With Mt.Gox In Flames, A Lesson: When Building A Company, First Do No Harm

With Mt.Gox In Flames, A Lesson: When Building A Company, First Do No Harm

Posted yesterday by Danny Crichton (@DannyCrichton)

The collapse of Mt.Gox this week has sent shockwaves through the early-adopting tech community. Hundreds of millions of dollars worth of bitcoins have been lost, and account holders are justifiably angry about their missing balances. It is easy to heap blame on Mt.Gox’s founders and call this a once-in-a-lifetime calamity, but the context behind the company’s demise is far more pernicious and occurs far more frequently than it should in the tech community. Read more of this post

Buffett speaks: Highlights from his annual letter

Buffett speaks: Highlights from his annual letter

By Associated Press, Updated: Sunday, March 2, 5:24 AM

OMAHA, Neb. — Investors eagerly await Warren Buffett’s letter to Berkshire Hathaway Inc. shareholders each year for its plain-spoken insight into the billionaire’s financial strategy and economic predictions. Buffett had plenty of good news to discuss Saturday as he recounted the performance of his Omaha, Neb., based company with humor and wit. He also dispensed some investing advice. Read more of this post

Advice from Artists on How to Overcome Creative Block, Handle Criticism, and Nurture Your Sense of Self-Worth

Advice from Artists on How to Overcome Creative Block, Handle Criticism, and Nurture Your Sense of Self-Worth

“Inspiration is for amateurs – the rest of us just show up and get to work,” Chuck Close scoffed. “A self-respecting artist must not fold his hands on the pretext that he is not in the mood,” Tchaikovsky admonished. “Show up, show up, show up, and after a while the muse shows up, too,” Isabel Allende urged. But true as this general sentiment may be, it isn’t always an easy or a livable truth – most creative people do get stuck every once in a while, or at the very least hit the OK plateau. What then? Read more of this post

The enemy within: Fraud within companies is a risk that can never be eliminated, just managed

The enemy within: Fraud within companies is a risk that can never be eliminated, just managed

Mar 1st 2014 | From the print edition

BUSINESS has always been plagued by fraud: witness the South Sea Company in the 1710s (which enveloped the British economy in a giant bubble) or Charles Ponzi’s Securities Exchange Company in 1920 (which gave the world the Ponzi scheme) or the Enron and WorldCom scandals in the early 2000s. Ambitious fraudsters are attracted to businesses for the same reason that Willie Sutton, a contemporary of Ponzi, reportedly said he robbed banks: “Because that’s where the money is.” Read more of this post

Homo sapiens became black to beat cancer

Homo sapiens became black to beat cancer

Mar 1st 2014 | From the print edition

SHAVE a chimpanzee and you will find that beneath its hairy coat its skin is white. Human skin, though, was almost always black—at least it was until a few thousand years ago when the species began settling in parts of the world so far north that the sunshine was too weak to allow dark skin to synthesise enough vitamin D. This means that, sometime after chimps and people parted ways, the colour of human skin changed. And that, in turn, must have required an evolutionary pressure. Read more of this post

High-tech shipping containers: Engineers are trying to upgrade the humble shipping container

High-tech shipping containers: Engineers are trying to upgrade the humble shipping container

Mar 1st 2014 | CHICAGO | From the print edition

ASK somebody to name the most important inventions of the second half of the 20th century, and you may hear of the silicon chip, the contraceptive pill or the hydrogen bomb. Few would plump for the shipping container. Yet those humble, standard-sized steel boxes, invented in 1956 by Malcolm McLean, have changed the world. Some economists reckon the shipping container has done more for global trade than every trade agreement signed in the past 50 years. Read more of this post

Keep four separate rooms, and your ‘crocodile brain’ in check: how to thrive while leading a family business

Keep four separate rooms, and your ‘crocodile brain’ in check: how to thrive while leading a family business

