What’s a “Shultz Hour,” you ask? Well, former Secretary of State George Shultz used to block off an hour a week in which he could only be interrupted by a call from the president or from his wife. In this edition of Recent Reads, we’re sharing an article that argues that such a practice is something we all could use in this connected day and age.
Generally speaking, Recent Reads contains some pretty meaty subjects this week, including reasons why women thought leaders go unquoted in the news, how the media became increasingly clustered around big cities and some racial questions about Earth Day. Oh, and we really, really hate that dumb Facebook meme about bands that people have seen and haven’t seen – and we found an article that digs into why we hate it.
Also, Greentarget’s Lisa Seidenberg blogged earlier this week about the importance of press freedoms. She spoke with Courtney Radsch, advocacy director of the Committee to Protect Journalists, and the piece is definitely worth checking out.
With that, here’s Recent Reads.
Why we should all adopt a ‘Shultz Hour’ – Safe to say in the age of smartphones, 24/7 email alerts, social media and constant activity, setting aside time to disconnect can seem both unrealistic and unproductive. We have all experienced the article’s comment calling out people who “humble-brag” about how busy they are, whether we are the culprit or the bystander. But why not set aside an hour a week for uninterrupted reflection – a practice made famous by Secretary Shultz back in the 1980s? Our society is often focused on accomplishing moment-to-moment tasks as they arise. Finding the time to think about meaningful and strategic questions seems to get lost in the shuffle. The article argues “the only way to do great work, in any field, is to find time to consider the larger questions.” – Jessica McNellis
The Media Bubble Is Worse Than You Think – The fact that economics has driven the formation of a national media bubble is not terribly surprising. According to the article, journalism in America has increasingly centered on outlets clustering around industries and following the money (New York media covering the financial industry, Los Angeles media covering entertainment, Washington media covering government). Again, while not surprising from an economic and practical standpoint, this clustering phenomenon means reporters living and working in urban areas tend to engage in groupthink. The most interesting takeaway is the article’s suggestion to interpret the impact of the media bubble as a social scientist would: “The people who report, edit, produce and publish news can’t help being affected – deeply affected – by the environment around them.” The most hopeful takeaway is that journalists hate to be wrong – a strong impetus for change, and they got this past election totally wrong. – Pam Munoz
When women aren’t quoted in the news, the public loses – This is an important topic, and I appreciate Claire Bushey’s insider perspective on the struggles she has found in getting women spokespeople to participate in interviews. Research shows women often don’t apply for jobs if they don’t meet all the listed criteria, and per Claire’s article, it appears women might feel the same way about speaking with the media. If they aren’t 100 percent confident they’ll be able to address all of the reporter’s questions or they don’t feel like a “true” thought leader on the topic, they more often than not bow out. She perfectly sums up the impact in saying: “Why does it matter if women don’t call me back? Because civil society hashes out issues in print, online and on the air. If you aren’t there, it doesn’t matter how eloquently you air your views on Facebook: Your unamplified voice will peter into silence, unheard.” – Lisa Seidenberg
Earth Day Is Too White and Out of Touch With Reality – The recent March for Science event in Washington, D.C., which naturally took place on Earth Day, thrust the importance of science, the environment and the progress of intellectual advancement to the top of our Facebook newsfeeds. This article uses that as a backdrop to address the historical shortcomings of the environmental movement and the larger, more complex, national issues affecting our communities – racial injustice, urban blight and exploitation of the economic system. – Christian Erard
The ‘Which of These Bands Have I Not Seen?’ Facebook Meme Is Bad and Should Die – Clearly, this isn’t the most serious article ever to appear in Recent Reads. But beyond agreeing (strongly) with the central premise, I think the writer actually does a good job explaining what makes a meme work. “Good memes have a fun, peppy, iterative quality to them – the more time you spend with them, the funnier and more creative and more interesting things get, at least up to the point when you’re ready to move on.” It’s the kind of analysis that resonates at a time when the internet’s effect on life is no longer new but is still not fully understood. – Paul Wilson
Two of our entries this week stem from this week’s Pulitzer Prize announcements. We strongly believe in the principles of journalism, so important reporting is something we like to honor and celebrate.
