Entrepreneurship Class 140402

English for Finance, Silicon Valley Entrepreneurship Principles:!
Society of Jesus/ Jesuits as MBA case study!
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International Entrepreneurship from Silicon Valley/ Stanford MBA principles!
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Tentative Schedule: !
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20 May: introduction to class (2h); Weekly Examen using Brazil “Grounded”
article from 2013 (2H)!
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21 May: Case Study: Southwest Airlines (4h) (GTG “Level 5” “Hedgehog”, GBC
“SMaC”)!
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22 May: Weekly Examen in group with articles from the current week (1h);
weekly examen individual meetings to improve individual english (3h)!
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27 May: Case Study: Society of Jesus/ Jesuits (4H) (GTG “Level 5” Ignatius,
GTG “Hedgehog” Education to help souls, HL Education to Help Souls, GBC
“SMaC”)!
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28 May: Weekly Examen in group with articles from the current week (1h);
weekly examen individual meetings to improve individual english (3h)!
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29 May: Case Study: Magis Capital Management (2h); Whatsapp/FB (1h) GTG
“Hedgehog”; Gavea Investimentos (1H) GTG “Hedgehog”, “Level5” Fraga,
MMTG Chapter 9 Soros vs Soros, from Princeton and Brazilian Central Bank
work goes into hedge fund industry under George Soros in 1993, financing
development in emerging markets through his hedge fund work, focusing on
bonds from Brazil, shares in Brazilian utilities, reads IMF Paper about twin crises,
goes to Asia to do global macro research in Thailand, and recommends profitable
currency trades, an example of “Event Driven” or “Opportunistic” Hedge Fund
Investment Style; Brazilian background helps because Fraga is an emerging
market peer, talking to Asian central banker, a Thai banker who tells Fraga that
shorting the Thai Bhat currency peg is unsustainable. Fraga makes a large profit
on this insight. !
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GTG = Good to Great, Collins!
GBC = Great by Choice, Collins!
HL = Heroic Leadership, Lowney!
MMTG = More Money Than God, Mallaby
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Curriculum for MBA Program class on Entrepreneurship!
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Professor Janar Joseph Wasito, JD!
[email protected], (619) 786-0945!
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“Writing is re-writing” – John Murphy, SJ!
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Summary: This course or workshop will focus on applying the entrepreneurship
principles of Stanford MBA Professor Jim Collins to three case studies,
Southwest Airlines, Magis Capital, and the Jesuits’ business of education to help
souls. For a workshop at a Jesuit university, the focus would be on the Jesuits’
business of education to help souls. As former Jesuit and JP Morgan investment
banker, Chris Lowney, noted in his book, Heroic Leadership, the Jesuits set out a
BHAG (Big Hairy Audacious Goal) of “building within a generation, the world’s
most extensive, highest caliber higher education system.” But, this was not an
outright goal of Ignatius and the First Jesuits, rather it was what Jim Collins’
defines as a “hedgehog concept” – an understanding of what the Jesuits could
be the best in the world at; what they were passionate about; and what they
could do for a profit. Many of the Jesuits principles in successfully accomplishing
the goal follows principles from Collins’ entrepreneurship books. The Jesuits’
principle of magistri sint insignes (the teachers should be outstanding) follows
Collins’ idea of “First Who… Then What.” Ignatius’ humble approach to
leadership follows Collins’ idea of Level 5 Leadership (a paradoxical blend of
personal humility and professional will). The Jesuits Exercises and Examen
follow Collins’ culture of discipline and SMAC (Specific Methodical and
Consistent) ideas. The Jesuits use of technology like the printing press during the
Counter-Reformation are good examples of Collins’ ideas of Technology
Accelerators and Return on Luck. The workshop would serve to connect some of
the main topics in Jesuit Spirituality with the main topics in the entrepreneurship
teaching of Collins’ and other Stanford Faculty which is widely followed in
American business culture and in business journals like The Economist. !
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Em portugese: !
Resumo : Este curso ou workshop incidirá sobre a aplicação dos princípios de
empreendedorismo de Stanford MBA Professor Jim Collins para três estudos de
caso , a Southwest Airlines, Magis Capital , e negócio da educação dos jesuítas
para ajudar almas. Para uma oficina em uma universidade jesuíta , o foco seria a
negócios de educação dos jesuítas para ajudar almas. Como o ex- jesuíta e JP
Morgan banqueiro de investimento , Chris Lowney , observou em seu livro ,
Heroic Leadership , os jesuítas estabeleceu um BHAG (Big Hairy Audacious
Objetivo ) de "construção dentro de uma geração , mais extensa , mais alto
calibre do mundo sistema de ensino superior . " Mas , isso não era um objetivo
imediato de Inácio e os primeiros jesuítas , ao contrário, era o que define Jim
Collins como um " conceito ouriço " - uma compreensão de que os jesuítas
poderia ser o melhor do mundo em , o que eles eram apaixonados sobre , e que
eles poderiam fazer para um lucro. Muitos dos princípios jesuítas em realizar
com sucesso a meta segue princípios de livros de empreendedorismo Collins .
Os jesuítas princípio da insignes sint magistri ( os professores devem estar em
circulação) segue Collins idéia de " Primeiro Quem ... então o que ". Inácio
abordagem humilde a liderança segue Collins idéia de Liderança Nível 5 ( uma
mistura paradoxal de humildade pessoal e vontade profissional ) . Os Exercícios
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jesuítas e Exame seguir cultura de disciplina e SMAC idéias ( metódica e
consistente Específicos) Collins. O uso da tecnologia de jesuítas como a
imprensa durante a Contra-Reforma são bons exemplos de idéias de Collins de
Tecnologia Aceleradores e Retorno sobre Luck. O workshop servirá para
conectar alguns dos principais temas em jesuíta Espiritualidade com os
principais tópicos do ensino do empreendedorismo de Collins e outros Stanford
Faculdade , que é amplamente seguido na cultura empresarial americana e em
revistas de negócios como The Economist.!
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Collins’
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GBC:
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GTG: Good to Great, Jim Collins!
GBC: Great by Choice, Jim Collins!
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1) Good to Great (Southwest Airlines, Society of Jesus, Magis Capital as case
studies)!
a) Level 5 Leadership!
i) Case Study: Ignatius of Loyola developed through all five levels of
leadership in founding the Society of Jesus. !
(1) Inacio as a Level 1 Leader (Highly Capable Individual: Makes
Productive contributions through talent, knowledge, skills, and good
work habits). “At the age of sixteen years he was sent to serve as a
page to Juan Velazquez, the treasurer of the kingdom of Castile. As
a member of the Velazquez household, he was frequently at court
and developed a taste for all it presented, especially the ladies.”
After conversion, March 1522, Inacio goes back to building himself
as an individual: “He proceeded to the Benedictine shrine of Our
Lady of Montserrat, made a general confession, and knelt all night
in a vigil before Our Lady’s altar, following the rites of chivalry. He
left his sword and knife at the altar, went out and gave away all his
fine clothes to a poor man, and dressed himself in rough clothes
with sandals and a staff.” !
(2) Inacio as a Level 2 Leader (Contributing Team Member:
Contributes Individual Capabilities to the achievements of group
objectives and works effectively with others in a group setting).
Inacio’s early days, getting in fights, and using political connections
to get out of trouble. “He was much addicted to gambling, very
contentious, and not above engaging in swordplay on occasion. In
fact, in a dispute between the Loyolas and another family, Ignatius
and his brother plus some relatives ambushed at night some clerics
who were members of the other family. Ignatius had to flee the
town. When finally brought to justice, he claimed clerical immunity,
using the defense that he had received the tonsure as a boy, and
therefore was exempt from civil prosecution. The defense was
specious because Ignatius had for years gone about in the dress of
a fighting man, wearing a coat of mail and a breastplate, and
carrying a sword and other sorts of arms -- certainly not the garb of
a cleric. The case dragged on for weeks, but the Loyolas were
apparently powerful. Probably through the influence of higher ups,
the case against Ignatius was dropped.” After his conversion, again,
Inacio struggles with this stage of leadership in teamwork: “He
finally arrived in Barcelona, took a boat to Italy, and ended up in
Rome where he met Pope Adrian VI and requested pilgrimage to
the Holy Land. Once he arrived in the Holy Land, he wanted to
remain, but was told by the Franciscan superior who had authority
over Catholics there that the situation was too dangerous. The
superior ordered Ignatius to leave. Ignatius refused but when
threatened with excommunication, he obediently departed.” !
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(3) Inacio as a Level 3 Leader (Competent Manager: Organizes people
and resources toward the effective and efficient pursuit of predetermined objectives). Inacio’s limited success as a military leader,
convincing his troops, and his seniors to fight a losing battle against
the French where Inacio is injured by a cannonball from the French.
“[Inacio] found himself at the age of 30 in May of 1521 as an officer
defending the fortress of the town of Pamploma against the French,
who claimed the territory as their own against Spain. The Spaniards
were terribly outnumbered and the commander of the Spanish
forces wanted to surrender, but Ignatius convinced him to fight on
for the honor of Spain, if not for victory. During the battle, a
cannonball struck Ignatius, wounding one leg and breaking the
other. Because they admired his courage, the French soldiers
carried him back to recuperate at his home, the castle of Loyola,
rather than to prison.” !
(4) Inacio as a Level 4 Leader (Effective Leader: Catalyzes
commitment to and vigorous pursuit of a clear and compelling
vision, stimulating higher performance standards). Inacio leads a
band of companions in Paris, who go through classical education
and education in philosophy, before moving on to Rome to ask the
Pope to become a religious order in the Catholic Church. Inacio is
their leader. “At the University of Paris, he began school again,
studying Latin grammar and literature, philosophy and theology... It
was also in Paris that he began sharing a room with Francis Xavier
and Peter Farber. He greatly influenced a few other students
(Xavier was the hardest nut to crack, interested as he was mainly in
worldly sucess and honors), directing them all at one time or
another for thirty days in what we now call the Spiritual Exercises.
Eventually, six of them plus Ignatius decided to take vows of
chastity and poverty and go to the Holy Land. If going to the Holy
Land became impossible, they would go to Rome and place
themselves at the disposal of the Pope for whatever he would want
them to do. They did not think of doing this as a religious order or
congregation, but as individual priests. For a year they waited;
however no ship was able to take them to the Holy Land because
of the conflict between the Christians and Muslims. While waiting,
they spent some time working in hospitals and teaching catechism
in various cities of northern Italy. It was during this time that Inacio
was ordained a priest.” !
(5) Inacio as a Level 5 Leader (Level 5 Executive: Builds enduring
greatness through a paradoxical blend of personal humility and
professional will). Inacio’s decade and a half as the General of the
Society of Jesus, a paradox in will for the creation of an enduring
great organization, with personal humility. “[In 1539] Inacio asked all
of his companions to come to Rome to discuss their future. After
many weeks of prayer and discussion, they decided to form a
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community, with the Pope’s approval, in which they would vow
obedience to a superior general who would hold office for life.
Formal approval of the new order was given by Pope Paul III in
1540. Since they had referred to themselves as the Company of
Jesus (in Latin Societatis Jesu), in English their order became
known as the Society of Jesus. Ignatius was elected on the first
ballot of the group to be superior, but he begged them to
reconsider, pray and vote again a few days later. The second ballot
came out as the first, unanimous for Ignatius, except for his own
vote. He was still reluctant to accept, but his Franciscan confessor
told him it was God’s will, so he acquiesced. On the Friday of
Easter week, 1541, the friends pronounced their vows to the newly
formed Order.” !
b) First Who... Then What!
i) Society of Jesus: [See below, under 20 Mile March]!
ii) Magis Capital: Engineers + Veterans + Jesuit alumni; among the first
members of Magis Capital are at least three school trained engineers,
and at least five Veterans who own at least 75% of the company.
Alumni of Jesuit schools also represent at least five of the first
members, including alumni of Jesuit school from California to India. !
iii) A few photos from today, and the past week, that illustrate the
entrepreneurship concept of "First Who... Then What." Collins' basic
idea in "First Who..." is that a successful business will begin with the
best possible human foundation, on the assumption that the future will
hold uncertainty; that a business will have to continue to operate and
grow despite the challenges that are inevitable in human events. !
iv) Today, I stopped by the Jesuit parish in San Diego, CA, where I shared
a laugh with my friend, Fr. Bill Ameche, SJ (above), and saw Fr. Neil,
SJ, say mass to a mostly Spanish/ hispanic audience. !
v) Fr. Bill's life work as a Jesuit has been heavily involved in writing
catechism in Spanish for children, in a format that is accessible for as
broad a hispanic/ Spanish speaking audience as possible -- this from a
man born and raised in San Fernando Valley, CA -- a cultural shift from
Mexico where Bill worked for 30 years as a Jesuit. !
vi) In Magis Capital, we apply this idea of "First Who... Then What" by
recruiting as future employees United States Marine Corps NonCommissioned Officers (Corporals and Sergeants), like Corporal Luke
Lobel-Karimi (Right, below, pictured with a supplier diversity/ Disabled
Veteran Business Enterprise representative from Southern California
Edison, Dennis Thurston) because: A) those USMC NCOs are drugand criminal background checked (saving about 6 months in the usual
hiring in securities industry), B) those USMC NCOs are adaptable
individuals trained for uncertain, demanding situations -- much as the
First Jesuits included men who accepted being deployed to China from
a European base with less than a few sentences. !
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vii) Sundays are my day to reflect on this personal vocation of teaching the
"Stanford School of Entrepreneurship" for a Jesuit university/ college
prep MBA or business program. A word of thanks to my friend, Bill
Ameche, SJ, the superior of the Jesuit community here in San Diego,
California, who suggested that the Calfornia Provice and the Mexico
Province(s) are trying to have better cross-province communication,
and that perhaps I could help the Society of Jesus in this mission,
somehow. Keep Bill in your prayers as he may have to have a hip
replacement, but he is working with alternative medical therapies with
some success!!
viii)Stanford MBA Professor Jim Collins writes in his book, Good to Great,
that Great companies have a principal of "First Who... Then What." For
my company, Magis Capital, this is expressed simply by, "Veterans and
Engineers." Magis Capital's "Hedge Hog Concept (Simplicity within the
Three Circles)" is Portfolio Option Strategies -- which involve complex
financial instruments (options), which share mathematical qualities with
baseballs and bullets. As Major John Allen, USMC, director of USMC
Infantry Officers Course liked to say, "We all obey the laws of physics."
Baseballs, bullets, and option contracts obey Brownian motions,
financial formulas in Physics. !
