Podcast appearances and mentions of howard stevenson

In June of 2025, Dr. Jon Carroll will depart Harvard-Westlake after thirteen years—the first three leading HW Aquatics and the last ten as a middle school dean. Jon is not departing to join another school community, however—but to build one. In the fall of 2026, Jon will open Jabali Academy, a K-8 independent school centered in Inglewood with the mission of inspiring excellence in students and preparing them for places like Harvard-Westlake. Jabali, which means “rock” in Swahili, is emblematic of the foundation that education provided in Jon's own life—growing up in West Philadelphia as the child of educators, attending both private and public schools, before college at the University of Pennsylvania and then a PhD from UCLA. Lastly and most affectionately, Dr. Carroll speaks about the excellence and influence of his wife, noted TV writer and showrunner Nkechi Okoro Carroll. In addition to Nkechi, Jon references Paul Lindenmaier and Roy Farrar of Germantown Friends School, Tyrone Howard of UCLA, and Howard Stevenson of UPenn as profound influences on his life and career.

Racist encounters, both subtle and overt, continue to plague society and take a severe toll on the mental and physical health of people of colour. However, innovative research shows how we can equip youth and adults with the skills to navigate these stressful situations and emerge stronger. Dr. Howard Stevenson and his team at the University of Pennsylvania are pioneering new approaches to help people cope with racial trauma and find their voice.

What does Cross racial solidarity look, sound and feel like? Elizabeth and Liza speak with Dr. Howard Stevenson about the need to acknowledge racial stress so that we can be authentic and antiracist in our cross racial relationships.

Howard Stevenson is a former member of the HSE School Board and currently serves as President of the Fishers Plan Commission. He now seeks a seat on the City Council. He spoke with Larry Lannan and Mike Fassold in this podcast episode.

In a world where diversity could be celebrated, the reality for many Black people can be described as "Feeling Alone in a Crowd."  Join host Ama-Robin on a journey of empowerment, resilience, and radical change as she tackles the complex and often uncomfortable topic of racial isolation. Through candid discussion, personal stories, and expert insights, this podcast episode brings to light the challenges we face in predominantly white spaces—whether at work, in the community, or in everyday life. Ama-Robin fearlessly explores the emotional toll of racial isolation, its mental health effects, and the power of collective action.  Whether you're Black, an ally, or simply curious about dismantling racial barriers, this podcast is your call to action. Join us in the fight for unity, understanding, and a world where no one has to feel alone in a crowd. Remember to subscribe now and be part of the change! 

Though we expect to encounter cultural differences when traveling to other countries, we sometimes fail to recognize the microcultures that exist in our own backyards! Join Micah, Christa, and our special guest Howard Stevenson as we discuss our cross-cultural experiences, the hidden rules of social classes, and how we can better serve those of different cultures—including our homeless friends.=============================Stuck In The Messy: Channel Credits=============================

Have you ever had a racial encounter? What did you do? Deny it or Ignore it? Many Black people experience such encounters but deny their physical and emotional effects.  The evidence proves that racism damages health! In this show, we discuss a real-life racial encounter and three simple steps that can avoid the damaging effects of racist encounters. Self-care is essential!

Would you like to hear amazing excerpts from the amazing experts who have appeared on the Espresso Talk Today show?  This is your opportunity to hear some of the best discussions, explanations, and opinions by the experts who have joined the show! Today, we will have Dr. Georges Benjamin from the American Public Health Association, Dr. Theopia Jackson from the Association of Black Psychologists, and Dr. Howard Stevenson from the Racial Empowerment Collaborative.  Georges Benjamin, M.D. on Introduction to public health and the importance of health equity. Intro at 4:55. Show at 5:50 Theopia Jackson, Ph.D. on the unique and long-term impact of racial trauma. Intro at 17:10. Show at 18:20 Howard C. Stevenson, Ph.D. on developing racial literacy skills to cope with racial stress and the importance of discussing race. Intro at 29:35. Show at 31:40.  

Racially stressful moments are common. Micro-aggressions, stereotyping, and racist encounters in schools, stores, workplaces, and social settings happen regularly to Black people (and other people of color).  These moments cause stress responses that can damage one's mental and physical health. However, there are methods to minimize these unhealthy responses.  In this episode, Dr. Howard Stevenson, Executive Director of the Racial Empowerment Collaborative discusses identifying, quantifying, and managing racially stressful moments. His powerful approach focuses on racial literacy skills to confront racist attitudes and shield victims from its effects. Grab an espresso and join the convo!

Want to get rich and to pass money to your kids? Listen closely to Howard Stevenson. Here's condensed wisdom from the heart of the investing world delivered with dry humor and charm. Professor Stevenson was a co-founder of storied Baupost Group and helped hire its legendary manager Seth Klarman. He began the study of entrepreneurship at Harvard Business School and eventually became HBS' biggest fundraiser. His book “Wealth & Families” gives invaluable advice on how to make money and keep enough of it to hand down to the generations. My personal favorite is illustrated by this quote from the interview: “Whereas, some of my colleagues were going off consulting ... They were making a lot of money every day, and they go their XKE [Jaguar XKE, a coveted sports car of the era] quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company.” Howard Stevenson was forgoing high current income, and consumption, for the ability to own promising assets that would build his wealth in the long term. This approach contributed to Professor Stevenson becoming rich enough to need a family office to manage his money. iTunes Page for the Podcast Where You Can Review and Subscribe The topics covered in this dynamic conversation include: Howard Stevenson Bio How Howard Stevenson Started His Career Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” Howard Stevenson's 400x Investment in a Company with a “Stupid Business Plan” Howard Stevenson's Four Criteria for Investing Howard Stevenson's Portfolio Returns; Warren Buffett-Like Howard Stevenson on whether Entrepreneurship Can Be Taught Howard Stevenson's Definition of Entrepreneurship The Best Due Diligence Is Time How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired How Howard Stevenson Shops for Cars Howard Stevenson's Advice for How Young People Can Build Wealth Mitt Romney & a Young Colleague on Spending Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Page for the Podcast Where You Can Review and Subscribe "Most of the wealthy people I know, are better at making money than managing it." Howard Stevenson's Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Talking to Your Kids About Money

I like the two Oriental characters for the word crisis. In both Japanese and Chinese, they mean “threatening opportunity.”—Jack Hayford, John Killinger and Howard Stevenson in Mastering Worship Visit us at www.firstcause.org --- Support this podcast: https://anchor.fm/reveration/support

Podcast Synopsis: Dr. Howard C. Stevenson: The Racial Dance.   Recently, I spoke with Dr Howard Stevenson about racial literacy, prayer and protest, and the psychology of proximity. We discussed the integration of his work as a psychologist within the frame racial threat, the need for racial socialization, and how people deal with situations of racial threat.   Dr. Howard Stevenson is the Constance Clayton Professor of Urban Education, Professor of Africana Studies, in the Human Development & Quantitative Methods Division of the Graduate School of Education at the University of Pennsylvania. He is the Executive Director of the Racial Empowerment Collaborative at Penn, designed to promote racial literacy in education, health, community and justice institutions.   He is a nationally recognized clinical psychologist, writer, and researcher on negotiating racial conflicts using racial literacy for independent and public K-12 schooling, community mental health centers, teachers, police and parents. Two National Institutes of Health funded research projects he leads examine the benefits of racial literacy and culturally responsive interventions. The PLAAY (Preventing Long-term Anger and Aggression in Youth) Project uses basketball and group therapy to help youth and parents cope with stress and trauma from violence and social rejection and Dr. Stevenson co-leads the SHAPE-UP: Barbers Building Better Brothers Project with Drs. Lorretta and John Jemmott, which trains Black barbers as health educators to teach Black 18-24 year old males to reduce their risk of -- HIV/STDS and retaliation violence -- while they are cutting hair.   Backed by a $12 million grant from the Robert Wood Johnson Foundation and based at REC, Howard also co-directs Forward Promise, a national philanthropic office that promotes a culture of health for boys and young men of color, to help them heal from the trauma of historical and present-day dehumanization, discrimination and colonization.   Dr. Stevenson is the recipient of the 2020 Gittler Prize, by Brandeis University, for outstanding and lasting scholarly contributions to racial, ethnic, and religious relations. Also, recently, he was listed in the RHSU Edu-Scholar Public Influence Rankings of the top university-based scholars in the U.S. who did the most last year to shape educational practice and policy.   His recent best-selling book, Promoting Racial Literacy in Schools: Differences that Make  a Difference, is designed to reduce racial threat reactions in face-to-face encounters. His brother, Bryan Stevenson, wrote Just Mercy: A Story of Justice and Redemption. He is the father if two sons, Bryan and Julian.

March will mark one year since students began learning from home. Today, about half the students in the United States are still learning remotely. While Zoom classrooms filled the gap at the beginning of the pandemic, it’s not a sustainable measure. Many parents have grown exasperated trying to help their kids through online classes as their children deal with the lack of socialization and in-person interaction. Others fear that sending their child back to school could compromise the health and safety of other members of the household.  Returning K-8 students for in-person instruction was one of President Biden’s most prominent campaign promises. While the administration is weighing additional guidance from the CDC and input from teacher’s unions, parents, and governors, there is no policy prescription that will erase the fear many teachers have regarding returning to the classroom amid the rise of more transmissible variants of coronavirus.  Marguerite Roza, research professor at Georgetown University and director of the Edunomics Lab, and Dana Goldstein, national reporter at the New York Times covering education, address President Biden’s plan to reopen schools. Plus, Howard Stevenson, director of the Racial Empowerment Collaborative at the University of Pennsylvania's Graduate School of Education, describes why Black and Hispanic parents are less likely to send their children back for in-person learning after being on the receiving end of discriminatory practices at the hands of institutions, including schools. And, Randi Weingarten, president of the American Federation of Teachers, describes the challenges for getting teachers back in the classroom after a year of remote teaching and muddled federal guidance from the Trump administration. Some music for this podcast by I Think Like Midnight.

March will mark one year since students began learning from home. Today, about half the students in the United States are still learning remotely. While Zoom classrooms filled the gap at the beginning of the pandemic, it’s not a sustainable measure. Many parents have grown exasperated trying to help their kids through online classes as their children deal with the lack of socialization and in-person interaction. Others fear that sending their child back to school could compromise the health and safety of other members of the household.  Returning K-8 students for in-person instruction was one of President Biden’s most prominent campaign promises. While the administration is weighing additional guidance from the CDC and input from teacher’s unions, parents, and governors, there is no policy prescription that will erase the fear many teachers have regarding returning to the classroom amid the rise of more transmissible variants of coronavirus.  Marguerite Roza, research professor at Georgetown University and director of the Edunomics Lab, and Dana Goldstein, national reporter at the New York Times covering education, address President Biden’s plan to reopen schools. Plus, Howard Stevenson, director of the Racial Empowerment Collaborative at the University of Pennsylvania's Graduate School of Education, describes why Black and Hispanic parents are less likely to send their children back for in-person learning after being on the receiving end of discriminatory practices at the hands of institutions, including schools. And, Randi Weingarten, president of the American Federation of Teachers, describes the challenges for getting teachers back in the classroom after a year of remote teaching and muddled federal guidance from the Trump administration. Some music for this podcast by I Think Like Midnight.

March will mark one year since students began learning from home. Today, about half the students in the United States are still learning remotely. While Zoom classrooms filled the gap at the beginning of the pandemic, it’s not a sustainable measure. Many parents have grown exasperated trying to help their kids through online classes as their children deal with the lack of socialization and in-person interaction. Others fear that sending their child back to school could compromise the health and safety of other members of the household.  Returning K-8 students for in-person instruction was one of President Biden’s most prominent campaign promises. While the administration is weighing additional guidance from the CDC and input from teacher’s unions, parents, and governors, there is no policy prescription that will erase the fear many teachers have regarding returning to the classroom amid the rise of more transmissible variants of coronavirus.  Marguerite Roza, research professor at Georgetown University and director of the Edunomics Lab, and Dana Goldstein, national reporter at the New York Times covering education, address President Biden’s plan to reopen schools. Plus, Howard Stevenson, director of the Racial Empowerment Collaborative at the University of Pennsylvania's Graduate School of Education, describes why Black and Hispanic parents are less likely to send their children back for in-person learning after being on the receiving end of discriminatory practices at the hands of institutions, including schools. And, Randi Weingarten, president of the American Federation of Teachers, describes the challenges for getting teachers back in the classroom after a year of remote teaching and muddled federal guidance from the Trump administration. Some music for this podcast by I Think Like Midnight.

Today's episode features Howard Stevenson discusses what success is and what you should do in life. Source:https://youtu.be/wLn28DrSF68 --- Support this podcast: https://anchor.fm/motiv8/support

One of our favorite musicals is Les Miserables, which is a story about the French revolution. It's also the story of love and transformation. What does that have to do with raising boys? Today's guest is Dr. Charles Corprew, a psychologist and host of the podcast "What's Your Revolution?" Charles is passionate about revolution --  not the bloody riots that mar cities and countries, but the opportunities we all have for personal and global transformation. "I think I've always known that revolution was necessary for our boys," Charles says, noting his stable upbringing and experiences with racism. "I wanted to make sure the boys had abundant opportunities for a successful life. I wanted to make sure I was creating successful pathways for our young men, regardless of what they look like. That they have the ability to be young boys -- to have fun, to play and find who they want to be." The work has to begin with adults, he says. We adults need to examine our beliefs and systems, and tackle questions such as, "What does it mean to be equitable?" Boys needs space, freedom and role models to figure out who they are and who they want to be. "We need to give our boys more models, more expansive opportunities to try out," Charles says. "This is the hard work that we need to do as adults so that our children can actually grow up and be whoever they want to be." Viva la revolucion!  In this episode, Jen, Janet & Charles discuss: How racism inhibits boys' opportunities to play, to experiment and grow The importance of role modeling Helping boys discover their true selves Empower boys to advocate for change Talking to (and listening to!) boys regarding their educational needs Encouraging outdoor play Male friendships Teaching boys the value of service to others Promoting healthy masculinity Links we mentioned (or should have) in this episode: What's Your Revolution? - Charles' podcast What Makes Him Tick? -- ON BOYS Interactive event Playing with Anger: Teaching Coping Skills to African American Boys Through Athletics and Culture -- book edited by Dr. Howard Stevenson, psychologist mentioned at 17:05 Camelback Ventures -- Charles' employer; "an accelerator that identifies, develops, and promotes early-stage underrepresented entrepreneurs with the aim to increase individual and community education, and generational wealth" Maggie Dent: What Teenage Boys Really Need -- ON BOYS episode mentioned at 34:24 Sponsor Spotlight: Hiya Health HEALTHY children’s vitamins — no sugar or “gummy junk” included! Made from a blend of 12 farm-fresh fruits & veggies, Hiya Health vitamins are the easy way to get your boys the nutrition they need.  Use discount code ONBOYS at checkout to save 50%. 

