4,000 Weeks: A Wake-Up Call

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I finally did the math: If I’m lucky, I have 884 weeks left to live.

And no, I don’t have a sudden terminal illness to disclose.

Last year, I received a copy of Oliver Burkeman’s latest book: “4,000 Weeks: Time Management for Mortals.” It was life changing. The premise: If you live to be 80, you will have lived 4,000 weeks, which seems a shockingly, inconceivably, BRIEF amount of time!

To be honest, I wasn’t sure I wanted to know how many weeks I had left or how many I’d already “spent” (or wasted). And as I devoured, reread and chewed on this book for the past year or so (somewhere between 52 to 78 weeks), I was uncertain what to do with this information. This realization left me feeling, frankly, disturbed — as well as depressed? Unmoored? Lost? I had NO idea what to make of this awareness.

I thought I was aware of my mortality. I meditate. I practice yoga. I strive to live in the now. But the truth (provided I don’t get killed by a drunk or texting driver): I live with the false assumption that I have TONS of time, ALL the time in the world and even time to kill, to do all of things I want to do. I have SHELVES of time-management and self-help books promising that my perfect life is within my reach! But the realization that I can’t do all the things on my to do list(s), that I’ll never got on top of things ever — however proactive — terrifies me. And all the time-management gurus with books, online classes, podcasts … it’s a con for those of us still under the illusion that we can have it all or be it all.

Our American way propels us, after all, into this fallacy. Yet, on some level, as we try harder, consume more, and chase experiences and benchmarks, we know something is MISSING. We go faster and faster and seem further and further away from fulfillment and that “something” we seek.

Usually, it takes a serious interruption or event (death, illness, divorce, setback) to interrupt our trajectory, our trance/hallucination that we’ve “got this” and that we can do, be and have anything to remind us of our mortality — that we are a very small blip on the timeline of the universe, the fact that we are small creatures standing on ONE planet, in ONE solar system out of millions, billions of stars in ONE corner, the Milky Way.

People who face disruption become CLEAR about what matters. It’s like being in a house on fire: You don’t grab stupid shit! And when we are on our death beds, all those things we think are SO important seem pretty insignificant compared to fleeting moments (not selfies) where we actually stayed up all night talking with a friend, gazed into the eyes of our beloved, caressed the head of our child, or cried with a dear friend … those are the moments, or the lack of them, we will remember.

Burkeman is looking at time management (which he says is ultimately all life is) with a different lens. In his book’s introduction, entitled “In the Long Run We’re All Dead,” he serves it up straight: “Assuming you live to be eighty, you’ll have had about four thousand weeks. … make it to ninety, and you’ll have had almost 4,700 weeks.” He continues: “It follows from this that time management, broadly defined, should be everyone’s chief concern. Arguably, time management is all life is.”

I know life is short. But I haven’t been valuing my time as precious, primarily because I haven’t valued myself, and I have spent those precious weeks pleasing or appeasing others. When exactly am I planning on living an authentic life knowing I don’t have all the time in the world? Am I going to keep using my precious time left doing things to be “good enough” for others, or am I going to use them to be true to myself and choiceful? Intentional?

The media is like a crowd — a global-sized peer pressure to fit in and go with the flow. Everyone else is doing “it.” I already struggle with “getting it right,” believing everyone else has it figured out. Instagram, Facebook and all forms of media demonstrate this to me —constantly. Interestingly, when people talk about how they “spend” their life, it is literally an investment of my time to listen that either moves me toward or away from who I really am.

Is this how I want to spend my life?

Burkeman’s book reminded me of the “Seinfeld” episode “The Sponge” (119th episode, season 7, episode 9, 1995) in which Elaine (Julia Louis Dreyfus) faces a sexual crisis when she discovers her preferred brand of contraception, the Today brand of contraceptive sponges, has been taken off the market. She finds 60 at her local pharmacy and then faces the fact that these must last her the rest of her life. She looks at her dates and weighs them as being sponge-worthy.

