The Gould Standard Fall 2013

THE GOULD STANDARD Day, 00 month 0000

VOLUME II, ISSUE I

nr. 0000 Price: x euro/dolars www.news.paper THE UNDERGRADUATE COLLEGE

12 PAGES 24 pages every day TUESDAY, NOVEMBER 26, 2013

Raising the Bar on Corporate Social Responsibility

Is Bitcoin the Next Global Currency?

Club Spotlights and Leadership

OP-ED

MARKETS

LEADERSHIP

Page 05

Page 03

Page 10

Futures & Options: Beyond Finance It is no secret that finance dominates Stern. But new opportunities are cropping up in response to rising student interest in other business pursuits Daniel Huang Class of 2014

ll If Stern were a giant party-size bag of Chex mix, finance majors might be best represented by combining all Chex pieces, breadsticks, and pretzels. At least, that’s how it sometimes feels. The elusive rye chips then come in and cover the rest.

Though different numbers often get tossed around, the official percentage of Stern students who graduated last year with a degree in finance, either solo or as a double major, stands at 75 percent.

This is a high figure but not so surprising when you consider the reasons that may explain it. Stern boasts one of the top finance programs in the country, ranked second only to Wharton. It claims a proximity to Wall Street that no other business school can match. Indeed, every recruiting season, bulge bracket firms descend on campus in horde, eliciting equal parts awe and intimidation and bringing fresh sets of finance openings that quickly domi-

nate every conversation.

Nami Mody, a Stern alum who graduated in 2013, remembers feeling that pressure.

“When fall comes around, it feels like all everyone talks about are recruiting events.

If you’re not doing on-campus recruiting, or attending a different finance event every week, it’s like, ‘Wait, what are you doing?’”

In the 2012 Life Beyond the Square report, Wasserman’s annual full-time employment survey, responses indicated that finance majors enjoyed a mean income of $66,389. At a school as expensive as NYU, it is hard to turn down that kind of return on investment.

Another contributing factor is that undergraduate business programs tend to attract self-selecting students who have specialized earlier on. Arriving at Stern already knowing exactly what they want, they immediately begin accumulating eboard positions, lining their resumes with finance internships and strutting the halls with suits and briefcases. For better or worse, these students set a certain tone and soon everyone else feels the need to fall in line. A herd mentality kicks in and voila – three-fourths finance majors.

(continued on page 6)

Stern claims a proximity to Wall Street that no other business school can match.

MARKETS

FEATURES

OP-ED

BACK PAGE

ll The Gould Standard intervies five alumni to see what life is like for them after leaving Stern.

Page 07

ll Freshman Steve Krafcik writes aboout the United States Debt Ceiling and what could have been done differently Page 05

ll Our photographer hits

Hear from Stern Alumni

Chobani Struggles with Product Recalls

Page 03 PHOTO COURTESY OF ERICA DECKER

PHOTO BY MARIA XING

The Debate That Never Was

Dress for Success the Plaza to capture some of Stern's most stylish students

Page 12

NEWS MARKETS

2

Abenomics

Day, 00 month 0000

news.paper

SOURCE: YARDENI

is on a mission to prove his prowess in economic policy, firing off his "three arrows" in a feat of fiscal archery

PRIME MINSTER SHINZO ABE

Susan Wang Class of 2016

ll Known for its miraculous

economic growth, Japan has been studied with great interest and scrutiny. Japan was historically a fishing and agricultural nation, with little trade between it and its neighboring countries.

Its isolationism meant the country was largely self-sufficient and less technologically advanced than the Western world.

But since the opening of its economy after the Perry Expedition in 1853, Japan underwent extremely unique and fast-paced growth for over 100 years, making it the second largest economy in the world, after the US. Especially after WWII, industrial output increased dramatically, led by industrial heavyweights like Mitsubishi, electronics pioneers like Panasonic, and automotive giants

like Toyota. Japan quickly transformed into an export nation of technologically advanced manufactured goods. From WWII until the early 1990s Japan’s GDP grew nearly tenfold, and today the Tokyo Securities and Stock Exchange is one of the largest exchanges in the world by market capitalization.

However, as real estate and other asset prices soared throughout the 1980s, a bubble economy formed, inflated, and disastrously popped in 1991, starting the “Lost Decade” of financial recession and eventual stagnation of the Japanese economy.

During the 2008 financial crisis, Japan’s GDP contracted by 5 percent, while exports fell by more than 27 percent, further pummeling the still crippled economy. Thus, when Shinzo Abe took the seat of Prime Minister in 2012, he set off to massively

reform and improve Japan’s economy.

Termed ‘Abenomics’, Abe’s plan of attack was comprised of a three-pronged strategy (‘three arrows’): first, to have the Bank of Japan print as much money as needed to beat unbearably long deflation and achieve an inflation rate of 2 percent; second, to boost government spending in hopes of triggering a trickledown effect on business investment and consumer spending; and third, to reform the labor market, regulations, consumer taxes, and free trade agreements.

Since 2012, the Japanese yen has fallen about 25 percent against the US dollar, the stock market rose over 20 percent, and both wages and consumer spending increased to push total growth up. Hailed as largely successful in his policies by over 70 percent of the public at large, Abe was reelected as

Prime Minster Shinzo Abe at his appointment on Dec 26, 2012 Prime Minister in July 2013.

Clinical Associate Professor of Economics Joseph Foudy says he thinks Abenomics has been successful in achieving its goals so far.

“Some of this is perhaps lucky timing, and a part of this is the weak yen boosting exports,” said Foudy. “But a large part has been boosting confidence among businesses and consumers.

It’s unclear if quantitative easing works, but if the public thinks it does, it can have an effect.”

Additionally, because the labor market and domestic business sectors

are very rigid in structure — as signaled by the prevalence of ‘lifetime employment’ policies at many large Japanese firms — Foudy believes reforms in these spheres are equally important to any kind of confidence building.

On the other hand, Abenomics has undoubtedly come at a high price. In August 2013, Japan’s debt to GDP ratio reached 230 percent, almost three times that of the United States.

“One risk [of Abenomics] is that foreign countries interpret Abenomics [or] quantitative easing as being just about depreciating

In Recent News...

Snapchat CEO Evan Spiegel has rejected a $3 billion acquisition offer from Facebook.

The application has experienced rapid growth with over 150 million mobile users.

SOURCE: FORBES

On October 8th, President Barack Obama nominated Janet Yellen to be Chair of the Federal Reserve. If confirmed, Yellen will be the first woman to hold the position.

SOURCE: AP

A startup in San Francisco introduced an allin-one card called Coin that is meant to store financial information from every other card carried in a wallet.

SOURCE: COIN

SOURCE: GETTY

your currency. If other countries do that, it can lead to a cascade of beggar-thyneighbor policies where every state tries to achieve a weak currency,” explains Foudy. “Second, if it works and sparks inflation, it could raise borrowing costs and the Japanese government is heavily indebted; third, the government is raising taxes to close the deficit later this year. That may have the effect slowing the recovery.”

In the meantime, the world has its eyes trained on Abe’s new term, holding its breath to see just how true his three arrows fly.

NEWS MARKETS

Day, 00 month 0000

Letter From the Editor What is a newspaper without its staff?

Before I begin, I must first dedicate this issue to the wonderful Gould Standard writers, designers, and contributors who I have had the pleasure of working with for the past few months. I could not have asked for a more talented and dedicated group.

When I sent out the applications at the beginning of the school year, I was surprised with the amount of journalistic experience that existed within a business school. Just to give you an idea: among us are seven former high school editorin-chiefs, a Vogue editorial intern, an ESPN blogger, a few Washington Square News writers and a Seeking Alpha contributor. As you will see throughout this issue, many Stern students have passions that go beyond the business sphere. Being a part of The Gould Standard allows them to show a more creative side and continue to do the things that they love.

It also gives them something that we all desire: a voice.

Now, a little more about The Gould Standard itself.

The publication is still in a very entrepreneurial stage, as this is only our first full

year of circulation. Created last semester from a shared vision that a student and a faculty member had, it bridges the gap between the two groups and aims to enhance community at Stern. Our purpose is to create, collect, and distribute high quality news, features, entertainment, and commentary pertaining to aspects of Stern itself, its students and faculty, or academics and business in general.

But how exactly is it different from the other publications on campus? The Gould Standard is, ideally, a combination of your high school yearbook and The Financial Times. Within this issue, you will find a diverse range of content. Current news in the markets, spotlights on various Stern clubs, events around the city, and stories of students and faculty that may just surprise you.

So grab that pumpkin spice latte, sit back, and relax. We hope you’ll enjoy reading, and maybe even feel a little bit inspired.