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ix) Now, 7 years after the firm was founded, Magis Capital's owners
include at least 3 Stanford trained engineers, and at least one Naval
Academy trained engineer -- in addition to the firm's non engineer
majority owner (me). Moreover, Magis Capital's owners include 5
Veterans of the US Armed Forces, including 4 Disabled Veterans (just
as Inigo was a disabled Veteran who served his country, Spain, before
his path to founding the Society of Jesus) who have certain legal
advantages in doing business with State businesses. !
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x) In the past three years, Magis Capital has had 3 US Marine Corps non
commissioned officer (Corporal and Sergeant) interns. These are really
great workers, and the future of the firm, as they are 21 years old,
compared to my 45 years of age. I am going to accelerate the intern
program, as it helps to refine my process to make my firm's procedures
more standardized, what Collins calls SMaC (Specific Methodical and
Consistent) in his book, Great By Choice. Jesuits have their own
SMaC recipes in the Constitutions and Exercises -- specific procedures
that are repeated for each Jesuit. The Jesuits' First Who Then What
principle has always been expressed by finding humans who are very
disciplined and methodical, qualities that are instilled by military
training. !
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i)
b) Confront the Brutal Facts (Yet Never Lose Faith)!
c) The Hedgehog Concept (Simplicity Within the Three Circles)!
i) Society of Jesus: [See below, under SMaC]!
ii) Southwest Airlines: [See below, under SMaC Recipe]!
iii) Magis Capital: Best in the world at doing the collar strategy on the
highest liquidity ETF/ Indexes, like SPY (S&P 500), EEM (MSCI
Emerging Markets), EFA (MSCI EAFE Japan + Europe), GLD (SPDR
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Gold), TLT (Blackrock iShares 20+ Year Treasury Index); Passionate
about doing lower volatility portfolio for long time alumni networks, like
Saint Ignatius Preparatory, San Francisco, Calfornia; Make money
through scalability (what we do with 1000 shares, we can do with 10
million shares; single economic common denominator is profit per
share, block traded).!
iv) My thoughts today are on the subject of "Hedgehog Concept" which
Stanford MBA Professor Collins defines as !
v) 1. What an organization can be best in the world at!
vi) 2. What an organization is passionate about!
vii) 3. What an organization can make money at!
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viii)Collins says (in Good to Great) that the hedgehog concept comes from
anunderstanding, not from a desire, to be best at a specific line of
business. !
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ix) Below, I will say what the Jesuit "hedgehog concept" became in the
first few years of the organization, then what the "hedgehog concept" is
for my organization, Magis Capital, and how it came to be so. !
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x) The Jesuit "hedgehog concept" is simply, "education to help souls."
This insight is partly based upon the book, Heroic Leadership by
Lowney, who had been in a Jesuit formation program before he left for
the business world where he worked for JP Morgan. It is important to
distinguish the actual business with a profit and loss from the mission
of the Jesuits, which of course is a matter of theology, and not the topic
of my proposed course. "Education to help souls" is a service
business, with costs (books, cost of property, etc) and income (tuition
from students, or government grants). In part, Ignatius and the first
Jesuits benefited from what Collins would call "Return on Luck" (Great
by Choice, Collins) because the new religious order came into being in
roughly the same time as moveable type and the printing press, which
gave greater scalability or leverage to the classical
and theological education that the First Jesuits had invested so heavily
in. The Jesuits, of course, were passionate about the business of
"education to help souls." The Exercises were and are well suited to
developing school administrators and leaders who in turn, organize
teams of faculty to accomplish missions. The Jesuits found that there
was a demand for their education, so there was enough income to
make "education to help souls" a money-making business. Other
religious orders also have businesses -- think of wine making. But wine
making is not so scalable as the Jesuit "education to help souls" line of
business. A religious order may make some of the best wine in a
region, and may even do quite well with a regional business. But wine
production depends on local climate, soil, and many other factors that
distinguish a Napa red from a Australian red. Jesuit "education to help
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souls" traces its distinctive character back to the Jesuit Constitutions
and the Exercises. A graduate of Colegio San Inacio in South America
can talk about "Ignatian Spirituality" with a graduate of Saint Ignatius
College, San Francisco, CA with a common frame of reference
because of a common foundation which in fact is the Jesuit
Constitutions and the Jesuit Spiritual Exercises, much as US Marines
who were trained decades apart and on different bases (Marine Recruit
Depot San Diego, CA, on the West Coast, and Marine Recruit Depot
Parris Island on the East Coast) can speak a common language. !
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xi) Now, in the real business world of 2013-2014, Magis Capital has
engaged in what MBA Professor Jim Collins would call a "council" in
December 2013 in order to refine our "hedgehog concept." I copy,
below, my notes of these meetings, boiled down to a few paragraphs.
My hope for Magis is that 400 years from now, some business historian
will have a record of how an "enduring great company" in investment
management came to be. !
xii) 1 Jan 2014 - Board - Hedgehog/ Focus!
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xiii)"All things are ready, if our minds be so," !
xiv)Henry V, William Shakespeare!
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xv) Board: !
xvi)Thanks for Bert Selva, Rick Sapp, Tim Lacey, and Ray McKewon
giving some time to Magis Capital over the Holidays. !
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xvii)As a former Operations Officer, I suppose my talent is to digest the
different comments and formulate a plan; certainly, as the Managing
Member of the LLC, it is my responsibility to do so. !
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xviii)Stanford MBA professor Jim Collins talks about a "hedgehog concept"
(best in world, passionate about, make money at) in his books (Good
to Great). So, our focus is to be a "index option strategy" firm. Markets
change, and and index collar is ideal for one market (2007-9), less so
for another. !
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xix)Brandes, the 27 billion dollar asset registered investment adviser in
San Diego is said to have been at $10 million or less in assets for 10
years until a specific, arcane product he had developed was in demand
-- a Value Strategy ex Pacific or something; the wire houses (Merrill;
Morgan Stanley; et al) picked him up, and the rest is history. Everyone
wants to own a part of Brandes in 1984, less so when it was Charlie as
a one man shop in 1980. !
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xx) With that, the genius of the "hedgehog concept" is to break down the
focus into a single economic denominator. For Magis, that single
economic denominator is "profit per share, block traded." !
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xxi)As Ray McKewon pointed out, the multiples on investment business
are much better than consulting. Here then are the major focus areas
for 2014, and some metrics of profit per share, block traded: !
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xxii)10k minimum for Magis Target Date Funds!
xxiii)-560 shares TZO, $23k!
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xxiv)50k minimum for Magis Covered Call!
xxv)- 210,000 shares IMMR, $2.1M!
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xxvi)125k minimum for Magis Collar!
xxvii)- 45,400 shares of EEM (MSCI Emerging Market), $1.8M, EEM
Collar!
xxviii)- 4600 shares of SPY (S&P 500), $840k, SPY Collar!
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xxix)1.5mm investible assets for MagisHedge!
xxx)-$1.4MM!
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xxxi)Some notes: !
xxxii)Magis Target Date Funds is designed to be appropriate for all
investors from my alumni groups (military, school). While Tim Lacey
and I think maybe this is a relatively simple product for most investors,
there are a lot of potential clients, even from Stanford or Harvard, who
just don't focus on finance. This is for those people who are
accumulating assets, but maybe think the collar or options are
complex. Target Date Funds will be the focus for the successful Magis
military intern program. Magis interns will learn to sell target date funds
and put clients into those investment on the Magis/ Interactive Brokers
platform. !
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xxxiii)Magis Covered Call. Covered Call is 2 out of 3 components of a
Collar. Most prospects who know Magis by "Index Collar" should not
be surprised that we are also doing Covered Calls. Stanford professor
Collins says, a company must understand what it's hedge hog is. After
7 years, Magis' biggest single position is a covered call. We will send
out the letter (see below) we brainstormed to CA Utility CEOs to try to
get institutional covered call business. We will go out to all Google
employees from Stanford to try to get Google Covered Call business. !
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xxxiv)Magis Collar. We have a 5-year record on EEM Collar, average
annual return 6%, we have a 2 year record on SPY Collar, average
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annual return 6%. We continue to develop these track records with real
money. Tapering is beginning, the adrenaline is being withdrawn from
the heart attack victim (the US Economy), volatility will rise, and the
collar may come back into vogue as investors learn the old dictum,
"don't confuse brains and a bull market."!
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xxxv)MagisHedge means multiple index collars, chosen for non-correlation
(bonds, stocks, commodities). This takes advantage of the original
Collar paper (collaring the cube, 2008) and some more recent work on
the value of selling weekly options by Goldman Sachs. The highest
margin product to develop is a hedge fund. !
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xxxvi)Magis Consulting (Utilities). The best sales case from 2013 was that
Magis basically penetrated PGE because of a CPUC staffer contact.
The entire script for this is in our salesforce.com account. We seek to
replicate this. This is not investment work, but it pays some bills. In
2014, I will introduce John Tarzon, LLC member, USNA graduate, and
a disabled veteran (like me, and LLC member, Brandon Rovell) to my
contacts at CPUC, CPUC regulated companies (Edison, et al). !
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d) A Culture of Discipline!
i) Society of Jesus: The Constitution of the Society of Jesus, the
EXAMEN, and the Spiritual Exercises are little changed if at all in 500
years. Jesuits still follow these documents with discipline. !
ii) Magis Capital: Our investment discipline of the collar follows a paper
published in 2008 (Collaring the Cube) with a follow up paper in 2009
(Loosening the Collar), which results in a specific trading checklist
designed to produce a specific numerical result (LIBOR+250 basis
points) with a high Sharpe Ratio (after Stanford MBA Professor William
Sharpe); which is supported by a specific, 5-part quarterly due
diligence SMaC Recipe (ETF Liquidity; ETF Option Liquidity;
Correlation; ETF Dividend Yield; Volatility). !
iii) Southwest Airlines: [See SMaC Recipe, below]!
e) Technology Accelerators!
i) Society of Jesus: [See below, under Return on Luck]!
f) The Flywheel and the Doom Loop!
8) Great by Choice (Southwest Airlines, Society of Jesus, Magis Capital as case
studies)!
a) 10Xers!
b) 20 Mile March!
i) Society of Jesus: The First Jesuits, and the second generation of
Jesuits, came under pressure to grow the Society faster to meet
demand from the Pope for more missionary work. However, the Jesuits
continued to focus on the quality of the person that they produced by
continuing to focus on screening and selection of the individuals
allowed to enter the Society. The Constitution of the Society of Jesus
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c)
d)
e)
f)
totals 250 pages, with up to 150 pages devoted to screening the
individuals who come into the Society. Stanford MBA Professor Jim
Collins’ idea of the 20 mile march is that for the person who is going to
walk across America, it is better to do 20 miles per day, rain or shine,
than to go faster in good weather, slower in bad weather. The First
Jesuits and the early Generations of Jesuits seem to have applied this
idea of the 20 mile march to their ‘business’ by focusing on taking only
the right applicants for the Society of Jesus (this is also consistent with
Stanford MBA Professor Jim Collins’ idea of “First Who, Then What” in
his book, Good to Great)!
Fire Bullets, Then Cannonballs!
i) Society of Jesus: The First Jesuits did not plan to create an education
business, but they found a demand for their schools, and so, created a
university (college in United States, Universidad in Latin America) and
secondary school (high school in United States, colegio in Brazil)
system which grew rapidly and endures as one of the distinctive
‘products’ of the Jesuits. !
Leading Above The Death Line!
SMaC (Specific, Methodical, and Consistent)!
i) Society of Jesus, Spiritual Exercises as an example of SMaC Recipe.
Inacio’s Spiritual Exercises are a specific, four week (phase) “script” of
exercises designed for lay people as well as religious. !
ii) Southwest Airlines: This is Southwest Airlines’ strength, discipline in
the “three circles” of the Hedgehog Concept (from Stanford MBA
Professor Jim Collins’ book, Good to Great, What you can be best in
the world at, what you are passionate about, what you can make
money at), or staying within the SMaC Recipe. In the case of
Southwest Airlines, the SMaC recipe is these specific steps, which
have remained mostly unchanged for the full history of the company:
[list Southwest SMaC 1-10]!
Return on Luck!
i) Society of Jesus, Return on Luck in starting during the Counter
Reformation, and during the Invention of the Printing Press. The First
Jesuits came into the Vatican’s view during a period of intense
theological competition, with the (Protestant) Reformation and the
(Catholic) Counter Reformation battling for the Souls of Europeans.
The First Jesuits had a first rate education from their years in Paris,
studying classics. As the First Jesuits came into the Pope’s control, the
rise of the Printing Press from Gutenberg’s invention allowed the
technology savvy Jesuits to take full advantage of their rigorous
education to further the (Catholic) Counter Reformation. Would the
First Jesuits have become the First Jesuits in a time without the
Counter Reformation and the Printing Press? What are the technology
trends in today’s world to which the Society of Jesus continues to
adapt? (sacredspace.ie, Jesuits in facebook). Is the current age
creating special opportunities through the Internet (Google) and the
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age of the first Latin American (Jesuit) Pope, just like the First Jesuits
developed during the advent of the Printing Press during the Counter
Reformation? !
ii) Return on Luck!
!
iii) Stanford MBA professor Jim Collins' basic point with his chapter on
Return on Luck in Great by Choice is that great risk and opportunity
will confront every business and so the business that is most adaptable
will survive -- Collins uses the example of a mountain climbing duo
trapped by a storm when one man has an life threatening accident to
make his point. !
!
!
!
iv) For the Society of Jesus, the Return on Luck was reflected in the fact
that the Society of Jesus was "incorporated" within the same decade
as the start of the printing press and movable type -- which greatly
leveraged the highly academic nature of the formation of the first 10 or
so Jesuits because the Constitutions and the Exercises are
transferrable through the written word, which is more portable than,
say a crate of wine that another religious order may produce as a
commercial product; thus, "education to help souls" became a product
that could spread across the globe through the portability of written
documents, carried of course, by Jesuits, but also by their students. !
v) Today, in 2014, we live again within decades of the start of a new
means of mass communication -- the Internet. Some Jesuits, like Fr.
James Martin, SJ, are quite active on this medium -- for example,
through his facebook postings. As a graduate of the Saint Ignatius
College Preparatory, San Francisco, CA (to distinguish from all the
other global Saint Ignatius schools!) Class of 1987, I've come to know
Fr. Martin entirely on the internet through my classmates, like Sean
Lawhon, Will Magee, Rich Conway, and Patricio Barraza. !
!
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!
!
