Page 14 – Kanebridge News

The Generosity Power Move That Can Boost Your Career

Connectors always know just who you should talk to. They send the perfect introductory emails: warm, crisp, direct. And they make it look so effortless.

“It’s almost like music or something,” says David Dewane, a Chicago architect who loves introducing contacts from all parts of his life. “If you do it right, what you get is a little flash of possibility for both people.”

And possibility for the connector, too. Call it karma, the power of networks , or even just luck . If you become that hub for your friends and colleagues, it will come back to you, enriching your circles.

I think of people I know in my own life, the ones I speed text when I need a doctor for my kid. I feel so grateful, like they’re these life buoys that help keep me afloat. I wonder: Can the rest of us do that?

“We all develop a point at which the network that we’re in can’t satisfy our needs anymore,” says Brian Uzzi, a professor at Northwestern’s Kellogg School of Management who studies social network science.

When we become brokers, dipping in and out of various groups, we have access to all kinds of new information: little tips, fresh opportunities. Synthesizing multiple viewpoints, we’re better able to solve problems in innovative ways, Uzzi says. People love us for it.

Getting ahead

Connectors are more likely to get promoted and win bigger bonuses , Uzzi says. In one study of M.B.A. students, those who acted as brokers between cliques were twice as likely to get the best job offers upon graduating, he adds.

The key is to give before you ask.

“The idea of reciprocity is very powerful,” says Greg Pryor, a longtime human-resources executive who now researches organizational psychology topics.

Need a favor while you’re building a relationship, and you’re automatically in debt, he says. Instead, his career has been guided by a pay-it-forward mentality. He ends most calls by asking, “Is there anything I can do to help you?”

One time, a colleague asked if Pryor could get an acquaintance of hers up to speed on the topic of corporate culture and values. He spent a day with the friend-of-a-friend and connected her to others in the industry he thought could help.

The woman ended up becoming the chief human resources officer at software company Workday. When Pryor was looking for his next job, he reached out to her. A few weeks later, he was the new head of talent at Workday.

He spent a decade there, the best stretch of his career, he says.

The email formula

There’s an art to crafting the perfect email intro. Dewane, the Chicago architect who’s orchestrated thousands of introductions, is constantly scanning his mental Rolodex for pairs of contacts who can solve each other’s problems. He usually gets preapproval to reach out from both parties, then turns to his formula.

There’s two paragraphs—one for each person. He describes what they do, why he thought of them, and how they’re perfect to connect on this particular thing. He includes hyperlinks to both LinkedIn profiles. And he always puts the person who stands to gain more from the interaction last, queuing them up to initiate contact.

“I get kind of paranoid if intros just hang there,” he says.

If there’s a big difference in power between the two people, he choreographs the thread even more intricately. When connecting architecture students with professionals he knows at design studios, he’ll inform the students that he’s sending the email at 8 a.m. They are to reply by 8:04 a.m.

“I am going to open the door and then you are going to walk through it,” he says.

Oftentimes people freeze as they sit down to pen an email, scared of overpromising, says Erica Dhawan, a St. Petersburg, Fla.-based leadership consultant and author of a book about digital communication. Sliding into someone’s inbox involves risk. You’re encroaching on their time and looping yourself to two disparate contacts who may or may not hit it off.

Dhawan recommends using the phrase, “no guilt, no obligation,” when asking people if they’re open to connecting.

“I want them to feel like there’s mutual benefit,” she says, not like they’re doing her a favour.

Worst intro ever

Being on the receiving end of an introduction can also leave your stomach in knots, if it’s not done right.

“I’m in an email thread and I’m like, I don’t know why I’m here,” says Khaled Bashir, the founder of a marketing agency and AI startup in Toronto. “What am I supposed to do?”

Fellow founders will often connect him with potential clients. At least he thinks that’s what they are. The context is sometimes missing, and he’d appreciate a funny icebreaker so he can slide into the conversation without it having to be all business.

Bad intros can have happy endings, though.

Years back, Bashir was thrown into a random WhatsApp group by a client. No explanation, just him and one other guy. It turned out the other person was a fellow agency owner. The pair became fast friends. They bonded over the synergies in their work and a love of Japanese comics. Now, Bashir is selling the marketing part of his business to the friend, a move that will let him focus on growing his AI offerings.

Bon appétit

To make connections less awkward, add food. Michael Magdelinskas, who works in government affairs for a consulting firm, hosts frequent dinner parties at his Manhattan apartment. Over sous-vide pork chops and cognac ice cream, he brings together everyone from former colleagues to acquaintances visiting from overseas.

He crafts guest lists by thinking about common hobbies, hometowns and the ratio of introverts to extroverts. Recently, a group of attendees formed their own Instagram chat thread, bonding over an inside joke. They didn’t even think to include Magdelinskas.

“That’s a good thing,” he says. “That means the process is working.”

Behind Many Powerful Women on Wall Street: A Doting ‘Househusband’

Suzanne Donohoe , a top executive at the private-equity firm EQT , started the month of September with a 10-day business trip through Asia and Europe. Back in New York, her husband, Matt Donohoe , was helping their three teenagers begin a new school year.

That was no simple task. Though the Donohoe children are close in age, each goes to a different school and has different extracurricular activities. Matt drove their 13-year-old to hockey practices in New Jersey and took all three children to Boston for a tournament. In between, there were groceries to buy, meals to prepare and homework to assist with.

It was all in a day’s work for Matt, who quit his job in 2007 to help out at home. A former emerging-markets trader with degrees from Georgetown and Columbia, he is part of a quiet but growing force of men who hold down the fort at home while their wives climb to the upper echelons of finance.

Wall Street has long struggled to elevate and retain women. A hotly competitive industry that demands long hours, frequent travel and the need to be on call constantly, it has been an unwelcoming environment for women, particularly those with children.

Women who have leadership roles in finance say that having a spouse who stays home—a househusband, if you will—can relieve that burden and allow them to rise. Even these privileged women, who have a spouse at home and often extra help beyond that, say maintaining the arrangements is a complex feat.

