sMirror
Saturday, November 12, 2016
How a billionaire’s right-hand man became a big fish in a big pond
Chris Hollod poses for a portrait in his home on September 22 in Los Angeles. Kirk McKoy/Los Angeles Times/TNS
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OS ANGELES—The gig: Chris Hollod, 33, is venture-capital partner at billionaire Ron Burkle’s Los Angeles-based private equity firm Yucaipa Cos. They’ve traveled together for the last five years, with Hollod as the frontman on evaluating thousands of start-up investment opportunities. Hollod oversees Inev itable Ventures, backed by Burkle and musician D.A. Wallach. Inevitable’s portfolio includes Common, Thrive Market and 8i–which are seeking to reimagine industries such as hospitality, groceries and entertainment that brought Burkle his fortune. The magnate’s personal investments in start-ups such as meal-maker Munchery also run through Hollod. They partnered with actor Ashton Kutcher and Madonna manager Guy Oseary on investment firm A-Grade. By backing Uber, Airbnb, Spotify, Nest and Chegg, A-Grade’s value has grown to $250 million, or about nine times the principal. n Risk-averse: A star in academics and soccer, Hollod considered Ivy League universities. But he opted for Vanderbilt, or what he calls the Harvard of the South. It was closer to his parents’ suburban Atlanta home and less feisty of a culture. “I wanted to be a big fish in a small pond,” he said. n Staying conservative: Studying finance and economics led Hollod to a two-year investment banking program at Wachovia in Charlotte, North Carolina. He considered higher-tier banks but wanted to avoid their reputation for a “sharp-elbows” lifestyle. n Coasting: In a rare feat for someone his age without a master’s degree, Hollod became an associate at Wachovia. He moved in with his girlfriend, with an eye toward marriage. He felt like a high roller in Charlotte, on his way to running Wachovia someday. n
A crushing wave of change:
His mother died at age 53 after a two-year battle with cancer in 2007. Wachovia laid off his entire group amid the financial meltdown. And Hollod and his girlfriend broke up. Single, jobless and grieving, he reached what he calls his life’s most-defining moment. Some might have turned to drugs or seclusion, Hollod said. He drew inspiration from the strength of his mom, who maintained her lifeof-the-party charm until the end. Going forward, people will only “know who my mom is through their interactions with me, and I’ll be damned if they think anything less of me or my mother,” he recalled telling himself. “I treat everyone with respect...and I’m honest and hardworking, so people know how I was raised and the mother that she was.” He ventured to a lake house to hike, grill and wakeboard with his younger brother and their dad, an environmental engineer with a doctorate degree. There, Hollod decided to recalibrate by traveling to California for the first time since early childhood.
LinkedIn:
Hollod couchsurfed (and beach-surfed) with two friends in Southern California for a month, falling in love with the region’s comparatively casual vibe. An insight dawned on him. “Why does this dichotomy of big fish, small fish exist?” he said. n
“What’s more admirable than the pursuit of a big fish in a big pond? I said, ‘I’m going all in. I’m not moving to another small city.’” He messaged about 100 peo ple on LinkedIn and Facebook for a lead on a finance job in Los A ngeles. A younger Vanderbilt classmate he hadn’t spoken to in years—and even then only br ief ly knew—was among the respondents. A low-level employee at Yucaipa, she said she would forward his résumé. Hollod had an interview a month later, and within a week drove cross-country to start at Burkle’s firm in October 2009. n Entrepreneurial: Hollod became more proactive, constantly asking bosses for tasks and trying to get himself into every meeting. The energy got rewarded. Executives pointed to him when an opportunity opened a year after he started for someone to be Burkle’s eyes and ears on the fund with Kutcher and Oseary.
Key trait: Hollod
describes his knowledge as vast in terms of subjects, but shallow on any given topic. He’s fine with that because the broad spectrum makes him fast on his feet with anyone. n
n Take heed: Hollod expects entrepreneurs to describe not only their biggest mistake, but also the lesson derived from it. His own example is not investing in online mattress retailer Casper early on because Burkle and Kutcher questioned its prospects (A-Grade later invested in Casper and cashed out some shares, generating a more modest eightfold return). Now, Hollod is willing to place small bets with his own money regardless of others’ support. He aligns himself with Burkle by co-investing, including in restaurant chain Sweetgreen and aerospace start-up Planet. n Channeling mom: Hanging with the rich and famous can steer people toward clubs, drugs and potential vices. But Hollod said he avoids such traps by doing only what his mom—a People magazine— would be proud to read about. n Advice: Don’t send canned messages. Notes should have personality and confidence behind them, Hollod said. “When you’re writing an e-mail, the time of day, what you had to eat, it’s a different energy,” he said. “Be more sensitive to the situation; don’t make it sterile.” Treat celebrities like a new friend, meaning strike up a conversation and don’t just ask for a selfie. Get over any shyness or fear of them, and don’t make preconceived judgments. “I’ve seen [Kutcher] sit in a middle seat on a regular plane,” Hollod said. “Some of these people will surprise you.”
