Impact Wealth Special Edition

SPECIAL EDITION

MARC FABER

Shares His Playbook for Hedging Against Inflation and Investing in Emerging Markets

CHIC

SUMMER FASHION

NFT SPACs CRYPTO BOOM OR BUST

AUDREY GRUSS A Philanthropist on a Mission to find Hope for Depression

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Simply an unprecedented level of luxury sleep

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Invest in the REST of your life

CONTENTS 8

PROFILES

FEATURE

MARC FABER 20 Shares His Playbook for Hedging

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Against Inflation and Investing in Emerging Markets

AUDREY GRUSS A Philanthropist on a Mission to find Hope for Depression

By Hillary Latos

By Davis Richardson

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JESSE DRAPER A Trailblazer Venture Capitalist Betting Big on Female Entrepreneurs

By Mitchell Jackson

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TIM HENTSCHEL Tim Hentschel of HotelPlanner eagerly awaits a Return to Worldwide Travel after the Pandemic

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By Rich Monetti

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DR. NEPTUNE The hardest part of beginning treatment for an addiction is the first calls

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VISION MARINE How Vision Marine’s Alex Mongeon Is Cleaning the World’s Waterways With Electric Boats

INVESTING

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NFTs: Boom or Bust

By David Christopher Lee

Alternative Investing Strategies for The Family Office: Bitcoin, Blockchain and NFTs

By John Kimelman

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Data & Artificial Intelligence How the COVID-19 pandemic fast-tracked an already existing trend

By Denise Holzer

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The Market Casino is Overflowing With Gamblers

By Neal Berger

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By Davis Richardson

FLORA How Flora Growth is Bridging International Markets

By Davis Richardson

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THE ROLE OF NAD IN CELLULAR FUNCTION Does Tru Niagen’s NR Supplement Hold the Key to Slowing the Effects of the Aging Process

By Hillary Latos

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STYLE & FASHION

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WANDERLUST High style meets the high seas as we sail to a luxe getaway

DUDLEY RAYBORN 60 Creates the Authentic Self

By Amy Poliakoff

LUXURY LIVING

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HAMPTONS Summer Guide 2021

By Norah Bradford

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BENTLEY BENTAYGA V8 The Ultimate Story of Automotive Luxury

By Kyle Edward

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ROLLS-ROYCE GHOST Reflect in Quiet luxury

By Kyle Edward

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THE CAYMAN ISLANDS A Jurisdiction of Choice for High-Net-Worth Individuals and Family Offices

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THOUGHT LEADERSHIP

By Kyle Edward

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Best Varietals for Seasonal Pairings

By Lonnie Gienger

By Hillary Latos

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Creating a Multigenerational Legacy of Harmony and Purpose

To Get Your Kids Into Elite 80 How Colleges Without Scandals

By Jason Ma

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PHILANTHROPY

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Reimagining Wealth and Philanthropy

By Mike Scala

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EDITOR’S NOTE

Time For Summer Celebrations As the world is beginning to open, it’s time to embrace and celebrate our freedom and the carefree days of summer.

Kicking off the beginning of summer is the Steelpointe Yacht show which we are excited to be a part of this year. To celebrate the luxurious lifestyle of the yacht set, our fashion editorial was shot on the gorgeous Sirena Yacht in South Florida which epitomizes understated luxury, relaxed elegance, and a longing to travel to distant locales.

Our cover story for this special edition is philanthropist Audrey Gruss which was shot at her lavish Palm Beach mansion. While she could fill her days attending fundraising events and donating to worthy causes, she chose to champion a cause that hit close to home her entire life. When her mother passed away 16 years ago, she was left bereft but more importantly she saw her mother suffer through a silent disease that has proliferated society for more than a century that not only affected the individual but everyone around them. Rather than rely on the government and pharma companies to cure this heartbreaking disease, she chose to dedicate her fortune and her life to finding the cure for depression. To date, the foundation she founded in her mother’s memory, The Hope for Depression Research Foundation, has done more research to find the cure for depression than any agency over the last 60 years.

As the financial industry has been traditionally dominated by males, we highlighted trailblazing women who are leveling the playing field that support, foster and also invest in other female entrepreneurs. As a 4th generation venture capitalist, Jesse Draper decided to follow in her famous father’s footsteps on her own terms and created Halogen Venture Capital that invests in early stage consumer technology companies led by women.

Other exciting business profiles we feature include Tim Draper of HotelPlanner who discusses the post pandemic future of the travel industry, Vision Marine who is disrupting the boating industry with electric marine motors, Miss Universe Pauline Vega’s Flora Growth global cannabis company, and Chromadex which may hold the key to reverse the cellular aging process.

While the pandemic dominated and changed our world the last year, one of the biggest questions is where to invest with the sudden proliferation of newly printed money from thin air. Whether its cryptocurrency, NFTs, SPACs, blockchain, or new asset classes, here we ask some of the experts to weigh in on whether these diversions from fiat currency are boom or a bust. Investment strategist Marc Faber has been uncannily on target with his predictions for the financial markets, and he gave us his insight on untapped investment opportunities around the world.

Hillary Latos Editor in Chief hillary@impactwealthmagazine.com

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Creating Wealth. Creating Impact.

SPECIAL EDITION

Hillary Latos EDITOR IN CHIEF

Candice Beaumont MANAGING EDITOR

Merilee Kern FEATURES EDITOR

Emil Pavlov ART DIRECTOR

Lyall Aston, Udo Spreitzenbarth CONTRIBUTING PHOTOGRAPHERS

Lasalle CONTRIBUTING CREATIVE DIRECTOR

Neal Berger, Norah Bradford, Kyle Edwards, Lonnie Gienger, Denise Holzer, Mitchell Jackson, Hayden Kopser, Lillian Langtry, David Christopher Lee, Davis Richardson, Angelo Robles, Mike Scala, Amy Poliakoff, Rich Monetti CONTRIBUTING WRITERS

Colin Thompson

DIRECTOR OF SPONSORSHIP

Angela Gorman, Adam Weiss PUBLISHERS

Impact Wealth Media LLC 222 Broadway, 18th Floor New York, NY 212 542 3146 www.impactwealth.org info@impactwealth.org

Impact Wealth Magazine is published quarterly. Copyright 2020 by Impact Wealth Media. All rights reserved. Reproduction of any material from this issue is expressly forbidden without permission of the publisher. Unsolicited manuscripts and photographs are welcome on an exclusive basis, but Impact Wealth Magazine cannot be responsible for unsolicited materials submitted. Printed in the U.S.A.

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INVESTING INVESTING

NFTs: BOOM OR BUST If you haven’t heard of the NFT craze, well you’re in the right place.

You might have heard that Grimes sold her artwork and generated $6.6 million in 20 minutes or that Logan Paul generated $5 million by selling a Pokemon-style card with his face on it. Well you’re in the right place because I’m here to demystify the NFT world for you.

By David Christopher Lee

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WHAT IS AN NFT?

ROYALTIES AND SMART CONTRACTS

In short, NFT stands for non-fungible token, which means that it is unique and cannot be replaced with anything else. For instance, a dollar is fungible because it can be replaced with another dollar. The same goes for bitcoin.

A one of a kind Tops Trading Card is non-fungible because it can never be replaced with anything else. If you traded the card for another card, you would have something totally different from the one-of-a-kind Tops card.

A smart contract is a computer program designed to execute a transaction according to the terms of a contract. The purpose of a smart contract is to minimize the need for intermediators, arbitrations, enforcement costs, fraud losses and to minimize human error.

NFTs use smart contracts by paying the creator of the piece a royalty every time it is sold.

Previously, there was no way of authenticating digital art. If you were a photographer and took a picture and published it online, people could easily reproduce it and post it on their website or social media channels.

With NFTs, you are creating a digital footprint for your picture than will always be traced back to you. Also, when the NFT is resold, the creator of the NFT is always compensated a portion of the sale (typically it’s 10%).

Vending machines were some of the first pieces of technology to employ smart contracts. You put your money into the

machine, choose what you’d like and then you get the candy that you want. No human’s interaction was needed for the transaction.

If you were a struggling artist, you may have sold a painting for $500, even though it may have been worth more. You may have been just trying to pay rent. By using NFTs, you can create a smart contract so that you receive a royalty, every time the piece is resold.

Let’s say that in 30 years, you are extremely famous and one of your NFTs sells for $5 million. You can program the smart contract to pay you a percentage of all resales.

Think of the amount of wealth you would have if you bought basic one-word domain names in 1998, you would be sitting on millions, if not billions of dollars. The technology behind NFT is still inefficient because it uses so much energy on the Ethereum network, with a single transaction using the amount of energy used by a household for 2 days. Until then, we will be waiting for Ethereum 2.0 which is a much faster and efficient crypto currency.

WHAT IS THE PURPOSE OF AN NFT? An NFT is designed to create scarcity in the market. It is also verified by the blockchain and encrypted with its own Ethereum address.

Think of an NFT as a certificate of authenticity for a signed Babe Ruth Baseball, just the digital version. The certificate of authenticity is registered to a master registry which can be verified. This reduces fraud and counterfeit items.

NFTs were first used to authenticate pieces of digital art that had the potential to be mass produced or distributed without authorization.

Buyers may not be able to hang these digital pieces of art in their homes but they can have bragging rights of buying a famous piece. Imagine owning the official edition of the Nyan Cat. You would be the envy of all of your friends.

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INVESTING

William Shatner As the original star of the Star Trek franchise which is worth about $10 billion, William Shatner sold 125,000 NFTs on the Wax Blockchain in July 2020 in 9 minutes. He created virtual trading cards using pictures from the 1930s to today. About 10,000 virtual trading packs were offered to fans. Cards featured early headshots of Shatner and pictures with Leonard Nimoy and even an x-ray of his shattered teeth.

Shatner told Cointelegrath, “I’m astonished at how quickly it all happened. The cards themselves represent a beautiful past. The verification of being on the blockchains represents a great future. So we have the past and the future mixing together.”

Shawn Mendes Shawn Mendes is the first major pop star to sell on the NFT market. He worked with an avatar technology company called Genie to create a line of digital wearables. 3D models of his guitar, t-shirt, vest, necklace and rings were auctioned off with all proceeds going to the Shawn Mendes Foundation.

Deadmau5 Deadmau5 did his debut collection on December 11 and generated $100,000. His NFT collection included animated stickers, virtual trading cards, and other digital collectibles.

On December 15, he dropped a single copy of “In Titan’s Light,” (an audio visual set space) which sold for $80,000. He then collaborated with Mad Dog Jones on the Hypervision Open Edition and netted $400,000 in 24 hours.

Nyan Cat Sells for 300 Ethereum ($600,000) The creator of Nyan Cat, Christopher Torres, ran a 24-hour auction for the cat’s ten-year anniversary. The Nyan Cat is an animated cartoon cat with a Pop-Tart torso, merged with a Japanese pop song. He remastered the original gif, removing a star, and created an NFT. Bids for the cat started at 3 ETH and eventually sold for 300 ETH (about $600k).

The buyer was anonymous and Torres told Verge Magazine that he didn’t intend to create any more cats. It was sold through the Crypto Art Foundation Platform (https:// foundation.app/). The platform allows artists to retain the copyright of their creations.

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20 years ago, people thought that everyone was going to get rich off the internet. A lot of people put up websites with venture capital money, but not all of them were successful. But just like the NFT craze, these were the beginning stages when everybody was believing in a hype machine. So there’s going to be a saturation point with NFTs. There’s going to be a lot of winners, but overall this is gonna democratize,” explains Jin Yu, one of the top influencers of Clubhouse. He was pivotal in starting the NFT movement.

Beeple’s 10 Second Video Clip sells for $6.6 Million In October of 2020, Beeple sold a 10 second video clip to Miami based art collector Pablo Rodriguez-Fraile for $67,000. In late February, Rodriguez-Fraile sold it again for $6.6 million. This caught the attention of Christies and they launched an auction for Beeple.

In EVERYDAYS: THE FIRST 5000 DAYS, the artist has stitched together recurring themes and colour schemes into an aesthetic whole.

The individual pieces are organized in loose chronological order: zooming in reveals pictures by turn abstract, fantastical, grotesque or absurd, deeply personal or representative of current events. Recurring themes include society’s obsession with and fear of technology; the desire for and resentment of wealth; and America’s recent political turbulence.

On March 11, 2021, Beeple’s NFT sold for a whopping $69.3 million, making it the highest priced NFT sale to date.

3LAU generates $11.6 million anniversary NFT collection Electronic music producer 3LAU celebrated his 3 year anniversary of “Ultraviolet,” his album and sold 33 NFTs in an auction from February 25 to 28. Winners redeemed their NFTs for unreleased tracks on a vinyl. The top selling NFT was a chance to record a song with 3LAU and made $3.6 million which is the world record for the highest priced NFT sold. The auction took in $11.6 million.

The top-selling NFT from the collection, which included the chance for the buyer to record a song with 3LAU, fetched $3.6 million, marking a new world record for the selling price of a single NFT. The total auction intake of $11.6 million also broke the record for the primary sale of an NFT collection.

Logan Paul On February 19, influencer Logan Paul partnered with Bondly, a peer to peer exchange, to sell a set of 3000 NFTs selling for 1 ETH each (ETH was valued at $2000 at that time). On the first day, 1,772 NFTs were sold which is the equivalent of $3.5 million. Venture capitalist Tiffany Zhong noted that just 30 minutes after opening the sale, he generated $1 million in sales.

Each NFT was a Pokemon style card with Logan Paul on it. He is drawn as a Pokemon character and holding 2 cards. He is wearing a baseball cap and black shirt and standing in front of a beach background.

A golden bird sits on top of his name.

On February 19th, 2,586 NFTs were sold which sales climbing to roughly $5 million. 414 were not sold and burned which will never be available again. In addition to the NFT, 3 buyers would receive a 1st edition pack of Pokemon cards valued at $40,000 and a free trip to Los Angeles to attend a Pokemon unboxing ceremony.

Grimes

Steve Aoki & Antoni Tudisco

Elon Musk’s partner Grimes sold $6 million of digital artwork. She used Nifty Gateway to sell 10 pieces, some were 1 of a kind and some had thousands. The highest selling NFT was the one of a kind piece called “Death of the Old,” fetching $389,000.

It had a cross, flying cherubs, and glowing light, set to Grimes’s original song.

Steve Aoki & Antoni Tudisco teamed up to release a collection of NFTs called Dream Catcher. Counting nearly 3 billion music streams to his name, Steve Aoki is a true visionary. As a solo artist, Aoki boasts a lauded cross-genre discography that includes 7 studio albums and collaborations with Lil Uzi Vert, Maluma, BTS, Linkin Park and Louis Tomlinson amongst others.

Most of the sale came from 2 pieces called ”Earth” and “Mars” that had thousands of copies. These sold for $7500 each. Both were short videos featuring a planet with a giant cherub holding a weapon, set to original music. Approximately 700 NFTs were sold for a grand total of $5.18 million before the sales closed.

BurntBanksy A group called BurntBanksy turned a 2006 print, titled Morons, into an NFT. The print was purchased from Christies in December 2020 for $33,000. The print shows an auctioneer selling a piece of art that says “I can’t believe you morons actually buy this shirt,” which is a joke about how inflated the art market is. After the NFT was made, the BurntBanksy group had a burning ceremony of the physical print.

The NFT sold for 229 ETH which is $385,336. Their pr study really worked.

Creative director & 3D visual artist Antoni Tudisco was born & raised in Hamburg, Germany where he grew up studying media management and web design & development programming. Tudisco, a fashion enthusiast, has worked with top-tier brands Nike, Adidas, Versace & Puma and has gone on to launch his own brand TUDISCO STUDIO as well.

The auction pieces also came with a physical pack collection with an Infinite Objects physical display screen. However, the winner must own the same NFT exactly 2 weeks after the collection goes live to release the physical screen.

Each pack came with 8 cards and featured colorful dreamlike animations. One card had whales flying over a body of water with purple and red vegetation in the background. Another card featured a silver octopus flying in the sky.

Tiffany Zhong tweeted that Steve Aoki made $3.37 million on his first NFT drop.

She writes “Massive congrats to @steveaoki and @mattavelli for a very successful drop!

On Clubhouse right before the drop, they said ‘If we make $100K, we’d be happy.’”

WE MAY BE LIVING IN A VIRTUAL WORLD - THE FUTURE OF NFTS As technology continues to innovate, our virtual worlds will continue to develop. It could be like the Matrix where we have the power to travel to fantasy lands where we can hang out, mix, mingle, buy virtual clothing and enjoy creative works of art. The artist community will be thriving as there will be so many opportunities for monetization.

We can be living in our own fantasies because creators and artists will have the capacity to be themselves and create new possibilities.

It’s almost like a new dimension of life will be possible because of NFTs. One thing is for sure, they aren’t going away anytime soon!

