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Forbes USA is an American business magazine. Published bi-weekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Its headquarters is located in Jersey City, New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek. Forbes has international editions in Asia and Europe.

Beyond its famed lists, Forbes has a unique voice in its coverage of global business stories. Whether it’s reporting on the “next facebook” or scrutinizing a new tax law, Forbes covers stories with uncanny insight and conciseness that hurried business folks appreciate. Read Forbes today for rigorous, to-the-point business analysis.


In This Issue

Intelligent Design - From the unlikeliest of places, Melanie Perkins grew design app Canva into one of the most valuable software startups in the world. Her digital tools are populist, profitable and a potential threat to Adobe and Microsoft. By Alex Konrad. FORBES BRANDVOICE - With IWC Schaffhausen Previous 30 Under 30 Listmakers Reflect on the Turning Points That Defined Their Journeys to Success. Smoking Sensations - TheChainsmokers, the world’s highest-paid electronic-music act, have a new identity offstage: formidable investors. By Zack O’Malley Greenburg.

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Published by Read My eBook for FREE!, 2020-03-29 02:33:50

Forbes - USA (December 2019)

Forbes USA is an American business magazine. Published bi-weekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law. Its headquarters is located in Jersey City, New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek. Forbes has international editions in Asia and Europe.

Beyond its famed lists, Forbes has a unique voice in its coverage of global business stories. Whether it’s reporting on the “next facebook” or scrutinizing a new tax law, Forbes covers stories with uncanny insight and conciseness that hurried business folks appreciate. Read Forbes today for rigorous, to-the-point business analysis.


In This Issue

Intelligent Design - From the unlikeliest of places, Melanie Perkins grew design app Canva into one of the most valuable software startups in the world. Her digital tools are populist, profitable and a potential threat to Adobe and Microsoft. By Alex Konrad. FORBES BRANDVOICE - With IWC Schaffhausen Previous 30 Under 30 Listmakers Reflect on the Turning Points That Defined Their Journeys to Success. Smoking Sensations - TheChainsmokers, the world’s highest-paid electronic-music act, have a new identity offstage: formidable investors. By Zack O’Malley Greenburg.

TAREK ALARURI, 29
Cofounder, Fairmarkit
MATT ARBESFELD, 26; BEN EDELSTEIN, 26
Cofounders, LogRocket
AMMAR BANDUKWALA, 21; KYLE
CARBERRY, 22; JOHN ENTWISTLE, 22
Cofounders, Coder
SAUMYA BHATNAGAR, 29;
GAURAV BHATTACHARYA, 27
Cofounders, InvolveSoft
NICK CHERUKURI, 25
Founder, ThirdEye Gen
99
DREW D’AGOSTINO, 29; GREG SKLOOT, 29
Cofounders, Crystal
ALICE DEFAULT, 28
Cofounder, Double
WILLIAM DENSLOW, 25; BRIAN ZITIN, 25
Cofounders, Reggora
SASCHA EDER, 28
Cofounder, NewtonX
JUSTIN EFFRON, 29
Cofounder, ALICE
BRUNO FAVIERO, 27;
SIMANTA GAUTAM, 24
Cofounders, Synapse Technology
SAM FELSENTHAL, 29;
DEVON TIVONA, 28
Cofounders, Pana
WILL GUILLAUME FOUSSIER, 29;
LAYLA LYNN, 29
Cofounders, AceUp
RYAN GIBSON, 26;
MARIA RIOUMINE, 28
Cofounders, Agora
ENTERPRISE Founder, Impira
ANKUR GOYAL, 29
MAYANK GOYAL, 26; ADIT JAIN, 26;
ANAND PRAJAPATI, 26
Cofounders, Leena AI
NIKITA GUPTA, 24; AHVA SADEGHI, 26
TECH Cofounders, Symba
ROB GURZEEV, 28
Cofounder, CyCognito
NICOLE HARDSON-HURLEY, 24;
SARGUN KAUR, 27
Cofounders, Byteboard
BLAINE HATAB, 27;
KANJUN QIU, 29 JOHNNY JI, 25
Cofounders, Distru
C OFO UN D ER , S OU RCE R ESS HARRISON HUNTER, 25;
VASU PRATHIPATI, 28
“We’re trying to democratize access to talent,” Cofounders, MaestroQA
says Kanjun Qiu. “Otherwise big companies with MAX KOLYSH, 27; ANVISHA PAI, 27
Cofounders, Dover
big resources are always going to win the talent
war.” Qiu’s company, Sourceress, gives companies AAKASH KUMAR, 29;
PAVAN PATEL, 29
recruiting tech once only available to firms with Cofounders, Shiftsmart


massive HR budgets. Its AI scours the Web, job ISAAC MADAN, 26; ROHAN SATHE, 29
sites and social media for top recruits. A team of Cofounders, Nightfall AI
copywriters pen personal introduction notes to top RACHEL OLNEY, 27
Founder, Geosite

candidates. Sourceress works with firms like Medi-
um, Cruise Automation and Ginkgo Bioworks. Qiu ALIHAN OZBAYRAK, 26; YARKIN
SAKUCOGLU, 23; JOSEPH WATKINS, 26


saw the fight for tech talent firsthand at Dropbox as Cofounders, Socio

chief of staff to company cofounder Drew Houston, KANJUN QIU, 29
where she helped the now-publicly traded cloud Cofounder, Sourceress
storage company grow from 200 to 1,200 employ- ARAM SHATAKHTSYAN, 29
ees. Her 30-person company has raised $13 mil- Cofounder, CodeSignal
lion from backers like Y Combinator and Dropbox JASMINE SHELLS, 29
Cofounder, Five to Nine
cofounders Houston and Arash Ferdowsi. —Jillian
RICK SONG, 29; CHARLES YEH, 27
D’Onfro, Helen S. Popkin, Alexandra Sternlicht
Cofounders, Persona
JUDGES: WADE FOSTER, COFOUNDER, ZAPIER (UNDER 30 CLASS OF 2017); JAYSHREE ULLAL, CEO, ARISTA NETWORKS; ERIC YUAN, FOUNDER, ZOOM.
KANJUN QIU WEARS A L’AGENCE BLUE JUMPSUIT AND BURGUNDY SUEDE JACKET.

