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Ms. Clean
Jan Alexander
01/01/2008
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I haven’t worked out the details, but when it comes to a will,
I’m leaning toward using the wealth I leave behind to do good, rather than to
have trust-fund kids. But I told my daughter she can have all of my
shoes.
Sallie Krawcheck on the Markets
What’s notable about the recent volatility is that there hasn’t been a knee-jerk reaction in
which what’s happening in the developed markets affects the emerging markets.
There truly is something fundamental going here. There is a shift from the
center of the universe being New York and the U.S. to there being several
financial centers. Some of it is occurring because of the emphasis in these
markets, with the Middle East really thinking about how to invest petro dollars.
But I think we should be quite honest with ourselves: It’s also been driven by
the litigation regime, the regulatory regime in the U.S., the approach we take
to inviting or not inviting foreigners into our markets. There is an insular
nature here, and we have not fully recognized—I know we have
not fully recognized—the seismic shift that is occurring. That is not to say
there won’t be volatility in all of the markets. The fundamental issue remains
the lack of liquidity.
I think the key mistake that a lot of pundits make is, they
keep saying that while we have a liquidity issue, the fundamentals are OK. The
point I try to make is, liquidity is the fundamental. The
liquidity issue, in turn, is led by concerns about what will happen to economic
fundamentals.
Photography by Thomas Hart Shelby
Jan Alexander is a features editor for Worth.
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