Frank's page

Deloitte's Investment Advisory Practice loves my skillset

noreply@blogger.com (Frank Galea) — Sat, 17 Oct 2009 00:04:00 +0000

From Financial Foresight: http://www.deloitte.com/dtt/cda/doc/content/us_fsi_Im_forensictesting_dec08.pdf

Common challenges in building a forensic testing program
Firms should be aware of the common challenges that they may face when developing their forensic testing programs. Some of these challenges include:

Skillset development – Finding personnel with appropriate talent and background to both manipulate and analyze large sets of data is a growing concern. The balance of technical and operational experience combined with the ability to apply critical thinking to analyze testing results is a much sought after skill by many firms.

My shrinking carbon footprint

noreply@blogger.com (Frank Galea) — Tue, 27 May 2008 22:27:00 +0000

How I lost 2 tonnes, feel healthier and am saving money.

ELIMINATED COMMUTE:

I have been making efforts to reduce my personal impact on climate change by making some simple adjustments to my lifestyle. Overall, these adjustments have also been beneficial and enriching to me personally as well. The first major change was moving back to San Francisco, closer to my job. Rather than spending about 2 hours a day on a bus heading into and out of the City from San Anselmo, I am now able to walk to work in about 15 to 20 minutes each way. The net result is that I lowered my daily contribution of greenhouse gasses, save time daily and get a bit more exercise. On the financial front, I am also saving the bus fare of $4 each way - even though it was funded with pre-tax dollars through Commuter Checks, it's still a positive impact.

Carbon impact: 20 miles each way, 5 days a week for 50 work weeks is about 10,000 bus miles per year, or according to carbonfootprint.com's calculator, 1.434 metric tonnes of CO2 per year.

On the other hand, I am not sure that bus riders and other public transit user should be "billed" the full carbon impact of the vehicle they ride in calculations. By using transit yourself, you help make transit possible for others. It is a bit of a "hundredth monkey" phenomenon, where each person switching their more carbon intensive single rider car is creating demand for public transit and is reducing the congestion on roads that leads to everyone idling in traffic longer.

MEAT-FREE DIET:

Another change that has been easy and positive has been maintaining a mostly vegetarian diet. I still consume cheese and fish on occasion, but I have completeley cut meat and poultry from my diet. I feel much better physically and have lost 100% of the belly fat I had a few years back - that might be attributable to exercise but the no meat diet hasn't hurt.

Carbon impact: The carbon calculator claims that by switching from the "mix of white and red meat" diet to a vegetarian diet, one can reduce carbon impact by 0.5 metric tonnes of CO2 per year. Given my continued consumption of fish, the reduction may be slightly less than that.

LOCAL ORGANIC PRODUCE HOME DELIVERY:

Another aspect of my impact I have addressed is making more conscious choices in terms of where my food comes from. I have recently signed up for organic produce home delivery through Farm Fresh To You. For just $29, I get a box of organic produce delivered to my doorstep. I chose to start with a delivery every 2 weeks since I'm typically cooking for just one. So far, I'm thrilled with the service. Since the produce just shows up, there's no willpower or planning required on my part. Previous efforts and good intentions to shop more for food and to buy organic and local have fallen apart when life gets hectic or when I get distracted. Changing habits usually takes effort - developing this new organic local produce habit was incredibly easy... it just shows up.

Direct Carbon Impact: Buying organic food only versus conventional saves 0.04 tonnes of CO2 per year and buying local produce exclusively versus not considering location saves 0.09 tonnes of CO2. With a reduction of 0.13 tonnes of CO2, it's not a huge impact but every bit does add up.

Other beneficial impacts: There are many indirect positive impacts that aren't included in the simple carbon number. By buying direct from the producer, I am eliminating the carbon impact of the grocery store retail space with its attendant packaging, lighting, heating, and refrigeration impacts. In addition, it feels really great to support a local family owned farm that takes good care of the land and the surroundings by not dumping chemicals on my food.

Savings? Obsolutely! From browsing the website, you can see that the contents of "The Box" are very reasonably priced compared to buying organic or even conventional produce at the store. Getting produce delivered and being forced to cook meals rather than eating out is an instant money-saver. What is nice too is the variety and the fact that they pick whatever is currently ripe so that you eat with the seasons. They include recipe ideas and news from the farm on a flyer also. It feels just like joining a community. I highly encourage you to join as well - if you put my name in the "how did you hear about us" area when you sign up , you get $5 off your first delivery - and I get one free delivery! Such a deal! Don't know what to get me for my birthday? There you go...

Book review: Banker to the Poor - Muhammad Yunus

noreply@blogger.com (Frank Galea) — Wed, 30 Jan 2008 06:23:00 +0000

http://www.amazon.com/review/R34PIA7DTDC06H/ref=cm_cr_rdp_perm

Ever sat with a Nobel Prize winner? Ever had a conversation with a saint?
January 29, 2008

Reading Muhammad Yunus' book, Banker to the Poor, is as close to that as you need to open your eyes to the possibility of a world where poverty is history. This man presents his extraordinary accomplishments and contribution in such a humble, first-person, and, straightforward manner that you cannot help but be moved to think about what each of us can do to make the world we live in a better place. Truly an inspiration!

The first fifth of the book tells the story of his youth growing up in the turbulent bridging World War II, Indian independence, Pakistani independence and finally the Bengali struggle for independence from Pakistan. Yunus finds himself a U.S. educated economist back in his homeland to teach university when famine hits the country and shakes his faith in traditional economics. He seeks out to tackle understanding the problem of poverty, from the perspective of the poor rather than looking down form the Ivory Tower or down a Social Darwinist nose. What he finds is not a lack of skills, motivation and human ingenuity but rather a lack of access to capital and credit – essentially a failure of the market, rather than a failing on the part of its victims. Yunus goes about conducting an experiment, lending $27 from his own pocket to 42 villagers for various small-scale ventures and cottage industries. His efforts bear fruit and snowball from there, micro-credit is born.

The story from then on is about how he single-mindedly and judiciously builds on the early successes and incorporates a philosophy of empowerment and deferring to the skills of his staff and especially his clients. Among the poorest of the poor, Yunus finds an incredible fountainhead of innovation and motivation whereby people, if given the chance, pull themselves up by their bootstraps.

Many of Yunus' approaches break with tradition and taboo, for example, lending primarily to women, though he is Muslim and operating in a traditional rural context. Likewise, his philosophy and politics do not fit neatly in the typical Left and Right framework – he seems above the divide and willing to borrow or discover what works without regard to ideological boundaries – bearing flak from the Leftist rebels and derision from the banking establishment.

Ok, enough said – go get the book, thank me later.

CHARTERED FINANCIAL ANALYST DESIGNATION

noreply@blogger.com (Frank Galea) — Sat, 02 Dec 2006 06:43:00 +0000

FRANK GALEA EARNS PRESTIGIOUS CHARTERED FINANCIAL ANALYST DESIGNATION
San Francisco, CA, USA - November 27,2006 − Frank Galea, a Compliance Manager at Charles Schwab Investment Management in San Francisco, CA, has earned the prestigious Chartered Financial Analyst® (CFA®) designation.

The CFA charter is a globally recognized credential for investment analysis and management. The CFA Program sets a globally recognized standard for measuring the competence and integrity of financial analysts, portfolio managers and investment advisers. Currently, more than 76,000 investment professionals in 124 nations and territories hold the CFA charter.

Recipients of the CFA charter have successfully completed a graduate-level, self-study curriculum and series of three intensive examinations taken sequentially over at least two years. It is recommended that candidates prepare a minimum of 250 hours per exam, with substantially more recommended for individual circumstances.