D E C E M B E R 3 1 , 2 0 1 9 F O R B E S . C O M

MOBY AHMED, 25;
AKSHAY SETHI, 26
Cofounders, ambercycle MANUFACTURING
TOM BACHANT, 28;
NADAV ULLMAN, 29
Cofounders, Dashride
(bought by Cruise)
ARYE BARNEHAMA, 29
Cofounder, Elementary Robotics & INDUSTRY
CALEB CARR, 25; DEREK SIKORA, 25
Cofounders, Vita Inclinata
ANDREW CAUNTER, 26; KARLO
100 DELOS REYES, 28; SCOTT
GOODRICH 27; JOSHUA MARTIN,
29; DAN SHORES, 26
Cofounders, Fortify
CAROLINE DANEHY, 22;
JAKE DANEHY, 25
Cofounders, Fair Harbor
JORDAN DARLING, 27
Vice president, Nikola Motor
KHANJAN DESAI, 29;
CHONG SHEN, 29
Cofounders, Alchemy
MELVIN DU, 23;
AMRO ELTAYEB, 24
Cofounders, Ramp USA
JOHANAN DUJON, 26
Founder, Algas Organics
MARYA DZMITRUK, 27
Cofounder, Prodsmart
DAVIS FOSTER, 23
Cofounder, Scythe Robotics
TOMMY GIBBONS, 29;
MATTHEW MEAD, 29
Cofounders, Hempitecture
HARSHIL GOEL, 27
Founder, Dyndrite
JAMES HEDRICK, 28
Cofounder, Azul 3D
PHOEBE HENSON, 26
Project Lead, Honeywell Aerospace
YAAKOUB HIJAZI, 27
President, The American Laundry
KATHERINE HOMUTH, 29
Founder, Sheertex
PHILIP HOUSE, 26; SACHIN LAL, 25;
AKSHAT THIRANI, 25
Cofounders, Amper Technologies
GENEVA LONG, 29
CEO, Bowlus Road Chief
SHAI MAGZIMOF, 28
Founder, Phantom Auto
MAURICIO MENACHE, 28
CALEB CARR, 25
CEO, GoodFibers
JORDAN MILLER, 27
Founder, Titus Industrial COFO UN DER, V ITA INCL INATA T ECHN O LO GIE S
GRANT PAGE, 27
Cofounder, Magna Imperio Systems At 15, Caleb Carr was training as a volunteer search-and-rescuer on Larch Mountain in Or-
JEREMIAH PATE, 21 egon when his instructor had a heart attack. A Blackhawk helicopter arrived, but strong winds
Founder, LunaSonde swung the rescue basket too wildly for an airlift. The instructor died. Carr never forgot. While
DAKOTA SEMLER, 27; he was at the University of Colorado, Denver, he explored ways to make helicopter lift systems
GIORDANO SORDONI, 27 safer and more stable. With cofounder Derek Sikora, Carr found a fix with a device (packed with

Cofounders, XOS Trucks
high-powered fans and motion sensors) that attaches to the bottom of any helicopter hoist to
TATE STOCK, 27
Founder, Chirp give pilots greater control and counteract violent motions caused by weather or human error.

CHARU THOMAS, 22 Funded by the U.S. Air Force’s innovation arm, AFWERX, his company, Vita Inclinata, is finaliz-
Founder, Oculogx ing $150 million in military supplier contracts. “Investors and the military all came together and
VY TRAN, 26 said, ‘Holy crap, you’ve got something,’ ” Carr says. He’s aiming to reel in more deals with clients
Founder, Wonder Hoodie
operating oil rigs and construction cranes, and others with a lot on the line. —Amy Feldman,
BENJAMIN ZIOMEK, 28 Monica Melton, Alan Ohnsman
Cofounder, Actuate



JUDGES: ALICIA BOLER DAVIS, VP OF GLOBAL CUSTOMER FULFILLMENT, AMAZON; DAVE EVANS, COFOUNDER, FICTIV (UNDER 30 CLASS OF 2018); DAYNA GRAYSON, PARTNER, NEW ENTERPRISE
ASSOCIATES; JIM LOREE, CEO, STANLEY BLACK & DECKER.
CALEB CARR WEARS A VINCE NAVY AND BLACK FLORAL COTTON SHIRT AND A TOKYO JAMES VEGAN LEATHER LONG JACKET.