9) Doing Business with California Public Utility Commission (CPUC) Regulated
Companies for Women-, Minority-, or Disabled Veteran-Owned Business
Enterprises (WMDVE)!
a) Scope of Opportunity: Doing business with CPUC regulated companies is
a large opportunity for immigrant owned companies because:!
i) The 34 companies regulated by the CPUC include all utilities in
California, including some of the largest energy companies in the
United States, such as Sempra Energy (stock market symbol SRE,
which is the parent company of SDGE, or San Diego Gas & Electric,
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and Southern California Gas), Southern California Edison (stock
market symbol EIX), and Pacific Gas & Electric (stock market symbol
PCG). In 2011, The CPUC regulated utilities spent $7.2 billion dollars
with Diverse Business Enterprises (DBE), including $4.7 billion with
Minority Business Enterprises (MBE), $2.2 billion with Women Owned
Business Enterprises (WBE), and $.3 billion with Disabled Veteran
Business Enterprises (DVBE). (References:
GO_156_Report_En_Banc_2012.PPT;
GO_156_Report_En_Banc_2011.PPT; Clearinghouse-application.PDF;
CUDC PPP Oct 11 CPUC En Banc.pdf)!
b) Story of Inacio Mejia, USMC; Manuela Mejia, USMC; and Inigo Loyola,
Spanish Army: 500 Years ago, while Inigo Loyola lay wounded by a
French cannonball during his service in the Spanish Army, he conceived of
a business plan for a non profit organization which would grow from 10
companions to a organization of 21,000 professionals who run schools
and other organizations worldwide. More recently, while Sergeant Inacio
Mejia, United States Marine Corps recovered from his wounds in Iraq he
decided on a business plan which he wanted to run with several of his
buddies from the Marines, and with family support from his native Brazil.
His sister, Manuela Mejia, USMC, who had been rated with hearing loss
from her service in the American military, also decided on a business plan
which she wanted to run with her friends from the Marines and with her
family from Mexico. Both Inacio Mejia and Manuela Mejia will receive
some Veterans disability benefits from the United States Veterans
Administration (VA), a Federal agency, but they can also use their
disability rating from the VA to register their company as a Disabled
Veterans Business Enterprise (DVBE) under CPUC General Order 156,
and in so doing possibly obtain valuable contracts with CPUC regulated
firms. Inacio Mejia and Manuela Mejia can also register their companies
as Veteran Owned Small Businesses (VOSB), and as Service Disabled
Veteran Owned Businesses (SDVOSB) with the Federal Veterans
Administration, which will further help their companies to gain contracts.
Also, as hispanic (latino, Mexican, Brazilian, Colombian, etc) persons,
Inacio Mejia and Manuela Mejia can use their ethnic background to
register their companies as Minority Business Enterprises (MBE) under
GO 156, and in so doing possibly obtain valuable contracts with CPUC
regulated firms. Manuela Mejia can use her gender to register her
company as a Women Owned Business Enterprise (WBE) under GO 156,
and in so doing possibly obtain valuable contracts with CPUC regulated
firms.!
c) This part of the class is a step by step discussion of what is required for
person to register as a Disabled Veteran Owned Business Enterprise
(DVBE), Minority Business Enterprises (MBE), and Women Owned
Business Enterprises (WBE) with the CPUC. These certifications will be
recognized by other agencies and companies outside of the CPUC, and
the process for registration with the CPUC will be similar to that for other
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Federal and State agencies. The target audience for this is MBA Students
at Jesuit universities in Mexico, California, Brazil, or other Latin American
countries; and transitioning Marines with an interest in entrepreneurship. !
10)Built to Last (Southwest Airlines, Society of Jesus as case studies)!
a) Chapter 1: The Best of the Best!
b) Chapter 2: Clock Building Not Time Telling!
c) Chapter 3:!
d) Chapter 4: !
11) The Black Swan!
!
Case Study: !
whatsapp/ Facebook !
http://newsroom.fb.com/news/2014/02/facebook-to-acquire-whatsapp/!
!
Facebook to Acquire WhatsApp!
!
Acquisition accelerates Facebook’s ability to bring connectivity and utility to the
worldLeading mobile messaging company will continue to operate independently
and retain its brandWhatsApp co-founder and CEO Jan Koum to join Facebook
Board of Directors!
!
MENLO PARK, CALIF. – February 19, 2014 – Facebook today announced that it
has reached a definitive agreement to acquire WhatsApp, a rapidly growing
cross-platform mobile messaging company, for a total of approximately $16
billion, including $4 billion in cash and approximately $12 billion worth of
Facebook shares. The agreement also provides for an additional $3 billion in
restricted stock units to be granted to WhatsApp’s founders and employees that
will vest over four years subsequent to closing.!
!
WhatsApp has built a leading and rapidly growing real-time mobile messaging
service, with:!
!
Over 450 million people using the service each month;70% of those people
active on a given day;Messaging volume approaching the entire global telecom
SMS volume; andContinued strong growth, currently adding more than 1 million
new registered users per day.!
!
The acquisition supports Facebook and WhatsApp’s shared mission to bring
more connectivity and utility to the world by delivering core internet services
efficiently and affordably. The combination will help accelerate growth and user
engagement across both companies.!
!
“WhatsApp is on a path to connect 1 billion people. The services that reach that
milestone are all incredibly valuable,” said Mark Zuckerberg, Facebook founder
and CEO. “I’ve known Jan for a long time and I’m excited to partner with him and
his team to make the world more open and connected.”!
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!
Jan Koum, WhatsApp co-founder and CEO, said, “WhatsApp’s extremely high
user engagement and rapid growth are driven by the simple, powerful and
instantaneous messaging capabilities we provide. We’re excited and honored to
partner with Mark and Facebook as we continue to bring our product to more
people around the world.”!
!
Facebook fosters an environment where independent-minded entrepreneurs can
build companies, set their own direction and focus on growth while also
benefiting from Facebook’s expertise, resources and scale. This approach is
working well with Instagram, and WhatsApp will operate in this manner.
WhatsApp’s brand will be maintained; its headquarters will remain in Mountain
View, CA; Jan Koum will join Facebook’s Board of Directors; and WhatsApp’s
core messaging product and Facebook’s existing Messenger app will continue to
operate as standalone applications.!
!
Upon closing of the deal, all outstanding shares of WhatsApp capital stock and
options to purchase WhatsApp capital stock will be cancelled in exchange for $4
billion in cash and 183,865,778 shares of Facebook Class A common stock
(worth $12 billion based on the average closing price of the six trading days
preceding February 18, 2014 of $65.2650 per share). In addition, upon closing,
Facebook will grant 45,966,444 restricted stock units to WhatsApp employees
(worth $3 billion based on the average closing price of the six trading days
preceding February 18, 2014 of $65.2650 per share). As of February 17, 2014,
Facebook had 2,551,654,996 Class A and B shares outstanding plus
approximately 139 million dilutive securities primarily consisting of unvested
RSUs. The Class A common stock and RSUs issued to WhatsApp shareholders
and employees upon closing will represent 7.9% of Facebook shares based on
current shares and RSUs outstanding.!
!
In the event of termination of the Merger Agreement under certain circumstances
principally related to a failure to obtain required regulatory approvals, the Merger
Agreement provides for Facebook to pay WhatsApp a fee of $1 billion in cash
and to issue to WhatsApp a number of shares of Facebook’s Class A common
stock equal to $1 billion based on the average closing price of the ten trading
days preceding such termination date.!
!
Facebook was advised by Allen & Company LLC and Weil, Gotshal & Manges
LLP; and WhatsApp was advised by Morgan Stanley and Fenwick & West, LLP.!
!
Webcast and Conference Call Information!
!
Facebook will host a 30-minute conference call to discuss the acquisition at 3:00
pm PT / 6:00pm ET today. The dial-in number for the call is (866) 751-3284 (toll
free) and (973) 935-8772 (international), conference ID: 2907041. The live
webcast of the call can be accessed at the Facebook Investor Relations website
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at investor.fb.com. Facebook uses the website http://investor.fb.com as a means
of disclosing material non-public information and for complying with its disclosure
obligations under Regulation FD.!
!
Following the call, a replay will be available at the same website. A telephonic
replay will be available for one week following the conference call at (855)
859-2056 or (404) 537-3406, conference ID 2907041.!
!
About Facebook!
!
Facebook’s mission is to give people the power to share and make the world
more open and connected. People use Facebook to stay connected with friends
and family, to discover what’s going on in the world, and to share and express
what matters to them.!
!
About WhatsApp!
!
WhatsApp is a personal real-time messaging network allowing millions of people
around the world to stay connected with their friends and family.!
!
Facebook Contacts!
!
Investors:!
Deborah Crawford!
[email protected] / investor.fb.com!
!
Press:!
Tucker Bounds!
[email protected] / newsroom.fb.com!
!
WhatsApp Contact: !
[email protected]!
!
Forward Looking Statements!
This press release may be deemed to contain forward-looking statements, which
are subject to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including the expected completion of the acquisition, the
time frame in which this will occur, the expected benefits to Facebook and
WhatsApp from completing the acquisition, and the expected financial
performance of Facebook following completion of the acquisition. Statements
regarding future events are based on the parties’ current expectations and are
necessarily subject to associated risks related to, among other things, regulatory
approval of the proposed acquisition or that other conditions to the closing of the
deal may not be satisfied, the potential impact on the business of WhatsApp due
to the announcement of the acquisition, the occurrence of any event, change or
other circumstances that could give rise to the termination of the definitive
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agreement, and general economic conditions. Therefore, actual results may differ
materially and adversely from those expressed in any forward-looking
statements. For information regarding other related risks, see the “Risk Factors”
section of Facebook’s Annual Report on Form 10-K for 2013. The forward-looking
statements included herein are made only as of the date hereof, and neither
party undertakes an obligation to revise or update any forward-looking
statements for any reason.!
!
Case Study: Gavea Investimentos!
http://www.charlierose.com/view/interview/11755!
!
J.P. MORGAN’S HIGHBRIDGE CAPITAL MANAGEMENT ANNOUNCES
PURCHASE OF !
MAJORITY INTEREST IN GÁVEA INVESTIMENTOS !
!
-- Gávea to Expand Highbridge and J.P. Morgan Asset Management’s Emerging
Markets and !
Macroeconomic Investment Capabilities --!
!
NEW YORK and RIO DE JANEIRO – October 27, 2010 – Highbridge Capital
Management, the global !
alternative asset manager owned by J.P. Morgan Asset Management, today
announced the purchase of !
a majority interest in Gávea Investimentos, a leading alternative asset
management company in Brazil !
with approximately $6 billion of assets under management. Gávea was cofounded in 2003 by Chairman !
and Chief Investment Officer Arminio Fraga, former President of the Central Bank
of Brazil. !
!
"This has been a long courtship of one of the finest global macroeconomic hedge
fund managers in the !
world," said Mary Callahan Erdoes, CEO of J.P. Morgan Asset Management.
"Our clients look to us to !
invest their money with the smartest, most talented alpha managers. Partnering
with Gávea gives our !
clients the ideal combination of local emerging markets expertise with the global
platform of J.P. Morgan !
Asset Management." !
!
“This is an important transaction for the future of Gávea and Highbridge. Gávea
is a fantastic !
organization that reflects not only Arminio Fraga’s well-deserved reputation as an
exceptional economist !
and investor, but also his belief in the importance of creating a long-term
business franchise,” said Glenn !
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Dubin, Chief Executive Officer of Highbridge. “Gávea will provide Highbridge with
greater !
macroeconomic insight and direct exposure to investing in Brazil, which will be a
powerful addition to our !
investment capabilities.” !
!
“We believe that this transaction creates one of the most compelling partnerships
in the industry, and we !
are delighted to be joining Highbridge and J.P. Morgan Asset Management,” said
Arminio Fraga. “While !
our emerging market investment strategies can enhance Highbridge’s global
platform, we will benefit from !
their successful track record of building businesses like ours. Ultimately, this
partnership will ensure that !
we continue to perform for our clients.” !
!
“J.P. Morgan Asset Management's successful alliance with Highbridge gives us a
great foundation for this !
new partnership with Arminio Fraga and Gávea,” added Jes Staley, CEO of J.P.
Morgan’s Investment !
Bank. “By partnering together, Highbridge and Gávea can bring even more value
to their global clients.”!
!
About Highbridge Capital Management !
!
Highbridge Capital Management, LLC is a global alternative asset management
firm founded in 1992. !
Since its inception, the company has developed for its clients a diversified
investment platform that !
includes hedge funds, traditional investment management products, and debt
and private equity !
investments with longer-term holding periods. With more than 350 employees,
including over 110 !
investment professionals, Highbridge manages approximately $21 billion of
capital for some of the world’s !
most prominent institutional investors, public and corporate pension funds,
endowments, foundations and !
family offices. The firm is based in New York with offices in London, Hong Kong
and Tokyo. !
!
In December 2004, J.P. Morgan Asset Management purchased a majority
interest in Highbridge, creating !
one of the largest and most significant strategic alliances in the hedge fund
industry. In July 2009, J.P. !
Morgan Asset Management completed its purchase of substantially all remaining
shares of the firm. This !
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transaction remains at the vanguard of the institutionalization of the hedge fund
industry and is widely !
viewed as a model of success. !
!
About Gávea Investimentos !
!
Based in Rio de Janeiro, Gávea Investimentos is one of Brazil’s leading
alternative asset management !
organizations. With approximately $6 billion of assets under management, Gávea
offers its clients a !
broad range of investment products, including hedge funds, private equity and
longer term investments, !
and wealth management services. Gávea invests across both emerging and
broader international !
markets, with a macroeconomic, research-intensive investment process. !
!
!
About Highbridge Capital Management !
!
Highbridge Capital Management, LLC is a global alternative asset management
firm founded in 1992. !
Since its inception, the company has developed for its clients a diversified
investment platform that !
includes hedge funds, traditional investment management products, and debt
and private equity !
investments with longer-term holding periods. With more than 350 employees,
including over 110 !
investment professionals, Highbridge manages approximately $21 billion of
capital for some of the world’s !
most prominent institutional investors, public and corporate pension funds,
endowments, foundations and !
family offices. The firm is based in New York with offices in London, Hong Kong
and Tokyo. !
!
In December 2004, J.P. Morgan Asset Management purchased a majority
interest in Highbridge, creating !
one of the largest and most significant strategic alliances in the hedge fund
industry. In July 2009, J.P. !
Morgan Asset Management completed its purchase of substantially all remaining
shares of the firm. This !
transaction remains at the vanguard of the institutionalization of the hedge fund
industry and is widely !
viewed as a model of success. !
!
About Gávea Investimentos !
!