Welcome to the Fullstack Educator Podcast!Dr. Marshaé Newkirk is a career educator with over 20 years of experience serving public school students and families in New York and New Jersey. Her work as a teacher in the South Bronx, NY served as a springboard for a career in educational leadership and advocacy for children in historically marginalized and under-appreciated communities. She is the lead founder of an independent charter school in Newark, NJ, where she served as the School/Executive Director for 8 years. Marshaé provides leadership coaching and training for new and aspiring leaders through her work at New Leaders. In addition, she is an independent consultant offering leadership coaching with a focus on reimagining “best-practices” in schools in order to disrupt the status quo. Marshaé has earned Masters Degrees in Elementary Education and Administration and Supervision from Lehman College and Fordham University respectively, and holds a doctorate in Educational and Organizational Leadership from the University of Pennsylvania.Dr. Sarah Boulos Fye has served public school students in South Florida as a teacher and literacy specialist for over ten years and is currently supporting Somerset Academy, Inc., a charter school network based in Florida with over 75 schools in the US. Dr. Fye holds a Bachelor of Arts in English from the Florida State University, a Master of Science in Reading and Literacy Education from Florida International University and a Doctor of Education in Educational Leadership from the University of Pennsylvania. With experience ranging from classroom teacher to virtual school teacher to reading coach to literacy specialist to network strategic planning, Dr. Fye has led review teams working with schools and staff desiring improvement by observing faculty and administrators, mentoring educators, and creating plans of action for school improvement by working with site and district administrators through research-based data collection and analysis practices. Dr. Fye is a member of the International Literacy Association, a facilitator of coursework for the Penn Literacy Network at the University of Pennsylvania, and a RILE Fellow at the University of Pennsylvania’s Graduate School of Education. She is the co-host of the Big Ideas in Education podcast and focuses her research and life’s work on relationships and teacher retention.Here are links to the resources mentioned in our conversation with Dr. Marshaé Newkirk and Dr. Sarah Fye about charter schools.Connect with Dr. Marshaé Newkirk on LinkedIn, Instagram, and her forthcoming website.Connect with Dr. Sarah Fye on Instagram and Twitter.Book: Promoting Racial Literacy in Schools: Differences That Make a Difference by Dr. Howard Stevenson.Book: How to Be An Antiracist by Ibram X. Kendi.Sarah’s Podcast: The Big Ideas in Education Podcast.Podcast: Better Leaders Better SchoolsBook: White Fragility: Why It’s So Hard for White People to Talk About Racism by Robin DiAngeloBook: We Want to Do More Than Survive: Abolitionist Teaching and the Pursuit of Educational Freedom by Bettina LoveYou can connect with Matt McGee and Michael Lomuscio on LinkedIn.You can follow Fullstack Educator on Instagram, LinkedIn, Twitter, and Facebook.If you enjoyed this podcast please subscribe, rate it, leave a review, and share it with a friend!Episodes of this podcast are released bi-weekly.

This week; an update on voting in Pa., Dr. Howard Stevenson on the Wallace shooting, and a new documentary about Camden's Father Doyle.

Veronica Martini (my boss at Columbia)invited Howard Stevenson (one of her mentor's) to speak at our team retreat this past summer. We have recorded the conversation as a live Debrief Episode. Howard talks about his experience as a donor and fundraiser as the Sarofim-Rock Baker Foundation Professor Emeritus at Harvard University. His main message is to talk about philanthropy as the solution to root problems through various institutions. Connect: Insta- @devdebrief email- devdebrief@gmail.com --- Support this podcast: https://anchor.fm/devdebrief/support

In this Q & A episode of Demystifying Diversity Podcast, Daralyse and AnnaMarie delve more deeply into the topics discussed in Black and Blue: An Exploration of the Inequities in a Broken Criminal Justice System. They speak about how the horrific deaths of Ahmaud Arbery, Breonna Taylor, George Floyd, and others have spurred worldwide protests as part of the largest social justice movement in United States history, review statistics of wrongful and conflated convictions of BIPOC, and speak about how the criminal justice system advantages wealth persecutes poverty. In this episode, Daralyse and AnnaMarie discuss de-escalation techniques, such as “calculate, locate, communicate, breathe, and exhale”, a system utilized by Dr. Howard Stevenson, who teaches police officers how to bring mindfulness practices to charged racial moments, and discuss the importance of reimagining the relationship power dynamics that traumatize communities of color and traumatize law enforcement officers. In the listener question segment, listeners call and email with a host of questions some of which include: How can BIPOC transcend the trauma inflicted by the criminal justice system and find personal empowerment in the wake of horrible situations? What specific police reforms are being taken by the Radnor police department? What does it mean to “defund the police”? And Is Black Lives Matter a movement or an organization? (Spoiler alert: It's both.) This episode will inspire you to interrogate your biases, embrace more anti-racist perspectives, and question the status quo. Learn more at: https://www.demystifyingdiversitypodcast.com/ Resources to explore: Demystifying Diversity: Embracing Our Shared Humanity by Daralyse Lyons Buy the Book Dying of Whiteness: How the Politics of Racial Resentment Is Killing America's Heartland by Jonathan Metzl Buy the Book Mixedracefaces Visit the Website Serial: Season 3 Podcast Visit the Website Anti Police-Terror Project Visit the Website Association of Black Psychologists Visit the Website Episode sponsor: VitaSupreme. For 20% off your supplement order, visit vitasupreme.com/pages/diversity and enter the code: diversity Click Here

Dr. Howard Stevenson is the Constance Clayton Professor of Urban Education, Professor of Africana Studies, in the Human Development & Quantitative Methods Division of the Graduate School of Education at the University of Pennsylvania. Dr. Stevenson is Executive Director of the Racial Empowerment Collaborative (REC) at Penn, a research, program development, and training center that brings together community leaders, researchers, authority figures, families, and youth to study and promote racial literacy and health in schools and neighborhoods. He is also the Director of Forward Promise, a national program office funded by the Robert Wood Johnson Foundation. It provides philanthropic support for organizations designed to improve the health of boys and young men of color and their families, and to help them heal from the trauma of historical and present-day dehumanization, discrimination, and colonization. Since 1985, Dr. Stevenson has served as a clinical and consulting psychologist working in impoverished rural and urban neighborhoods across the country. In this episode, Stew and Howard discuss the subtle, sometimes unintended or even unconscious ways by which we communicate about race, especially to our children. Howard draws on his personal history and his experience as a clinical psychologist, educator, and negotiator, in vividly describing his method of teaching racial literacy -- a systematic approach that helps people learn how to read, recast, and resolve racially tinged episodes. He also demonstrates key elements of his method with Stew as his subject, which takes our host back 58 years to an incident in his fifth grade class in a Brooklyn public school. Here then is an invitation, a challenge, for you, once you’ve listened to the conversation. Reach back into your history and recount a story in which you experienced a racial conflict, however subtle, using the tools Howard used in working with Stew in this episode to help you make sense of what happened with the benefit of hindsight. What do you discover that you can apply now and in the future? Write to Stew to let him know, at friedman@wharton.upenn.edu, or connect with him on LinkedIn. While you’re at it, share your thoughts with him on this episode and your ideas for people you’d like to hear on future shows. See acast.com/privacy for privacy and opt-out information.

“How is the world prepared for you, what story has the world created for you already and would you claim that as your story or not?” A few months ago, our president, Dr. J. Derek McNeil, sat down for a live conversation with one of his friends, Dr. Howard Stevenson—a clinical psychologist who specializes in trauma and resilience and their impact on African-American men and boys. Listen to their conversation today.

In this podcast, Dr. Howard Stevenson shares the challenges he embraces in addressing racism in our society, as he moves towards a path of racial equity and healing. For more on Dr. Stevenson's work, please visit: https://forwardpromise.org

Melissa and Mike begin with a frank conversation about how we've been responding to the Black Lives Matter protests and related civic and personal upheaval in the aftermath of George Floyd's murder in Minneapolis. What's the best way for organizations to navigate these tumultuous times? How should we think about acts of omission versus those of commission? How do we begin to lean into awkward conversations about race to begin to reach new levels of psychological safety, empathy and understanding. Then Dan Strafford adds his perspective as a father of three and someone who is frequently at a loss when it comes to reaching a clear understanding of what's going on these days. We reference a great Chalkbeat article that captures the perspectives of K12 educators across the US, touch on an article by Dr Howard Stevenson out of U Penn Graduate School of Education on how to talk to children about racial issues, and conclude by referencing a quick Forbes article by Adunola Adeshola that describes 3 Things You Should Not Say to Your Black Colleagues Right Now. We don't reach any tidy answers, but we're happy to begin the conversation and look forward to continuing it.

In this special series of At Home: Conversations on Race, we have the honor of hearing from experts and leaders to help us navigate our own path to racial justice. Dr. Howard C. Stevenson, a Constance E. Clayton Professor in Urban Education at the University of Pennsylvania’s Graduate School of Education (Penn GSE), is a renowned clinical psychologist and researcher, a leading expert on African-American psychology with expertise in racial literacy, violence and bullying prevention, and family and parental engagement. Dr. Stevenson shares tools we can all implement in our own communities, homes and within ourselves. Conversations on Race:Part 1: Dr. Howard C. Stevenson on Racial Literacyhttps://youtu.be/vBt1Xggo-QkFollow and learn from Dr. Howard C. Stevenson and his initiatives: Dr. Howard C Stevensonhttps://twitter.com/DrHoward_RECAST Forward Promise https://forwardpromise.org/https://www.instagram.com/forward_promise/https://twitter.com/Forward_PromiseThe Lions Storyhttps://thelionsstory.com/https://www.instagram.com/thelionsstory/Racial Empowerment CollaborativeRecastingRace.comWatch: TEDMED Dr. Stevenson’s talk on “How To Resolve Racially Stressful Situations” https://www.ted.com/talks/howard_c_stevenson_how_to_resolve_racially_stressful_situationsNow it’s your turn https://www.joincampaignzero.org/#vision

Forward Promise Co-Director, Dr. Howard Stevenson talks to Anpao Duta Flying Earth, Head of School at Native American Community Academy (NACA) in Albuquerque, NM, about the issues faced by the Native American community during the COVID-19 crisis.Biography:Anpao Duta Flying Earth grew up on the Standing Rock Reservation in rural South Dakota and North Dakota. He is of the Lakota, Dakota, Ojibwe, and Akimel O’odham tribes. Duta joined NACA to assist in founding the charter school in 2006. In his capacity as co-founder and Head of School at NACA, Duta has been instrumental in representing NACA as a premiere example of Indigenous education nationwide. Resources:COVID-19 Community Impact & ResponseNative American Community AcademyForward Promise

In this episode of Third Space Howard Stevenson and I discuss racial literacy, empowering parents, and teachers to talk about race, the impact of COVID-19 on communities of color, the health implications of racism, the recent death of Ahmaud Arberry, and more. Listen to this episode and follow his work at www.lionsstory.org and www.forwardpromise.org.Dr. Howard Stevenson, Professor of Urban Education, Professor of Africana Studies at the University of Pennsylvania. He is the Executive Director of the Racial Empowerment Collaborative at Penn, designed to promote racial literacy in education, health, community and justice institutions. He is a nationally recognized clinical psychologist and researcher on negotiating racial conflicts using racial literacy for independent and public K-12 schooling, community mental health centers, teachers, police, and parents. Two mental health research projects he leads are funded by National Institutes of Health examine the benefits of racial literacy. The PLAAY (Preventing Long-term Anger and Aggression in Youth) Project uses basketball and racial socialization to help youth and parents cope with stress from violence and social rejection. Dr. Stevenson also co-leads with Drs. Lorretta and John Jemmott, the SHAPE-UP: Barbers Building Better Brothers Project which trains Black barbers as health educators. Backed by a 12 million grant from the Robert Wood Johnson Foundation and based at REC. Howard also co-directs Forward Promise. Dr. Stevenson is the recipient of the 2020 Gittler Prize and RHSU Edu-Scholar Public Influence Rankings of the top university-based scholars in the U.S.Author of Promoting Racial Literacy in Schools: Differences that Make a Difference, is designed to reduce racial threat reactions in face-to-face encounters. Howard’s research and clinical work have been funded by W.T. Grant Foundation, Annenberg Foundation, and the National Institutes of Mental Health and Child Health and Human Development. He is the father of two sons, Bryan and Julian.www.lionsstory.org

Forward Promise Co-Director, Dr. Howard Stevenson talks to Dr. Angela Diaz,Director of the Mt. Sinai Adolescent Health Center, about how their center has shifted rapidly to respond to the COVID-19 crisis and needs of the youth they serve in one of the hardest-hit regions of the country, New York City.Biography:Dr. Diaz, an international leader in adolescent medicine, is the Jean C. and James W. Crystal Professor in Adolescent Health, Department of Pediatrics and Department of Environmental Medicine and Public Health at the Icahn School of Medicine, and a member of the Governing Council of the National Academy of Medicine. She is also a member of the Forward Promise National Advisory Committee.Mt. Sinai is one of the nation’s largest adolescent health centers, known for outstanding research and training, and for serving more than 12,000 vulnerable youth each year with confidential health care at no cost to them.Resources:COVID-19 Community Impact & ResponseMt. Sinai Adolescent Health CenterForward Promise

