Worth: The Worthy 100 2022

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ON THE COVER IN ORDER, FROM TOP ROW, LEFT TO RIGHT: Top row: Mackenzie Scott, Ketanji Brown Jackson; 2nd row: Dolly Parton; 3rd row: José Andrés , Sonia Sotomayor; 4th row: Rod Johnson, Jon Stewart; 5th row: Nikole Hannah Jones, David Attenborough, Naomi Watts; 6th row: Jane Fraser, John Doerr; 7th row: Ashton Kutcher; 8th row: Michael Bloomberg, Yvon Chouinard, Maria Ressa; 9th row: Ken Langone, Pernell Cezar; bottom row: Jeffrey Sonnenfeld, Volodymyr Zelensky.

Rolls-Royce Refines Luxury EVs

The new Rolls-Royce coupe is a big, lavish, ultra-luxury electric car that brings many of the brand’s luxurious features into the EV age. 12 Hollywood on the Hudson

Upriver Studios is bringing productionsbig-picture to the Hudson River Valley. 16 new york city’s Last home of blues

Witness some of the best guitar playing by any musician east of the Mississippi at New York’s only Blues club.

The COVID Boom Is Over, but Jetcraft Sees Growing Private Jet Sales for Years to Come.

How the Ziwa Rhino Sanctuary built the rhinoceros population up again in Uganda, and how you can join them

Given the turbulence in the market, it may be time to rethink the classic mix of equities and bonds.

Put Your Money Where Your Mouth Is

crisis. “Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth,” he said in an open letter on the company’s website.

Most companies are far less transparent about their commitments. That is why in May of 2022, the Securities and Exchange Commission made moves to combat “greenwashing.” They will hold companies accountable for their statements surrounding their environmental or sustainability practices and other activities that the SEC perceives to be potentially misleading to investors.

While climate change may be at the top of the list for many, companies, face many challenging decisions that might impact earnings. Whether you want to call it conscious or stakeholder capitalism or simply doing well and doing good, the idea that companies must make responsible decisions for the benefit of society has become more critical than ever.

BY JOSH KAMPEL

We launched the inaugural Worthy 100 list a year ago to reinforce our commitment to our Worth Beyond Wealth mantra. In a world that is still dealing with a global pandemic, economic uncertainty, and the climate crisis, it will take the support of the business and financial communities, alongside the government, to solve these pressing issues.

Earlier this year, Patagonia founder Yvon Chouinard put his money where his mouth is. He put his company ownership into a trust, and non-profit organization focused on fighting the climate

Later that same month, leaders convened in Davos for an abnormally green World Economic Forum annual meeting. Usually taking place in January amongst the snow drifts and ice, it was odd to be in Davos without a parka and snow boots. Set against a lush green backdrop, much of the conversation focused on climate change. One session in particular resonated with me. Bank of America CEO Brian Moynihan hosted an intimate group of executives, including BCG, EY, NASDAQ, and more. John Kerry addressed the group and implored that it would take business and finance to lead the way in solving the climate crisis. I knew our move to focus on these issues was right.

This September, we hosted our Health and Wealth of Our Planet conference in New York during the UN General Assembly and Climate Week to demonstrate our commitment further. We were lucky to have Eileen Fisher, featured on the cover of last year’s Worthy 100 issue, and marketing guru Seth Godin, who has focused much of his time on his newest book, The Carbon Almanac.

Kanye West’s anti-Semitic remarks gave the world another reason to pause. Many of us waited to see how the brands with solid ties to Kanye would react. We can only assume that their leadership had to weigh the potential financial implications of any decision. Ultimately, when Adidas, Balenciaga, and GAP cut ties with the rapper, I felt relief that morality won that day. While the move may have a short-term negative impact on revenue, they made the responsible move.

Clarim Media is committed to highlighting the positive impact that people with influence and affluence have on society. Our Groundbreaking Women issue provided a platform to advance gender equality this year. Our Sustainability issue highlighted all the people and organizations doing what they can to address climate change. Next year we will continue to grow the Women & Worth community, publish our first Philanthropy & Impact Investing issue, and convene leaders for conversations about solving the world’s most pressing problems.

If you would like to contribute content or join us at one of our events, please do not hesitate to reach out.

— Josh Kampel CEO, CLARIM MEDIA

josh.kampel@clarim-media.com

The idea that companies must make responsible decisions for the benefit of society has become more critical than ever.

Finding the Worthy Few

BY DAN COSTA

Stan Lee wrote these words about a teenage boy who acquired superpowers after being bitten by a radioactive spider. Here at Worth, we celebrate more prosaic superpowers: academic achievement, entrepreneurial spirit, public service, technological innovation, and philanthropic efforts. Indeed, wealth itself can be seen as a superpower, with a profound ability to shape the world. Before that can happen, that “responsibility” must be accepted. This year’s Worthy 100 list shines with people who have done just that.

First, let me say I hate lists like this. The Worth staff was arguing over who would make it and who would not right up to our deadline. Submissions

came from our readers, last year’s winners, and the editorial staff. Candidates were judged not by their fame or fortune but by their impact on the world. There are incredibly Worthy people that did not make the cut and people who made it that are imperfect individuals. We also tried to make the list as diverse as possible. There are names you will recognize and some that you don’t but should. Here are just a few:

Chef Jose Andres made the list last year, but this year he served more than 300,000 meals to Hurricane Ian victims in Southwest Florida and served hot meals in the Ukraine 24 hours after the Russian invasion. He made the list again.

Allisa Song managed to make a big impact by making eyedrops small. After noticing that most commercial eyedrops deliver two to three times more medicine than the eye can take in, driving up consumer costs and profits for drug companies, she created the Nanodropper that solved the mismatch. She made the list.

As the founder of Patagonia, Yvon Chouinard created a retail company operating with an ESG focus since before the term was popularized. This year he announced he would put his entire company, currently valued at about $3 billion, into a public trust so all of its future profits would go to preserve the environment. He made the list again.

In the end, I think we assembled a collection that is impressive, surprising, and undeniably worthy. The Worth team is thrilled to recognize and celebrate these individuals for their outstanding work. That said, stories like this are for the award winners. As you will see, most have already achieved some measure of “worth beyond wealth.”

These winners are intended as models for the rest of us. You may not be able to organize an international relief effort in a wartorn country or engineer a smaller drop of medicine, but you can do something.

And if you are fortunate enough to have superpowers, regardless if they were acquired by accident of birth, years of hard work, savvy investing, or a spider bite, you can probably do more.

It is never too early to start working on next year’s list.

— Dan Costa EDITORIAL DIRECTOR

dan.costa@clarim-media.com

“With great power comes great responsibility” – Stan Lee

This year’s Worthy 100 includes individuals who have used their time, talent, and wealth to improve the world.

Jim McCann CHAIRMAN

Josh

Kampel CHIEF EXECUTIVE OFFICER

EDITORIAL DIRECTOR ASSOCIATE EDITOR CONTRIBUTING EDITORS

CREATIVE DIRECTOR EDITOR AT LARGE CONTRIBUTORS

Dan Costa

Eva Crouse

Oliver Rist, Terry Sullivan Nicole Dudka

Richard Bradley

Jason Ashlock, Cait Bazemore, Kirsten Cluthe, Jack Croxford-Scott, Bob Diamond & Larry Kantor, Ruthie Kornblatt-Stier, Jonathan Russo, Arick Wierson & Bradley Honan

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Kendall Wyckoff Teddy Gibbs

PRODUCT, OPERATIONS & FINANCE

HEAD OF MARKETING MARKETING COORDINATOR SPECIAL PROJECT COORDINATOR PROJECT COORDINATOR MULTIMEDIA DESIGNER

Clyde Lee III Mariana Rua

Kimberly Anderson-Marichal Gabrielle Doré Joel Robinson

Our Mission Is Building Worth Beyond Wealth

Worth helps our influential, successful community better invest their time and money. We believe business is a lever for social and economic progress. From practical financial advice to exclusive profiles of industry leaders, Worth inspires our readers to lead more purpose-driven lives. Through our conferences, digital channels, and quarterly print publication, we connect the people and companies that are building the future. We showcase products and services that are indulgent, luxurious, and sustainable.

Cait Bazemore

Cait Bazemore is a New York Citybased writer and editor with over a decade of experience working with content in the luxury space. In recent years, Cait has specifically honed in on her passion for luxury watches. She’s contributed to both print and digital publications including Robb Report, Gear Patrol, The New York Times, HODINKEE, Crown & Caliber, The Hour Glass, Revolution, and Watches & Culture Forum as well as podcasts like Beyond the Dial. In her spare time, Cait writes poetry and recently completed a residency in Paris working on her debut collection (forthcoming 2023).

Jason Allen Ashlock

Kirsten Cluthe is a writer, producer, and Worth contributor who covers wine, travel, and women in business. She is currently the COO and executive producer for Osiris Media, a music-focused podcast network, production studio, and live events company. Among her side hustles is a wine club for women called Voz Collective. Voz was founded in 2017 as an events company and pivoted online in 2020. They now have monthly subscribers from across the U.S. and Canada, and host regular tasting events with winemakers and women business owners. She is based in the Hudson Valley (NY) and NYC, but considers California to be her other home.

Jason Allen Ashlock has spent the last 20 years tracking the power of storytelling, chasing it across graduate studies in religious history, then in literary theory, leveraging it inside big publishing and digital startups, and now activating it inside global enterprise. His findings reveal how narratives form our understanding of the self and the world, giving shape to personal leadership journeys, team and organizational change, human development, and social upheaval. His daily practice applies these theories against the challenges of customer and employee experience inside a sprawling global organization of more than 80,000 colleagues. And his keynotes and workshops train organizations of all kinds on how they can intentionally harness narrative intelligence to connect, influence, innovate, forecast, and transform.

Kirsten Cluthe

RollsRoyce Refines Luxury EVs

The new Rolls-Royce coupe is a big, lavish, ultra-luxury electric car that brings many of the brand’s luxurious features into the EV age.

BY TERRY SULLIVAN

Rolls-Royce, long one of the leaders in luxury automobiles, has opened a new chapter in its history: In October, it unveiled the Rolls-Royce Spectre, its first fully electric vehicle. Although Rolls-Royce built its business on the combustion engine, the company saw a bright future for electric cars earlier than most. Back in 1900, Charles Rolls, one of the company’s co-founders, predicted that the company would head in the direction of creating electric vehicles:

“The electric car is perfectly noiseless and clean. There is no smell or vibration. They should become very useful when fixed charging stations can be arranged.”

So, from the company’s point of view, making an electric car was inevitable…even if it did take 120 years for the company to do it.

“Spectre possesses all the qualities that have secured the Rolls-Royce legend,” says Torsten Müller-Ötvös, chief executive officer for Rolls-Royce Motor Cars. And echoing the cofounder, he says that the new Spectre coupe is “silent, powerful and demonstrates how perfectly Rolls-Royce is

suited to electrification.” Yet, despite the profound sea change the company is embarking on, Müller-Ötvös says that how the car is powered isn’t really the primary goal in many ways. “Spectre is a Rolls-Royce first and an electric car second.”

The Rolls-Royce Spectre inherits its main structure from two previous gas-powered sedans, the Phantom and Ghost, and the Cullinan SUV. Since it has an all-electric

powertrain, the new two-door Spectre, which seats four, will have instant torque and run silently. It’s also powerful. Its dual-motor electric powertrain has 577 horsepower and 664 lb.-ft of torque. It can also reach 60 mph in 4.4 seconds and has a top speed of 155 mph.

Yet, you might wonder exactly how the company makes the new Spectre “a Rolls-Royce first and an electric car second”?

For me, it means the company focuses on design. So, it’s not surprising that, like many of the company’s previous gas-powered models, the new Spectre has a stunning design.

One of the first things you’ll notice, at least in terms of design, is that it’s big—nearly 18 feet long, almost as long as an average pickup truck. Plus, the dynamically designed wheels are 23-inches, the largest on any Rolls

in nearly a hundred years. It’s heavy, too, weighing in at around 6,560 pounds, although part of that weight is the battery, which is 1,500 pounds and acts as sounddeadening material for the cabin for a very smooth and quiet ride.

They’ve also redesigned its signature grille at the front of the car, which is the widest grille ever on a Rolls. On this EV the grille doesn’t serve its usual function, which is to

cool the engine in a gas-powered car. Instead, it’s been redesigned to make the car more aerodynamic, and the company claims the new Spectre has a drag coefficient of 0.25.

Inside, the cabin has RollsRoyce’s signature sumptuous design and attention to detail paired with a customizable digital interface. The company refers to this interface as the architecture of luxury, which it calls Spirit, which can manage all the car’s functions and connect to Roll-Royce’s Whispers app. The app allows owners to connect to the car remotely. The company also added the Starlight headliner feature, tiny fiber-optic lights that make it like a starry night overhead, to the doors.

If you step back from the car and look at the exterior, you’ll see three elegant lines on the side of the car: From top to bottom, the company calls them the silhouette line, the shoulder line, and the waft line. What the designers have done is use the two bottom linear elements (the shoulder and waft lines) and taper them as they approach the front of the car, visually giving it a dynamic quality, even when the car is stational. You could say the same for the design elements on the wheels, which almost look like they were lifted from the oil paintings of the early 20th-century French modernist Fernand Léger.

The hood ornament got a redesign as well. The company says it took more than 800 hours to redesign its very familiar Spirit of Ecstasy figurine, which was originally inspired by the Nike of Samothrace, currently located in the Louvre. The newer figurine has a lower, more active stance, with one leg forward, and is now looking straight ahead into the wind.

The new Rolls-Royce Spectre, which will be available sometime in the fourth quarter of 2023, will cost around $400,000, making it one of the most expensive EVs on the market.

The Rise and Fall of NFT Art

Last year, NFT technology seemed poised to revolutionize the fine-art market. Today, many are worthless.

BY TERRY SULLIVAN

“The auction room, as anyone knows, is an excellent medium for sustaining fictional price levels, because the public imagines that auction prices are necessarily real prices.”

—Robert Hughes,

On March 11, 2021, Mike Winkelmann, a digital artist who goes by the online name, Beeple, auctioned off a digital work of art at Christie’s, one of the largest fine-art auction houses in the fine-art world. The title of the work was called, “Everydays: The First 5000 Days,” which was a collage of computer illustrations.

It sold for a staggering $69 million. Why so much money? It’s a good question that’s difficult to answer. Aesthetically and visually speaking, Beeple’s work isn’t very original or interesting. New York magazine’s art critic, Jerry Saltz tweeted about the work, as well, “I looked up Beeple; just really really derivative Sci-Fi and Conan and Star Wars crapola as far as imagery and imagination go.” That’s not really a vote of confidence. It’s also not that Beeple’s work was the first digital work of art ever made. Digital artwork dates back to the 1990s, even before.

One reason Beeple’s work sold so high was because it included an NFT, or non-fungible token. NFT is an online digital format invented in 2014. An NFT is a digital certificate or digital file that’s connected to a blockchain, basically an online ledger. Blockchain technology also enables cryptocurrencies like Blockchain and Ethereum.

Part of what made the sale so remarkable is that worlds of fine art and digital media always had a frought relationship. This was par-

1984,

The New York Review of Books

ticularly true when artists or gallery dealers try to sell digital art, which in some cases might be completely digital. Is the artist or gallery selling digital files? Or just the code of a website? And how exactly is it unique?

Nevertheless, in 2021, many inside and outside the fine-art world seemed to be betting on NFTs, and by default, crypto, which is what NFTs are based on. The technology solves these and several other problems associated with digital media, by allowing cryptocurrency to digitally authenticate works bought online. NFTs solve the “unique” problem.

By chance or design or misunderstanding, sale of Beeple’s digital work ushered in a brief golden age of robust buying and selling of NFTs. It was a gold rush, of sorts, to buy NFTs: In December of 2021, ARTnews reported that digital artist, Pak, sold a group of NFTs for $91.8 million, which may arguably be the highest price ever paid for a work by a living artist. This past March, The New York Times reported that $44 billion had been spent on NFTs. There was even a new museum dedicated solely to NFTs that opened this past April in Seattle.

Digital art seemed to have come of age with the minting of NFTs.

Then, in May and June of 2022, cryptocurrency prices crashed. The effects of that downturn reverberated in the NFT markets, according to many news outlets. According

to Reuters, NFT sales were down sharply in the third quarter of 2022, to $3.4 billion from $12.5 billion at the market’s peak in the first quarter of this year. Around the same time, Bloomberg reported that trading volumes of NFTs were down 97 percent from January of this year, a record high. News outlets also connected the drop in NFT prices to the larger crypto crash. According to Bloomberg, “The fading NFT market is part of a wider, $2 trillion wipeout in the crypto sector.”

But that wasn’t the only bad news NFTs were getting.

In mid-October, Bloomberg published a massive 40,000-word story in Businessweek, written by finance writer, Matt Levine, who attempted to demystify and explain cryptocurrency as well as NFTs. But one might say that both crypto and NFTs got quite a harsh critique in Levine’s story: For example, in the middle of the article, Levine refers to an Esquire article, which discusses how some in crypto are trying to reimagine books as investment opportunities! Levine’s take is this? “The bad way to put this is that every web3 project is simultaneously a Ponzi.”

Levine also questions the thin connection between the code you’re investing in on the blockchain when you buy an NFT and the actual piece of art. He writes, “but what does it mean to say that the NFT is a piece of digital art? The art does not live on the blockchain…. If you buy an NFT, what you own is a notation on the blockchain that says you own a pointer to some web server.” It’s like paying a museum for a Cézanne, and they only give you the page from the museum catalog…or better yet, they’ve only sent you the museum wall label!

On Bloomberg TV, Pat Regnier, finance editor at Bloomberg Businessweek who edited Levine’s story, said there are other aspects of NFTs to be skeptical about, “I think we’ve all observed that there were enough shenanigans in that [fine-art] market—of creating inflated valu-

ations—[which may give] people a lot of pause about getting into that space.” Perhaps he was referring to Pak or Beeple.

Legally speaking, there are other troubling questions. “The intellectual-property rights to that picture of a monkey are certainly none of the blockchain’s business,” writes Levine. “It’s not uncommon for the person or company selling the NFT series to 1) own the IP rights to the

pictures of the monkeys and 2) promise to transfer those rights, or some of them, to individual holders of the NFTs. But if that happens, it happens off the blockchain; those promises are or aren’t enforceable through the normal legal system.” In effect, buying an NFT might not really solve the problems people expect them to.

For Regnier, a rather chilling financial takeaway from Matt Levine’s story is that many within the crypto

world have created digital processes and apps that have been repeating the mistakes made in the economic crash of 2008: “People who are building these structures are building things that look a lot like the things in traditional finance that break, and sometimes break disastrously.”

So, NFT investors might want to keep an eye out: It may not just be a very harsh crypto winter that they have to suffer through, but a crypto Armageddon.

“Everydays—The First 5000 Days,” by Beeple

Hollywood on the Hudson

Upriver Studios is bringing big-picture productions to the Hudson River Valley.

BY RUTHIE KORNBLATT-STIER

Big change is rumbling in Hudson Valley. With A-list shows such as Pretty Little Liars: Original Sin filming at Upriver Studios in Saugerties, NY and more high-budget productions in the works, a flourishing film industry is blooming in Ulster County, NY— thanks to actress and director Mary Stuart Masterson.

Renowned for its bucolic rolling hills and Gilded-Age Mansions, the Hudson Valley has functioned as an escape for busy New Yorkers for centuries. In contrast to the area’s pastoral bliss, however, its local communities have struggled. After

the departure of IBM from their Ulster County campus in 1998, the crumbling site has been a serious economic liability and a symbol for the absence of thriving industry in the area. After making a permanent move from New York City to the Hudson Valley in order to raise her family, Masterson recognized the area’s need for economic revitalization. Determined to bring stable, profitable industry back to the Valley, she founded two companies—Stockade Works, a film and television educational nonprofit, and Upriver Studios, a state-of-the-art soundstage. While directing the film The Cake

Eaters in the Hudson Valley in 2006, Masterson became keenly aware of how the area was an unusually good place to film. The Valley was easily accessible from New York City, had a plethora of unused industrial buildings from the former IBM campus and beautiful, expansive outdoor spaces. Masterson felt that the Hudson Valley was the logical next frontier for the film and television industry—and for her family. “After I moved, I fell in love not only with the location, but with the people,” explained Masterson. “I wanted to raise my family, I wanted to do my part for my community and I wanted to continue filmmaking.” She knew that she could fill in the economic gaps left by IBM’s departure by bringing more film and television projects to the Hudson Valley.

In the early stages of developing her plan, Masterson was introduced to Beth Davenport, a media strategist. The two instantly recognized their shared desire to revitalize their local community. “I knew that I could

help Mary Stuart make her vision a reality,” said Beth. “We set out to provide a new sector of job opportunities to everyone who lived here using the lens of diversity, equity, inclusion, and sustainability to guide us.”

“I knew that in order to make my idea a feasible reality, we would need to build out the ecosystem first. There was already a strong film foundation throughout the Valley, and we just needed to fill in the gaps,” said Masterson. Before bringing in high-level film and television production, the area first needed an extensive and expert local production force. In 2016, Davenport and Masterson founded Stockade Works, a nonprofit dedicated to workforce development in film and television production for local Hudson Valley residents. “Stockade Works is designed to amplify and add to the industry that was already present in the area,” explained Masterson. “We added a crucial step of the pipeline necessary to support a healthy film and television industry in the Valley.”

Stockade Works’ programs provide not only specialized training for local residents, but also an unusual networking and job placement program that has placed graduates in over 150 productions across the country. “The whole bedrock of what we do is to be in the community. So, we have community partners, from local youth organizations to veterans organizations. We partner with all the local schools, whether it be the SUNYs, Bard, or Vassar,” explained Davenport. “Even though I’ve lived here for fifteen, sixteen years, I’m still not a local,” said Masterson. “We knew that it was crucial for us to spend time and invest in the Hudson Valley community through Stockade Works as a nonprofit. We had to prove that we were here to provide an investment in the future rather than to extract value.”

Following Stockade Works’ incredible success, Masterson, Davenport, and their team embarked on a project in 2020 to develop the actual facilities that movies and television

shows would need to film in—Upriver Studios in Saugerties, NY. Upriver is a public benefit LLC that has a synergetic relationship with Stockade Works and shares a portion of its ancillary revenue with the nonprofit. In turn, the graduates of Stockade Works’ programs are able to land high-paying jobs in top-level productions that film at Upriver, without needing to travel for work.

“Upriver is the final link in the production chain,” explained Masterson. Its permanent soundstage studios provide a state-of-the-art location that continues to offer lucrative careers to local workers, even after specific productions and shows finish filming. “In order to actually support your community, you have to be there when the circus leaves town. There’s no way to create a stable economy without reliable employment—if it’s unclear when the next gig will come along, if workers can’t join the union, then they can’t live here,” said Masterson. “The whole concept behind Upriver is to create sustainability of people and of place.”

As a woman-owned public benefit LLC, Upriver has tangible impact baked into its foundation as a business. Its regenerative structure benefits not only its owners and investors, but also—and most importantly—the Hudson Valley community. Though Upriver has been dubbed ‘Hollywood on the Hudson,’ Davenport emphasized that Upriver goes beyond the conventions of Hollywood: “We have structured our business goals around our values— around providing equal opportunity and economic durability.” Masterson added that the film and television industry is “theoretically interested in diversity, equity, and inclusion. But right now, that interest is only demonstrated on a corporate level.” What sets Upriver apart from other film and television studio spaces and companies is its foundational commitment to diversity, equity, and inclusion across all levels of its labor and production force.

Construction of the Upriver facilities were scheduled to begin in March of 2020, and the pandemic threatened to shut down the operation altogether. Filming came to a grinding halt and anxious investors pulled out.

“The future of film and television was completely in limbo,” said Masterson. “But we’re scrappy. We’re determined. We were going to make it work.” In some ways, the unforeseeable challenges posed by the pandemic drove the Upriver team to think outside the box, raise new kinds of capital, and finish construction by 2021.

Upstart Co-Labs, a foundation that connects impact investors with creative minds making a difference, helped investors with aligned values to catapult Upriver into reality. “Upriver shows the capacity of artists not only to be creative, but to be entrepreneurial. This is exactly what impact investors look for,” said Laura Callanan, a founding partner of Upstart Co-Labs.

The incredible success of Stockade Works’ and Upriver’s mission was proven when Pretty Little Liars: Original Sin selected the newly completed Upriver studios as the filming location for its entire first season. Staffed by a local workforce, the lucrative series demonstrated that the Hudson Valley is more than capable of producing top-of-the-line television shows and movies.

“Just that one show was able to bring millions to the Hudson Valley,” said Davenport.

Upriver is just getting started. The current soundstage studio only has room for one production to film at a time, and the Upriver team knows that they can continue to bring even more projects to the Hudson Valley. The next step is an expansion of studio space—at least another 100,000 square feet of soundstage studio space in Kingston, NY.

“Watching my community, my neighbors, grow and thrive—that’s what keeps me going,” said Masterson.

The Luxury of Music City

Nashville, Tennessee is known for its musical riches and culinary wonders. It’s time to add luxury hotels to that list.

BY RICHARD BRADLEY

Perhaps the first thing that non-Nashvillians come to know about Nashville is its well-deserved reputation as “Music City,” a place where gifted musicians of all backgrounds and genres gather to, literally, fill the streets with music. The second thing visitors to Nashville discover is that it is one of the country’s best food cities, home not just to famous local specialties like the Nashville hot chicken and the famed “Meat & Three” but also to sophisticated, ambitious cuisine ranging from American to Middle Eastern to Asian. Now there’s another pillar in the Nashville experience: the arrival of some of the finest high-end hotels in the world.

Nashville has long enjoyed the presence of numerous excellent hotels for value-conscious visitors, and over the past decade it’s seen a surge in smaller, boutique properties. But with one significant exception—the historic Hermitage Hotel, which first opened in 1910—visitors who wanted a luxury hotel experience during their Nashville

stay didn’t have many options. They do now.

One notable newcomer is Conrad Nashville, which opened in Nashville’s Midtown area, close to Vanderbilt University and the hip Gulch neighborhood, in autumn 2022. As at any Conrad by Hilton, standards here are high. There are 243 luxurious rooms, including 24 elegant suites and five wellness rooms, an innovative concept for guests who want to work out in the privacy of their room. Each wellness room contains a Peloton, an Echelon Reflect Fitness Mirror, free weights, yoga mats, and a minibar with healthy snacks. For those who prefer a traditional workout, the hotel’s expansive fitness center could pass as a standalone gym. Dining options at Conrad Nashville include Blue Aster, a beautifully designed restaurant with a seasonal farm-to-table approach, and Thistle & Rye, a casual cocktail bar with space for live music. And for business travelers, Conrad Nashville has some 17,000 square feet of meeting space. It’s superbly functional, and just as com-

fortable and elegant as the rest of this outstanding hotel.

It’s always a vote of confidence when a Four Seasons opens in a city, which Four Seasons Hotel Nashville did in fall 2022. “This city is not just dynamic and growing exponentially,” says hotel communications director Robert Chinman, “but the people behind that growth are some of the best partners I’ve ever come across.” So, Four Seasons Hotel Nashville aims to reflect that famous Southern hospitality. “We want to emulate that warm welcome that everybody gave us when we came into the market,” Chinman says. “It’s the best reminder of what hospitality is.”

Chinman points out that Nashville is experiencing a “creative renaissance” featuring music, fashion, art, entrepreneurship, and dining, among other areas. Mimo Restaurant and Bar is the property’s flagship dining spot, led by Michelin-starred Chef “Nello” Turco, which specializes in elevated Southern Italian fare with local influences. Four Seasons Hotel Nashville aims to spotlight the city’s diverse creativity. One example: The hotel has partnered with local collaborative Songwriter City to offer an experience in which songwriters come to your suite to perform and share the stories behind the songs they’re playing. It’s all about blending luxury with a local experience; just across the Cumberland River from the hotel is Nissan Stadium, where the NFL’s Tennessee Titans play, while lower Broadway, home to Nashville’s inimitable honkytonks, is just a block away from the hotel. Guests can take advantage of this central location to explore the city, then return to the oasis of luxury for which Four Seasons is famous.

Another entrant in Nashville’s luxury lineup is The Joseph, a Luxury Collection Hotel, Nashville, part of Marriott’s Luxury Collection, which opened back in 2020. The hotel is owned by The Pizzuti Companies, a Columbus-based, family-owned business, and you can see their personal touches throughout The Joseph; the Pizzutis are well-known art collectors, and the property reflects that passion, with ambitious artwork, much of it from the Pizzuti Collection, on display throughout the hotel. Yet there are also ubiquitous touches of Nashville culture. In the guest rooms, the knobs on the dresser doors resemble the knurled knobs of a Fender Telecaster guitar; suites at The Joseph all contain AudioTechnica turntables and a selection of LPs. The signature restaurant Yolan is guided by James Beard Award-winning chef Tony Mantuano, renowned for Chicago’s Spiaggia, and his wife Cathy, who curates the wine program there. Yolan features a seasonally changing tasting menu always inspired by a different region of Italy.

Visitors with a focus on sustainable travel will appreciate the recent opening of 1 Hotel Nashville, part of a growing hotel group with sustainability as part of its DNA. It’s not just a marketing tool; 1 Hotel Nashville walks the walk. It’s a LEED-certified building that uses reclaimed materials throughout and offers an Audi e-tron house car experience in addition to preferred parking for fuel-efficient and low emission vehicles. It has a green exterior wall composed of 56,000 plants, sourced from a farm in East Nashville, that

decreases urban water runoff and helps cool the hotel— and the area around it. It provides guests with reusable water bottles and uses recycled wine bottles as in-room carafes. 1 Hotel Nashville even offers a program called “One Less Thing” in which guests can leave behind “gently used” clothing, which then gets donated to local shelters. The result is a hotel that doesn’t compromise on luxury even as it’s helping to redefine it.

Travelers with a bohemian bent welcomed the spring 2022 opening of Soho House Nashville, which joined the brand’s global collection of 38 locations in 24 cities. The club occupies space in a century-old building that once housed a sock factory in the art hub of the WedgewoodHouston area. Deliberately intimate, Soho House Nashville has 47 guest rooms, but abundant performance spaces, a health club, pool and cinema. The bedrooms are stocked with furniture and accessories from local furniture makers. The emphasis here is on the arts, especially local ones; an art collection contains works by 41 artists born, based or trained in Tennessee. Soho House commissioned three of those artists to create site-specific work for its Nashville space.

The hotel that started it all in Nashville, The Hermitage Hotel, hasn’t been resting on its laurels. Unveiled this year, the multi-year restoration and redesign preserves the history and character of the hotel while brightening and enlivening the rooms and public spaces. “As stewards of a historic landmark”—The Hermitage was designated a National Historic Landmark in 2020— “owners Robert and Molly Hardie are really committed to the property,” says managing director Dee Patel. “They want to continue to polish the jewel.”

With that in mind, the Hardies recruited renowned restauranteur Jean-Georges Vongerichten to open a new restaurant, Drusie & Darr by Jean-Georges, in the hotel. Drusie & Darr features globally inspired cuisine with an abundance of Tennessee produce, and it’s already become a favorite for locals—perhaps the highest compliment for a hotel restaurant. “Steps from the Ryman and the city’s magnetic nightlife, The Hermitage is the perfect launch point for experiencing the very best of Nashville,” says Patel. “Guests will experience a beautifully revitalized hotel that marries iconic architecture with contemporary luxury and warm, welcoming service.” One example: Through a partnership with Nashville-based The North American Guitar, guests who stay in The Hermitage Suite, the hotel’s most luxurious, can have guitars delivered to them to enjoy and play during their stay.

These six hotels are all distinctive and different, but they do have some things in common. One is that their guests can expect the highest standards of service and comfort. Another is their commitment to helping guests appreciate and engage with the city of Nashville—its food, music, culture, and people. Because, in the end, that’s what the best hotels do. They make a special place even more so.

New York City’s Home of Blues

Witness some of the best guitar playing east of the Mississippi at New York’s only Blues club. Plus, their bar is stocked with over 400 different kinds of whiskey.

BY JONATHAN RUSSO

It has long been said that the Blues are an acquired taste. If so, I acquired it some sixty years ago. One of the rewards for being a good paper boy when I was ten years old was the right to use hard-earned Newsday points to order items from a catalog of eclectic merch. Most boys longed for baseball mitts. I spent mine on the Columbia Records section. For some odd, unfathomable reason I ordered blues LPs: Muddy Waters, Lightening Hopkins, John Lee Hooker, and Howling Wolf. I blasted them on my parents’ Hi-Fi while dancing around the room. They thought I was nuts.

They were right. I have been nuts for Blues Music ever since. Of course, in the sixties, I loved Rock and Roll. I stoned out to The Airplane, The Dead, The Doors, Dylan, and every other craze from the Beatles to Blondie, but I was always loyal to the roots of it all, Delta and then Chicago Blues. The proximity to NYC from Long Island, where I grew up, allowed me, at 15, to hang out on Bleecker Street and see real-deal bluesmen like Dave Van Ronk and Richie Havens at Café au Go Go.

When I moved back to Manhattan for good in 1973, the blues was not easy to hear. Studio 54 was a hoot,

the Mudd Club was the best time ever. 111’s on Hudson St. offered super cool reggae. You had to go to Long Beach, LI to hear Little Buster and the Soul Brothers. Things got better in the late ’70s. Great blues acts like Doc Pomus and Junior Wells showed up at The Lone Star Café. They’ve all closed.

Now, the sole remaining Blues club in NYC is Terra Blues on historic Bleecker St. Terra opened in 1990.

If you go, understand you’re witnessing some of the best guitar playing by any musician east of the Mississippi. The house bands are a nightly rotation of Jr. Mack, SaRon

Crenshaw, Clarence Spady, Bobby Bryan, and Michael Hill, all of whom are multiple award-winning blues artists. Their bands vary but all contain drummers, bassists, keyboardists, often a second guitar, and all are first-rate. Barry Harrison on the drums also does vocals.

It’s hard to believe that talent of this magnitude is playing in a club this intimate. Every time I go, I can’t believe these Masters of Music are not performing for audiences of many thousands. Fortunately for them, they do as they tour Europe and play some of the larger American blues festivals.

As Scott Rivers, the club’s manager, put it, “we are so lucky to have these musical masters in the New York area and to have them as regulars at Terra Blues. They are all the real deal. Blues is in their DNA and fingers.”

He went on to add, “we are also proud to be the launch pad for acts like King Solomon Hicks. He considers this his home and stops in to gig when he can. You can also catch upcoming stars like; Noe Socha, Hayden Fogle, Kelton Cooper, and Tom Larsen.”

Solos by these great guitarists leave the audience awed. If you stay late enough sometimes dancing breaks out.

The pantheon of blues greats that have and continue to make special appearances at Terra include legends like John Primer, Lil’ Ed, Jason Ricci, James Armstrong, and Bobby Radcliff, just to name a few. Catching one of these iconic acts in the club setting is how musical memories are made.

The very best news is that in the last two years the audience has changed. Scott says, “All of a sudden, we have Brooklyn and beyond Z’ers and Millennials showing up and loving the music, they have rediscovered the roots of all rock and roll and R&B. Whether it’s social media or just word of mouth they are enjoying the best live music on a street where more musical legends have been born than any other. This is super cool and ensures the future of the blues.”

Private Jet Sales Continue to Soar

The COVID Boom Is Over, but Jetcraft Sees Growing Private Jet Sales for Years to Come.

BY WILLIAM P. HOGUE

Elton John’s songwriting muse and lyricist, Bernie Taupin, said that back in the day, EJ’s massive private jet had a fireplace in it. Taupin did not explain how that might work, but if you are familiar with recent personal/business jet travel, you know that those sky yachts tricked out to reflect the wildest imaginings of the rich and famous now seem a bit quaint.

You may also know that today’s ultra-high net worth individuals (UHNWI), famous or not, are enjoying all the comforts and convenience of private aircraft ownership in record numbers.

A comprehensive Market Forecast for preowned private jet sales by Jetcraft, a company that has specialized personal/business aircraft sales for 60 years, bears this out The Jetcraft study indicates that while the ballooning sales of preowned aircraft during the pandemic might be leveling off, new dynamics insure a vibrant and stable future market for

these aircraft.