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AMY ALLEN, 27
Songwriter
CHLOE BAILEY, 21; MUSIC
HALLE BAILEY, 19
Musicians—Pop, Chloe x Halle
JON BELLION, 29
Musician–Pop
NIJA CHARLES, 22
Songwriter
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CHRISTIAANSEN, 29
104 Artist relations, Apple Music
LUKE COMBS, 29
Musician—Country
DABABY, 28
Musician—Hip-Hop
EDGAR ESTEVES, 28
Video director
SIMON GEBRELUL, 28
Founder, Isla Management
JOSEPH HARRIS, 29
Agent, Creative
Artists Agency
ILLENIUM, 28
Musician—Electronic
ZACH KARDISCH, 25
Manager, Maverick
KING PRINCESS, 21
Musician–Pop
GABZ LANDMAN, 29
Vice president,
Warner Records
LAUV, 25
Musician—Pop
LIL NAS X, 20
Musician—Country
MALUMA, 25
Musician—Latin
MEGAN THEE
STALLION, 24
Musician—Hip-Hop
NORMANI, 23
Musician—Pop
FINNEAS O’CONNELL, 22 NORMANI, 23
Musician—Pop
CARLY PEARCE, 29 MUS IC IA N — P OP
Musician–Country
“I like to always feel like I’m pushing the
ADAM RICHMAN, 29;
JOE SILBERZWEIG, 29 needle,” says pop sensation Normani. “Anytime
Cofounders, Medium Rare I feel complacent, I start to freak out.” She
HARRY ROBERTS, 29 should be pretty chill these days: The singer

Attorney, Roberts
Leibowitz & Hafitz has been on a tear since the dissolution of her

MAGGIE ROGERS, 25 supergroup Fifth Harmony (which included
Musician—Folk Ally Brooke, Dinah Jane, Lauren Jauregui and
BRANDON Camila Cabello) in 2018. This year her instant
SILVERSTEIN, 28 hits, “Love Lies” with Khalid and “Dancing With
Founder, S10 Entertainment
a Stranger” with Sam Smith, both cracked the
TEYANA TAYLOR, 29
Musician—R&B top ten on the charts, helping her reach 3 billion
streaming spins since going solo. Normani, who
SARAH TEHRANI, 28
Agent, WME grew up Normani Kordei Hamilton in New
TYLER, THE CREATOR, 28 Orleans, has been wowing crowds as a major act
Musician—Hip-Hop at the MTV Music Video Awards, at festivals like
SUMMER WALKER, 23 Lollapalooza and in arenas opening for Ariana
Musician—R&B
Grande. With a solo album set for early 2020,
TIERRA WHACK, 24 she’s only picking up steam: “The moment that
Musician—Hip-Hop
you’re too comfortable is when you’ve failed.” —
Zack O’Malley Greenburg, Alexandra Sternlicht


JUDGES: ADRIANA ARCE, MANAGER (UNDER 30 CLASS OF 2019); THE CHAINSMOKERS, MUSICIANS (UNDER 30 CLASS OF 2017);
MICKEY SHILOH, SONGWRITER (UNDER 30 CLASS OF 2019); 21 SAVAGE, MUSICIAN (UNDER 30 CLASS OF 2019).
NORMANI WEARS HER OWN DRESS.

F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

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WEMIMO ABBEY, 27;
SAMIR GOEL, 25
Cofounders, Esusu Financial
SHADI BAKOUR, 28;
AMER ORABI, 28
Cofounders, Pathwater
DARIUS BALLINGER, 28
Founder, Chasing23
ZACK BRAUN, 25;
TYLER SISK, 24
Cofounders, FireHUD
HARRISON BROADHURST, 27;
106 CHRISTOPHER RÄNNEFORS, 28
Cofounders, BatBnB
CLAIRE CODER, 22
Founder, Aunt Flow
LAURA COLAGRANDE, 29;
HALEY RUSSELL, 29
Cofounders, Chippin
LUC DANG, 26;
NICHOLAS KRUCZEK, 29
Cofounders, Phood
HENRY ELKUS, 24
Founder, Helena
DERRICK EMSLEY, 29
Cofounder, tentree
SOCIAL BRANDON LEIBEL, 29
STEVEN FORD, 29;

Cofounders, Sand Cloud
ALYSON FRIEDENSOHN, 29
Cofounder, Modern Health
ENTREPRENEURS Founder, Edquity
DAVID HELENE, 29
LAURA HERTZ, 29
Cofounder, Gifts for Good

WINNIE KARANJA, 28
Founder, Maydm
SAMIR LAKHANI, 27
Founder, Eco-Soap Bank
BRYAN MANNING, 29
Cofounder, Two Blind Brothers
LUCAS MASON-BROWN, 28;
YESHIMABEIT MILNER, 29
Cofounders, Data for Black Lives
TIFFANY PANG, 29
ALYSON FRIEDENSOHN, 29 Cofounder, Outreach Grid
ALWAR PILLAI, 29;
ABID VIRANI, 29
C OFOU ND ER , M ODERN H E ALT H
Cofounders, Fable Tech Labs
Work can be stressful: A Stanford Business School JOSUEL PLASENCIA, 24;
YULKENDY VALDEZ, 24
study estimated job burnout costs America $190 bil- Cofounders, Forefront
lion in health spending a year. Alyson Friedensohn ABHI RAMESH, 27
helps keep employees from hitting the breaking point. Founder, Misfits Market

