Jets’ first drive at Seattle on Sunday. Never mind the fact that Gore is on a one-year contract and likely doesn’t fit in the rebuilding Jets’ plans for 2021.
When I asked Gase about it on a conference call Monday, he replied, “We've got three backs available to us. ... We felt we had it mapped out as far as how we were going to rotate them. We had too many three-and-outs. It didn't put us in ideal position.”
But what about how well Johnson and Adams had played the week before?
“Yeah, we had our best rushing game against Las Vegas,” Gase admitted. “There was a reason behind that, just kind of the way (the Raiders) were playing. The young guys did a good job of hitting it and taking what was given to them and how it was blocked. But this was a different team we were playing and they handled things a little differently. We had some good runs early and it just kind of flattened out for us.”
Well, Gore did run for 11 and 6 yards on his first two carries. After that, his rushes were for zero, 1, minus-2, 2 (and a lost fumble that set up a Seattle field goal), 2 and 3 yards. Not the stuff of legend, even for the 2020 New York Jets.
But when asked a followup about how Gore doesn’t figure to be on the team next year, and how the Jets need to evaluate the younger running backs, Gase defiantly said, “we'll play the guys whenever they're available. When (La’Mical) Perine comes back it might change the way that we're doing things.”
Gase said earlier during the call that Perine, a rookie running back who had been the second-stringer behind Gore, is being activated this week from injured reserve after missing three games because of a sprained ankle.
Gase continued, “As for right now we're trying to give all those guys touches. That's the decision that we decided to make.”
Translation: Even though I'm 7-22 as New York Jets head coach, with 16 double-digit defeats, I'll play whomever I feel like on offense, and the general manager and the owner can’t tell me otherwise.
The fact is, under the Jets’ poor management structure, Gase is absolutely correct. He and general manager Joe Douglas are equals in the Jets’ misguided power structure. Douglas had only one chance to prevent the overuse of Gore from happening, and that was to put his proverbial foot down back in May and not sign him. (Douglas does have final say on personnel.)
This idea that the head coach can play whomever he wants even if it runs counter to the organization’s best interests must be fixed by team management going forward, once Gase no longer is wearing a headset and New York Jets gameday apparel.
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36f70f7209f0ff7198e1aa43a7e42570 | https://www.forbes.com/sites/jppelzman/2021/02/24/rutgers-basketball-and-coach-steve-pikiell-trying-to-rekindle-that-old-rac-magic-without-one-key-ingredient/ | Rutgers Basketball And Coach Steve Pikiell Trying To Rekindle That Old RAC Magic Without One Key Ingredient | Rutgers Basketball And Coach Steve Pikiell Trying To Rekindle That Old RAC Magic Without One Key Ingredient
The RAC normally would've been packed for a game against a Top 10 team such as Illinois. But no fans ... [+] were there in person to see Rutgers' Dec. 20 upset of the Illini. (Photo by Benjamin Solomon/Getty Images) Getty Images
After suffering the same heartbreaking end to last season as 60-plus other programs, Rutgers is still trying to hang a new men’s basketball NCAA tournament banner at the fabled RAC for the first time since 1991.
Then again, nobody but players, coaches and support staff has seen the old ones this season.
The Scarlet Knights will conclude the home portion of their season tonight against Indiana in front of a coterie of players’ family members, hastily assembled after school officials gave the go-ahead for them late Sunday to have two family members in attendance for the final home game.
In contrast, Seton Hall, the other high-major program in the state of New Jersey, has had players’ family members in attendance since a Jan. 27 contest versus Creighton. Seton Hall will have 10% attendance capacity for its home finale against Connecticut on March 3 in accordance with the recent edict by New Jersey Governor Phil Murphy, allowing spectator capacity of up to 10% at indoor events beginning March 1.
“Even though (this) Senior Night is going to be different than any Senior Night I've been a part of,” Rutgers coach Steve Pikiell said Tuesday during a virtual media session, “I want to thank the governor for allowing the seniors to have two family members at the game. … I’m just thankful that the rules changed for this game.
“It's not fitting that that they’re not playing their last home game in front of a packed RAC,” he added. “That would be a fitting tribute to these guys, but it’s just the way it is.”
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For Rutgers in particular, the change has been stark. Few Division I basketball teams the past few seasons have become more synonymous with their home buildings the way the Scarlet Knights have because of their home-court advantages. In 2019-20, Rutgers went 18-1 at its ultra-cozy 8,000-seat RAC, which has become a tremendously intimidating venue for opponents.
Rutgers set a school record last season with 10 sellouts, but that quickly became a distant memory because of COVID-19. In addition to the obvious lost revenue for the school, the Scarlet Knights are only 9-4 at home this season heading into this game against the Hoosiers.
“It's definitely a different type of environment,” star senior guard Geo Baker said Tuesday. “When we get a big dunk or a big block or a big hustle play and we don’t really have the crowd on our side, it’s definitely tough, but I know it’s tough for teams in our away games too. I feel it goes both ways.
“Sometimes it makes the game a little bit cooler,” he added. “Then it really just comes down to who’s more talented, who’s going to do certain things during the game. It changes the game a little bit, so it’s definitely a different type of game with no crowd.”
“I only wish we could send them out, Geo and everybody else, with the great RAC being packed with fans,” Pikiell said.
That’s how it was a year ago when the Scarlet Knights secured a huge victory against Maryland in their home finale and then managed a rare road victory against Purdue four days later, a pair of victories they believed had vaulted Rutgers (then 20-11) into the NCAA tournament for the first time since 1991.
Of course, the coronavirus turned the 2020 NCAAs into The Tournament That Never Was.
“It happened and it made us all stronger as a unit,” senior power forward Myles Johnson said. “We carry that chip on our shoulder because we made the tournament last year and they cancelled it and this year we really have something to prove.”
Although Rutgers (12-9, 8-9 Big Ten) has lost three of its last four games, most bracketologists have the Scarlet Knights safely in the tournament. But they aren’t taking anything for granted, even without their usual RAC magic.
“It hasn’t been frustrating,” starting guard-turned-sixth-man Jacob Young said of playing before an empty RAC. “It's just what we’ve got. It's what we have to live with right now. … We all want to play basketball, so we had to take that sacrifice. We all bought into it.
“I haven’t seen my parents in seven months,” he added. “Usually every year, they come to almost every game and that’s been a new challenge for me. But they get to come (Wednesday) and that’s what I'm so excited about.”
As for the NCAA drought which Rutgers thought it had ended last year, Baker said, “You can’t control the past. We can only control what’s in front of us right now.”
For some context of that NCAA drought, consider that Pikiell also participated in that 1991 NCAA tourney—as a defensive specialist for Connecticut. The then-senior guard logged an average of 20 minutes in the Huskies’ three NCAA games.
Baker, who is from Derry, N.H., said his mother will not be in attendance against the Hoosiers.
“I told her she has to wait for the (NCAA) tournament,” he said with a smile.
After 30 years, what difference does a few more weeks make?
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b071f8d1084e9a0d929c0c55cae51de1 | https://www.forbes.com/sites/jppelzman/2021/02/27/first-point-is-making-its-point-in-the-mens-volleyball-world-one-program-at-a-time/ | First Point Is Making Its Point In The Men’s Volleyball World, One Program At A Time | First Point Is Making Its Point In The Men’s Volleyball World, One Program At A Time
Fairleigh Dickinson athletics director Brad Hurlbut poses with a replica check of the grant from the ... [+] First Point Volleyball Foundation that has made it possible for FDU to launch a men's volleyball team in January 2022 Larry Levanti Photography
When Fairleigh Dickinson University officially announced in January that it was starting a men’s volleyball program, it was the culmination of a year of planning and feasibility studies that began in earnest with a conversation between FDU athletics director Brad Hurlbut and Wade Garard in January 2020.
That conversation, and others like it, had its roots in another discussion between Garard and John Speraw, in May 2016. Speraw coaches both the UCLA men’s volleyball team and U.S. National Team, and is the only man to win an NCAA title as a player, assistant coach and head coach.
Garard and Speraw, who had been friends for many years, were at a coffee shop before a U.S. National Team scrimmage, and Garard recalled asking Speraw, “Why isn’t this sport bigger?” Speraw said, “There are lots of reasons, but I'm sick of not competing for it.”
From that casual conversation, the First Point Volleyball Foundation eventually came into existence. This nonprofit organization, which has led directly to Division I programs sprouting up at St. Francis of Brooklyn, FDU, and Garard and Speraw hope, many other universities. First Point also has gotten the (volley)ball rolling with the Southern Intercollegiate Athletic Conference, an NCAA Division II league for Historically Black Colleges and Universities (HBCUs), which is planning to have six of its member schools begin play in the near future.
Almost assuredly none of this would be possible without the financial assistance of First Point, and it all started with that conversation between Speraw, now First Point’s chairman, and Garard, its CEO.
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Later in 2016, Garard said, USA Volleyball “hired me to do a feasibility study. Could we double or even triple the participation of boys playing the game in 10 years?”
Garard believed at that time the need was “to be laser-focused on just that part of the game, boys and men’s volleyball growth,” which led to the creation of First Point in December 2016, which would endeavor, he said, “to grow the amount of college roster spots and scholarships that are available. Because when there are more places to play at the next level, more scholarships available, than the pace of growth at the youth level accelerates.”
Toward that end, Garard said, “I spend about half my time raising money and about half my time lobbying ADs on advocacy” for the sport.
Prior to getting involved with FDU, whose Metropolitan Campus in New Jersey straddles the Hackensack River and thus is located in both Teaneck and Hackensack, Garard and First Point had helped fellow Northeast Conference member St. Francis of Brooklyn add men’s volleyball in 2019. Garard said that St. Francis athletics director Irma Garcia invited him to an event at the NCAA Convention in Anaheim, Calif. in January 2020 at which he first met Hurlbut.
“We felt this was the time to do it,” said Hurlbut, noting the move was supported by school president Christopher A. Capuano and the FDU Board of Trustees. Hurlbut added that FDU wanted “to make a bold move at a time when so many other institutions around the country are scaling back. We felt this actually was the time for growth and we had the room to do that. We had the facilities to do that and the backing of First Point really made this possible.”
That backing came in the form of a $200,000 grant.
“Our grant can cover the coaching and recruiting costs for year 1,” explained Garard, whose daughter Mamie plays both indoor and beach volleyball at San Jose State University.
“Without their help,” Hurlbut said, “we probably wouldn’t have been able to get to this point as quickly. During this time, during this pandemic, with the upheaval in college sports, they were able to step up and help us.”
Garard and Hurlbut put together the presentation for the school administration.
“Sooner or later,” Garard said, “we think most ADs who are supposed to explore emerging sports will at least explore the possibility of adding men’s volleyball, even if they choose not to do it. What we want to do with philanthropy is accelerate the timeline of that exploration.”
John Speraw, chairman of the First Point Volleyball Foundation, coaching the U.S. Team in the 2016 ... [+] Summer Olympics in Rio de Janeiro, Brazil. (Photo by Sean M. Haffey/Getty Images) Getty Images
Garard indicated the financial incentive, particularly for Division I schools, stems from the fact that total scholarships at both the Division I and II levels are capped at 4.5 by the NCAA.
Garard said, “You make money in our sport because the maximum allowed is 4.5 scholarships. The average roster size is 16 to 18 and some rosters are 20-plus.”
Contrast that with Division I women’s volleyball, in which the maximum is 12 scholarships.
“It’s a business proposition that’s actually a net positive,” Garard said, noting that once an athletic department gets the grant to help with the cost of starting the program, it ultimately can come out ahead financially because of the net difference between the amount of players needed and the number of scholarships.
As for First Point, Garard said, “The premise that we work under is that philanthropy and sport advocacy accelerate the pace. We educate ADs on the opportunity, we offer grants and then we find there’s more opportunity to have ADs hear you out. … If we’re ready to give you money at the same time, it makes it easier for you to start.”
The Southern Intercollegiate Athletic Conference also is working with First Point. SIAC commissioner Gregory Moore wrote in an e-mail that he and Garard first met at a sports business conference several years ago.
“When Wade broached the idea about our league exploring men’s volleyball, I was very much intrigued,” Moore wrote, “particularly in light of ongoing efforts by many of our member-school presidents to increase international student recruitment.”
The original plan was for the six schools that are part of the partnership—Benedict College, Central State University, Fort Valley State University, Morehouse College, Kentucky State University and Edward Waters College—to begin play last month, although the ongoing pandemic has pushed back that starting date. Moore said, “In light of the pandemic, at this juncture I cannot with any degree of certainty share the starting date for competition.”
Garard noted that all six schools have head coaches in place and he is hoping the SIAC can begin play in January 2022.
“We are very excited about this partnership for a number of reasons,” he added. “First, there is a recognition that boys volleyball is an emerging sport at the secondary school level. As a result, SIAC member institutions are always exploring new programs that they believe will resonate with prospective student-athletes—both domestic and abroad.
“Second, the objectives of inclusion and providing opportunities are baked into the DNA of the SIAC. Therefore, the leadership which the First Point Foundation has demonstrated relating to increasing participation in the sport in general, and with regard to boys of color in particular is in direct alignment with the SIAC’s overarching priorities.”
Garard called Moore a “proactive visionary.”
Garard added that colleges adding men’s volleyball during these difficult times shows that “sport expansion can be beneficial to the university and its opportunities, and to do that during a period when some people are talking contraction signals to me the days of broad-based sports programs are not over.”
He continued, “Maybe now there is an opportunity for philanthropy to drive things.”
FDU also is moving quickly. Six days after announcing the addition of men’s volleyball, the university announced it would add a women’s lacrosse program, to begin play in the fall of 2022. And on Feb. 10, exactly four weeks after the announcement of the addition of the men’s volleyball program, former NYU coach Karl France was tapped to be the Knights’ first head coach.
He, too, knows he will have to move fast to have his first recruiting class on campus by next autumn.
“The challenge,” France said, “is to make sure you find those quality people for your program. Fairleigh Dickinson University has name recognition but in the men’s volleyball sphere, it’s a newcomer. So you have to go out there and show the qualities FDU can bring. My biggest challenge is to get those quality people in here in the next six to seven months.”
Once FDU begins play, that will mean four NEC schools will have teams, as the Knights will join St. Francis (N.Y.), Sacred Heart and St. Francis (Pa.). As Garard notes, if two more NEC members add the sport, the conference could start its own league, because six is the minimum number to be recognized as a conference. For now, FDU will join the Eastern Intercollegiate Volleyball Association (EIVA) once it begins play.
First Point’s goals are lofty, but Garard believes, attainable. He hopes to have at least 40 D-I programs playing men’s volleyball by 2026. And after that?