In this candid conversation, Dr. Howard Stevenson speaks with Dr. Tashel Bordere, Assistant Professor for the Department of Human Development and Family Science at University of Missouri, talk about COVID-19 and grief. Dr. Bordere shares how racism, historical trauma, and inequities in health are impacting how communities of color—including her own family—are experiencing the COVID-19 crisis.Biography:Tashel Bordere, PhD is an Assistant Professor, State Extension Specialist, Youth Development at the University of Missouri, Columbia. Her research specializes in youth development, dying, loss & bereavement and African-American children, youth and families. Dr. Bordere’s participatory action research and programming areas are focused on Black male youth and family grief, survival and resilience due to historical and contemporary race-based trauma and sudden violent losses. She is also a Forward Promise Leadership Fellow.Resources:COVID-19 Community Impact and ResponseForward Promise

In this conversation, Dr. Howard Stevenson talks with Dr. John Rich and Dr. Ted Corbin about how the COVID-19 crisis has impacted their program, Healing Hurt People, an initiative of the Center for Nonviolence and Social Justice of Drexel University School of Public Health. Healing Hurt People is a Forward Promise grantee organization.Biography:Dr. John Rich and Dr. Ted Corbin are Co-Directors of The Center for Nonviolence and Social Justice at the Drexel University School of Public Health in Philadelphia, PA. Their initiative, Healing Hurt People, trains young men who have gone through violence to become first-responders who provide trauma-informed care to victims of violence in Philadelphia hospitals.Resources:COVID-19 Community Impact and ResponseHealing Hurt PeopleForward Promise

Forward Promise Co-Director, Dr. Howard Stevenson, talks with Vanessa Hernandez and Kate Teague of California Youth Connection (CYC) about the unique challenges that current and former foster youth are experiencing as a result of the COVID-19 pandemic. CYC is a Forward Promise grantee organization.Biography:For more than 30 years, California Youth Connection has been at the forefront of a fundamental paradigm shift in child welfare policy in California and beyond, placing foster youth voice at the center of policymaking for the first time in history. Vanessa Hernandez serves as Deputy Director of Advocacy and Impact and shepherds the organization’s legislative goals to actualization while developing youth into leaders who harness the power of their voices and experiences. Kate Teague is the Lead Community Advocacy Coordinator, where she works with the CYC Chapters in LA County providing technical assistance to support CYC members in developing their leadership and putting their campaigns for change into action both locally and regionally.Resources:COVID-19 Community Impact and ResponseCalifornia Youth ConnectionForward Promise

Forward Promise Co-Director, Dr. Howard Stevenson, speaks with Michael Byun, Executive Director of Asian Counseling Referral Services (ACRS) about how their organization and services have been impacted by the COVID-19 crisis. ACRS is a Forward Promise grantee organization.Biography:Michael Byun is the executive director of Asian Counseling and Referral Service (ACRS) in Seattle, WA. ACRS promotes social justice and the well-being and empowerment of Asian Americans and Pacific Islanders and other underserved communities – including immigrants, refugees, and American-born – by developing, providing and advocating for innovative, effective and efficient community-based multilingual and multicultural services.Resources:COVID-19 Community Impact and ResponseAsian Counseling and Referral ServiceForward Promise

Dr. Howard Stevenson of the University of Pennsylvania kicked off the Berkman Klein Spring 2020 Luncheon Series with a talk and discussion on Advancing Racial Literacy in Tech. Racial literacy provides a framework for considering how to combat the proliferation of racially-biased technology. Dr. Stevenson was joined in conversation by Jessie Daniels and Mutale Nkonde. Dr. Howard Stevenson is the Constance Clayton Professor of Urban Education, Professor of Africana Studies, in the Human Development & Quantitative Methods Division of the Graduate School of Education at the University of Pennsylvania. He is the Executive Director of the Racial Empowerment Collaborative at Penn, designed to promote racial literacy in education, health, community and justice institutions.

Invest Alongside Boston's Top Angels: Check Out Our Syndicates A professor of entrepreneurship in Paris who discovered a way to use art to help business people think more creatively, Sylvain Bureau met his unlikely collaborator at a wedding. The product of this chance encounter, Art Thinking, has gained acceptance in boardrooms around the world. My sound engineer Raul Rosa really liked this episode. I did too. ESCP Europe, where Sylvain Bureau teaches, is the first business school. It was founded two centuries ago. The founder was Jean Baptiste Say of the eponymous economic law. B. Say really believed in entrepreneurship. The foundation named after him now employs twenty academics in the field of entrepreneurship in several European cities. Sylvain Burau was trying to get out of the “Velvet-Lined Rut” of tenured academia in much the same way that Howard Stevenson was when he left a tenured position at Harvard Business School to go into business. At a wedding celebration Sylvain Bureau met an artist named Pierre Tectin. Since French wedding festivities are famously long, Pierre and Sylvain had a long conversation from which ensued the idea of Art Thinking. They apply a technique created by Guy Debord whereby small groups of people wander or drift, (the method is actually called “drift”) through an unfamiliar landscape, usually urban, allowing themselves to be drawn by the terrain and the chance encounters they make there. Art Thinking is a method to create the improbable with certainty. The goal is not to find a solution, the goal is to question our questions. Sylvain see the need for this approach arising from the need to find new solutions to the constraints we face both in terms of the environment and in terms of the encroachment into human work by machines. Creating the improbable allows humans to enhance the value of what machines can do. Sal speculates about the connections between drift and the neuroscience of human vision, whereby low-resolution images of the world around us are created and stored in our brains. Art Thinking is more about unlearning certain patterns of thought that locks the business person in certain unproductive modes. The Art Thinking workshops are very demanding and challenging but invariably result in the creation of something valuable. This strong experience that produces an unexpected object opens participants up to possibilities they had not previously considered. The e-commerce site LaRedoute.com implemented Art Thinking in its personnel department and found that their new practices had resulted in more openness to new providers. Another instance is the creation of an event that highlighted the work of street food vendors and led to the creation of a new catering company called Mamie Foodie. Sylvain wrote a book called “Free Your Pitch” to help people improve their pitch decks. The aim is to free you from the habits that lead to boring pitch decks. It won’t make you into Steve Jobs but it will make your deck at least good. The methods in the book have been used by EY and Canon for internal presentations. Sylvain compares the entrepreneurial environment in Europe and the US. He sees huge shifts. Japan is using France as an example to follow in boosting entrepreneurship quickly. Sylvain emphasizes the need for increasing people’s ability to be creative so that they may contribute more productively in a work environment being increasingly automated. Startup Parade Glowee is a startup that grew out of Sylvain’s work. It makes lighting based on biological lighting sources. Dashlane Password Manager is another company founded by a former student. It has been well received in America. They made a successful jump from Europe to the US. Stonly is a tool for creating highly effective user guides. Anti-Café is co-working space where you pay by the hour. “Where Everything Is Free Except Time”. In conclusion Sylvain advises founders to take into account the human element in their work. “The Fuzzy and The Techie”.

Many sellers overlook fundamental selling principles, but salespeople must learn the importance of a strategic network for business and career success in order to become proficient in our jobs.  Judy Robinett is an advisor to Springboard, an incubator that helps women founders, with great statistics of 19 IPOs and 165 strategic sells. Judy loves educating people and meeting entrepreneurs and helping them with connections.  She wrote the book, How to Be a Power Connector, a bestseller in 2014, and she recently published another book called Crack the Funding Code: How Investors Think and What They Need to Hear to Fund Your Startup. It's a book that tells us how investors think and what they need to hear to fund your startup.  The beginning Judy worked as a social worker but she didn't stop there. She explored her options and opportunities after making some bad decisions like starting her own franchise restaurant. In time, her business failed and she had to sell it.  She worked with a then-unknown company called Skullcandy® when they were broke and had a quarter of a million dollars in revenue. She helped the company build its credibility and bring its revenue up again. That fueled her interest in startups and she became an investor herself. Fast forward to now, she's a managing director at Golden Seeds.  Crack the funding code Many great entrepreneurs in the U.S. don't understand the facts. For one, there's no lack of money. In fact, there's $318 trillion of private global wealth. These entrepreneurs don't understand the players: there's private equity that are all investing into startups as well as the sovereign wealth funds that manage 10% of the global GDP.  The book Crack the Funding Code is an easy-to-follow roadmap on how to find and pitch investors. The book's appendix has term sheets, actual pitch decks, and other relevant research information. It is a book that will educate entrepreneurs because these people can change the world.  Lessons in mistakes Entrepreneurs take calculated risks. Along the way, missteps create lessons waiting to be learned. Judy's bankruptcy lawyer said of her failed franchise restaurant, “They can break you but they can't eat you.”  Judy learned to kick fear to the curb and understand that there's no lack of resources in the world because resources are connected to human beings. It is true that sales are critical in finding and catching investors. It's also important in catching the customers. Entrepreneurs must learn to navigate in their mistakes.  They need to figure out how to get investors to figure out how to find customers.  If you can't figure out how to find a venture capitalist, you can't figure out how to find a customer. #investors Funding mindset  Howard Stevenson, known as the Lion of Entrepreneurism at Harvard, wrote a book on how to be an angel investor. His book talked about how you can set yourself apart from everybody else. In order to be perceived as a high-potential startup: Be clear on your exit strategy and the comparables because investors want to get their money back.  Mitigate risks as viewed by the investors.  It is good for startups to put high-powered people in their advisory board to help build their credibility, especially if the CEO hasn't done a startup before. In the VC investing world, people talk about adult supervision. This is critical because you want to have reliable people in your team with deep industry expertise who can open doors to money, media, and other resources that you might need.  Getting investors is more than just being good and being able to produce something.  One of the most common mistakes entrepreneurs do in their pitches is the way they focus on technology and explain the details at length. Investors, however, care less about that. Harvard researchers found that the average amount of time people spend looking at a particular slide is 11 seconds. Financial slides, however, get 23 seconds worth of attention. Investors look for a team that can execute to a big enough market, the total addressable market (TAM).  Three C's Arthur Rock was the first venture capitalist who started the industry in Silicon Valley. He said that if somebody comes to him with a B product but with an A team or an A product but with a B team, he'd always go for the A-team. This means that investors invest in the team that can execute.  So, the first C is you need to be coachable. We all have that blindspot of not knowing what we don't know. It's important to come across as coachable rather than arrogant. If somebody asks you about something that you don't know, then be upfront and tell that person that you'll get back to him. Then ask for help to show that you are coachable.  The second one is having a level of confidence. You are selling your concept, your company, and how you're going to grow it to the investors so a level of confidence is important.  The third one is character. Howard Stevenson said in his book that when he hears an exaggeration or half-truth, he runs away instead of walking so that he won't lose money. Investors have a way of looking at your character in a substantial way.  Be coachable  The moment we say that we don't need more information is the moment that we stop growing. When we stop learning and stop being coached, we also stop progressing and growing.  A sales rep who has been selling for 10 years and who stops reading books about sales is stuck in the same way that an entrepreneur who stops needing advice is stuck.  Businesses fall short because entrepreneurs stop growing and because they don't have a board of advisers to tell them the truth or advise them what to do.   CB Insights did a post mortem of 101 startups and one of the problems they found was the inability to learn and pivot. Clayton Christiansen, an expert on innovation at Harvard, said that 75% of startups pivot. Viagra didn't start out being used the way it's used today, but the nurses noticed a side-effect. Everybody must be in an exploration of finding out what you don't know because that's where growth happens.  The obstacle is a gift. Run to your obstacle much like David running toward Goliath. Understand that every time you have a vision, Goliath shows up so you must master how to learn and pivot.  There are two words that mean fear: the first refers to being terrified, and the second is the sense of awe and wonder. This happens when you step out of your comfort zone.  You need to reframe your fear and deal with it.  Network your way to the right investors  It is critical to be in the right room. Judy met a founder who was trying to get investors in Salt Lake City for her company but she was in the wrong room because she wasn't Mormon and she was a woman. Judy took her to Boston and San Francisco where she closed deals and then sold her company for millions There are specific groups of investors. First, you start with your family, then your friends, then your credit cards, and you move up to the angel investor, the seed round. There are 400 angel groups in the U.S. and $317 trillion in private global wealth. There is no lack of money here. There's also the governmental fund, the sovereign wealth fund. It is important that you know which group to go to.  You can find them via searching in Google, by going to pitch events, or by asking top lawyers and bankers who work with startups.  Do not forget to ask them the two golden questions:  What other ideas do you have for me? Who else do you know that I should talk to? On average, people know between 600 and 1,000 people. You don't have to know tons of people; you need the right people to get in the right room.  Another good way to build your network is to find your way to private curated events and talk to people.  Let them know what you do. You can also ask them their opinion and who they know that you ought to be talking to as well. You'd be surprised at the number of people who are happy to help but you need to learn to ask.  This is particularly difficult if you are from the lower to middle class where you're taught to keep your head down, get a degree, work hard, and don't ask for help because people would notice. In truth, people do not notice.  According to research in Denmark, 5% of people in any corporation or organization are the true influencers and power brokers. Those are the people that you need to get to know. Delivering a compelling pitch You need a concise, compelling narrative. Dick Wilson, a VC who has had $1billion exit every year for the past five years, was asked how to create a compelling pitch. He said that it's important to be concise, be compelling, and have passion.  You want to get to the second date so don't spill all the details or all the financials because your job is to get those people to be interested in you and start doing due diligence. John Livesay, also known as Pitch Deck Guru, is a great man who can help you out with your compelling stories. Research often suggests that the majority of startups fail but that data is inaccurate. Hard research shows that about 50 percent fail because the owners aren't willing to learn.  Reasons startups fail Phil Graham, one of the Y Combinator founders, said that there are two reasons why startups fail: lack of customers  lack of sales  One of the Dropbox founders said that before he started Dropbox, he didn't know anything about sales engineering and product development. He bought the top three books in each of those areas, and he got an advisory board. Simply put, you don't have to be brilliant and smarter than everybody else.  Don't fail your startup. Use the two golden questions and start reaching out to strangers. Open your mouth and ask. Investors are everywhere and they need startups, too. They need to put their money into entrepreneurs' startups so a little leg work and some networking is helpful. Go to the National Venture Capital Association and the National Angel Association to find lists of everybody.  Do your homework and do your due diligence on the investors.  “The importance of a strategic network for business and career success” episode resource  Stay in touch with Judy via email, judy@judyrobinett.com, and her LinkedIn account.  If you're a sales rep looking to hone your craft and learn from the top 1% of sellers, make plans to attend the Sales Success Summit in Austin, Tx, October 14-15. Scheduled on a Monday and Tuesday to limit the impact to the sales week, the Sales Success Summit connects sellers with top-level performers who have appeared on the podcast. Visit Top1Summit.com to learn more and register!  This episode is brought to you in part by TSE Certified Training Sales Program. A course to guide sales reps and sales leaders to become better in doing their pitches and presentations. It has 12 courses to help you find the right customers, ask the right questions, and close great deals. You can get the first two modules for free!  Or you can also check out Audible as well and explore this huge online library with thousands of books. Register now to get a free book and a 30-day free trial.  Thank you for tuning in and if you liked this episode, do give a rating and review on Apple Podcast, Google Podcast, Stitcher, and Spotify.  Audio provided by Free SFX and Bensound.