Chip Kelly has so far decided against going back to work because his family relies on his presence at home. Photo: Emli Bendixen for WSJ

For the men, being a househusband can come with a stigma: Society often still assumes men will be the bigger earners and women the primary caregivers. But that is starting to change.

In 45% of U.S. opposite-sex marriages, the wife earns as much as or more than her husband, a share that has roughly tripled over the past 50 years, according to a 2023 report from Pew Research Center. Dads represented 18% of stay-at-home parents in 2021, up from 11% in 1989, another Pew study found.

There are now househusbands at the highest levels of power. Doug Emhoff , married to Democratic presidential nominee Kamala Harris, gave up his career—as an entertainment lawyer—to facilitate her political rise after she was elected vice president. On Wall Street, the list of women with husbands at home includes the chief executives of Citigroup and TIAA, the chief financial officer of the private-equity firm Vista Equity Partners, and the global co-head of Blackstone’s real-estate business, among others.

Senior female executives whose partners also work say they have to manage an intense balancing act and admit to being envious at times of their peers whose husbands don’t work.

“The prototype of the person you are competing with, the people in nearly all of the successful positions, have a stay-at-home partner,” says Suzanne Donohoe, who was a partner at Goldman Sachs and KKR before joining EQT in 2022. “The disheartening part of the message is somehow you can’t achieve if one parent isn’t at home.”

She says she doesn’t think that is the case and knows and admires people in demanding jobs who make it work with neither spouse at home.

‘Safety net for a trapeze artist’

Many couples say they started out with parallel professions but reached a point at which the woman’s career accelerated. When one person needed to devote more time to parenting, it made more sense for it to be the man.

Chip Kelly was working in tech sales at an international startup in 2009 when his wife, Natalie Hyche Kelly, who is a Visa executive, gave birth to their first child. After the couple didn’t move quickly enough to get a spot at the daycare they wanted, Chip volunteered to care for the baby and work while she slept.

He took calls while pushing their daughter in the stroller. When she went to sleep, he worked through dozens of emails. The couple had twins a few years later. Around that time, Natalie was promoted and started commuting to San Francisco four days a week from Charlotte, N.C., where the Kellys lived. Chip tried to work while caring for the twins and their older daughter when she wasn’t in preschool.

After the family moved to San Francisco, Chip realised that he was neither doing his job nor parenting as well as he wanted to. He decided to devote himself full time to the latter.

“It was kind of becoming a no-brainer because my wife’s career was going so well,” he says.

The Kellys are now starting their third year in London, where Natalie serves as the payments company’s chief risk officer for Europe. Chip considered going back to work a few years ago, but so far has decided against that because his family relies on his being at home.

Chip Kelly at his family’s London home. Photo: Emli Bendixen for wsj (2)

“I’m like the safety net for a trapeze artist,” he says. “You don’t think about it unless they take it away.”

Kathleen McCarthy Baldwin, Blackstone’s global co-head of real estate, was nursing her second child in 2015 when her husband, Matt Baldwin, left his job as the CFO of a research firm and decided to take some time off.

“The idea of him not working made me very anxious, mostly because of my fears about what it would do to our marriage,” she says. “Would I be envious that he had more time with the children? Would he resent that I had this really exciting and demanding job?”

Matt told her he wasn’t worried. After spending a summer with their daughters at the Jersey Shore while Kathleen mostly worked in the city, Matt decided to make the change permanent.

These days, he rises at 5:30 a.m., before the rest of the house is awake. He makes oatmeal for the family four mornings a week, giving himself one morning off. On most days, Kathleen takes the girls to school while Matt goes indoor rock climbing.

After school, he and their nanny divide the responsibilities, with one taking the older daughter to sports practice, drama and guitar lessons and the other transporting the younger one to swimming lessons, violin and dance. Matt, who has become a skilled cook, usually makes dinner. Specialties include salmon, soft-cooked eggs and spicy pasta.

Kathleen says her husband’s decision to stay home created the flexibility for her to pursue other interests outside work, such as serving on the board of an anti-hunger nonprofit.

“When I talk with other women in this position, we all say our husbands are a very special breed,” she says. “They don’t define themselves by their jobs.”

Awkward moments

Not all men are as comfortable in the position.

One stay-at-home dad whose wife works in private wealth at an investment bank says he sometimes tells other men that he manages real estate—technically true because the family owns a few buildings. He says he can identify other men in his position at private-school functions when they say they “manage investments” or “run a boutique hedge fund.”

“We’re all out there, but we can’t say anything about it,” he says.

Paul Sullivan has been trying to change that. He founded a group called the Company of Dads after leaving his job as a columnist for the New York Times in 2021. Sullivan’s wife runs an asset-management firm and became very busy with work after the Covid-19 pandemic.

Sullivan already defined himself as what he dubs a “lead dad,” the go-to parent for everything from playdates and doctors’ appointments. But he found no support groups for men in his position. He reached out to senior female executives and asked them about the idea of creating one. They approved. Some said their husbands didn’t help enough. Others said their husband’s friends made fun of them, calling them names like “Mr. Mom.”

“Two things can be true at once,” Sullivan says. “Moms can be discriminated against in the workplace, and dads can be afraid to take a lead role at home.”

Sullivan now organises events for lead dads such as a Father’s Day beer fest and a March Madness get-together. He gives talks at workplaces and hosts a podcast on which he interviews therapists, parenting coaches and fatherhood advocates. He counts the husbands of Goldman Sachs partners, JPMorgan Chase managing directors and top law partners among his members.

For the Donohoes, having Matt at home has meant that he has developed a close bond with his children. Suzanne says it has given her credibility with her colleagues when she needs to attend one of their doctor’s appointments or sporting events.

There are still mix-ups. Schools often call Suzanne first if one of the children is sick or needs permission to do something even though Matt is listed first on contact forms. Once it happened when she was in London on business. She gently asked the school administrator to call her husband. He was at their apartment five minutes away.

