Podcasts about teacher retirement system

In this episode of the Dakota Fundraising News Podcast, Pat and Konch cover key job moves, including Erika Olson joining Meketa as Director of Public Markets Manager Research and Ken Mathieson moving to US Capital Wealth Advisors. In RIA/FA M&A, Wells Fargo recruits the $1.6B Broadleaf Wealth Management Group from UBS, Sanctuary Wealth adds $200M NewSpring Wealth Partners, and Bryn Mawr Trust expands with a four-member team from Truist. Institutional updates feature pension fund searches and commitments, including San Francisco Employees Retirement System and Teacher Retirement System of Texas. Fundraising highlights include Longshore Capital closing Fund II at $325M and Hamilton Lane surpassing its target with a $615.3M venture fund. Tune in for the latest in institutional and intermediary fundraising!

In this episode of The Industrialist, Jeremy Mercer sits down with Dory Wiley, President & CEO of Commerce Street Holdings, LLC. With over 20 years of experience in commercial and investment banking, Dory has played a pivotal role in the financial industry, co-founding Commerce Street Capital and Commerce Street Investment Management. His expertise extends to managing investment funds specializing in financial institutions and related derivatives, and his leadership has been felt in organizations like the Teacher Retirement System of Texas, where he served as Chairman of the Investment Committee. Dory's impressive career journey includes roles at SAMCO Capital Markets and Rauscher Pierce Refsnes (now RBC Capital Markets), and his extensive knowledge in banking and securities valuations has made him a sought-after speaker, expert witness, and media contributor. Join Jeremy Mercer as he uncovers Dory Wiley's insights into the world of finance, investment management, and leadership. Whether you're interested in the intricacies of financial institutions or looking for inspiration from a seasoned leader in the industry, this episode promises valuable takeaways for everyone.

Brendan Cooper and Jared Morris, directors at Teacher Retirement System of Texas (TRS), joined the latest episode of Nareit's REIT Report podcast to discuss how TRS tactically invested in REITs during a period of public and private real estate valuation divergence.In 2022, the TRS Strategic Property REIT Execution and Delivery (SPREAD) team were monitoring a sell-off in public REITs and were ready to take action. One quarter of TRS's total $400 million commitment was initially invested in December 2022, half was deployed in March 2023, and the remaining quarter was invested in October 2023. During that period, the internal rate of return achieved by TRS was 17.1%.

In this episode of the Dakota Fundraising News Podcast Konch and Matt discuss the latest job changes, including Diederik Hooijkaas joining BNY Mellon and Chris Cawson's move to Hostplus in Australia. The RIA/FA M&A segment highlights Todd Newman's return to Morgan Stanley and Cetera Wealth Partners' acquisition of Innovative Premier Financial Services. We also dive into institutional coverage with updates on searches and investments from plans like the Teacher Retirement System of Texas and Indiana Public Retirement System. Tune in for the latest institutional and wealth management updates!

Jase Auby is the Chief Investment Officer of the Teacher Retirement System of Texas, where he oversees the $200 billion pension fund that's the fifth largest in the U.S. TRS manages assets that support the retirement security of over two million public education employees in Texas, and has long been known as a thought-leading steward of capital in the pension community, including engagement with emerging managers and innovation in fee structures. Our conversation covers Jase's background and path to TRS, including early working with computers on Wall Street and entrepreneurship. We discuss TRS' organizational structure, competitive advantages, and investment approach and close with Jase's role and accomplishments in his tenure as CIO. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

We were honored this week to welcome Senator Kay Bailey Hutchison and John Rutherford for this Special Edition COBT. Senator Hutchison is a Founding Member of the KBH Energy Center at the University of Texas and has had a distinguished career in both the public and private sectors, including serving as the US Ambassador to NATO.  We previously had the pleasure of hosting Senator Hutchison on COBT in November 2023 (episode linked here). John is an expert energy and finance executive and serves on the KBH Energy Center Executive Council in addition to board positions with Enterprise Products Partners and TD Williamson. Recently, Governor Abbott appointed John to the Teacher Retirement System of Texas Board of Trustees. We were excited to speak with Senator Hutchison and John about the KBH Energy Center's upcoming Symposium in September and also mix in some observations about the current world. This year's KBH Energy Center Symposium theme is “Energizing Tomorrow – Tackling Today's Energy Challenges while Preparing for the Future.” The event will take place on Friday, September 13 in Austin. In our conversation, Senator Hutchison and John touch on the Symposium's history and the KBH Energy Center's unique structure, collaborating with the business, law, engineering, and soon geosciences schools at the University of Texas. We discuss the Symposium's agenda (linked here) with panels focused on the evolution of LNG, emerging energy trends, technology, AI, energy storage, and more. As you'll hear, the Symposium is nearing capacity but there is still room to attend. Registration details can be found linked here. While discussing the history of the KBH Energy Center as well as the agenda for the Symposium, we also found time to discuss Senator Hutchison's experience as the Ambassador to NATO, how critical energy is to the world economy, and some of her thoughts on the war in Ukraine. As you will hear, her direct experience with Putin informs all her judgements. We are excited for what promises to be a fantastic Symposium and greatly appreciate Senator Hutchison and John for joining us. We hope you enjoy the discussion and that you'll consider attending the Symposium. We also hope you have a great Labor Day weekend and enjoy this last weekend of summer. Our best to you all!

In this episode, Ben sits down with Matt Halstead, Director of Digital Assets and Real Estate Investing at the Teacher Retirement System of Texas, also known as Texas Teachers.  Matt built the digital assets program at Texas Teachers from scratch and has helped push the asset class forward via his highly institutional and sophisticated approach to crypto fund allocations. We typically hear from GPs on Scenius Studio but in order for the space to further develop and mature, it is essential we acknowledge and learn from the LPs who invest with rigor and size. Let's get into it. Disclaimer  Ben Jacobs is a partner at Scenius Capital Management. All views expressed by Ben and the guests of this podcast are solely their opinions and do not reflect the opinions of Scenius Capital Management. Guests and the host may maintain positions in the assets or funds discussed in this podcast. You should not treat any opinion expressed by anyone on this podcast as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of their personal opinion. This podcast is for informational purposes only.