Sincerely, Maria Xing Editor-in-Chief

3

Title of article

news.paper

news.paper

www.newspaper.com/Link to website

The Gould Standard Staff Maria Xing Editor in Chief Luis Landas Managing Editor Lauren Tai Markets Editor Kevin Baker Copy Editor

Linda Zhang Niharika Naveen Features/Leadership Editor Brooke Rosenberg Layout Designers Sibora Lalaj Student Life/Op-Ed Editor Stephanie Lin Photographer Grace Reed Rohan Chudasama Managing Design Editor Cartoonist Sophie Gu Wicy Wang Vivian Li Communications Manager Deputy Design Editors

Staff Writers: Kavita Patel Galileo Russell Aleka Raju Vidula Joshi Daniel Huang Anna Chen Stephen Krafcik Susan Wang Angela Li Kavya Nagalla Andy Fang

Dominique Nguyen Michelle Del Giudice Marketing Team: Tammy Tan Shahryar Bachani Samir Goel Michelle Kuan Beau Gambel

Product Recalls And the Difficult Path Back

grapples with consumer reactions after confronting product recalls earlier this year

CHOBANI Aleka Raju Class of 2016

llJust like how Google today is synonymous with the Internet, Chobani is synonymous with Greek yogurt in the American market. From a company with almost zero revenue in 2008, Chobani has grown phenomenally in the past five years to have a projected revenue of almost $1 billion for the 2013-2014 financial year. However, Chobani’s September 2013 recall of a batch of contaminated yogurt manufactured in its Idaho plant could hurt the present growth trajectory that it is on.

Since 2011, Chobani has enjoyed its status as the leading yogurt brand in the

United States, overtaking industry stalwarts like Dannon and Yoplait. But its consumers have had a mixed reaction to the issue of how Chobani dealt with the news of mold in its yogurt batch with the general public.

The Chobani recall highlights the issue of how a product recall affects consumers’ perceptions of a brand and the best way that companies can deal with the situation. Recent research by the Relational Capital Group and Candace, Bennett & Associates highlighted the fact that product recalls present a special opportunity for companies to show how much they care about the safety and well-being of their consumers by handling recalls in a

proactive and honest fashion.

Companies generally have two options in the face of a product recall: they can be either reactive or proactive.

Being proactive is generally advantageous because to consumers it makes it seem that the company has acknowledged the fact that it made a mistake and is trying to make amends for it.

In the short term, proactive strategies are easier to implement because consumer outrage is somewhat muted in the face of the recall and the company is able focus its attention inward and investigate the incident.

Externally, the company will need to rebuild its reputation, which could involve a new marketing campaign that

stresses the quality of its products and targets the lost consumers. In the long term, however, if it is a single incident, consumers will generally move on and continue to use the product.

“Consumers who love Chobani probably had greater trust in them and so they likely didn’t have a very negative reaction to the news of its recall and will continue to use its products in the future,” said marketing professor Vicki Morwitz. “However, for consumers for whom Chobani is just one of the many yogurt brands they use, the recall might make them more cautious in terms of using Chobani products in the future.”

A Look at Third Party Litigation Funding LITIGATION

is a baffling beast, but a trend in third-party funding is grabbing the attention of investors everywhere

Vidula Joshi Class of 2014

ll What do you get when

you cross an investment bank with a law firm?

Litigation finance is the newest player in the market for alternative investments.

In a litigation financing arrangement, third-party investors fund the plaintiff in return for a percentage of the expected settlement amount. While the practice of third party litigation funding is not exactly new to the United States, recent years have seen an increase in the supply and demand for litigation funding and the emergence of investment firms around the world solely devoted to third party litigation finance — some of these firms are publicly traded.

Investing in high-stakes

lawsuits has its payoffs.

Burford Capital, the largest player in the industry, reportedly made $32 million on nine cases that were resolved last year — a return of 91%.

Alternative fee arrangements have existed for many decades in the United States. These include syndicated lawsuits, presettlement funding, and contingency fees. What distinguishes the modern breed of litigation finance firm is the sheer size of their investments. Juridica Investments, a major player in the U.K. litigation finance market, is reported to have raised $160 million in its IPO on the London Stock Exchange’s Alternative Investments Market. Juridica and Burford Capital both have well over $100 million in funds. In contrast, pre-

settlement funding amounts range in the few thousands.

Juridica only invests in lawsuits in which the claim amounts exceed $25 million, and the typical loan amount ranges from $2 million to $5 million.

In aggregate, the capital invested in litigation is enough to make a significant policy and economic impact. Additionally, the development of an organized market in commercial lawsuits has the potential to drastically alter the legal system; critics have raised concerns about the possibility of encouraging frivolous lawsuits with low social value.

However, advocates of litigation finance state that it allows financially constrained, risk-averse plaintiffs to go after wellfunded, risk-neutral

defendants. Business law professor Maria Patterson states that while third-party litigation finance may not effect drastic changes in the legal landscape, she is concerned about thirdparty funders supporting litigation that “wears down the defendant in order to obtain a lucrative settlement” instead of supporting plaintiffs with the goal of vindicating rights. Given that litigation finance firms are motivated by profit, not morals, they will necessarily seek out lawsuits that provide the highest return instead of those that increase access to justice.

From an investor's perspective, litigation is an attractive investment, as the returns are not correlated with traditional asset classes.

“Investing in contingent

lawsuits is a form of venture capital investing in which the future settlement value of a lawsuit can be acquired at a steep discount,” says Roy Smith, Kenneth G. Langone Professor of Entrepreneurship and Finance. Some litigation funders have engaged in a form of litigation investment securitization. It is possible that in the foreseeable future a new form of securities will be created in the form of legal-claims backed securities.

Investors, however, should be wary of the inherent risks involved, as recent setbacks faced by litigation finance firms suggest that things may not be as rosy as they seem.

Investors who backed U.S. firm Excalibur Ventures LLC in pursuit of a $1.6 billion claim against two other

firms lost tens of millions of dollars in court costs and other fees after a three-year fight. Uri Landesman, the president of a hedge fund that invested in the Excaliber case, admitted that the odds in the case favored the other side, but the potential returns “could have been unbelievable.”

The market will likely correct itself in face of these risks. Professor Patterson expects there to be a downturn in the pace of and interest in litigation funding after such losses become more common. Additionally, she states that legal concerns can be mitigated if the funder is “walled off” from strategic and tactical decisions and negotiating strategies. Overall, however, Professor Patterson believes the advantages of third party litigation finance ultimately

4

NEWS MARKETS

ShopThis!

Enables Instant Shopping for Wired Magazine Anna Chen Class of 2017

ll The ShopThis!

partnership announced between MasterCard and Condé Nast will allow digital readers to purchase items straight from the pages of a magazine. Condé Nast, which owns the magazines Wired, Vogue, and Vanity Fair, will debut ShopThis! in the November tablet edition of Wired.

ShopThis! is the two companies’attempt at simplifying online shopping, allowing consumers to buy what they want as quickly as possible. ShopThis! lists the four steps of the process: "Read, add to cart, check out, keep reading.”

Following the start of the partnership, Wired Magazine will feature a shopping cart icon on each page. Readers are interested in a product featured in an article can click the shopping cart and see what’s for sale. ShopThis! will also sell products from advertisements in the magazines, making the publication more appealing to advertisers.

The partnership between MasterCard and Condé Nast signals a potential shift in online shopping. Readers can instantly purchase what they see in the articles of a magazine, making impulsive shopping even easier.

Other retailers are already developing their own instantshopping applications.

Peapod, an online grocery store that delivers to homes, allows customers to scan barcodes to add a product to a virtual shopping card.

Wired, a technologyfocused magazine, has an audience especially open to shopping online and reading from tablets. However, these digital shopping developments may have little impact on the larger pool of consumers because many do not yet use tablets for shopping.

"While digital technology is creating new and exciting ways for millennial consumers to shop, it is unlikely these will be successful anytime soon. Adoption is still minimal and until these technologies become common place, there will be little incremental effect," said Stan Rosenberg, President of the Marketing Society.

Tablet shopping should have a greater impact on college students. Over one in four college students own a tablet, according to the Pearson Foundation.

This movement to cater to modern, technologyoriented shoppers is only beginning. Soon, tablet readers may start to see changes in the format of their digital subscriptions to enable shopping from tablet editions of magazines.

continues to revolutionize the auto industry, driving innovation across its entire business model

TESLA MOTORS

Estimates of first quarter results in 2013, via LMC Automotive Gali Russell Class of 2015

ll For a car company trying

to kick our unfortunate global fossil fuel addiction, Tesla is viewed with a lot of skepticism. Auto manufacturers around the world continue to scoff at Tesla. In fact, Toyota’s CEO said on record that there is not and will not be a market for electric vehicles. This comes from the company that designed the Prius, the first successful massmarket hybrid. Despite heavy negative press, Tesla is beating the odds.

2013 was a make or break year for Silicon Valley’s only automaker. Ten months in, Tesla’s stock is up 400

Class of 2015

Second Market’s Bitcoin Fund Is A Good Start

news.paper

The Little Engine That Could

Gali Russell

Barter, Gold, Paper Money: Is Bitcoin next?

Day, 00 month 0000

llSure, right now the global currency is the U.S. dollar.

No one seems to think twice about whether or not a better alternative may exist now or in the future. That is until Bitcoin stepped onto the scene.

Bitcoin is a decentralized online currency founded in 2008 by Satoshi Nakamoto, a person whose real name and identity remains unknown. Since its clandestine introduction to the markets five years ago, Bitcion has gained incredible traction. The overall value of all Bitcoins in circulation recently passed $2 billion, up from well under $1 billion this time last year.

Bitcoin proponents consistently highlight

SOURCE: LMC AUTOMOTIVE

percent, and the company seems poised for success.

In the first quarter of 2013 Tesla outsold BMW, Audi, Lexus and Mercedes in the US luxury sedan segment — the only area in which Tesla currently competes — and not by a little. Tesla sold 4,900 units, 59 percent more than Mercedes who sold just 3,077 in the quarter to make second place.

Tesla did this without spending a single dollar on advertising. Other car companies have taken notice. In September of 2013, GM created a team with the sole purpose of studying Tesla.

