2015 | ©MARY MCBRIDE | ECAD
EXPLORERS CLUB ANNUAL DINNER – 2015
1
7:30 PM PRESIDENT’S WELCOME Alan Nichols
MASTER OF CEREMONIES The Spirit of Theodore Roosevelt
EDWARD C. SWEENEY MEMORIAL MEDAL Bruce Blanchard
SHACKLETON CENTENNIAL SALUTE Honorable Alexandra Shackleton
FINN RONNE MEMORIAL AWARD David Hempleman-Adams
IN MEMORIAM
8:15 PM DINNER
8:40 PM LIVE AUCTION Hugh Hildesley
CITATION OF MERIT Bill Steele
CITATION OF MERIT Mandip Singh Soin
FLAG RETURN Altai Mountain Expedition Frederik D.A. Paulsen MI ’02
FOUNDATION MAMONT EXPLORATION AWARD
PRESIDENT’S TRIBUTE Paragon StratEx Team
EXPLORERS CLUB MEDAL Neil deGrasse Tyson
ROLEX RAFFLE
CLOSING REMARKS Alan Nichols
10:00 PM After Dinner Surprises In The Roosevelt Rotunda
MARCH 21, 2015, MILSTEIN HALL OF OCEAN LIFE | AMERICAN MUSEUM OF NATURAL HISTORY
EVENING PROGRAM
There were all kinds of things I was afraid of at first, ranging from grizzly bears to “mean” horses and gun-fighters; but by acting as if I was not afraid, I gradually ceased to be afraid. — Theodore Roosevelt
T he Explorers Club and the American Museum of Natural History
have a long and interwoven history. This collaboration is incredibly
multi-faceted and encompasses many joint Flag Expeditions,
membership, and Research Collection influences.
A commanding figure on horseback—one of The Explorers Club’s most famous members—welcomes visitors to the legendary American Museum of Natural History in New York City. The statue is just inside the Theodore Roos-evelt Rotunda; where a giant T-Rex dinosaur skeleton reminds us that ancient history re-sides here...along with centuries of exploration discoveries, many made by members of The Explorers Club.
In 1915, Theodore Roosevelt became a member of The Explorers Club, and after every expedition in his long life of adventure, he brought his findings to the American Museum of Natural History. Over the years, he contin-ued to support both organizations, as have many other Explorers Club members, both past and present.
Carl Akeley, who served as President of The Explorers Club from 1917–1919 donated his extraordinary specimen collections to the Mu-seum; and the Akeley Hall of African Mammals, where tonight’s cocktail reception took place, bears his name. F. Trubee Davison, AR 1928, served as President of AMNH, beginning in 1933. Roy Chapman Andrews, MED 1908, car-ried Explorers Club Flag 2 on the famed 1923 Central Asiatic Expedition through the Gobi Desert, and served as both a TEC President (1931-1934) and Director of the American Mu-seum of Natural History, beginning in 1935. The AMNH sponsored numerous Explorers Club Flag Expeditions in the twentieth cen-tury, including Harold McCracken’s 1928 Stoll-McCracken Arctic Expedition (Flag 16), Edward M. Weyer’s Matto Grosso Expedition (Flag 16), Russell F. Peterson’s Spalding-Peterson Expe-dition to Australia (Flag 179), and Dr. Oshin Agathon’s AMNH Mozambique Expedition (Flag 155) in 1960.
Adorning the walls of both organizations is the artwork of William R. Leigh. Leigh traveled with Carl Akeley on an expedition to Africa in
the 1920s, to study and illustrate the landscape there. His more than 70 finished works were published in his book, Frontiers of Enchantment: An Artist’s Adventures in Africa, and they form the models for the backgrounds of the dioramas in the Akeley Hall of African Mammals at the Museum. Twelve of the original paintings are located at The Explorers Club headquarters.
The Club’s Research Collections experts have partnered with AMNH to discover new information about some of the Explorers Club’s specimens, including the much-loved supernu-merary, four-tusked elephant collected in 1934 by Armand Denis, ANR 1933; and the Club’s treasured Theodore Roosevelt and River of Doubt Lantern Slide Collections were gifted to The Explorers Club by the American Museum of Natural History in 2003.
In 2015, one hundred years after Theodore Roosevelt became a member of The Explor-ers Club, our organization is proud to host its 111th Annual Dinner at the American Museum of Natural History. This year’s theme—the Spirit of Exploration—is especially fitting. We can imagine “TR” and other legends of exploration looking on as present day explorers celebrate the “bonds of good fellowship” that are at the core of this remarkable organization, in the his-toric venue that is a true bastion of discovery.
THE EXPLORERS CLUB AND AMNH
Roy Chapman Andrews on his Central Asiatic Expedi-tion through the Gobi Desert — an AMNH sponsored expedition with The Explorers Club flag flying.
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When you are at the end of your rope, tie a knot in it and hold on. — Theodore Roosevelt
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OYSTER PERPETUAL EXPLORER
rolex oyster perpetual and explorer are trademarks.for an official rolex jeweler call 1-800-367-6539.
THE 110TH EXPLORERS CLUB ANNUAL DINNER
EXPLORATION & TECHNOLOGY
CELEBRATING INNOVATION IN DISCOVERY
EXPLORERS CLUB ANNUAL DINNER SCHEMATIC – WALDORF ASTORIA 2014
EVENING PROGRAMMARCH 15, 2014, GRAND BALLROOM
THE WALDORF ASTORIA
P R E S I D E N T ’ S W E L C O M E
Alan Nichols
M A S T E R O F C E R E M O N I E S
Brian Greene
K E Y N O T E S P E A K E R
Stephen Hawking
(Presented by his son, Tim Hawking)
P R E S E N TAT I O N O F AWA R D S
I N M E M O R I A M
D I N N E R
Domenico Vicinanza, Voyager I and Voyager II Duet
(DANTE/GEANT, Cambridge, UK)
E X P L O R E R S C L U B G R A N T S
L I V E A U C T I O N
Hugh Hildesley
R A F F L E
Rolex Oyster Perpetual Explorer II Timepiece
P R E S E N TAT I O N O F AWA R D S
P R E S I D E N T I A L AWA R D F O R E X P L O R AT I O N & T E C H N O L O G Y
Elon Musk
C L O S I N G
Alan Nichols
D E S S E R T R E C E P T I O N A N D D A N C I N G
RSVP RESERVATIONSSeating is on a first-come, first-served basis. Please make reservations early to ensure your participation in this extraordinary night.
PLEASE WRITE YOUR NAME(S) AS YOU WOULD LIKE TO BE LISTED.
TABLE HOST 1 ____________________________________ TABLE HOST 2/GUEST __________________________ (PLEASE CIRCLE ONE)
___________________________________ __________________________________GUEST 3 GUEST 4
___________________________________ __________________________________GUEST 5 GUEST 6
___________________________________ __________________________________GUEST 7 GUEST 8
___________________________________ __________________________________GUEST 9 GUEST 10
___________________________________ __________________________________GUEST 11 (VOYAGER & TRIESTE TABLES ONLY) GUEST 12 (VOYAGER & TRIESTE TABLES ONLY)
_____ I do not have my guest list yet; please contact me laterQuestions: Contact Will Roseman at 212-628-8383 or [email protected]
Voyager table: $40,000 Includes: Explorers Club Commemorative Flag for Table Host signed by the evening’s honorees • VIP Reception for all table guests • Saturday Honoree Brunch for all table guests • Priority Event Seating • Premium Liquor • Priority seating for ECAD Exploring Legends • Recognition in program • Table seats 12
Trieste table: $25,000 Includes: VIP Reception for all table guests • Saturday Honoree Brunch for all table guests • Priority Event Seating • Premium Liquor • Priority seating for ECAD Exploring Legends* • Recognition in program • Table seats 12
Curiosity table: $12,000 Includes: VIP Reception for all table guests • Recognition in program • Table seats 10
Argo table: $7,000 Includes: VIP Reception for Two (Table Hosts or their Designees) • Recognition in program • Table seats 10
Curiosity ticket: $1,200.00 Includes: VIP Reception • Recognition in Program
Argo ticket: $700.00 Includes: Recognition in program • Admission to all non-VIP events
Explorer ticket: $375.00 Includes: Admission to all non-VIP events
MARCH 15, 2014
THE WALDORF ASTORIA
NEW YORK CITY
PROCEEDS BENEFIT
THE PROGRAMS OF
THE EXPLORERS CLUB
THE 110TH EXPLORERS CLUB ANNUAL DINNER
EXPLORATION & TECHNOLOGYCELEBRATING INNOVATION IN DISCOVERY
Yes, I would like to purchase _____ table(s) totalling $ ________________
Yes, I would like to purchase _____ tickets(s) totalling $ ________________
I am unable to attend, but enclosed is my tax-deductible donation in the amount of $ ________________
PAYMENT
_____ Check enclosed; payable to The Explorers Club
_____ Please charge my credit card $________________ as indicated:
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_______________________________ ________________________ ____________CREDIT CARD NUMBER EXPIRATION DATE CCV NUMBER
TABLES____ Voyager table: $40,000
____ Trieste table: $25,000
____ Curiosity table: $12,000
____ Argo table: $7,000
INDIVIDUAL TICKETS____ Curiosity ticket: $1,200
____ Argo ticket: $700
____ Explorer ticket: $375
Tickets and tables can be
purchased online at:
www.explorers.org
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Selected 2013 transactions (YTD)
M&A
Equity
$24,400,000,000Has agreed to acquire Dell***
M&A Advisor
Pending
A consortium led by
$485,000,000Has agreed to sell its TV and ad distribution business to Extreme Reach***
M&A Advisor
Pending
$2,500,000,000Has acquired ExactTarget
M&A Advisor
July 2013
$1,200,000,000Has been acquired by TSYS
M&A Advisor
July 2013
$905,000,000Has been acquired by Vista Equity Partners
M&A Advisor
June 2013
$2,400,000,000Has acquired the Motorola Mobility Home business from Google
M&A Advisor
April 2013
$138,000,000Has acquired the AirCard business from Sierra Wireless
M&A Advisor
April 2013
$685,000,000Has been acquired by Western Digital
M&A Advisor
October 2013
$505,000,000Has agreed to acquire IBM’s customer care business process outsourcing busi-ness***
M&A Advisor
Pending
$603,000,000Has been acquired by Honeywell
M&A Advisor
September 2013
$2,700,000,000Has acquired Sourcefire
M&A Advisor
October 2013
$321,000,000Has been acquired by Western Digital
M&A Advisor
September 2013
$6,600,000,000Has been acquired by a private investor group led by Bain Capital and Golden Gate Capital
M&A Advisor
September 2013
$361,000,000Add-On Offering*
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July 2013
$147,000,000Initial Public Offering*
Joint Bookrunner
June 2013
$113,000,000Add-On Offering*
Joint Bookrunner
June 2013
$323,000,000Add-On Offering*
Joint Bookrunner
June 2013
$270,000,000Senior Convertible Notes**
Joint Bookrunner
May 2013
$349,000,000Initial Public Offering*
Joint Bookrunner
September 2013
$162,000,000Initial Public Offering*
Joint Bookrunner
September 2013
$112,000,000Initial Public Offering*
Joint Bookrunner
September 2013
$1,400,000,000Add-On Offering*
Joint Bookrunner
September 2013
$225,000,000Add-On Offering*
Joint Bookrunner
August 2013
$74,000,000Initial Public Offering*
Joint Bookrunner
August 2013
$451,000,000Add-On Offering*
Joint Bookrunner
May 2013
$1,200,000,000Senior Convertible Notes**
Joint Bookrunner
March 2013
$201,000,000Senior Convertible Notes**
Joint Bookrunner
March 2013
$789,000,000Add-On Offering*
Joint Bookrunner
March 2013
$426,000,000Initial Public Offering*
Joint Bookrunner
March 2013
$280,000,000Add-On Offering*
Joint Bookrunner
September 2013
$1,050,000,000Has agreed to acquire The Active Network ***
M&A Advisor
Pending
$4,300,000,000Has agreed to acquire Blackberry ***
M&A Advisor
Pending
A consortium led by
$16,100,000,000Has agreed to merge with Omnicom***
M&A Advisor
Pending
$820,000,000Has agreed to acquire Six3 Systems***
M&A Advisor
Pending
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“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed.
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bags, holding slides, and the style
guide to go with them.
FX12THE BLOOMBERG SUMMITSTRATEGIES IN CONTEXT //WEDNESDAY, NOVEMBER 14, 2012731 LEXINGTON AVENUENEW YORK, NY 100224:30-7:30PM
Notebook Cover
////////////////////////////////////////////////////////////////////////////////
WHERE WILL THE NEW IDEAS IN FX COME FROM IN 2013?