Her digital mental-health startup, Modern Health, of- TAYLOR SAVAGE, 28;
fers psychological assessments, remote therapy sessions, KEVIN SONG, 29
Cofounders, With Company
career coaching and guided meditation. Think iFreud
DANYA SHERMAN, 22
where companies foot the bill. Clients include Pixar, Founder, KnoNap

benefits unicorn Gusto and neighborhood social net-
LAUREN SINGER, 28

work Nextdoor. Working at benefits provider Collec- Founder, Package Free
tive Health, Friedensohn noticed clients requesting RYAN SMITH, 29
a mental-health platform. In 2018, with cofound- Founder, Recyclops
er Erica Johnson, she joined accelerator Y Com- DAVID SUDOLSKY, 29
Founder, Boldr
binator to create one, raising $11 million from
the likes of Kleiner Perkins and actor Jared JOE TEPLOW, 28
Founder, Good Today
Leto. “We’re building a brand that helps re-
NICOLE TINSON, 29
move the stigma around therapy,” Frie- Founder, HBCU 20x20
densohn says. “We’re making mental health
STEPHANIE YOUNG, 27
cool.” —Ruth Umoh, Alexandra Wilson Cofounder, Riva


JUDGES: JEAN CASE, CEO, CASE FOUNDATION; CHERYL DORSEY, PRESIDENT, ECHOING GREEN; BRIAN KELLER & ZACHARY QUINN, COFOUNDERS, LOVE YOUR MELON (UNDER 30 CLASS OF 2019);
RANDALL LANE, CHIEF CONTENT OFFICER, FORBES MEDIA.
ALYSON FRIEDENSOHN WEARS A SANDRO BLACK AND GOLD BROCADE JACKET AND BLACK LACE TOP, MADEWELL JEANS AND CHLOE GOSSELIN GREEN SATIN HEELS.

D E C E M B E R 3 1 , 2 0 1 9 F O R B E S . C O M

EDUCATION FOR LIFE

Todd Battaglia, Sean O’Halloran, Christian and Ahliea Aguirre
Hugo Calenzani Douglas Aldridge
D.K. Brede Investment Managment Co., Stan Alpert
Debra Brede Jonathan Amoia
Wade & Stephanie Carpenter, Charlie and Julie Anderson
Michelle Poston, Mike Ball, Christine Leyva, Dan and Jen Anderson
Susan Hill, Nick Kirk Lee Ann Coburn
Nick and Julia Cirbo Steve Arcos

Jeff Erdmann, Erdmann Group Christine Armstrong
The Fries Wealth Management Group: Wanda M. Austin
Daniel Fries, Mike Emanuele, Kristina Noth, Jim and Shanna Axelson
Bill Gomolinski, Jessica Bates, Bob O’Neill, Paul Azzaretto
Stephen Konsler, Connor McHugh, Bradley Kent Baker
Gines, McGuire Saffin, Garrett Brown, Charles Balducci


Braxton Troyer, Tara Nwakudu, Marc A. Balducci
Nick Giordano Moshe Banin
The Heim Group, Christine Heim, Cristy Bonner C. Barnes
Kaur, Monique Van Nispen, Madeline Rosa John H. Barnes
Mainstay Capital Management, David John C. Barrett
Kudla, Cheryl Kudla Michael Barron
The MPW Group of Morgan Stanley, Mike and Tricia Barry
Scott Magnesen, Malcolm Proudfoot, David Basich
Lance Walker, Ryan Magnesen, Jennifer Noel A. Becker
Magnesen, Brett Proudfoot Gary and Lois Berg
OUR TOP-ADVISOR Stutzmann-Moore Wealth Management Brett Berkman
Group of Wells Fargo Advisors, Peg Moore,
Bradford Bernstein
Mark Stutzmann, Ashley Stutzmann, Jason Rob Bertino
Bockrath, Karen Grozenski Gary T. Bezilla
COMMUNITY STANDS John D. Olson, Kyle E. Olson, Omar David Bieber
I. Baadarani, Ashley Rush, Catherine
Erik and Wendel Boe
Papanayotou, John Ciskanik,
Mr. and Mrs. Larry D. Boggs
Shayna Guillory Jack Bohnet
Pence Wealth Management, Laila Pence, Gary Bonnewell
BEHIND THEIR Dryden Pence, Richard Sorensen, Douglass Christina and Dustin Boyd
Frazier, William Boggs, Robert Mustafa
Tricia and James Brady
Prentis Wealth Management of Wells Fargo Douglas Braff

Advisors, Peter Prentis, Michael Knuff, Stuart Mara Bralove
Alan Brende
Bevan, Andrew Bevan, Joseph Bennett,
CLIENTS EVERY DAY Edita Mertira Michael A. Brener
Travis Propst, Trent Douglas, Ryan Brady,
Patti Brennan
Jaimie Crook, and Amber Strokoff Shane Brisbin