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Based in Rio de Janeiro, Gávea Investimentos is one of Brazil’s leading
alternative asset management !
organizations. With approximately $6 billion of assets under management, Gávea
offers its clients a !
broad range of investment products, including hedge funds, private equity and
longer term investments, !
and wealth management services. Gávea invests across both emerging and
broader international !
markets, with a macroeconomic, research-intensive investment process. !
!
!
Gávea was co-founded in 2003 by Chairman and Chief Investment Officer
Arminio Fraga, former !
President of the Central Bank of Brazil and current Chairman of the Board of the
BM&F Bovespa, Brazil’s !
securities, commodities and derivatives exchange. Mr. Fraga is also a
distinguished scholar with !
extensive experience in international capital markets. !
!
With offices in Rio de Janeiro and São Paulo, Gávea has over 100 employees.
Gávea is regulated by the !
Brazilian Central Bank and the Comissão de Valores Mobiliários. !
!
About J.P. Morgan Asset Management !
!
J.P. Morgan Asset Management, with assets under supervision of $1.8 trillion, is
a global leader in !
investment and wealth management that includes the J.P. Morgan Private Bank.
J.P. Morgan Asset !
Management’s clients include institutions, retail investors and high-net worth
individuals in every major !
market throughout the world. J.P. Morgan Asset Management offers global
investment management in !
equities, fixed income, real estate, hedge funds, private equity and liquidity. J.P.
Morgan Asset !
Management provides trust and estate, banking and brokerage services to highnet-worth clients and !
retirement services for corporations and individuals. JPMorgan Chase & Co.
(NYSE: JPM), the parent !
company of J.P. Morgan Asset Management, is a leading global financial
services firm with assets of $2.1 !
trillion and operations in more than 60 countries. !
!
Entrepreneurship Case Study: USMC (COIN) In Al Anbar!
The Society of Jesus (SJ) has been called “the Pope’s Marines.” But this is not
true in the traditional Marine Corps mission of amphibious assault, but it is true in
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the United States Marine Corps (USMC) mission of counterinsurgency (COIN),
sometimes called Small Wars. USMC sets up small, independent Combined
Action Platoons (CAP) or in Iraq and Afghanistan, Joint Security Stations (JSS),
which consist of a squad (13 Marines, lead by a Corporal E4) of Marines, and
two squads (26) of local police or military, such as the South Vietnamese or Iraqi
Awakening Militias (exact proportions USMC: local vary). These COIN principles
are practiced by successful counterinsurgents in many countries, for example, by
the Brazilian military/ police (PMERJ) in the Rio UPP (Pacification Police), from
2008 to present in preparation for global athletic events, 2014-1016; a successful
counterinsurgency can be compared to the growth of SJ into a target market for
the business of education to help souls, with the Jesuit houses/ schools
comparable to a USMC CAP or JSS, and with the 2nd week meditation in the SJ
Spiritual Exercises on the “Two Standards” as similar to the counterinsurgent
(Army of God) in combat against the insurgent (Army of Evil). USMC Basic
Training (Enlisted)/ The Basic School-Infantry Officer Course (Officer), among the
longest in US Military, is comparable to SJ Formation, among the longest among
Catholic priests. Once trained, a USMC officer, or SJ priest, often executes a
similar mission of COIN (USMC), or missionary education; both are in effect,
entrepreneurial sales. Among USMC who were particularly effective in Iraq,
Afghan COIN are several educated by SJ: LtGen John Toolan(Fordham Prep,
Fordham College); Bing West (Boston College High); Capt Mauro Mujica-Parodi
(Georgetown Prep; Georgetown); Capt Nate Fick (Ignatius Loyola Academy,
Baltimore?); Maj Dan Wagner (Saint Ignatius, Chicago); LtCol John Nagl, US
Army (Creighton Prep).!
!
Reading: !
Required: !
Jim Collins, Good to Great (http://www.jimcollins.com)!
Jim Collins, Great by Choice (http://www.jimcollins.com)!
Jim Collins, Built to Last (http://www.jimcollins.com)!
Chris Lowney, Heroic Leadership: Best Practices from a 450-year old Company
that Changed the World (http://www.chrislowney.com/heroic/)!
Sebastian Mallaby, More Money Than God, chapters on Erminio Fraga when
working for George Soros as study of global macro event driven fund style (http://
www.amazon.com/More-Money-Than-God-Relations/dp/0143119419/ref=sr_1_1?
ie=UTF8&qid=1395402390&sr=8-1&keywords=mallaby+more+money+than+god)!
Stanford GSB, Southwest Airlines Case Study!
GO_156_Report_En_Banc_2012.PPT; (posted online in gdrive)!
GO_156_Report_En_Banc_2011.PPT; (posted online in gdrive)!
Clearinghouse-application.pdf (posted online in gdrive)!
CUDC PPP Oct 11 CPUC En Banc.pdf (posted online in gdrive)!
CUDC PPP Oct 12 CPUC En Banc.pdf (posted online in gdrive)!
2011 CUDC Annual Report Final.pdf (posted online in gdrive)!
2012 CUDC Annual Report Final.pdf (posted online in gdrive)!
Recommended: !
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O’Malley, The First Jesuits (http://books.google.com/books/about/
The_first_Jesuits.html?id=1LRt8W4_GWsC)!
Nassim Taleb, The Black Swan (http://www.amazon.com/Black-SwanImprobable-Robustness-Fragility/dp/081297381X)!
The Economist newspaper (www.economist.com)!
USMC Only: !
FMFM1 Warfighting!
Commandant’s Reading List to E4 E5!
Bing West, The Strongest Tribe!
!
Case Study: !
Magis Capital (Sales, Compliance (Legal), Trading)!
!
Professor Biography: Janar Joseph Wasito graduated Saint Ignatius College
Preparatory, San Francisco, 1987 as Valedictorian, graduated Harvard College
1991 with a Bachelor of Arts, magna cum laude, in American History and
Literature and Comparative Religion (with four classes at Weston School of
Theology with Brian Daley, SJ), graduated Stanford Law School with a Juris
Doctor Degree in 2000 (with classes on Entrepreneurship, Portfolio
Management, and Derivatives at Stanford Graduate School of Business,
including from GSB and Law School Professor Bill Lazier, co-author of
entrepreneurship books with Stanford Professor Jerry Porras and Stanford
Professor Jim Collins). Professor Wasito served in the US Marine Corps as a
Commissioned Officer (1st Lieutenant), from 1991-1995, taught and coached at
Bellarmine College Preparatory, San Jose, California, from 1995-1997, worked at
Fenwick & West LLP (Law Firm), 1998 and 1999, Paul Hastings LLP, 2001, and
at Engmann Options, MDNH Partners (Investment Fund), and UBS Financial
Services before starting Magis Capital Management LLC in 2006. Magis Capital
is a California and FINRA Registered Investment Adviser, and is registered with
the California Public Utility Commission (CPUC) as a Diverse Business
Enterprise (DBE). !
!
Background of this Curriculum: This class is for MBA Students at Jesuit
Universities, first for Universidad Iberoamericana in Tijuana, Mexico, but also
for MBA Students at other Jesuit Universities in Mexico, Latin America, and
California, in support of the Jesuit mission of strengthening ties between the
province of California and Mexico/ Latin America. This class is also intended to
be appropriate for Marines who are transitioning to entrepreneurship or education
with a business/ financial interest. This class is taught in English, by Distance
Learning (Internet, specifically, Google Hangout, or G+ Hangout, because
Google has a independent backbone, and the strongest platform for a class; all
class materials and any assignments/ handouts/ homework, will be done through
Google documents, GDrive, and other Google apps). !
!
Draft 2, dated Thursday, March 20, 2014. AMDG!
!
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In Portugese: !
!
Good to Great ( Southwest Airlines, Companhia de Jesus, Magis Capital como
estudos de caso )!
Nível 5 Liderança!
Estudo de Caso: Inácio de Loyola desenvolveu através de todos os cinco níveis
de liderança na fundação da Companhia de Jesus.!
Inácio como Nível 1 Líder ( Individual altamente capacitados : Faz contribuições
produtivas através de talento, conhecimento , habilidades e bons hábitos de
trabalho ) . " Com a idade de 16 anos , ele foi enviado para servir como uma
página para Juan Velazquez , o tesoureiro do reino de Castela. Como membro
da família Velazquez, ele era freqüentemente na corte e desenvolveu um gosto
por tudo o que apresentou , especialmente as senhoras " Após a conversão , em
março de 1522, Inácio vai voltar para a construção de si mesmo como um
indivíduo " . Ele seguiu para o santuário beneditino de Nossa Senhora de
Montserrat, fez uma confissão geral, e ajoelhou-se toda a noite em uma vigília
diante do altar de Nossa Senhora , seguindo os ritos de cavalaria. Ele deixou
sua espada e faca no altar, saiu e deu todas as suas roupas finas para um
homem pobre, e vestiu-se com roupas ásperas com sandálias e uma equipe " .!
Inácio como Nível 2 Leader ( Contribuindo Membro da Equipe : Contribui
capacidades individuais para a realização dos objectivos do grupo e trabalha
eficazmente com os outros em um ambiente de grupo ) . Primeiros dias de
Inácio , entrar em brigas, e usar conexões políticas para sair do problema . "Ele
estava muito viciado em jogos de azar, muito controversa , e não acima de
engajar-se em esgrima na ocasião. De fato, em uma disputa entre o Loyolas e
outra família , Inácio e seu irmão mais alguns parentes emboscados à noite
alguns clérigos que eram membros de outra família. Inácio teve que fugir da
cidade. Quando finalmente levado à justiça , ele alegou imunidade clerical ,
usando a defesa que ele tinha recebido a tonsura como um menino, e, portanto,
estava isento de processo civil . A defesa foi especioso porque Inácio teve de
anos passados sobre no vestido de um homem de luta , vestindo uma cota de
malha e uma couraça, e carregando uma espada e outros tipos de armas - e
certamente não o traje de um clérigo . O caso se arrastou por semanas , mas os
Loyolas eram aparentemente poderoso. . Provavelmente, através da influência
de superiores hierárquicos , o caso contra Inácio foi abandonada "Depois de sua
conversão, de novo, Inácio luta com este estágio de liderança no trabalho em
equipe : " Ele finalmente chegou ao Barcelona, tomou um barco para Itália, e
acabou em Roma onde se encontrou com o Papa Adriano VI e pediu
peregrinação à Terra Santa. Uma vez que ele chegou na Terra Santa , ele queria
permanecer , mas foi dito pelo superior franciscano que tinha autoridade sobre
os católicos há de que a situação era muito perigoso. O superior ordenou Inácio
para sair. Inácio se recusou , mas quando ameaçado de excomunhão , ele
obedientemente partiu. "!
Inácio como um líder de nível 3 (Gerente Competente : Organiza pessoas e
recursos para a busca eficaz e eficiente dos objetivos pré -determinados ) .
Sucesso limitado de Inácio como um líder militar , convencendo as suas tropas ,
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e os seus idosos a lutar uma batalha perdida contra os franceses , onde Inácio é
ferido por uma bala de canhão do francês. " [ Inácio ] encontrou-se com a idade
de 30 de maio de 1521 como um oficial defendendo a fortaleza da cidade de
Pamploma contra os franceses , que reivindicou o território como seu próprio
contra a Espanha. Os espanhóis foram terrivelmente em desvantagem eo
comandante das forças espanholas queria se render, mas Inácio o convenceu a
lutar pela honra de Espanha , se não para a vitória. Durante a batalha, uma bala
de canhão atingiu Inácio, ferindo uma perna e quebrar o outro. Porque eles
admiravam sua coragem, os soldados franceses levou-o de volta para se
recuperar em sua casa , o castelo de Loyola , em vez de prisão. "!
Inácio como Líder Nível 4 ( líder eficaz : Catalisa compromisso e de exercício
vigoroso de uma visão clara e convincente , estimulando padrões de
desempenho mais elevados) . Inácio leva um grupo de companheiros em Paris,
que passam por educação clássica e educação em filosofia, antes de se mudar
para Roma para pedir ao Papa para se tornar uma ordem religiosa da Igreja
Católica . Inácio é o seu líder . " Na Universidade de Paris , começou a escola de
novo , estudando gramática latina e literatura , filosofia e teologia ... Foi também
em Paris que ele começou a partilhar o quarto com Francisco Xavier e Peter
Farber . Ele influenciou grandemente alguns outros alunos ( Xavier foi a noz
mais dura de roer, interessado como estava principalmente no sucesso
mundano e honras ) , dirigindo -los todos de uma vez ou outra por trinta dias em
que hoje chamamos os Exercícios Espirituais . Eventualmente, seis deles além
Inácio decidiu tomar votos de castidade , pobreza e ir para a Terra Santa. Se ir à
Terra Santa tornou-se impossível , eles iriam ir a Roma e colocar-se à disposição
do Papa para o que ele gostaria que fizessem. Eles não pensam em fazer isso
como uma ordem religiosa ou congregação , mas sacerdotes individuais.
Durante um ano, eles esperaram , mas nenhum navio foi capaz de levá-los para
a Terra Santa por causa do conflito entre cristãos e muçulmanos. Enquanto
espera , eles passaram algum tempo a trabalhar em hospitais e ensinar
catecismo em várias cidades do norte da Itália . Foi durante essa época que
Inácio foi ordenado sacerdote . "!
Inácio como um líder nível 5 (Nível 5 Executive : constrói a grandeza duradoura
através de uma mistura paradoxal de humildade pessoal e vontade profissional )
. Década de Inácio e meio como o Geral da Companhia de Jesus, um paradoxo
na vontade para a criação de uma grande organização permanente , com
humildade pessoal. " [ Em 1539 ] Inácio pediu a todos os seus companheiros
para vir a Roma para discutir o seu futuro. Depois de muitas semanas de oração
e discussão , eles decidiram formar uma comunidade , com a aprovação do
Papa, em que eles juram obediência a um superior geral que iria exercer o cargo
para a vida. A aprovação formal da nova ordem foi dada pelo Papa Paulo III em
1540. Uma vez que eles tinham se referiram como a Companhia de Jesus ( em
latim Societatis Jesu ) , em Inglês sua ordem tornou-se conhecida como a
Companhia de Jesus. Inácio foi eleito no primeiro escrutínio do grupo para ser
superior , mas ele pediu -lhes para reconsiderar , orar e votar novamente alguns
dias mais tarde. A segunda votação saiu como o primeiro , unânime para Inácio ,
com exceção de seu próprio voto . Ele ainda estava relutante em aceitar, mas
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seu confessor franciscano lhe disse que era a vontade de Deus , então ele
concordou . Na sexta-feira da semana da Páscoa de 1541 , os amigos pronuncia
seus votos à Ordem recém-formado. "!
Primeiro Quem ... Depois que!
