Brown Advisory Presents Navigating Our World

Navigating Our World is the podcast where we seek fresh and diverse views to address the compelling issues that we face as investors and as a society. We believe that discussion with thoughtful experts helps us make better decisions for clients and makes us more effective contributors to our communities.

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About NOW

We launched Navigating Our World in 2008 to mark our 10th anniversary as an independent firm. Each NOW conference—this year would have marked our seventh—is meant to embody our commitment to seeking fresh and diverse views, learning from experts across disciplines, and challenging conventional assumptions. While we have shifted our conference format to a podcast series due to the pandemic, we remain steadfast in our belief that thoughtful inquiry, encompassing varied perspectives, helps us make better decisions for clients and makes us more effective contributors to our communities. As a firm, we aspire to raise the future—and NOW helps us get there.

We look forward to having you join us on our NOW podcast journey!

LISTEN TO MIKE HANKIN'S FOREWORD PAST NOW CONFERENCES

Episodes

Our Guests

Ziad Ahmed

Ziad Ahmed

Founder and CEO, JUV Consulting

Ziad Ahmed is an 20-year-old junior at Yale University. He is an unapologetic American-Muslim-Bangladeshi student activist, entrepreneur, and speaker. He is the CEO/Co-founder of JUV Consulting (www.juvconsulting.com), a Generation Z consultancy that works with clients to help them reach young people. The company has worked with over 20 Fortune 500 companies, has been profiled by The New York Times, and has established full-time offices in Times Square. As a result of JUV, Ahmed was named to the 2019 Forbes #30Under30 list at 19-years-old. Ahmed started the company in 2016 (while in high school), and JUV keeps growing as the need to better understand young folks is just getting greater. Ahmed also founded a nonproift, Redefy (www.redefy.org), committed to furthering equality in 2013. Redefy has reached hundreds of thousands of young people digitally, has established chapters in 10+ countries around the world, and has been honored as a part of the Facebook Community Leadership Program. Through Redefy, Ahmed has been recognized as a 2017 Global Teen Leader, a High School Trailblazer by MTV, and a Top 15 Young Prodigy Changing the World by Business Insider. Additionally, he has given four TEDxTalks, has spoken at forums such as the Council on Foreign Relations, has commentated for networks such as CNN, has written for publications such as Teen Vogue, and serves on boards such as the Marketing Advisory Board for DoSomething.org. He tries to use his voice wherever helpful to push the envelope -- and tries to pass the mic as often as possible.
Doug Baker

Doug Baker

Chairman and CEO, Ecolab Inc.

Doug Baker is chairman of the board and CEO of Ecolab Inc., the global leader in water, hygiene and energy technologies and services that protect people and vital resources. Ecolab recently ranked #2 on Newsweek's annual Green Rankings list, #8 on Corporate Responsibility's list of Best Corporate Citizens and #26 on Barron's list of Most Sustainable Companies. The company regularly appears on Fortune's list of the World's Most Admired Companies and has been named to Ethisphere's list of the World's Most Ethical Companies for 13 consecutive years. Baker joined Ecolab in 1989, following seven years in brand management at Procter & Gamble. At Ecolab, he held a number of marketing and general management roles in the U.S. and Europe before becoming president and CEO in July 2004. In May 2006, Baker added chairman of the board to his duties. In addition to his Ecolab responsibilities, Baker serves on the board of directors of Target Corporation. He is trustee emeritus of the National Restaurant Association Educational Foundation and, a member of the Committee Encouraging Corporate Philanthropy, and is involved in a number of community initiatives in the Minneapolis-St. Paul area. Baker received a bachelor's degree in English from College of the Holy Cross in Worcester, Massachusetts, and serves on the college's board of trustees.
Lynelle Cameron