David Christopher Lee will be releasing a book entitled “Everything You Need to Know About NFTs” which is available on Amazon. He has worked in over 40 Countries and has developed an innovative international style of his own. He is also the Sole Founder & Editor-InChief of Destination Luxury Magazine. As a Celebrity Photographer, Creative Director & Producer, David has worked with many celebrities & major brands such as Richard Branson, Lady Gaga, Kim Kardashian, Demi Moore, Quincy Jones, Usher, Snoop Dogg, Cadillac, Lexus, Qatar Airways, Aman Hotels, Longines Masters & Damiani Jewelry, just to name a few. He continues to shoot countless campaigns that are featured in New York City at Times Square.

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INVESTING

Alternative Investing Strategies for The Family Office:

BITCOIN, BLOCKCHAIN AND NFTs

By John Kimelman

John Kimelman is a veteran financial journalist based in New York City. He has served as an editor on the staffs of Barron’s, CNBC.com, and American Banker.

D. Nathan “Nate” Reichard’s family made its money the old-fashioned way – in construction. Originally launched in Urbana, Illinois 96 years ago by Reichard’s great grandfather A&R Mechanical Contractors, is one of central Illinois’ leading construction services companies.

Currently Reichard, 38, is managing his family’s wealth, with an emphasis on private real-estate investments. But he’s also intrigued by the role that cryptocurrency and other digital assets can play in diversifying an investment portfolio. Thus far, he has made modest investments in both Bitcoin and Ether – the two leading digital currencies. “It’s a way to hedge against the dollar and the manipulation of fiat currencies,” says Reichard. “Right now, we are soft-stepping our way into this area.”

Though wild swings in the value of cryptocurrencies gain headlines on a regular basis, the outsized volatility hasn’t stopped family offices in recent years from making investments in Bitcoin and other digital assets.

Some family offices – including ones run by the Winklevoss twins, Tyler and Cameron, and former Goldman Sachs partner Michael Novogratz – have made bets on digital coins and companies tied to blockchain (the electronic ledger that underlies cryptocurrency) a major component of their investment strategy.

Even investment legend Paul Tudor Jones, who has a family office, has said he’s an investor in Bitcoin, adding that he’s impressed by the “enormous contingent of smart, sophisticated people” globally who are bullish on it. “It’s like investing early in Steve Job’s Apple or Google,” he said in a CNBC interview last fall. Even after a recent oneday 30% decline on May 18, a single Bitcoin was still trading at roughly $30,000, which is more than triple its price a year earlier.

D. Nathan “Nate” Reichard 12

For the most part, however, the family offices that have invested in digital assets are just placing a toe in the water, viewing these investments as simply one more way to the diversify portfolios from stocks, bonds and other more traditional alternatives such as private equity and hedge funds. Reichard, for example, isn’t willing to place more than one percent of his family’s portfolio in cryptocurrency.

He also draws a clear distinction between more established cybercurrencies such as Bitcoin and Ether and flavors of the month like Dogecoin and even a new one called $SCAT issued by Carole Baskin, the owner a Florida-based big-cat sanctuary and a star of Netflix’s break-out series, “Tiger King.”

Wasson points out that many families might be interested in gaining exposure to cybercurrencies through financial-equivalent assets such as Grayscale Bitcoin Trust (GBTC), a closed-end fund and the largest investment vehicle for buying Bitcoin through a stock brokerage account. The fund’s owner, Grayscale, has plans to convert GBTC from a closedend fund to an ETF, which should increase its popularity among investors because the shares will trade at par to their net asset value.

While investments in digital art and other collectibles through holding non-fungible tokens (NFTs) haven’t caught on yet among family offices, it’s a possible next step in the evolution of family office investment.

For many investors, gaining exposure to Bitcoin through a traditional and familiar brokerage account might be preferable to opening up a special cryptocurrency account with a new platform such as Coinbase.

Just like the big institutional investors they often look to for guidance, family offices are students of modern portfolio theory. And by that thinking, an investment in assets uncorrelated to fiat currencies or traditional stock and bond markets have a certain appeal.

“It’s important to find investments that reduce your correlation to other asset classes and Bitcoin only has roughly a 0.35 correlation to the S&P 500,’’ says Nate Wasson, a managing director with the family-office advisory unit of Boston Private, a wealth management firm.

Wasson’s unit at Boston Private serves as a “multi-family office,” essentially helping single-family offices around the country manage their money.

Wasson also believes that digital coins like Bitcoin and Ether have the attributes of being both a “store of value” – meaning that they can be saved and retrieved as a later time – and increasingly as a means of paying for goods and services.

He thinks that digital currencies may eventually serve the philanthropic needs of wealthy families – by allowing them to make donations free of costly transaction fees to areas of the developing world with limited access to traditional banking systems.

Wasson says that there is no easy answer to the question on what percentage of a family office’s investment assets should

But Wasson cautions that investors need to recognize that a financial asset tied to Bitcoin is no substitute for the real thing.

“It’s important for families to understand the risks of holding a derivative asset,” he says.

Nate Wasson

be devoted to cybercurrencies and other digital assets. Much depends on a family’s risk tolerance and liquidity needs. For most families, it may be in the low-single digits, but could potentially be higher.

No doubt, much of the impetus for family-office forays into cyber investments is coming from the younger generation of digital natives. But Wasson has also found that family members in their 60s and 70s see a fundamental investment rationale for this class of investing. “They want to make sure that the family offices are prepared for the future and that preparedness mentality really drives the discussion,” he says.

But thus far, he’s not pushing his clients to invest in digital collectables through non- certificates of ownership called NFTs, even though this topic has received attention in the press recently.

Still, others suggest that family offices might want to broaden their view of digital investing to embrace the many private and public investments tied to blockchain and related technologies.

“Many big institutions now see blockchain as comparable to an investment in the Internet in the 1990s whereas investing in an individual cryptocurrency is like investing in a single Internet stock like Netscape,” says Martin Litvak, an estate-planning lawyer who advises family offices. “Netscape may not exist anymore but the Internet will always exist. Blockchain is a technology that will improve any commercial activity and disrupt all industries, from logistics and healthcare to financial services.”

Reichard, for now, is staying put with his modest investment in cryptocurrencies but is open to learning more about expanding opportunities in digital investing. “We have been doing a lot of research with various family office forums to understand what we would be investing in and what we should be thinking about.”

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INVESTING

Across nearly all markets, gamblers, punters, and outright reckless risk takers are running amok in nearly every tradeable or investable asset/security. Much has been written as to the reasons, and, this condition appears to be gaining steam and is feeding upon itself heading toward a crescendo.

In our opinion, the world is awash with an ocean of liquidity that has been injected at a pace never before seen and this liquidity has found its way into the “wrong” hands. A material amount of liquidity earmarked to help those suffering the economic effects of the pandemic has found its way to wealthy institutions, individuals and other participants who simply have no immediate need for the funds and as a result, this cash has inflated a global asset price bubble nearly without exception.

THE MARKET CASINO is Overflowing With Gamblers

By Neal Berger

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Every day we read and watch analysts opine about cryptocurrencies, SPACs, massive short squeezes, negative nominal interest rates, record setting prices for collectibles such as baseball cards (see the recent $5.2 Million sale of the 1952 Topps Mickey Mantle card), something called NFT (Non-Fungible Token) which is allows a buyer to purchase an online ONLY asset such as the recent sale of the digital artwork by Beeple which just sold for $69 Million. This is artwork that is only online, cannot be hung on the wall, and, can easily been seen online and saved onto your computer for free. However, to “own” this piece of digital art, someone shelled out $69 Million for that privilege.

For those of lesser means, only a few million or even a few hundred thousand dollars, one can buy other NFTs which is the registration of ownership of a digital object on a blockchain- it can be any type of media including but not limited to art, videos, music, gifs, games, text, and memes. For example, a collection of digital furniture by designer Andres Reisinger sold for a mere $450,000. Of course, for those with a larger bankroll, you can purchase virtual kittens for as much as $1 Million. At least food and water cost for these kittens will be non-existent let alone the lack of vet bills. NBA Top Shot, a marketplace for non-fungible tokens (NFTs), has generated over $230 Million in sales. Recently a LeBron James highlight sold for $200,000. This LeBron highlight is something that can easily be seen online for free of course. Markets are now

developing for virtual land, virtual homes and if things continue at this pace, seems the market is suggesting we’ll all be living in the virtual world instead of the tangible world.

We have zero interest in delving into the merits of cryptos, Gamestop stock at $450 per share (at its peak), the price of Tesla stock, whether 10-year German Bunds at -0.31% represent a “good value”, Beeple digital art for $69 Million, or anything of the sort. It’s all absurd and part of the same spectrum called asset price inflation run amok. During the Volker years, we witnessed Consumer Price Inflation when a broader segment of the population had available cash and the demand for goods and services outstripped supply forcing prices upward. Today, we

have the same condition on steroids with the exception that the wealth is concentrated into fewer hands who don’t need to worry about affording bread and cheese.

As a result, that excess liquidity finds its way into the largest casino in the world which is the market for assets of all sorts.

As a result of the current market conditions, money is flowing fast and loose.

Participants are looking to make triple or quadruple digit returns in short periods of time, so, they are unconcerned about trading efficiently and activity is very sloppy and fraught with inefficiency. Volatility has normalized at more than a 20+ level as measured by the VIX versus the 10 level it had been stuck at for the many years prior.

I was recently asked why our firm”s returns have picked up seemingly out of the blue. We have not changed our approach, there has been zero change in philosophy, our gains have been widespread and not the result of only a few big winners, and, while our portfolio construction is always dynamic, it has largely been business as usual. As such, my best guess is that uptick in returns is merely due to the fact that we are in a more fertile environment for market inefficiencies given the increase in volatility and rampant speculation across nearly all tradeable assets. We will continue along the same path of seeking to capitalize upon these market inefficiencies without regard to overall direction, as we have since the inception of our Firm and attempt to make hay while the sun shines.

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INVESTING

DATA & ARTIFICIAL INTELLIGENCE How the COVID-19 pandemic fast-tracked an already existing trend

By Denise Holzer

THE GLOBAL PANDEMIC & DIGITAL TRANSFORMATION

Denise Holzer Managing Director at Chatsworth Securities, a Greenwich, CT based investment bank. Ms. Holzer is a technology, artificial intelligence and Esports specialist, with operational experience working at technology startups. She Co-Founded Crunchet, a new app positioned to be a leading global social community in the growing cross-over between Esports, Sports, Entertainment & Social Impact. Prior to joining Chatsworth, she spent over a decade at Morgan Stanley. She is a graduate of Tufts University and serves on the board of the American Society of the University of Haifa. dholzer@chatsworthgroup.com

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The COVID pandemic has rapidly accelerated a digital transformation within our society. The crisis not only highlighted substantial complications in the monitoring of medicine and analysis of healthcare data, but also disrupted a steady flow of goods and services. This exposed many outdated business models and supply chains. In far too many instances during the pandemic, businesses had to reassess plans, profit forecasts, and balance sheets. The ongoing stress has many companies searching for better ways to unlock unvalued or undervalued business assets in order to fuel transformation and new business models. Chief among these valuable assets are corporate data, human intelligence and combinations of both.

REAL WORLD BIG DATA FOR CLINICAL RESEARCH AND DRUG DEVELOPMENT The global pandemic and the crisis that followed has greatly increased the need for anonymized patient data in the already established and growing demand for clinical research and drug development. Anonymized data means encrypting personal data or eliminating identifiable information so that the collected data source is untraceable.

COVID has resulted in exponential growth of empirical research that relies on big data and the need for high-volume, routinely collected

specialized and genetic health records. This data, using artificial intelligence to dissect and distill important trends, facts and other information, has the potential to provide valuable insights to assess health conditions like COVID and treatment effectiveness.

While a significant portion of the healthcare data in the world resides within hospital networks, hospital margins are razor thin, making internal investments in data infrastructure difficult. Companies like Syndesis Health, a client of our firm, is a global market leader in utilizing data trust technology to anonymize health data with government grade security.

They are moving fast to help hospitals market and monetize the data by licensing anonymized patient records to clinical research and pharma companies. Syndesis Health creates a solution for companies with valuable data by taking on the expense to migrate the data and then share in a percentage of the resulting revenue with the hospital, its client. Kamil Mehmood, a Director at Syndesis Health, says “The future of healthcare will be data driven. The ability to safely and securely leverage anonymized health data is enabling a rapid acceleration in the development of new innovations that improve health outcomes.”

Mehmood adds, “at Syndesis Health, not only are we focused on making this data available for research, but we are also focused on ensuring that the economic benefits created from its use are shared with the hospital networks that are making it possible.”

ACCELERATING DIGITAL GROWTH – HOW CEOS ARE CATCHING ON IN RESPONSE TO THE PANDEMIC

solutions that can improve flexibility within critical supply chains and act rapidly in response to changing customer needs.

As the COVID crisis escalated business risk, organizations around the globe desperately raced to maintain supply chain continuity in the midst of worldwide lock downs.

CEO demands became even more difficult – forcing many to act decisively across entire organizations and accelerate digital transformation to avoid operational pitfalls and ensure that talent pipelines adapted to new conditions. According to KPMG’s 2020 CEO Outlook, 67% had to rethink their global supply chain and 77% will continue to build on digital collaboration and communication tools to improve business processes.

Neville Teagarden, Co-Founder and Managing Partner at AI Capital, a Colorado based venture firm that is also a client of our firm, invests in early growth stage enterprise AI software companies. Teagarden says, “Before launching AI Capital, I held CIO/CTO roles at Fortune 500 companies where I helped my peers find software companies to improve business functionality. My academic training [MIT] and early career involved the development of AI systems.“ Teagarden adds, “As human talent was distracted during the COVID period, business technology systems had to become more responsive to dynamically changing circumstances. This has led to an acceleration in the adoption of artificial intelligence, which codifies the human intelligence in businesses. These unfortunate circumstances have created even more exceptional investment opportunities in AI.” Teagarden also sees the potential of companies like Syndesis Health which can feed data to AI systems. Teagarden holds a position in the parent company,

Understanding the importance of building resilient supply chains that can withstand shocks and offer the ability to pivot to new opportunities is now critical to drive growth and remain competitive postCOVID. As a result, organizations across the globe are rapidly in search of enterprise software tools and artificial intelligence

Josh Sutton, CEO of Agorai

Neville Teagarden, Managing Partner at AI Capital

Agorai, through AI Capital’s funds. Teagarden adds, “We launched AI Capital because of a growing trend to use applied artificial intelligence to solve company inefficiencies.” As a result, organizations across the globe are rapidly in search of enterprise software tools and AI solutions that can improve flexibility within critical supply chains and act quickly in response to changing customer needs.

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INVESTING

THE HISTORY OF ARTIFICIAL INTELLIGENCE – CORE TECHNOLOGIES VS APPLIED AI Pre-pandemic, AI was already performing a critical role behind the scenes in virtually all of society. The first work that is now generally recognized as AI was performed in the early 1940’s, but only in the last decade – with the rise of open-source, low-cost cloud computing and ubiquitous access to data – have companies and entrepreneurs realized how valuable it can be to solve significant societal issues. As a result, more and more core AI technology tools were developed, acquired and integrated into the cloud and made accessible to developers. Domain experts in any field around the world looking to solve a problem, can now hire developers to apply core AI technologies to improve data understanding and create resilient business processes. This has led to a rapid acceleration of applied AI enterprise software from some exciting new companies coming to market to solve real-world business challenges at the enterprise level.

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THE FUTURE IS ALREADY BEING BUILT AROUND AI A new wave of applied AI companies has taken off during the last five years across multiple industries including life sciences, healthcare, food supply, energy and manufacturing. Many companies already show demonstrable metrics on their impact to improve management processes for a business, create more agile and flexible efficiencies, and improve revenues.

Baker Hughes, Fraunhofer, PostNord, GoogleX and several others scale industrial 3D printing supply chains for medical implants, aircraft parts and technology components.

Teagarden says, “During COVID, additive manufacturing performed a lifesaving role in printing replacement ventilator valves, for example. Our investment was propitious.” Teagarden adds, “The company was acquired just 16 months after we invested.”