“John and I have a vision,” Garard said, that in 2032 they will be watching the Summer Olympics, and the U.S. National Team for men’s volleyball team will feature players from programs First Point helped start, players that might not have gotten the chance to play at a high level if the game had not continued to grow.
“We'll have made a difference,” Garard said. “We have a passion for volleyball and we both want to give back to the game.”
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7b52eab8baef848da267cdb474021b8b | https://www.forbes.com/sites/jppelzman/2021/04/07/ncaa-coaching-carousel-hofstra-elevates-speedy-claxton-to-head-coach/ | NCAA Coaching Carousel: Hofstra Elevates Former Star Speedy Claxton To Head Coach | NCAA Coaching Carousel: Hofstra Elevates Former Star Speedy Claxton To Head Coach
Speedy Claxton (left) during his playing days for Hofstra versus Oklahoma State in the NCAA ... [+] Tournament. His goal as the program's new head coach is to be in the NCAAs again. Mandatory Credit: Rick Stewart/Allsport Getty Images
Hofstra is turning to a legend to replace a legend.
Former star and current assistant coach Craig “Speedy” Claxton has been named to succeed Joe Mihalich as Hofstra’s new men’s basketball coach. Claxton, 42, has spent the past eight years with the program, including the last seven as an assistant coach. Mihalich, 64, was forced to step down because of health reasons.
Claxton beat out fellow assistant coach Mike Farrelly, Mihalich’s longtime right-hand man at both Hofstra and Niagara. Farrelly served as the acting coach during Mihalich’s absence this season and guided Hofstra to a 13-10 record and a semifinal appearance in the Colonial Athletic Association tournament. The Pride finished 8-6 and in fourth place in the regular season. Bryant coach Jared Grasso also was a finalist, according to a source.
“Today is a dream come true for me,” Claxton said in a statement. “With that dream comes responsibility. I know the incredible history of the Hofstra men’s basketball program. I have lived it. I have experienced it. I have coached it. And today I am ready to lead it. Everything about Hofstra and our men’s basketball program is special to me and I look forward to continuing the success this program experiences year in and year out. Thank you to all my mentors who have made today possible and a special thank you to Coach Mihalich for his guidance over the last eight years and for leading this program to incredible heights.”
Claxton amplified those thoughts Thursday in a news conference at the Mack Sports and Exhibition Center, where he teared up, saying, "This was my dream job. ... They say it's the arena that Speedy built."
He later said, “It’s about my legacy right now that’s at stake,” noting that he wants to be as big a success as a coach that he was as a player.
Claxton averaged 22.8 points per game as a senior at Hofstra in 1999-2000 and led the then-Flying Dutchmen, guided by current Villanova coach Jay Wright, to their first NCAA Tournament appearance since 1977, where they lost in the first round to Oklahoma State. He won the Haggerty Award as the best player in the New York metropolitan area that year and subsequently was a first-round NBA Draft selection of the Philadelphia 76ers.
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He played seven seasons in the NBA, finishing his career with averages of 9.3 points and 4.3 assists in 334 career games. He helped San Antonio to the 2002-03 NBA title over the New Jersey Nets with 13 points and four assists in the Spurs’ clinching Game 6 win.
“There is no better person than Speedy Claxton to lead our team and build upon the outstanding successes this program has experienced during its rich history,” athletics director Rick Cole Jr. said in a statement. “Speedy’s relationship with Hofstra goes back many years, and he is ready to take the next step and become our head coach. It has been an amazing career and life for Speedy and the entire Hofstra community looks forward to following this next step in his journey.”
During his tenure as a Hofstra assistant, Claxton, one of the program’s most outstanding point guards, has specialized in working with backcourt players, including Justin Wright-Foreman, who was selected by the Utah Jazz in the second round of the 2019 NBA Draft. He helped point guard Desure Buie become a first-team All-CAA player as a senior. And was instrumental in Caleb Burgess becoming a productive starter in 2020-21, averaging 33.7 minutes, 8.3 points and 5.6 assists after averaging only 6.3 minutes as a freshman the previous season.
Claxton was part of the staff that earned Hofstra’s first NCAA bid since 2001, the year after he graduated. Hofstra won the CAA tournament and an automatic bid in March 2020, two days before the nationwide sports shutdown. However, like 67 other teams, the Pride never got to participate in the NCAAs because of COVID-19.
It was announced in late August that Mihalich, who had coached Hofstra for seven seasons, was taking a leave of absence because of health issues. During its two games in the CAA tournament, Hofstra draped one of his trademark sport coats on one of its bench chairs. The school announced on March 19 that he would not return to his old job and instead would transition to a role as special advisor to Cole.
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87f216f3d60cf7809d39102f96a07ef8 | https://www.forbes.com/sites/jqlouise/2019/08/25/5-neighborhood-pizza-places-for-back-to-school-in-boston/ | 5 Neighborhood Pizza Places For Back-To-School In Boston | 5 Neighborhood Pizza Places For Back-To-School In Boston
Boston has always been a college town and with school coming back in session, students from over 30 universities will soon be descending on town. Whether you are a parent helping your child move in, a student starting their degree, a returning senior or a friend of a college-aged person, here are a few pizza joints definitely worth checking out for all those late-night cravings, long move-in days and stressful exams!
Florina Pizzeria & Paninoteca
16 Derne St, Boston, MA 02114
Neighborhood: Beacon Hill
A slice of pizza from Florina J.Q. LOUISE
Located at the foot of Beacon Hill, Florina serves up large slices and sandwiches. Cheese pizza by the slice is $3.25 and a very hefty “That Sandwich”, which is made with breaded chicken, prosciutto, roasted red pepper & fresh mozzarella with white balsamic vinaigrette is $9.75. Surely, any hungry student living on Beacon Hill would be able to fill up within their budget, and as “El Pres” says in his review on Barstool “it’s a very traditional” quality pizza. The staff is also extremely welcoming, and the selection of pizzas, pastas and sandwiches are all worth a visit!
Ducali Pizzeria & Bar
289 Causeway St, Boston, MA 02114
Neighborhood: North End
Ducali Pizza: Spritz and Porcellini Pizza J.Q. LOUISE
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The North End is home to many pizza places, and we all have our favorites, but Ducali Pizza is especially worth a visit because they just added a full cocktail list to the menu. So not only can you enjoy lots of delicious and creative pizzas, but you can also enjoy a spritz or two as well. And what better way to ease back into the school year, than with a pizza and cold cocktail, of course if you happen to be over 21! They don’t offer slices, but they do sell personal sized pizzas starting at $9 each and large pizzas starting at $17.
Area Four
500 Technology Square, Cambridge, MA 02139
Neighborhood: Cambridge
Pizza at Area Four J.Q. LOUISE
For all you new MIT’ers, Area Four is a great spot to add to your list. Located right in Kendall Square, Area Four serves thin crust pizzas with many topping combinations. From a classic margherita to a mushroom & fontina to a carnivore (A4 Mozzarella, Tomato, Pecorino, Soppressata, Sausage & Bacon), any pizza lover should be satisfied. They also have a cocktail, beer & wine list available as well.
Tapestry
69 Kilmarnock St, Boston, MA 02215
Neighborhood: Fenway
Soppressata pizza at Tapestry J.Q. LOUISE
Not a “pizza” place per se, but rather a “New American” restaurant, Tapestry is located just off Kenmore Square and serves up some tasty Neapolitan pizzas worth a try. The list of pizzas includes things like: Squash blossom (zucchini, artichike, buratta, basil), Broccoli Rabe (pancetta, calabrian chili, garlic) and the Soppressata (potato, onion, horseradish pesto). The atmosphere is that of a neighborhood hangout, so bring your friends, head in after a Sox game or any night of the week! Whether you live in the neighborhood or not, Tapestry could be your next go-to spot.
Salvatore’s
545 Washington St, Boston, MA 02111
Neighborhood: Theater District
Eggplant parm pizza from Salvatore's J.Q. LOUISE
For students going to Emerson or Suffolk, Salvatore’s in the Theater District is a great spot before or after a big night out in the Theater District and the many nightclubs in the area. The large pizzas are certainly a crowd pleaser and if you call ahead the wait is never that long. They do all the classics well, but the eggplant parm is especially worth checking out.
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85d70a0873d1cf53d306a2637ee64e9e | https://www.forbes.com/sites/jqlouise/2021/02/28/48-hours-in-brickell-miami/ | 48 Hours In Brickell, Miami | 48 Hours In Brickell, Miami
With so many flocking to Florida to escape cold, lonely winters in places like Boston and New York, Miami has become a workcation capital. And one neighborhood stands out in particular as a smart option for professionals looking to dial in from a warmer locale. Located just south of Downtown on Biscayne Bay, Miami’s Brickell neighborhood is the place to be this winter. If you’re looking to test out a move down South like so many others, here’s how to spend 48 hours in Brickell, Miami.
BRICKELL, MIAMI - View from the pool deck at W Miami W MIAMI
Getting There
With an abundance of nonstop flights servicing the Miami International Airport from many major cities and the Fort Lauderdale-Hollywood International Airport just a few minutes further away, access to Brickell is convenient. JetBlue, a popular option for travelers coming from the Northeast, also just launched 14 new daily flights to Miami, from Los Angeles, Boston, Newark, and New York, and this is in addition to JetBlue’s service to Fort Lauderdale.
Where to Stay
If you are making your first trip down to Brickell, staying at the W Miami is a must. One of the first changemakers in the neighborhood, the W Miami opened in 2009 bringing its signature combination of work and play-focused accommodations to Brickell. Overlooking Brickell Key and Biscayne Bay, guests at the W Miami enjoy water and city views from all vantage points at the hotel. Enjoy luxury linens, marble bathrooms, and floor-to-ceiling windows in all guestrooms, as well as access to the 15th-floor pool deck.
BRICKELL, MIAMI - A cool corner room at the W Miami W MIAMI
The massive outdoor pool overlooks the bay and guests can soak up the sun while sipping on a craft cocktail from the WET Deck Café.
BRICKELL, MIAMI - View of the pool at W Miami W MIAMI
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Some other amenities worth checking out are Panther Coffee in the lobby, the onsite ADDiTK Restaurant, and the 28,000 square foot Iconbrickell Spa. Expect a classic W experience, in a waterfront setting and a bustling local scene.
BRICKELL, MIAMI - View of from the ADDiKT terrace at the W Miami W MIAMI
Brickell Miami Dining Guide
One of the main reasons Brickell has become such a trendy escape is its dining, there is everything from local coffee houses, fine dining, chic lounges, and more.
Panther Coffee – For a quick breakfast and a quality coffee, head downstairs to the Panther Coffee in the lobby of the W Miami.
BRICKELL, MIAMI - The Bolognese at Casa Tua Cucina in Brickell City Centre J.Q. LOUISE
Casa Tua Cucina - For lunch, the place to be is Brickell City Centre. Brickell City Centre is a mixed-use indoor/outdoor development offering shopping, dining, co-working, and more. One restaurant worth checking out is Casa Tua Cucina, which serves up Italian classics.
BRICKELL, MIAMI - Tuna Tataki at Osaka in Brickell J.Q. LOUISE
Osaka – Be sure to make a reservation at Osaka if you are at all interested in Nikkei cuisine—i.e Japanese, Peruvian fusion. Osaka is well worth the splurge. Items are meant to be shared, so bring your appetite and sample dishes from across the menu and consider giving their extensive sake selection a try as well.
BRICKELL, MIAMI - Money Bag Dumplings at Komodo in Brickell J.Q. LOUISE
Komodo - There is no shortage of cool restaurants to explore while in Brickell and Komodo is where you will want to see and be seen any day of the week. Komodo is a trendy Southeast Asian restaurant that regularly plays host to celebrities, athletes, and stylish Brickell locals.
BRICKELL, MIAMI - A selection of tacos from Pilo's Street Tacos in Brickell Miami J.Q. LOUISE
Pilos Tacos – And finally, if you are craving some late-night tacos or a quick weekday lunch, head to Pilo’s Street Tacos. This casual spot tucked just a few minutes away from the W Miami, not only serves up some authentic tacos, but they are also centered around a mission to support people with special needs. The team has partnered with Our Pride Academy, GiGi's Play House, Easter Seals, and Best Buddies to assist with staffing their locations, offering training and jobs to people with special needs.
Miami is so much more than a beach and Brickell is a shining example of what the rest of the area has to offer—especially when you are looking for a place that is well equipped for both work and play!
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ef255caaca532c94feb70cd0c3d64e6b | https://www.forbes.com/sites/jrose/2015/07/12/early-retirement-strategies/ | 7 Simple Strategies To Retire Early | 7 Simple Strategies To Retire Early
"I'm never going to be able to retire."
Have you ever mumbled this to yourself?
If you have, you're not alone.
Over 1/3 of all Americans don't believe they'll have enough money to live off of in retirement. Ouch.
With all the pessimistic view on retirement, then how in the blue blazes are there outliers that are able to buck the trend and retire in their 30's? Or even their 40s?
While they may be on the extreme side of retiring early there's a lot to be learned from them.
So yes, even if you are one of pessimistic souls that believes that you can't retire early, here are 7 simple early retirement strategies you can implement today.
Early retirement Getty
1. Know Your “Numbers”
Your “numbers” are the amount of money that you will need live on in retirement. There are two of them,
The annual amount of income you will need to to live on in retirement, and The size of the retirement portfolio that will be needed to generate that income.You have to start with the income number, since that will determine how large your investment portfolio needs to be.
Calculating your needed retirement income
The conventional wisdom is that you should plan to be able to retire on an income that is 80% of your pre-retirement income. That’s not bad since it will keep it simple, but you may want use that as a starting point only.
Depending on what your plans are for your life in retirement, the actual number could be higher or lower. For example, if you expect that health insurance will be more expensive than it is now, you’ll have to make an upward adjustment. If you expect that your housing will be lower, due to either downsizing to a less expensive home or paying off your mortgage, you can make a downward adjustment.
Once you have your income number figured, you can then calculate the size of the investment portfolio that will be necessary to produce that income.
Calculating your needed retirement portfolio amount
This is where another convention comes in handy. It’s called the safe withdrawal rate, and it’s loosely based on the idea that if you withdraw 4% of your investment portfolio each year as income, your portfolio will never run out.
This connection is probably based on the expectation that the portfolio will produce an annual rate of return of somewhere between 6% and 10%. That means that not only will there be enough income to cover your withdrawals, but enough return that your portfolio will keep growing.
Using the 4% safe withdrawal rate, we can calculate that whatever your necessary annual income number is, you can multiply it by 25 to determine how large your portfolio will need to be. 4% is 1/25 of your portfolio, so if you create a portfolio that is 25 times larger than the annual income requirement, you’ll arrive at your investment portfolio number.