Lynelle Cameron

Vice President, Sustainability; CEO, Autodesk Foundation

Lynelle Cameron has over 20 years of experience helping large and small companies capitalize on market opportunities related to sustainability and climate change. Her career reflects a demonstrated track record leading large-scale transformative work spanning the nonprofit, public and private sectors. Cameron is currently Vice President of Sustainability at Autodesk and CEO of the Autodesk Foundation. She leads a team transforming the design, manufacturing and construction industries to capitalize on the business opportunities of a low-carbon economy. Through the Autodesk Foundation, she has invested over $40 million in entrepreneurs and innovators who are designing solutions to climate change and inequality. Under her leadership, Autodesk has won numerous awards for sustainability, climate leadership and philanthropy. Cameron is proving that companies can do well by doing good – in ways that strengthen brand reputation, recruit and retain the next generation of employees, and deliver financial results to shareholders. This year, Autodesk was ranked #5 most sustainable company in the world by Corporate Knights and #10 by Barron's. A cultural anthropologist by training, Cameron has lived and worked in many parts of the world at the intersection of conservation and economic development with WWF, TMI, and NOLS. Cameron brings her expertise in strategy, governance and management to the Boards of Innovators International, CEH, UC Berkeley CRB, Biomimicry 3.0. She is also the Executive Sponsor of the Autodesk Women’s Network, an organization that aims to bring gender diversity to every decision-making table.

 

J. Raymond DePaulo Jr.

J. Raymond DePaulo Jr., M.D.

Co-director, Mood Disorders Center, Johns Hopkins Medicine

J. Raymond DePaulo, Jr., M.D. is a University Distinguished Service Professor and co-director of the Mood Disorder Center in the Department of Psychiatry and Behavioral Sciences at the Johns Hopkins University School of Medicine. He has been an active clinician, teacher and researcher throughout his 39 years on the Johns Hopkins faculty. He founded the Hopkins Affective Disorders Clinic in 1977 and grew it into a multifaceted program that led patient care, teaching and research on depression and bipolar disorder at Johns Hopkins. Dr. DePaulo was the Henry Phipps Professor, director of the Department of Psychiatry and Behavioral Sciences at the Johns Hopkins School of Medicine, and psychiatrist-in-chief at the Johns Hopkins Hospital from 2002 until 2016. Dr. DePaulo’s research interests focus on clinical assessment, diagnosis, causes and treatments of mood disorders. His research group led several early genetic studies of bipolar disorder and unipolar depression. He has authored over 140 peer-reviewed scientific articles and mentored outstanding clinician scientists. Dr. DePaulo worked with Dr. Karen Swartz, who leads the Adolescent Depression Awareness Program, which developed, teaches and studies a model curriculum on depression for high schools. He has partnered with Dr. Kay Jamison in research, education and advocacy efforts for patients and families. Dr. DePaulo is now the chair of the board of directors of the National Network of Depression Centers. He has served on several foundation boards of directors and scientific advisory boards related to mood disorders. Dr. DePaulo has authored two books on depressive illnesses for patients and families (Understanding Depression and How to Cope with Depression). He has won a number of national awards for clinical leadership, teaching and research in depression and bipolar disorder. He has twice been named a Forum Fellow at the World Economic Forum, held annually in Davos, Switzerland.
Kristen Roby Dimlow

Kristen Roby Dimlow

Corporate Vice President, Human Resources, Microsoft

Kristen Roby Dimlow is responsible for Total Rewards, Performance and HR Business Insights at Microsoft, which includes broad-based global compensation, executive compensation, U.S. benefits, international benefits strategy and philosophy, global mobility and relocation, performance management, stock design and administration, M&A, and HR Business Insights which is Microsoft’s people analytics function. Roby Dimlow is a 20-plus year Microsoft veteran who spent the first half of her Microsoft career in corporate finance controller positions, including for Office, Windows, Server and Xbox. She moved to HR in 2002, leading university recruiting, and transitioned to engineering line leader roles in Windows, Platforms and Services Division, Online Services and Devices. In September 2016, Roby Dimlow returned to Microsoft after serving as chief human resources officer of F5 Networks, where she led all HR functions, including compensation and benefits, working regularly with its compensation committee and board. Prior to her first Microsoft tour, Roby Dimlow held finance leadership roles at Walt Disney Studios, most recently as VP finance for Disney TeleVentures. Prior to Disney, Roby Dimlow was a financial analyst at GE and completed the Financial Management Program. Roby Dimlow holds a B.B.A. in management from the College of William and Mary.
Joel Flory

Joel Flory

Co-founder and CEO, VSCO

As the co-founder and CEO of VSCO, Joel Flory leads the company on its mission to help everybody fall in love with their own creativity. Flory and his co-founder, Greg Lutze, combined their passions for photography and technology to build VSCO in 2011. Prior to founding VSCO, Flory was a successful commercial and wedding photographer. A Bay Area native, Flory is deeply involved in the local Oakland community. He graduated from California Polytechnic State University with a degree in industrial technology.