WELCOME TO FX12—THE BLOOMBERG SUMMIT
It’s a volatile world, indeed, in which we live and work. I’m confident that today’s agenda will leave you with the perspective you need to remain on top of market developments and ahead of the competition.
Clearly, the crisis in Europe continues to roil the currency markets as global leaders struggle to bring financial stability to the continent. The future of the Euro is in flux as the politicking around the 17-nation currency continues without resolution.
From currency wars and protectionism to global economic imbalances and political wrangling, FX12—The Bloomberg Summit offers analysis of the key factors driving the global FX markets and aims to bring clarity to investors navigating this ever-evolving market.
Some of the questions we’ll explore today include:
» Will the euro see parity with the dollar? » What is the outlook for developed-nation currencies vs. emerging market
currencies? » Where is the flight to safety? » How are investors playing gold? » How are politics playing into the global currency markets?
Have a productive conference.
Tod Van NameGlobal Business ManagerForeign Exchange, Economics and CommoditiesBloomberg L.P.
WELCOME//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
PROGRAM AGENDA//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
2:30 – 3:00PM PARTICIPANT CHECK-IN
3:00 – 3:05 WELCOME & OPENING REMARKS
Tod Van Name, Global Business Manager for Foreign Exchange, Economics and Commodities, Bloomberg L.P.
Emcee: Manus Cranny, Presenter, Bloomberg Television
3:05 – 3:30 THE GREAT DEBATE: THE FUTURE OF THE EURO & THE FX MARKETS
The Euro crisis is far from resolved as political debate continues; nevertheless, the Euro has held its ground. How is uncertainty in the Eurozone impacting the FX markets? Central bank intervention has been a common feature, but as the policy toolkit is exhausted, what does the FX market look like? What is the assessment of ECB’s moves in managing the crisis? Where is the flight to safety? What is the future of the Euro? Will there be closer European integration? What is the fallout from an exit from the European Union?
Speakers: Jørgen Elmeskov, Deputy Chief Economist, Organisation for Economic Co-operation and Development (OECD)
Steven Englander, Managing Director, Head of G10 FX Strategy, Citigroup Inc.
Thomas Kressin, SVP and Head of European Foreign Exchange Desk, PIMCO
Interviewed by: Mark Gilbert, London Bureau Chief, Bloomberg News
3:30 – 4:00 CURRENCY WARS: BATTLE OF THE WEAKEST
Two years after Brazil’s finance minister accused the U.S., Japan and Europe of sparking a currency war, foreign-exchange rates remain at the center of global trade tension. What are the downsides as well as the advantages of so-called competitive devaluation for the greenback and its status as the world’s reserve currency?
Speakers: Antulio N. Bomfim, Senior Managing Director, Co-Head of Monetary Policy Insights, Macroeconomic Advisers, LLC; Former Senior Economist, The Federal Reserve
James G. Rickards, Partner and COO, JAC Capital Advisors LLC; Author, Currency Wars: The Making of the Next Global Crisis
Thomas J. Sowanick, Co-President and CIO, Omnivest Group, LLC
Interviewed by: Paul Dobson, FX/Government Bonds Team Leader, Bloomberg News
4:00 – 4:30 KEYNOTE: OUTLOOK FOR THE FX MARKETS
The crisis in Europe has infused volatility in the currency markets as global leaders struggle to bring financial stability to continent. The future of the 17-nation currency is in flux as the politicking around euro exits and bailouts continues without resolution. What is the FX market outlook in an environment of high volatility and uncertainty in the global markets? What are the fundamentals driving the currency markets?
Jim O’Neill, Chairman, Goldman Sachs Asset Management (GSAM)
Interviewed by: Tom Keene, Editor-at-Large, Bloomberg News; Co-Host, “Bloomberg Surveillance,” Bloomberg TV & Radio
4:30 – 4:40NETWORKING BREAK
4:40 – 5:05REGULATION’S HAND IN THE MARKETS
Regulation and financial reform have dominated headlines, as the final text of EMIR is published what does this mean in practice for FX derivatives and will it increase transparency and reduce risk? FX is a global market and regulation has come from all fronts, has this opened the opportunity for regulatory arbitrage? What is the legacy of the LIBOR scandal and what will be the policy outcome?
Speakers: Lena Komileva, Managing Director, Chief Economist, G+ Economics Limited
Hans Redeker, Managing Director, Global Head of FX Strategy, Morgan Stanley
Simon Sole, Chief Executive Officer, Exclusive Analysis
Interviewed by: Manus Cranny, Presenter, Bloomberg Television
5:05 – 5:15 TECHNOLOGY, AT THE CORE OF THE FX MARKET
Technology has changed the FX market with the preeminence of electronic trading and real time data. Furthermore, events like the flash crash or the recent Knight capital technology failure have also highlighted its dangers. Within this context this session will evaluate how technology is set to shape the FX market in the future, looking at the risks and highlighting the opportunities both in trading and in discovering new insights.
Stanley Young, CEO, Enterprise Products and Solutions, Bloomberg L.P.
5:15 – 5:40EMERGING MARKETS & THE SEARCH FOR YIELD
Since 2008 emerging markets have been the silver lining, however, the biggest economies including China and India have slowed down. What are the implications on the FX Market? How is Asia supporting the euro?
Speakers: Bernd Berg, Global Emerging Markets FX Strategist, Credit Suisse AG
David Hauner, Head of EEMEA Fixed Income Strategy and Economics, Bank of America Merrill Lynch Global Research
John F. Normand, Managing Director and Head of Global FX Strategy, J.P. Morgan
Interviewed by: David Powell, Senior Economist, Bloomberg L.P.
5:40 – 6:05 THE FX HEDGE: FX STRATEGIES AROUND UNCERTAINTY, RISK & VOLATILITY
The debt crisis has been a drag on the strength of the euro. How are managers playing both sides of the European debt crisis? Where are the short and long opportunities? How are investors weighting Europe in their portfolio? What are the implications of volatility and the challenges of pricing liquidity? How much is political process infusing volatility into the markets? How are investors playing volatility and getting an edge in market swings?
Speakers: Maria Heiden, Investment Advisory, Currency & Commodity Overlay, Berenberg Bank
Frances Hudson, Global Thematic Strategist, Standard Life Investments Limited
Additional Speaker to be Announced
Interviewed by: Nicholas Dunbar, Editor, Bloomberg Brief: Risk, Bloomberg Professional
6:05 – 6:30 POSITIONING FOR BLACK SWAN EVENTS
Global Imbalances have been far from resolved and currency wars are still a potential threat. This environment has opened new opportunities in the market as investors look for new safe havens, currencies like the Canadian and Aussie Dollar, as well as in the Danish Kroner have been in demand – is this a long lasting trend? What are other considerations? Non-BRIC countries have also had time to shine, as is the case of the Turkish Lira. In addition, a continent which has been growing has been Africa, what can the South Africa Rand offer? Are there other opportunities in emerging markets? How are investors positioning for big events and volatility?
Speakers: Brendan Brown, Executive Director and Head of Economic Research, Mitsubishi UFJ Securities International plc
Geoffrey Kendrick, Head of G10 FX Strategy, EMEA, Nomura International Plc
Bob Savage, Chief Executive Officer, Track Research
Interviewed by: Tom Keene, Editor-at-Large, Bloomberg News; Co-Host, “Bloomberg Surveillance”, Bloomberg TV & Radio
6:30 CLOSING REMARKS
6:30 – 7:30 COCKTAILS & CONVERSATION
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
MARK GILBERTLondon Bureau Chief Bloomberg News
Mark Gilbert is London bureau chief and a columnist on global capital markets for Bloomberg News, and has been with the company since 1991. Mark was born in Liverpool and graduated from Kings College, Cambridge in 1989 with a BA Hons in Philosophy. He was nominated as a finalist in the Commentary category of the U.K. 2006 Business Journalist of the Year awards, and holds a Malcolm Forbes Award for Best Business Story from the Overseas Press Club of America. Mark is the author of Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable.
DAVID HAUNERDavid Hauner is head of EEMEA Fixed Income Strategy and Economics at BofA Merrill Lynch Global Research. He is responsible for the macroeconomic outlook of Emerging Europe, Middle East and Africa, as well as exchange rate forecasts and trading recommendations in foreign exchange and local and hard-currency debt across these regions.
He joined BofA Merrill Lynch as head of EEMEA Economics and FX Strategy in 2008. Prior to that, he was an economist at the International Monetary Fund (IMF) covering EEMEA. At IMF, he published research papers on a wide range of policy issues in emerging markets professional journals, including the Journal of Banking and Finance, the Oxford Bulletin of Economics and Statistics and the Journal of Development Economics.
Hauner received a doctorate in economics from the University of Vienna, a master’s degree in international policy studies from Stanford University and is also a CFA charterholder. He is fluent in German.
MARIA HEIDENInvestment Advisory, Currency&Commodity Overlay Berenberg Bank
Maria Heiden studied Financial Mathematics at Technical University in Braunschweig and Munich. Prior to working at Berenberg, she worked for Deutsche Bank AG in both Germany and Singapore and Risklab Germany GmbH, a subsidiary of Alliance Global Investors. Maria set up and later headed the currency trading desk at Varengold Investment Bank.
Maria joined Berenberg Bank Asset Management as a specialist in Currencies and Commodies working within the Investment Advisory Team. In her current role she has responsibility over mandates covering both managed accounts and mutual funds.
Maria contributed a chapter to the publication “The Handbook of Commodity Investing” and published a book “Managed Futures” detailing the use of quantitative solutions in investment markets.
FRANCES HUDSONGlobal Thematic Strategist, Multi-Asset Investing Standard Life Investments Limited
Frances Hudson is the Global Thematic Strategist within the multi-asset investment team at leading global fund manager Standard Life Investments. She joined the strategy team as an investment director in 2001 and is responsible for the development and articulation of thematic ideas, investment insights and market analysis.
Twenty-five years of investment experience includes stockbroking, investment analysis, consultancy assignments in equity derivatives and quantitative methods and the development of offshore investment services. She managed diversified portfolios (cash, equity, bond, private equity and hedge funds).
Graduate of Oxford University (MA Hons), Warwick Business School (MBA) and Chartered Fellow of the Chartered Institute for Securities & Investment.
SPEAKER PROFILES//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
T-shirts
PORTFOLIO | MARY MCBRIDE | BRANDING CAMPAIGN
MORGAN STANLEY
MARKETING
Marketing materials produced for
the firm’s microfinance group and
its loan portfolios. Microfinance
remains a part of the firm’s social
finance initiative.
Recruiting brochure produced to
conform with revised branding
standards.
MORGAN STANLEY BROADENS
THE MARKET
Morgan Stanley has intermediated some $210 million of microfinance debt through two groundbreaking transactions. These helped establish microfinance securitisation as an asset class and broadened its appeal to mainstream institutional investors.
MORGAN STANLEY MICROF INANCE
INST ITUT IONS GROUP
A full range of services to microfinance institutions
A diverse group based in London and New York, the Morgan Stanley microfinance team includes profession-als with experience in mergers and acquisitions, initial public offerings, structured finance, credit risk manage-ment, investment management, global capital markets and private wealth management. They have had direct involvement in development finance, especially within microfinance in Latin America, Africa and Asia. Just as important, the group also provides access to other Morgan Stanley services worldwide.
WHY WE ENTERED THIS BUSINESS
First, among many compelling reasons, Morgan Stanley sees microfinance as an opportunity to apply our firm’s strengths to add commercial value in an emerging global business. We also see it as a culturally positive effort, which reinforces our reputation as an innovator and responsible global citizen at a time when investors are paying attention to social as well as financial returns. And because of the high degree of interest in microfinance today, our involvement helps us attract and retain the best financial talent.
WHAT IS MICROF INANCE?
The microfinance industry aims to provide financial services in developing countries to micro-entrepreneurs who otherwise would not have access to the mainstream financial system. Services include loans, deposits and insurance as well as remittances. The present microfinance industry has its roots in Bolivia, Brazil and Bangladesh in the 1970s and has since expanded
throughout Latin America, the Indian subcontinent, Eastern Europe, Central Asia and Africa.
Even before the 2006 Nobel Peace Prize award to microcredit pioneers Muhammad Yunus and the Grameen Bank affirmed its value for economic development, the industry’s perfor-mance had begun to attract private- sector investor interest.