Companhia de Jesus: [ Veja abaixo, em 20 de Março de Mile ]!
Magis Capital: Engenheiros Veteranos + + jesuítas alunos , entre os primeiros
membros da Magis Capital , pelo menos, três engenheiros escola treinado, e
pelo menos cinco veteranos que possuem pelo menos 75% da empresa. Alunos
de escolas jesuítas também representar , pelo menos, cinco dos primeiros
membros , incluindo ex-alunos da escola jesuíta da Califórnia para a Índia.!
Algumas fotos de hoje , e na semana passada , que ilustram o conceito de
empreendedorismo "Primeiro Quem ... então o que . " Idéia básica Collins em
"Primeiro Quem ... " é que um negócio bem sucedido começa com o melhor
possível fundação humana, na suposição de que o futuro trará incerteza; que
uma empresa terá que continuar a operar e crescer , apesar dos desafios que
são inevitáveis em eventos humanos.!
Hoje, eu parei pela paróquia jesuíta em San Diego , CA, onde eu compartilhei
uma risada com o meu amigo , o padre . Bill Ameche , SJ ( acima), e viu o
padre . Neil , SJ, dizer missa para um público maioritariamente espanhol / latinoamericano .!
Fr . Trabalho a vida de Bill como um jesuíta foi fortemente envolvido na escrita
catecismo em espanhol para crianças , em um formato que seja acessível para
mais ampla / público latino-americano de língua espanhola como possível - isso
de um homem que nasceu e cresceu em San Fernando Valley, CA - uma
mudança cultural a partir do México, onde Bill trabalhou por 30 anos como um
jesuíta .!
Em Magis Capital , aplicamos essa idéia de "Primeiro Quem ... Depois o quê" ,
recrutando como futuros funcionários United States Marine Corps Oficiais nãocomissionados ( cabos e sargentos ), como Cabo Lucas Lobel - Karimi ( Direita,
abaixo , na foto com uma diversidade de fornecedores / Veteran Disabled
Enterprise Business representante da Southern California Edison, Dennis
Thurston ), porque : a) os USMC sargentos são drogas e antecedentes criminais
verificados (economia de cerca de 6 meses na habitual contratação na indústria
de valores mobiliários ) , B ) aqueles USMC sargentos são pessoas adaptáveis
treinados para situações incertas , exigentes - tanto quanto os primeiros jesuítas
incluiu homens que aceitaram ser implantados para a China a partir de uma
base europeia com menos de algumas frases .!
Domingos é meu dia para refletir sobre esta vocação pessoal de ensinar o "
Stanford School of Entrepreneurship " para uma preparação jesuíta universidade
/ faculdade MBA ou programa de negócios . Uma palavra de agradecimento ao
meu amigo, Bill Ameche , SJ, o superior da comunidade jesuíta aqui em San
Diego , Califórnia, que sugeriu que o Calfornia Provice e da Província (s) do
México estão tentando ter uma melhor comunicação entre a província, e que
talvez eu poderia ajudar a Companhia de Jesus nesta missão , de alguma
forma . Mantenha Bill em suas orações como ele pode ter que ter uma
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substituição da anca , mas ele está trabalhando com terapias médicas
alternativas com algum sucesso !!
Stanford MBA Professor Jim Collins escreve em seu livro , Good to Great , que
grandes empresas têm um princípio de "Primeiro Quem ... então o que . " Para a
minha empresa , Magis Capital, esta é expressa simplesmente , " Veteranos e
engenheiros. " " Hedge Hog Concept ( Simplicidade dentro dos três círculos ) "
da Magis Capital é Carteira de Opções Estratégias - que envolvem instrumentos
financeiros complexos (opções) , que compartilham qualidades matemáticas
com bolas e balas . Como Major John Allen, USMC , diretor da Diretoria USMC
Infantaria Curso gostava de dizer, " Nós todos obedecem às leis da física. "
Basebol , balas e contratos de opção de obedecer Brownianos , fórmulas
financeiras em Física .!
!
Agora , 7 anos depois que a empresa foi fundada , os proprietários do Magis
capital incluem pelo menos 3 Stanford engenheiros treinados, e pelo menos uma
Academia Naval engenheiro treinado - além de acionista majoritário engenheiro
não da empresa (me) . Além disso , os proprietários do Magis Capital incluem 5
Veteranos das Forças Armadas dos EUA, incluindo quatro veteranos deficientes
( assim como Inigo era um veterano com deficiência que serviu o seu país, a
Espanha , antes de seu caminho para a fundação da Companhia de Jesus ), que
têm certas vantagens legais em fazer negócios com empresas do Estado.!
!
Nos últimos três anos, Magis Capital teve 3 EUA Marine Corps oficial não
comissionado ( Cabo e Sargento ) estagiários. Estes são realmente grandes
trabalhadores , e para o futuro da empresa , já que são 21 anos de idade , em
comparação com os meus 45 anos de idade . Estou indo para acelerar o
programa de estágio , uma vez que ajuda a refinar meu processo para tornar os
procedimentos da minha empresa mais padronizados, o que Collins chama
Smac (Specific Metódica e consistente ), em seu livro, Grande pela escolha .
Jesuítas têm suas próprias receitas Smac nas Constituições e Exercícios procedimentos específicos que são repetidos para cada jesuíta . Os jesuítas
Primeiro que então Que princípio sempre foi expressa por encontrar seres
humanos que são muito disciplinado e metódico , qualidades que são incutidos
por treinamento militar.!
!
!
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!
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!
!
Enfrentar os fatos brutais ( sem nunca perder a fé )!
O Conceito Hedgehog ( Simplicidade dentro dos três círculos )!
Companhia de Jesus: [ Veja abaixo, em SMAC ]!
Southwest Airlines : [ Veja abaixo, em SMAC Receita ]!
Magis Capital: O melhor do mundo em fazer a estratégia de colar nos mais altos
ETF liquidez / índices , como SPY (S & P 500 ) , EEM ( MSCI Emerging
Markets ) , EFA ( MSCI Japão + Europa) , GLD ( SPDR Gold), TLT ( Blackrock
iShares Índice Tesouro 20 + ano); apaixonado por fazer menor volatilidade da
carteira para redes de ex-alunos de longa data , como Santo Inácio
Preparatória , San Francisco, Calfornia ; Ganhar dinheiro através de
escalabilidade ( o que fazemos com 1000 ações, o que podemos fazer com 10
milhões ações; único denominador comum econômico é o lucro por ação, bloco
negociados ) .!
Meus pensamentos hoje são sobre o tema do " Conceito Hedgehog ", que
Stanford MBA Professor Collins define como!
1 . O que uma organização pode ser melhor do mundo no!
2 . O que uma organização é apaixonado por!
3 . O que uma empresa pode ganhar dinheiro em!
!
Collins diz (em Good to Great ) que o conceito do ouriço vem de
anunderstanding , não de um desejo , para ser melhor em uma linha específica
de negócios.!
!
Abaixo, vou dizer o que o "conceito ouriço " tornou-se jesuíta nos primeiros anos
da organização , então o que o "conceito de ouriço " é para a minha organização
, Magis Capital, e como ele veio a ser assim.!
!
O "conceito ouriço " jesuíta é simplesmente , "a educação para ajudar as almas
". Essa percepção é parcialmente baseado no livro , Heroic Leadership por
Lowney , que tinha estado em um programa de formação jesuíta antes de partir
para o mundo dos negócios , onde trabalhou para o JP Morgan. É importante
distinguir o real do negócio com lucro e perda da missão dos jesuítas , que ,
claro, é uma questão de teologia , e não o tema do meu curso proposto. "A
educação para ajudar as almas " é uma empresa de serviços , com custos
(livros, custo de propriedade , etc) e renda ( taxa de matrícula dos estudantes ,
ou subsídios do governo) . Em parte, Inácio e os primeiros jesuítas beneficiado
com o que Collins chamaria de " Retorno sobre Luck" ( Grande by Choice ,
Collins) porque a nova ordem religiosa surgiu em aproximadamente o mesmo
tempo que o tipo de móveis e da imprensa, o que deu maior escalabilidade ou
alavanca para a educação clássica e teológica que os primeiros jesuítas tinham
investido pesadamente dentro Os jesuítas , é claro, eram apaixonados pelo
negócio de " educação para ajudar as almas ". Os exercícios foram e são bem
adequados para o desenvolvimento de administradores escolares e líderes que ,
por sua vez , organizar equipes de professores para realizar missões . Os
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jesuítas descobriram que havia uma demanda para a sua educação , então não
havia renda suficiente para fazer a " educação para ajudar as almas " um
negócio de fazer dinheiro. Outras ordens religiosas também têm empresas pensar em fazer vinho. Mas a tomada de vinho não é tão escalável como a "
educação para ajudar as almas " jesuíta linha de negócios. A ordem religiosa
pode fazer alguns dos melhores vinhos de uma região , e pode até fazer muito
bem com um negócio regional. Mas a produção do vinho depende de clima
local , o solo, e muitos outros fatores que distinguem um vermelho Napa de um
vermelho australiano. "A educação para ajudar as almas " jesuíta traça seu
caráter distintivo de volta para as Constituições Jesuítas e os exercícios .
Formado Colegio San Inácio na América do Sul pode falar sobre "A
espiritualidade inaciana ", com uma pós-graduação da Faculdade de Santo
Inácio , São Francisco , Califórnia, com um quadro comum de referência por
causa de uma base comum, que na verdade é o Constituições Jesuítas eo
jesuíta Espiritual Exercícios , assim como fuzileiros navais norte-americanos que
foram treinados décadas distante e em bases diferentes ( marinha Recruit Depot
San Diego, CA, na Costa Oeste , e marinha Recruit Depot Parris Island , na
costa leste ) pode falar uma linguagem comum.!
!
Agora, no mundo real dos negócios de 2013-2014 , Magis Capital se envolveu
em que MBA Professor Jim Collins chamaria de um "conselho " em dezembro de
2013 , a fim de aperfeiçoar a nossa "conceito ouriço ". Eu copiar, a seguir, as
minhas notas dessas reuniões , se resumia a alguns parágrafos . Minha
esperança para Magis é que 400 anos a partir de agora , algum historiador
negócio terá um registro de como uma " grande empresa duradoura " na gestão
de investimentos veio a ser.!
01 de janeiro de 2014 - Board - Hedgehog / Focus!
!
"Todas as coisas estão prontas , se nossas mentes ser assim, "!
Henry V, de William Shakespeare!
!
Conselho de Administração:!
!
Obrigado por Bert Selva, Rick Sapp , Tim Lacey, e Ray McKewon dar algum
tempo para Magis Capital sobre os feriados .!
!
Como ex- Diretor de Operações , suponho meu talento é digerir os diferentes
comentários e formular um plano , certamente , como os Estados -gerente do
LLC, que é minha responsabilidade de fazê-lo .!
!
Professor de MBA de Stanford Jim Collins fala sobre um "conceito ouriço
" ( melhor no mundo , apaixonada, ganhar dinheiro em ) em seus livros ( Good to
Great ) . Então , o nosso foco é ser uma empresa de "estratégia de opção de
índice " . Os mercados mudam , e e colar índice é ideal para um mercado
( 2007-9 ) , menos para o outro.!
!
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Brandes , o ativo consultor de investimentos registrado 27 bilhões de dólares em
San Diego se diz ter sido em US $ 10 milhões ou menos em ativos por 10 anos,
até que um produto específico , misterioso ele tinha desenvolvido estava na
demanda - um algo Estratégia Valor ex Pacífico ou ; as casas de arame ( Merrill ,
Morgan Stanley , et al ) o pegou , eo resto é história. Todo mundo quer ter uma
parte de Brandes em 1984, menos quando era Charlie como uma loja de um
homem em 1980.!
!
Com isso, a genialidade do "conceito ouriço " é quebrar o foco em um único
denominador econômico. Para Magis , que único denominador econômico é "
lucro por ação, bloco negociados. "!
!
Como Ray McKewon apontou, os múltiplos para as empresas de investimento
são muito melhores do que consultar . Aqui, então, são as principais áreas de
foco para 2014 , e algumas métricas de lucro por ação, bloco negociados:!
!
10k mínimo para Magis Target Date Fundos!
-560 Ações TZO , $ 23k!
!
50k mínimo para Call Magis Coberta!
- 210000 partes RMMI , $ 2.1M!
!
125k mínimo para Magis Collar!
- 45.400 partes de EEM ( MSCI Emerging Market ) , $ 1.8M , EEM Collar!
- 4600 partes de SPY (S & P 500 ) , $ 840k , SPY Collar!
!
1,5 milímetros ativos investíveis para MagisHedge!
$ 1.4MM -!
!
Algumas notas :!
!
Magis Target Date fundos é projetado para ser apropriado para todos os
investidores de meus ex-alunos grupos ( militares , escolares) . Enquanto Tim
Lacey e eu acho que talvez este é um produto relativamente simples para a
maioria dos investidores , há um grande número de clientes em potencial ,
mesmo de Stanford ou Harvard , que só não se concentram em finanças. Isto é
para aquelas pessoas que estão acumulando ativos , mas talvez pense o colar
ou opções são complexas. Alvo Data fundos será o foco para o programa de
estágio militar Magis sucesso. Magis estagiários vão aprender a vender fundos
de data -alvo e colocar os clientes em os investimentos na plataforma Brokers
Magis / interativos .!
!
Chamada Magis Coberto. Chamada coberta é de 2 em cada 3 componentes de
um Collar. A maioria dos clientes que conhecem Magis pelo "Índice Collar" não
devemos nos surpreender que também estamos fazendo chamadas cobertas .
Professor de Stanford , diz Collins , uma empresa deve entender o que é porco
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da conversão é . Após 7 anos , a maior posição única Magis 'é uma chamada
coberta . Nós mandaremos a carta (veja abaixo) que debateram a CEOs de
Utilidade CA para tentar negócio de call coberta institucional. Vamos sair para
todos os funcionários do Google de Stanford para tentar obter Google negócio
Chamada Coberto.!
!
Collar Magis . Temos um histórico de 5 anos em Collar EEM , a média de retorno
anual de 6%, temos um registro de 2 anos em SPY Collar , média de retorno
anual de 6%. Continuamos a desenvolver estes registos com dinheiro real.
Tapering está começando , a adrenalina está sendo retirado da vítima de ataque
cardíaco ( a economia dos EUA ) , a volatilidade vai subir , eo colar pode voltar
em voga , com os investidores aprender o velho ditado , " não confunda cérebros
e um mercado de touro . "!
!