Shaffer Wealth Advisors, Sheila Shaffer, Jack Broderick

Shannon McGreevy, Dan Spainhour, Eric The Bromberg Group at Morgan Stanley
At Our Top Advisor Walker, Keith Cohen, Allyson Albert Bobby Brooks
Benjamin and Katherine Bryce
David Singer, Joseph Evelo, Linnell Sullivan,
Summit We Stood for the Kevin Bruegge, Jamie Morgan Andy and Teri Buchta
The Schwartzbaum Urfer Group at Morgan
Robert and Kara Bult
Stanley, Judith Schwartzbaum, Thomas Andrew Burish
Children... with Cancer Urfer, Lisa Simoneau, Annette Celentano, Michael Campopiano
Elise Near Kyle Caouette
Tiras Wealth Management, Scott Tiras Dave and Kathy Carey
VMT Wealth Management, Nestor Vicknair, Louis Chiavacci
Darin Mast, Kyle Kelley Chipps Family Charitable Fund
Jay D. Westmoreland, Nicole Blumenthal Ash Chopra
Charles and Lynn Zhang Joe Chornyak
Kevin and Bernadette Long Michael Chudd
SHOOK Research Kyle Chudom
RJ & Liz Shook Christina Cleveland in memory of Gerald
Frank & Jodi Berland Mazzara
Erika Strom Robert Coe
Chiara Goodman Aimee and Chris Cogan
Blake Pastore Carrie Coghill
Brooke DeGirolmo Cohen & Son
Lindsey Nacht Richard and Rhonda Coleman
Callie Almes Cinda Collins
Brooke Galmarini Sally and Steve Comiskey
$1 Million David and Jeanie Abelson Christopher Cook
Joni Abalos
Allison and David Comito
Neal Abravanel
Terry Cook
Guy M. Acerra Cooke Financial Group
will fund critically John and Lisa Acker John and Debra Cooper
Marc Ackerman William J. Corbellini
needed treatments Jason S. Adams Lee Corey

Lee Corey & The Corey Team Joe Grunfeld Rory and Laura Lindquist Steven and Susan Ossewaarde Gary D. Smith Jack Wong of the Mountain
Mark Cortazzo Alma Guimarin Eddie and Angie Link Robert and Mary Outtrim Michael Smith & Associates View Group
Shaun and Ashley Cosby Mrs. Louise F. Gunderson Liotta Osterman Tim Pagliara Eric Snyder Paul Wood
Douglas Coughlin Jessica Guo Jana Lisle Parham Robert and Danielle Paolucci Jay Sofranko John Woolard
Keith Coutant Mr. and Mrs. Rip Hale Matthew and Jaclyn Little George Papadoyannis Melissa Spickler Andrew Worthington
Kevin M. Coutant John Halperin Dana Locniskar Parry Wealth Management Ryan Sprowls Christopher Yalanis
Justin Covey Susan Harrington Rod and Tracy Loewenthal Team at Merrill Lynch Dustin and Candis Stanton Stephen Yianakopolos
Trent Cowles D. Andrew and Storey Hart Debra Logan Edward and Patricia Patzer Margaret C. Starner Anh and Scott Young
Brett Crawford Philippe Hartl and Monica Ryan and Danielle Long The Pearly Family Philip and Lisa Stein Reza Zafari
Dan Cunningham Erickson Frazier Frazier and Jones Max and Mindy Peckler Ron and Claudia Stenger Rebecca and Andy Zager

The Cunningham Group at Jeff Harvey Wealth Management, Becky The Charles J. and Jan M. Michael Stevens T.J. and Aubrey Zak
Morgan Stanley Kim Hatchett Frazier, Alex Frazier, Chris Petredis Family Douglas Stockslager Aric and Sabrina Zamel

Jack D. Polcar Jeff and Stacy Hausinger Jones Lisa A. Petrie Brett Stone The Summa Group - Brian
Stephen Davis Seth A. Haye Craig and Ania Macomber Ali Flynn Phillips Glen and Krista Strauss Werdersheim
Thomas W. Byrne and Edythe Dean and Sandra Hedeker Janelle and Mark Maggs Randall C. Pickett Joyce Streithorst Don Barry
De Marco James Hemenway Thomas Mahoney Cathy and Fred Pierce Pam and Steve Stroker John Blau
Danny and Veronica DeHoney Steve Hepp and Kelly Drew Malay Holley Pierce Alex Sugar Scott Brown
Greg DeLong Krettzman Charles Margolis Mark Pittman Ms. Pat H. Swanson Steven and Andrea Flagg
Sean V. Dillon Brian and Jane Hetherington Sean and Erinn Marrin Andrew Plum Gary Swearingen David Foote
Robert DiSabato Brad and Allison Hill Martinelli Wealth Managment Michael Poppo Drew and Dallas Swedlund Richard and Kimberly Hazzouri

Eric A. Diton Tom Hill Group Barry Porter Jeff Swett Spencer Nurse
Ileana Dominguez Glenn C. Hirt Darin Mast Shirley Quakenbush Erik and April Syverson Lee Samson

Buff Dormeier Jim Hise Nancy Matta Michael and Billie Jo Radecke Funling Tang James Small
Marcos and Claudia Douer Eric Hokanson Michael Matthews Heather and Jason Redpath Juan C. Tapia Camou Robert Gach
Jason Douglas Holguin & Sy Wealth Brian C. Maute Mary and Bart Reese Jim Taylor Gotham Asset Management
Valerie B. Dugan Management Brian Maxson Robin Reich and Michiel Schuit Katie Thompson Elizabeth Angelone
Walter Duke Steve and Lisa Hollomon Ronald J. May Candace Rey Ms. Katie Thompson Sergio Forlini
Thad Dulin Randy Honaker Ryan Maynard Brett Rhode Mark and Sue Thorndyke Marie McBride
Patrick Dwyer R. Dale and Tracey Horn Owen McBride Shelley Richardson Sal Tiano Michael Tobin
Nick and Melissa Economos Bruce and Laura Hosler Tommy and Laura McBride Peter Rohr Andy and Kerri Timmerwilke Michael Haskell
Wendy Eddy Lisa A. Hughes Ryan McClellan William Rose Paul Toby Kent Pearce
Mark Anthony Eidlin Ron and Camille Hughes Judith McGee, Linette Marc Rosenbach Dan and Shari Torbeck Brian Schiller
Erick J. Ellsweig Deidra Hunn Dobbins, Jennifer Gutridge Peter W. Rosenthal Trindle Wealth Management of Jimmy Klein
Dwight H. Emanuelson, Jr. Jesse and Rachel Hurst Marvin and Jo Anne McIntyre Stephen Ross Morgan Stanley Jason B. Miyashita
Elizabeth Engelmann and John Rupa Jack James McLaughlin Steve Rothman Kristen Trovas Nichole Raftopoulos
Toycen Don and Sarah Jackson Mark and Debbie McLeland Jeff Roundy Marc Tucci Ryan Weber