PAYMENT SYSTEMS & CONTACT TRACING

Illustrating the rapid growth and potential of these types of companies, Teagarden notes that “AI Capital invested in Link3D Inc. At the time of its investment, Link3D was a startup that built business software for additive manufacturing that incorporated artificial intelligence to automate business processes such as CAD/CAM design, job costing, scheduling production, post-production and quality management to streamline production. Its software allowed equipment manufacturers to streamline production and supply chain management.” Link3D software helps manufacturers like Lockheed Martin,

With the benefits of AI technology, one significant method of contact tracing during COVID has been through using payment data. Every payment made via a credit card or a mobile wallet collects a lot of data: who is purchasing, what is being purchased, location data, and so forth. This brings up the concept of data ethics and the importance of data trusts. “As governments took a serious interest in social distancing, they needed a simple method to do it,” says Marcus Magarian, Managing Director at Chatsworth Securities. The analytical data captured through these transactions can

tell a story from the collected data. Magarian adds, “Providing consolidated and unopinionated insights into the customer or population behavior, segregating population groups, observing shopping behaviors of consumers and how they change. Spending patterns in frequent flyer miles or cash transactions provide tremendous value for companies and governments to understand how consumers spend. It clearly shows if a person is more willing to buy a product with cash vs their frequent flyer points; so, through a data trust, companies or governments can study this data while protecting the individual’s privacy.”

FINANCING DATA AS A TANGIBLE ASSET As a result of COVID, the need to extract value from data and create additional borrowing capacity from that data, has taken on a new urgency, as companies, specifically airlines, fought to shore up liquidity during the coronavirus crisis. American Airlines was among the first companies to use their data as a tangible asset when they informed investors in June 2020 that they planned to pledge its AAdvantage loyalty program as collateral for government debt on a $5.5 billion loan. The AAdvantage loyalty program was appraised to be worth between $18 and $30 billion. United Airlines followed

shortly after announcing in June 2020 plans to use its MileagePlus as collateral for a $5 billion loan and Delta announced in September 2020 to use its frequent flyer SkyMiles program as collateral to borrow $6.5 billion.

This creative way to raise cash is only the beginning of a new trend. It also means Wall Street will be valuing data on a company’s balance sheet. The World Economic Forum estimates the global value of data to be $3 trillion, yet companies still struggle to access this value or realize it on a balance sheet.

Another client of our firm, Agorai, is one of

Josh Sutton, CEO of Agorai

the first to focus on using data trust technology to finance data as an asset, enabling it to be transparently reflected on a company’s balance sheet. Josh Sutton, Agorai’s CEO, says “When Caesar’s Entertainment filed for bankruptcy in the US, their data which had previously not been listed on their balance sheet, was valued at $1 billion. Data is now the most valuable resource in the world.” Agorai works with companies that have monetizable data assets either through direct recurring revenue, impaired revenue or terminal value to unlock value with an intangible asset backed loan.

Frequent Flyer Miles for Airlines, Loyalty Programs for Casinos, Cruises, Hotels and Fan and player likeness data are just a few examples.

The COVID pandemic not only highlighted the importance of this data but also unlocked the value. And this trend has only just begun.

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PROFILE

Marc Faber’s investments cover real estate, equities, and cryptocurrency. But his best performing asset to-date is his understanding of history. Like Ascent of Money author Niall Ferguson, Faber puts economic trends into a historical context, examining how macropatterns repeat in different variations over time. Having predicted 1987’s ‘Black Monday’ stock market collapse, the Japanese Bubble in 1990, and the collapse in US gaming stocks in 1993, his insight is highly sought after by the movers and shakers of the financial world.

As a contrarian investor and member of the Barron’s annual roundtable, Faber knows what to look for in markets, and more importantly, what to avoid. The COVID-19 pandemic has presented unique opportunities and challenges to investors: A short-term market crash, a sharp yet volatile rebound, and the ominous shadow of inflation. Human migration patterns are shifting away from concentrated urban cities into rural and suburban regions, while new stores of value like Bitcoin have attracted droves of institutional investors.

Impact Wealth recently caught up with Faber from his office in Hong Kong to learn where he is advising clients to park their capital during uncertain times, what to expect when buying cryptocurrency, and which sectors after tech will have the best ROI for investors.

MARC FABER Shares His Playbook for Hedging Against Inflation and Investing in Emerging Markets

By Davis Richardson

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What is your perspective on the state of the world right now, and your predictions for the next 10 to 20 years relative to its economic landscape?

Asia is rising and is becoming more important economically. And the countries in Asia have some economic advantages by not being democracies: decisions can be taken more independently or rapidly than in the Western world. Economically, you can’t be very optimistic about the Western world and America because the debt level has gone up a lot. And as you know, interest rates have recently been rising, not much, but percentage wise, they’re up more than a hundred percent on the 10 year US Treasury. And if this rise continues, then obviously the deficit will become problematic some time in future. And that will necessitate more money printing and the money will then flow into some assets. The money has flown into real estate in some areas and into equities, not all equities, but some equities, precious metals and into Bitcoin more

recently. So whether the printing of money will help the economy and individuals is questionable, but it can continue to lift asset prices.

What do you recommend to hedge against this massive inflation that will come out of excessive money printing?

I think when you print money, there will be some symptoms of inflation, but we have to be very clear about one point: The Federal Reserve, or any central bank can print money, but they cannot demand or plan where the money will flow. So if you print money, it can go into commodity prices; into real estate or into Bitcoin.

The inflation we had in the last 20 to 30 years hasn’t been so much in consumer prices. Although if you look at your insurance premium, at your taxes, at educational services like schools or universities for your children, all these prices are up of course, much more than the consumer price index would suggest. But largely we had inflation in asset prices such as the price of a Picasso painting, stocks and bonds as interest rates came down. Bonds became inflated, as well as growth stocks and real estate. Not so much in city centers because people have been moving out to the suburbs and in the countryside to areas that were previously depressed, and those prices have gone up a lot. So it’s not universal, but when you print money, it never goes evenly in the economy.

That’s the tricky part for the investor.

What do you feel are safe havens for investment and areas that are undervalued that will appreciate given the way the world is moving?

When I grew up in the late forties and fifties, the safe haven was essentially having your money in a savings account or a traditional bank. Cash was perceived as safe, but in a printing environment, cash is no longer safe: it will depreciate in value in its purchasing power. I think a big threat is the loss of value of the US dollar. If you print money, it will go down relative to something where you can’t print or a country where you don’t print or a commodity that you can’t increase the supply dramatically, such as gold, silver platinum, or something like Bitcoin where you can’t increase the supply beyond 21 million units.

The Federal Reserve, or any central bank can print money, but they cannot demand or plan where the money will flow. So if you print money, it can go into commodity prices; into real estate or into Bitcoin.

Do you think there are risks to investing in Bitcoin? Because even though it is limited, there could be other regulatory threats. There is not really a precedent for this kind of nascent digital asset.

People in the U.S. can buy Bitcoin or they can invest in an ETF that owns Bitcoin. So that shouldn’t be a problem. The issue, in my opinion, is that there is a euphoria at the present time in Bitcoin. The whole world could buy Bitcoin and pension funds could start to invest in Bitcoin, along with mutual funds and hedge funds. Prices could go up a lot. But the question is really, you have Bitcoins, but then there are other cryptocurrencies. So someone, one day could form another cryptocurrency that could be more accepted than Bitcoin. That’s a possibility, but equally, if you are a portfolio manager or you are a family office, I don’t see why you shouldn’t invest a little bit of your money in Bitcoin. Maybe it goes to zero, who knows. But if it works, it can go up a lot. If Tesla can go to $800, then a lot of things can go up.

What do you feel will be the best performing asset classes and sectors say in the next year or two?

I wrote about platinum two years ago, actually in 2019. I think that platinum is very attractive. As in downside, risk is limited. Usually platinum has been selling at a premium to gold, and now it is at a discount to gold of about 80%. So in other words, if interest goes to normal, which is a premium to gold, it would essentially double in price.

Over the last 200 years, we had the process of urbanization. In the 19th century, the rural population in America was much larger than the urban population, and people moved from the countryside to the cities, first to the cities on the East coast, and then in the Midwest. And at the end of the 19th century, there was a rush into California. This process of urbanization may reverse and people, especially in view of what has happened with the pandemic, may rather live in the countryside because life in the city centers is no longer very agreeable. That’s why if you look at Europe, the real estate prices in London, Madrid, Barcelona, Munich, Rome, Milan, Zurich, Geneva, and Amsterdam are very high, but the real estate an hour outside of the country city centers, or in remote villages in Portugal, Spain, Italy are very cheap. That’s where I would invest in real estate in the world: in remote locations.

In your portfolio for some of the families you manage, how are you allocating their investments?

In each bull market, you had a leading sector.

In the late seventies, it was energy; in the early seventies until 73 in that bull market, it was the so-called NIFTY 50 stocks. These were companies like Sears and Eastman, Kodak,

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PROFILE

In your opinion, what kind of economic reform do you think needs to happen in the next few years in order to stave off inflation or any of these dooms?

Polaroid, Xerox. These stocks went to the stratosphere, but then they crashed. In the late 1990s, we had the NASDAQ bubble and then the last stock crashed in all these cases.

When the market crashed as a result of one sector having become overvalued, everything went down, there was hardly anything that went up, but there is an exception to this rule. This is the Japanese bear market, which started off after December 1989. The Japanese had markets go up strongly from the sixties onwards to 1989. And in 1989, it made up for 50% of the world’s stock market capitalization. And then the Japanese market went down and in the US, the stock market went up and then stocks went ballistic and other emerging markets also went up.

Quite frankly, we’ve moved so far down the path of socialism that you have to reform society to again generate high gross rates. If you look at the 19th century between 1800 and 1900, the US economy grew at a faster pace. We need to move back to a society that accepts personal responsibility and away from a society where people expect when something is damaged (your car or the house or your health) that the government will solve the problem. This abdication of personal responsibility and assigning the responsibility to the government is very similar to a planned economy, a command economy, the socialist communist model, where the government plans everything for its citizens.

We need to move back to a society that accepts personal responsibility and away from a society where people expect when something is damaged (your car or the house or your health) that the government will solve the problem.

And with this planning, personal initiative and personal freedom diminishes. So I think we need to reform society. It’s not going to happen peacefully. It will be unpleasant. And economically, I have been an opponent to monetary policies for years. Everybody wants to print money because he benefits from money printing; corporate profits go up. When you print money, the portfolio managers, they perform better than when there’s no money printing. And so their fees go up. So they love it and nobody is going to criticize the Federal Reserve. Nobody, they all sit there and say, it’s all wonderful.

Do you see a great depression looming?

So it could happen in this situation today that the tech-related stocks, Facebook, Amazon, and Google, go down and sectors that are depressed, like energy including coal oil, gas, and resource stocks like uranium and copper and nickel and gold, all of these could go up.

That’s a possibility. It’s not something I would take on a mortgage to play the strategy. But I’m saying, personally, you asked me what I do, I have invested in some oil shares and in some banks also in emerging markets and I’ve moved money into Europe because Europe is the UK market. The United Kingdom’s market has never been cheaper relative to the U.S. market in its history. So statistically, look at these markets. I have invested in depressed markets relative to the United States, including emerging markets. Singapore is very cheap.

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What are some of the advantages that you see for setting up shop in Asia versus the U S for some families that have the option?

I think you could ask the question: Why did some people in Europe move to the US in the 19th century? They thought the economic opportunities were better, so they moved from Western Europe to the US. And I suppose other people feel that the economic opportunities in Asia are better than in the US. I have young clients who are highly successful, tech people who made maybe a billion dollars or more at the age of 30, 35; they are renouncing their US passports.

I can tell you that for some people, what has happened is already a great depression.

The mortality rate of COVID-19 is not very high. It may be an unpleasant flu or something like this, yet it sounds very high.

And to combat this virus, there are governments in the Western world that have shut down economies and bankrupted small businesses.

The barbershop, the cobbler, the small restaurants, a lot are gone and at least 40% of them will not return. And then you ask yourself, who did benefit? Well, the big chains, the big businesses; Amazon, Zoom, Walmart, McDonalds. If all the restaurants closed down, people order more from the chains, that’s still survival. So it’s, for many people, it’s a depression already. It’s actually worse than the depression because they knew they lost. They lost everything.

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PROFILE

JESSE DRAPER A Trailblazer Venture Capitalist Betting Big on Female Entrepreneurs The Skimm, Glamsquad, Flex,Teadrops, Carbon38 share one fact: Venture capitalist Jesse Draper invested in the leading brands. Since 2015, Draper’s Halogen Ventures has solely invested in women-founded start-ups, earning huge returns in the process. Twitter purchased a Halogen-backed app called Squad, and Walmart acquired Eloquii for $100 million. And those are just a glimpse at Draper’s investment success.

By Mitchell Jackson “Investing in women isn’t a charity,” Draper says. “It’s a $3 Trillion business opportunity.”

Draper would know. She learned about investing as a young child, accompanying her father, legendary venture capitalist Tim Draper, on his business trips. Draper didn’t originally intend to enter her father’s industry. She presumed she would follow her aunt Thirtysomething star Polly Draper’s footsteps and become an actress. She graduated from UCLA’s School of Theatre, Film, and TV, then acted as a boy band’s tutor on Nickelodeon’s The Naked Brothers Band. Draper wore hot pink dresses and fake tattoos. “I was always in a costume for so many years,” Draper says. “On the Nickelodeon show, I had to have [fake] tattoos all over my body. I couldn’t take off for weeks at a time.”

She earned a name as a bubbly comedian.

She could have pivoted into a feature film career, like Miley Cyrus, but acting wore on her. She would attend auditions, where hoards of actresses would compete over roles.

They were quite literally cattle calls. “I actually had quite a bit of success,” Draper says.

“It was great, but I was not fulfilled,” Draper says. “I had so many fun experiences, but it’s just not what I wanted to do.” Draper found herself thinking about other opportunities.

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In 2008-2009, Draper was one of the first people to sign up for Twitter which was her entry back into technology, and she’s always gravitated towards the latest tech as she grew up in Silicon Valley. Draper saw the huge gender disparity in venture capital and technology. A natural entrepreneur, she decided to fix the problem, creating the online interview program The Valley Girl Show. It blew up, eventually getting picked up as a syndicated television talk show and receiving an Emmy nomination.

Ambitious female founders began pitching themselves to be on the show. “It was like this Batwoman signal because I was looking for women [to interview],” Draper says.

Often, Draper found their businesses too early to have on the show, but she would direct them to VC firms in Silicon Valley when she spotted their early stage potential. From her home in Los Angeles, Draper watched many of these founders succeed. She clearly knew a good investment when she saw one from Sugarfina to This is L. (Sold to P&G in 2019), she began writing small investment checks to female-founded start-ups on her own.

Show business began to take a toll. Working non-stop on the production of The Valley Girl Show, and running a media technology company acquiring blogs like Lalawag, Jesse continued to invest in early stage companies on the side. “I built a portfolio that quickly started to see returns,” Draper says. “One of those deals I ended up selling for 25x in less than 18 months.”

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PROFILE

than the fortune 500 companies combined and created a whole new thesis within the Halogen fund in addition to her usual investments.

Companies that solve government inefficiencies of which there are far too many, and this is more apparent today than ever before.

Halogen has since invested in software company Binti which provides technology to better and more quickly place children in adoptive and foster homes. “It’s making an impact and making big money,” Draper says. “This is a huge opportunity that no one is looking at right now. While there is massive funding going into future concepts like space exploration and self-driving cars, we have companies that are actually solving the problems of today. I do think this is one of the benefits a female perspective can offer.” Solving the problems like childcare, foster care, security and education as for profit endeavors. ‘While there is a place for non-profits, we are doing women a disservice by only giving away money instead of investing in them as for profit opportunities.’

Solving problems is key to Draper. When she isn’t leading venture rounds, making for profit impact, she supports the Parkinson’s Institute and serves on the non-profit boards of Bizworld and Project Glimmer which supports women in the foster care system. She’s an active alumni at UCLA through their entrepreneurship community. Draper sits on the for-profit boards of Carbon38, Preemadonna, Style Row and fintech company Trust & Will.

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One day, her husband, Brian MacInnes, pointed out that her investments were going better financially than her show: “Have you considered setting aside The Valley Girl show and going to do this full-time?” he asked.

“In terms of the products and technologies that we invest in, we provide more than just capital. We are strategic partners to our founders and help with finance, PR/Marketing, and go-to market strategy,” Draper says.

In 2015, Draper took the jump, founding Halogen Ventures. She pitched 500 investors on why investing in gender diverse teams would create better returns. Women, after all, make 80 percent of household purchases. “Investing in women is not only important and making an impact,” Draper says. “It’s also a better business opportunity.”

Fifty investors invested in Halogen’s first $10 million dollar fund. Since then, Halogen has invested in a total of 62+ companies, closed a second fund at $21 million and has had 10 exits in under six years. Now, Draper is the one offering young women advice.

