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The Strategy Skills Podcast: Strategy | Leadership | Critical Thinking | Problem-Solving

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The Strategy Skills Podcast: Strategy | Leadership | Critical Thinking | Problem-Solving
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  • 605: Harvard Economist John Campbell on How to Stop Losing Money to a Broken Financial System
    John Campbell, Professor of Economics at Harvard University and co-author of Fixed, joined the Strategy Skills Podcast to explain why the financial system often works against ordinary investors and how to make better personal-finance decisions. After decades studying markets and investor behavior, Campbell saw a pattern: even educated, high-income earners routinely make avoidable mistakes in housing, saving, and investing. "Once I started looking at how people actually behave, I became more and more aware of how pervasive mistakes are, people are just leaving money on the table." Those mistakes compound over time, widening inequality. "It's what economists call a cross-subsidy, from the poor to the rich. My co-author Tarun and I feel that this is really outrageous and we should be concerned about it." Five Key Insights 1. Financial Mistakes Compound Inequality Campbell's research shows that even when borrowers start on equal terms, inaction and misunderstanding drive divergence. "Black borrowers are paying maybe as much as half a percentage point more on average than white borrowers… and that's just because they haven't refinanced." Behavioral gaps like failing to refinance when rates fall transfer wealth upward. 2. Housing Choices Are Often Poorly Understood Many treat property as guaranteed wealth rather than a productive asset. "It's a huge mistake to buy a bigger house than you need, or even more so to buy a place and then let it sit empty… you're effectively buying an asset and then throwing away the dividend on that asset." Unused or oversized housing drains capital that could compound elsewhere. 3. Early-Career Risk-Taking Is Underrated "Most people, when they're young, have a very large hidden asset, their earning power. For most people, that earning power is far safer than the stock market." Because human capital is relatively stable, young investors can afford higher equity exposure and should taper risk only as retirement approaches. 4. Target-Date Funds Don't Go Far Enough "Most target date funds are not aggressive enough early in life, and they taper down the risk taking too gradually." Campbell argues these default products should adjust risk more sharply and reflect each investor's actual wealth trajectory. 5. Complexity Creates Confusion and Inequality "This profusion of accounts leads to confusion. People throw up their hands. And the access to these accounts is unequal." The U.S. system's overlapping account types favor large employers and the financially literate, leaving others behind. Actions You Can Take Now 1. Maximize any employer match immediately. "Certainly any kind of employer match, you want to maximize that right away." 2. Save aggressively through tax-favored accounts. "You should be saving aggressively and you should be maximizing your use of tax-favored accounts." 3. Manage your mortgage strategically. "Managing your mortgage is also a very important thing for people in the middle class and upper middle class." 4. Consider adjustable-rate mortgages as efficient leverage if you can manage the risk. "The cheapest way to lever that portfolio and be involved in risky markets actually in many cases is to use an adjustable-rate mortgage… a cheap way to take leverage." 5. Use home equity as flexible credit. "Home equity is a valuable source of credit." 6. In retirement, spend your assets, don't hoard them. "Many people hang on to their financial assets too long and are too reluctant to tap home equity. The right way to manage retirement is a mix of annuities and reverse-mortgage borrowing… so that you can enjoy it." 7. Avoid oversized or idle property. "If you buy an asset and then throw away the dividend, you should not expect it to deliver a high return." 8. Take more financial risk when young; scale back later. Treat your earning power as your built-in "safe asset." 9. Build an emergency fund before investing. "It should be a priority to have an emergency fund in a safe and liquid form so that you stay out of high-cost debt." 10. Support simpler, fairer financial design. "We think the financial system is very important for the market economy and the unpopularity of finance is really bad. We're trying to save the financial industry for itself." Get John's book, Fixed, here: https://tinyurl.com/bdhj5zvd Claim your free gift: Free gift #1 McKinsey & BCG winning resume www.FIRMSconsulting.com/resumePDF Free gift #2 Breakthrough Decisions Guide with 25 AI Prompts www.FIRMSconsulting.com/decisions Free gift #3 Five Reasons Why People Ignore Somebody www.FIRMSconsulting.com/owntheroom Free gift #4 Access episode 1 from Build a Consulting Firm, Level 1 www.FIRMSconsulting.com/build Free gift #5 The Overall Approach used in well-managed strategy studies www.FIRMSconsulting.com/OverallApproach Free gift #6 Get a copy of Nine Leaders in Action, a book we co-authored with some of our clients: www.FIRMSconsulting.com/gift