TRANSACT ION SNAPSHOT *
Deals Priced
BLUE ORCHARD LOANS FOR
DEVELOPMENT (BOLD) 2006 :
The first microfinance-backed collateralised loan obligation (CLO) transaction arranged by an investment bank
$99.2 million equivalent funded 21 microfinance institutions (MFIs) in 13 countries
Substantial part of the portfolio provided in local currencies including Mexican Pesos, Colombian Pesos and Russian Rubles as well as USD and EUR
BLUE ORCHARD LOANS FOR
DEVELOPMENT (BOLD) 2007 :
The first microfinance transaction in the international capital markets to be rated by a mainstream agency (S&P)
$110.2 million equivalent funded 20 MFIs in 12 countries
Expanded local currency offering included Peru and Mongolia
Private investors in all tranches, including the equity tranche
PIPEL INE AND BUSINESS
DEVELOPMENT: With the launching of the Microfinance Institutions Group (MFIG), we will be working on transactions in the following areas among others:
Principal and agency debt transactions
Private equity funds for direct and indirect investments
Stimulating liquidity and mobility in microfinance equity
Theme-related capital markets products (water, housing, renewable energy)
.
.
.
.
.
.
.
.
.
F I X E D I N C O M E
Collateralised Loan Obligations
Syndicated Loans
Asset Securitisations
Bond Issues
Foreign Exchange
E Q U I T Y
Arranging Public Equity
Private Equity Investment in MFIs
and MFI-Related Funds
Creation and Distribution of Funds
A D V I S O R Y
Mergers and Acquisitions
Initial Public Offerings
Corporate Finance Advice
Advice on Improving Credit Ratings
N E W P R O D U C T D E V E L O P M E N T
Housing
Water/Sanitation/Health
Environmental (e.g., Solar)
Hedging/Insurance
MORGAN STANLEY MICROF INANCE INST ITUT IONS GROUP
CLIENT
ACCESS TO OTHER MORGAN STANLEY SERVICES
A S S E T M A N A G E M E N T
Private Wealth Management
Morgan Stanley Investment Management
Alternative Investments
(Private Equity, Venture Capital, Real Estate Funds)
S A L E S A N D T R A D I N G
Equities
Fixed Income
Futures and Options
Commodities
Foreign Exchange
Risk Management
G L O B A L R E S E A R C H
Economics and Politics
Investment Strategy
Equity Research
Fixed-Income Research
Currency Research
I N V E S T M E N T B A N K I N G
Corporate Finance
Mergers and Acquisitions
Merchant Banking and Venture Capital
Real Estate
InstitutionalInvestors
PrivateInvestors
Firm’s Own Book
Debt Investors
Private Wealth Management
PrincipalInvestments Securitisations
Investment Management
Investment Banking
Prime Brokerage
Debt CapitalMarkets
ProprietaryTrading
Retail
Ultra High Net WorthIndividuals
Retail Customers
Buy Equity Stakes in MFIs, e.g.
Buy MFI Loan Portfolios, e.g.
Corporate Bond Investors, Syndicated Loans, etc.
Asset-BackedInvestors
Hedge Funds
PrivatePlacements,M&A, IPO, etc.
Pension Funds, Large Foundations, etc.
BROAD ACCESS TO INVESTORS
Our Microfinance Institutions Group can give clients access to the full spectrum of Morgan Stanley investors, from wealthy individuals to institutional investors or the Firm’s own portfolio.
* As of October 2007
Microfinance Institutions Group
INSTITUTIONAL SECURITIES
Helping to move microfinance forward
Biographies
Microfinance Institutions Group
Neal Shear Co-Head of Institutional Sales and Trading and member of Morgan Stanley’s Management Committee
Neal Shear joined Morgan Stanley in 1982 to start its commodities business. He was head of Global Commodities from 1987 through
2005, when he was appointed to Co-Head of Institutional Sales and Trading.
Ellen Brunsberg Head of the Securitised Products Group in Europe Ellen Brunsberg, who joined Morgan Stanley in 1980, has championed the Firm’s microfinance efforts via its original asset-backed loan transac-tions. Ellen was one of the pioneers of the Firm’s
asset-backed securitisations business in Europe and has been head of SPG Europe since 2004.
Ian CallaghanHead of the Microfinance Institutions Group
Ian Callaghan led Morgan Stanley’s first two microfinance transactions, which raised $210 million in 2006/2007. Prior to this, he has been involved in the area of financing for small- and medium-sized enterprises, including public/
private development finance for SMEs in financially disadvantaged communities. His earlier banking career included the initial financing of the Channel Tunnel transport link between Britain and continental Europe. He was born and brought up in West Africa, where his parents lived for 25 years.
Contact: +44 20 7677-5154; [email protected]
Christian NovakDebt Products
Christian Novak has over 15 years of investment banking experience, mostly working in credit risk management and structured financing/capital markets. Prior to joining the group, he led the Latin American coverage team in the Firm’s
Credit Risk Management division. He is a former member of the Advisory Board of Fondo de Inversión Social (FIS) as well as co-founder and former board member of two foundations aimed at implementing sustainable development projects in Argentina (Fundación Cruzada Argentina and Fundación Makro).
Contact: +1 212 762-4168; [email protected]
Shawn Murphy Equity and Advisory Products Shawn Murphy leads the equity and advisory- related efforts of the group, including private equity funds, principal investments in MFIs, M&A, IPO and capital structure advice to players within the industry. She spent over eight years in Private Wealth
Management, where she held various roles in New York, Boston and London and helped launch the private wealth division in New England. Shawn relocated to London in 2004 to act as risk manager across Europe, the Middle East and Asia. Shawn brings firsthand experience to microfi-nance, in particular with a start-up microfinance company in Tanzania, and sits on the steering committee of the Microfinance Club UK.
Contact: +44 20 7677-8397; [email protected]
Henry Gonzalez Coverage and Business Development Henry Gonzalez joined the team after working in Private Wealth Management’s Central America practice. Prior to that, he worked for the Global Exchange for Social Investment (GEXSI) in London, and for the United Nations Development
Program (UNDP) in San José, Costa Rica, which he joined after working for the World Bank. Earlier he was the Chief of Staff to the Minister of Agriculture in his home country, Costa Rica, and served as a Legislative Advisor to a member of the Costa Rican Assembly. He is a founding member of the Wall Street Microfinance Alliance.
Contact: +1 212 761-7734; [email protected]
Senior sponsorship and management of Morgan Stanley’s microfinance efforts are provided by Neal Shear and Ellen Brunsberg. To deliver its cross-divisional capabilities, the group is assisted by an advisory board of Managing Directors from several divisions of the Firm.
GrowinG demand in a prof itable business
PERU
Esperanza, a mother of six, is an
active client of the microfinance
network, Pro Mujer, working in the
informal markets of Southern Peru.
She takes small loans when sales
are slow and larger loans when
sales are flourishing. With this
financial security, Esperanza can
offer a greater variety of fruits to her
customers and sells several boxes
of fruit each week. Her weekly
income has more than quadrupled.
Esperanza can now better provide
for her children–her oldest daughter
attends private school.
Story and photo courtesy of
Pro Mujer International
INDIA
Sumitra runs a small bottle cap
recycling business in Gujarat, India.
She received several loans from the
Vikas Center for Microfinance
Development, a network member of
Women’s World Banking, to cover the
cost of six bottle-cap straightening
machines plus working capital.
Sumitra’s profitable business has
enabled her to greatly improve the
living conditions of her employees
and her own family. Currently, she is
helping her son start his own business,
as well as financing her daughter’s
college education.
Story and photo courtesy of
Women’s World Banking
BENIN
Fatouma began selling vegetables
when she was just five, working
alongside her mother in a crowded
market in the poor West African country
of Benin. When she grew up, Fatouma
inherited the stall. She received a loan
from PADME, an ACCION International
partner, to buy vegetables in bulk,
boosting her earnings. A second loan
allowed her to buy more inventory,
increasing profits that have brought
big changes. Before, she struggled
to support her three children.
Today, two of them are in school,
with the youngest soon to follow.
Story courtesy of ACCION International
Photo: Rohanna Mertens for ACCION.
The case studies provided herein relate to clients of selected MFIs and are based on information
provided by the cited MFIs or institutions. The individual clients and the related MFIs have not been
funded through instruments provided, arranged or intermediated by Morgan Stanley.
Morgan Stanley is ready to assist promising microfinance institu-tions worldwide. Their clients are typically self-employed, mostly women and often operat-ing household-based enterprises. In rural areas they may be artisans, small farmers, food processors or traders; urban microfinance clients are more
diverse and, in addition to artisans, include shopkeepers and service providers.
The potential for growth is enor mous. With 100 million borrowers to date and a total outstanding loan portfolio of some $17 billion, microfinance has already shown a 30% average annual portfolio
growth rate and average return on equity of 39%. A global market of 1.5 billion “working poor” (families living on less than $2 per day) could be clients for microfinance services. Research suggests a potential growth of 15 times, to an industry of $250– $300 billion.
Biographies
Microfinance Institutions Group
Neal Shear Co-Head of Institutional Sales and Trading and member of Morgan Stanley’s Management Committee
Neal Shear joined Morgan Stanley in 1982 to start its commodities business. He was head of Global Commodities from 1987 through
2005, when he was appointed to Co-Head of Institutional Sales and Trading.
Ellen Brunsberg Head of the Securitised Products Group in Europe Ellen Brunsberg, who joined Morgan Stanley in 1980, has championed the Firm’s microfinance efforts via its original asset-backed loan transac-tions. Ellen was one of the pioneers of the Firm’s
asset-backed securitisations business in Europe and has been head of SPG Europe since 2004.
Ian CallaghanHead of the Microfinance Institutions Group
Ian Callaghan led Morgan Stanley’s first two microfinance transactions, which raised $210 million in 2006/2007. Prior to this, he has been involved in the area of financing for small- and medium-sized enterprises, including public/
private development finance for SMEs in financially disadvantaged communities. His earlier banking career included the initial financing of the Channel Tunnel transport link between Britain and continental Europe. He was born and brought up in West Africa, where his parents lived for 25 years.
Contact: +44 20 7677-5154; [email protected]
Christian NovakDebt Products
Christian Novak has over 15 years of investment banking experience, mostly working in credit risk management and structured financing/capital markets. Prior to joining the group, he led the Latin American coverage team in the Firm’s
Credit Risk Management division. He is a former member of the Advisory Board of Fondo de Inversión Social (FIS) as well as co-founder and former board member of two foundations aimed at implementing sustainable development projects in Argentina (Fundación Cruzada Argentina and Fundación Makro).
Contact: +1 212 762-4168; [email protected]
Shawn Murphy Equity and Advisory Products Shawn Murphy leads the equity and advisory- related efforts of the group, including private equity funds, principal investments in MFIs, M&A, IPO and capital structure advice to players within the industry. She spent over eight years in Private Wealth
Management, where she held various roles in New York, Boston and London and helped launch the private wealth division in New England. Shawn relocated to London in 2004 to act as risk manager across Europe, the Middle East and Asia. Shawn brings firsthand experience to microfi-nance, in particular with a start-up microfinance company in Tanzania, and sits on the steering committee of the Microfinance Club UK.
Contact: +44 20 7677-8397; [email protected]
Henry Gonzalez Coverage and Business Development Henry Gonzalez joined the team after working in Private Wealth Management’s Central America practice. Prior to that, he worked for the Global Exchange for Social Investment (GEXSI) in London, and for the United Nations Development
Program (UNDP) in San José, Costa Rica, which he joined after working for the World Bank. Earlier he was the Chief of Staff to the Minister of Agriculture in his home country, Costa Rica, and served as a Legislative Advisor to a member of the Costa Rican Assembly. He is a founding member of the Wall Street Microfinance Alliance.
Contact: +1 212 761-7734; [email protected]
Senior sponsorship and management of Morgan Stanley’s microfinance efforts are provided by Neal Shear and Ellen Brunsberg. To deliver its cross-divisional capabilities, the group is assisted by an advisory board of Managing Directors from several divisions of the Firm.
GrowinG demand in a prof itable business
PERU
Esperanza, a mother of six, is an
active client of the microfinance
network, Pro Mujer, working in the
informal markets of Southern Peru.
She takes small loans when sales
are slow and larger loans when
sales are flourishing. With this
financial security, Esperanza can
offer a greater variety of fruits to her
customers and sells several boxes
of fruit each week. Her weekly
income has more than quadrupled.
Esperanza can now better provide
for her children–her oldest daughter
attends private school.
Story and photo courtesy of
Pro Mujer International
INDIA
Sumitra runs a small bottle cap
recycling business in Gujarat, India.
She received several loans from the
Vikas Center for Microfinance
Development, a network member of
Women’s World Banking, to cover the
cost of six bottle-cap straightening
machines plus working capital.
Sumitra’s profitable business has
enabled her to greatly improve the
living conditions of her employees
and her own family. Currently, she is
helping her son start his own business,
as well as financing her daughter’s
college education.
Story and photo courtesy of
Women’s World Banking
BENIN
Fatouma began selling vegetables
when she was just five, working
alongside her mother in a crowded
market in the poor West African country
of Benin. When she grew up, Fatouma
inherited the stall. She received a loan
from PADME, an ACCION International
partner, to buy vegetables in bulk,
boosting her earnings. A second loan
allowed her to buy more inventory,
increasing profits that have brought
big changes. Before, she struggled
to support her three children.
