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[阅读小分队] 【Native Speaker 每日训练计划】No.2836 经管

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发表于 2020-7-10 17:13:23 | 显示全部楼层 |阅读模式
内容:Angela Li 编辑:Winona Wu
Wechat ID: NativeStudy / Weibo: http://weibo.com/u/3476904471


Part I: Speaker

Pricing Strategies for Uncertain Times
Rafi Mohammed & Curt Nickisch, Jul 2020

Source: HBR
https://hbr.org/podcast/2020/07/pricing-strategies-for-uncertain-times
[Rephrase 1, 22:01]
Part II: Speed


The Market Timing Secrets No One Talks About
ZACKS EQUITY RESEARCH, JUL 9, 2020

[Time 2]
Is the ability to time the markets more of a data-driven science or a 'gut - feeling' art?

Even among those who don't aspire to be the perfect market timer, many think they can call a top and act accordingly. It's at these times when investors choose to sit on the sidelines and wait for a 'perceived' better opportunity to invest in the market.


Giving up too soon at the first sign of inconvenience often leads to missed opportunities among numerous individuals who try to trade on their own retirement. For example, many investors have forfeited immense chances waiting for the Aerospace stocks to correct, only see the latter achieve new highs, move higher and drive the buyer markets to record levels: Astronics Corporation (ATRO), AeroVironment, Inc. (AVAV), The Boeing Company (BA), AAR Corp. (AIR), Air Industries Group (AIRI)


Investment emotional triggers (fear and greed) can lead to costly mental mistakes by investors who typically fall into the trap of being a market follower instead of a market leader.


Successful market timing requires three key ingredients: 1) A reliable signal to tell you when to get in and out of stocks (or bonds, gold or other types of investments). 2) The ability to interpret the signal correctly. 3) The discipline to act on it.


Market timing is commonly perceived as the ability to guess the exact market top or bottom and make moves accordingly. However, there is a less common, rather straightforward market timing strategy that has been utilized effectively by insightful financial specialists like Warren Buffet for a considerable length of time.

[263 words]

[Time 3]
Rule 1: Attempting to time tops and bottoms is lose-lose situation.

Abandoning the objective to time the tops and bottoms conclusively gives you the flexibility to profit, and extends your chance to benefit from the equity markets over the long-term whether your specific market timing calls are right or wrong.


Rule 2: Make an effort not to sell in the midst of little crashes. Muster the courage to trust your gut and buy best in class stocks at a discount.


Warren Buffett has made a great part of his fortune due to this simple rule. He benefits by focusing on the long - term and buying high quality stocks at a discount during large market corrections to profit down the road.


There is a key distinction between a small correction and a market crash. If you own shares of a company that is well - established and has strong fundamentals, they are probably going to rebound to their pre - crash prices eventually, thereby rendering holding on a wise decision. Warren Buffett takes this idea one step further and often goes on a buying spree when markets turn, essentially buying additional shares of his top stock picks at a big discount and listening to his own advice, 'Be fearful when others are greedy and greedy when others are fearful.'


When It Comes to Trading Your Retirement, A Risk Adjusted Trading Strategy Should be Followed


It's only human that many succumb to greed and try and game the system by timing the market. But consider this: Nobel Laureate William Sharpe found in 1975 that a market timer would have to be accurate 74% of the time to beat a passive portfolio. Indeed, even a slight outperformance most likely wouldn't justify the efforts - and given that even the specialists for the most part come up short at it, market timing shouldn't be your exclusive methodology for investing, particularly when it comes to building your retirement nest egg.