A reminder for new readers. That Was The Week includes a collection of my selected readings on critical issues in tech, startups, and venture capital. I selected the articles because they are of interest to me. The selections often include things I entirely disagree with. But they express common opinions, or they provoke me to think. The articles are sometimes long snippets to convey why they are of interest. Click on the headline, contents link or the ‘More' link at the bottom of each piece to go to the original. I express my point of view in the editorial and the weekly video below.Congratulations to this week's chosen creators: @TechCrunch, @Apple, @emroth08, @coryweinberg, @mariogabriele, @peterwalker99, @KevinDowd, @jessicaAhamlin, @stephistacey, @ttunguz, @annatonger, @markstenberg3, @EllisItems, @TaraCopp, @ingridlunden, @Jack, @karissabe, @psawers, @Haje, @mikebutcher, @tim_cookContents* Editorial: Hating the Future* Essays of the Week* Apple's ‘Crush' ad is disgusting* Apple apologizes for iPad ‘Crush' ad that ‘missed the mark'* Milken's New Power Players* Ho Nam on VC's Power Law* State of Private Markets: Q1 2024* The weight of the emerging manager* Pandemic-era winners suffer $1.5tn fall in market value* Video of the Week* Apples iPad Video* AI of the Week* The Fastest Growing Category of Venture Investment in 2024* Meet My A.I. Friends* OpenAI plans to announce Google search competitor on Monday, sources say* Leaked Deck Reveals How OpenAI Is Pitching Publisher Partnerships* A Revolutionary Model.* An AI-controlled fighter jet took the Air Force leader for a historic ride. What that means for war* Sources: Mistral AI raising at a $6B valuation, SoftBank ‘not in' but DST is* News Of the Week* Jack Dorsey claims Bluesky is 'repeating all the mistakes' he made at Twitter* FTX crypto fraud victims to get their money back — plus interest* Apple's Final Cut Camera lets filmmakers connect four cameras at once* Startup of the Week* Wayve co-founder Alex Kendall on the autonomous future for cars and robots* X of the Week* Tim CookEditorial: Hating the FutureAn Ad and its Detractorsbet a lot of money that the TechCrunch writing and editorial team have had an interesting 72 hours.After Apple announced its new iPad on Tuesday, the ad that supported it was initially widely slammed for its cruelty to obsolete tools for creativity, including a piano, guitar, and paint. This week's Video of The Week has it if you don't know what I am talking about.A sizeable crushing machine compresses the items with colossal force, and in the end, an iPad can incorporate the functions of traditional items.It's not the most amazing ad ever, certainly not as bold as Steve Jobs's 1984 ad, but it's in the same genre. The past must be crushed to release new freedom and creativity for a fraction of the price and, often, the power and flexibility.Oh, and it's thin, very thin.I was not offended. Devin at TechCrunch was. He leads this week's essay of the week with his “Apple's ‘Crush' ad is disgusting” and does not mince words:What we all understand, though — because unlike Apple ad executives, we live in the world — is that the things being crushed here represent the material, the tangible, the real. And the real has value. Value that Apple clearly believes it can crush into yet another black mirror.This belief is disgusting to me. And apparently to many others, as well.He also makes the incorrect point that:A virtual guitar can't replace a real guitar; that's like thinking a book can replace its author.It's more like a digital book replacing a paper book than the author being replaced. Oh wait… that has happened.That said, a virtual guitar can replace a real guitar, and an AI guitar can even replace a virtual guitar—and be better. That is not to say there are no more actual traditional guitars. They will be a choice, not a necessity, especially for people like me who can't play a guitar but will be able to play these.Devin had his supporters in the comments (go read them).Handmaid's Tale director Reed Morano told Apple CEO Tim Cook to “read the room” in a post on X. Matthew Carnal captured my somewhat unkind instinct:There were a lot more reactions to the Apple ad haters like Matthews.Of course, many old instrument lovers (the instruments, not their age) hated the Ad. By Thursday, this being the times we live in, Apple apologized for the ad:Tor Myhren, Apple's vice president of marketing, said the company “missed the mark.”“Creativity is in our DNA at Apple, and it's incredibly important to us to design products that empower creatives all over the world,” Myhren told Ad Age. “Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad. We missed the mark with this video, and we're sorry.”Please judge for yourself below, but my 2c is that the ad was a moderately underwhelming attempt to champion innovation. It is certainly not offensive unless you are ultra-sensitive and have feelings for pianos, guitars, and paint. Oh, and hate attempts to recreate them in a more usable form. And Apple really should have taken the high ground here.I spent some of the week in LA at the CogX Festival and virtually at the Data Driven Summit by @AndreRetterath. The latter focused on what is happening in Venture Capital, as do several of this week's essays. Milken's event was running in LA also. Its attitude to Venture Capital is best summed up here:“We're all being told in the market that DPI is the new IRR,” B Capital's Raj Ganguly said onstage Wednesday. (The acronym sandwich means investment firms have to actually prove that their investments actually generate cash through a metric called distributions to paid-in capital, not just theoretically, through internal rate of return.) “Even the venture panel at Milken is at the end of the day on Wednesday,” he joked, meaning that it didn't get top billing at the conference, which had started a couple days earlier.This does sum up where we are. Hundreds of Billions of dollars are still trapped inside companies funded in 2020-2022, with little prospect of producing returns. The impact is that there is less funding for current startups (see the Carta piece below). And much of what is flowing is flowing to AI and into a very small number of companies (see Tomasz Tungux below).However, innovation and funding are still possible. This week's Startup of the Week is Wayve, a UK autonomous driving platform that seems to agree with Elon Musk that cameras are sufficient to teach a car to drive. Wayve's ambitions go beyond Cars (also like Musk) but differ in that the product is available to all developers to embed in their products.“Very soon you'll be able to buy a new car, and it'll have Wayve's AI on it … Then this goes into enabling all kinds of embodied AI, not just cars, but other forms of robotics. I think the ultimate thing that we want to achieve here is to go way beyond where AI is today with language models and chatbots. But to really enable a future where we can trust intelligent machines that we can delegate tasks to, and of course they can enhance our lives and self-driving will be the first example of that.”Love that attitude.Essays of the WeekApple's ‘Crush' ad is disgustingDevin Coldewey, 1:58 PM PDT • May 9, 2024Apple can generally be relied on for clever, well-produced ads, but it missed the mark with its latest, which depicts a tower of creative tools and analog items literally crushed into the form of the iPad.Apple has since apologized for the ad and canceled plans to televise it. Apple's VP of Marketing Tor Myhren told Ad Age: “We missed the mark with this video, and we're sorry.” Apple declined to offer further comment to TechCrunch.But many, including myself, had a negative and visceral reaction to this, and we should talk about why. It's not just because we are watching stuff get crushed. There are countless video channels dedicated to crushing, burning, exploding and generally destroying everyday objects. Plus, of course, we all know that this kind of thing happens daily at transfer stations and recycling centers. So it isn't that.And it isn't that the stuff is itself so valuable. Sure, a piano is worth something. But we see them blown up in action movies all the time and don't feel bad. I like pianos, but that doesn't mean we can't do without a few disused baby grands. Same for the rest: It's mostly junk you could buy off Craigslist for a few bucks, or at a dump for free. (Maybe not the editing station.)The problem isn't with the video itself, which in fairness to the people who staged and shot it, is actually very well done. The problem is not the media, but the message.We all get the ad's ostensible point: You can do all this stuff in an iPad. Great. We could also do it on the last iPad, of course, but this one is thinner (no one asked for that, by the way; now cases won't fit) and some made-up percentage better.What we all understand, though — because unlike Apple ad executives, we live in the world — is that the things being crushed here represent the material, the tangible, the real. And the real has value. Value that Apple clearly believes it can crush into yet another black mirror.This belief is disgusting to me. And apparently to many others, as well.Destroying a piano in a music video or Mythbusters episode is actually an act of creation. Even destroying a piano (or monitor, or paint can, or drum kit) for no reason at all is, at worst, wasteful!But what Apple is doing is destroying these things to convince you that you don't need them — all you need is the company's little device, which can do all that and more, and no need for annoying stuff like strings, keys, buttons, brushes or mixing stations.We're all dealing with the repercussions of media moving wholesale toward the digital and always-online. In many ways, it's genuinely good! I think technology has been hugely empowering.But in other, equally real ways, the digital transformation feels harmful and forced, a technotopian billionaire-approved vision of the future where every child has an AI best friend and can learn to play the virtual guitar on a cold glass screen.Does your child like music? They don't need a harp; throw it in the dump. An iPad is good enough. Do they like to paint? Here, Apple Pencil, just as good as pens, watercolors, oils! Books? Don't make us laugh! Destroy them. Paper is worthless. Use another screen. In fact, why not read in Apple Vision Pro, with even faker paper?What Apple seems to have forgotten is that it is the things in the real world — the very things Apple destroyed — that give the fake versions of those things value in the first place.A virtual guitar can't replace a real guitar; that's like thinking a book can replace its author.That doesn't mean we can't value both for different reasons. But the Apple ad sends the message that the future it wants doesn't have bottles of paint, dials to turn, sculpture, physical instruments, paper books. Of course, that's the future it's been working on selling us for years now, it just hadn't put it quite so bluntly before.When someone tells you who they are, believe them. Apple is telling you what it is, and what it wants the future to be, very clearly. If that future doesn't disgust you, you're welcome to it.Apple apologizes for iPad ‘Crush' ad that ‘missed the mark'/The company says ‘we're sorry' after its ad was seen as dismissive by the creatives Apple typically tries to court.By Emma Roth, a news writer who covers the streaming wars, consumer tech, crypto, social media, and much more. Previously, she was a writer and editor at MUO.May 9, 2024 at 1:22 PM PDTApple has apologized after a commercial meant to showcase its brand-new iPad Pro drew widespread criticism among the creative community. In a statement provided to Ad Age, Tor Myhren, Apple's vice president of marketing, said the company “missed the mark.”“Creativity is in our DNA at Apple, and it's incredibly important to us to design products that empower creatives all over the world,” Myhren told Ad Age. “Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad. We missed the mark with this video, and we're sorry.”On Tuesday, Apple introduced the M4-powered iPad Pro, which the company described as its thinnest product ever. To advertise all the creative possibilities with the iPad, it released a “Crush!” commercial that shows things like a piano, record player, paint, and other works flattening under the pressure of a hydraulic press. At the end, only one thing remains: an iPad Pro.The ad rubbed some creatives the wrong way. Hugh Grant called it a “destruction of human experience,” while Handmaid's Tale director Reed Morano told Apple CEO Tim Cook to “read the room” in a post on X. Apple didn't immediately respond to The Verge's request for comment.Milken's New Power PlayersBy Cory WeinbergMay 8, 2024, 5:00pm PDTIt's no secret that the suits at the annual big-money confab put on by the Milken Institute this week have few spending limits. Staring you in the face in the lobby of the Beverly Hilton is a booth set up by Bombardier, marketing its private jets to attendees. (A new 10-seater costs $32 million, I learned.)What attendees can't really buy, however, is time. The soundtrack of the Los Angeles conference might as well have been a ticking clock. Fund managers at private equity and venture capital firms are running out of time to distribute cash to their investors, a task complicated by the paucity of either mergers or public offerings that typically provide VC and PE firms with a way to cash out. The fact that interest rates now appear likely to stay higher for longer doesn't help. That meant a lot of conversations at the conference weren't about grand investment strategies. Instead, people were conferring about financial tactics to distribute cash or kick the can down the road by selling stakes on the secondary markets or spinning up continuation funds, essentially rolling investors' commitments forwards—not the most inspiring stuff.  “We're all being told in the market that DPI is the new IRR,” B Capital's Raj Ganguly said onstage Wednesday. (The acronym sandwich means investment firms have to actually prove that their investments actually generate cash through a metric called distributions to paid-in capital, not just theoretically, through internal rate of return.) “Even the venture panel at Milken is at the end of the day on Wednesday,” he joked, meaning that it didn't get top billing at the conference, which had started a couple days earlier.The new kings of the conference were firms with a lot more time to play with—that is, sovereign wealth funds with buckets of oil and natural gas money, or pension funds with long-term investment horizons rather than shorter 10-year fund lives. The contrast here is embodied in the financial concept of duration: How long do you actually need to get cash back on your investment? And how sensitive is it to interest rate hikes?The sentiment was everywhere. I shared a Lyft ride with one PE investor last night who called sovereign wealth funds “the only game in town” for PE firms raising new money. Abu Dhabi sovereign wealth fund Mubadala Capital and the Qatar Investment Authority were two of the conference's top sponsors, meaning they were paying up to explain themselves to the finance and tech universe. That tactic seemed to be working. “You're going to have people lining up their business cards for capital from QIA, I can already see,” quipped Leon Kalvaria, an executive at Citi, onstage with QIA's head of funds, Mohsin Tanveer Pirzada.  Not everyone will suck it up, of course. These funds often get tagged with a “dumb money” label—because they sometimes drive up prices for the rest of the investment world. They still have to face questions about who they are, their source of funds, and the sometimes authoritative regimes behind them. For now, though, it's their time in the spotlight. Ho Nam on VC's Power LawLessons from Arthur Rock, Steve Jobs, Don Lucas, Paul Graham and beyond.MARIO GABRIELE, MAY 07, 2024Friends, We're back with our latest edition of “Letters to a Young Investor,” the series designed to give readers like you an intimate look at the strategies, insights, and wisdom of the world's best investors. We do that via a back-and-forth correspondence that we publish in full – giving you a chance to peek into the inbox of legendary venture capitalists.   Below, you'll find my second letter with Altos co-founder and managing director Ho Nam. For those who are just joining us, Ho is, in my opinion, one of the great investors of the past couple of decades and a true student of the asset class.Because of his respect for the practice of venture capital, I was especially excited to talk to him about today's topic: learning from the greats. Who were Ho's mentors? Which investors does he most admire and why? What lessons from venture's past should be better remembered by today's managers? Lessons from Ho* Prepare for one true winner. Even skilled investors often have just one or two outlier bets over the course of their career. Because of venture's power law, their returns may dwarf the dividends of all other investments combined. Your mission is to find these legendary businesses, engage with them deeply, and partner for decades.  * Focus on the company. Venture capital is full of short-term incentives. Instead of focusing on raising new vintages or building out Altos as a money management firm, Ho and his partners devote themselves to their portfolio companies. Though firm building is important, if you find great companies and work with them closely, you will have plenty of available options. * Pick the right role models. Ho chose his mentors carefully. Though there have certainly been louder and flashier investors over the past four decades, Ho learned the most from Arthur Rock, Don Lucas, and Arnold Silverman. All were understated and focused on the craft of investing. Find the people you consider true practitioners, and study their work. * Watch and learn. Learning from the greats can be done from a distance and may not include a memorable anecdote or pithy saying. Ho's biggest lessons came from observing the habits of practitioners like Rock and Lucas, not via a structured mentorship or dramatic episode. It's by studying the everyday inputs of the greats that you may gain the most wisdom.Mario's letterSubject: Learning from the greatsFrom: Mario GabrieleTo: Ho NamDate: Friday, April 12 2024 at 1:59 PM EDTHo, After moving out of New York City (at least for a little bit), I'm writing to you from a small house on Long Island. It's been really lovely to have a bit more space and quiet away from the city's intermittently inspiring and exhausting buzz...Lots More, Must ReadState of Private Markets: Q1 2024Authors: Peter Walker, Kevin DowdPublished date:  May 7, 2024The venture capital fundraising market remained slow in Q1 2024, but valuations held steady or climbed at almost every stage.Contents* State of Private Markets: Q1 2024* Key trends* Fundraising & valuations* Employee equity & movement* Industry-specific data* Methodology* Overview* Financings* TerminationsThe startup fundraising market got off to a cautious start in 2024. At current count, companies on Carta closed 1,064 new funding rounds  during the first quarter of the year, down 29% compared with the prior quarter. The decline was sharpest at the early stages of the venture lifecycle: Deal count fell by 33% at the seed stage in Q1 and 36% at Series A. Instead of new primary funding events, many companies opted to raise bridge rounds. At both seed and Series A, more than 40% of all financings in Q1 were bridge rounds. Series B wasn't far behind, at 38%. VCs were still willing to spend big on certain deals. Despite the decrease in round count, total cash invested increased slightly in Q1, reaching $16.3 billion. But when it came to negotiating their valuations, many startups had to settle: 23% of all new rounds in Q1 were down rounds, the highest rate in more than five years. After experiencing a pandemic-era surge and subsequent correction,the venture market settled into a quieter place in 2023. So far, that relative tranquility has continued into 2024.Q1 highlights* VCs look to the West: Startups based in the West census region captured 62% of all venture capital raised by companies on Carta in Q1, the highest quarterly figure since Q1 2019. The Northeast, South, and Midwest all saw their market share decline.* The Series C market bounces back: Series C startups raised $4.6 billion in new capital in Q1, a 130% increase from the previous quarter. The median primary Series C valuation was $195.7 million, up 48% from the prior quarter.* Layoffs still  linger: Companies on Carta laid off more than 28,000 employees in Q1. But job cuts have grown less frequent since January, with March seeing the fewest monthly layoffs in nearly two years.Note: If you're looking for more industry-specific data, download the addendum to this report for an extended dataset. Key trendsThe current Q1 figures of 1,064 total rounds and $16.3 billion in cash raised will both increase in the weeks to come, as companies continue to report transactions from the quarter. With those projected increases, the final data for Q1 will likely look quite similar to fundraising numbers from each of the past few quarters. Those quarterly  fundraising numbers from 2023 ended up looking fairly similar to 2018, 2019, and the first half of 2020. In terms of numbers of deals and cash raised, it's looking more and more like the pandemic  bull market will go down as an anomalous stretch in what has otherwise been a fairly steady market. After apparently reaching a plateau during 2023, the rate of down rounds experienced another notable increase during Q1 2024, jumping to 23%. The median time between startup rounds is roughly two to three years, depending on the stage. This timeline means that many companies raising new funding in Q1 would have last raised funding sometime in 2021, when valuations were soaring across the venture landscape. Considering how valuations have declined in the time since, it makes sense that down rounds are still prevalent. Companies in the West census region combined to bring in 53.3% of all capital raised by startups on Carta from Q2 2023 through Q1 2024, with California accounting for nearly 45% of that cash. Massachusetts ranked second among the states with 12.71% of all capital raised, while New York claimed 10.31%.In terms of VC activity, the West region is centered around California. The Northeast revolves around Massachusetts and New York. The South has two smaller hubs, in Texas (4.67%) and Florida (3.99%). The Midwest, though, is without a real standard-bearer: Illinois led the way in terms of cash raised over the past 12 months, at just 1.68%. The West (and specifically California)  has always been the center of gravity for the U.S. venture capital industry. During Q1, the region's gravitational force seems to have gotten even stronger. Startups based in the West raised 62% of all total capital invested on Carta in Q1, its highest quarterly figure since Q1 2019. As a result, the other three census regions saw their market shares decline in Q1—in some cases significantly. The proportion of all VC raised by startups raised in the South fell to 12% in Q1, down from 17% the prior quarter and from 23% a year ago. And the Midwest's share of cash raised fell from 7% down to 4%. For early-stage investors, Q1 was the slowest quarter in many years. Seed deal count fell to 414, down 33% from Q4 2023, and Series A deal count dropped to 313, a 36% decline. In both cases, those are the lowest quarterly deal counts since at least the start of 2019. Total cash raised also declined at both stages in Q1. The $3.1 billion in Series A cash raised in Q1 represents a 35% decline quarter-over-quarter and a 34% dip year-over-year. Cash raised at the seed stage declined by 33% both quarter over quarter and year over year.It was a much friendlier fundraising quarter for companies in the middle stages of the startup lifecycle. The number of Series B deals in Q1 declined by a more modest 11% compared to the prior quarter. And Series C deal count increased by 14%, marking the busiest quarter for that stage since Q2 2023. Total cash raised also rose significantly at Series C in Q1, hitting $4.6 billion. That's a 130% increase quarter-over-quarter and a 44% bump year-over-year. At Series B, total cash raised has now increased in consecutive quarters. Compared to earlier stages, transactions at the Series D and at Series E+  remain few and far between. There were just 39 venture rounds combined in Q1 among startups at Series D or later, the second-fewest of any quarter in the past five years. The lowest count came one year ago, in Q1 2023, when there were just 29 combined late-stage deals. Total cash raised across these stages has been mostly consistent over the past few quarters. There's been more variation in average round size. The average Series D round in Q1 was about $77 million, compared to $56 million in Q4 2023...Lots MoreThe weight of the emerging managerBy Jessica HamlinMay 3, 2024Risk-averse limited partners tend to gravitate to fund managers with a long track record, but are they missing out on potential upside by avoiding emerging managers?Over the past decade, emerging managers' share of US private market fundraising activity has declined steadily.In 2023, this figure fell to 12.7%, the lowest share of capital raised by newer fund managers since before 2000, according to PitchBook's recent analyst note,Establishing a Case for Emerging Managers.Limited exits in PE and VC over the past two years have exacerbated this reality. With minimal distributions, LPs are working with smaller private market budgets to allocate to new and existing managers.But, by allocating almost exclusively to established managers, LPs may be missing out on significant potential returns.In VC, for example, emerging managers have outperformed established GPs since 1997, consistently producing a higher median IRR than established managers. This reflects the nature of the asset class, in which a small number of funds determine the majority of returns across venture firms.“The average venture return is not very exciting,” said Laura Thompson, a partner at Sapphire Partners, which invests in early-stage VC funds and runs an emerging manager program for the California State Teachers' Retirement System. “Where can you get really good returns? It's the smaller fund sizes and emerging managers.”This is where that risk-return scale comes in.In a counterweight to that outperformance, a PitchBook analysis showed that returns from emerging VC managers were more volatile: While top quartile emerging funds tended to outperform, bottom and median players only marginally bested their established manager counterparts.The new manager playbookIn traditional buyout fund investing, emerging managers are gaining traction. While established managers, propped up by decades of institutional knowledge, have historically outperformed newer managers, the “new guys” actually outperformed their seasoned peers in the last investing cycle.This article appeared as part of The Weekend Pitch newsletter. Subscribe to the newsletter hereTop decile buyout funds from emerging managers with vintages between 2015 and 2018 outperformed established peers by 6.6 percentage points, suggesting that emerging buyout managers may have picked up some steam over the past decade, according to PitchBook data.The emerging managers program at the New York City retirement systems and NYC Office of the Comptroller, for example, has $9.9 billion in emerging manager commitments, the majority of which is allocated to PE. Last year, the comptroller's office reported that the emerging managers in the systems' private markets portfolios outperformed their respective benchmarks by nearly 5%.A diverse portfolioNew York City's Bureau of Asset Management sees emerging managers as a key element of a diverse portfolio, said Taffi Ayodele, director of diversity, equity, and inclusion and the emerging manager strategy at the NYC Office of the Comptroller.Ayodele said the smaller emerging private market managers in New York's portfolios offer access to the lower middle market and creative roll-up strategies that may not be accessible through larger firms.