I too have come to appreciate, realize, see, and understand that each remaining week is precious. How will I spend it? For my remaining weeks, I’ll ask myself: Is spending my time in this or that way “week-worthy”? It’s a time bank account. Is spending my time people-pleasing worthy of my precious time? Is being resentful? Angry? Envious? How important are all those “likes” or what some celebrity influencer is doing? How do I wish to spend my week? Certainly, there are tasks I need to do. But then maybe there are some that really are  not important.

This means listening to MY voice over the voices of others. It means spending time alone, meditating, discerning, listening, learning.

Steve Jobs said, “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma, which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.” That’s how I plan to spend the weeks I have to come, whether that is 650, 884 or something in between. How about you?

Embracing a Sense of Awe: How Wonder Can Transform Our Community

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Have you ever had an experience so powerful that it made you question your understanding of the world, the kind of moment that stops you in your tracks to say “wow” — in other words, a moment of awe? Recently, two very different groups of local residents had this type of transformative experience during trips that the Gambrell Foundation supported.

Last August, 20 high school students from Communities in Schools’ “Difference Makers” program and 27 community leaders visited our nation’s capital to tour the National Museum of African American History and Culture. With its striking architecture and powerful exhibits, the museum provides an unvarnished history of our country’s record of racism, but it also celebrates the vast contributions of African Americans in the sciences, arts, sports and business sectors. The intentionality behind the museum’s design served as a catalyst for group members to learn from one another and open themselves up to new ideas and perspectives. Through this shared experience, the visit created a deeper sense of connectedness as the group grappled with issues of race, history and justice.

Two months later, 18 diverse community leaders conducted a study tour of some of the “happiest” countries in the world: Finland and Denmark. While the participants were impressed with the Nordic countries’ economic, educational and family-friendly social systems, they were unexpectedly moved to tears by a multimedia art exhibit — Ragnar Kjartansson’s “The Visitors” — at the Louisiana Museum of Modern Art in Copenhagen. Through hauntingly beautiful music and stark video images, the exhibit created an almost spiritual experience as it celebrates a sense of togetherness and belonging.

These two experiences, literally half a world apart, were linked by the incredible sense of awe they invoked — that feeling of encountering mysteries so vast that they transcend our understanding of the world. Whether found in nature, music, visual design, life-and-death experiences, epiphanies (suddenly understanding truths about life), acts of kindness or courage, or a collective bonding moment where we feel connected to all humanity, awe cuts across differences in age, race, ethnicity, and affluence. According to Dr. Dacher Keltner, a psychologist at University of California Berkeley and author of “Awe, The New Science of Everyday Wonder and How It Can Transform Your Life,” awe is a powerful and universal catalyst for developing purpose, kindness, empathy, humility and drive to explore the mysteries of life.

In a time increasingly defined by fear, anxiety, loneliness and disconnection, particularly among youth, awe offers us a lifeline. As Jonathan Haidt reveals in his new book, “The Anxious Generation,” many young people from all income levels struggle with mental health issues stemming from never-ending social media comparisons and a lack of meaning and perspective. When we chase the trivial, we lose a sense of what truly matters in life. Awe offers us a potential remedy to a world where no one seems happy or content. Through awe, we can shift away from the trivial to the meaningful and create a sense of hope and aspiration, improving our health and education outcomes and, most importantly, developing a sense of empathy and love for one another.

As Keltner notes, we can find awe all around us, often at no cost. Understanding the power of awe to change lives compels us to weave it into all aspects of our community, from doctor’s offices and hospitals to schools to retirement communities, parks and cultural activities. Our public and philanthropic efforts also need to infuse a sense of awe and wonder when tackling our toughest challenges — including efforts to boost upward mobility. After all, upward mobility isn’t the goal we aspire to; it’s only part of the journey to pursuing our wildest dreams and aspirations.

Our exploration of integrating awe into our lives is why we at the Gambrell Foundation are excited Keltner will speak at Queens University on May 22. Through years of research and scientific studies, Keltner has demonstrated that awe isn’t a luxury or a trivial consideration but a vital contributor to our individual and collective well-being.