Tesla has almost singlehandedly turned battery electric vehicles into one

of the hottest markets in 2013. The segment is up 208 percent year-overyear, and now boasts a total value of almost $2 billion in the United States alone. It has done this without any franchise dealers, through which carmakers sell their units. Instead, Tesla owns Apple-like retail stores where friendly and knowledgeable employees educate customers on the benefits of the car.

Economics professor Joseph Foudy compared the two business models, noting that traditional dealers must hold inventory, forcing them to sell customers what is on the lot, rather the best car for them. “Personally, I thinking franchising for cars

is outdated,” said Foudy.

No carmaker has followed Tesla in creating its own stores, though they may give in if they continue to lose market share. With this sales method, Tesla has innovated on a business model that has seen little change for decades.

When asked if they would buy a Tesla, most NYU students said they would at least consider it, thinking highly of the brand. Englishborn Steinhardt Junior Scott Hughes put it bluntly, “If I could have any car it would be the Model S in that limited edition Jaguar green. [It’s] just too clean.” If that’s how our generation is thinking, car companies are going to need to start changing fast.

several advantages of the virtual currency. Generally, one of the highest regarded features of Bitcoin is that its supply is finite. We know that just over 21 million Bitcoins will be ‘mined’ forever. This starkly contrasts with paper currencies, like the U.S. dollar, whose supply is decided in a dark boardroom by the Federal Reserve.

Bitcoin is also seen as more convenient than any traditional money, because it is based online. Sending and receiving Bitcoin is incredibly secure, yet as easy as drafting up a quick email.

This type of simplicity is sorely lacking in today’s financial system, which gives in to the rise of Bitcoin.

In the past two months, there have been two major positive shifts in the Bitcoin

economy. The first was the shutdown of Silk Road, an online black market that used Bitcoin as its anonymous payment system. Bitcoin skeptics pointed at Silk Road as a negative example of what the currency created and a major supporter of the price and stability of Bitcoin.

After the F.B.I. shut Silk Road down, Bitcoin’s price fell for a day before quickly rebounding to new highs.

The second major occurrence is even more important. SecondMarket, an online platform that allows investors to trade equity in private startups, recently launched the Bitcoin Trust.

This trust is the first financial product to bring Bitcoin investing to the masses without forcing consumers to take on the risks of buying

and storing the currency. If it catches on, Bitcoin Trust could bring previously unseen liquidity and stability to Bitcoin. This will make the currency an even more viable replacement for traditional financing methods. Since the launch of the fund, even with the shutdown of Silk Road, Bitcoin is up an astonishing 35 percent now over $200 per unit.

Bitcoin has a long way to go before it replaces paper money. However, in just five years it has already shown a number of benefits that a decentralized currency with a limited supply can have over our paper money. Whether SecondMarket’s Bitcoin Trust will be a flop or the start of a new trend is yet to be seen.

Either way, investors in Bitcoin are in for a wild ride.

Day, 00 month 0000

news.paper

COMMENTS

OP-ED

Editorial

Stephen Krafcik Class of 2017

The (Debt) Ceiling Can't Hold Us

I

n the wake of the government shutdown and hurried resolution to raise the debt limit through February 7, 2014, Americans are rightly concerned.

Unfortunately, many are concerned for the wrong reasons.

The debt ceiling debate should have been a time to reconsider spending and taxation — issues that directly affect the debt. Instead, the debate in Washington, one that Republicans encouraged, was over Obamacare and which party would blink first. Public attention was centered on political games and ineffective governing when it should have been centered on the more substantive issue of America’s outof-control spending.

Perhaps talking about spending would be too frighte-

5

ning. Indeed, the facts are quite alarming — especially for us in the younger generation of those under 30. The Congressional Budget Office estimates that Social Security, Medicare, Me-

....never before has the young generation been so hurt, so prematurely srippled, by policies being bargained over in Washington... dicaid, and other health programs will eat up 97 percent of the annual federal budget in just a single generation. By the 2040s, the debt itself and its colossal interest payments

will become bigger problems than the bankrupt health programs, leaving America looking much like current day Greece — broke, despondent and hopeless. Add in Obamacare, and a politically divided nation, and, in short, America’s future looks grisly.

The debate over new-century America we should have had after President George W. Bush tacked on $4.9 trillion in debt over eight years. The debate needs to be had now after President Obama continued the trend, piling on an additional $6 trillion in five years.

Conservatives, and at times the Republican Party, understand this; however, Republicans can’t articulate a cohesive message to the American people (as demonstrated by the Obamacare repeal effort) and

so the national conversation, dictated by democrats, sidesteps glaring issues at the peril of young people everywhere.

Indeed, never before has the young generation been so hurt by policies being bargained over in Washington. We will be the ones paying back the country’s debt for as long as we live, and our kids will pick up where we left off. To provide some context, today’s 65-year-olds will receive on average net lifetime benefits of $327,000 per person, while our generation will suffer net lifetime losses of $420,600 per person as we struggle to pay the bills of aging Americans.

Yet we, the young generation, show no visible concern over government spending, and little concern over our future.

60 percent of young vo-

ters cast their ballots for Barack Obama in the most recent election, despite his having accumulated more debt than all other presidents combined. When polled, college students say they want a better economy, jobs, and a relatively secure futu-

The "debt ceiling debate" should have been just that - a debate. If we are to continue raising the debt ceiling, we must debate how to spend less in the long run. re, yet we vote for the one thing that can undermine all of that — a president bent on using America’s credit card to finance his own political en-

ds. These same young voters associate the debt ceiling with“heartless Republicans”and gridlocked governance. They should instead associate it with irresponsible spending — the real issue at hand.

The “debt ceiling debate” should have been just that — a debate. If we are to continue raising the debt ceiling, we must debate how to, in the long run, spend less. It should have been a time to refocus the national conversation on spending, and draw attention to the fact that young Americans are being swindled. Instead of concerning ourselves with the petty politicking and backwards negotiations endemic on the Hill, we should concern ourselves with issues that matter. If Washington is content with kicking the ball down the road, we – students and Americans – can’t be.

Nick Wang

Niharika Naveen

Class of 2014

Class of 2016

The Cronut Is Not Worth It Raising the Bar with CSR This summer’s latest food craze has caused quite the ruckus in New York City: Dominique Ansel’s Cronut, a donut-shaped croissant filled with a monthly special flavor and topped with Dominique Ansel’s special glaze. My recent adventure to obtain this special pastry has left me less than satisfied from the experience but moderately impressed with the taste.

Why did I decide to wait in 38 degree weather for three hours to pay $5 for a hypedup pastry? Two reasons. The first reason is that I see the line every day on my way to school. The sheer popu-

larity of the Cronut outside of its social media presence struck me as interesting. I originally doubted that people were willing to wait hours to buy a pastry but I they proved me wrong. The second reason I decided to wait was because all my friends had already tried it so I figured it was about time.

So, my friends and I get there at 5 a.m. on a Saturday morning. Now this particular Saturday morning was much colder than usual. The low temperature that week was around 45 degrees but that particular morning it was 38.

I don’t know if you know this, but unless you are wearing

PHOTO BY GRACE REED

a parka, waiting outside at a near freezing temperature is cold. To add to the misery, the smell of vomit and feces lingered in the air around the corner where people waited in line.

8 o’clock rolls around and we are let into the store by a bouncer. That’s right, folks, Club Dominique is harder to get into than the Boom Boom Room. Once we got in, my friends and I bought our maximum allotted two Cronuts and sat down to eat them. This particular month, the flavor was apple crème fraîche.

Overall, the experience of eating the Cronut was very positive. The texture was perfect and it tasted amazing. I gave it a 7/10. However, in order to eat it, I had to wait in a less-than-inviting environment for three hours. Therefore, given the current environment surrounding the wait for a Cronut, I would not recommend doing it, especially as the winter approaches.

What have we learned? In order for the wait for a Cronut to be reasonable, it must be warm oustide and smell nice. Therefore I would advise waiting for the craze to die and wait in the spring. It should be much more bearable.

Striding through Gould Plaza on a crisp fall morning plays out like a microcosmic peek into Stern: students in suits rehearsing for their next Investment Analysis Group presentation, demystifying grades on an exam or rushing to be on time for another recruiter meeting. In the three semesters that I’ve been here, every day seems to rush by quicker than the last and it is quite easy to be submerged in the bubble of college life, colleagues, friends, events and exams.

The challenge, for me and for the rest of our vibrant student body is to actively shape our education, synthesizing the projects, activities and grades to become responsible and ethical human beings. For every moment

Debt Crisis or Rather a Recession?

Rohan Chudasama Class of 2017

While the government shutdown has been recently resolved, U.S. debt to countries such as China continues to be a glaring issue.

that we take to build our resumes, shouldn’t we take another to consider the effects of the decisions we are being equipped to make?

As young professionals on the threshold of careers in the aftermath of a severe crisis, the onus is on us, the next generation, to recognize and rebuild the reputation of the corporate world. Being a student at Stern means that you have support from the curriculum every step of the way.

Changing attitudes, thought provoking classes and increasingly informed and engaged students are transforming what it means to be a Sternie. Our Social Impact Core helps develop the tools to analyze the effects and

outcomes of perverse incentives and provides an organic route to recognizing the value of social responsibility in corporations. Classes such as Business and Its Publics give us access to the successful professionals who uphold corporate social responsibility and facilitate strong voices and out-of-the-box thinking.