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  • 604: How Design Thinking Rebuilt IBM and Reached 400,000 Employees
    Phil Gilbert led one of the most significant cultural transformations in corporate history, as IBM's General Manager of Design, he helped the 400,000-person company reinvent how it thinks, listens, and builds products.   In this in-depth interview, Phil shares the playbook behind "Irresistible Change", his approach to scaling design thinking, transforming culture, and helping teams adopt new ways of working that actually work.   If you've ever wondered how to lead large-scale transformation that doesn't collapse under politics or mandates, this conversation will show you the operating system behind lasting change.   About Phil Gilbert Phil is the author of Irresistible Change and is best known for leading IBM's twenty-first-century transformation as its General Manager of Design. His work has been profiled in Harvard Business Review, Fast Company, and numerous case studies on corporate reinvention. Get Phil's book, Irresistible Change, here: https://shorturl.at/dA4Z3   Claim your free gift: Free gift #1 McKinsey & BCG winning resume www.FIRMSconsulting.com/resumePDF   Free gift #2 Breakthrough Decisions Guide with 25 AI Prompts www.FIRMSconsulting.com/decisions   Free gift #3 Five Reasons Why People Ignore Somebody www.FIRMSconsulting.com/owntheroom   Free gift #4 Access episode 1 from Build a Consulting Firm, Level 1 www.FIRMSconsulting.com/build   Free gift #5 The Overall Approach used in well-managed strategy studies www.FIRMSconsulting.com/OverallApproach   Free gift #6 Get a copy of Nine Leaders in Acton, a book we co-authored with some of our clients: www.FIRMSconsulting.com/gift
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  • 603: A $3.6B CEO on the "Poverty of Dignity" in Corporate America
    Bob Chapman, CEO of Barry-Wehmiller, explains how he built a $3.6 billion company by placing human dignity at the center of leadership. He describes the moment he recognized that "our history does not give us the future that we deserve," and how this led to a disciplined focus on balance, diversifying customers, industries, and technologies to create a stable enterprise.   Bob recounts the insight that reshaped his philosophy: every team member is "somebody's precious child," and leadership is stewardship, not control. Caring, in his view, is an economic principle: "The greatest act of charity is how you treat the people you have the privilege of leading."   Key insights include: The role of business-model design in protecting people, Why pricing should reflect market value rather than internal cost, How trust and relationships outperform transactional approaches, and Why growth often emerges from navigating adversity   Chapman argues that today's crisis is not financial but a "poverty of dignity," and calls for leaders to build organizations where people know they matter.   Get Bob Chapman's new book, Everybody Matters, here: https://shorturl.at/rYqlx   Claim your free gift: Free gift #1 McKinsey & BCG winning resume www.FIRMSconsulting.com/resumePDF   Free gift #2 Breakthrough Decisions Guide with 25 AI Prompts www.FIRMSconsulting.com/decisions   Free gift #3 Five Reasons Why People Ignore Somebody www.FIRMSconsulting.com/owntheroom   Free gift #4 Access episode 1 from Build a Consulting Firm, Level 1 www.FIRMSconsulting.com/build   Free gift #5 The Overall Approach used in well-managed strategy studies www.FIRMSconsulting.com/OverallApproach   Free gift #6 Get a copy of Nine Leaders in Acton, a book we co-authored with some of our clients: www.FIRMSconsulting.com/gift
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  • 602: Harvard's Scott Levy on His Path from Investment Banking to Public Education and Leading in Uncertain Times