Today, two of them are in school,
with the youngest soon to follow.
Story courtesy of ACCION International
Photo: Rohanna Mertens for ACCION.
The case studies provided herein relate to clients of selected MFIs and are based on information
provided by the cited MFIs or institutions. The individual clients and the related MFIs have not been
funded through instruments provided, arranged or intermediated by Morgan Stanley.
Morgan Stanley is ready to assist promising microfinance institu-tions worldwide. Their clients are typically self-employed, mostly women and often operat-ing household-based enterprises. In rural areas they may be artisans, small farmers, food processors or traders; urban microfinance clients are more
diverse and, in addition to artisans, include shopkeepers and service providers.
The potential for growth is enor mous. With 100 million borrowers to date and a total outstanding loan portfolio of some $17 billion, microfinance has already shown a 30% average annual portfolio
growth rate and average return on equity of 39%. A global market of 1.5 billion “working poor” (families living on less than $2 per day) could be clients for microfinance services. Research suggests a potential growth of 15 times, to an industry of $250– $300 billion.
Transaction HighlightsBOLD 2006
Funding per Country
$99.2 MM Total Loan Portfolio
AChievements
BOLD 2006 achieved the first truly commercial placing of bonds backed
by loans to microfinance institutions, funding 21 microfinance institutions
in 13 countries worldwide
In another “first,” some loans to the MFIs of the portfolio were given in
local currencies: Mexican Pesos, Colombian Pesos and Russian Rubles
as well as USD and EUR
FeAtures
Two classes of notes, no amortisation before Year 5
Interest paid on quarterly basis in arrears
First interest payment date on 26 June 2006
Reserve Fund target level at 2% of original Class A and B Note balance
Class B Notes were underwritten by the Netherlands Development
Finance Company (FMO)
BOLD 2006 was the first Microfinance
CLO transaction arranged by an
Investment Bank
Morgan Stanley acted as Sole Arranger
and Class A Notes Placement Agent
Servicer and Sponsor of the transaction
is Geneva-based BlueOrchard
Finance S.A.
CApitAl struCture
Class Currency Size Couponor %ofNotes Credit (MM) Pricing Enhancement
A1 EUR 32.9 3m EUR + 75 bps 40% 28%
A2 GBP 14.0 5.586% 25% 28%
A3 USD 7.0 6.017% 7% 29%
B USD 28.0 NA 28% NA
Total $99.2MM1 100%
1. $-Equivalent
.
.
.
.
.
.
.
.
.
.
M I C R O F I N A N C E I N S T I T U T I O N S G R O U P
4% Russia
10% Georgia
2% Albania
7% Mongolia5% Cambodia
8% Eucador
13% Peru
4% Bosnia
11% Nicaragua
17% Colombia
13% Bolivia
2% Mexico
4% Azerbaijan
Biographies
Microfinance Institutions Group
Neal Shear Co-Head of Institutional Sales and Trading and member of Morgan Stanley’s Management Committee
Neal Shear joined Morgan Stanley in 1982 to start its commodities business. He was head of Global Commodities from 1987 through
2005, when he was appointed to Co-Head of Institutional Sales and Trading.
Ellen Brunsberg Head of the Securitised Products Group in Europe Ellen Brunsberg, who joined Morgan Stanley in 1980, has championed the Firm’s microfinance efforts via its original asset-backed loan transac-tions. Ellen was one of the pioneers of the Firm’s
asset-backed securitisations business in Europe and has been head of SPG Europe since 2004.
Ian CallaghanHead of the Microfinance Institutions Group
Ian Callaghan led Morgan Stanley’s first two microfinance transactions, which raised $210 million in 2006/2007. Prior to this, he has been involved in the area of financing for small- and medium-sized enterprises, including public/
private development finance for SMEs in financially disadvantaged communities. His earlier banking career included the initial financing of the Channel Tunnel transport link between Britain and continental Europe. He was born and brought up in West Africa, where his parents lived for 25 years.
Contact: +44 20 7677-5154; [email protected]
Christian NovakDebt Products
Christian Novak has over 15 years of investment banking experience, mostly working in credit risk management and structured financing/capital markets. Prior to joining the group, he led the Latin American coverage team in the Firm’s
Credit Risk Management division. He is a former member of the Advisory Board of Fondo de Inversión Social (FIS) as well as co-founder and former board member of two foundations aimed at implementing sustainable development projects in Argentina (Fundación Cruzada Argentina and Fundación Makro).
Contact: +1 212 762-4168; [email protected]
Shawn Murphy Equity and Advisory Products Shawn Murphy leads the equity and advisory- related efforts of the group, including private equity funds, principal investments in MFIs, M&A, IPO and capital structure advice to players within the industry. She spent over eight years in Private Wealth
Management, where she held various roles in New York, Boston and London and helped launch the private wealth division in New England. Shawn relocated to London in 2004 to act as risk manager across Europe, the Middle East and Asia. Shawn brings firsthand experience to microfi-nance, in particular with a start-up microfinance company in Tanzania, and sits on the steering committee of the Microfinance Club UK.
Contact: +44 20 7677-8397; [email protected]
Henry Gonzalez Coverage and Business Development Henry Gonzalez joined the team after working in Private Wealth Management’s Central America practice. Prior to that, he worked for the Global Exchange for Social Investment (GEXSI) in London, and for the United Nations Development
Program (UNDP) in San José, Costa Rica, which he joined after working for the World Bank. Earlier he was the Chief of Staff to the Minister of Agriculture in his home country, Costa Rica, and served as a Legislative Advisor to a member of the Costa Rican Assembly. He is a founding member of the Wall Street Microfinance Alliance.
Contact: +1 212 761-7734; [email protected]
Senior sponsorship and management of Morgan Stanley’s microfinance efforts are provided by Neal Shear and Ellen Brunsberg. To deliver its cross-divisional capabilities, the group is assisted by an advisory board of Managing Directors from several divisions of the Firm.
PORTFOLIO | MARY MCBRIDE | RECRUIT ING CAMPAIGN
MORGAN STANLEY CAMPUS RECRUITING
Getting Started
Spring inSight Summer AnAlySt AnAlySt induStriAl plAcementS Off-cycle internShipS
Credit Risk
Equity Research
Finance
Global Capital Markets*
Investment Banking
Investment Management
Merchant Banking
Operations
Prime Brokerage
Private Wealth Management
Sales & Trading
Technology
hOw tO Apply
Visit www.morganstanley.com/careers to learn more
and to complete an application for one of the following programmes
by these deadlines:
Analyst Programme 12 November 2010
Industrial Placement Programme 31 December 2010
Insight Programme 31 December 2010
Summer Associate Programme 31 January 2011
Summer Analyst Programme 31 December 2010
Off-cycle Internship Programme Ongoing
Spring Insight Programme 31 December 2010
Full-time Quantitative Finance Programme Ongoing
Summer Quantitative Finance Programme 31 December 2010
Applications can be submitted from September 2010 and will be reviewed as they are received. We encourage candidates to apply early.
The people here are brilliant. They want you to succeed.
www.morganstanley.com
l e A r n m O r e A n d A p p ly A t w w w . m O r g A n S t A n l e y . c O m / c A r e e r S
It is the policy of the Firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, gender, gender identity, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy (including unlawful discrimination on the basis of a legally protected pregnancy/maternity leave), veteran status, or any other characteristic protected by law.© 2010 Morgan Stanley
*GCM hires through the Investment Banking programme
Since its foundation in 1935, Morgan Stanley has been at the forefront of innovations which helped to
shape the course of modern finance. Our pioneering role in the global expansion of the financial
services industry, together with our geographic scope, deep understanding of markets and long
experience meeting client needs, have not only made us a leader in providing the finest in financial
thinking and products but has also given our recruits an unrivalled global platform for their careers.
Your Opportunity
culture
Morgan Stanley’s mission is to
build a community of talent that can
deliver the finest financial thinking,
products and execution in the world.
Our people come from a wide variety
of backgrounds and interests—yet
all are high achievers who share
integrity, intellectual curiosity and
the desire to work in a collegial
atmosphere. We give our people
responsibility early, so they can soon
make an impact on our business
and the world at large.
cOmmunity
Morgan Stanley seeks to give
something back to the communities
where we live and work, and to
use our talents and resources
responsibly in the world at large.
The Morgan Stanley International
Foundation and the EMEA
Community Affairs programs aim
to increase opportunity and access
in the areas of children’s health
and education. From inspiring and
mentoring young people, teaching
school children to read, transforming
parks and hospital gardens,
Morgan Stanley volunteers are giving
back. We believe that work should
be interesting, challenging, enjoyable,
and socially worthwhile.
cAreerS
Morgan Stanley provides an exciting
platform for your career and invests
in you every step of the way. We
have programmes available for you to
join upon graduation as well as whilst
you are studying. Our structured
training programmes equip you with
the necessary tools and skills to
perform well on the job regardless
of degree discipline. You do not need
a degree in finance to succeed here.
Analyst training at Morgan Stanley is
much more than an initial structured
programme: Our continuing
education programs range from
specifically designed multi-tiered
learning curriculums to development
programmes that further enhance
your career. We help you build a
network of contacts throughout the
firm. Morgan Stanley invests in its
people every step of the way.
There is no typical person at Morgan Stanley.
l e A r n m O r e A n d A p p ly A t w w w . m O r g A n S t A n l e y . c O m / c A r e e r S
MECHJOB INFORMATION
PROJ. NO.: 6413830
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Culture. Community. Careers.
www.morganstanley.com
20 Bank Street, Canary Wharf London E14 4AD England
© 2010 Morgan Stanley
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Morgan Stanley is a firm that
inspires people to be their
best—and always finds new
opportunities to offer them.
We have a distinguished
history of serving clients for
over 75 years, and envision an
even more spectacular future.
We’re proud of our heritage,
and strive to be constantly
inventive and forward-looking
to create new opportunities for
people coming into the firm.
PORTFOLIO | MARY MCBRIDE | RECRUIT ING CAMPAIGN
MORGAN STANLEY CAMPUS RECRUITINGtaRGeted RecRuitinG - MoRGan Stanley
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2009 Morgan Stanley
Day 1: Recruit Your Team
Day 2: Play the Markets
Join the Portfolio in Peril CompetitionAssemble your team and test your skills playing the market in our simulated asset allocation strategy game. Eleven teams of 6–8 students from UK target universities will compete for prizes and the chance to work shadow for a day in Morgan Stanley’s London office. To apply, students must:
• Submit a CV • Write a 200-word statement explaining why you should represent
your university and listing the skills you would bring to the team
For more information and to register, visit: www.morganstanley.com/XXX
Mark Your CalendarsMarch 15, 201025 Cabot SquareLondon
Join us for an Open Day Come and meet Morgan Stanley this summer at our Open Day in the London office. Year 12 and 13 students can gain an insight into the fast-paced atmosphere of Morgan Stanley and tour the trading floor, attend business presentations with our various divisions, and interact with Morgan Stanley employees from across the firm.
To apply, please e-mail your CV and cover letter quoting “August” to [email protected] by 23rd July 2010.
Mark your calendarsYear 12 & 13 Open DayTuesday 10th August
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2010 Morgan Stanley
Application DeadlineDate to come here
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2010 Morgan Stanley
Connect with opportunities in your Gap YearAt Morgan Stanley, solving complex challenges and fueling economic growth across continents is what we do. We offer you a structured path to success and the opportunity to make a real difference—and we’ll provide you with the training, mobility, and responsibility to succeed. If you have the perspective to face today’s global challenges, we’d like to talk to you.
To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www.morganstanley.com/careers/PiP
Join us for an Open Day Come and meet Morgan Stanley this summer at our Open Day in the London office. Year 12 and 13 students can gain an insight into the fast-paced atmosphere of Morgan Stanley and tour the trading floor, attend business presentations with our various divisions, and interact with Morgan Stanley employees from across the firm.
To apply, please e-mail your CV and cover letter quoting “August” to [email protected] by 23rd July 2010.
Mark your calendarsYear 12 & 13 Open DayTuesday 10th August
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2010 Morgan Stanley
Mark your calendarsYear 12 & 13 Open DayTuesday 10th August
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2010 Morgan Stanley
Join us for an Open Day Come and meet Morgan Stanley this summer at our Open Day in the London office. Year 12 and 13 students can gain insight into the fast-paced atmosphere of Morgan Stanley and tour the trading floor, attend business presentations with our various recruiting divisions, and interact with Morgan Stanley employees from across the firm.
To apply, please e-mail your CV and cover letter quoting “August” to [email protected] by 23rd July 2010.
