Per Webster: “A retreat is a meeting that is typically designed and organized specifically to facilitate the ability of a group to step back from their day-to-day demands and activities for an extended period of concentrated discussion, dialogue, and strategic thinking about the organization's future or about specific issues.”
This is the time of year for the retreat. The annual /
semi-annual get-a-way to review, reflect, respond, renew, refurbish,
regenerate, and retrace. In other words, we don’t know what the hell we are
doing so let’s retreat.
Al kinds of retreats: Management, Spiritual, Wellness, Faculty,
Students, Boards, Winter Meetings, Leadership, Political, all reasons to break
the daily routine and accomplish something.
There are many pros and cons for retreats. The pros are
allowing for transparency, input, honest discussions, planning. The cons are no
transparency, no input, BS, and a great revenue stream for the consultant.
Even in a pandemic they go on: as a Zoom, Microsoft stockholder
I thank you.
A business retreat is focused much more on high-level
strategy, combined with lots of “white-space time” for the participants.
Typically, the objective for a retreat is to take high-level thinkers out of
their busy day-to-day schedules and to an intimate setting that allows them to
really free up their creative thought process. I would envision a more relaxed
setting, lots of outdoor time, informal roundtable gatherings, guided hikes,
etc.—all to inspire a more strategic thought process. A business meeting is
typically very structured and focused on a critical department within an
organization. In many meetings we have experienced, the attendees are listening
more than they are participating, and the content is driven by executives of the
company or the department.
A retreat is usually a smaller meeting that convenes in an
off-the-beaten-path destination; examples include dude ranches and experiential
properties that offer the attendees an unusual setting that inspires organic
networking and bonding opportunities. A business meeting typically takes place
at a hotel not far from the airport, with meeting space and audio-visual
support to accommodate the size and scope of the meeting. A business meeting is
content-driven, while a retreat is focused on attendees experiencing the
destination as a group.
Whatever you call it and define it, it is the retreat season.
So good luck, happy retreat and if you are a consultant this is the time of
year when P.T. Barnum said it best: “there is a sucker born every minute.”
ADIOS - Today is President DONALD TRUMP’S
last full day in office. His final Gallup job approval rating is 34%, the
lowest of his term. Tomorrow he retreats to Florida, the Senate prepares an
impeachment trial, and JOSEPH R. BIDEN will be inaugurated.
Biden ran on a theme of unity but will soon have to work with
people in Congress who backed Trump’s post-election plot even after they were
chased from their respective chambers by rioters. Wednesday, when he puts his
hand on the Biden family Bible and looks out at a city occupied by troops and
ravaged by recession and disease, he will be surveying a capital remade by
Trump.
Here’s the state of the Washington Trump will leave behind:
— A House in which the GOP is now dominated by Trump Republicans,
about 140 of whom voted to invalidate the results of the 2020 presidential
election. At the fringes, it is studded with QAnon conspiracy theorists that
Minority Leader KEVIN MCCARTHY has allowed to flourish. (One of them promises
to draft articles of impeachment against Biden on Thursday.)
Yet Trump’s takeover of the GOP has never been enough for the
defeated president. Trump has started calling another of his steadfast
loyalists, McCarthy, a very ugly name (even for Trump) for not pushing hard enough
to overturn the election results. More on that below.
Across the aisle, House Democrats have a threadbare majority
and an energized left that may be more interested in prosecuting the departing
Trump regime than working with Biden to pass his (in their view) centrist
agenda.
— A Senate where both leaders face immediate challenges: MITCH
MCCONNELL will have to decide how far to press de-Trumpifying the GOP now that
Trump is no longer an instrument to advance conservative judgeships and tax
cuts. But as McConnell returns to the minority and Washington comes under
Democratic control, those intra-GOP fights may soon be less of a priority than
uniting against the Biden agenda.
A glimpse of the new direction will come this week as
Democrats move to defer the Senate impeachment trial for a few days and push
through Biden nominations for a quick vote, which a single Republican senator
can thwart. Those two priorities — the trial and Biden Cabinet votes — are like
trying to steer “two freight trains colliding at 100 miles per hours,” a Senate
source tells Rachael. Especially in a 50-50 Senate. Buckle up, CHUCK SCHUMER.
— A mainstream media that’s suffering from a huge swath of the
country that doesn’t believe it after four years of Trump’s attacks. It is
often paralyzed about how to confront the crisis of misinformation that Trump
helped create, which will haunt politics for the foreseeable future.
— Finally, Trump is departing a capital city that he
transformed. Washington is essentially occupied by thousands of troops (Trump
abandoned the Green Zone in Baghdad and set one up in D.C.), economically
reeling from the pandemic (dozens of restaurants have closed), and scarred by
the remnants of summer looting. The Capitol building remains defaced by the
attack instigated by the departing president and ringed by steel fencing and
concrete barriers.
This is the Washington Trump, in
the future after the Presidency to be referred to as The Thing, is
leaving behind.