Since the inception of the CFA Program 44 years ago, pass rates at each of the three exam levels have averaged about 52 percent. Because of the rigor of the program, only about one in five candidates who enter the program pass all three exams and successfully complete all the requirements to earn the charter.

Administered exclusively in English, the international language of business, the three, six-hour exams cover ethical and professional standards, securities analysis and valuation, financial statement analysis, quantitative methods, economics, corporate finance, portfolio management, and performance measurement.

Galea has worked in the financial industry for 10 years. A graduate of San Francisco State University, he began his financial career at Prudential Securities as a Financial Advisor In Training in San Francisco in 1994. He then joined Charles Schwab in 1997 as a Registered Rep in Electronic Brokerage. Galea joined Wells Fargo Funds Management, LLC in 2001 as a Business Systems Consultant. Galea returned to Schwab in 2006 as a Compliance Manager for Charles Schwab Investment Management. Galea is a member of the CFA Society of San Francisco and also a member of the Social Investment Forum.

"I am very pleased to finally receive my charter. I would also like to thank my former colleague, Aldo Ceccarelli, CFA, and, my supervisor, Randy Fillmore, Chief Compliance Officer of the SchwabFunds and Laudus Funds, for sponsoring me," Galea said. "I look forward to putting the skills, knowledge and commitment to professionalism and ethics the CFA program gave me to use in serving the investing public through my work and furthering awareness of Socially Responsible Investing through my personal projects. I believe that wisdom and compassion acting in the financial markets can become the most powerful tool for good and the best hope for our planet."

The CFA Program is administered worldwide by CFA Institute, a not-for-profit professional association with offices in Virginia, New York, London, and Hong Kong.

Robert R. Johnson, PhD, CFA, managing director of the CFA and CIPM Programs Division, explained what motivates candidates to make such a significant investment of their time and energy to seek to earn the CFA designation.

“For more than 40 years, candidates have sought to earn the CFA charter for two chief reasons,” Johnson said, “one, to expand and test their knowledge of current practice across a broad range of investment topics, and two, to demonstrate to clients, employers and peers their mastery of a demanding body of knowledge."

Frank Galea is a proud member of the CFA Institute and the Social Investment Forum. The organizations are not affiliated.

About CFA Institute

CFA Institute is the global, not-for-profit professional association that administers the CFA curriculum and examination program worldwide and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 88,000 members in 130 countries. Its membership includes the world’s 76,000 CFA charterholders, as well as 134 affiliated professional societies in 55 countries. CFA Institute is headquartered in Charlottesville, Va., with additional offices in London and Hong Kong. More information may be found at www.cfainstitute.org.

About Social Investment Forum

The Social Investment Forum (www.socialinvest.org) is the national trade association for the social investment industry. It is dedicated to the concept, practice, and growth of socially responsible investing. The Forum's more than 500 members include financial planners, banks, mutual fund companies, research companies, foundations, and community investing institutions. The Social Investment Forum Foundation is a national nonprofit organization providing research and education on socially responsible investing. The Forum Foundation provides cutting-edge research on the trends, practice, performance, and impact of social investing.

Resume

noreply@blogger.com (Frank Galea) — Mon, 27 Nov 2006 03:39:00 +0000

Frank Galea, CFA
San Francisco, CA
https://www.linkedin.com/in/frankgalea
frank_galea@yahoo.com
415-516-6039

QUALIFICATIONS:

Successfully completed Chartered Financial Analyst level III exam, June 2004. Project Manager with experience in planning and implementing technology solutions for a top 20 mutual fund company. Proven ability to effectively present technical information to a non-technical audience. I manage projects to financially or strategically significant metrics using a consistent methodology. I have broad knowledge of the financial services industry (broker/dealer, mutual fund).

EMPLOYMENT HISTORY:

Charles Schwab Investment Management
Senior Compliance Manager
2006- Present
Some of Frank's responsibilities include the development and ongoing maintenance of the CSIM Charles River system, certain regulatory filings, testing of Schwab's 38a-1 program, and various other department projects. Currently developing a Compliance department database to track all policies and material compliance matters or incidents related to these. Complete policy document management and publishing via a SharePoint site. Other initiatives include Best Execution research for both Equities and Fixed Income trading desks.

Wells Fargo Funds Management Group
Business Systems Consultant / Assistant Vice President
2001- 2006
Use Charles River Development (CRD) application to automate compliance business logic for testing whether mutual fund and managed account portfolio trades meet prospectus requirements and industry regulations (1940 Act). Integrate multiple data sources (FT Interactive, back-end portfolio accounting systems, custodian systems) and reconcile data exceptions. Design complex workflows across departments.

Manage technology projects affecting entire business unit and external vendors in compliance with stringent corporate information security policies and Wells Fargo Corporate Project Methodology (CPM).Key Projects: conversion of over 100 desktops to Windows 2000 and migration to our own file server; develop the group’s Intranet; implement a data warehouse for Financial Planning and Analysis team; roll-out Siebel’s customer relationship management (CRM) software for sales force; Information Security Planning for external connectivity and new applications.

Charles Schwab & Company, Electronic Brokerage Service Delivery
Senior Technical Support Representative, Level III
1997-2000
Resolve most complex escalated trading and technical issues while minimizing risk to the firm and ensuring that high expectations of customer service were exceeded. Institute best practices and draft numerous “knowledge-based articles”. Develop training materials and train peers.
Key Initiatives Supported: retirement of desktop trading applications (Equalizer; StreetSmart & eSchwab), launch of Schwab.com web trading platform, Analyst Center, OFX products (Quicken, MS Money), Velocity active trader desktop.

The Share Group, Inc.
Project Manager / Telemarketing Campaign Manager
1996-1997
Led outbound marketing campaign to win back lost customers for a leader in the socially responsible business sector, Working Assets Long Distance. Designed and delivered a training program to the telemarketing sales force. Created a sales incentive package. Reported to the Call Center Director.
Accomplishments: My team won back 40% of contacted customers and reclaimed substantial revenues during an aggressive customer-'buying' blitz forged by AT&T, Sprint, and MCI.

Prudential Securities
Financial Advisor
1993-1995
Prospected through referrals, cold calling, and lead generation campaigns. Researched and advised clients on asset allocation and portfolio structure. Recommended investment strategies suitable for individual client objectives and risk tolerance.

Frontline Campaigns
Assistant Phonebank Director
1989-1991

EDUCATION AND LICENSES

Chartered Financial Analyst

BS, Economics, Cum Laude, San Francisco State University, 1993
Graduated Dean's List, Golden Key National Honors, 3.72 in Major

Recent professional training:

“Essential Skills for the Business Analyst” 32 hour seminar & certification exam, B2Ttraining, April 2006
“Charles River Development Compliance” by CRD's Implementation Team, March 2006
“In Search of Excellent Requirements” by Process Impact, January 2006
“Aegis Portfolio Management Workshop” by Barra MSCI, March 2005
“Advanced Leadership Seminar” 2-day program by Organization Change Advisors, July 2004
“Technically Speaking” presentation skills workshop by Novations Group, INC., June 2004
“The Life Cycle of an IT Project” through Wells Fargo Services Company (WFSC), April 2004
“BA-I: Implementing Business Processes Using Siebel Applications” Siebel University, February 2004

COMPUTER SKILLS
MS Project expert user; also proficient with Excel; SQL; Word; Access; PowerPoint; FrontPage
Compliance systems: Charles River Development; CTI Examiner
CRM: worked with Vantive, implemented/project managed Siebel rollout, co-managed Saratoga Avenue.
Business Process Modeling: Corel Igrafx Flowcharter; MS Visio
Financial Software: Barra Aegis, Reuters Money 3000, Knight-Ridder/Bridge MoneyCenter, OFX products

LANGUAGES
Fluent French (native speaker); some Spanish

Job change

noreply@blogger.com (Frank Galea) — Mon, 25 Sep 2006 17:09:00 +0000

My efforts of networking, blogging and job searching have finally paid off. On 10/2, I will be starting a new position at Charles Schwab Investment Management as Manager of Compliance. The new role will meet some, but not all, of the objectives I set out at the start of my search. I will still be working in the "mainstream" rather than Socially Responsible Investment sphere. The position will help me complete the CFA requirements and will bring me closer to the investment management process. The organization will be closer to my values of environmental sustainability and progressive politics though. On studying proxy voting records of the top mutual fund companies, I noted that Schwab supported many of the environmental resolutions sponsored by shareholders while Wells Fargo Funds opposed all. I hope the new position will give me an opportunity to encourage spread of the ideas behind "triple-bottom line" thinking to a new organization.