As Chad Anderson, CEO of Jetcraft puts it, “Despite global and economic hurdles, business aviation access, activity, and the overall global fleet continues to grow year on year.”

Titled “Ever Forward” the report reveals some interesting trends in this very global market. One of the more interesting findings of the Jetcraft study concerns age. In short, owners are getting younger. Jetcraft’s study found that “the share of preowned jet buyers under 45, especially in Europe, the Middle East and Africa (EMEA), has risen by 20 percent in the last five years.” The under-45s are “driving the trend in larger aircraft purchases, with an average transaction price of $25M (31 percent more than their 45+ counterparts).”

And while North America continues to lead the demand for preowned business/private jets—its market share based on aircraft value grew from 53 percent in 2010 to 73 percent in 2021—globally it is dead

last in growth among under-45 owners. Might this portend some shifting of market share by country?

Jetcraft’s Anderson says, “looking at UHNWI populations forecasted growth, Asia’s growth is higher than North America. Hence, this supports the idea that the market share will rebalance towards Asia.”

The study found that “AsiaPacific’s UHNWI population is set to increase by 33 percent over the next five years,” which supports the idea that the region has a high potential for pre-owned large jet transactions.

Jetcraft’s Market Forecast also makes predictions well into the future. For example, it predicts that “pre-owned transactions are expected to maintain their new higher base and growth rates, reaching 2,351 transactions valued at $13.5B annually by 2026.”

Jetcraft founder and chairman of the board, Jahid Fazal-Karim, says, “we are seeing a blend of returning to normality combined with increased demand and access to business aviation.”

In terms of pricing, the Market Forecast predicts a “return to normality” with “average purchase prices returning to pre-pandemic levels over the forecast period.”

Jetcraft’s suggests a few tips for those contemplating a purchase.

DO consider your needs. Where do you want to fly to? How many people will be traveling at any one time? What’s your budget?

DON’T disqualify an aircraft due to cosmetics. Compared to what a jet costs, changing and upgrading cosmetics is relatively simple and inexpensive.

DO consult the experts. Working with a representative can help you plan, budget, and negotiate the best deals.

DON’T buy blind. Try and fly aboard the model of your choice—before you buy.

Saving Uganda’s Chubby Unicorns

How the Ziwa Rhino Sanctuary built the rhinoceros population up again in Uganda and how you can join them.

BY LUCIA GILLOT

Up until the 1970s, Uganda in the east of Africa was famed for its rhino population and had a healthy amount of black and white rhinos. The large northern white rhino can reach up to three tons in weight, whereas the smaller black rhino just over a ton. The white rhino group in herds, and the black stay solitary in the wild.

Civil war, urbanization, illegal logging, and general pollution have all played a role in destroying the rhino’s habitat, but the biggest threat is poachers. Poachers go after the rhino horn which is worth its weight in gold on the black market. Considered an aphrodisiac in China, carved into ornaments and jewelry in Vietnam, and used for dagger handles in The Middle East, the demand for rhino horn on the global market has meant that both the black and white rhino were hunted to extinction in Uganda by 1983.

That is the same year the Ziwa Rhino Sanctuary started. It began as a 700-head cattle farm, but after discussions with The Rhino Fund, the cattle were relocated to make way for the Rhino Sanctuary. Its goal was to reintroduce the southern white rhino to its natural habitat near Murchison Falls.

The sanctuary was established in 2006 with two rhinos donated by Disney World’s Animal Kingdom in Orlando, and four coming from Kenya. In June 2009, the refuge made history by welcoming the first rhino born in Uganda in approximately thirty years. They named him Obama.

Thanks to their work establishing a breeding and release program, the population of rhinos in the country is once more growing. They now have 35 white rhinos at the sanctuary. The animals roam on a lush 27 square miles of savannah, woodland, and swamp surrounded by a two-meter-high, so-

lar-powered electric fence. But other than the remaining poaching threat, it’s all progress for the rhino.

After the pandemic, the sanctuary is open again to visitors, and, due to the diversity of wildlife now returning to the area, has renamed itself the Ziwa Rhino & Wildlife Ranch.

Prior to coming to the sanctuary, Ziwa Manager, Saleem Ahmed was a teacher of permaculture and worked with the Uganda Conservation Foundation teaching local communities how to farm around the park areas. Needless to say, he loves gardening. He has brought this knowledge of permaculture to the sanctuary (he grows enormous vegetables) and is also teaching the local community how to be “out growers” for the sanctuary’s restaurant and a number of lodges around the area. “Then we can buy from them which increases their income and brings the produce from farm to table.”

What You Can Do

VOLUNTEER

Join the Ziwa Rhino Sanctuary on one of their Conservation and Wildlife programs (designed for all ages and usually for seven days). You can also take care of other wildlife, birds, and mammals. There’s a selection of budget accommodations for volunteers.

GO ON A SAFARI

Tourist facilities include a Safari Lodge and Guest Houses. The guest houses are comfortably furnished, and all have mosquito nets. But take your insect repellent. There are Nighttime Walking Safaris, and early morning Canoe Safaris through the swamps in search of the prehistoric-looking shoebill stork. Fly into Entebbe on the shores of Lake Victoria in Uganda, where there are lots of places to stay. Or call Mary for an airport pick-up to drive you the 2 ½ hours to the sanctuary.

ADOPT A RHINO

If you cannot make it to Uganda, or even if you can make it to Uganda, you can adopt a rhino online for $500 per year and receive regular updates. Or you can donate through their website ziwarhinosanctuary.com.

He goes on to tell me it’s an alternative to the live meat trade, which preys on animals such as small antelope or warthogs to make an income.

“It’s a crazy thing people do for the rhino horn, especially in South Africa,” said Mary Nakku, Reservation Manager for the sanctuary. “Since Uganda Wildlife Authority provided security for the rhino and the entire sanctuary, there are fewer poachers around.”

If you’d like to go rhino trekking, Mary is the one who can make it happen. She tells me that people fly into Entebbe on Lake Victoria and visit the sanctuary for a few days on their way to Murchison Falls National Park.

“The best time for rhino trekking is from 8am-noon. The rhinos tend to be much more active before the sun rises. They are very active and so eager to feed on the grass and they can walk a fair distance. But from 12 to 3, there’s too much sun, they tend to sleep and relax, so then from 3 pm until about 6 pm they are much more active again.”

“We do this in partnership with Uganda Wildlife Authority. They are the custodians of all the wild animals,” said Saleem. “We have a diverse program, and while volunteers cannot go tagging the rhino for safety reasons, we have thirty different species of mammals. Volunteers can help with any form of monitoring, helping us conserve the biodiversity and habitat for these animals. They can help with plant removal and general maintenance. They can come and volunteer in the school that’s close by. There’s community and empowerment in what we do.”

Saleem says the rhinos are monitored and followed 24 hours a day, 7 days a week by a ranger, “we track them actually on foot, so we know where they are all of the time, to ensure they are safe.”

Mary told me that they have groups coming from America to “get to know what we do, what the rangers do, and how we’re trying to protect the biodiversity of the animals.”

“Come and see these chubby unicorns. Yes, we call them chubby unicorns, they’re really fun.”

The Best Places to Ski This Winter

Vermont, Austria, India? The location of the ideal slopes may surprise you.

BY WONDERLUST EDITORS

You will have guessed Aspen, and maybe Whistler in Canada. But India, you say… isn’t that hot, as in very hot? And the visuals in one’s head are of people (looking very warm) in big cities, or one of thousands of villages, going about daily life, not even a ski pole in sight, let alone a slope. Or snow.

We too once thought like that. But we have come to learn that India has one of the great skiing locations on the planet, and you should go.

In fact, if you love skiing, you should go to all of these places.

1 Stratton Vermont

When Stratton Mountain opened on December 29, 1961, it had only three lifts, eight trails, and 22 inches of snow. Today, the southern Vermont ski resort has 99 trails, gets 180 inches of snow a year, and has the fastest ski lifts on the East Coast, transporting about 34,000 skiers and snowboarders per hour.

Jake Burton founded Burton Snowboards here in 1977 and in 1983 Stratton became the first U.S. resort to allow snowboarders on its slopes.

Besides the traditional après-ski scene, Stratton offers a package that includes a group snowcat ride to the Mid-Mountain Lodge for a fourcourse dinner.

STAY

Long Trail House

Smack dab in the middle of Stratton Village, walkable to the lifts, and they take winter comfort seriously. Each room has a gas fireplace.

EAT

Fire tower Restaurant and Tavern

Named after the iconic Fire Tower on Stratton’s summit, it serves eclectic comfort fare and the best craft cocktails in Southern Vermont in its modern dining room, Tavern, and Porcupine Lounge.

2

St. Anton Am Arlberg Austria

Between Zurich and Innsbruck, the village of St. Anton is in the Tyrolean Alps and its 433 inches of snow and dramatic terrain makes these mountains perfect. St. Anton has 335 miles of marked runs and 124 miles offpiste, accessed by 94 lifts.

“It’s a gigantic ski area connected to a variety of other towns and resorts, and you can ski from 8 a.m. to 4 p.m. and then take a bus home,” says Canadian former competitive skier Steve Podborski.

Ski halfway down the mountain to have coffee or grappa with a sheepherder and then fly down to the village to your cozy pensione or hotel suite.

“There are crazy on-mountain clubs or you can have a fine dinner with only four tables, or go to places with people dancing on tables,” adds Podborski, of the lively après-ski scene.

STAY

Himmlhof Cozy

Homey, the best hotel in town.

EAT Mooserwirt

For dancing on tabletops and endless beer, this is the best après-ski experience you are going to find in Austria.

3

Aspen Colorado

Aspen is its own world, where billionaires and ski bums live harmoniously. The town is the requisite quaint but jetsetter sophisticated, with world-class food and wine lists, and full of beautiful people. The fresh powder, about 175 inches per year, tends to fall overnight, so early risers ride the gondola with the locals to race down untouched snow under gorgeous blue skies.

“Aspen’s 700 acres is like skiing down a multi-flavored ice cream cone,” says John Clendenin, a twotime world freestyle champion who now teaches skiing in Aspen. He prefers Ridge of Bell. “It’s one of the most famous runs in America because it’s one of the longest, biggest, roundest bumps and it’s right under a chairlift.”

In town, there are art galleries, designer boutiques, and fantastic restaurants. The busiest time of year is during Christmas (when the Aspen/Pitkin County Airport has some 200 private jets in its hangar).

Aspen isn’t ideal for families. It’s better for singles looking for new friends, and couples wanting to ski hard by day and party hard by night.

STAY Little Nell

Located at the base of the gondola, Aspen’s only true ski-in, ski-out property is also the town’s only AAA 5-Diamond hotel

EAT Shlomo’s Deli & Grill

At the base of Ajax Mountain, this is where locals chill with visitors over potato latkes and matzo ball soup.

4

Gavarnie France

The ski resort Gavarnie-Gèdre is rarely crowded. That’s a rare find in France. That alone should get you to book a trip to the Pyrenees Mountains. This UNESCO World Heritage Site offers 21 miles of trails, 28 trails in total for all skill levels, including the 3.5-mile “Les Marmottes,” the longest green trail in the majestic Pyrenees.

Lying on the border of France and Spain, in between the Mediterranean Sea and the Atlantic Ocean, the Pyrenees have old, well-preserved villages, modern ski resorts, spas, and thermal baths. While swishing throughout Gavarnie-Gèdre you can see the distinguished Brèche de Roland, a natural gap 131 feet wide by 328 feet tall, and the Cirque of Gavarnie peaks, both at elevations of about 10,000 feet.

STAY Hotel La Brèche de Roland

This cozy hotel has been owned by the same family since the 17th century. The current owners elegantly blend the antique fireplace and rustic weathered furniture with sustainably renovated rooms with views of the Breche de Roland gap.

EAT Chez Louisette

About an hour north of GavarnieGedre, in Barèges, through the Pyrenees National Park, at nearly 5,000 feet above sea level. Louisette herself will welcome you to her “home” that’s been in her family since 1905.

Whistler Blackcomb Bristish Columbia, Canada

Being near the Pacific Ocean makes Whistler’s weather unpredictable, but it still receives an average of 456 inches of snow per year. While you wait, grab a pint of the ominously named Faceplant Winter Ale and mingle with the locals in the village.

The Rockies have diverse terrain, double black runs, massive bowls, and challenging verticals. Whistler Blackcomb is the single largest resort in North America with over 200 trails and a run for every skill level. It boasts the second highest and steepest vertical in North America (after Revelstoke, British Columbia) with 50-degree elevation runs with names like Exhilaration and Excitation. A new gondola now connects peak-to-peak–Whistler and Blackcomb resorts–a nearly three-mile ride over mountains, the longest in the world.

STAY

Fairmont Chateau

Whistler

North America’s largest ski-in, ski-out resort believes “the world is not flat, ski it.” So, do. Then return to this five-star hotel, which also can arrange for glacier skiing.

EAT

Bearfoot Bistro

Any place that promotes the sport of Champagne bottle sabering—along with a menu that combines Canadian and international delicacies-–is worth checking out.

6 Manali India

The Himalayan Mountains have been around for about half a billion years, but Manali is a cool throwback ski town in northern India that few skiers know about. And the best way to tackle these mountains, according to Brad Vancour, principal skier for the immortal Warren Miller ski films, is by helicopter. Says Brad, “the mountains dwarf anything you see in North America.”

Skiing takes place between high-valley floors around 8,800 feet and ridges at over 15,000 feet—so high, you are at the limit of a helicopter’s threshold.

Manali is the spot for deep reflection both on and off the mountain. Hot springs, temples, art galleries, Tibetan monasteries, the Manali bazaar, and many other cultural delights are there to add a very exotic touch to what is genuinely the ski experience of a lifetime.

STAY Span Resort & Spa

Thirty-six cottages offer stunning mountain views in a serene setting. spanresorts.com

EAT Il Forno

So what if you’re 3,500 miles from Italy?

We all love Italian food and wood-fired pizza. And this restaurant, set in a circa 1860 lodge in the middle of an apple orchard, with gorgeous views of the Himalayas, is accessible via rickshaw. ilforno.co.in

7

Santa Fe New Mexico

Santa Fe is known for many things— chiefly, its art scene (specifically Georgia O’Keeffe), its 400-year-old city plaza, its culinary scene, Native American Pueblos, and Spanish architecture. And snow and skiing in New Mexico are typically synonymous with Taos. But Santa Fe is at an elevation of 7,000 feet.

Ski Santa Fe is just sixteen miles from the city plaza, with a base elevation of 10,350 feet, and gets 225 inches of snow to cover its 83 trails. With 320 days of sun every year, you’ll feel the heat on every run. In between runs enjoy a drink at mid-mountain Totemoff’s Bar. The mountain also has a terrain park, called The BoneYard. We’re afraid to know how that got its name.

STAY

La Fonda on the Plaza

The only hotel on the historic city plaza, it sits on the land of the town’s first inn, from 1607. Every room has artwork created by Native Americans.

EAT

Teahouse Café

This is where breakfast is done right. And pastries. And lunch. And dinner. They also have over 150 different teas from China, India, Japan, Sri Lanka, and even Santa Fe.

8 Verbier Switzerland & Chamonix

France

This is one hair-raising ski area. The slopes of Verbier in Switzerland are only an hour and a half from Chamonix in France, and the Mont Blanc Unlimited lift pass will let you ski both. Verbier, located two hours from Geneva, gets about 330 inches of snow a year. It is a sunny, scenic location with exciting terrain and lively nightlife.

“The skiing is unbelievable,” says Steve Podborski. “You have super steep runs and lots of small narrow areas with chutes with deep snow. And you have a typical Swiss village complete with nightclubs that pound all night long.”

Chamonix, the birthplace of modern and perhaps extreme skiing, is part of the Mont Blanc mountain range—Europe’s highest—and it’s massive. It’s not one ski area but five regions, spread along both north and south sides of the valley with steep verticals.

Hopefully, you make it down from the 12,678-foot summit (one trail is 13 miles long and has a vertical drop of over 9,000 feet) in one piece to participate in the legendary après-ski scene and take in the absolute majesty of Mont Blanc.

STAY IN VERBIER: La Cordée des Alpes

Experience a mix of vintage ski designs and the latest Swiss chic right at the foot of the mountain. hotelcordee.com

STAY IN CHAMONIX: Hameau Albert

At the foot of the mountain with a killer indoor/outdoor pool. hameaualbert.fr

EAT IN VERBIER: La Grange

Great for superior, mostly French food. lagrange.ch

EAT IN CHAMONIX: Le Vagabond

A bar where the fire roars warmly and the buzz from ski day and your third beer last long into the night. gitevagabond.com

9 Cortina D’ampezzo Italy

Ernest Hemingway lived here and the Bond film For Your Eyes Only was shot here, as was The Pink Panther. Known as the Queen of the Dolomites—or Dolomiti as the Italians call this range of pinkishorange exposed rocky crags—it hosted the 1956 Winter Olympics. The only way in and out is by car and if you are famed World Cup Alpine skier Alberto Tomba, affectionately known as “La Bomba,” you can drive your Ferrari into town every morning at 5 a.m. and take a private helicopter to the slopes. For ski fanatics who want to traverse the entire Dolomiti range, get the Dolomiti Super Ski Pass, which gives you access to over 740 miles of trails.

STAY

Hotel De La Poste

Live la dolce vita in a hotel that rents out the perfectly preserved Hemingway room, where the author slept during his visits in the 1950s.

EAT El Brite de Larieto

You won’t be able to select the cow your beef comes from, but it was nearby, as are all of the ingredients for every elegant dish, truly epitomizing farm-to-table.

10 Summit County Colorado

Summit County, Colorado is made up of five mountains, but Breckenridge, Copper, and Keystone mountains and their 353 inches of snow are where you want to be. The steepest drop is a gutwrenching 3,400 feet in Breckenridge, aka Brecken-fridge for its Arctic temperatures, and boasts the highest ski resort high-speed chairlift in the world.

STAY

One Ski Hill Place

Beautiful, big, old-fashioned hotel, that looks like it was airlifted in from St Moritz.

EAT

HearthStone

It’s game time inside the 125-year-old Kaiser House! Feast on elk, duck, and Colorado lamb with a side of sunsets over the mountain you just skied.

Defining Responsible Tourism

Shannon Stowell leads an alliance that is creating thoughtful and reasonable standards for the industry.

BY BOB GUCCIONE, JR.

The notion of being a more responsible and ecofriendly traveler has been a popular, and contentious, subject for a while now, ever since the idea of overtourism got people’s attention and made some do some navelgazing on what a tourist’s impact is.

Of course, if you cross the street, you will have some environmental impact. If you cross the planet, you will have a significant one. Air and sea travel burns a lot of fuel and creates a lot of waste—although it is nowhere near as significant a contributor to global warming than cow flatulence, which is another story for another day.

Nonetheless, invariably, traveling to and temporarily inhabiting foreign and exotic destinations imposes a burden on those places.

So, it’s not surprising, but hugely commendable, that the Adventure Travel Trade Association (ATTA) has consistently led the way in trying to raise awareness of how to travel better and lessen one’s impact on the community visited. And, significantly, this goes beyond not leaving your trash behind (although that’s a big one). Recently ATTA collaborated with Travelife, a global organization specializing in sustainability training for the travel industry, to develop 38 “activity sustainability standards” for tour operators.

To Shannon Stowell, CEO of ATTA, “sustainability is no longer optional. It is our responsibility to make it happen, to change behaviors and practices.” I interviewed Shannon to see if these guidelines will make the world a better place, at least a little.

You have come up with more environmentally friendly practices for adventure and experiential travel— how many do you really expect people to follow?

We expect the operators and service providers that offer the activities to use the ones most appropriate to them. A single tour operator will use the standards of the activities they offer. In the universe of adventure/ eco/nature travel, we think a lot will engage, but that remains to be seen. In the world of mass tourism, there is probably less interest.

What are the three most essential good practices for a traveler in the wild (since we’re not talking about visiting Paris here)?

1. Plan ahead.

2. Respect the place where you find yourself: the people, the nature, the wildlife, the people (saying that twice in hopes that people remember this.)

3. Leave what you find, take back waste that you bring or dispose of it properly.

You’re working with sustainabilityminded tour operators, which is a relatively new (and positive) phenomenon. What is the main difference a traveler is going to feel going on one of those tours? What sacrifices will they make? It doesn’t necessarily mean many sacrifices but learning a new mindset. Eating food locally sourced, being more mindful about the use of water, how to manage waste and residues, working more closely with local guides, and having more authentic experiences.

For example, I was once at a remote luxury lodge in Bhutan, and on their menu was not one local dish. There was Chilean sea bass, Argentine beef, etc. We asked if the cook was Bhutanese. He was, so we asked if he could make us something he would eat. We got lucky, and he did. That’s a low carbon footprint and a more authentic experience. So, if it’s considered a sacrifice not to eat food flown in from thousands of miles away, perhaps the traveler needs a mindset adjustment.

Who are the worst travelers from an ecological standpoint?

People not looking to travel to learn, etc., but to exploit a place without respect. I have to believe that cyclists and surfers can’t be hurting the environment that much to begin with…

It depends on the behavior of those cyclists and surfers. Do they manage waste properly, walk on durable surfaces, take trails in proper places, and respect the protected area and wild animals? I’ve seen a picture of ‘rafters’ in a river in China where you couldn’t see the water. There were so many rafts. Overtourism can occur in adventure-based tourism as well. That said, 4x4ing can be done right, and camping can be done wrong. It’s about values.

Ultimately, it is about respecting the places we go. It is honoring the people and the nature of the places. These two different mindsets greatly impact how a traveler sees and treats people and the world.

North Atlantic views, Caribbean hues.

Son Intern Employee Leader Owner

There’s always a journey. Whether it be for an individual or business, there are pivotal moments that shape who you are today, and tomorrow. Our Family Enterprise practice can help you meet your goals, while honoring your purpose throughout the journey. Find out more at www.deloitte.com/us/familyenterprises.

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Pivotal Moments for Family Enterprises: The Art of Governance

BY WENDY DIAMOND

Every family enterprise faces pivotal moments that can alter the course of their business, from leadership transitions to external market forces beyond the team’s control. Maneuvering through these challenges, mitigating risks along the way, and embracing new opportunities are at the core of a carefully designed and implemented governance model.

Family enterprises that aspire to reach this objective can channel the same entrepreneurial energy that helped them build enduring, multigenerational enterprises and business portfolios. A strong foundation of governance can help family enterprises make decisions in areas including capital needs, technology, leadership transitions, and incentive planning. With an informed perspective, enterprising families can unleash the shared vision and values that inspired their business in the first place.

One of the first steps family enterprises can take is recognizing the important issues that could affect the family and business over time. As families grow, so too does complexity as companies may now be supporting growing stakeholder groups. They will need to manage the varied perspectives that exist within a family system. As new generations emerge, company leaders should ensure the appropriate legal and organizational structures are in place—such as wills, trusts, and succession plans—to execute on their objectives.

Furthermore, as organizations diversify into new businesses, geographies, and products, they may find themselves at a disadvantage if their governing bodies lack the discipline to adapt to these transitions. Governance helps family leaders anticipate and address challenges by bringing greater discipline, transparency, and accountability to the issues that matter most.

Disclaimer

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

Through strong governance, enterprising families have an opportunity to build on the richness of their legacies for the benefit of current and future stakeholders, thereby helping them manage each pivotal moment, as a family.

Questions to ask when considering establishing or refining a governance model

· Does our family have a forum to meet regularly to discuss matters of importance to the family and business, and are those interests represented in our governance model?

· Which types of governance structures and practices best serve us today?

· Do we have the right board composition in terms of background, expertise, independent thought, and leadership potential? How are we evaluating its effectiveness?

· Does our governance model consider the alignment between the short and long-term needs of both the family and the enterprise?

Like a great work of art, family enterprises are unique, crafted over time, and highly valued. While no two family enterprises are the same, they are united by a series of pivotal moments— opportunities to grow, evolve, or transform—and preparation is essential for fully seizing those opportunities. Read Deloitte Private’s series exploring eight foundational elements that can help family enterprises maximize the opportunities that arise, including assessing capital needs, building technology infrastructure, long-term incentive planning, and more.

About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Give the Gift of Financial Security

BY WORTH MEDIA

It’s a scene familiar to many of us: extended family talking and laughing over the holidays, sipping mugs of cider or hot tea. For those reaching their golden years, or perhaps currently in them, the seasonal warmth and sense of unity imparted by such moments may evoke thoughts about family legacy. How do I want my family to be remembered? Have I set up the younger generations for financial and emotional success? Is there an estate plan in place, and how do we discuss it?

Susan Hirshman, director of wealth management with Schwab Wealth Advisory, Charles Schwab’s premier wealth management service with approximately $130 billion in assets, says that the holidays can be an ideal moment to start or refine such plans. For high and ultra high net worth families, in particular, time is of the essence because estate and gift tax exemption amounts are set to be reduced significantly starting in 2026. (The Tax Cuts and Jobs Act of 2017 temporarily doubled the exemption through December 31, 2025,

Multi-generational estate planning is more urgent than ever—and the holidays are the perfect time to have a conversation about it.

when it is scheduled to “sunset.” As the estate and gift tax exemption is indexed to inflation, it has increased annually since then and will reach $12.92 million per person in 2023.) Patriarchs and matriarchs may want to consider gifting now through 2025 to lock in the higher exemption amounts.

When thinking about your estate plan and wealth transfer, Hirshman believes it’s important to consider your timeline especially because life spans have increased. On average, women who are 65 can expect to live to age 86 and men to 84. This is a typical gain of three decades over the last century. As such, older generations may want to consider how to provide for their families during their lifetime as well as after, because inheritances may otherwise arrive in their children’s lives later than expected.

Of course, multi-generational estate planning, which is in some sense about mortality, can be a difficult topic to broach with loved ones. Hirshman’s 25 years of working with clients have given her insight into the ways to do it most effectively. Several weeks prior to an in-person group discussion, she suggests letting family know it will be happening and sending participants a set of questions in advance. This is an opportunity to not only consider your values and beliefs about wealth but also the benefits you envision for future generations. Some questions may focus on fundamental feelings about the use of money while others examine how deeper priorities can be reflected in your plan. What is the purpose of wealth? How can I use it effectively, both now and in the future? Also decide on a timeframe for the discussion (Hirshman suggests ninety minutes or less) and have stated goals. The fruits of the conversation will allow you to create a “family wealth mission statement”—a summary that encapsulates the overall family value system and communicates the wealth transfer vision and purpose.

Anticipating strife or possible misunderstandings? If a family-only discussion seems challenging, Hirshman recommends a different approach, which may include an outside party. Some wealth management and advisory firms, including Schwab, have a family dynamics group that can help, in addition to a range of specialists across different aspects of financial and estate planning. A scenario that often requires a more careful approach is when parents want to distribute assets to children in a “fair but not equitable” way, as some advisors put it. In this situation, Hirshman suggests having a separate conversation with the sibling who has potential to feel slighted. “Parents often decide that a child with more of their own money doesn’t need as much–or any–of the inheritance, but the child with fewer means does. In these situations, parents might talk to that wealthier child and say, ‘this is what we’re thinking. This is why. What are your thoughts?’”

Such open dialogue can create smoother outcomes. Focusing on both the smaller, potentially more emotional, elements of the plan, in addition to the larger items is an important part of the process, according to Hirshman. “In my own family, there was a five-dollar picture of Einstein that my father had purchased at Walmart. When he passed, we all wanted it because we had a strong emotional connection to it.” Because he hadn’t specified which child should receive the memento, she says, an emotional debate took place. “We all get along, and it worked out, but you could see how these small things could lead to strife and become larger issues.’”

During the actual conversation with family, include everyone, not just the loudest and most vocal members, Hirshman advises. Quiet voices can be the most meaningful. She also encourages both parents to actively contribute to the discussion, even in situations in which one parent generated the majority of the wealth, because this creates a more equitable dynamic and adds depth to the talk. “These discussions are not only about the money. They’re about the emotional and personal side of planning. Sometimes the mother has more insight about the money part of it and the father has more insight into the emotion, or vice versa.” She also advocates parents share their philosophies of giving and spending when it comes to splurges (and frugality) and present a united front during this meeting.

After the discussion—or discussions; multiple conversations are sometimes needed—follow up with a written summary. This family wealth mission statement can be composed by a family member or professional, and it should be sent to all participants. While not a legal document, Hirshman says it can and should be shared with experienced financial and estate planners to help align and guide the family through future legacy planning.

The formal details of each estate plan, of course, will depend on factors such as the types of investments the family holds (is your family’s wealth heavy in real estate holdings? Equities?) and the types of accounts that make sense (Are certain trusts favored? Is charitable giving paramount?). And the legal document and the plan itself are important—but bringing the family together for meaningful dialogue should not be underestimated, according to Hirshman. “The process of creating the family wealth mission statement can have a tremendous impact on sustaining multigenerational wealth, maintaining family harmony, and strengthening the family legacy.” It might be said that, at this time of the year, planning for the health of each other’s wealth is the most generous gift of all.

THE WORTHY

This year’s Worthy 100 list supports our mission to elevate individuals using their influence to generate a positive impact. There is much work to be done, and by highlighting the voices of those striving to create necessary change, we hope to do our part.

BY WORTH EDITORS

INDEX

Eleanor Allen, 32

Roger G. Arrieux, Jr., 32

Adrienne Arsht, 32

José Andrés, 33

David Attenborough,34

Stella Ashaolu, 35

Claire Babineaux-Fontenot, 35

Kevin Bates, 35

Christophe Beck,36

Deborah Birx, 36

Michael Bloomberg, 36

Hali Borenstein, 37

Doreen Bogdan-Martin, 38

Adrian Bridge, 38

Ariel Brown, 38

Larry Brilliant,39

Warren Buffet,39

Tyrre Burks,40

Mike Cannon-Brookes,40

Allister Chang & Courtney Bragg,40

Ketanji Brown Jackson,41

Pernell Cezar &

Rod Johnson,42

Liz Cheney,43

Amal Clooney, 43

Gary Cunningham, 43

Yvon Chouinard, 44

Robbie Donno, 45

Jen Easterly, 45

John Doerr, 45

Emily Fair Oster, 46

Sonja Ebron, 46

Onno Faber, 46

Lynn Fitch, 47

Charles Feeney, 47

Robert “Bob” Fine, 47

Tony Fadell, 47

Larry Fitzgerald, 48

Diébédo Francis Kéré, 48

Seth Godin, 48

Fatima Goss-Graves, 48

Jane Fraser, 49

Curtis Granderson, 50

Jazz Hampton, 50

Davida Herzl, 50

Lara Hodgson, 51

Katherine Hayhoe, 51

Nikole Hannah-Jones, 51

Letitia James, 52

Anne Holland, 52

Bill Keller, 52 Naveen Jain, 53 Sherrilyn Ifill,53 Mila Kunis & Ashton Kutcher,53

Leslie Jones-Dove & Devshi Mehrotra,54 Ellen MacArthur, 54

Ada Limón, 54

Bivian “Sonny” Lee, 55 Ken Langone, 55

Roz McCarthy, 55

Elana Margulies-Snyderman, 56

Jaykumar Menon, 56

Rebecca Moffett, 56

Alison Moore, 57

Carlos Moncayo Castillo, 57

Chris Motley, 57

Mia Mottley, 57

Sumit Nagpal, 58

Divya Nettimi, 58

Dolly Parton, 59

Maria Ressa, 60

Susanna Pollack, 61

Dorottya Rédai, 61

Sarah Renahan, 61

Alvertos Revach, 61

Kate Ryder, 62 Will Sarni, 62

Merline Saintil & Robin Washington, 62

John Robinson, 62

Mackenzie Scott, 63

Shiva Sarram, 63

Reshma Saujani, 63

Oliver Sartor, 63

Sonia Sotomayor, 64

Fareedah Shaheed, 64

Prisha Shroff, 64

Allisa Song, 64

Jeffrey Sonnenfeld, 65

Jon Stewart, 66

Lukas Walton, 66

Alice Vilma, 67

Ursula Gertrud von der Leyen, 67

Samia Suluhu Hassan, 67

Amanda Williams, 68

David A. Williams, 68

Xiao Wang, 69

Naomi Watts, 70

Joe Wolf, 71

Nancy Vailakis, 71

Justin Winters, 71

Volodymyr Zelensky, 72

Eleanor Allen

B LAB GLOBAL

Industry: Ethical Business Headquarters: Berwyn, PA

About: B Lab is a global nonprofit network working to change the global economy to “benefit[s] all people and the planet.” B Lab was founded in 2006 by three friends, Jay Coen Gilbert, Bart Houlahan, and Andrew Kassoy, all successful business people looking to build an organization to serve social justice as much as business success. In a statement outlining B Lab’s mission, the founders said, “our inspiration when we began, as it remains today, came from the thousands of entrepreneurs we’d met who believed they were in business not just to make money, but to make a difference. We wanted to serve them by building a movement that would help them build better businesses—and more importantly, to them and to us, to exercise their collective power to change the economic system.”

Why They Made the Worthy 100: As B Lab’s founders stepped away from active roles managing the organization, they appointed Eleanor Allen as Lead Executive in March of 2022. Her broad role is managing the B Lab and driving a difficult and potentially fluid strategy in response to a fastchanging world economy. The appointment represents an essential point in B Lab’s evolution as the organization looks to become a more inclusive and equitable system to reflect the dramatic changes affecting the global population. Allen said in a recent statement, “business plays an essential role in addressing the social and environmental crises mounting worldwide, and as a result, B Lab’s work has never been more critical. I am committed in this new role to supporting and mobilizing businesses that recognize that profit and purpose can be achieved in tandem.”

Roger G. Arrieux, Jr

DELOITTE

Industry: Professional Services Headquarters: London, UK

About: Deloitte is one of the world’s most experienced and venerable professional services firms. It provides accounting and business consulting to 90 percent of the Fortune 500 and more than 7000 other clients. The firm also works to help those clients build diverse and inclusive corporate cultures. In 2020, Arrieux was named Deloitte’s New York managing partner with more than 30 years of successful management history behind him. His role is to manage the New York team and create new investment vehicles across a broad spectrum of clients, from private equity funds to mortgage REITs, and build complex solutions for investment advisors.

Why They Made the Worthy 100: Even in his relatively short time as managing partner, Arrieux has left an indelible mark on Deloitte through a widely recognized passion for the company, its people, and its culture. He has made significantly increased diversity, equity, and inclusion through both his internal and outside roles, such as being the Chairperson for the Harlem YMCA Board of Directors and holding the same position with the Black Achievers in Industry Steering Committee. Deloitte describes Arrieux as working to drive business growth and build new relationships with like-minded business leaders and community organizations. In an interview with LEADERS Magazine, Arrieux said, “our people are at the core of our culture—all fostering an environment that promotes inclusion, trust, respect, collaboration, high performance, innovation, and purpose every day.”

Adrienne Arsht

SMITHSONIAN TROPICAL RESEARCH INSITITUTE Industry: Philanthropy Headquarters: Panama City, Panama

About: Arsht started her career in the legal profession, starting with a job at Morris, Nichols, Arsht & Tunnell in 1966. She made her mark by being the first woman in the airline industry’s Cargo Government Relations and Property departments. After founding her own title company in Washington, DC, she returned to Miami in 1996 to run her family business, TotalBank. Under her leadership, it expanded from four locations to 14. In 2007, she sold the bank to Banco Popular Español, S.A. for $300 million.