Charles and Jean Eschmann Jacques Financial Marco Mendoza Emily Rubin Thomas Vacheron Richard Zinman
A.J. Fechter Jason and Ciske Johnson Andrew Meredith Lawrence and Camille Michael and Candace Valdes Mark Kravietz
Mark and Caren Fendrick Patricia Johnson Araya and Amber L. Mesfin Rubinstein Louie A. Valdez Marylee Smith

Barbara Finder Richard Jones Mr. and Mrs. Lewis A. Metzger Peter and Gwen Rukeyser Paul and Emily Van Hoorickx Grape Creek Vineyards
Craig Findley Robyn and J. D. Joyce Garry and Estella Michaelis Patrick Rush Alexandra VanMeurs and Randal Keeth
Brian Firring R. Jeffrey Judah Mitzi and Rick Michaelson Steve Russell Richard Nelson James Leonard


Michael and Tiffany Fleischer David Justman Frank Migliazzo Lori Sackler Mr. & Mrs. S. Chuck Viator Richard Blosser

Matt Fletcher Michael and Hillary Kanigher David Miller Greg Sarian Jeff Vincent and Family Andrea Marvin
Tom and Tamara Foley Katherine and Matthew Kevin B. Miller Stephanie Saunders Todd H. Vraldsted David and Evelyn Hou
Mario Forlini Kardesch Travis Miller Sara Saxe Roger and Augelle Wacker Ike Brown
Ben and Katie Fort Jessica Kartzinel Jason Mingelgreen Beth Scanlan The Cribari Waggoner Team Allan J. Flader
Derek Fowler Gregg Kaufman Kimberly Mitchell Joseph Schirripa Robert J. Waldele Peter Disch
Shawn Fowler Kaufman Katz Group at Pamela Mitchell Paul Schluckebier Mr. Robert and Mrs. Aileen Johanna Kidwell
Jeffrey Fratarcangeli Morgan Stanley Edward Moldaver Schmidt Financial Group on Walter First Eagle Investment

Drew Freides Gabriela, Maximilian and Anthony and Saba Mona behalf of clients Howard Waltuch Management
Michael Freiman Harrison Keator Paul and Megan Monacelli Bill Schoff Theresa and Lyle Ward Tom and Tamara Foley
David Frisch Kyle Kelley Frank and Nichola Moore Schroeder & Associates Jordan and Caren Waxman Gregory Mulligan
Eric and Lori Fujimoto Lisa Kent Michael and Leslie Moskowitz Todd and Tina Schroeder Jason Weaver James Schneiderman
Christopher Gale Leonard Kichler Mary Mullin Mark Schulten Scott Weber Elaine Keyes
Elaine Gampel and Alan Tom Kilborn Timothy Mullins Andrew Schultz Judith Webitt Meridee Ofstedahl
Tedeschi Matthew and Margaret Kilmer Munster Family Michael and Lisa Schweitzer Mike Weinberg BlackRock Financial
Ramsin Ganji Kevin King Gregory and Tracy Murphy Paul and Emily Scranton Ronald Weiner Management
Kelly Garton Mehmet L. Kirdar William Murphy Cleveland Rob Sechan Robert Weis James Fort
Brett M. Gasper Emily and Neil Kishter Wealth Management Greg Segal Doug and Lori Wenzel Sharon Hayut
Glenn Geigin Sonny Kothari Travis Musgrave Jon Shane Jeff and Kim Werdersheim Barbara Stuempfig


Justin Gelbman and Gina Ira and Lisa Kravitz Kevin and Lois Myeroff Andrew Shantz Jennifer and Blaine Werner Merrill Lynch
Burns Grant and Heejung Kubota Steve Nagel Kenneth Shapiro Bob and Mary Wert Allie and Barbara Resnik
Ray George Jacque Kuchta Nemes Rush Private Wealth Michael Shapiro William A Whichard, Jr. and Anita Starkoff
Michael Giacone Kathleen Lach-Rowan and Management Andy Shaw Maureen Brinson Jason and Jaclyn Brodie
Lige Gillis Dan Rowan LaDonna Nicholson David Sheppard Kurt Whitesell Maddi and Wes Finch
Patrick Gingras Alexander C. Ladage James Nolte Svitlana and Brian Sheppard Alan Whitman Henry and Jane Mentle
Tracey Gluck John Lahoud Sharon Oberlander John and Kellie Sheryak Buck and Ellen Wiley Bernard Rabbino
Steve Gold Patrick and Angela Larkin Wally and Helen Obermeyer Fareed and Laura Siddiq Betsi and Tad Willenbrock Charles and Barbara Poncher
Rachel Gottlieb Katie Larsen Michael J. O’Brien Scott and Deborah Siegel Gary Williams
Ghislain Gouraige Joe Laszewski Michele B. O’Connor Todd Silaika John and Kristin Williams
Kathy and Dan Grasmeder Nate and Alyssa LeGrand Patrick O’Donnell Carter Sims Roy and Janet Williams