So let’s say that you will need $40,000 in investment income to retire. In order to calculate how large your portfolio will need to be to produce that income within the scope of the safe withdrawal rate, you can simply multiply it by 25. In this case, $40,000 X 25 = $1 million.
But we’re not done yet.
Calculating inflation into the mix
You’ll also need to factor inflation into your plans. If you’re 30 years old, you want to retire at age 50, you’ll have to calculate – approximately – what inflation will do to your needed $1 million investment portfolio over the next 20 years.
There’s no way to know what inflation will be in the future, but you can estimate it based on past history. You can do that by going to the Bureau of Labor Statistics inflation calculator, and tracking what inflation has done over the past 20 years.
Using the inflation calculator, we can see that $1 million in 1995 will require $1.54 million to maintain equivalent purchasing power in 2015. We can project that number forward 20 years to 2035, and use $1.54 million - or roughly $1.5 million - as the target number for your investment portfolio.
And not to make matters even more complicated, but you may also need to plan for contingencies in your income number too. If you plan to purchase a boat or an RV, that will have to be reflected in the size of your retirement portfolio.
2. Lower Your Basic Cost of Living
Simply put, the less money you need to live on, the more you’ll be able to save, and the sooner you’ll be able to retire. Keeping your basic cost of living to a minimum will provide you with the extra cash that you will need to save for retirement. But at the same time, it will also condition you to living on less money, which will certainly help once you reach retirement itself.
This may mean driving older, less expensive cars, avoiding restaurant meals and costly entertainment, and keeping vacations close to home, or not taking them at all.
Todd Tresidder at FinancialMentor.com wrote about an unconventional yet powerful idea to lower cost of living:
Consider moving from a high cost of living area like San Francisco, New York, or any other major city or coastal area to a low cost alternative such as the South, Midwest, or even a foreign country. The cost differential can be as dramatic as night and day so don’t dismiss this possibility lightly. Several things to consider before moving include proximity to family, friends, and important medical providers. Are there other retirees to connect with, and how does the lifestyle fit your retirement interests? Consider visiting the area first and renting for awhile so that you can try before you buy. There are many low cost alternatives for retirement living including moving abroad so try visiting and renting at several until the fit feels just right.
Would you be willing to relocate to keep costs down? It just might be the very thing that makes or breaks your retirement.
Retiring at the rip old age at 30, Pete who runs the wildly popular blog Mr. Money Mustache knows a few things about reducing your spending. He says,
Our giant culture-wide misconception that reducing our spending will lead to a less happy life. In practice, the reverse is almost always true: voluntarily scaling back luxuries, increasing the level of challenge in your life, and banking the enormous surplus of money that results is probably the fastest way to gain control, satisfaction, and happiness. So the answer to early retirement is much easier than most people think: really understand and streamline your spending, and use the savings to invest heavily in a low-cost index fund like Vanguard's LifeStrategy or Betterment. Once you have 25-30 times your annual spending invested in this account, you can quit working forever. If you save 50% of your take-home pay and live on the remainder, your entire mandatory working career only needs to be 17 years. After that, you're financially free and can do whatever you want - continue work, all play, or a healthy mixture of the two.
Mr. Money Mustache also explained the difference between conventional advice and his radical, but effective advice:
For almost two years, I’ve been preaching a different brand of financial advice from what you see in the newspapers and magazines. The standard line is that life is hard and expensive, so you should keep your nose to the grindstone, clip coupons, save hard for your kids’ college educations, and save any tiny slice of your salary that remains into a 401(k) plan. And pray that nothing goes wrong in the 40 years of career work that it will take to get yourself enough savings to enjoy a brief retirement. Mr. Money Mustache’s advice? Almost all of that is nonsense: Your current middle-class life is an Exploding Volcano of Wastefulness, and by learning to see the truth in this statement, you will easily be able to cut your expenses in half – leaving you saving half of your income. Or two thirds, or more.
He also explains how to practically cut expenses:
Here’s how to cut your life costs in half. Start by getting rid of your Debt Emergency if you have one. Live close to work. Move to another city if you enjoy adventure. Don’t borrow money for cars, and don’t buy stupid ones. Ride a bike wherever you can. Cancel your TV service. Stop wasting money on groceries.
His list goes on and on. It's definitely worth a look!
If you’re serious about early retirement, you’ll need to embrace all the steps that will be needed in order to make it happen. I put together a list of 15 Reasons Why You Won’t Be Able to Retire Early to outline habits and mindsets that will sabotage efforts to retire early. Not coincidentally, how you spend your money is a big part of those habits and mindsets.
3. Stay Out of Debt
Debt is another one of those bad habits that will sabotage your early retirement efforts, and a big one of that. Debt reduces your cash flow, and that will cut into the amount of money that you’ll have available to save for retirement.
There’s also a toxic mindset associated with debt when it comes to retirement. If you get too comfortable with debt, there’s a very good chance that you’ll carry some, or even a lot, into retirement. That will only raise your cost of living, and make early retirement far less certain.
Todd Tresidder at FinancialMentor.com highlights the importance of eliminating all consumer debt in preparation for retirement:
Credit card debt is wasteful and expensive. Pay off your highest interest balances first and use the money freed up as each card gets paid off to accelerate the payoff of the remaining cards. Never spend more in a month than you can afford so that no new debt is accumulated. Never settle for making just minimum payments on credit cards because it is financial suicide on the installment plan: it makes compound interest work against you instead of for you. The sooner you stop overspending and pay down existing debt, the sooner that money can be redirected to investments so that you’re financing your retirement as a wealth builder instead of the bank executive’s retirement as a debtor.
Todd brings up an excellent point: it's a good idea to ensure compound interest is working for you, not the financial institutions. Not only do you need to get out of debt, you need to stay out of debt and put the savings toward your retirement plan.
4. Don’t Buy a House That Will Own You
Don't become house poor Big Stock
Have you ever heard of the term house poor? That describes the condition of living in a beautiful house, but one that costs so much that it leaves you very little money to do anything else. Being house poor is not a positive state of existence when you’re planning for early retirement.
Not only is your house a long-term expense that will have a major impact on your cash flow, but it is also the kind of purchase that can set the spending tone in your life. For example, a higher end home will require more costly maintenance, more expensive furniture, typically higher utilities, and higher maintenance costs, particularly in regard to landscaping.
When it comes to housing and early retirement plans, you’ve got to be guided by the less is more doctrine, as in less house result in more savings.
5. Save More Than You Thought You Ever Could
If you plan to retire in 40 years, you can probably get away with saving 10% or 15% of your income every year. But if you plan to retire in 15 or 20 years, you have to up your game. 30%, 40% or even 50% will be more likely.
You shouldn’t allow yourself to be limited by employer plan contribution limits either. Contribute to a traditional or Roth IRA if you can qualify. Save money outside of your retirement plans.
If you’re self-employed, consider setting up your own 401(k) plan, also known as a Solo 401(k) plan. The contribution limits on these plans is incredibly generous. In fact you can even set up one of these plans for a side business, and really accelerate your retirement savings.
One big advantage of a solo 401(k) plan is that under IRS regulations, 100% of the first $18,000 ($24,000 if you‘re 50 or older) of your income can be contributed to the plan for 2015. And since you’re also the employer, you can contribute an additional 25% of your total income.
For example, if you earn $60,000 from your business, you can contribute $15,000 ($60,000 X 25%) to the plan as employer, plus up to $18,000 as an employee. This will give you a total contribution of $33,000, on an income of $60,000. Do you think that might get you to early retirement faster?
6. You May Need to Increase Your Income
If you don’t believe that you will be able to achieve your retirement portfolio number by the time you will to retire, you may need to increase your income. But if you do so, make sure that 100% of the extra income actually goes and retirement savings.
There are several possibilities here. You can work to get a better paying position, or you can take on a part-time job. You can also set a side business (where you can set up that Solo 401(k) plan), or simply take side work based on any special skills that you have.
You don’t have be locked into one method either. You can work a part-time job for a while, run a side business for a time, then do side jobs. If you're not sure how to get started, I created list of 100 making money ideas.
7. Make “Balance” Your Investment Guiding Principle
Be reasonable in your projection of your anticipated rate of return on your investments. An unrealistic rate of return (ROR) on your investments could cause you to save too little under the misguided assumption that you’ll make it up in returns. As well, if you set the ROR bar too high, you may find yourself speculating to make those returns a reality.
Warning: Speculating is not investing. You could end up losing money, and that will put an end to your early retirement plans.
What’s reasonable when it comes to ROR?
The average annual rate of return on the S&P 500 Index has been in the ball park of 10% since 1928. Investing in index funds based on the S&P 500 should get you that kind of return over the coming decades.
If you assume a 10% average annual rate of return on your stock holdings, you can expect an overall rate of return on a portfolio comprised of 80% stocks and 20% fixed income securities to be in the neighborhood of 8% (since fixed income investments currently pay close to zero in interest!). So use 8% as your anticipated rate of return on your investments for planning purposes. It’s reasonable.
Calculating Your Strategy to Hit Your Retirement Portfolio Number
Bankrate has an excellent 401(k) savings calculator that will allow you to determine exactly how much money you‘ll need to save each year in order to make early retirement a reality.
We’ll use it to calculate how much you will need to save each year in your 401(k) to enable you to hit your retirement portfolio number.
Let’s assume that you’re 30 years old, earning $60,000 per year, you want to retire at age 50, and you currently have $100,000 invested in your 401(k) plan.
As discussed in Strategy #1 above, you will need $40,000 a year in income, which will require an inflation-adjusted portfolio of $1.5 million. Using the Bankrate 401(k) savings calculator, how much will you need to contribute to your 401(k) plan each year?
Percent to contribute: 30% ($18,000) Annual salary: $60,000 Annual salary increase: 2% Current age: 30 Age of retirement: 50 Current 401(k) balance: $100,000 Annual rate of return: 8% Employer match: 6% Employer match ends: 50%
Saving 30% of your income in your 401(k), or $18,000 per year (the 2015 401(k) plan contribution maximum), your 401(k) plan will grow to $1.424 million by the time you reach age 50. That’s a little bit shy of the mark of $1.5 million that you will need, so you will have to plan on saving money outside of your retirement plan in order to reach the goal.
It’s certainly a tall order, but it is doable. By using all seven of these strategies, you’ll make it happen.
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3b07ec4ca71c618ed250045d3e722a81 | https://www.forbes.com/sites/jrose/2015/10/19/ira-mistakes-to-avoid/?sh=234f5c5615a3 | 12 Common IRA Mistakes To Avoid That Could Cost You Thousands | 12 Common IRA Mistakes To Avoid That Could Cost You Thousands
"Did you know if you would have left your retirement in your 401k then you wouldn't have to pay the 10% penalty?"
My new client was 57 years old and already retired. He possessed decent liquid savings but an unexpected expense required him to pull money from his IRA.
Had he left his money in his 401k, he could have avoided the 10% early withdrawal penalty; but his previous advisor never bothered to let him know that detail.
Now he's left with a stiff penalty from the IRS that could have (and should) been avoided.
For many, IRA's represent a bulk of their retirement assets. Paying a stupid penalty here or not taking advantage of a loophole there could cost you thousands. To make sure you don't blow it, here are 12 common IRA mistakes to avoid.
1. Assume You Can't Have an IRA Because of Your Employer Plan
A lot of people assume that because they have a retirement plan at work, that they can’t have an IRA too. But in most cases that isn’t true. Up to certain income limits, you can have both an employer-sponsored retirement plan and an IRA.
That can provide you with a tremendous advantage, particularly in the years leading up to retirement. It will give you the benefit of both tax deductible contributions and tax deferral of investment earnings on not one retirement account, but two.
And if you plan to retire early, having both plans is practically a must! You can make a tax deductible IRA contribution even if you participate in an employer sponsored retirement plan, up to certain income limits.
For 2015 your contribution will begin to phase out at $98,000 and completely disappear at $118,000 if you are married filing jointly. If you are single, the deduction begins phasing out at $61,000, and completely disappears at $71,000. Those are pretty generous income thresholds that would allow the majority of taxpayers to make an IRA contribution even if they have an employer sponsored plan. And if you can make the contribution, you should!
2. Not Making a Contribution Because it Isn't Tax Deductible
Even if your income exceeds IRS limits to make tax-deductible IRA contributions, you can still make contributions - they just won’t be deductible. Now a lot of people may not be interested in making an IRA contribution if it isn’t tax-deductible, but that’s a mistake! Even if the contribution isn’t tax-deductible, investment earnings in your IRA will still be tax-deferred. Take a look at how that can benefit you...
Let’s say that you have $11,000 - the maximum IRA contribution a married couple can make in 2015 - and you have a choice between putting it into IRA accounts, or regular taxable accounts. Either way, you plan to have the money invested in index funds that you expect to average a 10% return for the foreseeable future. If you put the money into IRA accounts, it won’t be reduced by your marginal income tax rates, and you’ll get the full benefit the 10% annual return.
In 30 years, that will produce an account worth $191,942. Now let’s say that you decide that not getting a tax deduction for an IRA contribution is a deal breaker. No IRA, instead you put the money into a regular taxable account.
But now you have to figure an annual tax bite on your investment returns, since they will be taxable in the year earned. If you are in the 28% marginal tax rate for federal tax purposes, and 7% for your state, you will have to reduce your investment income by 35% each year. That means that the 10% return that you expect to get from your index funds will be reduced to just 6.5% per year. How does that change the outcome? $11,000 invested for 30 years at an effective rate of 6.5% will produce an account worth $72,760.
That means that giving up the tax deferral that an IRA provides will cost you nearly $120,000 over 30 years.
Moral of the story: When it comes to IRAs, tax deductible contributions are important, but tax deferral wins every time. Fund an IRA, even if you participate in an employer-sponsored retirement plan, and even if your IRA contributions are not tax-deductible. You’ll come out way ahead in the long run.
3. Not Maximizing Your Contributions
Because it is not sponsored by an employer, and is not payroll deducted, people will often take a haphazard approach to funding an IRA. They may put no more into the plan that may have sitting in a checking account, or have received in a recent windfall. But it’s important to understand that an IRA is a long-term plan. In order for it to work its magic, it needs to be handled on a consistent basis. It’s easy to talk yourself out of making the largest contribution that you’re allowed, but it will only hurt you in the end.
For 2015 the maximum IRA contribution is $5,500, or $6,500 if you are age 50 or older. You should target the maximum contribution each and every year. Once again, this is especially important if you hope to retire early one day.