Portfolio in Peril Competition Morgan Stanley will be hosting a Portfolio in Peril competition. We are looking to form 11 university teams (6–8 students per team) from across UK target universities. The winning team will get a prize and the opportunity to work shadow at Morgan Stanley for a day. To apply students must:
• Submit a CV • Include a 200-word statement on why they merit representing their university and how
they would complement it
To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www.morganstanley.com/careers
Mark Your CalendarsMarch 15, 201025 Cabot SquareLondon
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2010 Morgan Stanley
Day 1: Recruit Your Team
Day 2: Play the Markets
Join the Portfolio in Peril Competition Assemble your team and test your skills playing the market in our simulated asset allocation strategy game. Eleven teams of 6–8 students from UK target universities will compete for prizes and the chance to work shadow for a day in Morgan Stanley’s London office. To apply, students must:
• Submit a CV • Write a 200-word statement explaining why you should represent your university
and listing the skills you would bring to the team
For more information and to register, visit: www.morganstanley.com/XXX
PORTFOLIO | MARY MCBRIDE | BRANDING CAMPAIGN
MORGAN STANLEY REBRANDING CAMPAIGN
Participated in Firmwide
Marketing’s rebrand of the
Morgan Stanley logo—helping to
adapt and implement new brand
standards, templates, and executing
the first marketing campaign
release to the business units.
• Collaborated on brand book
• Executed initial marketing
campaigns with new brand
standards.
• Conceived and executed culture
piece using Morgan Stanley’s
mission statement
Our mission is to deliver the finest financial thinking, products and execution in the world.
© 2007 Morgan Stanley
www.morganstanley.com
Morgan Stanley is an equal opportunity employer and does not discriminate on the basis of race, color, religion, age, gender, gender identity, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy (including unlawful discrimination on the basis of a legally protected pregnancy/maternity leave), veteran status, or any other characteristic protected by law. Morgan Stanley complies with applicable federal, state and local laws prohibiting discrimination in employment in every jurisdiction in which it maintains facilities. Morgan Stanley also provides reasonable accommodation to individuals with disabilities in accordance with its obligations under applicable law.
Mixed SourcesProduct group from well-managed forests, controlled sources andrecycled wood or fiber
Cert no. XXXXXXXXwww.fsc.org© 1996 Forest Stewardship Council
Connect with opportunities worldwideL e a rn m o re a n d a ppLy at w w w. m o r g a n s ta n L e y.c o m / c a re e rs / re c ruit in g
Investment Banking
Our mission is to deliver the finest financial thinking, products and execution in the world.
Do the right thing
Global WEalth ManaGEMEnt Global Presentation Video
for use in computers
L E A R N M O R E A B O U T M O R G A N S T A N L E Y
For more than 70 years Morgan Stanley has had one mission: to offer our clients the finest in financial thinking, products and execution. Through our Financial Advisors, we help individual clients to benefit from the same global access and innovation we provide to corporations, governments and institutional investors.
Morgan Stanley’s worldwide presence and deep understanding of the financial markets mean you can bring your clients opportunities they won’t find anywhere else. And our flexible, entrepreneurial approach to helping you build your business creates an unsurpassed platform for your success.
We are committed to being the employer-of-choice for the top Financial Advisors in the industry, and we invite you to join us.
www.morganstanley.com
© 2007 Morgan Stanley
Morgan Stanley is an equal opportunity employer and does not discriminate on the basis of race, color, religion, gender identity, sexual orientation, national origin, age, citizenship, disability, marital status, pregnancy, veteran status or any other characteristic protected by law. Morgan Stanley complies with applicable federal, state and local laws prohibiting discrimination in employment in every jurisdiction in which it maintains facilities. Morgan Stanley also provides reasonable accommodation to individuals with disabilities in accordance with its obligations under applicable law.
An opportunity for your clients and for you.
MS HOME PAGE - MORGAN STANLEY
PORTFOLIO | MARY MCBRIDE | PHOTO RESEARCH
MORGAN STANLEY PHOTO RESEARCH
MS HOME PAGE - MORGAN STANLEY
Investing in the FutureFor 75 years, we’ve dedicated our Firm’s financial and intellectual resources toward the betterment of our local and global communities. |
MS HOME PAGE - MORGAN STANLEY
Investing in the FutureFor 75 years, we’ve dedicated our Firm’s financial and intellectual resources toward the betterment of our local and global communities. |
MS HOME PAGE - MORGAN STANLEY
Investing in the FutureFor 75 years, we’ve dedicated our Firm’s financial and intellectual resources toward the betterment of our local and global communities. |
MS HOME PAGE - MORGAN STANLEY
Investing in the FutureFor 75 years, we’ve dedicated our Firm’s financial and intellectual resources toward the betterment of our local and global communities. |
PORTFOLIO | MARY MCBRIDE | PRO BONO INVITATIONS
EVENTS
T H E F O u N D AT I O N F O R T H E
P u B L I C S C H O O L S O F T H E TA R R y T O w N S
I N V I T E S y O u T O T H E
1 6 T H A N N u A L D I N N E R D A N C E & A u C T I O N
S AT u R D Ay, A P R I L 2 4 , 2 0 1 0
A N
inVitation
T O A
celeBration
PORTFOLIO | MARY MCBRIDE | ANNUAL REPORT
ANNUAL REPORT – NRDC/THE NATURAL RESOURCES DEFENSE COUNCIL
NRDC gratefully acknowledges
the donors listed on the follow-
ing pages for their critical sup-
port of our environmental work
during our 2002 fiscal year
(July 1, 2001, through June 30,
2002). Whether sustaining our
core operating programs, pro-
viding for our long-term capital
needs, or supplying seed
money for new initiatives, these
donors enable NRDC to defend
the Earth. They made the
achievements of this past year
possible, and we thank them
for their exceptional leadership
and generosity.
Chair’s Circleindividuals and donor-advised funds providing giftsof $25,000 or more in supportof nrdc’s programs:
Nancy Abraham and Arnold MossAqua Fund of the Tides
FoundationARIA FoundationThe Atlantic PhilanthropiesThe Barkley FundPatricia Bauman and
John L. BryantStephen L. BingWendy and Henry BreckEliza Brown Mrs.W. L. Lyons BrownJ.E. and Z.B. Butler FoundationJean M. Cluett The David Family FoundationSharon and Christopher DavisJennifer and Rick DeGoliaCarolyn and Robert E. DenhamLewis Anthony Dexter FundJenny and Scott DietzenSarah and Ariel EmanuelEntertainment Industry
FoundationRobert S. Epstein and Amy RothThe Favrot FundDoris and Donald G. FisherRandi and Bob FisherTom Ford and Richard BuckleyGaia FundGlobal Environment Project
InstituteEugene M. GrantKathryn and John GreenbergBambi and Frank HatchJill Tate Higgins and
James P. HigginsDorothy S. Hines Cindy and Alan HornKarsten Family FoundationEdith and Hamilton KeanPamela N. and Charles E. KoobCatherine and Philip Korsant
Kyodai FoundationBurks and Tony LaphamJonathan Z. LarsenLarsen FundLyn and Norman LearNicole Lederer and Larry OrrDana and Larry LindenEdith McBeanJosephine A. MerckAlida R. MessingerThe Moore Charitable FoundationPeter MortonMr. and Mrs. Charles H. MottWendy and John NeuCarol R. NoyesGilman OrdwayCissy Patterson FoundationThe Louis and Harold Price
Foundation, Inc.Kate Ridgway and
Rick HolmstromWendy and Larry RockefellerClaudia and Thomas W. Roush
Gordon RussellThe San Diego Foundation
Orca FundFrederick A. O. Schwarz, Jr.Steve Silberstein and Anne LipowFrank P. Smeal Charitable TrustNancy Stephens and
Rick RosenthalFaye and Sandor StrausThe Summit Fund of WashingtonS. Donald Sussman John L.TishmanSheryl and Daniel TishmanTOSA FoundationUplands FoundationHenry van Ameringen FoundationEdna Wardlaw Charitable TrustWestWind FoundationWiancko Family Donor Advised
Fund of the CommunityFoundation of Jackson Hole
Anonymous (19)
nrdc
dono
rs
Patricia Sullivan, NRDC deputy director
The generosity of our donors and supporters enables us to strengthen our infrastructure: people,technology, and the myriad tools we use to advance NRDC’s mission.
Claxton Francis, NRDC director ofinformation systems
President’s Circleindividuals and donor-advisedfunds providing gifts between$10,000 and $24,999 in supportof nrdc’s programs:
Alexander Abraham*Joe Albright and Marcia KunstelKathryn Paddock-Adee and
Peter AdeeAvocet Charitable Lead UnitrustIrving AzoffBeech Street FoundationBeneficia FoundationBoris I. BittkerGigi and Dan BrewsterEdie Baskin Bronson and
Skip Bronson W. L. Lyons Brown FoundationMeg Caldwell and Bob WilliamsA.M. and J.B. CameronNaomi and Nehemiah Cohen
Foundation Saul Z. and Amy S. Cohen Family
FoundationBarbara B. and Bertram J. CohnBeatrice R. and Joseph A. Coleman
FoundationEdward T. Cone Foundation Jamie Lee Curtis and
Christopher GuestJean and Duncan DavidsonAnn and John DawsonPeter DuncanVirginia DwanThe Armand G. Erpf FundThe Faith Family TrustWalter and Josephine Ford FundFort Hill ConstructionBarbara L. Francis and
Robert C. MusserNina Freedman and
Michael RosenbaumBarrett and Peter FrelinghuysenCindy and Glenn FreyGil FriesenE. Marianne Gabel and
Donald Lateiner Lisa GanskyPeter R. Gimbel and
Elga Anderson-Gimbel Memorial Trust
Gigi and Brian GlazerVirginia Glidden Charitable TrustNancy and Ken GoldshollGood Samaritan Inc.Ruth C. GreenbergHeidi Greene and Michael KlugerJohn GriffinRuth and Ben HammettHawley Family FoundationJames P. Healy, Jr.
Don HenleySofie and James Newton HowardChris Stern HymanKristine Johnson and Tim DattelsPaul and Sonia JonesChristopher P. KanebJena and Michael King, Lauren
and Richie King, and Susan and John Sheinberg
David L. Klein, Jr. FoundationElizabeth and Ruben KraiemLagemann FoundationKaren and William LauderNoelle Leca and Michael
MoradzadehTony Lijphart and Carol HazenfieldJulia Louis-Dreyfus and Brad HallShelly and Tony MalkinKelly and Ron MeyerMilberg Weiss Bershad Hynes &
Lerach LLPGina B. and William J. Miller Anneke and Stephen C. NealPaul L. Newman–Newman’s OwnZoe and Al Nierenberg
Ocean Reef CommunityFoundation
Overhills FoundationThe Peixotto Trust Jeremy PitcairnNathaniel P. ReedSophie K. and Daniel L. Reiber
Charitable TrustMichele and Rob ReinerSteven and Barbara RockefellerJonathan F.P. RoseAmy and Michael Santullo Wendy and Eric SchmidtRaisa A. Scriabine and
Robert B.Wallace*The Shifting Foundation Coty SidnamThe Silverweed Foundation, Inc.Kristina L. Simmons and
Michael Sheridan Victoria and Ronald Simms
Family FoundationAmy Slater and Garrett GruenerJoan Irvine Smith Jill A. SofferMargaret R. Spanel
The Seth Sprague Foundation Lynn S. SternSting and Trudie StylerSun Hill FoundationTara Fund of the Tides Foundation,on
the recommendation of KathleenC.Barry and Robert Burnett
Charlotte L.Taylor James TaylorFrederick A.Terry, Jr.Heather Thomas and
Skip BrittenhamThe Tides FoundationGertrude and William C.Wardlaw
Fund, Inc.The Wasserman FoundationThe Wellspring FoundationElizabeth and Jim WiattPaul Junger WittSusan and Wayne WoodmanJane Woodward and Peninsula
Community FoundationBill and Ann Ziff
Anonymous (24)* Deceased
bene
fit Earth To L.A. Returns!
LO S A N G E L E S , M AY 1 0 , 2 0 0 2
An evening of music, message, and comedy
NRDC presented an exciting evening in Los Angeles featuring keynote speaker President William J. Clinton,master of ceremonies Tom Hanks, and speaker Robert F.Kennedy, Jr. Many talented writers and performers put
together a wonderful evening of music, message, and comedy. Chairs for the eventwere NRDC trustee Laurie David, Larry David, Sarah and Ariel Emanuel, Cindy andAlan Horn, NRDC senior attorney Robert F. Kennedy, Jr., Kelly and Ron Meyer,Peter Morton, NRDC trustee Robert Redford, and Michele and Rob Reiner.
photo: (left to right) Larry David, Martin Short, Jamie Lee Curtis, NRDC trustee Laurie David, Governor
Gray Davis, NRDC president John H. Adams, Tom Hanks, Rita Wilson, NRDC executive director Frances
Beinecke, and former U.S. president William J. Clinton.
inset: (left to right) Tom Hanks, Steve Martin, and Christopher Guest.
