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WEALTH
You've
Got Mutual Funds ... Now, What About Hedge Funds?
Hedge
funds are not for you and me. Here's why ...
Hedge funds "promise" high returns. In exchange, they
ask their investors to pay high expenses for the privilege of
not asking too many questions on how they go about their business.
Meanwhile, good old mutual funds offer ease of use, low costs,
and relative safety (mainly through diversification). In exchange,
they ask investors not to expect too much.
There were 4,500 hedge funds in 2001 - a number that has grown
to over 8,000 today. They've become so prevalent that Morningstar
- which does such a good job of tracking mutual funds on its
website - has decided to track hedge funds too. If hedge funds
follow the path of mutual funds, this is a key step toward making
them more accessible, understandable, and accountable to investors
like you and me.
I doubt, however, that hedge funds will develop into a tonier
(see "Word to the Wise," below) and more expensive
version of mutual funds that is capable of making a similar
dent on the mass retail investment market.
They're too unreliable, for one thing. They're highly leveraged.
When they win their bets, they rake in the money. When they
lose, they lose big. Some of the major hedge funds (such as
Vega Asset Management LLC and GLG Partners LP of London) - which
did fine last year - are reeling from big losses this year,
according to The Wall Street Journal. Returns for hedge funds
averaged 9.6% in 2004, below the 11% gain recorded by the S&P
500 stock index.
They're
also too pricy. The management fee is 1% and another 20% is
taken from returns on investment - but only if the returns are
higher than those of the previous year. The minimum investment
in a hedge fund is $100,000.
Hedge
funds obviously aren't for everybody ... certainly not for conservative
investors like you and me who appreciate big gains but value
safety over risk. It's not because of the hefty entrance fee,
although that's a showstopper for many investors. It's because,
on the average, you pay too much for too little.
-
Andrew Gordon
HEALTH
Considerations on Aging, Part 2
Some
animals do not age in the sense that we think of aging. After
sexual maturity, they continue to grow, and their strength and
reaction time (among other things) do not deteriorate over time.
This is true, for example, of sharks, crocodiles, and lobsters.
It can be true of humans too.
Of
course, some physiological changes are inevitable. You will
certainly be more wrinkled at 80 than you were at 20, and you
will not likely be as quick or strong. But there are many factors
related to our biological age and physical condition that are
completely within our control. These factors can speed up ...
slow down ... or even be reversed, depending on the lifestyle
choices we make.
(Reference:
Natural
Hormonal Enhancement)
-
Jon Herring
[Ed.
Note: If you would like to read or contribute to our discussion
about growing functionally younger even as we age, please visit
the ETR
Speak Out forum.
TODAY'S
ACTION PLAN
The
biological changes related to aging are a lot easier to prevent
than they are to reverse. You almost certainly know what you
can do in terms of diet, exercise, and stress reduction to make
yourself functionally younger tomorrow than you are today. So
come up with a plan - and put it into action.
WISDOM
Your
Dream ... Your Vision ... Your Achievement
A
leader can delegate a great deal of responsibility if he surrounds
himself with good people, but the one thing he can never delegate
- unless he wants to cease being a leader - is the job of establishing
goals and creating a vision.
Dreaming about what your business can accomplish - how far it
can go and how great it can be - may be your most important
job. And that's the way you should be spending at least some
of your spare time.
Yes, you can ask questions. Yes, you can seek advice. But when
it comes down to deciding where you want to go and what you
want to achieve, you've got to do it yourself.
- Michael Masterson
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TODAY'S
MESSAGE
Conquer
Your Fear of Speaking
by
Virginia Avery
Let's
begin by hearkening back to a time when Romans considered it
to be good sport to feed Christians to the lions. One day, the
festivities had been going as usual when a strange thing happened.
The Christian in the arena whispered something to the lion.
The lion then turned tail and slunk away.
The
crowd was amazed. The Emperor was impressed. He let it be known
that he would spare the Christian's life if the man would reveal
the secret of what he had said to the lion.
The
Christian was brought before the Emperor. In a powerful voice,
he said, "I told him he would have to say a few words after
dinner."
The
lion's reaction should not surprise anyone who has been asked
to "say a few words." If you are like most people,
a jolt of adrenaline courses through your body, your heart beats
a bit faster, and your breathing becomes shallow. It's possible,
too, that your palms get sweaty, your knees feel like Jell-O,
and your mind goes blank.
Some
years ago, The Sunday Times of London published a list of people's
greatest fears. The fear of public speaking took first place,
while "death" placed seventh. Though I don't really
believe that most people would rather die than speak, I have
had clients say to me, "But you only die once!"
The
Problem
Why
do so many of us have this reaction when called upon to speak?
For
one thing, speaking in public makes us feel that we are in danger
- and, as with any perceived danger, the body instinctively
reacts. Blood gets diverted from the brain to the major muscles,
enabling us to protect ourselves. But when the blood leaves
the brain, thinking is less effective and our capacity to process
information decreases.
That
explains the physical reaction. But what is it that makes us
feel that we are in danger to begin with?