Goals:

1). Use the opportunity to beef up my credentials (complete CFA paperwork to claim the designation, renew securities licenses - 7 & 63 and acquire whatever additional licenses, such as the 24, my new employer deems beneficial).

2). Continue to grow my network through meeting new colleagues, LinkedIn and professional associations.

3). Maintain high professional standards and reputation to become more influential within my new workplace.

4). Explore opportunities to pitch SRI to Schwab after educating myself on the existing investment decision making process. Would like to explore use of sustainability metrics (GRI e.g.) in conjunction with the Schwab Equity Ratings.

5). If my research bears it out and if I manage to have access to decision makers, make a business case that SRI can work for Schwab. With over $160 billion in current assets under management, success could have a major impact on the "mainstreaming" of SRI.

AB 32 - California takes lead on Climate Change

noreply@blogger.com (Frank Galea) — Sat, 02 Sep 2006 23:07:00 +0000

I wrote to Governor Arnold Schwarzenegger today to thank him for his support of AB 32 - California's initiative to combat Global Warming by setting caps on CO2 and other greenhouse gas emissions. I believe the bill and other pending legislation will push us in the right direction and will drive public opinion nationally and internationally towards sustainability. I'd encourage others to send encouragement to the Governor and thanks to the legislators who drafted these measures. Here is the Governor's link for comments: http://www.govmail.ca.gov/

Here is the note I sent him today - feel free to poach from it:

Dear Governor Schwarzenegger,

I want to thank you, Governor Schwarzenegger, for your leadership on the issue of Global Warming. I applaud your courage in pushing past the objections of powerful business interests and the bias of your party to step up and do the right thing. I believe that in setting tough standards and high goals for reductions in greenhouse gases you have shown the world that by following California’s example, we can counter this threat. I applaud you also for letting the market, through the emissions trading system, play a role in rewarding companies that outperform peers.

There is still much more to be done while attention is on this issue – big business has been asked to do its part – the people of the most populous state can be asked to do more! Our lifestyle choices as consumers and commuters have an impact. By adjusting energy consumption patterns to use appliances outside of peak hours, consumers make it possible for utilities to meet demand with a greater proportion of energy from renewable sources. We’ve taken the simple step of hang-drying our laundry rather than using the dryer. We’ve taken steps of moving towards a plant-based diet and favoring local organic produce.

Commuting choices have a very real impact on emissions. Every person who opts for telecommuting, carpooling, public transit or bicycling not only reduces their own energy consumption but also helps relieve traffic and congestion that lead to idling engines and waste by others. Everyone can help here,

Employers: by offering CommuterChecks to employees, allowing telecommute options, providing changing rooms, shower and bike storage areas.
Urban planners and developers: by taking access to transit into account when designing cities or siting new buildings.
Opinion leaders: by raising awareness and by encouraging new behavior.

Thank you again for your leadership and courage! Please keep up your efforts, re: supporting other environmental legislation.

Proxy project launch: N-PX Vision

noreply@blogger.com (Frank Galea) — Mon, 10 Jul 2006 04:00:00 +0000

I now have 6 volunteers lined up to assist in cracking the N-PX code. It's time to launch the project to make the mutual fund industry more accountable to the public for how it votes on shareholder resolutions. The main challenge is the current format of the N-PX forms that fund companies are required to file by the SEC. Although the forms require standard information, the formating and wording itself can vary widely between fund companies. It is a labor intensive process to gather and compare across multiple fund families.

Well, here goes, the adventure begins, here is the overview of how I see the project going:

(Click picture for close-up)

Next step is the kick-off meeting which will need to be scheduled around team's availability.

Here is the agenda for the first meeting:

Spare the air day

noreply@blogger.com (Frank Galea) — Mon, 26 Jun 2006 23:01:00 +0000

A reminder to any fellow Bay Area residents that our air quality has dropped below federal standards and that we are encouraged to use public transit, telecommute and otherwise ease up on uneccessary driving. I forwarded the suggestion to our Corporate Communications Environmental Affairs area and hope they will get the word out to my colleagues. I believe we are the 2nd largest employer in the region, after Safeway, so we could have a significant impact.

Books

noreply@blogger.com (Frank Galea) — Fri, 14 Apr 2006 21:11:00 +0000

I have found the following books to be of interest. They have contributed to my opinion on issues and approach to situations. I have found my inspiration in these titles and would encourage anyone to read them. Please inquire about borrowing my copy. Please send me any recommendations you think I might enjoy. If you find the reviews helpful - feel free to register your feedback on Amazon.

Environment:

Silent Spring - Rachel Carson (40th Anniversary Edition)

It was finally time for me to pick up the book that is often credited with inspiring or starting the modern environmental movement. I'd heard of Silent Spring many times from environmental speakers and had seen it referenced in The Ecology of Commerce and in Megatrends 2010 ( both reviewed below). The title has lost nothing of its timeliness or relevance with the passage of more than 40 years since its first printing. To that point, First Mariner Books published a 40th Anniversary Edition with introduction and afterword by Linda Lear and Edward O. Wilson, respectively, that place the book and author in historical context and give credit for the impact both have had on our world.

I want to first of all give the author praise for being much more balanced and far-seeing in her thinking than any of the detractors whose reviews I've read on Amazon would hint at. The main charge post-humously leveled is that rampant unthinking DDT (or worse) use would have saved lives lost to malaria had it not been for one woman writing a slanderous attack on the petrochem industry whose only apparent reason for being is to improve life. Rachel Carson's prose may have been very eloquent, pursuasive and moving but she was not advocating an extreme or unthinking position. Whereas she may have been extremely passionate about the need to make changes in the spray away mindset of the day, she did not call for throwing away what science could contribute to public health and well-being or even economic productivity. Quite the contrary, based on an ecological mindset and a commitment to understand nature and work with her, Carson encouraged exploring biologically wise means to control pests that thrive in a bio-defense impoverished monoculture. She cited figures and facts on successful pioneering integrated pest management programs and made a cost-benefit analysis that set the balance right.

I may have majored in Economics, but I'll gladly take my science from scientists like Rachel Carson rather than the PR department of a chemical firm with a vested interest in selling a "silver bullet" that has to be reapplied year after year in greater amounts. Carson makes an ironclad case for the dangers of bioaccumulation of toxins in the food chain (yeah and guess who's at the top), the ill-targetted dispersal methods, insect resistance due to extremely short reproduction cycles and the mutagenic qualities of many of the new wave of pesticides. She lays out her arguments in such clear language and with sufficient analogies and background that a layman can easily follow and be more conversant in the concepts of the subject matter. The other criticism of the book by detractors' reviews is that there are "too many facts" referenced in it - I don't think these readers have any sense for the time period that Rachel Carson was writing in and the need for a woman, an outsider, to make damn sure that she lined up all the facts she could behind her case so as to not just be dismissed ad hominem when raising concern about how the men in the white coats were wisely dragging us down the wrong path.