These classes have been some of the most thought-provoking and intellectually challenging courses I’ve taken at Stern, because they push me to look incisively at complex problems and probe for novel solutions.Today’s Stern students are striving to rise above to become innovative problem solvers not only for ourselves, but for our organizations and our societies as well.

6

FEATURES NATIONAL news.paper

Title of article

www.newspaper.com/Link to website

Day, 00 month 0000

news.paper

Futures & Options: Beyond Finance re that students have amWhile such a skew ple opportunity to explore towards finance isn’t inherently a bad thing, it does rai- different areas of study and career path opportunities,” se some concerns. says Scott Stimpfel, Assistant Consider the plight of a Dean of Student Engagenew student whose heart ment and Innovation. doesn’t necessarily bleed fiThis means less of telling nance. In high school, she students what to do and momay have been involved in re of making sure the opporsome cool business clubs or tunities are available to help taken a few interesting ecoeveryone figure things out. nomics classes. She decides Stimpfel continues, “We to come to Stern, looking are working with alumni, fato develop those inclinaticulty, students, and indusons. Instead she finds an entry leaders to create opporvironment that fosters a fitunities to assist students in nance-dominant tunnel vision. Swept up by the scram- their career decision-making process.” ble, she takes up finance as One such initiative is a well. Come junior year, she collaboration with Opporencounters another bottletunity Finance Network. Toneck – a squeeze during recruiting that urges many stu- gether, Stern and OFN are designing and implemendents into hard finance positions like banking or trading. Ultimately, she ends up in a job as an analyst at a bank somewhere, far from It becomes a prozz what she had set out to do as blem if people start an inquisitive freshman four to feel locked in to what they have to years ago. do because they “It becomes a problem if people start to feel locked in would otherwise stick out. to what they have to do because they would otherwise stick out,” says Modi.

To a certain extent, this is ting a program that exposes a set narrative that seems to students to community deexist for the Stern student, a path that many find themsel- velopment, a $50 billion inves treading almost by defa- dustry where students can use their business skills to ult. Taken to the extreme, it make a social impact. carries the danger of stifling Spearheading this effort alternative business interesto cultivate a sense of socits by sending students on a two or three-year detour be- al impact at Stern is Matt Statler, Director of Business fore they finally discover the Ethics and Social Impact Propath they were truly meant gramming. As with the OSE, to be on. his goal is not to discouraThe Office of Student Engagement has taken steps to ge students from pursuing finance, but rather to invite address this. them to expand their view.

“We want to make su-

“If you want to do finance, great,” says Statler. “We want to suggest that the social impact aspect is just as important. It is an integral part of any concentration.”

In the past few years, Stern has taken direct actions to build out the space around finance, introducing new OSE programs like the Industry Introduction Series and Professional Development Series, and even an additional concentration, Operations. Its new curricular tracks program nudges students to be more career-minded, with offerings like Asset Pricing and Digital Marketing.

These changes won’t be reflected in the campus culture overnight but already the landscape is beginning to look a little bit different - a little more diversified.

By one measure, Net Impact, a Stern club aimed at driving social and environmental change, has grown from a “special initiative” with single-digit membership two years ago to an official club with meetings that regularly bring dozens in attendance every week. This year, the Social Impact Business Challenge, a venture competition that awards up to $20,000 in funding, has attracted proposals from a record 24 teams.

Increasingly, students are looking beyond the bounds of traditional finance, giving more attention to areas like consulting, entrepreneurship, and nonprofits.

Statler, who is also one of the professors teaching Professional Responsibility and Leadership, has even noticed

a change in his classes.

“The other social impact professors and I all agree that the students today are differently oriented than they were five years ago,” he says.

Through the comments students make, the questions they pose, and the ideas they bring forth on paper, Statler describes a shift in motivations from “just making money” to “having a meaningful life and making a meaningful contribution to society as well.”

These are encouraging trends and they don’t appear to be slowing anytime soon.

“The space is really booming right now,” says Mody.

“There are so many more resources available than a lot of people realize.”

Still, choosing a major remains a complicated decision. Forces pull and tug from every which way – the desires of our parents, the opinions of our peers, the whispers of our own self-doubts.

But it is a decision that is ours alone to make, just as these four years are ours alone to choose what to do with.

Explore. Collaborate. Engage. It is easy to discount these as buzzwords plucked from a marketing pamphlet, but look past the gloss and they serve as a genuine guide for navigating the Stern experience. Underscored by their simplicity is a pointed message: play an active role in the pursuit of your passions, whatever they may be.

Stan Rosenberg Major: Marketing and Economics Five years ago, Stan and his friends founded Trip of a Lifetime, a nonprofit organization that raises money for underprivileged students in the NYC area to go on summer teen tours across the count.

Morgan Feist Major: Management and Marketing; Minor in Computer Science In high school, Morgan started a website selling vintage housewares. She approaches business with the mindset that it is the best avenue to implement change. Her plan is to own and run a world famous superrestaurant.

Eli Libman Major: Marketing and Economics Eli worked as an intern at advertising agency DDB over the summer. But his real passion lies in music. Eli and four business partners run Night Vision, a company that plans and promotes parties in New York City.

Kim Pham Major: Marketing and Computer Science (CAS) Kim is the reigning queen of the startup tech scene at NYU. She is currently the Chair of Tech@NYU and a partner of Dorm Room Fund NYC, a student-run venture firm that invests half a million dollars in student-run companies.

West 4th Brings Forth Good Food Andy Fang Class of 2017

ll En-route to classes, Stern students are often tempted by the food trucks on West Fourth Street.

The food trucks, which are set up directly in front of Gould Plaza, offer a diverse array of cuisines, from the omnipresent halal to unique Asian fusion. Yet with so many choices, it can often be difficult for students to choose what they want to eat.

If students crave a hearty, well-made sandwich, DiSO’s Italian Sandwich Society food truck, which sells

around 100-150 sandwiches everyday, may be the way to go. Owner Adam Disilvestro, who playfully gave old-school Mafia names to the sandwiches, emphasizes the high-quality Italian ingredients of each sandwich.

“Recently, the art of the sandwich has been dying.

The quality of sandwich ingredients has fallen off,” Disilvestro said. “We’re trying to the bring the tradition of Italian sandwiches with quality ingredients back.”

Every ingredient is thoughtfully and proudly sourced. The prosciutto is aged and from Parma, Italy.

The mozzarella is made fresh everyday by hand.

Although the Joey Shakes, Mickey Scars, and Joey Bats sandwiches are among the most popular with customers, Disilvestro’s personal favorite is the Jackie Nose, which has mortadella, provolone cheese, fresh basil and glazed balsamic dressing.

However, if the lines at DiSO’s, which can average 20 to 25 minutes during lunch hour, prove to be too long, the popular Chinese Traditional Food art could be a welcome alternative.

“I usually get the fried chicken or the tea eggs,”Stern freshman Julia Shi said. “The

food is pretty authentic and it comes out quick, which is great for when I want to snack on the go.”

The Traditional Chinese Food cart is also priced affordably, a necessity for the typical college student on a tight budget.

“The prices are very reasonable. I can easily get a filling meal for less than five dollars,”said Stern freshman Jason Ou. “I also like that I can converse with the workers in Chinese.”

If authenticity isn’t a requisite, students can turn to Big D’s Grub Truck, which has bold and irreverent fusion offerings ranging from

bulgolgi tacos to Old Bay seasoned fries.

Owner Dennis Kum, or Big D, hopes to capture a wide variety of different flavors in each bite. Thus, even though many of his items have strong Korean influences, he doesn’t categorize the food of his truck as any one specific cuisine.

The most popular items on the menu? Spicy pork grinders, topped with kimchi puree and scallion relish, or spicy chicken grinders, served with spicy mayo and fresh cilantro. Both are made-to-order and topped with shredded sweet and tangy pickled daikon radish.

Students craving sweets, however, may have to look

elsewhere. The much-hyped Wafels & Dinges truck has proven to be disappointing for some. At $6 a waffle and $1 for each additional topping, Junior Athena Hu, who has tried the waffles and hot chocolate, found the food to be both over priced and overly sweet.

“I felt like puking afterwards from all the sugar,” Hu said. “I love eating sweets but [the sugar content] was still way too intense.”

For the convenience, the food trucks on West Fourth can’t be beat. If you’re ever running late to class, rest assured, good food is just a few steps away.

Day, 00 month 0000

news.paper

NATIONAL FEATURES

7

Title of article

news.paper

www.newspaper.com/Link to website

Alumni Spotlight Michelle DelGiudice Class of 2015

ll We interviewed five

recent graduates working in different fields their advice for current undergraduates.

Questions

1. How did you choose your current position/field? What jobs and experiences led you to your present position?

2. What skills or abilities are most valuable in your job?

How did Stern prepare you for your current position?

3. What do you enjoy the most about your current job?

4. Do you have a favorite memory, class, and/or club that you were a part of at Stern?

5. What was a challenge you faced at Stern, and how did you overcome it?

6. What advice would you give to undergraduates in each year (freshman, sophomore, junior, senior)?

7. What tips would you give to students to be successful during the recruiting process?

Kush Rauhila

1. I ultimately chose my field because it was something I was really interested in and the lifestyle aligned with what the one I wanted. As a freshman, I was unsure of what I wanted to do. I checked out multiple club events and saw myself gravitating more towards marketing. I also took a few internships in marketing and finance and enjoyed the marketing ones much more. However, marketing is a broad category. I knew I was more numbers driven so I decided to pursue media.

