AMERICA IS A MERITOCRACY

     Recently in the news we have witnessed Princeton and Stanford eliminate their SAT Essay requirement, the University of Chicago has dropped the requirement to submit SAT or ACT scores altogether, we have found that grade inflation is rampant in elite colleges graduating a significant percentage of students summa cum laude, the Ivy League has again been exposed for discriminating against overachieving Asian-Americans, and a coalition of private high schools has proposed to eliminate all grades on the grounds that "a GPA shaves off a lot of humanity."
     When Jack Welch ran General Electric from 1981 to 2001, GE and its stock price dramatically outperformed the rest of corporate America, increasing profit to $15 billion per year and increasing the company's value nearly 4,000%.  Jack firmly believed in differentiation.  He believed that GE should cultivate the strong and cull the weak.  As detailed in his books, "Straight From The Gut" and "Winning," Jack's leadership philosophy showered the A's with love, helped develop the B's, and released the C's in order that they may find success elsewhere.
     Jack proved that winning created jobs, opportunities, hope for the future, college educations, better healthcare, vacations, successful retirements, and the ability to give back to society.  In his terms, equalizing and redistribution created the opposite effects.  Now that Jack has long retired, GE has softened his meritocracy and implemented more equal treatment of personnel and equal distribution of corporate capital.  Also, GE has greatly downsized, initiated thousands of layoffs, lost its profitability, and its stock has severely underperformed the market, even recently being kicked out of the Dow Jones Industrial Average (DJIA).  This former empire which did so much good and helped so many people is now deemed irrelevant.  A precursor for us all?
     Princeton and Stanford claimed they are dropping the SAT essay because of the cost.  But, it adds merely $14 to the fee, and poor students are provided a waiver.  The schools propose that the application essay is more predictive.  In other words, the kids who have parents who help write the application, or even hire tutors and consultants to help write them, now have even more of an advantage.  Do you see how the elites are hurting the people they claim to be helping?  Why do we believe this stuff?
     The University of Chicago claims that by no longer requiring the SAT or ACT scores they are leveling the playing field for poor and minority students.  But now the remainder of the students' applications are weighed more heavily with items such as corporate internships, studies abroad, and advanced extra-curricular activities.  Again, this hurts the very people the elites are claiming to support.  Objective tests, open to everyone, are one of the few meritorious assessments left for individuals to help raise their own station, to advance above their current circumstances.  Why would we want the collectivists to choose who succeeds in our country?
     High schools long ago began providing grades above a 4.0.  I recall one of my statistics professors in his speeches about the dumbing down of America always complaining about people who use the term "110%."  Elite universities have significantly inflated grades and the number of students graduating with special honors.  Elite prep schools are proposing to eliminate grades altogether.  We must bring back Jack!  I am sure he is tanned, rested, and ready, and no doubt he will whip these kids into shape.  And, no doubt the "silent majority" will support him 110%!
     Finally, it is a disgraceful national secret that we discriminate against the one demographic we should be celebrating for their commitment to achievement, to American meritocracy.  Harvard, Yale, and their League have been fraudulently denying admissions to Asian-Americans for years because this demographic studies for their physics exams instead of watching "American Idol" and "Survivor" like the rest of us.  To effect their scheme, Harvard assigns low "personal ratings" to Asian-Americans claiming they have lower "likeability," "helpfulness," and "courage" in order that these scores offset their high GPA's and SAT scores.  Yet, Harvard's own alumni who volunteer to interview these applicants, the only people who actually meet the applicants, claim they provide Asian-Americans higher scores than any other group.  Harvard changes the scores to complete their fraud, and they have been doing it for a very long time.  The only reason you don't know about this injustice is because this demographic does not march on Washington and demand equal treatment.  They just work harder.
     Meritocracy is defined as a system in which those who perform are chosen and moved ahead on the basis of their achievement.  Achievement is measured by performance, not race, not gender, not socioeconomic status.  Therefore, achievement is the ultimate equalizer.
     The United States is a meritocracy.  We do not believe in equality of outcomes, but in equality of opportunities.  Exceptionalism is a race to the top, not the bottom.  Do we not still believe this?