THE FINAL TALLY –
PRESIDENT BIDEN’S CABINET –
COLLEGE CHRONICLES - Eleven members of Michigan State
University's women's swimming and diving team are suing the institution to stop
it from eliminating their program, on the grounds that the institution already
fails to meet Title IX requirements for equal sports offerings for women.
WORDS OF THE MONTH –
“Inauguration” vs. “Swearing In”: What’s The Difference?
Every four years, the presidential inauguration captures the
attention of people in the United States. Some tune in to the televised event
for the eye-catching ceremony, crowds, and parties. Others are most looking
forward to the swearing-in. Yet regardless of what people tune in for, the
whole swearing in part is sometimes confused with the inauguration itself.
Which makes you wonder: what is the inauguration and what is
the swearing-in? Or are they both the same thing?
While it’s true that presidential inaugurations in the
United States include a swearing-in, the two terms are not one and the same. In
fact, you don’t have to be an incoming president to receive an inauguration or
even a swearing-in.
What is an inauguration?
At the heart of any inauguration is the verb inaugurate,
which means “to make a formal beginning of,” or “to place in office formally
and ceremonially.” It comes from Latin and was first recorded in English around
1595–1605. That formal ceremony to inaugurate a person, place, or thing is called
an inauguration, which was first recorded 1560–70.
Inaugurations aren’t limited to US presidents. There’s a
long list of subjects—from entities to events—that can be at the center of an
inauguration. A ribbon-cutting ceremony can serve as the inauguration for a new
building, for example.
Inaugurations are important because they’re the official
start of something new. The president-elect isn’t the president until
Inauguration Day when they take the oath of office (which has everything to do
with swearing in and little to do with the other Inauguration Day festivities,
but more on that later). When that happens, exactly, has changed over time.
March 4 was the original date that Congress set for the president-elect to take
the oath, but that changed to January 20 with the 20th Amendment in 1937.
An inauguration, in short, is a ceremony that marks the
beginning of something new. When it comes to putting someone in the office of
the president (or any other office for that matter), there’s one crucial, binding
part of the inauguration: the swearing-in.
What is a swearing-in?
A swearing-in is “an official ceremony where a person takes
an oath of office, allegiance, etc.” The term was first recorded around
1890–95. The swearing-in ceremony is defined by an action. While the term
swearing-in is a noun, the verb to swear someone in means to “administer a
legal or official oath.”
The swearing-in is a ceremony that marks a new position just
like an inauguration, but unlike an inauguration, swearing in refers specifically
to when someone promises to take an action. Since 1884, the president-elect has
recited this oath: “I do solemnly swear (or affirm) that I will faithfully
execute the Office of President of the United States, and will to the best of
my ability, preserve, protect and defend the Constitution of the United
States.”
MARKET WEEK - A lot of the good news that lies ahead may
already be accounted for in the market as Wall Street logs its first weekly
loss of 2021.
The S&P 500 and Nasdaq Composite each fell more than 1%
for the week. The Dow Jones Industrial Average lost 0.9% over that time period.
It was the first weekly decline for the Dow in five weeks. The Nasdaq also
snapped a four-week winning streak.
Those weekly losses came as traders awaited, and ultimately
received, the details of President-elect Joe Biden’s $1.9 trillion Covid
stimulus proposal.
The plan would increase the additional federal unemployment
benefits to $400 per week and extend them through September and provide direct
payments of $1,400 to many Americans. It also calls for $350 billion in aid to
state and local governments, $70 billion for Covid testing and vaccination
programs, and raising the federal minimum wage to $15 per hour.
"There was a fair amount of transparency as this deal
came to fruition," said Keith Buchanan, portfolio manager at GLOBALT. This
made it easier for investors to price in the proposal's potential impact on
risk assets ahead of time, he said.
In the week ahead, investors will focus on corporate
earnings from Bank of America, Goldman Sachs, United Airlines and Netflix. Wall
Street will also keep its eyes on Washington as Biden gets set for his
presidential inauguration on Wednesday.
Despite this week’s losses, Biden will head into the White
House with the biggest market tailwind between an election and an inauguration
since at least 1952.
For the Federal Reserve, 2020 was a YOLO (You Only Live
Once) year. In response to the coronavirus crisis, the central bank quickly
dropped interest rates to near-zero and, in unprecedented fashion, provided up
to $2.3 trillion of financing to support businesses and markets.
It also confronted issues of racial inequality far more than
it had since its founding in 1913. The killing of George Floyd last spring
spurred calls for the Fed, the most powerful economic policymaking body in the
world, to reflect on the ways its own actions have reinforced racial
inequality—and use its influence to help address it.
Historically, the Fed has acted like a football player under
Bill Belichick—it just tried to do its job. And that job, as mandated by
Congress, is very clear: to 1) keep prices stable and 2) achieve maximum
employment.
But by pursuing those goals like a horse with blinders,
critics say, the Fed ignored racial economic inequality and perhaps made it
worse.
One example: In the 1950s and 1970s, the Fed raised the cost
of borrowing to slow down inflation growth (and fulfill job #1). According to
Howard University economics professor Williams Spriggs, that tightening of
credit disproportionately harmed Black Americans and inflated Black
unemployment relative to the national average.