In the second installment of our focus on the big issues facing education unions, we focus on union renewal. My guest today is Howard Stevenson, Professor of educational leadership and policy studies at the University of Nottingham. He has researched teacher trade unions around the world to try and understand the best way to revive the power of unions. In our conversation, he talks about his findings and contextualizes the state of education unions. This episode was put together in collaboration with Education International. www.freshedpodcast.com/howardstevenson/ Twitter: @FreshEdpodcast Facebook: FreshEd Email: info@freshedpodcast.com

SciFi-preneurship is a new summer series from the All Turtles Podcast that examines how science fiction inspires people to create things that impact our lives today. In SciFi-preneurship, we're using an expanded definition of entrepreneurship: we don't just mean Silicon Valley startup founders; we're talking to people who make things, especially things that are shaping our future. First up, Dan Novy, who earned his PhD from the MIT Media Lab, talks about H.P. Lovecraft and the impact of his writing.   Show notes Intro with Phil Libin and Brittney Gallagher Brittney Gallagher hosts Digital Culture LA, a show about future science and technology. Episode 32 of the All Turtles Podcast, Galaxy Quest, served as the inspiration for the SciFi-preneurship series. Harvard Business School professor Howard Stevenson defines entrepreneurship as “the pursuit of opportunity beyond resources controlled.”   Discussion with Dan Novy on H.P. Lovecraft's work Dan Novy is a postdoctoral associate at the MIT Media Lab. The writings of H.P. Lovecraft have had a profound impact on science fiction and the way people envision the future. The Call of Cthulhu is one of Lovecraft's most famous short stories. We want to hear from you. Please send us your comments, suggested topics, and listener questions for future All Turtles Podcast episodes. Email: hello@all-turtles.com Twitter: @allturtlesco

Racism isn't always obvious, but it can be found almost everywhere. This hour, TED speakers explore the effects of everyday and systemic racism in America—and how we can work to defeat it. Guests include authors Brittney Cooper and Monique Morris, journalism professor Pat Ferrucci, clinical psychologist Howard Stevenson, and anti-racism educator Travis Jones.

Join Boston's Top Angels in Our Syndicates: Learn About Our Syndicates Upon graduating in the upper strata of her engineering class at MIT, Lucinda Linde was promptly accepted at Harvard Business school. She worked as an engineer in two successful tech companies, one of which was co-founded by Clayton Christensen of “Innovator’s Dilemma” fame. Her incisive intellect and practical outlook were prized by giants such as HBS’ Howard Stevenson (Link to Howard Stevenson's Interview - Our Most Downloaded Podcast) who hired her to study best practices in angel investing. Lucinda joined Walnut and entered the realm of venture investing. Along the way she took seven years off to be a full-time mother. She has now reinvented herself as a mathy marketing consultant. Sal describes his role in raising the first money for startup rocket ship SQZ Biotech. Lucinda’s undergrad summer internships helped eliminate doing research as a career. Experience running Lecture Series Committee gave her an early taste of running a business. Got into HBS with admissions deferred for two years; did two internships in those two years. Project management and operations in two successful tech companies. Ceramics Process Systems co-founded by Clayton Christiansen & Molten Metal Technologies. Consulting on best practices for business innovation and angel investing. Left consulting when her first baby came along due to travel schedule. Venture investing seemed a better life style fit with parenting. Drawn to Walnut because she wanted to get into software investing. Jean Tempel, also of Walnut Ventures, brought Lucinda into the VC fund she was raising. Jean was a fantastic mentor to Lucinda. Ken Morse and Howard Stevenson hired Lucinda to write a study on the best practices in angel investing. Study was used to teach about angel investing at MIT Sloan for a decade. Angel groups were just starting then. Band of Angels. The VC fund was fully invested so Lucinda saw this as a natural moment to take time out from her career to focus on her children. Fired by 11-year-old son as robotics coach. Wake up call to go back to her career! Parents have to be the voice that teenagers hear as an alternative to mass media and their peers. Connected with Ric Calvillo, founder of Nanigans, at Walnut Venture Dinner. In 2011 Nanigans was one of the companies Facebook was trying out as it got into advertising. Lucinda’s jaw dropped to hear they were already at cash flow break even. Helped with raising money and recruiting. Sal reads a splendid review from listener & angel investor Erik Bullen. Nanigans’ pivots. Started out managing campaigns for clients but gradually migrated to SaaS model where their platform enabled customer to run their own campaigns. Next step was to provide transparency to customers. Focus is “incrementality” rather than attribution, figuring out where spending money actually causes customers to do incremental purchases. Attribution models had failed to make the distinction. Squadle, restaurant automation startup automating. Saves time and increases reliability of data. IoT comes to the back of the restaurant house. At Squadle, Lucinda learned the importance of speaking in the language of the customer; using abstract terms like accountability and IoT got no response from restaurant operators. When she showed an image of a log book the response hit an artery of concern. Lucinda started angel investing because of father in law who is a successful repeat founder. What Lucinda looks for in startups: Are you solving a top priority of your customers? Is this a green field? Nanigans. Wayfair. Critical skills. Traction & agility. How close to product/market fit. Room enough to pivot. Easy to invest too early. Lucinda wonders if there is some application of distributed ledger technology whose time has come. Marketing advice for startups. Trial and error applied wisely is the best tool. Exposure to the customer is essential. Advice to startups: hire marketing people according to how developed your marketing program is. In marketing, there is no playbook.

Schools have to deal with many issues. This means, ultimately, that teachers in Europe have to deal with many issues. What can be done to help them in these difficult times?

Howcee Productions Gospel "Bringing Families Communities and Churches Together"  We will cover all elements of the human being. We will minister to the whole man. Come join us. In "Bringing Families communities and Churches Together" What is gospel music? What is the common factor in all gospel music? that is sang played written regardless of what genre. The answer God (The Father) The Son (Jesus) The Spirit (Holy Spirit The Holy Ghost The Comforter) Thank you. "Host" Freddie C. Howard  EJI is pleased to release this complete video of Education in America: Race, Implicit Bias, and Protecting Our Children which was recorded during our Peace and Justice Summit in Montgomery, Alabama, on April 27. Three of the nation's leading experts on education reform discussed racial literacy, implicit bias, and rethinking how we educate children, especially children of color. Dr. Howard Stevenson from the University of Pennsylvania Graduate School of Education is a leading voice on racial literacy and educational reform, who moderated the discussion with Dr. Walter Gilliam from Yale University, one of the nation's leading thinkers on implicit bias and child development, and Dr. Margaret Beale Spencer, chair of the Department of Comparative Human Development at the University of Chicago and an expert in resiliency, identity, and competence formation processes for youth. Introduced by the Honorable Vanzetta Penn McPherson, these professors share important insights on the future of education and teaching children burdened by our history of racial inequality.

In this episode of the #WYR show, I am fortunate to talk with Dr. Howard Stevenson. Dr. Stevenson has devoted his career as an educator to helping boys and men of color find the resilient and successful pathways. His current work focuses on racial literacy, a tactic we can all use to diffuse the stress of our current racial and political climate. The conversation was riveting.

Si queremos aliviar las tensiones raciales que amenazan con desgarrar la estructura de la sociedad, deberemos desarrollar las habilidades para expresarnos abiertamente en situaciones de estrés racial. A través de la alfabetización racial, la capacidad de leer, reformular y resolver estas situaciones, el psicólogo Howard C. Stevenson ayuda a padres e hijos a reducir y controlar el estrés y el trauma. En esta charla inspiradora y pronunciada desde una maravillosa calma, Stevenson nos explica que decodificar la amenaza racial puede ayudar a los jóvenes a generar confianza y defenderse de manera productiva.

사회구조의 분열을 일으키는 인종 갈등의 문제를 치유하려면, 골치 아픈 인종 문제에 대해 마음껏 자신의 생각을 표현할 수 있는 능력이 필요합니다. 심리학자 하워드 스티븐슨은 상황을 이해하고, 재구성하고, 문제를 해결하는 능력인 인종적 문해력을 통해 스트레스와 정신적 충격에서 벗어나려는 아이들과 부모들을 돕고 있습니다. 이 차분하면서도 감동적인 강연에서, 인종 갈등 문제의 해결을 위한 노력이 어떤 식으로 젊은이들에게 자신감을 심어주고 생산적으로 자립할 수 있도록 도와주는 지 알아봅니다.

Si nous espérons guérir les tensions raciales qui menacent de déchirer le tissu de la société, nous allons avoir besoin des compétences pour nous exprimer ouvertement dans des situations racialement stressantes. A travers l'alphabétisation raciale -- la capacité à lire, reformuler et résoudre ces situations -- le psychologue Howard C. Stevenson aide les enfants et les parents à réduire et gérer le stress et le traumatisme. Dans cette présentation inspirante et paisiblement géniale, apprenez-en plus sur comment cette approche du décodage de la menace raciale peut aider les jeunes à prendre confiance en eux et à se défendre de façon productive.

Se esperamos curar as tensões raciais que ameaçam rasgar o tecido da sociedade, precisaremos de habilidades para nos expressarmos abertamente em situações de tensão racial. Por meio da alfabetização racial, ou seja, a capacidade de ler, reformular e resolver essas situações, o psicólogo Howard C. Stevenson ajuda pais e filhos a diminuir e gerenciar a tensão e o trauma. Nesta palestra inspiradora e impressionante, aprenda mais sobre como esta abordagem para interpretar a ameaça racial pode ajudar os jovens a desenvolver a confiança e a defender a si mesmos de maneira produtiva.