While she has made a name in the best of consumer technology and beyond from fashion e-commerce companies to femtech, one of her investments is a transportation company called HopSkipDrive, Founded by Joanna McFarland, the company began as an Uber-like system for transporting children to school more safely. The Los Angeles City Foster Care System quickly reached out to Hopskipdrive. HopSkipDrive began providing rides for foster care families and the government became a customer. Jesse gives McFarland credit for opening her eyes to the fact that the government is a bigger customer

In fall of 2020, Jesse wrote an opinion piece that went viral with over one million views in just a few weeks, sparking conversation around the case of investing in women and how there is still a long way to go to change the perception from philanthropy to a smart, strategic business move. To quote draper from her article, “Investing in Women Is Not a F&cking Charity,” “Imagine a future where women have access to more capital, where we are building diverse teams and founding billion dollar businesses, where we have access to power and wealth and can use that to build a better world. We need to change the trajectory. We can do this by investing in women. This is the time we change this old school mentality with this call to action to all of the institutional investors, endowments, Fund of Funds and Family Offices.

As painful as 2020 has been for so many, I hope this is the turning point. Invest in women. We’re not a charity. We’re a $3 Trillion Opportunity.”

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PROFILE

Tim Hentschel of HotelPlanner eagerly awaits a Return to Worldwide Travel

AFTER THE PANDEMIC Growing up, Tim Hentschel’s family owned several hotels, so the CEO of HotelPlanner has deep roots in the hospitality industry. One of the challenges he noticed early on was how difficult it was for travelers to procure a hotel rate or quote. Traditionally, administrators would gather the complex information on group travelers, and the process would continue over and over until a figure was finally arrived at. Tim Hentschel soon realized the opportunity to simplify the process and launched HotelPlanner.com in 2004. Here’s how it works. When you visit the booking site, all you need to do is provide your desired location, dates, number of rooms and your budget, and then hotels instantaneously bid for your business. Having provided streamlined services to millions of event planners and travelers over nearly two decades, this travel entrepreneur and innovator is now looking ahead to see what it will take to navigate his business in a post-pandemic world.

Tim is the recipient of the prestigious 2018 Cornell Hospitality Innovator Award, an annual award given by the Pillsbury Institute for Hospitality Entrepreneurship at Cornell University’s School of Hotel Administration, Tim’s alma mater. Importantly, Tim generously gives back to the community every year with major philanthropic and sponsorship efforts supporting St. Jude’s Hospital.

By Rich Monetti

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I still believe that mergers and acquisition will be dominant in the landscape in the next two years. The main reason is that travel companies got hit hard, and to survive, big and small companies are consolidating.

What do you see ahead for international travel?

Tim Hentschel (TH): We don’t foresee a full return until probably the second half of 2022. There are still so many questions about which countries are allowing travelers, and the requirements and rules are changing constantly. For instance, one minute a country is allowing another country passage and then all of a sudden, they change it. So, staying ahead of the shifting landscape becomes almost impossible, and there’s no way to reliably book international travel. As a result, people obviously don’t want to commit to a large price tag. That said, we’re hopeful that as vaccinations rates continue trending higher, things will eventually get back to normal.

In the meantime, do you think there will be more travel within people’s own countries… Or will that be a wait and see type of situation?

TH: We are reaching high levels of vaccination in the US, mask standards are coming off and there is a daily push to return to normal.

So, we have seen a boom in domestic travel right now, and there are promising signs in the UK. But mainland Europe has not had a lot of progress in terms of coming out of lockdown, and I am living the same situation in Singapore as we speak. We are not allowed to go to our offices, and the restaurants and bars are shutdown. The Olympics in Japan are also in jeopardy, and in trying to prepare, the Japanese are doing what they can in super lockdown mode.

So within all these constraints, what are your latest initiatives and projects?

TH: As you know, bigger groups have been severely suppressed for a while. The days of group travel with 50 people may be over. A group five or six people is becoming more the norm. We call them a micro group. So, we’re really trying to focus on specific demographics and offer them the deepest discounts that we can. We have offered incentives like moving small wedding parties, booking sporting events, or the Memorial Day through Independence Day discount package we just offered all U.S. veterans and their families. There’s also a demand for friends getting together and couples looking for getaways. Anything to get to the open spaces, we are seeing camping, mountain trips and beach days. It is just a smaller group market.

What are you looking forward to the most as far as travel goes and a return to normalcy?

TH: I’d like to see the whole pandemic thing be over and have Covid go the way of SARS and MERS. So, I can’t wait to talk about the pandemic in the past tense. This way everybody can have the freedom to go wherever they want. But it’s still going to be very hard to get back to that normal - especially as doubt hangs over people’s heads. On the other hand, so many people want the end, and they’re itching for a vacation. One that will finally take their mind off everything else.

What do you think are the biggest opportunities for people in the travel industry and how will the landscape change?

TH: I still believe that mergers and acquisition will be dominant in the landscape in the next two years. The main reason is that travel companies got hit hard, and to survive, big and small companies are consolidating. For instance, the travel management arm of Expedia was recently sold to American Express Travel, and as corporate travel is coming back, mergers by nature spur efficiencies and innovation.

The result across the industry will mean expanded opportunities.

And finally, tell us just a little bit about your background and how you got into this field?

TH: I graduated with a degree in hospitality management from Cornell, and my family had been in the industry for a long time. We owned several hotels and operated a tour business in California. So, hospitality was in my blood. Then after I graduated, I did a short stint in Manhattan in the banking industry. That got me into the entrepreneurial spirit. I was an analyst tracking and grading emerging companies that were coming out of the dot com boom. Out of that experience, I decided to move back to California and do my own thing. Travel tech made the most sense, and that’s how HotelPlanner got started. www.hotelplanner.com

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The hardest part of beginning treatment for an addiction

IS THE FIRST CALL Suntra Modern Recovery is an innovative New York City-based, addiction rehabilitation and treatment service, that helps people access care when and where they need it.

Founders Dr. Jean-Luc Neptune and Adam Banks have created a bespoke service that combines at-home and telemedicine-based care for people with substance use disorders.

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Can you talk about the services you offer?

Can you tell us how your programs work?

At Suntra Modern Recovery we understand that recovery from addiction is a process that takes time and involves the entire family. Our service ranges from the high intensity initial phase, when someone first realizes that they have a problem, through the longer-term support individuals need to attain a durable recovery.

To support this life cycle of recovery we offer our clients a range of services, including coordinating an intervention, providing physician oversight of at-home detox, providing long term coaching, and managing an individual’s medication needs over time.

The hardest part of beginning treatment for an addiction is the first call.

There is a lot of shame in making that first call for help, but we know that recovery never happens alone. Recovery always takes outside help. Working with Suntra Modern Recovery is simple. It all starts with a complimentary consultation (call us at 646-350-0064) in which a knowledgeable member of our team will talk with you about your situation. From there we’ll develop a custom program and treatment can begin immediately.

For interventions, we work with families over a 90-day engagement. During that time, we’ll work with the family to learn more about the patient, diligently plan an intervention meeting, execute on the intervention, begin treatment, and most importantly, support the individual as they begin recovery. Some clients choose to work with us for 6 month or even a year. For coaching, we similarly work with patients for extended periods of time, with some patients receiving six months of coaching or more.

Our coaching system focuses on educating patients through our curriculum, providing regular support via Zoom, setting goals, and creating accountability throughout the length of our relationship. We know that we have to make recovery approachable and dare-we-say enjoyable.

What is your philosophy on recovery?

We understand that recovery takes time. There is always a temporal aspect to successful recovery and there’s never just one thing that can treat an addiction. Recovery is not an event; it is a process.

Addiction is also not treated in a vacuum. Successful, long term, recovery involves helping an individual and the whole family to heal. Each situation is unique, and we have to focus on “doing what works”. Research has shown that clients have higher success rates the longer they stay in continuous treatment, so our programs are designed to make it easy for people to continue receiving care at home, at work, on vacation, or wherever it’s needed. In addition, behavioral treatments that help patients, for example, build coping skills and sustain their motivation are clearly shown to be effective, and we incorporate those concepts into our coaching programs.

Have you seen an uptick in addiction during Covid-19?

Absolutely. Early on in the pandemic we saw traffic increase to our website by 5-10x. The COVID-19 pandemic has been stressful for every American. We are living in a very stressful time, sequestered at home, and people are reporting being lonely. The pandemic has created economic stresses for families, has disrupted school routines for parents and children, and has created immense uncertainty for the future. Addictions that might have been hidden are now being seen by family members as adult children are living at home and spouses are seeing behaviors that used to be hidden by work.

What is unique about your care?

There is just no ‘one-size-fits all’ answer to recovery. While one person might do well in traditional treatment settings, another person may have an aversion to that environment. We get to know clients, understand what is driving the addiction and understand what they want in recovery, and then we build programs around each person.

We offer a very flexible service that is easily accessible and can be customized to the needs of each individual client. Finally, because we are a private pay service (i.e., we do not accept insurance) we’re better able to customize our services to the needs of our clients and we’re able to deliver a higher level of confidentiality and privacy.

What’s the most important thing to you as a recovery service provider?

We know that coming forward with an addiction is hard to do and asking for help is the last thing many people want to do. We assure everyone that we talk to that we have heard it all before – after doing this for years, there is no story that surprises us, and that brings a lot of comfort to clientss.

Jean-Luc Neptune

Adam Banks

Jean-Luc Neptune is a physician and Medical Director at Suntra Modern Recovery. Dr. Neptune earned a BA from Columbia College at Columbia University, an MD from the Columbia College of Physicians and Surgeons, and an MBA at the Wharton School. Dr. Neptune completed a residency in internal medicine at New York Presbyterian Hospital and is licensed to practice medicine in the state of New York.

Adam Banks is a certified interventionist and executive recovery coach at Suntra Modern Recovery. He received an MBA from the University of Chicago and built a healthcare services company that was acquired by UnitedHealthcare. He learned his rigor and attention to detail from his career as an airline pilot, holding an ATP, the FAA’s highest license.

Suntra Modern Recovery | www.hellosuntra.com | 646-350-0064 31

HOW VISION MARINE’S ALEX MONGEON Is Cleaning the World’s Waterways With Electric Boats Vision Marine Technologies is not just the hottest thing in boating right now. The company is also offering the coolest technology in terms of protecting our feeble waterways.

By Davis Richardson

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And with summer on the horizon, CEO and director Alexandre Mongeon is busier than ever, getting boats outfitted for the warm weather.

“Things are moving very fast,” Mr. Mongeon said, having just returned to his home in Montreal, Canada, after a whirlwind winter between Florida and California. “There has been an overload of enquiries.”

It comes as no surprise. Vision Marine (NASDAQ: VMAR) – which went public in November 2020 – has developed the world’s first fully electric outboard motor, amalgamating an advanced battery pack, inverter, and high-efficiency motor. It is hailed as a pioneer in giving the boating industry a much-needed overhaul, with a sleek and classic aesthetic that renders easy on the eye.

Essentially, Vision Marine’s signature outboard powertrain (E-Motion) possesses a proprietary union assembly between the transmission, electric motor design and comprehensive control software, thus dramatically expanding the range, performance, speed, and endurance.

The logistical challenges of COVID-19 restrictions have scuttled boat shows and international travel, meaning that most of the marketing, for now, happens virtually. Yet Mr. Mongeon and his team are still ahead of the curve when it comes to meeting their ultimate goal: saving the world’s waterways by producing zero pollution, zero emission, marginal cost maintenance, and a noiseless environment.

“And it’s a smoother ride than a traditional ICE motorboat,” Mr. Mongeon boasted with a smile.

If it sounds too good to be true, it is not.

We have all borne witness to that unnerving oily shimmer streaming behind a boat into the crystal-clear seas. According to Vision Marine’s studies, the number of pollutants has been increasing exponentially in recent years, and in 2019 alone, some 750,000 tons of hydrocarbons from motorboats seeped into our precious waters.

However, the company is determined to turn the tide – offering a viable

electric solution to eliminate the need for gas or diesel-fueled outboard motors. Vision Marine’s engines can be re-charged with the standard electrical connector at boating marinas for ease of access. In addition to their wide variety of ready-made inventory and five e-boat models, they offer tailor-made solutions built to any boat’s specifications.

Mr. Mongeon also hopes that his green-orientated business model will attract a different type of customer, ones who previously steered clear given the environmental impact can now guiltlessly join the fray.

“We’re talking to boaters who want something cleaner and with less hassle,” he enthused. “This is the future of boating, and there is no going back.”

Mr. Mongeon’s vision is being heralded not only by conscious consumers, but regulators and municipalities are also riding the sea change to move away from traditional internal combustion engines.

“We will be delivering fifteen electric boats to the City of Montreal – they already have eleven or twelve – but are now upgrading their fleet to electric,” he noted. “And there are several cities across the world on the way to doing the same thing.”

For this passionate innovator, a desire for disruption is simply in his DNA. After operating numerous neighborhood businesses in the suburbs of Montreal as a child – a newspaper running service at the age of twelve followed by on-bike ice-deliveries with 30 community employees in the summer he turned fourteen – Mr. Mongeon went on to become an electrician by trade. Eager to resume his early zest for entrepreneurship, he left college after two years.

The core of his mission has always been centered on the betterment of communities, social responsibility – and perhaps most importantly – emphasizing personal pleasure. It is those small moments of service that make the pains of entrepreneurship all the more worth it.

“Nothing beats the moment when you deliver a boat and getting pictures of a family on that boat together for the first time,” Mr. Mongeon added. “That sense of togetherness, that is priceless.”

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PROFILE

HOW FLORA GROWTH is Bridging International Markets When Miss Universe and Flora Growth cofounder Paulina Vega rang the NASDAQ bell last month, it was more than just another closing day on Wall Street – it was a watershed moment for the team as they set off to navigate the public markets while building a global cannabis CPG company and renowned house of brands.

By Davis Richardson

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Since Flora Growth launched, the company has thrust Latin American-grown cannabis into the mainstream. Cultivated on a sprawling 247-acre outdoor farm and grown in the most fertile soil in Colombia, Flora has quickly earned a reputation for its optimized cultivation strategy and approach. With Colombia poised to become the low-cost leader in global cannabis production and legislation soon expected to pass allowing for the exportation of cannabis flower and derivatives, investors continue to recognize Flora Growth for its strategic global growth strategy and market position, leveraging its flagship low-cost cultivation operation to feed into its premium brand portfolio and global distribution channels.

“We take a very rigorous approach to our cultivation efforts which are rooted in science and extremely data-driven,” Flora’s President and CEO Luis Merchan tells Impact Wealth.

“What separates us from our competitors is the love that we have for the plant, people, and land. There’s a misconception that cannabis operators are solely focused on overcoming regulation. The entire process begins from the genetics as well as the soil from which the cannabis is grown. More than that though, it’s the people - the incredibly experienced and talented team that we’ve built to ensure our success from the ground up.”

With over 2,500 distribution points across Latin America and a growing global presence having recently launched product into the UK

and announced a strategic partnership for the EU, Flora’s infrastructure gives it an advantage over other cannabis operations. The company is further strengthened by a robust portfolio of in-house brands in the cosmetic and beauty, textile, and food and beverage verticals, positioning it to lead the way in hemp-based derivatives. Once regulatory hurdles are cleared, Flora will serve as a pipeline connecting the emerging U.S. and Latin American markets.

“We choose where and with whom we do business very carefully,” explains Luis. “In addition to our Latin American infrastructure, we have partnered or are in discussions with several major U.S. distributors and retailers and are in the process of moving our headquarters to Miami.”

Flora’s infrastructure, team, brand portfolio, and multinational business operations have attracted the interest of Wall Street.

The cannabis firm last month listed as an IPO on the NASDAQ exchange, allowing its stock to compete alongside U.S. tech giants like Apple and Amazon.

“Our approach to Flora is similar to a tech company. We data-focused, agile, always driving innovation, and extremely focused on the consumer. Only instead of software, hardware, and cloud computing, we focus on genetics, quality flower and derivatives, and downstream manufacturing and distribution,” adds Luis.

The week after Vega rang NASDAQ’s bell, Miami Mayor Francis Suarez dropped by the exchange to promote the city of Flora’s new home. With tech companies flocking to Miami in droves, Flora will be on the ground floor of an economic transformation and emerging business hub in the U.S. “Like Flora, Miami is a bridge between the United States and Latin America,’ continues Luis. “We are very excited to invest in and build a deeper rapport with the Miami business community, and to foster new collaborative and innovative opportunities through our new head office.”

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THE ROLE OF NAD IN CELLULAR FUNCTION Does Tru Niagen’s NR Supplement Hold the Key to Slowing the Effects of the Aging Process?

By Hillary Latos The search for the fountain of youth has always been a quest since the beginning of time. With advances in science we have come closer to understanding the aging process and how to slow this down and ChromaDex may have an answer for at least living healthier longer. The most recent pre-clinical and clinical findings suggest that boosting NAD+ levels with nicotinamide riboside holds the potential for slowing the aging process and reducing damage caused by metabolic stress.