Move over, Marvel. The next blockbuster entertainment franchise might come from Japan.

Anime is shaping up as the country’s next big export industry, beyond cars and electronics. This once-niche entertainment form is entering the worldwide mainstream , and its growth could light up investors’ portfolios.

The global market for Japanese animation, known as anime, and its related products has more than doubled between 2012 and 2022 to 2.9 trillion yen, equivalent to $20 billion, according to the Association of Japanese Animations. The overseas market has been driving that growth. Markets outside of Japan made up around half of the total in 2022, compared with around 18% a decade earlier.

Streaming companies such as Netflix are certainly taking notice. Its live-action series “One Piece,” based on a Japanese comic, was its most-watched show in the second half of 2023. In fact, anime content on Netflix in the period logged 14% viewing growth from the first half of 2023, compared with a 4% drop overall, according to Jefferies. These streaming platforms will continue to introduce more anime-related content to their global audiences.

Japan’s anime and manga, the Japanese word for comics, have created many well-known characters and franchises over the years, such as Pokémon. And it looks to be getting even more mainstream. The anime market in North America has grown from $1.6 billion in 2018 to $4 billion this year, according to Jefferies. And Asia, which has long been more receptive to anime, will likely continue to grow strongly, especially in China. Anime has also been popular on Chinese streaming platforms such as Bilibili .

Apart from streaming, selling merchandise can be even more lucrative. Sanrio , which owns characters like Hello Kitty , has reported record profits, with its share price rising nearly sixfold over the past five years.

Sony would be another major beneficiary of this trend . The company owns animation streaming service Crunchyroll, which had 15 million subscribers as of June. That compared with around 3 million subscribers when Sony announced the acquisition of the streaming service from AT&T for nearly $1.2 billion in 2020. This contrasts with Sony’s approach in online streaming for other content: It acts more like an “arms dealer,” selling movies and shows to platforms such as Netflix and Amazon.com . That means the company could benefit more directly from the anime boom. And anime also has strong synergies with its movie and game businesses .

Anime maker Toei Animation, which owns popular franchises such as “One Piece” and “Dragon Ball,” is another listed company that would benefit. It makes anime itself, but more important for the overseas markets, it also earns licensing revenue from the copyrights to popular franchises that it owns. Sales outside of Japan accounted for more than half of its total revenue in the latest fiscal year ended in March. Season two for Netflix’s “One Piece” is already in production. Toei stock has nearly tripled since the end of 2019.

Anime has blockbuster potential, not just for audiences but for investors as well.

LVMH’s Arnault Family in Talks to Buy Majority Stake in Storied Parisian Soccer Club

Agache, the holding company of LVMH founder and Chief Executive Bernard Arnault ’s family, is in exclusive talks to buy a majority stake in storied soccer club Paris FC, extending one of Europe’s richest families’ foray into sports.

Agache said in a statement Thursday that the Arnault family is teaming up with Austrian energy-drink maker Red Bull, which is currently negotiating a minority stake in the second-tier Parisian club.

While Red Bull will be involved with the sporting element in an advisory function, the Arnault family intends to provide the club with the resources its needs for its economic and sporting development.

Though the move would be the family’s first step into soccer, Red Bull is already heavily invested in the sport with stakes in top-level clubs in Germany, Austria and the U.S.

Through LVMH, however, the family has ramped up its sports involvement and sponsorships recently.

Earlier this month, the company struck a 10-year partnership deal with Formula One, capitalising on the sport’s global ascendance. And this summer, LVMH brands were hard to miss at the Paris Olympics after the luxury-goods maker paid roughly 150 million euros to be a sponsor of the global event.

With the controlling stake in Paris FC, the family aims to establish both the men’s and women’s side among the elite of French football, Agache said.

“With the arrival of Agache as the club’s majority shareholder, the club will take on a new dimension with new goals and criteria for success,” it said.

The current owner of Paris FC, Pierre Ferracci, will remain president, Agache said. Antoine Arnault will be Agache’s representative on the club’s board of directors.

Paris FC, founded in 1969, returned to professional ranks in 2015 after spending four decades in the amateur leagues. It hasn’t been a part of France’s top flight league since the late 1970s, but currently sits at the top of the second-best division in the French leagues.

Goop Chairs or Gucci Wallpaper? Kids Are Going Big on Home Design

When Abby Tennenbaum, 44, and her husband, Ross Tennenbaum , 46, purchased a $2.1 million vacation property in 2021 about 80 miles southeast of Seattle in the mountain resort community of Suncadia, Washington, they encouraged their two young daughters to collaborate with the family’s interior designer, Emily LaMarque, on decorating the house. The 3,143-square-foot, five-bedroom home had a budget of $500,000 for furnishings and decorating.

The Tennenbaum sisters—Ella, 12, and Edie, 8—gave LaMarque feedback on paint colours and wallpaper patterns, but they also expressed other specific preferences. They weren’t into insect art (though butterflies were okay).

They thought it would be neat to have indoor swings—which the house now has on all three of its levels. And Edie, who has always loved bunk beds, worked with LaMarque to design a bunk room, which is both sisters’ favourite space. “It looks so good and it’s so cool,” Edie says of the sleeping spot that has four full-sized beds.

The girls even convinced their parents, Abby and Ross Tennenbaum, that the kitchen needed a snow cone machine. Abby is an occupational therapist turned stay-at-home mother and Ross is the CFO of Avalara, a tax software company.

Children have long contributed thoughts on their bedroom designs: Pink! Blue! Princesses! Rocket ships! But now they are driving interior decisions around the house. “We’ve always talked with our clients’ children,” says Lynn Stone, co-founder of Hunter Carson Design, which is based in Manhattan Beach, California. “What we are seeing now is something different: Now we expect the kids to get involved.”

Stone and her co-founder, Mandy Gregory, routinely receive emails, Pinterest boards, Instagram messages and TikToks from their clients’ mini-mes. “Kids send us texts if they are out shopping, saying, ‘Do you think this will work in our room?’” Stone says. “One client’s daughter said, ‘Please, don’t meet with Lynn and Mandy without me, and if you do, FaceTime me!’”