What's with all the wingnuts claiming that Carson is responsible for millions of malaria deaths by banning DDT? Nice Limbaughesque talking point, but as often, WAY OFF TARGET. The main thrust of the book is against agricultural pesticides where the damage caused by the target pest is economically less significant than the collateral damage of control efforts to the environment and human well-being. The reference to mosquito control in the actual book these buffoons claim to be reviewing is 1). a warning on mosquito resistance, 2). risk of wiping out the mosquitos natural predators with indiscrimminate control strategies (Nissan Island WWII), 3).exploring other more targetted control measures such as ultrasound.

Crimes Against Nature: How George W. Bush and His Corporate Pals Are Plundering the Country and Hijacking Our Democracy - Robert F. Kennedy, Jr.

From his pedigree and the title alone there is no doubt where the author's political sympathies lie but this book is more than just a partisan rant against the other side of the aisle. By documenting incident after incident of malfeasance, high-handedness and outright lying, Kennedy goes straight after the people who are causing harm to our nation's resources and planet's life support system for the sake of grabbing personal gain.

I don't believe that he attacks what is best in Conservative values or necessarily asks us to buy wholesale his Liberal agenda. Throughout the book, by documenting the opinions and experiences of career government scientists and stifled voices of dissent from within the administration, or people in the Republican party like McCain and Sununu who opposed egregious excesses, Kennedy makes the case for a non-partisan spirit of stewardship for the nation's well-being. There is plenty of room for honest people to disagree on what level of regulation is appropriate and what restraint on private activity balances best with the public good. Kennedy paints a compelling picture of the current administration's actions as falling well outside the bounds of that type of debate – indeed they represent a concerted attempt to sabotage and circumvent the dialogue itself. After reading the argument and digesting the facts, it's hard to find much to say to refute the charge that there is massive corruption and plunder under GWB's watch. Unless there's just something huge I'm missing, you'd have to be a fanatic, a crook in on the take or completely ignorant to not have a problem with the current leaders and their environmental policies – this book takes away the excuse of ignorance.

Socially Responsible Investing and Sustainable Business:

Megatrends 2010: The Rise of Conscious Capitalism - Patricia Aburdene

An informative and inspiring read overall. As the extended title states, the book traces the rise of trends in workplace, lifestyle and relationship to investments that promise to align the world closer to "spirit". The author cites numerous examples of the trends and quotes leaders in the emerging movements, both from their writings and from personal interviews. This is a very well researched book and the author makes full use of her level of access to make leaders and experts come across intimately.

The tone is at times too colloquial and it detracts a little from what is being discussed, however, the general effect is still convincing. I should mention that I had just read Naomi Klein's No Logo before picking up Megatrends 2010. I'd have to contrast the two by saying that the Klein book hit like a ton of bricks and was very tightly crafted but left me feeling numb and powerless while I took Megatrends lightly at first, it pushed me further into believing in social change through business and wanting to take part in it. A valid critique of Megatrends is that it does not expose and confront the dark side of capitalism, or, more generically the world, but rather seems to dance around it a bit.

The power of this book and its contribution will truly be reflected in the changes and actions it will inspire in the readers. In addition to talks with visionary CEO's and founders, Patricia emphasizes the quiet leadership and influence that middle managers and everyday consumers can have over even our global economy. After finishing it, you will know that it is ok to dream of a better world and that there are facts also on the side of your faith. No entrepreneur or manager who stands up for what they believe is right will feel that they are standing alone.

The Ecology of Commerce- Paul Hawken

The author, co-founder of Smith and Hawken and several other ventures, brings to light the inevitable conflict between "business as usual" and environmental and social sustainability. After this analysis, he posits that things needn't be so gloomy; rather, with proper encouragement from government and a committed citizenry, business can become a force for positive change. My two cent critique is that the author's solution counts on drivers external to business and does not explain what steps would lead to creating these drivers. In other words, we can easily picture how things could be better in a world run by the likes of Paul Hawken but how do we get there from here? I found the book a worthwhile read, inspirational and fact-filled.

What Matters Most - Jeffrey Hollender & Steven Fenichell

Another leader of an iconic "green company", Jeffrey Hollender - founder and CEO of Seventh Generation (yes, I use their laundry detergent exclusively) discusses the challenges of running a business with high integrity and full disclosure. In particular, Hollender recounts Seventh Generation's stint as a publicly traded company and posits that public ownership inevitably leads to an erosion of core values by the pressures of the markets. He cites also the example of Ben and Jerry's take-over by Unilever. I personally believe that positive social change can be wrought through the public securities markets and that values driven investing is the most significant tool available. I appreciate What Matters Most as a cautionary tale keeping me alert to some of the perils of my chosen approach. I had the privilege of hearing Jeffrey Hollender speak at a Working Assets brown bag lunch lecture. He is a forceful presence and very inspiring in his forthrightness in answering questions probing the gray areas that an ethical company must struggle with. The Resources section at the back of the book is very well researched and thorough. It would be worth buying the book merely for that appendix.

Socially Responsible Investment - Russell Sparkes

A valuable primer for the layman or a deep immersion for the practitioner. Amazing research yields inside details and direct quotations from the leaders and frontline participants in Socially Responsible Investing. The book discusses institutional and individual investors and explores the different constraints and preferences of those constituencies. Traces the history of SRI in the US and Britain then follows the idea as it is picked up and implemented around the globe. The book explores how the toolkit of social investors (exclusionary or aversion screening, positive screen, shareholder activism) is adapted to the character of specific national markets. Very honest and thorough treatment of whether there is a "performance penalty" to SRI makes a more convincing pro-SRI case than other books I've read that were overly glib. Extremely valuable read to come up to speed on history, issues, approaches.

No Logo - Naomi Klein

The author traces the rise of the multinational brand focused corporation and its impact on society. There is no escaping brands and commercial speech, our public spaces and our very minds are held captive by the forces of ubiquitous branding and advertising. At the same time they seek to invade every mental nook and cranny the mega corporations have severed their ties to local communities as employers and have spun a web that chases after cheap labor around the globe. The author shows powerfully how these tensions culminated in the backlash against the brands, as exemplified in the global campaign against Nike and others that employ sweatshop labor. The blueprint for resistance whether through protest, reclaiming public space or "culture jamming" and "ad busting" is laid out for the reader. The quality of the reasoning, backed up by thoroughly researched facts, and expressed with great clarity make this book a MUST READ. It should come with a warning label that you won't want to put it down, except maybe to go yell back at the ads that surround you.

Harvard Business Review on Corporate Responsibility

This collection of article opens interesting lines of reasoning and might just get fresh ideas in front of decision makers who can use business as a tool for good on the global scale. The eight articles cover a broad range of topics and vary in tone from sweeping philosophical musings to rigorous academic pieces. The first article is a very strong lead-off, I will try to summarize this piece in hopes of giving you a flavor for the whole collection:

Serving the world’s poor, profitably – C.K. Prahalad & Allen Hammond
How can companies profitably serve a market where consumers live on $2000 or less per year? On the other hand, how can companies afford to ignore a market of 4 billion potential customers? This article explores reasons why companies have in the past shied away from trying to serve the “bottom of the pyramid” (BOP) markets, why major growth opportunities exist in this niche, and how typical strategies need to be adapted into new thinking that will benefit the world’s poorest communities and those who compete for their business. There is a distasteful element to imagining multinational corporations, the most powerful institutions of our time, engaging and profiting from the most economically powerless. The authors make the case that the poor suffer more from being ignored by the global marketplace of the multinationals than by engagement with it. They illustrate how prices charged by the informal economy that serves poor communities are typically much higher for the same goods than prices in more affluent communities served by efficient distribution. When BOP strategies are done correctly, corporations also benefit in more ways than simply generating additional sales: BOP markets can serve as incubators for new products, ideas and approaches that can revitalize productivity and leadership in the developed (and saturated) markets as well. An innovative approach for reaching poorer customers is to de-aggregate ownership from use by exploring “pay per use” models. Another strategy, that runs counter to mainstream thinking, is to deploy some of the most cutting edge wireless technologies in the least developed markets to overcome the isolation of poor rural areas.