MagisHedge significa que vários colares de índice , escolhidos para a nãocorrelação ( títulos, ações, commodities) . Este aproveita o artigo original Collar (
collaring cubo, 2008) e alguns trabalhos mais recentes sobre o valor de venda
de opções semanais pelo Goldman Sachs. A maior margem de produto a
desenvolver é um fundo de hedge .!
!
Magis Consulting ( Utilitários). O melhor caso de vendas a partir de 2013 foi que
Magis basicamente penetrou PGE por causa de um contato funcionário CPUC .
Todo o script para isso é em nossa conta salesforce.com . Procuramos replicar
isso. Isso não é trabalho de investimento , mas paga algumas contas. Em 2014 ,
vou apresentar John Tarzon , LLC membro , USNA de pós-graduação , e um
veterano com deficiência ( como eu, e membro LLC , Brandon Rovell ) para
meus contatos no CPUC , CPUC empresas reguladas ( Edison, et al ) .!
!
A cultura de disciplina!
Companhia de Jesus: A Constituição da Companhia de Jesus, O Exame , e os
Exercícios Espirituais são pouco mudou em sua totalidade em 500 anos .
Jesuítas ainda seguem estes documentos com a disciplina.!
Magis Capital: Nossa disciplina de investimento do colar segue um artigo
publicado em 2008 ( o encoleiramento Cube ) com um seguimento de papel em
2009 ( Soltando o Collar ) , o que resulta em uma lista de verificação de
negociação específica destinada a produzir um resultado numérico específico
( LIBOR + 250 pontos base ), com uma alta taxa de Sharpe ( depois de Stanford
MBA Professor William Sharpe) , o que é apoiado por um , 5- parte trimestral
due diligence SMAC receita específica (ETF Liquidez ; ETF Opção Liquidez ;
Correlação ; ETF Dividend Yield ; Volatilidade) .!
Southwest Airlines : [ Veja SMAC Receita, abaixo]!
Tecnologia Aceleradores!
Companhia de Jesus: [ Veja abaixo, em Retorno sobre Sorte ]!
O Volante e Loop Perdição!
Grande by Choice ( Southwest Airlines, Companhia de Jesus, Magis Capital
como estudos de caso )!
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10Xers!
20 Mile março!
Companhia de Jesus: Os primeiros jesuítas , ea segunda geração de jesuítas ,
foi pressionado a crescer a Sociedade mais rápido para atender a demanda do
Papa para um trabalho mais missionária. No entanto , os jesuítas continuaram a
concentrar-se na qualidade da pessoa que eles produziram , continuando a se
concentrar em triagem e seleção dos indivíduos autorizados a entrar na
sociedade . A Constituição da Sociedade de Jesus totaliza 250 páginas , com até
150 páginas dedicadas a triagem das pessoas que vêm para a Sociedade . Idéia
Stanford MBA Professor Jim Collins ' da marcha 20 milhas é que, para a pessoa
que está indo a pé em toda a América , é melhor fazer 20 milhas por dia , faça
chuva ou faça sol, do que ir mais rápido com bom tempo , mais lento em mau
clima. Os primeiros jesuítas e as primeiras gerações de jesuítas parecem ter
aplicado essa ideia da marcha 20 milhas para o seu "negócio" , concentrando-se
em levar apenas os candidatos certos para a Companhia de Jesus (isto também
é consistente com Stanford MBA Professor Jim Collins ' idéia de " primeiro Quem
, então o que " em seu livro Good to Great )!
Balas de fogo , então Cannonballs!
Companhia de Jesus: Os primeiros jesuítas não planeja criar um negócio de
educação , mas eles encontraram uma demanda por suas escolas , e assim ,
criou uma universidade ( faculdade nos Estados Unidos, Universidad na América
Latina) e ensino médio ( colegial em Estados Unidos , colegio no Brasil ) sistema
que cresceu rapidamente e permanece como um dos "produtos" distintos dos
jesuítas .!
Liderando Above The Line Morte!
Smac (Specific , metódico e consistente )!
Companhia de Jesus, Exercícios Espirituais como um exemplo de Smac Receita
. Exercícios Espirituais de Inácio são uma , quatro semanas (fase ) " roteiro "
específico de exercícios projetados para leigos , bem como religiosa.!
Southwest Airlines : Esta é a força , a disciplina nos " três círculos " do conceito
Hedgehog ( de Stanford MBA Professor Jim Collins ' Southwest Airlines livro ,
Good to Great , o que pode ser melhor do mundo , o que você está apaixonada ,
o que você pode ganhar dinheiro em ) , ou ficar dentro da Receita SMAC . No
caso da Southwest Airlines, a receita SMAC é essas etapas específicas, que
tenham permanecido praticamente inalterado para o histórico completo da
empresa : [list Sudoeste SMAC 1-10]!
O retorno sobre Sorte!
Companhia de Jesus , Retorno sobre sorte na partida durante a Contra-Reforma
, e durante o Invention of da Imprensa . Os primeiros jesuítas chegaram à vista
do Vaticano durante um período de intensa competição teológico , com o
( protestante) ea Reforma (católica ) Contra-Reforma lutando pelas almas dos
europeus . Os primeiros jesuítas tiveram uma educação de primeira classe a
partir de seus anos em Paris , estudando clássicos. Como os primeiros jesuítas
vieram para o controle do Papa, o surgimento da Imprensa da invenção de
Gutenberg permitiu que os jesuítas tecnologia experientes para tirar o máximo
proveito de sua educação rigorosa para promover a (católica ) Contra-Reforma .
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Será que os primeiros jesuítas tornaram-se os primeiros jesuítas em um
momento sem a Contra-Reforma e da Imprensa ? Quais são as tendências de
tecnologia no mundo de hoje para que a Companhia de Jesus continua a
adaptar-se ? ( sacredspace.ie , jesuítas no facebook ) . É a idade atual da
criação de oportunidades especiais através da Internet (Google ) ea idade do
primeiro latino-americano ( jesuíta ), o Papa , assim como os primeiros jesuítas
desenvolvidas durante o advento da Imprensa durante a Contra-Reforma ?!
O retorno sobre Sorte!
!
Ponto básico professor de Stanford MBA Jim Collins com seu capítulo sobre
Retorno sobre Sorte na Grã pela escolha é que grande risco e oportunidade vai
enfrentar todos os negócios e para que o negócio que é mais adaptável
sobreviverá - Collins usa o exemplo de um duo alpinismo preso por uma
tempestade , quando um homem tem uma vida acidente com risco para fazer
seu ponto .!
!
Para a Companhia de Jesus, o Retorno sobre Sorte foi refletido no fato de que a
Companhia de Jesus foi " incorporado " dentro da mesma década, como o início
da imprensa e dos tipos móveis - que alavancou muito a natureza altamente
acadêmico da formação dos primeiros 10 ou mais jesuítas porque as
Constituições e os exercícios são transferíveis através da palavra escrita , que é
mais portátil do que , digamos, uma caixa de vinho que outra ordem religiosa
pode produzir como um produto comercial , assim, "a educação para ajudar as
almas " tornou-se um produto que poderia se espalhar por todo o mundo através
da portabilidade de documentos escritos , realizado naturalmente, pelos
jesuítas , mas também por seus alunos.!
!
Hoje, em 2014 , nós vivemos novamente dentro de algumas décadas após o
início de um novo meio de comunicação de massa - a Internet . Alguns jesuítas ,
como o padre . James Martin , SJ, são bastante ativos neste meio - por exemplo,
através de seu Facebook postagens. Como um graduado da Santo Inácio
College Preparatory , San Francisco , CA ( para distinguir de todas as outras
escolas globais Saint Ignatius ! ) Classe de 1987 , eu vim a conhecer o padre .
Martin inteiramente na internet através de meus colegas de classe , como Sean
Lawhon , Will Magee , Rich Conway, e Patricio Barraza .!
!
!
!
!
!
Fazendo Negócios com a Comissão California Public Utility ( CPUC ) empresas
reguladas para as Mulheres- , Minority - , ou de propriedade de Veteranos
Deficientes Empresas Comerciais ( WMDVE )!
Escopo de oportunidade : fazer negócios com empresas CPUC regulados é uma
grande oportunidade para as empresas de propriedade de imigrantes porque:!
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As 34 empresas reguladas pela CPUC incluem todos os serviços públicos , na
Califórnia , incluindo algumas das maiores empresas de energia dos Estados
Unidos , como a Sempra Energy ( símbolo do mercado de ações SRE , que é a
empresa-mãe da SDGE , ou San Diego Gas & Electric , e Southern California
Gas) , Southern California Edison ( símbolo do mercado de ações EIX ) e Pacific
Gas & Electric ( símbolo do mercado de ações PCG ) . Em 2011, os serviços
públicos regulamentados CPUC gastou US $ US $ 7,2 bilhões com diversas
Empresas Comerciais ( DBE ) , incluindo 4,7 bilhões dólares com Minority
Business Enterprises ( MBE ) , 2.200 milhões dólares com mulheres Owned
Business Enterprises ( WBE ) , e $ 0,3 bilhões com Disabled Negócios Veteran
empresas ( DVBE ). (Referências: GO_156_Report_En_Banc_2012.PPT ;
GO_156_Report_En_Banc_2011.PPT ; Clearinghouse - application.PDF ; CUDC
PPP 11 de outubro CPUC En Banc.pdf )!
História de Inácio Mejia , USMC ; Manuela Mejia , USMC , e Inigo Loyola ,
Exército Espanhol: 500 Anos atrás, enquanto Inigo Loyola estava ferido por uma
bala de canhão francês durante seu serviço no exército espanhol, ele concebeu
um plano de negócios para um sem fins lucrativos organização que iria crescer a
partir de 10 companheiros para uma organização de 21.000 profissionais que
dirigem escolas e outras organizações em todo o mundo . Mais recentemente,
enquanto o sargento Inácio Mejia , United States Marine Corps recuperou de
suas feridas no Iraque , ele decidiu em um plano de negócios que ele queria
correr com vários de seus amigos do Corpo de Fuzileiros Navais , e com o apoio
da família de seu Brasil natal. Sua irmã, Manuela Mejia , USMC , que havia sido
avaliado com perda auditiva a partir de seu serviço no exército americano ,
também decidiu por um plano de negócios que ela queria correr com seus
amigos da Marinha e com a família do México. Tanto Inácio Mejia e Manuela
Mejia receberá alguns benefícios por incapacidade de Veteranos dos Estados
Unidos Veterans Administration (VA) , uma agência federal , mas eles também
podem usar sua classificação deficiência do VA para registrar sua empresa
como um Disabled Veterans Enterprise Business ( DVBE ) sob CPUC Order
Geral 156, e ao fazê-lo , possivelmente, obter contratos com empresas valiosas
CPUC regulamentados. Inácio Mejia e Manuela Mejia também pode registrar
suas empresas como Veteranos Owned Pequenas Empresas ( VOSB ), e como
Serviço de pessoas com mobilidade Veteranos Owned Empresas ( SDVOSB )
com o Veterans Administration Federal , que vai ajudar ainda mais suas
empresas para ganhar contratos. Além disso, como hispânicos ( latino, mexicano
, brasileiro, colombiano , etc) pessoas , Inácio Mejia e Manuela Mejia pode usar
sua origem étnica de registrar suas empresas como Minority Business
Enterprises ( MBE ) sob GO 156, e ao fazê-lo , possivelmente, obter contratos
valiosos com as empresas CPUC regulado. Manuela Mejia pode usar seu
gênero a registrar sua empresa como uma empresa de propriedade Mulheres de
Negócios ( WBE ) sob GO 156, e ao fazê-lo , possivelmente, obter contratos
com empresas valiosas CPUC regulamentados.!
Esta parte da classe é um passo a passo discussão sobre o que é necessário
para a pessoa se registrar como um veterano com deficiência Owned Enterprise
Business ( DVBE ) , Minority Business Enterprises ( MBE ) , e as mulheres
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Owned Business Enterprises ( WBE ) com o CPUC . Estas certificações será
reconhecido por outras agências e empresas de fora do CPUC , eo processo
para registro no CPUC será semelhante ao de outras agências federais e
estaduais . O público-alvo é MBA estudantes em universidades jesuítas no
México , Califórnia , no Brasil ou em outros países da América Latina , e em
transição Marines com um interesse em empreendedorismo.!
Feitas para Durar ( Southwest Airlines, Companhia de Jesus como estudos de
caso )!
Capítulo 1: O Melhor dos Melhores!
Capítulo 2: Relógio edifício não informado Tempo!
Capítulo 3:!
Capítulo 4 :!
The Black Swan!
!
Leitura :!
Requerido:!
Jim Collins, Good to Great ( http://www.jimcollins.com )!
Jim Collins, Grande by Choice ( http://www.jimcollins.com )!
Jim Collins, Built to Last ( http://www.jimcollins.com )!
Chris Lowney , Heroic Leadership : Melhores Práticas de uma empresa de 450
anos que Mudou o Mundo ( http://www.chrislowney.com/heroic/ )!
Stanford GSB , a Southwest Airlines Case Study!
GO_156_Report_En_Banc_2012.PPT ; ( publicado on-line em GDrive )!
GO_156_Report_En_Banc_2011.PPT ; ( publicado on-line em GDrive )!
Câmara - application.pdf ( publicado on-line em GDrive )!
CUDC PPP 11 de outubro CPUC En Banc.pdf ( publicado on-line em GDrive )!
CUDC PPP 12 de outubro CPUC En Banc.pdf ( publicado on-line em GDrive )!
2011 CUDC Relatório Anual Final.pdf ( publicado on-line em GDrive )!
2012 CUDC Relatório Anual Final.pdf ( publicado on-line em GDrive )!
recomendados :!
O'Malley , os primeiros jesuítas ( http://books.google.com/books/about/
The_first_Jesuits.html?id=1LRt8W4_GWsC )!
Nassim Taleb , The Black Swan ( http://www.amazon.com/Black-SwanImprobable-Robustness-Fragility/dp/081297381X )!
O jornal Economist ( www.economist.com )!
!
Estudo de Caso:!
Magis Capital (Vendas , Compliance (Legal ) , Negociação)!
!