N R D C A N N U A L R E P O R T 2 0 0 2 � 19
Thanks to the continued
generosity of our members,
major donors, and foundation
supporters, NRDC received
more than $47 million in total
support for fiscal year 2002.
More than 500,000 members
and individual supporters
contributed $32.8 million,
representing 70 percent of the
total revenue and our largest
category of support. Founda-
tion and government grants
accounted for $11.2 million,
or 23 percent, of the total.
Fees, in-kind contributions, and
other revenue accounted for
7 percent of the total.The
bulk of these in-kind contribu-
tions, valued at more than
$2.6 million, consisted of pro
bono legal assistance services
on important environmental
and other legal matters.
NRDC’s membership, more
than 500,000 strong, remains a
generous source of financial
support and plays an important
role in keeping environmental
issues at the forefront of public
policy, providing standing
in court cases, and applying
increased citizen pressure in
both the private and public
sectors.
Increasingly our members
and other concerned citizens
are involved in Internet-
based environmental activism.
They are a powerful force in
NRDC’s campaigns to save
wild places, preserve threatened
species, and maintain the
country’s environmental laws.
The results have been impres-
sive: NRDC’s 450,000 online
activists have sent more than
2.5 million messages to govern-
ment leaders and corporate
decision-makers, creating a
formidable voice for the envi-
ronment.
By remembering NRDC
in their estate planning and
wills, our members also play
an important role in ensuring
that NRDC will be a vital
force for the environment in
the years ahead.This year
NRDC received more than
$2.9 million in bequests.
Bequests helped NRDC
meet operating needs, create
reserves for strategic initiatives,
and strengthen the endowment
fund.
NRDC spent $46.9 million
in ten program areas and for
supporting services. Of the
total expenses, 79 percent went
to environmental programs,
7 percent to the management
of operations, and 14 percent
to raising funds to support
ongoing operations.Approxi-
mately 38 percent of NRDC’s
operating expenditures paid the
salaries and benefits of our 240
staff members.
N R D C A N N U A L R E P O R T 2 0 0 2 � 35N R D C A N N U A L R E P O R T 2 0 0 2 � 34
F Y 2 0 0 2 TOTA L E X P E N S E S
$ 4 6 , 8 9 6 , 9 1 5
rotate, then 50% vertical squeeze
Fundraising8%
MemberDevelopment
6%
Management& General 7%
Environmental Programs 79%
Operating Non-Operating Year EndedJune 30, 2002
S U P P O RT
(contributions and revenue)
Membership and contributions $ 25,584,992 $ 7,203,244 $ 32,788,236
Foundation grants 687,750 9,882,676 10,570,426
Government grants – 630,910 630,910
Bequests – 2,936,286 2,936,286
In-kind contributions 417,739 2,240,971 2,658,710
Awarded attorneys’ fees 641,945 – 641,945
Investment income (34,711) (4,073,730) (4,108,441)
Other revenue 962,997 – 962,997
Net assets released from restrictions 18,181,289 (18,181,289) –
Total Support and Revenue 46,442,001 $639,068 47,081,069
E X P E N S E S
(legal, scientific, and legislative research,analysis, education, and advocacy)
Public education 5,523,753 51,891 5,575,644
Water 4,908,713 67,616 4,976,329
Air/energy 5,247,569 65,780 5,313,349
Global/nuclear 2,905,597 47,296 2,952,893
Cities 3,745,382 56,286 3,801,668
Climate 4,142,284 42,114 4,184,398
Member services 2,213,122 5,776 2,218,898
Health 1,727,231 35,602 1,762,833
Land 4,590,505 32,610 4,623,115
Legislative advocacy 1,570,472 132,171 1,702,643
Management and general 3,368,916 71,110 3,440,026
Fundraising 3,193,454 432,862 3,626,316
Member development 2,718,803 – 2,718,803
Total Expenses 45,855,801 1,041,114 46,896,915
Change in value ofsplit-interest agreements – (711,589) (711,589)
Change in Net Assets 586,200 (1,113,635) (527,435)
Net assets, beginning of year 70,751 71,895,609 71,966,360
Net assets, end of year $ 656,951 $ 70,781,974 $ 71,438,925The Wise Giving Alliance of the Better BusinessBureau, one of the oldest and most respected charitablewatchdog groups, reports that NRDC continues tomeet its highest standards for accountability and use of donor funds.
fina
ncia
lsta
tem
ent
fina
ncia
lre
port
rotate, then 50% vertical squeeze
Membership & Individual Contributions 70%
Foundations & Government Grants 23%
Fees, Contracts &Other Revenue 7%
F Y 2 0 0 2 TOTA L I N CO M E
$ 4 7 , 0 8 1 , 0 6 9
34,000
1982 1987 1992 1997 2002
55,000
165,000
350,000
500,000
Membership
For the year ending June 30, 2002
Copies of NRDC’s complete, audited financial statement are available upon request.
Using a dreamscape cover and
onsite photos, the annual’s theme
was the number of NRDC victories
they continued to win even
when up against an antagonistic
administration.
As the chart shows, membership,
and fund-raising in the NRDC
soared to an all-time high with the
election of the Bush administration
to office.
PORTFOLIO | MARY MCBRIDE | PUBLICATIONS
BUSINESS WEEK
Advertorials
S P E C I A L A D V E R T I S I N G S E C T I O N
Supply ChainTechnologiesW R I N G I N G M A X I M U M V A L U E F R O M
few years back, companies
using supply chain management
(SCM) technologies seemed to
be channeling Henny Youngman: “Take
my vendor—please!” Disappointment
with the benefits produced by SCM
solutions (especially those designed
for planning) had certain manufacturers
and retailers blaming software vendors
for everything from missed sales
targets to falling stock values.
But then a funny thing happened.
While the economy struggled, busi-
nesses disinclined to spend on technol-
ogy rethought their business processes,
cleaned up their data, and focused on
the mechanics of their supply chains.
With this internal housekeeping under-
way, SCM’s true value emerged: helping
companies execute by automating
routine ordering and inventory manage-
ment tasks, electronically sharing infor-
mation and collaborating with supply
chain partners, and optimizing efficien-
cies. “Having adapted to their supply
chain systems, endured lengthy imple-
mentation processes, and scaled back
their expectations, many executives
are now satisfied with the benefits
delivered by SCM,” says Larry Lapide,
vice president of research for AMR
Research, Inc.
The lessons learned by early adopters
are critical for businesses using or
considering buying SCM today. By under-
standing what went wrong with early
implementations, companies can not
only avoid common pitfalls but also maxi-
mize the present value of their supply
chain systems. It’s a punch line that brings
a smile to everyone’s face. »
a
before embarking on an
implementation of SAP
supply chain software.
“We were laser-focused
on reducing our finished
goods inventories,” says
Jim Hutchinson, senior vice
president and director of
supply chain integration.
“We saw the problems
companies have when they
start out with multiple,
conflicting objectives.”
R e th i n k i n gPr o c ess e sOrganizations must
re-evaluate—and often
change—
their business
processes
in light of
these objec-
tives. Brown-
Forman had inventory in
60 warehouses around the
world, yet the company’s
visibility into stock receipts
and withdrawals was
extremely limited. Extensive
corporate resources were
dedicated to developing
forecasts, yet they provided
almost no real value.
Brown-Forman revamped
its processes to close the
visibility gaps and improve
its forecasting. Now in its
second year of a three-year
plan, the company is com-
fortably hitting its inven-
tory reduction goals, and
the SCM technology is
meeting expectations.
Reviewing the effec-
tiveness of existing
processes—and modifying
them when necessary—is
critical to gaining real bene-
fits. “There’s no secret to
why supply chain inefficien-
cies exist,” agrees Pallab
Chatterjee, president of
solutions operations for i2
in Dallas. “Standard busi-
ness processes may not be
the most efficient. For sup-
ply chain improvement to
succeed, companies must
define their processes,
identify inefficiencies, and
set up the software to
enhance the processes.
If you merely automate
existing processes, you’ll
simply make the wrong
decisions faster.”
Cybex, a manufacturer
of fitness equipment, was
aware that major business
process changes would
need to take place when it
rolled out new SCM technol-
ogy from PeopleSoft
(Pleasanton, Calif.). “Our old
sales systems would accept
orders without complete
information,” says Brian
Lyman, manager of busi-
ness systems at the Med-
way, Mass. company. If, for
example, an order for weight
benches did not specify the
buyer’s desired color, Cybex
personnel had to chase
down that information. If the
paint was not in-house, the
company had to order it.
“This resulted in countless
headaches, insufficient inven-
tories that were not aligned to
actual demand, and—
most harmful of all—missed
delivery times,” he says.
By changing the
process to require complete
information, Cybex cut its
build-to-order lead times by
over 50%. Other process
changes, combined with the
efficiencies delivered by the
PeopleSoft applications,
helped boost on-time ship-
ments to 97%, increase the
order rate 15% with no addi-
tional staffing, and decrease
the bill of materials count
from 15,200 to 200.
The more experienced
a company is with its own
supply chain practices, the
better the results of an
SCM initiative typically are.
A recent survey of 75
supply chains conducted
by Waltham, Mass. man-
agement consultant PRTM
found that companies with
mature supply chain prac-
tices were 38% more prof-
itable than organizations
with less mature practices.
When an automated supply
chain planning system
was used in these compa-
nies, profitability increased
another 27%.
S P E C I A L A D V E R T I S I N G S E C T I O N
Supply Chain Technologies continued
Working with a ven-
dor on system
design during the
bidding process can
help everyone better
understand the
company’s needs
and create a more
relevant solution.
“
”
»
S P E C I A L A D V E R T I S I N G S E C T I O N
How did the disappoint-
ment in SCM begin? In the
mid-1990s, vendors began
promoting planning soft-
ware over traditional
execution applications.
Supply chain execution
(SCE) software helps com-
panies reduce costs and
improve processes in
focused disciplines such
as fulfillment, inventory
management, and logis-
tics. Supply chain planning
(SCP) solutions tend to
focus on the big picture,
such as preparing for the
next cycle’s demand—
and companies were told
to expect even bigger
benefits.
“Because these were
brand new applications,
there was an overestima-
tion of benefits and an
underestimation of the
time it would take to exe-
cute,” explains Lapide.
“The average deal size
was up to $2 million; busi-
nesses spent the money
up front and then had soft-
ware implemented over
time. It was the perfect
recipe for disappointment.”
Today, as companies
look for certain value,
the tables have turned.
SCE software makes up
63% of all SCM license rev-
enue. AMR Research
(Boston) projects that the
market for execution soft-
ware will grow 10% over the
next five years, with SCP
software growing only half
that much. “Companies are
no longer buying suites of
planning applications, but
rather single applications
to address specific supply
chain problems,” Lapide
writes in The Supply Chain
Management Applications
Report, 2002–2007.
Execution software
fills that role well. SCE
applications can be imple-
mented incrementally,
tackling such trouble spots
as inefficient order fulfill-
ment or bloated ware-
houses—processes that
tend to naturally slash
inventories, reduce supply
chain costs, and generate
predictable benefits.
Often, the sav-
ings generated from a
single SCE initiative
can partially or
completely fund
subsequent imple-
mentations. Perhaps
most important for
gun-shy buyers, exe-
cution projects tend to
create payback in
short timeframes—
nine months is not
unusual.
Mo r e Th a n Te c h n o l o g y
With this shift
toward execu-
tion tasks in
mind, how can
companies wring
the most value from their
SCM initiatives? To begin
with, executives must rec-
ognize that it’s a business
problem first and foremost.
“Technology alone is not a
panacea,” says Bob Ferrari,
director of product market-
ing for SAP (Walldorf, Ger-
many). “To get results, com-
panies need powerful
supply chain solutions com-
bined with good business
processes, clean data, solid
project management skills,
a phased-in implementation,
and a strategic long-term
direction. These are the pure
business skills that make
the difference between
success and failure.”
Moreover, organiza-
tions need firm buy-in
from executive manage-
ment down to the user com-
munities who will ultimately
use the SCM tools. “Supply
chain projects touch every-
thing in the enterprise,”
explains Bill Michael, vice
president of marketing for
Roadway Express, a sub-
sidiary of Roadway Corp.
in Akron, Ohio. “You need
to have senior management
pushing it, but you need
everyone to buy in.”
Companies then create
a strategy that identifies
objectives and sets expecta-
tions. Brown-Forman, a
manufacturer of wines and
spirits and consumer
durables, was careful to
establish its objectives
Supply Chain Technologies continued
Technology alone
is not a panacea—
pure business
skills make the
difference between
success and
failure.