"I shudder to think what kind of person I would be today if I had given myself a steady diet of talk shows, soap operas, tabloid journalism, and the like."  -  Bob Buford

*For more information on Jeff's Books, Blog, and Legal Challenge, please visit www.jeffmartinovich.com

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THE TRUE INCOME NUMBERS 

Our country is making great economic progress in reversing the slow growth of the last two decades, but we will not reach our full potential until we fully release the death grip of bureaucracy and stop the creep of socialism. Remember that JAM Views' mission is to help us see through the fog of the media and special interests in order to more easily understand business and our economy. We are constantly bombarded with misinformation, and we, unfortunately, never have the time to stop and question all of the manipulative propaganda, especially when it comes to money. Hopefully these weekly Posts are a small step forward in increasing our understanding, or at least prompting us to ask more questions. 
The latest revelation comes from a stunning economic report released by John Early, the former Assistant Commissioner of the Bureau of Labor Statistics. This report is also highlighted in a new book, "Freedom and Inequality," by former Senator Phil Gramm and Professor Robert Ekelund, Jr. of Auburn University. In this week's Post, I have attempted to relay these startling findings. 
When we do our bills each weekend, we know that the family dramas don't necessarily have to do with the amount of income we earned this month, but more importantly with the difference, the delta, between what we earned and what we spent. Across our country, families have to juggle their "spendable income" - how much money they have left for food, clothes, rent, and maybe Johnny's braces. 
Now for decades the politicians have been pounding the table about "income inequality," but Mr. Early's report shows us that for at least 60% of us Americans there is a stunning "income equality," regardless of how much we work or choose not to work. This zero-incentive structure is possibly why we are now seeing such a backlash against all of those previous re-distribution policies which, at first, sounded so fair. 
To calculate spendable income, the high earners first get a large paycheck, then take out taxes and government payments, and finally work with what's left. Lower income individuals receive their work or government paycheck and then add the government additions such as Medicaid, food stamps, earned-income tax credit, and possibly 85 other payments to end up with their spendable income. 
Now pay attention to these results from dividing our country's income earners into quintiles (20% segments). The bottom 20% earned just over 2% of the country's total income, but fortunately due to the transfer payments to them, they ended up with 13% of the country's spendable income (6x their income). The next 20% (low-middle-income Americans) earned 7% of the country's total income, but due to benefits ended up with 14% of the country's spendable income (2x their income). The third 20% (middle-income Americans) earned nearly 13% of the country's total income and ended up with just over 15% of the country's spendable income (1.2x income). 
Of course to make the math work, the upper-middle-income Americans earned over 20% of the nation's income, but after taxes ended up with just over 18% of the spendable income. And, finally, the high-income Americans earned nearly 60% of the nation's income, but after taxes and transfer payments ended up with 39% of the spendable income. 
Interestingly, we as a democratic society take great umbrage with the fact that the top quintile earns 26 times the income of the bottom quintile, but I would posit that 99% of Americans never understood that high earners only end up with 3 times the spendable income. This is because, again, no one has ever explained to us how these things really work. But, the facts flip the narrative even more when we address how hard middle class Americans work, and their understandable frustration with their results. 
Even though low-middle-income earners worked over 2.5 times as much as the bottom 20%, they had virtually the same results. For example, if a bottom quintiler worked 20 hours per week and the second quintiler worked 50 hours per week, they ended up with the same money. Worse, middle income Americans worked over 4 times as much. They had to work 80 hours per week to have the same spendable income. This startling fact is confirmed by data showing middle income Americans had more than 7 times as many families with members working two or more jobs. Therefore, 60% of Americans have virtually the same standard of living in spite of shocking differences in effort and income. Also, thank goodness we have some high-income earners in this country in order to take care of all of the rest of us. 
The facts are a little different than we've been told, are they not? Is it no wonder why hardworking Americans are so angry? I ask you to do your very best to see through the fog, to stop and think, to question everyone and everything. We can do so much better. We are fortunate to live in the greatest republic in the history of this planet, but stifling bureaucracies, large governments, and redistribution forces are natural progressions for successful empires, and unfortunately, normally the fuel for their demise. The answer is not to resent the bottom or not to resent the top, but to simply allow all Americans to have the incentives to achieve and then the ability to receive their own just rewards. ALL quintiles will prosper if we just get the math right. It is simple math.