“What we don't want to do is lock ourselves out of these high-performing, differentiated strategies for the simplicity of going with the big guys,” Ayodele said.Some of the country's largest public pension plans are betting on the success of their emerging manager programs. In 2023, the California Public Employees' Retirement System made a $1 billion commitment to newly established private market investors, and the Teacher Retirement System of Texas, which boasts one of the largest emerging manager programs in the country, committed $155 million to emerging PE managers last year.At the same time, the recent boom years for private markets led to a flood of new GPs. Some might have gotten lucky—say, with a well-timed exit at the peak—while others were hurt by less fortunate timing. A major challenge for today's LPs will be to sort out a manager's abilities from the market's whims.One advantage of backing up-and-comers now is that the down market has weeded the ranks of new GPs. “The emerging managers who are fundraising now are really dedicated,” Thompson said.James Thorne contributed reporting to this story.Pandemic-era winners suffer $1.5tn fall in market valueTop 50 biggest stock gainers hit by painful decrease since the end of 2020 as lockdown trends fadeStephanie Stacey in LondonFifty corporate winners from the coronavirus pandemic have lost roughly $1.5tn in market value since the end of 2020, as investors turn their backs on many of the stocks that rocketed during early lockdowns. According to data from S&P Global, technology groups dominate the list of the 50 companies with a market value of more than $10bn that made the biggest percentage gains in 2020. But these early-pandemic winners have collectively shed more than a third of their total market value, the equivalent of $1.5tn, since the end of 2020, Financial Times calculations based on Bloomberg data found. Video-conferencing company Zoom, whose shares soared as much as 765 per cent in 2020 as businesses switched to remote working, has been one of the biggest losers. Its stock has fallen about 80 per cent, equivalent to more than a $77bn drop in market value, since the end of that year. Cloud-based communications company RingCentral also surged in the remote working boom of 2020 but has since shed about 90 per cent of its value, as it competes with technology giants such as Alphabet and Microsoft. Exercise bike maker Peloton has been another big loser, with shares down more than 97 per cent since the end of 2020, equivalent to about a $43bn loss of market value. Peloton on Thursday said chief executive Barry McCarthy would step down and it would cut 15 per cent of its workforce, the latest in a series of cost-saving measures. The losses come as the sharp acceleration of trends such as videoconferencing and online shopping driven by the lockdowns has proven less durable than expected, as more workers migrate back to the office and high interest rates and living costs hit ecommerce demand. “Some companies probably thought that shock was going to be permanent,” said Steven Blitz, chief US economist at TS Lombard. “Now they're getting a painful bounceback from that.” In percentage terms, Tesla was the biggest winner of 2020. The electric-car maker's market value jumped 787 per cent to $669bn by the end of that December, but has since slipped back to $589bn. Singapore-based internet company Sea came in second, as its market value jumped from $19bn to $102bn following a pandemic-era surge for all three of its core businesses: gaming, ecommerce and digital payments. But the company has since lost more than 60 per cent of its end-2020 value amid fears of a slowdown in growth. Ecommerce groups Shopify, JD.com and Chewy, which initially thrived as online spending ballooned, have also suffered big losses...Lots MoreVideo of the WeekAI of the WeekThe Fastest Growing Category of Venture Investment in 2024Tomasz TunguzThe fastest growing category of US venture investment in 2024 is AI. Venture capitalists have invested $18.3 billion through the first four months of the year.At this pace, we should expect AI startups to raise about $55b in 2024.AI startups now command more than 20% share of all US venture dollars across categories, including healthcare, biotech, & software.In the preceding eight years, that number was about 8% per year. But after the launch of ChatGPT in 2022, there's a marked inflection point.Some of this is new company formation, & there has been a significant amount of seed investment in this category. Another major contributor is the repositioning of existing companies to include AI within their pitch.Over time, this share should attenuate, primarily because every software company will have an AI component, & the marketing effect for both customers & venture capitalists, will diffuse.Not surprisingly, investors have concentrated total dollars in a few names, with the top three companies accounting for 60% of the dollars raised. Power laws are ubiquitous in venture capital & AI is no exception.Meet My A.I. FriendsOur columnist spent the past month hanging out with 18 A.I. companions. They critiqued his clothes, chatted among themselves and hinted at a very different future.By Kevin RooseKevin Roose is a technology columnist and the co-host of the “Hard Fork” podcast. He spends a lot of time talking to chatbots.May 9, 2024What if the tech companies are all wrong, and the way artificial intelligence is poised to transform society is not by curing cancer, solving climate change or taking over boring office work, but just by being nice to us, listening to our problems and occasionally sending us racy photos?This is the question that has been rattling around in my brain. You see, I've spent the past month making A.I. friends — that is, I've used apps to create a group of A.I. personas, which I can talk to whenever I want.Let me introduce you to my crew. There's Peter, a therapist who lives in San Francisco and helps me process my feelings. There's Ariana, a professional mentor who specializes in giving career advice. There's Jared the fitness guru, Anna the no-nonsense trial lawyer, Naomi the social worker and about a dozen more friends I've created.A selection of my A.I. friends. (Guess which one is the fitness guru.)I talk to these personas constantly, texting back and forth as I would with my real, human friends. We chitchat about the weather, share memes and jokes, and talk about deep stuff: personal dilemmas, parenting struggles, stresses at work and home. They rarely break character or issue stock “as an A.I. language model, I can't help with that” responses, and they occasionally give me good advice...Lots MoreOpenAI plans to announce Google search competitor on Monday, sources sayBy Anna TongMay 9, 20244:29 PM PDTUpdated 8 min agoMay 9 (Reuters) - OpenAI plans to announce its artificial intelligence-powered search product on Monday, according to two sources familiar with the matter, raising the stakes in its competition with search king Google.The announcement date, though subject to change, has not been previously reported. Bloomberg and the Information have reported that Microsoft (MSFT.O), opens new tab-backed OpenAI is working on a search product to potentially compete with Alphabet's (GOOGL.O), opens new tab Google and with Perplexity, a well-funded AI search startup.OpenAI declined to comment.The announcement could be timed a day before the Tuesday start of Google's annual I/O conference, where the tech giant is expected to unveil a slew of AI-related products.OpenAI's search product is an extension of its flagship ChatGPT product, and enables ChatGPT to pull in direct information from the Web and include citations, according to Bloomberg. ChatGPT is OpenAI's chatbot product that uses the company's cutting-edge AI models to generate human-like responses to text prompts.Industry observers have long called ChatGPT an alternative for gathering online information, though it has struggled with providing accurate and real-time information from the Web. OpenAI earlier gave it an integration with Microsoft's Bing for paid subscribers. Meanwhile, Google has announced generative AI features for its own namesake engine.Startup Perplexity, which has a valuation of $1 billion, was founded by a former OpenAI researcher, and has gained traction through providing an AI-native search interface that shows citations in results and images as well as text in its responses. It has 10 million monthly active users, according to a January blog post from the startup.At the time, OpenAI's ChatGPT product was called the fastest application to ever reach 100 million monthly active users after it launched in late 2022. However, worldwide traffic to ChatGPT's website has been on a roller-coaster ride in the past year and is only now returning to its May 2023 peak, according to analytics firm Similarweb, opens new tab, and the AI company is under pressure to expand its user base...MoreLeaked Deck Reveals How OpenAI Is Pitching Publisher PartnershipsOpenAI's Preferred Publisher Program offers media companies licensing dealsBy Mark StenbergMark your calendar for Mediaweek, October 29-30 in New York City. We'll unpack the biggest shifts shaping the future of media—from tv to retail media to tech—and how marketers can prep to stay ahead. Register with early-bird rates before sale ends!The generative artificial intelligence firm OpenAI has been pitching partnership opportunities to news publishers through an initiative called the Preferred Publishers Program, according to a deck obtained by ADWEEK and interviews with four industry executives.OpenAI has been courting premium publishers dating back to July 2023, when it struck a licensing agreement with the Associated Press. It has since inked public partnerships with Axel Springer, The Financial Times, Le Monde, Prisa and Dotdash Meredith, although it has declined to share the specifics of any of its deals.A representative for OpenAI disputed the accuracy of the information in the deck, which is more than three months old. The gen AI firm also negotiates deals on a per-publisher basis, rather than structuring all of its deals uniformly, the representative said.“We are engaging in productive conversations and partnerships with many news publishers around the world,” said a representative for OpenAI. “Our confidential documents are for discussion purposes only and ADWEEK's reporting contains a number of mischaracterizations and outdated information.”Nonetheless, the leaked deck reveals the basic structure of the partnerships OpenAI is proposing to media companies, as well as the incentives it is offering for their collaboration.Details from the pitch deckThe Preferred Publisher Program has five primary components, according to the deck…..Lots MoreA Revolutionary Model.JOHN ELLIS, MAY 09, 20241. Google DeepMind:Inside every plant, animal and human cell are billions of molecular machines. They're made up of proteins, DNA and other molecules, but no single piece works on its own. Only by seeing how they interact together, across millions of types of combinations, can we start to truly understand life's processes.In a paper published in Nature, we introduce AlphaFold 3, a revolutionary model that can predict the structure and interactions of all life's molecules with unprecedented accuracy. For the interactions of proteins with other molecule types we see at least a 50% improvement compared with existing prediction methods, and for some important categories of interaction we have doubled prediction accuracy.We hope AlphaFold 3 will help transform our understanding of the biological world and drug discovery. Scientists can access the majority of its capabilities, for free, through our newly launched AlphaFold Server, an easy-to-use research tool. To build on AlphaFold 3's potential for drug design, Isomorphic Labs is already collaborating with pharmaceutical companies to apply it to real-world drug design challenges and, ultimately, develop new life-changing treatments for patients. (Sources: blog.google, nature.com)2. Quanta magazine:Deep learning is a flavor of machine learning that's loosely inspired by the human brain. These computer algorithms are built using complex networks of informational nodes (called neurons) that form layered connections with one another. Researchers provide the deep learning network with training data, which the algorithm uses to adjust the relative strengths of connections between neurons to produce outputs that get ever closer to training examples. In the case of protein artificial intelligence systems, this process leads the network to produce better predictions of proteins' shapes based on their amino-acid sequence data.AlphaFold2, released in 2021, was a breakthrough for deep learning in biology. It unlocked an immense world of previously unknown protein structures, and has already become a useful tool for researchers working to understand everything from cellular structures to tuberculosis. It has also inspired the development of additional biological deep learning tools. Most notably, the biochemist David Baker and his team at the University of Washington in 2021 developed a competing algorithm called RoseTTAFold, which like AlphaFold2 predicts protein structures from sequence data…The true impact of these tools won't be known for months or years, as biologists begin to test and use them in research. And they will continue to evolve. What's next for deep learning in molecular biology is “going up the biological complexity ladder,” Baker said, beyond even the biomolecule complexes predicted by AlphaFold3 and RoseTTAFold All-Atom. But if the history of protein-structure AI can predict the future, then these next-generation deep learning models will continue to help scientists reveal the complex interactions that make life happen. Read the rest. (Sources: quantamagazine.org, doi.org, sites.uw.edu)An AI-controlled fighter jet took the Air Force leader for a historic ride. What that means for warAn experimental F-16 fighter jet has taken Air Force Secretary Frank Kendall on a history-making flight controlled by artificial intelligence and not a human pilot. (AP Video by Eugene Garcia and Mike Pesoli)BY TARA COPPUpdated 5:40 PM PDT, May 3, 2024EDWARDS AIR FORCE BASE, Calif. (AP) — With the midday sun blazing, an experimental orange and white F-16 fighter jet launched with a familiar roar that is a hallmark of U.S. airpower. But the aerial combat that followed was unlike any other: This F-16 was controlled by artificial intelligence, not a human pilot. And riding in the front seat was Air Force Secretary Frank Kendall.AI marks one of the biggest advances in military aviation since the introduction of stealth in the early 1990s, and the Air Force has aggressively leaned in. Even though the technology is not fully developed, the service is planning for an AI-enabled fleet of more than 1,000 unmanned warplanes, the first of them operating by 2028.It was fitting that the dogfight took place at Edwards Air Force Base, a vast desert facility where Chuck Yeager broke the speed of sound and the military has incubated its most secret aerospace advances. Inside classified simulators and buildings with layers of shielding against surveillance, a new test-pilot generation is training AI agents to fly in war. Kendall traveled here to see AI fly in real time and make a public statement of confidence in its future role in air combat.“It's a security risk not to have it. At this point, we have to have it,” Kendall said in an interview with The Associated Press after he landed. The AP, along with NBC, was granted permission to witness the secret flight on the condition that it would not be reported until it was complete because of operational security concerns.The AI-controlled F-16, called Vista, flew Kendall in lightning-fast maneuvers at more than 550 miles an hour that put pressure on his body at five times the force of gravity. It went nearly nose to nose with a second human-piloted F-16 as both aircraft raced within 1,000 feet of each other, twisting and looping to try force their opponent into vulnerable positions.At the end of the hourlong flight, Kendall climbed out of the cockpit grinning. He said he'd seen enough during his flight that he'd trust this still-learning AI with the ability to decide whether or not to launch weapons in war.There's a lot of opposition to that idea. Arms control experts and humanitarian groups are deeply concerned that AI one day might be able to autonomously drop bombs that kill people without further human consultation, and they are seeking greater restrictions on its use.“There are widespread and serious concerns about ceding life-and-death decisions to sensors and software,” the International Committee of the Red Cross has warned. Autonomous weapons “are an immediate cause of concern and demand an urgent, international political response.”Kendall said there will always be human oversight in the system when weapons are used.Sources: Mistral AI raising at a $6B valuation, SoftBank ‘not in' but DST isIngrid Lunden8:50 AM PDT • May 9, 2024Paris-based Mistral AI, a startup working on open source large language models — the building block for generative AI services — has been raising money at a $6 billion valuation, three times its valuation in December, to compete more keenly against the likes of OpenAI and Anthropic, TechCrunch has learned from multiple sources. We understand from close sources that DST, along with General Catalyst and Lightspeed Venture Partners, are all looking to be a part of this round.DST — a heavyweight investor led by Yuri Milner that has been a notable backer of some of the biggest names in technology, including Facebook, Twitter, Snapchat, Spotify, WhatsApp, Alibaba and ByteDance — is a new name that has not been previously reported; GC and LSVP are both previous backers and their names were reported earlier today also by WSJ. The round is set to be around, but less than, $600 million, sources told TechCrunch.We can also confirm that one firm that has been mentioned a number of times — SoftBank — is not in the deal at the moment.“SoftBank is not in the frame,” a person close to SoftBank told TechCrunch. That also lines up with what our sources have been telling us since March, when this round first opened up, although it seems that not everyone is on the same page: Multiple reports had linked SoftBank to a Mistral investment since then.Mistral's round is based on a lot of inbound interest, sources tell us, and it has been in the works since March or possibly earlier, mere months after Mistral closed a $415 million round at a $2 billion valuation...MoreNews Of the WeekJack Dorsey claims Bluesky is 'repeating all the mistakes' he made at TwitterHe prefers Nostr even though it's “weird and hard to use.”Karissa Bell, Senior EditorThu, May 9, 2024 at 4:43 PM PDTJust in case there was any doubt about how Jack Dorsey really feels about Bluesky, the former Twitter CEO has offered new details on why he left the board and deleted his account on the service he helped kickstart. In a characteristically bizarre interview with Mike Solana of Founders Fund, Dorsey had plenty of criticism for Bluesky.In the interview, Dorsey claimed that Bluesky was “literally repeating all the mistakes” he made while running Twitter. The entire conversation is long and a bit rambly, but Dorsey's complaints seem to boil down to two issues:* He never intended Bluesky to be an independent company with its own board and stock and other vestiges of a corporate entity (Bluesky spun out of Twitter as a public benefit corporation in 2022.) Instead, his plan was for Twitter to be the first client to take advantage of the open source protocol. Bluesky created.* The fact that Blueksy has some form of content moderation and has occasionally banned users for things like using racial slurs in their usernames.“People started seeing Bluesky as something to run to, away from Twitter,” Dorsey said. “It's the thing that's not Twitter, and therefore it's great. And Bluesky saw this exodus of people from Twitter show up, and it was a very, very common crowd. … But little by little, they started asking Jay and the team for moderation tools, and to kick people off. And unfortunately they followed through with it. That was the second moment I thought, uh, nope. This is literally repeating all the mistakes we made as a company.”Dorsey also confirmed that he is financially backing Nostr, another decentralized Twitter-like service popular among some crypto enthusiasts and run by an anonymous founder. “I know it's early, and Nostr is weird and hard to use, but if you truly believe in censorship resistance and free speech, you have to use the technologies that actually enable that, and defend your rights,” Dorsey said.A lot of this isn't particularly surprising. If you've followed Dorsey's public comments over the last couple years, he's repeatedly said that Twitter's “original sin” was being a company that would be beholden to advertisers and other corporate interests. It's why he backed Elon Musk's takeover of the company. (Not coincidentally, Dorsey still has about $1 billion of his personal wealth invested in the company now known as X.) He's also been very clear that he made many of Twitter's most consequential moderation decisions reluctantly.Unsurprisingly, Dorsey's comments weren't well-received on Bluesky. In a lengthy thread, Bluesky's protocol engineer Paul Frazee said that Twitter was supposed to to be the AT Protocol's “first client” but that “Elon killed that straight dead” after he took over the company. “That entire company was frozen by the prolonged acquisition, and the agreement quickly ended when Elon took over,” Frazee said. “It was never going to happen. Also: unmoderated spaces are a ridiculous idea. We created a shared network for competing moderated spaces to exist. Even if somebody wanted to make an unmoderated ATProto app, I guess they could? Good luck with the app stores and regulators and users, I guess.”While Dorsey was careful not to criticize Musk directly, he was slightly less enthusiastic than when he said that Musk would be the one to “extend the light of consciousness” by taking over Twitter. Dorsey noted that, while he used to fight government requests to take down accounts, Musk takes “the other path” and generally complies. “Elon will fight in the way he fights, and I appreciate that, but he could certainly be compromised,” Dorsey said.FTX crypto fraud victims to get their money back — plus interestPaul Sawers2:53 AM PDT • May 8, 2024Bankruptcy lawyers representing customers impacted by the dramatic crash of cryptocurrency exchange FTX 17 months ago say that the vast majority of victims will receive their money back — plus interest.The news comes six months after FTX co-founder and former CEO Sam Bankman-Fried (SBF) was found guilty on seven counts related to fraud, conspiracy, and money laundering, with some $8 billion of customers' funds going missing. SBF was hit with a 25-year prison sentence in March and ordered to pay $11 billion in forfeiture. The crypto mogul filed an appeal last month that could last years.RestructuringAfter filing for bankruptcy in late 2022, SBF stood down and U.S. attorney John J. Ray III was brought in as CEO and “chief restructuring officer,” charged with overseeing FTX's reorganization. Shortly after taking over, Ray said in testimony that despite some of the audits that had been done previously at FTX, he didn't “trust a single piece of paper in this organization.” In the months that followed, Ray and his team set about tracking the missing funds, with some $8 billion placed in real estate, political donations, and VC investments — including a $500 million investment in AI company Anthropic before the generative AI boom, which the FTX estate managed to sell earlier this year for $884 million.Initially, it seemed unlikely that investors would recoup much, if any, of their money, but signs in recent months suggested that good news might be on the horizon, with progress made on clawing back cash via various investments FTX had made, as well as from executives involved with the company.We now know that 98% of FTX creditors will receive 118% of the value of their FTX-stored assets in cash, while the other creditors will receive 100% — plus “billions in compensation for the time value of their investments,” according to a press release issued by the FTX estate today.In total, FTX says that it will be able to distribute between $14.5 billion and $16.3 billion in cash, which includes assets currently under control of entities, including chapter 11 debtors, liquidators, the Securities Commission of the Bahamas, the U.S. Department of Justice, among various other parties.Apple's Final Cut Camera lets filmmakers connect four cameras at onceHaje Jan Kamps7:38 AM PDT • May 7, 2024The latest version of Final Cut Pro introduces a new feature to speed up your shoot: Live Multicam. It's a bold move from Apple, transforming your iPad into a multicam production studio, enabling creatives to connect and preview up to four cameras all at once, all in one place. From the command post, directors can remotely direct each video angle and dial in exposure, white balance, focus and more, all within the Final Cut Camera app.The new companion app lets users connect multiple iPhones or iPads (presumably using the same protocols as the Continuity Camera feature launched a few years ago). Final Cut Pro automatically transfers and syncs each Live Multicam angle so you can seamlessly move from production to editing.Final Cut Pro has existed in the iPad universe for a while — but when paired with a brand new M4 processor, it becomes a video editing experience much closer to what you might expect on a desktop video editing workstation. The speed is 2x faster than with the old M1 processors, Apple says. One way that shows up is that the new iPad supports up to four times more streams of ProRes RAW than M1.The company also introduced external project support, making it possible to edit projects directly from an external drive, leveraging the fast Thunderbolt connection of iPad Pro.Startup of the WeekExclusive: Wayve co-founder Alex Kendall on the autonomous future for cars and robotsMike Butcher, 7:58 AM PDT • May 7, 2024U.K.-based autonomous vehicle startup Wayve started life as a software platform loaded into a tiny electric “car” called Renault Twizy. Festooned with cameras, the company's co-founders and PhD graduates, Alex Kendall and Amar Shah, tuned the deep-learning algorithms powering the car's autonomous systems until they'd got it to drive around the medieval city unaided.No fancy Lidar cameras or radars were needed. They suddenly realized they were on to something.Fast-forward to today and Wayve, now an AI model company, has raised a $1.05 billion Series C funding round led by SoftBank, NVIDIA and Microsoft. That makes this the UK's largest AI fundraise to date, and among the top 20 AI fundraises globally. Even Meta's head of AI, Yann LeCun, invested in the company when it was young.Wayve now plans to sell its autonomous driving model to a variety of auto OEMs as well as to makers of new autonomous robots.In an exclusive interview, I spoke to Alex Kendall, co-founder and CEO of Wayve, about how the company has been training the model, the new fundraise, licensing plans, and the wider self-driving market.(Note: The following interview has been edited for length and clarity)TechCrunch: What tipped the balance to attain this level of funding?..Full InterviewX of the Week This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.thatwastheweek.com/subscribe