Published 27 February 2014 12:20, Updated 28 February 2014 11:56

Josh Baron and Rob Lachenauer

We’ve seen both ends of the spectrum. At one end are family executives who hate their jobs, their businesses and their families, who feel exhausted and underappreciated, and who want nothing more than to sell their businesses and get out. At the other are family executives who thrive with rewards that are richer and more profound than a leader of a publicly traded company could possibly derive. Their companies flourish, their kids prosper and their families have a collective purpose that unites them. Read more of this post

The Economic Case for a Nontraditional Career Path; the economic potential of individuals and America alike instead relies on risk takers who choose a different path

THE ECONOMIC CASE FOR A NONTRADITIONAL CAREER PATH

FOR MANY YOUNG PEOPLE, LAW SCHOOL OR A JOB IN FINANCE SEEMS LIKE A SAFE BET. IN HIS NEW BOOK, SMART PEOPLE SHOULD BUILD THINGS, VENTURE FOR AMERICA FOUNDER ANDREW YANG ARGUES THAT THE ECONOMIC POTENTIAL OF INDIVIDUALS AND AMERICA ALIKE INSTEAD RELIES ON RISK TAKERS WHO CHOOSE A DIFFERENT PATH.

BY ANDREW YANG

Who was the eighth employee at Google back in 1999?

I don’t know either; I tried to Google it and couldn’t find out. But I’m pretty confident that the eighth employee joined before the company was cool, built some amazing things, and had an incredible experience–and is now loaded. Read more of this post

What is the “Notre Dame model” of managing money? 25 Years Later, Scott Malpass Is Still Notre Dame MVP

25 Years Later, Scott Malpass Is Still Notre Dame MVP

18 FEB 2014 – FRANCES DENMARK

It was an unusual sight. On a Thursday morning, August 22, 2013, the investment officers of the University of Notre Dame endowment filed into a tiny log chapel on campus for a special prayer service. This was not the annual back-to-school Mass that occurs after the students return. Instead, Notre Dame’s chief investment officer, Scott Malpass, had chosen the oldest, most intimate chapel on campus — 57 are scattered across Notre Dame’s bucolic 1,200 acres — to celebrate a more personal milestone. “It was my 25th anniversary, and I wanted to do it there,” says Malpass, 51, who became CIO in August 1988, just after his 26th birthday. Read more of this post

18-Year-Old Cancer Survivor Helped Research Her Own Rare Disease, Is Now Heading To Harvard

18-Year-Old Cancer Survivor Helped Research Her Own Rare Disease, Is Now Heading To Harvard

DINA SPECTOR SCIENCE  MAR. 1, 2014, 4:02 AM

Rockefeller University

Elana Simon in the Rockefeller University lab where she conducted research on fibrolamellar cancer, the same type she was diagnosed with at age 12. Read more of this post

How Jordan Belfort’s Prison Bunkmate – Tommy Chong – Inspired Him To Write ‘Wolf Of Wall Street’

How Jordan Belfort’s Prison Bunkmate — Tommy Chong — Inspired Him To Write ‘Wolf Of Wall Street’

ALY WEISMAN ENTERTAINMENT  MAR. 1, 2014, 3:55 AM

Jordan Belfort wrote the first draft of “Wolf Of Wall Street” in prison as bunkmate Tommy Chong was also writing a book.

As most now know, Jordan Belfort is the real-life swindler on which Martin Scorsese’s “The Wolf Of Wall Street” is based. Read more of this post

Here Are All Of The People Warren Buffett Works With At Berkshire Hathaway’s HQ

Here Are All Of The People Warren Buffett Works With At Berkshire Hathaway’s HQ

SAM RO FINANCE  MAR. 1, 2014, 9:42 PM

Not much is said about the folks who work at Berkshire Hathaway’s corporate offices.

But Warren Buffett is changing that.