Additionally, I found that the ad agency lifestyle fit my personality. It's a very casual and laid back environment with a high level of work.

That’s how I ended up where I am and it's definitely made me very happy.

2. Learning how to work with multiple parties, organization, understanding technical concepts and working with numbers and trends. Doing multiple group projects at Stern taught me how to work well with a variety of people and how to manage time. Also, learning to present myself really helped, whether in front of a crowd or in a one on one setting.

3. I love the environment. I genuinely enjoy coming into work. Everyone is extremely friendly and collaborative.

Also, having so much

responsibility allows me to take pride in my work and the difference that I make.

My enjoyment the work I do also makes a difference.

People should definitely go into something they like rather than just go for the money. Money will come.

Finding something you love doing isn't as easy.

4. My favorite memories all happened abroad. I studied abroad in Shanghai, did Stern International Volunteers in Peru, went to Buenos Aires for International Studies Program, and took the India class in the winter. Traveling so much definitely had a big effect on me. I learned a lot about myself and the world as I continued to push outside my comfort zone.

Everyone should go abroad as much as possible. The experience is something you'll value for a lifetime.

5. Working on six group projects at once. I learned how to organize my time and even work in two groups at the same time. It was definitely more stressful to coordinate with others rather than study something on my own. But you learn to deal with it and put in the effort even if you have to sacrifice some sleep.

6. To Freshman - Keep an open mind. Do something not because everyone else does it, but because you enjoy it. Stern is supposed to help supplement your own career and interests; you're not supposed to follow the typical Stern path because it's easy to fall in line with the norm.

To Sophomores - Go abroad!

To Juniors - Figure out what you want to do and go for it.

To Seniors - You have an abundance of free time to really follow your own passions, learn a new skill or hobby, or create something.

Use it. Don't spend your days watching Netflix and doing nothing.

7. Don't stress. If you don't get something through oncampus recruiting there are plenty of other opportunities elsewhere. I didn't do OCR and I ended up completely fine. I just had to search elsewhere.

Sriram Satish

1. I chose this field based on the industry’s quick pace.

When you're on a trading floor, it’s 12 hours of nonstop stress - you never know what can happen, what can

M

Kush Rauhila

Position:

eet THE Alumni

Sriram Satish

Position:

Account Coordinator

Sales and Trading

at Razorfish

Analyst-Citigroup

Major(s)/Minor:

Major(s)/Minor:

Marketing and

Finance and

Economics

Information Systems

Stern Activities:

Stern Activities:

DSP, Student

ICC, IAG, Stern Cares,

Council

Cohort Director

Position:

Position:

Position:

Product Marketing

Analyst at BlackRock

Business Analyst and

Manager-The Huffington

with the International

Management Consulting,

Post Media Group

Audit Business Group

Accenture

Major(s)/Minor:

Major(s)/Minor:

Major(s)/Minor:

Finance and Management

Finance

Marketing and

Stern Activities:

Stern Activities:

MCG, Alpha Kappa Psi,

IAG, Marketing

Stern Consulting Corps

Society

Economics, Spanish

Piyusha Eluri

cause sudden changes in the market, and what kinds of things clients request. Certain people thrive on this stress - I'm one of them. I initially started off in technology at Citigroup in my sophomore year, and while there had exposure to the trading floor.

I quickly made the switch to Sales and Trading for my junior summer, and the rest is history.

2. The most important thing that a trader needs to be able to do is think on his feet quickly and decisively.

It really is how you think, not what you know, when you enter this field. I've always told prospective hires that we look for people who can think like we do, because we can teach you the technicals.

We can't teach you how to think. Stern can teach you technical knowledge, but tap resources from alumni and upperclassmen who can help you learn how to think. That is much more crucial than knowing a set of formulas.

3. I love the environment.

A trading floor is open and no one can hide behind a cubicle. You're held responsible for what you do from day one. I'm doing director and managing director - level work as an analyst, and when those opportunities arise you have to seize the moment and run with it. I did and I have been able to meet people within senior management because of it.

7. They may tell you GPA is everything (and it definitely is a decent factor) but it's not.

One of the main gauges I use is - can I sit next to you for

Sammy Mowaswes

Stern Activities:

12+ hours a day? If you can't hold a conversation about anything interesting, sorry but you're not fit.

build relationships, not just network - because these are often the places you'll grow the most.

Piyusha Eluri

Sammy Mowaswes

1. For me, personally, I know my long-term goal is to understand how business decisions are made and one day run a business of mine.

In the Business Strategy and Operations team at Huffington Post, we are making important business decisions everyday.

2. Shout out to Professors Jeff Younger and Vinay Patel - understanding how to create aesthetically pleasing, yet clean and meaningful presentations can be a Sternie's best asset. OrgComm and Casing Methods increased my workplace value tremendously!

3. I spent 6 months interning in the Business Strategy and Operations Team at The Huffington Post before working here full-time. At 21 years old and fresh out of college, it's difficult to decide where you want to launch your career and to picture where you'll be even just 5 years into the future. What matters the most when you're young is the environment that you're in.

6. You can look for a job in two ways - (1) to build a functional skillset or (2) to enter a specific industry. I encourage you to really think about your long term plans before jumping into a career.

7. Understand that EQ is just as important as IQ when you start working. Sharpen it, and find a place that allows you to

Marketing Society, USWIB

Katherine Corson

1. My current position chose me. I applied, interviewed, and got the job via OCR. I wouldn't say I knew from the moment I came to Stern that I would be in the position I'm in, but I knew that whatever it was, I would want it to be with a firm that values its employees and provides endless opportunities to grow and become something more.

2. The ability to think quickly on your feet under an incredible amount of stress is very sought after in my group.

Given the nature of our work and our firm's responsibility to our clients, we have to make sure that our work is done right.

3. I enjoy the amount of ownership I get over my work.

Despite only being a 22-yearold "kid," my group still gives me complete ownership over my projects and expects me to perform and deliver just as well (if not better) than the most seasoned employees.

7. The one piece of advice I'd give someone is to take advantage of being a student.

Put yourself out there and take advantage of the fact that as a student, you can take on several internships that will help you build skills and networks.

Katherine Corson 1. I decided consulting would be an excellent career choice for after I graduated

due to the breadth and variety of opportunities. I felt as though in my past corporate internships I had focused on very specific, smaller initiatives and felt consulting would drive me to solve companies’ most pressing and challenging issues.

2. Critical Thinking, Communication, and Teamwork. Stern prepared me by allowing me enough credits to take liberal arts classes that encourage critical thinking, and I developed strong business communication and teamwork abilities both in classes and in extracurriculars.

3. I really like the people I work with. At the end of the day, it's important to me that I work in an environment with people who have a similar work ethic and approach to accomplishing projects, and I felt the company culture at Accenture best aligned with my values.

4. I absolutely loved The Marketing Society. I found a home in the organization and was always extremely passionate about it.

5. The pressure to be a finance major. I always had this looming doubt over my head about whether or not to be a finance major. I'm extremely happy with the decision to pursue studying classes I was passionate about and not just doing what I felt everyone else was.

7. Work to be more sociable and to develop your people skills.

8

INTERNATIONAL STUDENT LIFE

Day, 00 month 0000

newspaper.com

Cultures Within Stern Stern's student body is infused with a myriad of cultures. Five students explain their backgrounds and portray the diversity that is present within the school.

tally ingrained in you?

A value that is prevalent in both Thai and Indian cultures which greatly affected my parents and that they found extremely important to pass down is to work hard yet always be humble.

Kavya Nagalla

Daxter Tan

Class of 2015

Junior

Kavita Patel Junior

Birthplace: Singapore, Singapore

Birthplace: Peoria, Illinois

Heritage: Singaporean, Chinese

Heritage: Thai, Indian

Culture that you most identify with?

First Singaporean culture then, to a much smaller extent, Chinese culture — the kind from before the Cultural Revolution. Singapore itself is mix of cultures and that’s what I personally mostly identify with. This is because I didn’t go to very elite schools, which tend to be racially uniform, until high school, which in Singapore is only two years. Therefore I was exposed to a good mix of all races and people from all walks of life. As for the Chinese part, it was passed down from my grandparents to my parents. Since the culture is so rich, it naturally was passed down to me.

Culture that you most identify with?

First American, then Gujarati and then Thai. My dad's side is Indian and my dad's mom has lived in my house since before I was born, so I was exposed to the food, language and culture everyday. My grandma talks to me, my sisters,and my dad in Gujarati, whereas my mom didn't have any native Thai speaker in the household to speak to, so I wasn't exposed to it as much. I also think Indian culture is more “loud,” for a lack of a better word, while Thai culture is more subtle. I'd say I identify with American culture the most, though, because where I come from is 95 percent Caucasian so until high school I actually didn't interact with many Indians and the Indian culture was mostly within my household.

One thing from your culture that is to-

One thing from your culture that is totally ingrained in you?

One of them is definitely the willingness to interact with people from very different backgrounds and the ability to appreciate the differences in them.

I notice those differences and I see

them in a good light.

One thing about American culture that shocked or fascinated you as an international student?

I am fascinated by the American Dream — if you work hard enough toward your goal, you can achieve it.

Singapore is a country that teaches you not to take risks in terms of profession. While it is such a strong country for the fields of math and science, it is equally as weak in the humanities and arts. I respect that people are willing to take risks to follow their passions.