iTunes Podcast Page for Review & Subscribing If you want to get rich and to pass money to your kids, listen closely to Howard Stevenson. Here’s condensed wisdom from the heart of the investing world delivered with dry humor and charm. Professor Stevenson was a co-founder of storied Baupost Group and helped hire its legendary manager Seth Klarman. He began the study of entrepreneurship at Harvard Business School and eventually became HBS’ biggest fundraiser. His book “Wealth & Families” gives invaluable advice on how to make money and keep enough of it to hand down to the generations. My personal favorite is illustrated by this quote from the interview: “Whereas, some of my colleagues were going off consulting ... They were making a lot of money every day, and they go their XKE (Jaguar XKE, a coveted sports car of the era) quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company.” Howard Stevenson was forgoing high current income, and consumption, for the ability to own promising assets that would build his wealth in the long term. This approach contributed to Professor Stevenson becoming rich enough to need a family office to manage his money. Podcast Page on iTunes Where You Can Review & Subscribe This dynamic conversation includes: Howard Stevenson Bio How Howard Stevenson Started His Career Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” Howard Stevenson’s 400x Investment in a Company with a “Stupid Business Plan” Howard Stevenson’s Four Criteria for Investing Howard Stevenson’s Portfolio Returns; Warren Buffett-Like Howard Stevenson on whether Entrepreneurship Can Be Taught Howard Stevenson’s Definition of Entrepreneurship The Best Due Diligence Is Time How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired How Howard Stevenson Shops for Cars Howard Stevenson’s Advice for How Young People Can Build Wealth Mitt Romney & a Young Colleague on Spending Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Podcast Page Where You May Review & Subscribe "Most of the wealthy people I know, are better at making money than managing it." Howard Stevenson’s Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Talking to Your Kids About Money Transcript: Sal Daher: Welcome to Angel Invest Boston. Conversations with Boston's most interesting angel investors and founders. I'm Sal Daher, and my goal for this Podcast, is to learn more about building successful new companies. The best way I can think of doing this is by talking to people who have done it. People such as entrepreneur, angel investor, and scholar of entrepreneurship, Howard Stevenson. Professor Stevenson, Howard, I'm elated for the opportunity to interview you on this the 29th episode of our podcast. Thanks for hosting us at your offices. In this recording session outside our usual studio. This is what's normally called a remote. H. Stevenson: Well it's not so remote, it's right in Harvard Square. Sal Daher: That's right. Not too far away. Howard Stevenson Bio Howard Stevenson founded the storied Baupost Group, and is the father of entrepreneurial management, at the Harvard Business School. Howard has served on many boards, and his advice is prized by so many wealthy people. He has written extensively on business and social ventures. He has been generous with his time and treasure, towards philanthropic causes in which he believes. It is said that he has raised more money for Harvard Business School than anyone else. There is now a chair professorship named after him at HBS, in recognition of his outsized achievements. Starting out as a math major, Howard has had a methodical approach to wealth during his entire career. While he measured assiduously the growth of his net worth, he also paid close attention to choosing work that was satisfying to him, and valuable to others. Informed by fear of the “Velvet Rut” that can trap tenured academics. Howard found his own career trail in several industries. By taking astute long-term bets, he has become wealthy enough to need his own family office, though he does not like the term. In preparing for this interview, I read his latest book, Wealth and Families: Lessons from My Life Journey. Written with his longtime collaborator Shirley Spence. The book is a remarkable document, in that it grew out of another book. A book that he had written for his family, titled: Howard's Journey: Lessons from the Game of Life. This other book was written to impart his hard-earned lessons to his family. The family book was shared with a few close friends, who urged creation of a public version, which became Wealth and Families. Which, is the book we'll refer to in this conversation. In concluding my introduction, I'd like to read a beautiful blurb of the book by Howard's colleague, Kenneth A. Fruit of Harvard Business School. "It is hard to fathom, even once you've read it. The compactness of the wisdom and insight Howard Stevenson provides in this short book. His perspective is practical, yet enormously synthetic. Don't be confused by the direct "Oh shucks" tone. The simple folksy-sounding analysis of the complex problem of intergenerational wealth, belies Howard's incorporation, and absorption of much more of the magic of mathematically rigorous laws of compounding and diversification. Sprinkling in a foundational knowledge of the tax code and the law. It's that he has in his own mental frame incorporated a sense of people's humanity, their strengths and weaknesses, their goals and actual accomplishments. Based on successfully watching and doing for all these years. The wisest teachers have all along been life's best and most observant students. Howard and this integrative little book that you and your progeny should share, are just that." That's really beautifully written. H. Stevenson: Yes, and I didn't even pay him. Sal Daher: I know. I know those things are tremendous. How Howard Stevenson Started His Career As a service to our younger listeners Howard, I'd like to ask a question about how my massively successful guests got started in their careers. Tell us about the choice that confronted you when you completed your undergraduate in mathematics at Stanford, and what you chose. H. Stevenson: Well it was fairly easy. I discovered when I was at Stanford, there were people who were smarter than I am, love math more, and worked harder. I decided I didn't want to compete with them. I had looked at both law school, and business school, and in my great wisdom I discovered law school was three years long. Business school was two, and I chose business school. Sal Daher: A math major, you could count. H. Stevenson: I could count. Even on one hand. And, then I discovered that in fact Harvard gave me a bigger scholarship than Stanford for my continuation. End of story on the career that got me into Harvard Business School. Staying on to teach was another decision, which I think is, I've always loved learning, and what better way to learn than to teach. So, I did that for a couple of years, and then played investment banker with a friend on doing deals for small companies. Then I came back to the business school to do ... Well I came back to tell them I wasn't coming back, and they said, "What are you going to do?" And, I said, "Well I'm going to be a VP of Finance of a real estate company." That meant that they thought that I knew something about real estate. I'd never read a book on the subject. I never had done anything in the field, and they said, "Do you want to teach the course?" And thought, "What better way to learn?" So, I came back to the business school, started a real estate course, or took over one that was sort of moribund. And, did that for five years. I came up for tenure, and I got tenure, and the Dean told me to do something important. So, I left again. Fear of the “Velvet Rut” Causes Howard Stevenson to Leave a Tenured Position at Harvard Business School But, part of the motivation of leaving was that I saw a lot of people in this “Velvet-lined Rut’. That it's very easy when you're successful, to keep doing what you're already doing. But, in fact the only way you can get from doing the wrong thing to the right thing, is probably doing the right thing poorly. And, so you have to learn, and I watch people who run the top of little hill, who didn't want to go down in the valley to try something new. Sal Daher: This is very interesting. Very, very interesting. I wanted to elucidate a little bit, what was meant by the Velvet Rut. You think that academics tend to perhaps specialize a great deal? Become the most knowledgeable in a field, but are afraid to venture out, where they're not as knowledgeable? H. Stevenson: Or where there're people who won't think they're as knowledgeable. But, I don't think that's restricted to academics. Sal Daher: Mm-hmm (affirmative) Howard Stevenson: “A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change.” H. Stevenson: A lot of people are fairly miserable in their job, but they fear change more than they look for the optionality that comes in change. Sal Daher: Ah, yes. The optionality that comes in change. H. Stevenson: And, we can never predict the results of change. Sal Daher: No. No. H. Stevenson: So, for me I said, "Look, I can always get a job." I think the dean, at that point was not interested in what I was doing, which was entrepreneurship and real estate. And I said, "Why do I want to work at some place where they don't value what I'm doing?" Sal Daher: Mm-hmm (affirmative) After a Sojourn in Entrepreneurship & Real Estate, Howard Stevenson Was Lured back to HBS H. Stevenson: That led me to work with a private company. Became VP of Finance of a private company. Helped them raise money. Got some control systems in place. A whole bunch of things. So, I had a lot of learning, but after five years the learning went away and I ... The dean had heard that I was dissatisfied, and came and said, "You want to do something in entrepreneurship?" And this was a new dean, and he was a person I knew and trusted, and so I said, "Yes". Sal Daher: It's a new direction and a new discipline that challenged you at the time. So, you felt that that did not have the risks of constraining you within this rut. H. Stevenson: Absolutely not, and beyond that I knew that I could leave again. Sal Daher: There are not a lot of people that would turn down tenured positions at The Harvard Business School. No, that is impressive. Sal Daher: “There are not a lot of people that would turn down tenured positions at The Harvard Business School…” Howard Stevenson replies: “That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily.” H. Stevenson: That's sad. I'm a trustee at Olin College, and they have no tenure. It's amazing what that does, because people are there voluntarily. Sal Daher: Yes, yes. That is a remarkable organization. We're going to talk a little bit now about building wealth. What type of early stage investments have you made, and how have they turned out over time? Howard Stevenson on Building Wealth: “I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can.” H. Stevenson: I've always been experimental, because I don't believe I understand and can predict the future. By the way, when you look that the facts, very few people can. Sal Daher: That's right. H. Stevenson: We've always tried to invest in places where, in the early stage, I prefer to invest when people have some revenue. Because, it points to the fact that there is somebody that's willing to have a cash-ectomy performed on their wallet. Sal Daher: Mm-hmm (affirmative) H. Stevenson: We like to be broadly diversified. I'm not trying to guess what's going to be in the next public market. Sal Daher: You prefer companies that are post-revenue? That are ... H. Stevenson: Post revenue. Sal Daher: Earning, okay. H. Stevenson: And ... Sal Daher: In a growth stage? H. Stevenson: In a growth stage, where they need the money to ... If it's in biotech, I prefer something where the scientific risk is out. Sal Daher: Mm-hmm (affirmative) H. Stevenson: But the market risk is still there. The best investment I ever made was in a company that had a really stupid business plan. But, the people were fantastic. Sal Daher: Yes. Howard Stevenson’s 400x Investment in a Company with a “Stupid Business Plan” H. Stevenson: They were in an industry that I thought was very interesting. I thought that what they were doing in that industry made no sense. Over a couple of years, they morphed, and that's probably returned 400 to 1. Sal Daher: Oh, the 400 to 1 return that everybody's looking for, to pay for the rest of the portfolio. H. Stevenson: Yes. But ... Sal Daher: Which company was that? H. Stevenson: It's a company called Asurion. Sal Daher: Asurion. H. Stevenson: And, they are very quiet, I'm still invested. Sal Daher: Yes. H. Stevenson: They're doing very well. One of my friends, who's a noted venture capitalist, turned them down because the business plan was too stupid. That's been one of the worst decisions he ever made. Whereas, one of the other venture capitalists that put a little money in, it's the best decision he's made in his life. Sal Daher: I know, those kinds of investments are few and far between, and when you turn one of those down, it's hard to live it down. H. Stevenson: You have to live life forward, you can't live with regrets. Sal Daher: True, true, true, but I think there is some room for learning. Howard Stevenson’s Four Criteria for Investing H. Stevenson: I think the thing that I've learned is. I have four criteria for investing in companies I know and love. Is the person honest? Because, if they're not honest they'll screw you some way. Sal Daher: Oh yeah, that goes without saying. H. Stevenson: Now how do you figure out if they're honest? Well, there're two ways: 1. You know them. Or, 2. One of my favorite questions is, "Tell me about the sharpest deal you ever did?" And, it's amazing what people will tell you. One guy told me how he cheated the IRS. And you say, "Well if they can send you to jail, and I can't, and you're still willing to do it, I think I know something about your value system." Sal Daher: That is remarkable, that is remarkable. H. Stevenson: The second criteria, that I like to use in investing is: Are they nice? By that I mean, are they looking out for somebody other than themselves? Sal Daher: Mm-hmm (affirmative) H. Stevenson: I've had experience in start-up or early stage investments, where the entrepreneur takes care of themselves really well, and the early stage investors not so much. Sal Daher: Left hold the proverbial bag. H. Stevenson: Well, or holding nothing. We have one that just went public, and I think compared to my investments, I'll make 10 cents on the dollar, even though the company was successful. And, I went through three or four rounds, and I discovered what the person was. But, trying to figure out are they nice, that means talking to people that know them. Looking at past decisions. I've had investors ... Or, I've had companies where we lost all the money, and they gave me stock in the next venture they did. Which is a good sign that they are nice people. Sal Daher: Yeah, that is a nice sign, yeah. H. Stevenson: The third element is: Are they curious? Because if you believe that the future is impossible to predict, then anybody who thinks they know the future absolutely, is not looking around the corner. I go back to my example of the best one we ever did. They had a bad plan, but they were curious, and they said, "Where can we serve this group of customers, with a very profitable notion?" And, they found it. Howard Stevenson’s Portfolio Returns; Warren Buffett-Like And the last is: Are they smart? Because, this is a very complicated field. Now you ask how we've done. We've been doing it for about 25 years, since I sold down some of my position at Baupost, and left active management. I was the president for the first eight years. We probably return 17% or 18%. Probably 12% without the real big winner. Sal Daher: Mm-hmm (affirmative). So, a little bit ahead of what Baupost has done in the same time? H. Stevenson: Yes. I guess I look at it, and I say, when I've done the analysis ... Sal Daher: Probably a lot higher beta. H. Stevenson: Yeah. It's actually interesting, I've divided things into five categories. Stuff happened, I don't use the word stuff when I'm talking about this. Sal Daher: Yes. I understand. H. Stevenson: That was a ... The guy got a pancreatic cancer soon after we invested. The Tanzanian government it over, because it was too profitable, and they wanted their cousin to own it. And, you can go through some, but there weren't a lot of those. There was the wrong on the bet category. Sal Daher: Mm-hmm (affirmative) H. Stevenson: It was a good bet, but it didn't work. And, I think in a lot of what we're doing, you've got to differentiate between, is it a good bet, and did it work? Sal Daher: Yes. H. Stevenson: Because, on a high variance bet, it's not going to work out all the time. But, one of the things we always try to do is say, "What are we betting on? What are the three or four conditions we're betting on?" And, then sometimes they're not going to work. Sal Daher: Mm-hmm (affirmative) H. Stevenson: Then there is, we made it safely through. Then there was a few good things happened. If you take the bottom three categories, I think we got about 7% out of that total pool because ... Sal Daher: Wow! Well that's not bad, yeah. H. Stevenson: When you're post revenue, in some ways you don't ... You're not going to lost everything. Sal Daher: No, no. H. Stevenson: But one of the interesting ... Sal Daher: I've had at least one post revenue company that lost everything, because they were so highly leveraged. That's the thing, if they have revenue, there's a temptation to borrow. H. Stevenson: Yeah, but I think that one of the things about it is, that if you're working with the right people, they are ready to say, "It's not working". Then they turn their task to getting something for the company. Instead of, as some people are, they'll just throw the dice, until they run out of money. Somebody who's nice and curious, is probably going to spend some time saying, "It really isn't working, is there some way we can salvage something for us, and the investors?" Sal Daher: Yeah, that really is remarkable wisdom. H. Stevenson: Then some good things happened. Largely that was when somebody else wanted it worse than we did. Then there's the wows, and there are probably five wows. The one I told you about is by far the biggest one, but there were quite a few that returned 30 to 1. Sal Daher: Wow. H. Stevenson: And you say, "What field were you in?" They were all over the lot. Sal Daher: Wow, so no specialization? H. Stevenson: No specialization. Sal Daher: Interesting. I was having a conversation with a young venture capitalist yesterday, who is a part of MIT angels. He says, "I'm very specialized in biotech. Everyone, of these deals I can see all the problems with them, and solve them and so on." And he said, "I don't understand how you can make money, without that level of specialization." The answer for me at least, is that I'm investing much earlier than he is. So, my judgment isn't really based on knowing exactly what the industry is, and so forth. It's much more based on character, and so forth. The sort of thing that you're talking about. That is what makes it possible for you to be investing. If, you're investing early enough. The remarkable thing is that you're investing in post revenue, and you're still making those judgment calls based on character, and making money. Which is tremendous. H. Stevenson: I think that part of it is that nobody knows the future, no matter how many PhDs you have. Sal Daher: Mm-hmm (affirmative) H. Stevenson: In the biology field, I've had people present things to me. They say, "This is absolutely unique." And, I walk back to my office, and I get a business plan, that if I just crossed out the names, it would be the same. Sal Daher: It would be the same, yes. H. Stevenson: So, my belief that you have a unique upside. Just think, even Uber. How many examples are there of Uber? Sal Daher: That's right. The ones that failed, there were many of them, and Lyft, which is still extant. But the reality is that, ideas are a dime a dozen, and execution is very, very hard. H. Stevenson: One of my favorite stories about this is, in 1993 and the personal computer is coming out. We said, "There's got to be a role for this in home accounting." Sal Daher: Ah. H. Stevenson: We found a guy from Procter and Gamble, because we knew you'd need marketing. Sal Daher: Mm-hmm (affirmative) H. Stevenson: They'd written a software. It was good software. It worked fine on the apple. Unfortunately, not on the PC. And, it started literally within a week of Quicken. Sal Daher: Ah! H. Stevenson: So, you look and you say if I took two business plans, look at the resumes of the people, I couldn't tell the difference. Sal Daher: No. H. Stevenson: One is wallpaper, and the other is a fortune. Sal Daher: Quicken, they managed to establish a process for developing a product. Which was really, tremendously impressive. H. Stevenson: That, but I think they may have gotten into Staples slightly before we did. Sal Daher: That's all part of the product development process. H. Stevenson: Yep. Sal Daher: The product is developed enough, that Staples can distribute it. As a matter of fact, I'm trying to think of who it is that I interviewed recently who has the founder of Quicken as his ... H. Stevenson: Scott Cook? Sal Daher: Scott Cook, yes is his idol. H. Stevenson: Mm-hmm (affirmative) Sal Daher: I think it came out in the podcast. H. Stevenson: Yeah, a P&G guy. He's not a technology guru. Sal Daher: Well, he's another P&G guy, because you guys were backing a P&G guy as well. H. Stevenson: Yes. Sal Daher: Well I'm in the process of writing ... H. Stevenson: HBS guy too. Sal Daher: HBS guy. Well I'm in the process of writing a check right now to P&G, J&J, HBS guy. So, I hope it's going to work out. H. Stevenson: I can guarantee you won't know until it does. Sal Daher: I know. That is absolutely true. That is absolutely true. Howard Stevenson on whether Entrepreneurship Can Be Taught You've done a lot of research, and given all your business experience. This is a tough question. Do you believe there are certain personality types that are more conducive to entrepreneurship, or can it just be taught to anyone? Bill Aulet, thinks it can be taught. H. Stevenson: Can I answer no, to both questions? Sal Daher: Absolutely. H. Stevenson: Well, in the old days before I started to work in entrepreneurship, there were people who said, "Well, they've studied it carefully and you need ... Being a first born helps, because 44% of the entrepreneurs are first born." Failing to notice that 44% of the population is first born. There were other deep studies of locusts of control, and other things. It turns out to be nonsense. I don't think that there's a personality type. Because, if you're going to run a cable television company, you could be the wallflower at the accounting convention. Sal Daher: Right, right. H. Stevenson: If you're going to run a promotion based ... Look at Steve Jobs’ personality. I mean ... Sal Daher: Absolutely. H. Stevenson: I can go through Ken Olsen. Sal Daher: Mm-hmm (affirmative) Howard Stevenson’s Definition of Entrepreneurship H. Stevenson: You look at the great entrepreneurs, and if you can find a single personality type, I think you've got a flawed test. So, I would reject that. On the other hand, I don't think that you can teach entrepreneurship to anybody. What I always thought we're doing when we're trying to teach entrepreneurship. Is if you take the students who come to Harvard Business School, they're opportunity driven. And, as you may know, I tried to define entrepreneurship as the opportunity beyond the resources you currently control. Sal Daher: Yes. Stevenson: Almost any kid, who walks into Harvard Business School, Sloan School. They didn't get there because they were shy, retiring ... Sal Daher: No. Stevenson: Just hoping to make it to the first level of the company, and then they'll stop. Sal Daher: Mm-hmm (affirmative) Stevenson: What we tried to do is, to show them that somebody like them could accomplish it. So, you had the cases on women, you had cases on African Americans, you had cases on people who started late, people who started immediately. Although, I tried to discourage people from starting early. Because there's a lot of research that shows, you got to know something about your customer in your market place. Sal Daher: Mm-hmm (affirmative) Stevenson: You ought to be known. Because you're going to go out to raise resources, and the more that other people know you and trust you, the better off you are. But, I think what you have to do is have the self-knowledge to say ... Probably politically incorrect say, "I know there's a lot of money to be made in China, but it won't be made by people that look like me." Sal Daher: Mm-hmm (affirmative) No, really the problem of information, and the fact that it's broadly disseminated, and people who have local information have an advantage, over someone coming from the outside. That is broadly recognized. I see the point that you're making, that you think that what the academic experience can do, is inspire people with models. Stevenson: Mm-hmm (affirmative) Sal Daher: That have, through cases and so forth. They can get people thinking, "I can do that." Which is a little bit of what I hope to do through this program, with angel investing. Is, to get people saying, "I don't have to be Mark Zuckerberg, to invest as an angel. I can be a guy who has built a business, who's got some experience and so forth. And, I can probably help some young person who's building a business." Stevenson: Well, what I said about ... There were two things that I was trying to do, accomplish. One was planting time bombs in people's mind, that exploded when they stepped on the opportunity. Sal Daher: Mm-hmm (affirmative) Stevenson: The second thing that I think you try and do, is keep them from doing really stupid things. Sal Daher: Ah, okay. Stevenson: I have a sign in my office at home that says, "It's great to learn from other people's mistakes, and you've been a real blessing to me." Sal Daher: Yeah. The ability to learn from other people's experience. It's a lot cheaper than learning from your own experience. Stevenson: That's what you try and do as a teacher is ... But, you also have to say there is no one right way. The business plan, no I've never had a business plan that worked out the way it was written. Sal Daher: My first interview with Michael Mark, who's founded several companies as a technology founder. And, he said he had invested in more than 200 startups, and he could think of one business plan that went according to plan, Progress Software. All the other ones necessitated pivots. Stevenson: The first thing I would say is, the fact that writing a business plan can be helpful, because you have to express the bets that you're making. So, you actually know what you're shooting at. Sal Daher: Absolutely. Stevenson: But, if you think that the business plan has foreseen all possible combinations ... Even just timing is at best, a random event in some ways. Sal Daher: That's right. In your book I think you quote Eisenhower saying, "Planning is everything. Plans are nothing." Stevenson: That was my doctoral dissertation. Had a lot to the defining strengths and weaknesses. Didn't matter what you wrote down at the end. It was, you were asking the question, "How do we compare to the other people trying to accomplish the same thing we are?" Sal Daher: So, going through the process of planning, you develop understanding. Even though things don't work out as you expect, at least you know a little bit about the lay of the land. So that when things change, you can regroup and do an informed approach. Stevenson: I would also say that one of the things that I look for in a business plan, is have they looked honestly at the competition. Sal Daher: Ah. Stevenson: I can't tell you how many business plans and software I've read that says, "We've done this for $300,000, and it would take everyone else 2 million." Sal Daher: I've seen a lot of those, yeah. Stevenson: There's a lot of competition out there, and you need to have some humility on the part of the entrepreneur and the investor to say, "We're going to be out there in a tough market. How are we going to win? Where do we have a competitive advantage?" Sal Daher: In those situations, one trick that I've learned from some of my colleagues in Walnut Ventures is, give them a little time. If they're at the beginning of the race, don't tell them that you're going to invest with them. Give them three months, and then see where they are, in those three months. See how much progress they've made during that time. They've told you everything about where they are now. If, in three months they're still telling you the same things, and they have competition, so that they're not very good at implementation. So, they're not going to get anywhere. The Best Due Diligence Is Time Stevenson: We always say the best due diligence is time. In fact, I was talking to one of the famous venture capitalists, who was a former student, and a good friend. And I said, "Isn't due diligence highly overrated?" And he says, "Yeah, I need to make five calls." He said, "I just need to know, which five people I talk to." I think that's true in most of this area for us as investors is, do you know somebody that knows the field? Do you know somebody that knows the person? Do you know somebody that knows the state of the financial markets for that particular fashion element? There's a lot of stuff ... Sal Daher: Absolutely. Stevenson: That, you don't need to talk to everybody in the world. And, getting a 2000-page report from Bain and Company, or McKinsey, is not going to help you understand where the world is going. Sal Daher: No, no it's not. It's not. How Baupost Got Started and How Investing Wizard Seth Klarman Was Hired Howard, I'm very curious to hear the story of the founding of Baupost. Hiring of Seth Klarman. For those listeners who do not know of Seth Klarman, think Warren Buffett a quarter century younger. Stevenson: I'll start with a recent search that I was working on for a not for profit. The people said, "We need to hire somebody like, X." And I said, "No you're going to be hiring someone like X was 30 years ago." Sal Daher: Yeah. Stevenson: That was true of Seth. Here you had an extremely bright young man, who loved two things. He liked stocks. He liked betting. Baupost was founded because, Bill Poorvu had sold WCVB, or was selling CVB, and I had worked with him quite a bit. And, Jordan Baruch ... Sal Daher: Bill Poorvu, fellow professor at the Harvard Business School. Stevenson: Yes. Sal Daher: Who had been owner of the television station, WCVB channel 5, here in Boston. Stevenson: A part of it, yes. Sal Daher: A part of it, yeah. Stevenson: And, Jordan Baruch was a professor at MIT. Sal Daher: Mm-hmm (affirmative) Stevenson: Who, was one of the early ... I think he was employee number four, Bolt, Beranek & Newman. Sal Daher: Okay, okay. Stevenson: And Isaac Auerbach was one of the early employees of UNIVAC. Sal Daher: Okay. Stevenson: And, he was a good friend of Jordan's. Sal Daher: Mm-hmm (affirmative) Stevenson: So, as Bill was about to receive some money he said, "Help me how to figure out how we get the money managed." So, the first hire was an administrator. Deloitte's going to come in, you better make sure you can account for it. Sal Daher: You can put it