Personal balance:
Hollod, who arrived from New York City on Burkle’s jet at 4 a.m. on a recent weekday, went on a hike, rested and then worked poolside at home until sunset. He says post-travel “exiles”, including time spent playing chess on his smartphone and streaming hip-hop music, keeps him balanced. Hollod is a connoisseur of Pinot noirs, favoring Babcock and Melville wineries. His family plans to launch a wine label named after his mother in the coming weeks and donate profits to charity. n
Paresh Dave/Los Angeles Times/TNS
A11
Ransomware threat grew more than double in Q3
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By Oliver Samson | Correspondent
ANSOMWARE attacks on Internet users worldwide grew by 2.6 times during the third quarter, Kaspersky Lab ZAO said. From the month of July to September, encrypting ransomware threatened over 821,000 people across the globe from the month of July to September, the cybersecurity firm announced in a statement on November 8. The rise in the number of people attacked was third in a row during the third quarter, Kaspersky Lab noted. “Encr y pting ransomware— malware that encrypts a victim’s files and demands a ransom in exchange for file decryption—is still one of the most widespread types of activity that modern cybercriminals are involved in,” the cyber-security firm said.
Ransomware requires a small cost to develop but capable of generating big money if the attack becomes successful, Kaspersky Lab added. “Crypto ransomware continues to be one of the most dangerous threats, both to private users and to businesses,” said Fedor Sinitsyn, who is Kaspersky Lab’s ransomware expert. “The recent jump in the number of attacked users may have been provoked by the fact that the number of modifications of ransomware we detected in Q3—more than 32,000 modifications—was 3.5 times more than in Q2.” Sinitsyn suspected that the
rise in the number of threats in the third quarter could be “due to the fact that security companies nowadays invest a lot of resources into being able to detect new samples of ransomware as fast as possible.” This led cyber criminals to create more new modifications of malware to steer clear of detection, he said. According to Isaac Sabas, who is CEO of the homegrown Pandora Security Labs, the majority of ransomware infection in the Philippines are communicated through malicious web sites. “They are disguised as legitimate sites, but actually are exploiting your browser to install the malware,” he said. Legitimate web sites have green lock on the URL bar with the company’s name, Sabas pointed out. Internet users could distinguish legitimate web sites from the malicious through domain name, or check if the site is EV SSL (Extended Validation Secure Sockets Layer)-enabled, he noted. “Besides increasing their number of victims, criminals are also
e x plor i ng new geog raph ies,” Kaspersky Lab said. The countries with most number of encrypting ransomware attacks in the third quarter include Japan (4.83 percent), Croatia (3.71 percent), South Korea (3.36 percent), Tunisia (3.22 percent) and Bulgaria (3.2 percent). According to Kaspersky Lab IT Threat Evolution in Q3 Report “the number of users attacked with banking malware grew by 5.8 percent and reached over 1,198,000. “Browsers and A ndroid OS remain the most frequently attacked software when it comes to exploits,” Kaspersky Lab said. “Forty-five percent of exploits detected by Kaspersky Lab were aimed at browsers, and 19 percent of these malicious programs were built to exploit weaknesses in the popular Android mobile operating system.” Sabas scaled the vulnerability of Filipino Internet users 6-7, with 10 as worst. He also sensed that ransomware threats in the Philippines would continue to grow.