Jane Somuah Sophomore

Birthplace: Miami, Florida

mes your one-way ticket out. My education needs to be my top priority; it should trump every other aspect of my life. There's no need for fun, no need for adventure or exploration and no need to be social to any moderate extent. Even studying abroad should first and foremost be focused on my education. School, school, school is life. We must face our books! I may be dramatizing things a bit, but at times this is how my mindset feels. This point of view of school is drilled into us from birth to graduation. It’s imperative that I lead a high-paying, lucrative career so that I can take care of myself and of all the elders in my enormous family. That's the end goal: to take care of one another. That's what I work toward every day that I walk through the revolving doors at Stern.

PHOTO BY MARIA XING

re, my family is still there and I visit often. There's just a passion that Brazilian people share that I can't imagine not joining in on.

One thing from your culture that is totally ingrained in you?

In my culture, people are rather bubbly and outspoken. Everyone likes to be heard and they don't care if they're wrong. They'll share their ideas proudly. I think this is a part of me now and even though I know it has many downsides, such as interrupting when I shouldn't or talking too much, it is a part of who I am.

Thomas McIntyre Schultz Senior

Heritage: English, Ghanaian

Leticia Murakami Junior

Birthplace: Harrisburg, Pennsylvania

Culture that you most identify with?

Culturally I identify with being American. I was born and raised here and that is what I am most accustomed to in respect to culture. Ethnically I identify more with being Ghanaian. African parents will never let you forget where you're from and that's because in our culture we "go back and fetch" our roots to help us pave the way toward our future.

Birthplace: São Paulo, Brazil

Heritage: Armenian, Austrian, Irish, Swedish

Heritage: Brazilian, Japanese

Culture that you most identify with?

Swedish, mostly just because I’ve actually lived there and know the language.

One thing from your culture that is totally ingrained in you?

It is the mindset to work relentlessly hard in school academically. When you grow up on a continent filled with

Culture that you most identify with?

I can relate to the Brazilian and Latino culture more because they are very rich and exciting. I love that Brazilian people are a little loud and that everyone comes to hug you when you arrive. People you care about make you feel loved all the time. The culture is just very warm and to some extent laid back. That is a happy way to be.

Even though I don't live there anymo-

One thing from your culture that is totally ingrained in you?

Food that comes from a tube is completely acceptable. I’m not sure why it’s only Swedes that do this, because I don't understand how everyone else is getting their skinkost onto their polarbröd.

Stern in Pictures Bottom row from left to right: (1) Seniors dominate in football and win Class Wars (2) Freshman participate in the "Give a Spit" campaign in partnership with DoSomething.org (3) Students chat with advisors during ICC Spirit Week

PHOTO S COURTESY OF ICC

Top row from left to right: (1) Stern honors students meet Warren Buffett (2) Philip Chan and Alex Aminzadeh of Stern Consulting Corps visit Haiti

Day, 00 month 0000

news.paper

INTERNATIONAL STUDENT LIFE

Title of article

news.paper

www.newspaper.com/Link to website

9

Shanghai Surprises Thank You, Professor Bowmaker Kavita Patel Class of 2015

ll NYU students arrive in

Shanghai with expectations.

Some expect to learn Mandarin and others expect to get fat by eating hundreds of soup dumplings, but over the past two months these expectations have collided with the realities of living in China. While living in Shanghai and traveling around China for Fall Break, students have encountered surprises both good and bad.

Here we trace a few of them.

1. A Campus?! For the first time in their undergraduate years, many NYU students get to experience a real college campus. We share the East China Normal University campus with Chinese students studying to be teachers, French Master’s students on an exchange program, and NYU Shanghai’s inaugural class, which is 50 percent Chinese nationals and 50 percent foreigners. A typical walk to class includes listening to Chinese music playing over speakers while passing beautiful gardens, crossing canals filled with lily pads, relaxing in gazebos, and being greeted by a giant Mao statue with its arm outstretched as you enter the school building. It takes a while to get used to.

2. Squatty Potty Nation: Though many Westerners see the squatty potty as a nuisance of the developing world, these toilets actually offer unexpected health benefits. The squatting position is the superior toilet posture, and apparently it can help prevent colon disease, constipation, hemorrhoids and other infirmities. The problem with toilets in China is that it is a rare occurrence to come across a bathroom with toilet paper and soap. When most people walk out of the bathroom without washing their hands, you tend to question the cleanliness of everything from public transportation to dining options — something we often take for granted in the United States. NYU Shanghai students learn to either carry around tissue paper and hand sanitizer everywhere they go, or

to wait until reaching a private toilet.

3. Market for Marriage? Shanghai is full of markets. Antique markets, pet markets, wet markets, and… marriage markets? If you happen to pass by People’s Square Park in Shanghai on the weekend, you will see lines of colorful umbrellas with flyers taped to them, displaying a man or woman’s age, height, Chinese zodiac sign, education, job, income, family values, and personality.

Behind these flyers stand parents seeking a suitable spouse for their child. Children are too embarrassed to come to the marriage markets, so parents set up dates for them. Eligible women are a hot commodity at the market, as one junior Jocelyn Sum discovered while covering the marriage market for a management presentation. Eleven offers in one day, not too shabby! Ten men and one woman, whose mother thought she should have a friend.

4. Fascination with Foreigners: Before coming to live in Shanghai, students may have had the impression that China, as an inward-looking country, would be disinterested in foreign culture. However, this could not be farther from the truth. There are a large number of Europeans, Americans, Australians, and Africans receiving celebrity-like attention. Foreigners are beset with unabashed stares and bombarded by Chinese denizens-turned-paparazzi. Often, when approached by a Chinese man with a camera, students assume he wants a picture taken of him and his wife. Suddenly, they find themselves posing alongside the man’s wife instead.

Studying abroad in Shanghai is truly about experiencing a culture vastly different from the West. Some surprises may be unsavory and make you think, “This would never happen in (insert home country here)!” Then again, the pleasant surprises also make you exclaim,“This would never happen in (insert home country here)!”By opening our minds, Shanghai’s many surprises teach us the quintessential lessons of acceptance.

Juniors Pooja Eppanapally, Lisa Quach, and Kavita Patel in Shanghai

PHOTO BY KAVITA PATEL

Angela Li Class of 2017

ll “Mr. Bowmaker truly cares about the class," says freshman Andy Xia. "He is as good a comedian as he is a professor; he genuinely wants us to succeed."

This is the general consensus among the many NYU Stern students that have taken professor Bowmaker’s undergraduate microeconomics class. His nearly perfect score on Rate My Professors speaks for itself — students love him.

His influence also reaches beyond his dear students.

Bowmaker’s contributions to the economic community have further distinguished him among Stern faculty. Avinash Dixit of Princeton University applauds Bowmaker’s book ‘The Heart

of Teaching Economics: Lessons from Leading Minds’ by saying he “deserves the economics profession's thanks for bringing together these gems of ideas and suggestions from our best practitioners of the art of teaching."

Dixit’s line manifests itself in Bowmaker’s lucidly concise lecturing style, which is one of the many reasons behind his popularity in academia.

Unfortunately, Professor Bowmaker will not be returning to teach for the rest of the semester due to heart complications. Freshmen students who are currently enrolled in his course already miss him and his delightful British accent. When professor Lawrence White, the temporary stand-in professor for Bowmaker, delivered this regrettable news, expressi-

ons of concern and disbelief permeated throughout the auditorium.

Freshman Winnie Lau organized a card-making session in front of the John A. Paulson Auditorium. “Since he couldn’t be there to see how much we missed him, I wanted to show him by collecting messages from our entire class,” said Lau. “I hope that these messages cheer up his day just as how his welcoming smile cheered us up.”

More than 300 students took the opportunity to voice their gratitude for his teaching along with their getwell wishes. Quite a few also donated money to buy chocolates and flowers for professor Bowmaker. Despite the somber atmosphere, the sense of community

among Stern undergraduates was distinctly palpable as students arrived to class early and vigilantly signed their names onto the large poster boards.

By the time the lecture began, the three poster boards were brimming with heartening messages ranging from “You were a heck of a teacher and a person. Get well soon!” to “Please get well soon. We all love you!”This would not have been possible without Luba, the head TA, Lau and the many other students who helped create and deliver the card to Professor Bowmaker.

Thank you, professor Bowmaker, for your dedication to teaching microeconomics to Stern freshmen for all these years.

Reasons Why #IAmStern Dominique Nguyen Class of 2017

ll We’ve all been there. Think

back to when our biggest stresses were over what to wear to senior prom or how to break 2000 on the SAT. Suddenly, the inevitable happens. College decisions come out. Whip out the phones, the laptops, and the tissues: it’s time to make a real choice. That’s exactly what these three students did, deciding to spend their next four years at NYU Stern. But what exactly led them to choose Stern over the nation’s other top universities?

say that some of the most memorable experiences I’ve had here at Stern include going to recruiting events. Seeing some of the largest banks come frequently to Stern reassures me the most in my choice of attending NYU.

If you could choose all over again, would you choose Stern?

Yes, I would definitely choose Stern again. These past two years have been the greatest years of my life.

If you could choose all over again, would you choose Stern?

I would choose Stern again for the network, the emphasis on finance, and for this magnificent city.

Sarah Simonson

Kevin Chien Junior

What schools were you accepted into other than NYU Stern?

