I am basically on lockdown from now until the NAHREP and L’ATTITUDE conference. This year we have a concert with Farruko and Juanes, a gala with Lin-Manuel Miranda, a basketball game with Manu Ginóbili, and our usual cadre of CEOs, VCs, entrepreneurs, and celebrities.
I had the honor of being the commencement speaker at the UC Irvine School of Business in June. I spoke about expecting the unexpected. I like to take a counterintuitive approach to business and life. I told the audience of 4000 students, faculty, and parents that regardless of how detailed your plans might be, your actual career will probably turn out very different than you expect.
In six weeks L’ATTITUDE will host its fifth annual event in San Diego, September 22 – 25, with another world-class lineup including CEOs, entertainers and some of the biggest names in business, media, sports and politics.
Last week, L’ATTITUDE Ventures closed its first institutional fund, raising over $100 million through a strategic anchor investment by JP Morgan Chase and initial investments from the Trujillo Group and Bank of America. Other key investors in this fund, which is aimed solely at investing in Latina(o)-owned companies with high growth potential, include UC Investments, MassMutual, Barclays, the Royal Bank of Canada, Polaris Limited Partners (Oscar Munoz), Cisco, Nuveen Investments, and Morgan Stanley.
For those of you that read my blog regularly, let me first say, thank you. The overwhelming comments I get from my blog are very positive and supportive. However, some of them make me feel like I have to periodically clarify what I do. As the CEO of NAHREP, I lead the largest Latino business organization in the country.
The Latino wealth gap in America is large. While Latinos have the highest workforce participation rate and are leading homeownership and new business formations, closing the wealth gap has been slow. According to the most recent Fed Survey of Consumer Finances, Latino families have one-fifth of the wealth as the typical Anglo-American family.
When the economy is growing rapidly, companies and consumers have more money to spend. The stronger demand for goods and services can cause prices to rise and inflation to spike. Inflation is not good. The federal government has two levers it can use to slow or stimulate economic activity: taxes and interest rates.
Interest rates are soaring and the stock market is in a free fall. If you’ve been around, you know that recessions are a normal part of our economic cycles. It’s articulated clearly in the NAHREP 10. The former Fed Chairman Alan Greenspan coined the phrase “irrational exuberance” prior to the dot-com bust of 2000.
For most people, there is little upside to writing about the January 6th hearings, but as you probably know by now, I don’t worry about those things. We all must stand for something. The hearings have almost everyone taking sides before a single witness is called. Democrats believe that the events of January 6th were a calculated effort to undermine our democracy by demolishing two of the most sacred tenants of our nation, free elections, and the peaceful transition of power.
I don’t consider myself an expert in blockchain technology – at least not yet. Cryptocurrencies and NFTs (non-fungible tokens) both use blockchain technology. That’s what gives them value. However, very few people can explain what blockchains are or how they work.