Professor Biografia: Janar Joseph Wasito formou Santo Inácio College
Preparatory , San Francisco, 1987 como Valedictorian , formado Harvard College
1991 com um Bachelor of Arts , magna cum laude , na história americana ,
Literatura e Religião Comparada (com quatro classes em Weston School of
Theology com Brian Daley , SJ ) , formado Stanford Law School com um
Doutoramento Juris em 2000 ( com aulas sobre Empreendedorismo , Gestão de
Carteira, Derivativos e na Stanford Graduate School of Business , incluindo a
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partir de GSB e Law School Professor Bill Lazier , co- autor de livros de
empreendedorismo com Stanford Professor Jerry Porras e Stanford Professor
Jim Collins) . Professor Wasito servido em os EUA Corpo de Fuzileiros Navais
como um oficial (1 º tenente ) , 1991-1995 , ensinou e treinou na Belarmino
College Preparatory , San Jose, Califórnia, 1995-1997 , trabalhou em Fenwick e
West LLP ( Law Firm ) , 1998 e 1999 , Paul Hastings LLP de 2001, e em Opções
Engmann , MDNH Partners ( Fundos de Investimento ) e UBS Financial Services
antes de iniciar Magis Capital Management LLC em 2006. Magis Capital é uma
Califórnia e FINRA Registered Investment Adviser , e está registrada na
Comissão de Utilidade Pública da Califórnia ( CPUC ) como um Diverse
Negócios Empresarial ( ERP) .!
!
Contexto do presente Curriculum : Essa classe é para MBA estudantes em
Universidades Jesuítas , em primeiro lugar para Universidad Iberoamericana ,
em Tijuana , no México, mas também para os alunos de MBA em outras
universidades jesuítas no México , América Latina, e na Califórnia, em apoio à
missão jesuítica de fortalecer laços entre a província de Califórnia e México /
América Latina. Essa classe também se destina a ser apropriado para fuzileiros
navais que estão em transição para o empreendedorismo ou a educação , com a
/ interesse financeiro do negócio. Esta classe é ministrado em Inglês , pelo
Ensino à Distância ( internet, em especial , o Google Hangout , ou G+ Hangout ,
porque o Google tem uma espinha dorsal independente , ea plataforma mais
forte para uma classe , todos os materiais de classe e quaisquer atribuições /
apostilas / lição de casa, será feito através de documentos do Google , GDrive ,
e outros aplicativos do Google ) .!
!
Projecto, 22 março, 2014 . AMDG!
!
!
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A Weekly Exercise to build English/ financial proficiency in MBA Students at
Jesuit Universities in Mexico, Brazil, or Colombia; and to build financial
proficiency in Marines transitioning with interest in education, employment, or
entrepreneurship in financial services (Broker-Dealer, Investment Adviser, Hedge
Fund, Investment Bank, etc)!
!
!
April 27, 2013!
!
Cyprus: Divided They Fail, possible bearish for MSCI EAFE. !
!
April 21, 2013!
!
China’s Economy. Speed Isn’t Everything. possible bullish for MSCI EM!
!
Pandemic Preparedness. Coming Ready or Not. Possible Bearish for S&P 500,
MSCI EAFE, and MSCI EM, as a possible black swan (high impact, low
probability event)!
!
April 12, 2013!
!
Germany and the Euro, Right Target, Wrong Shots: Possible Bearish for MSCI
EAFE Index (EAFE includes Japan + Europe). !
!
Japan: Revolution in the Air: Possible Bullish for MSCI EAFE Index. !
!
Indian Politics: Memento Modi: Possible Bullish for MSCI EM Index (MSCI EM
includes emerging markets like BRICs, but also other countries like S. Korea,
Mexico, etc)!
!
April 6, 2013!
!
Coping with North Korea: Korean Roulette. Possible very bearish (black swan,
low probability, high impact) for MSCI EAFE, EM Index, and for S&P 500. !
!
Mexico’s New President: Pena’s Promising Start. Possible bullish for MSCI EM
Index. !
!
Economic Policy: A World of Cheap Money. Possible bullish for S&P 500 and to
lesser extent for MSCI. !
!
March 30th, 2013!
!
Can India Become a Great Power? Possible bearish for MSCI EM Index. !
!
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The Cyprus Bail-Out: This Septic Isle. Possible bearish for MSCI EAFE Index
because it impacts eurozone. !
!
Egypt. It’s the Politics, stupid. NA for S&P 500, MSCI. Notable for non impact,
after a decade of geopolitical events impacting global markets. !
!
!
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!
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Weekly Examen To Improve Business English: !
A SMaC Recipe for Magis Capital clients, and entrepreneurs in Jesuit
Universities + USMC!
!
Stanford MBA Professor Jim Collins defines a SMaC Recipe as Specific,
Methodical, and Consistent in his book, Great by Choice. Jesuit school students
would be familiar with a Jesuit SMaC recipe in the Spiritual Exercises and the
EXAMEN which have been consistent for 450+ years. US Marines would be
familiar with a USMC SMaC recipe in the 5-paragraph order, or SMEAC
(Situation, Mission, Execution, Administration, Command and Control) which has
remained consistent for decades during the Marine Corps’ 200+ years. In Magis
Capital, our weekly market analysis has followed a SMaC Recipe in writing a
single sentence stating a bullish or bearish interpretation of the major indexes
(S&P 500, MSCI) to each Leader item in The Economist, a newspaper which has
been published for over 100 years. Recently, I have been asked to do some part
time teaching on entrepreneurship at both a Jesuit school and for transitioning
Marines. Therefore, I am going to extend this weekly exercise beyond the
audience of Magis Capital clients to MBA/ business entrepreneurship students at
a Jesuit school and to transitioning Marines in the entrepreneurship pathway in
USMC Transition Readiness Seminar (TRS). !
!
Each week: !
!
1. Download audio or electronic version, or read paper version, of The
Economist, scan the Leaders. (The Leaders usually correspond with market
moving events which impact the major indexes, like the MSCI World Index).
The Economist weekly edition is published every Thursday by noon. !
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!
!
!
!
2. Is a Leader article relevant to the following three indexes: Standard & Poors
500 Index (symbol SPY); MSCI EAFE Index (Europe + Japan); MSCI
Emerging Markets (EM, ie, BRICs “Brazil Russia India China” + Indonesia,
Mexico, Turkey, etc)? !
3. Is the Leader bullish (up) or bearish (down) on the index? Why? Summarize
why in one sentence, maybe quoting from the Leader article. The single
sentence written assignment is due to professor Wasito by Sunday at noon. !
!
Em Portugese: !
Exame Semanal para melhorar os negócios Inglês :!
A Receita SMAC para clientes Magis Capital , e empresários em universidades
jesuítas + USMC!
!
Stanford MBA Professor Jim Collins define uma receita da SMAC como
Específica Metódica e consistente em seu livro, Grande por escolha. Alunos da
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escola jesuíta estaria familiarizado com uma receita jesuíta SMAC nos
Exercícios Espirituais e O Exame que tem sido consistente para 450 + anos.
Marines dos EUA estaria familiarizado com uma receita USMC SMAC na ordem
de 5 parágrafo, ou SMEAC (Situação , Missão , Execução , Administração,
Comando e Controle ), que tem se mantido consistente ao longo de décadas
durante o Corpo de Fuzileiros Navais 200 + anos. Em Magis Capital , a nossa
análise semanal de mercado tem seguido uma receita Smac em escrever uma
única frase afirmando uma interpretação de alta ou baixa dos principais índices (
S & P 500 , MSCI ) para cada item Líder em The Economist, um jornal que foi
publicado há mais de 100 anos. Recentemente, me pediram para fazer alguma
ensino a tempo parcial sobre o empreendedorismo , tanto uma escola jesuíta e
para a transição Marines . Portanto, vou estender este exercício semanal para
além do público de clientes Magis Capital para os alunos de MBA /
empreendedorismo de negócios em uma escola jesuíta e transição Marines na
via empreendedorismo no USMC Seminário de Preparação de Transição
(TRS ) .!
!
A cada semana :!
!
Baixe áudio ou versão eletrônica , ou ler a versão de papel , de The Economist ,
navegue pelos Líderes . ( Os líderes geralmente correspondem com mercado
em movimento eventos que afetam os principais índices , como o índice MSCI
World ) . A edição semanal Economist é publicada toda quinta-feira ao meio-dia .!
!
!
!
!
É um artigo Líder relevantes para os três índices seguintes : Índice Standard &
Poors 500 ( símbolo SPY ); índice MSCI ( Europa + Japão ); MSCI Emerging
Markets (EM, ou seja , BRICs "O Brasil Rússia Índia China " + Indonésia,
México, Turquia , etc)?!
É o líder bullish (para cima) ou de baixa (para baixo) no índice ? Por quê?
Resumir por que em uma frase, talvez citando o artigo Líder . O trabalho escrito
única frase é devido a professora Wasito no domingo ao meio-dia .!
!
Example of summary sentence: (This is the work product that the student should
submit to professor Wasito by Gmail, or other G+)!
!
“A comprehensive Special Report on Brazil in The Economist is bearish for the
MSCI Emerging Markets EM (NYSE: EEM) index because it details the political
risk and consequent economic problems, especially related to the GINI
coefficient (disconnect between new middle class and very rich), in Brazil.”!
!
Example: !
!
Brazil: Special Report: Grounded, The Economist, September 28, 2013!
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!
Attachment: Brazil Grounded audio file and PDF. !
!
!
Special report:!
Brazil!
Grounded!
!
Having come tantalisingly close to taking off, Brazil has stalled. Helen Joyce
explains what it must do to get airborne again!
!
Sep 28th 2013 | From the print edition!
!
IN JUNE THIS year Brazil was struck by an outbreak of mass protests as sudden
as a tropical storm. Brutal policing of demonstrations against a rise in bus fares
elicited a wave of solidarity and brought more than a million marchers to the
streets on subsequent nights. It also gave vent to previously unsuspected public
fury over rising inflation, high taxes, poor public services and political corruption.
Even football, a Brazilian passion, became a target of the protesters’ ire. Many
carried placards contrasting their government’s lavish spending on stadiums for
next year’s World Cup with the dire state of the rest of the country’s
infrastructure.!
!
The change in political weather came after almost two decades of brightening
skies. Since 1994, when hyperinflation was tamed with a new currency, the real,
successive governments have pursued generally sound economic policies and
adopted anti-poverty programmes. The economy grew rapidly and inequality
declined. The global commodity boom helped by sucking in Brazilian iron ore and
agricultural produce, and in 2007 Brazil struck vast deposits of deep-sea oil.
Being chosen to host both the 2014 World Cup and the 2016 Olympics seemed
due recognition that its days as a chronic underachiever were behind it.!
!
But Brazil’s economy did not play ball. Having grown by 7.5% in 2010, the fastest
rate for a quarter-century, it slowed to 2.7% in 2011 and a mere 0.9% in 2012.
This year will see a tepid recovery at best. Inflation is sticking at around 6%.
Pessimists recall that the one period of impressive growth within living memory,
in the 1970s, ended in chaos and hyperinflation. In recent years Brazil has been
seen as one of the leading emerging-market economies that would help drive
global growth in the next half-century. But many now wonder whether it has
managed nothing more than a vôo de galinha (chicken flight), a brief,
unsustainable growth spurt followed by a rapid return to earth.!
!
During Brazil’s “economic miracle” of the 1970s it was the rich who captured
most of the gains. At the time Edmar Bacha, an economist, invented a new label
for it, “Belíndia”—a combination of a small, rich country, like Belgium, and a large,
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poor one, like India. Public education, health care and roads were provided for
the Belgian part. Those living in India did without and expected nothing better.!
!
Brazil is still one of the world’s most unequal countries. Its murder rate rivals
Mexico’s. Public health care is a lottery. Fewer than half its pupils leave school
fully literate. But it is no longer Belíndia. In the past quarter-century a better
labour market and a basic social safety net have cut poverty by two-thirds. In the
past decade the income of the poorest 10% of Brazilians has almost doubled in
real terms, whereas that of the richest 10% has grown by less than a fifth. Brazil’s
Gini coefficient, a measure that expresses income inequality, is at a 50-year low.
But “there is a sense in which Brazil is still Belíndia,” says Marcelo Neri, the
president of IPEA, a government-funded think-tank: “A rich country that’s growing
like Belgium—that is, slowly—and a poor one that’s growing fast, like India.”!
!
More than half Brazil’s population of 200m now belongs to a new lower-middle
class, living in households with a monthly income per person between 291 and
1,019 reais ($127-446). Most of these gains in income have come from earnings,
though government transfers have made an important contribution, especially in
the poor north-east. Tens of millions of Brazilians now live in more solid houses
equipped with cookers, fridges and washing machines. Many own cars. Children
of illiterate domestic servants have jobs in the formal economy and study for
degrees at night.!
!
But when the new middle classes step outside their doors, traces of 1970s
Belíndia are still all around. The number of cars in circulation has more than
doubled in a decade, but most roads are still unpaved and few new ones have
been built. Public transport consists mainly of packed, decrepit buses. Air traffic
has also more than doubled in the past ten years, but airports have barely been
touched. Children attend school in two, sometimes three shifts a day. Two-fifths
of Brazilians are not covered by local primary health care. When life was a
struggle for survival, the economy and jobs were the main concerns. Now that
people are a little better off, the parlous state of infrastructure and public services
is at the front of their minds.!
!
The government has tried but largely failed to respond to growing demand for
public goods. Many of the big infrastructure projects included in its Growth
Acceleration Programme announced in 2007 are running years behind schedule
and way above budget. Dilma Rousseff, the president, appears at last to have
accepted that Brazil will need private-sector involvement to get the roads,
railways, ports and airports it needs, but her conversion has been late and
grudging. Concessions to run three airports were auctioned at the beginning of
2012, but auctions for more airports, as well as ports, roads and railways, were
delayed while the government quibbled over the terms.!
!
The dangers of complacency!
!
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Many Brazilian politicians seem to believe that the protests were simply growing
pains, but they are being unduly complacent. They should have realised that the
new middle classes would want decent public services, commutes without epic
traffic jams and elected representatives who were visibly working towards these
ends. Several parties have proposed electoral reforms to make politicians more
responsive to voters, but they all want different things, so reaching consensus
will be difficult.!
!
A less favourable economic climate is now making it even harder to meet the
voters’ increasingly vocal demands. The slowdown in growth has caused a
downturn in investment, which last year was just 18.4% of GDP, not enough to
lead a recovery or to build the infrastructure Brazil needs. Ms Rousseff has been
hectoring businessmen to invest more, ignoring the fact that it is mainly
government obstructionism and heavy-handedness that hold them back. And
commodity prices seem unlikely to bail out Brazil’s economy with another growth
spurt.!
!
!
The country has also blown its chance to cash in on its demographic bonus. Its
birth rate has declined steeply over the past few decades but it still has a young
population, with many people currently of working age, and a relatively small
number of dependants at either end of the age scale. Unfortunately most of this
bonus is going on a crazily generous pension system. That will soon put an even
bigger strain on public finances as large numbers of workers start to retire.!
!