Why They Made the Worthy 100: Arsht has worked tirelessly in recent years to promote Latin America’s strategic role and combat the threat of extreme heat. She’s contributed to this cause financially and through vision and hands-on involvement. She has also been a very generous philanthropist. In 2020, she gave $5 million to the Metropolitan Museum of Art so it could build its first fully paid internship program. In October of 2022, the Adrienne Arsht Center announced its participation in a new BIPOC Executive Leadership in the Arts Program to increase the representation of BIPOC candidates in future C-suite executive roles. Just this November, Arsht gave the Smithsonian $10 to advance climate resilience research and education. The donation will fund the establishment of a center for resilience and sustainability within the Smithsonian Tropical Research Institute (STRI) in Panama

José Andrés

WORLD CENTRAL KITCHEN

Industry: Food Headquarters: New York, NY

About: Mention the name José Andrés to any epicurean and they’ll immediately conjure images of fabulous venues serving delicious cuisine. After all, Chef Andrés is famous for delivering such experiences across many locations, like his latest restaurant, Nubeluz, located 500 feet above street level in New York City atop the Ritz Carlton Nomad hotel, and that one is only a sister venue to another restaurant, called Zaytinya, which Andrés opened only a couple of months earlier. Andrés comes from Mieres, Asturias in Spain, and went to culinary school in Barcelona at the tender age of 15. He arrived in the U.S. in 1990 with the proverbial $50 in his pocket and scored a gig cooking in a popular midtown Spanish-themed restaurant, Eldorado Petit. By 1993 he led the kitchen at Jaleo, a fashionable tapas restaurant in Washington DC, and by 2003 he’d started the innovative minibar, essentially a smaller restaurant (a bar with just five or six seats) situated inside a larger eatery, Café Atlantico Along with his success in America, Andrés’s fortunes also improved in his native Spain where he starred in his own cooking show and authored his first book, Tapas: A Taste of Spain in America. He’s even taught a culinary physics course at Harvard with Ferran Adrià The only stumble in an otherwise long list of celebrity chef accomplishments is a continuing feud with the Trump Hotel organization where Andrés had planned to open a restaurant until Trump made disparaging comments about Mexican immigrants after which Andrés pulled out of the deal The typical flurry of suits and countersuits ensued until the legal mess was settled in 2017.

Why They Made the Worthy 100: Andrés may have a slew of glittering and luxurious restaurants to his name, but in 2010 he decided to also make food for the rest of the world when he founded the World Central Kitchen (WCK). This non-profit works to provide meals to victims and first responders in natural disaster situations. WCK’s first such mission was also in 2010 when it responded to the earthquake in Haiti. Since then, it’s brought food and organized meals in many countries, including the Dominican Republic, Nicaragua, Zambia, Peru, Cuba, Uganda, Cambodia, and Poland. It’s also served meals in the U.S. and Puerto Rico in the wake of hurricanes and disasters there as well as in response to the COVID-19 pandemic. In 2022, WCK responded to a number of disasters, including Hurricane Ian and the war in Ukraine. At the 2022 White House Conference on Hunger, Nutrition, and Health, Andrés spoke eloquently about how America should reconsider the way it views food. He outlined his vision for how food could revitalize the country on multiple fronts, such as driving economic growth, improving overall citizen health, and, of course, WCK’s core mission of feeding citizens in emergencies, a situation Andrés feels will become more common as we enter an age of climate change consequences.

David Attenborough

NATURALIST Industry: Science

About: Unlike most biologists, David Attenborough has managed to make himself a household name. He’s done this through a long career as a broadcaster, historian, and author, as well as a slew of documentary movies and series all devoted to exploring our planet and its natural wonders. Perhaps his most famous work is the documentary series called Life on Earth, essentially a documentary-style comprehensive survey of as much animal and plant life on the planet as is currently known to scientists In his career as a broadcaster, Attenborough has worked mainly at the BBC, even in management roles when he served as the controller of BBC Two as well as the director of programming for BBC Television. He parlayed that experience into a lengthy documentary filmography that’s spanned more than 70 years He’s the only documentary filmmaker to win a BAFTA award for works in black and white, color, and HD as well as 3D and 4K He’s tackled dif ficult subjects in innovative ways, like

his documentary, The Private Life of Plants, which had producers stymied on how to photograph hours of footage on subjects that were essentially immobile. Attenborough added timelapse photography to the project and the results were good enough to win him a Peabody Award.

Why They Made the Worthy 100: By 2000, Attenborough had completed a body of work that would make most filmmakers think about retirement. Instead, he kept right on going but shifted the focus of his work from simply highlighting our planet’s natural wonders to overtly espousing the environmental changes we need to make to keep them healthy. In 2006 he released a documentary entitled The Truth about Climate Change and another concerning human population growth, called How Many People Can Live on Planet Earth in 2009 Then in 2019, he did what most filmmakers have done in the last decade, he worked with Netflix The result was an eight part docuseries called Our Planet. And though it showcased some of the wonders of planet Earth, it also focused on how destructive humans have been and continue to be on the environment The same year he also aired a project he created for the BBC, this one with a much grimmer tone than his Netf lix work, entitled, Climate Change The Facts. He followed that one up with an even darker documentary, Extinction The Facts, which dis cussed the decline in biodiversity and its long term consequences In 2021, he was a featured speaker at the United Nations Climate Change Conference (COP26), where he gave an impassioned speech on the state of climate change that still had op timistic overtones, stating that the human race represented “the greatest problem solvers to have ever existed on Earth ” Let’s hope he’s right

Stella Ashaolu

WESOLV

Industry: Education Headquarters: Chicago, IL

About: WeSolv is a platform that connects companies with more diverse, highly qualified job candidates. Ashaolu conceived of WeSolv after experiencing difficulty generating job opportunities despite a successful MBA. After landing a Gallup role in Chicago, she led teams focused on performance and workforce strategies. She used advanced data collection methods and predictive analytics to increase hiring practices.

Why They Made the Worthy 100: Under Ashaolu’s leadership, WeSolv has made national news by combining its diverse hiring advanced analytics techniques with Fortune 500 partnerships, including companies like Discover and Salesforce. WeSolv helps these companies create real-world challenges that let underrepresented MBA students showcase their abilities using only performance metrics that are unaffected by gender or racial bias. Because it benefits both sides of such relationships, WeSolv has garnered relationships with more than 45 MBA programs and constantly matches them with its growing list of corporate clients. Regarding the experiences that led to her founding WeSolv, Ashaolu said in a recent op-ed for Crain’s Chicago Business, ”while I initially struggled in the recruiting process, I found that real projects and case competitions became a means to reduce bias and showcase my skills and talent. I was still the same candidate but could now speak to demonstrated ability.”

Claire Babineaux-Fontenot

FEEDING AMERICA

Industry: Agriculture Headquarters: Chicago, IL

About: Feeding America is the nation’s second-largest charity. Founded in 1979 by John Arnold van Hengel, who died in 2005, it manages around $4 billion in contributions and got 6.6 billion meals to people in need while establishing a separate fund to help drive funds to communities of color that are disproportionately impacted by food insecurity. After spending 13 years working as an executive for Walmart, Babineaux-Fontenot rose to the position of executive vice president of finance and treasurer. After beating cancer in 2015, she left Walmart to seek different opportunities to help other victims of the disease. In 2018, she was named CEO of Feeding America’s board of directors and was named one of the 100 most influential people in the world by Time Magazine during the pandemic.

Why They Made the Worthy 100: In her role as CEO, Babineaux-Fontenot has the complex and often chaotic responsibility of supplying more than 200 food banks and 16,000 food pantries with the supplies they need to address a hunger problem that’s still growing across the United States. Largely unseen from Fortune 500 boardrooms, over the last four years, more than 22 million U.S. citizens wound up in the unemployment lines, a trend that has assistance organizations like Feeding America struggling to keep up. During an interview with theGrio, BabineauxFontenot said, “if you miss a paycheck and [have] less than $400 in cash at your disposal; then you go from being on that precipice—or on the brink—to falling over it. There’s a direct connection between unemployment and food insecurity.” That’s noteworthy because, according to the Federal Reserve Bank, the average U.S. household can’t withstand that $400 emergency. This constantly growing crisis is the mission that Feeding America, and Babineaux-Fontenot as its leader, are working so hard to fight.

Kevin Bates

SHARP DEVELOPMENT

Industry: Commercial Real Estate Headquarters: Greensboro, GA

About: Bates spent 30 years as a Silicon Valley real estate developer. He’s completed more than 50 buildings comprising over 2.5 million square feet. He founded Sharp Development Company to focus on high- and low-rise properties, including mid-sized medical and corporate campuses.

Why They Made the Worthy 100: Mos real estate companies are focused purely on profit. Bates sets Sharp Development apart by repurposing existing buildings and by using cutting-edge technology to make them more effective for clients. He also focuses on sustainability and lowering the carbon footprint of every property. It’s an approach that has garnered a host of big-name clients, including Google and Volvo. In a recent interview with GreenBiz, Bates said, “we can take what we know and do a building now to emit zero carbon, net-zero energy, with that strong emphasis on health and wellness in the same amount of time [it takes to do] a big conventional retrofit.” While he admits this approach requires more upfront capital, he also maintains that the long-term return on investment is far more significant than the standard development approach. By focusing so closely on the intersection of sustainability and his clients’ needs, Bates has built a successful portfolio of properties that exemplify environmental awareness while also being significantly more profitable and healthier for eventual occupants.

Christophe Beck

ECOLAB

Industry: Water Treatment Headquarters: St. Paul, MN

About: Beck began his efforts at building a safer and more sustainable planet back in 2006 when he was nominated as a Young Global Leader by the World Economic Forum. After 16 years at Nestlé. Beck joined Ecolab and became executive vice president and president of Global Integration. He’s held several other roles inside the Ecolab umbrella, including executive vice president and president of International Regions and executive vice president and president of Nalco Water. For its part, Ecolab serves more than three million commercial customers in its quest to optimize energy and water usage and improve food safety on a multinational scale. The company has recently been recognized for its sustainability leadership by the environmental non-profit CDP for the third year in a row and by DiversityInc as a Top 50 Company for its inclusive hiring.

Why They Made the Worthy 100: Over the last several years, Beck has used his executive position to work tirelessly toward environmental awareness around the globe. He talks publicly and often to encourage, even demand, that the world’s industrial leaders work harder to stave off an impending water crisis, especially in fast-growing countries like India. His work in that country alone has provided enough drinking water to serve Mumbai’s needs for the next year and a half. He’s stated publicly that “we will never have more water than what’s on the planet today. And today the planet uses as much water as what nature can replenish; it’s a circle. By 2030, we need 56 percent more water than what nature can provide and that’s not going to happen because the gap is not going to come from Mars.”

Deborah Birx

WHITEHOUSE CORONAVIRUS RESPONSE COORDINATOR

Industry: Government/Healthcare Headquarters: Washington, D.C.

About: Deborah Birx has spanned two successful careers as both a physician and a diplomat. As a doctor, she focused on AIDS immunology, vaccine research, and global health initiatives. In 2014, she moved into government work, overseeing the President’s Emergency Plan for AIDS Relief, which brought HIV treatment and prevention help to 65 countries. Under President Barak Obama, she served as the U.S. Global AIDS Coordinator and continued in that job under the Trump administration. She served as the U.S. special representative for global health diplomacy from 2015 through 2021 and was on the White House Coronavirus Task Force from February 2021 to January 2021.

Why They Made the Worthy 100: In June 2022, Birx appeared before the House Select Subcommittee on the Coronavirus Crisis, where she testified on the Trump administration’s pandemic response efforts. During her testimony, she stated that because Trump prioritized politics over science and the advice of public health experts, the nation was critically handicapped in its fight against COVID-19. She called for an integrated database that would connect clinics, laboratories, and public health institutions not only to continue the fight against COVID-19 but to respond much more quickly and effectively to future pandemics. She also recently published a book, Silent Invasion: The Untold Story of the Trump Administration, COVID-19, and Preventing the Next Pandemic Before It’s Too Late, which gives readers an inside perspective on her attempts to build a functioning COVID-19 data program under Trump and how those efforts ultimately fell apart.

Michael Bloomberg

BLOOMBERG L.P.

Industry: Finance Headquarters: New York, NY

About: Michael Bloomberg is not afraid to step outside his comfort zone, and it has propelled his success for decades. His fortunes were already pretty good in the early 80s when he got a $10 million partnership settlement after his then-employer, Salomon Brothers, was acquired. But they skyrocketed in 1981 when he cofounded Bloomberg L.P., a company that has evolved from delivering financial data to one that also provides software aimed at analytics and equity trading. The firm also has a very successful news agency, Bloomberg News, and a global television network, Bloomberg TV. There are also several websites, radio stations, subscription newsletters, and two magazines that all carry the Bloomberg moniker. Overall, Bloomberg’s company has over 176 locations worldwide and employs more than 20,000 people. After conquering the business world in no uncertain terms, Bloomberg decided to branch into politics and did so with the same gusto he’d applied to Bloomberg L.P. He was elected the 108th mayor of New York City in 2001. However, he’s still only the city’s third Jewish mayor. He also held that office for a very respectable three consecutive terms. While in office he steadfastly pursued a socially liberal yet fiscally conservative agenda that included establishing charter schools, rebuilding city infrastructure, especially after the 9/11 attacks, and initiating gun control measures and environmental protections. But after what anyone would say was a very successful run as New York City mayor, Bloomberg overshot a little when he decided to begin a bid

for the presidency in 2020. He’d launched his campaign in late 2019, but by early 2020 he folded it after having won only 61 delegates.

Why They Made the Worthy 100: He may not have won the Oval Office, but Bloomberg is another billionaire who has signed the Giving Pledge designed by the Bill & Melinda Gates Foundation. He also remains the second largest philanthropist in the U.S. as of 2021 (behind Bill and Melinda Gates). He’s donated between $5 and $20 million every year to the Carnegie Corporation and donated or pledged $767 million to a variety of causes in 2018 which he then bumped up to more than $1 billion in 2019. During the COVID-19 pandemic, he cofounded a $75 million fund aimed at supporting other nonprofits to address the impact of the pandemic in New York City He also donated $6 million to the World Central Kitchen to help feed New Yorkers and then embarked on a series of non financial aid, including a partnership with Johns Hopkins University to train COVID 19 contact tracers for school and public health facilities as well as leading New York’s contact tracing efforts in general Bloomberg is also a vocal environmentalist who implemented measures to fight climate change while he was

in office as Mayor of New York and after. In 2015 during the UN Climate Change Conference in Paris, Bloomberg accepted a leadership position for a new global task force designed to help industry and financial markets understand the long-term impact of climate change. That quickly seemed a necessary measure as then-President Trump announced the U.S. would be pulling out of the Paris climate accords. That only prompted Bloomberg to put together his own coalition of U.S. cities, states, universities, and businesses that all pledged support for environmental causes through “America’s Pledge.” All in all, Bloomberg may not have contributed as many dollars to philanthropic causes (yet) as some others in the billionaire set have, but he’s certainly been a driving force behind many of the civil and environmental changes.

Hali Borenstein

REFORMATION

Industry: Fashion Headquarters: Los Angeles, CA

About: Only a year after completing her MBA at the Stanford Graduate School of Business, Borenstein began her tenure with Reformation in 2014 when she signed on as the Director of Merchandising for the LA-based fashion house. From there, she moved steadily up through the ranks, holding positions as Vice President of Merchandising, Design, and Ecommerce and then President until she was named Chief Executive Officer in June 2020.

Why They Made the Worthy 100: As head of Reformation, Borenstein takes the reins of an organization whose mission is to excel in fashion and sustainability. The company has publicly stated it intends to achieve net zero carbon emissions by 2025, an ambitious goal for any manufacturing organization. To get there, Borenstein has the company recycling garments (upwards of 400,000 in 2020) and spending 93 percent of its fabric budget on materials made with low-impact dyes, which means they don’t contain any toxic chemicals or require toxic mordants to fix the dye to the fabric. Such dyes also require much less water during the dying process, which both saves H2O and reduces waste. Unlike many companies that claim to be making strides in sustainability, Borenstein has Reformation tracking its progress in an annual sustainability report. So far in 2022, the report shows Reformation moving steadily towards its carbon neutral goal as well as a new membership in the California Cotton & Climate Coalition and a new goal to achieve 100 percent traceability down to the farm level for how all the animalderived materials the company uses are sourced. When interviewed by Entrepreneur magazine, Borenstein said, “there’s a common misconception that operating sustainably is more expensive, but that’s not true—especially if it drives things like efficiency and materiality. Many brands find it challenging to change their supply chains and production practices, so we try to show that you can make sustainable fashion profitably at scale.”

Doreen Bogdan-Martin

INTERNATIONAL TELECOMMUNICATIONS UNION

Industry: Government/Technology

Headquarters: New York, NY

About: Bogdan-Martin was elected as the 20th Secretary-General of the International Telecommunications Union (ITU) at the Plenipotentiary Conference in Bucharest, Romania, on September 29, 2022, beating out Russia’s Rashid Ismailov. When she officially takes office in 2023, she’ll be the first woman to hold an elected post in the ITU in its entire 157-year history. She started her career in 1989 as a telecom specialist for the National Telecommunications and Information Administration, part of the U.S. Department of Commerce. She joined the ITU in 1994 as a policy analyst. She helped create the Global Symposium for Regulators, which is still the only global gathering event for the international ICT regulator community. Once in the ITU, her star rose steadily, with Bogdan-Martin moving up to head of the Regulatory Reform Unit and the Regulatory and Market Environment Division. In 2008, she jumped up to Chief of Strategic Planning and Membership, the most senior position in the ITU’s General Secretariat, and was the first woman to break that barrier, too. As part of that role, she served as Secretary to the ITU governing body, and also the Coordinator of United Nations Affairs, a big reason why she created the New York City ITU liaison office to the UN.

Why They Made the Worthy 100: While her election is a landmark, Bogdan-Martin’s mission with the office is even more critical. Today, 2.9 billion people across the globe lack internet access, which means they don’t have access to many of the most important resources on the Web, such as telehealthcare, education, and simple communication. Connecting the unconnected will be Bogdan-Martin’s primary mission as Secretary-General of the ITU. When Deputy Secretary of Commerce, Don Graves, traveled to Bucharest to speak to the ITU’s 2022 Plenipotentiary Conference, he said of Bogden-Martin, “Doreen is the right person at the right time to lead the ITU. She will work hard to bridge the digital divide.”

Adrian Bridge

FLADGATE PARTNERSHIP

Industry: Wine

Headquarters: Vila Nova de Gaia, Portugal

About: After leaving the British Army, where he served in the 1st Queen’s Dragoon Guards and was awarded the Sword of Honour at the Royal Military Academy in Sandhurst, Bridge entered the investment banking field. There, he joined up with NatWest in London and quickly took charge of U.S. equity sales. Bridge left investment banking to run the Fladgate Partnership in 1994, an organization that combined Portuguese port winemaker Taylor, which already owned the port wine company Fonseca-Guimarãens, with two other port makers, Croft and Diageo.

Under Bridge’s leadership, this combination of companies has produced some of the finest port wines across all its brands while simultaneously focusing on sustainability and humanitarian causes.

Why They Made the Worthy 100: Not satisfied by running a successful wine conglomerate and founding his luxury hotel, Bridge also established the Porto Protocol. This is an international non-profit with hundreds of members seeking to mitigate global climate change. Because Bridge started it, the Porto Protocol has its roots in the wine industry, but in only a short time, its membership has spread to include the whole spectrum of the winemaking supply chain. The Protocol works as an open and global platform to allow wine industry leaders and change-makers to exchange ideas and successes and thus help bring about workable climate change solutions.

Ariel Brown

THE EMOTIONAL PPE PROJECT

Industry: Healthcare Headquarters: Arlington, MA

About: Ariel Brown received her Ph.D. in behavioral neuroscience from the Boston School of Medicine in 2009 and then moved on to a postdoctoral fellowship in psychiatry at Harvard Medical School. Following academia, she moved into the private sector specializing in medical writing for pharmaceutical companies, including Alnylam Pharmaceuticals and Infinity Pharmaceuticals. In these positions, she wrote or managed the writing of clinical filings, studies, and laboratory protocols. She has since become the Senior Director of Medical Science at Sage Therapeutics but set aside enough time to also found the Emotional PPE Project in 2020.

Why They Made the Worthy 100: By founding the Emotional PPE Project, Brown has created an organization that helps medical professionals who’ve suffered lengthy trauma and emotional exhaustion during the pandemic. Healthcare professionals have been left reeling because of long work hours, understaffing, and a lack of proper personal protective equipment. The Emotional PPE Project gives these workers a resource they can call anytime for free. Using the Project’s directory, they can connect with a licensed mental health practitioner. The free treatment gives harried health workers a quick and easy path to treatment so they can keep treating us.

Larry Brilliant

PANDEFENSE ADVISORS

Industry: Healthcare Headquarters: New York, NY

About: Dr. Larry Brilliant is an epidemiologist who first made his mark eradicating the smallpox virus with the World Health Organization (WHO) from 1973-1976. In 1978 he cofounded the Seva Foundation, which has restored sight to more than 3 million blind people across multiple nations using innovative eye-care systems, low-cost intraocular lenses, and surgery. In the 80s, he cofounded The Well, a precursor to all subsequent online communities well before the internet was even common knowledge. In the early 00s, he volunteered to help victims of the Sri Lankan tsunami and again worked with the WHO in India to eradicate polio. In 2006, Google named him the Executive Director of Google.org, the company’s philanthropic division. A year earlier, he founded Pandefense Advisors, which describes itself as an “interdisciplinary network of worldclass experts and professionals urgently engaged in pandemic response.”

Why They Made the Worthy 100: Continuing his decades-long heroic efforts towards battling scourge diseases, Brilliant is now 78 and still going strong. He’s currently working with WHO, especially the organization’s R&D Blueprint division based in Geneva. There, he’s helping to determine the research the WHO will need to do to develop practical diagnostic tests and vaccines necessary to treat the next pandemic coming down the pike: monkeypox. Though he feels the U.S. government and even WHO were slow in declaring COVID-19 a public health emergency, he’s making sure that doesn’t happen again. In a recent interview, Brilliant said, “there is still time to stop monkeypox, and we have the tools to do it.” Brilliant also intends to stop future pandemics by traveling to remote corners of the world to mount effective and ethical responses to threats as they occur.

Warren Buffet

BERKSHIRE HATHAWAY

Industry: Investing Headquarters: Omaha, NE

About: Warren Buffet is one of the most well-known business figures of the 20th and 21st centuries. From roots in Omaha, he went on to found the Buffett Partnership in 1956, a holding company that eventually purchased Berkshire Hathaway, then a textile manufacturer. He soon turned Berkshire into the diversified holding company it is today. He is well known for being personally frugal and having a steadfast belief in the value investing concept, initially pioneered by Benjamin Graham. Finally, he’s pledged to give away 99 percent of his fortune before his death.

Why They Made the Worthy 100: His pledge to give away his fortune has made him one of the biggest givers of all time. In June of 2022, Buffet donated another $4 billion of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation, which brings his lifetime giving total to $48 billion. Aside from the Bill & Melinda Gates Foundation, Buffet also regularly donates to the Susan Thompson Buffet Foundation, the Sherwood Foundation, the Howard G. Buffet Foundation, and the NoVo Foundation. But even with all that generosity, the 91-year-old business powerhouse will be hard-pressed to make good on his pledge as he’s still worth more than $100 billion.

Tyrre Burks

PLAYER’S HEALTH

Industry: Insurance Headquarters: Minneapolis, MN

About: Tyrre Burks startup efforts began with his extensive athletic career. After being part of a Division II football team while attending Winona State University, Burks then played football in Europe and the Canadian Football League for several years. Because of all that time spent playing a very rough sport, Burks suffered several injuries with long-term consequences. These included injuries to his back and neck and his hamstring and tibia. Believing his athletic career to be finished, he conceived of a startup, Player’s Health, a company that could change how professional and amateur sports organizations treat player injuries and overall health.

Why They Made the Worthy 100: Player’s Health sells commercial insurance to sports organizations, but it focuses on player safety. It provides health and safety information to team owners and managers and credentials them depending on a risk assessment score delivered by Player’s Health analysts. The better that score, the cheaper the insurance becomes. Due to Burks’ efforts as CEO, the company recently raised $28 million in financing and launched a Canadian Managing General Agent underwritten by the provider, Aviva.

Allister Chang & Courtney Bragg

FABRIC HEALTH Industry: Healthcare Headquarters: Philadelphia, PA

About: Courtney Bragg has more than ten years in healthcare, where she’s worked as VP and GM of Market Launch and Product for Virtudent as well as a principal for Ampersand Advisory, where she led a series of projects across a broad spectrum of public and private healthcare clients.

Mike Cannon-Brookes

ATLASSIAN

Industry: Technology Headquarters: Sydney, Australia

About: Along with cofounder Scott Farquhar, Cannon-Brookes founded Atlassian, a tech company selling development and work management software, in 2002. According to him, they wanted to make the same money they’d make working for a big company without having to bow to a boss. They overshot a little, and 20 years later, the company pulled in $2.8 billion in 2021 revenue and employs more than 8,000 people. Aside from his corporate success, CannonBrookes also serves as an adjunct professor at the University of South Wales and owns a minority stake in an NBA team, the Utah Jazz. He’s been honored in Australia as the 2006 Entrepreneur of the Year and by the Work Economic Forum as a 2009 Young Global Leader.

Why They Made the Worthy 100: Cannon-Brookes may be a tech billionaire, but he’s also at the forefront of addressing the world’s energy and climate crises. In 2022 alone, he invested in the SunCable project, which is looking to build a solar energy farm on 12,000 hectares at Powell Creek in Australia. That energy will help power his native country, but it’ll also be linked via a more than 2,600-mile-long undersea cable to as far away as Indonesia. Another effort in 2022 had him purchasing almost 11.3 percent of an Australian energy company, AGL Energy Ltd., where he’s currently in a heated battle with its board over the company’s green energy and climate change policies.

Allisater Chang was executive director for Libraries Without Borders as well as a visiting researcher at the Global Policy Institute and UNESCO. More recently, he founded Civic Suds, a mission similar to his latest venture with Bragg, Fabric Health, the latter of which has allowed both Bragg and Chang to combine forces and create a powerful startup.

Why They Made the Worthy 100: The two came up with the Fabric Health concept in 2021, but the project took off in January of 2022 when they won first place in the Richard King Foundation’s first pitch competition, which garnered them a $500,000 investment. Fabric Health had already been launched in Philadelphia, but the new cash influx let them to expand to Pittsburgh as well. Fabric Health’s concept is a little out of left field, but is nevertheless effective. It centers around laundromats, where millions of low-income Americans regularly spend a lot of time. Bragg and Chang hypothesized that many of those people are either running unchecked health risks or are confused about their healthcare options. To help, Fabric Health now offers direct intervention at laundromat sites to assist people get the care they need.

Ketanji Brown Jackson

U.S. SUPREME COURT Industry: Government/Legal

About: Justice Ketanji Brown Jackson started her legal career clerking for the U.S. District Court of Massachusetts in 1996 and then the U.S. Court of Appeals for the First Circuit in 1997. After dipping into the private sector for a year, she clerked for Supreme Court justice Stephen Breyer from 1999 to 2000. After several years in private practice, Jackson became

a public defender in Washington, DC. From there, she received her first presidential nomination in 2009, when President Barak Obama nominated her to the United States Sentencing Commission. While with the Commission, she helped bring about the “drugs minus two” amendment, which reduced the offense levels for common drug crimes. In 2012, Obama nominated her again, this time to the U.S. District Court for the District of Columbia, a post for which she again received a full Senate confirmation in 2013 This was followed by her elevation to the U.S. Court of Appeals for the District of Columbia Circuit in 2021 and shortly after President Joe Biden’s nomination to the Supreme Court She’d been considered for the same office in 2016 after the death of Justice Antonin Scalia though Obama ultimately selected Justice Merrick Garland However, this previous vetting process undoubtedly helped her land a 53 47 bipartisan procedural Senate vote in March of 2022, followed by her confirmation in April and her swearing in as the 116th Supreme Court Justice on June 30

Why

They Made the Worthy

100: Before she became the first black woman elected to the Supreme Court, Justice Jackson had a history of significant rulings that supported women ’ s rights, fair labor practices, and the rights of immigrants. In 2018, when the Department of Health and Human Services announced it would shorten the grant periods for teen pregnancy prevention programs from five years to three years, Jackson ruled that the move

violated the Administrative Procedure Act because it came without notice or even adequate explanation. In 2019, when the Trump administration and several immigration law advocacy groups wanted to expand the categories of noncitizens who would be subjected to “expedited removal” from the country, Jackson entered a preliminary injunction to stop the revised rules. She wrote at the time the argument “reeks of bad faith, demonstrates contempt for the authority that the Constitution’s Framers have vested in the judicial branch, and, ultimately, deprives successful plaintiffs of the full measure of the remedy to which they are entitled.” Since Jackson’s appointment happened only a short time ago, Jackson didn’t take her seat until the court was already in its summer recess with work to resume this fall. Given that several other justices are using this time to craft opinions on such things as the Roe v. Wade reversal and expanded gun rights, Jackson will need the prep time to enter those battles effectively when the court reconvenes. For her part, Jackson says she views her successful nomination as a message to both her and a population that has felt increasingly disconnected from the country’s judicial direction. During a recent Library of Congress appearance, Jackson stated that the people she’s met since her confirmation have “what I can only describe as a profound sense of pride and what feels to me like renewed ownership.”

Pernell Cezar & Rod Johnson

BLK & BOLD SPECIALTY BEVERAGES Industry:

Food Headquarters: Des Moines, IA

About: It is popular wisdom that it is a bad idea to go into business with a friend. Fortunately for the coffee world, Pernell Cezar and Rod Johnson didn’t listen to that. Before they went into business together with their 2021 venture, BLK Bold Specialty Beverages, the two lifelong friends had already built successful careers for themselves. Cezar was the sales director for beauty retailer Sundial Brand, while Johnson was working in fundraising at the Univeristy of the Pacific in Stockton, California. But those careers were leaving them a little cold and both decided they wanted to run a business of their own with Cezar acting as CEO and Johnson handling marketing After doing quite a bit of research, the duo discovered that African Americans weren’t at all common in the coffee industry either as customers or business operators.

Apparently, they’re also the leastlikely ethnicity to drink coffee on a regular basis according to research the two read from the National Coffee Association, a research outfit and lobbying organization. The figures clinched it and the two jumped headfirst into the coffee game beginning with setting up their first commercial roaster in Cezar’s garage in 2018 and spending more than $20,000 of their savings on marketing and business operating costs. But the results have been nothing short of spectacular. BLK & Bold Coffee hit almost $1 million in profit in just three years due largely to key relationships the two forged with Amazon, Ben & Jerry’s, the NBA, and Target Those partnerships are certainly smart, but they were also difficult to attain highlighting the partners’ negotiating skills and business savvy Last year, their

licensing pact with the NBA resulted in a new coffee flavor called The Warm Up, and this year, they delivered a coffee ice cream with Ben & Jerry’s, simply called Change is Brewing.

Why They Made the Worthy 100: From the outset, Cezar and Johnson wanted their company to do more than just sell coffee. They wanted to give back, especially to young people growing up in difficult neighborhoods as they had back in their hometown of Gary, Indiana. As kids, the two spent time at their local Boys & Girls Club and now they wanted to give back to similar organizations So, in 2020, when most struggling businesses would hang on to every nickel, BLK & Bold Coffee donated upwards of $42,000 to 14 different community organizations and have since pledged 5 percent of their ongoing profits to continue donations to other youth programs On their LinkedIn page, the company describes their mission as being, “rooted in quality, convenience, community, and diversity, supports initiatives designed to create opportunities for urban youth to overcome statistical odds ” That’s a worthy mission in anyone ’ s book and if you can get caffeinated at the same time, so much the better!

Pernell Cezar

Rod Johnson

Amal Clooney

ALBIE AWARDS

Industry: Entertainment

Headquarters: Los Angeles, CA

About: Since marrying her famous spouse, actor George Clooney, Amal Clooney has become a household name; however, before tying the knot with George, Amal was powering through a noteworthy legal career. Born in Lebanon, Clooney’s family moved to the U.K. during the Lebanese Civil War. Post-university, she entered the legal field, holding jobs in the U.K. and the U.S., and the International Court of Justice in The Hague. She is a practicing barrister to the Bar of England & Wales, Inner Temple, practicing at Doughty Street Chambers. In this capacity, she practices international law, working on criminal and human rights cases.

Why They Made the Worthy 100: In 2016, the Clooneys cofounded the Clooney Foundation for Justice. The organization works to “get archaic laws overturned, unfair sentences thrown out, perpetrators behind bars, and persecuted men and women out of prison.” In late September 2022, the Foundation held the inaugural Albie Awards event, named after Justice Albie Sachs, best known for working to end apartheid in South Africa. The event awarded four first-time winners, including journalist Maria Ressa, social justice organization iACT, human rights defense organization, Viasna, and Dr. Josephine Julea for her work protecting Kenyan girls from abuse. The awards event brought international attention to these causes due to Clooney’s star power pulling a long list of celebrity attendees. The Clooney Foundation has also partnered with the Bill and Melinda Gates Foundation and the Obama Foundation to continue its international efforts in the future.

Liz Cheney

U.S. CONGRESS

Industry: Government Headquarters: Casper, WY

About: Elizabeth Cheney is a U.S. Representative for Wyoming and has held the office since 2017. She’s the eldest daughter of former vice president Dick Cheney and Second Lady Lynne Cheney. Before assuming her current office, Cheney acted as the Deputy Assistant Secretary of State for Near Eastern Affairs and the Coordinator for Middle East and North African Initiatives. Cheney is a selfdescribed neoconservative known for focusing on national security, business, and fiscal frugality.

Gary Cunningham

PROSPERITY NOW

Industry: Nonprofit Headquarters: Washington, D C

About: Currently the president and CEO of Prosperity Now, Cunningham came to the post with more than two decades of holding various leadership positions in other philanthropic arenas, including education, healthcare, and public policy He led the NorthPoint Health and Wellness Center He was also the Associate Superintendent of Minneapolis Public Schools and the Deputy Director of Civil Rights for the City of Minneapolis He acted as CEO of the Metropolitan Economic Development Association and has chaired the Community for Economic Committee for the Twin Cities While working as Prosperity Now’s CEO, Cunningham also serves on several association boards, like the Association for Enterprise Opportunity, the Treasury Advisory Committee on Racial Equity, and the Community Advisory Council for Capital One

Why They Made the Worthy 100: After such a long career in public service, Cunningham assumed the CEO position at Prosperity Now in 2019 The organization has evolved from basic aid to a much more sophisticated approach based on strategic testing, investing, and deploying aid solutions at scale In 2022, Prosperity Now released a groundbreaking Inclusionary Zoning Report designed to expand public awareness of zoning and how it can directly affect racial and economic inequality It also announced a partnership with Bloomberg Philanthropies to launch a Black Wealth Data Center, which will feature a new racial wealth equity database

Why They Made the Worthy 100: In July of 2021, Speaker Nancy Pelosi appointed Cheney to the House Select Committee on the January 6 Attack, and two months after that, Cheney became the committee’s vice chair. Despite being a staunch republican, Cheney firmly believed that former President Trump bears significant responsibility for the January 6 attack. Regarding the attack, Cheney has written, “the president of the United States summoned this mob, assembled the mob, and lit the flame of this attack. Everything that followed was his doing. None of this would have happened without the president. The president could have immediately and forcefully intervened to stop the violence. He did not. There has never been a greater betrayal by a president of the United States of his office and his oath to the Constitution.” This stance has resulted in Cheney facing forceful pushback from other republicans. In August 2022, she lost her renomination in Wyoming’s Republican Primary by a landslide to Trump-backed Harriet Hageman. She’s nevertheless stuck to her principles, vowing to be “one of the leaders in a fight to help restore our party.”

Yvon Chouinard

PATAGONIA Industry: Fashion Headquarters: Ventura, CA

About: Most billionaires who get into philanthropy give away bits and pieces of their fortunes over many years. Yvon Chouinard decided to do it a little differently. He just said, “Here you go,” and handed his entire company, long-time fashion brand Patagonia, over to the Patagonia Purpose Trust. But long before this landmark move, Chouinard wasn’t behaving like a typical big-company CEO. After making a mark as a rock climber, Chouinard started selling hand-forged climbing gear back in 1957. In 1970, he began his forays into sports clothing, beginning with rugby shirts he imported from Scotland mainly because he found that they helped keep his neck from being chafed by the climbing sling when he was doing his own climbing. In 1973, he opened his first retail location in Ventura, CA, because it was close to his blacksmith shop and he was still hand-forging climbing gear and his clothing sales. By the mid-80s, Chouinard was firmly working in the clothing business, and by the early 2000s, the company had expanded its clothing line into other outdoor sports, notably surfing and hiking. Chouinard was still selling other products along with clothes, including climbing gear (no longer hand-forged, though), camping products, and even camp food. However, what put the company on the map was the sudden execuboom of the 2010s when business executives everywhere just had to have a Patagonia fleece vest to wear on huge campuses where meetings were now commonly held outside. But back to Chouinard’s landmark ownership move.