By embracing awe, we can reimagine our city as a beacon of inspiration and positivity, setting a national example of ensuring every resident experiences wonder’s transformative power. To help make that vision a reality, the Gambrell Foundation is committing to making awe integral to our future grantmaking. By joining forces, we can transform Charlotte into a “City of Awe,” where everyone has the opportunity to live their version of a great life. In turn, their individual flourishing will lead to greater overall prosperity for our city.

We encourage all in Charlotte to find ways to experience awe in your life. Whether it’s on a walk, in class or listening to your favorite music, remember that when you experience these moments of awe, you’re actually witnessing acts of love that enrich your life and connect you to others.

 

The Gambrell Foundation:

Sally Gambrell Bridgford, Chief Executive Officer

Brian Collier, President

Brian Bridgford, Vice President

Anti-ESG Movement

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A new term was added to our vocabulary this year: anti-ESG. The definition of this word is clear and means opposed to ESG investing. The anti-ESG movement has occurred at the intersection of politics and investment. For example, Florida adopted a resolution barring the consideration of ESG factors in its investment management practices. Also, Texas blacklisted ten asset managers, including BlackRock, for allegedly “boycotting” the fossil fuel industry.

Recently, Senate Banking Committee Republicans released a report titled “The New Emperors: Responding to the Growing Influence of the Big Three Asset Managers,” taking direct aim at BlackRock, State Street, and Vanguard, which manage the majority of index funds and exchange-traded funds (“ETFs”). In this paper, committee Republicans argue that these three big firms use their influence to drive changes at various companies. This is problematic because the law requires that an owner company with at least a 5% stake in another company disclose any attempts to alter said company. BlackRock, State Street, and Vanguard are considered passive investors in the companies they own, so they have only been required to file abbreviated disclosures. This report questions if the big three firms are, in fact, passive investors. If they are not, the report’s authors argue they should be required to file full and complete disclosures.

The paper also claims that firms’ participation in the Net Zero Asset Manager’s Initiative (i.e., net zero emissions by 2050) supports the case that companies are active investors seeking to influence the direction in which their funds are invested. Interestingly, after this report was released, Vanguard withdrew its name from the Net Zero Asset Manager’s Initiative.

According to Piper Sandler, headline risk, not regulatory risk, is the most likely consequence of this report in the near term. I value ESG investing because these factors have a material impact on price, and I want to know about everything that materially impacts the cost of our investments. Furthermore, ESG investing facilitates the tracking and measurement of non-financial goals, a priority for The Gambrell Foundation’s portfolio. Although my personal and professional views differ from those represented in the above-summarized report, I think reading and understanding divergent perspectives is essential to strengthening our own.

NATIONAL CENTER FOR FAMILY PHILANTHROPY (“NCFP”)

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NCFP hosts The National Forum on Family Philanthropy every two years. While at this year’s symposium in San Francisco, I took the advice of our wise leader to lean into topics you would normally not choose when selecting breakout sessions. As a result, I wound up sitting in a session about climate change since it is not explicitly one of The Gambrell Foundation’s strategic priorities. The following is a summary of NCFP’s climate session.

The speakers that led the discussion around climate included:

  • Armando Castellano – Trustee of Castellano Family Foundation and Board Chair of Donors of Color Network
  • Jennifer Kitt – President of Climate Leadership Initiative
  • Susan Packard Orr – Co-founder and Chairman of Arreva LLC
  • Walt Reid – Vice President for Environment and Science at the David and Lucile Packard Foundation
  • Jeff Sobrato – Development Manager of the Sobrato Organization

The goal of the Paris Agreement, a legally binding international treaty on climate change signed by 175 countries, including the U.S., is to limit global warming to 1.5 degrees Celsius. To attain this goal, we must cut carbon emissions in half by 2030, achieving net-zero or maintaining a balance between greenhouse gases produced and taken out of the atmosphere.

First, let’s understand the main sources of emissions. In 2018, greenhouse gas emissions totaled approximately 52 billion tons worldwide. Below is the breakdown of the primary contributors to greenhouse gas emissions:

  • Burning coal/gas in power plants to produce electricity and generate heat produced 25% of global emissions.
  • Deforestation contributes 24% of emissions.
  • Manufacturing of steel, cement, plastics, and oil/gas refining are particularly polluting, causing 21% of emissions.
  • Road transportation relying on fossil fuels and airplanes, ships, and trains generate 14% of emissions.