in somewhere. Stevenson: Well, make sure you can account for it first. Sal Daher: At least cash the checks. Stevenson: Yes. Sal Daher: Right. Stevenson: Then Seth was a student of Bill's, and he said, "This is an unusual guy. What are we going to do with him?" And I said, "Who knows?" We started out looking at, how do we select money managers? Sal Daher: Mm-hmm (affirmative) Stevenson: This was 1982. After you talk to a number of money managers, you say, "We can do better than that." Sal Daher: The industry was not highly developed at that time. Stevenson: The industry, it was ... White shoe, everybody was into recreational vehicles. Sal Daher: Mm-hmm (affirmative) Stevenson: It was a screwy industry, and always has been. Sal Daher: Right, right. Stevenson: We hired Seth. We looked at ... Sal Daher: But what is it that you saw in Seth, that set him apart? Stevenson: The same things that I talked about earlier. He was honest. He'd worked for honest people. Sal Daher: Mm-hmm (affirmative) Stevenson: I wouldn't hire somebody from, you can name the firm. Sal Daher: Absolutely, yeah. Stevenson: He doesn't even need to work there, I don't want to work for me. He certainly understood the charitable notions that I think the other founders had. I think they were all deeply committed to other people, and that was attractive to him. Sal Daher: Mm-hmm (affirmative) Stevenson: It wasn't, they were trying to make the most money, and so you saw the niceness come through there. Clearly curious, you don't work the pink sheets, if you're not curious. Sal Daher: Mm-hmm (affirmative) Stevenson: Because, nobody else was covering them. Sal Daher: No, no. Mm-hmm (affirmative) Stevenson: That was one of the things I liked about him is, he was willing to do original research. Rather than call up Goldman and say, "What's hot today?" Sal Daher: Yeah. Stevenson: And their answer is, "Whatever I got a lot to sell off." Sal Daher: Exactly, exactly. Stevenson: And, he's clearly smart. He's a Baker Scholar. So, we saw that and ... Sal Daher: But the idea of patient investing, of buying things that are deeply underpriced, and holding them until they are, not fully valued, I know you always sold early. But, until other people begin to have an interest in them, that is something that's attracted me to him. Because, it's a lot similar to what my partner and I did in emerging markets. We were always early, buying stuff at incredibly cheap, and selling into the market as it began. People made a lot of money buying stuff off of us. And, the same thing with Seth Klarman. So, how did you detect that? That quality in him. Stevenson: I like to think I even taught him some of that. The expression we gave was, "Feed the birdies, when they're hungry." Sal Daher: Mm-hmm (affirmative) Stevenson: And, he transitioned into being the president after about six years. Because, people don't want to give a 26-year-old all of their money. And, we had all of the money, of all of the clients. Sal Daher: Mm-hmm (affirmative) Stevenson: So, there was concern. This is a different approach. I think one of the things that also Seth has been brilliant at, and I like to think I had something to do with it. Is, not ... Because we had all the money, you didn't get stuck on we're buying big cap stocks. It was ... Sal Daher: Ah, okay. Stevenson: So, a lot of the success was, you moved from sector to sector. So, you bought real estate, when real estate was dead cheap. You bought busted bonds. I can go through the history and ... Sal Daher: And, given the composition of the investors, the original investors. They were a small number of people, who had a long-term outlook. They had a much healthier attitude towards the market, than a lot of people have today. Because if you're a young, rising fund manager, you live or die by your last results. In your ... Stevenson: No. And, frankly as we're building the business, we turned down a lot of those people. Sal Daher: Mm-hmm (affirmative) Stevenson: We didn't think the acquisition of assets was important as the acquisition of good clients. Sal Daher: Mm-hmm (affirmative) Stevenson: Also, we were interested in who the family was. Not, do they have a name. Sal Daher: Right, right. Stevenson: But, how they dealt with each other. Sal Daher: Right. Stevenson: Because, you were trying to create something, and I think Baupost still has that feeling that it's everybody's in it together. So, it was, everybody participated in the performance fee, down to the secretary. Everybody ate from the same pizza box. Sal Daher: That is wonderful. That's something Warren Buffett complains says his secretary pays a higher tax rate than he does. Stevenson: Yes. Sal Daher: In this case, even the secretary is paying a high tax rate. Stevenson: Yep. Sal Daher: A low tax rate, I should say. Stevenson: Yes. Sal Daher: Because, she is benefiting on the ... Or he, in the ... Stevenson: Right. That was certainly the case then, and they tried to spread through. Sal Daher: That's really laudable. I have great admiration for the firm that you helped put together, and its outcome is really impressive. Stevenson: Well it's Baruch, Auerbach, Poorvu and Stevenson, is where the name came from. Sal Daher: So it's Baruch. Stevenson: Baruch, Auerbach. Sal Daher: Auerbach. Stevenson: A U B A Sal Daher: B A Stevenson: A U Sal Daher: A U Stevenson: P O and S T Sal Daher: And, S T of Stevenson. Stevenson: Yes. I think it happened with a piña colada somewhere on the Caribbean. How Howard Stevenson Shops for Cars Sal Daher: Howard, I find the way you shop for cars, particularly instructive. Please elaborate. Stevenson: I don't shop for cars. When my oldest child turned 16, I handed him a signed check and said, "Go buy me a car." And, people look at me like I'm crazy. But, in fact what I was trying to say to him is, "I trust you. I believe you'll do good research, and I respect your judgment." Because part of the process of educating kids is not saying, "I'm smarter, better, faster than you are." It's saying, "I am asking for your help in important things." I look at buying a car ... First, I hate dealing with car dealers, so I look at it as a pain. I was reasonably sure my sons, who love cars ... Sal Daher: Mm-hmm (affirmative) Stevenson: Would spend more time harassing car dealers. Which, made me feel like I was getting even with these guys. But, in fact they really do the research thing. So, they come back with a great knowledge of the packages that are available. What you want, what you don't want, and what was my risk? A couple thousand dollars, at worst? Sal Daher: Yeah, you might overpay a little bit for a car, but your kid will learn. Stevenson: But, I don't think I ever overpaid. I am absolutely sure that they got better deals than I would. Because, I'd walk in and say, "Oh, I like that car. How much it cost?" Because, I want to get out as fast as I can. Sal Daher: That's interesting, my father-in-law used to do that with his children. He used to give them, when they went to college, the money for the whole year. Give them one check and say, "Here, you've got to pay tuition, your cost of living, everything." Of course, he was overseas in Argentina, and they all came here, and it all worked out. But, sometimes it goes wrong. My dad had a cousin, who when he was away at a university, his family sent him money for the year, and he took the money, and he gambled. Stevenson: Yeah. Sal Daher: So, he didn't have any money for tuition, or anything like that, and then he was afraid to go back home, when everybody else graduated, because he still hadn't studied. Stevenson: Well, but again a car is a different thing. Sal Daher: Absolutely. Stevenson: I would know whether they bought the car or not. Sal Daher: There are guardrails, yeah. Stevenson: And, they probably do have fraud and collusion among the dealers. There's lots of reasons why that's, trust but verify in some ways. Sal Daher: Mm-hmm (affirmative) Stevenson: But it leads to a lot of trust in the judgment. But, it's also a sign of respect for their work, and their ability to think, and their ability to plan. And, I think they figured out that they would get the used car. So, they bought cars they wanted on the next round. Sal Daher: Yeah, so they're highly incented to do that. And, it's consonant also with your idea of having the children be brought in early on wealth, brought in early on responsibility for money, and so forth. Which unfortunately nowadays, children really don't have much of a sense of that, of responsibility with money, and so forth. They don't work, they don't make their own money. At least in my experience, children in America work a lot less, than they used to 20, 30 years ago. Stevenson: The rules are harder to comply with, if you're a company. Sal Daher: Yes, absolutely. Stevenson: We have a friend who owns a car dealership and he got an OSHA citation because he had his 15-year-old son sweeping the floor. So, to me the question of how do you teach responsibility? Sal Daher: Mm-hmm (affirmative) Stevenson: How do you teach trust? Sal Daher: Yes. Stevenson: How do you live by example? Are the critical things in Wealth and Families. Sal Daher: That is really beautifully said.  Now what advice would you give a young person about building his or her own wealth? Howard Stevenson’s Advice for How Young People Can Build Wealth Stevenson: I think the most important thing you can start at is, assets are more important than income. At least for me I can speak only in the things I tried to teach the kids. But, if you have a high income, you usually have high expenditures. Whereas, some of my colleagues were going off consulting their ... Consulting was a euphemism for teaching in outside courses at GE. They were making a lot of money every day, and they go their XKE (Jaguar XKE, a coveted sports car of the era) quite quickly. I went off to places like Lima, Ohio, and I was paid $300 a day, but I got 1% of the company. Sal Daher: Ah. Stevenson: I always tried to look at the assets side, because I couldn't spend it. Sal Daher: Mm-hmm (affirmative) Stevenson: Which meant, if I was right, I was saving it. Sal Daher: So, you looked towards building assets? Stevenson: Yes. Sal Daher: Instead of building income, necessarily? Stevenson: Yes. Sal Daher: And in time these assets will generate income, but you weren't looking about income today. Stevenson: I wasn't looking for income today, and I was always trying to say, "How do I use my current income to pay the taxes?" So, I could compound after tax, rather than pre-tax. Sal Daher: Yes. And, another thing that is mentioned in your book. You emphasize very clearly that a house, is not an asset. Stevenson: No, and a mortgage is ... I think of a mortgage as a funny beast. Sal Daher: Mm-hmm (affirmative) Stevenson: Because when I didn't have any money, as I said, "I was a scholarship student." Sal Daher: Right. Stevenson: Then a mortgage was a functional equivalent of rent. Sal Daher: Mm-hmm (affirmative) Stevenson: I still have mortgages, even though I don't need one. But I think of it as the cheapest way to lever my investment portfolio. Sal Daher: Well yes, if you have been reliably producing 16%, 17% returns every year, it makes sense to borrow at 3% or 4%. That is remarkable. So, I really like that advice. Concentrate on building assets, and think about high income leads to high expenditures. That reminds me of a story of Mitt Romney. Stevenson: Mm-hmm (affirmative) Mitt Romney & a Young Colleague on Spending Sal Daher: This is after he had had his initial success. He was with Bain Capital already. A young associate got his first bonus check and he went out and he bought a fancy sports car, and he gave Mitt a ride. Mitt was famous for beat up station wagons. Are you familiar with this story? Stevenson: No, no. I know Mitt well, he was a student of mine. Same class as George Bush, by the way. Sal Daher: I'm not going to ask, who got the higher grade. Stevenson: You don't need to. Sal Daher: I know, no. But, anyway ... So, the young partner said ... Is driving Mitt around, and Mitt was very impressed, he says "Geez, I wish I could afford a car like this." And the young associate said, "Well, Mitt you're worth hundreds of millions of dollars. You can afford this." And the kid didn't get the sense that Mitt didn't think he could afford the fancy sports car. This young kid with his first bonus check goes out and blows it on a fancy car. Stevenson: Well, I think the other thing Mitt would probably say if you got him under sodium pentothal. He doesn't drink so ... Sal Daher: Yeah, I know. That's the darned thing with Mormons, you can't get them drunk. Stevenson: I was raised in Holladay Utah, so I understand it. But I think it's also what behavior you're modeling for your kids. Sal Daher: Right. Stevenson: Because, as my grandmother would say, "Your actions speak so loudly, I cannot hear a word you say." Sal Daher: That is very wise, very wise. Why You Should Review this Podcast on iTunes – It Really Helps Us iTunes Page for the Podcast Where You Can Review and Subscribe Coming up next, we will be shifting to managing your wealth. A matter about which Professor Stevenson has deep experience. However, before we do that, I'd like to take the opportunity to thank listener, SewNow, who left this review on iTunes. "Definitely worth a listen. The series is full of very useful information. It is clear to me that Sal has put a lot of effort into it." SewNow, you have done your part to support the podcast. We bring stellar guests like Professor Howard Stevenson. We come to you free, with no schlocky ads, and professional sound, and you can help by following the example of SewNow, and leaving a review on iTunes. The listenership is growing with every episode, breaking records. It's something like 10% or 15% every month, that they're growing now. That growth combined with more reviews, will eventually cause the iTunes algorithm to start featuring the show. Thus, your review is critical to us. Thanks "Most of the wealthy people I know, are better at making money than managing it." Howard, in your book Wealth and Families you state, "Most of the wealthy people I know, are better at making money than managing it." Please take this opportunity to elaborate on taking on the responsibility of managing your wealth. Stevenson: Well I believe firmly that, you're accountable for your own actions. And, not everybody takes that to the management of their wealth. They think they can outsource it, and the results are often what you'd expect. But, I think it's also, you have to know your own objectives. Why am I interested in wealth? Is there an amount beyond that, it's for charity, or for my kids? I think that thinking through clearly, what your objectives are, and when I use the word your, I mean your spouse, and you probably. Because, if you start early enough, the kids don't have major voice. Sal Daher: Mm-hmm (affirmative) Stevenson: But it's also a subject that's quite un-discussable. I don't know how wealthy many of my friends are, because we never discuss the subject. Sal Daher: Right. Stevenson: It seems to me that at least within the family, you've got to say, "Here's where we are. Here's where we're going. Here's how we're going to get there." Sal Daher: Mm-hmm (affirmative) Stevenson: That involves a lot of decisions that are complicated. That's before you get to what you do with it, when you have it. Sal Daher: Right, right. Howard Stevenson’s Journey in Investing Began by Reading Graham, Dodd & Cottle in 1961 Stevenson: I guess for me, the question is ... Most people would rather talk to their kids about sex than money. So, you don't learn it at home, in most cases. So, you have to in fact reach out to say, "what do I need to know, to be successful?" So, I started by reading Graham, Dodd, and Cottle in 1961. Sal Daher: Not a bad start. Stevenson: It's probably as good a start as you can have if you want to be a value investor. Sal Daher: Absolutely, absolutely, yeah. Stevenson: That probably is one of the things that made Seth appeal to me. But, all along I felt like, I had to take ownership of my own results. That didn't mean you didn't use brokers. That didn't mean you didn't hire a financial planner occasionally, but you had to take responsibility for your own results. Sal Daher: Mm-hmm (affirmative) Stevenson: But that's humbling. Sal Daher: It is, it is. Stevenson: Because, you'll never know all you need to know. Sal Daher: And, taxing because you will inevitably have reverses. Stevenson: Yes. Sal Daher: And people have the attitude that if they ever lose any money, they've failed. But the goal is not to never lose money. The goal is to grow over time. Stevenson: Well, and anytime you lose money ... Sal Daher: Mm-hmm (affirmative) Stevenson: It helps to say, "Why?" Sal Daher: Right. Stevenson: And you go back to my five categories. Stuff happened, there's nothing you can do. Sal Daher: Right. Stevenson: I was wrong on the bet. I knew the bet, but something happened that was different than I was betting on. Sal Daher: Right. Stevenson: Also, the humility on the other side to say, "I wasn't a genius because I invested in X." Sal Daher: Mm-hmm (affirmative) "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Stevenson: "I was smart that I recognized the quality of the people. But, whether it was coming out at 2X or 400X, wasn't in my control." Sal Daher: Right, right. Stevenson: Whereas, I can assure you, if you listen to many of the professional investors they will say, "I knew it all along." Sal Daher: Right. Stevenson: And, in fact many of the 100% losses I had were done when I was investing side by side with professional venture capitalists. Sal Daher: Right. Stevenson: Because, their motive is to shoot for the moon. Sal Daher: Right, right. That is pretty deep. Very good. I guess we talked about this a little bit, but could you go a little bit more into hiring the professional help you need, beyond the financial planner and CPA. When someone starts to accumulate significant wealth. Give us some hints. This is well explained in your book, but maybe give some teasers, that will lead people to look in your book for a really well-developed approach to it. Stevenson: Again, like most things, I'm somewhat humble about giving the absolute rules. But, there are people you know and trust. The first thing is, I don't require a lot of due diligence if Bill Poorvu calls and says, "I want to do this." Sal Daher: Mm-hmm (affirmative) Stevenson: You say, "How much can I come in for?" Sal Daher: Right, right, right. Stevenson: After working with him for 43 years, I have a great deal of faith in his judgment. Sal Daher: Mm-hmm (affirmative) Stevenson: And, they're not all going to win, but when you know and trust people you can get by with little due diligence, and you can ... Also, it's going to be low cost. I don't pay him a fee. Sal Daher: Right, right. In contrast to the process that you went through when you're setting up your family foundation. The Stevenson Family ... Stevenson: Charitable Trust. Sal Daher: Charitable ... No, no, not the trust but the one for managing the funds of the family and ... Stevenson: That we just did ourselves. Sal Daher: Right, right, but you had quotes from ... Stevenson: We had quotes from ... Sal Daher: From various people, and they were just absurdly high. So, you brought your son into it, and then you hire people to do particular chores, and so on and so forth. So, you don't have a lot of high overhead of a normal family office. Stevenson: Well you can see looking around, we don't have a lot of high overhead. Sal Daher: No, no, there's not a lot of overhead. Stevenson: The mahogany furniture from IKEA is ... Shows through. Sal Daher: It's extremely functional, very functional. Stevenson: But, then when you start to say, "The next level is things that come with recommendation." But, even with recommendation you have to actually go out and talk to people. Sal Daher: Mm-hmm (affirmative) Stevenson: It depends on who recommends them. Because, there are people that are chasing the last hot deal, and I don't want to be in with them. So, I have to know not only if it's recommended, but who's recommending it. Sal Daher: Who's recommending, that's right. Stevenson: And, why it is.  Then if you're trying to go out to the rest of the world, it requires a lot of due diligence. It's probably going to be expensive. Sal Daher: Mm-hmm (affirmative) Stevenson: So, for me, I've tried to stay in those first two rings, of people I know and trust, and people that come recommended by people that I know and believe in. There you're going to pay more fees, but that's okay. Sal Daher: Still you're probably much more involved in the management of your wealth, than most people who are comparably wealthy. Perhaps also, because you know so much more. I think that, that is certainly a great lesson here. Stevenson: Think about how hard it is to earn a million dollars. Sal Daher: Yes. Stevenson: I'm not saying how much I have, but if you have a hundred million dollars, it's easy to lose a million dollars. Sal Daher: It is. Stevenson: Or, to make it. Sal Daher: That's right. Stevenson: What I say is, "the first million dollars is really hard, and the second million is a matter of time." Sal Daher: Exactly, exactly. Stevenson: So, having the long-term perspective, and I could go through some fancy math to show you that in fact, having long term perspective actually is highly beneficial. Because, most of the world is interested in the first two or three years of return. Warren Buffett is the classic example where I think, if you look at his results, it's largely because he bought long duration cash flows. Sal Daher: Ah. He's not buying the first three years, he's buying 15, 20 years out. Stevenson: He's buying the 3 to 15 year. Sal Daher: Right. Stevenson: And, he's not competing against the ... Sal Daher: Which most people are not interested ... Oh no, that's ... Stevenson: That's too uncertain. Sal Daher: Mm-hmm (affirmative) Stevenson: So, he spends a lot of time looking at how stable it is. He talks about building moats. Sal Daher: Mm-hmm (affirmative) Stevenson: All those kinds of things, and I think that's a ... Sal Daher: Right, right. Stevenson: I didn't learn it from Warren Buffett, but when I started to examine his way of dealing. I think that's what we've always tried to do is say, "Look, I can't outguess the professionals that have better information, quicker execution, all that in the first three years." Sal Daher: Yes. Mm-hmm (affirmative) Stevenson: But if I can find things, that have long duration cash flows. Sal Daher: Mm-hmm (affirmative) Stevenson: I'll probably do quite well over time, because even if you buy something at 10 times earnings, and it’s got 5% growth, you've got a 15% yield. Sal Daher: Right, right. Now that is a ... Stevenson: It's a pretty simple ... You don't need the higher math to ... Sal Daher: No, you don't. Stevenson: Make small amounts of growth, and good profitability ... Sal Daher: And, consistent growth over time. Stevenson: Consistent ... Sal Daher: Yes. Stevenson: It doesn't mean you don't have down years, because one of the things ... My experience is like in one of my other wow investments, was yeah ... But, they were willing to make the investments when it mattered. Sal Daher: Mm-hmm (affirmative) Stevenson: So many of the people would have done really well. See, the first thing we do is serve our customers. The second thing we do is we do it at a profit. Sal Daher: Ha. Stevenson: But the first question is doing, are we serving our customers well? Sal Daher: Mm-hmm (affirmative) because ... Stevenson: That goes back to what we talking about in terms of criteria. Sal Daher: Because serving your customer well is what assures continued growth, continued profitability over the long term, and not just the short bursts in the first few years. Stevenson: The profit is absolutely critical, because whether you're not for profit, or for profit, if you don't have profit, you're out of business. Sal Daher: Something's got to float the boat. Stevenson: Yes. Talking to Your Kids About Money Sal Daher: Yeah. I really like your approach to letting kids know about family wealth and bringing them up early, and so forth. As a matter of fact, I love that little exchange at the HBS that I attended. A gentleman of advanced years, after you explained that you have to let your children know early on said, during the question and answer session, "So how do you think I should tell my children?" And you looked at him and said, "Looking at you, I think it's a little too late." Stevenson: Well, I do get myself into trouble. Sal Daher: I know, it's just ... Stevenson: It seems to me, that many people underestimate, particularly in this internet age, how much the kids know. They know how much your house is worth. Sal Daher: Right. Stevenson: They can go on Zillow. Sal Daher: Mm-hmm (affirmative) Stevenson: Or their friends will. Sal Daher: Yes. Stevenson: They can find salaries. They can find the size of your private foundation, if you have one. There's no limit to the data they can have. And, by the way, there's no limit to the data they can make up, or their friends can make up too. Sal Daher: The imagination. Stevenson: Imagination. Sal Daher: Gallops way ahead of reality, yes. Stevenson: they can look at the prices of your cars. But it seems to me, if you start talking to your kids at 10, 12 about, "Well aren't we fortunate. We've been very lucky. We have to work hard at making sure that it's there, and we're working with honest ..." You start talking about what the criteria are to work with people. You start denigrating the get rich quick schemes. Sal Daher: Yes, yes. Stevenson: you start to in fact have them start thinking about, their own financial planning. You also have to help them understand that if you want to be an investment banker, you'll have one life. And, if you want to be a social worker, you'll have another life. Sal Daher: Yes, yes. Stevenson: You're not telling them that one is good and the other is bad, because at least to me, I never wanted the kids to think that having money was the measure of success. Having money is a measure of the options you have for the future. But, if you want to do something that doesn't make you money, you're going to use up some of your capital, and that's fine with me. I'm not going to measure my life on whether you've made money. Sal Daher: So, your job is to explain the consequences of the choices they are making. So, that they make decisions in a way that makes sense. And, they can make the tradeoffs. There's nothing in life that's not a tradeoff. Stevenson: Yeah, well my sons said that I raised him by the case method. I said, "What do you mean?" He said, "if you really like something, you'd say if you'd thought it through, go do it." Sal Daher: Right. Stevenson: If you've really hated something you'd say, "Have you thought it thorough carefully, because here are some things that you might want to think about." Sal Daher: It's a case study method. Now please explain your thinking behind tracking of your family's total wealth, rather than your own net worth. I found that quite valuable. Stevenson: Part of it is, when you start to think about giving away money. You probably start thinking when the kids are young with some charity. As the kids get older, when do I transfer wealth to them? As you have more money, you start to say, "Okay, my assistant needs help with the mortgage." Or something. Sal Daher: Mm-hmm (affirmative) Stevenson: Now if you only track only your net worth, you feel poorer every time you do that. Sal Daher: Yes, right, right. Stevenson: If you start to say, "Okay, I want to include the wealth of transfer to other people." And, even the taxes you can say, "I'll feel very good, even though my net worth, as reported on gap basis, may be 15% of the money I've made." But, I'm measuring my contribution to the economic wellbeing of people I care about, except for my Uncle Sam. Sal Daher: Mm-hmm (affirmative) Stevenson: So, I try to minimize that. Sal Daher: Yes. You care about your whole family, except your Uncle Sam. Stevenson: As I say, "I like my kids, or I love my kids. I can stand my grandkids. I hate my uncle." Sal Daher: Oh! Listeners, I forgot to tell you. Howard's book has cartoons. Here's one. Dogbert is sitting behind a desk talking to Pointy Hair Boss under the caption, "Dogbert Financial Advisor" Dogbert: You should invest all your money in diseased livestock. Dogbert continues: It would be unwise to invest in just one sick cow, but if you aggregate a bunch of them together, the risk goes away. Dogbert concludes: It's math.  Pointy Hair Boss replies: Suddenly I feel all savvy.  Kindly distinguish between a herd of diseased cows and real diversification. Stevenson: I think that one has to ask the question, "What are the drivers?" And obviously diseased cows are diseased mortgage backed securities, have a single driver. Sal Daher: Right. Stevenson: In spite of the fact that somebody from your alma mater might say these are diversified portfolios, because they are uncorrelated having real estate in Miami, Las Vegas. Sal Daher: Yes, yes. Stevenson: Phoenix. Sal Daher: Mm-hmm (affirmative) Stevenson: And Boston. Sal Daher: Right, right, right. All under written very poorly to a certain sector of the economy. Likely to lose their job and certainly ... Stevenson: All at once. Sal Daher: All at once. Stevenson: In our investing, as I said earlier, as somebody said, "What are your guidelines?" And the answer is, "We have no guidelines." Sal Daher: Mm-hmm (affirmative) Stevenson: You look at some things and you say, "I think this is a fairly stable way of investing. I don't like to put into funds that lock me up for 10 years. Not because I need the liquidity, but because I want to be able to change my mind." Sal Daher: Mm-hmm (affirmative) Stevenson: I just looked at a fund today that had a 20-year time frame. Sal Daher: Oh, wow. Stevenson: Now that's fine for me. Sal Daher: Mm-hmm (affirmative) Stevenson: If I control when to sell. Sal Daher: Right. Stevenson: It's less fine for me, if they control when to sell. Sal Daher: Yes. Stevenson: I won't get into some statistics I've done on the leverage buyout groups. But, I think I could prove to you that their average holding period is under three years. Sal Daher: Oh, yeah. Stevenson: In spite of the fact that they try to tell you they've done a great job with managing, but lever it up. Sal Daher: Yeah ... Stevenson: Take a bit out, and get out of there. So true diversification to me is, look for the underlying drivers. And, if they look the same ... Sal Daher: Mm-hmm (affirmative) Stevenson: That's not diversification. Let's take the example that everybody thinks Spider is diversified. Sal Daher: Right. Stevenson: Let's see, what percentage of the Spider is high technology unicorns? It's like 25%? Sal Daher: That's right. Stevenson: The top 10 stocks? Sal Daher: Yeah, yeah. They're swinging the index now. Stevenson: Yeah. And, is that diversification, just because you have 500 stocks, if it's all dependent on this one group of ... Sal Daher: At one point, I remember Apple was 3% of the market cap… Stevenson: Well it ... Sal Daher: Of the S&P. Stevenson: In 2001, I think ... I'm getting old and senile, but as I believe, technology represented well over 50% of the S&P in 2001. Sal Daher: Mm-hmm (affirmative) Stevenson: So, anybody who thought they were diversified, was smoking stuff that smelled funny. Sal Daher: So, that sets up our last question here. In your HBS talk, you mentioned starting your profess