A sampling of product requests from their pint-sized clients include CB2’s Goop-designed Gwyneth Boucle Swivel Chair (“Teens love this chair,” Stone says), Gucci wallpaper, Bella Notte handmade linens, customised neon signs, shelves to show off Lego collections and bedroom mini fridges (“Parents often say no to mini fridges,” Stone says). One teenager emailed Stone a screenshot of a Sotheby’s auction artwork in the $20,000 range that she wanted for her bedroom. Stone told her, “I too love this, but I don’t see it making its way into either of our houses.”

In 2021, Stone and Gregory were hired by stay-at-home mom Neeraj Rotondo, 56, to update her son’s bedroom and bathroom in the roughly 5,000-square-foot, five-bedroom Manhattan Beach house where Rotondo’s family had lived for more than a decade. The Mediterranean-style house is currently estimated at $6.2 million, according to Redfin. Rotondo’s son, Sam, who was 14-years-old at the time, gave his opinions: He wanted his room to have a couch-like bed, framed N.B.A. jersey artwork and a space to play card games with friends. The bedroom cost $8,000 and the bathroom was $23,000.

While that project was underway, Neeraj Rotondo’s two daughters, Leena and Kayla Rotondo, who were teenagers, convinced their mother that the family’s unused media room needed a refresh. “It was brown and navy with reclining chairs and super not welcoming,” says Kayla, 19.

Kayla was inspired by a Pinterest photo of reality star Khloé Kardashian ’s theatre room, especially its long, glamorous cream-coloured couch. Stone and Gregory outfitted the Rotondos’ screening room with a custom-built daybed with grey velvet cushioning, floating lounge chairs, fluffy cream pillows and faux fur blankets, shimmery grasscloth wallpaper, hand-blown glass sconces and candy jars. It cost $42,000.

“It was soooo fun that we were young and we got to bring our idea to life,” says Leena, 20. Her sister agrees. “It feels like the only room in the house that was just for me and Leena,” Kayla says. “It wasn’t anyone’s vision but ours.”

Savannah, Georgia-based Khoi Vo , who is the CEO of the American Society of Interior Designers, thinks it’s “wonderful” that youngsters are interested in home design, which gives family members a forum for communicating with each other and thinking about how they live together. “As a dad to a pre-teen, I think any chance a parent can get to engage in dialogue with their kids is an opportunity,” says Vo.

Vo emphasises that families need to recognise an interior design project’s constraints, whether it’s money, time, space, scale or all of the above. “A child might say, ‘I want a turret that I can shoot an arrow out of and a moat with alligators,” he says, noting that, yes, of course it’s okay to say no to the castle.

“If you’re designing a space just for you—you’re the only one who is going to use it—you don’t need to seek your 12-year-old son’s opinion,” Vo says. When it comes to the living room, though, Vo says it’s fine to talk as a family about it—but, that doesn’t mean the son needs the wall of television screens he wants for sports night.

Houston interior designer David Euscher thinks the pandemic made everyone become more aware of how they live in their own environments and how spaces influence behaviour. “Even without that event,” he says, “young people look for ways to exercise some control over their lives, and influencing their parents’ design choices at home is one way to do it,” he says.

In 2022, Wendy Becktold, 53, of Berkeley, Calif., hired local interior designer Nureed Saeed, owner of Nu Interiors, to design a bedroom for her son, Simon. Wendy Becktold, an editor, and her family moved into a roughly 2,400-square-foot, three bedroom 1922 Craftsman house in 2016, which she and her husband purchased for $1.3 million.

“Since I’m the youngest child, when we moved, I obviously got the smallest room,” says Simon, 16, who has an older sister. “For my furniture, I got hand-me-downs from everyone else. It was little-kid, vandalised furniture all around my room. So I leveraged that, and was like, well, mom, I have the smallest room and the worst furniture. Maybe it would be a good idea to get a little room redo. I guess it worked.”

Saeed created image boards featuring varying furniture and colours and she and Simon talked through the selections. He gravitated toward Midcentury Modern shapes, walnut woods and a colour palette of navy, tan, white and black with a hint of greige.

“Definitely more adult than I would have expected out of a 14-year-old,” Saeed says. As his space morphed into his new one with fresh paint, furniture and lighting, Simon says, “It was surreal to watch it become my room after I’d been speculating about how cool it was going to be.”

Once the bedroom project was complete, Saeed moved onto designing the living room and entryway, where Simon expressed his preferences for modern furniture. “I didn’t want to overstep my role as the youngest child,” he says, “but I did definitely say, ‘This is cool,’ ‘This is a good idea,’ ‘I’m not as keen on these things, like a couch.’”

The house project had limits. “We made careful considerations for our interior design selections because it’s quite an investment,” Wendy Becktold says. The bedroom project, for example, cost close to $10,000, but she says it was worth it, as the new space can be useful even after Simon leaves the nest someday.

The Becktolds’ project is an example of how Saeed thinks there has been a societal shift in how children are regarded today. “We view them as their own humans who, even at young ages, their opinions are worth honouring and listening to,” she says.

“It’s not like children sit down buttoned-up for a kick off meeting, but at some point, parents are always like: My kids really like this thing but I don’t know how to integrate it,” says Los Angeles-based Emily LaMarque, founder of an eponymous firm, who designed the Tennenbaum family’s house in Washington.

LaMarque says her recent clients’ offspring often fall into two camps: those who are inspired by nature or music. “There’s a lot of Taylor Swift,” she says, noting that for music fans, it’s less about capturing a specific musician’s aesthetic and more about exuding a vibe—though LaMarque will coordinate album cover posters with other artwork and decor.

One 10-year-old gave LaMarque four iterations of her bedroom floor plan. “Specifically, she said ‘I want a pale wood bed here. I want two nightstands. I want my two guitars to go here. I want a credenza—and I want a record player on it so it needs to be deep enough and I want plants on it.’”