I was accepted to UC Irvine, UCLA, UC Berkeley, and USC.

What schools were you accepted into other than NYU Stern?

None. I got into NYU through early decision, so I didn’t really have the chance to apply elsewhere. Though I got into Tulane University with a scholarship.

What made you come to Stern?

I came to NYU Stern for two reasons. Firstly, I chose Stern because finance and business seemed like the best route for me to take. Secondly, I wanted to come to New York City to escape the California bubble.

What made you come to Stern?

I came to NYU Stern because of its world class reputation, its world class junior year spring break, and its world class printing privileges. I also came for the opportunity to play golf at the NCAA level.

What notable experiences have reassured you that Stern was the right choice for you?

The competitiveness, in general, has shown me that Stern is a school of prestige and full of people who work hard to get where they want to be. I would

What notable experiences have reassured you that Stern was the right choice for you?

Simply just meeting other people in Stern and building memories with them has definitely reassured me that Stern is the best place for me.

Lawrence Ho Sophomore

Senior

What schools were you accepted into other than NYU Stern?

I was accepted to Villanova, Rutgers, The College of New Jersey, and Boston College.

What made you come to Stern?

For one thing, I'm from a very small-knit, preppy, cookiecutter town in the suburbs of New Jersey called Chatham, and I decided at the end of high school that I was ready for a change. I was ready to see things with my own eyes, form my own opinions about things, and have adventures. I thought living in New York could provide that.

I also chose Stern because of its strong finance department and I thought the prestige of the school would help me get a job. Having entered through the Business & Political Economy program, I wasn't really sure what I had signed myself up for, but I thought that gaining a more humanities-based perspective on the business world would be an interesting learning experience.

What notable experiences have reassured you that Stern

was the right choice for you?

It's so difficult to pick specific moments, but I know I made the right choice when I think about all the incredible people I've met and all the lifeshaping moments I've experienced. The people I've become friends with while at Stern are some of the most talented and intelligent people I've ever encountered.

Stern faculty have also been incredible. My favorite professors have taught the classes that I have felt most challenged in at Stern. I find their dedication to making sure I understand the material to be inspiring.

I also know Stern was the right choice for me because of all of the life-shaping moments I have experienced as a part of the BPE program. We went beyond learning about political and economic theories. We learned about and discussed current world issues, and how these theories could apply to these issues.

From a personal growth perspective, spending three semesters abroad was the best decision I've ever made. Being able to travel and interact with people from various countries and cultures was what allowed me to learn about what motivates me. These experiences have helped me create a vision for what I want to accomplish in life and have changed the way I prioritize my life. My views are much more practical now, and I'm happier because my opinions are all my own. I know what I stand for.

10

LIFE LEADERSHIP

Day, 00 month 0000

news.paper

Beyond the Square

Stern Real Estate Group Josh Coonin, President Class of 2014

ll T he Stern Real Estate

SPEX members Astrid Nembo, Liz Beras, John Shymansky, Paolo Cipriano, and Addy Guo cheer on UNICEF at the NYC Marathon.

PHOTO COURTESY OF SPEX Stern Political Economy Exchange serves to create and foster a global community committed to understanding the complex and ever-changing relationship between business, politics, and economics.

Liz Beras, Treasurer Class of 2015

ll Earth’s circumference is

approximately 40,075 kilometers across the equator. Measured through the poles, it is approximately 40,008 kilometers. I draw attention to these preceding numbers to illustrate a key point—the world is a BIG place.

You may be well aware of this obvious fact, but do you really understand what that means for you?

Stern Political Economy Exchange (SPEX) guest speaker, James Dougherty, President at Capvision Partners an international research consul-

tancy firm, emphasized that the world is “increasingly becoming more global.” Businesses are represented in various markets, or working on expanding to global markets.

Further, former Bain consultant Medha Khandelwhal, explained that while mainly based in the States during her time at Bain, most of her clients were multinational firms.

Having a wide knowledge base certainly adds value. More and more, our lines of work require more than the technical skills—they require perspective.

Whether one approves or not, it is undeniable that New York University is indeed “in and of the city, and in and of the world.” That is not only a catchy phrase, but also one that is hard to refute.

In addition to its presence in New York City, the university has over 10 study away sites, across nearly every continent, offering program courses year round. Increasingly, study abroad is becoming a key ingredient of higher edu-

cation, especially business education. According to a recent New York Times article, however,“study abroad has to be done correctly. It shouldn’t be a separate or tangential part of education, but rather an integrated part of the curriculum.” If NYU isn’t a perfect example of achieving this “integrated curriculum,” then I don’t know who is. Granted though, there is room for improvement in the cross-cultural initiatives, NYU far exceeds the competition in this space, allowing students to build their skill base outside of the classroom.

In a day and age where innovation is crucial in any industry, it is important not lose sight of our creative side. In the words of class of 2013 alumna and SPEX co-founder Mary Liu, “at the end of the day, technical skills are a given wherever you go. What is important is that you’re able to have a real conversation with someone [about more than that].”

Reality of the situation is

that our counterparts at liberal arts schools may not be trained to formulate models or cash flows, but they are trained to think about the world. While we come from different educational backgrounds, we can’t forget that we have the resources to not only experience the world (on basically any continent), but also come a step closer to understanding it.

My challenge for you: find the spaces at NYU and Stern where you can tap into the right side of your brain and let it wander. That could mean exploiting the NYU study away opportunities, becoming a member of organizations like SPEX that broaden the conversation of business, trying new reading material like Global Finance, or even learning more about a foreign country or culture. What ever it may be for you, don’t limit your focus to domestic affairs when there is a whole world a whole 40,075 kilometers in distance to go learn about.

Inter-Club Council Happenings

ll Inter-Club Council: This year, to benefit Relay for Life, ICC

ll Net Impact: The "Black Friday" of giving back is taking place

ll Investment Analysis Group: Join IAG as they welcome Rob

on December 3rd. Kait Sheridan, Director of Partnerships and Programs at New York’s 92nd Street Y, will speak about their campaign to create a national day of giving at the start of the holiday season. Hear how 4,700 global charities, families, businesses, community centers, organizations, and students are coming together to create #GivingTuesday.

will be hosting a Club President's Date Auction. The event will be at 5 PM on December 3rd - come ready to bid for your club presidents.

Rouse, Head of US Equity Research for Barclays on November 26th at 6 PM in Abbe Bogen.

ll Phi Chi Theta: Women's Corporate Mingle explore oppor-

tunities for women aspiring to make a global impact. Focus will be on the evolving practice of sponsorships at work. Location: Cantor Board Room at 6 PM on November 26th.

Group is an undergraduate professional club which teaches students about the real estate industry. SREG is the best way for students interested in real estate to learn technical skills, network with professionals, and take advantage of numerous career opportunities in real estate. SREG provides the Stern student body with a well-rounded education of finance, real estate, and management.

The club educates its members through guest presentations from leading real estate professionals. Speakers discuss their career paths, their roles within the industry, and the outlook for the industry. Students are able to ask questions and network with these professionals. Real estate is a relationship business, so the networking portion of these sessions is very important. Students can also inquire about potential internships and learn more about each speaker’s firm. Recent speakers have come from Blackstone, JP Morgan, Morgan Stanley, Citi Group, Cushman & Wakefield, and Marcus & Milli-

chap.

SREG takes advantage of Stern’s location, which is one of the best real estate markets in the world. The club regularly organizes trips to developments of different real estate asset classes. Last year, the club visited an affordable housing site in Brooklyn. Club members gained a firsthand look at this type of development as well as its financial advantages and disadvantages. In early October, selected members from the club went to the World Trade Center site for a private tour of the development. This incredible experience embodies the prime market surrounding SREG. To promote Stern’s real estate program and to receive recognition from leading firms, SREG is holding a case competition on November 15, sponsored by JP Morgan’s Global Real Assets group.

This will create awareness of Stern’s interest in real estate and its talented students.

All Stern students are welcome to participate in this excellent networking opportunity with JP Morgan professionals.

SREG invites new members to attend meetings on Wednesday at common hour in UC-19.

International Business Association Shahryar Bachani, President Class of 2016

ll Do you dream of peru-

sing through the incredible Renaissance art structures of Florence, Italy? Are you aspiring to intern abroad to evolve professionally in a foreign environment?

New York University’s International Business Association is the only on-campus organization promoting opportunities abroad. Offering firsthand insight from students and alumni who have explored the world, IBA is a fullfledged resource for aspiring globetrotters. The organization helps students, especially those interested in internships or full time careers in finance, consulting, and marketing navigate the international recruiting scene.

Most of the current Executive Board have worked abroad or traveled for academic purposes throughout their NYU careers and hope to promote the organization’s goal of increasing global thinking amongst the student body. IBA hopes to increase awareness of global affairs and nurture the discussion and exchange of ide-

as. The organization’s weekly meetings often feature both student panels sharing advice regarding international careers or study abroad options and renowned experts speaking about international economics, non-profits, and various other careers in business.

In addition to hosting the informative speaker series each week, IBA aims to promote a sense of camaraderie via the Mentoring Program. The organization offers members the opportunity to take on an upperclassman mentor who shares professional and academic advice.

IBA hopes to serve the NYU community by emphasizing interactivity and practicality. The objective is to go beyond the weekly guest speakers by providing an allinclusive, engaging experience to each and every member.

The ultimate goal is to one day invite the organization’s alumni back to share their unique global journeys.