Actively trading for alpha, outsized, short - term gains through market timing and other high - risk trading strategies is fine with a small portion of your investable assets, but for your longer - term retirement assets, a "risk -adjusted focused" investment solution generally makes more sense.
[373 words]
Source: Yahoo! finance
https://finance.yahoo.com/news/market-timing-secrets-no-one-143702307.html



Gary Michelson's Unconventional Path to Becoming a Billionaire
The medical innovator's success didn't come easy, but in this exclusive interview, he shares the values that got him there.
STEVEN LI, DEC 04, 2019

[Time 4]
When we think of most billionaires, we imagine founders of software companies in Silicon Valley, hedge-fund mavens or even oil tycoons. Many of them are merely heirs to the billionaires who came before them. Whatever the case, it can be difficult to relate to them. Some of them are far smarter than we'll ever be, while others are born into families we could never have. It makes you wonder whether it's even possible to come from a modest background and become a billionaire if all you know is hard work and passion. Renowned medical innovator Gary Michelson is living proof that it is.

Recently, I had a chance to chat with Michelson, who was once a 17-year-old out on the streets with two dollars to his name. Eventually, after putting himself through college, he began his career as a spinal surgeon, and from there, a thirst for innovation and a big break put him on the path to becoming one of the richest people in the world.

Here’s what that unconventional path looked like.


Michelson’s journey to becoming a billionaire started during his childhood, when his interest in medicine and innovation developed. His grandmother, who struggled with a spinal disease, was a big inspiration in his life. Michelson recalls: “The medical part really began with my grandmother, who had syringomyelia. I remember the scene from my childhood when she did not notice that her hand was on fire while cooking at the stove. She said to me, ‘When you become a doctor, you will fix me.’”


That memory cultivated Michelson’s passion for medicine, and the only clear path toward being able to help those people was to become a doctor.

[280 words]

[Time 5]

Overcoming Early Challenges

There are challenges and struggles that everyone will face at one point or another in their lives, but what makes certain people stand out from others is how they handle these struggles and apply them to challenges later on. Michelson’s parents divorced when he was nine, and he spent much of his life without a father figure. Along with this, he had to put himself through undergraduate and medical school by working multiple jobs. When I ask Michelson about the adversities he faced, he describes that, “There was something about that level of adversity that toughened me up and forced me to grow up very quickly. Later in my life, there were some real battles to be fought, and at least one was a war. I do not think that without that hardening, I would have been able to stand up to those challenges."


The ways he learned to adapt to them eventually helped him prepare for the critical business challenges he would face later in life.  

Putting Himself Through School

Many tend to think that billionaires get their start with help from parents and friends. This was far from the truth for Michelson. He told me many of the struggles he faced before he even started his undergraduate degree. “When I was 17, I found myself out on the street with two dollars in my pocket and a small bag of belongings," he recalls. "Those were rough times. I remember bagging groceries and washing cars at a dealership to get just enough money to eat each day."

During his entire time at school, he juggled multiple jobs to pay his tuition and spent most of his free time at the library because he couldn’t afford to purchase textbooks. Not to mention, even the dean of his medical school didn’t believe in him, remarking that he had never seen anyone successfully graduate while holding a regular job. But Michelson stayed headstrong and believed in what he was doing, and ultimately graduated and began what would become an illustrious career.
[342 words]

[Time 6]

Standing Up for Himself

While in medical school, Michelson faced a tough moral situation where he was required to practice surgery on live dogs who weren’t treated with painkillers. “On the very first day of that merciless lab, I said, ‘I will not do that,'" he affirms. "I was told that the lab was compulsory and that if I did not participate, I would be expelled.”

Michelson didn’t care -- he had a clear moral compass. And he ultimately avoided expulsion after the director of orthopedic surgery at Moffitt Hospital in San Francisco, where he had completed an externship, wrote a compelling letter to the dean. And it's a good thing, because as Michelson tells it, "That summer, a little boy had come in with a condition for which the normal treatment was amputation. I went to the medical library and read for hours, then came back to the person who was running the program with an idea for an operation that had never been done before. They were intrigued and accepted my plan, which saved this boy’s leg.”