LaMarque riffed back and forth with one 13-year-old drama lover, whose bedroom they decided to outfit with a nook that has curtains that can be tied back so the girl could have a theatre area. LaMarque says, “when she got her new bedding that she had helped pick out, she was literally jumping up and down.”

When Stock Prices Fall, Antidepressant Prescriptions Rise

Feeling depressed when the stock market is down? You have plenty of company. According to a recent study, when stock prices fall, the number of antidepressant prescriptions rises.

The researchers examined the connection by first creating local stock indexes, combining companies with headquarters in the same state. Academic research has shown that investors tend to own more local stocks in their portfolios, either because of employee-stock-ownership plans or because they have more familiarity with those companies.

The researchers then looked at about 300 metropolitan statistical areas, which are regions encompassing a city with 50,000 people and the surrounding towns, tracking changes in local stock prices and the number of antidepressant prescriptions in each area over a two-year period. They found that when local stock prices dropped about 12.8% over a two-week period, antidepressant prescriptions increased 0.42% on average. A similar relationship was seen in smaller stock-price drops as well. When local stock prices fell by about 6.4%, antidepressant prescriptions increased about 0.21%.

Older and sadder

“Our findings suggest that as the stock market declines, more people experience stress and anxiety, leading to an increase in prescriptions for antidepressants,” says Chang Liu , an assistant professor at Ball State University’s Miller College of Business in Muncie, Ind., and one of the paper’s co-authors. The analysis controlled for other factors that could influence antidepressant usage, like unemployment rates or the season.

In a comparison of age groups, those aged 46 to 55 were the most likely to get antidepressant prescriptions when local stocks dropped.

“People in this age group may be more sensitive to changes in their portfolio compared with a younger cohort, who are further from retirement, and older cohorts who may own less stocks and more bonds since they are nearing retirement,” says Maoyong Fan , a professor at Ball State University and co-author of the study.

Other correlations

When the authors looked at demand for psychotherapy during periods of declining stock prices their findings were similar. When local stock prices dropped by about 12.8% over a two-week period, the number of psychotherapy visits billed to insurance providers increased by about 0.32%. They also found a correlation between local stock returns and certain illnesses associated with depression, such as insomnia, peptic ulcer, abdominal pain, substance abuse and myocardial infarction. But when the authors looked at other insurance claims, like antibiotics prescriptions, they found no relationship with changes in local stock prices.

By contrast, for periods when stocks rise, the authors didn’t see a drop in psychological interventions. They found no statistical relationship between rising local stock prices and the number of antidepressant prescriptions, for example, which the authors believe makes sense.

“Once a patient is prescribed an antidepressant, it’s unlikely that a psychiatrist would stop antidepressant prescriptions immediately,” says Liu.

One practical implication of the study, Liu adds, is that investors should be aware of their emotional state when the market dips before they make investment decisions.

An Unforgettable Meal Can Cost $5 at Singapore’s Hawker Centres. Can the Next Generation Save Them?

In Singapore, it’s not unusual for total strangers to ask, “Have you eaten yet?” A greeting akin to “Good morning,” it invariably leads to follow-up questions. What did you eat? Where did you eat it? Was it good? Greeters reserve the right to judge your responses and offer advice, solicited or otherwise, on where you should eat next.

Locals will often joke that gastronomic opinions can make (and break) relationships and that eating is a national pastime. And why wouldn’t it be? In a nexus of colliding cultures—a place where Malays, Indians, Chinese and Europeans have brushed shoulders and shared meals for centuries—the mix of flavours coming out of kitchens in this country is enough to make you believe in world peace.

While Michelin stars spangle Singapore’s restaurant scene , to truly understand the city’s relationship with food, you have to venture to the hawker centres. A core aspect of daily life, hawker centres sprang up in numbers during the 1970s, built by authorities looking to sanitise and formalise the city’s street-food scene. Today, 121 government-run hawker centres feature food stalls that specialise in dishes from the country’s various ethnic groups. In one of the world’s most expensive cities, hawker dishes are shockingly cheap: A full meal can cost as little as $3.

Over the course of many visits to Singapore, I’ve fallen in love with these places—and with the scavenger hunts to find meals I’ll never forget: delicate bowls of laksa noodle soup, where brisk lashes of heat interrupt addictive swirls of umami; impossibly flaky roti prata dipped in curry; the beautiful simplicity of an immaculately roasted duck leg. In a futuristic and at times sterile city, hawker centres throw back to the past and offer a rare glimpse of something human in scale. To an outsider like me, sitting at a table amid the din of the lunch-hour rush can feel like glimpsing the city’s soul through all the concrete and glitz.

So I’ve been alarmed in recent years to hear about the supposed demise of hawker centres. Would-be hawkers have to bid for stalls from the government, and rents are climbing . An upwardly mobile generation doesn’t want to take over from their parents. On a recent trip to Singapore, I enlisted my brother, who lives there, and as we ate our way across the city, we searched for signs of life—and hopefully a peek into what the future holds.

At Amoy Street Food Centre, near the central business district, 32-year-old Kai Jin Thng has done the math. To turn a profit at his stall, Jin’s Noodle , he says, he has to churn out at least 150 $4 bowls of kolo mee , a Malaysian dish featuring savoury pork over a bed of springy noodles, in 120 minutes of lunch service. With his sister as sous-chef, he slings the bowls with frenetic focus.

Thng dropped out of school as a teenager to work in his father’s stall selling wonton mee , a staple noodle dish, and is quick to say no when I ask if he wants his daughter to take over the stall one day.

“The tradition is fading and I believe that in the next 10 or 15 years, it’s only going to get worse,” Thng said. “The new generation prefers to put on their tie and their white collar—nobody really wants to get their hands dirty.”

In 2020, the National Environment Agency , which oversees hawker centres, put the median age of hawkers at 60. When I did encounter younger people like Thng in the trade, I found they persevered out of stubbornness, a desire to innovate on a deep-seated tradition—or some combination of both.