 

Richard Frank

Richard Frank, Ph.D.

Professor of Health Economics, Harvard Medical School

Richard Frank, Ph.D., is the Margaret T. Morris Professor of Health Economics. His research is focused on the economics of mental health and substance abuse care, long-term care financing policy, health care competition and implementation of health reform and disability policy. He served as the deputy assistant secretary for planning and evaluation at the Department of Health and Human Services (DHHS), directing the Office of Disability, Aging and Long-Term Care Policy from 2009 to 2011. From 2014 to 2016, he served as the DHHS assistant secretary for planning and evaluation. Dr. Frank served as an editor for the Journal of Health Economics for nine years. He was awarded the Carl A. Taube Award from the American Public Health Association and the John Eisenberg Mentorship Award from the National Research Service Awards. He is a member of the National Academy of Medicine. He received the AcademyHealth Distinguished Investigator Award in June 2018. He is co-author with Sherry Glied of the book Better but Not Well. Dr. Frank received his BA in economics from Bard University and his Ph.D. in economics from Boston University.
Cody Friesen

Cody Friesen, Ph.D.

Founder and CEO, Zero Mass Water

Dr. Cody Friesen is a technology innovator who is passionate about solving the world's grandest challenges. As an entrepreneur and materials scientist, Friesen builds businesses that apply advanced technology to problems facing humanity by creating teams and cultures that lead with love. Founder and CEO of Zero Mass Water, Friesen and his team developed SOURCE, a Hydropanel that makes clean, delicious drinking water from the air independent of infrastructure. Friesen is also the founder of Nant Energy (formerly Fluidic Energy), an advanced battery company powering remote grids worldwide. He is the Fulton Engineering Professor of Innovation at Arizona State University and is a Senior Sustainability Scientist at the ASU Global Institute of Sustainability. Friesen was named by The Aspen Institute as a 2015 Henry Crown Fellow and among the "TR35", top 35 innovators in the world under 35 years of age, by MIT’s Technology Review in 2009. Friesen has led Zero Mass Water to be recognized with the CES Innovation Award in 2018 and as a New Energy Pioneer by BloombergNEF in 2019. He was honored as The MIT Lemelson recipient in 2019 for his work as an inventor. He served two terms on the US Manufacturing Council for the US Department of Commerce, as the co-chair of the Energy subcommittee. He has 145 active patent matters worldwide, and 37 granted patents. He earned a BSE in Materials Science and Engineering from Arizona State University, and a Ph.D. in the same discipline from the Massachusetts Institute of Technology.
Carla Hayden

Carla Hayden, Ph.D.

Librarian of Congress

Carla Hayden, Ph.D., was sworn in as the 14th librarian of Congress on September 14, 2016. Dr. Hayden, the first woman and the first African American to lead the national library, was nominated to the position by President Obama on February 24, 2016, and her nomination was confirmed by the U.S. Senate on July 13. Prior to her latest post, she served, since 1993, as CEO of the Enoch Pratt Free Library in Baltimore, Maryland. Dr. Hayden was nominated by President Obama to be a member of the National Museum and Library Services Board in January 2010 and was confirmed to that post by the Senate in June 2010. Prior to joining the Pratt Library, Dr. Hayden was deputy commissioner and chief librarian of the Chicago Public Library from 1991 to 1993. She was an assistant professor for library and information science at the University of Pittsburgh from 1987 to 1991. Dr. Hayden was library services coordinator for the Museum of Science and Industry in Chicago from 1982 to 1987. She began her career with the Chicago Public Library as the young adult services coordinator from 1979 to 1982 and as a library associate and children’s librarian from 1973 to 1979. Dr. Hayden was president of the American Library Association from 2003 to 2004. In 1995, she was the first African American to receive Library Journal’s Librarian of the Year Award in recognition of her outreach services at the Pratt Library, which included an after-school center for Baltimore teens offering homework assistance and college and career counseling. Dr. Hayden received a B.A. from Roosevelt University and an M.A. and Ph.D. from the Graduate Library School of the University of Chicago.