Tom and Amy Greaser Larry Leppo Lee Oleinick Geoffrey Sisk Carol Wilshire
Paul and Dominique Gregory Ben Leshem Michael Olmos Dianna Smith Scott Wilson

TOMI ADEYEMI, 26
Author
NANA KWAME ADJEI-
BRENYAH, 28
Author
MAX BEARAK, 29
Nairobi bureau chief, Washington Post
CYRUS BESCHLOSS, 23
Founder, College Reaction
ELIZABETH BRUENIG, 29
Opinion columnist, Washington Post
110 JOE BRUNO, 27
Reporter, WSOC-TV
ADAM BUTTERFIELD, 29
Senior programming
producer, Snap
BONNIE CAO, 29
Senior manager, business
development, CNN
NOUR CHAMOUN, 28
Cofounder, Scopio
JACIE DEHOOP, 27;
ELLEN HYSLOP, 27;
ROSLYN MCLARTY, 27
Cofounders, The GIST
JOSE DEL REAL, 29
National correspondent,
New York Times
TAYLOR DUNN, 28
Producer, ABC News
SARA FISCHER, 29
Media reporter, Axios
KEVIN GUO, 28;
DMITRIY KARPMAN, 29
Cofounders, Hive AI
MEDIA FAYE KEEGAN, 29
GINA GUTIERREZ, 29;
Cofounders, Dipsea
ANTONIA HYLTON, 26
Correspondent, Vice Media
EMILY KASSIE, 27
Director of visual projects,
The Marshall Project
KEVIN GUO, 28
MACKENZI LEE, 28
Author
COFOU NDE R, HI VE A I
AARON LEMKE, 29
Cofounder, Wave


To keep offensive images off their sites, companies
like Facebook, Google and Twitter spend billions to ALEXI MCCAMMOND, 26
National political reporter, Axios
hire tens of thousands of low-paid workers to censor
TAMER MORSY, 29
foul or illegal content. It’s a tedious and taxing gig. Founder, Spotlight Media Labs
“Humans shouldn’t do that job,” says Hive AI CEO
ERNEST OWENS, 28
Kevin Guo. “We’ve built solutions that can get rid of Writer at large,
Philadelphia magazine
up to 99% of that work.” Hive, which Guo founded in
2013 with CTO Dmitriy Karpman, makes software to DEANNA PAN, 29
Reporter, Boston Globe

tag and flag millions of images and videos across so-
LINDSAY PEOPLES WAGNER, 29
cial media and the Web. Guo is secretive about his Editor in chief, Teen Vogue
U.S. clients, but Yubo, a French social video platform
DANIELLA PIERSON, 24
for teens, uses Hive to keep nasty content from its Founder, The Newsette

20 million users. Hive has uses beyond screening. It ELAINA PLOTT, 26
can also search for images of celebrities, brands and White House correspondent,
The Atlantic
products across millions of sources, giving compa-
BEN PROUDFOOT, 29
nies analytics about where, when and how their Founder, Breakwater Studios
assets are seen. Founders Fund, General
SNIGDHA SUR, 29
Catalyst, 8VC and others have invested Founder, The Juggernaut
more than $50 million. Guo’s next CATHERINE TAIBI, 28
feature: audio detection. Head of social and audience
development, TicToc by Bloomberg
—Ariel Shapiro, Hayley
LIZZ WARNER, 29
Cuccinello, Brett Knight
Director of editorial video, Bring Me!,
BuzzFeed
JUDGES: MELISSA BELL, COFOUNDER, VOX; DON LEMON, ANCHOR, CNN; HERNAN LOPEZ, FOUNDER, WONDERY;
KIM PATEL, DIRECTOR OF GLOBAL CORPORATE STRATEGY, VICE MEDIA (UNDER 30 CLASS OF 2019).
KEVIN GUO WEARS AN L.B.M. DOUBLE-BREASTED DENIM JACKET AND AN ISAIA BLACK CASHMERE TURTLENECK SHIRT.

F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

PROMOTION
PROMOTION
Nanopharmacia Group:









