Shelter-in-place is causing numerous emotions. Some are thinking they feel fine and are willing to take the risk to go back to work. Many don’t feel safe to return now. This week we will look at what safety and immunity means. My wife, our youngest daughter and I have compromised immune systems. We feel fine but we will stay home. It is a difficult decision. Company The established rules of business are being tested by The Virus. Businesses were either realistically engaged or have skinny cash budgets that are being exposed. Unfortunately the solutions are not government or The Fed bailouts, they are cutting costs and embracing technology. We don’t need to spend money on fancy offices, we can meet on Zoom like we have been during the lockdown. The money saved can be used for our Furlougheed professionals. New roles and responsibilities will be required, we don’t need to wait until we receive an “All Clear”. We can make the changes now with the input from ou...
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...
Recently I made the decision to close my firm. It was more emotional than I expected so I wrote this blog to address the demons in my head. As we grow older death enters our circle of family and friends. Death is a traumatic experience however some people use their remaining time on earth to share honest and enduring advice. Professor Randy Pausch and his Last Lecture resonated with millions. The honest reflection of a person who knows they have a defined amount of time left on this earth cuts through the typical cocktail party or social media banter and addresses the elephant in all of our rooms. We are scared of dying and when a dying person has the courage to share what the process is like we should listen. A very distant second is our fear of losing our job. Most of the time this is sudden and at best we have two weeks to clean up our desk and complete our exit interview. Your coworkers exchange pleasantries but they avoid ...
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