 

Tamara Lundgren

Tamara Lundgren

Chairman, President and CEO,
Schnitzer Steel; Former Chairman,
U.S. Chamber

Tamara Lundgren is the chairman, president and CEO of Schnitzer Steel Industries Inc. SSI is one of the largest publicly traded (Nasdaq: SCHN) manufacturers and exporters of recycled metals in North America, operating 100 facilities throughout North America, including seven deep-water ports located on both coasts of the U.S. and Puerto Rico and a retail auto parts business with over five million annual retail visits. SSI’s vertically integrated operating platform also includes its steel manufacturing business, which manufactures finished steel products used in infrastructure and commercial projects. Lundgren joined SSI in 2005 as chief strategy officer and held positions of increasing responsibility, including executive vice president and COO. Lundgren was appointed president and CEO in 2008. Prior to joining SSI, Lundgren was an investment banker and lawyer with 25 years of experience in the U.S. and Europe. Lundgren was a managing director at JPMorgan Chase and Deutsche Bank in London and New York. Earlier, she was a partner in the Washington, D.C., law firm of Hogan Lovells (then Hogan & Hartson, LLP). Lundgren is a member of the board of directors of Ryder System Inc., Parsons Corporation and the Federal Reserve Bank of San Francisco, and the executive committee of the board of directors of the U.S. Chamber of Commerce. She has served as the chair of the board of directors of the U.S. Chamber and has been a frequent speaker on infrastructure and trade policy. Lundgren serves on the president’s Advisory Committee for Trade Policy and Negotiations, having been appointed by President Obama in 2016 and reappointed by President Trump. Lundgren is also a member of the Business Roundtable and the President’s Advisory Council of Wellesley College. Lundgren earned a B.A. from Wellesley College and a J.D. from the Northwestern University School of Law.
Jon Meacham

Jon Meacham

Historian and Pulitzer Prize-Winning Author

Jon Meacham is one of America's most prominent public intellectuals. A contributor to TIME and The New York Times Book Review, Meacham is a highly sought-after commentator, regularly appearing on CNN and MSNBC. Known as a skilled orator with a depth of knowledge about politics, religion, and current affairs, Meacham brings historical context to the issues and events impacting our daily lives. His latest #1 New York Times best-seller, The Soul of America: The Battle for Our Better Angels, examines the present moment in American politics and life by looking back at critical times in U.S. history when hope overcame division and fear. Meacham is a co-author of the recently released book Impeachment: An American History, which reveals the complicated motives behind the three impeachments in U.S. history. Meacham’s presidential biography, Destiny and Power: The American Odyssey of George Herbert Walker Bush, debuted at #1 on the New York Times' best-sellers list. The New York Times said, “Destiny and Power reflects the qualities of both subject and biographer: judicious, balanced, deliberative, with a deep appreciation of history and the personalities who shape it.” Meacham delivered eulogies for both President George H.W. Bush and First Lady Barbara Bush. Meacham's #1 New York Times best-seller, Thomas Jefferson: The Art of Power, was hailed as "masterful and intimate" by Fortune magazine. His other national bestsellers include Franklin and Winston, American Gospel, and American Lion: Andrew Jackson in the White House, which won the Pulitzer Prize in 2009. A contributing editor at TIME, Meacham writes for the magazine’s Ideas section. He also pens “The Long View” column in The New York Times Book Review, in which he “looks back at books that speak to our current historical and cultural moment.” He served as Newsweek's managing editor from 1998 to 2006 and editor from 2006 to 2010. The New York Times called him “one of the most influential editors in the news magazine business.” Meacham is a frequent guest on Morning Joe, Real Time with Bill Maher and The 11th Hour, and was featured in Ken Burns’ documentary series The Roosevelts: An Intimate History. Fox News produced an hour long special about Meacham’s Destiny and Power in November 2015. Named a “Global Leader for Tomorrow” by the World Economic Forum, he is a member of the Council on Foreign Relations, a fellow of the Society of American Historians and chairs the National Advisory Board of the John C. Danforth Center on Religion and Politics at Washington University. Meacham is a distinguished visiting professor of history at The University of the South and a visiting distinguished professor at Vanderbilt. He is currently at work on a biography of James and Dolley Madison.
Yascha Mounk

Yascha Mounk, Ph.D.