IBA hosts events every Monday at Stern in UC-19 during common hour. For further information regarding the organization’s events, please refer to www.nyuiba.com.

LIFE LEADERSHIP

Day, 00 month 0000

news.paper

news.paper

Running a Political Economy Club behind the “Great Firewall of China” Cesar Miranda, Director

Marketing

Class of 2015

ll I decided to study abroad

in Shanghai, looking forward to learning about an intriguing and increasingly important country. As a Stern student, I was interested in China’s economic dynamism and business opportunities.

As a Business and Political Economy student, I was interested in China’s political system and in its growing importance in the international arena. However, I knew that this would not be a traditional study abroad experience. I knew of the online censorship and reduced freedom of expression, but my first-hand exposure to it was still shocking.

Democracy and the basic concepts associated with it, such as freedom of expression, are controversial subjects in China. The government closely monitors communications within the country, and has blocked many websites that may be deemed revolutionary, such as Facebook, Wikipedia, New York Times.

When I checked into my apartment in Shanghai, many of my favorite

websites were behind the “Great Wall of China”, unavailable outside of the NYU Shanghai campus or without the aid of a Virtual Private Network. Our orientation events repeatedly warned us that if we held a group prayer outside of a state-sanctioned place of worship, we would be arrested. This was not the only censorship that I have witnessed during my time abroad, especially given my place on the board of the Stern Political Economy Exchange in Shanghai. Given

Democracy and the basic concepts associated with it are controversional subjets in China

SPEX’s focus on politics, we felt compelled to approach the school administration regarding our meetings’ content.

At our first meeting, we were told that any poster disputing the legitimacy of Communist rule, or any event in which rites of a particular religion were practiced would be deemed illegal. NYU Shanghai has mu-

ch autonomy over its internal affairs and the academic content of its classes. However, it is safe to say that it avoids confrontation with the government both directly and through its students.

This will be a very interesting semester for SPEX as it expands to the newly arrived freshmen at NYU’s new portal campus. These students, half of whom are Chinese, will provide SPEX with a new perspective, but also with many challenges, as many of these students have lived their entire lives behind state censorship.

I am most intrigued at the possibility of inviting an official from the ruling party to speak to us about the Chinese government. This is not in any way discouraged, as the Chinese also believe that much can be achieved if both of our cultures learn from each other. In this hypothetical event, we would still have to be prudent.

The concept of “face” is very important in Chinese culture.

If a rogue attendee decided to question a Chinese politician as we do in America, the politician would be very displeased. Someone would probably get in trouble.

Spotlight on Undergraduate Stern Women in Business Charisse Tay, Secretary Class of 2015

ll The Undergraduate Stern Women in Business club promotes women’s initiatives and bridges the male-female ratio gap prevalent in underrepresented business industries.

Founded at NYU Stern in 2007, USWIB believes that the network of relationships that we build throughout our careers is what leads to our successes in life. By empowering its members at the college level, USWIB helps create life skills and foster relationships that help fulfill members’goals and ambitions.

USWIB holds weekly events to engage our members in both social and professional development. At its industry

exploration panels, including the Big Four Accounting Panel and the Female Entrepreneurs Panel, the club invites distinguished female speakers from various industries to speak about their successes and challenges in the workplace. USWIB panels regularly receive support and representation from large multi-national companies including PriceWaterhouseCoopers, Goldman Sachs, and Credit Suisse. Its discussion workshop series, “Necessary Conversations”, encourages members to speak their minds in a friendly but structured environment. The series’ most noteworthy workshop is“Women in the Workplace”, a discussion on how women can reach their full potentials and achieve their professional goals. USWIB social events such as the “Midterm De-stress Social”provide a relaxed environment for students to mingle across classes.

Striving for holistic development of its members, USWIB also hosts a regular mentorship program. The club pairs underclass mentees with upper-class mentors, who provide personal and professional

development by sharing experiences and advice. USWIB also invites graduate students from its MBA counterpart, Stern Women in Business, to mentor USWIB upperclassmen. This formal support network overlays the informal support that club members provide each other on a day-to-day basis.

The third annual USWIB conference will take place at Stern in February of 2014. Held each spring, the conference allows regional female college students to hear from notable female businesswomen. It also provides opportunities for students to network with peers from other colleges. This one-day event has been recognized as one of the region’s best women in business conferences. Kicking off its first year by clinching the Inter-Club Council’s “Best New Initiative” award, the USWIB conference has since attracted over 200 students from a host of colleges in both the United States and Canada.

USWIB welcomes any and all Stern undergraduates to come to its events and get to know the club.

11

Title of article

www.newspaper.com/Link to website

Investment Analysis Group

Joshua Cao, Kapish Haldia, Michael Cristofi, and Thomas Li take first place at the Michigan UndergraPHOTO COURTESY OF STERN IAG duate Investment Competition on October 26th.

AJ Tus, Chairman Class of 2014

ll On Friday, November 1st,

the Investment Analysis Group honored its 18th anniversary with its annual Alumni Mingle, hosting more than 20 alumni and over 100 active members at the event. The club and its members had a lot to celebrate.

For starters, this month marks the one-year anniversary of IAG’s investment portfolio, the first and only undergraduate student run portfolio at NYU. The portfolio is managed by a team of 20 students who have worked diligently to build its management infrastructure, find investments to generate a healthy return, and raise additional capital to manage.

One source of funds is a $3,000 first place cash prize won on October 26th by IAG’s team at the Michigan Undergraduate

Investment Competition. The MUIC is one of the nation’s largest student investment competitions, attracting teams from top schools across the country. IAG has sent teams to the conference for several years, but this year’s team of Joshua Cao, Michael Cristofi, Kapish Haldia, and Thomas Li is the first NYU team to win the competition in recent memory.

The club’s membership has also been going strong through the first half of the semester, starting with a strong freshman class that has seen record engagement and attendance at weekly Friday meetings and workshops. This fall, IAG also launched its new membership development program, PODS, with the goal of connecting younger students to senior members, officers and alumni. IAG is also continuing its financial literacy program with Stuyvesant High School and strategic

partnerships with charity organizations such as Relay for Life and DKMS. Perhaps the most exciting initiative for IAG is the club’s international growth. IAG officer Khushali Upadhyay, who is studying abroad in Shanghai for the fall semester, has partnered with the first class of students at the NYU Shanghai campus to found a chapter of IAG. The Shanghai chapter will focus on analysis of Asian companies while providing students the same basis finance and investing skill set offered in New York.

Looking ahead, IAG Chairman A.J. Tus says he is focused on providing additional recruiting resources for juniors and strengthening initiatives to educate and engage freshman, all while maintaining the tightknit, social culture that has been the club’s key to success these past two decades.

Stern International Students Association Ashika Kalra, VP of Finance Class of 2014

ll New NYU Stern students

know that they are in for the ride of their lives. The school’s motto, “Explore, Collaborate and Engage”, is much more than just three words on the Stern website. It is a dynamic paradigm that exists within the confines of Tisch Hall, KMEC and every student that passes through those buildings. The “Stern advantage” gives students a world class education, enriching extracurricular experiences, and a chance to study as a global citizen. However, each member of the diverse student body has different needs, and thus might not be able to take full use of the Stern advantage.

The international student population is an important part of the Stern community. Because international students have very specific needs at Stern, they need a platform to voice their needs and concerns. En-

ter the Stern International Students Association. Students created ISA with the Office of Student Engagement and the Dean’s Office to act as the voice of international students. Issues considered include immigration, work experiences, cultural disparities and settling into New York City. ISA creates a comfortable community for international students, helping them be confident in a new environment and take advantage Stern, NYU and New York City.

ISA maintains a balanced approach helping members both socially and professionally by providing useful information. It frequently collaborates with NYU’s Office of Global Services to hold workshops specifically for Stern.

Workshops range from information sessions on work permits to help finding internships.

The club holds social and cultural events for students which celebrate the different cultural backgrounds at Stern and educate other members abo-

ut these diverse cultures.in ISA furthers NYU’s mission to develop global citizens.

With the recent formation of the International Student Advisory Council by the Office of Global Services, ISA has been given a chance to represent international students to the larger NYU community. Every international student at Stern, even those students who have spent the majority of their lives abroad, is encouraged to take advantage of ISA and to participate in its programs. The most important is the Mentorship Program. This helps international students navigate the academic and professional worlds through guidance from experienced upperclassmen who have experienced the same challenges. Stern ISA is a much needed addition to the ever-changing community at Stern. With of its many great plans, the ISA team is looking forward to bettering the experiences of international students for years to come.

12

SPORTS BACK

Day, 00 month 0000

Title of article

www.newspaper.com/Link to website

news.paper

Dressing for Success Gould Plaza may not be the runway of New York Fashion Week, but that doesn't mean it can't be equally as stylish. Take a look at some of these snapshots of Stern's hottest styles.

From left to right (clockwise): Daniella Gershon (Junior), Saaket Mehta (Junior), Vinh Nguyen (Senior), Abi Pereira (Senior), Andrew Medjuck (Sophomore), Anne Chang (Junior), Jasmine Yeroushalmi (Senior), Meghna Fogla (Junior), Rasheeq Haq (Junior) Far right: Professor Jeffrey Carr, Erica Decker (Junior), Seri Orfali (Junior), Georgina Wickman (Junior), Salomon Cojab (Junior)

PHOTOS BY MARIA XING AND

GRACE REED