Though competitors may suggest that resveratrol and NMN have the same effects, nicoti-

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namide riboside or NR found in their patented Tru Niagen®, is the most effecient and clinically validated supplement to increase NAD levels and has received regulatory acceptance in key global markets. NMN lacks an established transport mechanism into cells and resveratrol has been a scientific disappointment since research began nearly two decades ago. Niagen® nicotinamide riboside, however, is very special, according to ChromaDex. In the high stakes game of biotech and science, the narrative between ChromaDex and

their former ingredient customer Elysium Health plays out like a Hollywood drama with an intriguing story of alleged underhanded business practices by Elysium filled with patent infringements and blatant corporate theft that sounds eerily similar to other arrogant Silicon Valley startups. Here, Impact Wealth Magazine speaks to Rob Fried, the CEO of ChromaDex to find out more about the science behind this game changing supplement and how it works within our cellular structure and it’s meteoric rise as a science-based integrated nutraceutical company that is one to watch.

IW: What sets ChromaDex apart from your other competitors?

IW: Why does our NAD and mitochondria decline so rapidly with age?

RF: What’s exciting is this molecule NAD, nicotinamide adenine dinucleotide, a coenzyme that is involved in most of the important metabolic functions within the cell most notably energy metabolism and cell repair.

RF: As we age, the pathways for producing NAD become less efficient. At the same time, there is an accumulation of damage to cells that require more NAD for repair. The combination of less production and increased demand, results in lower NAD levels as we age. What we have shown is that Niagen nicotinamide riboside has its own unique pathway to producing NAD, completely separate from all of the existing mechanisms, that is upregulated, or increased, when the cell is stressed. A preclinical study this year showed that when the cell is stressed out, such as fighting off a virus, it specifically seeks out NR to replenish NAD. That’s why we know that NR, may have unique potential in this area of research.

Most of us have heard of mitochondria, the “battery pack of the cell.” Mitochondria exist within our cells and combine nutrients from food that we eat with oxygen from air that we breathe and convert them into energy. That energy is then transferred into ATP molecules that deliver the energy to rest of the cell.

Mitochondria need NAD to function. When there are low levels of NAD, it leads to fewer and poorly functioning mitochondria. What we have shown is that by taking Niagen, not only do you have higher NAD, but additional stronger mitochondria and more ATP molecules, which means more energy in the cells.

But NAD is not only involved in mitochondrial function or energy metabolism. There are other critical NAD-dependent processes that go on inside the cell. The day we are born, our DNA starts to become damaged. And when that damage accumulates and gets severe, it can turn into disease or decay. But within the cell, there are these enzymes that actually repair that damage in real time, as it happens.

Those enzymes are called PARP enzymes and they are heavily dependent on NAD. When PARP enzymes are working hard, they consume NAD, which is one of the reasons why you feel so exhausted when you’re fighting an illness or disease. People get treatment for a disease and they feel so wiped out.

Why are they wiped out? Because the repair mechanisms consume most of the NAD normally reserved for energy production.

By elevating NAD, you have stronger, more energy producing and functional cells with more mitochondria and more youthfulness. When we are young, NAD and mitochondria are abundant.

In total, Niagen has been proven in 11 published, peer reviewed, clinical studies to be safe and/or effective.

IW: What makes your Tru Niagen’s NR so different than your competitors?

RF: We are the only safe and legal source of Niagen. We have a wide portfolio of patents and safety, regulatory acceptance. We also have a number of partnerships, one of which is with Nestlé Health Science. In October of 2020, we announced that Tru Niagen® would be available in Nestlé Health Science’s Celltrient™ Cellular Energy, a proteinbased flavored drink mix to help renew natural processes that decline as we age.

The actual inventor is our chief scientific advisor, Dr. Charles Brenner, who discovered NR as a precursor to NAD at Dartmouth in the early 2000s. Competitors selling nicotinamide riboside, such as Elysium’s Basis product, are infringing on the patents licensed from Dartmouth. They are also infringing on manufacturing patents held by our supplier W.R. Grace, who filed a patent infringement lawsuit against Elysium.

We have several legal actions against them for nonpayment of bills, theft of trade secrets, false advertising and, with Dartmouth College, for willful patent infringement.

There is more about these cases on the public docket.

IW: You have to wonder why do you have to hurt the partner that’s supplying the key ingredient to you?

It is difficult to know what motivates people. College and business school graduates today commonly want to disrupt the world and become billionaires by 30. Some enter the business world with a hubristic attitude.

“Fake it till you make it.” If you see a vulnerability, pounce. Not that greed is new, but technology has shown what is possible in a short period of time and that has spawned many attempts. Some venture capital investors nurture their entrepreneurs to operate ethically and with the long term in mind.

Some push to cut corners at any expense.

“We expect 5x our money in three years.”

IW: This story plays like a Hollywood script.

How did you make the transition from Hollywood to leading a science company?

I am attracted to enterprise building, specifically of companies that could have a positive impact I never perceived myself as a Hollywood mogul. I’ve made movies, but I never dreamed of being a filmmaker. I went from Hollywood to internet to healthcare because the technology and science were inspiring. In the late 1990s, I invested in two companies in the anti-aging space and ever since have been an avid reader of scientific developments. It was 2013 when NAD started to become an actionable thing. In December, 2012, a study was published showing the impact on mice when you elevated NAD levels. That was a turning point for me.

Soon thereafter, I learned that the best way to elevate NAD was nicotinamide riboside which was controlled by a company nearby in Irvine. I started buying stock and eventually went on their Board of Directors.

The founder and former CEO, Frank Jaksch presently is engaged with developing the company’s business and industry relationships at ChromaDex. We have converted a testing lab and ingredient supplier into a global consumer facing internet company. And there is a lot more to come. www.chromadex.com

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PROFILE

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AUDREY GRUSS A Philanthropist on a Mission to find Hope for Depression

From the outside Audrey Gruss appears to represent the rarefied Palm Beach lifestyle that exists along Billionaires Row in a gated mansion filled with collections of Old Masters and antiquities which are to be bequeathed to the Met. But behind this façade of opulence is a philanthropist determined to find the next Prozac and end depression.

Inspired by her elegant and artistic mother Hope, who suffered from depression, she created the Hope for Depression Research Foundation in her memory 16 years ago, which is dedicated to research and fund a cure to this silent and pervasive disease.

By Hillary Latos Photography by Udo Spreitzenbarth “My mother had struggled with depression for decades and she was first diagnosed with a nervous breakdown when she was in her early thirties, but it was really a major depressive disorder. She tried various cocktails of medications and she was misdiagnosed for many years before she was diagnosed with depression. She was 84 and was one of the most creative and wonderful influences on me and wrote poetry every day.

She and my father escaped from Lithuania after the war to flee communism and came to the US and started from scratch. She was an amazing influence on me but I always wondered why she never got total relief from her symptoms. After my mother died, I was bereft. Though my husband and I started the Audrey & Martin Gruss foundation 35 years ago I never felt that there was one particular area that really touched a nerve or was really totally mine, but I never realized the subject that I could be most influential was right under my nose,” Gruss remembers.

While researching the answers to her mother’s illness Gruss realized that the funding towards depression research was limited. Seven of the top 10 pharmaceutical companies all stopped doing research 15 years ago in brain science because many of their patents expired and they just didn’t have the billions coming in. Brain science is one of the most difficult areas to do research in and the government never really declared war on mental health issues or depression. You have an enormous amount of money given toward cancer research. But depression is like the cancer of the 21st century.

“We’re 50 years behind where cancer is. We don’t have the government money significantly behind it nor private funding. I focused on depression because that is the most common cold of mental health, and I thought if we can get answers to this, everything else will simply

fall into place. My concept was to go to the top leading neuroscientists, in each area and we created the depression task force, and that group of doctors agreed to work together and to share their information in real time together. Previously doctors and researchers worked in silos and nobody shared their information. In science they fought to raise money for their labs and be the first to publish your papers. And I thought if the doctors could share their research in real time and collaborate, you would get faster end benefits and results. Dr. Eric Nestler of Mount Sinai is the chairman of our depression task force, and he is the head of the Neuroscience Society of the United States. In the last 15 years we have become the leading depression research organization that also covers the mood orders related to it – such as depression, bipolar, post partum, post traumatic stress disorder, and anxiety. If we can identify the causes of depression and the cascades in the brain we can discover new medications to treat it, which would be an amazing thing for the world. During the pandemic, the CDC in combination with the census Bureau did a research study which showed that 50% of Americans have some type of depression or anxiety and 18 to 20 million Americans struggle with depression during an average year,” says Gruss.

One of the biggest motivating factors behind the HDRF’s quest to find a cure for depression is that 35% of the people diagnosed with depression and related mood disorders do not respond to the existing medications and there has not been any major new direction from medications such as Prozac, discovered 60 years ago. “What we are working on is a major new category of antidepressant and we’re in clinical trials in two places- Colombia and Mount Sinai, I’m testing a brand new category that is not based on serotonin but a completely different pathway in the brain,” proclaims Gruss.

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PROFILE

IW: With the pandemic shifting the way people are interacting socially, how do you think that depression will be tackled under the “new norm”?

AG: That’s an excellent question because one of the basic human needs that we have is social interaction with each other. If you can’t connect physically and literally, connect by zoom or by phone, connect in whatever ways you can. Return to the religious organizations that you’ve been with before. But I think what is very important are two things. The pandemic definitely created a high level of depression and anxiety. We know that 150 million Americans are struggling with it and wondering what they can do to help themselves. The media has become brought light to this issue and they speak about mental health and the importance of being aware of it, dealing with it, getting help and doing something about it. I think that’s going to help people deal with this issue and some very positive things are going to happen. This has been a silent illness and in the shadows for a long time. There are too many people that are struggling unnecessarily.

IW: What do you think are the most important elements to maintain mental health?

AG: There are four pillars of mental health. The first pillar is nutrition, a balanced diet and a proper combination of your carbohydrates, proteins, fats and minerals. People don’t eat properly or sleep properly. The second is sleep, and people must get at least eight hours to properly renew and refresh your body. Exercise which is absolutely a must to get the body moving the energy balance in your body and the fourth is meditation or mindfulness. Our brain is very plastic and it has been shown that meditation can really rebalance it.

IW: What are some of your latest charitable initiatives with the HDRF? AG: My mother used to mix her own fragrance combinations and she loved tuberose, lily of the valley, jasmine and gardenia. As a former beauty exec, I decided to launch a Hope fragrance line inspired by her which is sold at Bergdorf Goodman and 100% of the proceeds goes back to the HDRF. This past year we added two new fragrances to the line. Hope Sport is part of the lifestyle collection for the woman who loves to live in her athleisure clothes. It’s energizing, very green and sporty. The other fragrance is called Hope Night, a romantic sexy Oriental type of fragrance with vanilla, amber, and lily of the valley.

IW: What do you love about living in Palm Beach?

I think Palm Beach is one of the safest and beautiful places in the world with a sense of serenity and calmness. You can be as social or as relaxed and private as you want. Everyone respects that. It is kind of almost a bubble that we live in because it is so safe and

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During the pandemic, the CDC in combination with the census Bureau did a research study which showed that 50% of Americans have some type of depression or anxiety and 18 to 20 million Americans struggle with depression during an average year.

secure. It is also one of the biggest nonprofit communities that I’ve ever experienced because most people that come here have already accomplished something somewhere else. But younger people are coming to Palm beach also because of the better quality of life and all the schools have waiting lists here. The cities are much more difficult to live in at this time. I do hope all the great cities revive and survive and come back in a strong way.

IW: What kind of philanthropic responsibilities do you feel like a family office should have?

AG: I think it is a basic obligation of anyone who is fortunate enough to have wealth in their lives has to have a sense of giving back especially if we can make a difference to do something to better the world.

I think that people should look inward and look at their lives and see what interests them and what is meaningful for them. It is the most important thing that we can do for our own mental health. To be able to give is a sense of happiness that you can’t get any other way.

IW: What would be the legacy you would like to leave behind?

AG: I would very much like to be associated with the work that I’ve been doing in mental health and to find a cure for depression. That would be a big dream of mine. I never want anybody to have to go through what I saw my mother go through. We as her children had to experience that sadness and see a person struggle just to get through the day. If we could find a cure for depression or even some medications that help everybody, that would be something I’d be very proud of as a legacy.. www.hopefordepression.org

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STYLE & FASHION

Creative Director/ Stylist: Steven Lassalle @stylebylassalle @agencygerardartists2 London Olive @londonolive1 @nextmodelsmia Photographer: Lyall Aston @lyallaston

Makeup By: Bryin Smoot @agencygerardartists2 using Kiko Cosmetics

Manicurist & HMUA Assistant: Stephanie Selan @stephanieselan

Hairstylist: Jonathan Lopez @gorgeousbyjlopez Model: London Olive @londonolive1 @nextmodelsmia Rudi Dollmayer @mrrudidollmayer Reed Favero @reedfaavero @nextmodels Jenna Crews @jennacrews @nextmodels Stylist Assistants: Adam Green @swastyled Barbara Mayorgap @itsbabybarbs Emilio Gutierrez @emilsempire AJ @aye_aj Shot on a Sirena 64 yacht

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Sunglasses: Gucci Swim short: Burberry Swimsuit: DKNY E Earrings: Suzanne Kalan Necklace: Chloe & Madison

Wanderlust PHOTOGRAPHY BY LYALL ASTON High style meets the high seas as we sail to a luxe getaway

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Sunglasses: Saint Laurent Shorts: Theory White button shirt: Rag & Bone Watch: Fendi Backpack: Luitton Vuitton Sunglasses: Gucci Earrings: Tom Ford Bracelet: Kate Spade Necklace: Ippolita Shirt Dress: Ralph Lauren Purse: Prada Shoes: Stuart Weitzman Belt: Prada 46

Sunglasses: Chloe Earrings: Ross-Simons Bracelet: Kate Spade Necklace: Michael Kors Denim Dress:Tory Burch Bag: Michael Kors Sunglasses: Tom Ford Navy button shirt: Boss Shorts: Peter Millar Watch: Shinola

Sunglasses: Michael Kors Earrings: Nadri Bracelet: Argento Vivo Bikini: Eido Swimwear Necklace: Aqua Jacket: Theory 48

Sunglasses: Chanel Bikini: DKNY Earrings: DVF Ring: Ippolita Bracelet: Adriana Orsini Necklace: Lauren RL Shoes: Stuart Weitzman

Sunglasses: Tom Ford Jacket: Armani 50

Sunglasses: Chloe Earrings: DVF Ring: Ippolita Bracelet: Adriana Orsini Blouse: DKNY

Swimwear: Kate Spade Shoes: Stuart Weitzman Sunglasses: Tom Ford Bracelet: Adriana Orsini Earrings: Silpada Necklace: Michael Kors

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Sunglasses: Ray Ban Swim short: Calvin Klein

Sunglasses: Fendi Top: DKNY Earrings: lppolita Necklace: Gorjana Swim wear: KREL WEAR

Sunglasses: Tom Ford Striped Shirt: Giorgio Armani White Shorts: Frame Purse: Givenchy Earrings: DVF Necklace: Roberto Coin White button shirt: Saint Laurent Shorts: Theory Watch: Fendi

Dress: Guess Sunglasses: Fendi Earrings: lppolita Necklace: Gorjana Bracelet: Shinola Purse: Prada Jacket: Ted Baker Sunglasses: Gucci Belt: G-Star Raw Pant: Brunello Cucinelli Shoes: Ermenegildo Zegna 56

Sunglasses: Fendi Sweater: DKNY Jeans: Rag & Bone Watch: Salvatore Ferragamo

Sunglasses: Gucci Suit: Vince Shoes: Bally 58

Dress: Aidan Mattox Necklace: Zoe Lev Earrings: Roberto Coin

Dress: Saint Laurent Bracelet: Nadri Earrings: Zoe Chicco Sunglasses: Givenchy Shirt: Gucci Suit: Giorgio Armani

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STYLE & FASHION

DUDLEY RAYBORN Creates the Authentic Self Oscar De La Renta once said, “Fashion is about dressing according to what’s fashionable. Style is more about being yourself.” Dudley Rayborn stands out in the world of fashion for helping men and women truly connect with themselves to reflect a sophisticated sense of self and personalized style. For over 25 years he has been creating custom wardrobes for individuals that allow for an authentic representation of color and pattern. A bespoke process allows for custom shirts, jackets, trousers, suits and accessories for athletes, entrepreneurs, and business executives.

By Amy Poliakoff

What separates Sir Dudley’s from other clothiers is his attention to detail and commitment to service. He provides an experience beyond just bespoke clothing. The process of carefully crafting the perfect look for an individual is an experience with Dudly Rayborn. After an initial appointment is set up and evaluation is completed, the third step of measuring in the detailed process of bespoke tailoring occurs.