Socially Responsible Investing : Making a Difference and Making Money, Amy Domini

Investing With Your Values: Making Money and Making a Difference, Hal & Jack Brill, Cliff Feigenbaum

General Economics and Social Science:

Mutual Aid - Peter Kropotkin

Anarchist classic, rooted in observation of natural phenomena and history. Challenges the conception that capitalism is a natural progression of Darwinism at work in the wild. The author cites numerous examples of compassion and innate goodness at work outside the bounds of a structured power-based society. The study covers instances of non-hierachical interactions from primitive tribes to mediaeval cities, and on to his contemporary labor unions. It has been some years since I read it and I plan to revisit this title soon.

Guns, Germs and Steel - Jared Diamond

Another work of sweeping scope that seeks to understand what the factors either in human nature or environmental circumstance have led to Western European civilization's domination of the world. Diamond identifies numerous factors in the environment (access to cultivable Fertile Crescent crops, presence of animal species suitable for work, East-West continental alignment) and history of Europe that make the dominance of its civilization inevitable. Human genetic factors are also examined and proven inconsequential to the dominance of the White Caucasian. This book carefully lays out a counter-argument to any physical anthropological theories of racial superiority. At times the multitude of examples in this 450+ page tome seem redundant. Pulitzer Prize winner.

Confessions of an Economic Hit Man - John Perkins

Tough call: intesting subject but serious flaws. This one was a mixed bag, too bad you can't give 3.5 stars on Amazon.com, which happens to also be the consensus reviewer opinion. I was reminded of what I thought of The Celestine Prophecy - a book that touched on very provocative and interesting ideas but dropped the ball on plot, writing, character development - I really WANTED to like it just a little more than I ACTUALLY liked it but I walked away with something to noodle on.

I applaud the author's efforts to publish some behind the scenes revelations about how nasty our foreign policies are and how beholden they are to the few and powerful who benefit directly *no bid* at the expense of the rest of us.

I found the confessional and autobiographical aspects to interfere with the story. I lost patience with the protagonist. I couldn't handle how long he labored over quitting and how long it took for facts and feelings to percolate into action. When Perkins is writing about world events, he is captivating and can pull a succinct and moving analysis together (easy to believe he was a successful snake-oil pusher when writing up glowing economic forecasts he didn't even buy).

When he is discussing his personal thoughts and emotions, his style, the quality of his communication and his self-awareness are more stunted. The personal anecdotes and any mention of interactions with women throughout the story line seem almost like they were written by an adolescent male.

On balance, I would recommend the book as an eye-opener for anyone who has a creeping sensation that something's rotten in the way America acts in the world but can't put their finger on it. I don't think reading book will dramatically turn someone's worldview around - you are going to give the author some slack and let him weave his yarn if you're already "on his side".

Professional Development:

Leadership in a New Era by John Renesch Edition: Paperback
Price: $16.95

A great compilation of different voices, August 26, 2006

Disclosure: I know John Renesch socially, although I don't believe it has influenced my star rating, it's only fair to tell the reader.

Leadership is hard to define in these changing times where organizations are evolving to become flatter and more fluid as the marketplace becomes more global and information-based. This compilation of 23 essays, organized into five thematic sections, does an amazing job of bringing a diversity of viewpoints, concerns and approaches to such an amorphous, but no less critical, topic.

Although some of the essays make specific recommendations, this is not a step by step "how-to" book like so much of the literature on business topics. As Stephen Covey points out, management and leadership are distinct skills - this book is NOT a management text. Rather, it is a spark of inspiration to light your own leadership fire and prompt reflection wherever you might be stuck. Many of the articles emphasize the role of a spiritual dimension in business and in leadership. Authenticity, listening, cultivating awareness and personal growth are recurring themes throughout the essays.

In places, some readers may find the essays too "new age" or contradictory. I'd encourage them to remember that ambiguity and paradox are the very challenges that most require leadership and adaptation without reliance on the hard, proven, old certainties. By contrast, the fourth essay, Ann Morrison's "Diversity and Leadership Development", takes a very precise and hard-nosed approach to a topic that I've seen most companies attack with a flurry of fluffy symbolic lip-service and inept half-measures. Morrison describes a model for how leaders develop, identifies the challenges faced by "nontraditional" candidates in that model, and, outlines specific steps companies can take to avoid common pitfalls if they are truly committed to building diversity at the top and throughout the organization.

My favorite single quote, which should give the reader a good feel for the overall book, is the following by James Autry in the first essay: "Or could it be that those who believe in the greed of the marketplace have just found a convenient excuse for their own greed or for their own unwillingness to concern themselves with the human spirit?"

What Color is your Parachute? - Nelson Bolles

The Reinvention of Work - Matthew Fox

Psychology and Personal Transformation:

Change your Brain, Change your Life - Dr. Daniel Amen

No Boundary- Ken Wilber

The Quest of the Overself - Paul Brunton

How to Win Friends & Influence People - Dale Carnegie

Is this merely a machiavelian handbook for flatterers and manipulators or is it a breakthrough in the science of human relations? This book, published in 1937, is a classic and has inspired thousands of imitators and followers down through to motivational speakers and other modern day purveyors of advice. Why not read the original? Many of the lessons in these pages seem obvious and common sense but there lies the beauty: Carnegie challenges us to act on the obvious insights and implement the realizations in our daily lives. Strategies are spelled out in a straight-forward manner and numerous examples are shown.

Critical Thinking:

The Art of Thinking - Vincent Ryan Ruggiero

Concise & precise: does the job This text was required reading for my college freshman year critical thinking class (over 15 years ago) and I highly recommend it for students. The approach to problems and issues is very methodical and forces one to consider styles that may complement the habitual.

I've found myself coming back to the book when feeling "stuck" with a problem and feeling like I was not tapping the full range of creative solutions that could at least be considered. Our minds are naturally lazy and reach for the common or habitual answers - it's not a bad thing, it may just be the result of successful evolutionary survival to have gotten us to this point. Putting the discipline this book will teach you to use consistently will give you a structure to guide extra effort towards solving problems for which the same old answers fail to satisfy you.

Contrary to some of the criticism I've read here, I believe the author addresses how emotions can be used and incorporated in the process rather than being suppressed or ignored. One area that I believe the author can improve, is in the use of visuals* such as a process map or visual overview for the problem solving process. This would make the material more accessible, powerful and memorable. I've found in the workplace that creating visual flowcharts for business processes can enhance communication, absorption and adherence to the "best practices" you recommend. I plan to contact the author with this suggestion.

Hope you enjoy the book,
-Frank

*I have an older edition and this gap may have already been addressed by the author in subsequent versions.

Progress Report

noreply@blogger.com (Frank Galea) — Fri, 23 Dec 2005 23:15:00 +0000

I have been fairly successful at building a network through LinkedIn. It has helped me get back in touch with former colleagues from Schwab and has helped me cement connections with people that serendipity has thrown my way. As far as the numbers go, I have grown the network to 46 connections. Some of the connections are more immediately relevant to my search, while some may never become active users of the service. You never know what might develop but by all accounts, the more effort I put into communicating what I am looking for, the more likely I am to have "luck" work in my favor.

A promising contact has been with San Francisco author and keynote speaker John Renesch who is currently involved in coordinating speakers and participants for the Economie 06 conference. Thanks to John's connections, there is a possibility I might get involved as an organizer for the U.S. affiliate of a Socially Responsible Investment Professional Designation that is taking root in the U.K. Nothing formal yet but keeping an open mind...

