Tag: jos-opdeweegh

Posted on

The Coins in Our Pockets 

Originally Published in Fair Value

The coins we carry in our pockets are in many ways remarkable. Their heritage, as tokens of nominal value, stretches back to the very origins of trade. From the first crudely minted discs to today’s complex designs, coins have enabled more than mere exchange: they facilitate our movement, support complex transactions, and are founded on communal trust. In a sense, they are a physical embodiment of millennia of human industry and invention—the ultimate everyday symbol of our collective achievements.

And yet, how often do we stop to examine them? Unless you’re a numismatist like me, I suspect you seldom give them much thought. This is a pity, for their designs alone can remind us of what we owe to others and the past. On every US coin, for example, is minted the motto, e pluribus unum (Out of Many, One), which refers to the union of states and the idea that we are more than the sum of our parts.

In writing the essays in this book, I’ve come to reflect on my personal journey, not only as a leader in business but, more broadly, as a father, statistician, and sports fan. No matter how we define ourselves or measure our success, I’m more conscious than ever that unless we live like Robinson Crusoe, we must all give thanks and pay tribute to others. Those of us who’ve risen to senior positions have an even greater obligation to do so.

Working and Collaborating with Others Matters

Malcolm Gladwell, in his debut book, The Tipping Point, wrote of the importance of Mavens-those persons whose knowledge and wisdom plays a vital role in the adoption of popular trends. Often, in organizations and social movements, we can trace seminal decisions back to their influence. At a personal level, too, most of us can name individuals to whom-either directly or by way of a connected thread— we can link the progress and direction of our lives.

Early in my career, I was fortunate enough to work at a financial organization for a leader who combined the expectations of hard work and analysis with a softer side that took time to encourage a young man to make the most of his talents. It was through him that I first learned the value of communicating with care and the power of modesty as a means to motivate. He showed me, too-and with great patience on his part-that mistakes are part of our progress.

Firmness of Mind Matters, but so does Action 

Later, on my first appointment as a CEO, I was blessed with a chairman who taught me much about the need for the firmness of mind. Leadership—and indeed many of the big decisions in our lives can be beset by doubtful voices, which, if we allow them to become too loud, result only in mixed messages and vacillation. It was through him that I learned to marry an openness to new ideas with a necessary clarity of purpose and direction. As we’ve seen, Bertrand Russell, in The Conquest of Happiness, talked of something similar: when faced with conflicting options, he said we must act on the best available information and then hold to our decision unless or until there is clear evidence to the contrary.

The reference to Russell illustrates that great minds have never been more available to us. Bookshops and libraries are a wellspring of wisdom-so to the internet if we use it with care. In this respect, some of my mentors are people I’ve never met-and, yet through their works, I’m constantly learning, continually challenged, and forever curious. It has long struck me as a sadness that so many college graduates give up their studies to begin their careers. That’s not to say we should all be academics in our spare time, but maintaining that essential curiosity feeds and pays tribute to the wonderful gift that is our collective understanding.

Mentorship and Positive Role Models Matter

I learned this from my father, a quintessential polymath and my greatest mentor and friend in life; the debt I owe to him and his gentle influence cannot be overstated. Of course, when I say debt, I really mean gratitude, for, like all the best mentors, he would not wish for payment. This reminds me of a former colleague who had an unrelenting belief in our duty to make better decisions, always seeking to test and improve for the benefit of all. He was one of the most intelligent people I’ve ever met and yet, far from displaying the hubris of certainty, he tenaciously challenged the status quo, blending a scientific mindset with a kindness and warmth that spoke to and quietly enhanced—my personal values.

And isn’t this what great mentors do?

Epiphanies Happen but Not All the Time 

Very few of us experience a “Road to Damascus” moment that changes our outlook overnight. Indeed, my core beliefs in liberalism, meritocracy, and a duty of care to those less fortunate have not radically changed since my college days. But by learning from the perspectives and wisdom of others around me, those convictions have been enriched and refined. I hope this never ceases; I hope, too-as, they would remind me—that I remain open to the evangelism of a sort, for there is merit in radical thinking if we are to make step changes. Liberté, égalité, fraternité the motto of the French Revolution (and on the reverse of its Euro coins)-is a useful reminder that the values we hold most dear were once heretical thoughts.

But whether our knowledge is founded on education or epiphany makes little difference to our dues. Science and mathematics are a ten-thousand-year endeavor; democracy-and much of our philosophy-comes from ancient Greece; the very languages we use to communicate are founded on social constructs. Similarly, today, our industries, our health services, our transportation careers, and the opportunities which come with them are built on the efforts of our forebears and contemporaries.