The tailored suits which are created from a selection of over 10,000 Italian and English fabrics are then delivered to the doorsteps of clients looking to find an authentic look to reflect their persona. Dudley Rayborn understands service and he will travel to his clients from coast to coast for appointments and understands that one-on-one meetings help distinguish a client’s style.

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Rayborn provides individual attention with his meetings that allows for a custom finish. Finding the right outfit is a collaborative process and ensures that this lifetime investment is a reflection of one’s personal taste through careful curation and listening to client’s desires. He designs for both men and women and can create a vast wardrobe from custom suits, jackets, shirts, shoes, sports and casual wear, yachting clothes, jeans, topcoats etc.

Inspired by Saville Row and the fashions of Italy, Sir Dudleys clothing is a customized creation that inspires confidence and success.

Rayborn prides himself on establishing relationships with luxury cloth and shirting fabrics and working directly with these mills to get quality fabrics such as Gladson Ltd., Holland & Sherry, Dormeuil, Scabal, Loro Piana, Vitale Barberis Canonico, Thomas Mason.

His use of lightweight fabrics such as 7 ounce or heavy fabrics with 13 or 14 ounce weight allow him to create wardrobes for different seasons. Rayborn values his knowledge on different fabrics such as cashmere and vicuna, known as one of the most luxurious fabrics in the world. It is the fabric that dictates the price of an outfit and Rayborn’s successful relationships with the mills allow him to have access and immediacy in obtaining some of the most unique fabrics in the industry. Continuously educating himself, Rayborn attends the semiannual Custom Tailors Design Association meetings where all the mills congregate an-

nually to discuss the newest fabrics and newest trends in the industry. In addition, he attends the New York and Chicago Men’s shows.

Understanding style is important to the mission of Dudley Rayborn. “I go into a client’s closet and I might say, ‘What are you wearing? What are you not wearing? Why are you not wearing this?’ I am a firm believer that your wardrobe should be created like an investment, you want to get a return on the money you are spending. Not so much what the fashion is, fashion has its place, and it is important. But style is a lifestyle,” said Rayborn.

A bespoke made suit by Sir Dudley typically start at $1,895, and his signature collections go for $15,000. to $20,000 depending on the fabric and yardage used. This exemplifies that there are no limits to what Rayborn can create for his clients. The average two- or threepiece suit will cost a client roughly $2,000.

Sir Dudley takes the measurements and does the design work and hands that over to his tailors to create a pattern for the bespoke process. However, when he travels for events, he may bring in additional support like his cloth supplier or vendors. From participating in events at Super Bowl, Sports Drafts, Celebrity Golf tournaments to the Steelepoint Yacht Show in Bridgeport, West Palm Beach Yacht Show, to The Palm Event at Maralago in Palm Beach, FL, Sir Dudley is at some of the most prestigious events in the US. Dudley is constantly building new relationships. Working with organizations like Tiger 21 Annual Hamptons Gathering, the 1640 Society Family Office Wealth Forum in The Hamptons, the Angel Ball Gala, Dudley is constantly working with foundations and organizations. He will also be showcasing his talents on July 20, 2021 at the Derek Jeter Hall of Fame Golf outing at Hudson National in New York.

“I want to help raise money for foundations that help the community and causes that I am passionate about. We will do a live auction wardrobe at Derek Jeter’s event and all the money raised will go to the foundation. It is my way of helping the community and that foundation.

As the bespoke clothier that high profile celebrities, athletes, executives and entrepreneurs trust for some of the most important events in their lives, Dudley is currently working on outfitting famed musician Ryan Cabrera and his groomsmen for his upcoming nuptials next summer in Los Angeles, CA. With his thoughtful eye for design and spectacular craftsmanship, Rayborn has caught the attention of leading luxury publications such as Forbes Magazine and South Florida Luxury Guide Magazine, Orlando & Tampa Style Magazine, DuPont Registry, and Impact Wealth Magazine. As a luxury lifestyle brand, Sir Dudley’s has built a loyal following with their discerning clientele as each custom design is not only perfectly tailored but also reflects a client’s individual personality through fashion. www.sirdudleys.com @sirdudleys # 863-409-0907

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LUXURY LIVING

HAMPTONS Summer Guide 2021

The Hamptons are finally back in full swing for Summer 2021. This season, explore some of the East End’s hotspots, where you will find some of the finest restaurants, the ideal family staycation, top charity and social events, and stunning art galleries. Here is a look at some highlights on what to look forward to this Summer!

By Norah Bradford

The perfect summer vacation starts at Southampton Inn. The classically charming establishment has 90 guest rooms with unique décor, individual temperature control, sparkling tiled bathrooms, refrigerators, and complimentary Wi-Fi. The grounds consist of several acres of manicured lawns and gardens, with amenities that everyone can enjoy, including a 50-foot heated outdoor pool, an all-weather tennis court, croquet and volleyball, a game room for all ages, and one of Southampton’s favorite eateries Claude’s Restaurant. southamptoninn.com

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After checking-in, get out and about and have a phenomenal experience on the East End. Union Burger Bar in Southampton offers an assortment of specialty gourmet burgers, fresh hand-cut fries, maniacal milkshakes and desserts, as well as an elaborate craft beer and small batch bourbon selection.

Restaurateur and owner Ian Duke with award-winning Executive Chef Scott Kampf are excited to introduce the new culinary offering to the year-round dining staple of the village. unionburgerbar.com

The Hamptons popular ghost kitchen popup, The Coop, now has a new permanent home at Union Burger Bar. Restaurateurs Ian Duke and David Hilty introduced the simply “scrumptious” chicken out of Southampton Social Club last year. Now in 2021, customers can expect the same outstanding variety of fried and rotisserie chicken options with a wide assortment of sides.

Union Sushi & Steak in Southampton is an exquisite restaurant that boasts meals and service fit for royalty. Sushi options are delectable. And USDA prime steaks and cuts are praised in the Hamptons. Scrumptious delights will be discovered with their Dry Aged Bone in Rib Eye and Australian Grass Fed Lamb Chops. dineatunion.com T-Bar Southampton has made a return under the watchful eye of restaurateur Tony Fortuna and Executive Chef Ben Zwicker.

The new spin on the classic upscale steak house features a menu with a wide range of dishes ranging from well-cooked renditions of classics to refined and inventive plates. Each provides the ultimate dining experience. tbar2gosouthampton.com Salvatore Biundo and his family-owned Italian eatery Centro Trattoria & Bar is the ultimate farm-to-fork Italian restaurant in Hampton Bays. His elevated style has created a fresh take on old world tastes. And, to complement a special meal exquisite Pesce, Carne and Pollo add to your ultimate dining experience. centrohamptons.com The sister restaurant in town, Salvatore’s, is a casual eatery that offers your favorite style pizzas, heroes and sandwiches from their oven. Be sure to check out a special happy hour Wednesdays to Fridays from 4 p.m. to 6 pm. that highlights $10 personal pizzas, wine by the glass and $5 draft beers. salvatoresofthehamptons.com

Southampton Social Club sets the standard and energy for a season of dining, drinks and dancing. Enjoy an al fresco menu under the stars with kitchen delights from Executive Chef Scott Kampf. Cabanas on the backyard lawn will have music and service highlighting a cocktail program with new tasty concoctions. southamptonsocialclub.com

French cuisine can be experienced this summer at Demarchelier Bistro in Greenport. Situated in the charming shopping village, the latest incarnation of the former Upper East Side restaurant pays tribute to all the charms and sophistication of France with a unique American twist. Family owned and operated, Demarchelier Bistro creates a rich and dynamic environment that demonstrates divine menu selections, stellar service and rich cultural expressions. demarchelierrestaurant.com

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When not at the beach you can play golf at Hampton Hills Golf & Country Club in the month of July in Westhampton Beach.

The wooded setting allows members to escape the rush of the city in favor of peaceful competition against a challenging golf course. hamptonhills.com You might also just want to kick back and read in between all the hot happenings. Relax and learn with author Leesa Rowland’s new motivational book “The Charisma Factor: Unlock the Secrets of Magnetic Charm and Personal Influence in Your Life.” Leesarowland.net Richard Perry’s “Cloud Nine: Memoirs of a Record Producer” is a stimulating look at the Special Merit GRAMMY Award recipient’s work with legendary performers such as Barbra Streisand, Carly Simon, Ringo Starr, Harry Nilsson, Leo Sayer, Rod Stewart, Art Gartfunkel and the Pointer Sisters. richardperrymusic.com

And, be sure to mark your calendars for some exquisite Hamptons events. On July 10, Samuel Waxman Cancer Research Foundation will hold their 17th Annual Hamptons Happening. The special night will be full of great music and delicious food. Congratulatory moments for participants in the first ever Global Walk to Flatten the Cancer Curve will also be celebrated. Event committee member Maria Fishel and Kenneth Fishel will host the ticketed fundraiser on their estate in Bridgehampton. waxmancancer.org On August 20, Samuel Waxman Cancer Research Foundation Collaborating for a Cure Luncheon will take place at T-Bar Southampton. Guests at the ticketed event will indulge in amazing food and a great talk with featured guest fashion designer Kobi Halperin. tbar2gosouthampton.com, waxmancancer.org

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Finally on August 28 the Prostate Cancer Foundation will hold their annual Hamptons gala to fund groundbreaking discoveries in cancer research. Founder Michael Milken will emcee the night under the beautiful Hamptons stars.pcf.org

Southampton Animal Shelter’s annual Unconditional Love Gala will take place on August 21 to benefit the community’s animal shelter. Honorary board member, Jean Shafiroff, will help host the night of cocktails, dinner, dancing and pure fun. southamptonanimalshelter.com

As one of the unofficial art capitals of the Summer in the Northeast, the Hamptons are home to some of the top art galleries and artists, including Walter Sternlieb. A designer, builder, woodworker, master craftsman, and industrial artist, Sternlieb designs beautiful 3-dimensional wood structures. The wood from which his art is constructed is carefully chosen and finished with a keen eye to detail prior to him applying his design. Visit his gallery A is for Art at 60 Jobs Lane, Southampton, NY. Here is to a phenomenal summer out east.

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LUXURY LIVING

BENTLEY BENTAYGA V8 The Ultimate Story of Automotive Luxury

When you’ve done well in life, you come to a milestone where a new wing of automotive choices opens up to you. One of those choices is the world of luxury cars. Brands like Bentley once reserved themselves entirely to the world of grand tourers and convertibles. However, things are very different as even these topend brands are branching out into new styles, redefining them as they go.

By Kyle Edward

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ENTER: THE BENTLEY BENTAYGA The Bentayga first arrived on the scene built on the company’s F4 layout back in the 2016 model year. In 2020, however, it received a significant enhancement and now the new Bentayga enters the 2021 model year as a model that changes everything that we thought we knew about SUVs.

The facelifted model has also received new seats, as well as a new steering wheel design and even door design. The new seat frames allow for up to 4 extra inches of knee space in the rear seats. While they’re enjoying that extra space, passengers can also take out their 5” removable touchscreen tablet to control the various entertainment and comfort functions available to them.

DIFFERENT CHOICES FOR DIFFERENT LIFESTYLES

On the outside, the Bentayga reflects the very latest in the company’s design DNA, maintaining signature elegance that buyers of such cars demand, but also adding a pleasing degree of muscle that helps define the Bentayga’s SUV form a little better. Some other details, too, like a larger rear spoiler, elliptical taillights with animated LEDs, oval-shaped split tailpipes, and more were subtle but still noticeable changes that enhanced the overall aesthetic.

AN INTERIOR MADE FOR MODERN COMFORT Of course, one doesn’t buy a car like the Bentley Bentayga strictly for its exterior appearance or even just to show off the Bentley badge. The main reason is for the extraordinary level of comfort that we can experience either as a driver or as a passenger in these other-worldly machines.

Let’s start from a driver’s perspective. The new Bentayga received some technology enhancements that make it an all-around better experience when you’re driving. First, the infotainment system has been extensively overhauled, starting with a flawless 10.9” super-HD touchscreen with faster connectivity and an improved user interface. Next, Apple CarPlay is now a standard feature, as is Android Auto. Those hoping to seamlessly integrate their smartphone can now breathe a sigh of relief. It doesn’t stop there, though. The Bentayga is also kitted-out for modern life more than ever with additional USB-C ports, air ionizers, a wireless charging system, and a built-in SIM card for additional online and data-based services.

The Bentayga, like all of its Bentley brethren before it, is no massproduced pile of sameness or uniformity. The Bentayga is not only handcrafted and customizable but also comes with multiple options at every level to suit differing lifestyles. For instance, those living and driving their Bentayga in the city will be pleased to find a hybrid powertrain where the 3.0L V6 gasoline engine is combined with a 94kW electric motor powered by the 17.3kWh lithium-ion battery with 31 miles of electric-only range.

Those looking for more power and performance will find it in spades in the Bentayga Speed model. It’s W12 engine generates 626hp and up to 663lb-ft of torque, complete with a top speed of 190mph, and it can launch from 0 to 60 in just 3.8 seconds. Anyone looking for a balance between efficiency and power will find it in the flagship V8 model, which in Bentley’s own words excels itself by being “composed on all terrains.”

BENTLEY BENTAYGA: A LIFE PHILOSOPHY The new Bentayga is more than just a car; it’s a statement about one’s own life. You can personalize the handcrafted vehicle to better reflect who you are, and you can also experience the Bentayga and its great offerings both as driver and passenger. On top of all that, despite all the trappings of high-end luxury and comfort, it is still simultaneously a high-performance SUV that delivers the same utility that you’d expect from a less prestigious brand. How many of those other brands would turn heads like the Bentayga, though, is another question entirely.

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ROLLS-ROYCE GHOST Reflect in Quiet luxury

An ordinary automaker produces cars by the masses for the masses with assembly lines, robots and other automated tools. While this process works well for producing large quantities of vehicles, the art of making an automobile is lost. Most of the cars are pretty vanilla too, they get you from A to B, and that’s about it. At Rolls-Royce, however, mere “car building” is almost an offensive idea. When they built the 2021 Rolls-Royce Ghost, for instance, they weren’t constructing some 4-wheeled mechanical machine, but forging a glorious yet somehow subtle crucible of near automotive perfection.

By Kyle Edward

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TO BE DRIVEN, OR TO DRIVE The 2021 Rolls-Royce Ghost is a fine model in which to be driven. As we’ve described, the minimalist and well-balanced design creates exactly the right ambience for a truly relaxing experience. On the other hand, the Ghost is a Rolls-Royce that drivers will also love. First of all, it is powered by the simply stunning twinturbocharged 6.7L V12 engine outputting 563 hp and 627 lb-ft of torque, though the sound is so well damped you might never know such a behemoth lays under that long front hood.

GHOST: SUBTLY BEAUTIFUL EXTERIOR

AN INTERIOR HAVEN

The 2021 Rolls-Royce Ghost is true to its name, embodying a design spirit that is all about subtlety, quiet dignity; it’s a concept that Rolls-Royce designers like Henry Cloke called “Post-Opulence.” The design team wanted a car that had presence and could inspire awe, but in a way that didn’t shout at you through flourishes and that older more ostentatious sense of style.

Three keywords have helped sculpt both the exterior and interior of this new Ghost --Refinement; Reduction; Simplicity. Besides the toned-down almost natural beauty of the exterior, the interior is also a calm and tempered space where one doesn’t just sit, but where one can truly escape from the outside world.

You’ll notice that the exterior is somewhat wider, and the iconic Pantheon grille has been discreetly downlit in a way that helps to subtly radiate the minimalist beauty of the Ghost with the minimum of flourish.

This is the Ghost for those who want the presence but without making grand and superficial expressions of wealth. The handfinished body work creates the illusion that the Ghost has been lovingly crafted from a single piece of metal. The fine lines converge together almost like that of a luxury yacht.

The design team went to extraordinary lengths to balance every aspect of the interior ambience. They started from the feel of the sumptuous leather seats, moving to the look of stunning illuminated fascia, and even tending to the harmony of every sound emitted by every component and moving part within the space of the Ghost.

When you are being driven, the peace and balance of the interior cabin is designed to help you unwind and to allow the complex strings of your stress and worry to be plucked away as you restore order to your own thoughts.

This brings us neatly to the second engineering achievement that helps to make the Ghost name all the more appropriate for this quiet, almost stealthy sedan. The 2021 Ghost contains the world’s very first “Planar” suspension system that dampens the dampers. This Ghost is the one that truly delivers on the famous “Magic Carpet Ride” comfort that RollsRoyce always promises; it is on-road flight.

THE MOST HIGH-TECH ROLLS-ROYCE EVER To finish, it should be remarked that this is a Rolls-Royce built for a more minimalist, balanced lifestyle, that is true. On the other hand, it does not mean that the company has stripped away any of its innovation. Besides the world-first planar suspension system, the Ghost also features Rolls-Royce’s Flagbearer system that uses sensors to read the road ahead and make millions of calculations every second to accordingly adjust the suspension in real time. Besides that, the gearbox is linked to the GPS navigation, which will adjust gears based on what navigation tells it is coming up on the road. When Rolls-Royce designed the new Ghost, they knew the process would be complex, even impossibly so at times. They knew however that what they wanted to deliver was divine simplicity and balance. We think they’ve done just that.