I have also found a connection, through a former Schwab colleague, to Tim Freundlich from the Calvert Social Investment Foundation. Although Tim and I have not yet met in person, I have found a wealth of information on his web site http://www.xigi.net/. I will make a point to get together in person with him in the New Year.

Ironically, as soon as I make progress on my search, my situation in my current position is improving quite a bit. After spending some time discussing my long term interests with my manager, it appears that I will be allowed to focus my time at work supporting aspects of the business closely related to the Investment Management process. I will also have an opportunity to acquire cutting edge business analyst skills in developing workflows, requirements, and data integration related to Compliance testing. I can see myself growing in my current role for an extended time.

Although the projects and career path prospects are much improved, there remains a serious gap in the area of values. I was very disappointed when examining the proxy voting record of my employer (all based on Form N-PX public disclosures from the SEC's EDGAR website) and seeing that they had voted with management against nearly every shareholder resolution seeking to improve environmental, labor or other social practices. Passive complicity and continued association, without raising the issue or trying to work to change these practices, is not an option. It is interesting in light of the fact that the Bank overall has made commitments to supporting the environment. I do not intend to "whistleblow" and embarrass anyone in my line of business because the voting practices, though not agreeable to me are perfectly legal and commonplace. Given the onerous record-keeping now required, many fund companies outsource the actual voting of the proxies to a third-party and have a board Proxy committee that gives the vendor guidance. This board committee may not be familiar with the SRI perspective on social proxies and may also be ignorant of the Bank’s position on the environment. I am incredibly privileged to have an opportunity to influence the voting practices behind over $100 billion in assets. I will meditate on this topic and try to find the most productive and desirable outcome to drive towards.

Stay tuned for a future update on my current project with MS Excel macros to make the SEC EDGAR Form N-PX proxy disclosures more user-friendly. As is, I have a few little tricks that can save people time and effort in getting valuable information out of that heap of data.

Greener Holidays

noreply@blogger.com (Frank Galea) — Mon, 12 Dec 2005 04:42:00 +0000

The Holidays are on us and for better or worse, many of us will be going out and spending money on presents for friends and family. In addition to suggesting that everyone make an effort to offer subscriptions to great magazines like Ode, make donations in the name of your gift recipient's favorite non-profit like Amnesty International. or at least try too take sustainability into account when choosing presents, I'd like to offer one more tip for a greener "season of giving":

For a limited time only, San Francisco is offering residents special living Christmas trees that will be planted as neighborhood streettrees after the holidays. When you buy one of these Christmas trees, you're giving a gift that will last for generations.

How it works:You select from three different tree species. The young tree (7-9 feet tall) is delivered to your home for use during the holidays.After the holidays, the tree is picked up and planted in a San Francisco neighborhood that needs more greenery. The price of $90includes free delivery and pickup. For an additional fee, the tree can be planted in front of your home. Supplies are limited andoffered on a first-come first-served basis, so please sign up early.

Visit: http://sfenvironment.com/greenchristmas/

Bruce DeMartini Thoreau Center Programs
Thoreau Center for SustainabilityPresidio Building 1016San Francisco, CA 94129
bruce@thoreau.org file://www.thoreau.org/ 415-561-7823
The Thoreau Center is a project of the Tides Family of Organizations.

San Francisco Green Festival

noreply@blogger.com (Frank Galea) — Fri, 11 Nov 2005 07:52:00 +0000

I attended the San Francisco Green Festival over the 11/5-11/6 weekend and was inspired by the turn-out. It is a beautiful sight to witness speakers, sponsors and attendees coming together from far and near to support their shared vision of a sustainable, humane world. I had long ago logically convinced myself of the rightness and inevitability of a greener economy. After attending the Green Festival, I truly feel it and believe it.

My initial purpose was to network and meet others involved with socially responsible investing, but I found myself most captivated by a presentation from an environmentally/permaculture minded architect demonstrating use of straw bale and salvaged materials to build beautiful homes and commercial building according to "solar aware" design. Here is a link to the Arkin Tilt design firm's site. Please peruse it and make sure to read the goals section as well as view the photos of past projects. Some of these projects meet the Department of Energy's (DOE) Zero Energy Home designation- quite an accomplishment! According to Megatrends 2010 (which I recently read and will soon be posting a review of under the Books heading), "buildings squander 39 percent of total U.S. energy, more than factories and automobiles. The construction industry accounts for 40 percent of the waste in U.S. landfills."

Call it a paradigm shift... After hearing the presentation, it's hard to believe all builders don't apply at least some of the design approaches used by Arkin Tilt. These aren't arcane "tricks"; it is common sense based on sound principles. For example, taking advantage of the fact the undesirable Summer sun (think air-conditioning costs at today's - or tomorrow's - energy prices) rolls high in the sky and that the desirable Winter sun stays low on the horizon, one can design roofs and windows to work together to maximize cooling or heating from passively shunning or welcoming the "free nuclear reactor" at the center of our solar system. Here is a DIAGRAM from the site that illustrates application of this simple principle, combined with use of thermal mass provided by a rammed earth wall at the center of the building. Another example is the re-use of discarded wood from "tear-downs", much of this wood is old growth and of higher quality than the 2nd and 3rd growth wood being logged and brought to market today. Re-used materials such as discarded railroad beam and rails also add character and charm to the building and pay homage to local history.

Closer to my own circle, my friend and neighbor Kenrick Fischer, owner of Illuminated Landscapes by Design, is currently researching Zero Energy solar systems to power exterior lighting systems he creates. Another friend who works at Autodesk informed me the company plans to stress eco-friendliness and energy efficiency in the design tools it provides to architects and industry. He passed along to me the following piece Autodesk CEO Carol Bartz published in Forbes. Hybrids are back-ordered at the moment and auto giant GM, that failed to become a leader in that space - can you Hummer "Taps"?, is rumored to be a take-over target for Hybrid-wise Toyota. It can't be long before the a similar play unfolds in the building trades and real-estate markets where the first movers towards supporting or deploying green building concepts outperform and dominate that space. To mangle one of our President's favorite expressions: you're either with it or against it!

This entry was also published on InvestedInterests.

Remembering Ken Saro-Wiwa

noreply@blogger.com (Frank Galea) — Fri, 11 Nov 2005 07:32:00 +0000

Ten years ago a man was hanged by the government of Nigeria. His name was Ken Saro-Wiwa, his crime was speaking out against the environmental devastation his homeland suffered at the hands of Shell and with the collaboration of a corrupt government. Please take a few moments to read about his life and struggle and to understand the loss we all suffered with his untimely passing.

Lesson in Winning Friends & Influencing People

noreply@blogger.com (Frank Galea) — Wed, 02 Nov 2005 08:35:00 +0000

I've had a recent stroke of luck by meeting with apparent adversity in my job search. I have been given the opportunity to refine my approach and validate the lessons from the timeless classic How to Win Friends and Influence People (see my review / notes in the “Books” post). I use an online networking tool called LinkedIn to find people with similar interests and broaden my circle of influence in support on an upcoming career change. A feature of the site is requesting an introduction to people you are connected to by up to 3 degrees of separation. I made the easy assumption that anyone on the “introduction chain” would automatically pass on my request, no questions asked. That was hardly the case when I received a negative response that just about shut me down:

“I do not understand [or] fully appreciate your career objectives, and objectives in linking with [Contact]. Are you dedicated to equity research or SRI or both? What skill set do you have in these areas and how actively have you been investigating the field. Is [Contact] the first point of contact for you in the field of SRI and equity research or have you spoken to others - this is very helpful to know so I can let someone like [Contact] know how informed you are before I contact him for you. Secondly, is your objective speaking to him to probe his firm for an opening, have you already applied to his firm for a job or are you seeking general info on SRI and looking to make a contact?
I ask you all the questions because … you [haven’t] offered me any of this information - I had to go look up what you wrote to [Contact]...and in your note to him you ask for a face to face meeting - which in my mind is more involved for my contact than a phone call.
So I am not happy with this request”

The first temptation was to ignore the response I’d gotten and move on, or let it gnaw at me like a rebuke. Nobody likes to be told “No” and no one likes their motives or aspirations to be questioned, but per Dale Carnegie’s great advice, I focused on the other person’s need to feel understood or important rather than my own. Giving the benefit of the doubt, and assuming that the denial came from a genuine motive of wanting to protect one’s contacts from frivolous inquiries and spam, I composed a point by point reply as honestly and thoroughly explaining my motives and methods:

_____________________________________

[Intoducing contact],

You raise some great questions! I regret that, in a misguided attempt at brevity, I failed to anticipate and address all of them. The LinkedIn “Introduction” process does not reveal the identity of the intermediate contact until they reply nor does it provide a field to correspond with them. Hopefully, I can remedy these mis-steps now, at the risk of burdening you with detail.