Also, check out what Greentarget Founding Partner Aaron Schoenherr had to say about the still-unfolding situation at United Airlines – which (we think) barely beat out White House Press Secretary Sean Spicer for having the worst week ever.
With that, here’s Recent Reads.
The Fighter – CJ Chivers just won a Pulitzer Prize for this story about a young Marine veteran struggling with PTSD after his return from Afghanistan. Chivers chronicles Sam Siatta’s felony arrest in Bloomington-Normal, Illinois, after breaking into someone’s home. The arrest reveals the seriousness of Siatta’s PTSD, anxiety and alcoholism. Lawyers worked for over a year to appeal his conviction and, in turn, get him the help he needs. This hit close to home for me as it’s semi-local, and he also attended Illinois State. – Erin Wojcicki
The journalist who won the Charleston Gazette-Mail’s first Pulitzer still does a monthly night cops shift – Full disclosure: I worked with the journalist mentioned in the headline. But even if that wasn’t the case, the story of Eric Eyre is important in an era of shrinking newsrooms and pressing local issues that would go uncovered without dogged, old-fashioned reporting. You’ll have a difficult time picking your jaw off the floor after reading his 2016 coverage of West Virginia’s opioid crisis. Eric did that while writing around 250 stories a year, covering the statehouse … and still manning the police scanner one night a month. Incredible. – Paul Wilson
How Stephen Colbert Finally Found His Elusive Groove – Calling all of my fellow control freaks! This article provides a glimpse into the benefits of letting go and, more importantly, trusting your team. I admittedly don’t watch a lot of Stephen Colbert, but it’s interesting to think that his willingness to be vulnerable, to give up a little control, boosted his show’s ratings. That extra touch of humanity clearly resonated with his audience. It makes me think that maybe we all need to let go a little more. – Megan Duero
Is Instagram Ruining the Great Outdoors? – At the risk of imploding if I see one more social media post with a sepia filter accompanied by #nature #outdoors, here’s an interesting article on Instagram’s impact on distant places and the increasingly fragile world we live in. On the plus side, driving foot traffic (literally) to some of the most remote locations on the planet, to the point where rangers “began asking backcountry hikers not to post precise maps or GPS coordinates of their adventures on the web,” isn’t a bad thing. – Christian Erard
Smartwatch-making company CEO: Smartwatches are pointless – The other morning, I was admiring my roommate’s Apple Watch and explaining to her how much I wanted my own smartwatch – something to monitor my heartbeat, track calories burned and remind me of appointments. But is it really necessary? As explained by Huawei CEO Eric Xu Zhijum, “when the smartwatch team in Huawei presents their ideas to me with great excitement, I keep reminding them to consider whether there are tangible needs [for these products] in the market.” While he’s right in saying smartwatches are NOT a necessity, his comments make me wonder if Huawei is greasing the skids for something revolutionary. – Sarah Rocca
GT Podcast Recommendation
S-Town – It’s from the makers of Serial and This American Life, so you know it’s well-executed and delivers the expected twists and turns. It begins with the story of a clock repairer, John McLemore, who hates his small hometown in Alabama. John is obsessed with climate change and meticulously cares for his backyard maze, among other eccentric behaviors. From there it takes you down a rabbit hole of Deep South poverty, mental health, drug abuse and murder. – Agatha Howland
How Duff & Phelps used data to elevate a long-running debate