CJSF's Allison R. Brown speaks with Zakiya Sankara-Jabar, national field organizer for the Dignity in Schools Campaign, and Dr. Howard Stevenson, Director of Forward Promise, about their work to ensure the education of young Black boys.

Dr. Howard Stevenson visits The Context of White Supremacy. The Constance Clayton Professor of Urban Education and Professor of Africana Studies at the University of Pennsylvania, Dr. Stevenson constructs practical strategies to teach "emotional and racial literacy skills to families and youth." His areas of expertise include: African-American psychology, racial/ethnic socialization and negotiation, racial literacy and violence prevention. We'll examine his 2014 book, Promoting Racial Literacy in Schools: Differences That Make a Difference, which provides a process to "resolve face-to-face racially stressful encounters that reflect racial profiling in public spaces, fuel social conflicts in neighborhoods, and undermine student emotional well-being and academic achievement in the classroom." A C.O.W.S. listener was recently in attendace for Dr. Stevenson's Missouri lecture and asked the professor if he thought Dr. Frances Cress Welsing's definition of White Supremacy was accurate. INVEST in The COWS - http://paypal.me/GusTRenegade CALL IN NUMBER: 641.715.3640 CODE 564943# #AnswersForMiriamCarey The C.O.W.S. archives: http://tiny.cc/76f6p