At the closing of his annual letter to shareholders, he includes this message and photo:

For good reason, I regularly extol the accomplishments of our operating managers. They are truly All- Stars, who run their businesses as if they were the only asset owned by their families. I believe the mindset of our managers to be as shareholder-oriented as can be found in the universe of large publicly-owned companies. Most have no financial need to work; the joy of hitting business “home runs” means as much to them as their paycheck. Read more of this post

The Dark Side of Retirement

The Dark Side of Retirement

by Manfred F. R. Kets de Vries  |   1:00 PM February 26, 2014

A retired CEO, Jerry was a sad, aging man who reflected constantly on the emptiness of his life. Listening to him, it became clear to me that he had never had any interests outside work. And the prospect of spending time at home with a partner who seemed to have turned into a stranger made him all the more depressed. Read more of this post

To Get Honest Feedback, Leaders Need to Ask

To Get Honest Feedback, Leaders Need to Ask

by Jim Kouzes and Barry Posner  |   8:00 AM February 27, 2014

“The only way to discover your strengths,” wrote Peter Drucker, “is through feedback analysis.” No senior leader would dispute this as a logical matter. But nor do they act on it. Most leaders don’t really want honest feedback, don’t ask for it, and don’t get much of it unless it’s forced on them. At least that’s what we’ve discovered in our research. Read more of this post

A “Bad Dream” Can Make for Great New Ideas

A “Bad Dream” Can Make for Great New Ideas

by Simone Ahuja, Ranjan Banerjee and Neil Bendle  |   9:00 AM February 28, 2014

The CEO of an autonomous region for a multinational called with a problem. “We’re too successful,” he said. “We’re number one in the country, not only within my company but across the entire industry. Take your pick of the metric — profit, market share and customer satisfaction — we win.” Read more of this post

In an Age of Self-Promotion, Celebrating the Invisibles

In an Age of Self-Promotion, Celebrating the Invisibles

by David Zweig  |   1:21 PM February 28, 2014

Among the films nominated for an Oscar this Sunday, I am rooting for one in particular. Morgan Neville’s“Twenty Feet From Stardom”, a contender in the Best Documentary Feature category, is an examination of pop music’s backup singers, and launches its subjects, at least briefly, into the limelight. These artists have made crucial contributions to the oeuvres of some of the biggest names in music – The Rolling Stones, Michael Jackson, Stevie Wonder, Bruce Springsteen, Luther Vandross – but to most fans are completely anonymous. Read more of this post

“CEOs are a bit like uranium. They have a definite half-life and if they stay around too long they can decay into something quite toxic.” Grandson of Sir Winston Churchill adds £250m to Serco’s market value

Aggreko boss Rupert Soames asked for Serco job

Grandson of Sir Winston Churchill adds £250m to Serco’s market value after calling headhunters to put himself forward for new job

Read more of this post

Banking on lace proves the right move for businesswoman

Updated: Saturday March 1, 2014 MYT 10:04:57 AM

Banking on lace proves the right move for businesswoman

BY ZIEMAN

Lace was once thought of as a status symbol that only the wealthy, nobles and royalty could afford to wear.

However, the popularity of lace ruffs, cuffs, and soft furnishings trimmed with lace grew over the years and the material is a lot more accesible these days. Read more of this post

Former teacher finds her passion in children’s reading material

Updated: Saturday March 1, 2014 MYT 10:00:20 AM

Former teacher finds her passion in children’s reading material

Pursuing a passion: Tan says she could easily earn more money teaching English, but chooses to focus on selling children’s books instead. Read more of this post

How to invest like Warren Buffett

February 28, 2014 1:02 pm

How to invest like Warren Buffett

By Jonathan Eley

This weekend, legendary investor Warren Buffett will dispatch his annual letter to Berkshire Hathaway shareholders, as he has every year since 1965. Between that year and the end of 2012, the net asset value of Berkshire shares rose by 568,817 per cent, a compounded annual rate of 19.7 per cent with only two down years (2008 and 2001). But how can investors in the UK hope to replicate the Sage of Omaha’s success? Read more of this post

Datuk Dr Foo Wan Kien of Ipoh-based City Motors Group: “I am a simple man. I believe that god gave me a good life because I do not fancy fine things. Simple things make me happy and I do not care what people say about me.”