Later that afternoon, looking for a momentary reprieve from Singapore’s crushing humidity, we ducked into Market Street Hawker Centre and bought juice made from fresh calamansi, a small citrus fruit.

Jamilah Beevi, 29, was working the shop with her father, who, at 64, has been a hawker since he was 12. “I originally stepped in out of filial duty,” she said. “But I find it to be really fulfilling work…I see it as a generational shop, so I don’t want to let that die.” When I asked her father when he’d retire, he confidently said he’d hang up his apron next year. “He’s been saying that for many years,” Beevi said, laughing.

More than one Singaporean told me that to truly appreciate what’s at stake in the hawker tradition’s threatened collapse, I’d need to leave the neighbourhoods where most tourists spend their time, and venture to the Heartland, the residential communities outside the central business district. There, hawker centres, often combined with markets, are strategically located near dense housing developments, where they cater to the 77% of Singaporeans who live in government-subsidised apartments.

We ate laksa from a stall at Ghim Moh Market and Food Centre, where families enjoyed their Sunday. At Redhill Food Centre, a similar chorus of chattering voices and clattering cutlery filled the space, as diners lined up for prawn noodles and chicken rice. Near our table, a couple hungrily unwrapped a package of durian, a coveted fruit banned from public transportation and some hotels for its strong aroma. It all seemed like business as usual.

Then we went to Blackgoat . Tucked in a corner of the Jalan Batu housing development, Blackgoat doesn’t look like an average hawker operation. An unusually large staff of six swirled around a stall where Fikri Amin Bin Rohaimi, 24, presided over a fiery grill and a seriously ambitious menu. A veteran of the three-Michelin-star Zén , Rohaimi started selling burgers from his apartment kitchen in 2019, before opening a hawker stall last year. We ordered everything on the menu and enjoyed a feast that would astound had it come out of a fully equipped restaurant kitchen; that it was all made in a 130-square-foot space seemed miraculous.

Mussels swam in a mushroom broth, spiked with Thai basil and chives. Huge, tender tiger prawns were grilled to perfection and smothered in toasted garlic and olive oil. Lamb was coated in a whisper of Sichuan peppercorns; Wagyu beef, in a homemade makrut-lime sauce. Then Ethel Yam, Blackgoat’s pastry chef prepared a date pudding with a mushroom semifreddo and a panna cotta drizzled in chamomile syrup. A group of elderly residents from the nearby towers watched, while sipping tiny glasses of Tiger beer.

Since opening his stall, Rohaimi told me, he’s seen his food referred to as “restaurant-level hawker food,” a categorisation he rejects, feeling it discounts what’s possible at a hawker centre. “If you eat hawker food, you know that it can often be much better than anything at a restaurant.”

He wants to open a restaurant eventually—or, leveraging his in-progress biomedical engineering degree, a food lab. But he sees the modern hawker centre not just as a steppingstone, but a place to experiment. “Because you only have to manage so many things, unlike at a restaurant, a hawker stall right now gives us a kind of limitlessness to try new things,” he said.

Using high-grade Australian beef and employing a whole staff, Rohaimi must charge more than typical hawker stalls, though his food, around $12 per 100 grams of steak, still costs far less than high-end restaurant fare. He’s found that people will pay for quality, he says, even if he first has to convince them to try the food.

At Yishun Park Hawker Centre (now temporarily closed for renovations), Nurl Asyraffie, 33, has encountered a similar dynamic since he started Kerabu by Arang , a stall specialising in “modern Malay food.” The day we came, he was selling ayam percik , a grilled chicken leg smothered in a bewitching turmeric-based marinade. As we ate, a hawker from another stall came over to inquire how much we’d paid. When we said around $10 a plate, she looked skeptical: “At least it’s a lot of food.”

Asyraffie, who opened the stall after a spell in private dining and at big-name restaurants in the region, says he’s used to dubious reactions. “I think the way you get people’s trust is you need to deliver,” he said. “Singapore is a melting pot; we’re used to trying new things, and we will pay for food we think is worth it.” He says a lot of the same older “uncles” who gawked at his prices, are now regulars. “New hawkers like me can fill a gap in the market, slightly higher than your chicken rice, but lower than a restaurant.”

But economics is only half the battle for a new generation of hawkers, says Seng Wun Song, a 64-year-old, semiretired economist who delves into the inner workings of Singapore’s food-and-beverage industry as a hobby. He thinks locals and tourists who come to hawker centers to look for “authentic” Singaporean food need to rethink what that amorphous catchall word really means. What people consider “heritage food,” he explains, is a mix of Malay, Chinese, Indian and European dishes that emerged from the country’s founding. “But Singapore is a trading hub where people come and go, and heritage moves and changes. Hawker food isn’t dying; it’s evolving so that it doesn’t die.”

Beefy, Austrian-Made Camper Van Aims to Drive America’s Glampers off the Beaten Path

People do like to sit high in their rides, but this high? A ladder would have been helpful to mount the extra-tall Krug Expedition Bedrock XT2, a US$690,000 go-anywhere camper from an Austrian company that wants to conquer the American off-road RV market. This is off-the-beaten-path glamping at its finest.

The example tested is, so far, the only one, but Krug has high hopes for the American market, which has a growing appetite for “expedition” off-road vehicles ranging from trucks to beefed-up RVs. The company describes the XT2 as a “6×4 off-road machine converting a luxury variant of the Ford Super Duty F-550 and bringing it to the next level with suspension and chassis frame reliability.” In other words, it’s a rugged three-axle truck with a double bed attached. The camper is a joint production with Iceland-based Arctic Trucks, which specialises in polar expeditions to the Arctic and Antarctic.

One of Arctic’s vehicles set a speed record of 108 hours from the Russian Novolazarevskaya Antarctic research station to the South Pole in 2010. The XT2 might be ideal, then, for a trip through the spectacular scenery of Alaska or for hitting the highway in Canada and driving north. The truck is ready to go off the grid, supported by electric power from a 1,450-watt-peak solar panel array and a 23-kilowatt-hour battery bank.