"Remember, the money you contribute to your IRA is tax sheltered until you withdraw it from your account", offers Jude Wilson Founder and Chief Financial Strategist of Wilson Group Financial. The benefit to you is, any earnings that you make within your IRA is not taxed. That's money you get to keep in your pocket instead of sending it to Uncle Sam. Those dollars stay invested in your IRA where it has the opportunity to grow. Imagine the snowball effect and how much faster your account could increase in value!"
4. Not Taking Advantage of the Spousal IRA for a Non-Working Spouse
This is one of the very biggest and most common mistakes people make regarding IRAs. The assumption is that a non-working spouse cannot contribute to an IRA because he or she has no earned income. After all, one of the most basic rules of IRAs that they must be funded out of earned income. But there is an exception for non-working spouses. It’s referred to as a spousal IRA, and entitles a non-working spouse to make contributions to an IRA under virtually the same rules as a working spouse.
The provision is actually quite simple. As long as the working spouse is earning a sufficient amount of income to cover the contributions to both IRAs, the spousal IRA will be allowed. For example, if the working spouse contributes $5,500 to an IRA, and the non-working spouse makes the same contribution, that contribution will be allowed as long as the working spouse earned at least $11,000 in the year of the contribution. That can allow a working/non-working couple to double their IRA contributions each year, and even get a tax deduction for doing so, within general IRS rules for IRAs.
5. Not Taking Advantage of the Roth IRA
Once again we get back to that not-wanting-to-make-a-contribution-because-it-isn’t-tax-deductible thing. In all but two major respects, Roth IRAs are just like traditional IRAs, and one is that Roth IRA contributions are not tax deductible. But that brings us right to the second major departure from traditional IRAs, and that’s that withdrawals taken from a Roth IRA are tax-free.
That’s a big part of the reason why your contributions to the plan are not tax-deductible. Withdrawals taken from a traditional IRA are only tax-deferred. That means that you have to include distributions from a traditional IRA in your taxable income when received. Not so with Roth IRAs! As long as you are at least 59 ½ years old, and your Roth IRA plan has been in existence for at least five years, the distributions from the plan can be taken tax-free.
And here’s another Roth IRA benefit: Roth IRAs are the only qualified savings plan that does NOT require you to take required minimum distributions beginning at age 70 ½. That means that you can continue to allow your Roth IRA to grow until you’re ready to begin taking money out of it.
This is a game changer, right? It means that at least some of your income in retirement will be tax-free, and that might be more important than you can imagine right now. The income limits to make Roth IRA contributions is different from traditional IRAs. With a Roth IRA, either you can make a contribution or you can’t, and it all comes down to your income level, whether or not you are covered by an employer-sponsored plan.
You can make a Roth IRA contribution even if you participate in an employer sponsored retirement plan, up to certain income limits. For 2015 your contribution will begin to phase out at $183,000 and completely disappear at $193,000 if you are married filing jointly.
If you are single, the deduction begins phasing out at $116,000, and completely disappears at $131,000. If you are not making Roth IRA contributions, you are missing out on participating in one of the biggest tax give-aways of the 21st Century.
6. Not Taking Required Minimum Distributions (RMD) or Taking the Wrong Amount
You know all those generous IRS tax breaks for 401(k)s, IRAs, and other tax-sheltered retirement plans? Well, there’s payback for all of that generosity! Upon reaching the age of 70 ½ you must begin taking withdrawals from virtually all retirement accounts, except a Roth IRAs (because they’re not taxable anyway). And yes, that’s when you may have to pay tax on the distributions.
Those distributions are referred to as required minimum distributions, or RMDs. Once you reach 70 ½ there will be two required distribution dates in the next year, April 1 and also on December 31. You can avoid the double distribution after the first year, by taking your initial distribution by December 31 of the year you turn 70 ½. After that first year, you will have only one RMD per year, which will be added to your taxable income.
The RMD is calculated by dividing the account balance as of the end of the year immediately preceding the year in which you reach 70 ½ by your life expectancy, as determined by the IRS “Uniform Lifetime Table.” If you do not take any distributions, or if the distributions are not large enough, the penalty is steep. You may have to pay a 50% excise tax on the amount not distributed as required.
7. Paying Unnecessary Penalties on Early Distributions
There are a host of ways to avoid paying the IRS 10% penalty tax on early distributions. But we’re going to focus on one method - a series of substantially equal payments. This is a distribution method in which your distributions are made as part of a series of substantially equal periodic payments over your life expectancy or the life expectancies of you and your designated beneficiary. It is referred to as Section 72(t) and it will allow you to avoid penalties on IRA distributions even if you are younger than 59 ½.
More specifically, the IRS allows you to set up this plan using one of three methods:
The Required Minimum Distribution method. This method uses the IRA owner’s life expectancy, and makes distributions of the account balance over that time frame. The annual payment is redetermined each year since both the account balance and the owner’s life expectancy will be slightly less. Fixed Amortization method. This involves amortizing the IRA account balance over a specified number of years equal to life expectancy (single life uniform life or joint life and last survivor), and at an interest rate of not more than 120% of the federal mid-term rate. Fixed Annuitization method. This method involves applying an annuity factor to the IRA account balance to produce a monthly payment. The annuity factor is calculated based on an IRS mortality table and an interest rate of not more than 120% of the federal mid-term rate. Each of these three methods will produce a slightly different payment distribution, though each ultimately accomplishes the same goal, which is to spread the distribution payments over the IRA owner’s lifetime. Once established, the penalty tax on early distribution will be waived.
8. Placing an IRA in a Trust
Making a trust the actual owner of an IRA causes immediate taxation - including the 10% penalty tax if the IRA holder is under age 59 ½. That also means that any money that is placed in a trust from an IRA will have to be reduced by the tax liability upon the distribution of the IRA.
That means the amount of money actually making its way to the trust will be greatly reduced. But there’s an even bigger reason to not put an IRA into a trust, even if it’s done upon the owner’s death. Once the trust assumes ownership of the IRA, the owner’s spouse loses the ability to roll that IRA over into his or her own IRA without tax consequences.
This ability is the easiest way to avoid income taxes on an IRA in the event of the owner’s death. Once the IRA is placed in the name of the trust, that strategy will be lost completely.
9. Missing Important Dates on Inherited IRAs
Estate taxes, if applicable, are due nine months after the IRA owner’s death. The same deadline applies to beneficiaries who wish to disclaim IRA assets. By September 30 of the year following the year of the owner’s death, the beneficiary whose life expectancy will control the payout period must be identified.
Generally, IRA beneficiaries who want to receive distributions over a life expectancy must begin taking required distributions by December 31 of that same year. If you inherit an IRA, you’ll have to be prepared to move quickly.
10. Not Taking Advantage of “IRD” as a Beneficiary
Upon the death of the IRA owner, his or her IRA is included in the estate, creating an estate tax liability (if applicable) as well as an income tax liability for beneficiaries. Many IRA beneficiaries do not realize that IRAs are considered “Income in Respect of a Decedent” (IRD), according to Section 691(c) of the IRS Code. The IRD designation allows beneficiaries to take a federal income tax deduction for any estate taxes paid on the IRA’s assets, thus limiting double taxation of the IRA assets.
11. Not Naming or Updating IRA Beneficiaries
Not listing primary and contingent beneficiaries may result in the distribution of the IRA assets to the IRA owner’s estate, resulting in accelerated distribution and taxation. Not keeping beneficiary designations current and coordinating them with other estate planning documents can also lead to conflicts and unintended results. One major example is an ex-spouse.
A former spouse could end up inheriting a retirement account if his or her name is still listed on the plan. People mistakenly believe that a divorce decree that specifically excludes an ex-spouse will solve that problem - it won’t. You must specifically remove your ex-spouse as a beneficiary, or that person can inherit the plan. Also, most IRAs list the owner’s spouse as the primary beneficiary.
One of the most popular strategies for a spousal beneficiary is simply to roll the inherited IRA into his or her own IRA. But in some cases it can be more tax efficient for a surviving spouse to keep the IRA as an inherited beneficiary IRA or disclaim the assets, thereby allowing them to pass to the contingent beneficiary. It’s complicated, but you have to be ready for it.
12. Rolling Low-Cost-Basis Company Stock into an IRA
Distributions from a qualified plan such as a 401(k) are generally taxed as ordinary income. If company stock is rolled into an IRA, future distributions are taxed as ordinary income. If, instead, the company stock is taken as a lump-sum distribution from the qualified plan, only the cost basis of the stock is taxed as ordinary income. This is called Net Unrealized Appreciation. (Note: The distribution must be taken as stock, not cash.)
Unrealized capital appreciation (the difference between the cost basis and current fair market value) is not taxed until the stock is sold, upon which it would be taxed as long-term capital gains, which are taxed at a lower rate than ordinary income (at 2009 tax rates). Be sure to talk with your tax advisor.
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c3fba31157c813607fb3ba276d83e57f | https://www.forbes.com/sites/jrose/2016/03/25/financial-independence/?sh=299669b7984b | The 15 Crucial Steps Needed To Achieve Financial Independence | The 15 Crucial Steps Needed To Achieve Financial Independence
Gallery: 10 Smart Money Moves From Superstar Savers 11 images View gallery
Just about everybody wants to become financially independent – so why do so few people get there?
One of the secrets to attaining financial independence is that it doesn't usually "just happen".
It starts with a detailed plan, and a willingness to commit to that plan.
To help you get going in the right direction, here are 15 steps to become financially independent.
Tony Robbins seen at Netflix original documentary "Tony Robbins: I Am Not Your Guru" Premiere at... [+] 2016 SXSW Film Festival on Monday, March 14, 2016, in Austin, TX. (Photo by Eric Charbonneau/Invision for Netflix/AP Images)
1. "Decide You Want It More than You Are Afraid Of It"
OK - that quote is from the recently discredited Bill Cosby, but it's brilliant nonetheless. And it's an important point too. One of the reasons more people don’t reach financial independence is they’re afraid – not of being financially independent, but of the changes in their lives they'll have to make to get there.
Taylor R. Schulte, CFP, Financial Planner, Founder & CEO, Definefinancial.com recognizes it doesn't happen overnight:
If you are new to the financial planning process, it’s important to remember you don’t need to go from zero to sixty overnight. Just like a fitness trainer would be hesitant to recommend an all-out body straining routine on your first day in the gym, I wouldn’t expect someone to start implementing advanced planning techniques in the first week. Pick a reasonable and attainable goal, and get used to achieving small wins on your track to financial independence.
For example, if you are new to saving, you don’t need to immediately put aside half of your paycheck. Start with a small amount - maybe $20 per pay period - and increase it as you get more comfortable with the process. Starting out slow will help you build the confidence needed for long-term success.
In order to become financially independent, you have to have a serious heart-to-heart talk with yourself. You want to get a few things clear in your head, including:
A definition of exactly what financial independence means to you - following someone else's definition won't get you there A realistic picture of your current financial situation A realistic idea as to what you'll have to give up to get where you want to go A realistic assessment of the obstacles in your path A series of goals that will help you to become financially independent
That last point is a discussion all its own…
2. Create a Series of Steps that Will get You Where You Want to Go
Becoming financially independent isn't a single goal, but a series of sub-goals. This is because your financial life has several facets. In order to reach your overall goal of financial independence, you'll have to establish goals in the various areas of your financial life, including,
Increasing your income Controlling your spending habits Paying off your student loan and credit card debt Understanding your savings patterns Determining your investment objectives Defining your long-term financial goals Purchasing the best life insurance for your family Implementing a legacy plan for your heirs
We're going to go over each of these categories in some detail, but it's important you create such a list, with a corresponding goal relating to each individual category. That will ensure you are moving your entire financial situation forward, rather than trying to do it one category at the time.
3. Commit Now that You Will Live Beneath Your Means for the Rest of Your Life
If I can pick one step out of this list 15 that's more important than the rest, it's this one. That's because no other steps you take will be possible unless you fully commit to mastering this one.
The reason it’s so important is it’s the single step that will provide most of the spare cash you will need in order to accomplish most of the other steps. Learning to live beneath your means is one of the central costs of learning how to become financially independent. And if you have not mastered this technique in the past, doing so will range anywhere from uncomfortable to downright painful.
“Setting goals is the first step into turning the invisible into the visible” Tony Robbins
Jose V. Sanchez, financial advisor at JosevSanchez.com experienced living within his means as a child:
Our parents grew up extremely poor, but wealthy in tradition, family, and faith. Their nurturing frugality instilled both a tradition of resisting needless spending and the value of time over money. Setting a goal to champion frugality has made the biggest impact in wealth accumulation in my life. This value of frugality is a tradition that my wife and I are passing on to our kids.
Delayed Gratification. Get comfortable with that term. No - make that, get very comfortable with it. It means being willing to sacrifice now in order to provide for a better life for you and your loved ones in the future.
If you’re currently struggling with your finances, there'll be no easy way over this hurdle. You'll probably have to cut out every expense in your budget that is not absolutely necessary, it even do what you can to reduce those that are.
It could include passing of the annual family vacation, driving your car for years after paying off your car loan, living in your current home even though most of your neighbors traded up, and buying your clothing in thrift stores while everyone else you know shopping at the mall.
That's just a short list of the sacrifices you'll have to make. But in making them, you'll be clearing money in your budget to build savings, to get out of debt, and to invest for the future.
4. Block Out the Spendthrifts in Your Life
Are there one or more people in your social circle who you could reasonably characterize as a spendthrift? If so, one of the sacrifices you may need to make to reach financial independence will be to either reduce your contact with this person (or people), or even eliminate them from your life altogether.
I know that sounds harsh, but is also totally necessary. The people who we keep company with can have a profound effect on how we view and spend money.
If you are surrounded by people who "live for the moment" - meaning they mostly spend their money having fun rather than saving for the future, you will inevitably get pulled into that behavior.
5. Always Keep Your Career or Business Moving Forward
In Step 3 I said that living beneath your means is the single most important step on this list, and that's true. But you can give yourself a major assist in that effort by making sure you steadily increase your income in the future. If you can steadily increase your income – while keeping your spending level – you will reach all of your financial goals much more quickly.
You can keep your career moving forward by keeping your work skills sharp, and increasing your value to your employer. You should put yourself in the running for promotions where possible, and hold yourself open for better opportunities with other employers. If you are self-employed, it means steadily working to keep your business moving up to the next level.
Chris Hammond, financial advisor and founder of RetirementPlanningMadeEasy.com shares his career tips:
Working on advancing your career is like investing in yourself. It’s one of the best ways to get a good return on your investment, whether you are salaried or self-employed.
If you are self-employed, that just means you have a lot of “bosses” that you serve. So, periodically ask those “bosses/clients” how you can better serve them. I have done this in the past through simple surveys. I simply ask what challenges they are facing and how I can better serve them. The better you can serve people, the more value you bring to the table, the more it helps you become a higher earner.