In writing these essays, I’m clearer than ever that the idea of the self-made person is contradictory to an interdependent, multicultural, increasingly global world. We are, all of us, carried on the shoulders of giants. Even a genius like Leonardo da Vinci served as an apprentice; those of us less gifted are-in a sense-bound to a lifetime of learning from others. We should see that as joy-not a trial, as a credit, not a debit—in the balance sheet of life. Or perhaps, as two sides of the same coin-the many and the one, each dependent on the other.

Posted on

The Diversity Dividend

Throughout my career, I’ve worked with many executives who take pride in having an ‘open door’ policy. Their approach is founded on the idea that every employee should feel able – and indeed, be encouraged – to make suggestions on the policy and performance of the organization. It’s an excellent ethic and an important signal from those notionally at the top that the best insights often come from colleagues who are closest to the action. I try to keep my door open every day! 

Staffing for the Diversity Dividend isn’t Easy

But the idea that by living this policy, we are open to truly different perspectives can be misleading.  At its most basic, the diversity of opinions we receive rather depends on who comes through the door. If our organization is overwhelming peopled by white middle-class graduates, then it’s likely that the views expressed will converge around that particular cultural outlook. Similarly, as was typically the case early in my career, if the gender bias is predominantly male, then the feedback will have its equivalent limitations.  

The need to embrace difference is rightly higher than ever in our consciousness and increasingly enshrined in legislation and corporate governance.  A growing culture of meritocracy is helping too, driving social mobility not only in companies but in schools, universities, and recruitment processes.  The examples I mentioned above include race, social class, and gender, but diversity definitions also extend to age, sexual orientation, faith, disability, and even cognitive mindset.

Many Organizations Still Have Homogenous Thinking

This latter point is especially interesting because, from a pure performance perspective, it’s arguable that the key benefit of diversity is to challenge our most comfortable notions with constructive alternatives. A Board made up entirely of extrovert thinkers – regardless of their race, gender, or social class – is less rounded and adaptive than one that includes a compensating balance of more reflective mindsets. We have long understood that the most successful teams are built on a mix of mutually supportive skills, and yet too many organizations are still characterized by homogenous reasoning, even if roles and responsibilities are well-defined.

It seems to me that opening the ‘doors of our mind’ to thinking differently is perhaps the greatest diversity challenge.  Only entrenched bigots would today deny the moral force of, say, ethnic and gender equality; most of us go further and acknowledge the wider definitions and categories I referred to above.  But it is something slightly different – and indeed, especially difficult – to diversify our internal rationality and logic. If you doubt this, think for a moment about your attitude to personal risk and ask what it would take to change your mindset.

Diversity Dividend – There Are Legitimately Different Methods of Reasoning

Risk is not necessarily the best example, but it serves to illustrate that there are legitimately different methods of reasoning and that true wisdom comes only after listening and considering the full range of relevant perspectives. This is what I call the ultimate diversity dividend. Embracing difference in both its external and internal manifestations will reward us at every level and every day, not only because it is right ‘in and of itself’, but because a flexible mindset – in tandem with a diverse organization – will deliver better and more sustainable decisions. 

Before concluding, eagle-eyed readers will have noticed that I referred above to ‘relevant’ perspectives. It’s a small but often overlooked aspect of diversity that’s worth a moment’s reflection, too. 

If I have a health issue, I would be well advised to consult with a range of medical practitioners, but I’m unlikely to solicit the views of the local mountaineering club. On the other hand, if I were in need of an environmental risk assessment, they might be an interesting group to call upon. The point is that both tangible and cognitive diversity needs to be appropriate to the task; as my children remind me, asking folk over fifty for their views on the latest popular music is not the best focus group.

But even then, there may be exceptions.  So, while the door of my office is not open for anyone on the street, the doors of my mind are never firmly locked. And you know what – and here’s a thought to finish on – there being so is one of the greatest joys in my life. From people to politics, faith to agnosticism, age to youth, ethnicity to orientation… it is surely our variety and difference that makes our lives so worthwhile. That’s a dividend more valuable than gold, and the really beautiful thing is that it’s freely available to us all.

Posted on

An Alternative World Cup

For the last month, the eyes of the sporting world have been fixed on a Middle Eastern Emirate, one-tenth of the size of New York State. In what has been the most political FIFA World Cup to date, the litany of controversies has, at times, threatened to overshadow the spectacle. Like most fans I’m thankful that sport has ultimately shone through; but like many others, I’m left uneasy at the wider context and particularly our willingness to wash over issues that we would not tolerate at home.