    Scott Levy spent two decades as an investment banker at firms like J.P. Morgan, advising corporate boards and senior executives on risk, growth, and capital decisions. Then he pivoted, serving on a public school board, teaching at Harvard, and writing Why School Boards Matter.   In this episode, we discuss: How Levy broke into investment banking and the lessons that carried him through twenty years on Wall Street What he learned about resilience, risk-taking, and long-term thinking at the highest levels of finance Why he left a successful career to focus on public education and democracy How business principles can, and cannot, be applied productively to education What executives misunderstand about AI, and the questions they should be asking   Get Scott's book, Why School Boards Matter, here: https://mitpress.mit.edu/9780262552721/why-school-boards-matter/   Claim your free gift: Free gift #1 McKinsey & BCG winning resume www.FIRMSconsulting.com/resumePDF   Free gift #2 Breakthrough Decisions Guide with 25 AI Prompts www.FIRMSconsulting.com/decisions   Free gift #3 Five Reasons Why People Ignore Somebody www.FIRMSconsulting.com/owntheroom   Free gift #4 Access episode 1 from Build a Consulting Firm, Level 1 www.FIRMSconsulting.com/build   Free gift #5 The Overall Approach used in well-managed strategy studies www.FIRMSconsulting.com/OverallApproach   Free gift #6 Get a copy of Nine Leaders in Acton, a book we co-authored with some of our clients: www.FIRMSconsulting.com/gift
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  • 601: Former CNN and NBC News Anchor Lynn Smith on Building Authentic Presence and Excellent Communication
    Lynn Smith, former national news anchor for NBC News, MSNBC, and CNN Headline New, and now executive communication coach, reframes public speaking as an internal leadership skill, not a performance. She identifies the recurring obstacle as the "brain bully", the inner critic that turns preparation into paralysis, and shows leaders how to retrain it so that clarity, calm, and connection become repeatable outcomes.   This episode translates decades of live television experience into actionable communication tools for high-stakes settings—from boardrooms to keynotes to broadcast media.   Key takeaways: Name and neutralize the "brain bully." "It's that inner saboteur saying, 'You're not good enough' or 'What if you say the wrong thing?'" Smith explains. She traces these patterns back to early experiences and teaches clients to "control–alt–delete our prehistoric code" so fear no longer drives performance. People don't want perfection, they want resiliency. Recalling a keynote where she froze on stage, Smith says, "I had to stop and tell the audience, 'I'm so sorry, I'm failing at this.'" That failure became the basis for her coaching framework. "People don't want perfection, they want resiliency. They want to see people overcome." Replace over-scripting with intentional structure. "Executives spend hours memorizing, but the result is robotic. The big revelation is… it has nothing to do with your prep; it has everything to do with your mental game." Instead, she recommends bullet-pointing key ideas for authenticity and flow. Drill down, don't dumb down. Smith's "Goldilocks effect" balances preparation, "not too much, not too little", so communication stays sharp and digestible: "If you communicate everything, you communicate nothing." Make voice and presence technical. Drawing from broadcast training, Smith advises projecting "from your diaphragm, not your chest," and using "the power of enunciation" and pauses to improve recall and connection. Manage energy deliberately. "Everything is energy," she notes. High-frequency energy, calm, clear, positive, creates magnetism. "When you're vibrating at the level you want others to meet you at, people lean in." Model resilience for the next generation. Her children's book Just Keep Going distills the same mindset for young readers: that fear and failure are not endpoints, but steps toward growth. For executives preparing keynotes, investor meetings, or media appearances, this conversation provides a research-informed playbook to quiet the inner critic, align mindset and message, and lead with authentic, repeatable presence.   Get Lynn's book, Just Keep Going, here: https://tinyurl.com/ymt4jvtv   Claim your free gift: Free gift #1 McKinsey & BCG winning resume www.FIRMSconsulting.com/resumePDF   Free gift #2 Breakthrough Decisions Guide with 25 AI Prompts www.FIRMSconsulting.com/decisions   Free gift #3 Five Reasons Why People Ignore Somebody www.FIRMSconsulting.com/owntheroom   Free gift #4 Access episode 1 from Build a Consulting Firm, Level 1 www.FIRMSconsulting.com/build   Free gift #5 The Overall Approach used in well-managed strategy studies www.FIRMSconsulting.com/OverallApproach   Free gift #6 Get a copy of Nine Leaders in Acton, a book we co-authored with some of our clients: www.FIRMSconsulting.com/gift
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