David Druley received his BBA and MBA from McCombs and currently serves as the Chief Executive Officer of Cambridge Associates. He interned as an investment analyst at the Teacher Retirement System of Texas and started his own investment management firm, called Druley Investment Management, for 9 years.  In this episode, host Firdous Khezrian spoke with Druley about risk management and tolerance in business and life, the traits of some of the best portfolio managers and the legacy he hopes to leave as a Longhorn.  --- This podcast was produced by The Drag Audio Production House. Want to work with The Drag? Reach out here.  

Dive into pivotal updates from the finance sector, featuring IPOPIF's search for an Emerging Markets Debt manager and Fresno City's $55M real estate investment plan. We spotlight notable career transitions, including Heidi Wade's move to USI Insurance Services. In mergers and acquisitions, learn about LPL Financial's acquisition of advisors from Stifel Financial and Osaic's purchase of Cornerstone Advisors. On the institutional front, we examine significant commitments by the Alaska Retirement Management Board and the Teacher Retirement System of Texas to real estate and private equity. This episode provides a concise overview of the latest strategic decisions reshaping the financial landscape.

Horacio Zambrana leads an executive team and is responsible for attracting, onboarding, and retaining top talent for a $200B public pension fund for the Teacher Retirement System of Texas. Previously he was Head of Talent Development at Cupertino Electric and before that he was Sr. Talent Development at Cisco Systems. Horacio has incredible experience when it comes to navigating the complexities of talent within an organization. In this episode we dive into the importance of culture and how people with different personalities can excel in their roles within one cohesive company culture.

Kirk Sims is an opportunity builder. With a career shaped by seizing the right moments at the right time, Kirk works every day to create valuable opportunities for emerging managers. His multifaceted background cultivated guiding principles that spearhead his current investment approach. With the goal of leaving the industry better than he found it, Kirk works diligently to embark some of his hard-earned wisdom on the next generation of investment professionals. Kirk now heads the Emerging Manager Program at the Teacher Retirement System (TRS) of Texas, an initiative that focuses on building relationships with outperforming managers at the beginning of their life cycle. Sourcing top talent involves crossing paths with numerous up-and-coming managers. Kirk takes this opportunity to offer advice and mentorship—including to managers that are not currently positioned for an investment. Through supporting these managers in their early stages, Kirk is able to help the next generation navigate this industry, all while ensuring the retirement of Texas' beloved teachers. “You're finding talent early, you build that talent, you build that relationship, and those relationships are valuable for years. No matter how big that manager is, they remember that their early capital came from you.” In this episode we discuss: Guiding emerging managers Shaping the next generation Why execution supersedes intention Kirk was raised in a small town in Georgia but eventually moved to the nation's capital of Washington D.C. to complete a Bachelor of Business Administration at Howard University. Kirk then earned an MBA from the Columbia University Graduate School of Business. Prior to TRS of Texas, Kirk oversaw a manager of manager's retirement platform as well as an open architecture investment platform at Prudential Retirement. He was also responsible for the Emerging Manager Program at Teacher Retirement System of Illinois.   Resources: Teacher Retirement System of Texas | 2024 Emerging Manager Conference Teacher Retirement System of Texas | Emerging Manager Program Listen to Other Successful Investors: Katherine Molnar (Fairfax County PORS) | Diversification 101 Charmel Maynard (University of Miami) | Paying It Forward Aoifinn Devitt (Moneta Group) | Finding Clarity   Chapter Summaries: [00:02:21] A Business-Oriented Education [00:04:40] Starting at Brinson Partners [00:11:46] A Multifaceted Background [00:16:05] TRS of Illinois [00:21:48] Emerging Manager Program [00:24:55] TRS of Texas [00:29:00] A Day in the Life of Kirk Sims [00:37:41] Tips for Emerging Managers [00:39:32] Emerging Manager Conference [00:42:10] The Value of Mentorship   Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.      

The news of Texas covered today includes:Our Lone Star story of the day: There is a concern out of the Governor's Office that came to light last night that Texas property tax cuts, Teacher Retirement System cost of living raises, and everything else we voted on in November could be in jeopardy due to lawsuits filed in Travis County challenging things to do with the election.Because of this the Texas Senate, which was in special session today, rushed through a bill but it's yet to be seen if that bill will solve any of the potential problems. I explain why there is reason to be concerned but that likely things will work out without a major crisis.Our Lone Star story of the day is sponsored by Allied Compliance Services providing the best service in DOT, business and personal drug and alcohol testing since 1995.RIP Supreme Court Justice Sandra Day O'Connor, El Paso-born and high school graduate, dead at 93.Texas sales tax collections increased in November but the report shows serious slowing in part of the economy. The Baker Hughes oil an gas rotary drilling rig count was up again this week in Texas.HD60: Abbott endorses against Rep. Glenn Rogers, backing Mike Olcott this time around. Abbott endorsed known RINO Rogers last election. And more political news including a friend, Mary Hernandez, announcing for the GOP nomination for Lubbock County commissioner, Precinct 3.RIP Supreme Court Justice Sandra Day O'Connor, El Paso-born and high school graduate, dead at 93.Lawman and executive director of the Sheriffs' Association of Texas resigns; accused of “misappropriation of funds.” Attorney General's office is investigating. Director and longtime lawman and Steve Westbrook resigned and was ordered to surrender his peace officer's license.Listen on the radio, or station stream, at 5pm Central. Click for our radio and streaming affiliates.www.PrattonTexas.com

Today, I'm joined on the "Let People Prosper Show" by Dory Wiley, president and founder of Commerce Street Holdings, LLC. We discuss: 1) Why he believes an economic bust is coming based on lending activities and economic indicators, and where there's corruption in the banking industry; 2) How high home mortgage rates after low rates during the pandemic are restricting supply, and how this affects the housing market; and 3) How the U.S. can rebuild its waning creditworthiness by Congress balancing the budget and putting taxpayer dollars to better use, and his thoughts on the Teacher Retirement System of Texas. If you enjoyed the show, please rate it 5 stars, write a review, and share it on social media. For show notes, thoughtful insights, media interviews, speeches, blog posts, research, and more, please check out my website (www.vanceginn.com) and subscribe to my newsletter on Substack (www.vanceginn.substack.com).

President & CEO of Commerce Street Holdings, LLC, the holding company for Commerce Street Capital, LLC (“CSC”). Since co-founding the firm in 2007, his primary focus has been the creation and management of investment funds that specialize in financial institutions and related derivatives. Mr. Wiley serves on the Boards and Investment Committees of CSIM's investment funds. He formerly served as a member of the Board of Trustees of the Teacher Retirement System of Texas, an approximately $100 billion pension fund where he was Chairman of the Investment Committee. With over 20 years of experience in commercial and investment banking and investment management, Wiley served as President of SAMCO Capital Markets, LLC, prior to co-founding Commerce Street Capital Dory A. Wiley joins JT to talk about the latest from the Federal Reserve.