Why They Made the Worthy 100:

Well, if you donate your whole organization to a charitable trust and don’t make the Worthy 100, there’d be something wrong with the process. But even before this fantastic gesture, Patagonia under Chouinard had a history of giving back. One example is Chouinard’s penchant for environmental activism. In 1985, Chouinard was a founding member of the One Percent for the Planet organization, whose members pledge to contribute at least 1 percent of total revenue to environmental causes In 2016, the company pledged to donate 100 percent of its Black Friday sales (a huge retail event for any consumer brand) to environmental causes, totaling over $10 million in donations Chouinard even tipped his hat to ex President Trump after his 2017 tax cuts for large businesses Patagonia pledged to donate the money it saved through those cuts, another $10 million, to “ groups committed to protecting air, land, water, and finding solutions to the climate crisis ” The company also boycotted the Outdoor Retailers trade show that year, which traditionally takes place in Salt Lake City, Utah, because the state legislature was trying to transfer federally owned land to the state Chouinard also spoke against Utah governor Gary Herbert asking then President Trump to revoke the recently designated Bears Ears National Monument in southern Utah After it turned out Patagonia wasn’t the only business taking this stance, the trade show event management company, Emerald Expositions, decided to dump Utah

in favor of another state for its next show. But that didn’t end the Bears Ears conflict. In late 2017, Patagonia joined the long line of suits against that administration contending that the Property Clause of the U.S. Constitution and the Antiquities Act of 1906 did not empower a a current President to reverse the monument designations of a previous one. That’s a long history of activism, especially considering that we’re talking about a company as well as a man And now, in 2022, Chouinard has made sure the company he founded will always be involved in giving back to the environment and the outdoors he loves so much

Robbie Donno

GIFT OF LIFE INTERNATIONAL

Industry: Nonprofit Headquarters: Fresh Meadows, NY

About: Before becoming the Chairman of Gift of Life (GOL) International, Donno worked as a principal of the Donno Company from 1970 to 1997 and VP of Eastern Waste of New York from 19971999, overall holding leadership positions in the solid waste disposal industry for over five decades. He joined the Manhasset Rotary in 1971 and became its president in 1975.

Why They Made the Worthy 100: In 2003, Gift of Life International was formed, and Donno was elected as its first chairman. In the years since GOL International has treated 43,000 children in 80 countries and has an average of treating 4,000 needy children every year. It’s sponsored by 332 Rotary Clubs and manages a network of 84 gift programs.

Jen Easterly

U.S. CYBERSECURITY AND INFRASTRUCTURE SECURITY AGENCY

Industry: Government Headquarters: Arlington, VA

About: Easterly served in the U.S. Army for twenty years earning two bronze stars over the course of her service. She rose to the rank of lieutenant colonel and served in the NSA as part of the agency’s cryptologic services group stationed in Baghdad and then worked with the agency’s elite Tailored Access Operations unit.

Why They Made the Worthy 100: Easterly is the first woman to be elected as head of the U.S. Cybersecurity and Infrastructure Security Agency (CISA). In 2022, due mainly to Easterly’s leadership, the agency released its first comprehensive 2023-2025 CISA Strategic Plan, the first since the organization was established in 2018. Facing a complex and evolving cyber-threat landscape, the highly complex program ensures that the U.S. can effectively respond against a never-ceasing cascade of digital dangers and do so at scale.

John Doerr

KLEINER PERKINS

Industry: VC firm Headquarters: Menlo Park, CA

About: Yes, he’s a tech billionaire. According to Forbes’ rankings, he’s among the wealthiest people in the United States. But he’s also an environmental activist with a record that stands out from much of the billionaire’s club. Born in St. Louis, MO, Doerr graduated from Rice University and Harvard Business School with an MBA in 1976. He’d joined Intel two years prior, so he managed to get in just as the company was building its landmark 8080 8-bit microprocessor, the chip many credit with kicking off the personal computer era. He rose through the ranks at Intel, becoming one of its most successful salespeople, all while also garnering several patents for himself. With money in his pocket (a lot even then), he joined Kleiner Perkins in 1980 and has directed many of that firm’s most successful investments in a luminary tech company with names like Amazon, Compaq, Google, Sun Microsystems, and more. In 2008 he announced with Steve Jobs that Kleiner Perkins would be establishing the $100 million iFund because, as he put it, the iPhone is “more important than the personal computer because it knows who you are and where you are.” A little creepy when put that way, but true. So it’s established that he’s a wildly successful technology investor, but that’s not what got him on this list.

Why They Made the Worthy 100: Along with his long tech investing career, Doerr has also invested in environmental and social change organizations. He cofounded and still serves on the board of the New School Ventures Fund, which helps education reform and charter public schools. He also co-chaired California’s Proposition 30, which helped approve school bonds, and Proposition 71, which created roughly $3 billion allocated for research into stem cell therapies. Doerr also regularly speaks out on clean energy and climate change issues and has directed funding to companies involved in those struggles on several occasions. Though he retired from Kleiner Perkins in 2016, he’s capped off his long career by putting his John Hancock on the Bill and Melinda Gates Giving Pledge, which has become fashionable for the socially-minded billionaire set. But what wasn’t so common happened in May of 2022, when Stanford University announced its first new school in 70 years, the Stanford Doerr School of Sustainability. The school came about due to a record $1.1 billion donation Doerr made in 2022, the second-largest gift that Stanford has ever received.

Emily Fair Oster

BROWN UNIVERSITY

Industry: Academics

Headquarters: Providence, RI

About: Oster has since received a BA and Ph.D. in economics from Harvard University and taught at the Chicago Booth School of Business. She’s now at Brown University, where she works as a Professor of Economics. Much of her work focuses on the intersection of economics and health. A 2005 paper suggested that China’s exceptionally high ratio of men to women was due to Hepatitis B. That example also proves she’s not bashful to admit she might be wrong since a subsequent paper based on new data in 2008 was titled “Hepatitis B Does Not Explain Male-Biased Sex Ratios in China.” Aside from economics, she’s also a vocal advocate for revising modern parenting techniques, with three books on the subject already to her credit.

Why They Made the Worthy 100: Oster advocated opening schools during the COVID-19 epidemic rather than closing them. In 2020’s early pandemic days, she wrote a widely influential article for The Atlantic called “Schools Aren’t SuperSpreaders.” To support it, she built a data dashboard that tracked the spread of COVID-19 in schools. Then in 2021, she came out with the COVID-19 School Data Hub, a repository and analysis platform that tracks and compares data on the success of virtual versus in-person education in 31 states. It’s still one of the most comprehensive efforts to date for understanding how schools should operate during a pandemic.

Sonja Ebron

COURTROOM5

Industry: Legal/Tech Headquarters: Durham, NC

About His Business & Career: Though she’s shining bright as an entrepreneur, Dr. Sonja Ebron also has a distinguished career in research and teaching with a Ph.D. in electrical engineering and expertise in utilities and artificial intelligence. As a professor, she’s taught classes in these subjects but keeps jumping out of academia to take swings in the entrepreneurial arena, with her latest venture, cofounded with her wife, Debra Slone, being Courtoom5.

Why They Made the Worthy 100: With her new venture, Ebron is looking to employ software-as-a-service (SaaS) and artificial intelligence technology to bolster weaknesses in the U.S. litigation system. Her reasoning is fairly simple: Many Americans can’t afford to have a lawyer, and those who decide to represent themselves because of that tend to lose. That’s where Courtroom5 steps in. The service uses web and AI technology to match clients with access to legal data, document templates, detailed case law, and even analyses of proposed claims and defenses. It’s not free but it’s definitely cheaper than hiring an attorney. In just a few years since its founding, Courtroom5 and Ebron have already helped thousands with legal troubles. In 2021 the company was selected as one of five to get funding from the global venture capitalist group ShEO.

Onno Faber

RAREBASE

Industry: Healthcare Headquarters: Palo Alto, CA

About: Onno Faber is a 40-year-old Netherlands native living in California who trained as an architect and engineer, but fate has pushed him to become a serial biotech entrepreneur. He began with AllStripes in 2017, a straight biotech research firm. But then his 2015 diagnosis of neurofibromatosis type 2 (NF2), a rare auditory tumor disorder, got worse. Even on a 40-pill per-week drug regimen, his tumor grew by 40 percent. With time running out, Faber learned of a drug called everolimus that generally isn’t intended for NF2. The treatment was successful, and since it came through a wide net of connections in biotech, Faber started thinking about sharing those connections with other people suffering from rare diseases. The result was Rarebase.

Why They Made the Worthy 100: With Rarebase. Faber is trying to fix what many view as a broken process in researching cures for rare diseases. Faber estimates that upwards of 400 million people, many of them children, are currently battling rare diseases worldwide. Most are isolated from any research and even cures that might help them. Rarebase connects those people with scientific and financial support. It also helps link research efforts to foster hive-mind-style collaboration on data and treatment options. The idea is to build a platform that connects patients and scientists, thereby advancing research for everyone.

Lynn Fitch

MISSISSIPPI ATTORNEY GENERAL

Industry: Government Headquarters: Jackson, MS

About: Currently, Fitch is serving as the 40th Attorney General of Mississippi. She’s the first woman to be in the role in Mississippi’s history and the first Republican to do so since 1978. Before that, she served as the State’s Treasurer from 2012 to 2020. A native of Mississippi, she worked as a bond lawyer before entering government service in 2011.

Why They Made the Worthy 100: In 2022, Fitch launched not one but two critical initiatives to protect the women and children of Mississippi. In March 2022, she initiated the Mississippi Domestic Violence Registry (MSDVR). This database tool connects domestic violence data with law enforcement when needed and makes accessing the information easier for courtroom personnel. The platform uses an electronic system dubbed eCrash by the Mississippi Department of Public Safety, created by developers at the Alabama Center for Advanced Public Safety. Then in September, 2022, she announced a partnership with football greats Mike Singletary and Wesley Walls and the National Child ID program to distribute more than 41,000 child ID kits to kindergartens across the state. National Child ID Program Executive Director Kenny Hansmire said he was “humbled” by AG Fitch’s dedication to public safety over the past year.

Charles “Chuck” Feeney

DUTY FREE SHOPPERS

Industry: Retail Headquarters: Kowloon, Hong Kong

About: Forbes once called Chuck Feeney “the James Bond of philanthropy” because he nearly perfected the art of stealthily donating wealth. After completing his military service in the Korean war, Feeney began selling duty-free liquor to U.S. military personnel in the 1950s. From there, the future billionaire cofounded the highly successful airport retailer Duty Free Shoppers in 1960. In 2011, he signed the Giving Pledge created by Warren Buffet and the Bill and Melinda Gates Foundation

Why They Made the Worthy 100: Forbes once called Chuck Feeney “the James Bond of philanthropy” because he nearly perfected the art of stealthily donating wealth. After completing his military service in the Korean war, Feeney began selling duty-free liquor to U.S. military personnel in the 1950s. From there, the future billionaire cofounded the highly successful airport retailer Duty Free Shoppers in 1960. In 2011, he signed the Giving Pledge created by Warren Buffet and the Bill and Melinda Gates Foundation

Robert “Bob” Fine

INTERNATIONAL

VIRTUAL REALITY HEALTHCARE ASSOCIATION

Industry: Healthcare Headquarters: Washington, D.C.

About: Shortly before the pandemic, Fine started the world’s largest annual conference focused on virtual healthcare in the U.S. and Europe, International Virtual Reality Health Care Association (IVRHA).

Why They Made the Worthy 100: In early 2022, the IVRHA put together the largest conference to date on virtual healthcare. The event highlighted the current luminaries in the field and gave voice and exposure to the newest voices.

Tony Fadell

BUILD CLIMATE FUND

Industry: Philanthropy

About: Founder and CEO of Nest Labs and the Apple iPod, Fadell has authored over 300 patents and is the principal at Future Shape—A global investment firm acting as a coaching platform for over 200 startups working on “foundational technology.” Then he wrote a book.

Why They Made the Worthy 100: Entitled Build, an Unorthodox Guide to Making Things Worth Making, Fadell bills it as an encyclopedia of everything he’s learned in his career. All the book’s proceeds are going to the Build Climate Fund, Fadell’s investment fund for companies he believes will help fight the climate crisis. He’s pledged a 5x match for those proceeds out of his pocket up to $25 million.

Larry Fitzgerald

THE LARRY FITZGERALD FOUNDATION

Industry: Philanthropy Headquarters: Arizona

About Their Business & Career: The football great, whom many call simply ‘Larry Legend,’ began his highly distinguished football career as a ball boy for the Minnesota Vikings as a teenager. From there, he played college ball for the Valley Forge Military Academy (VFMA) and then the University of Pittsburgh, where it’s said he was one of the best wide receivers in the college game from 2002 to 2003, the same year in which he won the Fitzgerald won the Biletnikoff Award and the Walter Camp Player of the Year award. He began his NFL career in 2004 when he signed with the Arizona Cardinals, where he spent his entire NFL career, which ended in 2021 when he announced he was joining ESPN’s Monday Night Countdown in 2022. Aside from sports, Fitzgerald is also making his mark in business with his own travel company, Nomad Hill, and as a minority owner of The Phoenix Suns,

Why They Made the Worthy 100: Fitzgerald began the Larry Fitzgerald Foundation in 2005, only a year after starting in the NFL. The organization promotes youth education, funds positive activities for kids during vacation, and supports children and families in need. It’s provided computers and tablets to several Minnesota public schools and assisted child sports leagues in the state. In 2020 he donated $120,000 to the Valley Boys & Girls Club. In 2022, he partnered with DraftKings to donate $100,000 for breast cancer research.

Diébédo Francis Kéré

KÉRÉ ARCHITECTURE

Industry: Architect Headquarters: Berlin, Germany

About: Before he became one of this century’s best-known, forward-thinking architects, Francis Kéré lived in a small village in Burkina Faso, a landlocked country in West Africa. Francis Kéré grew up without power, formal schooling, or access to safe drinking water. He managed to emigrate from Burkina Faso to Germany in the late 90s but regularly returned to his home village of Gando to share what he’d learned and give back to his old community. Even three years before graduating as an architect, he built a new school in his village so its children wouldn’t have to travel to neighboring towns.

Why They Made the Worthy 100: Early in 2022, Francis Kéré made history by becoming the first African to win the Pritzker Prize, widely considered the highest achievement award in architecture. The award came to him not only for completing ground-breaking and innovative projects but also because those projects use local materials and traditional techniques yet still achieve modern results.

Seth Godin

THE CARBON ALMANAC

Industry: Publishing

About: Godin is an ex-marketing guru and entrepreneur turned vocal climate crisis activist. His first venture was a book packaging business he founded in 1986 followed by Yoyodyne, a marketing company he started with Mark Hurst in 1995. While managing Yoyodyne, Godin published a marketing how-to work entitled, “Permission marketing: Turning strangers into friends and friends into customers.” After selling Yoyodyne to Yahoo! In 1998, Godin has focused on being an author through his Do You Zoom company which he started in 2000, and most recently a founding editor of the Carbon Almanac.

Why They Made the Worthy 100: Though he’s authored dozens of books, Godin’s latest work, The Carbon Almanac: It’s Not Too Late, has become this year’s seminal work on describing the state of the climate crisis and how we still have time change that dismal future. You can buy the book and access related extras like speaking dates and podcasts at /thecarbonalmanac.org.

Fatima Goss-Graves

NATIONAL WOMEN’S LAW CENTER

Industry: Legal Headquarters: Washington, D.C.

About: Gross-Graves worked as an associate for Mayer, Brown, Rower, & Maw from 2002 to 2005, when she joined the National Women’s Law Center (NWLC). There she started as the Vice President for Education and Employment and has since risen to president and CEO.

Why They Made the Worthy 100: Though the NWLC has a decades-long history of protecting women’s rights in the legal system and Gross-Graves is one of its most vocal proponents. In July of 2022, she testified before the House Committee on Oversight and Reform on the impact the Dobbs. She also steered the organization to create the Time’s Up Legal Defense Fund (TULDF) The TUDLF has assisted more than 4,800 women.

Jane Fraser

CITI Industry: Banking Headquarters: New York, NY

About: Called the most powerful woman in banking by American Banker, Jane Fraser’s career spans 34 years and several countries, culminating with her current position as CEO of Citi. She assumed the post in 2021 and became the first woman to lead a Wall Street bank. Over the past year, Fraser galvanized Citi delivering excellent firstquarter earnings in 2022 with more than $4 billion returned to shareholders. And she’s done it on an accelerated timeline, in an organization with more than 200,000 employees, and in a historically volatile time in world politics. She’s taken immediate and decisive steps to simplify Citi by announcing that the bank would be divesting itself of several international consumer markets across. She’s already executed agreements to sell nine. When not working in Citi’s New York headquarters, she’s also on several important economic boards, including the Partnership for New York City, the Harvard Business School’s board of dean’s advisors, the Economic Club of New York, and the Council on Foreign Relations. But next to her undeniable financial and managerial successes with Citigroup, Fraser’s achieved additional and important success in her efforts to affect social change, poverty, and climate change.

Why They Made the Worthy 100: Shortly after assuming the office of Citi CEO, Fraser sent a clear

message that her tenure would be marked by transforming Citi’s culture and its financial success. She did this beginning with a popular LinkedIn post that Citigroup’s future activities would factor in empathy for clients and people just as much as innovation and profit potential. Fraser wrote, “It’s time to bust some more myths! Empathy is not a sign of weakness. In fact, it can create a competitive edge. Empathy is about listening to our clients rather than pushing a product or our idea,” and “In such a digital world, scale, agility and client centricity are an imperative, and excellence is the only standard. I believe empathy helps us achieve them. Let’s set a new way of showing leadership.” Fraser immediately began making good on this vision by building one of the most successful employee communication programs during the COVID 19 pandemic had 91% of Citi employees heralding approval of its effectiveness She also made fast strides in her climate crisis agenda, announcing new investment plans in renewable energy and green transportation solutions She also promised Citi would become a net zero carbon emission company by 2050. And if that’s not enough, Fraser is also trying to better the sad state of affordable housing across the United States She has Citi providing more than $5 6 billion in loans aimed directly at a project that’ll give homes to families that are financially secure but still have trouble affording a home in today’s sky rocketing market Finally, under her leadership, Citi has expanded “double bottom line” equity investments in U S

private sector companies driving both financial and social returns as part of the Citi Impact Fund. Since the creation of the Fund, a top priority has been investing in diverse founders – both women and people of color. According to Citigroup, as of September 2022, over 71% of the Fund’s portfolio companies are founded by people of color or women. Of Citi’s continued commitment to diversity, equity and inclusion, new direction towards inclusiveness, Fraser stated in her American Banker interview, “I firmly believe that greater diversity, equity, and inclusion enable progress. To me, diversity is about different perspectives and ideas, equity is about creating a fair playing field, and inclusion is about empowering people to be their authentic selves so they can play to their strengths ”

Curtis Granderson

GRAND KIDS FOUNDATION

Industry: Charity Headquarters: Detroit, MI

About: NIcknamed the “Grandyman,” Curtis Granderson had a 16-year MLB career playing for the Detroit Tigers, Blue Jays, Brewers, Dodgers, Marlins, and the Mets. He’s a three-time MLB All-Star and recipient of the Silver Slugger Award in 2011. Since leaving active play, he’s become a host for MLB games on the TBS network, and he serves as president of the Players Alliance, an organization of former MLB players that want to increase the opportunities available to Black athletes in professional baseball. But even from his earliest MLB days, Granderson has excelled on a different playing field, namely giving back.

Why They Made the Worthy 100: In 2007, he founded the Grand Kids Foundation, a charity still going strong today to keep children healthy and active. Through the GKF, Granderson has held various athletic events and day camps for kids in Chicago and Detroit. He joined Michelle Obama’s “Let’s Move” campaign in 2010. But as Granderson grew more aware of the U.S. hunger problem in lowerincome areas, he had the GKF branch into that arena. He partnered with the Greater Chicago Food Depository and, in 2013, extended that partnership to Chicago supermarket retailer Mariano’s. The trio held the first annual Grand Giving food drive and have since done so every November. This past year, even amidst the pandemic, Grand Giving collected more than $200,000 for needy families

Jazz Hampton

TURNSIGNL

Industry: Legal Headquarters: Minneapolis, MN

About: Before becoming cofounder and CEO of the lawyer-ondemand app, TurnSignl, Jazz Hampton’s career began as a practicing compliance law specialist and the director of diversity and inclusion at the national defense firm Foley & Mansfield in New York City. From there, he returned to his native Minneapolis to become an adjunct professor at the Mitchell Hamline School of Law and a business mentor to Cerebro NeuroTech. All that, and he’s only 31. But in 2020, when Minneapolis police killed George Floyd, he and two friends quit their day jobs to found TurnSignl.

Why They Made the Worthy 100: TurnSignl is an app service specifically designed to protect drivers’ rights and de-escalate the now tense and always potentially deadly traffic stop situation. Just 40 days before the app was launched, a Brooklyn Center police officer shot Daunte Wright at a traffic stop. Hampton has been stopped a dozen times by police and has never been issued a citation, something he attributes to using his legal skills on the spot. TurnSignl seeks to provide the same advantage to everyone. Currently available in six states, the app will connect you to attorneys with expertise in local traffic laws and who are also trained in de-escalating these interactions with law enforcement.

Davida Herzl

ACLIMA

Industry: ESG

Headquarters: San Francisco, CA

About: For more than 12 years, Davida Herzl has been CEO of the company she founded in 2007, Aclima. The company broke new ground because of its ability to track climatechanging factors at scale. It maps the effects of air pollution and greenhouse gasses using a large network that combined data from roving and stationary sensors The company also built its own software analytics platform, Aclima Pro, which analyzes this data to provide climate intelligence for national governments, large corporations, and perhaps most importantly, local communities

Why They Made the Worthy 100: Under her leadership, Aclima has measurably moved the needle in the fight against the consequences of climate change Similar to Google’s efforts with Google Maps, Herzl had Aclima bite the bullet and send drivers cruising through neighborhoods on a national scale. Each car was equipped with sensors for sampling air, funneling those samples to analytical equipment, and with that data building an environmental map based on air quality The company has been named one of Fast Company’s 50 Most Innovative Companies in the World and in 2022 was named one of the Top 100 Companies in GovTech

Lara Hodgson

NOW Industry: Technology Headquarters:

Atlanta, GA

About: Graduating from Harvard Business School in 1998, Lara Hodgson has taught at the Georgia Institute of Technology, sat on many of the university’s boards, and founded two companies—Nourish and Now.

Why They Made the Worthy 100: Hodgson and her business partner, Stacey Abrams, work hard to empower women in the workplace and provide real-world advice to women looking to start their own ventures. Earlier this year, the duo published a new book, Level Up: Rise Above the Hidden Forces Holding Your Business Back, which has been described as equal parts inspirational memoir and hardcore tactical advice.

Katherine Hayhoe

TEXAS TECH UNIVERISITY

Industry: Science Headquarters: Lubbock, TX

About: Dr Katherine Hayhoe is a highly renowned climate advocate In her role as a Distinguished Professor at Texas Tech University and chief scientist at the Nature Conservancy, she specializes in atmospheric science, the climate change crisis, and why it’s a real problem for us in the here and now She’s been the lead author of the Second, Third, and Fourth National Climate Assessments, and she hosts a PBS Digital Series, Global Weirding.

Why They Made the Worthy 100: Over the last several years, Hayhoe’s efforts to bring awareness to climate change have been tireless Aside from her scientific work and her media work with PBS, she writes regularly about climate change for the Washington Post and gave a TED talk on the topic In 2022, she advocated for climate change reform at the New Yorker Festival and the COP27 Climate Change Conference in Egypt.

Nikole Hannah-Jones

NEW YORK TIMES

Industry: Media Headquarters: New York, NY

About: Nikole Hannah-Jones is an investigative journalist known for delving deep into the current civil rights issues facing the United States. From 2003 to 2007, she worked mainly for local media outlets in RaleighDurham and Oregon, where she worked for The Oregonian for six years. In 2008, she received a fellowship from the Institute for Advanced Journalism Studies. That allowed her to travel to Cuba, where she studied how universal healthcare worked under Raul Castro. In 2011, she worked for the nonprofit news outlet ProPublica, and from there, she became a staff writer for the New York Times in 2015.

Why They Made the Worthy 100: In 2017 she received a MacArthur Fellowship and in 2020 earned the Pulitzer Prize for her work on the stillcontroversial 1619 Project. The project consists of a series of New York Times Magazine articles aimed at changing how America views slavery. She timed it to coincide with the 400th anniversary of the first enslaved African arriving in Virginia. The series is mainly essays by Hannah-Jones and other influential writers, including Princeton University’s Matthew Desmond and Kevin Kruse It also has poems, short fiction, and a photo essay by other authors New York University’s Arther L Carter Journalism Institute named it one of the ten most significant works of journalism of the last decade, and in 2022 it garnered Hannah Jones the NAACP Image Award for Outstanding Literary Work Nonfiction

Letitia James

ATTORNEY GENERAL OF NEW YORK

Industry: Legal Headquarters: New York, NY

About: Letitia James’ resume includes a string of legal positions but also stints as an activist and, most recently, a politician. After receiving her JD from Howard University, she began practicing law in 1989. From there, she’s worked as a public defender for Legal Aid and at the same time founded the Urban Network, an association of Black-run organizations that together began providing scholarships. She spent time on Governor Mario Cuomo’s Task Force for Diversity, among other government posts but then entered politics in 2001 when she ran for the 35th Council district seat. She was the first member of the Working Families Party to win an office in New York state. She became the first African American woman to hold a citywide office in New York when she became a New York City Public Advocate in 2013. Since then, she’s switched to the Democratic Party before being elected to her current post as the New York Attorney General.

Why They Made the Worthy 100: As New York AG, James has put together an impressive record prosecuting consumer issues, especially predatory lending. She’s also filed a suit against the NRA, naming four NRA executives as codefendants. In 2020, she also began investigating neglect of the aged in nursing homes during the COVID-19 pandemic. This put her squarely up against Governor Andrew Cuomo, whose coronavirus taskforce was under investigation by the FBI, and then-President Donald Trump. Those relationships were likely further strained when James released a report in 2021 asserting that Governor Cuomo had engaged in several acts of sexual harassment. She also opened two investigations into the Trump Organization in 2020, looking for instances of financial fraud. She has since filed an additional lawsuit against Trump personally, looking to prove the ex-President has engaged in years of financial fraud for personal benefit

Anne Holland

WHAT CHEER FLOWER FARM

Industry: Technology Headquarters: Providence, RI

About: Anne Holland is a serial entrepreneur building multiple forprofit and non-profit organizations in Providence, RI. She’s also a cut-flower hobbyist who was inspired to cofound the What Cheer Flower Farm in 2017 after she witnessed the profound and positive impact receiving flowers has on the elderly.

Why They Made the Worthy 100: Holland built What Cheer Farm in the real world. She raised funds to buy the land in 2017 and has grown the farm to include a full-time staff that’s grown or rescued upwards of 85,000 flowers and given them away to the elderly, particularly those in hospice care suffering from dementia.

Bill Keller

THE MARSHALL PROJECT

Industry: Criminal Justice Headquarters: New York, NY

About: Bill Keller is a long-time journalist who worked mainly for The New York Times from 1984 through 2011 when he left the paper after serving as its Executive Editor. While working at the Times, he wrote or oversaw stories exposing potential corruption in the NSA’s Terrorist Surveillance Program and the Catholic Church sex abuse crisis.

Why They Made the Worthy 100: Keller became the Editor-in-Chief of the Marshall Project in 2014, a non-profit, non-partisan organization that provides investigative news coverage online, specifically covering the U.S. criminal justice system. He retired from that post in 2019, but continues to make waves in the criminal justice system. In October 2022, he published his latest book, What’s Prison For? Punishment and Rehabilitation in the Age of Mass Incarceration that takes a hard look at prisons and prison reform.

Naveen Jain

VIOME LIFE SCIENCES

Industry: Science Headquarters: Bellevue, WA

About: When it comes to tech moguls, Naveen Jain is no neophyte. After moving to the U.S.from India in 1979, he worked for Unisys and then Microsoft, where he was awarded three patents for his work in Windows 95. In 1996, he founded his first venture, InfoSpace, which grew quickly but then fell as part of the Internet bubble crash of 2000. Not to be daunted, Jain founded a string of other technology ventures, including Intelius, TalentWise, Moon Express, and Bluedot. In 2016, he found his current company, Viome Life Sciences.

Why They Made the Worthy 100: Viome LIfe Sciences differs from Jain’s other ventures because it’s a biotech firm instead of a software company. Instead, Viome’s self-proclaimed mission is to eliminate chronic illness and someday build a disease-free world. Naive or not, Viome’s on its way, already selling diagnostic tools to analyze stool, saliva, and blood samples for detailed nutritional information and early signs of oral and throat cancer.

Sherrilyn Ifill

NAACP LEGAL DEFENSE & EDUCATION FUND (LDF)

Industry: Legal Headquarters: New York, NY

About: Sherrilyn Ifill started at the LDF in 1988 and spent years litigating voting rights cases, including a landmark case before the Supreme Court, Houston Lawyers’ Association v. Attorney General of Texas. The success of that case extended Voting Rights Act protections to state trial court judges. Ifill has also taught at the University of Maryland and launched a legal clinic dedicated to removing barriers to ex-convicts trying to re-enter society. She assumed the office of president and director-counsel for the LDF in 2013.

Why They Made the Worthy 100: Though she stepped down from her post as the LDF’s 7th President and Director-Counsel in March of 2022, Sherrilyn Ifill has done an amazing job bolstering the LDF’s cause but leading it successfully in one of the most racially turbulent times in our history. That dedication and achievement have earned her several awards and accolades, including the 2022 Radcliffe Medal.

Mila Kunis & Ashton Kutcher

CELEBRITY ACTORS

Industry: Media

About: Though they first met and worked together on the well known sitcom, That 70s Show, Mila Kunis and Ashton Kutcher didn’t get married until 2015 Both Kunis and Kutcher are vocal about their political opinions, each being a member of the Democratic Party They’re also frequent philanthropists, developing their wine in 2020 They called it Quarantine Wine and donated 100 percent of the revenue it generated to pandemic aid The following year, they also launched Outside Wine, the proceeds of which benefitted the Skate Park Project and Thorn.org.

Why They Made the Worthy 100: In 2022, the couple likely executed their most successful charitable venture Via a GoFundMe campaign, they raised more than $30 million, all of which went to aid the refugees fleeing Kunis’ home country, Ukraine.

PHOTO COURTESY OF NAVEEN JAIN

Leslie JonesDove & Devshi Mehrotra

JUSTICETEXT

Industry: Legal Technology

Headquarters: Chicago, IL

About: Leslie Jones-Dove and Devshi Mehrotra are two University of Chicago undergrads who turned a final project in a computer science course into a fast-growing startup driving social impact. Even as an undergrad, Mehotra has held a leadership position in compileHer, a group looking to advance computer science education for young girls. She also won a Tarrson Social Venture Fellowship, which helps fund graduating UofC alums’ social ventures so they can work on them full-time. Jones-Dove served as the president of Edge, an intercollegiate organization promoting entrepreneurship, and both he and Mehrotra made the Forbes 30 under 30 list in 2021.

Why They Made the Worthy 100: Despite starting as a school project, JusticeText has become a fast-growing startup service with support from the National Association of Defense Attorneys. The service is designed to collect and organize the massive quantities of audio and video data defense attorneys need to help their clients win cases against police misconduct. Even though Mehrotra is now a Schwarzman Scholar in Beijing, China, while DoveJones is working in New York City, the duo is still piloting JusticeText forward, raising $2.2 million in financing in 2022.

Ellen MacArthur

THE ELLEN MACARTHUR FOUNDATION

Industry: Charity Headquarters: Isle of Wight, U.K.

About: Dame Ellen MacArthur first entered the public spotlight when she broke the world record for the fastest global sail in 2005. She was already known in sailing circles since she’d sailed her boat around the British Isles when she was 17. She was named the British Telecom Royal Yachting Association “Yachtsman of the Year” in 1998. She’s even got an asteroid named after her, Asteroid 20043

Ellenmacarthur.

Why They Made the Worthy 100: Not for sailing but for the impressive work as a philanthropist and activist. She founded the Ellen MacArthur Trust in 2003 to help young people between 8 and 24 regain confidence during cancer and leukemia recovery through sailing. She also helped raise £4 million for the Rainbow children’s hospice in 2008. In 2009 she founded the Ellen MacArthur Foundation, a U.K.-registered charity that promotes a circular economy to help the fight against climate change. In 2022, the Foundation partnered with an Italian non-profit, Camera Nazionale della Moda Italiana (CNMI). The two organizations launched a new awards program to help bring a circular design to the Italian fashion industry.

Ada Limón

U.S. POET LAUREATE

Industry: Arts

About: Ada Limón is a Mexican American who stems from Sonoma, California. She attended the University of Washington and got her MFA from New York University in 2001. She received a fellowship from the Fine Arts Work Center in Provincetown, Massachusetts, right after graduation, and in 2003 she got a grant from the New York Foundation for the Arts and won the Chicago Literary Award for Poetry.

Why They Made the Worthy 100: In July 2022, Limón was named the 24th Poet Laureate of the United States, which means she joins some of poetry’s most significant figures, such as Gwendolyn Brooks and William Carlos Williams. Limón is the first Mexican American woman to receive the well-deserved honor. In an interview with the Smithsonian, Limón says of her new position, “I’m very interested in what it is to have identity be a doorway, a place where we can open up to different possibilities.”

Bivian “Sonny” Lee

SON OF A SAINT

Industry: Non-profit Headquarters: New Orleans

About: Bivian “Sonny” Lee III says the trauma of watching his father die of a heart attack at 36 set the stage for turning him from a happy child into an adolescent faced with unexpected challenges. However, Sonny says that he was lucky because his mother provided him with needed mental health and wellness counseling, which allowed him to develop into the welladjusted, successful man he is today. In fact, Sonny credits his mother’s approach as the model he used for building and evolving Son of a Saint.

Why They Made the Worthy 100: Sonny is the son of Bivian Lee, Jr., who played cornerback from the New Orleans Saints in the early-tomid-1970s. But sadly, Sonny would be fatherless for most of his childhood.

That loss is what inspired him to launch his Son of a Saint non-profit in 2011. His aim was help boys whose fathers have been either incarcerated, abandoned, or have died, acquire essential tools that will allow them to succeed in life.

To do this, the non-profit uses various methods: For example, the company says that the “mentormentee relationship is the key component of the Son of a Saint program. Boys are paired with a trained, dedicated mentor immediately upon entering the organization.” Boys enrolled in the program can participate in as many as 20 Son of a Saint activities per month, such as etiquette dinners and life-skills seminars, to cooking classes and sporting events. Son of a Saint has graduated more than 35 mentees from its program who are all enrolled in college or gainfully employed in viable career fields. In 2023, Son of a Saint will expand to serve more than 300 youth through direct services and educational support, ranging in age from 10 to 18 and beyond.

Ken Langone

OPEN DISCOURSE COALITION

Industry: Non-profit Headquarters: Lewisburg, PA

About: Though he’s currently one of the nation’s most prolific philanthropists, you’ll probably know Ken Langone more readily as the lead financier of the Home Depot. Before that, Langone began his career at R.W. Pressprich, a Wall Street financial services business, and became the company’s president in 1969. He organized the financing for Home Depot in the mid-70s and served as the chairman of the New York Stock Exchange’s Compensation Committee from 1999 to 2003. In 2020, he cofounded the Open Discourse Coalition with other Bucknell alums, where he currently sits on the Advisory Board. The group aims to foster more open communication between Americans on divisive subjects, such as religion, government, and race.

Why they made the Worthy 100: Langone has been a generous donor to various causes over the years and a vocal proponent of the Republican Party’s views. In 2021, he came out against ex-President Trump’s actions following the January 6 insurrection. Langone donated $100M and raised another $350M to pay for the tuition of every NYU Medical student, which is worth more than $200K per student. The gift has helped countless medical students free themselves from school debts.