In 2001, Michelson encountered an even bigger problem; he was being sued for $863 million by a Fortune 500 company. “Three years later, on the eve of trial, they came back and offered what they said would be more money than I could spend for the rest of my life," he explains. "But [with the contingency] for them to still take what they wanted and for me to still go away."

Michelson would not settle for the company’s long-standing claims that he was a cheat and a fraudster, not for any amount of money. So he stood trial against the company, and sure enough, he ended up winning.
[287 words]

[The Rest]

A Commitment to Giving Back

Michelson made a fortune through what really can be attributed to hard work. But with his billionaire status, Michelson doesn’t just spend luxuriously; he finds ways to give back. He is the founder and funder of three private charities: the 20MM Foundation, which funds the dissemination of free, peer-reviewed, openly licensed digital textbooks for essential college general-education courses; the Michelson Medical Research Foundation, a $100 million initiative that funds cutting-edge medical research; and the Found Animals Foundation, which provides grants for the rescue and placement of shelter animals. Michelson is also a part of the Giving Pledge, which was started by Bill Gates and Warren Buffet as a mandate for billionaires to donate at least half of their net worth to charitable causes.


The journey for Michelson to get to this point has been tough, from working multiple jobs to put himself through school to undergoing a lawsuit with a major company. But Michelson stuck to what he believed in and never gave up. Though he is now in a completely different place than he used to be, he clearly hasn’t forgotten his roots. Undoubtedly, he has made a fortune for himself, but time and time again he has decided to share that fortune with those who need it most. By doing so, he has gone far beyond just being a billionaire; he has made a significant difference too.

[234 words]

Source: Entrepreneur

https://www.entrepreneur.com/article/343075



Part III: Obstacle


7 Strategies for Promoting Collaboration in a Crisis
HEIDI K. GARDNER and IVAN MATVIAK, JUL 8, 2020

[Paraphrase 7]
Crises like the Covid-19 pandemic highlight the importance of effective collaboration for long-term commercial success. Particularly in a crisis, organizations need to pull together experts with unique, cross-functional perspectives to solve rapidly changing, complex problems that have long-term implications. The diversity of experience allows a group to see risks and opportunities from different angles so that it can generate new solutions and adapt dynamically to changing situations.

Research shows, however, that anxiety makes people more risk-averse in a crisis; as a result, they are less likely to seek out differing perspectives. They tend to fall back on actions and solutions that have worked in the past — what researchers call “threat rigidity.” The desire to try to bring things under control can also lead to a go-it-alone mentality. And as resources (finances, job opportunities, even physical supplies) dry up during a crisis, people often focus on self-preservation. As a result, collaboration across an organization can break down. Our research on the 2008 financial crisis, however, shows that collaboration leads to sustainably higher commercial performance. In this article, we offer seven actions that leaders can take to foster collaboration.

We collected a decade’s worth of data on collaboration and financial performance across dozens of organizations, including professional service firms, financial institutions, and health care organizations. In interviews with some of the subjects, we asked open-ended questions about how they handled work during the crisis. Very different collaboration patterns became obvious. The exhibit below shows the outcomes for one law firm, which were typical across many of the companies we studied.

Records from project and financial databases showed how partners worked before, during, and after the crisis and their relative performance outcomes. To control for outliers, we excluded the partners with the highest and lowest performance historically and those in groups that were likely to flourish during a downturn, such as the bankruptcy and restructuring practices. We separated the remaining 400-plus partners into deciles based on the proportion of their work conducted with other partners versus on their own. Then we plotted their respective revenue generated during the period.

The results were stark. The most highly collaborative workers — the top 10% — grew their business during the crisis and continued that upward trajectory afterward (see the green line). The performance of the middle group (second and third deciles) declined slightly during the crisis, but their revenues started to recover within a year (see the yellow line). People in the third group (the bottom 70%) hunkered down and dramatically reduced their collaboration with others. They guarded their clients and hoarded work. The revenue generated by this group contracted during the crisis and still had not recovered five years after the recession had ended. We saw a similar pattern in other kinds of organizations.