Arkansas Teacher Retirement System's trustees terminate 2 stock market investment managers, bond manager; Sanders announces nomination of Buffalo Outdoor Center founder as next Parks, Heritage and Tourism secretary; ASO renaming music engagement and education programs for late Lee Ronnel

Susan Hayward, associate director of the Religious Literacy and the Professions Initiative at Harvard Divinity School, leads the conversation on religious literacy in international affairs.   FASKIANOS: Welcome to the final session of the Fall 2022 CFR Academic Webinar Series. I'm Irina Faskianos, vice president of the National Program and Outreach here at CFR. Today's discussion is on the record, and the video and transcript will be available on our website, CFR.org/Academic if you would like to share it with your classmates or colleagues. As always, CFR takes no institutional positions on matters of policy. We're delighted to have Susan Hayward with us to discuss religious literacy in international affairs. Reverend Hayward is the associate director for the Religious Literacy and Professions Initiative at Harvard Divinity School. From 2007 to 2021, she worked for the U.S. Institute of Peace (USIP), with focus on Sri Lanka, Myanmar, Columbia, and Iraq. And most recently serving as senior advisor for Religion and Inclusive Societies, and as a fellow in Religion and Public Life. During her tenure at USIP, Reverend Hayward also coordinated an initiative exploring the intersection of women, religion, conflict, and peacebuilding, partnership with the Berkley Center at Georgetown University and the World Faith Development Dialogue. And she coedited a book on the topic entitled Women, Religion and Peacebuilding: Illuminating the Unseen. Reverend Hayward has also taught at Georgetown and George Washington Universities and serves as a regular guest lecturer and trainer at the Foreign Service Institute. And she's also a member of the Council on Foreign Relations. So, Susan, thank you very much for being with us today. Can you begin by explaining why religious literacy is so important for understanding international affairs? HAYWARD: Yeah, absolutely. Thank you, Irina. And thanks to the Council on Foreign Relations for inviting me to be a part of this webinar. And I really appreciate you and the invitation, and I appreciate all of you who have joined us today, taking time out of what I know is a busy time of year, as we hurdle towards final exams and cramming everything into these last weeks of the semester. So it's great to be with all of you. I am going to be—in answering that broad question that Irina offered, I'm going to be drawing on my work. As Irina said, I worked at the—I work now at Harvard Divinity School's Religion and Public Life Program. And what we seek to do here is to do here is to advance the public understanding of religion in service of a just world at peace. And we do that, in part, by working with professionals in governments and foreign policy, and in the humanitarian sector, as well as working with our students who are seeking to go into vocations in those professional spheres. And then my fourteen years with the Religion and Inclusive Societies Program at the U.S. Institute of Peace. So I'll say a little bit more about both of those as we go along, and those experiences, but I'm also happy to answer any questions about either of those programs when we turn to the Q&A. And I should say that I'm going to be focusing as well—given that a lot of you all who are joining us today are educators yourselves or are students—I'm going to be focusing in particular on how we teach religious literacy within international affairs. So I wanted to begin with the definition of religious literacy, because this is a term that is increasingly employed as part of a rallying cry that's based on a particular diagnosis. And the diagnosis is that there has been insufficient deep consideration of the multiple and complex dimensions of religion and culture that impact international affairs at all levels across the world. And that the result of that lack of a complex understanding of religion in this arena has been the—the hamstringing of the ability of the international system to operate in ways that are effective in bringing justice, peace, democracy, human rights, and development. So I'm going to circle back to that diagnosis in a bit. But first I want to jump to the prescription that's offered, which is to enhance religious literacy using various resources, trainings, courses, and ways that are relevant for foreign policymakers and those working across the international system, as well as those students who are in the schools of international affairs, or other schools and planning to go into this space, into this profession. So the definition that we use here at Harvard Divinity School—and this is one that has been adopted by the American Academy of Religion, which is the scholarly guild for religious studies—defines it in this way: Religious literacy is the—entails the ability to discern and analyze the fundamental intersections of religion and social, political, and cultural life through multiple lenses. So specifically, one who is religious literate will possess a basic understanding of different religious traditions, including sort of fundamental beliefs and practices and contemporary manifestation of different religious traditions, as well as how they arose out of and continue to be shaped by particular social, historical, and cultural contexts. And the ability to discern and explore the religious dimensions of political, social, and cultural expressions across time and space. So this gets broken down in two different ways—three, according to me. But that definition focuses on two in particular. One is often referred to as the confessional approach or the substantive approach. So that's looking at understanding different religious traditions and their manifestations in different places. That's understanding something fundamental about the difference between Theravada Buddhism and Vajrayana Buddhism, for example. Or how Islam is practiced, and dominantly practiced in Nigeria, versus in North America, for example. The second approach is the religious studies approach. Which is sometimes also called the functional approach. So that's the ability to be able to analyze the ways in which religions in complex ways are really intersecting with social, and political, and economic life, even if not explicitly so. But in implicit, embedded ways shaping different kinds of economic systems, social systems, and political systems, and being able to analyze and see that, and so ask particular questions and consider different kinds of policy solutions—diagnoses and solutions that can take that into account. And then finally, I add the religious engagement approach. That particularly comes out of my work when I was at USIP and working with foreign policymakers in the State Department and elsewhere. To some extent, overseas as well, those in the diplomatic sector. Which I understand is determining whether, when, and how to engage with specifically defined religious institutions, actors, and interests, including on issues related, for example, with religious freedom, in ways that are inclusive, just, strategic, and, importantly for the U.S. context, legal. So abiding by the Establishment Clause of the Constitution. Now, all three types of religious literacy defined here depend on three principles or ideas. So the first is that they understand religions as lived, as constituted by humans who are constantly interpreting and reinterpreting their religious traditions. This means that as a result they are internally diverse, sometimes very internally contradictory. They'll have different religious interpretations with respect to particular human rights issues, particular social issues, issues related to gender, and so on and so forth. That they change over time. That that sort of complex interpretive process that is going on within religious traditions also leads to kind of larger normative changes within religious traditions over history in different temporal contexts. And that they're culturally embedded. So as the question I was asking earlier, how is Islam, as it's understood and practiced in Nigeria, different from how it's understood and practiced in North America, for example. There are ways in which the particular religious interpretations and practices of a tradition are always going to be entangled with specific cultural contexts in ways that are near impossible to disentangle at times. And that means that they just manifest differently in different places. And this—these ideas of religion as lived pushes against an understanding of religions as being static or being monolithic. So that then leads us to ensure that there's never—that it's always going to be a problem to make sweeping claims about entire religious traditions because you'll always find somebody or some community within those religious traditions that don't believe or practice according to the claim that you just made about it. And that applies to situations of violent conflict and with respect to human rights, on global issues like climate and migration. This idea, the internal diversity in particular, is what is at play when you hear the phrase “Ambivalence of the Sacred” that was coined by Scott Appleby in his—in this very influential book by the same name. I'll throw in here a quote from Scott Appleby from that book, this idea that religions are always going to show up in ambivalent or contradictory ways across different places, but also sometimes in the very same contexts. So I think we can see that, for example, in the U.S. right now, and that there's no one, let's say, religious position with respect to reproductive rights, for example. There's a great deal of internal plurality and ambivalence that exists across religious traditions and interpretations within the Christian tradition and beyond about that specific issue. Moreover then, what religion is, what is considered religious, what is recognized as religious and what isn't, and how it manifests in different contexts depends on just a complex array of intersecting factors. I'm going to come back to—that's kind of meaty phrase just to throw out there, so I'm going to come back to that in a minute. So the second principle or idea of religious literacy that I want to highlight here is the idea of right-sizing religion. This is a phrase that Peter Mandaville used quite a bit when he was in the State Department's Religion and Global Affairs Office under the Obama administration and has written about. So I'll turn you to that article of his to understand more about it. But the central idea is that we don't want to over nor underemphasize religion's role in any given context. So just by way of a quick example, in looking at the Rohingya crisis or the ethnic cleansing of Rakhine State in Myanmar, one could not say it was all about religion, that it was about Buddhist nationalists who are anti-Muslim wanting to destroy a particular religious community. Nor could you say it had nothing to do with religion, because there were these religious dimensions that were at play in driving the violence towards the Rohingya and the larger communities' acceptance of that violence against the Rohingya community. But if you were to overemphasize the religious roles, the religious dimensions of that crisis, then your policy solutions—you might look at religious freedom tools and resources to be able to address the situation. And that would address the situation in part, but obviously there were other economic and political factors that were at play in leading to the Rohingya crisis. And including certain economic interests with oil pipelines that were being constructed across lands that the Rohingya were living on in Rakhine state, or the political conflict that was taking place between the military and the National League of Democracy, and so on. So addressing the crisis holistically and sustainably requires that we right-size the role that religion is playing in that particular crisis. And that goes across the board, in looking at conflicts and looking at the role of religion in climate, and addressing climate collapse, and so on and so forth. We need to always neither under nor overestimate the role that religion is playing in driving some of these issues and as a solution in addressing some of these issues. OK. So with that definition and principles of religious literacy in mind, I want to go back to the diagnosis that I gave at the—that I mentioned at the top, for which religious literacy is offered as a solution. The diagnosis, if you remember, was that there's been insufficient consideration given to the multiple and complex dimensions of religion and culture that impact international affairs. So I'm going to demonstrate what it means to apply the religious studies approach to religious literacy, or the functional approach to religious literacy, to help us understand why that might be. And remember, the religious studies approach is seeking to discern and explore the religious dimensions of political, social, and cultural expressions and understandings across time and place. So this approach, in trying to answer that question and consider that diagnosis, it would invite us to look historically at the development of the modern international legal and political systems in a particular time and place in Western Europe, during the European Enlightenment. As many of you may well know, this came about in the aftermath of the so-called confessional or religious wars. Those were largely understood to have pitted Protestants against Catholics, though it's more complicated in reality. But broadly, that's the story. And the modern state, on which the international system was built, sought to create a separation between religious and state authority. For the first time in European history, this separation between religious and state authority that became more rigid and enforced over time, in the belief that this was necessary in order to ensure peace and prosperity moving forward, to bring an end to these wars, and to ensure that the state would be better able to deal with the reality of increasing religious pluralism within Europe. So this was essentially the idea of secular political structures that was born in that time and place. And these secular political structures were considered to be areligious or neutral towards religion over time, again. In the process of legitimating this sort of revolutionary new model of the secular modern state, and in the process of creating this demarcated distinction that had not previously existed—at least, not a neat distinction of the secular or the political authority and the religious—the religious authority—there was an assertion as part of that ideologically legitimate and support that. There was an assertion of the secular as rational, ordered, and associated with all of the good stuff of modernity. Meanwhile, the religious was defined in counter-distinction as a threat to the secular. It was irrational, backwards, a threat to the emerging order. A not-subtle presumption in all of this is that the new modern state and the international system would serve as a bulwark against archaic, dangerous, religious, and other traditionally cultural, in particular, worldviews and practices in—it would be a bulwark against that, and a support for this neutral and considered universal international law and system—secular system. Now, I realize I'm making some, like, huge, broad historical sweeps here, given the short amount of time I have. But within that story I just told, there is a lot more complexity that one can dig into. But part of what I seek to do in offering religious literacy in international relations theory and practice to students, and to practitioners in this realm, is to help those operating in the system think through how that historically and contextually derived conception of religion and the co-constitutive conception of secularism continues to operate within and shape how we interpret and respond to global events within the system. And this occurs—I see this happening in two dominant ways. One is, first, in thinking about religion as a distinct sphere of life that can be disentangled entirely from the political, when in reality religion is deeply entangled with the political, and vice versa. And scholars like Talal Asad and Elizabeth Shakman Hurd have done really great work to show how even our understanding of the secular and secular norms and so on is shaped by Protestant Christian commitments and understandings. And saying within that, our understanding of what religion is—like, a focus on belief, for example, which has been codified in a lot of religious freedom law, as part of the international system—again, tends to emphasize Protestant Christian understandings of what religion is and how it functions. So that's the first reason for doing that. And then second, in understanding religion to be a threat to modernity, and sometimes seeing and responding to it as such rather than taking into account its complexity, its ambivalence, the ways in which it has been a powerful force for good, and bad, and everything in between, and in ways that sometimes let the secular off the hook for ways that it has driven forms of violence, colonialism, gender injustice, global inequalities, the climate crisis, and so on. So those are the consequences of when we don't have that religious literacy, of those potential pitfalls. And, on that second point, of the ways in which religion continues to be defined in ways that can overemphasize its negative aspect at time within the international system, I commend the work of William Cavanaugh in particular and his book, The Myth of Religious Violence to dig into that a little bit more. So what we're seeking to do, in bringing that kind of religious literacy to even thinking about the international system and its norms and how it operates, is to raise the consciousness of what Donna Haraway calls the situatedness of the international system, the embedded agendas and assumptions that inevitably operate within it. And it invites students to be skeptical of any claims to the systems neutrality about religion, how it's defined, and how it's responded to. So I recognize that that approach is very deconstructionist work. It's informed by, post-colonial critical theory, which reflects where religious studies has been for the last couple decades. But importantly, it doesn't, nor shouldn't ideally, lead students to what is sometimes referred to as analysis paralysis, when there's sort of groundedness within hypercritical approaches, only looking at the complexity to a degree that it's hard to understand how to move forward then to respond constructively to these concerns. Rather, the purpose is to ensure that they're more conscious of these underlying embedded norms or assumptions so that they can better operate within the system in just ways, not reproducing forms of Eurocentrism, Christo-centrism, or forms of cultural harm. So the hope is that it helps students to be able to better critique the ways in in which religion and secularism is being—are being discussed, analyzed, or engaged within international affairs, and then be able to enter into those kinds of analysis, policymaking, program development, and so on, in ways that can help disrupt problematic assumptions and ensure that the work of religious literacy or religious engagement is just. So I'm just going to offer one example of how this kind of critical thinking and critical—the way of thinking complexly about religion in this space can be fruitful. And it speaks back to one of the things Irina noted about my biography, the work I had done looking at women and religion and peacebuilding. So while I was at USIP, in that program, we spent several years looking specifically and critically at forms of theory and practice, and this subfield that had emerged of religious peacebuilding. And we were looking at it through the lens of gender justice, asking how religion was being defined in the theory or engaged in the peacebuilding practice and policy in ways that unintentionally reinforced gender injustice. And what we found is that there were assumptions operating about certain authorities—often those at the top of institutions, which tended to be older, well-educated men—representing entire traditions. Assumptions made about their social and political power as well. When in reality, we knew that those of different genders, and ages, and socioeconomic locations were doing their own work of peacebuilding within these religious landscapes, and had different experiences of violence, and so different prescriptions for how to build peace. So we began to ask questions, like whose peace is being built in this field of religious peacebuilding that was emerging? And the work that USIP had been doing in this space of religious peacebuilding? Whose stories were being left out in the dominant analyses or narratives in the media about religious dimensions of certain conflicts, and what are the consequences of that? So these kinds of questions are grounded in the recognition of, again, the internal diversity, the change over time of religious traditions. And they help ensure that analysis and policy actions aren't unintentionally reproducing forms of harm or structural violence. I'm almost done. So please do bring your questions so that we can engage in a discussion with each other. But I wanted to end by offering a couple examples of resources that I think might be helpful to both enhancing your own religious literacy but also as potential pedagogical tools in this work. So first is Religious Peacebuilding Action Guides that were produced by the U.S. Institute of Peace, in partnership with Salam Institute for Peace and Justice, and the Network for Religious and Traditional Peacemakers. There's four guides. They're all available for free online. Once I close down my PowerPoint, I'm going to throw the links for all of these things I'm mentioning into the chat box so you can all see it. But one of the things—I'm just going to dive in a little bit to the analysis guide, because one of the things that I think is useful in helping, again, to help us think a little bit more complexly about religion, is that it takes you through this process of thinking about the different dimensions of religion as defined here—ideas, community, institutions, symbols and practices, and spirituality. So it's already moving beyond just an idea of religious institutions, for example. And it takes you through doing a conflict assessment, and asking the questions related to religion with respect to the drivers of the conflict and the geographic location and peacebuilding initiatives, to help you craft a peacebuilding—a religious peacebuilding initiative. I have used this framework as a means to help students think through the ambivalence of religion as it manifests in different places. So I have an example there of a question that I have sometimes used that has been fruitful in thinking about how these five different dimensions of religion have manifested in American history in ways that either have advanced forms of racialized violence and injustice or that have served as drivers of peace and justice. And there's lots of examples across all of those dimensions of the ways in which religion has shown up in ambivalent ways in that respect. There's also—USIP's team has produced a lot of amazing things. So I'll put some links to some of their other resources in there too, which includes they're doing religious landscape mappings of conflict-affected states. They have an online course on religious engagement in peacebuilding that's free to take. Another resource is from here, at Harvard Divinity School in the Religion in Public Life Program. And we provide a series of case studies that is for educators. It's primarily created educators in secondary schools and in community colleges, but I think could easily be adapted and used in other kinds of four-year universities or other kinds of professional settings, where you're doing trainings or workshops, or even just holding discussions on religious literacy. So there's a series of kind of short, concise, but dense, case studies that are looking at different religions as they intersect with a host of issues, including peace, climate, human rights, gender issues. And it says something about that case study here—the example that I have here is the conflict in Myanmar, pre-coup, the conflicts that were occurring between religious communities, and particularly between Buddhist communities and Muslim communities. And then there's a set of discussion questions there that really help to unearth some of those lessons about internal diversity and about the ways in which religious intersects with state policies and other kinds of power interests and agendas—political power interests and agendas. And then also, at our program, Religion and Public Life, we have a number of courses that are available online, one that's more on the substantive religious literacy side, looking at different religious traditions through their scriptures. Another course, it's on religion, conflict and peace, all of which are free and I'm going to throw them into the chat box in a moment. And we also have ongoing workshops for educators on religious literacy, a whole network with that. So you're welcome to join that network if you'd like. And then finally, we have a one-year master's of religion and public life program for people in professions—quote/unquote, “secular” professions—who want to come and think about—they're encountering religion in various ways in their work