We come
up with various reasons: We are afraid we will forget what we
planned to say. We think our nervousness will show and they
will see us sweat. But, really, it is most often because we
feel inadequate. We are terrified of rejection, afraid we aren't
good enough, afraid we will be judged and found wanting. (Though
I am writing here primarily about speaking, the same thing holds
true for other creative endeavors.) It is not what we are that
holds us back, it is what we believe we are not.
In his
book "You've
Got to Be Believed to Be Heard", Bert
Decker writes, "Patterns of insecurity, fear, self-doubt,
and self-criticism are set, for most of us, at an early age.
These patterns emerge in our adulthood as a lack of confidence
in situations where we are called upon to perform, to expose
ourselves to the appraisal of our peers."
Another
reason I believe speaking terrifies us is that we do not know
- have never been taught - what makes a good presentation. So
we can add fear of the unknown to that list.
The
Solution
Since
the ability to present well usually determines our degree of
success (some researchers place it as high as 85%), learning
to face our fears and master them can pay big dividends.
If you
want to overcome the fear of speaking in public situations,
the following suggestions will help. Though you may (as many
show business people do) still have the surge of adrenaline,
by implementing these suggestions, you will be able to convert
that adrenaline rush to useful energy.
Before
the Event
1.
The most important thing you can do to combat nervousness
is prepare your presentation completely.
Research
your audience. Spend time clarifying your objective. What
do you want to accomplish by giving this presentation? (If
you are clear on this point, your mind will work toward achieving
that objective.)
Prepare
your opening, your three major points, and your conclusion.
When these support your objective, your presentation will
flow logically from point to point. You must determine these
parts of your presentation in advance. You don't have time
to make those decisions when you are "on."
When
you allow enough time, you can refine our thoughts, do the
research to support your statements, and find illustrative
stories. By having a thorough grasp of the points you want
to make, you are less likely to be nervous. Better preparation
equals less anxiety.
2.
Practice, practice, practice your presentation. Then
practice some more. Tape it. Listen to the tape. When we watch
entertainers and people on television, we too often forget
that what we are seeing is the result of hours of preparation
and practice.
Watching
the Olympics always inspires me. The athletes' dedication
to their sport, the grueling practice schedules they follow
for years for just a few minutes of competition. Sometimes
they fall or fail at the event. Then they dust themselves
off, and try again. What a marvelous approach to life!
3.
Do everything you can to put your mind at ease about
your appearance. Before the big day, select an outfit that
you know looks good on you and have it ready to wear.
4.
Get a good night's sleep. If you are well-prepared,
it will be easier to sleep well.
The
Day of the Presentation
- Warm up your
voice with some vocal exercises. Yawning helps open the
throat; humming tunes up the vocal chords.
- If you have
time for another run-through, practice once more. If you
don't have time, find a quiet spot, sit comfortably, close
your eyes, and visualize yourself doing the presentation
- just the way you want to do it. Visualize the audience
responding positively to you. See them standing up and applauding.
Generate good feelings for the audience - and yourself.
It has been shown that mental rehearsals of physical acts
are as good as actual practice. With the right mindset,
it's sometimes even better.
- Plan to arrive
at least an hour early to check the room and become comfortable
with the speaking area. Double-check any equipment you will
be using.
- Breathe deeply.
Deep breathing relaxes the body and brings oxygen to the
brain. And that, of course, helps us think more clearly.
Breathing deeply also helps us feel calmer.
- If at all possible,
spend some time with the audience before your presentation.
By meeting and greeting them, you will feel you already
have some supporters.
- Drink a glass
of room-temperature water. It strengthens you. I learned
this from the Shikhs in Oregon when I took their yoga class.
- Focus on the
audience. Think about what you want people to remember as
a result of hearing you speak. The human mind can only hold
one thought at a time. So if you keep focusing on your message,
your nervousness will abate.
- Be sure to
move your body, because movement releases tension.
Dorothy
Sarnoff tells of being backstage while she and Yul Brynner
were waiting to go on for a performance of "The King
and I." Brynner placed his palms on a brick wall, and
proceeded to do push-ups against it. He told her it helped
contain his nervousness. I don't recommend push-ups - especially
if you are in business dress. Instead, try a few head-and-shoulder
rolls.
- Once you are
introduced, take another deep breath, smile, and move onto
the stage with all the energy and enthusiasm that your quick
adrenaline rush has supplied.
If you
follow these suggestions, you might find that you actually enjoy
speaking to groups. And one thing is certain. If you overcome
your fears, present your ideas clearly and well ... you will
find more opportunities opening up to you than you thought possible.
[Ed.
Note: Virginia Avery is a communications specialist who trains
and coaches businesspeople to make more profitable presentations.
Virginia@AveryPresentations.com]
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WORD
TO THE WISE
"Tony"
is another word for "classy." We
use it to describe something that has an elegant or exclusive
quality.
Example
(as used by Andrew Gordon in today's Wealth brief): "I
doubt that hedge funds will develop into a tonier and more expensive
version of mutual funds that is capable of making a similar
dent on the mass retail investment market."