"In a thousand years, archaeologists will dig up tanning beds and think we fried people as punishment." - Olivia Wilde 

*For more information on Jeff's Books, Blog, and Legal Challenge, please visit www.jeffmartinovich.com

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EVERYONE MUST HAVE STOCK

     Following one of our mergers, I met with a few of our new partners one evening at Outback Steakhouse to address integration issues for the the seventy-five employees joining our organization. As I addressed our stock ownership plan, I was interrupted by the lead partner stating, "Our people won't be participating in that stock plan. There are two classes of people, partners and staff. Partners have equity and staff are blood-sucking leeches." The comment was so shocking that I assumed it was the gin martinis speaking, and I continued describing the plan until they stopped me again to reiterate their strong opinion. I remember thinking that this merger was going to be even more difficult than I had imagined, and it was. Unfortunately, this belief is widely held among small and mid-size business owners, but I want to explain why this strategy is only to their great detriment.
     I believe we cannot build an exceptional organization without, at some point, allowing everyone to own stock in the mission, and I mean everybody. Depending on the nuances of our organization, "stock" may be public or private equity ownership, may be percentages of the limited liability company or partnership, may be a set percentage of the bottom-line profit, or it may be another creative structure which simply allows everyone to sit on the same side of the table.
     This stock arrangement must also be finite and objective. It cannot be a subjective, year-end bonus allocution such as historically practiced on Wall street. These Wall Street annual bonuses can be two-to-three times an employee's salary, but they do not achieve the behavior and long-term goals of joint, actual ownership. These huge bonuses are simply tools to imprison workers with their own greed, and they work very well. Actual ownership breaks through this control and breeds empowerment.
     Our stock plans must give a certain amount of ownership as a reward for performance, as well as permit especially-motivated teammates to purchase more shares on their own. Stock must be allocated based on performance, not longevity. This is not the American Federation of Teachers Union (AFT). Although, this is not to say that loyalty and commitment to the mission are not substantial variables in the performance calculation.
     I hired Tom as a "Chairman Emeritus" for our firm to tap his substantial career experience for my own coaching needs, as well as to be a mentor and voice of wisdom for our growing force of financial advisors. Tom asked to speak to the entire company at our annual retreat in Nags Head, North Carolina, where he told a valuable story from his career with the successful regional brokerage firm, Wheat First Securities. Every time stock ownership in the company was available, Tom ensured that he qualified for the largest allocation possible, and then he postponed consumerism instant gratification to instead use the bulk of his discretionary income to buy more company stock. We laughed at his recount of the debates with his beautiful wife about buying more stock instead of new living room furniture. Yet, his message was powerful as he had just turned 50-years old, cashed out, bought a luxury RV and was now taking his wife to see the country and spend quality time with their large family. They now controlled their own destiny.
     We will never become wealthy and independent by making large annual incomes. Half of it goes to taxes, and the other half supports our ever-increasing lifestyle. High income earners have big homes with big mortgages, leased BMW's in the driveway, kids in private schools, and epic husband and wife weekly fights over money. Equity owners every year build net worth, not income, and most of their growth is tax-deferred, which has a tremendous compounding effect. Even Albert Einstein stated, "Compound interest is the eighth wonder of the world. He who understands it, earns it...he who doesn't...pays it." You and all of your teammates must have equity to gain freedom, choice, and eventually peace. There are even brilliant strategies to treat your LLC income as a Subchapter S Corporation for tax purposes, avoid socialist FICA, and pay taxes at low corporate tax rates instead of the much higher top personal brackets (Another Post).