Despite all these caveats, this special report will argue that, given the will, there
is scope for the social and economic advances of the past two decades to
continue. Brazil’s agribusiness has made huge productivity gains and offers
opportunities for further growth. Innovative consumer firms are catering to the
new middle classes and are starting to expand abroad. Brazil’s politicians have
been put on notice that today’s young adults, better educated than the previous
generation, will be less willing to accept corrupt, venal politics and more insistent
on getting decent public services in return for the high taxes they pay.!
!
The way to fund such services is not to increase public spending, which at 38.5%
of GDP is already far higher than in comparable countries, but to get growth
going again. To achieve that, the government will have to resume the reforms it
dropped during the good times: trimming pension benefits, cutting red tape,
lowering and simplifying taxes and updating labour laws. Successful
infrastructure auctions, too, would help get investment back on track, and
abandoning anti-profit rhetoric would improve business sentiment. But the most
urgent problem that Brazil needs to tackle is a sharp loss of competitiveness.!
!
From the print edition: Special report!
!
!
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Luiz Brandao, March 11, 2014:
Not very international... considering offering some courses in English...
Executive education in Brazil... offering those in English... first semester 2015...
This could be a fit...
!
Luiz:
Thank you for clarification.
Of course I understood all of this.
I am trying to test logistics and account for custo Brazil delays in advance of possibly teaching in 12
months.
More later.
By the way does anyone know of free WiFi I can use at PUC? I am here now at the entrepreneurship center.
It boggles a Stanford educated American that even the entrepreneurship center lacks free WiFi.
Janar
!
Janar
On Mar 12, 2014 12:30 PM, "Luiz Brandão" <[email protected]> wrote:
Dear Janar
As I men,oned to you during our mee,ng yesterday, we are unable to offer you any teaching posi,on at the undergraduate level, as this would require a full load of four classes yearlong during both academic semesters, and even in these cases, the preference is for professors that hold a Ph.D degree. We are considering the possibility of offering an execu,ve educa,on cer,ficate program in the future which would be delivered in English, but at his point there is nothing concrete on this. Eventual inclusion of the course you men,oned would have to go through all the academic veEng channels considering previous experience and must be consistent with the focus of the program, which at this point we do not have. What I am saying is that any considera,on of your possible par,cipa,on at the Business School is premature un,l we know if the course will be offered or not in 2015, so I suggest we postpone this discussion un,l them.
Hope you enjoy your stay in Brazil
Best regards
Luiz
De: Janar Wasito [mailto:[email protected]] Enviada em: quarta-feira, 12 de março de 2014 11:01
Para: Luiz Brandão
Cc: Zeni Cassiano; Bill Ameche; Luis Felipe S. de Carvalho; JOSE ALBERTO
SAMPAIO ARANHA; Paul Schweitzer; John Murphy; [email protected];
Charles J Green; [email protected]; Derek Cameron
Assunto: Re: RES:
AMDG
Further to below, I am overcoming custo Brazil with jeitinho bit by bit... Writing this from clube de
flamengo (good wifi thank Deus!)... Where my jeitinho is mentioning PUC professor to pass gratis
in contrast to my first day mistake (custo Brazil) if wearing Vasco camisa! Briga! Now I wear a
lulumon yoga polo so flexible I shower swim in it but acceptable business attire which was
recommended by a 12 year Navy SEAL now at Stanford, derek. Desculpe por muito emails. This
is my notepad to write the business English exercises (on a Google Nexus4 smartphone which
syncs with all gapps including gmail, which along with whatsapp/viber is the only way to message
gratis when WiFi available, overcoming the custo Brazil of Oi/vivo/claro/TIM barriers to
intercommunication by the jeitinho of messaging over a free WiFi app, eg whatsapp, viber, gmail).
Today I will walk to instituto Genesis and back and I am done.
5h wake up botafogo apartment/ apartamento
7 -12 work gavea
- workout 30-150 minutes
- walk to college
- practice teaching 10 minute class of business English from economist on internet connected (g
+) computer
- work on teaching
- walk to gym
- return botafogo apartment
On Mar 12, 2014 5:38 AM, "Janar Wasito" <[email protected]> wrote:
>
> Luiz, >
> Very nice to meet you yesterday. Terrific to connect with a fellow Stanford graduate too.
Attached is a picture of George Shultz at a Stanford Hoover Birthday event. I have been involved
with Stanford Club San Diego and other Stanford Chartered Clubs, and I will do that here in Brazil
as well, particularly business/ entrepreneurship events that can be located at or co-sponsored
with PUC. >
> Immediately, I am going to work on setting up a website, on my company website for now, as a
"classroom" by Google Plus (G+ Hangout), the strongest internet backbone, for the Business
English unit in an Executive MBA Program exercise we discussed:
>
> Each week:
>
> 1. Download audio or electronic version, or read paper version, of The Economist, scan the
Leaders. (The Leaders usually correspond with market moving events which impact the major
indexes, like the MSCI World Index)
>
> 2. Is a Leader article relevant to the following three indexes: Standard & Poors 500 Index
(symbol SPY); MSCI EAFE Index (Europe + Japan); MSCI Emerging Markets (EM, ie, BRICs
“Brazil Russia India China” + Indonesia, Mexico, Turkey, etc)?
>
> 3. Is the Leader bullish (up) or bearish (down) on the index? Why? Summarize why in one
sentence, maybe quoting from the Leader article.
>
> Also, I am going to add the unit in the curriculum on Gavea Investments as a case study in the
Jim Collins' framework (Good to Great, Great by Choice, chapters). The text for Gavea/ E. Fraga
will be More Money Than God by Sebastian Mallaby, a former writer for The Economist. Fraga is
covered as an employee of Soros, and the entire book is an excellent treatise on the
development of hedge funds. I am going to work on contacting Gavea Investments for research
on the curriculum. >
> My work schedule roughly is: > mornings, come from Botafogo to Clube de Flamengo to workout for a few hours
> I can work quite well on the patio at Clube de Flamengo
AMDG
> I have asked for WiFi access at Instituto Genesis, but do not need it
> If there are other places at IAG/ MBA program where I may work, I will appreciate it, especially
with good WiFi access
> My 'IT' Department is now just down the road at the first Apple Store in Barra. >
> So, I am quite happy and settled!
>
> Best,
> Janar
> 995816326
>
>
> On Sat, Mar 8, 2014 at 12:27 AM, Janar Wasito <[email protected]> wrote:
>>
>> For reference the latest version of the Entrepreneurship Class is attached by PDF. >>
>> There are two things that I can best or only do in Rio: >>
>> 1. Set up the logistics of teaching the course remotely by a platform like G+ Hangout (the
strongest internet backbone, so the signal would be clear across continents); this means really
just sitting down with people and doing some G+ Hangouts, including perhaps some of the
Jesuits at their house, or the Instituto Genesis faculty, or IAG Faculty. I don't want to get ahead of
myself, but experience shows that the muscle memory/ logistics of using online tools is best done
in person. My plan would be to teach the class in English, and on the Internet from the outset, as I
believe the curriculum may be of interest to many Jesuit schools globally; it may serve as a
means of communication between Jesuit provinces, for example, between the California (USA)
province, and Mexico, as some of the course subject matter concerns how hispanic persons can
have specific legal advantages in business under California law and would be of interest to any
business south of the Mexican-American border seeking to do business in the United States.
>>
>> 2. Consider drafting and presenting some type of request to underwrite/ support this work to a
potential sponsor like Gavea Investments/ Erminio Fraga. Of course, I would not send along
anything without the explicit prior approval of PUC at all levels of adminstration, so I expect this
would take several months at least. So, not on this trip. But, I can find where the office is in
Gavea, and perhaps network a bit as a fellow investment professional. >>
>> Luiz, looking forward to seeing you Tuesday. >>
>>
>> On Fri, Mar 7, 2014 at 1:00 PM, Luiz Brandão <[email protected]> wrote:
>>>
>>> Janar
>>>
>>> >>>
>>> Please meet me at my office at the Business School (IAG), which is right across from the
Church. Just ask for me at the reception and you will be escorted to my office.
>>>
>>> >>>
>>> See you next Tuesday
>>>
>>> >>>
>>> Luiz
>>>
>>> >>>
AMDG
>>> >>>
>>> De: Janar Wasito [mailto:[email protected]] >>> Enviada em: sexta-feira, 7 de março de 2014 17:47
>>> Para: Luiz Brandão
>>> Cc: Zeni Cassiano; Paul Schweitzer; Bill Ameche
>>> Assunto: Re: RES:
>>>
>>> >>>
>>> Luiz:
>>>
>>> I would be glad to meet on Tuesday at 3. Please just let me know where?
>>>
>>> Best, >>> Janar
>>>
>>> On Mar 7, 2014 5:41 PM, "Luiz Brandão" <[email protected]> wrote:
>>>
>>> Dear Janar
>>>
>>> >>>
>>> If you are free next Tuesday at 3 PM I would be happy to talk to you.
>>>
>>> >>>
>>> Best regards
>>>
>>> >>>
>>> Luiz
>>>
>>> >>>
>>> >>>
>>> De: Janar Wasito [mailto:[email protected]] >>> Enviada em: quinta-feira, 6 de março de 2014 19:55
>>> Para: Luiz Brandão; Alessandra Costa; Luis Felipe S. de Carvalho; JOSE ALBERTO
SAMPAIO ARANHA;[email protected]; Hildete Vodopives; John Murphy
>>> Cc: Bill Ameche; Bill Ameche
>>> Assunto:
>>>
>>> >>>
>>> Dear Luiz: >>>
>>> To answer your questions in a little greater detail: >>>
>>> >>>
>>> My resume is attached, and my company "firm resume" is also attached. In brief: >>>
>>> Saint Ignatius San Francisco valedictorian class of 1987
>>>
>>> Harvard class of 1991, with classes at Jesuit Weston school of Theology
>>>
AMDG
>>>
>>> United States Marine Corps commissioned officer 1991-1995 (sometimes Jesuits are called
"Pope's Marines" and Ignatius was of course a military man)
>>>
>>> Teacher/ coach, Jesuit Bellarmine college prep San Jose California 1995-1997. The happiest
years of my life. >>>
>>> Stanford Law Juris Doctorate 2000, with classes on Portfolio Management (Nobel prize
winner Bill Sharpe), entrepreneurship, and derivatives at Stanford MBA/ Graduate School of
Business
>>>
>>>
>>> Paul Hasting law firm, San Francisco, CA, 2001, hedge fund law
>>>
>>>
>>> Mdnh hedge fund, San Francisco, CA 2002-2005
>>> Union Bank of Switzerland, 2005
>>>
>>> Founder, manager Magis Capital 2006 to present
>>>
>>> I can work for free but am advised I should seek salary to be accepted by fellow faculty.
Getting paid is not a priority, but my goal in a few months or year is to be paid faculty. >>>
>>> I have been to Brazil 18 times since 2008 first at invitation of Harvard career contact and
PUC MBA graduate, and Niteroi, RJ, Brazil native, Hildete Vodopives who was on board of
APIMEC in centro. I was a speaker there. >>>
>>> http://www.apimecrio.com.br/
>>>
>>> I do research on the Brazilian companies in the MSCI emerging market index (NYSE: EEM)
which I own for clients. See my other email and website. >>>
>>> I am planning to apply for Brazilian citizenship and by next year would like to live in Brazil for
5 months a year. I would offer my class online on a platform like Google+ because it has
strongest internet backbone.
>>>
>>> Time is pressing to meet in person as I leave march 25. But time is not pressing to develop
the course as I come to Brazil 3-4 times a year.
>>>
>>> Janar
>>>
>>> More to follow
>>> Cc: John Murphy SJ my Jesuit Principal at bellarmine, and my friend, Hildete
>>>
>>> >>>
>>> ________________________________
>>>
>>> Este email foi verificado contra Spam e Virus pelo Fortimail.
>>>
>>> ________________________________
>>
>>
>
!
Jeff Sachs:
AMDG
Moore’s law: the number of transistors on integrated circuits doubles
approximately every two years
Technology interaction with development growth patterns and impact on
sustainability. This is the value of entrepreneurship education in Brazil, and
through the Jesuits in their schools in the developing world.
Artificial intelligence.
Schumpeter, the gales of creative destruction. Impossible to be in middle class
without college degree.
Brazil started at the top of world league of inequality (GINI), and has been
coming down. United States is going up in GINI coefficient.
Definition of sustainable development at Rio+20. Definition changed to
sustainable combination of social growth, inter-sectoral concept. What we are
after is achieving economic growth in a way that is socially inclusive and
environmentally sustainable (Jesuit social justice mission).
Interdisciplinary program at PUC is excellent, parallel to Earth Institute at
Columbia.
United States politics is all driven by money, judge candidates by how much
money they can raise. This is terrifying. (Magis focus on $ raising: political
fundraising disclosure analysis)
JFK: we choose to go to the moon. we choose to go to the moon in this decade
and do the other things, not because they are easy, but because they are hard,
because that goal will serve to organize our energies and skills…
Papa Francis: Evangelii Gaudium, ending the Globalization of Indifference.
!
Alfredo jefferson: who is the target market?
The target market is working business people who may want to be
entrepreneurs, undergraduate administration/ business students, and MBA
students.
May is OK, end of may. last 2 weeks.
how much would I like to be paid? this is how to market? what is a good price?
who many students?
best format, after stanford MBA entrepreneurship class
50 students maximum
4 student teams that do “pitch” of BPlan, PPT, to professor Wasito.
!
Could be taught at PUC Gavea to undergraduate student administration, to
graduate student MBA
Could be taught at PUC Centro near airport to audience of business
professionals, working professionals
Could be at PUC Barra da Tijuca
!
First time the challenge is marketing, how to offer information. !
Luiz cunha:
copy me
!
AMDG
Alfredo
Marketing: English for Finance, International Entrepreneurship
from Silicon Valley/ Stanford MBA principles
!
6 meetings
3 cases
at night if it is PUC Centro, Barra
at day if it is PUC Gavea… 19-22
TWT
19, 20 may
3 classes Weekly Examen
!
20 may: introduction to class (2h); Weekly Examen
using Brazil “Grounded” article from 2013 (2H)
21 May: Case Study: Southwest Airlines (4h)
22 May: Weekly Examen in group with articles from the
current week (1h); weekly examen individual meetings
to improve individual english (3h)
!
27 May: Case Study: Society of Jesus/ Jesuits (4H)
28 May: Weekly Examen in group with articles from the
current week (1h); weekly examen individual meetings
to improve individual english (3h)
29 May: Case Study: Magis Capital Management (2h);
Whatsapp (1h); Gavea Investimentos (1H)
!
AMDG
Good to Great Key Chapters in Portoguese
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AMDG