The founder of Krug, Viktor Ermolov, tried a competitor’s expedition vehicle around 2010 and thought he could do better with a vehicle filling an unmet need for a light (relatively speaking) expedition camper that could drive well in extreme terrain. The first truck came out in 2011.

The Expedition Bedrock XT2 doesn’t mind a dusty trail.
Krug

“Our clients are adventure-seeking individuals with a passion for nature and conservation. They prioritise quality, reliability, and sustainability in their purchasing decisions and are motivated by the desire for unique and meaningful experiences,” Krug Expedition CEO Slawa Knorr said in a statement to Penta .

Asked about the typical client, he said that young couples and families with children are being seen more and more.

On the road, the 9,000 to 10,000-pound XT2, which looks like a normal truck-mounted camper on steroids, was surprisingly easy to drive. Under the hood was a Ford Powerstroke 6.7-litre diesel with direct injection and 330 horsepower, with the weight of the camper yielding something like nine miles per gallon. The assisted steering was fairly light. The brakes felt like they were hauling down considerable weight, which they were. The biggest consideration while driving was considering the width and avoiding contact with cars lining the road. The cab was relatively comfortable, and the visibility good except toward the back, where the big mirrors became extra important.

The third axle decreases ground pressure up to 25%, and the big Continental multi-purpose tires provide a lot of grip. The rear air suspension is adjustable from the cab to accommodate heavy loads and rough terrain.

The kitchen area.
Krug

The exterior camper panels are made from a high-grade, glass-reinforced plastic (GRP) laminate that is 70% fibreglass. Inside, the XT2 offers functional luxury. There was a comfortable-looking king bed in its own nook, a kitchenette, a bathroom with walk-in shower supported by a 118-gallon filtered water tank, and a dining area and lounge with a 32-inch TV (with Starlink connectivity) and a table that converted to a second sleeping area. For a week away, it was more than fine, and the buyer can make it as luxurious as they want.

The dining area converts to a second bedroom.
Krug

The kitchen’s fresh water uses the General Ecology Seagull IV-X2 system to banish chemicals, bacteria, and viruses. It may be cold where you’re going, so the quiet Truma Combi diesel-powered air heating system is on board, providing cabin heat and hot water. A hydronic system for underfloor heating is also available for colder climates, with automatic frost protection and radiators in the bathroom and dining area radiators. And for hotter weather, there’s the highly energy-efficient Nomadic Cooling air-conditioning system.

If cooking al fresco is desired, a portable outdoor kitchen can be built into the underfloor storage boxes.

For weekend getaways, any number of less-expensive camper solutions are available. The XT2 is aimed at rugged adventurers, who want to be virtually self-sufficient for excursions off the beaten path. It’s not the only vehicle in this expedition category. There’s also the evocatively named Storyteller GXV Epic, priced at a similar US$696,377. This is a big, tough all-wheel drive truck with up to 1,800 miles of range, 18 kilowatt-hours of available power, a built-in washer and dryer, and more.

Or how about the Ford F-250-based US$350,000 27 North Ascender RexRover truck, which sleeps four? Need more room? The cabover Loki Steyr 1491 accommodates six.

Should You Be Nice to Your Chatbot?

California couple Vikas Choudhary and Ridhi Sahni can’t agree on one thing: How polite must one be with ChatGPT?

Choudhary, the founder of an artificial intelligence startup based in Palo Alto, has fawned over the chatbot from OpenAI ever since it helped him squash a massive bug in his code.

“You’re a rock star,” he once told the AI chatbot.

“I’m super thankful for it, and I thank it quite a bit actually—especially if I think I was rude to it earlier,” said Choudhary.

His wife couldn’t care less. “If I’m using a microwave, I don’t go like: ‘Dear LG, Please heat this up.’ I just press a button and get on with my day,” said Sahni, who also works at a tech company.

She uses ChatGPT to generate cute greeting cards for friends’ babies.

“I think of this as purely transactional,” she said.

As talking to chatbots is now becoming more like normal conversations, AI users face an awkward ethical dilemma: Bots are programmed to be polite, but do we have to reciprocate? Is it wrong to speak harshly to them?

The debate has spilled onto social media where many people say one should practice politeness even with bots. Others think wasting kind words conversing with code is inefficient.

“I know AI isn’t real but it feels so rude if I don’t greet and thank it,” one user wrote on Reddit, prompting hundreds of comments and a lively debate over whether bots are keeping tabs on who is nice to them.

Some shot back with sarcasm. “AI will want to extinguish human race but not that one, he said ‘please and thank you’ 30 years ago to my 4.0 version,” one user wrote.

“I treat chatgpt like it’s my servant,” another said.

A recent survey showed Americans are split on being polite to AI. About 48% of 2,000 Americans surveyed by Talker Research thought it was important, with Gen Z respondents being the friendliest to bots. Around 27% of people agreed it was OK to be rude with or shout at bots.

One study out of Japan—a place where rules of etiquette are ironclad—concluded that being nice to ChatGPT can pay off. Impolite prompts “may lead to increased bias, incorrect answers, or refusal of answers,” the researchers found.

They found that the thesis held true across English, Japanese and Chinese.

Microsoft , which has added chatbots to its top products, says AI may not react well to bad behaviour as it is built to mimic human reactions.

“If you speak to the model rudely, you can expect it to be difficult with you too,” said Microsoft’s Chief Scientist Jaime Teevan.

“Just like humans, AI can’t always be the bigger person,” Microsoft said in a blog post.

Offering tips

Engineers say it helps to add phrases like “take a deep breath” to make models produce better answers. They joke that generative AI has a “praise kink” for its apparent need for positive affirmations and potential rewards.

In one experiment, ChatGPT gave longer answers when lured with a tip. The results indicated that responses were 11% longer when offered a $200 tip and 6% longer for a $20 tip. No real tips were paid during the experiment.