Roz McCarthy

MINORITIES FOR MEDICAL MARIJUANA (M4MM)

Industry: Non-profit Headquarters: Orlando, FL

About: With cannabis legislation making an abrupt u turn in recent years, Roz McCarthy has jumped to the forefront of that burgeoning business by founding two important startups, Minorities for Medical Marijuana in 2016 and, more recently, Black Buddha Cannabis in 2021 Before her entrepreneurial ventures, McCarthy worked in management, marketing, and business development in the healthcare industry

Why They Made the Worthy 100: M4MM’s mission is to be a non profit outreach program with “social, political, healthcare and business aspects of the industry ” During her tenure as M4MM’s CEO, McCarthy has opened 25 state chapters, each looking to keep minorities educated on the opportunities and realities of the cannabis industry, especially it’s potential in healthcare Her more recent venture, Black Buddha Cannabis, is a for profit company selling proprietary CBD products emphasizing social consciousness and social impact through wellness

Elana MarguliesSnyderman

EISNERAMPER

Industry: Finance Headquarters: New York, NY

About: Because her current job is with EisnerAmper, you’d think Elana MarguliesSnyderman would be a hedge fund manager or investment professional, but actually, she comes from journalism. She started as a reporter for the Suburbanite in 2004 and moving to the Institutional Investor’s Alternative Investment News in 2006. From there, she moved to chief reporter for HFMWeek and then hired on with EisnerAmper; first as manager of the company’s asset management intelligence publication and then as director of its thought-leadership newsletters, blog, and podcasts.

Why They Made the Worthy 100: In mid-2022, Margulies-Snyderman was named one of the Top 100 People in Finance both for her thought leadership work for EisnerAmper as well as her community outreach work. She is also the cofounder of Phyt Cares, a nonprofit that educates young people through fitness in New York City as well as Puerto Rico.

Jaykumar Menon

OPEN SOURCE PHARMA FOUNDATION

Industry: Healthcare Headquarters: Bangalore, Paris, New York

About: As a human rights lawyer, Jaykumar Menon started at Columbia and became an attorney for the Center for Constitutional Rights. He moved through various legal roles at McKinsey, the Center for Sustainable Development Law, and the X Prize foundation. He cofounded the India Nutrition Initiative in 2015 and then the Open Source Pharma Foundation in 2016.

Why They Made the Worthy 100: In response to the woeful state of healthcare around the globe, including medical research, the Open Source Pharma Foundation (OSPF) is building a platform where scientists can much more easily access data and technology tools to help them in their research. They can also share their discoveries immediately, which will help foster and speed up research across disparate projects. In 2022, a two-year effort on the part of OSPF found that a century-old tuberculosis vaccine had a 92 percent efficacy rate against COVID-19. This is even more remarkable since the vaccine is accessible to billions globally and only costs 15 cents a dose.

Rebecca Moffett

VANGUARD CHARITABLE

Industry: Finance Headquarters: Southeastern, PA

About: Rebecca Moffett has risen through the ranks of Vanguard Charitable since 2005, when she started as marketing manager, and culminating in 2021 when she took over the office of president.

Why They Made the Worthy 100: Though she’s only had the president’s post at Vanguard Charitable for a little over a year, Moffett has already steered this leading nonprofit organization, which is also a sponsor of donor-advised funds, to a 14 percent increase in donations over the first half of 2022. That amounts to $952 million, which is even more notable since the organization has granted $14 billion since its founding in 1997. Moffett attributes the rise to a rise in disaster relief needs across the globe, including the war in Ukraine as well as education and healthcare.

Alison Moore

COMIC RELIEF US

Industry: Philanthropy Headquarters: New York, NY

About: Before taking the reins as CEO of Comic Relief US, Moore held different C-level roles in the fashion and technology arenas. She was Condé Nast’s Chief Business Officer for its Beauty Collection, overseeing brand strategy and operations. That division was responsible for several media properties, including Allure and Glamour. She was also the Chief Revenue Officer at tech company SoundCloud, a digital music platform. Before those roles, she held senior management posts at HBO and NBC. Aside from her role as Comic Relief CEO, she’s currently a board member for TRACE, a self-described media and entertainment platform specializing in music and entertainment for an Afro-urban audience.

Why They Made the Worthy 100: As CEO of Comic Relief US, Moore oversees an organization that approaches fund-raising by uniquely combining entertainment and philanthropy. The organization’s fund-raising efforts directly target rootcause poverty and social injustice issues, and they’re doing it with laughs. Currently, Comic Relief touts two campaigns as its fundraising engine. Pickled has Stephen Colbert and the Funny or Die team holding an all-start pickleball tournament on CBS on November 17th, 2022. Then there’s the world-famous Red Nose Day; an annual event founded years ago by Comic Relief UK. But in the U.S., it’s raised over $324 million since 2015, and its funds have been distributed evenly between the needy in the U.S. and those in Africa, Asia, and Latin America.

Carlos Moncayo Castillo INSPECTORIO

Industry: Tech Headquarters: Minneapolis, MN, Saigon, Hanghzou, Minsk

About: Carlos Moncayo Castillo is a serial entrepreneur with degrees from Harvard’s Kennedy School of Global Leadership and Public Policy and Northwestern University’s Kellogg School of Management. He’s founded several ventures, including Startup Ventures, an investment and incubator; SINOX an Ecuadorian clothing company; and ASIAM, another apparel firm specializing in responsible sourcing for smaller retailers.

Why They Made the Worthy 100: With Inspectorio, Castillo has built a supply chain compliance verification platform. The aim is to bring complete transparency across the entire supply chain, and to help, Inspectorio has made its platform mobile in 2022, introducing Inspectorio Tracking. This not only helps speed up business and profitability, it also allows real-time monitoring of environmental and social standards from the manufacturing site to the retailer on a global scale. The venture is a runaway success garnering $50 million in financing early in 2022.

Chris Motley

MENTOR SPACES

Industry: Employment Services Headquarters: Denver, CO

About: At the tail end of his job as Executive Vice President at 1888 Mills, Chris Motley left to found his first venture, Better Weekdays, in 2011. After running that company for over ten years, Motley founded his latest startup, Mentor Spaces.

Why They Made the Worthy 100: With Mentor Spaces, Motley is not only trying to connect young workers of color with job opportunities, but he’s also looking to connect them with mentors since, as he puts it, nobody succeeds alone. In a recent interview with Forbes, Motley said, “One of the key pain points of young people of color, and I mean underrepresented Black and Latinx communities, is a lack of confidence.” By brokering relationships between newcomers to the workforce and experienced professionals looking to share wisdom, Mentor Spaces is looking to give underrepresented minority job seekers a leg up they need in an uncertain future.

Mia Mottley

PRIME MINISTER

Industry: Government Headquarters: Barbados

About: Mia Mottley has been the Prime Minister of Barbados since 2018. Mottley broke new ground in the positions as she was the first woman to hold it. As the leader of the BLP, she left the party to a landslide victory in the 2018 general election filling all 30 seats of Barbados’ House with members of her party. She won another such landslide victory in 2022.

Why They Made the Worthy 100: Mottley made the global spotlight speaking eloquently before the UN on climate change in 2019 and 2021. The second time with an emphasis on not just climate change but the world’s direction in general across such topics as unfair COVID-19 vaccine distribution, racism, and the technological gap between nations.

Sumit Nagpal

CHERISH

Industry: Healthcare Headquarters: Cambridge, MA

About: After leaving his role as Managing Director and then Advisory Board Member with HIMSS (a global healthcare advisor), Sumit Nagpal founded Cherish in 2020. He’s held the office of CEO since the company was founded and has also assumed the role of Chairman earlier in 2022.

Why They Made the Worthy 100: Cherish health uses cutting-edge technology to help the elderly live better lives. By combining sensor tech with artificial intelligence, Cherish can combine its solution with human caregivers providing the elderly with the best of both types of care, especially those living with health challenges like infirmity, a lack of mobility, or dementia. In 2020 it entered a partnership with Health eVillages to mitigate the long-term effects of COVID19 on elderly veterans.

Divya Nettimi

AVALA GLOBAL

Industry: Avala Global Headquarters: New York, NY

About: Considering she’s only in her mid30s, Divya Nettimi’s rise in finance is nothing short of meteoric. Though she trained as a biomechanical engineer at Stanford as an undergraduate, she received her MBA from Harvard Business School in 2014 while simultaneously working as an associate for Goldman Sachs. She then worked as a portfolio manager for Viking Global, handling over $4 billion in assets before making a landmark move when she founded her own hedge fund, Avala Global (not to be confused with German VC firm Avala Capital).

Why They Made the Worthy 100: CBottom line, she smashed the finance industry’s re-inforced glass ceiling with Avala Global by receiving over $1 billion in commitments at launch. That makes hers the most significant launch of a womanled firm in that finance space and the largest in 2022.

Dolly Parton

ENTERTAINMENT

About: What’s not to love about Dolly Parton? Born into poverty in a one room cabin in Little Pigeon River, Tennessee, she was the fourth of 12 children Her father worked as a sharecropper and tobacco farmer and moonlighted as a construction worker to make ends meet and see his children succeed Parton did her part supporting the family as early as 10 when she first appeared on The Cas Walker radio show She began recording at 13 and soon met Johnny Cash at the Grand Ole Opry Her first series of hits were duets with Porter Wagoner, but she struck out on her own in 1968, though only to moderate success for several years after Her first real hit came with her rendition of Kimmie Rodgers’ Mule Skinner Blues, which went to number three Since then, she’s become one of the most successful music entertainers in history. She’s had best selling albums that span the gamut of gold, platinum, and multi platinum success Twenty five of her songs have reached the number one

slot on Billboard’s country 100 (a record number), and she’s dropped 44 career Top 10 country albums A staggering statistic is that she’s composed over 3,000 songs Her list of career awards is dazzling, with 11 Grammy awards and a record 50 nominations, including a well deserved Lifetime Achievement Award (though she’s still going strong and even working on a rock album right now). And, of course, she’s also well known for her acting exploits with hit movies like 9 to 5 and the Best Little Whorehouse in Texas That’s a landmark career for any recording artist But next to that success is her meaningful activity as a philanthropist

Why They Made the Worthy

100: Though she’s relatively quiet about it, Parton is one of the most generous entertainers in the industry and one of the most inventive Her Dollywood Foundation initiated a literacy program called the Imagination Library that mails one book a month to each enrolled child from birth until they enter kindergarten Over 1600 communities across five nations participate today, supporting

around 850,000 children. As a result, she’s been honored by the Library of Congress when the Imagination Library sent its one-millionth book. She’s supported a hospital and cancer center financially and through a benefit concert. She’s also a friend to animals, supporting PETA and making genuine efforts to save the endangered bald eagle by building a sanctuary through her Dollywood Foundation. She’s helped victims of the 2016 Great Smoky Mountains wildfires, supporting more than 900 families with totals reaching $10,000 per family. She even donated $1 million that helped develop the Moderna vaccine at the beginning of the pandemic. Though she claims others in entertainment history are doing even more than she is, that seems unlikely. However, the self-effacing statement makes her winning the Carnegie Medal of Philanthropy in October of 2022 all the more fitting.

Maria Ressa

RAPPLER

Industry: Media

Headquarters: Manila Philippines

About: Maria Angelita Ressa has walked boldly on the world stage since before she won the Nobel Peace Prize in 2021. Though born in the Philippines, Maria’s mother moved to the U.S. soon after her husband died when Maria was just one year old. It took Maria’s mother almost ten years to bring Maria to the U.S. When she did, it was to Tom’s River, New Jersey, where she’d married an American man, Peter Ames

Ressa, who formally adopted Maria, which is why she took his name. After earning her BA from Princeton University in 1986, she began a media career, beginning with a production job at the Philippines government station, PTV4. Soon after, she founded her own production company, Probe, in 1987 and was hired by CNN as bureau chief in Manila. Since then, she’s been working as an investigative journalist across Southeast Asia for over twenty years, much of it while employed by CNN In addition to working with CNN, she headed up the news division of Philippines based ABS CBN and wrote for the Wall Street Journal She’s authored two books focused on terrorism in Southeast Asia: Seeds of Terror: An Eyewitness Account of Al Qaeda’s Newest Center (published in 2003) and From Bin Laden to Facebook: 10 Days of Abduction, 10 Years of Terrorism (published in 2013). Then in 2012, she founded Rappler, an online digital media company famous for uncompromising journalism, of which she’s CEO and executive editor to this day That’s an impressive list of accomplishments that can also be dangerous, particularly in the Philippines’ current authoritarian government

Why They Made the Worthy 100:

Even in the face of personal danger, she refused to modify her stance on terrorism and government corruption in the Philippines or leave the country when she heard that the government might arrest her. Unfortunately, that came to pass in 2019 when Philippine authorities detained her on cyber libel charges, accusing her of publishing a false story about a prominent businessman, Wilfredo King. Though Ressa and Rappler had been harassed and investigated by Philippine President Rodrigo Duterte before, notably in 2018 when the government rescinded Rappler’s business license, the 2019 arrest also resulted in a trial and her subsequent conviction in 2020. This was condemned by many human rights organizations, including the Stabile Center of Investigative Journalism, whose director, Sheila Coronel, said that the conviction exemplified “how democracy dies in the 21st century.” Even after Ressa won the Nobel Peace Prize last year, the Philippine government refused to drop the charges, which means Ressa is currently facing up to six and a half years in prison and an $8,000 fine.

Susanna Pollack

GAMES FOR CHANGE

Industry: Non-profit Headquarters: New York, NY

About: Since graduating from Skidmore College in 1989, Susanna Pollack has had a long career in media. From beginnings with the BBC up through becoming the head of Business Development and Strategy for Yummico in 2013. She decided to strike out on her own, founding NonStop Enterprises in 2011 and leaving her job at Yummico to focus on the venture full-time in 2014. Pollack founded the NYU Game Center Hub, a project to promote game design across New York state’s educational institutions. That soon evolved to her joining Games for Change in 2015, assuming the roles of President and Vice President of Partnerships and Special Projects.

Why They Made the Worthy 100: Founded in 2004, Games for Change is meant to help create and distribute video games that drive positive social impact. The nonprofit helps design games, brings together critical stakeholders, and facilitates funding and investment for new ventures. Games for Change holds an annual G/C Awards ceremony and recently unveiled the 2022 winners. The 2022 awards marked the organization’s overall success since it garnered over 400 submissions across nine categories, making it the largest such event in history.

Alvertos Revach

Dorottya Rédai

CEU DEMOCRACY INSTITUTE

Industry: LGBT activist Headquarters: Budapest, Hungary

About: Dorottya Rédai splits her time focusing on both academia and being one of Europe’s most influential LGBT activists. As an academic, she’s been a Visiting Lecturer and Project Coordinator in the Department of Gender Studies at the Central University in Budapest and more recently a Visiting Researcher at the CEO DEmocracy institute. But more recently she made the global news spotlight as an activist for gay and lesbian rights in Europe.

Why They Made the Worthy 100: Dorottya Rédai splits her time focusing on both academia and being one of Europe’s most influential LGBT activists. As an academic, she’s been a Visiting Lecturer and Project Coordinator in the Department of Gender Studies at the Central University in Budapest and more recently a Visiting Researcher at the CEO DEmocracy institute. But more recently she made the global news spotlight as an activist for gay and lesbian rights in Europe.

Sarah Renahan

THE WORTHY COMPANY

Industry: Agtech Headquarters: New York, NY

About: Sarah Renahan is an experienced retail executive who struck out on her own in 2015 to found the Worthy Company (which has nothing to do with the Worthy 100). Before her startup efforts, she worked mainly at fashion houses, including Salvatore Ferragamo, Gucci, and Frette.

Why They Made the Worthy 100: She’s out to make vegans everywhere a little happier and more popular. The Worthy Company, previously called Worthy Foods, bills itself as a food company and a movement driving social impact through nutrition. It believes everyone deserves access to a nutritious plant-based diet and is looking to realize that mission through its delivery of “worthy bowls.” You can purchase your worthy bowl online, and each meal will come with three plant-based servings, 8 grams of vegan protein, 8 grams of fiber, and 8 grams of sugar, all of which will combine for around 150 calories.

About: Alvertos Revach is a primarily European-based investment manager and entrepreneur. Educated at Georgetown University, Revach has partnered with Lynxeye Hellas and the Amvyx SA group based out of Greexe. In 2016 he became the investments director of Humble Holdings SA and in 2018 helped found AERA along with cofounders Tina Bhojwani and Jean Michel Cazabat.

Why They Made the Worthy 100: Between Humble Holdings and AERA, Revach has displayed exceptional awareness of current social priorities across the globe. Humble Holdings’ mission is to invest based not solely on profit but also on rational consumption. The organization feels that any investment must also consider the good of the planet and human beings. AERA, on the other hand, is all about sustainability. The company makes fashion footwear but does so with vegan priorities and a traceable supply chain goal.

Kate Ryder

MAVEN CLINIC

Industry: Healthcare Headquarters: New York, NY

About: A native Minnesotan, Kate Ryder started her career as an English teacher in Spain. She attended the London School of Economics and earned a master’s in anthropology. She then embarked on a writing career that went from writing for The Economist, the New Yorker, and the Wall Street Journal to co-authoring U.S. Treasury Secretary Hank Paulson’s memoirs. In 2012, she switched careers again, entering finance by joining VC-firm Index Ventures. Shortly after, she founded Maven Clinic in 2014.

Why They Made the Worthy 100: As founder and CEO of the Maven Clinic, Ryder heads up a company specializing in telemedicine solutions. It’s essentially a virtual clinic focusing on women and family health. And it doesn’t hurt that it’s become a full-on startup unicorn after scoring a $1 billion valuation after a Series D financing round in 2021. But going above and beyond running a successful business, Ryder remains a vocal advocate for women’s health as a frequent speaker and a founding supporter of the Marshall Plan for Moms.

Will Sarni

WATER FOUNDRY

Industry: ESG Headquarters: Denver, CO

About: You could say that water is Will Sarni’s life. He’s worked in that industry, written about it, and spoken passionately on the subject for decades. Unfortunately, the news he has had to report hasn’t been very positive in recent years. In response, he established Water Foundry in 2017.

Why They Made the Worthy 100: If you still have ready access to clean drinking water 25 years from now, you’ll probably owe Sarni a thank you. With Water Foundry, Sarni is getting off the pundit stage and getting his hands dirty, or rather wet. He’s working directly with corporations to establish better water scarcity solutions, purification technology, brokering partnerships, and financing for other companies devoted to a future where everyone has clean water.

Merline Saintil & Robin Washington

BLACK WOMEN ON BOARDS

Industry: Non-profit Headquarters: San Francisco, CA

About: Merline Saintil and Robin Washington are both highly influential and successful businesswomen who have decided to share their knowledge and connections with other Black female executives. Saintil is a Fortune 500 board member and an independent director at Rocket Lab, a U.S. aerospace company and launch service provider. Washington is a board member of Google’s parent company, Alphabet, as well as Honeywwwell International and Salesforce.

Why They Made the Worthy 100: In 2020, Saintil and Washington cofounded Black Women on Boards, a non-profit organization dedicated to placing more talented, successful Black female executives on the boards of large companies and other organizations. Matching candidates of that caliber with suitable board seats can be lengthy, but since its founding in 2020, BWOB has already placed 16 Black women on various private and public boards.

John Robinson

OUR ABILITY

Industry: Non-profit Headquarters: New York, NY

About: John Robinson is a vocal advocate for those with disabilities. He’s a congenital quadruple amputee, yet he still acts as an author, advocate, and activist. In 2011, he published Get Off Your Knees: A Story of Faith, Courage, and Determination. He is also the CEO of Our Ability Inc., a company he founded in 2010.

Why They Made the Worthy 100: Robinson has helped thousands of people also suffering from disabilities to become fully competitive workers. Our Ability does this through workforce consulting, workshops, and seminars. Robinson is also using the organization to build coalitions of New York businesses that want to support the hiring and engagement with other companies owned by those with disabilities. Most recently, Robinson launched two artificial intelligence products for Fortune 1000 companies designed to assist and enhance the recruiting of individuals with disabilities

Mackenzie Scott

PHILANTHROPIST

Industry: Charity

Headquarters: San Francisco, CA

About: Mackenzie Scott is the 35th wealthiest person in the world due to the 4 percent stake she has in online retailing behemoth Amazon. She is also one of the most prolific givers of the new billionaire generation.

Why They Made the Worthy 100: Why they made the Worthy 100: She’s another signatory of the Giving Pledge invented by the Bill and Melinda Gates Foundation. Several ultra-rich personalities have pledged to give away all or most of their fortunes before they die. Unlike many, though, Scott seems determined to make good with a string of high-profile donations that never seems to end. In 2020 alone, she gave away more than $5.8 billion to more than 400 organizations, spanning everything from racial inequality to healthcare. So far in 2022, the New York Times reported that her donations since 2019 have exceeded $12 billion, certainly a Worthy 100 record, and one that Forbes says is more than five times what her ex husband has given away

Shiva Sarram

THE BLOSSOM HILL FOUNDATION

Industry: Nonprofit Headquarters: New Canaan, CT

About: Before founding her refugee relief organization, Shiva Sarram made her mark as the Manager of Professional Development at McKinsey & Co. and as an associate at Tiger Management, a U.S. hedge fund based in New York City and managing more than $36 billion.

Why They Made the Worthy 100: ISarram decided to leave her lucrative business career in 2009 and found a non-profit organization with a mission to help refugees around the globe. This was primarily due to her experiences as an Iranian refugee who had to flee Tehran in the early 80s. The Blossom Hill Foundation provides grants and direct funds to help children affected by the near-constant conflict in the Middle East.

Reshma Saujani

GIRLS WHO CODE Industry: Nonprofit Headquarters: New York, NY

About: Though she’s of Gujarati Indian descent, Reshma Saujani was born in Chicago, Illinois. Since graduating from the University of Illinois in 1997, Saujani has worked as a lawyer, a civil servant, a politician, and the founder of a very successful non-profit, Girls Who Code. She’s run for public office several times, notably in 2010 when she ran against incumbent Carolyn Malony (D-NY) in the House elections and then again in 2013 when she ran for New York Public Advocate. Neither bid was successful, but for women looking to get into technology, that may be a good thing.

Why They Made the Worthy 100: Though she founded Girls Who Code in 2012, she’s since managed it into one of the nation’s most successful non profits with over 1,000 employees that have helped more than 300,000 girls learn STEM skills globally Saujani continues to manage the organization and speak often and publicly on women in tech, notably earlier in 2022 when she addressed Yale university students on the issue

OTULANE CANCER CENTER, TULANE UNIVERSITY

Industry: Healthcare Headquarters: New Orleans, LA

About: Dr Sartor has been a practicing oncologist since 1982 and is a cancer research scientist Currently, he’s the assistant dean for oncology and the Bernadine Laborde Professor of Cancer research, medicine, and urology at the Tulane School of Medicine In his long career, he’s published extensively, including more than 300 peer reviewed articles, and he’s currently the editor in chief of the bimonthly journal of Clinical Genitourinary Cancer

Why They Made the Worthy 100: Long service towards curing what many feel is an incurable disease aside; Sartor announced new developments in the treatment of prostate cancer in 2022 He and other scientists have moved to review the

Sonia Sotomayor

SUPREME COURT JUSTICE

Industry: Government/Legal Headquarters: Washington, D.C.

About: As of 2022, Supreme Court Justice Sonia Sotomayor is one of four women sitting on the nation’s highest court, a record number of female jurists in the Court’s history. She’s also a Democrat nominated by President Barak Obama in 2009 and she tends to be passionate about issues like race, gender, and the still-murky record of exPresident Trump. Though she’s got stellar credentials of past service in both the local and federal court as well as a teaching history at the NYU School of Law and Columbia Law School, the uphill battle facing her and the other women on SCOTUS would be daunting for anyone.

Why They Made the Worthy 100: In a nutshell, she doesn’t back down and she never gives up. Even with conservatives winning “victories” when overturning Roe v. Wade or blocking attempts to introduce racial inustice into ongoing trials such as the current one involving convicted murderer Andre Thomas. She simply keeps plugging along, crafting dissents, and making impassioned speeches, all relentlessly keeping liberal hope alive in an increasingly conservative court

Fareedah Shaheed

SEKUVA

Industry: Education and cybersecurity Headquarters: Washington, D.C.

About: Fareedah Shaheed founded Sekuva almost immediately after graduating from the Community College of Baltimore County in 2018. Simultaneously, she worked as a security control analyst for T. Rowe Price, though her real passion lay in the intersection of cybersecurity and online family safety. She left T. Rowe Price in 2021 to focus full-time on Sekuva.

Why They Made the Worthy 100: Her self-described mission with Sekuva is to “empower parents with online security awareness while building closer parent-child relationships.” Even though Sekuva has only been active since 2018, Shaheed has already helped thousands of families achieve a safe online environment for their children. That includes advanced not only in online gaming and communication protection but also across social media and cyberbullying.

Prisha Shroff

HIGH SCHOOL WHIZ KID

Industry: Science Headquarters: Chandler, AZ

About: Some people start succeeding earlier in life than others, but Prisha Shroff is wasting absolutely no time whatsoever. While still only a sophomore at Hamilton High in Chandler, AZ, she witnessed the work wildfire season Arizona’s seen to date. ‘Witnessed’ as in through the car window as her parents drove her by the flames.

Why They Made the Worthy 100: Shroff figured out that most wildfire-fighting techniques revolved around direct suppression so she decided to focus her efforts on prevention instead. The result was an AI-based that predicts wildfire areas based on criteria such as temperature, recent precipitation or lack thereof, and local wind patterns. The Smithsonian named her an Innovators to Watch

Allisa Song

NANODROPPER

Industry: Healthcare Headquarters: Rochester, MN

About: You might think that eyedrops are so basic they’re as good as they’re ever going to get. Well, you’d be wrong, and Allisa Song would be happy to explain why. Along with three other cofounders, she started Nanodropper while still in medical school where she’s still learning as an MD Candidate at the Mayo Clinic School of Medicine

Why They Made the Worthy 100: A self described passionate advocate for health equity, she was angered by the news that drug companies deliberately oversize eyedrops to sell more bottles Every eyedrop sold commercially today is more than two to three times larger than what the eye can take in That’s wasted medicine and wasted money for consumers She and her cofounders developed the Nanodropper, an affordable adapter that tacks onto any eyedropper bottle that then minimizes the amount of liquid coming out so you’re only flushing out your eye and not your wallet

Jeffrey Sonnenfeld

SENIOR ASSOCIATE DEAN, YALE UNIVERSITY

Industry: Academia Headquarters: New Haven, CT

About: Professor Jeffrey Sonnenfeld carries a very long list of qualifications, though he’s mainly known for being the Senior Associate Dean for Executive Programs and Lester Crown Professor in the Practice of Management at Yale School of Management (SOM). He’s taught at Yale since 1999 and before that at Harvard Business School as well as Emory University’s Goizueta Business School. But outside academia, his expertise has always been in high demand.

He’s advised corporate leaders and CEOs as well as U.S. Presidents from both parties. He holds regular and wellattended CEO conferences, which allowed him to organize a special executive meeting of top corporate leaders in the wake of the contested 2020 presidential election and the January 6 attack on the U.S. capitol. In each instance, these discussions helped formulate the business community’s response to a national crisis. All these efforts have earned him a number of accolades, among them the 2018 Ellis Island Award from the U.S. Ellis Island Foundation and Business Week’s endorsement as one of the “ten B-school professors who are influencing contemporary business thinking.” Then he went and

founded the Chief Executive Leadership Institute (CELI) and began researching current business trends in the USSR. That’s when things went a little nuts.

Why They Made the Worthy 100: Along with the head of research at CELI, Steven Tian, Sonnenfeld began building a living list of Russian businesses. That list records in detail all the sanctions, boycotts, and other penalties facing Russian businesses and the Russian economy in general since the start of the Ukraine War. It’s fascinating data, but it also went viral and drew a stark response from the Kremlin, something Sonnenfeld says he didn’t expect. According to him, he and CELI are now higher on the Kremlin’s sanctioned individuals list than Mitch McConnell But his work has also garnered attention from other governments U S Treasury Secretary Janet Yellen, members of the British cabinet, as well as reps from the International Monetary Fund have all requested

meetings with CELI and access to its data. Ukrainian President Volodymyr Zelensky was so impressed by CELI’s work that he agreed to speak without a prepared script at Sonnenfeld’s CEO summit in July 2022.

Regardless of the attention or consequences, Sonnenfeld and CELI are forging ahead with their research and evolving their data from a simple yes/no format into a tiered grading system that also incorporates the current financial stats of every company on the list. It’s a mountain of work and could cause more problems for Sonnenfeld in the future, but he’s moving forward and not backing down.

Jon Stewart

THE PROBLEM WITH JON STEWART

Industry: Entertainment Headquarters: Los Angeles, CA

About: If you’re unfamiliar with Jon Stewart, well, you definitely need to watch a little more TV and not just Comedy Central or Apple TV, but your national news network of choice. While the host of the Daily Show from 1999 to 2015, Stewart made such an impact by intersecting comedy with politics and social issues that the show was nominated for a record 22 Primetime Emmy Awards and even two Grammy Awards as well as a number of news and journalism accolades. A vocal Democrat with liberal leanings, Stewart also made waves while hosting the Daily Show because he wasn’t afraid to debate right-wing pundits such as Tucker Carlson and Bill O’Reilly directly and on the air.

Why They Made the Worthy 100: Sticking to your political guns in the age of cancel culture is difficult enough, but Stewart’s ceaseless efforts on behalf of 9/11 First Responders set him even further apart. In 2019, he helped win a very tough fight against conservative opposition to continued funding of the 9/11 Victims Compensation Fund. And shortly after debuting his new show on Apple TV, The Problem with Jon Stewart, he became an advocate for the bill, Honoring our Promise to Address Comprehensive Toxics Act of 2021 He was a vocal proponent of the bill through 2021 and 2022 and finally, in August of 2022, the bill passed with a bipartisan vote of 84 to 11

Lukas Walton

BUILDERS’ VISION

Industry: Charity Headquarters: Chicago, IL

About: Lukas Walton, who has worked at several conservation- and impactdriven companies and organizations, is also the founder and CEO of Builders Vision, a Chicago-based non-profit with “an impact platform dedicated to helping organizations and people build a more humane and healthy planet.”

According to the company, Builders Vision’s philanthropic and investment focus areas include sustainable food and agriculture, healthy oceans, renewable energy and thriving communities.

Why They Made the Worthy 100: In the fall of 2022, Lukas Walton, a grandson of Walmart founder Sam Walton, announced that Builders’ Initiative, the philanthropic arm of his company, Builders Vision, “has transitioned 90 percent of its $1 billion endowment into mission-related investments” in the organization’s effort to shift markets and minds for good. “Our team believes,” Lukas Walton says about the Chicago-based non-profit, “that driving impact requires that we show profits and purpose are not mutually exclusive.”

It was news that made headlines across media outlets, since by comparison, most foundations have no more than 20 percent of their endowments in ESG or impact initiatives.

In a LinkedIn post, Walton not only praised his own company’s goals and work, but also mentioned several likeminded philanthropic organizations: “Today marks a big moment for our Builders Vision community. I am so proud of our Builders Initiative leaders who successfully transitioned 90 percent of our foundation endowment to mission-related investments! It’s a humbling moment…. As I look forward to the next steps, I’m grateful to those whom we follow on this journey.

Institutions like the Ford Foundation, MacArthur Foundation, McKnight Foundation, and Nathan Cummings Foundation set a precedent for the rigor and vision needed to align our values with our capital. We hope others will continue to join us.”

Alice Vilma

MORGAN STANLEY MULTICULTURAL INNOVATION LAB

Industry: Startups

Headquarters: New York, NY

About: Alice Vilma has been a managing director with Morgan Stanley for more than 12 years and has 20 years of investment banking, capital markets, structured finance, and investing experience across various asset classes and sectors. During that time, she’s executed over $25 billion of securitization, structured finance, and equity transactions. More recently, Vilma has been one of the coheads of the Morgan Stanley Multicultural Innovation Lab, which is the company’s in-house accelerator for companies led by women or a multicultural founder.

Why They Made the Worthy 100:

As one of the heads of the Morgan Stanley Multicultural Innovation Lab, Alice Vilma is able to help create a more inclusive investment landscape for women and diverse founders who run technology or technologyenabled startups. “We provide a unique opportunity,” says Vilma, “for disruptive startups to access capital, accelerate their business and increase their visibility.” The successful program, which Vilma helped launch in 2017, is now in its fifth year, and has some very impressive stats: There have been 59 startups that have participated in the lab to date, which have collectively received $157 million in additional funding after participating in the lab. And according to the lab, the combined valuation to date of companies that have participated in the lab is $673 million.

But more important than those figures is that Vilma and the Multicultural Innovation Lab have helped build a diverse community of like-minded founders, who are keenly aware of the same challenges that exist in the marketplace for these startups and are there to offer help and support.

Ursula Gertrud von der Leyen

EUROPEAN COMMISSION

Industry: Government Headquarters: Brussels, Belgium

About: In 2005, Ursula Gertrud von der Leyen began working for the German federal government, most notably holding several positions in Angela Merkel’s cabinet, with her most recent role being Germany’s minister of defense. Since 2019, she has served as the European Commission’s president, the European Union’s executive branch, where she has been laser-focused on climate change. But her inspiration for trying to act on environmental issues may not come from the world of politics. It may very well come from the earlier part of her career in the health sector: From the mid-1980s through the late 1990s, Von der Leyen spent a good deal of that time in the private sector, working as a doctor in Germany.

Why They Made the Worthy 100: Ursula Gertrud von der Leyen has served as president of the EC since 2019 and has helped the union navigate both Brexit and the war in Ukraine. Take her speech at the World Health Summit 2020, where she discussed how essential it was for all of us to change our mindset on how we think about health: “We need to move away from looking after our health only through clinical, individual outcomes. In today’s world, we need to look after our health by looking after our planet, our well-being and our sustainable development. And we need to do it together—through global health cooperation and not through global health competition.”

Such vision eventually allowed Von der Leyen to pass the first-ever European climate law, the first one from any continent. “This proposal sets in stone our objective to be climate neutral in 2050. And 2050 is no longer impossibly distant to imagine… The science is very clear. Climate is part of the natural world that sustains us. And this natural world is severely endangered. It is high time to act and this Climate Law is part of the European contribution to this action. It will be our compass for the next 30 years. And it will guide us every step of the way as we build a sustainable new growth model.”

Samia Suluhu Hassan

PRESIDENT OF TANZANIA

Industry: Politics

Headquarters: Dodoma, Tanzania

About: When President Samia Suluhu Hassan was sworn in as Tanzania’s sixth president and the first female to hold the office, she quickly tackled issues her predecessor had been avoiding. That included mitigating Tanzania’s COVID-19 health issues (rumored to be the cause of her predecessor’s untimely death) and political reconciliation with long-estranged opposition parties.

Why They Made the Worthy 100: For one thing, she’s still popularly known as Mama Samia, which is just too cool to ignore. For another, she’s done more for her country in the short stint she’s been in office than most politicians do in their careers, even those in more advanced countries. She’s mended fences with exiled opposition leaders, which wasn’t easy to do in one case since the poor guy had been shot 16 times the last time he was in-country. She’s initiated development and infrastructure projects around new transportation arteries and public facilities. That effort alone garnered one of the many honors she received in 2022, namely the African Road Builders—Babacar Ndiaye Trophy for excellence in “personal leadership, huge investments and commitments” to extending the roads and railways of her country.

Amanda Williams

Industry: Art Headquarters: Chicago, IL

About: The notion of space is essential for almost every artist, whether he or she is a painter, sculptor, multimedia artist, collagist, or photographer. However, in architecture, space becomes paramount mainly because the space defined by an architectural design isn’t just expressive or symbolic. In many cases, it represents space where people have to live.

Chicago-based artist Amanda Williams, who earned a degree in architecture and who was recently awarded one of this year’s MacArthur Fellowship awards, uses her knowledge of architecture to create fine-art projects that are provocative and timely, and, in a way, also very logical and timeless, which is something that you don’t always hear about artists who work in a cross-disciplinary manner. Williams’s art straddles many mediums, including painting, site-specific installations, and architecture. In one of her more recent works, the “Embodied Sensations” exhibition, which opened at the Museum of Modern Art in New York City in 2021 during the COVID-19 pandemic, she even included elements that allowed the public to participate in the exhibition as performance artists.