Parents lack visibility, control over children’s online activity
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ANY parents lack visibility of the dangers their children are facing online, Kaspersky Lab ZAO said in its new research. In a statement on November 11, the Russian cyber-security firm said only a quarter (26 percent) use parental-control software to help restrict their kids’ activity online. “Worryingly, among those parents who haven’t installed parental control features, one in five [21 percent] believe that it is better for children to learn how to use the Internet safely themselves,” Kaspersky Lab said. The firm said its “Consumer
Security Risks Survey 2016 uncovered what parents think about the online world and the challenges they face in protecting their family from threats.” K aspersky Lab said its research showed that only a third (37 percent) of parents worry that their children could be exposed to inappropriate or explicit content online. “Just 36 percent are wary of their kids communicating with dangerous strangers, and 34 percent worry about them becoming a victim of cyber bullying.” The study also found that not enough parents are taking the required steps to protect their
children, with only a third (38 percent) regularly talking to their children about the dangers online and bringing the Internet into family conversation and a quarter (27 percent) regularly checking the Internet history on the browser. According to Kaspersky Lab, one in five (21 percent) prefer to become a contact within their kids’ social networks. Pa re nt s ne e d t o b e more aware of the dangers lurking on the Internet. According to the sur vey, 41 percent of kids were exposed to online threats in the 12-month period leading up to the research. These threats included being exposed
to inappropriate content, cyberbullying, dangerous strangers and more. “Parents need to be more aware of the dangers their children face online. They need to help their kids become more cyber-savvy and put protection methods in place to keep them safe online, as they would in the physical world,” Kaspersky Lab Consumer Business Head Andrei Mochola was quoted in the statement as saying. “You wouldn’t let your children cross the road or talk to strangers on their own, so it’s surprising to see almost a quarter of parents leaving their kids to browse the Internet independently.” Oliver Samson
review
Google speaker is secretary, radio and work in progress
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EW YORK—Google’s new smart speaker is at once a secretary, a librarian and a radio. Ask about your day, and the Home speaker will give you the time, weather, estimated commute, the news and upcoming calendar appointments. It will convert miles into feet, and dollars into euros. Want to hear Adele or Coldplay? Home will fetch you some tunes. If this sounds familiar, it’s because Amazon has already been at it for about two years. Its Echo speaker can do what Home does and more, thanks to Amazon’s head start in partnering with third-party services, such as Domino’s Pizza and Fitbit. But Home is smarter in a few other ways, as it taps what it knows about you from Gmail, Maps and other Google services. Home is also $50 cheaper, at about $130 (though Amazon offers a mini “Echo Dot” version for just $50).
At your command
THINK of both Home and Echo as extensions of your iPhone or Android device. Sure, I can check weather on the phone, but why not just ask the speaker as I’m getting dressed? And no need to lift a finger to check the calendar. With guests over, I can resolve trivia disputes using voice searches and avoid screens. This week, I was able to keep tabs on the Chicago Cubs’ quest to break a century-long World Series drought. Both devices work as alarm clocks or timers—great in the kitchen. Both can control lights, thermostats and other internetconnected appliances, though you need capable devices first. Of course, I have to get used to speaking aloud with no one around. Privacy is a concern, too, once I enable all the features. Anyone within hearing distance will
In this October 4 file photo, the new Google Pixel phone is displayed next to a Google Home smart speaker (left) following a product event in San Francisco. AP
know when I’m seeing the doctor or leaving my apartment empty for vacation. Home and Echo are continually listening for commands, though Google and Amazon say nothing gets passed back to them until the speakers hear a keyword—”OK, Google” for Home and “Alexa” for Echo. A light comes on to remind you that it’s listening. You can turn off the microphone temporarily, too.
technology, and companies still have to figure out the right balance. And while Home and Echo offer the basics, neither lets me dig deeper. Sure, I have an appointment at 11 a.m., but where is it and with whom? And how can I get there? It’s back to the phone. Another limitation: Both speakers are tied to a single account, so families won’t get individual calendars and preferences.
Longing for more
In unity
NEITHER device is all that proactive. Android phones with the Google Now assistant will remind me when it’s time to leave for work or the airport, based on estimated travel times. But I’m usually not checking the phone as I’m getting ready to leave. I could use a nudge from either speaker. On the other hand, I might find a stranger’s voice jarring when I think I’m alone. It’s a new
THE speakers are more powerful when they coordinate with your other devices. The best stab so far comes from Amazon. Ask Echo the weather, and the speaker will tell you current conditions and the day’s forecast. But if you have an Amazon Fire tablet nearby, you automatically get a full-screen display with the week’s forecast. Ask Echo about the Cubs, and you’ll hear the score. The tablet
gives you inning-by-inning breakdowns. Home can control Google’s Chromecast streaming TV devices, but the preview I’ve been testing has been painful to use. You can pause, resume or forward video; you’re also supposed to be able to rewind and start from the beginning, but Home gets fussy. It currently works only with YouTube video (Netflix and Google Photos are coming soon). Even then, Home keeps thinking I’m requesting a song that doesn’t exist. There’s potential here, but controls on the phone are much easier. Watching TV shouldn’t take a lot of work. Ideally, the technology will just know where and how to present information and entertainment. In such a scenario, you can set one alarm, and Google or Amazon will find you wherever you are—whether it’s on the speaker at home, or a phone if you’re away. Or if you ask the speaker about a nearby restaurant, directions go to your phone. For now, unification is limited to a shopping list you can add to and view (or hear) from any device.
Early smarts, early dumbs
HOME, with an early incarnation of a Google digital companion called Assistant, seems the smarter of the two out of the gate. It knows about my upcoming flight, based on reservations in Gmail. It offers commute times using transit, as Google already senses through my Android phone that I don’t drive to work. Home can also estimate driving time to just about any other destination. Echo sends me to work, even when I ask about Boston. And Home is alone in setting alarms more than 24 hours away. Anick Jesdanun/Associated Press