     Now be prepared for the C-Player who has snuck into your organization and believes your attempt to spread the wealth with company stock is a fascist ploy to control the masses and extract more wealth for the owners. Always remember that in capitalism, no good deed goes unpunished by the insecure and the misguided. I recruited a longtime friend to join our company from Morgan Stanley, with the intention of eventually having him join the executive team for our rapidly growing firm. But, when I later learned that we would have an employee revolt if I promoted this individual, I knew this would not end well. This scorned teammate quickly became poisonous in the ranks, and one of his targets was our stock-equity plan. He attempted to convince others that it was not a benefit, the pricing was wrong, and management was attempting to manipulate the employees. I ended up slicing off a $50 million book of business and allowing this teammate to set up his own independent practice outside our company to ensure I removed him from the impressionable A-Players, but he released much poison before he left. Don't let these people stop you from setting up win-win stock plans for your organization which will have dramatic impacts on peoples' lives.
     These plans do take a lot work, but as we always say at JAM Views, "Don't be mentally lazy!" Ensure you have the legal, compliance, and tax functions buttoned up tightly. But, don't blindly follow what the attorneys and accountants initially propose. They are not creative thinkers. You know your people, and you know your specific, long-term goals, so give these technicians all of the issues and ideas and then have their legalese make it work within the system. There are many issues to address, such as vesting schedules, expiration dates, and liquidity, but don't let the complexity scare you away. You will figure it out, and it will be worth it! 
     Employees who own stock forget about time clocks. They can now see the big picture. They understand why it is important to hit monthly, quarterly, and annual targets for themselves and for everyone else. They pay close attention to quality metrics such as product failure rates or customer satisfaction surveys. They become extremely cost conscious and don't sign up for the latest boondoggle conference in Scottsdale. They save money on the small items like the postage machine, supplies, and useless advertising. They show up to the local charity 5k's sporting their company logo gear, and they drag their spouse to the community events to chat up prospective new customers. And, most strikingly, they cull the herd of all the C-Players before you ever have to say a word. I'll never forget one operations meeting when a junior teammate, who had recently joined the company stock plan, shouted about a troublesome sales associate, "He's either making us money, or he's costing us money. He has to go!"
     If you need to convince fellow partners to implement a stock plan, just use simple math to appeal to their greed. If a growing company is increasing its equity value by 10% per year, and the owners allocate 20% of the company stock to employees, then the partners would have to work only two more years to reach the same personal equity valuation target. But, there is a much higher probability that to achieve this same value they will not only not work an extra two years, but will actually work three years less due to everyone now rowing in the same direction.
     Finally, always remember that with return comes risk. After fortunately building much wealth for a large number of employees and clients through numerous equity arrangements, we recently experienced a terrible result with our investment company equity. The government intervention and ongoing legal battle severely damaged the current value of certain equity shares. So, of course, always be diversified as you are building and executing your life plan. For us, I know that very soon common sense will win out, and we will fully restore all of our stakeholders. We will then write an amazing final chapter to this particular equity story, as well as have some quite interesting tales to tell at the Bistro Happy Hours.
     Give everyone stock. It is always the right answer.