“
”
»
PORTFOLIO | MARY MCBRIDE | IDENTIT Y
IDENTITY SYSTEM
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International Arbitration Practice
Memorandum to Directors
and Trustees of Registered
Investment Companies
SIMPSON
THACHER
RE
GIS
TE
RE
D C
OM
PA
NIE
S
PA
RT
ICIP
AN
TS
DIS
CL
AIM
ER
S
Memorandum
to Directors
and Trustees of Registered
Investment Companies
PORTFOLIO | MARY MCBRIDE | PUBLICATIONS
SIMPSON THACHER BARTLETT
The Annual Review, which used
distinctive illustrations by Craig
Frazier, was adapted throughout
the identity system, and eventually
through the website.
SIMPSON THACHER
Memorandum
to Directors
and Trustees of Registered
Investment Companies
RE
GIS
TE
RE
D C
OM
PA
NIE
SP
AR
TIC
IPA
NT
SD
ISC
LA
IME
RS
5
JPMorgan Chase
Chase Bank and J.P. Morgan
Securities Inc. retained
Simpson Thacher to assist in
the financing of Collins &
Aikman’s bid to acquire the
Trim Division of Textron
Automotive Company. Collins
& Aikman, a leader in the
design, engineering and man-
ufacturing of automotive
interior components, is major-
ity-owned by Heartland
Industrial Partners, a private
equity firm. In connection
with the acquisition, JP
Morgan provided a bridge
financing commitment to
assist in Collins & Aikman’s
successful bid. To finance the
acquisition, we worked on the
refinancing of Collins &
Aikman’s existing credit facili-
ty with a new $575 million
senior credit facility, a $500
million offering of senior
notes and a $250 million
receivables securitization
program. The deal closed
in December 2001.
LehMan Brothers
We have actively assisted our
client, Lehman Brothers, in
the development of new and
imaginative types of equity-
linked securities. Lehman
Brothers is one of the leading
innovators in these kinds of
products, which include con-
vertible securities, exchange-
able securities, trust securities
and cash-settled instruments.
Lawyers in our capital mar-
kets group and in our tax
group work closely with
Lehman Brothers to solve the
complex legal issues present-
ed by these instruments. Last
year we worked with Lehman
Brothers on offerings of more
than $4.8 billion of these
securities.
KohLBerg Kravis
roBerts
The firm regularly represents
long-standing client Kohlberg
Kravis Roberts & Co. Among
other matters, we advised
KKR in 2001 in increasing its
investments in two of its port-
folio companies. In the first
transaction, KKR increased
its stake in PRIMEDIA Inc.,
a specialized media company,
by purchasing $250 million
in convertible preferred
stock and common stock to
par tially finance PRIMEDIA’s
acquisition of a competitor,
EMAP, a magazine publisher.
In the second transaction,
KKR invested an additional
$108 million in Alea Group,
a Bermuda-based reinsurance
company.
swiss re
Following the tragic
September 11 terror attack,
Swiss Reinsurance Company
(“Swiss Re”), the second larg-
est reinsurer in the world,
retained the firm to represent
its interests on all aspects of
the World Trade Center disas-
ter. On October 22, 2001, the
firm filed a complaint on
Swiss Re’s behalf in New York
federal court against the
World Trade Center’s lease-
holders and others seeking,
among other things, a decla-
ration that the September 11
attack constitutes one insur-
ance loss under the leasehold-
ers’ property insurance pro-
gram. Swiss Re underwrote a
22% share of the approxi-
mately $3.5 billion in property
damage insurance coverage
“per occurrence.” Because
$3.5 billion may be insuffi-
cient to both rebuild and
cover the debt on the lease-
hold, certain leaseholders con-
trolled by Larry Silverstein
have taken the position that
the September 11 attack con-
stitutes at least two separate
insurance losses to multiply
the insurance recovery. Billions
of dollars are at stake in this
lawsuit. The firm is also advis-
ing Swiss Re with regard to
its involvement in other
September 11 related matters,
including
aviation coverage, reinsur-
ance issues and business
interruption claims.
traveLers
The firm participated in repre-
senting Travelers Property
Casualty Corp. in its $3.8 bil-
lion initial public offering of
shares of Class A Common
Stock and its concurrent
$893 million public offering
of 4.5% Convertible Junior
Subordinated Notes due 2032,
in March 2002. Travelers’ IPO
was the largest ever for a U.S.
insurance company and the
fifth largest U.S. IPO in history.
Travelers is a leading property
and casualty insurance compa-
ny in the United States, with
over $12.2 billion in revenues
in 2001. Prior to the IPO,
Travelers was a wholly owned
subsidiary of Citigroup Inc.
Simpson Thacher & Bartlett Business Review
PORTFOLIO | MARY MCBRIDE | PUBLICATIONS
THE EXPLORERS CLUB – PUBLICATIONS
The Explorers
Club publishes a
quarterly newsletter/
log exclusive to all
of its members, and
a quarterly journal
available to the public.INSIDETHISISSUE:
page 13President’sMessage
page 20New Members
page 30Curator’sColumn
Page 2COMPASSPOINTS
Page 15INTO THE FIELD
Page 22BULLETINBOARD
Page 23FROMBASECAMP
The 2006 Explorers Club Docu-mentary Film Festival played tooverflow crowds as all three
sessions of the day-long event werecompletely sold out. The festival, whichwas held on January 21, 2006 at ECheadquarters in New York, was spon-sored by Land Rover.
Attendees were treated to a varietyof superb science documentaries fromaround the world. Subjects ranged froman Inuit boy learning to hunt with hisfather in the Arctic to a double legamputee attempting to climb a mountainin Tasmania to an exploration of themillions of amazing species that make
their home in the Amazon.Ghosts of the Abyss, the film by
James Cameron FN’03 about his jour-neys to the wreck of the Titanic, tookhome two prizes: Best in ScientificExploration and Best Film by a Memberof The Explorers Club. Rob PerkinsMN’78 received the award for Best inField Research for his touching film, TheCrocodile River, about his ten-weekexploration of the Limpopo River insouthern Africa with a Zimbabweanman who had never before left his smallnative village.
The morning, afternoon andevening sessions were respectively
WINTER 2006
Published Quarterly byThe Explorers Club
Sold Out Film Festival HonorsBest Documentaries
WINTER2006VOLUME 38NUMBER 1
LogThe Explorers
A Multidisciplinary SocietyDedicated to Scientific Exploration and Field Research
(l to r) Jonathan Conrad MED’87, filmmaker Sue Flood (Special Jury Prize for A Boy Among Polar Bears) andBrett Wilson (representing Land Rover).
26 27
In the Fieldapproved flag expeditions since last log
2
7
11
6
4
10
5
12
9
1
8
3
1 David Brinkman, MN’08 – Fort Conagree II Archaeological Expedition – Flag 147
2 Roman Zajder, MI’12 – M/S Pilsudski 2014 – Flag 160
3 Rosaly M.C. Lopes, Ph.D., FN’04 – Vanuatu Active Volcanoes – Flag 112
4 Mark O’Shea, FI’99 – Reptile and Amphibian Survey of Timor-Leste – Flag 97
5 Barry L. Clifford, MN’99 – Quest for Santa Maria – Flag 222
6 Marla D. Daily, FN’08 – Bahia de Loreto – Flag 118
7 Heather L. Knowles, MN’11 – Stellwagen Bank National Marine Sanctuary Shipwreck Expedition – Flag 151
8 Michael R. Lombardi, MN’07 – Stephen J. Barlow Bluewater Expedition – Flag 172
9 Daniel J. Lieb, FN’06 – The “Robert J. Walker” Mapping Expedition – Flag 132
10 Phillip L. Manning, FI’14 – Hell Creek Dinosaur Expedition
11 Robert Joseph Mark, MR’08 – World’s Largest Beaver Dam Expedition 2014 – Flag 114
12 Richard E. Lundgren, FI’12 – Mars the Magnificent 2014 – Flag 215
13 Lord Anders Stävhag, MI’13 – Along St. Olav’s Trail
14 Joyce M. Johnson, FN’03 – Super-Typhoon Yolanda - Eight Months Later – Flag 112
15 David D. Decker, TM’12 – Exploration and Characterization of the Penasco Springs, Zia Pueblo
16 Thomas E. Levy, Ph.D., FN’09; Laurie L. Marker, Ph.D., FI’06; David A. Dolan, FN’03 – The 2014 Waterberg Plateau Regional Wildlife & Cultural Heritage Expedition – Flag 117
17 Dr. Simon Q. Spooner, FI’14 – ADMAT’s Le Casimir Wreck Project 2014 – Flag 211
P O S T E D F L A G R E P O R TSAll Explorers Club Flag expedition reports become part of the century-old archive at Club headquarters. Our collection, the world’s most complete archive of exploration, is a resource used by both scholars and contemporary explorers for related fieldwork. Many recent flag reports are posted on the Club website:
www.explorers.org/index.php/expeditions/flag_expedi-tions/flag_reports.
Flag Reports Posted on the Website18 Ulrich Wolfgang Schum M.D.,
FI’86 – Flag 203 – Baikal Winter
Expedition – Traditional Shaman
Cults on Olchon Island
19 Simon V. Donato, Ph.D., FI’09
Flag 112 – 100 Miles of Wild:
North Dakota Badlands
Transect
20 Thomas N. Ambrose, MN’10
Flag 99 – Survey of Tropical
Landforms in Cuba, Epicenter of
Antillean Karst
13
14
15
16
17
20
1918
THE EXPLORERS LOGThe Explorers Club | World Center for Exploration Published Quarterly | Volume 46 Number 3
Summer 2014COMPASS POINTS
Dan Lieb FN’06 and Steve Nagiewicz FN’95 to map and record the wreck of the Robert J. Walker, lost in 1860 p. 13IN THE FIELD
Mystery of the “unnumberedFlag” last seen at the Titanic’s discovery p. 28FROM BASECAMP
Save the Date! Astronaut Central: Space Stories, October 25, 2014 p. 40
PORTFOLIO | MARY MCBRIDE | PUBLICATIONS
THE EXPLORERS CLUB – PUBLICATIONS
G a r r i o t t × G a r r i o t tJim Cl ash in Conversat ion w ith the Father-son astronaut te am , p. 12
oF B e a u t y a nd Bru ta l i t yendinG an anCient and de adly r ite , by John Rowe, p. 14
nor t h P o l e P rom i s eby S. Allen Counter, p. 24
a l i F e o F a d v e n t ur emartha talBot in Conversat ion w ith sCott wall aCe , p. 32
Boun t y B e n e at h t h e s e aPitCa irn ’s underwater world , by Enric Sala, p. 36
C a rCh a r h i nu s l onG im a nusan aPe x Predator imPer il ed , by John Holder, p. 48
Cover: the Kara oF dus villaGe in southwest ethioPia. PhotoGraPh By John rowe.
P r e s i d e n t ’ s l e t t e r , p. 2
e d i t o r ’ s n o t e , p. 4
e x P l o r at i o n n e w s , p. 8
e x t r e m e m e d i C i n e , p. 56
r e v i e w s , p. 58
w h at w e r e t h e y t h i n K i n G ? , p. 64
features
regulars
the explorers journalF a l l 2 013
life in balance
A pristine corAl reef thrives off Ducie Atoll in the pitcAirn Group. photoGrAph by enric sAlA.
pr e s iDen t
Alan H. Nichols, J.D., D.S.
honor A ry ch A ir M A n
Col. John H. Glenn Jr., uSMC (Ret.)
honor A ry pr e s iDen t
Don Walsh, Ph.D.
honor A ry D ir ec tors
Robert D. Ballard, Ph.D.Eugenie Clark, Ph.D.Sylvia A. Earle, Ph.D.James M. FowlerCol. John H. Glenn Jr., uSMC (Ret.)Gilbert M. Grosvenor Donald C. Johanson, Ph.D.Richard E. Leakey, D.Sc. Frederik D.A. Paulsen, Ph.D.Roland R. PutonJohan Reinhard, Ph.D.George B. Schaller, Ph.D.Kathryn D. Sullivan, Ph.D.Don Walsh, Ph.D.
b o A r D o f D i r ec t or s
cl A s s of 2 0 14
Capt. Norman L. BakerConstance DifedeScott W. HamiltonKenneth M. Kamler, M.D.Mabel L. Purkerson, M.D.
cl A s s of 2 0 15
Robert J. AtwaterBrian M. Boom, Ph.D.James M. Edwards, M.D.J. Mark Fowler, Jr.Brian P. Hanson
cl A s s of 2 0 16
James M. ClashJames P. Delgado, Ph.D. Leon “Lee” V. LanganCol. Donald T. MorleyAlan H. Nichols, J.D., D.S.
spec i A l one -y e A r D ir ec tors
Catherine Nixon CookeRichard Garriott de CayeuxKen HoweryTheodore P. Janulis
of f i ce r s
v p, ch A p t ers
Alexander Wallace
v p, f l AG & honors
Constance Difede
vp, lectures & proGrAMs
William J. Roseman
v p, MeMbersh ip
Robert J. Atwater
v p, oper At ions
Col. Donald T. Morley
vp, reseArch & eDucAtion
Julianne M. Chase, Ph.D.
t r e A sur er
Robert E. Maroney
secr e tA ry
Christine Dennison
oMbuDsM A n
Brian P. Hanson
pAt ron s & s p on s or s
l e A Der of e x pl or At ion
($500,000+)Mabel Dorn Reader*
benefAc tors of e x pl or At ion
($250,000+)Richard H. Olsen*Robert H. Rose*Michael W. Thoresen
pAt rons of e x pl or At ion
($100,000+)Daniel A. BennettDonald L. SegurMargaret Segur
corpor Ate pAtron of e xplor At ion
Rolex Watch u.S.A., Inc.
corporAte supporters of explorAtion
National Geographic SocietyWandrian Adventures, Ltd.
