"Babson College, which marks its centennial next year, has tapped a familiar face to replace Kerry Healey, its outgoing president and the first woman to lead the Wellesley business school," reports the Boston Globe. "Stephen Spinelli Jr., a cofounder of Jiffy Lube International, Inc. who worked at Babson from 1993 to 2007, will become the college’s 14th president in July, the school said Friday." Laura Crimaldi writes: Spinelli, 63, is returning to the school after spending 11 years in Pennsylvania, where he served as president of Philadelphia University and negotiated the school’s merger … [Read more...]
McDonald’s Fights Overuse of Antibiotics in Beef
Deena Shanker writes for Bloomberg that McDonald's is fighting the overuse of antibiotics by implementing new guidelines for its beef suppliers. McDonald's is such a large buyer of beef, its new policies could affect the entire beef industry. Shanker writes: As consumers have grown increasingly concerned with how their food is made, they have demanded a number of changes, including antibiotic-free meat and poultry. Scientists say the overuse of antibiotics in agriculture is behind the growing global problem of antimicrobial resistance. The chain has been on a mission to clean up its … [Read more...]
Even Your Broker Knows this is a Conflict of Interest
The brokerage industry seems incapable of looking out for their clients’ best interests. If it isn’t dumping the most recently issued IPO on investors, it is encouraging clients to go further into debt. According to the WSJ, some 15,000 financial advisors at Merrill have complained to management about a pay structure that encourages customers to take on more debt. If your money is still at one of the big brokerage firms, isn’t it time you made a change to a financial advisor who will look out for you best interest? Boutique fee-only investment counsel firms are held to a fiduciary … [Read more...]
Fidelity Investments: Why it’s #1
You don’t build a company such as Fidelity Investments, with more than $2 trillion in assets, overnight. It takes constant focus and improvement, day by day, or kaizen—a Japanese philosophy of daily improvement espoused by former chairman Edward C. “Ned” Johnson III. When I worked at Fidelity, back in the mid-90s, Mr. Johnson encouraged us, through his memos, to apply the philosophy of kaizen to all aspects of our lives. Mr. Johnson paid particular attention to kaizen as it related to the firm’s investment in technology. He wanted to make sure Fidelity was second to none. That … [Read more...]
This Can’t Happen Soon Enough
Some of America’s largest businesses that have a major impact on almost every U.S. citizen and billions more internationally, are now governed by a dual-class structure that gives all of the voting power to the likes of Mark Zuckerberg. Google and Facebook are the fourth and sixth biggest companies in the U.S. Both firms have share class structures with unequal voting rights. No way public companies this big and influential should be controlled by young founders without adult supervision. Because the dual-class prevents shareholders from changing the structure though regular voting, big … [Read more...]
Your Retirement Life: Columbus Day in Newport, RI
Early October is a wonderful time to visit Newport, Rhode Island especially Columbus Day weekend. Discover Newport is a great place to find out what's happening each week. Here's what Brittany Lauro wrote about Columbus Day weekend: Columbus Day weekend on the Classic Coast brings with it all the fall feels as festival season kicks into full gear with seven (yup, seven!) fairs, festivals and major events taking over. Stroll cobblestone byways and enjoy special deals at the annual Columbus Day sidewalk sale on Bowen's Wharf where you'll find great deals on unique items from area shops; … [Read more...]
Is Your Broker a Used-Car Salesman?
Charles Schwab tells Financial Advisor IQ that many investors believe their brokers are used-car salesmen. He says brokers should keep their eye on the big ball, the millions of investors with 401(k)s who need help. He warns against reinforcing negative industry stereotypes and encourages advisors to act as fiduciaries for their clients. Rita Raagas De Ramos writes for Financial Advisor IQ: The “advice portion” of what the investing public needs worries Schwab, he says, referring to the quality of advice investors are getting – especially elderly and so-called mom and pop investors. “The … [Read more...]
Nothing Wrong with a Hershey’s Kiss Now and Then
I like this take from James Freeman of The Wall Street Journal, who highlights CEO Michele Buck, for noticing that Americans still like tasty snacks. Freeman writes: This column doesn’t make stock calls. This column is not irrationally exuberant about the market for sweet packaged snacks given the frequency at which Americans are told to stop eating sugar and to stop eating processed food and to stop snacking. Still, it’s worth remembering that not every consumer is craving locally grown, organic quinoa. And there seems to be at least one CEO in the food industry who understands that … [Read more...]
P.J. O’Rourke: Money and the Visa Card of the Future
You don’t want to miss P.J. O’Rourke’s excellent response to a question posted at minute mark 41:47 about the role of government in our lives. In reference to a lawless Mogadishu, Somalia, circa 1992, O’Rourke is asked if he prefers lawlessness to our current government. His response is a wonderful reminder of what founding father James Madison had in mind for our young country. But first, listen to minute 22:00 where he talks about being a radio reporter for ABC News in Mogadishu and visiting a crowded makeshift market with his reporter friend Leon. Standing in the crowd Leon waves his 9mm … [Read more...]
Marijuana: Wall Street’s Next Bitcoin?
When thinking about Wall Street’s marijuana madness, margin of safety doesn’t exactly roll off the tongue. “I believe there’s a great opportunity for our insolvency lawyers in this industry,” said Patricia Olasker, a partner at Toronto-based Davies Ward Phillips & Vineberg LLP. “There are going to be lots and lots of failures.” Jacquie McNish and Vipal Monga report at The Wall Street Journal: Shannon Soqui just quit his Wall Street job to go after what he thinks is a bigger business: selling marijuana the way Mary Kay Inc. sells cosmetics. The 51-year-old banker wants to focus on Qind, … [Read more...]
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