Why did people work this way? As uncertainly and stress increased during the crisis, the highly collaborative people evolved their approach to developing business and executing work. They expanded their network across functional and industry silos and increased the number of colleagues they worked with. They were willing to pitch in on others’ projects. They talked about how, as the crisis evolved and pressure rose, they teamed up with trusted colleagues to identify and pursue new opportunities — even when it meant getting less personal glory on a project-by-project basis. As a result, they ended up working on a wide variety of clients or projects, essentially spreading their bets across different kinds of opportunities. It’s not that they hit only home runs; it’s that they had more at-bats, and they played different positions as needed.

The self-focused, uncollaborative people took a wholly different approach. They erected walls around their projects, pushed colleagues away, held their business and clients closely, and hoarded work. As a result of their self-interested behavior, their network diminished. They had no “tribe” to help bring them into existing opportunities and to identify new ones. In one health care organization, for example, when grant funding started to dry up, the loners suffered because they weren’t involved in enough different kinds of research initiatives to keep money flowing into their labs.

The obvious conclusion: The degree of collaboration during a crisis has a huge impact on whether companies and individual employees thrive.

Here is some advice for how leaders can promote collaboration:

1. Encourage naïve questions and constructive challenge. At McKinsey, where one of us (Heidi) once worked, this was called the “obligation to dissent”: It’s not only accepted but expected that people challenge each other’s assumptions and offer new ideas. This means that nobody feels like she risks looking foolish by asking teammates with different functional backgrounds from hers to explain their thinking or define a technical term. Involving people with a wide variety of skills in an effort to tackle novel and complicated problems can help the group collectively see potential risks or solutions that would elude individual experts — especially when they are encouraged to be inquisitive.

2. Watch out for hoarding behaviors. Be imaginative about data sources that might show you behavioral patterns inside your organization: Nearly all leaders with whom we have worked have been surprised that they have access to various kinds of data that can show collaboration patterns (e.g., project management databases used to track grant funding or product development, CRM systems that show sales pipelines).

If such data isn’t available, use pulse surveys to capture people’s self-reported actions; a well-designed three-question survey can be completed in just a few minutes and reveal places where individualistic behavior is starting to creep in. For example, it might ask those surveyed the extent to which they agree or disagree  — on a to-5 scale (1=strongly disagree; 5=strongly agree) — with these statements: 1) The group has a shared sense of purpose; 2) there is a high degree of trust within the group; and 3) colleagues regularly take credit for the work of others.

3. Connect with the front lines. Make direct contact with people down the hierarchy so you have unfiltered information about people’s actions and states of mind. (This is especially critical when people are working remotely.) Such interactions can help leaders understand how employees are coping, identify areas where risks of go-it-alone behaviors are more likely, and establish linkages among people so that they are better able to support each other. Arlene Zalayet, an executive at Liberty Mutual who has 1,800 employees in her department, recently began holding 18 check-ins a month by video with groups, including entry-level workers. In one of these town halls, an administrative worker shared how Covid-19 was affecting her African-American community, sparking an important discussion about the value of the company’s diversity efforts and what it would take to support different kinds of workers through this crisis.

4. Reinforce the business’s purpose and goals frequently. A belief that their work fulfills a higher purpose motivates people to think and act in a more collective fashion — to be more open to collaboration. Clearly understanding the business goals helps people see how their own knowledge contributes to — but doesn’t fully satisfy — the complex needs of the business.  Leaders need to lower employees’ sense of uncertainty and boost their confidence to reach out to colleagues. So even if your message hasn’t changed, you need to repeat it because the world has changed and employees need to know that the existing direction still holds.