Why They Made the Worthy 100: It’s always instructive to hear what an artist has to say about his or her own work. And this is particularly true of Williams when she speaks about her projects. For example, here’s what Williams says about “Embodied Sensations,” in which she uses a well-known public space (at the MoMA) to create a performative work during the recent global pandemic. Doing so not only allowed her to reveal conflict in that particular public space but also to highlight how such problems exist in many public spaces in America, particularly for African American communities: “The assumption that public space is free is not something that everyone assumes, and it became something that nobody could assumed” Williams says in the video that accompanies her “Embodied Sensations” exhibition on MoMA’s website. “So, when your movements are regulated in spaces you think you have control over, that’s where you see the tension.” She continues, “So, I’m not a performance artist, but I think about space all the time, and I think about bodies in space all the time. So, it seemed like a natural extension. And it really felt like [[ the exhibition ]] had to be a performative work….”

David A. Williams

BOSTON CHILDREN’S HOSPITAL

Industry: Healthcare Headquarters: Boston, MA

About: Sickle cell disease affects approximately 100,000 Americans, and it occurs in about 1 out of every 365 African-American births and in about 1 out of every 16,300 Hispanic-American births.

Another estimate reveals that about 1 in 13 African-American babies are born with the sickle cell trait. The disease can cause a wide array of health problems, including the swelling of hands and feet, an increase in the frequency of infections, a delay in growth or puberty, vision problems, and chronic pain, due to bone and joint damage or ulcers. But what exactly is sickle cell disease? According to the Centers for Disease Control and Prevention, sickle cell disease (or SCD) “is a group of inherited red blood cell disorders. Red blood cells contain hemoglobin, a protein that carries oxygen. Healthy red blood cells are round and move through small blood vessels to carry oxygen to all body parts. In someone with SCD, the hemoglobin is abnormal, which causes the red blood cells to become hard and sticky and look like a C-shaped farm tool called a ‘sickle.’ ”

Why

They Made the Worthy

100: Dr. David A. Williams is a renowned hematologist affiliated with Boston Children’s Hospital and the Dana-Farber Cancer Institute. He is one of the leading medical researchers at the forefront of making headway in treating and working to find a cure for sickle cell disease. Williams and his team created a new type of gene therapy, a medical technique that uses genetic material to prevent or cure a disease. There are various approaches to using gene therapy in patients. Still, Williams and his lab relied on a technique to restart a patient’s fetal hemoglobin, which is the dominant form of hemoglobin present in the fetus during gestation. It’s a type of hemoglobin that functions very well in low-oxygen environments (such as a fetus in the womb). It also has antisickling characteristics.

Xiao Wang

BOUNDLESS

Industry: Immigration / Legal

About: Xiao Wang grew up in the suburbs of Seattle with his parents, who moved here from China as engineering grad students. One story he often heard growing up was how when his parents were applying for a permanent residency, they had to hand over an exorbitant sum of money— nearly half a year’s worth of rent—to cover the lawyer fees.

Unfortunately, such stories of lawyer’s charging immigrants outrageous sums of money still occur

However, Wang’s background—which includes stints working in the public sector, customer service management roles for large companies, like Amazon, in the private sector, as well as working for various startups—provide him with a unique combination of jobs that allowed him to be successful when starting his own company, Boundless, which is based in Seattle and is a company that levels the playing field for immigrants.

Why They Made the Worthy 100: Boundless is a Seattlebased start-up with a mission to empower every family to navigate the immigration system more confidently, rapidly, and affordably.

In other words, the company attempts to make the process infinitely easier for immigrants. For instance, the company helps make it easier for immigrants to go through the process of applying for marriage-based green cards by using a step-bystep approach that guides those applying. Those answers are then reviewed by an immigration attorney. And although there is a fee, it’s far less taxing than what’s often offered by immigration lawyers.

The process Wang and Boundless have instituted seems to be working exceptionally well: According to Inc. magazine, Wang says the company has helped process more than 70,000 successful applications and has a 99.97 percent approval rating. They’ve also significantly shortened the process from weeks or months to just a few hours online. And they’ve drastically reduced costs for legal fees, from more than $3,000 to less than a $1,000.

Naomi Watts

STRIPES

Industry: Healthcare / Education

About: Go to the About the Company section of iamstripes.com, the website for Stripes, a new beauty and wellness menopause brand launched in October of this year. You’ll find a brief but poignantly descriptive letter written by actor, entrepreneur, and activist Naomi Watts, who is also the new brand’s founder and chief creative officer. In the letter describing why she founded Stripes, she writes, “Over the course of my career as an actor, I’ve outrun tsunamis and come face-to-face with ‘King Kong.’ But nothing prepared me for early menopause. I’d wake up in the middle of the night, drenched in sweat. My skin was dry and itchy. My hormones were all over the place. I remember feeling so confused and alone, like I didn’t have control over my own body.”

Why They Made the Worthy 100: It’s a short but insightful story that should resonate with a vast audience. Consider the following statistics from the brand’s website: 50 percent, or half of the earth’s population, goes through menopause, but nearly 75 percent of women who seek help from their doctors for symptoms of menopause leave untreated. For many women, the name “menopause” itself is cloaked in euphemisms, such as “the change” or “midlife crises.”

But it’s precisely those feelings of isolation and confusion due to misinformation that led Watts to take action to develop the new brand, which includes a rich website that will feature a plethora of guides called “menoguides,” geared to demystify menopause and help inform this community: “How to Talk to Your Gyno About Menopause” and “Symptoms Guide: Everything You Need to Know About Perimenopause” are two such menoguides featured on the website.

For Watts, offering such useful information is a great way to serve this highly overlooked community, but it’s just the first step. Watts has also partnered with Amyris, Inc., a leading synthetic biotechnology company, to create a line of “holistic, science-backed solutions that promote overall wellness for people experiencing menopause.”

Watts says, “I created Stripes because we deserve support, solutions, and the space to figure it all out. Because while menopause may be part of midlife, midlife is a lot more than just menopause.”

Joe Wolf

IMAGINE WORLDWIDE Industry: Nonprofit Headquarters: San Francisco, CA

About: Joe Wolf, CEO and cofounder of Imagine Worldwide, a nonprofit that partners with organizations across the globe to provide child-directed, techenabled learning that is accessible, effective, and affordable. Wolf has long been involved in creating innovative nonprofits that focus on education: Before cofounding Imagine Worldwide, Wolf cofounded two highly successful nonprofits focused on innovation and equity for the U.S. K-12 market, The Learning Accelerator and Open Up Resources. But after Wolf learned how roughly half a billion of the world’s children have “never learned foundational literacy and numeracy,” he decided Imagine Worldwide would have an international focus.

Why They Made the Worthy 100: Today, Wolf is passionately committed to eliminating global educational inequity through scalable solutions. Imagine Worldwide helps all children around the globe achieve the foundational literacy and numeracy skills they need to reach their full potential. His goal for the nonprofit is relatively straightforward, as he recently stated in a video interview on UBS.com: “This is a solvable problem… nothing needs to be invented. We’ve used technology to transform all segments of the economy. The question is, do we want to do it for the children most in need? Do we want to bring technology into their lives? Do we want to ensure that we’re committed to the measurement that ensures these technologies continue to improve and benefit the children most in need? This is a solvable problem.

Literacy is directly correlated to several social metrics that chart the way a child can realize their potential. Literate children live longer, take better care of themselves, take better care of the environment, earn more money, and the results are multi-generational in that literate adults and children are more likely to have literate children themselves as well as their brothers, sisters, parents, etc.

Nancy Vailakis

ANCRAM IRBD

Industry: Finance Headquarters: New York, NY

About: Prior to founding Ancram IRBD, Nancy Vailakis spent the better part of two decades working in the finance industry doing everything from business development to strategy and investor relations. With Ancram IRBD, Vailakis is putting that experience to good use managing a firm that specializes in the boutique placement and business development for private funds with a focus on private credit and equity, hedge funds, real estate, and service providers.

Why They Made the Worthy 100: Next to high finance, Vailakis is also a passionate advocate for women’s rights and environmental, social, and governance (ESG) issues. She hosts the Ignite podcast available on Amazon Audible, which covers issues related to women in finance. She’s also active in several New York non-profit organizations dedicated to promoting women in business, including Women in Funds, High Water Women, 100 Women in Finance, and Binghamton Women in Business.

Justin Winters

Industry: Healthcare Headquarters: Los Angeles, CA

About: A passion for nature drives Justin Winters. It’s one of the reasons she is cofounder and executive director of One Earth, a nonprofit organization committed to accelerating collective action to help solve the climate crisis. To achieve her organization’s goals, which she hopes to do by the year 2050, One Earth attempts to galvanize science, advocacy, and philanthropy to drive collective action on climate change. It’s a vision for the world where “humanity and nature coexist and thrive together. This vision is based on three pillars of action: 100 percent renewable energy, protection and restoration of 50 percent of the world’s lands and oceans, and a transition to regenerative, carbon-negative agriculture.”

She also says that “science shows that all the solutions to the climate crisis exist today…. This is an opportunity we simply cannot afford to miss.”

Why They Made the Worthy 100: Winters has long been active in the world of philanthropy: Before her role as executive director of One Earth, she served as executive director of the Leonardo DiCaprio Foundation for 13 years, where she built the organization’s grantmaking program, which awarded over $100 million in grants across 60 countries and created a series of philanthropic funds, including Oceans 5, Shark Conservation Fund, The Solutions Funds, Lion Recovery Fund, Elephant Crisis Fund, and Quick Response Fund for Nature.

Volodymyr Zelensky

Industry: Government Headquarters: Kyiv, Ukraine

About: There’s no doubt that Russia’s unprovoked invasion of Ukraine this past February was the mostcatastrophic global event of 2022. But it’s been the most devastating for the Ukrainian people themselves, for at least three key reasons. First, during the first six months of the war, the Russians killed thousands of civilians. Second, thousands more Ukrainian soldiers died in combat defending their nation. And third, shortly after the conflict started, the Russians began forcing more than 13 million Ukrainians from their country. Such brutality has generated international shockwaves, resulting in a refugee crisis, increased global tensions, and significant food production disruptions. However, Ukraine has remained defiant and repelled most of Russia’s attacks. For many inside and outside the country, Ukraine’s president, Volodymyr Zelensky, has been the face of the country’s resistance against Russia Yet what might be surprising to some is that before he was president, Zelensky wasn’t a politician He was an actor and comedian who is best known for his role as the main character in a popular Ukrainian TV show, “Servant of the People.” Ironically, the character Zelensky played in the show was a high-school history teacher who unexpectedly gets elected president of Ukraine after a viral video filmed by one of his students shows him ranting against government corruption in his classroom.

Why They Made the Worthy 100: Today, this former actor, who refuses to leave the country despite being the number one target for Russia, has turned into a skilled world leader in the real world He’s made speeches at the United Nations accusing Russia of war crimes, criticized the Western NATO powers for not enforcing a “ no fly” zone over Ukraine, and requested that those same Western nations provide Ukraine with artillery supplies, air defense systems, jet fighters, and more to help his Ukrainian forces As a public speaker, Zelensky has come into his own, often comparing his country’s struggle to a struggle from one of the Western powers he’s speaking to For instance, in England, he spoke to the British parliament and described how his country’s fight was similar to Britain’s fight against Nazi Germany in World War II. Yet when he gave a speech in Ireland, he warned of the dangers of famine that might take place since Ukraine would be unable to export any food during the conflict.

As a political leader, Zelensky has become a beloved and heroic symbol of freedom in the face of aggression to both the people of Ukraine and internationally

The Best Gifts

Find the perfect presents for friends and loved ones that are both memorable and unique.

BY KIRSTEN CLUTHE

After two years of lockdown, everyone seems ready to return to traveling, shopping, and gathering up all the beauty life offers. This gift guide is meant to reflect our reemergence into real-world experiences. Maybe you’ve always wanted to learn how to surf and have decided that now’s the time—well, we have a gift for that. Or, you’ve always wanted to take your partner to the Antarctic but weren’t sure how to plan the excursion. We’ve got you covered! You’ll also find some of the most beautiful gifts for the home, immersive wellness splurges, rare spirits from around the world to enjoy with your closest friends, and much more.

Read on to find the perfect gift for your family, friends - and even yourself - this holiday season.

Aman Hotel, New York

WHO IS IT FOR? The person who a quiet getaway without leaving the city.

The latest offering from Aman resorts is an 83-suite hotel that embodies the tranquility that is the promise of Aman’s Sanskrit-derived name. Housed inside the historic Crown building in Manhattan, Aman is an urban sanctuary with a 25,000 sq foot spa that offers a comprehensive, holistic program and features two world-class signature restaurants, Arva and Nama.

Casks of Distinction, Diageo Scotland

WHO IS IT FOR? The person who always wanted to own a distillery.

Diageo’s Casks of Distinction may be the perfect gift if you’ve always wanted to have your own distillery or know someone who does. Casks of Distinction are a small number of fully mature casks hand selected by four master whisky-makers. Each cask is unique and incredibly rare, including some of the most famous brands in Scotland - Lagavulin and Caol IIa on Islay, Talisker on Skye, Cardhu in Speyside, Clynelish in the Highlands, Oban on the west coast, and Royal Lochnagar on Royal Deeside. Casks of Distinction are offered only to Diageo’s private clients, individuals who enjoy a special status with Diageo and purchase whiskies directly, with the personal assistance of Private Client Advisors.

PRICE: Each cask is unique, so there isn’t a standard set price but ranges from six figures upwards. Readers can inquire about becoming a private client at https://www.diageorareandexceptional.com/en-row/contact-us

Ghost Flutes

WHO IS IT FOR? The host who has everything.

Elevate your party thank-you gift with these elegant, modern champagne flute glasses. Handcrafted with a solid base and a faceted design for comfortable holding, MaxID’s Ghost Flutes will make any table sparkle. The flutes are crafted with soda-lime glass, a prismatic material reminiscent of classic crystal, yet they are dishwasher safe. Available in clear, amber, and light pink, and just in time for the holidays, a re-release of the Ghost Flute in a festive green hue in partnership with online luxury retail destination FWRD.

PRICE: $96 / pair

Ultima Collection

WHO IS IT FOR? The whisky lover who seeks out rare vintages

If a cask is too much, you might go for another particular offering Diageo’s selection of eight bottles that are the first or last of their kind Due to their rarity, there are only 317 sets avail able for purchase Each set includes a 20ml tasting sample alongside the full vintage bot tlings For the first time, a selection of individu al bottles is also available to purchase, offering the opportunity for enthusiasts, connoisseurs, and collectors to experience whiskies that will never be made again

PRICE: $41,882

Kalamazoo K750GT Freestanding Gaucho Grill

WHO IS IT FOR? For those who want to offer an unbeatable grilling experience.

Kalamazoo’s K750GT Freestanding Gaucho Grill is a great example of an outdoor grill that provides you with all the style and flexibility you get in your kitchen inside the home. But what makes it stand out is that you also get an incredibly unique grilling experience. For instance, the grill’s flywheel is exceptionally handy for cooking at precise temperatures above a wood-burning fire. All you need to do is spin the 30-inch spoked wheel to raise or lower the meat or vegetables and you get masterful control over the temperature, giving you a full range of cooking temperatures, from smoking your meat “low and slow” to searing it over an 800-degree fire. Another powerful feature is that it has a deep fire box, which includes a gas ignition system to get you up and running quickly and simply. So, no matter the size or shape of your backyard, this incredibly versatile and very durable grill will undoubtedly make any outdoor entertaining a sure-fire success.

PRICE: Starting at $29,580

Everything But The Kitchen Sink

WHO IS IT FOR? Anyone with a morning commute.

You could just purchase the Carter Move Mug but why stop there? The EBTKS kit from Fellow is literally everything you need to have a perfect coffee morning. Starting with the Electric Kettle (why would you wait for water to boil on the stove?) and the Ode Brew Grinder, which not only grinds your beans the way you want them, it does so quietly. Pour it into the Stagg Dripper - which has a ratio aid to get the right amount of coffee. Let it drip into the Mighty Small Glass Carafe, then into your Move Mug with Splash Guard, and you’re on your way to a better day.

PRICE: $494

MB&F LM Sequential EVO Chronograph Watch

WHO IS IT FOR? The watch collector who also geeks out over design.

The “F” in MB&F stands for Maximilian Büsser & Friends and this masterpiece of a wristwatch was created with one of those friends— Stephen McDonnell. The Legacy Machine Sequential EVO movement incorporates two column-wheel chronographs and a groundbreaking “Twinverter” binary switch, allowing multiple timing modes. The iconic sapphire-crystal dome characteristic of the LM collection underwent a complicated geometry shift to accommodate the placement of the 3Hz (21,600vph) suspended balance in relation to the chronograph displays. An integrated rubber strap, an essential EVO feature, makes for the smoothest wearing experience of any MB&F Machine ever.

The Legacy Machine Sequential EVO is available in two zirconium editions: atomic orange dial plate (orange CVD) and coal black dial plate (black PVD).

PRICE: $180,000

TWHO IS IT FOR? The person who likes to celebrate beginnings.

The Time Since Launch clock is exactly that - a way to commemorate the beginning of something. Inspired by the 12-hr stopwatch that John Glenn had on his trip to the moon, the Time Since clock begins when you decide it should. Pull the pin when you’re ready to mark a moment or special occasion – the beginning of your epoch, as they say - and the clock is set to run for 2,738 years. You can also purchase the clock with a wall mount and custom engraving.

PRICE: $280

Le Commandant Charcot

WHO IS IT FOR? The aspiring Arctic Explorer.

If you’re going all out on the gifts this year you can’t do better than a cruise to the North Pole aboard Ponant’s Le Commandant Charcot, the world’s only luxury icebreaker. It’s the only passenger ship to take travelers to the storied, mythical region. With eight departures for 2023, Arctic season PONANT’s North Pole sailings will take tourists to the farthest corners of the Northern Hemisphere, where floating pack ice, polar bear sightings, naturalist-led excursions, and scientific collaboration are part of the itinerary.

PRICE: Starts at $35,960 per person

Lift Foils Personal Watercraft

WHO IS IT FOR? Adventure-seekers that want to elevate their surfing.

This is the board for anyone who has flirted with the idea of surfing. It took co-founder Nick Leason 10 years to create the eFoil, an electric surfboard that can glide over water at up to 35mph. He applied technology for smartphones, electric vehicles, and drones to build a personal watercraft that let riders fly above water without the need for wind or waves. In the process, he also created a new term for electric surfboarding – “foiling.” A range of models is available for all thrill-seekers, risk-takers, and watersports enthusiasts of various levels.

The LIFT3 F is the brand’s newest, most user-friendly, and price-accessible board. Prices start at $9,995 (Light battery) or $10,995 (Full range battery)

LIFT 3 boards feature an updated shape for increased aerodynamics and maneuver ability, upgraded extra durable construction, extended ride time, and the highest speed on the market, gliding through any body of water at up to 36 mph

PRICE: $12,500

Pulse Massager, Ricari Studios

WHO IS IT FOR? The person who works out every day.

Ricari Studios is a health spa that opened a decade ago and specializes in lymphatic drainage, which is becoming a linchpin to self-care. It’s also become a cult wellness destination due to their restorative approach to skin and body care, which combines traditional techniques with innovative technology. Their Power Plate Pulse Massager lets you soothe sore muscles and accelerate recovery without needing to book an appointment at the spa. The device has 4 levels of power so you can get the right adjustment, and 6 attachments to pinpoint tight muscles, congested tissue, and fatigued limbs.

PRICE: $299.99

Rowing Machine

WHO IS IT FOR? For people bored with their Peloton.

Rowing is a low-impact and bonedensity building work and can use up to 86 percent of your muscles in one workout session. Plus, it’s excellent in the winter if you’re prone to staying indoors but still want to get in a good workout. The Hydrow rowing machine was founded by Bruce Smith, former president of Chicago Union Rowing and Paddling, and the coach of the U.S. National Team and designed by rowing experts. They’ve also designed workouts to follow with world-class athletes, to help you maintain your competitive spirit.

PRICE:

Original Hydrow Rower : $2,495

Hydrow Wave Rower for smaller spaces: $1,695

Active Noise Canceling Wireless Headphones

WHO IS IT FOR? The person that wears headphones everyhwere.

Headphones get personal. Master & Dynamic MW75 headphones automatically adjust the level of noise cancellation to match your surroundings, leaving behind nothing but the sound you want. They’re also designed for comfort - lightweight anodized aluminum, soft lambskin leather, and replaceable memory foam ear pads make these headphones comfortable for everyday wear. Plus, they offer 32-hour battery life.

PRICE: $599

The +Record Player

WHO IS IT FOR? The stay-at-home audiophile in your life.

Did you know that where you place stereo speakers in a room affects the quality of the sound you hear? A sweet spot exists for audio components, and the +RP Integrated Hi-Fi Turntable System will help you find it. The +Record Player is the first high-fidelity integrated turntable system featuring a built-in, high-performance stereo music system with high-quality phono components and advanced listening features. When combined with the stand, the system is placed at the right height to enhance sonic performance with better bass and a highly improved soundstage. In addition, to improve the sound quality, it will efficiently store a significant number of LPs ( up to 200 )

PRICE: $2,070

Barebones

Firepit and Grill

WHO IS IT FOR? The person who cooks outside all year long.

Channel your inner Francis Mallman and bring this portable firepit and grill to the next beach outing, or your back deck. Made of stainless steel, this combo allows for both open fire and controlled temperature cooking due to the grate and adjustable pole to help you manage the heat. A 29-inch bowl accommodates large logs, and it’s easy to set up and break down.

PRICE: $249.99

Janus Halcyon 450cc Motorcycle

WHO IS IT FOR? Gearheads with a soft spot for retro design.

Early 20th-century road bikes embody a romanticism of simplicity with their hardtail, function over form, and connected design. For those of us looking for a closer connection between machine, road, and passing landscape, meet Janus Motorcycles, the intersection between classic romanticism and modern function. Deeply inspired by the foundation of motorcycle design, but also maintaining features that we would be remiss to do without (i.e. disc brakes).

PRICE: Starts at $14, 995

Germain-Robin Brandy

WHO IS IT FOR? The wine lover who wants to try something new.

Germain-Robin is the first brandy made in California. Crafted with classic cognac stills using unconventional, flavorful California grapes, including Pinot Noir, Riesling, Viognier, and Sémillon. It’s a new take on a traditional drink, available in three ‘expressions’: the flagship Brandy, which showcases California-grown Colombard grapes; the XO Brandy, created with Pinot Noir grapes; and Single Barrels made with Pinot Noir, Riesling, and Viognier.

Cuyana System Tote

WHO IS IT FOR? Stylish, Type-A women.

Cuyana is a women-founded and owned luxury accessories and clothing brand that emphasizes a ‘fewer, better’ philosophy. Founded in 2012 by Karla Gallardo and Shilpa Shah, the brand is known for stylish, quality products and commitment to sustainability and giving back The System Tote was created with a built in snap system for add-on accessories just choose your color then add the extras of your choice, like a laptop sleeve, phone wallet, one of two adjustable straps, and more. And get it monogrammed!

PRICE: Starts at $278, accessories sold separately

Sing Custom Hat

WHO IS IT FOR? The Yellowstone fan in your life.

A hat that’s also a work of art, according to many satisfied customers. Handcrafted in Jackson Hole, WY. by founder Christy Sing, who started the company in 2018. Each hat is sturdy and resilient, made from Beaver felt, and meant to be worn for years. Choose from their eight styles, many swatches, fur options, and brim styles to begin creating your heirloom piece.

PRICE: $725

Aromatherapy

Towel Warmer

WHO IS IT FOR? Probably you. This might be the most luxurious gift in the bunch. Imagine - warm, fluffy, scented towels waiting for you after a shower or bath. The experience can be yours with this towel warmer that will accommodate up to two 40’’ x 70’’ bath towels, robes, or your favorite throw blanket. The warmer is lightweight and can be placed anywhere in your home - just add your favorite scented oil to the aromatherapy basket, and voila! Every day is spa day.

PRICE: $199.99

G C l

WHO IS IT FOR? The Minimalist Environmentalist.

Mejuri is a female-founded brand that creates jewelry intended for everyday use. Their tagline says it all: “Fine jewelry for being your damn self.” Modern, simple pieces created thoughtfully. Their entire production system is transparent and aims to mitigate their environmental impact while giving back. 80% of the gold they use in their pieces is recycled; 100% is traceable. The jewelry is also gorgeous. Pick up a pair of classic hoops and a Claude Home jewelry vessel to house the earrings (plus, act as a sculptural piece for your home).

PRICE: $68-$1000, Claude Home jewelry vessel: $250

Diptyque Hourglass Diffuser

WHO IS IT FOR? Anyone who thinks Paris is always a good idea.

Diptyque’s gorgeous diffuser is an elegant reimagining of perfume for the home. Designed to diffuse fragrance slowly, over time, the hourglass will perfume a space over several months. You turn the hourglass over for a fragrant and sensorial experience. Please put it on a desk or a bookshelf, or place it on a bedside table to accompany a spot of nighttime reading. In Diptyque’s signature scent 34 Boulevard St Germain.

PRICE: $200

Chris Evert Tennis Bracelet

WHO IS IT FOR? Your mom, who remembers the moment when Chris Evert lost her tennis bracelet at the US Open.

When it comes to jewelry, few bracelets are as iconic, easily wearable, and ubiquitous as the tennis bracelet. Jewelry designer Monica Rich Kosann partnered with Chris Evert to reimagine the tennis bracelet for a new generation of customers. Each style in the CE Tennis Bracelet collection includes an element of Evert’s memory of that day in the design, like emerald stones that are reminiscent of the green court.

PRICE: $750 - $36,700

OGIO Alpha Travel Cover

WHO IS IT FOR? Globetrotting golfers.

Stand out among the golf crowd with this stylish travel bag from Ogio. It features enough space for an extra set of clothes, gloves, golf balls, and shoes. Dense foam padding around the golf heads ensures equipment protection, providing additional peace of mind if you have to check your bag. The covers come in basic black, but why do that when you could opt for the skull or whiskey design? No need to be boring.

PRICE: $220

Cartier Luxury Fragrance Case

WHO IS IT FOR? For someone who elevates the everyday.

Cartier is a brand that can make even the most mundane object luxe - a pencil holder, for example. The Fragrance Case is perhaps the most unique in the luxury essentials category. Inspired by early 20th-century vanity cases, these ultra-thin perfume sleeves use a magnetic mechanism to hold the refillable 30mL fragrance bottle in place. Available in various sleek, modern designs and compatible with a fragrance collection of 19 options (including signature scents La Panthère, Pasha Edition Noire, and others).

PRICE: $605

Rock Box

WHO IS IT FOR? Rock and Rollers with a taste for glam.

A statement piece for anyone who loves rock and roll. Created as an ode to iconic music legends: The Rolling Stones, Elton John, and The Beatles, each box is plated in 14K gold with over 1,000 hand-set Swarovski crystals.

PRICE: $8,900

FORECAST

Riding Out the Business Cycle

The U.S. is fairing better than most in these challenging economic times and there are signs that inflation may have peaked. Even so, it might be time to reevaluate your porfolio mix. Worth can help. To get weekly updates, sign up for our newsletter at worth.com/newsletters.

Inflation has Peaked

Getting it down sufficiently will be a long slog.

BY BOB DIAMOND AND LARRY KANTOR

We are on the downside of this business cycle, whether it ends up being called a recession or not. The crucial questions are how long it will last and how bad it will get. There are sound reasons to believe that the U.S. economy will not crash as it did during the financial crisis. But this resilience suggests that the Fed will need to maintain a restrictive policy for many months, implying that a weak economy and complex financial markets will likely be with us for some time, possibly through next year.

HOW WE GOT HERE

It is no surprise that we are in this situation. Government stimulus— fiscal and monetary—was far more significant during the pandemic than in modern history. Extraordinary support was necessary to avoid a disastrous economic and market outcome, but it turned out to be excessive. The U.S. government spent more than $5 trillion (~ 25 percent of GDP), more than seven times what was doled out during the financial crisis. The Fed bought nearly $5 trillion in bonds over only two years compared with $3.5 trillion over six years during and after the financial crisis. This

resulted in a rising tide of income and financial market liquidity that lifted all boats: from stocks to bonds to houses to commodities and finally to consumer price inflation, which reached levels not seen in 40 years.

We were always going to have to pay for all this largess at some point. We have already experienced a significant fiscal tightening simply due to the expiration of many COVID relief programs. It was always a matter of time before the Fed would lift rates from zero and end its bond-buying program.

The payback we are now experiencing could have been shorter and less painful had the Fed recognized the inflation problem earlier. It began to accelerate at the start of last year, and by the fall of 2021 there were ample signs that inflation wasn’t coming down, yet the Fed kept rates at zero and continued buying bonds until March of this year. Along with other central banks worldwide, the Fed did not adhere to the adage of “taking the punch bowl away just as the party was getting going.” As a result, they are now pursuing procyclical policies: tightening even as their economies are slowing.

THE U.S. IS HOLDING UP WELL AMIDST A SHARP GLOBAL SLOWDOWN

Combined with the effects of the war in Ukraine and ongoing COVID issues (particularly in China), tighter fiscal and monetary policies are producing a pronounced global economic slowdown and cratering financial markets. While the U.S. economy has slowed significantly, it is holding up remarkably well considering the many headwinds. Along with weaker global demand and a significant fiscal drag, interest rates, energy prices, and the U.S. dollar have all risen sharply since the beginning of

the year.

The resilience of the U.S. economy reflects several factors:

1. The U.S. is the world’s biggest producer of food and energy, thus better insulated from the war in Ukraine.

2. Excess demand for labor has fostered strong job growth even as the economy weakens.

3. The sharp drop in gasoline prices since mid-June has bolstered household purchasing power.

However, things will likely worsen before they improve because there is more restraint in the pipeline. The expected Fed policy rate for year-end was 3.5 percent in late August and is now over 4 percent. Bond yields have soared, and 30-year fixed mortgage rates have more than doubled since the start of the year. The dollar has also risen sharply, which will continue to make exports more expensive and imports cheaper. Finally, the sectors most sensitive to interest rate hikes and already in decline—housing and nonessential retail goods—don’t appear to have bottomed yet. Other sectors (mainly in services) tend to be laggards.

U.S. INFLATION HAS PEAKED AND IS HEADING DOWN

There is an upside to the economic slowdown: Inflation is now falling in the U.S. Headline CPI and PCE inflation has been consistently below its June peak. While the Fed targets core inflation, overall inflation matters most to households since food and energy are staples in everyone’s budget and the most visible prices.

Much of the deceleration in U.S. inflation thus far is due to the turnaround in energy prices, which are heavily influenced by geopolitical factors. But there are clear signs that inflation outside of energy is also heading down. Inflation for nonenergy goods has peaked, and a decline is underway. The prices that producers are paying for their inputs have decelerated significantly, with the prices of intermediate goods—those used to process finished goods—now falling after having accelerated to a nearly 40 percent annual pace (on a 3-month basis) toward the end of last year. Price declines are already evident over many important inputs to goods production, ranging from lumber to copper to steel.

The turnaround in goods prices reflects both easing global supply chains and shifting consumer spending patterns. Delivery times in purchasing managers indices—a measure of supply bottlenecks—as well as the cost of shipping goods globally have declined sharply. U.S. consumer spending on goods has been falling since early summer. This came after the pandemic surge when the government doled out trillions of dollars in income support just as people had stopped spending money on services such as travel, entertainment, and going out to restaurants, gyms, and spas. Now we are on the reverse side of that shift as people reengage in ser-

“The payback we are now experiencing could have been shorter and less painful had the Fed recognized the inflation problem earlier.”

vices previously off-limits.

Inflation in services has accelerated as service industries move back toward full capacity. But there are early signs that services prices are also beginning to turn down, although it will probably not show up in the data for several months. In particular, the cost of shelter (housing less utilities, and furnishings) is starting to give way. Shelter costs dominate inflation in services, and

the housing industry is already in recession as mortgage rates have surged and real household income is eroding. Home sales have plunged since the start of the year and home prices began to fall in July for the first time in over a decade, although official measures of shelter costs look solely at rents. Brokerage listing indices show that rents have also begun to drop, but inflation measures don’t capture changes on a timely

basis. As a result, the recent decline in housing costs probably won’t show up in the inflation measures for several more months.

THE FED IS LIKELY TO GO ON HOLD FOR AN EXTENDED PERIOD EARLY NEXT YEAR

A key question for markets is what the Fed makes of all this. It engineered a dramatic shift in its policy and rhetoric over the summer. After maintaining that inflation

The Price of a Carton of Eggs Shows How Inflation Has Hit American Households

was temporary through early this year, the Fed has hiked rates at the fastest since the 1980s. The 75-bps rate hike at its September meeting was not a surprise. Still, Fed Chairman Powell’s statements afterward and the FOMC forecasts suggested a much more restrictive policy stance than had been expected. Its forecast for the funds rate at year-end was raised from 3.4 percent to 4.4 percent, and a further hike next year was projected, deflating market hopes for rate cuts in 2023.

However, it is far from a sure thing that the Fed will deliver on those forecasts. The more hawkish rhetoric was due in part to the fact that markets were not behaving in a manner consistent with a monetary tightening regime designed to bring inflation down. After its first 75bp rate hike in mid-June—bringing the funds rate up 150bps in a mere 3 months—stock prices rose more than 15 percent and bond yields fell nearly 100bps over the following two months. If increases in financial asset prices had persisted it would have meant even more rate hikes than would have otherwise been necessary.

Lower stock prices and higher bond yields—along with a stronger dollar—are part of the process through which Fed tightening slows the economy. Now that the Fed’s message has come across effectively, future policy action will depend on how the economic data play out.

The Fed will look at a wide range of inflation measures as well as what drives them when determining its policy stance. It will also pay close attention to the labor market since employment costs are a major input into the prices of services, where both activity and price pressures are now strongest. The job market remains extraordinarily tight, reflected in unusually elevated job openings, high quit rates, strong job growth,

and a historically low unemployment rate. Labor shortages are now easing reflecting the ongoing slowdown in the economy: Job openings are falling, job growth is slowing and there are widespread reports of hiring freezes and layoffs.

More rate hikes are surely coming, which should bring the Fed’s policy rate to over 4 perccent by yearend. But there is a very good chance that the Fed will go on hold for an extended period early next year. By then there should be further evidence that inflation is heading down and that labor market shortages are shrinking. Most importantly, Fed officials have acknowledged that monetary policy affects the economy and, especially inflation, with a lag, so they will likely wait to see how the economy and inflation play out following what by then will have amounted to more than 400 bps of rate hikes in less than a year.

U.S. ECONOMY IS LIKELY TO BE WEAK FOR MANY MONTHS, BUT NOT CRASH

The extent of damage to the economy in this cycle will probably not be anything nearly as bad as what was experienced during the financial crisis. Recessions can be characterized as corrections for excessive behavior and this time around the excess was mainly in the public sector, which is now being corrected by significant policy tightening. Private sector balance sheets for both households and businesses remain healthy and show

little sign of excessive leverage, while the U.S. banking system is well-capitalized and not overextended.

But the resilience of the U.S. economy has a cost, and it is that we will probably need an extended period of very sluggish growth—or even no growth at all or outright declines for several quarters—to put the labor market back in balance and get inflation down to low single digits on a sustainable basis. A 4 percent plus funds rate is restrictive, but not terribly so. As a result, the Fed will probably need to maintain it for quite some time.

FURTHER DAMAGE TO FINANCIAL MARKETS WILL LIKELY BE LIMITED. Further Damage to Financial Markets Is Likely to Be Limited

The 10-year Treasury yield will probably end up in a 4-5 percent range, as inflation is likely to settle a bit above the Fed’s target of 2 percent next year—say around 3 percent. The Fed is unlikely to pursue a policy of extreme restrictiveness that would put the U.S. economy into a much bigger contraction just to get core inflation down to 2 percent. With a severe recession unlikely, the decline in stock prices thus far does not seem wholly inconsistent with economic fundamentals. There is probably somewhat more further downside risk than upside as the bottom in the economy has not yet been reached. In addition, inflation has shifted from demand-pull—which boosted profits—to cost-push, which should put pressure on margins. That said, the superior performance of the U.S. economy suggests its stock market remains attractive relative to that of other countries, which should help to limit the downside.

This article was last updated November 4th, 2022.

“Fed officials have acknowledged that monetary policy affects the economy, and especially inflation, with a lag.”

Outside the Box Bond Investing

BY DREW J. COLLINS

Both the equity and bond markets have given investors reason to re-consider many of their long-held assumptions, such as a 60-40 split between stocks and bonds will give your portfolio a more stable ride through tumultuous periods. The thought process, backed by historical return patterns and data, was that when stocks went down due to concerns about the pace of economic activity, bonds would rally as investors sought refuge in more consistent income streams. Dividends are voluntary and are not a legal obligation on the part of corporations. On the other hand, interest payments are a legal obligation on the part of the issuer of the bonds.