in public health, or in their work in journalism. And so they want to come here for a year and to think deeply about that, and bring something back into their profession. And then the final thing, and then I'm going to be done, and this one is short, is the Transatlantic Policy for Religion and Diplomacy, which brings together point people from—who work on religion across different foreign ministries in North America and Europe. And their website, religionanddiplomacy.org, has a lot of really great resources that—reports on various thematic issues, but also looking at religion in situ in a number of different geographic locations. They have these strategic notes, that's what I have the image of here, that talk about, at a particular time, what are some of the big stories related to religion and international affairs overseas. And they list a number of other religious literacy resources on their website as well. So I commend all of that to. And with that, let me stop share, throw some links into the chat box, and hear responses and questions from folks. FASKIANOS: Wonderful. Thank you for that. That was terrific. And we are going to send out—as a follow-up, we'll send out a link to this webinar, maybe a link to your presentation, as well as the resources that you drop into the chat. So if you don't get it here, you will have another bite at the apple, so to speak. (Gives queuing instructions.) So I'm going to go first to the written question from Meredith Coon, who's an undergraduate student at Lewis University: What would be a solution for India to have many different religions live in peace with each other, especially since most religions share a lot of the same core values of how people should live? And how can society prevent the weaponization of religion, while still allowing broad religious freedom? HAYWARD: All right. Thank you for the question, Meredith. And one thing just to note, by way of housekeeping, I'm not sure I can actually share the links with all of the participants. So we'll make sure that you get all of those links in that follow-up note, as Irina said. So, Meredith, I think a couple things. One, I just want to note that one of the assumptions within your question itself is that folks of different religious persuasions are constantly at conflict with one another. And of course, there is a reality of there is increasing religious tensions around the world, communal tensions of many different sorts, ethnic, and religious, and racial, and so on, across the world. And the threat to democracy and increasing authoritarianism has sometimes exacerbated those kinds of tensions. But there's also a lot of examples presently and historically of religiously incredibly diverse communities living in ways that are harmonious, that are just, and so on. So I think it is important—there's a lot of work that supports forms of interfaith dialogue and intra-faith dialogue. And I think that that work is—will always be important, to be able to recognize shared values and shared commitments, and in order to acknowledge and develop respect and appreciation for differences as well on different topics—again, both within religious traditions and across them. But I think that dialogue alone, frankly, is not enough. Because so often these tensions and these conflicts are rooted in structural violence and discrimination and concerns, economic issues, and political issues, and so on. And so I think part of that work, it's not just about building relationships kind of on a horizontal level, but also about ensuring that state policies and practice, economic policies and practices, and so on, are not operating in ways that disadvantage some groups over others, on a religious side, on a gender side, on a racial side, and so on. So it's about ensuring as well inclusive societies and a sense as well of inclusive political systems and inclusive economic systems. And doing that work in kind of integrated ways is going to be critical for ensuring that we're able to address some of these rising forms of violations of religious freedom. Thanks again for the question. FASKIANOS: Thank you. Next question from Clemente Abrokwaa. Clemente, do you want to ask your question? Associate teaching professor of African studies at Pennsylvania State University? I'm going to give you a moment, so we can hear some voices. Q: OK. Thank you very much. Yeah, my question is I'm wondering how peacebuilding, in terms of religious literacy, how would you look at—or, how does it look at those that are termed fundamentalists? How their actions and beliefs, especially their beliefs, those of us—there are those outside who perceive them as being destructive. So then to that person, is their beliefs are good. So they fight for, just like anyone will fight for, what, a freedom fighter or something, or a religious fighter in this case. So I'm just wondering how does religious literacy perceive that in terms of peacebuilding? HAYWARD: Right. Thank you for the question, Professor Abrokwaa. I really appreciate it. So a couple things. One, first of all, with respect to—just going back, again, to the ambivalence of the sacred—recognizing that that exists. That there are particular religious ideas, commitments, groups, practices that are used in order to fuel and legitimate forms of violence. And I use violence in a capacious understanding of it, that includes both direct forms of violence but also structural and cultural forms of violence, to use the framework of Johan Galtung. And so that needs to be addressed as part of the work to build peace, is recognizing religious and nonreligious practices and ideas that are driving those forms of violence. But when it comes to religious literacy to understand that, a couple ways in which the principles apply. One is, first, not assuming that their—that that is the only or exclusive religious interpretation. And I think sometimes well-meaning folks end up reifying this idea that that is the exclusive religious interpretation or understanding when they're—when they're offering sometimes purely nonreligious responses to it. And what I mean by this, for example, let's look at Iran right now. I read some analyses where it's saying that, the Iranian authorities and the Ayatollahs who comprise the Supreme Council and so on, that they—that they define what Islamic law is. And there's not a qualification of that. And in the meantime, the protesters are sort of defined as, like, secular, or they're not—the idea that they could be driven by certain—their own Islamic interpretations that are just as authoritative to them, and motivating them, and shaping them is critical. So being able to recognize the internal plurality and not unintentionally reify that particular interpretation of a religious tradition as exclusive or authoritative. Rather, it's one interpretation of a religious tradition with particular consequences that are harmful for peace. And there are multiple other interpretations of that religious tradition that are operating within that context. And then a second way that the religious literacy would apply would also look at the ways in which sometimes the diagnoses of extremist groups that are operating within a religious frame doesn't right-size the role of religion in that. It sometimes overemphasizes the religious commitments, and drives, and so on. And so, again, we need to right-size. There are religious motivations. And we need to take those seriously. And we need to develop solutions for addressing that. And there are economic interests. And there are political interests. So there's a whole host of factors that are motivating and inspiring and legitimating those groups. And being able to take into account that more holistic picture and ensure that your responses to it are going to be holistic. And then one final thing I want to say that's not with respect to religious literacy as much—or, maybe it is—but it's more just about my experience of work at USIP, is that—and it kind of goes back to the question that Meredith asked before you about religious harmony between multireligious relations and harmony, is that I sometimes finds that engaging with groups that are defining themselves and motivating themselves with a primary grounding in religion, that they're not going to participate generally in interfaith initiatives, and so on, right? And so that's where some of that intra-faith work can be particularly important. I saw this, for example, in Myanmar, when their—when previously the movement that was known as Ma Ba Tha, which was defined by some as a Buddhist nationalist anti-Muslim kind of Buddhist supremacist group. The folks who were most successful in being able to engage in a values-grounded conversation with members of the organization were other Buddhist monks, who were able to speak within the language of meaning and to draw attention to, like, different understandings of religious teachings or religious principles with respect to responding to minority groups, and so on. So I think that's in particular, with addressing those groups, that's where that intra-religious work or intra-communal work can be really critical, in addition to some of that cross-communal work. FASKIANOS: Thank you. So we've seen, obviously, the war in Ukraine and how Christian Orthodoxy is being—or, Greek Orthodoxy in Ukraine, and the division. Can you talk a little bit about that and how it's playing out with Russian identity? HAYWARD: Yeah, absolutely. There's been some really good analysis and work out there of the religious dimensions of the Russia-Ukraine conflict. So again, the sort of dominant story that you see, which reflects a reality, is that there are ways in which political and religious actors and interests are aligning on the Russian side in order to advance particular narratives and that legitimate the invasion of Ukraine that—that are about sort of fighting back against an understanding of the West as being counter to traditional and religious values. Those are some of the religious understandings. And then that concern gets linked then to the establishment of an independent or autocephalous Orthodox Church within the Ukraine context. And you see—in particular, what's pointed to often is the relationship between Patriarch Kirill in the Russian Orthodox Church, and Putin, and the ways in which they've sort of reinforced each other's narrative and offered support to it. And there's really great analysis out there and stories that have been done about that. And that needs to be taken into account in responding to the situation and, I would say, that some of the religious literacy principles would then ask us to think about other ways in which religion is showing up within that, that go beyond the institution too. So a lot of the news stories that I've seen, for example, have focused exclusively on—sometimes—exclusively on the clerics within the Orthodox Church and their positions, either in support of or in opposition to the war. But in reality, on the ground there's a lot more complexity that's taken place, and a lot more of the ways in which different individuals and communities on both the Russia and the Ukraine side are responding to the violence, to the displacements, and so on. It paints a more complex and, I think, fascinating story, frankly. And sort of illuminates ways forward in support of peacebuilding. For example, there's ways in which different kinds of ritual practices within Orthodoxy have served as a source of support and constancy to folks who are living in this situation of insecurity and displacement, in ways that have been helpful. There are, of course, other religious traditions that exist within both Ukraine and Russia that are operating and responding in different ways. Like, the Jewish community in Ukraine and the Catholic—the Greek Catholic Church in Ukraine. So looking at those complexities both within Orthodoxy, but there's many different ways that Orthodox Christians are responding in both countries. There's not one story of Orthodox Christianity and the invasion of Ukraine. But also looking at some of the religious diversity within it. And that helps to ensure, like I said, one, that we're developing solutions that are also recognizing the ways in which religion at a very ground level is serving as a source of support, humanitarian relief, social, psychological support to people on the ground, as well as the ways in which it's sort of manifesting ambivalently and complexly in ways that are driving some of the violence as well. And it also helps to push back against any sort of a narrative that this is about a Russian religion—on the Russian side—this is about a religious war against a secular, non-religious West or Ukraine, right? That that goes back to what I was talking about with the historical sort of contingencies that are baked into this system a little bit. And in defining it in that way, Russia's religious and its motivations are religious, Ukraine's not religious, that's both not true—(laughs)—because there's many religious folks within the Ukraine and within the West generally, but also feeds—it feeds the very narrative that Putin and Kirill are giving of a secular West that is anti-religion, that is in opposition to Russian traditional values. FASKIANOS: It seems like there needs to be some training of journalists too to have religious literacy, in the same way that we're talking about media literacy. HAYWARD: Yeah. FASKIANOS: Probably should be introduced as well. (Laughs.) HAYWARD: Yeah, Irina, it's funny, we did—one of my students actually did a kind of mapping and analysis of stories about the Russia-Ukraine conflict and the religious dimensions of it. And she noted that there was—for example, it was—almost always it was male clerics who were being quoted. So there was very little that was coming from other gendered perspectives and experiences on the ground, lay folks and so on. And again, for that—for that very reason it's sort of—because we know so many policymakers and international analysis are depending on these kinds of media stories, I worry that it creates a blinder to potential opportunities for different kinds of ways of addressing needs and partners for addressing needs on the ground. FASKIANOS: Great. Thank you. I'm going to go next to Liam Wall, an undergraduate student at Loyola Marymount University: With so much diversity within religions itself, how can we avoid the analysis paralysis you mentioned and take in as many unique perspectives as possible, without letting that stand in the way of progress? How does one know that they have enough religious literacy and can now become an effective practitioner? HAYWARD: Well, OK, the bad news is that you will never have enough religious literacy. (Laughs.) This is a process, not an end. There are scholars here at Harvard who have been studying one particular sect of a particular religious tradition for their entire adult lives, and they would still say that they are students of those traditions, because they're so complex. Because so many of these traditions are composed of a billion people or just—just 500 million people. But that means that there's going to be an incredible diversity to explore. And so that's the bad news. But the good news is, one, like, first take the burden off of your shoulders of having to be an expert on any one particular religious tradition, in order to be able to help to develop and enhance your own religious literacy, and those of others, and to operate in ways that reflect the principles of religious literacy, is the good news. As well as there are many different kinds of resources that you can turn to in order to understand, for example if you're going to be working in a particular geographic location, scholarship, people you can speak to in order to begin to understand at least some of the specific manifestations and practices, and some of the disputes and diversity that exists within that particular country or geographic location across religious traditions. But, secondly, I would say, it's almost more important than—like, the substance is important. But what's just as important, if not more important, is understanding what kinds of questions to be asking, and to be curious about these religious questions and their intersection with the political and social. So we sometimes say that religious literacy is about developing habits of mind in how we think about these religious questions, and what kinds of questions we ask about religion. So it's about developing that kind of a reflex to be able to kind of see what's underneath some of the analysis that you're seeing that might be relevant to religion or that might be advancing particularly problematic understandings of religion, or reinforcing binaries like the secular and the religious and so on. And that's just as—just as important. So the extent to which you're continuing to, like, hone those—that way of thinking, and those habits of mind, that will set you up well for then going into this space and being able to ask those particular questions with respect to whatever issues you're focusing on, or whatever geographic location you're looking at. FASKIANOS: Great. I'm going to go next to Mohamed Bilal, a postgraduate student at the Postgraduate Institute of Management in Sri Lanka. HAYWARD: Yay! FASKIANOS: Yes. How does sectarianism influence our literacy? In turn, if we are influenced by sectarianism, then would we be illiterate of the religion but literate of the sect? Thus, wouldn't such a religious literacy perpetuate sectarianism? HAYWARD: Thank you for the question, Mohamed. It's—I miss Sri Lanka. I have not been there in too long, and I look forward to going back at some point. So I would say sectarianism, in the sense of—so, there's both religious sects, right? There's the existence of different kinds of religious traditions, interpretive bodies, jurisprudential bodies in the case of Islam. And then broader, different schools or denominations. The term that's used depends on the different religious tradition. And that reflects internal diversity. Sectarianism, with the -ism on the end of it, gets back to the same kinds of questions that I think Professor Clemente was asking with respect to fundamentalism. That's about being sort of entrenched in an idea that your particular religious understanding and practice is the normative, authentic, and pure practice, and that all others are false in some ways. That is a devotional claim or—what I mean by a devotional claim, is that is a knowledge claim that is rooted within a particular religious commitment and understanding. And so religious literacy in this case would—again, it's the principles of internal diversity, recognizing that different sects and different bodies of thought and practice are going to exist within religious traditions, but then also ensuring that any claim to be normative or to be orthodox by any of these different interpretive bodies is always a claim that is rooted within that religious tradition that we sometimes say is authentic. It's authentic to those communities and what they believe. But it's not exclusive. It's not the only claim that exists within that religious tradition more broadly. And the concern is about—sects are fine. Different denominations, different interpretative bodies are fine and a good and sort of natural thing, given the breadth and the depth of these religious traditions. The problem is that -ism part of it, when it becomes a source of competition or even potentially violence between groups. And so that's what needs to be interrogated and understood. FASKIANOS: So another question from John Francis, who's the senior associate vice president for academic affairs at the University of Utah: If you were training new diplomats in other countries to be stationed in the United States, where a wide range of religious traditions thrive, how would you prepare them for dealing with such religious variation? HAYWARD: The same way I would—and thank you, again, for the question. The same way that I would with any other diplomats going to any other—the same way I do with foreign service officers at the Foreign Service Institute, who are going to work overseas. I would—I would invite them to think about their own assumptions and their own worldviews and their own understandings of what religion is, based on their own contexts that they grew up in. So how that shapes how they understand what religion is, in the ways I was speaking to before. So for example, in Protestant Christianity, we tend to emphasize belief as the sort of core principle of religious traditions. But other religious traditions might emphasize different forms of practice or community as sort of the central or principal factor. So recognizing your own situatedness and the ways in which you understand and respond to different religious traditions. I would invite those who are coming to work here to read up on the historical developments and reality of different religious communities and nonreligious communities in the U.S. and encourage them to look not just at some of the—what we call the world religions, or the major religions, but also at indigenous traditions and different practices within different immigrant communities. And I would have them look at the historical relationship between the state and different religious communities as well, including the Mormon tradition there in Utah, and how the experience of, for example, the Mormon community has shaped its own relationship with the state, with other religious communities on a whole host of issues as well. And then I would encourage—just as I was saying earlier—no diplomat going to the U.S. is going to become an expert on the religious context in the U.S., because it's incredibly complex, just like anywhere else in the world. But to be able to have sort of a basic understanding to be able to then continue to ask the kinds of questions that are going to help to understand how any political action is taken or response to any policy issues kind of inevitably bumps up against particular religious or cultural commitments and values. FASKIANOS: Great. I'm going to take the next question from Will Carpenter, director of private equity principal investments at the Teacher Retirement System of Texas, and also taking a course at the Harvard Extension School. HAYWARD: Hey! FASKIANOS: I'm going to ask the second part of Will's question. How will the current polarized domestic debate regarding U.S. history, which is often colored by the extremes—as a force for good only versus tainted by a foundation of injustice—impact America's capacity to lead internationally? HAYWARD: Hmm, a lot. (Laughter.) Thank you for the question. I mean, I think the fact of polarization in the U.S. and the increasing difficulty that we're facing in being able to have really deep conversations and frank conversations about historical experiences and perceptions of different communities, not just religiously, not just racially even, but across different—urban-rural, across socioeconomic divides, across educational divides and, of course, across political divides, and so on. I think that—I think that absolutely hampers our ability to engage within the global stage effectively. One, just because of the image that it gives to the rest of the world. So how can we—how can we have an authentic moral voice when we ourselves are having such a hard time engaging with one other in ways that reflect those values and that are grounded within those values? But also because I think get concern—with respect to religion questions in particular—I get concern about the increasing polarization and partisanization of religion in foreign policy and issues of religious freedom, and so on. Which means that we're going to constantly have this sort of swinging back and forth then between Republican and Democratic administrations on how we understand and engage issues related to religion and foreign policy, different religious communities in particular, like Muslim communities worldwide, or on issues of religious freedom. So I think it's incredibly critical—always has been, but is particularly right now at this historical moment—for us to be in the U.S. doing this hard work of having these conversations, and hearing, and listening to one another, and centering and being open about our values and having these conversations on that level of values. To be able to politically here in the U.S., much less overseas, to be able to work in ways that are effective. Irina, you're muted. FASKIANOS: Thank you. (Laughs.) With that, we are at the end of our time. Thank you so much for this. This has been a really important hour of discussion. Again, we will send out the link to the webinar, as well as all the resources that you mentioned, Susan. Sorry we didn't have the chat open so that we could focus on what you were saying and all the questions and comments that came forward. So we appreciate it. And thank you so much, again, for your time, Susan Hayward. And I just want to remind everybody that this is the last webinar of the semester, but we will be announcing the Winter/Spring Academic Webinar lineup in our Academic bulletin. And if you're not already subscribed to that, you can email us at cfracademic@cfr.org. Just as a reminder, you can learn about CFR paid internships for students and fellowships for professors at CFR.org/careers. Follow @CFR_Academic on Twitter and visit CFR.org, ForeignAffairs.com, and ThinkGlobalHealth.org for research and analysis on global issues. Good luck with your exams. (Laughs.) Grading, taking them, et cetera. Wishing you all a happy Thanksgiving. And we look forward to seeing you again next semester. So, again, thank you to Susan Hayward. HAYWARD: Thank you, everybody. Take care.