In at least one respect, fairness opinions — a third-party’s assessment of a prospective merger or acquisition to determine whether its terms are reasonable — are like the C.I.A.: They only make news when something’s gone wrong. Such was the case last September, when Lazard made headlines for its $400 million arithmetic error in a fairness opinion for SolarCity, which was being targeted for purchase by Tesla Motors. The error — and the fact that it made no difference in Lazard’s valuation range (fairness opinions are always expressed in a range) — elicited sharp critique in several prominent media outlets, including The Wall Street Journal. The critical gist was that fairness opinions don’t provide value to companies’ boards. Why? Primarily because the valuation ranges, they say, are so overly broad as to be useless, and because providers are too reliant on “mechanical” discounted cash flow (DCF) analyses that don’t provide accurate information. As this perspective played out in the media, Duff & Phelps, grew frustrated. As the leading provider of fairness opinions, Duff & Phelps knew that this wasn’t the whole story. Sure, in this one instance, something had gone awry. But those casting dispersion on the entire practice for one mistake had constructed their arguments on conjecture rather than evidence, anecdotes rather than facts. As an industry leader, Duff & Phelps sought to elevate the debate around a topic that was crucial to its business. Greentarget believes that true thought leaders have an obligation to contribute to a smarter conversation. So together, and with the help of IBM’s Watson, we collected, reviewed and analyzed more than 3,000 fairness opinions in order to address the critiques — with empirical evidence. The resulting report, which was released last week, demonstrates that, contrary to popularized criticisms, the average range of valuations is sufficiently narrow to support the view that fairness opinions serve as a valuable tool in evaluating purchase offers. Duff & Phelps also learned that the “massive valuation ranges” railed against by critics were not massive at all, and more often than not occurred in assessments of smaller companies. That’s understandable, seeing as there’s less historical data and fluctuating growth expectations that can cause dramatic variances in expected cash flow. Oh, and that reliance on DCF analyses? Not really the case. Duff & Phelps found that fairness opinion advisors have relied on multiple methodologies for some time. For instance, 91 percent of the fairness opinions we reviewed used more than one methodology to arrive at valuations. In 75 percent of the deals, advisors used three or more methodologies. Not only will the report inject some sorely needed empirical data into this conversation, but the findings can be used by boards as a tool in evaluating the fairness opinions they receive when assessing an offer. The data set on average valuation ranges, for example, can be employed as a benchmark, while the information regarding various methodologies will help boards ask the right questions of their advisors. At the end of the day, this won’t end the debate around the efficacy of fairness opinions. The next time one goes haywire, its critics will discuss its possible shortcomings, and rightly so. But with data in hand, Duff & Phelps has given itself a stronger voice to drive a smarter conversation.Grit is a concept we talk about a lot at Greentarget. So we were especially taken this week by a story of Doctors Without Borders health workers in South Sudan who have been forced to establish mobile clinics to serve war-torn areas. It kind of makes the struggles of modern office life pale in comparison. Now, who took my stapler?
We’ve also been reading about really, really bad dreams, efforts to bring back the woolly mammoth (you read that right) and Facebook’s attempt to be a positive force in politics (you read that right, too).
With that, here’s Recent Reads.