"In the midst of winter I finally learned that there was in me an invincible summer." - Albert Camus

* This Post contains excerpts from Jeff's upcoming book, "Building Special Companies," Ash Press, 2019 Release.

** For more information on Jeff's Books, Blog, and Legal Challenge, please visit www.jeffmartinovich.com.
** To access JAM Views directly, please visit jeffreyamartinovich.blogspot.com.
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THE CRITICAL WHAT, HOW, AND WHY 

Over the years I have always enjoyed talking with young people who are new to the business world and new to their company. Their optimism, energy, and clean slate potential is infectious, and I learn a great deal by listening to their viewpoints and early perceptions. 
I then have a habit of asking them three purposeful questions: "What does your company do?", "How does your company do it?", and "Why does your company do it?" Normally at this point I receive answers about their specific daily tasks but litte comprehension of the big picture, followed by some ramblings about meetings and orders from their boss, and then when we get to the "why" question we are left with only blank stares. 
Such an amazing opportunity is lost at this moment - not just by these young go-getters, but more importantly by us, their leaders. These are our ambassadors, and we continually send them out into the world without the information, tools, or training to be raving fans for our organization. Whether we lead a small company, a large corporation, a charity, a church, or the homeowners association, we are missing huge opportunities. We are losing incredible sales, marketing, recruiting, and retention opportunities by not initially teaching, and constantly reinforcing, what we do, how we do it differently, and why we get out of bed every morning to do it. 
In my organizations, every new teammate always meets with me, normally in small groups within the first two weeks, for what we used to call Kool Aid Training, but what we better today call Special Sauce Training. Over many focused hours I drive home this very important foundation. I believe that if we fumble the ball right here on the kickoff, there is no way we will win the long-term game. 
WHAT. Sadly, most employees don't even know all of the products or services which their organization offers. We spend millions of dollars on advertising campaigns to educate the world what we do, and we don't even teach our own ambassadors. How is this possible? People show up to work, hit their cubicle, return the one hundred emails and voicemails specific to their role, have three meetings with their immediate team, and rush out to get the kids from daycare to soccer practice. Management consultants call this a Silo Organization. Then, ten years go by, and this hardworking teammate has just never had the time, the inclination, or the financial incentive to understand what's really going on in their own company. We must convert Silos into Starfish and Spider webs. 
Starfish and Spider web organizations communicate across all divisions, teams, and roles. Teammates participate in management programs with exposure to all company departments. When one arm is cut off, the decentralized nervous system takes right over. Webs are rebuilt overnight, because everyone is connected, and everyone is on the same page. We explain to the insurance operations clerk how the Mortgage Division operates. We ensure the asset manager is able to deliver a 10-second elevator speech for the Investment Banking Division. This "What Training" is then continuously reinforced with constant communication pushes to the entire company, quarterly company-wide functions, and even annual full-company retreats. Spend the money. You will be paid back 100X! 
Instead of begging employees to make referrals to other divisions in your company, start splitting the entire fee or profit 50-50 with the teammate who was kind enough to make the referral. You will instantly have employees quickly learning everything there is to know about what the other silos offer. We had mortgage processors preaching the benefits of proper estate planning to new home buyers, and stock brokers stressing the importance of diversifying with the Real Estate Department. The large corporations can never get traction with their crossover sales programs, because they refuse to set up the proper compensation programs based on self-interests. 
HOW. People are inspired by being part of organizations that are special and different from the crowd. This is the culture we must initiate on day one, and then continuously drive home every day in every thing we do. How involves how we look, how we speak, how we answer the phone, the words we use, the attitudes we portray, the rules for returning emails and voicemails, the service ideology, the sales expectations, the Dale Carnegie communication, the true commitments to excellence. All of our new teammates put Post-it Notes with the words "My Pleasure" on their computer monitors until they had instilled the habit of saying "My Pleasure" every time a customer said thank you. Our financial advisors prepared a full financial plan for every new client before making one investment recommendation, because we knew it was the right thing to do and that it separated us from every other company in the business. 
WHY. Nietzsche stated, "A man who has a why to live for can bear almost any how." Curly the Cowboy in "City Slickers" advised, "Do you know what the secret to life is? One thing...Just one thing...That's what you have to find out." Your organization can save the whales or plot world domination, but you must have a mission. In our organizations we are never allowed to use the word "J-O-B," or the word "try" (but that's another Post). Life is too short to have a J-O-B. Jack Welch, the successful CEO of GE, was famous for claiming that a company's most important, most human, mission was to be strongly profitable. With this profitability, the company then provided employees better lives of dignity and significance, as well as provided communities and the less fortunate with needed services and safety nets. Truly a brilliant mission.  
People tell you that they want to dress like slobs and they don't want the pressure of tough goals, but this is simply their ingrained insecurities and fears of failure speaking. Your people actually crave discipline, they wish they had big scary goals, and they dream of the opportunity to be part of a unique organization which everyone else admires. Someone, you, just needs to lead them to the Promised Land. 
Only let people on your bus who believe in your mission. You do not have enough time to convert people to your cause. Then train these ambassadors on the What, How, and Why, and if you educate them properly, the other A-Players of the world will soon be piling onto your bus. Finally, remember then not to be the mean kid in Alabama who says, "Seat taken! Ye can't sit here!" but the Jenny who lovingly offers, "You can sit here if you want." Good Luck out there! 

"Don't ask 'What should I do?,' but 'What needs doing?'" - Peter Drucker 

* This Post includes excerpts from Jeff's upcoming book, "Building Special Companies," Ash Press, Spring 2019

* For more information on Jeff's Books, Blog, and Legal Challenge, please visit www.jeffmartinovich.com

* To access JAM Views directly, please visit jeffreyamartinovich.blogspot.com.

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QUARTER 2 UPDATES!