Moving forward, the path to net-zero entails multiple avenues:

  • Eliminate emissions through the use of clean energy.
  • Protect and enhance nature, which naturally removes 40% of emissions.
  • Remove existing carbon dioxide from the air using technology.
  • Ensure equity and justice, which is necessary for lasting and transformative climate change (e.g., within the U.S., only 13% of funding from 12 of the largest environmental funders went to BIPOC organizations).

The session closed by reminding us that climate transitions are economical, while the impact from future climate overheating is personal. Seems like a fitting place for family foundations to get involved and be effective.

CFA Institute: The DEI Code

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Established 75 years ago, the CFA Institute (“CFAI”) is a global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. There are more than 180,000 CFA® charterholders spanning over 160 countries worldwide. 

Although late to the game, CFAI released The DEI Code this year, a comprehensive voluntary Code aiming to foster commitment from institutions to DEI action. This commitment will lead to greater inclusion of broader viewpoints from the best talent, ultimately leading to better investment outcomes, helping create better working environments, and generating a cycle of positive change for future generations. The DEI Code was created by a highly diverse working group comprised of investment professionals, CFAI members, and DEI practitioners via multiple iterations, including outside feedback on draft versions. 

Outlined below are the core principles of The DEI Code, which will drive greater diversity, equity, and inclusion efforts in a meaningful and measurable way:

 

1) Pipeline
– Raise awareness primarily among the following groups:

  • Students prior to college, catering to low-income student bodies
  • Historically Black Colleges and Universities (HBCUs)
  • Hispanic-Serving Institutions (HSIs)

– Sustained, systematic effort is the only avenue for real change

2) Talent Acquisition
– Anti-bias and cultural competency training for hiring managers, interviewers, and recruiters
– Combat the misperception that finding underrepresented candidates means lowering criteria

3) Promotion and Retention
– Ensure mentorships, sponsorships, new opportunities, and appraisal processes are equitable

4) Leadership
– To drive progress, leadership must be diverse, inclusive, accountable to stakeholders, and trained to manage and lead diverse teams at all leadership levels within the organization.
– Robust leadership development processes (e.g., understanding root causes of inequities, improving skills, and changing behavior around DEI)

5) Influence
– Motivate others in the industry to also adopt the Principles of this Code
– Regularly review all partners with respect to DEI

6) Measurement
– Provide regular reporting on DEI to leadership and CFAI
– Incorporate individual self-identification in data collection
– Complete Reporting Framework annually
– No finish line, rather an iterative, continuous improvement process that requires commitment from all

There is no cost associated with adopting The DEI Code. Any U.S. or Canadian organization may choose to become a signatory of The DEI Code. CFAI will hold those parties accountable through required annual progress report submissions and associated discussions surrounding progress achieved. As of September 7, 2022, there were 49 signatories of The DEI Code. 

Nuveen Responsible Investing Council 2022

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Since 2020, I have been a member of Nuveen’s Responsible Investing Leadership Council, which brings together thought leaders in the investment industry from around the country to discuss – you guessed it – everything about responsible investing. Given the pandemic, the council’s first in-person meeting was in Chicago in June.

The meeting kicked off with an interactive session dissecting a UVA Darden Business School case study on CalPERS’ divestment of tobacco stocks in the early 2000s. Approximately 15 diverse investment professionals attended the meeting, and each member respectfully shared their unique views on whether CalPERS made the right call. I think Jon Hale, Ph.D., CFA, director of sustainability research for the Americas at Sustainalytics, succinctly summarized it best by saying, “If I divest or remove, then I’m the same or worse off.” Another council member took things a step further by sharing a hypothetical scenario to demonstrate the indirect ripple effects of divestment. For instance, if Exxon is financially impaired due to meaningful investor divestment, it’s possible the company could lay off low-income employees in emerging countries to cut expenses. Although investors intend to cause no harm, divestment ultimately contributes to inequality in this scenario.