6. Vow to Always Save Money - No Matter What Your Income Is
Don't be one of those people who says "I'll start saving money when..." The problem with telling yourself that is "when" never comes.
The better position? When is now! When is always. You should always be saving money no matter what's happening. That's one of the very best strategies to make sure you are always moving forward.
If you don't have enough room in your budget to save money now, then the answer is to increase your income, lower your expenses, or both.
As John Maxwell says “You’ll never change your life until you change something you do daily. The secret of our success is found in your daily routine.”
Tony Liddle, CEO and Financial Advisor at Sark Investments sits down with his wife each January and write out our annual goals:
We set up a business and personal budget for ourselves and include savings goals. Then to keep ourselves accountable we review our budget monthly. This keeps us on track to reaching our financial goals. I'd recommend setting up a system that works best for you and your family. Just writing down your goals will help you start the process. But, reviewing them daily and having honest conversations about where you are financially will determine your success or failure in becoming financially free.
Never let excuses stand in the way of saving money. It's a long-term goal that starts today – and never stops.
7. Insulate Yourself in the Short Run - Creating a Safety Net
If you have been living paycheck-to-paycheck up to this point, your first savings goal should be to create a safety net. You can do that by creating an emergency fund.
An emergency fund should be held in a perfectly safe account – like a savings account, money market account, or a short-term certificate of deposit. It's not for investment, because investment involves risk, and that's not the purpose of an emergency fund.
Your first goal should be to accumulate a sufficient amount of cash in the account to cover 30 days worth of living expenses. Once that's achieved, your goal should be to add another 30 days worth of living expenses. The account should have between three months and six months of living expenses if you're a salaried employee, and between 6 and 12 months if you have a self-employed job or paid entirely by commissions.
Andrew McFadden, CFP and Founder of Panoramic Financial Advice thinks it unwise to navigate life without any sort of financial cushion:
Life is full of surprises and changes, and it will do you a lot of good to have a liquid stash of cash you can access quickly in case of an emergency. Emergencies like getting laid off, the car dying, or your child needing an urgent medical treatment, and your health insurance doesn’t quite provide the coverage you thought it did.
Do you want to be up a creek without a paddle when those situations occur? Sure, you could probably charge those emergencies to a credit card with reward points, but that’s going to end up costing you a lot in interest charges in the long-run. The goal is to make smart choices by planning ahead.
Additionally, more and more today, I am seeing the need for an emergency fund because people get sick of working for tyrant bosses, and want the financial flexibility to walk out the door if they can’t stand the frustration anymore. No emergency fund - no flexibility to call your own shots.
8. Invest Everything Above That
Once your emergency fund is adequately stocked, you can begin thinking about investing your money. This is important, because investing is about using your money to earn more money. The larger your investment portfolio becomes, the closer you get to financial independence.
Ideally, your efforts to save money should never slow down once you have built your emergency fund. Instead, increase your efforts to fund your investment accounts. That should be easier to do once you have an emergency fund in place.
9. Invest No Matter What the Market is Doing
In hindsight, it's obvious there have been better times to invest than others. But since no one knows what the future holds, you can't know when that will be in the future. Plan to invest no matter what the market is doing. If you're investing periodically, you'll be dollar cost averaging into the market, which will minimize the risk you're taking should the market decline.
If you do feel it's a bad time to invest, then simply cut back on how much you are investing in equities. But at the same time, continue accumulating cash and fixed income investments in your portfolio, that way it'll be there to buy when the timing looks little bit more favorable.
10. Diversify Your Investments
This gets back to not knowing what the markets will do in the future. The best way to protect yourself against unexpected surprises is to diversify your investments across several different asset classes.
Big picture, you should have a certain amount of money invested stocks, fixed income investments, peer to peer lending, cash, natural resources, and real estate. That will keep you from taking a big hit in the event any of those sectors crashes, while at the same time taking advantage of strong markets wherever they may be.
Also, don't get crazy with your investments. Stick with index funds for stocks, since they have lower investment fees and don't generate a whole lot of capital gains taxes. Keep your real estate investments in real estate investment trusts (REITs), which are actually something like real estate portfolios themselves.
11. Diversify Your Income Sources Too!
Just as you would diversify your investment portfolio, you should also diversify how you make money. Both the economy and the job market are not as stable as they were a couple of decades ago, and you have to be prepared to ride out the ups and downs.
For example, if you have a full-time job, work on creating a side business. Not only will it provide you with an additional source of income for savings and debt reduction, but it may also form the replacement for the job you lose in the next recession.
If you have a business, look to diversify into related sources of income. You may even consider creating passive income sources, such as being an investor in a small business that is run by someone else.
Multiple income sources, in and of themselves, can represent a form of financial independence all by themselves.
12. Shield as Much Income From Taxes as Possible
Taxes represent a major reduction in your income, that means you will have less money available to save, invest, and pay off debt. By using strategies that reduce income taxes, you'll be able to keep more of your income, rather than turning it over to the tax authorities.
The easiest and best way to shield your income from taxes is retirement plans. If your employer offers a 401(k) plan at work, put as much of your income into it as you can afford. At a minimum, invest up to the amount that will get you the maximum employer matching contribution. For example, if your employer offers a 50% match (3%) up to a 6% contribution by you, you should contribute at least 6% – and of course, more is always better.
Also take advantage of individual retirement accounts (IRAs). Take one even if you don't qualify for an income tax deduction for taking one. Even without the tax deduction on the contribution, both traditional and Roth IRAs still allow you to defer income taxes on investment income.
If you're self-employed, create your own retirement plan for your business, such as a solo 401(k), or a SEP or SIMPLE IRA. Using such a plan, you can shelter much as 20% of your income - up to $53,000. That's a lot of tax savings right there.
13. Get Out - and Stay Out - of Debt
It's hard to make a case for being financially independent when you owe money to banks or other people. You should have a goal of getting out of debt as soon as possible.
You can have different time horizons for getting out of debt with each debt category.
For example, you can commit to eliminating your credit card debt in five years, while eliminating your student loan debt in 10 years, and your mortgage in 15 years.
That's not an overnight solution to your current debt problems, but it sets you to heading in the right direction.
And once you get out of debt in any category, stay out and never come back! There's no such thing as "good debt" when you're trying to achieve financial independence.
14. Make Sure You Have Enough Insurance Coverage
Early in your journey toward financial independence, you may want to maintain minimal insurance coverage to keep your insurance expense low. But, as your wealth grows, your insurance coverage has to rise along with it.
Though we don't normally think of it in this way, the primary purpose of insurance is to protect our assets. The more assets you have, the greater your insurance coverage needs to be.
Review all of your coverages annually. That includes health, auto, homeowners, disability, and affordable life insurance. As your wealth grows, low coverage levels and high deductibles can work against you in a crisis. That defeats the whole purpose of having insurance of any kind.
15. Commit to Refocusing on Your Goal Regularly
In order to become financially independent, you will need to become fully committed to your plan. You should have a written plan – that includes goals for each financial category – and plan to review them annually.
The purpose is twofold:
To make sure your goals are on track, and To keep yourself focused on your ultimate goal of becoming financially independent
This is incredibly important, particularly number two. It's very easy to get sidetracked on the road to financial independence. For example, you may find yourself getting very comfortable about two thirds of the way there, and starting to spend more money and save less.
Think of it as an affirmation, in which you renew your commitment. You should do that at least annually, but in reality you should do it as much as you need to.
Becoming financially independent isn't easy. That's why you need a detailed plan, and a commitment stick to it. Use this list as a guide, and modify it to fit your own circumstances. You'll get there - as long as you don't give up!
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0b5c5889650297f68a7541eec570b000 | https://www.forbes.com/sites/jrose/2016/08/21/winning-the-lottery/ | 6 Ways To Prevent Ruining Your Life If You Win The Lottery | 6 Ways To Prevent Ruining Your Life If You Win The Lottery
It was just a typical day.
John stopped by the local convenience store like every other morning to pick up his daily essentials: coffee with one creamer and one packet of sugar, the morning paper and one glazed donut.
Oh...and and his lotto ticket.
He was retired now and content with his life spending time with his family and six grand-children.
He never imagined he would win. And he never imagined what his life would like if he did.
Then one day that all changed.
Because beyond his wildest dreams, he did.
He won.
We're not talking Power Ball numbers in the $100 million + range. But for a guy who was content on living off his social security and a small pension, it was certainly big.
How big?
$3 million big.
Chances are you’re both excited and terrified at the same time if this happened to you. He certainly was.
If you won the lottery like John this is going to change your life in so many ways – some good, some bad. Don’t believe me? Read on.
Advice to Follow When You Actually Win
Here's the first thing you should know: The absolute worst thing you could do is act out of impulse and totally ignore sound advice. You might be tempted to do something quickly, but you should think long and hard before making any fast moves. Remember, this is a lot of money, so it’s very possible that it can mess with your emotions and judgement.
I reached out to several financial advisors to get their advice for someone who just won the lottery. Let’s take a look at what they had to say.
1. Remain anonymous!
Peter Huminski, President and Wealth Advisor at Thorium Wealth Management says: “If your state allows you to remain anonymous when you claim the prize, I suggest you take advantage of that. If you can’t, you need to change your phone number. Every single person you have ever known will come out of the woodwork to ‘congratulate’ you on your luck and every blood-sucker will be out to try and get you to part with your new fortune.”
This is unfortunate, but true. Huminski has great advice here.
Pretend for a moment that you have a friend you grew up with who just won the lottery and you found out about it. While your motives might be pure, you’d probably want to call them up to congratulate them. That’s understandable. The problem is, your friend is probably going to be very cautious with who they let into their life from now on. They don’t know who is genuine and who is in it for the money. When lots of cash is involved, things gets complicated quickly.
Also imagine if you want to give your friend advice. After all, you might consider yourself more financially savvy, and perhaps you are. But, again, your friend will have a lot of opinions flying their way, and they’ll have to sort out the fact from the fiction.
Now consider how you’d feel if you were your friend. Consider all of the phone calls you’d get from people wanting to congratulate, give advice, or take money. You may not know who is being genuine and who isn’t. It’s a scary prospect.
If you've never won the lottery before, or came into a lot of money all of the sudden, you might not fully understand the gravity of the situation. Your friend, however, does. That’s why so many of the lottery winner’s friends are calling the lottery winner – they may not consider that so many people would be doing the same thing and cause the lottery winner so much angst.
As the lottery winner, it’s a good idea to remain anonymous if at all possible . Even if you can avoid having your name flashed all over television, the Internet, and the newspaper, your lifestyle will probably change somewhat after you win the lottery.
You might want to buy a new home, new vehicles, and more (and for good reason). You might want to quit your job, and nobody would blame you. Your friends will probably notice something weird is going on. When this happens, it’s probably best to say as little as possible and if you feel you must, reveal that you came into a certain amount of money. Don’t say how much.
Better yet, if you can find it within yourself to remain content with what you have and not go out and enhance your lifestyle, more power to you. Try giving away the money! But before you consider doing that (or anything whatsoever), consider the next tip.
2. Don’t make rash decisions.
North Dakota Financial Advisor Benjamin Brandt says: “Don’t make any major financial decisions for six months. Let this new-found wealth ‘sink in’ and give yourself time to create a thoughtful plan for your new fortune. All of the gifts to family and charity and big purchases will still be there in six months after you have built a sound financial plan."
He adds: “Employment changes are also major financial decisions. Don’t quit your job right away.”
Brandt encourages taking plenty of time to find the right professionals to help: “Take your time interviewing and selecting your advisory team. This team should include a certified public accountant, a certified financial planner, and an estate planning attorney.”
Brandt asserts: “ Prudent planning will not only help you stay wealthy , but you’ll probably enjoy your money even more with a plan.”
While letting your money sit in several savings accounts probably won’t earn you much interest and might have a dramatic effect on how much money you earn over time, you should still take ample time to think through your options.
Don't let the weight of the decision talk you into doing something crazy with your money. You can wait until you have a good plan in place before you start implementing changes and taking advantage of short-term investments. Moreover, you’re encouraged to do so – the last financial thing you want to do is make a mistake with millions of dollars resulting in significant losses.
Brandt’s suggestion to not make any major financial decisions for six months is an excellent one. In addition, you might want to put further constraints on the decision-making process as well.
For example, if you’re married, you should agree to all major financial decisions with your spouse. Vote on proposals together. Two votes means the proposal passes, while one or less means it fails. This is just one idea of an additional constraint you can put on the process of using your newfound funds.
However, it’s important to make sure that you don’t put so many constraints on your money that you end up doing nothing or very little with it. Be reasonable.
3. Don’t become a statistic.
According to the National Endowment for Financial Education, 70 percent of the people who receive a windfall in a lottery go broke within a few years. New Jersey Wealth Advisor Ronn Yaish posits that this travesty can be attributed to poor or undeveloped money habits.
According to the American Community Survey, the median household income for the United States was $53,657 in 2014. As a result, most people aren't prepared to handle a huge windfall.
Yaish urges, “ My strongest advice to lottery winners would be to seek financial advice right away. Just like what you would do if you notice your basement flooding, have a painful toothache, experience ongoing blurry vision, or see sparks coming out of a socket, the responsible plan of action is to get professional support.”
Yaish adds, “When looking for the right financial professional to work with, consider asking the professional how he/she gets paid." In other words, you should seek out an arrangement where you're paying a flat fee for any advice you get.
Yaish reveals a real challenge to those who have a significant amount of money - knowing who to trust when it comes to their finances. Sadly, far too many financial advisors offer advice meant to line their own pockets instead of yours.
Before you choose a financial advisor, you should interview several and compare their responses. Learn the differences between the professionals and make a list of pros and cons for each. Learn about what they charge and their strategy for managing your funds. Additionally, see how much experience they have when it comes to giving financial advice to wealthy individuals such as yourself.
4. Take a vacation.
San Diego Financial Planner Taylor R. Schulte suggests having some fun right away.
“You just won the lottery! You had better odds of being killed by a shark or struck by lightning . . . twice. Before you get back to reality and start making responsible decisions with your money – which I trust you will do – treat yourself and your loved ones to a trip you will never forget. It doesn’t need to be anything elaborate or expensive. But buying an experience and creating memories will be far more satisfying than any material item you think you might need.”
Ty C. Hodges, certified financial planner and partner at Client Centric Wealth Management agrees:
“You just won’t the lottery! Knock something off your wish list right away. If there is something that you’ve always wanted, I think you should feel free to get it right away. You have, in fact, just won the lottery. Have you always wanted to take a magical safari sightseeing trip across the African plains, or just wanted to own the 1977 Pontiac Firebird Trans Am from Smokey and the Bandit? Go fulfill that wish. Get that off your chest.”
