It appears we are headed back to work. Our monthly podcast summary will give us items to put in our backpacks. So Heigh Ho ! Business Consulting Adam Grant teaches how to not make work suck. Work Life These two industry icons share their different opinions for independent wealth advisors. Kices and Carl Reid Hoffman is one of the most successful entrepreneurs who believes in giving back. Masters of Scale Educational This podcast will entertain and educate. Pivot The host is a law professor who shares insight on controversial issues. Deep Background While I don’t prefer Houston, this podcast makes me want to visit and attend class. Unlocking Us Hope you all listen to the podcasts and get vaccinated.
How much is Smith Barney worth, and why should advisors and their clients care? If Smith Barney-parent Citigroup and acquirer Morgan Stanley can’t reconcile a roughly $15 billion disagreement about price, advisors and their clients are likely to experience the fallout in the form of smaller recruiting checks and/or a less satisfying client experience. A Strategic Business, Convoluted Valuation Process It’s ironic that the retail brokerage made famous by commercials from the curmudgeonly John Houseman, “Smith Barney – they make money the old-fashioned way,” is caught up in an old-fashioned valuation dispute that may have significant adverse consequences. The price that Morgan Stanley will pay for 14% of Smith Barney will be established by what can only be described as a byzantine process. The first step was for Citigroup to declare a selling price for Smith Barney. The Citi number came in at $24 billion for 14% of the brokerage. Morgan Stanley then...
The ongoing saga about J.P. Morgan’s multi-billion trading loss involving the “London whale” reminds me of a timeless story – the parable of Jonah and another whale in about 750 B.C. As the legend goes, Jonah found it difficult to convince people to live the virtuous life, despite being held up as an example. To pay for his failure, he was tossed out of his boat one day and was swallowed by a whale. After spending three days in the belly of the beast, he repented and promised to try again. The whale then spit him out. J.P. Morgan’s trading blunder involved a different kind of whale – the so-called London whale. Since then, the London whale’s mammoth trading loss has engulfed an institution previously thought to be exemplary in risk management. The fallout has reignited the debate about proprietary trading, the Volcker Rule and too-big-to-fail. The modern and ancient storylines are similar, but it’s an open question how J.P. Morgan will re-emerge fr...
Comments
Post a Comment