Since we don't make much forward progress if we only discuss the issues that matter over martinis at the Bistro and then jump right back on the life treadmill with our blinders on, today we want to review some updates and some pushback the Friends of JAM have received from last quarter's JAM Views posts.
First, always remember that JAM Views embraces criticism and opposing viewpoints, because these are what make life more interesting! Don't you bore of hanging out with people whose beliefs are all the same and are so predictable that you can anticipate their exact opinion on every issue? We grow as thinkers by hanging around people who view the world differently than we do, and with people whose life experiences have no resemblance to our own, so please keep those opinions coming.
Dave, a proud resident of Los Angeles, claims that my critiques of California's socialist economics are "stupid," and he points us to the recent Bloomberg article "California Must Be Doing Something Right." [LINK] This article notes that California recently passed the U.K. to become the world's 5th largest economy with a GDP of $2.7 trillion all its own. This home of the NBA Champion Golden State Warriors also is currently leading the nation in job growth, manufacturing, personal income and corporate profits. The Friends of JAM replied to Dave that they had once enjoyed an amazing meal at Mastro's on Rodeo Drive right next to the "Pretty Woman" Hotel, even striking up a conversation with Warren Beatty at the next table. Dave seemed validated.
As we looked at the Boeing and Airbus subsidies in our post on President Trump's steel tariffs, it's worth noting that after 14 years of arguing, the World Trade Organization (WTO) is now backing the U.S. claims that European countries have pumped $22 billion in illegal subsides into Airbus to help it compete with Boeing. But, later this year Airbus' counter claims will be heard accusing Boeing of receiving billions in government funding from the Pentagon and NASA, along with state and local tax breaks. Well, maybe they received one less billion, as we previously covered President Trump's reaction to the sticker shock when receiving the bill for the new Air Force One! If the U.S. prevails, it may impose several billion in "penalties" annually on European goods for payment, which reinforces our lesson that the word "tariff" identifies just a small fraction of the penalties imposed on global free trade, and that the press rarely communicates the true picture.
Remembering our post "Driving Myself to Prison," multiple readers inquired, "Is that really a true story?!" Friends of JAM responded that, unfortunately, this post was 100% accurate. Actually, the following day the story took another crazy turn, but we have to tell that tale another day.
As a follow up to our "Pay for Performance and That's It!" post, the socialists in downtown D.C. are now attempting to take away all motivation to excel from the District's servers and bartenders. Initiative 77 on the local ballot raises these hard workers' minimum wages to $15 an hour by 2020, erasing the exemption servers and bartenders were previously granted. But, servers and bartenders are some of this country's greatest capitalists, and they want no part of Initiative 77. They want their de minimis wage and the opportunity to earn performance-based tips paid directly by discerning customers. High minimum wages force restaurant owners to raise prices substantially and eliminate tipping. This model has been a disaster for owners and staff everywhere it's been attempted. Well-known New York restaurateur Danny Meyer attempted this model at Union Square Cafe and Gramercy Tavern before losing 40% of his veteran staff. Only pay for performance!
Finally, circling back to our post "The Government Has No Money," the Trustees for Social Security and Medicare last week again warned Congress that they are running out of money faster than expected. As we discussed, the benefit and revenue schedules are badly out of alignment. Medicare funds are now due to run completely dry by 2026. Social Security benefits have to be cut 21% across the board to keep the program solvent. Interestingly, workers receiving disability benefits have soared over the last 20 years from 4 million to 10 million. Also, today there are 25 Americans age 65 and older for every 100 working-age citizens, but it will be 35 over 65 for every 100 in just 12 years (40% worse!). And, of course, this imbalance is directly connected to our volatile immigration issue. So, let me ask you. Which President in their second term, along with which band of Senators who are planning soon retirement, are going to finally show the leadership integrity to 1) cut entitlements, and 2) implement performance-based immigration of amazing new citizens who will make substantial payments into the system? It is the only answer. Simple math.
Thank you to our JAM Views readers for your input and support. Looking forward to the 3rd Quarter - Big Things Happening! A reminder to sign up for the email alert for each Sunday's post, and I believe the Friends of JAM are installing an RSS feed link for ease of regular viewing.

"It is the business of the very few to be independent; it is a privilege of the strong." - Friedrich Nietzsche

* For more information on Jeff's Books, Blog, and Legal Challenge, please visit www.jeffmartinovich.com

* To access JAM Views directly, please visit jeffreyamartinovich.blogspot.com.

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