From media coverage in the run-up to the finals, I was surprised to learn that Qatar is effectively a modern creation, gaining independence as recently as 1971. It’s a ruling system, however, is nearer to medieval. The Emir (Sheik Tamim bin Hamad Al Thani) holds all power, appoints his own government, controls the courts… and no doubt sanctioned the bribes that allegedly secured the World Cup finals in the first place. In a country with a population of 2.5 million, fewer than 320,000 are citizens, enjoying a per capita income that’s the fourth highest in the world.

Qatar is Not Free

The quid pro quo for these native Qataris is the sacrifice of their freedom. They are caught in the classic position of a ‘complicit elite’, knowing their country is out of step with modern values but fearful that change would harm their privileged position. And so they — and to some extent, we too — live with the absurdity of hosting the showpiece of a sport that promotes diversity, inclusion, and opportunity in a tin-pot nation-state that does precisely the opposite.

Of course, not every nation in the World Cup finals has a liberal system of government. Of the 32 countries, less than a quarter are classified (albeit extremely toughly) as ‘full democracies’ by the longstanding Economist Intelligence Unit survey. More positively, the Freedom House Index would rate around three-quarters of free societies in the broadest sense. Notwithstanding the variance, there are a number of participants from what are clearly authoritarian regimes, including the hosts, Saudi Arabia and Iran.

FIFA Gives the Games on Human Rights & Democracy

Thinking about all this, I began daydreaming of an alternative format in which the games were decided on values rather than goals. In my imaginary world, FIFA stood for the International Federation of Freedom and Association — with contests that matched the countries on their human rights and democracy records, playing extra time with political engagement, empowerment of women, or lack of corruption. How might the teams do then I wondered, and who would reach the round of eight, semis, and ultimate play-off?

Looking at the various indices for democracy and freedom you could be forgiven for feeling depressed. Whole swathes of the world’s population live under repressive regimes or what is euphemistically described as ‘hybrid’ systems. The Middle East — except for Israel — is wall-to-wall autocracy; Africa has a few beacons of hope but is otherwise pretty bleak. And let’s not be complacent about those closer to home — to my mind, one of the greatest sadness of this century has been the retreat of democracy in countries such as Hungary, Turkey, and the majority of the Balkan States. 

But if this paints a gloomy picture, there is brighter news from my fantasy alternative…

For in fact, the results would not be that different to those which played out. In the real world England thrashed Iran and drew with the USA (seems about right?), Argentina beat Mexico, The Netherlands trounced Qatar, and Saudi Arabia failed to make it through the group stages. I’m cherry-picking here of course, but with a few exceptions (Canada and Switzerland really ought to have done better) and recognizing that there has to be victors, it’s been a strong World Cup for values.  Morocco has been the surprise and perhaps outlying team (they rate at best mid-range on most indices) — let’s hope their success on the field acts as a fillip for their country’s freedoms too. 

More Freedom Often Means More Talent

In many ways, these results should be no surprise. For there’s long been a proven correlation between liberal democracy and the unleashing of talent. Some — me included —would argue it is more causal in its nature. The very act of freeing people from restraints turbocharges the abilities and creativity we all possess in some measure. And from these richer pools of opportunity emerges, ultimately, the flair and genius that we see in Messi and Mbappé. Does anyone seriously think they would have been as likely to flourish in Russia?

This capacity transcends wealth too. Qatar and the Middle Eastern emirates are a-typical outliers in that other long-standing correlation — the one between freedom and prosperity. They may have the cash to build stadiums but until they change their systems, they’ll never have the capital to compete. In contrast, consider the progress of Croatia, a far from perfect or affluent nation, but it seems to me, one determined to look forward not back. In six World Cups, they’ve been runner-up twice and bronze medalist once. Don’t tell me that’s nothing to do with their history and struggle for independence.

And so to the final. For all that I am European by descent, I was neutral in the values stakes. On the one hand, we had France – arguably the cradle of modern democracy; on the other Argentina, a nation that, despite many issues, has transformed itself from the days of dictatorship and military juntas. It ranks second only to Uruguay in the Southern American democracy index. I was indifferent too on sporting grounds; may the best team win, I thought as the game kicked off. 

World Cup 2022 Final

How appropriate then, that what followed was perhaps the greatest ever final — the old and new guards of footballing genius slugging it out over ninety minutes, the extra time, and eventually penalties. So good was the game, that in the end, for neutrals at least, the result was almost incidental. Because what had really won, was not just a team —and certainly not Qatar as a host — but the sport as a whole, and most importantly, the values it stands for. 

That is something for us all to celebrate.