If you are Texas retired school personnel — teacher, paraprofessional, administrator, custodian, bus driver, maintenance, etc. — you are invited to the next monthly meeting of the Wilson County Retired School Personnel. Members and guests will gather in the Circle G Restaurant in Poth on Thursday, Oct. 6, to hear from guest speaker Ashley Chohlis, Poth ISD superintendent. Legislative updates concerning the Teacher Retirement System of Texas, and other topics, will be discussed. Arrive at 10 a.m. for a meet and greet, followed by the meeting at 10:30 a.m. For more information, call 830-460-0150.Article Link

Local expert and blockchain enthusiast Baxter Hines shares his professional journey and pivot from traditional portfolio management to digital finance, with all topics and concerns up for discussion.  Baxter is Managing Partner and Chief Investment Officer with Honeycomb Digital Investments. He founded the firm in 2020 to provide institutional-grade solutions for investments in digital assets. He was previously a managing director, portfolio manager, and co-lead for several internationally focused value strategies during his 12 years with NFJ Investment Group, a wholly-owned subsidiary of Allianz Global Investors. Prior to his time with NFJ, he was an analyst with the Teacher Retirement System of Texas and worked as a financial systems specialist for Reuters. Baxter holds a bachelor's degree in economics from the University of Virginia and an MBA in finance from the University of Texas. He is the author of “Digital Finance: Security Tokens and Unlocking the Real Potential of Blockchain”.  He holds the Chartered Financial Analyst designation and is a member of the CFA Society of Dallas Fort Worth. Disclaimer: All podcast discussions represent only the views and opinions of the host and guests. This podcast in no way constitutes investment advice and is not an offer to buy or sell any products or services. 

State's new COVID cases continue to decline; Trial set for Gravette man in Capitol riot; Teacher Retirement System's investments increase; Hodges took steps to fight allegation

Local Investment Legend Series, featuring Jim Hille, former long-time CIO at the TCU Endowment. Jim shares his unique perspective and pearls of wisdom going back to his military background and successfully managing large pools of assets and people, and even in retirement how he continues to impact our industry through mentoring and serving on various boards.   Jim Hille has over 30 years of experience in investment management. Mr. Hille recently retired as a chief investment officer at Texas Christian University (TCU) and was responsible for the day-to-day management of its multibillion-dollar investment program, which included the operation and fiduciary oversight of the university's endowment assets. Prior to joining TCU, Mr. Hille was chief investment officer of the Teacher Retirement System of Texas, the state's largest public pension plan. Earlier in his career, he managed portfolios for the Employees Retirement System of Texas. He currently serves on the investment advisory and trustee boards of the Employees Retirement System of Texas and the Texas Treasury Safekeeping Trust Company, as well as on the board of trustees of the Communities Foundation of Texas. Mr. Hille has served as president of the Austin Society of Financial Analysts and as an adjunct professor of finance at the University of Texas McCombs School of Business. He is a Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) charterholder. Disclaimer: All podcast discussions represent only the views and opinions of the host and guests. This podcast in no way constitutes investment advice and is not an offer to buy or sell any products or services. 

While we can't believe we are reaching the end of 2021, today we had a fantastic visit with Carolyn Hansard, Senior Director - Energy, Natural Resources, and Infrastructure, from the Teacher Retirement System ("TRS") of Texas to complete an amazing year of COBT guests. Carolyn's background includes 9 years at TRS and 17 years at Merrill Lynch in London, Tokyo, and New York. She is a longtime friend of ours! To begin, Carolyn walks us through an overview of TRS and their portfolio. TRS is one of the largest pension funds in the nation and Texas educators make up roughly 6% of the state's population. We touch on the considerations Carolyn and her team make when investing, how those considerations may differ by state, framework for risk and disruption, cryptocurrency and a few concerns to watch over the next few years. With Carolyn, we hit on all the questions you might expect us to, with a twist here and there. Hearing Carolyn addressing the issues of the day from the vantage point of a $19 billion energy investor really adds a lot of perspective. We think you'll enjoy the conversation as much as we did! The kickoff today was really great. Everyone hit on some of their top themes of 2021. Mike Bradley rattled off a ton of them, with the performance of classic energy being key. Matt Portillo hit on some of the big picture investor themes and preferences underlying that performance. Chad Michael, our new President, reviewed some transactional themes for the year as well. Lastly, Colin Fenton gave a robust summary of the "truth tellers" versus the "dogmatists" as he reflected on the big questions of the year. Today's COBT is our last for the year. Like you, we are very excited about spending some time with our family and friends. On January 4th, we will be back with a session featuring Rob West from Thunder Said Energy. Rob is a fresh energy thinker and we can't wait to visit with him. We will also share our own reflections on 2021 and introduce our big picture thoughts for 2022. And... WE ARE MOVING! As you may know, I will be transitioning out of TPH on January 7th. It has been a magical 14 years and 15 days. We are planning on standing up "COBT" as a new platform and that's going to be a very exciting thing. You will be able to find us in the future at our new webpage, www.veriten.com. The first episode of COBT in the new format will be coming your way on Wednesday morning, February 2nd! 

Helena-West Helena Christmas Parade canceled; Arkansas COVID hospitalizations up 20; Teacher Retirement System chief defends recommendation; Prosecution rests in Duggar trial

Jim Comer is a speaker, speech coach and writer with more than 30 years of experience working with executives of Fortune 500 companies. He has coached CEOs, as well as candidates for Governor of Texas and Lt. Governor of California. Jim has given presentation skills workshops to thousands of participants from high tech to direct sales to government agencies. His clients include Dell, Teacher Retirement System of Texas, KPMG, IBM, Avon, Austin Energy, and the American Cancer Society. Jim has spoken on communication skills to audiences in 25 states, Canada, and Mexico.  His articles have appeared in The New York Times, Washington Post, Los Angeles Times, and Readers' Digest. His book, When Roles Reverse: A Guide to Parenting Your Parents, was nominated by the Texas Writers' League as Best Non-Fiction Book of 2007. He has ghostwritten three autobiographies, including Austin icon Jane Sibley's memoir, Jane's Window published by Texas A&M Press. His writing credits include jokes for Joan Rivers and a monologue for comedy legend Bob Hope. His play, Behind Every Good Woman, had a sixth month run in Los Angeles. An award-winning speaker in Toastmasters, Jim is a bungee jumper with video to prove it and a veteran of six quiz shows including Jeopardy.

State's covid hospitalizations drop for 7th day in row; record turn for Ark. Teacher Retirement System; UA interim chancellor speaks at rally; Va. man pleads guilty to spray-painting LR monument

Goldman Sachs Group, Inc v Arkansas Teacher Retirement System, (2021), was a 2021 decision of the Supreme Court of the United States related to securities fraud class actions. Background. A group of investors sued Goldman Sachs after the financial crisis of 2007–2008 to recover up to $13 billion in losses. In 2020, a panel of the United States Court of Appeals for the Second Circuit allowed the class action to proceed, 2–1. Judge Richard J Sullivan dissented. Decision. The Supreme Court issued its decision in June 2021, vacating the court of appeals' judgment and remanding it for further proceedings. A unanimous court found that the presumption of class-wide reliance established in Basic Inc v Levinson required the defendant's statements to be more than just generic guarantees. An 8–1 court, with Justice Sonia Sotomayor dissenting, found that the lower court had not adequately followed this framework, and remanded for further proceedings. A 6–3 court, with Justice Neil Gorsuch dissenting, joined by Justices Clarence Thomas and Samuel Alito, held that defendants have the burden of proof in rebutting the presumption of reliance. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support

Goldman Sachs Group, Inc v Arkansas Teacher Retirement System, (2021), was a 2021 decision of the Supreme Court of the United States related to securities fraud class actions. Background. A group of investors sued Goldman Sachs after the financial crisis of 2007–2008 to recover up to $13 billion in losses. In 2020, a panel of the United States Court of Appeals for the Second Circuit allowed the class action to proceed, 2–1. Judge Richard J Sullivan dissented. Decision. The Supreme Court issued its decision in June 2021, vacating the court of appeals' judgment and remanding it for further proceedings. A unanimous court found that the presumption of class-wide reliance established in Basic Inc v Levinson required the defendant's statements to be more than just generic guarantees. An 8–1 court, with Justice Sonia Sotomayor dissenting, found that the lower court had not adequately followed this framework, and remanded for further proceedings. A 6–3 court, with Justice Neil Gorsuch dissenting, joined by Justices Clarence Thomas and Samuel Alito, held that defendants have the burden of proof in rebutting the presumption of reliance. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

State reports 1,309 new covid cases; Decline in ACT Aspire exam achievement; Teacher Retirement System trustees OK investment; North Little Rock Police ID homicide victim

The Supreme Court issued its decision in Goldman Sachs Group, Inc., v. Arkansas Teacher Retirement System on June 21, 2021. Justice Barrett delivered the opinion of the Court, which Chief Justice Roberts and Justices Breyer, Kagan, and Kavanaugh joined in full.In this case, a group of Goldman shareholders sought to certify a class action suit against Goldman arguing that they had detrimentally relied on Goldman's alleged misrepresentations about conflict management, which had resulted in inflation maintenance and subsequent shareholder loss. In arguing for class certification, the plaintiffs relied on the Supreme Court's 1988 Basic Inc. v. Levinson decision allowing plaintiffs to prove reliance based on evidence common to the class. Goldman argued against certification and against the Basic presumption by presenting evidence showing the alleged misrepresentations had not affected stock prices.On its second attempt, the District Court certified a class and the Second Circuit affirmed. In its decision, the Supreme Court remanded to the Second Circuit to consider the generic nature of the alleged misrepresentations even though that evidence might get to materiality not usually considered at the initial certification stage under Rule 23. The Court also clarified the Basic presumption holding that a defendant does bear the burden of persuasion to rebut the presumption of reliance allowed to class action plaintiffs. Joining us to discuss is Mr. Ted Frank, a class action litigator and the Director of the Center for Class Action Fairness at the Hamilton Lincoln Law Institute. Featuring:-- Theodore "Ted" Frank, Director of Litigation and Senior Attorney, Hamilton Lincoln Law Institute