“The litmus test for how good a person you are is if you are nice to a waiter,” said Alana O’Grady, an executive at a tech startup based in San Mateo, Calif. “In the future, it’ll be how kind you are to your AI companion.”

O’Grady has used ChatGPT for a host of activities—from summarising reams of documents at work to recommendations for a family vacation to Lake Tahoe.

Her interactions start with a “Could you please” and end with “Great job,” or “That’s perfect!”

“People will think I’m crazy if they see how I talk to a computer,” she said.

Now O’Grady is training her children on the right etiquette by being polite to Apple ’s virtual assistant, Siri, around them. Her 4-year-old daughter recently said “I love you” to Siri.

Judith Martin—the author behind decades of “Miss Manners” books and columns on etiquette—suggests people be polite. She even thinks getting Siri or Amazon Alexa’s attention with a “Hey” is unacceptable.

“When it is one’s constant companion—and particularly in the presence of children—such devices should be treated with civility,” she wrote in one column .

Others disagreed, saying there should be a distinction between how people talk with people vs. bots.

‘Helps me to calm down’

Some humans are now turning to AI for help with etiquette. Frankfurt-based software developer Laszlo Deak uses a chatbot to vent and translate his work frustrations into polite prose.

He asked ChatGPT how to constructively tell another team that their product was bad. It suggested using kinder phrases to say it wasn’t working as well as expected.

“When you’re in the moment and angry, it takes extra effort to rephrase the whole thing,” said Deak. Reading ChatGPT’s iteration “helps me to calm down.”

He has also used ChatGPT to draft Slack messages to colleagues when they’re being difficult.

Mazen Lahham, a Dubai-based tech executive, said his company’s AI was better at satisfying angry and aggressive callers than its human call-centre workers.

“The AI learned to absorb and react in a calm, professional manner, something that can be very challenging for a human,” he wrote in a LinkedIn post.

Choudhary, the Palo Alto-based startup founder, is betting his good behaviour might pay off someday. “In the future if the AI overlords take over, I just want them to remember that I was polite.”

Location, Location, Golf Simulator. A Developer Cracks the Office Market Code.

Manhattan’s office-vacancy rate climbed to more than 15% this year, a record high. About 80 miles away in Philadelphia, occupancy also is at historically low levels. But a 24-storey office tower located between the two cities has more than doubled its occupancy over the past five years.

Developer American Equity Partners bought the New Jersey office tower, known as 1 Tower Center, for $38 million in 2019. At the time, the 40-year-old building felt dated. It had no gym, tenant lounge or car-charging stations.  The low price enabled the firm to spend more than $20 million overhauling and luring tenants to the 435,000-square-foot property.

Now, the suburban building is nearly fully leased at competitive rents, mopping up tenants from other buildings after the owner added a new lobby, movie theatre, golf simulator, fitness centre and a tenant lounge featuring arcade games and ping-pong tables.

“Our tenants told us what they needed in order to fill up their offices,” said David Elkouby , a co-founder of American Equity, which owns about 4 million square feet of New Jersey office space.

The new owner also liked the location at the 14-acre hotel and conference-centre complex, off the New Jersey Turnpike’s Exit 9 in East Brunswick. The site is a relatively short commute for millions of workers in central New Jersey and is passed by 160,000 vehicles daily.

The property’s turnaround shows how office buildings can thrive even during dismal times for most of the U.S. office market, where vacancies remain much higher than pre pandemic.

Success often requires an ideal location—one that shortens the commute time of employees used to working at home—and the sort of upgrades and amenities companies say are necessary to lure employees back to the workspace.

One Vanderbilt, a deluxe office tower with a Michelin-star chef’s restaurant and plenty of outdoor space in Midtown Manhattan, is fully leased while charging some of the highest rents in the country.

The 11-story Entrada office building, in Culver City, Calif., is making the same formula work on the other coast. It opened two years ago with a sky deck, concierge services and recessed balconies. A restaurant is in the works. The owner said this month that it has signed three of the largest leases in the Los Angeles area this year.

1 Tower Center shows how the strategy can be effective even in less glamorous suburban locations. The tower is prospering while neighbouring buildings that are harder to reach with outdated facilities and poor food options struggle to fill desks even at reduced rents.

The recent interest-rate cut and reports that some big companies such as Amazon .com are re-instituting a five-day office workweek have raised hopes that the office market might be getting closer to turning.

But with more than 900 million square feet of vacant space nationwide and remote work still weighing on office demand, more creditors are seizing properties that are in default on debt payments.

Rates are still much higher than they were when tens of billions of dollars of office loans were made, and much of that debt is now maturing. The recent interest-rate cut doesn’t mean “office-sector woes are now over,” said Ermengarde Jabir, director of economic research for Moody’s commercial real-estate division.

Lenders are dumping distressed properties at steep discounts to what the buildings were worth before the pandemic. Some buyers are trying to compete simply by cutting their rents.

“Most owners don’t have the wherewithal to do what is required,” said Jamie Drummond, the Newmark senior managing director who is 1 Tower Center’s leasing agent. “Owners positioned to highly amenitise their buildings are the ones who are successful.”

HCLTech, a global technology company, illustrates the appeal. It greatly expanded its presence in New Jersey by moving this year to a 40,000-square-foot space designed for its East Coast headquarters at 1 Tower Center.

The India-based company said it was drawn to the building’s amenities and design. That made possible a variety of workspaces for employees, from quiet nooks to an artificial-intelligence lab. “You can’t just open an office and expect [employees] to be there,” said Meenakshi Benjwal , HCLTech’s head of Americas marketing.

HCLTech also liked the location near the homes of its employees and clients in the pharmaceutical, financial-services and other businesses.

Finally, it didn’t hurt that the building is a short drive from nearby MetLife Stadium. The company has a 75-person suite on the 50 yard line where it entertains clients at concerts and National Football League games.

“All of our clients love to fly from distant locations to experience the suite and stadium,” Benjwal said.