NYSSA CDC Monthly Reading Recommendation
It is with great pleasure that the Career Development Committee announces a monthly reading recommendation as our newest offering. To fulfill NYSSA’s mission to foster the interchange of ideas and information, we will recommend books, journals, and scholarly articles that we believe will support you in your career advancement. We hope that you will enjoy these readings and find them as beneficial as we do.
Continue reading "Book Review: How to Win Friends and Influence People" »
For job seekers, Fridays shouldn’t be spent dreaming of the weekend, updating your fantasy football team or sneaking out for a long liquid lunch. Applying for a role at the end of the workweek could give you an edge over the competition.
Continue reading "Friday Is the Best Day of the Week to Apply for a Job" »
"Volatility, Correlation, and Diversification in a Multi-Factor World"
The Journal of Portfolio Management (Winter 2013)
In a multi-factor world, diversification benefits do not generally depend on correlation. Investors can restructure portfolios to align factor sensitivities. This implies that diversification benefits depend only on the idiosyncratic volatility that remains after restructuring. Similarly, the risk reduction that follows adding an asset to an existing portfolio does not depend on the asset’s correlation with the portfolio. These implications evince the fundamental importance of measuring the underlying factors and estimating factor sensitivities for every asset. Other researchers have investigated several methods for measuring factors. An easy-to-implement general method involves specifying a group of heterogeneous indexes or traded portfolios. Exchange-traded funds (ETFs) could be well suited to this purpose.
Continue reading "Recent Research: Highlights from February 2013" »
When you're analyzing whether a company is a smart
investment, it's critical that you evaluate how the company communicates with
employees. No corporate strategy, no
matter how smart and innovative it is, will succeed if employees can't—or
won't—execute the strategy. True
leaders know that employees are the audience the company depends on the most. Here are the four danger signs that a company fails
to communicate effectively with employees:
Continue reading "Leadership Communication: Four Signs a Company Just Doesn't Get It" »
After apologizing at Davos—but only to his shareholders—according to William Cohan on the Bloomberg View, the JPMorgan Chairman and CEO hastened to add about 2012, “We did have record profits. Life goes on.”
It is true; JPMorgan reported a strong financial performance in 2012, “London Whale” trading fiasco notwithstanding. I must admit that despite my 18 years inside the firm (when it had a meager $300 billion balance sheet), I struggle to comprehend $100 billion of revenues, and a $2.3 trillion balance sheet, with an “off-balance sheet” managed by a few handfuls of mostly male, mostly 30-something traders that is many orders of magnitude larger. Maybe I’m a dinosaur. Life goes on.
Not so fast.
Continue reading "What JPMorgan's Recently Released Internal Reports Unintentionally Say" »
After visiting an awe-inspiring women’s empowerment program at work in several rural villages north of Delhi, our host at the Ashram, scanning his Blackberry, related the news: a horrific shooting…assault rifle…children slaughtered…in a school…in Connecticut (my son’s school is in the state)…and then after what seemed like an endless pause as I grew more anxious…Newtown.
Continue reading "Of Guns, Whales, Freedom, and Justice" »
For Jason Kelly, “private equity by its
nature and design, is secretive, a breathtakingly wealthy
corner of the world.”
Kelly is a writer at Bloomberg News, where he covers the global PE (private
equity) industry. In his new book, The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything (Bloomberg)
he uncovers hidden aspects of the field. Readers new to PE will find value in the
book’s frontmatter, which includes a list of key organizations, individuals,
and terms, and a chart illustrating the flow of money. Financial professionals
will appreciate Kelly’s depictions of the major businesses and individuals and his
coverage of trends and challenges.
Continue reading "Book Review: The New Tycoons" »
It looks like the real estate bubble is
back! I just got back from a conference where the CEO of Meritage Homes, Steve
Hilton, was bragging that Phoenix home prices were going up 2% a month.
He told investors that the cash on his balance sheet would go down as he
buys more lots. He doesn't want to miss the boat on this boom. Then
I saw this article in the Washington Post.
Continue reading "More than the Mainstream: Greater Fools" »