1). My career objectives and reasons for contacting [Contact]:

First priority, I would like to pursue a career in SRI (supporting causes such as environmental sustainability through decisions in the financial markets). Secondly, I want to align my job duties more closely with the investment management process to qualify for the 3 years of “related experience” required by AIMR / CFA Institute. Although I have successfully passed all three levels of the CFA exam, I do not believe that my current role in IT project management at a mutual fund company would qualify. I cannot claim the CFA designation on the basis of my job. I plan to stay in my current job until at least 2/15/06, so it is premature for me to apply for current openings. I am open-minded as to specifics of a position at this point in my search.

I have identified 3 firms (Parnassus Funds, Forward Funds, Trillium Asset Management) in the San Francisco area I am researching. My interest in contacting [Contact] is that he has worked at Parnassus in the recent past. I hope to find out from him and others with insight into Parnassus if I would be a good fit for the needs of the firm and if it would be a good match for my aspirations.

My method is to expand my personal network through searching out others with similar interests and inviting them to LinkedIn. As my network grows, through this process and through organic growth via my social and professional connections, I will periodically enter the target firms’ name into the search field to locate individuals who are or have been associated with these firms. I will then seek an introduction to these individuals (for example [Contact] ’ name appeared on a search on Parnassus due to his past internship there).

On meeting (in person, by phone or correspondence) with these contacts, I would attempt to complete a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of each of my target firms. I would also keep an open ear to any other firms the contacts identify as a good potential fit. I will take into account any reasonable advice I receive on how to adjust my search.

2). My research on SRI to date:

My research on SRI has been mostly through books:

Socially Responsible Investing : Making a Difference and Making Money, Amy Domini,
Investing With Your Values: Making Money and Making a Difference, Jack & Harry Brill
Socially Responsible Investment: A Global Revolution, Russell Sparkes
What Matters Most - Jeffrey Hollender & Steven Fenichell
The Ecology of Commerce- Paul Hawken
Investing with Your Conscience: How to Achieve High Returns Using Socially Responsible Investing- John C. Harrington

Currently, I am reading Naomi Klein’s book No Logo. Next on my list, (and just received from Amazon) is Megatrends 2010: The Rise of Conscious Capitalism recommended by Helen Schweitzer.

I have only just started reaching out to people in the field or somehow connected to it. The first person I have met with is XXXXXX, one of my LinkedIn contacts. He is only peripherally connected to SRI (writes buy-side institutional research with a focus on alternative energy) but raised some interesting concerns about the big name SRI mutual funds diluted impact.

Until I start to meet people who are more directly working in SRI, my search will not gain much traction.

3). Meeting in person vs. by phone:

You make a great point. I should explicitly offer the contact the option of sharing information via phone or email. Otherwise, I would be inconsiderate of their busy schedule. I should reiterate that I am not looking for an opening at [Contact]’s current firm.

Thank you for taking the time to explain why you rejected my request. I appreciate your candor and would gladly take into account any advice you have to improve my career change strategy. If the above has sufficiently addressed your concerns and you now believe it appropriate to pass on the introduction to [Contact] , or if you believe I am entirely misguided on this job search, my email is frank_galea@yahoo.com , feel free to contact me directly.

Respectfully,
Frank Galea

The reply I got was positive, enthusiastic and honest. I got what I was initially looking for, which was an introduction to a person who has worked at a firm I am interested in, but I did so in a manner that respected the conditions of the introducing contact and probably made me realize that people are busy and also concerned not to trouble others with requests from a third-party. I’ll post the text of the reply so that others who are also searching for job leads or otherwise requesting favors from strangers can understand and anticipate the same concerns:

Hi Frank -

I am impressed with your sincerity and interest in SRI and time and effort you took to respond to my concerns!

As an analyst at [Big Money Management Firm], my days are jam packed with stress and deadlines. I do not know [Contact] (he and I linkedin through a common experience) but I suspect he will appreciate the thought you have put into your ideal career choice and geniune interest to explore options.

So several bits of advice. If I were you I would emphasize your interest in SRI, the readings you have done, your specific interest in speaking to him, and lastly your present qualifications. I would also explictly say that you do not want to take more than 15-30 minutes of his time and perhaps even list off one or two of the most important questions you may have for him. I would also only ask for call time - I personally hate meeting people for informationals (I get contacted by students from undergrad,grad school, and friends of friends requesting such meetings at least 3-4 times a month). Personal meetings only convey a benefit for someone on your end - there is nothing in it for

people on my end and there is a lot of risk. I do not know these people, how credible there are, and its harder to escape if the individual is complete waste of time. I personally am happy to help people - but I dont take requests for in person meetings until I have had time to digest the individual.

Hope all this advice is helpful. Your are welcome to send me another request for an intro to [Contact]. Best of luck in your endeavors.

Regards,

[Introducing Contact]

Job Search Update

noreply@blogger.com (Frank Galea) — Mon, 17 Oct 2005 06:02:00 +0000

Making progress despite greater demands of my current job responsibilities. I have been expanding my immediate network through LinkedIn:

I have been conducting searches on my network and will be seeking introductions to the contacts that match my interests. Current narrow search I conducted was on Parnassus Investments and I located 2 people who were previously affiliated to that firm. One of my introduction requests was declined by the intermediate contact who requested further clarification of my objectives. I have not heard back from my second request yet. I have faith in the approach however, since I am more quickly identifying people who are capable of providing me valuable insight on one of my target firms.

A broader search on "socially responsible" turned up 30 hits in my network. I will contact these users if I have a significant connection on other interests or past affiliations.

I recently made a connection with a business development professional with an executive search firm through filling a contract position at my job. I hope to keep in touch with her as a valuable source of insight.

I also find inspiration in the 10 principles of Hapkido, as taught by Master Robert Yee through the Embarcadero Hapkido Club. In particular #4, the extension/expansion principle, applies very well to networking efforts. By focusing my energy on career change towards right livelihood and communicating that message through people I am connected to, that message expands.

Globalization, freedom of expression, the Internet

noreply@blogger.com (Frank Galea) — Mon, 03 Oct 2005 03:27:00 +0000

We are bombarded by buzzwords like “globalization” and clichés about how we are all connected and empowered by the Internet. Let’s examine the reality behind these. Let’s take Singapore, a city nation of 4 million people 16 time zones or approximately 8500 miles away from me. We are economically connected, there is no doubt. Singapore is the US’s 11^th largest trading partner. We are Singapore’s 2^nd largest trading partner and more than 1,300 American companies have been attracted by Singapore’s business-friendly policies to set up operations in that country. In this room, I have 2 computers and monitors, an unreliable printer, a cell phone and a PDA – let’s bet there is at least one component that has been manufactured or assembled in Singapore.