Throughout the event, my two greatest takeaways from this gathering were:

  • A question – should the U.S. assess gross well-being as opposed to gross domestic product (“GDP”) when measuring the country’s value-added? Simply put, gross well-being expands on GDP by measuring sustainability and happiness.
  • Unlike traditional investing, responsible investing is subjective. For example, what is “green”? The definition of a green investment means something unique to each of us. The inherent subjectivity of sustainable investing necessitates continual education in this space.

As a lifelong learner, I look forward to participating in future meetings with my fellow council members as we work together to elevate the responsible investment industry.

Program Related Investments

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Learn about how the Gambrell Foundation worked with the Charlotte Center for legal advocacy to help meet their mission through a Program Related Investment.

SEC on ESG

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The U.S. Securities and Exchange Commission (“SEC”) is an independent agency of the federal government with the primary purpose of enforcing the law against market manipulation. Given that U.S. publicly traded companies are responsible for 40% of emissions, the SEC submitted a formal proposal on March 21, 2022, which states that publicly traded companies report greenhouse-gas emissions from their operations (Scope 1) and energy consumption (Scope 2) in their annual SEC filings. This proposed emissions disclosure would also have to be independently certified to assure accuracy, similar to an auditor’s independent verification of a company’s financial information. Furthermore, the SEC’s proposal stated that companies with material greenhouse-gas emissions would also be required to report Scope 3 emissions, which are greenhouse-gas emissions related to said companies’ suppliers and customers. Lastly, the proposal required that companies include in their annual filings their long-term risks associated with climate change and how they are addressing those concerns.

The proposal submission is the first of many steps, including feedback from the public and an actual vote, before any real-life implications would be felt. Politically, support is divided on this subject matter. The majority of Democrats support the move, whereas the bulk of Republicans oppose it on the basis that the SEC is overstepping. Additionally, this disclosure requirement is not straightforward in that data gathering is challenging, and reporting is not standardized.

As a point of reference, other countries are acting similarly:

  • The largest companies in the U.K. will submit initial climate-related risk reports next month.
  • Swiss companies will begin reporting their climate-related risks in 2024.
  • New Zealand passed corporate climate disclosure requirements last year.

Currently, 1,500 U.S. companies voluntarily disclose climate-related risk information. If the current proposal becomes law, emissions disclosure would no longer be optional and instead be an additional reporting requirement for American publicly traded companies.

How does ESG-Related News Impact Markets?

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As investors, corporations, and regulators place greater importance on ESG-related matters, it’s worth understanding which ESG information has the most significant impact on markets. Attempting to address this question, George Serafeim, Charles M. Williams professor of business administration at Harvard Business School, and Aaron Yoon, assistant professor of accounting information and management at the Kellogg School of Management, conducted a study on the effect of ESG-related news on companies’ stock prices.

Enhancing prior research on ESG-related matters, Serafeim and Yoon took a systemic and technology-focused approach by utilizing natural language processing, eliminating selection bias that is present when humans subjectively analyze data. The data source for this research was FactSet TruValue Labs (“TVL”), which tracks daily ESG-related information across thousands of companies and classifies this news as positive or negative. TVL uses artificial intelligence to pull and analyze ESG news from analyst reports, media, and government regulators. Using TVL, Serafeim and Yoon’s research included 109,014 pieces of ESG-related news across 3,109 U.S. companies.

During their research, Serafeim and Yoon concluded it’s unclear whether ESG scores will predict future ESG news because investors may disregard ESG scores. Additionally, Serafeim and Yoon agree with previously published research in that negative ESG news results in adverse equity price reaction, and conversely, positive ESG news produces positive stock price movements. However, Serafeim and Yoon take it one step further, clarifying that the position stock price reaction to positive ESG news is stronger than the negative equity price movement in response to negative ESG news.

In conclusion, Serafeim and Yoon found that companies’ stock prices reacted most to ESG-related news that was unexpected, positive, and material. Furthermore, ESG news that received more coverage and related to social capital issues had a more significant impact on equity prices. For example, on the day positive news was released about product safety, equity prices correspondingly moved 1.55% on average that same day.