Another aspect of the current market sell-off makes it different from what investors have been used to over the past 30 years. The more than 30-year bull market in bonds and the downward trending line of U.S. Treasury bond yields have been brought to an abrupt end in 2022 as inflation has returned to levels not seen in some 40 years. The Federal Reserve, the equity investor’s friend for most of the last 30 years under multiple Fed chairs, has once again been forced to re-establish its bona fides as warriors in the battle against inflation.

In addition, after multiple U.S. presidential administrations focused on reducing taxes and tax rates, investors are again faced with the possibility that Washington has become an increasingly hostile place for the suppliers of capital. The tax on share buy-backs is a potential harbinger of what is to come.

This reinforces the argument in favor of seeking out streams of income that are not subject to taxation by the Federal government, and one of the most reliable sources of tax-exempt income remains the municipal bond market.

Within the municipal bond market, investors tend to gravitate toward the relative safety of the investment grade segment or the general obligation sector. However, if they are looking for higher yields, they almost inevitably are drawn to some of the most problematic credits in the market. These credits, which inhabit the high-yield municipal bond indices, consist of borrowers such as Puerto Rico, the State of Illinois, the City of Chicago, and tobacco bonds. The threats to these issuers are well known. Still, we are talking about high debt issuances and a shrinking tax base due to high-income earners relocating to warmer climates with more welcoming tax environments. The pandemic has accelerated this exodus as the financial challenges of specific geographies have resulted in strapped budgets for law enforcement and rising crime rates.

So, what is an investor looking for higher levels of tax-exempt income to do? At Magnus Financial Group LLC, we have focused on a relatively small segment of the municipal bond market called tax-exempt private activity bonds. These are bonds issued mainly for projects that generate a public good but are owned and often operated by private entities.

This segment includes bonds issued to finance public charter schools, which are public schools run by private entities (usually non-profit organizations), senior living facilities are either owned by non-profit organizations or that set aside a portion of the beds for lower-income individuals, and logistical facilities at regional airports.

The latter can qualify for taxexempt financing if they pay rent to the government (the airport authority) and the borrower adds 30% to the property’s value (within the confines of the airport perimeter fence).

What these projects have in common is that they can generate recurring income from the users of the facilities, whether it is students in the case of a charter school, residents in the case of senior care housing, or aircraft in the case of an FBO (fixed-base operation) at an airport.

The bondholders, moreover, benefit from the fact that they can get collateral for their bonds in the form of property, plant, and equipment. This is something that general obligation bonds issued by states and municipalities do not offer.

These bonds also have a first lien on the project’s revenues being financed.

The rating agencies often do not assign ratings to these bonds either due to the relatively small size of many of the issues (in the $10-$40 million

“High-net and ultrahigh network individuals are gravitating to the sector in search of higher tax-exempt income.”

Tax-exempt private activity bonds could liven up your boring bond investing strategy.

range) or because they are not asked to do so by the borrowers. As a result, the yields on these bonds are often substantially higher than those offered by the investment-grade municipal bond market.

Non-rated and lower-rated municipal bonds have a higher default rate than the investmentgrade bond market, but their higher yields, which are often 250-350 basis points over the AAA municipal bond yield, justify the additional risks that investors face. In the current environment, following this year’s sell-off in bonds, we are looking at bonds yielding 5.50-6.50 percent, which for a high-end taxpayer equates to taxable equivalent yields of 9.010.7 percent (based on the highest Federal tax bracket).

This approach to the taxexempt bond market is only for some. Many issues are restricted to purchase by accredited investors and qualified institutional buyers (QIBs) only. However, increasingly high-net and ultrahigh-net-worth investors are gravitating to the sector in search

of a higher tax-exempt income than is generally available from municipal bond mutual funds and exchange-traded funds (ETFs). A separately managed account (SMA) is an excellent way to invest in this sector. SMAs have the advantage of giving the investor control over when they buy and when they sell. Ideally, this allows the investor to refrain from participating in the market’s periods of euphoria and despair. A mutual fund or an ETF forces the investor to buy when the market is buying and sell when the market is selling because the portfolio manager is compelled to deploy new capital as it is received and to sell assets to meet redemptions when they occur. A separately managed account allows investors to sit on their hands and watch the market go through its inevitable convulsions. Ideally, it will enable the investor to be a beneficiary of market madness and be a supplier of liquidity when the market is bullish, selling bonds into rallies, and becoming a buyer of bonds when the market is offering them at firesale prices.

Municipal Bond Performance Over the Past Decade

Finally, this segment of the municipal bond market is growing. Charter schools continue to take market share from traditional district public schools but still only account for 7 percent of the public school population in the United States. Although senior living facilities suffered during the pandemic, they have started to recover, and the underlying demographics still favor increased demand for senior housing for many years to come.

In addition, due to the increasing number of wealthy individuals and families, the underlying need for private aviation facilities at regional airports will likely continue to expand for the foreseeable future. The pandemic itself gave demand for personal air travel a boost.

This overlooked asset class will likely gain importance as the aging population in the U.S. continues to seek higher levels of taxexempt income as they approach retirement.

Drew J. Collins, MBA, CFA, is a Senior Managing Director at Magnus Financial Group LLC

CEOs Need Stronger Political IQs

Political instability and consumer activism increasingly force corporate leaders to pick sides.

BY ARICK WIERSON AND BRADLEY HONAN

At September’s Clinton Global Initiative in New York City—arguably the most significant annual conglomeration of policymakers, business leaders, and cultural influencers outside of the annual World Economic Forum in Davos, there was one resounding subject that crept into nearly every keynote, and panel discussion, and informal coffee klatch: how, in the post-COVID era, otherwise back-burner political pressures have boiled over onto the business landscape. They are scalding corporate leaders unprepared to navigate them adroitly.

The arrival of the cultural wars in American and global politics is now unmistakable, and they are knocking on the front door of every corporation across all major industries. As evidenced in the business sector’s clumsy reaction to the killing of George Floyd or the unease with which many corporate leaders are tiptoeing around women’s reproductive rights in the wake of the overturning of Roe v. Wade, there is now a seemingly endless stream of social, cultural, and political issues that are drawing in—almost always against their will—large multinational corporations into the national conversation. Perhaps best crystalized in the recent imbroglio over Disney’s squaring off with Florida Governor Ron DeSantis’s so-called “Don’t Say Gay” law, multinationals are mainly illprepared to deal with a new business landscape that puts them at the forefront of hot-button issues; and no matter what path they choose to take—even if that path is one of inaction—they are bound to draw the ire of some subset of America.

Even on climate change, which is unequivocally proved by science, Corporate America has found itself swept up in a debate they would instead not find themselves in. Despite broad consensus among the scientific community that global warming poses an existential threat to not only the companies that operate around the globe but also the long-term survival of humanity itself, corporate executives are contending with something that might be best described as a ‘clap-back.’ This is a brazen effort by right-wing activists and institutional investors urging CEOs to back off so-called ‘woke climate initiatives.’ This counterpunch comes just as some conservative elected officials—namely comptrollers who manage state pension investments—have begun to exert pressure on institutional asset managers to keep fossil fuel stocks in their portfolios or risk losing multi-billion dollar asset management mandates.

Amid these growing pressures, it’s notable that Blackrock, the largest asset manager in the world with over $10 trillion in assets under management, has become both

something of a firewall against more broad-based climate-denying investor activism and a staunch proponent of a company’s right to stake out forward-looking positions on salient political issues. Blackrock’s outspoken CEO, Larry Fink, pointed out in no uncertain terms in his 2022 annual letter to shareholders that stakeholder capitalism is no longer merely a toothless term that adorns the glossy pages of company annual reports; it’s a movement that deserves the full attention of business executives and their boards, and one that should force many to rethink the fundamentals of their business models, namely whom they sell to, where they source from, and how they impact the communities in which they operate. “Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not ‘woke.’ It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper,” wrote Fink. “This is the power of capitalism.”

To echo Fink’s sentiment, other elected officials such as New York State Comptroller Thomas P. DiNapoli, who manages New York State’s $279 billion pension fund, are now purposely leaning into ESG and showing a preference for companies that take issues such as climate change seriously. Speaking with DiNapoli, he told Worth that “corporate America must understand that shareholders are concerned about the long-term sustainability of their investments. That means that analysis of environmental, social, and governance issues are critically important to investors.” Even former New York City Mayor Mike Bloomberg, who is worth north of $77 billion and is widely regarded as the visionary who brought financial markets into the digital age, recently weighed into the issue in a Bloomberg opinion piece, writing that “Critics call

BIG BUSINESS AS A VECTOR OF SOCIAL CHANGE

One of the most appealing aspects of being invited to attend the Clinton Global Initiative is speaking with senior corporate, political, and philanthropic leaders informally, many of whom let their guard down when surrounded by their peers. One conversation we had with a Fortune 100 Chief Executive was particularly revealing as he summed up the new state of play: “Big Business has become a new vector in American and global politics—whether they like it or not. And CEOs who continue to put their head in the sand, wishing it wasn’t so, are a soon-to-be endangered species.”

But it’s not just at the Clinton confab that CEOs, heads of state, and global key opinion leaders are openly bemoaning Big Business’s general reluctance to embrace and accept the new dynamic that companies are now high-profile participants in some of today’s most contentious and divisive social and political issues. Many privately point to the C-Suite’s generally low political IQ while others see their inaction as a lack of courage. Edward Bergmark, the founder and former CEO of Optum, the healthcare services wing of United Healthcare, the largest health insurance company in North America, sees both factors at play. “For years, corporate leaders quietly kept their heads down and stayed clear of politics or, when pressed, at least attempted to play both sides—why else would you see major corporations and their offices donating handsome sums to both major political parties,” mused Bergmark in an email exchange with Worth. “Now, many of them are being pressured—often by their employees as well as their customers—to take a stand and weigh in on issues such as the overturning of Roe v. Wade.”

And CEOs aren’t getting much advice from their top lieutenants or corporate boards (mostly comprised of former CEOs themselves). Many of these individuals are often cut from the same cloth as the CEO, where MBAs and corporate culture have spent decades preaching to young aspiring leaders that businesses should stay clear of politics at all costs.

THE COST OF AVOIDANCE

But avoiding socially and politically divisive issues is a decision that comes with a hefty price tag. Although it’s hard to measure in dollars and cents, the price of inaction is indeed erosive to a company’s reputation among young and habitinforming consumers. Remaining silent on issues that drive inclusion and foster diversity may take a heavy toll on a corporation’s recruiting advantage. And finally, by staying on the sidelines as some of society’s most contentious and salient issues are being debated, some companies may be effectively ceding valuable ground to aggressive challengers that are more vocal about their value set that more closely aligns with a rapidly changing business landscape.

“The evidence is building so quickly that people want to buy products from companies and brands that operate to high standards of sustainable behavior and ethical conduct,” remarked Unilever CEO Alan Jope in a panel with former President Bill Clinton at the Clinton Global Initiative. “Unilever is now the employer of choice in 50

countries worldwide in our sector because it’s a magnet for young talent. People want to come and join companies where they can make a positive impact.”

“And our commitment to sustainable business and proper conduct is very strongly driven by serving our shareholders as a consequence of serving our people, our customers, our societies, and the communities that we do business in,” added Jope.

“Some CEOs might feel that they’re ‘damned if they do, damned if they don’t—but right is right,” added Bergmark. “You don’t need a fancy degree to see which way the arc of history is turning and that your company’s long-term interests depend on being on the right side of that arc.”

Privately held companies offer their owners and executives far more leeway to maneuver around hot-button political issues. For example, owner-operated Michael Stars, a Los Angeles-based fashion and apparel brand that has been outspoken on a range of social and political issues over the company’s twenty-year existence, has recently stepped up its official communications in light of what Suzanne Lerner, the company’s cofounder and CEO, sees as a “steady and incremental encroachment on basic human rights.” Lerner, the company’s co-founder and CEO, told Worth that she took to the company’s Instagram and Facebook accounts to show solidarity with women’s reproductive rights and quickly moved to pay for employees’ travel expenses for those living in states where changes in public policy were affecting their ability to get the healthcare they needed.

WHY COMPANIES STILL CHOOSE INACTION OVER ACTION

Despite growing recognition that younger Millennial and Gen Z consumers are far more socially conscious and politically progressive than older generations when it comes to the stakeholder approach to business, corporate leadership

[ESG] ‘woke capitalism.’ There’s just one problem: They don’t seem to understand capitalism.”

is

“Privately held companies offer their owners and executives far more leeway to maneuver around hot button issues. vestors, customers and consumers, communities, and employees demand that companies do better.”

still reluctant to lean into divisive social issues, even when the evidence is clear that taking decisive action serves its long-term strategic interests.

Part of this anemic posturing stems from a structural gap within the C-Suite. Sitting one rung below the CEO in many large corporations is a Chief Sustainability Office, a Chief Human Resources Officer, a Chief Marketing Officer, a Chief Communications Officer, a head of investor relations, and occasionally a Head of “External Affairs” or a Public Affairs executive, among the many other operational leaders. Although each of these roles might become adjacent to some of these rocky quagmires that corporations increasingly find themselves in, not one of them, due to the siloed nature of their respective roles and responsibilities, is empowered to take a holistic, company-wide approach to solve them. Moreover, whether they have the requisite skill sets that combine media savvy, political chops, policy expertise, and strategic analysis is a very much open question.

For example, issues surrounding abortion, women’s reproductive rights, and access to healthcare are very much centered around the HR function. Still, public affairs and communications professionals might only see short-term peril. Sales leaders might be reluctant to back dicey issues that may lead to uncomfortable conversations with critical accounts—mainly if they are located in more conservative parts of the country where state and local governments are taking the opposite approach.

All of these suggest that this gap in the C-Suite must be filled by a new set of accretive yet highly complementary core competencies.

THE RISE OF C3PO

What is lacking in most C-Suites is a role that might be best described as the Chief Public Policy and Political Officer, or perhaps more memorably, C3PO—an individual who leads a

multidisciplinary team comprised of political and policy experts, savvy communications and public relations professionals, and other core competencies who supports the CEO, the executive team, and the Board of Directors. Although many companies will likely opt for a title not from a galaxy far, far away, the position’s mandate is clear: synthesize what is happening not only within the company and its ecosystem— namely among its employees, customers, competitors, regulators, and suppliers—and layer on top of those internal dynamics expert analysis of global, national, and local political issues, media and news cycle coverage, and what’s happening on Wall Street and the investment community.

The C3PO would be charged with culling, analyzing, and curating these sundry inputs and distilling them into a cogent stream of recommendations and actions for the CEO and the Board. In some cases, the C3PO will be empowering company leadership to react swiftly in real time to cultural zeitgeists—the murder of George Floyd, for example, was a moment that swept up the nation within 24 hours and caught many corporations completely flat-footed. In other cases, the C3PO adroitly identifies areas of opportunity where the company has a chance to lead a national conversation about a back-burner social issue. It elevates the brand and delivers eminence and prestige.

NO SHORTAGE OF ISSUES

America and many industrialized countries are at crossroads. Immigration flows, rapid technology transformation, and growing climate insecurity—and the inevitable backlash to these brusque changes—

are part of the current national and global milieu. These issues fall into two types of categories:

1. National Identity Challenges

In the U.S. as well as in many countries across the globe, shifting ethnic and racial demographics spurred on by immigration patterns, a greying of so-called ‘traditional’ populations, and the economic repercussions of these shifts are bringing an array of socialpolitical issues to the front door of the business sector.

These challenges get to the central question of what types of people society wants to embrace and how much freedom or autonomy different groups should be granted. The results of this internal struggle can manifest themselves in issues ranging from immigration policy of matters of religious freedom, language, and even acceptable social mores. In the U.S., this category of challenges has recently come to a boil around border policies, women’s reproductive rights, social justice, diversity and inclusion (including LGBTQ+ rights), book banning, and even voting rights and ballot access.

2. Systemic Fault Lines

This category of challenges confronting companies are ones in which the solution requires the mobilization of actors across the whole of civil society or even across borders, as in the case of climate change and global warming. Other issues that have made their way from the news cycle to the boardroom include gun rights and freedom of expression versus misinformation and disinformation.

All these are issues that are not going away, nor will the pressures they exert on corporations. Corporate America will be forced to weigh in on them again and again.

“People want to buy products from companies and brands that operate to a high standard of sustainability and ethical conduct.”

Rethinking the 60/40 Portfolio

BY FRANCOIS SCHRAMEK

Investors are facing a bevy of macroeconomic challenges that collectively contribute to the decline of the traditional 60/40 portfolio. The war in Ukraine, global energy and food crises, rising interest rates to beat back inflation, and the resultant slowing of worldwide growth are all contributing factors.

While a portfolio consisting of 60 percent equities and 40 percent bonds has provided positive returns in 35 of the past 42 years and has historically averaged approximately eight and a half percent over the past ten years, this tried-and-true strategy should be questioned. Not only is the 60/40 portfolio down considerably year to date as of late September 2022, but persistent inflation is dramatically cutting into forward returns.

Modern investors deserve a fresh approach. Should they adhere to an investment advisor’s advice who puts them in traditional, diversified portfolios of stocks and bonds, stating ‘just trust the process?’ Why not invest like some of the wealthiest investors in the world? How can you do that? With alternative investments, most notably private equity, venture capital, real estate, personal debt, and private credit.

Alternatives have historically been challenging to gain access to and are more difficult to trade than more traditional investments, so they have largely been restricted to institutions. However, times are changing, according to a study by McKinsey titled ‘U.S. Wealth Management: A growth agenda for the coming decade.’ The study notes that today the average retail investor has just a two percent allocation to alternatives versus 30-50 percent for institutions. McKinsey reports that the retail share could double to five percent in the next three years, adding between $500 billion and $1.3 trillion in new capital to the alternative investment landscape.

Savvy investment advisors are taking notice, placing alternatives in their High Network Worth and Ultra High Network Worth clients’ portfolios to diversify away from the equity and bond markets, boost returns, and generate income. When selecting a financial professional to gain access to the alternative market, here are three critical considerations to keep top of mind.

ALIGNMENT OF INTEREST

Strategic investment firms are exploring a broader set of arrangements to improve the alignment of interest between alternative investment products and investor objectives. For example, General Partners (GPs) at private equity firms, hedge funds, and other categories of alternatives, for decades, offered close alignment of interest with investors.

The arrangement aligns the interest of both parties, with performance fees charged only when they rise above a designated threshold. Having ‘skin-in-the-game’ changes the investing dynamic and helps identify relevant prospects while maintaining the proper level of risk/ reward for both existing and potential opportunities.

Perhaps most crucially, aligning interests ultimately builds trust between a GP/Manager and the client. Establishing trust is one of the most

critical aspects of any financial services relationship and should be considered when engaging with an firm to enter the world of alternatives.

1. EXCLUSIVE OR PROPRIETARY ACCESS

Unlike the equity and bond markets, which have been democratized over the past 20-plus years, alternatives require exclusive access to private networks which can provide evergreen deal flow and unique investment opportunities.

Alternatives also tend to be illiquid, making it more challenging to enter and successfully exit these sometimes-complex investments.

A GP/Manager and their firm must have decades of experience with various alternatives beyond having access to offer proprietary opportunities not available elsewhere. For example, having operational involvement with a private equity portfolio company can create added value via investment structures, which protects without limiting potential.

2. FLEXIBILITY TO ENTER OPPORTUNITIES

One of the most overlooked considerations when conducting due diligence to enter the world of alternatives is ensuring that the GP/Manager has the flexibility to enter specific opportunities. For instance, large banks or investment managers may be prohibited from investing in the middle market due to smaller deal sizes.

However, a smaller, nimbler manager might be able to move the needle and fill a void by targeting those smaller deals, with a disciplined focus on value-add, lower middle market companies. Returns are typically larger, less competition exists, and strategic buyers can drive outsized returns upon exit from the investment.

3. MODERN TIMES DEMAND MODERN INVESTMENT STRATEGIES

Contemporary advisors should constantly evaluate new alternative investment options to meet

Tracking the 60/40 Portfolio Over Time

the unique investment objectives of their clients due to the recent faltering of the traditional 60/40 portfolio. To succeed, the GP/Manager must align interests with their clients, have access to exclusive opportunities and maintain flexibility to consider them as an option.

Keeping these three crucial considerations in mind, the advisor can demonstrate the highest commitment to clients. A firm that takes a pragmatic approach to work with a diverse group of private clients and institutional investors will be set up to offer the best ideas and alternative investment opportunities to generate attractive risk-adjusted returns with differentiated value-add strategies.

Francois Schramek, CFA, is a Managing Director and Financial Advisor at Manhattan West, specializing in working with ultra-highnet-worth families spanning several countries across the globe.

Corporate Stability Results in Safer Travel for Private Jet Clients

BY WILLIAM P. HOGUE

Should consumers care whether a company providing them goods and services is a stable corporation? Well, to some extent, it does depend on the product or service being offered. If we’re talking about tin foil or jeans or pens and pencils, corporate stability hardly matters. But for products and services that affect our health and safety, we want to know the provider is a well-run organization.

Food and medications would be included here, and also companies that own and operate private jets. Why? Because when you’re sitting in a seat thousands of feet in the air, how safe you are is in direct proportion to the corporate stability of the company that owns and operates the airplane.

Before exploring that last point further, let’s define what exactly is meant by “corporate stability.”

Our current economy seems to be breaking many accepted rules of economics. For example, raising interest rates tamps down inflation. Not so much this time. Also, strong employment numbers usually produce a satisfied workforce. Then why are many employees resorting to “quiet quitting.” So, in this economy of contradictions, how does one define “corporate stability?”

To answer that question, NJ Correnti (pictured below), founder and CEO of NICHOLAS AIR, offers what he calls “a simple analogy.” NJ compares the pre-pan-

demic economy to a sunny day, but one with storm clouds on the horizon. A stable company, he says, “analyzes the weather,” and puts in place a proper plan, so it has the appropriate response, “no matter how big or small the storm is.”

NJ includes NICHOLAS AIR among those very few that are prepared for the storm, and says of private aviation in general, “to be really stable in this business requires the art of omniscience. You really need the ability to see well beyond the obvious when combatting a challenge and it’s something that the best companies are able to do really well.”

So, for private jet fliers anxious to know whether a provider is, in fact, doing that “really well,” what questions should a traveler be asking? NJ offers several, including, “has the company continually changed hands? Did the company completely halt its business or make a kneejerk reaction during COVID? Does the company drastically change their offerings to stay afloat? Are they constantly creating baseless major headlines just to foster buzz?”

All of those factors “create distractions inside an organization which take away from the end users’ experience,” as NJ puts it. In contrast, NJ says corporate stability “inherently leads to a safer program.” How? NJ points to his company’s most important asset: its employees.

Stability in a company like NJ’s means job security at every level, including for pilots, who are kept flying which leads to more operational experience. For NJ’s operations team, it means they work closely together for better efficiency throughout the company’s fleet. And for “back office staff,” NJ says, “reduced turnover means each person becomes more skilled at their craft.” Not to mention, the kind of financial stability that NICHOLAS AIR offers enables a company to recruit and retain top talent. As NJ puts it:

“When I look around our management table, I see a team of not just hired hands with some flashy degree, I see aviators with a passion for the art. It is a difficult skillset to find, but we’ve done it here.”

Twenty-five years ago, NJ started NICHOLAS AIR with one airplane that had exactly four seats. That early iteration truly was what NJ calls a “high touch service culture,” and it is a culture to which NICHOLAS AIR has remained committed, and one that, according to NJ, “brings private jet travelers back to us year after year.”

This year, Worth has launched a comprehensive directory to showcase some of the nation’s top wealth management professionals called Leading Advisors. We have curated a directory of individuals and firms with deep expertise on topics relevant to the economy and our financial futures.

If you would like to participate in our program, please contact teddy.gibbs@clarim-media.com.

Program Benefits Include:

n A Leading Advisors Directory profile

n Sponsorship of the Advisors View newsletter

n Inclusion in Worth Print Magazine Leading Advisors Page

n Wealth of Knowledge video interview with Distribution on YouTube

n An Editorial Feature on Worth.com

n Priority invitations to all Worth events

A Balanced Fixed-Income Portfolio Enables You to Leverage Opportunities

BY VINCE DILEVA MS, CFP®, AIF®

Even if you are a seasoned and skilled investor, the current confluence of economic and geopolitical events might be more than a little disconcerting. Current events should also prompt a hard look at your portfolio, including the bond and cash portion. That is, fixed-income investments usually in the form of corporate, treasury, and municipal bonds are now trading at extremely attractive levels.

The good news is that since the bond market is currently down over 15 percent, there is finally an opportunity to buy bonds at discounted prices for the first time in many years. The Federal Reserve has been raising interest rates, so yields on bonds are attractive. You will need to balance risk within your fixed-income portfolio just as you would your stock portfolio.

Our view in building a bond portfolio today is to focus on a short to intermediate-term bond ladder. With a bond ladder, as one bond matures and pays back the principal, you now have cash to invest in other areas of the market to take advantage of current conditions. For example, if a recession pushes stock prices down, when a bond matures you can use that cash to buy equities. If interest rates move higher then you can add another bond to your ladder.

In our fixed income portion of the portfolio there are 3 types of bonds to consider.

High-Quality Corporate and Municipal Bonds (“Munis”)

In the corporate bond space, investors are getting 5 percent to 6 percent yields with short to intermediate-term bonds. With Municipal bonds, the yield is 3 percent to 4 percent, but if you live in the municipality, those yields are

tax-free. Within this category, we are building a bond ladder by buying bonds with varying maturity dates between 2023 and 2028. We would recommend making this category the core portion of your fixed income portfolio for stability and cash flow.

Short-Term Treasury Bonds (“Treasuries”)

Short-term treasuries would mature in 3-12 months, and they currently yield 3.9 percent to 4.6 percent. The strategy here is to have a portion of the money in safe government bonds that will mature very soon. This will give your portfolio flexibility. Meaning, if interest rates continue to go up, you can withdraw the money as it matures and invest in

ABOUT THE ADVISOR

longer term investments that lock in a rate. Or, if we are in a recession, and you are willing to take some equity risks, use that money to buy stocks at cheaper prices.

High-Yield Bonds

I would not buy high-yield bonds just yet, but there may be an opportunity soon. If we fall into recession in 2023, despite their higher risk, high-yield bonds, with yields in the 8 percent to 10 percent range, will start to look attractive.

To sum up, in this volatile and global economy, you want a fixed-income portfolio with yields locked in, but also a structure that provides liquidity when opportunities occur.

seia.com | vdileva@seia.com

Vince DiLeva, MS, CFP® , AIF® is a Managing Senior Partner with SEIA. His emphasis is in investment management and overall wealth management strategies with affluent individuals and corporations. With over $17 billion of assets as of 12/31/21, SEIA’s infrastructure supports a customized investment management approach. Vince’s focus is on personally-crafted portfolios that keep clients on track to meet both their short-term and longterm goals. He assists in managing the many complexities of your busy financial life including risk management, investment, retirement, tax and estate planning.

Vince has been in the securities and insurance industry since 1996. He currently serves on SEIA’s Investment Committee, which meets monthly to analyze current trends in the fixed income, equity and alternative investments markets.

Vince received his Bachelor’s degree in Business Administration with an emphasis in Finance and Marketing from Loyola Marymount University. He received his Master of Science degree with an academic emphasis in Financial Planning from the College of Financial Planning in 2003. He earned the CERTIFIED FINANCIAL PLANNER™ certification from the Certified Financial Planner Board of Standards, Inc. in 1999. Additionally, he attained the Chartered Mutual Fund Counselor (CMFC) designation in 2000 and the Accredited Investment Fiduciary® designation.

Vince resides in Redondo Beach with his wife and three children.

$17 Billion Assets managed as of 12/31/2021 SEIA & its affiliates.

Disclaimer

Be Prepared to Pivot when the Fed Does

BY GARY LISKA MS, CFP® , AIF® , CMFC® , AAMS®

This past June, inflation peaked at 9.1% from one year ago – the highest CPI print since 1981 – as measured by the Consumer Price Index, published by the Bureau of Labor Statistics, although the CPI measure has since subsided to 8.2% in September. In response, the Fed began an aggressive campaign of rate increases to tamp down inflation, raising the Fed Funds rate from near zero to roughly 4% since March.

Not surprisingly, the S&P 500 lost about 19% this year through November 7, according to Bloomberg, as investors feared the effects of both higher interest rates and a slowing economy. Often overlooked, however, is that rising rates punish bond portfolios – since most bond prices are inversely correlated to interest rates. As such, a broad measure of investment grade bonds, the Bloomberg Aggregate Bond Index, lost about 16%, this year through November 7, according to Bloomberg.

But inflation and efforts to tame it aren’t the only headwinds impacting financial markets. The war in Ukraine, midterm elections, a soaring U.S. dollar (and plummeting foreign currencies), rising tensions between China and Taiwan, along with recession fears are all contributing to significant investor anxiety.

So, what exactly does this convergence of economic and world events mean for your portfolio?

It certainly brings into question the all-weather efficacy of traditional 60/40 portfolios – split between ‘riskier’ higher-returning equities and ‘safer’ lower-yielding fixed income. Theoretically, during times of heightened market volatility, a balanced portfolio approach should smooth out returns. If the stock market takes a hit, bond values might help anchor the portfolio and vice versa. But not this year.

A balanced portfolio consisting of 60% stocks and 40% bonds lost roughly 18% YTD through November 7,

2022, as calculated using the S&P 500 index and the Bloomberg Aggregate Bond index for stocks and bonds, respectively.

In its attempt to rein in inflation via a rapid series of interest rate hikes, the Fed’s efforts should, in theory, slow the economy. Higher rates generally discourage borrowing by both businesses and consumers, thus reducing both capital investment and consumer spending. Can the Fed succeed in its mission to slow the economy just enough – but not too much, such that a recession occurs?

There is, however, some good news to be found in the current environment. We may be closer to the end of the rate hike period than we are to the beginning. Even the most bearish projections don’t see interest rates being lifted much higher, though some Fed officials do see the Fed funds rate reaching 5% next year.

At some point, growth and (hopefully) inflation may cool enough to satisfy the Fed’s objectives of dampening inflation.

ABOUT THE ADVISOR

For the time being, we may suggest focusing on high-quality investments and striving to remain as liquid as possible so you can gradually begin putting your cashback to work for you, whenever that moment arrives. In the meantime, consider allocating your portfolio towards investments that may better weather a recession. Along with defensive stocks, you may consider exploring certain municipal bonds, Treasuries, and high-quality corporate bonds with your financial advisor, though noting that any recession can increase the default risk of some municipal and corporate bonds.

Additionally, you may then also consider increasing your allocation to non-dollar-denominated international assets, as these instruments may potentially present an opportunity should the dollar reverse direction and head lower.

While nobody can consistently predict the future of financial markets, we all can prepare for whatever the markets may bring our way.

seia.com | gliska@seia.com

Gary K. Liska, MS, CFP® , AIF® , CMFC® , AAMS® , is a founding partner and chief financial officer for Signature Estate & Investment Advisors, LLC (SEIA). His emphasis is in investment management, retirement planning, and estate planning strategies for affluent individuals and corporations. He has been in the securities and insurance business since 1994 and has presented hundreds of seminars on investments, tax, retirement, and estate planning. Gary has been featured in Worth Magazine. He is currently a member of SEIA’s Investment Committee.

Gary received his Bachelor of Science degree in Economics from the University of California, Santa Cruz. He received his Master of Science degree with an academic emphasis in Financial Planning from the College of Financial Planning in 2004. He earned the CERTIFIED FINANCIAL PLANNER (CFP® ) certification from the Certified Financial Planner Board of Standards, Inc. after completing the CFP® professional education program in 1996.

$17 Billion Assets managed as of 12/31/2021 SEIA & its affiliates.

Disclaimer

Yield Enhancement: Investing Short-Term Cash in T-Bills

BY LUKE ANDRIUK, CFA

Whether for taxes, a home down payment, or otherwise, investors may need to hold sizable amounts of cash at times. Throughout the 2010s, opportunities to earn any meaningful yield on that cash didn’t exist. As interest rates have risen throughout 2022, that has changed.

Investing cash in short-term U.S. Treasuries (T-Bills) hasn’t been this attractive in 15 years.

T-Bills Then and Now T-Bills aren’t new–they’re bonds issued by the U.S. government maturing in 1 year or less. They also happen to currently be one of the best short-term options for enhancing the yield earned on your cash in a safe asset.

The average 6-Month T-Bill yield from 2008–2021 was a paltry 0.56 percent. Today, holding a 6-Month T-Bill will earn you an annualized return of 4.31 percent. If you’re willing to extend a bit further, a 1-Year T-Bill will yield 4.50 percent. Compare that to the 0.22 percent and 0.40 percent, respectively, you would’ve earned had you bought at the start of the year.

Beneficial Tax Treatment

Treasuries are also tax advantaged. Interest is subject to federal income tax but is free from state and local income taxes. On a tax-adjusted basis, we believe select Treasury yields are now as or more attractive than yields on other fixed income options with similar maturities, like high quality corporate bonds.

The Price Risk of Treasuries

Despite their “risk-free” label, the trading of Treasuries is not riskless. Unlike other short-term investment options like high-yield savings accounts, Treasuries are securities that can fluctuate in price. T-Bill prices change daily alongside interest rate sentiment. If the market believes rates will rise, T-Bill prices will fall. If the market believes rates will fall, T-Bill prices will rise. Bond prices and bond yields have an inverse relationship.

That being said, T-Bills will always mature at face value. Aside from the unlikely event of a U.S. government default, an investor in T-Bills will earn back their initial

investment plus interest if held to maturity. Thus, we recommend investors considering T-Bills do so only if they would be comfortable holding them to maturity.

Final Word

The menu of options for investors looking to park their cash in the short term has grown recently. Among the options, we believe T-Bills are compelling given their enhanced yield and “safe asset” characteristics when held to maturity. Please consult with an experienced financial advisor to determine whether this strategy is appropriate for you in the context of your broader financial plan.

ABOUT LUKE ANDRIUK, DIRECTOR OF INVESTMENTS

Luke is responsible for investment idea generation, portfolio performance monitoring, and leading the Saugatuck Financial Investment Committee. He has his Chartered Financial Analyst designation and is a graduate of Cornell University.

Disclaimer

The opinions expressed are those of Luke Andriuk as of the date stated on this article and are subject to change. There is no guarantee that any forecasts made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment or security. Please remember that all investments carry some level of risk, including the potential loss of principal invested. Indexes and/or benchmarks are unmanaged and cannot be invested in directly. Returns represent past performance, are not a guarantee of future performance and are not indicative of any specific investment. Diversification and strategic asset allocation do not assure profit or protect against loss.

Luke Andriuk uses Saugatuck Financial as a marketing name for doing business as a representative of Northwestern Mutual. Saugatuck Financial is not a registered investment adviser, broker-dealer, insurance agency or federal savings bank. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries in Milwaukee, WI. Luke Andriuk is an Associate Insurance Agent of NM. Investment advisory services are provided as an Advisor of Northwestern Mutual Wealth Management Company®, (NMWMC) Milwaukee, WI, a subsidiary of NM and a federal savings bank. Investment brokerage services are provided as a Registered Representative of Northwestern Mutual Investment Services, LLC (NMIS), a subsidiary of NM, broker-dealer, registered investment adviser and member FINRA and SIPC.

Investors holding cash for a short-term purpose may want to consider T-Bills for extra yield

Our New Favorite Scotch Whiskies

Whiskey is the world’s drink and can be made by anyone, for anyone. But right now, traditionalism is having its moment.

BY JACK CROXFORD SCOTT

Nowadays, whisky is a broad church. Indeed, it is now produced the world over by those seeking to craft a drink that embodies the landscape and culture in which they distill. It is no longer the sole preserve of the Scots, Irish, or the Americans. It’s now the world’s drink and can be made by anyone, for anyone.

And that’s all great. But, on occasion, we relapse into whisky traditionalism and crawl back to single-malt Scotches. And it’s worth pointing out that, as with world whiskies, Scotch is also riding one hell of a growth wave. Countless new distilleries are opening, and existing brands are doubling, even tripling production capacity to meet unprecedented demand.

