I began a regular walking program in 2019, just before the COVID-19 panic set in, or about 4 years and 10 months ago. I’m frequently asked the question: “Are you still walking?” The short answer is “Yes,” but life has a way of interfering once in a while!
Something triggered my thinking about my days as a bank stock analyst with Morgan Keegan & Company in Memphis (now part of Raymond James) in the late 1970s and early 1980s. I was asked by Morgan Keegan’s top equity salesman, G Walter Loewenbaum, II (“Wally”), to travel to London, Edinburg, and Paris, to call on some of Wally’s institutional clients. I asked him a very important question, “What is the secret of your success?” and he shared two secrets of professional success that I have never forgotten.
In “Mercer’s Musings #2,” the focus shifts to the examination of restricted stock studies and their application in determining marketability discounts for gift and estate tax appraisals, offering valuable insights for appraisers across all credential spectrums. Highlighting the inherent challenges of such studies, I underscore the lack of economic relevance these studies hold in contemporary valuation scenarios, particularly emphasizing their disconnect with current private company valuations. Through an analysis and a hypothetical valuation scenario, I invite readers to explore the nuanced complexities of applying marketability discounts, advocating for a quantitative approach informed by common sense, judgment, and reasonableness.
My walking journey began December 15, 2019, or three years, eleven months, and a couple of days ago. I had no idea this journey would last going on for four years now. But it has.
I recently read a post on Chad Barr’s blog, Timeless Wisdom to Unlock and Thrive, that offered up some short and timeless nuggets of wisdom for those of us in the professional services world – and elsewhere, as well.
Three and one-half years ago, I started a walking journey that continues through today. This post talks a bit about that journey, which has included playing pickleball as an essential part, and the impact it has had on me. At the end, it offers a way to think about starting a walking program of your own.
The failure of Silicon Valley Bank will be talked about for years. What really happened? What caused SVB to fail? Was it just the long-term Treasury securities that everyone has talked about? Well, no. SVB was on a self-imposed path to destruction that had been waiting for an adverse change in the economy or a rising interest rate environment to kick it into oblivion.
There are, indeed, lessons for family business directors from the failure of Silicon Valley Bank. In this week’s post, I discuss four.
For years I have set a daily goal of walking five miles per day that has set me up for occasional “failure.” I have recently reset the the goal to 35 miles per week. This subtle change has no impact on my overall walking, but makes for more satisfying weeks, even if I fall short for a day. I can almost always reach the weekly goal now that I’m focused on it.
If you are walking with a daily goal, consider changing that goal to a weekly goal. And if you are thinking about starting a walking program, think about setting your initial goal on a weekly basis. We all want to “succeed” in reaching our goals, and this subtle change – from daily to weekly – helps assure ongoing success.
Today marks the 1,175th day of a walking program that began well more than three years ago. I thought I would miss my 5 mile goal yesterday because of a lower back issue, but somehow worked through it. It would have stopped a 258 day streak. I am so grateful to be able to move regularly, and encourage all to do the same – at whatever activity seems appropriate.
This post marks Day 1,000 of my walking journey that began on December 15, 2019. It provides a recap of the journey and then talks about health benefits and addresses some questions I get from people about regular walking. I hope you enjoy the post.