5. Get team members to reflect on their preferred ways of working. This includes the leader. When you’re under stress, you’re more likely to retreat to your comfort zone, so it’s crucial that you think about what kinds of behaviors come most naturally to you. When the pressure builds, are you more likely to pick up the phone to commiserate and brainstorm with a colleague or to hole up and go it alone? As part of this process, revisit that behavioral assessment you completed last year. And get others’ perspectives. For instance, ask people with whom you’ve been sheltering what they’ve observed you do when you’re stressed. As team members becomes more aware of their typical styles, they can start to figure out how to use those tendencies to work more effectively as a group.

6. Play to your strengths. Rather than trying to change your natural tendencies — which is almost impossible during the stress of a crisis — focus instead on consciously using your style to improve collaboration. If you are naturally drawn to working on teams, then use your enthusiasm to foster an esprit de corps — for example, by calling out when the team has reached even a small milestone. Boosting engagement and morale isn’t “soft work”; it leads to quantifiable gains in productivity and other “hard” business outcomes. We saw this firsthand with Gillian, a senior manager at one of the Big 4 accounting firms we recently advised. She deliberately builds team members’ confidence and trust in each other’s competence by highlighting their expertise, calling out ways their knowledge helps to achieve the team’s goals and then widely sharing team-based success stories. If you share Gillian’s teamwork orientation, just be careful you don’t overdo it and join many teams at once. Be selective and focus on the highest-priority projects.

If you’re inclined to work independently, you can use that tendency to improve teamwork by helping drive execution. Sameer, a finance director at a software company that we studied, has been nicknamed the “teamwork tsar” because he’s the one most likely to point out when working as a group is worth it and when independent work will be more effective. His go-it-alone preference is a healthy counterpoint that keeps the team focused on the task when others might get bogged down in seeking consensus or when group discussion leads down an unproductive rabbit hole.

Leaders need to appreciate that it doesn’t take a single type of person to boost collaboration; they need to draw on the diversity of behavioral styles and coach each team member to play their own part in boosting cross-silo working.

7. Champion collaborative leaders and teams. Many leaders undermine their talk about the importance of collaboration when they focus praise exclusively on individual employees for hitting a sales target or working overtime. While recognizing individual effort, also acknowledge the team that helped make the person a hero by calling out the specific actions it took to provide support and the ways all of its members accomplished a goal together. Especially when employees are working from home, leaders should emphasize the role of supporting players by mentioning family members’ role in making it possible for workers to be productive.

At some point leaders should examine and address organizational structures such as compensation and incentive systems and hiring practices to see whether they support or undermine a culture of collaboration. But obviously, that will probably have to wait until the crisis has passed. In the meantime, try applying the seven strategies. By promoting cross-silo collaboration, your organization is more likely to survive the current hard times and thrive when they’re over.
[1822 words]
Source: Harvard Business Review
https://hbr.org/2020/07/7-strategies-for-promoting-collaboration-in-a-crisis




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发表于 2020-7-10 22:27:41 发自手机 Web 版 | 显示全部楼层
T2:1'49
T3:2'59
T4:1'43
T5:2'26
T6:1'51
TR:1'36
发表于 2020-7-10 23:03:47 | 显示全部楼层
OB:9:36
发表于 2020-7-10 23:08:06 | 显示全部楼层
OB:
They tend to fall back on actions and solutions that have worked in the past — what researchers call “threat rigidity.”
The results were stark
upward trajectory
People in the third group (the bottom 70%) hunkered down and dramatically reduced their collaboration with others. They guarded their clients and hoarded work. hoard: amass (money or valued objects) and hide or store away.
spreading their bets across different kinds of opportunities. It’s not that they hit only home runs; it’s that they had more at-bats
Involving people with a wide variety of skills in an effort to tackle novel and complicated problems can help the group collectively see potential risks or solutions that would elude individual experts — especially when they are encouraged to be inquisitive.
pulse surveys: simply a mechanism for measuring feedback that’s not bound to measuring specific topics or content.
foster an esprit de corps 军团
Boosting engagement and morale isn’t “soft work”
drive execution
others might get bogged down in seeking consensus
发表于 2020-7-11 01:25:45 | 显示全部楼层
The market timing secrets no one talks about
[Time2]1’35
Lack of ability to time the markets may lead you to forfeit a lot of chances. Successful market timing requires three key ingredients.1) A reliable signal to tell you when to get in and out of stocks(or other types of investments) 2) the ability to interpret the signal correctly 3) The discipline to act on it
[Time3]2’26
Then the author gives a less common, rather straightforward market timing strategy which has been proved effectively by some financial experts.
Rule1: attempting to time tops and bottoms is lose-lose situation
Rule2: make an effort not to sell in the midst of little crashes. Muster the courage to trust your gut and buy best in class stocks at a discount. In other words, just as Warren Buffet once said that be careful when others are greedy and greedy when others are fearful