Associate Professor of Practice, International Affairs, Johns Hopkins University

Yascha Mounk, Ph.D., is a writer, academic and public speaker known for his work on the rise of populism and the crisis of liberal democracy. Born in Germany to Polish parents, Dr. Mounk received his B.A. in history from Trinity College, Cambridge, and his Ph.D. in government from Harvard University. He is now an associate professor of the Practice of International Affairs at Johns Hopkins University, where he holds appointments in both the School of Advanced International Studies and the Agora Institute. Dr. Mounk is also a senior advisor at Protect Democracy, a senior fellow at the German Marshall Fund, a senior fellow at Harvard's Ash Center for Democratic Governance, a senior fellow at New York University's Reiss Center on Law and Security, and a term member of the Council on Foreign Relations. Mounk has written three books: Stranger in My Own Country: A Jewish Family in Modern Germany, a memoir about Germany’s fraught attempts to deal with its past; The Age of Responsibility: Luck, Choice and the Welfare State, which argues that a growing obsession with the concept of individual responsibility has transformed Western welfare states; and The People versus Democracy: Why Our Freedom Is in Danger and How to Save It, which explains the causes of the populist rise and investigates how to renew liberal democracy. His latest book has been translated into 11 languages and hailed as one of 2018's best books of the year by multiple publications, including the Financial Times. A contributing editor at The Atlantic, Dr. Mounk regularly writes for newspapers and magazines, including The New York Times, The New Yorker and Foreign Affairs. He is also is also a regular columnist or contributor for major international publications, including Die Zeit, La Repubblica l'Express, Folha de Sao Paolo, Kultura Liberalna and Letras Libres.

 

Brian Rice

Brian Rice

Portfolio Manager, CalSTRS

Brian Rice is a portfolio manager in the CalSTRS Sustainable Investment and Stewardship Strategies unit and has been leading sustainability efforts at CalSTRS for over 15 years. He is responsible for the CalSTRS sustainable manager portfolio, a $2.2 billion externally managed public equity strategy that employs fund managers incorporating ESG factors into their investment portfolio construction and management. Rice also leads the CalSTRS Transition to a Low Carbon Economy initiative, a cross-asset class effort focused on managing physical and transitional investment risks, and implementing investment opportunities associated with climate change. Rice serves on the advisory board of the Climate Bonds Initiative and the Strategic Investor Initiative, and on the advisory committee of the Ceres Water Hub. He received an M.B.A. from the U.C. Davis Graduate School of Management and a bachelor’s degree in economics-business from UCLA.
Andy Rothman

Andy Rothman

Investment Strategist, Matthews Asia

Andy Rothman is an investment strategist at Matthews Asia. He is principally responsible for developing research focused on China’s ongoing economic and political developments while also complementing the broader investment team with in-depth analysis on Asia. In addition, Rothman plays a key role in communicating to clients and the media the firm’s perspectives and latest insights into China and the greater Asia region. Prior to joining Matthews Asia in 2014, Rothman spent 14 years as CLSA’s China macroeconomic strategist, where he conducted analysis into China and delivered his insights to its clients. Previously, Rothman spent 17 years in the U.S. Foreign Service, with a diplomatic career focused on China, including as head of the macroeconomics and domestic policy office of the U.S. Embassy in Beijing. In total, Rothman has lived and worked in China for more than 20 years. He earned an M.A. in public administration from the Lyndon B. Johnson School of Public Affairs and a B.A. from Colgate University. He is a proficient Mandarin speaker.
Josh Silverman

Josh Silverman

CEO, Etsy

Josh Silverman is Etsy's Chief Executive Officer, leading the company as it builds a platform that empowers creative entrepreneurs around the world. He is also a member of Etsy's board of directors. Silverman’s two decades of leadership experience include growing consumer technology companies and scaling global marketplaces. He previously served as president of Consumer Products and Services at American Express, CEO of Skype, and CEO of shopping.com, and he held various executive roles at eBay. Earlier in his career, Josh co-founded Evite, Inc. where he also served as the company's CEO. He is currently on the board of directors of Shake Shack. Silverman has a deep commitment to community and civic engagement. He currently serves as Chairman of Code Nation, a nonprofit that equips students in under-resourced schools with both fundamental coding skills and professional experiences. He's also a member of the Stanford Business School Management board and was previously on the board of the Lincoln Center Theater.