When Bullets Fly, These Medics Grab Their Packs And Treat Patients On The Run – In civil-war-torn areas, such as South Sudan, members of Doctors Without Borders (MSF) are often forced to flee from their hospitals as a result of bombings, gunmen, intruders and other threats. Talk about having the strength of character to persevere when faced with adversity. These brave people are a humbling example of the importance of grit and why everyone needs to strive for it. – Kyerstin Hill
The strange case of the phantom Pokemon – If you ever woke up to find yourself pinned down by a Pokemon, or a New England witch, or a Scandinavian elf, you’re not alone. According to sleep scientists this is a common type of nightmare known as sleep paralysis, where you’re actually awake but still dreaming and unable to move. It’s a fascinating story about nightmares that will also cause them. Especially if you’re sleeping in Norway, which is apparently crawling with evil elves who shoot sleeping Norwegians with poison arrows, then perch on their chests. Tough way to start the day. – Brandon Copple
Welcome to Pleistocene Park – When I think of the word “extinct,” the first animal that comes to mind is a woolly mammoth, but that may soon change. This article took me on a journey to Eastern Siberia to follow a pair of scientists in their quest to bring back the mammoth from extinction and bolster an ecosystem threatened by climate change. Although their plan is eccentric, and maybe even impossible, I couldn’t help but admire their bold vision for a future where humans own their creative capabilities to counteract years of destruction. – Scarlett Waldrop
A Positive Outlook May be Good for Your Health – This article points to numerous studies that show those who suffer from chronic illnesses live longer if they demonstrate positive emotions – and separately, specific skills that lead to positive emotions can impact how well people manage stress and their physical health. I believe in the power of positivity and feel that I achieve peace of mind and balance when I maintain a positive mindset. Professionally, I’m able to extend this positive thinking in the work we do at Greentarget. We are tasked with protecting and promoting one of our clients’ most valuable assets – their reputation. We dig deep to get a better understanding of what makes our clients unique and what they do better than anyone else – and from there, share these positive attributes to their current and future stakeholders. – Lisa Seidenberg
Why I’m Moving Home – The mid-2016 publication of J.D. Vance’s Hillbilly Elegy: A Memoir of a Family and Culture in Crisis has been described as required reading for those who seek to understand President Trump’s popularity. Now, the former U.S. Marine and Yale Law School grad is returning home (to what he calls “flyover country,” specifically, Ohio) to devote himself to economic development. His book is on my bedside table right now, and International Trade Commission Vice Chair Dean Pinkert gave a nod to the book in a recent interview. – Steve DiMattia
Google’s Plan to Engineer the Next Silicon Valleys – A fascinating look at how Google’s new Launchpad Accelerator, meant to generate successful startups in emerging markets, is a “strategic philanthropy” play to get more people living, working and playing online where Google has mastered an ecosystem of top experts across digital and business areas. Current geopolitical environment be damned, Google has the freedom to “pursue rising stars in The Rest of the World,” meaning outside of Silicon Valley and the U.S., and mentor anyone, anywhere to engender a treasure trove of data for its own benefit. – Pam Munoz
Facebook’s Newest Feature Could Revolutionize Politics – Social media has taken a lot of hits in the past several months over its perceived negative effect on the 2016 election. To its credit, Facebook listened and just launched functionality that could take activism on social media to new heights. With the new Town Hall functionality, individuals can find contact information for their elected representatives pretty easily. As the article says, the idea is to “make calling your legislator as easy as hitting ‘like.’” – Paul Wilson
Saying that we live in an era of information overload is almost an absurd understatement. Audiences are constantly bombarded with news and content from brand, media and social channels, and the noise has reached record levels due to the major geopolitical and macroeconomic events of the past year.
But the current environment provides some significant opportunities, according to our latest research undertaking, the 2017 Management Consulting Outlook.
The report’s release comes as information access is nearing a crescendo – and the barriers of entry for contributors have never been lower. But this democratization has made it very difficult to locate and distill the right information that audiences need.
In the report, we’ve tried to make it a little easier for everyone while canvassing the landscape ourselves and digging into key issues. Our findings are the culmination of the intelligence we regularly gather to augment what we’re hearing directly from clients and other influencers. They also reflect our ongoing efforts to help position professional services firms with regard to the future direction of their respective industries.
There are many macro trends and forces shaping the delivery of consulting services, including the internal and external pressures firms face. The report pulls from multiple industry sources and perspectives and provides a tight summary of the important themes and industry implications, including:
- Industries Ripe for Management Consulting Services
- New Growth Opportunities Amid Government Shakeup
- Drying Talent Pool Compels Firms to Evolve
- The Uberization of Consultants: Freelance and Network-Based Models
- Boutiques Stealing Market Share From Stalwarts
- Proliferation of Digital Drives Cost-Savings
One thing we can all agree on in these polarizing times: Nothing gets the juices flowing after a busy week like talk of punctuation!
So we start this edition of Recent Reads with a tale of how one much-debated punctuation mark affected an actual court case. Also, we find out what happened to that guy whose kids barged in on his live TV interview, look at whether the privacy profession needs a code of ethics and learn about the life lessons of Villanova basketball coach Jay Wright.