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LUXURY LIVING

There is one small locale that is quietly emerging as an option for the affluent to reside – the Cayman Islands. The sunny British Overseas Territory located a 70-minute flight from Miami is attracting the attention of discerning individuals who are searching for a low-tax jurisdiction with a high standard of living.

THE CAYMAN ISLANDS A Jurisdiction of Choice for High-Net-Worth Individuals and Family Offices It’s sometimes said that good things come in small packages. For many of the world’s wealthy citizens, that proves true when it comes to their choice of a location for their permanent residence and often their family office. From Monaco (0.78 square miles) to Singapore (281 square miles), these small and densely populated hubs often serve as the primary base for high-net-worth individuals.

By Candice Beaumont 70

Like its counterparts, the Cayman Islands does not occupy a large land mass; the three-island archipelago is 100 square miles in size. The largest island, Grand Cayman, which is well known as the location of a leading global offshore financial services center, covers 76 square miles. Private client advisors to the word’s wealthy are also well aware of Cayman’s tax-neutral status – there are no corporate, income, capital gains, inheritance, gift, sales (VAT) or recurring property taxes in Cayman. This makes the Islands a competitive choice for those individuals or families seeking a low-tax domicile.

Aside from its size and lack of direct taxation, the similarities to locales such as Monaco start to wane.

To start, Cayman enjoys a small population with a tight-knit community. Spacious, luxury properties abound, from beachfront villas in Grand Cayman’s quiet east end to expansive penthouses in low-rise condominiums on Seven Mile Beach and sprawling canal front estates in private gated neighborhoods.

These residential offerings serve as a marked contrast to higher density hubs, where property prices are typically higher too due to the premium placed on land and real estate.

Furthering the appeal of owning property in Cayman is the lack of restrictions on foreign ownership of property, no alien landholding license requirements, and the opportunity to gain permanent residency and eventually naturalization through investing in real estate.

Then there is the ease of access. Compared to its counterparts in Europe and Asia, Cayman is easy to reach from the United States and Canada, with nonstop flights available year-round from Toronto, New York City, Charlotte, Miami, Atlanta, Dallas and more. A 70-minute hop to Miami and a three-and-ahalf-hour flight to New York City make living and working in Cayman efficient for globally mobile individuals and family office representatives. Reaching Europe is also convenient thanks to nonstop British Airways flights from Grand Cayman to London Heathrow.

Not only is Cayman easy to access, it is an easy place to conduct business. In 2019, Cayman was ranked as the easiest place in the world to do business by the Global Complexity Index, thanks to world-class service providers, a stable and efficient government and a highly regulated financial services industry.

The simplicity of island living is also highly valued by its residents. The standard of healthcare is particularly valued, with four hospitals serving a full-time population of approximately 65,000 residents and another two hospitals announced in early 2021 for development. A ratio of 4.5 doctors per 1,000 residents and over 1,000 healthcare professionals provide peace of mind for those sometimes wary of island living.

Access to quality education facilities is also readily available, including the newly expanded Cayman International School at Camana Bay which offers an International Baccalaureate program and affiliation with the Round Square schools organization.

Reliable telecommunications (on par with mainland services) and utility providers, first-rate grocery stores and more than 250 dining venues that have helped earn Cayman the moniker “culinary capital of the Caribbean” all contribute to the appeal of this sophisticated Caribbean territory.

It’s also the quality of people that make Cayman such an interesting place to live. Globally mobile individuals immediately feel at home and appreciate that more than 135 nationalities are represented by the full-time population, living harmoniously in a place with one of the lowest crime rates in the world. The cosmopolitan nature of the community has built on the long-standing Cayman tradition of resourcefulness and fostered exciting developments in innovation, most recently in the tech industry, as well as an enriching cultural scene.

Rounding out the island lifestyle is its rich natural assets, permitting residents an abundance of opportunities to enjoy marine adventures on a turquoise-colored sea and year-round engagement in land-based sports surrounded by a ribbon of white sand beaches and a lush tropical landscape.

Contributing to this quality of life is Cayman’s largest investor, Dart, which has made significant contributions by investing over

US$1.5 billion in luxury resorts and residential properties, Class A commercial office buildings, public infrastructure projects in partnership with government and, most notably, its flagship development of Camana Bay. Camana Bay is a 685-acre waterfront town center founded on the principles of New Urbanism and home to global legal and accountancy firms, as well as an array of retail boutiques, food and beverage establishments, Cayman International School, and OLEA, a residential community offering condos, townhomes and villas for sale. It is also the address for two new projects under construction and scheduled for 2022 occupancy: 60 Nexus Way, a commercial office building, and Kapok, a for-lease residential high-rise building.

These facilities are being developed to respond to the growing interest from prospective tenants in the family office, reinsurance, and financial services sectors, including those organizations needing space to meet economic substance requirements.

A short drive from Camana Bay is another Dart development, Kimpton Seafire Resort + Spa, and the adjacent Residences at Seafire.

The AAA Five Diamond award-winning resort shares a 12-acre property on Seven Mile Beach with The Residences at Seafire, the newest luxury condominium development ready for immediate occupancy on Grand Cayman.

The 62-unit property offers contemporary one- to five-bedroom residences that are ideally suited for residents, part-time residents and those applying for permanent residency.

An optional rental program managed by the resort is available to purchasers interested in renting their property when not on island.

Properties for sale at The Residences at Seafire

and OLEA, as well as other luxury real estate, are represented by Provenance Properties, Dart Real Estate’s brokerage and the official Christie’s International Real Estate affiliate in the Cayman Islands. Clients benefit from three distinct offerings: one-stop service for all commercial, residential and relocation service needs, in-depth and proprietary market analyses, and access to the privileged Christie’s Real Estate marketing programs and network of like-minded individuals.

Beyond the role of real estate developer, Dart is committed to the Cayman Islands.

Through its thoughtful and innovative local investments and strategic partnerships with both the Cayman Islands Government and the private sector, Dart shares a vision of growth and sustainable development for the Cayman Islands, which advances its position as a premier financial services jurisdiction.

The Dart Real Estate team helps business owners and individuals learn about the benefits of living and working in the Cayman Islands, and assists with making the relocation process an efficient and positive experience. In 2020, they furthered this work by publishing a research paper “The Cayman Islands: A jurisdiction of choice for family offices.” This research paper assists family offices and high-net-worth individuals with further understanding the value proposition on offer in Cayman. A complimentary copy of the paper is available on request by visiting familyofficereport.dartrealestate.com Learn more about Dart Real Estate at dartrealestate.com and Provenance Properties at provenanceproperties.com.

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LUXURY LIVING

Best Varietals for

SEASONAL PAIRINGS Whether you are entertaining or enjoying a quiet night at home, here are some of our top picks for wine pairings from around the world that can be enjoyed any season.

By Hillary Latos

COTE DES ROSES Roses are synonymous with summer but truthfully they can be enjoyed year round. Housed in a beautiful bottle with a rose shaped bottom, Gerard Bertrand’s Cote des Roses celebrates the Art of Mediterranean Living. Harvested from the Languedoc region of France, their signature Cote des Roses series includes a crisp Chardonnay with subtle hints of minerality, light Sauvignon Blanc, a dry rose which they are best known for, and also a medium bodied 2018 Pinot Noir.

Crafted in the South of France, the warm and windy climate is ideal for ripening the grapes at the right time with high temperatures cooled by warm breezes coupled with an arid limestone soil protected with gravel brought by the rivers and streams of the Languedoc. www.cote-des-roses.vin/en ALTANEVE Altaneve presents a beautifully refined premium dry prosecco from the Valdobbiadene region that is perfect for an aperitivo or celebratory occasion. Awarded the highest D.O.C.G. certification, this small production wine is composed of 100% Glera grapes from a small town in the foothills of the Italian Dolomite Mountains. The flavor profile is delicately balanced with elegant floral and fruity notes and a balanced acidity.

The Altaneve sparkling rose is an exclusive blend of 70% pinot noir grapes from the Oltrepo Pavese region in the hills of northwestern Italy and 30% glera grapes from the Valdobbiadene region in Northeastern Italy. The unique blend combines the minerality of the pinot noir grape with the more delicated and softer flavors of the glera grape to create a dry and elegant sparkling rose wine. www.altaneve.com

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CALIFORNIA WHITES

Harvested from Sonoma in the Russian River V alley is Ferrari Carrano’s Pinot Grigio which has delicate flavors of lemon, lychee, orange blossom, kiwi, nectarine, white peaches, green apple, and mango balanced with a touch of minerality. 2019 was one of the best years to create this satisfying Pinot Grigio that pairs with many different types of cuisines but ideal with seafood or the spicy flavors of Asian dishes.

Chalk Hill presents a full bodied Chardonnay from the Sonoma Coast with hints of baking spices and warm apple pie on the nose. These grand notes are combined with extended notes of hazelnut, vanilla custard and crème brulee through their fermentation in French, American, and Hungarian Oak barrels. This bold and complex Chardonnay pairs wonderfully with wild game, poultry, and meaty seafood.

Roth Estates has created a luxury Bordeaux varietal with their rich and full bodied 2018 Cabernet Sauvignon. The tasting profile has subtle hints of black cherry, plum, mocha, intense

dark fruit, cassis and cocoa powder. This elegant and powerful Cabernet embodies the structural complexities and nuances that has earned Sonoma reds their international acclaim.

Banshee brings a refined and approachable Pinot Noir that can be enjoyed now with meal pairings. It is bursting with flavor of juicy berries with an earthy undertone. The flavors are sweet and tart with a slightly herbaceous nose.

One of the best investment wines to savor and store for years to come is Sebastiani’s 2017 Cherryblock Cabernet Sauvignon. A true masterpiece to enjoy now, it would prove to come into its own if left to age for 10+ years. Cherryblock is considered to be the flagship wine for Sebastiani, the 2017 harvest is a wine of great complexity, sophistication and intricacy. The palate is comprised of rich black fruit combined with layers of cedar and tobacco framed with lingering notes of herbs and spice.

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THOUGHT LEADERSHIP

Creating a Multigenerational Legacy

OF HARMONY AND PURPOSE

By Lonnie Gienger

Lonnie Gienger is CEO of Wilkinson Corporation, a national real estate investment and operations platform that has transacted on over $2.4 billion of real estate creating strong impact results and investment returns, with a focus on turning apartments into centers for human flourishing. Lonnie’s passion is developing companies and families that create lasting positive impact on society. He’s been married for 36 years to his childhood sweetheart and their four adult children and spouses enjoy building various businesses together.

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The most commonly understood definition of legacy is the amount of money left to heirs, however, few leaders would be satisfied with that definition alone. In our most honest moments, the legacy we really care about is less about the size of our great grandkids’ portfolios and more about the soundness of the principles by which they live their lives. It’s more about the level of harmony and shared purpose we pass down to our future generations. What’s more, we know that if these things are in place, the money is more likely to stay in the family and grow.

Some families create significant wealth but do not share much harmony, clarity of vision, or purpose. Others create all that in

one generation only to lose it in the next.

How do we create a legacy that will last through generations? I’m not the world’s greatest expert on this subject, however, I have diligently pursued this cause in my own family for many years. Although our family is far from perfect, we are regularly asked to share our journey on this subject at gatherings of family office leaders who are focused on creating enduring legacies.

In this article I will introduce a process we’ve learned and implemented for discovering and passing on values that will promote and buttress success in a multigenerational way. I will demonstrate how to discern and develop treasured ideals to form a living, lasting legacy.

Creating a legacy based on enduring values is a concept that has been foundational to many of the highest impact families throughout history. British noble families had coats of arms embellished with their family values.

Sir Ernest Shackleton (1874-1922) is an example of this. The Shackleton family motto was “Endurance.” Ernest, the polar explorer, named his ship Endurance when he set out to lead a group of men across Antarctica.

Shackleton’s endurance was tested, but not by the cross-continental trek. His ship got stuck in pack ice near Antarctica and slowly broke into pieces with oceanic shifts.

For more than a year, Shackleton modeled endurance as he and his men camped on an island of ice. Then they endured seven days in the icy sea in small boats as they sought land. They persevered for an additional four months in an uninhabited, polar wilderness.

Ultimately, Shackleton set out in a lifeboat, steering through a hurricane and scaling snowy mountains by foot to find rescue.

Shackleton delivered every last one of his twenty-eight men to safety after more than 400 days of exposure, isolation, and dwindling supplies. At one point, the men resorted to eating penguins to survive.

Without the Shackleton family value of endurance, great tragedy might have resulted.

As it is, Shackleton stands tall as a great example of leadership under fire—or ice.

It is always more powerful when the values are consciously arrived at, discussed as a family, and incorporated into family life so that they are referred to often as the basis for decisions and actions.

Family values are not just admired virtues.

They are virtues that family members live out because it is who they are. As the next generation observes prior generations of the family doing this, it’s likely they will live out similar values.

My own grandfather was an exemplar of integrity. There’s a story about this everyone in our family knows. He returned home after buying a brand new, bright green 1959 Ford Fairlane 500. He closed the transaction after banking hours on a Friday evening and gave the dealer the check, expecting to pick up the car on Monday after the check was cashed.

The car dealer immediately handed over the keys. Grandpa said, “Aren’t you concerned about signing over the title before you cash my check?” The dealer pulled out two other, much smaller checks from his desk drawer

and said, “These two I worry about, but your check I would never worry about because I know I can always trust you and your family!”

If you ask my many cousins what the best part of this story is, they’ll tell you it is that when Grandpa came home with this beautiful new car, the first thing he told Grandma was what the dealer said about his check and the trustworthiness of their family. It was an example for all of us that spoke loud and clear: “In our family, integrity is important. My word is good.

Everyone knows when I say I will do something, I do it.” The wealth of that value of integrity still lives in our family. Example is powerful!

Yet, example alone can be a hit-or-miss proposition.

What if no one had ever shared that story for the next generations to hear? I might have missed a life-changing lesson. That’s why we shouldn’t leave values to chance. It is always more powerful when the values are consciously arrived at, discussed as a family, and incorporated into family life so that they are referred to often as the basis for decisions and actions. In this way, values become more than words on a screen; they become part of the family tradition.

The very definition of tradition is that it is “consciously transmitted beliefs and practices expressing identification with a shared past.”1 The idea of consciously developing and transmitting a family legacy of values became important to me during a life-changing moment.

That epiphany was a game-changer for me.

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AN EPIPHANY: A FAMILY LEGACY ON PURPOSE Allow me to give you a little background to help you understand how this topic became so important to me. I have started and led a number of companies and provided strategy coaching to dozens of C-suite executives. For several years I’ve been CEO of Wilkinson Corporation, a vertically integrated real estate investment and management platform driven by clear values and a quadruple bottom line strategy. We’ve done over $2.4 billion in total real estate transactions and have had over 2,000 employees in eighteen states. I share this simply to let you know that I love developing teams that work together based on shared values and strategies to do great things. But for many years, I never thought about applying this same intentional approach to leading my family. It’s no wonder that early in my career, my businesses thrived more than my family.

Eighteen years ago, I had a conversation that dramatically changed my paradigm about how to transfer values and purpose to the next generation. I was presenting at a leadership conference, and during the first break, an

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affluent gentleman walked up and said, “Lonnie, I need your advice. I’ve got a thousand employees. We go out and do businesses, but they’re driving me crazy because as soon as I leave for conferences like this, I just know they aren’t making the right decisions—they are not doing what they should be doing.”

And I asked him the question that I always ask in similar conversations: “Well, for starters, do you at least have clear, written mission, vision, values, and strategies for your company so your people know how to act when you aren’t around?”

He said, “Well, I don’t have them written down, but my team knows what we stand for and where we’re going.” I replied, “Greg, if you don’t have a clear written direction and strategy, your company probably won’t create a legacy of success.”

Then, almost indignantly, he said, “Well, do you have clear, written mission, vision, values, and strategies for your family?”

I bit right into it and said, “Well, Greg, I do for my business, but I don’t have them written down for my family. But it’s my family. They know what we stand for and where we’re going.”

Then Greg said, “Lonnie, if you don’t have a clear, written direction and strategy for your family, your family won’t create a multigenerational legacy of success. What you’re telling me is that you care more about your business success than you care about your family legacy.” Ouch!

That conversation changed the trajectory of my family! For the last eighteen years, Greg has mentored me on how to lead more strategically in my family and I have mentored him a bit on how to lead more strategically in his businesses.

If the goal is to create a multigenerational legacy of success in our families, it makes sense to lead them as intentionally as we do our businesses.