The connections do not end with consumer goods; we are also financially connected – my 401-K includes an international fund with holdings in Asia. Even domestic funds hold many of the 1,300+ American multinationals that have direct investment in Singapore. So there’s globalization, a web of economic ties in which I am a usually unconscious participant. I’m just going about my life as a Bay Area resident, with my consumer electronics and struggles to save for retirement in the face of our cost of living.

The connections could end there, with me as a passive link in a chain set in motion by others: huge businesses, governments, packagers of financial products. No more thought about our connected world is demanded of us than of the alfalfa that winds up in a trough at the feedlot for globalization to run its course.

We continue to exist as individuals and human beings in this system if we choose to stretch our awareness to encompass our connected world. Browsing through Blogger, I read a piece about Martyn See, the Singaporean film-maker and blogger who is being persecuted for making a documentary on Dr. Chee Soon Juan, a leader of the marginalized opposition to the party that has ruled Singapore since 1959. The city-state forbids the making of any film of a political nature, although it selectively enforces the “Films Act” by allowing glowing biographies of figures in the ruling PAP party. It seems that the stable political climate and docile workforce that make Singapore so attractive to our companies come at the cost of freedom of expression and true democracy for the Singaporeans.

Now let’s talk about the Internet and empowerment… While the documentary has been pulled from film festivals in Singapore proper through government pressure, it is shown full length on Amnesty International Asia-Pacific’s web site, along with background on Martyn See’s case and contact information for the Singaporean Minister of Information, Communication and the Arts. In a few clicks and keystrokes, we are able to see something that the censors and jailers want to hide from us. I wrote to the Ministry to make them aware that trying to stop a message through repression is futile. I found Martyn’s blog and emailed him words of support. I’d encourage you to do the same. We need to show solidarity for others who are taking courageous steps.

Depending on how the case progresses, we can take the fight to the next level and use the Internet and research tools at our disposal to identify some of the 1,300 US companies that do business in Singapore to use them as leverage on the Singaporean government. A blueprint was left behind from the international community’s opposition to apartheid and the use of escalating economic pressure in support of reform movements. Foreign companies with operations in South Africa were used to pressure the South African government when public opinion alone failed to convey the message. Eventually, actual divestiture happened when the threats and cajoling weren’t sufficient.

In a much more connected era, where the images from across the world find their way to our screens, and where both companies and governments are much more sensitized to having their image tarnished, we can expect much less overt economic harm would have to be inflicted in order to get reforms. In the time it takes to cook angel hair pasta, you can identify that American Express, JP Morgan and EDS all have a Singapore presence. The firm I am employed with has a strategic relationship with American Express. Through an online networking site called LinkedIn, I find that I am no more the 3 degrees of separation from 49 people at American Express, 22 people who work for JP Morgan, and 48 at EDS. It is a matter of a few emails to get in touch with them and forward a link to the movie that Singapore’s government is trying to suppress. At that point who knows how far, fast and high the message can go?

This entry was also published on InvestedInterests.

Investment Advisory Practice

noreply@blogger.com (Frank Galea) — Fri, 30 Sep 2005 07:00:00 +0000

I have been putting more thought into what it would take to launch a successful investment advisory practice. If the firm can differentiate itself by offering individualized portfolio management based on ethical criteria without incurring high costs, I believe that I could market the services effectively to a local clientele. Cost and performance will remain key features that I will need to keep in mind. Solid operations planning is the only way to execute against cost criteria without the benefit of large scale at inception. There is a web of activities that makes up the value chain. Value can be created for the customer by understanding the connections between areas and how they can be organized to support each other rather than operating as silos or even at cross-purposes.

The Chartered Financial Analyst coursework for Level III covered "Client Intake" activity effectively by emphasizing the need for a well documented Investment Policy Statement for each account. Additional information on a customer's ethical preferences and sensibilities will need to be captured for an SRI manager to be able to act on client's behalf. There must be complete clarity around whether the client has strong exclusionary criteria or whether they would be amenable to a "best of breed" approach to maintaining exposure to a sector or industry. Choosing an explicit benchmark, identifying passive versus active style (or shades in between), evaluating risk tolerance, etc... must all be completed before the strict "Portfolio Management" phase can add value.

Quest for Right Livelihood

noreply@blogger.com (Frank Galea) — Mon, 19 Sep 2005 19:44:00 +0000

I plan to use this blog to track progress in looking for fulfilling and worthwhile employment. I am near the 5 year mark - 2/15/2006 - of my employment as a technology project manager or business systems consultant with Wells Fargo's Funds Management Group (the Wells Fargo Mutual Funds).

The position offers many interesting challenges and exposes me to systems and processes of the "back of the house" for a top 20 mutual fund family, however, I don't believe that it is my "life's work". I've been committed to the principles of environmental sustainability, peace and social justice and I believe that big corporations are more often the problem than the solution. It is increasingly difficult for me to reconcile my beliefs with the fact that I work for a Fortune 100 company and pour my daily efforts into something I don't control or approve of 100%. Wells Fargo is among top holdings of many of the socially responsible portfolios and promotes diversity internally. The company is not among the most reprehensible and I don't have acute pangs of conscience for working here. The issue is that I feel there is something out there more closely aligned with my values where I could be able to contribute more of myself.

I have completed the coursework for the CFA program and am seeking a position that focuses on portfolio management or investment research. I started the CFA program while working at Schwab in technical support for online trading and investment research applications. The firm required we get Series 7 and 63 licenses to handle escalated trading calls and be promoted within the team. I scored a 98% versus the 70% required to pass the 7, so I figured that I had a knack for finance / investment related topics and I decided to pursue the CFA. The CFA seemed like a great alternative to going to Graduate School for an MBA because it was 1). self-study 2). inexpensive and 3). wouldn't interfere with working for a living. I had heard praise for the program, the breadth of the curriculum and the fact it was geared towards professionals in the field.

I would like this job search to be more thorough than past efforts. I would like to leverage the fact that I'm not in a hurry and can afford to ask a lot of questions. I want what I learn in the process to serve me and make me more of an expert on socially responsible investments and careers in the field. The main challenge is that it is difficult to seriously look for a new job or career when one already has something that is paying the bills and filling the hours. I hope the blog will help keep me on track and push me to stay on course, if only to avoid the shame of having no progress to report :)

Health and fitness

noreply@blogger.com (Frank Galea) — Fri, 03 Jun 2005 22:37:00 +0000

EXERCISE:
It's been almost a year since I've gotten serious about health and fitness. At my friend Anthony's suggestion, we both started Tae Kwon Do and Hapkido classes through the Embarcadero YMCA in July '04. At two session per week, it has been a great workout, a way to focus mentally and also a social outlet. We have also been playing racquetball regularly. My fiancee Nikki and I hike frequently with our dog (Audrey) and try to take advantage of our proximity to Mt. Tam and other great hiking in Marin County. Our apartment community has a gym and swimming pool (with hot tub and sauna) that we frequently use. Overall, I would say that I am in the best shape now that I have ever been in. My weight has not changed much - I am still 180-183# vs. the peak of 190# a couple years ago. I plan to keep up this level of activity because it feels good and because I am setting some long term goals around fitness: I would like to earn the Black Belt by age 40. Whenever I ask senior students they cannot stress enough that conditioning is critical.

I have been using the WebMD LEAP Personal Trainer to track all activity. I highly recommend it as a reinforcement and encouragement. It becomes a form of internal peer pressure after a short while. 9/28/05 Update: have dropped to 176# after the Oregon hiking trip and stepping up activity. The racquetball courts at Embarcadero YMCA have reopened, so will be playing more. I feel in prime condition and can handle the Tae Kwon Do / Hapkido class at high intensity without getting as winded as before.