Oh, and what do video rental stores and Richard Simmons have in common? They both still exist.
With that, here’s Recent Reads.
An Oxford comma changed this court case completely – Oxford comma enthusiasts, rejoice! The lack of the much-contested comma decided the fate of this court case – due to ambiguity, of course. Will this be the tipping point in bringing the Oxford comma into favor? Probably not, but it’s a good reminder to double-check that your sentences actually mean what you want them to mean. – Stephanie Burke
When the Children Crashed Dad’s BBC Interview: The Family Speaks – Most people, including myself, are getting a good laugh out of the BBC clip of Robert Kelly in which his kids swaggered into his interview on the impeachment of South Korea’s president. But it also drummed up controversy, as some viewers assumed the South Korean woman who came in to round up the kids was the nanny instead of Kelly’s wife. That issue aside, the article highlights the challenges that come with live guest interviews and the conveniences and risks created by advances in technology. While Kelly thought this would affect his future as a guest commentator, it’s certainly done the opposite. I highly doubt any future broadcast interviewees will ever forget to lock their door. – Tana Watanabe
The Life Lessons of Villanova’s Jay Wright, the Anti-Coach – It’s hard not to get swept up in the excitement of March Madness, especially when your alma mater is the number-one seed in the country and returning to defend the NCAA title. But to me, the more interesting aspects of all this are the personal backstories, and the hard work, dedication and experiences that shape these uber-talented coaches and players. Hats off to you, Coach Wright, and best of luck this year! – Kevin Iredell
The Last Video Chain: The Inside Story Of Family Video And Its $400 Million Owner – Visiting relatives in recent years, I’ve marveled that Family Video locations still exist while Blockbuster and other video stores have … well, gone the way of Blockbuster. Family Video has survived through a combination of smart meat-and-potatoes business decisions, hard work and cultural relevance in rural America, among other factors. – Paul Wilson
Should the privacy profession adopt a code of ethics? – The debate about a privacy industry ethics code is fascinating given Greentarget’s regular work with many of the top legal minds in privacy and cybersecurity. Obstacles to establishing a clear code of ethics include the diversity of the privacy industry (e.g., various areas of expertise from IT to legal) and the tug toward a compliance-driven, as opposed to a privacy protection-based, profession. Even more interesting, and perhaps confounding, is the fact that a privacy ethics code may be at odds with many lawyers in the field, lawyers who focus on compliance and are “ethically bound to their clients, not the data subject.” The fact that it’s a discussion is heartening in the current environment in which ethics seems to be up for grabs. – Pam Munoz
We All Love “The Fearless Girl.” But What About Fearless Women? – Last week, to celebrate International Women’s Day, the “fearless girl” statue was installed in Manhattan’s Financial District. It signifies workplace gender diversity and seeks to encourage companies to put women on their boards. However, this article argues the statue sends the wrong message, being that it is a girl rather than a woman. The statue stands strong and takes up space, but “Somewhere down the road through adolescence and into womanhood we are told to put those akimbo arms down by our sides, lest we make a mess like a bull in a china shop.” – Sarah Rocca
GT Podcast Recommendation
Missing Richard Simmons – Yes, that Richard Simmons. Three years ago the fitness guru with the colorful personality just disappeared. He cut all ties with close friends and stopped teaching classes at his fitness studio, Slimmons. His disappearance is especially strange given how accessible he had been over the years. The new podcast from Dan Taberski, a filmmaker and friend of Richard’s, seeks to find out where Richard is and why he left. Throughout, Dan explores popular theories as to what happened to Richard, including my personal favorite – that he is being held captive by his maid. Dan gets to the bottom of these theories by interviewing those who knew Richard best. As the podcast progresses, these theories get even stranger. Through it all, “Missing Richard Simmons” is a fascinating blend of pop culture and mystery. I dare you not to become obsessed. – Tyler Rabel