DEVELOPING A FAMILY COMPASS My father gave me a compass when I was a boy. I was fascinated by the fact that wherever I stood, the needle always pointed north. I could always figure out the direction I was facing as long as I had the compass. Similarly, the development of a family compass helps everyone to go in the same direction. It points the way.

Having a clear family compass includes three elements: family values, the family’s mission or reason for existence, and a compelling vision of what the family looks like when it is accomplishing its mission. Your family compass will help you weather the storms of life and business; it will steer you into safe and lush harbors. Your family compass will keep showing you the direction in which to go.

Then you can pass that family compass down to the next generation, and it will direct them to endure and prosper as well. It will help you create a lasting legacy of unsurpassed value. Let’s take a look at how to develop the first all-important compass component of family values.

Family values are the uncompromising, non- negotiable principles that define and guide a family. They are what a family wants to stand for in this world. They are the basis for decision-making, setting priorities, allocating resources, planning, and execution. They also set the tone and standards for how people are treated.

Shared family values foster high levels of loyalty, harmony, and empowerment.

Business principles of productivity tell us that high levels of these qualities will propel any group toward success.

Here is a strategy to discover your family values, broken down into five activities.

These are brainstorming sessions: just write down whatever comes to mind

ACTIVITY 1 • What did you love or hate about your family growing up?

• What makes you really happy or sad?

• Whom do you admire and why?

ACTIVITY 3 From the concepts you have brainstormed in this exercise and from your review of the sample values, make a list of all the values that are important to you.

• What does it mean for you to be a good person?

• After you die, what do you want people to say about who you were (not what you accomplished)?

• What character traits do you want to see in your children and grandchildren?

ACTIVITY 4 From the concepts you have brainstormed in this exercise and from your review of the sample values, make a list of all the values that are important to you.

ACTIVITY 2

ACTIVITY 5

Look through all your answers and identify principle- based words and phrases that are the most common themes. The list of sample values below might help you brainstorm your values.

Have your spouse and older children go through the same process as the above. Then, use the following process to synthesize what’s most important to all of you.

SAMPLE ONE-WORD VALUES: Accountability, Authenticity, Boldness, Community, Compassion, Confidence, Courage, Creativity, Dedication, Devotion, Education, Efficiency, Endurance, Enthusiasm, Excellence, Faith, Friendship, Generosity, Goodness, Grace, Gratefulness, Growth, Honesty, Honor, Hope, Humility, Humor, Ingenuity, Joy, Justice, Kindness, Leadership, Learning, Loyalty, Mercy, Openness, Passion, Patience, Peace, Perseverance, Respect, Sacrifice, Self-discipline, Serving, Steadfastness, Stewardship, Teamwork, Transparency, Trustworthiness, Wisdom, Zeal

• Which values are people most

• List all the values that are similar. passionate about? Discuss why certain values are most important.

• Of the values that are unique and different, do any stand out as something you could all easily and quickly agree as being important to the future of your entire family? List those values.

• List the top 10–20 values that you most desire to be the non-negotiable, guiding principles in your current and future generations.

These brainstorming, idea-generating, and codifying activities should give you and your family a strong framework of the things you treasure most and want to pass down generation upon generation.

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THOUGHT LEADERSHIP

THE TRADITION/INNOVATION PARADOX: THE BEST OF THE OLD AND NEW What if our next generation’s values differ from our own? The process above should help to find agreement and incorporate differences. It is well to keep in mind, however, that every multigenerational family enterprise has faced this issue. It is so well known, it is called the Tradition/Innovation Paradox.

Family enterprises have their traditions,

which they want to preserve; at the same time, they must be open to innovation or they will not be able to compete. They must manage the paradox of tradition and innovation well to sustain success throughout time.

How do successful family businesses do this? For one thing, they look at differences as opportunities. The tradition/innovation paradox is not only the greatest challenge of family businesses, it may be seen as their greatest opportunity, too.2 Such a perspective is very wise as one article notes, stating “Innovation requires breaking with continuity to develop new competence and skills.” 3 In fact, “Family business prosperity across generations depends on innovation” [emphasis added].4 The health and wealth of our families over generations will depend on innovation, as well. We can see any differences as presenting not only challenges but opportunities to do things in a new way.

Managing the paradox between your tradition and your heirs’ divergences means embracing the best of the old and the new, yet seeing significant alignment between the two. This alignment is like a river of shared culture that flows through many generations.

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Managing the paradox between your tradition and your heirs’ divergences means embracing the best of the old and the new, yet seeing significant alignment between the tw.

We are now on the second generation of implementing our family compass.

We taught our kids to look for potential spouses who had values that already aligned with our Gienger family values and, fortunately, they have chosen wisely.

Now our three married children are establishing their own family compasses in the second generation that align with and build on the first-generation family compass. Their values reflect my wife’s and mine, yet they are crafting their statements of non-negotiable guiding principles in ways that are uniquely important and meaningful to their family.

We are not in any way trying to force our future generations to be clones of us.

We never told our kids that their families had to have the same exact values as ours or use the same words. Yet because our family values are so ingrained in our kids, they attracted and chose spouses with similar values, and their purpose and principles resonate deeply with ours, even as they forge new pathways.

Even though the words aren’t exactly the same, if you look closely, you’ll see significant alignment between the values my wife and I established and the val-

ues our married kids are establishing for their families. For example, one of our first-generation family values is “Continual Life-Long Learning and Adventure.”

Similarly, one of the family values of our daughter and her husband is “Growth: Continual Life-Long Learning and Mastery.”

What if every next generation of your family develops and lives out values that are in alignment with and build on the best of the prior generation’s values tradition?

Imagine the potential of your legacy if each iteration of your family built on the strengths of the prior generation while still being fully empowered to be architects of their own destinies. Your family could have a profound impact on this world!

Every leader wants to bequeath intact all that he or she built and sacrificed for over many years. That’s the heart of a parent and founder. At the same time, the next generation needs to forge a future that, by definition, will be different from—and hopefully better than—the past. Defining and synthesizing the values of each generation assures that a legacy will not only thrive in one generation, but that it will be vibrant for generations to come.

1.

Dacin, M.T., Dacin, P.A., & Kent, D. (2019). Tradition in organizations: A custodianship framework. Academy of Management Annals, 13(1), 342-373, p. 356, as quoted in Erdogan I., Rondi E., De Massis A. (2019). Managing the tradition and innovation paradox in family firms: A family imprinting perspective. Entrepreneurship Theory & Practice, In press.

2.

Schuman, A., Stutz, S., and Ward J.L. (2010). Family Business as Paradox. Palgrave MacMillan, 2010, New York: a division of St. Martin’s Press.

3.

Erdogan I., Rondi E., De Massis A. (2019). Managing the tradition and innovation paradox in family firms: A family imprinting perspective. Entrepreneurship Theory & Practice, In press, p. 3.

4.

Jaskiewicz, Combs, and Rau (2015) Jaskiewicz, P., Combs, J.G., & Rau, S.B. (2015). Entrepreneurial legacy: Toward a theory of how some family firms nurture transgenerational entrepreneurship. Journal of Business Venturing, 30(1), 29–49, as paraphrased in Erdogan I., Rondi E., De Massis A. (2019). Managing the tradition and innovation paradox in family firms: A family imprinting perspective. Entrepreneurship Theory & Practice, In press, p. 3.

THOUGHT LEADERSHIP

How To Get Your Kids Into Elite Colleges

WITHOUT SCANDALS

I am sure you became aware of the college admissions scandal led by ringleader Rick Singer.

Mr. Singer and a number of wealthy parents are now in jail. While parents do want the best for their kids, there is a fine line between preparing your kids well vs. being grossly unethical.

Jason Ma, CEO and Chief Mentor, ThreeEQ

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This year, the Ivy League schools and other elite colleges and universities have reported their lowest admit rates in history. Meanwhile, in reality, many students lucky enough to attend these highly competitive schools are stressed-out or anxiety-ridden. This is exacerbated by the pandemic, which has wreaked havoc across the entire college prep, admissions, and attendance space.

From an elite college’s perspective, booksmart high schoolers with lots of extracurricular activities are a dime a dozen. Unfortunately, the Ivies, Stanford, MIT, and other very elite schools can accept only a small fraction of their highly qualified applicants (e.g., Harvard’s latest freshmen admit rate: under 4%).

I have uncomfortably seen some amazing kids—valedictorians with a perfect SAT or ACT score, a 4.0/4.0 unweighted GPA with strong curriculum rigor, lots of extracurricular activities, and many honors/awards—get flatly rejected by a top Ivy or Stanford.

So, just what does it take to get admitted? How to truly prepare well for college and beyond?

Throughout high school, young achievers must learn how to realize their authentic best self, while navigating the complex and often stressful college planning and application process. My perspective is that college should be an integral part of a much longer journey. I encourage my own private client

families to wisely think THROUGH college (with long-term gains), and NOT just AT college (short-sightedness). It is vital to help kids understand both themselves and the world, express their individuality and passions both in writing and in speech, and develop their mindsets and soft skills—early on.

With over 20,000 hours of elite college, leadership, career, and life success coaching, mentoring, writing, speaking, and applied research under my belt, I would say that, besides academic and standardized testing performance, the success ingredients include: 1. Building good habits.

Part of my pattern recognition is that truly successful, high-achieving students have built sound habits. They developed not only time management skills and an ability to focus (despite online distractions), but also a few sustained, genuine interests (“passions”) pursued through the bulk of their high school years. They built strong character traits or a skill set that would add value to and help inspire the community of peers and faculty in college and beyond.

2. Finding your inner voice.

My successful students were coachable and committed, and learned to express themselves effectively. This includes writing cogent college app essays, building good relationships with key people, and garnering outstanding third-party recommendation letters. Of utmost importance, essays and rec letters are key opportunities to communicate a student’s values, attitudes, and goals. They give the applicant a personality and facilitate the admissions staff to choose the students they want.

3. Starting early and executing well.

These days, applying to ten or more colleges is common. Students end up writing dozens of essays, as well as short takes and detailed college app forms, and engaging in some private school interviews during the college app season. “So stressful” are words I hear often from under-prepared college applicants (especially those who start building their stories and skills late)—while they also attack a heavy senior year course load, AP exams, purposeful activities, and if still not done, the SAT or ACT. To produce authentic, high-quality writings that stand out from the crowd, a student must have life experiences upon which he/she has done deep reflection, emotional maturity,

and lots of practice communicating orally and in writing with a helpful support cast.

4. Honing a growth and contribution mindset.

The humility to continuously learn and improve is key to a growth mindset. I value integrity, contribution, growth, connection, and a passion for excellence, and help instill these values in my students. I believe in guiding students holistically, strategically, and pragmatically—including the enhancement of their belief system and skills in critical thinking, creativity, communication, collaboration, and leadership—while helping them reflect on their experiences and find their own voice.

I have hacked the secrets to mentoring and coaching achievers for notable success and well-being. Honing students’ pragmatic emotional, social, and leadership intelligence (“3EQ”) is embedded in my own 1:1 mentoring process. I’ve counseled 1-on-1 hundreds of students who were admitted to the 8 Ivy League institutions, Stanford, MIT, Caltech, UChicago, Duke, UC Berkeley, Georgetown, and ALL other top universities and liberal arts colleges. It is heartening to see many are rising in career and in life with joy and compassion as next-gen leaders.

Building a strong character and story takes years. It can’t be conjured up “just in time” during the high school senior year. Learning to think, speak, and write effectively is a slow-cooking process, not popcorn-quick microwaving.

Jason Ma Jason Ma is Founder CEO and Chief Mentor of ThreeEQ, a family-owned, premier education and business advisory firm. He is author of the acclaimed book, Young Leaders 3.0: Stories, Insights, and Tips for Next-Generation Achievers, and is former Forbes contributor on Mentoring Young Leaders for elite college admissions, higher education, leadership, and entrepreneurship success. Jason was a delegate to the Forbes Global CEO Conference for 8 years before Forbes Media was acquired. He is a leading member of the B20, the official G20 dialogue with the global business community, serving on the Employment (Future of Work) and Education Task Force.

Known as Chief Mentor of Next-Gen Leaders in Family Office and high-level circles, Jason is also a sought-after speaker.

To learn about Jason’s work, visit www.ThreeEQ.com.

Wisely support your kids to start early, reduce stress, achieve greater success— and learn, work, and live more happily!

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PHILANTHROPY

Reimagining

WEALTH AND PHILANTHROPY

By Mike Scala

reason to come together in a shared pursuit of meaningful futures. Reimagining wealth is a key component in making such intergenerational collaboration possible. What does wealth mean to each different generation in your family? What does the family legacy look like today? How do the children in the family see the possibility of being part of a lasting legacy 30 years from now? One of the organizations leading that shift of reimagining wealth through philanthropy while working to transform the way families align their core values with impact is “The Impact Agency.”

As the model of traditional investing is shifting and Family Offices around the world are starting to pivot their portfolios towards impact investing, next-gens are supporting their families in the largest wealth transfer in the history of humanity as we know it.

With that said, many families are re-thinking the way in which they approach honoring their family legacy while making a positive change in the world. More principals and next-gens are passionate about philanthropy and sustainable solutions that not only have a healthy ROI but are also good for the planet.

With more intergenerational communication, integration, and collaboration occurring within many families, a new model is taking shape aligned with the context of our times and many are looking for more “current” approaches. This powerful shift has fostered

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Mike Scala is the founder of The Impact Agency, a private, specialized agency working with families and foundations to maximize their philanthropic efforts, and as a result, reimagine philanthropy while expanding their family legacy. Scala has founded a number of organizations deploying capital globally while implementing sustainable solutions and impact across all sectors. He has led efforts both on the ground and behind the scenes traveling around the world to work with families, NGOs, and the public and private sector.

In addition, his work with organizations such as Bankers Without Boundaries with governments, institutions, and cities to mobilize capital applying financial concepts/structuring to public projects aligning them with the investment needs of capital markets, risk reduction, scaling and generation of financial returns, the World Health Organization, SAP, and more have resulted in providing aid and opportunities to millions across continents the past two years alone. He has been recognized at The World Economic Forum and has spoken at some of the top universities and institutions

such as NYU, Cornell, BI of Norway, the United Nations, and private family office gatherings internationally. Scala, is often referred to by his peers as “the swiss army knife of philanthropy.”

When COVID19 was announced a global pandemic at the end of March, Mike was approached by a number of families around the world and was entrusted with helping them to deploy aid effectively. Throughout that process he was called upon by various world leaders to support relief efforts. He and his team spent 8 months on the frontlines in countries around the world setting up food supply chains, building teams, working throughout Los Angeles County, Chicago, New York City, and were called upon by members of the European Union to support in leading efforts around community youth engagement, education, public health, messaging and communications, and relief for underserved communities across the US and Europe. Working directly with families, donors, and corporations such as Vivobarefoot, he and the agency were able to provide 25k+ families in the US with food, PPE, supplies, and necessities, increase efficiency of supply chains for shipping of aid to communities in need, provide 10k+ of the homeless population in the US with food, clothing, jobs, and supplies, new facilities for the Watts Empowerment Center, 50k+ units of PPE equipment to hospitals in Chicago, LA, NYC, and Italy, $700k+ worth of educational supplies to underserved communities that do not have access to the internet or tech for online learning during lockdowns, over 10 million impressions and reach on social media, messaging, and engagement to raise public health awareness.

Throughout his work around the world Scala saw funding spent inefficiently, a lack of cohesion and accountability, and found that so many donors, families, and people don’t trust charities. In fact, over 40% of people in America alone don’t trust charities and families and companies waste millions of dollars on philanthropic giving efforts that end up being a band aid to the issue. After seeing that inefficiency, he decided to create The Impact Agency which invests resources effectively so they land where they need to land. Connecting those who are willing to help with those who need the help.

The Impact Agency provides accountability, scale, and maximum return on impact of giving. With a track record of a minimum of 2-5x return on impact, (that is for every $1 million they deliver up to $5 million of good out into the world) they are empowering and supporting the transformation of dynamics intergenerationally. It is the first of its kind as a “one stop shop” with experience in the areas of disaster relief, human rights, youth and community engagement, education, environmental sustainability/clean energy, tech, arts and culture, and more. They help create the

project, provide accountability and reporting, vet and find the best-fit beneficiary aligned with the family’s values, have experience on the ground globally working directly with communities, understand cultural dynamics, diversity and inclusion, and create strategic partnerships so that the community has direct involvement in the project creating ownership and protecting your investment.

They also ensure effective execution of the project and support sustainable practices to enable its relevance after completion.

In the current state of the world, many families and their businesses not only have an opportunity to make a difference for the future generations of the world, but a chance to change history through their legacy and shared values through impact.

Contact: Mike Scala mike@the-impact-agency.com

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