Yeah, you can totally go take a vacation or buy the car of your dreams, but be sure to keep your dreams on the reasonable side. That’s probably going to be difficult when you look at how much money will actually be coming your way, but you should still try your best.
Still, you’re going to need to set up some boundaries for your initial spending and beyond. How do you do this?
You might find it helpful to create a master list of everything you’re thinking about doing with your money. You don’t have to know how much you’re going to spend on each item or venture yet, but you can brainstorm anyway. Once you create an initial list, start prioritizing your ideas. Finally, assign a dollar amount to each. You can get your financial professional in on this project and hear their thoughts on what you’re listing, but also be sure to include some of their ideas too as you see fit! Collaborate!
5. Be careful not to harm your family or charities with the size of gifts.
Hodges also says you need to be careful when giving: “While giving money to a family member, friend, or charitable organization is seen as an unselfish gesture, it could do more harm than good if not dealt with in a thoughtful manner. Wealth is ultimately a responsibility. How can it add meaning to your life and the lives of those around you? What impact does wealth have on your children? Your community? Without a long-term view, wealth can sometimes cause more problems than it solves.”
Hodges continues, “For example, say a lottery winner wants to buy his parents a million-dollar house. Has he thought about whether the parents can maintain the house or pay the real-estate taxes on the house?"
Regarding charities, Hodges says to continue thinking this way: “The same mindset should apply when making a charitable donation. For example, if you drop a $3 million charitable gift to the local food pantry, it’s just going to overwhelm them. They’re not capable of handling it, whereas the American Red Cross can handle a larger gift because it’s a much larger charity. So match the gift to the charity. If you’ve set aside $250,000 for charities, decide how you want to give – you may set up a charitable gift annuity or an endowment fund that allows for an annual payment to that charity, but isn’t a huge lump sum.”
Hodges offers one last piece of advice: “Keep in mind how you want to give. If you want to remain anonymous, you may want to run the gift through a donor-advised fund, where you can make the contribution and then recommend to that fund how you’d like to make charitable gifts and to whom. There’s a barrier between you and the charity.”
Admittedly, the task of deciding which family members get this and which charities get that can be extremely difficult. How do you make these decisions?
It all comes down to your values. What’s important to you? What’s important to others? You’re going to have to do some soul-searching to figure out what to give and when. It’s probably not going to be easy – not for a long, long time. Well, that is, unless you give away nearly – or all – of your money rather quickly. You should try to get used to making these new, difficult decisions. From now on, managing your money is basically your job.
6. Have fun, but have a plan.
Clint Haynes a Kansas City financial planner highlights the importance of having a plan: “Congrats, you just won the lottery! So many thoughts, so many ideas, so many phone calls, but so many problems? That’s right. At least seventy percent of people who win the lottery file for bankruptcy according to the National Endowment for Financial Education. Pretty hard to believe, but it’s true.”
Haynes goes on to explain what you should do: “Have some fun with your lottery winnings, but don’t be another statistic. Whether it’s $100,000 or $100,000,000, have a plan in place for what you would like to do and accomplish with this money. Find trusted advisors who are looking out for your best interests. Once you have created a plan for the how, what, why, and where, implement it and stick to it.
This will no doubt be the hardest part because while you did just win the lottery, there’s only so much to go around and you’ll be getting pulled in many different directions. Create your plan, implement your plan, and, most importantly, stick to your plan.”
Imagine your future for a moment. Just like before, you'll know people who are in financial distress. How will you help them? Beyond the logistics of giving, you’ll think of things that you now want that you didn’t previously want. A number of changes in the way you think about and handle your money may occur, but you may not know until the money starts rolling in.
Like Haynes said, it’s a good idea to find trusted advisors who are looking out for your best interests – just make sure that they do so over the long-term.
Your plan for your money should be as comprehensive as possible. You need to make a solid protocol for what you do with your money in certain situations. That way, when those situations arise, you won’t be caught off guard.
Bonus Tip: Manage your wealth online!
If you have a lot of wealth to manage (which of course you would if you won the lottery) and you want to get the big picture of what’s going on with your finances, there are two ways of going about it.
The first is to sit down with a financial advisor, answer their questions, and let them explain what’s going on. The nice thing about this approach is that a financial advisor can help you see all your options for how you invest, save, and spend your money.
But what if you want to see all of your accounts in one place? What if you want a clear visual that you can set up yourself? In that case, you may want to consider Personal Capital and Mint.
Personal Capital can offer personal recommendations based on your current investment mix and they even have a wealth management program available for a fee.
Mint focuses on budgeting and credit. It’s also worthwhile to check out.
Remember that you don’t have to choose between a financial advisor and Personal Capital, for example – you can choose both at the same time!
Just because you have a lot of money doesn’t mean you have to get super fancy with how you manage your money. But, the more complicated your money-management strategies become, the more organized you’ll need to be.
That’s why it’s important to view managing your money like a job. If you were an accountant for someone, what would you do? If you were a secretary, what would you do? If you were put in charge of someone else’s wealth, what would you do? Treat your financial situation like you’re caring for a friend’s or employer’s financial situation. Don’t be lax about it.
Set aside some time each day, week, and/or month for the various financial tasks that are now on your plate. One small decision multiplied by millions of dollars can lead to a world of difference.
Haven’t won the lottery yet?
If you haven’t won the lottery yet and you’re just thinking this through for the sake of fun, your chances are slim. The odds, my friend, are not in your favor.
Since the odds aren’t in your favor (not even close), you should probably do other things with your hard-earned money versus throwing it away in the lottery each week.
Many of the underlying tips in this article work for anyone no matter what their bank account looks like. For example, it’s good to take the occasional vacation, be careful with your giving, and think strategically when announcing your income or financial situation.
Take a commonsense approach to managing your wealth, even wealth not obtained by games of chance.
Anyone with an income can grow wealthy whether they win the lottery or not, and that includes you. Be diligent, be smart, and manage your wealth according to sound principles. Over time, your responsible financial habits will pay off.
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21daaeb8884d8d4fe2e93347d08dbf7a | https://www.forbes.com/sites/jrose/2018/04/24/make-money-online/?sh=2e651949541e | 12 Ways You Can Absolutely Make Money Online | 12 Ways You Can Absolutely Make Money Online
For many people, making money online would be an absolute dream come true. If they could find a way to make money with a website or some other online venture, they could quit their job to focus on entrepreneurship, spend more time with their family, and finally take back control of their time and their lives.
The crazy thing is, earning money online isn’t a pipe dream. I have been doing it for nearly a decade now with my website Good Financial Cents. I also know thousands of other people who are earning money online their own way with websites, courses, or unique marketing strategies.
Now, here’s the good news. The majority of online revenue strategies aren’t that complicated. Like any business venture, your online income takes time to grow. You need to be willing to devote the time and energy required to get your idea off the ground, and you need grit to stick with it even if your journey is slow when you first start out.
If you’re angling to earn money online but aren’t sure where to start, here are several of the best and most realistic strategies to consider:
#1: Google Adsense
If you've visited any website, you've seen Google ads. These ads are everywhere, and for good reason. Not only are they easy to set up on any basic website, but they can be lucrative once your website starts bringing in a steady amount of traffic.
One of the cool things about Google AdSense is that it's so easy to get set up. If you have a blog or website, you can sign up for a free Google AdSense Account. From there, Google will give you a unique code that you will paste onto your website. Google takes it from there, tracking your page views, traffic, and earnings on your behalf. There is no upkeep or maintenance to get this thing going, which makes it a no-brainer if you have a website already.
How much will you make? I think my best month with Google AdSense was almost $5,000 over the last ten years. That amazing month blew my mind since it was actually near the beginning of my blogging journey. When you go from making zero to $5,000 in a month, that will rock your world. For me, it also got me even more excited because I knew there were other ways to monetize.
#2: Affiliate Marketing
Whether you have a website or are still dreaming up ideas for a blog, you can also look into affiliate marketing. With affiliate marketing, you partner with brands and businesses within the content of your website. If you mention a product or service, you link to that produce or service using a unique affiliate code you received when you signed up for that particular affiliate program. From there, you’ll make money any time someone buys a product or service through your link.
Generally speaking, you’ll want to partner with affiliates that are related to your blog concept. Since I’m a financial advisor, I have focused a lot of my affiliate energy on financial products like savings accounts, credit cards, and investment accounts.
In addition to signing up for individual affiliate programs, you can also sign up for an affiliate ad network that offers a ton of different affiliates in one place. That way, you can see what works and what doesn’t work over time.
If you’re looking for inspiration, my friend Michelle Schroeder-Gardner of the website Making Sense of Sense has become the expert on all things affiliate marketing. Michelle earns more than $100,000 per month from her blog and the bulk of her income comes from affiliate sales. Michelle has had so much success with affiliate marketing that she even has her own course called Making Sense of Affiliate Marketing.
While Michelle works with a ton of affiliates in the financial services industry, one of her biggest affiliates is a blog hosting company called Bluehost. This just goes to show that you can make money with nearly any affiliate company or product if you know your audience and build up enough traffic to create sales.
#3: Consulting
Another way to make money online is via consulting. If you’re an expert in any field, you could potentially find people willing to pay you to counsel them on their personal or business goals. You might think you’re not important enough to consult for big companies, but you could be surprised at the types of expertise people will pay for.
My colleague Robert Farrington of The College Investor is a good example of someone who consulted online on the side in an unlikely industry. Robert told me that, after he had been blogging for a few years, a couple of brands reached out to him to ask him for help with social media and online marketing.
Robert said he did an average of 4-6 of these gigs per year for a while depending on his schedule and the work involved. The best part is, he charged a flat rate that usually worked out to around $100 per hour. And remember, this was pay he was earning to advise people on the best ways to use social media tools like Facebook and Pinterest to grow their brands.
If you want to start consulting but aren’t sure what steps to take next, you can also set up a free account through Clarity.fm. This website lets anyone who wants to offer consulting set up a free profile. Once your profile is set up, people will find you and book a session you’ll get paid for.
#4: Online Courses
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If you have any skill you can teach others, it’s also possible to set up an online course you can market online. You can find online courses that teach anything from cooking to marketing or even freelance writing. Heck, I even offer my own course for financial advisors who want to take their businesses online— The Online Advisor Growth Formula.
Last year, I profiled my friend Joseph Michael of Easy Course Creation. Michael offers several different courses, including courses on a writing software called “Scrivener.” Over the years, Michael has earned six figures or more annually selling courses that help people achieve the kind of success he has earned.
Most people set up their online course through a platform like Teachable.com. With Teachable, you can upload your course materials and use the platform to manage customers and accept payments.
#5: Podcasting
Another way to make money online is by hosting an online podcast. I have the Good Financial Cents podcast to go along with my blog, and I use that platform to find new sponsors and advertisers all the time.
I still remember getting my first sponsor on the podcast and finding out they were willing to pay $8,000 for me to include a short clip at the beginning of each podcast for 90 days. That was insanely exciting to me at the time since I wasn’t sure I would be able to monetize my podcast that much at first.
However, there are tons of people making a lot more than me on their podcasts. Take the Entrepreneur On Fire Podcast hosted by John Lee Dumas. According to the show’s most recent income report, this podcast brought in a net income of over $400,000 in March 2018. Now, that’s crazy.
The key to getting ahead with podcasting is finding your niche, growing an audience, and then finding ways to monetize and connect with sponsors. This isn’t the easiest way to make money online since there are a lot of logistics that go into writing, recording, and editing a podcast, but it is still worth considering.
#6: Book Sales
While the publishing industry used to be heavy in print, you can complete the entire process of writing, publishing, and marketing a book online these days. Websites like Create Space will let you upload and take your book to print without getting a formal publisher involved, and you can even get your book on Amazon.com so people can buy it there.
A blogger I know named Joseph Hogue has a successful blog (My Work from Home Money) and a thriving book publishing business. Hogue has written several books he has published online to create an ongoing source of passive income. He says he averages about 685 books sold per month to bring in an average of $1,857 in revenue. Not bad, huh?
If you think you could write a book people would want to buy, this is a smart strategy to consider since the start-up costs can be minimal and you probably already have a computer and word processing software anyway.
#7: Lead Sales
Another way to make money online is by collecting leads. The main steps you need to complete to make lead sales work include setting up a website, getting traffic to that website, and making sure you’re collecting leads that someone will actually pay for.
Here’s a good example of how lead sales can work in real life: My second website, Life Insurance by Jeff, brings in a ton of traffic from people who are searching the web to find answers to life insurance questions. While I used to have the website set up so I could sell these people life insurance myself, it was a lot of work to process all the different requests and clients. As a result, I started selling the leads I gathered instead.
Basically, lead buyers are willing to pay for the personal information I gather from people who visit my website. This is a win-win for everyone since I get paid for the leads and my website visitors are connected with someone who can help them.
Keep in mind though, you can sell leads in many different industries —not just life insurance. Really, you just need to figure out a niche, build a website and traffic, and see how much you can get for the leads you collect.
#8: Freelance Writing
If you have writing skills and creative talent, it’s also possible to get paid to create online content. I don’t do this as much as I used to, but I am very aware of how viable this income stream is.
One blogger I know, Holly Johnson, actually makes over $200,000 per year creating content for other websites. And actually, that’s on top of the six figures she earns with her blog, Club Thrifty.
Holly told me she started writing content in 2011. At the time, she still worked a full-time job but created content online part-time to supplement her income. Over time, she was able to double and triple her rates until she could quit her full-time job to write. These days, she makes bank as a freelance writer and teaches others to do the same via her online course, Earn More Writing.
According to Johnson, the key to making it as a freelance writer is figuring out a niche, networking with people who might hire you, and delivering high quality content 100 percent of the time. While there are a ton of writing job boards to help you get started, she says it’s fairly easy to find starter writing jobs on websites like Upwork.com.
#9: Sponsored Posts
If you have a website or a large social media following, you can also make money by pursuing sponsored posts and ads. But, how does this work? Basically, companies are willing to pay bloggers and social media influencers to promote their products and services. If you have a platform, be it a blog or a huge Instagram following, you can cash in.
The first time I got a sponsored post for Good Financial Cents, I was totally blown away. I think I got paid only $100, but that was a lot of money to me at the time. Later on, however, I realized companies that wanted a sponsored post really just wanted a link from my website to their own site. For that reason, I started increasing my rates.
These days, I charge around $4,500 for a sponsored post. Plus, I clearly mark all sponsored content as an #ad to stay in compliance with Google’s terms and conditions. I also only promote companies I use or believe in.
But, I also know bloggers that get $20,000 for a sponsored post. That’s pretty crazy, but it just goes to show what is possible.
