The Anatomy of a Trading Decision

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Implementing Successful Systems Part 1: The Anatomy of a TradeCycle

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Anatomy Of A Decision, Part 4: The Admissions Office

GLG has produced a new series of videos focused on decision making in the business world.

As part of the series, GLG, the world’s leading membership network for professional learning, has interviewed a number of business leaders to ask about what considerations go into making important decisions.

In this installment, GLG speaks with Jeffrey Brenzel, dean of undergraduate admissions at Yale. Brenzel speaks about the difficult decisions involved in the admissions process at Yale and how the lessons he has learned could apply to the corporate world.

Hitting The Books: Lessons On Admissions

Brenzel said the pool of undergraduate applicants that applies to Yale each year is massive, and almost all of the applicants are exceptional students. He said the admissions process and the people involved are critically important. Lessons he has learned could easily apply to the business world as well.

“It’s not who you fire, it’s who you hire that is going to make the difference between success and failure for your company,” Brenzel said. “And how those decisions are made and who’s making them and what the process is for making those decisions I think could not conceivably be more critical. And I think that in many companies it’s just underestimated.”

Brenzel said Yale looks at more than just the individual applicant’s qualifications and tries to consider whether or not each applicant has something unique to offer the class as a whole. When companies are hiring talent, they should consider what piece of the puzzle they are looking for and how much a potential hire will contribute to the strength of the overall team. Brenzel explained that senior management has a unique perspective when it comes to this level of understanding.

“Very, very senior people should be intimately engaged with the supervision or the overview of a company’s talent recruitment and hiring process because someone who has been doing this for some time garners a level of experience and a kind of experience that someone who’s new to the process or relatively new to the process simply can’t achieve.”

Anatomy of a decision Positives

Anatomy of a decision? Positives • Quick end to the war • Eventual saving of lives? • • Negatives: Loss of life Opening up a Pandora’s box Environmental impact Degree of destruction

August of 1945 • Truman makes the most difficult decision in human history…the decision to drop an atomic device on Japan knowing it’s destructive power. • Truman a humanitarian at heart warned Japan without giving away military secrets, but they refused to listen. • 8/6/45: Hiroshima killed about 71, 000 people instantly, horrifically wounded and eventually killed another 68, 000 leveling 4 square miles of the city. • 8/9/45: after a refusal to surrender unconditionally a second bomb was dropped on Nagasaki with similar results.

Nuclear Development: • Race between the Germans and US initially, Hitler’s expulsion of Jewish and other ethnic scientists aided the US cause as we gave refuge to the giants: Neils Bohr, Albert Einstein and Enrico Fermi. • US: Manhattan Project-their task?

Types of weapons: Atomic Bomb • Fission bomb: ground tempature (ground zero) between 7, 000 and 10, 000 degrees. Consider this bronze statue from Hiroshima which melted at 1. 5 miles away…Bronze melts at 1, 600 degrees minimum, depending on purity.

Fission model: Atomic weapons

Hydrogen bomb: • Developed by the scientist Edward Teller the “Father of the Hydrogen Bomb”. • Uses “Fusion” technology which is a cosmic concept that fuels stars and our sun. • The goal is to fuse Hydrogen molecules together to form Helium molecules, the energy released in the transfer is significantly more powerful (1000 X) than an atomic explosion. • Core temperature: surface of the sun.

NUCLEAR GROWTH • • • 1946: 6 weapons worldwide… 1955: 3, 267 weapons worldwide… 1965: 38, 611 weapons worldwide… 1975: 47, 407 weapons worldwide… 1985: 63, 792 weapons worldwide… 1995: 42, 321 weapons worldwide

Arms Race and Cold War? • The competition and conflict between the Soviet Union and the US resulted in amazing levels of nuclear growth. The result of this was a new era in tension and peace—the Cold War. The Cold War’s battlegrounds were classrooms, testing fields, outer space, ideology and through nuclear proliferation.

Deterrent: • While there was a fear of nuclear proliferation during the Cold War (19451989) it is clear that looking back that only in 1963 (Cuban Missile Crisis) was the threat real. In light of modern times, it is clear that the M. A. D principle (Mutually Assured Destruction) was a stronger peace keeper than we have in place today with Terrorists.

Country Suspected Strategic Nuclear Weapons Suspected Non-Strategic Nuclear Weapons Suspected Total Nuclear Weapons China 250 120 400 France 350 0 350 India 60 ? 60+? Israel 100 -200 ? 200+? Pakistan 24 -48 ? 24 -48 Russia

10, 000 United Kingdom 180 5 185 United States 8, 646 2, 010 10, 656

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