Big plans for Ipoh

Saturday, March 1, 2014 – 10:20

Chan Li Leen

The Star/Asia News Network

IPOH – At an age when most people are enjoying their retirement, Datuk Dr Foo Wan Kien, 72, is still busy steering his company towards carrying out several mega projects. Read more of this post

Hong Kong’s Li Ka-Shing Says Wealth ‘Underestimated’ by 40%; “I think it’s not important if you are a tycoon or not. It’s more important if your life is meaningful or not, if people trust you; people admire and don’t despise you.”

Asia’s Richest Li Ka-Shing Says Wealth ‘Undersestimated’

States Look to Curb Standardized Testing; Opposition Forces Gain Ground as Officials Look to Limit Time Devoted to Exams

States Look to Curb Standardized Testing

Opposition Forces Gain Ground as Officials Look to Limit Time Devoted to Exams

STEPHANIE BANCHERO

Feb. 28, 2014 7:09 p.m. ET

A long-simmering movement to scale back the use of standardized tests in K-12 education is beginning to see results, with policy makers and politicians in several states limiting—or trying to limit—the time used for assessments, or delaying the consequences tied to them. Read more of this post

Do Performance Incentives Backfire? New research suggests that they can, but whether they do or not, they’re tricky tools.

February 28, 2014

CFO.com | US

Do Performance Incentives Backfire?

New research suggests that they can, but whether they do or not, they’re tricky tools.

David McCann

In a previous career incarnation when I supervised people, I exhibited several behaviors that weren’t covered in Management 101. I treated each person differently, tried to make friends with everyone, tolerated insubordination, gave perversely glowing reviews to mediocre performers and delegated only when supremely necessary. Read more of this post

A Purpose Beyond Profit

LIFE@WORK FEBRUARY 28, 2014, 3:52 PM  Comment

A Purpose Beyond Profit

By TONY SCHWARTZ

For years, I’ve listened to chief executives of large companies pay dutiful lip service to concepts like corporate social responsibility, investing in the communities they operate in, treating employees as their most precious asset and living their values. Mostly, it comes off as so much canned public posturing — boxes to be checked off, rather than any sort of deep commitment. Read more of this post

The wine business is ripe for disruption, and this man is doing it

The wine business is ripe for disruption, and this man is doing it

By Jason Karaian @jkaraian 5 hours ago

“There are only two important people in the wine business—the winemaker and the wine drinker. Right now, they’re both getting screwed.” Read more of this post

The only way to survive the years of struggle required to master something is to do what you love. You must develop the discipline to ignore the distractions of the modern era if you ever want to be great

FEBRUARY 28, 2014 by ERIC BARKER

Seduction, Power and Mastery: 3 Lessons From History’s Greatest Minds

What can we learn about human nature and the way the world works from reading history? This has been the territory of Robert Greene. Read more of this post

What More Than 630 Startups Have Taught Paul Graham

What More Than 630 Startups Have Taught Paul Graham

BY LAURA MONTINI

Y Combinator founding partner Paul Graham spoke recently at a conference, revealing more about why he’s leaving and what he’s learned. Read more of this post

Achieving leadership greatness means leveraging luck and navigating between extremes, says INSEAD Professor of Entrepreneurship Morten Hansen

INSEAD’s Global Thought Leaders: Morten Hansen

Feb 28, 2014

Achieving leadership greatness means leveraging luck and navigating between extremes, says INSEAD Professor of Entrepreneurship Morten Hansen in an interview with INSEAD Knowledge. The transcript is below

Read more of this post

Higher Ed’s Illusions: Academics think their students are prepared for the workforce

Higher Ed’s Illusions

Academics think their students are prepared for the workforce.

Feb. 27, 2014 7:15 p.m. ET

For years, polling data has shown that Americans hold the U.S. Congress in low esteem, with the Members’ approval often sinking into the teens. So guess which American institution is on course to join them? It’s our colleges and universities. Congress at least admits it’s doing a poor job. The colleges don’t. Read more of this post