Keep in mind though, you don’t need a website to do sponsored content since you can also get paid if you have a lot of social media followers. My wife has a pretty big Instagram following, and she gets all kinds of sponsorships. Not only does she get paid in cash, but we get a lot of free stuff, too. We’ve received free rugs, free lights, and free carpet cleaners. She only promotes things she loves though, so this strategy works really well for her.
#10: Webinars
Need more ideas on how to make money online? Another strategy is using webinars to market your product, service, or course. I’ve done webinars to promote my financial planning practice and to drum up interest in my online course for financial advisors. With a webinar, you’re basically offering a lot of tips and advice for free — usually in a live format. At the end though, you pitch your paid product or service with the goal of securing a few deals.
Professional speaker Grant Baldwin uses webinars to market his courses on public speaking, including Get Booked and Paid to Speak. While Baldwin offers plenty of free tips during his webinar, he offers his course at the end for people who want to pay to learn more. And, a lot of times, his sales pitch works.
No matter what you’re selling, it’s not that hard to set up a webinar and attract people to sign up with a lead magnet or Facebook ads. Heck, you can probably find a free webinar on how to create your first webinar if you look hard enough.
#11: YouTube
YouTube is another platform that has made it possible for people to earn money online. There are a ton of YouTube channels out there on any topic if you can think of, and most of the people with a big following are earning some money in exchange for their videos and time.
Marine officer turned men's fashion expert, Antonio Centeno has built a million dollar business from his YouTube channel, Real Men Real Style.
Last year, Forbes profiled some of the biggest players in the YouTube scene. According to the study, the top ten biggest grossing YouTube stars brought in $127 million from June 2016 to June 2017. The most popular, a gamer named DanTDM, earned $16.5 million of that on his own.
Will you earn that much? Probably not. However, you can start making money via YouTube using the platform’s own ad network or by getting sponsored posts. If you like doing videos, starting a YouTube channel can a fun way to earn some cash on the side.
#12: Build an Online Community
Last but not least, you can also earn money online by building an online community, although the monetization strategies you can pursue will vary a lot depending on your goals. You can build a community with a blog, for example. You can also build an online forum and charge people for membership. You could even build up a Facebook group and use your influence there to sell and promote products.
My good friends Shane and Jocelyn Sams have become experts in building online communities. They have one right now for their website – Flipped Lifestyle. This community shows people how to create an online business and connects entrepreneurs who are pursuing similar dreams.
Prior to that group, they had an online community for teachers looking for lesson plans. That probably sounds pretty random, but it's crazy the type of communities you can build and rally people around. If it's something that you're passionate about yourself and you want to connect with others that have that same passion, then an online community is something you should definitely consider.
The Bottom Line
There are a ridiculous number of ways to make money online and the ones I’ve covered here are just the tip of the iceberg. If you have time, a passion for almost anything, and at least some creative skill, you may be able to build an online income stream — or several — if you give it enough time.
But, don’t just take my word for it. If you look online, you’ll find thousands of success stories you can use for inspiration.
One day you could even create a success story of your own. But you’ll never know unless you try.
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b9c9d2b6552905fc183b9c419f248ad6 | https://www.forbes.com/sites/jrose/2018/10/02/the-one-monthly-payment-killing-your-wealth/ | The #1 Payment Killing Your Wealth | The #1 Payment Killing Your Wealth
Credit: AP
All across the nation, families are struggling to get ahead. For some, the rising costs of healthcare chip away at their gains. For others, stagnating wages and college bills are a real problem.
Then there are those who claim raising kids makes it impossible to grow wealth.
No matter where you go, you’ll hear stories of hardship – many of which are out of our control.
But, what if I told you some financial pain in this country is self-inflicted? What if I told you one financial decision in particular has been absolutely catastrophic for people at every income?
What if I suggested one simple change that could turn your finances upside down (in a good way)?
If you’re still reading this post, you asked for it.
Brace yourself; you might not like what you’re about to hear.
The One Monthly Payment Killing Your Wealth
The average car payment in US is now $499. That is straight up stupid. That much invested would be over $5M at retirement. — Dave Ramsey (@DaveRamsey) September 15, 2016
According to a recent State of the Automotive Finance Study from Experian, the average new car payment reached $523 per month last quarter. Worse, the average new car loan is 68 months long! Like my man Dave Ramsey says, it’s entirely preposterous when you really think about it.
Have you ever imagined what you could do with an extra $499 per month? Let’s face it; probably not. These days, we blame everything but our car payments for our inability to get ahead.
We blame our employers for not giving us the raises we deserve, or our parents for not educating us enough. We blame health insurance premiums, the price of groceries, the housing market, and even the price of gas. But, do we ever throw shade at our car payments? Heavens no.
Somewhere along the line, we’ve become socially conditioned to believe a huge car payment is a fact of life. We tell ourselves that everyone has a car payment, and that it’s normal and okay. And heck, if we’re going to have a car payment, we might as well get the car we want, right?
This kind of thinking is so widespread it’s practically an epidemic. The thing is, it’s also absolutely wrong….and it's killing our wealth.
Why the $500 Car Payment is a Bad Idea
I’m not saying all car payments are bad, as there are certain situations where a loan makes sense. Perhaps you really needed a new car under warranty and saved up a large down payment to make it happen. Or maybe you planned on buying a new car with cash, but chose financing to secure a sweet 0% APR financing offer.
But, let's face it - these situations aren't normal. While each situation is unique, the vast majority of people aren’t helped by their ginormous car payment.
In fact, a huge monthly payment might be the one thing preventing them from building wealth. Think about it this way. Imagine you started your first job at age 25 and settled on a $499 car payment for your entire adult life.
You would trade your car in over the years, but you would always have that payment. Each time you paid a car off, you would head straight to the dealership to pick up a new one.
If you did this for thirty years, you would fork over $179,640 in car payments!
And in the end, you would only have an older car worth almost nothing to show for it. Worse, this figure doesn’t include the extra money you’ll pay for auto insurance and register a brand new car as opposed to a used one. Now imagine you did something radical. You forgo a new car for your entire life and drive older, paid-off models the entire time.
Instead of spending $179,640 in car payments over thirty years, you limit yourself to spending $30,000 total on cars instead. The kicker with this scenario is, you invest all of the extra money instead. (I did this with an inherited Chevy Lumina, and became $2 million dollars wealthier in the process!)
If you did this – and invested around $1,000 less per year to save up the $30,000 for a lifetime of car replacements – you would have $394,335.91 after thirty years with just a 6 percent annual return. If you earned 8 percent on your money over those thirty years, you would turn 55 with $565,047.59! Now let’s say you earned 10 percent on your money.
Amazingly, you would have $820,483.03 after thirty years! Remember, this is easy money, people. Instead of paying that car payment, you would either:
Boost contributions to your work-sponsored 401(k) account by $415 per month (the $499 car payment - $5,988 per year - minus $1,000 per year for car replacement) Add an additional $415 per month to your SEP IRA or Solo 401(k) if you’re self-employed Open a Roth IRA and fund that baby with $415 per month for thirty years Invest $415 per month in a taxable account if you’re maxing out retirement already
Why Doesn’t Everyone Do This?
The numbers don’t lie. When we are willing to forgo a new car every year, it becomes so much easier to build wealth. So, why don’t we?
According to some of the financial advisors I’ve spoken to, it all boils down to poor planning – and a lack of awareness. As Minnesota Financial Advisor Jamie Pomeroy notes, people are conditioned to gauge affordability based on a monthly payment – not on the overall costs of a car or even the long-term financial consequences.
People tend to think, “I can afford this monthly payment” without asking themselves the right questions. In reality, we should be asking ourselves if we can truly afford a $30,000+ car that will depreciate the second we pull off the lot. Portland financial planner and the founder of Three Oaks Capital Management Grant Bledsoe says it’s also a matter of instant gratification. “If you want that shiny new Audi your neighbor just bought, you can head over to the local dealership and walk out a few hours later with your own A6,” says Bledsoe.
Watching your retirement account grow isn’t nearly as exciting or rewarding in the short-term. “For most people, it comes back to keeping up with the Joneses,” notes Kansas City Financial Planner Clint Haynes. “If your neighbors and friends all have fancy new cars, then the mindset is to get one for yourself.”
People also figure they can figure out the monthly payment later, he says, even if they have to stretch the payment up to 84 months upfront. At the end of the day, new car purchases are killing us no matter the reason behind them. That’s why families struggling to get ahead need to change their new car mindset – once and for all. But, how?
Changing Your New Car Mindset
Like we already pointed out, the big issue here is learning to delay gratification. It’s easy to see why people love their new cars no matter how much they cost. As San Diego Financial Planner Taylor Schulte says, “buying a new car is fun.”
Not only do you get to enjoy that coveted “new car smell,” but you get to look fancy in front of your colleagues and friends. And no matter how much the privilege costs, it feels soooooooooooo good to drive your new car off the lot and cruise down the street.
Unfortunately, that’s the short-term talking. That new car smell? The feeling you get when you drive to dinner in your brand new ride? Those feelings are temporary; they’re fleeting. After a fairly short amount of time, the new car excitement turns into a mundane, uneventful reality. Once your car isn’t new anymore, it’s just something you drive to your kid’s soccer practice.
If you want to do something different and get absolutely rich in the process, you have to change your new car mindset. Here are some tips that can help you find a better deal on a car – and grow your wealth at a much faster pace:
Tip #1: Get your financial house in order first.
“If the foundation of your financial house is not in order, getting into a high car payment or lease should be the last thing you consider,” says financial advisor Jamie Pomeroy. Have 6-9 month’s living expenses saved up as an emergency fund? Are you free of consumer debt? Are you maxing out your Roth IRA or contributing to your employer’s 401(k) at least up to their matching point? “If not, avoid that high car payment at all costs,” he says.
Tip #2: Only consider used cars.
“If you must buy, buy used!” says Jose V. Sanchez, financial contributor for LifeInsuranceToolkit.com. “The National Automotive Dealers Association believes that used car prices will drop on average 2.5% each year over the next few years.
Meanwhile, new car prices continue to rise. If you are in the market for a vehicle and looking for a good deal, now may be the best time to buy used.” “Search for a certified pre-owned model with highly-rated dependability and check Consumer Reports for the most up-to-date information,” says Schulte. “As a general rule of thumb, the purchase price of the car shouldn’t exceed 10-15% of your annual income.”
Tip #3: Think in terms of your total income.
If you need to talk yourself out of a new car purchase, financial Planner for Physicians Andrew McFadden says to remember the big picture. “If the average household income in the U.S. is around $52,000 per year (2013 census), then a $500/month car payment represents 11.5% of your income!” he says. “If you throw in gas and maintenance, your transportation bill could easily be 15-20% of your total pay.”
With your mortgage payment taking another 25% of your income, taxes claiming another 25-30%, that leaves you with maybe 30% for everything else. The lesson here? No matter how much you make, $500 per month is a huge chunk of money that shouldn’t be taken lightly.
The Bottom Line
If you work hard and still can’t get ahead, your car payment might be the culprit of your money woes. Before you head to the dealership, you should ask yourself if that new car smell is worth losing out on $179,640 the next thirty years – or up to $820,483 in investment returns. Chances are, it’s not even close.
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16aa4a139cf3d455696c74b66ed2e4a1 | https://www.forbes.com/sites/jrose/2019/01/22/work-from-home-jobs-from-remote/?sh=2631b23d28f4 | The 10 Best Jobs Working From Home | The 10 Best Jobs Working From Home
Working from home is the job dream situation for millions of workers. But it may surprise you to know there are literally hundreds of companies providing opportunities to do just that.
Jobs from home. Getty
Just days ago, the website FlexJobs, which specializes in work-at-home jobs, published its annual list of the 100 Top Companies with Remote Jobs in 2019.
I’d have to practically write a book to cover the specific details of all 100 companies. But instead, I'm going to focus on the ten best jobs from home, drawing from that list.
This will provide a sample of how the process works, what you can expect, as well as the benefits the arrangements offer.
Let's look at the top ten best jobs from home from the FlexJobs list in some detail.
1. Appen
Appen is a technology services company based in Australia. However, they have offices in the US and the United Kingdom as well, and provide opportunities in 130 countries around the world. The company works with some of the biggest companies in the world, including eight of the 10 top technology companies. It supports more than 1 million contractors around the world.
Appen offers positions that are flexible, part time, and home based. You can work either a few hours a week or full time. Positions are available in transcription, translation, linguistics, engineering, marketing, financing, and sales. They even offer micro-tasks, which are smaller jobs that can be completed from home in about an hour.
As you can see, not only do they have jobs from home available, but they also offer complete flexibility. You can choose your work, and your hours.
2. Lionbridge
Waltham, Massachusetts-based Lionbridge has positions available that are part-time, freelance, and remote. Positions are available in banking and finance, engineering, gaming, global marketing, autos, legal services, life sciences, machine intelligence, testing, and translation and localization.
Translation services seem to be particularly common among remote job offerings. Given the growth of global markets, there's a pronounced need to reach and interact with customers in hundreds of local languages. Lionbridge employs more than 100,000 language experts, working in 15 different industries.
But that's just one example. Overall, Lionbridge works with over a half million people in 26 countries, most of whom work remotely. Like Appen, it's likely you'll be able to find a position that provides the kind of flexibility you're looking for, whether that's full-time or part-time.
3. VIPKID
VIPKID is based in Beijing, China, but recently opened a US headquarters in San Francisco. The company focuses on providing English language instruction. Positions are available working remotely, either part-time or freelance. The website currently advertises pay at $22 per hour.
The service offers English as a second language to children in China, up to age eight. Teachers are English speakers who provide one-on-one courses based on the US Common Core State Standards. And as a teacher, you'll receive ongoing paid training as well as professional development opportunities. You'll be able to work from home, and choose your own schedule.
4. Liveops
Scottsdale, Arizona-based Liveops refers to itself as ”The modern call center that isn’t a call center”. This should give you a strong indication of what they do, and how and where it takes place. The company doesn't have call centers in the usual sense, but instead employs over 20,000 independent agents, working remotely. As such, it also describes itself as the world’s largest cloud contact center.
The company specializes in providing agents for travel and hospitality, telecom, roadside assistance, high tech, retail, finance, health care, and insurance companies, and even the federal government. Work is available on both a full-time and part-time basis throughout the US.
5. Working Solutions
Working Solutions is based in Dallas, Texas, and has been around since 1996. They provide home based customer service and sales agents. Positions are available for retail, telecommunications, finance, health care, travel, and energy. The company employees over 110,000 independent contractors from across the US.
You can work full-time, part-time, or freelance, and always remotely. Positions are currently available as customer service representatives, senior living customer care, seasonal customer service agents, and customer service representatives.