It's where the biological and social sciences meet. We're connecting the health dots of trauma, our bodies and how they heal. Dr. Howard Stevenson, Forward Promise National Program Director and Executive Director of the Racial Empowerment Collaborative at the University of Pennsylvania Graduate School of Education, and Mrs. Rhonda Bryant, Forward Promise Deputy Director and CEO of The Moriah Group, join us to talk about a new national program office of the Robert Wood Johnson Foundation that is going to help reframe the language surrounding boys and young men of color in order to help heal not only the person but our communities.

July 29, 2016 - Family Wealth Guru and HBS Prof Dr. Howard Stevenson

Ep. 67: Riana Anderson is a Ford Foundation Postdoctoral Fellow in the Applied Psychology and Human Development Division (APHD). Her current fellowship is with Dr. Howard Stevenson in the Racial Empowerment Collaborative (REC), which centers on cultural pride, coping and parenting, culturally specific parenting strategies, and other ways of reducing race-related stress. She received her doctorate in Clinical and Community Psychology at the University of Virginia and was a Clinical and Community Psychology Pre-doctoral Fellow at Yale University’s School of Medicine. Dr. Anderson graduated from the University of Michigan in 2006 with degrees in Psychology and Political Science. She then taught for 2 years with Teach For America in Atlanta, GA. She has also conducted community based participatory research at Johns Hopkins School of Medicine in Baltimore, MD, and neuropsychological research at Children's National Medical Center in Washington, D.C. Dr. Anderson aims to assist at-risk youth with practical applications of her research and clinical services, as well as through academic instruction and policy recommendations. She strives to improve the psychological outcomes for African American youth through expanded coping strategies, discovery and encouragement of alternative outcomes, culturally and contextually relevant parenting programs, and community building, participation, and collaboration. One of her goals is to create youth centers and interventions that support the mental and physical health— as well as educational goals—of African American youth in urban communities. Dr. Anderson is interested in fostering positive outcomes among impoverished, urban, and Black youth in contextually relevant ways. She investigates how protective familial mechanisms such as parenting and racial socialization operate in the face of risks linked to poverty, discrimination, and residential environment. Dr. Anderson is particularly interested in how these factors predict familial functioning and subsequent child psychosocial and academic achievement, especially relating to family-based interventions. She is currently working on a four-session intervention to assess and alleviate racial stress and trauma in order to facilitate healthy parent-child relationships and racial assertiveness. For more on host, Alex Barnett, please check out his website: www.alexbarnettcomic.com or visit him on Facebook (www.facebook.com/alexbarnettcomic) or on Twitter at @barnettcomic To subscribe to the Multiracial Family Man, please click here: MULTIRACIAL FAMILY MAN PODCAST   Intro and Outro Music is Funkorama by Kevin MacLeod (incompetech.com) Licensed under Creative Commons - By Attribution 3.0 http://creativecommons.org/licenses/by/3.0/

Our guests tell us that many families avoid at home discussions about race for vraious reasons. Tune in to learn why the ability and practice of talking openly to your teens about race is so critical. Follow: @DrHoward_REC @Annie_Fox, @bamradionetwork.com Deborah Rivas-Drake, Ph.D., is Associate Professor of Education and Psychology at the University of Michigan. Dr. Howard Stevenson has served for 30 years as a clinical psychologist working conducting family therapy in low resourced rural and urban neighborhoods across the country and author of "Promoting Racial Literacy in Schools: Differences that Make a Difference." Annie Fox, M.Ed. is an educator and award-winning author, including, :Teen Survival Guide to Dating and Relating; Too Stressed to Think?"

Our guests tell us that many families avoid at home discussions about race for vraious reasons. Tune in to learn why the ability and practice of talking openly to your teens about race is so critical. Follow: @DrHoward_REC @Annie_Fox, @bamradionetwork.com Deborah Rivas-Drake, Ph.D., is Associate Professor of Education and Psychology at the University of Michigan. Dr. Howard Stevenson has served for 30 years as a clinical psychologist working conducting family therapy in low resourced rural and urban neighborhoods across the country and author of "Promoting Racial Literacy in Schools: Differences that Make a Difference." Annie Fox, M.Ed. is an educator and award-winning author, including, :Teen Survival Guide to Dating and Relating; Too Stressed to Think?"