Forfeit: to lose the right to do or have sth because you have broken a rule
Forfeit immense chances
Muster the courage
Gut 1,肠子,2,本能,直觉
Gut-feeling art
Spree: a short period of doing a particular, usually enjoyable, activity much more than is usual
Warren Buffet: be fearful when others are greedy and greedy when others are fearful

发表于 2020-7-11 17:38:46 | 显示全部楼层
OBSTACLE:11.15
七项在危机中推进协作的策略
像新冠一样的危机表明了为了长期商业成功而进行的有效合作的重要性,而人们多样化的经验有其优势,但人们在焦虑的情况下,不太可能去寻找不同的观点,这样会使合作瓦解。作者给出7个促进合作的方法,介绍了得出7个方法的研究的过程,得出结论:在危机中合作的程度对于公司和员工个人都有重大影响。1.鼓励小的问题和建设性的挑战。2.注意关于行为的情报。3.和前线保持关联。4.经常强调公司的目标。5.让小组成员反映他们倾向的工作方式。6.发展自己的所长。7.拥护有合作性的领导和小组。最后说明危机过后,领导要检测和调整公司的结构,而在危机中要努力运用这7个方法。
发表于 2020-7-11 22:22:06 | 显示全部楼层

T2:1'55
T3:2'58
T4:1'41
T5:2'34
T6:1'49
发表于 2020-7-12 00:16:00 | 显示全部楼层
Successful market timing requires three key ingredients: 1) A reliable signal to tell you when to get in and out of stocks (or bonds, gold or other types of investments). 2) The ability to interpret the signal correctly. 3) The discipline to act on it.
Rule 1: Attempting to time tops and bottoms is lose-lose situation.

Rule 2: Make an effort not to sell in the midst of little crashes. Muster the courage to trust your gut and buy best in class stocks at a discount.
03:22
发表于 2020-7-12 10:03:04 | 显示全部楼层
T2:4:00
There is a less common, rather straightforward market strategy that has been utilized effectively by insightful financial specialists.
T3:
Actively trading is fine with a small portion of your investable assets, but for your longer asset, a “risk-adjusted focused” investment solution generally makes more sense.
T4:2:17
M’s story of becoming a billionaire.
T5:4:00
T6:2:24
Two stories-a dog-save story and a winning trial against a Fortune 500 company.
T7:
Collaboration is crisis is utmost important, but hard.
What the author does, how the research works
The result, and reasoning behand it.
Recommendation on how to improve collaboration
发表于 2020-7-12 13:08:13 | 显示全部楼层
OB 06:37
The importance of collaboration during crisis cannot be underestimated. A research looking into how people work with their colleagues shows that those who are collaborative can help the organization to rebound quickly after the crisis. Below are 7 sugestions for better collaboration during crisis.
1. Encourage naïve questions and constructive challenge.
2. Watch out for hoarding behaviors.
3. Connect with the front lines.
4. Reinforce the business’s purpose and goals frequently.
5. Get team members to reflect on their preferred ways of working.
6. Play to your strengths.
7. Champion collaborative leaders and teams.
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