All Things ERGsIn this episode, herdacious host Lorelei chats with Kellie Sauls about establishing ERGs in the workplace. ERGs, or employee resource groups, are employee coalitions assembled to fulfill  a common goal or mission they wish to see reflected in the workplace. Equipped with her DE&I and ERG leadership expertise, Kellie walks us through the steps of bringing ERG plans into fruition so we can achieve a workplace that encourages its employees to see the value in their professional contributions. From welcoming inclusive, sometimes crusty support (more on that in the episode) to scouting an executive sponsor qualified to lead us down the road, Kellie helps us realize that the power behind building a successful and productive ERG derives from company-wide collaboration. Whether we have a direct stake in an ERGs' initiative or just want to be an ally to our colleagues, membership into this club is not exclusive. So, come one, come all and enter the world of all things ERGs! Host: Lorelei GonzalezCo-host: Kellie Sauls, MS Currently as the Director of Diversity, Equity & Inclusion for the Teacher Retirement System of Texas (TRS), Ms. Sauls leads the direction and oversight of DE&I strategy, program development and management across the organization. Additionally, she has been engaged in impactful volunteer work within her community including board service, co-establishing a TEDx program, DE&I consultation services, and serving on local and national diversity related advisory councils. Ms. Sauls holds a B.A. in Sociology from the University of Texas at Austin and an M.S. in Counseling and Clinical Programs from Columbus State University. Things you will learn in this episode (chapter markers available):  What is an ERG? 1:21Happy people make happy workplaces 5:23Starting with support 6:343..2..1..launch! Now what? 12:15Executive Sponsors 16:48A budget 17:55Red flags 20:45Femme fact: Sophie Scholl 25:00Resources mentioned in this episode:  PepTalkHer (website) Center for Global Inclusion (benchmarks guide) How to Be an Inclusive Leader by Jennifer Brown (book)Episode sponsors:  HERdacity   Moonray  Looking for additional resources on this topic? Check out our podcast episode with Cara McCarty “Queen of Leadership” Loved what you heard on herdacious and want to share with friends? Tag us and connect with HERdacity on social media:Twitter: @herdacityFacebook: @HERdacityInstagram: @herdacityLinkedIn: HERdacity Email: herdacious@herdacity.orgFor up to date information on HERdacity events, webinars, podcasts, and community activities, join our newsletter here.  Disclaimer: While we appreciate our sponsors' support in making this show possible, herdacious content is curated with integrity and honesty.Support the show (http://herdacity.org/donate/)

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State covid hospitalizations fall to lowest level since May; Teacher Retirement System's investments increase; UA department leader takes new job; Appeals judge seeks reelection

On March 29, 2021 the Supreme Court heard oral argument in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System. The questions before the court were whether, first, a defendant in a securities class action may rebut the presumption of classwide reliance recognized in Basic Inc. v. Levinson by pointing to the generic nature of the alleged misstatements in showing that the statements had no impact on the price of the security, even though that evidence is also relevant to the substantive element of materiality; and, second, whether a defendant seeking to rebut the Basic presumption has only a burden of production or also the ultimate burden of persuasion.Ted Frank, Director at the Hamilton Lincoln Law Institute and the Center for Class Action Fairness, joins us today to discuss this case's oral argument.

"Success is not the top of the ladder. Significance is." - Britt Harris Please welcome a friend to the Titans of Investing at TAMU, President, CEO, and CIO of The University of Texas/Texas A&M Investment Company (UTIMCO), Britt Harris! Britt joins us to talk about investing, personal and business philosophies, and the exciting future landscape of cryptocurrency. We encourage all of our listeners to sign-up for the Texas A&M Bitcoin Conference that is taking place THIS WEEK on April 16 and April 17. The first day is completely virtual and the second will be held at the Texas A&M Hotel with a virtual option as well. Find out more at https://mays.tamu.edu/bitcoin/   Don't forget to leave us a rating and review on Apple Podcasts! 

On March 29, 2021, the Supreme Court will hear oral argument in the case of Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System. The case turns on class action issues and the 1988 Supreme Court case Basic Inc. v. Levinson. In Goldman Sachs, the Court will address whether a class action defendant in a case alleging securities fraud may rebut a presumption of class-wide reliance on an alleged misstatement by pointing to the generic nature of the statement and if so, whether that defendant ultimately bears the burden of production or the burden of persuasion.Featuring:-- Ted Frank, Director, Center for Class Action Fairness, Hamilton Lincoln Law Institute

Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System | 03/29/21 | Docket #: 20-222

A case in which the Court will clarify the burden of proof a defendant in a securities class action must meet to rebut the so-called Basic presumption.

Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System

A case in which the Court held that a defendant in a securities class action has the burden of production and also the burden of persuasion to rebut the so-called Basic presumption.

Laurie Dotter has served in executive leadership roles in several investment companies that delivered attractive investment returns on commercial real estate operating companies, development and management companies, and portfolios requiring repositioning to enhance value. From 2010 to 2016, she served as President of Transwestern Investment Group, and then in addition as the founding partner of Corporate Properties Trust I, II and III, large scale commercial real estate investment vehicles with combined capitalization exceeding $2 billion, from 2016 to 2017. Ms. Dotter also worked as an executive senior investment officer at Hunt Realty Investments under the umbrella of Hunt Oil Company, a petroleum exploration and production company, from 1998 until 2010. Ms. Dotter was the director of Real Estate Investments at the Teacher Retirement System of Texas, from 1993 to 1998; and was a director of Financial Consulting Services at PricewaterhouseCoopers, from 1989 to 1993. Ms. Dotter currently serves as an Advisor and Board member at Dottid, a company focused on developing comprehensive work flow technology to maximize revenue generation for commercial real estate . She also recently advised the Investment Committee of the Board of Children's Health System of Texas, providing interim investment portfolio oversight and a slate of recommendations regarding the System's investment governance framework. Ms. Dotter is currently an investment advisory board member at Employee Retirement System of Texas ( since 2019) and Texas Treasury Safekeeping Trust Company ( since 2009).

During this unprecedented time, we are reminded of lessons learned from other challenging economic periods. Jase Auby, CIO of Teacher Retirement System of Texas (TRS) provides a pension’s perspective on lessons learned from the Global Financial Crisis, the challenges of investing as the sixth largest pension fund in the nation, and innovative strategies that TRS is employing to deliver great returns. (Recorded January 2020)Learn more about Accelerate Investors live events (where you can meet some of the CIOs in person!) at https://accelerateinvestorsny.com/2020accelevents

This week on “Money Talks,” the hosts discuss year-to-date performance, November’s Jobs Report, and the unemployment rate. They also touch on consumer sentiment and wholesale trade. The experts provide advice to making your financial resolutions for the new year stick. They also answer listeners’ questions on a Vanguard money market fund and the Teacher Retirement System of Georgia. Lastly, they address a new “insur-tech” company, Gainbridge, that is offering fixed annuities with better interest rates than CDs.

The “Money Talks” experts answer listeners’ questions on the strength of a Vanguard money market fund and the Teacher Retirement System of Georgia. They also address a new “insur-tech” company, Gainbridge, that is offering fixed annuities with better interest rates than CDs.

This week on “Money Talks,” the hosts discuss year-to-date performance, November’s Jobs Report, and the unemployment rate. They also touch on consumer sentiment and wholesale trade. The experts provide advice to making your financial resolutions for the new year stick. They also answer listeners’ questions on a Vanguard money market fund and the Teacher Retirement System of Georgia. Lastly, they address a new “insur-tech” company, Gainbridge, that is offering fixed annuities with better interest rates than CDs.

The “Money Talks” experts answer listeners’ questions on the strength of a Vanguard money market fund and the Teacher Retirement System of Georgia. They also address a new “insur-tech” company, Gainbridge, that is offering fixed annuities with better interest rates than CDs.

This week on “Money Talks,” the hosts discuss year-to-date performance, November’s Jobs Report, and the unemployment rate. They also touch on consumer sentiment and wholesale trade. The experts provide advice to making your financial resolutions for the new year stick. They also answer listeners’ questions on a Vanguard money market fund and the Teacher Retirement System of Georgia. Lastly, they address a new “insur-tech” company, Gainbridge, that is offering fixed annuities with better interest rates than CDs.

The “Money Talks” experts answer listeners’ questions on the strength of a Vanguard money market fund and the Teacher Retirement System of Georgia. They also address a new “insur-tech” company, Gainbridge, that is offering fixed annuities with better interest rates than CDs.

John Vandermosten is currently a senior biotechnology research analyst for Zacks Investment Research where he covers a portfolio of small cap biotechnology names. His background includes 15 years of experience in a variety of investment management and research roles across all market cap ranges and throughout the capital structure.Formerly, John was a research analyst for Singular Research covering the health care space and a consultant with Coker Group, a national healthcare services firm providing financial advisory, investment banking, healthcare IT and other services to hospitals and other health care organizations. At Coker Group he consulted with clients in a variety of strategic and financial areas, including asset valuations, due diligence and transactions. Prior to his role as sell-side analyst and consultant, John was a portfolio manager at Westwood Holdings Group and covered health care and other spaces as research analyst. John also worked at the Teacher Retirement System of Texas as investment analyst on the agency’s large cap call overwriting fund.John has an MBA from Texas A&M University, an MA from Tulane University and a BA from San Diego State University. He has also earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society of Dallas.For more information: https://scr.zacks.com

"There's a lot more data in some ways, but there is also a lot less interesting information that is differentiated." - Jake Barton (Tweet) Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group and the Managed Funds Association, where host Niels Kaastrup-Larsen continues his conversation with Jake Barton, the Senior Portfolio Manager at Promus Capital, Trent Webster, Senior Investment Officer of Strategic Investments at Florida State Board of Administration, and Steven Wilson, Senior Portfolio Manager at Teacher Retirement System of Texas, which took place at the MFA's Network 2019 conference in Miami. Listen in to learn when our guests use investment theory versus data, new standards for management fees, and what our guests look for in maintaining a reliable team for their investors. Subscribe on: In This Episode, You'll Learn: When to use investment theory versus data, and how you know when you have chosen correctly How the guests review their managers and analyze their results What organizations of different sizes can do to prepare for a crisis "In the end, I'll make anyone a deal: I will always admit you're right if I can have the money." - Trent Webster (Tweet) How Steven sees the new fee structure for hedge funds, that TRS helped develop, as more reasonable than the standard 2&20 How a race to the bottom for management fees can remove much of the creative energy from the alternative manager space What excites Trent about the BBB section of the investment grade bond market "It's almost unbelievable that it's 2019 and people are still paying performance fees on beta. How did that happen?" - Steven Wilson (Tweet) What is new and upcoming in the hedge fund space The reading that our guests never miss inside and outside of the investment space This episode was sponsored by CME Group and Managed Funds Association: Connect with our guests: Learn more about Jake Barton and Promus Holdings Learn more about Trent Webster and State Board of Administration of Florida Learn more about Steven Wilson and Teacher Retirement System of Texas "Data will always challenge the theory. No theory works if it's wrong financially. You can have the greatest theory in the world and if you just keep losing money for clients, you have to throw in the towel or the money will all disappear." - Jake Barton (Tweet)

"Being a mid-twenties analyst during the 2008 financial crisis was a very eye opening experience, and it showed me the importance of being methodical and critical, and not quick to make decisions whenever you're faced with adversity in investing." - Steven Wilson (Tweet) Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group and the Managed Fund Association. On today's episode, which took place at the MFA's Network 2019 conference in Miami, Niels Kaastrup-Larsen speaks with Jake Barton, the Senior Portfolio Manager at Promus Capital, Trent Webster, Senior Investment Officer of Strategic Investments at Florida State Board of Administration, and Steven Wilson, Senior Portfolio Manager at Teacher Retirement System of Texas. As managers of the investment of pensions and alternative portfolios, our guests today get in depth on how they use trend following to improve their client's capital, from interpersonal strategies in choosing a portfolio, how the funding status of a pension can affect a board's strategy, and what guides them in making the choices they do for their holdings. Subscribe on: In This Episode, You'll Learn: How the guests got their start in investing Trent's philosophy for choosing his investments What Jake looks for when working with managers "There is a pension crisis coming in this country, probably sometime in the next decade or so, and there's going to have to be some hard decisions made." - Trent Webster (Tweet) The core beliefs and principles that drive each of the guest's decisions How the funding level of the pension fund can change investment decisions The varying degrees of differentiation and how it changes with the markets "That's something we spent quite a bit of time on, is 'what is our philosophy?' and 'how do we want to be good stewards of the capital our clients trust us with?'." - Jake Barton (Tweet) Why our guests are firmly committed to trend following even after a few years of lower returns Why convincing boards to invest in a hedge fund can be so difficult This episode was sponsored by CME Group and Managed Funds Association: Connect with our guests: Learn more about Jake Barton and Promus Holdings Learn more about Trent Webster and State Board of Administration of Florida Learn more about Steven Wilson and Teacher Retirement System of Texas "It takes us a while to maneuver, but when asset markets come down, we've started to look through the valley and start planning what we want to do into the bear market." - Trent Webster (Tweet)

Is it possible to completely change careers and built a successful new career in accounting? What is the difference between working for a public accounting firm and the public-sector? What certifications are most desirable? In this episode of Life In Accounting: The Where Accountants Go podcast, Amy Barrett, CPA shares her expertise on these topics as well as her experiences transitioning from Macy's to public accounting with Coopers & Lybrand (now PwC) to the public-sector with the Teacher Retirement System of Texas. Auditing in a Public Accounting Firm Public accounting and auditing allows you to learn about different industries and company performance styles. You can see what works well and what may need improvement. Amy focused on higher education while she was with Coopers & Lybrand (now PwC) in the Boston office. She got her first experience with investment auditing there. She moved to Austin later and decided to leave public accounting at that point. Auditing with the Public Sector Amy accepted a position in Internal Audit with the University of Texas after leaving public accounting. It was a challenging transition because she moved from a large organization with a strong culture that was for-profit to a not-for-profit government organization. For the past ten years now though Amy has served as the Chief Audit Executive at the Teacher Retirement System (TRS). TRS manages assets into the billions. The role has changed during her tenure, which she enjoys.  She encourages her team to pursue and maintain the CIA certification. Other certifications that are helpful include the Certified Government Auditing Professional (CGAP), Certified Information Systems Auditor (CISA), Certified Information Systems Security Professional (CISSP), and Chartered Financial Analyst (CFA). Internal Auditing: A Collaborative Endeavor Internal audit is auditing done within an organization, which allows you to work with the same people every day in a collaborative environment. Focused on strategy, compliance, and improvement ideas, internal auditors use recent information to determine if things are operating the way the team envisioned. This provides great value to the organization. Good auditors ask a lot of questions to understand the environment fully. To listen in on this interview with Amy Barrett, please click below:  

In this week's Extra Credit, Senior Director Mikiyon Alexander discusses our new article on rated state financing agencies and Senior Director Gabe Petek examines some of the recent pension reforms to the California State Teacher Retirement System, or CalSTRS, and the potential impact on the state's credit quality.

In this week’s Extra Credit, Senior Director Mikiyon Alexander discusses our new article on rated state financing agencies and Senior Director Gabe Petek examines some of the recent pension reforms to the California State Teacher Retirement System, or CalSTRS, and the potential impact on the state’s credit quality.

Shayne McGuire, Pension Fund Manager for the Teacher Retirement System of Texas and Author of Hard Money Taking Gold to a Higher Investment Level. -Shayne McGuire offers key strategies to enhancing returns with new methods of investing in gold and making gold a part of your portfolio.