 

Mia Söderberg

Mia Söderberg

Manager Selection Professional, Nordics

Mia Söderberg has more than 20 years of experience in the investment industry, with a focus on manager selection in the last four years. Söderberg has a profound and deep interest in ESG integration within asset management and views sustainable investing as one of the most important trends in the industry. She is active in the ESG and sustainability debate in the Nordics and has written several articles on the subject. She has experience with ESG considerations across asset classes and recognizes their importance in finding competitive advantages and identifying risks within portfolio management. Her previous investment roles include senior portfolio manager in manager selection at Nykredit Asset Management—Denmark and head of fund selection at IKC Capital in Sweden. At IKC Capital, Söderberg was responsible for developing a fund platform with a clear sustainability focus and was rewarded for her work by Investment Europe with the Personality of the Year—Nordics award in 2017. Söderberg holds a M.S. in business and economics from Uppsala University and National University of Singapore.
Linda Yueh, Ph.D.

Linda Yueh, Ph.D.

Fellow in Economics, St Edmund Hall, University of Oxford; Adjunct Professor of Economics, London Business School

Dr. Yueh is Fellow in Economics at St Edmund Hall, Oxford University and Adjunct Professor of Economics at London Business School. She is Visiting Professor at LSE IDEAS, London School of Economics and Political Science's foreign policy centre, and Associate Fellow (Global Economy and Finance Department & U.S. and the Americas Programme) at Chatham House. Professor Yueh is Chair of the LSE Economic Diplomacy Commission. She was Visiting Professor of Economics at Peking University. She is a TV and radio presenter, including for BBC Radio 4 and the World Service, as well as having fronted BBC TV series, such as The New Middle Class, Next Billionaires, and Working Lives. Dr. Yueh is Chair of the Royal Commonwealth Society and Trustee of the Coutts Foundation and Malaria No More UK. She is a Non-Executive Director of the following publicly listed companies on the London Stock Exchange: Rentokil Initial, a FTSE 100 company, Fidelity China Special Situations PLC, a FTSE 250 investment trust, and Chair of Baillie Gifford's The Schiehallion Fund, listed on the Specialist Fund Segment of the Main Market. She serves on the Advisory Board of LSE IDEAS and on the Policy Committee of the Centre for Economic Performance (CEP), both at the London School of Economics. She is a Fellow (FRSA) of the Royal Society of Arts. She is a widely published author and Editor of the Routledge Economic Growth and Development book series. Her latest book, The Great Economists: How Their Ideas Can Help Us Today is published by Viking/ Penguin Random House (The Times's Best Business Books of the Year) and What Would the Great Economists Do? How Twelve Brilliant Minds Would Solve Today's Biggest Problems (Newsweek's Best Books of the Year) published by Picador/ Macmillan in the U.S. She is represented by Janklow & Nesbit. She was Chief Business Correspondent for BBC News and presenter of Talking Business with Linda Yueh for BBC World TV and BBC News Channel based in Singapore. She had been Economics Editor and anchor at Bloomberg TV in London. Previously, she was an attorney at Paul, Weiss, Rifkind, Wharton & Garrison in New York. Professor Yueh has advised the World Bank, European Commission, Asian Development Bank, World Economic Forum in Davos, among others. She was a Non-Executive Director of the LSE-listed companies: JPMorgan Asian Investment Trust and Baillie Gifford's Scottish Mortgage Investment Trust. She was previously Co-Chair of the Global Cities Business Alliance (GCBA) of London First; Board Member of London & Partners; Advisory Board Member of The Official Monetary and Financial Institutions Forum (OMFIF); advisor to the British Chambers of Commerce (BCC); and Advisory Board member of the Huxley Summit 2019.

 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.