The Fed is swapping its “do your job” approach in favor of a
“with great power comes great responsibility” approach. In the fall, the Fed
kicked off a series of events that explored the central bank’s role in racial
economic inequality.
First came the reckoning. The Fed “absolutely has to know,
be passionate about, be interested in not just the wealthiest or the median,
but all the people," said Ursula Burns, the former CEO of Xerox and the
first Black female CEO of a Fortune 500 company.
Then came the pledge to do better. “We need to step forward
and be present in this conversation and own that we have a role to play,” said
Atlanta Fed President Raphael Bostic, the first Black person to lead a regional
Fed bank.
Not everyone thinks the Fed should step outside its
traditional job description. As Minneapolis Fed President Neel Kashkari pointed
out, some people will say it’s Congress’s role, not the Fed’s, to tackle issues
of racial inequality. The WSJ editorial board argued a greater focus on race
would lead to “ultraloose” monetary policy (inviting more inflation).
Looking ahead…the Fed’s greater attention to racial
inequality is now being written into actual policies. Following a 20-month
review, the Fed released new guidelines stating that maximum employment is a
“broad-based and inclusive goal.” That’s central bank-speak for signaling it’ll
consider the unemployment rate among minorities when making decisions.
BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week
to Bill Maher (65), Renee Miller … famous Accounting Professor, Dolly Parton
(75).
HERE COMES CHINA - China's economy grew more than
expected last year, even as the rest of the world was upended by the
coronavirus pandemic.
The world's second largest economy expanded 2.3% in 2020
compared to a year earlier, according to government statistics released Monday.
It's China's slowest annual growth rate in decades — not
since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time
of social and economic tumult.
But during a year when a crippling pandemic plunged major
world economies into recession, China has clearly come out on top. The
expansion also beat expectations. The International Monetary Fund, for example,
predicted that China's economy would grow 1.9% in 2020. It's the only major
world economy the IMF expected to grow at all.
The pace of the recovery appears to be accelerating, too:
GDP grew 6.5% compared to a year ago, faster than the third quarter's 4.9%
growth.
NHL NEW REVENUE STREAM - Helmet advertisements are
set to debut during the upcoming 2020-21 NHL season. It’s the first time that
the league will allow sponsor ads to appear on uniforms.
Cash Grab: NHL teams hope to earn more than $15 million
combined with helmet ads this season. The Montreal Canadiens and Toronto Maple
Leafs are already eyeing $1 million sponsorship deals.
Analytics firm Navigate estimates that a season of space on
NHL helmets will be worth as much as $2.5 million in fair market value for an
average team.
The NBA started putting ads on jerseys in the 2017-2018
season and has generated more than $150 million in revenue with the program.
The American Hockey League, the development level below the
NHL, has had helmet ads since the mid-1990s.
Revenue Recovery: The NHL needs helmet ads to provide some
financial relief from the pandemic’s impact on the league and its 31 clubs.
The average value of an NHL team dropped 2% to $653 million
in 2020, the first decline since 2001
The league generated $4.4 billion in revenue last season,
down 14% year-over-year
Operating income totaled $250 million, down 68% year-over-year
Nine teams saw double-digit operating losses, up from five
during the 2018-19 season.
The Tampa Bay Lightning, defending Stanley Cup champions,
posted an operating loss of $11 million.
SWAMI’S WEEKEND TOP PICKS –
NFL Football Pick of the Week – Sunday 1/24, 12:05 PM
(PDT), Fox: Conference Championships; Tampa Bay Bucs (13-5) vs. Green Bay
Packers (14-3). The Pack is too good in chilly Lambeau, Pack wins 24 – 20.
3:40 PM (PDT), CBS: Buffalo Bills (15-3) vs. Kansas City
Chiefs (15-2). The difference in this game, Andy Reid, Chiefs win 30 – 22.
(Season to date 12-4)
NBA Pick of the Week – Sunday 1/24, 3:30 PM (EDT),
NBA TV: Toronto Raptors (5-8) vs. Indiana Pacers (8-5). Raptors having a
difficult time adjusting to Florida, Pacers win 100 – 88. (Season to date 0-3)
NHL Pick of the Week – Saturday 1/23, 7:00 PM (EDT),
NESN: Philadelphia Flyers (2-1-0) vs. Boston Bruins (1-1-1). Bruins getting
used to being without Chara – B’s win this one, 3 – 2. (Season to date 1-0)
NCAA College Hockey Pick of the Week – Saturday 1/23,
6:07 PM (CDT), ESPN+: Colorado College Tigers (3-8-2) vs. #3 North Dakota
Fighting Hawks (10-3-1). It will be a cold evening in Grand Forks for the
Tigers, ND wins big 7 – 2. (Season to
Date 1-1)
Season to Date (4-4)
Next Blog: Remember Restaurants
Until Monday January 25, 2021 Adios.
Claremont, California
January 19, 2021
#XI-23-429
2,942 words, six-minute read
CARTOON OF THE WEEK – The New Yorker, P.C. Vey
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