Dollar's Next Risk Is Canadian Pension Fund Hedging, TD Says
The US dollar is poised to tumble further as Canadian investors — among the largest holders of American stocks — face pressure to raise their currency hedges against the greenback, according to TD Securities.
'The loss of the dollar's safety appeal since the start of the year has increased the need for these funds to hedge their long US asset exposure,' a TD Securities team including Jayati Bharadwaj, Mark McCormick and Linda Cheng wrote in a Friday report. More losses for the US currency 'will give Canadian investors a greater push to adapt their hedging policies which can create further downward pressure on the cross.'
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Billionaire slams Zohran Mamdani's chances in New York City race
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Billionaires lash out as socialist Zohran Mamdani wins NYC mayoral primary
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The Eight Virtues Of Great Leaders
A torn piece of paper with the word "Leadership" printed on it leans against a compass which is out ... More of focus in the background. I write on leadership (and a few other topics) because I'm supposed to be an 'expert.' Well, let me set the record straight. That word – expert – makes me nervous. At best, I'm a know-it-all, and so you know the difference, an expert knows it all; a know-it-all thinks he's an expert. But I've learned along the way since my career began 57 years ago, and leadership is one area in which I can share some value, as I've filled numerous leadership positions and consulted to many others across 25 industries. 'Leadership cannot be taught. It can only be learned.' So declared Harold Geneen, CEO of ITT when it was the world's largest conglomerate. That aphorism of his is so solid, so unassailable, and so universal, that all leadership theory and practice springs forth from it. Or at least, it should. Furthermore, it should support the axiom that it is not skills alone that will determine leadership in the 21st century and beyond. It's the humanity of the leader that will do it every time. Case in point, two prominent American CEOs of the 1980s and 1990s: Jack Welch of GE and Dennis Kozlowski of Tyco. There's not enough room here for the story, but you should look it up. It's a good one. Although they were both hard-charging, blazingly smart, and brutally (uncomfortably) honest, Welch was virtuous and Kozlowski was a convicted criminal. Welch spent his retirement in glory; Kozlowski spent six years in jail. So, as I rest my case about leadership virtues being the differentiators, here's what I've learned along the way: The Eight Virtues of Great Leaders. Vision Great leaders know that the future did not just happen. It was created. They see it before the rest of us do, have unusual clarity in articulating it, and are unwaveringly committed to it. Forthrightness Great leaders are honest (to a fault), just, fair, unbiased, ethical, and moral. They say what they mean and mean what they say. They are consistent. Strong sense of self Great leaders are self-reliant, selfless, have a realistic view of the present and a comfortable relationship with it. They are strong but not at the expense of others. Just the opposite: in support of others. They are empathetic, and they use their strong self in service of, not in command of, others. Sphere of Awareness The world is growing every day and the provincial attitude that minding your own store is all you need to do – is failure waiting to happen. Great leaders are constantly enlarging their sphere of awareness – and yours along with it. Energy Great leaders exude strength and stamina. They have been generators with high output who now are ready to become fusion reactors that produce more energy than they consume. No, that's not impossible; it's been achieved in a laboratory setting in Livermore, California, and is the new model for energy. Great leaders don't suck up energy; they proliferate it. Creativity Creativity is the only sustainable asset that any person, organization, or nation will ever again have. Great leaders believe that you can steal their current assets but as long a they can continue to generate new ideas, they will win. They're right. Originality and adaptability are hallmarks here. Trust Thomas Edison was asked why he had 300 assistants, 'Because I can't do all this by myself,' said he. That, from the greatest idea creation genius in history. Aside from reading, the thing that has moved humanity forward more than anything else is humor. It is uniquely human, and as long as it is nonhostile, it is a key leadership virtue. My Observation From the first leader I ever coached to the last, not to mention my own leadership development, leadership virtues outplayed leadership skills every single time.