That demand has created a ghastly auction market for old malts on which unscrupulous drinkers buy and “flip” bottles for profit. And it doesn’t stop at bottles. Drinkers can buy entire casks of new spirit to age over time, while those who were savvy enough to buy a barrel back in the day before the single malt market went nuts are now finding themselves sitting on a small fortune’s worth of liquid.

But remember, those whopping record prices you seek for entire casks and coveted bottlings reflect scarcity and age, not (necessarily) quality. Indeed, as a frequent reviewer of old malts, I can tell you this—it is possible to ruin a Scotch whisky by aging it excessively.

The following whiskies, however, have got the balance between spirit character and wood influence just right. Here are ten single-malt Scotch whiskies that you should try in 2022.

Rosebank 31 Year Old

$2,999

Few words excite single malt nerds as much as Rosebank. This distillery in the Scottish Lowlands has been closed for decades. Its everdwindling stocks of aging malt (now mostly over 30 years old) have rocketed in price, primarily driven by demand from those looking to sample a whisky that would never be replicated again.

That has only been accentuated by the fact that Rosebank had one of the weirdest production approaches in the trade. Triple distillation— double is the norm in Scotland—which crudely points towards lighter, softer spirit types coupled with the use of worm tubs which suggests the opposite.

This beautiful mess of distillation approaches is being emulated by Rosebank’s newest owners, who are painstakingly rebuilding it and replicating the original production set-up. While they do that, they have been releasing bottlings from the “old,” pre-closure Rosebank.

Their 31-year-old has been put together from scarce stocks laid down just before Rosebank’s last closure in 1993. It has been released by the new owners, who are resurrecting Rosebank and will be filling new casks in due course. This well-aged lowlander has retained a fair amount of youth; bright, fresh, and zesty. Indeed, it is somewhat tropical in its style with pineapple dominating the palate at first before giving way to a sweet bread type thing (banana bread?) which is followed by just a bit of wood influence characterized by light baking spices, which fade quickly. Remarkably vibrant given its age and a timely reminder of why Rosebank has the reputation it does. No pressure on the new releases when they come.

Old Pulteney 18 Year Old

$149.99

In many ways, the town of Wick, Caithness on Scotland’s far northeastern coast is precisely the sort of place one conjures up when thinking of whisky. This old herring fishing port stands resolute against regular batterings from the cutting winds and gales rolling in from the North Sea. It once had well over a thousand boats in its harbor.

With the boats came people, and Wick was soon home to dozens of taverns serving high-proof, unaged spirits from Pulteney Distillery in the town which no doubt took the edge off the aforementioned winds.

Wick’s boozy antics and associated social chaos caught the attention of the local temperance movement shortly after the first world war. In 1922, Wick became one of the counties in Scotland to voluntarily (yes, voluntarily) effect prohibition in an election organized by the “drys” who headed up the temperance movement. The taverns closed, as did the distillery. Regular service didn’t resume for twenty-five years; the alcohol ban nonsense was scrapped in May 1947, and the distillery was back up and running shortly after that.

As you’d expect from a distillery that matures its stock on the Caithness coastline, Old Pulteney’s malts have but a faint salty and briny note to them, imparted by the ocean spray blown into the warehouses. This maritime influence is found in their 18-year-old but is bolstered by the wood’s insatiable, chocolatey flavors.

GlenAllachie 15 Year Old

$97

Until quite recently, GlenAllachie was virtually unknown to malt drinkers. It was built in the sixties and has delivered most of its life supplying whisky for blends.

Then, it was acquired by a consortium headed by legendary distiller Billy Walker, who had previously transformed the likes of Glendronach and Benriach into cult single malts. Billy has dragged GlenAllachie out of the whisky wilderness; the distillery now has its own branded single malt which has rapidly become a go-to for malt drinkers with a penchant for rich, wintery Scotches.

Indeed, the “Billy Walker style” of aging whisky—characterized by heavy use of sweet and nutty ex-sherry casks to give a weighty and deep malt—can be seen in their contemporary bottlings. We’re particularly fond of their 15 Year Old which is probably best described as Christmassy; chocolate and cinnamon notes on the nose lead to a palate bursting with treacle, dark roast coffee, and sweet spices. One for the cooler evenings. Welcome back, GlenAllachie.

Benromach 40 Year Old

$1,907

Virtually all of Benromach’s production happens in a tiny room. The mash tun, wooden washbacks, and single pair of copper stills are all neatly snuggled in this picture-perfect, white-washed, stone-built Speyside distillery.

Everything is old-fashioned here. The mill which grinds the barley is over 120 years old, the wash—that sugary barley water produced for yeast is added to kick-off alcohol production—is cloudy to maximize complexity, and the spirit is aged in traditional, earth-floored dunnage warehouses.

Benromach’s 40 Year Old is their oldest release in some time. Maturation is exclusively in first-fill oloroso sherry casks, so we’re expecting a spice-driven dram here. A Jamaica cake-esque ginger spice is certainly there on both nose and palate but there is a lot more going on here. Stewed fruits, hazelnuts, and even a little black pepper can be found here.

You can tell this whisky has a fair amount of age behind it; the wood influence is undeniably strong but not overbearing by any means. Indeed, this has probably been bottled at a near-perfect age. Indeed, Benromach owners Gordon & MacPhail pride themselves on bottling malts only once they’ve reached their “peak,” and they’ve not failed here; this is a truly impressive dram that strikes that balance between spirit character and wood influence with remarkable ease. An absolutely cracking whisky.

Balblair 12

$42.40

Balblair could not be more old-school highlands if it tried. Scottish barley—often from neighboring farmers—is fermented in wooden washbacks and distilled in short and stumpy copper stills with fat necks. Distillation is all about copper contact; the more of it, the more stripped away from the vapor by the walls of the still, and the lighter the end spirit.

Balblair’s approach does the opposite; spirit vapor passes quickly through those squat stills with relatively little copper contact. It then runs into the lyne-arms—the pipes through which re-condensed spirit leaves the still—which run steeply downward to minimize purification again and keep as much of that weighty, flavorful Balblair character as possible.

Their 12 Year Old shows off that character well with only American oak casks used for maturation. The absence of rich and dominant Sherry seasoned wood—which is found in the rest of Balblair’s line-up—in this bottling allows that spirit character to hold its own. Moreover, a proportion of the casks have been heavily charred, treated with fire for much longer than usual to break down the structure of the oak. This allows the whisky inside to penetrate deeper into the wood and extract much more flavor than would otherwise be possible. Here, that has led to a dram driven by vanilla and ground spices. Gentle, but that Balblair weight is still very much there.

Glengoyne Cask Strength Batch 009

$66.73

Scotland has several defined whisky “regions” or defined appellation-esque geographies. Highlands, Lowlands, Speyside, and so on. They are helpful yet utterly useless. Whether the taste and profile of a whisky ever truly reflects the land in which it was distilled is another article but I digress. The point here was going to be that Glengoyne Distillery fits within one of them. It sits bang on the “highland line” which divides Scotland’s Lowlands and Highlands. In fact, it distills its whisky in buildings (technically) in the highlands but matures it in warehouses just over the road in the Lowlands.

To move on from that (mildly) interesting trivia, their cask strength bottlings are a particular favorite amongst the Worth team. One reason for that is that they challenge the misconception that Glengoyne’s production approach—defined mainly by slow distillations in stills shaped to increase reflux (copper contact between vapor and still)—leads to a light and gentle spirit. On the contrary, while their production set-up does indeed produce a clean and fruity new-make spirit, it is anything but light. It is sufficiently weighty and mouth-coating to hold its own during maturation. That really comes across in these cask strength releases which are bottled just shy of 120 proof and are bold, rich, and warming. Beautiful stuff.

Arran 10

$59.99

Whiskies made on Scottish islands have an uphill battle, in a sense. By definition, they’re born into rough and wild surroundings which are not short of a tale or two. The temptation is there to lean in and craft furiously smoky, peaty whiskies which reek of the lands in which they’re distilled.

It’s brave—and rather risky—to do otherwise. Arran Distillery pulled it off. Nestled on the northern tip of the island which bears its name, they’ve refined island malts by going citric. They’re impressively consistent with it, too; lemon and orange notes appear to come through in most bottlings we’ve tried.

Their 10-year-old is no different, but those citric flavors are evened out with archetypal American oak characteristics, predominantly vanilla and tablet—the superior Scottish cousin of fudge, with its crumbly dryness. You’d be forgiven for mistaking this for a far older dram than it is; spirit this young is often poorly structured and all over the place. Here, the whisky doesn’t try to do too little nor too much; it doubles down on the vanilla sweetness and we’re thankful for that indeed. A dram beyond its years—a superb whisky.

Tomatin 18

$119

Ask a whisky writer what style of malts they most enjoy writing up and they’ll invariably point to rich and spicy, sherry-matured whiskies that evoke scenes of an old stone bothy nestled in a snow-capped glen with a mighty fire going. Proper winter drams that knock a crisp morning for six. Or they’ll turn to those coastal, iodine-driven malts laden with earthy peat smoke. And you can see why; those whiskies almost write themselves. The imagery is already there.

It’s hard to pitch whiskies that sell themselves on balance. No one can get excited about balance. What even is it? A balance between what? And are we talking about texture? Or flavor?

Begrudgingly, though, sometimes there’s no better word. We find that with Tomatin. This highland malt purposely strays away from the aforementioned flavor profile extremes. Their 18-year-old is a case in point. This bourbon matured malt had a secondary maturation in first-fill oloroso casks to combine those classic honeycomb flavors similar to American oak with that cinnamon and clove thing that good quality sherry wood always brings to the fore.

And boy, does it work. It’s more autumnal than wintery; quite nutty and dry. Comforting. Water doesn’t add much value here; it almost closes the dram up. Evidence that this one has probably been bottled at the right strength, perhaps. And given its age, this is a remarkably fresh and vibrant whisky. There’s a lot going on, but it just all structurally works, somehow. You could even call it wellbalanced. We won’t, but you could.

Ancnoc 18

We’ll help you out here. It’s “a-nock”. It’s not even this Speyside distillery’s name—which is Knockdhu—but that of its single malt to avoid mix-ups with neighbor Knockando.

Anyway, this is a bit of an odd one. Where are the beige labels? And the dodgy stag logos? And the bagpipers? Ancnoc’s getup is refreshingly clean-cut and modern. Ironically, their production is reassuringly traditional; the still room hosts a single pair of tall, slender copper stills virtually identical to those of the distillery’s original pair from 1894. Better still, Ancnoc has resisted the temptation to fully adopt modern-style, shell, and tube condensers to cool the spirit which runs off the stills.

They also use old-school “worm tubs”, vats of water in which a coiled pipe transports the distilled spirit for filling. The water bath cools the pipe—and thus the spirit—more swiftly, minimizing copper contact and thus retaining a bit of heft in this otherwise light, floral spirit.

Their 18-year-old is tricky to figure out, at first. The nose is soft. Too soft. But leave the glass for a few minutes and it opens up. Still gentle but really holds its own; orange chocolate notes on the nose give way to a pepperiness on the palate. Texturally slightly oily. Wouldn’t have called that one at first. The distillery is quiet on the cask composition here, beyond confirming this is a vatting of bourbon barrels and Spanish oloroso butts. We’d be curious to learn the ratio between them; an unmistakably bourbon-esque vanilla sweetness here points to the liberal use of American oak. A dark horse but one well worth trying.

Tamdhu Cigar Malt

$225

Despite counting some of the most prominent names in Scotch as neighbors including Glenfiddich and Macallan, Tamdhu is practically unheard of amongst malt drinkers. Ironically, that can be blamed on Tamdhu’s own success; their sherry matured, rich spirit quickly became a favorite of brokers and blenders who relied on Tamdhu to add weight to the leading blended Scotches of the day.

Nowadays, though, the focus is very much back on single malts. Tamdhu’s house style is much how it was when it was founded in 1898; maturation is exclusively in ex-sherry casks which make for a whisky that is dark in color, weighty and syrupy in texture, and gloriously rich and spicy on the palate.

Their Cigar Malt exemplifies that style and then some. This small-batch run only uses “firstfill” casks; those that have just been emptied of their sweet sherry contents, as opposed to having been used to mature other whiskies previously. And those casks are crafted from European oak - rather than American - as the former imparts much more spice than the latter.

This is a very well-put-together dram; notwithstanding the lack of an age statement, it comes across as well-matured and intricately layered, suggesting that a liberal amount of older stock has been used here. This fantastically rich single malt is rather something; probably our favorite dram of the year. Very well done indeed, Tamdhu.

BY RUTHIE KORNBLATT-STIER

According to Lauren Bravo’s book, How to Break Up with Fast Fashion, we only wear 10-20 percent of the clothes in our closets on a daily basis. Patrick Robinson—a designer who has transformed global brands such as Giorgio Armani, Perry Ellis, and the Gap—has made it his mission to change how we approach consumerism and our closets. Worth sat down with Patrick to discuss the deep-seated issues of exploitation and excess in the fashion industry and how his regenerative brand, Paskho, is changing fashion’s landscape.

Growing up in southern California, Patrick was surrounded by surf culture from an early age. “I wanted to make surf shorts, and I wanted to run my own business,” he says. After finding a successful niche in designing and selling board shorts to his peers, he matriculated at Parsons School of Design. “I think that my designs have always had a utilitarian bend to them,” he says. “I, of course, cared about how the shorts looked, but more than anything, I wanted everyone and anyone to be able to wear them. It was very important to me that they bridge the divide between functional and fashionable.”

After graduating from Parsons, Patrick was hired by Giorgio Armani to overhaul a failing business model. Over the course of his five-year tenure at Armani, Patrick transformed the brand’s Le Collezioni line into an internationally profitable company. Still, in the infancy of his career, he had already made a striking name for himself as someone who not only understood design, but how to run a business. For over 25 years, Patrick helped haute-couture and other fashion brands to revamp and rethink their business models.

“On paper, I was thriving,” he explained. “I was making good money.

I was running global businesses and leading design teams in Tokyo, London, New York. But I was also making more clothes than anyone on Earth could possibly wear.”

“I felt like I was lying. I was talking out of both sides of my mouth. On the one hand, I believed in

sustainability, ethical labor practices, and community. But neither my businesses nor my actions reflected that,” he said. He knew that he needed to make a change, and thus Paskho was born. Paskho is a company that strives to create functional, fashionable clothes to combat the problems of waste and exploitation rampant in the fashion industry. After establishing the ethical foundations for the business, Patrick began to purchase leftover fabrics from factories.

“After seeing how much highquality material goes to waste, that was the only way I could feel like I was adhering to my values,” he explained. Still today, much of Paskho’s fabrics are saved from landfills, emphasizing the crucial importance of conscious consumerism in today’s world. “Not only are our production practices sustainable, but we create pieces of clothing that you want to wear everywhere: our clothes work in Heathrow Airport; they work on the side of a mountain; they work in the fanciest restaurant in Bologna,” said Patrick.

The brand works to combat social inequalities across the United States by bringing jobs back to underserved communities while adhering to sustainable production practices. It is a business model that aims to bridge the gap between the production process and the consumer by bringing consistent, quality work to the talented Americans who work predominantly with their hands. In contrast to other businesses that took a financial hit during the pandemic, 2020 served as a catalyst for Paskho to hit the ground running with their signature Community-Made Maker program.

“The global economy came to a grinding halt. And something just clicked for me. There are so many Americans who are hungry for work and who already have the wonderful skills we need to sharpen our competitive advantage,” said Patrick. “We really made it happen.”

The first Makers in the Community-Made program were the talented Broadway costumers, seamstresses, and tailors who found themselves suddenly out of work during the pandemic. Paskho set up shop with eighteen Makers in New York City, allowing the brand to continue manufacturing and supplying clothes to consumers at the height of the pandemic when other companies could not do so. The second Maker community that Patrick established was in Gee’s Bend, Alabama, a community with a remarkable and unusual tradition of quilting. Although the community’s quilts have been recognized as significant pieces of American art in exhibits at the Whitney and the Philadelphia Museum of Art, the actual quilters themselves have remained in relative obscurity. They have seen little financial gain despite the art world’s recognition.

Through the work of Upstart Co-Labs, a foundation that aims to connect capital with creative minds making a difference, Patrick connected with the Souls Grown Deep Foundation, a nonprofit that works to promote the work of black artists from the American south. One year after launching the Community-Made program in New York, Paskho created its second sewing pod in Gee’s Bend to provide the community’s expert quilters with reliable salaries and work that recognizes their craft. In 2022, Paskho established its third pod in Eagle Butte on the Cheyenne River Reservation in South Dakota.

“Native American reservations are where some of the worst systemic inequalities are perpetrated,” said Patrick. “I know that I can’t fix these problems by myself. But I hope that I can make some difference by creating economic opportunity for our Makers and their communities.”

By cutting out shipping processes, middlemen, and all the costs associated with manufacturing overseas, Paskho can turn a profit and pay its Makers and laborers a fair wage. The regenerative business model benefits everyone, from the Makers to the investors to the consumers. “Not only are we doing the right thing by putting talented Americans to work, but we actually have a strategic advantage over other companies,” explained Patrick. “Something that we’re working on today will be done in production in a week or less. Then we can start shipping directly to our consumers. I don’t have to wait or pay for a boat to take a shirt halfway around the world. We’re a much smarter, quicker company.” Though it took time for Paskho’s unusual regenerative model to gain traction at its inception, investors have seen that having the point of production so close to the consumer pays off quickly.

Paskho’s model provides real, measurable impacts such as job creation, increased economic opportunity for chronically underserved populations, and reduced environmental harm. There’s nothing political about the philosophy and ethos of Paskho. It’s a brand that is based on the simple value of treating one another and our planet with conscious consideration. Patrick wants us all to reflect on what it is that makes us happy and what it is that makes us fulfilled. “It’s not our things, it’s not our wealth. It’s the care that we give to the world and the people around us,” he said.

“We don’t need to give up beauty. We don’t need to give up our style or individualism. But we need to ask ourselves—how can I walk through this world more lightly?”

“On paper I was thriving. I was making good money. I was also making more clothes than anyone on Earth could possibly wear.”

Independents Set the Pace for the Watch Industry

These watchmaking pioneers are propelling a centuries-old art form into the modern age.

BY CAIT BAZEMORE

Watchmaking as an art form has changed very little in the past 200+ years since early brands like Blancpain, Jaquet Droz, and Vacheron Constantin first began producing watches in the 1700s. Many significant milestones, such as luminescent hands and indices, water resistance, the unidirectional rotating bezel, or the automatic chronograph function, surfaced in the 1900s–still relatively recent in watchmaking history. It has been even more recent that watchmakers have started pushing the bounds of tradition, and it began with the work of George Daniels in the 1970s.

George Daniels

George Daniels is best known for the invention of the co-axial escapement in 1974. At the time, this marked the first practical new watch movement created in over 250 years. Why was the co-axial escapement so revolutionary? Friction is one of the biggest challenges faced in watchmaking. Reduce friction, and you improve mechanical efficiency, stability, precision, and accuracy. The co-axial functions with a system of three pallets that separate the locking function from the impulse. Instead of sliding friction, it uses radial friction at the impulse surfaces. This significantly reduces the sliding friction of the pallet stones over the teeth of the escape wheel. In turn, it eliminates the need to lubricate the pallets. Since the creation of the co-axial escapement, watches that use its technology can achieve levels of performance that were previously unimaginable for seriesproduction mechanical timepieces. While it’s easiest to understand the significance of the co-axial escapement from a practical or technical perspective, the impact of Daniels’ invention runs deeper.

When he created the co-axial escapement in 1974, the watch industry was amid the Quartz Crisis, and the mechanical watch sector was fighting to prove its relevance in a rapidly changing market. Daniels’ breakthrough demonstrated that mechanical watches still had room to evolve and could keep up with the times. In the face of a significant moment that questioned the future of mechanical watches, Daniels’ pioneering spirit made him the father of modern watchmaking.

Vincent Calabrese and Svend Andersen

In 1985, watchmakers Vincent Calabrese and Svend Andersen established a community of independent watchmakers called the Académie Horlogère des Créateurs Indépendants (AHCI) with the mission to break down and reconstruct the rules of watchmaking. In the past three decades, AHCI members have won 27 prizes at the Grand Prix d’Horlogerie de Genève, including the 2010 Special Jury Prize for outstanding contribution to the development of Haute Horlogerie. Overall, the AHCI’s work has been instrumental in preserving watchmaking traditions while inspiring discoveries, inventions, and creative development of the art form. George Daniels was among the AHCI’s early members, and today, the group boasts a collective of 35 watchmakers, including Felix Baumgartner, François-Paul Journe, Philippe Dufour, and Kari Voutilainen.

Felix Baumgartner and Martin Frei

Felix Baumgartner and Martin Frei make up the brand Urwerk. The duo founded the company in 1997 on the guiding principle of designing and crafting Haute Horlogerie watches with a balance of both traditional and futuristic aspects and without the confines of market trends. That same year, they unveiled their first two watches with the Académie Horlogère des Créateurs Indépendants (AHCI) at Baselworld. These models drew inspiration from a 17th-century clock created for Pope Alexander VII with a unique wandering hour indicator. This core element on a miniaturized scale has become the brand’s signature and perfectly exemplifies how this breed of watchmakers is continuing to pull from watchmaking history while simultaneously propelling the art form into new territory.

François-Paul Journe

Around the time Baumgartner teamed up with Frei to form Urwerk, François-Paul Journe was establishing his namesake brand. In 1999, he presented his first collection with the signature “Invent et Fecit”–”Invented and Made.” He is most notable for his resonance watches and for creating a revolutionary, serial production electromechanical movement. The principle behind resonance watches dates back to the 1700s with a watchmaker named Antide Janvier, who built a clock with two complete movements

and two precision escapements placed nearby, ensuring the two pendulums were hanging from the same construction. Here, the pendulums recovered the energy dissipated by one another and began to beat together, entering into resonance. Decades later, AbrahamLouis Breguet began making pocket watches based on this same principle.

In 2000, Journe became the first and only watchmaker to apply this phenomenon to a wristwatch when he debuted his first Chronomètre à Résonance. Over the years, F.P. Journe’s resonance collection has been updated with numerous iterations, culminating in a 20th-anniversary release in 2020 that considerably upped the ante on technical complexity with a new movement, the Caliber 1520 in rose gold.

A more surprising release from Journe came in 2014 with the debut of his Élégante collection. The Élégante is a quartz watch, which, as you can imagine, was a polarizing concept. However, in typical fashion, Journe provided a new take on the technology that once put the mechanical watch industry in crisis.

The electromechanical movement of the Élégante operates similarly to that of a hybrid car. It senses the wearer’s movement, and if it’s sedentary for 30 minutes, it shuts down. Once the watch is back in motion, the hands readjust to the correct time. In addition, there are two separate motors to reduce power loss from friction in the gear train. The patented combination allows the battery life to extend for eight to eighteen years, depending on the frequency of wear, compared to the lifespan of your average quartz movement, only two to three years.

Philippe Dufour

Like Urwerk and Journe, Philippe Dufour also builds on past innovations as inspiration for his timepieces. One of his earliest and most highly touted creations is the world’s first Grand Sonnerie wristwatch. For the design, he drew from an early 20th-century Grande Sonnerie pocket watch by Reymond Freres, modifying the extremely complicated striking mechanism to wristwatch specifications. This watch put Dufour on the map and gave way to his first true serialized model: the Simplicity. As the name suggests, the Simplicity is a departure from the intricacy of the Grande Sonnerie and fully embodies the cliché less is more. This quintessential three-hander proves byzantine complexity is not required to make a modern timepiece successful.

Kari Voutilainen

Kari Voutilainen is a bit of a departure compared to the other makers we’ve covered. The Finnish watchmaker began presenting his namesake watches in 2005, and he has been lauded for his versatility in functionality and design. He owns one of the industry’s most in-demand dial-making facilities and his movement manufacturer. In addition, he recently acquired the historic Danish watch brand Urban Jürgensen, taking the seat as CEO.

Voutilainen is a critical player in catapulting the watch industry into the future. He believes many watch brands have lost touch with the imagination and creativity at the core of watchmaking, focusing too profoundly on styles or technology that will be most profitable. Between each of his lucrative ventures, he proves that modern watchmakers can still be successful without compromising the integrity of the art form.

The Rise of

Independents

These members of the Académie Horlogère des Créateurs Indépendants represent just a tiny subset of the growing number of independent watchmakers making waves in the watch world. In the past decade, their success has extended beyond the collector community and captured the attention of the industry at large. Today, trade shows like Watches and Wonders (formerly Salon International de la Haute Horlogerie) are traditionally reserved for watchmaking giants like Cartier, IWC, and Jaeger LeCoultre have opened up to allow an increasing number of independent exhibitors year over year.

Seeing this recognition set a pace for the rest of the industry is exciting. Based on the way things are trending, we expect to see more and more independents rising to prominence for the foreseeable future.

Mixed Media

BY JASON ASHLOCK

BOOKS

What We Owe the Future

BY WILLIAM MACASKILL

Was it really ten years ago that Douglass Rushkoff first offered his pithy diagnosis of the prime pathology of our age, “Present Shock,” a state of anxiety caused by the ever-increasing speed and immediacy of time? It was. You’d be forgiven for forgetting. In an age of exigency upon exigency, time is measured in units of Tik Toks. Its horizon reaches barely past the next footfall. Memory is a fatality. And we are all of us living everything, everywhere, all at once—no multiverse required.

In such a daunting context, is it even possible to imagine a future beyond our moment’s favored targets of 2030 or 2050? Could we think in terms generational, or even geological, to expand the zone of our empathy to include those beyond the last infant we meet before we die? Ethicist William McAskill thinks such visioning is not just possible, but prudent, and even imperative for determining our moment’s wisest choices.

In his latest book What We Owe the Future, McAskill terms such thinking “longtermism.” If you’re allergic to academic jargon and put off by the coinage, hold steady: it belies the power of the imaginative workout he’s inviting. By demanding we reorient ourselves toward the millions of unborn who will inherit a world bedeviled by our balefulness or made sturdier by our scrupulous stewardship, McAskill forces us to the limits of our current organizing logic. Across a mere 250 pages, the reader is asked to replace, plank by plank, the valuational system in which we make decisions. By the time you hit the index, you’re looking around at a Ship of Theseus, wondering if this was the vessel you rode in on.

It’s not. McAskill is asking for a moral revolution, a fundamental shift away from the hegemony of pure economics and crass politics toward the realm of moral

philosophy. His questions linger long after reading. What constitutes a virtuous social action at the timescale of civilization? How do we measure rightnow difficulty against possible, imagined value? What kind of resource management is responsible if we perceive ownership to be shared across generations? For our progeny, the dents we make in the world will be their foxholes or their farms How do we act for good now and good later much later?

McAskill’s a Professor at Oxford, and his book is a masterclass in page bound pedagogy His stories are less functional than they are fractal, each an instance of a larger pattern he’s sketching for us in ink rather than chalk His charts are fresh and provocative His formulas hover above the obvious before distilling into insight

A long time evangelist for Effective Altruism, he pulls out a few of the greatest hits of the movement, introducing the fundamentals of practical do gooding for the uninitiated These refrains provide helpful real world wayfinding for those oriented toward action, but it’s the new tracts that reverberate with frightening resonance (Dare: Read the chapter on AI and “value lock in” and try to think about anything else the rest of the week ) What is high stakes for Future Them is often high stakes for Tomorrow Us, too

Deep within a mountain in the deserts of west Texas, engineers are laboring to construct an immense mechanical monument called the Clock of the Long Now Intended to keep accurate time for the next 10,000 years, its chimes will play a different song each day across ten millennia One wonders what McAskill would say of the instrument as a provocation, a promise, and a pretty good starting place for the kind of ethical imagining that asks not only who will be around to listen, but how might they be doing when the bells ring? Will the sounds reach happy ears that recall us, in Jonas Salk’s words, as “good ancestors”? The answer is one we owe ourselves as much as the faceless billions to come

The writers and artists in this issue are all exploring the legacies we leave behind, for our family, the planet and future generations.

My Mother Made Me

BY JASON REYNOLDS

No one can say definitely when podcasting was born, but we can generally agree on when it was left on our doorstep: 2004. At 18 years old, podcasting’s well past puberty, and the voice changes have begun. While Spotify goes all in on Kardashian and Markle and Audible chases the Obamas–the Blockbuster model at its finest–there is a growing contingent of audio counterprogramming that relies less on the questionable premise of famous people being interesting and more on what has made content compelling in any media in any time: great writing.

This year’s Tribeca Festival made it clear the voice box was evolving; by focusing for the first time on scripted audio content— storytelling sharpened on the page before mouth meets mic–Tribeca platformed a trend running parallel to the chatty, extemp programming that tops the download charts. Requiring a different level of narrative artistry and an elevated production quality, these scripted series, often short-run, introduce a welcome change in tone and issue a quiet invitation: If you tire of the strained banter, turn to something beautiful.

You’ll likely only need a few minutes with Jason Reynold’s luscious baritone to understand the appeal of scripted podcasting. And by the end of the painfully short season of “My Mother Made Me,” you’ll likely believe the entire podcasting enterprise was built for such an artist at such a time. The bestselling author of numerous award-winning books, Reynolds is a performer in the way few writers are, a compelling vocal artist and heartbreakingly vulnerable diarist, who marries script to speech in an alloy so harmonized it nearly casts a spell.

The ostensible subject of the 4-episode arc is Reynolds’ mother Isabell, a 76-yearold firebrand whose wisdom is telegraphed in a simple honesty that Reynolds captures with delicate recordings, dropped in the interstices of his personal essays. She is, he writes, “a woman who struggles to take a

selfie but clearly doesn’t struggle to see herself,” whose clear-eyed look at life and work, love and loss, past and future, bring clarity to a son fidgeting with fame and middle life. Their sculpted conversation forms a seedbed for meaningful and melancholy discourse that somehow feels at once both universal and deeply personal.

And this is where Reynolds and his Radiotopia producers knock us for six. In a podcast format that would, in any other hands, have been output as a back-andforth interview, Reynolds uses the format as his playground for musings both playful and prophetic. His affective, surprising prose carries you along each half-hour episode, an amalgam of diary, spoken word, journalism, therapy, and poetry. “Home is where I cut my teeth, lost my teeth, grew new teeth. And where she taught me to eat the world.”

For those who wonder what legacyleaving ought to look like, here is an artifact to study, a story of how “the young get older, and the older get wiser, and the wiser sometimes find wonder again, before whatever comes next.”

than the fashion industry’s current posture of extraction, exploitation, and evisceration.

If the image is meant to evoke a fairytale clash between good and evil, and a young princess called from obscurity to redeem the kingdom, the visual design team deserves applause. A daughter of rural England, emerging form a childhood lived off-grid with no running water and only her father’s hand-built wind turbine for electricity, Powney’s an unlikely figure to ascend the elite staircase of the London fashion scene. Yet there she stood in 2017, a rags-to-riches archetype, named top emerging designer in the UK by Vogue, given a cash award to pursue her wildest dreams, and named Creative Designer of Mother of Pearl.

Like all good heroes, Powney’s origin foretold her destiny. Soon after her coronation, her journey through the wilderness begins. The mission: build an alternative reality, a fashion collection that manages its value chain sustainably–from field to finished garment–weaving together the ethos of her ecological roots with the polish and prestige of global luxury goods.

She arrived not a moment too soon, with the kingdom, such as it is, rotting from within. 100 million items of clothing are produced every year, satiating the endless appetite of the beast–from fast fashion to high-end cult products–with 3 out of every 5 in a landfill within one year of purchase. And that’s only the end of the chain. The beginning and the middle are riddled with surpassing evils: deforestation, human trafficking, chemical waste, and endless streams of plastic. Silver-tongued capitalists call these “negative externalities.” Powney calls them something else: “complete, utter nonsense.”

FILM

Fashion Reimagined

DIRECTED BY BECKY HUTNER

The official film poster for “Fashion Reimagined,” a captivating study of award-winning designer Amy Powney’s efforts to build a fully sustainable luxury clothing brand, is strikingly void of fashion altogether. Walking toward a horizon of England’s greenest hills, Powney is seen from behind in an oversized gray trench, English Ivy snuggling her ankles, daffodils and dandelions sprouting from her every footprint. She is either one with the land or disappearing into it. Either, Powney would say, are better options

And avoidable. Far from necessary evils and acceptable compromises of growth, scale, and affordability, the planetary and human vices baked into our current models of production are not required practice. There is another path. Powney walks it. And thanks to Becky Hutner’s unassuming direction that keeps her subject front and center, with a gentle editorial touch that makes the camera feel companionable, we walk it with her.

To Uruguayan sheep pastures, to Austrian garment factories powered by steam, and finally back to London, where Powney pieces together a new reality of responsible sourcing, making, selling, and buying that’s received with the ovation it deserves. A fairytale ending for the film. And a gauntlet thrown before all those who have not yet found the courage to follow her flowered footsteps.

EVENTS

Milken Future of Health Summit

DECEMBER 6-8 WASHINGTON, DC

Global think tank Milken Institute is hosting a two-day summit to focus on the significant health challenges we face as a society. Not surprisingly, key topics this year are pandemic-related—how our health system can (or cannot) deal with the current and future pandemics, the impact of health policy, the connection between physical and mental health, and the health of our economy. Other topics include biomedical innovation, patient needs, and more. The conference features more than 200 speakers, to be announced along with the complete program, which will be published 2-3 weeks before the event.

The Winter Show

JANUARY 20-29

NEW YORK, NY

The Winter Show is the leading art, antiques, and design fair in America, featuring many of the world’s top fine and decorative arts experts. Held at the Park Avenue Armory, the event benefits East Side House Settlement. This organization supports the local community through events and programs that happen throughout January. The 2023 Opening Night Party will be on January 19.

World Economic Forum Annual Meeting

JANUARY 16-20 DAVOS, SWITZERLAND

The annual meeting hosted by the World Economic Forum is well-known to many. Held each year in Davos, Switzerland, the forum hosts leaders from government, business, and civil society to address the state of the world and discuss priorities for the year ahead. The theme and agenda for January still need to be set but keep an eye on what develops on the WEF website and Twitter @WEF.

Sundance Film Festival

JANUARY 19-29 PARK CITY, UT

The world-renowned film festival in Park City is a great place to spend time in January. Take in some movies, do a little skiing, dine at some of the excellent restaurants, and hobnob with your favorite actors in a low-key setting. The full slate of films has not been announced yet, but you can get a few previews of what’s to come on the festival website.

FEBRUARY MARCH

Naples Winter Wine Festival

FEBRUARY 3-5

NAPLES, FL

The Winter Wine Festival in Naples is recognized as one of the United States’ top food & wine festivals. And it’s no wonder—some of the world’s top vintners and chefs pilgrimage to the west coast of Florida every year to showcase wine and food for a discerning, passionate audience. In 2023, world-class winemakers like Laura Catena (Catena Zapata, Argentina), Violet Grgich (Grgich, Napa), Tim Irwin (Penfolds, Australia), and Olivier Krug (Krug Champagne, France), and some of the most innovative chefs, like Cassidee Dabney of Blackberry Farms and Sue Zemanick of Zasu in New Orleans will be on site.

New York Fashion Week

FEBRUARY 10-15 NEW YORK, NY

New York Fashion Week in February is focused on American Designers showing their latest collections to the press and buyers. It’s a week of hot designers, beautiful people, parties, and everything New York City so famously offers. You can purchase exclusive VIP experiences, sign up for pre-event shopping events, go backstage to meet the designers, and more.

Mobile World Congress

FEBRUARY 27 - MARCH 2

BARCELONA, SPAIN

MWC Barcelona is the world’s largest and most influential event for the connectivity industry. Themes for 2023 include 5G, Immersive Technology (like the Metaverse), Openness in mobile networks, FinTech, and more. MWC is critical to business, and Barcelona is one of the best locations to spend time in.

FROM WEF TO SUNDANCE, THIS WINTER IS LOADED WITH LIVE EVENTS YOU WON’T WANT TO MISS

Slam your foot to the floor, it’s in your fingers. Toes. In your front and back teeth. Eardrums. Nasal canals. Jawbone. In the marrow of your neck and the muscle of your spine. Racing through every cell in every disc and every capillary in your bloodstream. Setting a new pulse speed record. Breathing fire into an otherwise normal morning. And reminding you that though you’ve been driving for 25 years, you were asleep at the wheel. Until now.

INTENSITY. DRIVEN.