During the course of their studies, many economists choose an area of concentration where they will gain special knowledge. For many, that research can involve international finance or trade. Yet others, despite having an area of concentration, venture out and expand their horizons by using their knowledge in many fields. One economist who has chosen to do just this has been Christian Broda, and he’s frequently asked about the economy, but that’s because he’s a foremost expert on international economics has also been quite skilled in capital strategies and management.
Possessing a Ph.D. from Massachusetts Institute of Technology, one of the world’s most prestigious institutions of higher learning, Christian is currently employed as the Managing Director of Duquesne Capital Management. Prior to his current position with Duquesne, Christian spent much of his time in the academic world. A former Professor of Economics at the University of Chicago, he became well-known for his various research projects involving poverty and inequality in various nations in Latin America and the Caribbean.
Along with publishing numerous research articles on a variety of topics, Christian has also written many books on economics and the role it plays in people’s lives around the world. Thanks to his reputation as an expert in many aspects of economics, he is often sought out by various media sources for comment or analysis when economic issues make front-page news. With his background in academic research as well as stints with the Federal Reserve Bank of New York and with Lehman Brothers, Christian is able to discuss economic topics that pertain to many different situations.
Married and the father of two sons, it is one of Christian’s main goals to see that the world is able to solve many of its economic problems and make the world a better place to live for today’s generation. One of his proudest achievements in his professional life has been receiving two grants from the prestigious National Science Foundation, which he used to study the relationship between geography, trade and prices in world markets.
As the economies of various nations continue to be up and down, Christian is sure to be called upon many times to lend his expertise to numerous situations. Using his vast knowledge of many areas, he is sure to offer interesting opinions and solutions to today’s most pressing issues.
Citadel LLC is undeniably one of the largest and most successful hedge fund investments firms in the world. The company controls approximately $14 billion in assets, and it is responsible for several well-known funds. These include the Kensington and Wellington funds. Citadel was founded in 1990, and its growth is attributed to the ability of its CEO and founder, Kenneth Cordele Griffin, to successful manage the funds. Griffin is widely known as one of the richest men in the world today, and he continues to actively run Citadel and to give back to the community in various ways.
How Griffin Got Started in Hedge Funds
Griffin has a unique story that is rooted in education and hard work. After graduating from high school in Boca Raton, he attended Harvard University. While studying and attending classes at Harvard, he found time to start two hedge funds. He used the funds from a gift his grandmother gave him, and he reportedly traded share for these funds out of his dorm room using data transmitted through a satellite. These funds did exceptionally well, and Griffin received attention from a wealthy individual after he graduated from Harvard. This man gave him $1 million to invest on his behalf. With success investing these funds, he was able to move on to establish Citadel with approximately $4.2 million.
The Strength of Citadel
Citadel was aptly named because it is a company that is based on strength and value. The company has navigated through several economic storms, including the recent economic collapse during the recession of 2007 to 2008. Citadel’s funds were hit particularly hard, and the compay did receive some level of scrutiny, that Ken even confronted on Facebook. In fact, its funds declined in value at a significantly faster rate than many other funds did. Nonetheless, Citadel proved its strength and staying power because the funds appreciated in value once again as the economy recovered. Given that this crash was among the most significant and notable in history, this is proof that Citadel has strength.
How Griffin Gives Back
Griffin has ranked in the Forbes 400 list of the wealthiest individuals in the world for several years, and his net worth tallies into the billions of dollars. He is known to give back in several ways, and one of the most noteworthy of these was a large financial donation he made to his alma mater in 2014. He gifted $150 million to Harvard University, and these funds will be used to provide financial assistance to incoming students who need extra help with tuition.
Many of the most successful individuals in the business world have an interesting story of their early lives, and it can be fascinating to learn how seemingly everyday people made decisions that ultimately led to their incredible success. More than that, in this case, Griffin strives to help others achieve greatness as well. His large donation to help students who were in his shoes a few decades ago at Harvard is a testament to that.
Ever since the 2009 economic stimulus was passed and was later defended under the new mantra of “jobs saved” versus the time honored “net jobs created” metric, labor numbers no longer display the same clarity on the health of the economy as they once did. The Labor Department reported that in November, the nation added 321,000 new jobs to the economy. However, the vast majority of those jobs were low paying jobs.
Now, noted pro-Democrat political strategist Chuck Todd is reporting that Wisconsin’s job and wage growth under Governor Scott Walker lags behind the national average
. While the Labor Department says that wages grew by 2.7%, the metric is skewed with high income earners such as CEOs driving most gains and low paying jobs, which account for most of the employment increases, having shrinking incomes. As per the Labor Department, the two market sectors with job growth for Milennials, health care and restaurants, had their median incomes shrink by 15% and 8% respectively. Mark Ahn thinks that although these statistics do not depict the working economy as how we would like it to, but is confident in the up and coming generation of Millenials and thinks that this generation is equipped for disruption and vehicles of change.
While it may be that Wisconsin’s wage growth increased by 1% compared to the national average of 1.7%, it would be more accurate to know how the increase faired across all income levels. Over the past four years under Scott Walker, Wisconsin has enjoyed a robust job boom with good paying employment.