* Dece A seD
pr e s iDen t & publ i sher
Alan H. Nichols, J.D., D.S.
eD i tor - i n - ch i e f
Angela M.H. Schuster
A rt D ir ec tor
Jesse Alexander
cop y ch i e f
Valerie Saint-Rossy
con t r ibu t inG eD i tors
Jeff BlumenfeldJames M. ClashMoki KokorisMichael J. Manyak, M.D., FACSMilbry C. PolkKristin RomeyDavid RothenbergCarl G. SchusterNick Smith
publ i c At ions coMM i t t ee ch A ir
Leon “Lee” V. Langan
the explorers journal© (ISSN 0014-5025) is published quarterly for $29.95 by the explorers club, 46 East 70th Street, New York, NY 10021. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to the explorers journal, 46 East 70th Street, New York, NY 10021.
sub scr ip t ions
Print edition: One year, $29.95; two years, $54.95; three years, $74.95; single numbers, $8.00; foreign orders, add $8.00 per year. Digital edition: One year, $19.95; single number, $5.95. Subscribe at: www.explorers.org. Members of the explorers club receive the explorers journal as a perquisite of membership.
subM is s ions
Manuscripts, books for review, and advertising inquiries should be sent to the Editor, the explorers journal , 46 East 70th Street, New York, NY 10021, telephone: 212-628-8383, fax: 212-288-4449, e-mail: [email protected]. All manuscripts are subject to review. the explorers journal is not responsible for unsolicited materials. The views and opinions expressed herein do not necessarily reflect those of the explorers club or the explorers journal .
the explorers club, the explorers journal , the explorers club travel program, world center for exploration, and The Explorers Club Flag and Seal are registered trademarks of the explorers club, inc., in the united States and else-where. All rights reserved. © The Explorers Club, 2013.
the explorers journalF a l l 2 013
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6 THE EXPLORERS JOURNAL » FALL 2013
All paper used to manufacture this magazine comes from well-managed sources. The printing of this magazine uses vegetable-based inks.
HONORARY DIRECTORSRobert D. BallardPh.D.Eugenie ClarkPh.D.Sylvia A. EarlePh.D.James M. FowlerCol. John H. Glenn Jr. USMC (Ret.)
Gilbert M. Grosvenor Donald C. Johanson, Ph.D.
Richard E. Leakey, D.Sc.Frederik D.A. Paulsen, Ph.D.
Roland R. PutonJohan Reinhard, Ph.D.George B. Schaller, Ph.D.Kathryn D. Sullivan, Ph.D.Don Walsh, Ph.D.SPECIAL ONE-YEAR DIRECTORS
Catherine Nixon CookeRichard Garriott de CayeuxKen HoweryTheodore P. Janulis
BOARD OF DIRECTORSCLASS OF 2014
Capt. Norman L. BakerConstance DifedeScott W. HamiltonKenneth M. Kamler, M.D.Mabel L. Purkerson, M.D.CLASS OF 2015
Robert J. AtwaterBrian M. Boom, Ph.D.James M. Edwards, M.D.J. Mark Fowler, Jr.Brian P. HansonCLASS OF 2016
James M. ClashJames P. Delgado, Ph.D. Leon “Lee” V. LanganCol. Donald T. MorleyAlan H. Nichols, J.D., D.S.
OFFICERSVP, CHAPTERS
Alexander WallaceVP, FLAG & HONORS
Constance DifedeVP, LECTURES & PROGR AMS
William J. RosemanVP, MEMBERSHIP
Robert J. AtwaterVP, OPER ATIONS
Col. Donald T. MorleyVP, RESEARCH & EDUCATION
Julianne M. Chase, Ph.D.TREASURER
Robert E. Maroney
secretAry Christine Dennison
oMbuDsMAnBrian P. Hanson
PATRONS & SPONSORSLEADER OF EXPLOR ATION
($500,000+)Mabel Dorn Reader* BENEFACTOR OF EXPLOR ATION
($250,000–$499,000)Richard H. Olsen*Robert H. Rose*Michael W. ThoresenPATRONS OF EXPLOR ATION
($100,000+)Daniel A. BennettDonald L. SegurMargaret SegurCORPOR ATE PATRON OF EXPLOR ATION
Rolex Watch U.S.A., Inc.CORPOR ATE SUPPORTER OF EXPLOR ATION
National Geographic Society
Wandrian Adventures, Ltd.
*DECEASED
PRESIDENT & PUBLISHER
Alan H. Nichols, J.D., D.S.EDITOR-IN-CHIEF
Angela M.H. SchusterART DIRECTOR
Lorem IpsumCOPY CHIEF
Valerie Saint-RossyCONTRIBUTING EDITORS
Jeff BlumenfeldJames M. ClashMoki KokorisMichael J. Manyak, M.D., FACS
Milbry C. PolkKristin RomeyDavid RothenbergCarl G. SchusterNick SmithPUBLICATIONS COMMITTEE CHAIR
Leon “Lee” V. Langan
The Explorers Journal © (ISSN 0014-5025) is pub-lished quarterly for $29.95 by The Explorers Club, 46 East 70th Street, New York, NY 10021. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to The Explorers Journal, 46 East 70th Street, New York, NY 10021.
SUBSCRIPTIONS
Print edition: One year, $29.95; two years, $54.95; three years, $74.95; single numbers, $8.00; foreign orders, add $8.00 per year.
Digital edition: One year, $19.95; single number, $5.95. Subscribe at: www.explorers.org. Members of The Explorers Club receive The Explorers Journal as a perquisite of membership.
SUBMISSIONS
Manuscripts, books for review, and advertising inquiries should be sent to the Editor, The Explor-ers Journal, 46 East 70th Street, New York, NY 10021, telephone: 212-628-8383, fax: 212-288-4449, e-mail: editor@ explorers.org. All manuscripts are subject to review. The Explorers
Journal is not responsible for unsolicited materials. The views and opinions expressed herein do not necessarily reflect those of The Explorers Club or The Explorers Journal.
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THE EXPLORERS JOURNAL
THE EXPLORERS CLUBpresident Alan H. Nichols, J.D., D.S.honorary chairman Col. John H. Glenn Jr., USMC (Ret.)
honorary president Don Walsh, Ph.D.
Volume 91, No 3Fall 2103
www.explorers.org
THE EXPLORERS JOURNAL
THE EXPLORERS JOURNAL » FALL 2013
SPECIAL FEATURES
Vol. 91 No. 3 | Fall 2013 www.explorers.org
12 �Garriott��Garriott Jim Clash in conversation with the Father-Son Astronaut Team
14 Of�Beauty�and�Brutality Ending the Ancient and Deadly Rite of Mingi – Child Sacrifice by John Rowe
24 �North�Pole�Promise Looking for Matthew Henson’s Inuit Descendants by S. Allen Counter
32 A�Life�of�Adventure Martha Talbot, 2013 Lowell Thomas Medalist, in conversation with Scott Wallace
36 Bounty�Beneath�the�Sea Pitcairn’s Underwater World by Enric Sala
48 Carcharhinus�Longimanus��An�Apex�Predator�Imperiled The “Most Dangerous of All Sharks” Going Extinct? by John Holder
2 President’s Letter
4 Editor’s Note
8 Exploration News
56 Extreme Medicine
56 Field Data
58 Book Reviews, edited by Milbry Polk
60 Into the Field
64 What Were They Thinking? by Jim Clash
COVER: A pristine coral reef thrives off Ducie Atoll in the Pitcairn Group. Photograph by Enric Sala
REGULAR FEATURES
Life in Balance
THE EXPLORERS JOURNAL
16 THE EXPLORERS JOURNAL » FALL 2013
On May 6, 1954, Oxford University medical student Roger Bannister ran a mile in 3 min-utes, 59.4 seconds. Today, sub 4-minute miles are routine, but until Sir Roger did it, the feat was considered beyond the realm of human possibility. We caught up with the track leg-end, 84, at his home in Oxford, England.
Your only Olympic appearance was in 1952I came in fourth in the 1,500 meters. Had I gotten a gold medal, I probably would have retired and never pursued the 4-minute mile.
What was it about 4 minutes?The world record was 4 minutes, 1.4 seconds., which stuck for 9 years. It didn’t seem logical to me, a physiologist/doctor, that if you could run a mile in 4 minutes and a bit, you couldn’t break 4 minutes. It had become a psychological as well as physical barrier.
Take us back to race day.It was raining with high winds, which adds about 4 seconds. You’re impelled to do the things you can. We were running on tracks made of disused ash from power stations. Your spikes would accumulate bits of grit and, by the end of a race, were heavier than at the start. I sharpened my spikes and put graphite on them. Why run with a heavier shoe?
Your thoughts at the finish line?I felt like an exploded flash bulb without the will to live or die. People crowded into
the center of the track, and I couldn’t wind down. I did a momentary blackout. When I came around, the announcer said, “The results of event No. 6 in the match between Oxford University and the Amateur Athletic Association: first, R.G. Bannister in a time which, subject to ratification, is a track record, English record, British native record, all-comers record, European record, world record. And the time is 3 minutes…”
What’s today’s 4-minute-mile equivalent?A 2-hour marathon. They’re under 2 hours, 4 minutes now. Whether people will look at that in the same light, I don’t know. It’s part of man’s search for a niche that will, for a while, ensure him a certain degree of fame.
Jim Clash, FR’99, is the author of Forbes To The Limits (Wiley, 2003). He has written numerous articles for the Journal, as well as serving on the EC Board of Directors.
WHAT WERE THEY THINKING
GREAT MOMENTS IN EXPLORATION AS TOLD TO JIM CLASH
Four MinutesROGER BANNISTER
Roger Bannister breaks the 4-minute mile on May 6, 1954.on MAy 6, 1954, oxforD university MeDicAl stuDent
roGer bAnnister rAn A Mile in 3 Minutes, 59.4 seconDs.
toDAy, sub 4-Minute Miles Are routine, but until sir
roGer DiD it, the feAt wAs consiDereD beyonD the
reAlM of huMAn possibility. we cAuGht up with the
trAck leGenD, 84, At his hoMe in oxforD, enGlAnD.
jc: Your only Olympic appearance was in 1952.rb: I came in fourth in the 1,500 meters. Had I gotten a gold medal, I probably would have retired and never pursued the 4-minute mile.
jc: What was it about 4 minutes?rb: The world record was 4 minutes, 1.4 sec-onds., which stuck for 9 years. It didn’t seem logical to me, a physiologist/doctor, that if you could run a mile in 4 minutes and a bit, you couldn’t break 4 minutes. It had become a psychological as well as physical barrier.
jc: Take us back to race day.rb: It was raining with high winds, which adds about 4 seconds. You’re impelled to do the things you can. We were running on tracks made of disused ash from power stations. Your spikes would accumulate bits of grit and, by the end of a race, were heavier than at the
start. I sharpened my spikes and put graphite on them. Why run with a heavier shoe?
jc: Your thoughts at the finish line? rb: I felt like an exploded flash bulb without the will to live or die. People crowded into the center of the track, and I couldn’t wind down. I did a momentary blackout. When I came around, the announcer said, “The results of event No. 6 in the match between Oxford university and the Amateur Athletic Association: first, R.G. Bannister in a time which, subject to ratification, is a track re-cord, English record, British native record, all-comers record, European record, world record. And the time is 3 minutes…” jc: What’s today’s 4-minute-mile equivalent? rb: A 2-hour marathon. They’re under 2 hours, 4 minutes now. Whether people will look at that in the same light, I don’t know. It’s part of man’s search for a niche that will, for a while, ensure him a certain degree of fame.
More on roger bannister can be found in Jim clash’s ebook, the right stuff: interviews with icons of the 1960s (AskMen, 2012).
w h a t w e r e t h e y t h i n k i n g ?great moments in exploration as told to Jim Clash
four minutesRoger Bannister
roGer bAnnister breAks the 4-Minute Mile on MAy 6, 1954.
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