Working Solutions offers something increasingly unique in the employment universe. It educates its agents in a client’s business, at no cost to them, through Working Solutions University.
6. Amazon
Seattle based Amazon is one of the companies most commonly associated with jobs from home. The company employs well over 90,000 workers, and is the largest online retailer in the world. You can access Amazon jobs from home on their Virtual Locations page.
Jobs are available mostly on a full-time basis. Current positions available include sales, advertising, account management, project/program/product management fulfillment and operations management, human resources, business and merchant development, operations, IT and support engineering, facilities, maintenance and real estate, and customer service.
7. TTEC
Englewood, Colorado-based TTEC has been around since 1982, and is a business process outsourcing company. It provides services around the world, and operates delivery centers in 24 countries. TTEC provides work-from-home situations for consultants, customer service professionals, students, and veterans. In fact, the company employs more than 20,000 work-at-home employees.
Work can involve helping customers by phone, live chat, or on the social media. Naturally, you'll be required to have Internet access and a home phone. The website even indicates it's perfectly OK to work in your PJ's and bunny slippers.
Current positions available include business sales representatives, customer service representatives, and bilingual customer service representatives. Positions are available in the US and Canada. You'll be provided with proprietary technology that enables you to securely access applications, so you will be able to support and assist customers with a variety of services and technical needs. You must be at least 17 years of age, have a high school diploma or general equivalency diploma, and have wire connected Internet access.
8. Kelly Services
Founded way back in 1946, Kelly Services is one of the more well established employment agencies in the country. It's also grown to be one of the largest agencies, with almost 500,000 workers using the service worldwide. In fact, the company now provides employment opportunities in nearly 30 countries.
In a real way, Kelly Services practically pioneered jobs from home, since it began primarily as a temporary job service. It now works regularly with some of the very largest employers in the country, providing staffing needs at all levels. They specialize in accounting and finance, administrative, automotive, engineering, information technology, life sciences, and call centers, but actually cover a multitude of industries and job classifications.
Kelly Services still handles temporary positions, as well as permanent ones. But they’ve adapted their business model to also include freelance, part-time, remote and work-from-home arrangements.
9. Concentrix
Based in Freemont, California, and founded in 1983, Concentrix claims 90,000 employees worldwide. They work in a wide variety of industries, including health care, retail, transportation, e-commerce, insurance, technology, energy, and many others. Their specialties include marketing, analytics, technology, consulting, financial, and customer lifecycle management.
Like many companies that offer jobs from home, Concentrix also works globally, and across dozens of different languages. This naturally creates opportunities in transformative client services, particularly for those who are bilingual.
The company encourages work-from-home arrangements. They look for those who have solid communications skills, and are able to provide strong customer service. Positions are available both full-time and part-time, as well as seasonal and temporary. They even provide shiftwork, which makes abundant sense in a global workplace.
10. United Healthcare
Health care providers are among the most common employers offering jobs from home. So it should be no surprise that United Healthcare is one of the top 10 companies offering work-at-home situations. Though health care typically involves hands-on work at a care facility, it also provides a surprising number of positions that can be handled remotely.
What makes even more surprising is the variety of positions available remote through the company. In fact, a search of their website using the term “work-at-home” turned up more than 1,000 positions. They include jobs in everything from customer service to clinical care. Nursing is naturally a common position, and one that’s often available on a remote basis. They’re often needed for online or phone consulting, both to provide clinical information and to direct incoming callers to direct care services.
Headquartered in Minneapolis, Minnesota, United Healthcare has about 240,000 employees in all 50 states in the US, and in most countries around the world. It's one of the leading health care companies in the world, as well as being a rich source of jobs from home.
Final Thoughts on the Ten Best Jobs from Home
That’s just the top 10. If you don’t find one of those to work for you, there’s 90 more employers on the FlexJobs top 100 list. And if those aren’t enough, there are hundreds more.
The point is, jobs from home is no longer unusual. As the world becomes more interconnected, and more international, both the types of jobs needed, and the way they’re handled is changing rapidly.
Meanwhile, this spread of technology is bridging gaps across the economic landscape. The widespread availability of home computers and smart phones is connecting people all over the world. We now live in an economy of the 24/7 consumer, which means there must be someone else available on the other end of the transaction.
That’s where work-at-home jobs come into the picture. It’s no longer possible or desirable for companies to have all employees based in a central location. The ability to employ people on a remote basis frees employers of the need for costly physical space. And that’s where jobs from home enter the picture.
If you’ve been dreaming about a work-at-home situation, stop hoping and start searching. There are more remote jobs than ever, and the future promises even more.
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e0ed1e4ede58c69628b27c1dc9819e74 | https://www.forbes.com/sites/jrose/2019/02/05/what-happens-to-your-stuff-when-you-die/ | What Happens To Your Stuff When You Die? | What Happens To Your Stuff When You Die?
This a topic most of us don't even like to think about, let alone discuss. But since death is inevitable, and most of us have more complications in our lives than we're even aware of, it's best to have a plan in place to prepare your finances and your stuff for your death.
Prepare Your Finances for Your Death Getty
No, it's not a pleasant topic. But it'll be even more uncomfortable for your heirs after you're gone. After all, you won't be around to answer any questions.
Any direction and advanced planning you can provide will make their lives easier. Not everything on this list will apply to you. But scroll through it, and you may find more of it to be relevant than you ever imagined.
Documents You’ll Need to Set Up
The most basic step is to set up a will. This is a legal document you draw up, usually with the assistance of an attorney, spelling of the specific details of how your estate will be handled after your death.
A will includes specific instructions on how assets are to be distributed, including financial assets, real property, and personal possessions. It also names the beneficiaries to whom the assets will be distributed.
One of the most important functions of the will is in designating an executor. That's the person who will act as the manager of your estate. The executor will handle the payment of any expenses related to your estate until it is liquidated. He or she will also oversee the distribution of assets, including the sale of property and the payment of outstanding debts.
The executor is usually a family member or other trusted party. You can also name more than one executor. If you don't designate an executor, one may be appointed by the court.
Another critical function of the will is designating a guardian for any dependents you have. The will may also need to specify financial support for the guardian on behalf of your dependents.
Your will should also be reviewed and updated periodically to reflect changes in your circumstances and finances.
You may also want to consider setting up a trust. A will can be challenged in court, but a trust is a separate legal entity. In it, you specifically allocate assets and specific instructions that generally cannot be challenged legally. A trust is well advised if you have substantial assets, care of dependents, or if for any reason you're concerned the instructions you’ve given in your will won't be carried out.
Financial Assets
Before preparing your will or setting up a trust, you should inventory all your financial assets. Typical financial assets to include are:
Checking accounts Savings accounts Certificates of deposit Retirement accounts, including employer plans Taxable investment accounts Cash value life insurance Medical savings accounts
The disposition of each of these accounts should be spelled out in your will or trust. You can designate certain assets for specific individuals, or set up a percentage distribution method for all financial assets collectively.
You should review your financial assets annually, and make any necessary adjustments to your will or trust if there are any significant changes in these accounts.
Life Insurance
Life insurance is probably the simplest part of organizing your final affairs. Since a life insurance policy is a legally binding contract, the terms are spelled out at the time you purchase the policy. That includes the death benefit, and the beneficiaries who will receive the proceeds upon your death.
One of the advantages with life insurance is that it's not dependent on a will. In fact, it doesn't even need to be included in your will. You set the beneficiary designations when you take the policy, and no legal process is required.
However, if you're planning to set up a trust, you can designate the proceeds of your life insurance policy for the trust. Many people even use a life insurance policy to set up a trust upon their death. In that way, you can have a trust even if you don't have any other significant financial assets.
Real Estate
If life insurance is the easy part of preparing your estate, real estate is one of the more complicated. The basic reason is that real estate investments are not liquid, and cannot be distributed to multiple beneficiaries.
If you're passing property to your spouse, the process is simple. But if you have multiple heirs, you'll need to specify in your will or trust what the disposition of the property will be.
Generally speaking, the easiest path will be to specify the sale of the property, and the distribution of the proceeds according to the terms spelled out in your will.
However, an issue can arise if one heir wants to retain the home as a residence. You'll need to discuss that will all parties concerned, and come to a mutual agreement. For example, your will may provide that one of your children can retain your home after buying out the shares of your other beneficiaries.
Since complications can arise, you should get legal advice on how best to set up the buyout. The more specific you are in your will, the less likely the chance of conflicts after your death.
Personal Possessions
Start by taking inventory of all your personal possessions. Make it as detailed as possible. You don't need to include the inventory in your will, but it can be a separate document referenced in the will.
You should discuss the distribution of these possessions with your heirs. And if there are any items you want to go to a specific beneficiary, you'll need to spell that out in writing.
If there are any particularly high value items, or none of your heirs express interest in any personal property, you can also specify all items be sold, and the proceeds be distributed according to the will.
Business Interests
This is generally the most complicated area of estate planning. A business is unlike any other asset you have. Not only is it not liquid, but it may require ongoing management after your death.
There are different options when it comes to business interests in an estate. One is to sell the business, then distribute the proceeds to your heirs, similar to the way you would handle real estate.
Another would be to pass the business onto a family member. The person inheriting the business may need to buy out any interest of the other heirs in your will. If that buyout will cause an undue hardship on the business, you may need to take a life insurance policy specifically for that purpose.
If you have a business, you should develop a business succession plan. It will provide a written strategy on the disposition of your business upon your death, as well as make provisions for the transfer to your intended successor(s).
Personal Obligations
This can include personal loans, whether it's money you owe to another party, or owed to you from someone else. For example, it's not unusual for parents to loan money to their children for the purchase of a home or some other purpose.
Under a best case scenario, the obligation will be spelled out in writing. If it isn't, it may be difficult to prove, and can potentially lead to litigation. Your heirs, and especially your designated executor, should be aware of the obligation.
If there are any such personal obligations, they should be in writing if the amount in question is substantial. And like any other asset or debt, it should be listed in your will or trust. Your will should make a provision to settle it upon your death, particularly if the obligation is to or from one of your heirs.
Debts
First, any debts still outstanding at the time of your death will not become obligations to your heirs. However, in most cases, debts will need to be paid out of your estate before any funds are distributed to your beneficiaries.
Exactly how your debts will be handled after your death will depend on the type of loan involved.
Mortgages. Since they’re secured by real estate, they run with the property and not with the property owner. That is to say, even if you die, the lender is entitled to be paid out of the proceeds of the sale of the property.
The easiest course will be for your heirs to sell the property, pay off the mortgage, and distribute remaining proceeds according to the terms of the will. If the property is worth less than the loan amount, your heirs will need to work out a short sale agreement with the lender, or let the property go in foreclosure.
Alternatively, if one heir chooses to live in the home, that person may be allowed to take over payments and retain the property.
Student loan debts. Federal student loans debts are discharged upon death. However, private student loans aren't. They'll become obligations to be paid by the estate.
Auto loans. As is the case with mortgages, auto loans are secured. In this case the security is the vehicle, and the disposition is the same. Either the vehicle is sold to pay off the loan, or estate funds must be used to pay it off. If not, the lender can repossess the vehicle.
Credit cards. These obligations must be paid out of the estate prior to the distribution of any assets.
Taxes
In most cases, there are three types of taxes that may need to be paid after your death:
Any tax liabilities you owed at the time of your death. Tax liabilities don't disappear once you die. If you owe back taxes, those will need to be paid out of your estate. A final income tax return will also need to be filed for the year of death. If it results in a tax liability, that will need to be paid as well.
Estate taxes. These won’t apply to most people, because at least for 2019, the first $11.4 million is exempt from federal income tax. However, some states also impose estate taxes, but at much lower thresholds. For example, Massachusetts and Oregon impose the tax on estates as low as $1 million.
If your estate is likely to exceed any of these thresholds, you'll need to set up an estate plan to deal with the resulting taxes.
Taxes on income earned by your estate before it's distributed. Upon your death, your estate becomes a separate legal entity for tax purposes. Any income generated by the estate, such as interest, dividends, capital gains, rents, or business income, is subject to income tax. Depending on the size of the estate, as well as the amount of time it takes to settle it and distribute the assets, the tax liability can be substantial.
The estate will need to file a tax return in each year it exists. The return is the IRS Form 1041, U.S. Income Tax Return for Estates and Trusts. Any tax liability must be paid by the estate.
Parties that Need to be Notified
The average person has ongoing business relationships with literally dozens of different vendors and agencies. Upon death, each will need to be contacted.
Naturally, you'll want to start with any companies where there is a life insurance policy. Your heirs will need to present a copy of your death certificate to be eligible for benefits.
Other examples include:
Extended family members and close friends. Your employer, business partner(s), or employees, if you're a business owner. The local post office, so that mail isn't being delivered to an empty residence. The Social Security Administration, if you are collecting benefits. They'll need to be canceled immediately, otherwise the Administration can pursue recovery. A pension administrator, if you receive one. Any financial institutions where you have accounts, including banks, brokers, and any retirement account trustees. Utility companies, including cable, Internet and cell phone providers. Lenders, including mortgage holders, auto lenders, and credit card companies. A landlord, if your home is a rental. Any service providers, including house cleaners, landscapers, snow removal companies, or personal care providers. Social media accounts.
Contacting the above parties will not only provide notification of death, but will also terminate ongoing financial obligations for services that are no longer needed.
Organize Documents and Other Important Papers
This may be the last step, but in some ways it's the most important. Key people will need to know where important documents are, and may even need a copy of certain ones.
This is a bit of a balancing act. On the one hand, you'll want to make sure all relevant documents are available to your executor(s) and any other important parties. But at the same time, there are privacy concerns. For that reason, you certainly won't want to put too much information into too many hands.
At a minimum however, your executor(s) should have a copy of your will or trust documents, as well as a copy of any life insurance policies. As well, the location of other important documents should be made known. It's always best to make sure at least two people have access to this information, just in case one predeceases you.
For privacy purposes, you may want to have copies of all other relevant documents in a locked file cabinet. This will prevent anyone from having access to the documents before it's necessary, while being fully aware of the location when the time comes.
Important documents to store include:
A list of important people your executor(s) may not be aware of. This can include business partners, important business contacts, your landlord, or tenants. Copies of the last few years tax returns. Copies of recent financial statements, or at least a regularly updated list of institutions, account numbers, insurance contracts, and contact parties were each account is located. A list of lenders, utility companies, and other service providers, including the name, contact person, phone number and account number. Important legal agreements, such as leases, divorce decrees, private loan agreements or court judgments. Social Security and pension award letters.
Final Thoughts
If this list seems exhaustive, it's because I tried to cover as many situations as possible. Most likely, not all of these will apply in your situation. But as complicated as life is these days, you may find yourself realizing you have more "loose ends" to tie up they you ever imagined.
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