HEALTH INNOVATION FOR LATIN AMERICA
Editor in Chief Paul Trustfull




The World Health Organization proj-
ects that the number of new cases of dia-
betes and cancer in Latin America could
increase by more than 70% in the next
decade. Preventing and combatting these
diseases requires innovation and invest-
ment. The Mexican company Nanophar-
macia Group offers both.
The company is rising to the chal-
lenges of health care in Mexico and Latin
America. It is the only private company in
Latin America in the business of develop-
ing new therapeutic products using nano-
technology to treat diabetes and cancer.
Nanopharmacia Laboratory Machine
nutritional treatments. Each company is and in more than 40 countries including
already active commercially with prod- China, India and Russia. Many more are
ucts and services, using 100% Mexican- in the pipeline.
owned scientific developments. Nanopharmacia’s product DIAKRONE
Nanopharmacia Group has evaluated developed by Nanopharmacia has demon-
more than 40,000 cases in the last eight strated benefits for patients with diabetes
years and serves patients with chronic and diabetic complications. DIAKRONE
degenerative diseases at both public and was approved by Mexico’s health and drug
private institutions. Its private Nano- regulatory agency COFEPRIS to start the
pharmacia Foundation was established first study with diabetic patients, a step
to further provide research and support toward the product’s approval.
for disease prevention and cures. “The global market for advanced
Improving Lives With Detection and molecular diagnosis and supplements is
Advanced Treatments one of the fastest growing in the world,”
“In Mexico, a national program for says Astudillo de la Vega. “It is estimated
timely detection has not been estab- that it will reach more than $16 billion by
lished,” says Astudillo de la Vega. “Dia- 2025, especially for products that offer
betes treatment and detection strate- combinations with improved efficacy
Horacio Astudillo de la Vega, Nanopharmacia
gies have not had a favorable impact on based on the use of nanotechnology as we
lead scientist, founder and partner
disease control in our country. In Latin are doing now. This segment of develop-
“Diabetes is a metabolic disease that America, the situation is no less serious, ment in pharmaceutical and scientific
has increased dramatically in Mexico in as in Mexico, the high cost of medical innovation is undoubtedly the one with
the last 10 years, and cancer is a complex and pharmaceutical interventions is not the greatest acceleration in investment
disease closely linked to multiple factors accessible to the entire population.” By for new businesses.”
including metabolic and infectious,” says offering advanced early-detection and
Horacio Astudillo de la Vega, Nanophar- diagnostic tools, Nanopharmacia hopes
macia lead scientist, founder and partner. to improve lives.
Nanopharmacia Group integrates As it continues to innovate, the com-
Nanopharmacia Diagnostica, a leader pany is looking to expand the market for
in precision cancer medicine in Mexico; its supplement products. Some of these
Nanoclinic, a clinical laboratory diagnos- formulations, improved with the use of
tic firm; Healthcare Business and Com- nanotechnology, have been proven benefi-
puter Technologies, which offers novel cial for regulating the metabolic behavior
supplement combinations and medical of complex diseases such as diabetes and
device technologies; and DNI Genet- cancer. Some of Nanopharmacia’s supple-
ics & Nutrition, developer of genetic ment formulations have been granted
metabolism diagnostics and personalized patents in the United States, the EU Paul Trustfull and Horacio Astudillo de la Vega


Emerging Markets 1

LAW & POLICY Cofounders, Govern for America
OCTAVIA ABELL, 28;
KYLEIGH RUSS, 28

JELANI ANGLIN, 27;
GABE LEADER-ROSE, 29
Cofounders, Good Call
YASSAMIN ANSARI, 27
Advisor, United Nations
MATTHEW ASIR, 22
Founder, The Legal Bullet
JESSICA CISNEROS, 26
Congressional candidate
112
ALEXANDER DIAZ, 27
Head of crisis response and
humanitarian aid, Google.org
TOM DOWLING, 23; GEOFF SEGAL, 24
Cofounders, taxProper
RITIKA DUTT, 28
Cofounder, Botler AI
KATIE EDER, 20
Executive director, Future Coalition
KARTHIK GANAPATHY, 28
Partner, mvmt communications
JULIAN GLUCK, 29
Captain, United States Air Force
SOFIA GROSS, 26
Global public policy manager, Snap
ANDREW LEON HANNA, 28;
DAVID DELANEY MAYER, 27
Cofounders, DreamxAmerica
WILL HASKELL, 23
State senator, Connecticut legislature
AUDREY HENSON, 29
Founder, College to Congress
LINA HIDALGO, 28
County judge, Harris County
AMANDA MATOS, 28
Director of constituency campaigns,
Planned Parenthood Action Fund
JOHN MCCARTHY, 28
Deputy national political director,
Joe Biden for President
TASNIM MOTALA, 29
Fellow, Howard University
MATT NGUYEN, 26
Supreme Court chambers attorney,

Supreme Court of California
NADYA OKAMOTO, 21
Founder, PERIOD. The Menstrual
Movement.
BRITTANNY PERRIGUE, 27
Fellow, Texas RioGrande Legal Aid
BETHANY PICKETT, 28
Deputy associate counsel,
VARSHINI PRAKASH, 26 The White House
WALTER POWELL, 28;
JACKSON WHITE, 27
CO FOU ND ER, S U NR ISE MOVEME N T
Cofounders, Politiscope
“The science is settled. Now let’s talk about the solutions,” says Varshini VARSHINI PRAKASH, 26;

EVAN WEBER, 28
Prakash. She’s cofounder of the Sunrise Movement, a climate-change nonprof- Cofounders, Sunrise Movement


it that rocketed to fame in 2018 after staging a sit-in at Nancy Pelosi’s office JACOB RUDOLPH, 25
to back the Green New Deal. This September, her group organized the Global Executive director , The Pride Network
Climate Strike, mobilizing more than 3 million people in 150 countries to hit KATIE SGARRO, 26

the streets to demand climate-change action. A first-generation college grad- Cofounder, AsylumConnect

uate, Prakash saw firsthand the devastation wrought by floods in her parents’ JULIE SLAMA, 23

State senator, Nebraska legislature
home country of India. Along with cofounder Evan Weber, she launched Sun-
MCKENZIE SNOW, 29

rise to organize legions of young people to fight for climate reforms. With $6.5
Policy director,
million in funding from foundations and grassroots donations, Sunrise has U.S. Department of Education

50 full-time staff and outposts in more than 200 cities. —Marley Coyne, Anne JEN ZHU, 27
Glusker, Christian Kreznar Founder, BMoreLoved.org
JUDGES: CARRIE GOLDBERG, FOUNDER, C.A. GOLBERG LAW; JON HUNTSMAN, FORMER AMBASSADOR TO RUSSIA; LAURENCE TRIBE, PROFESSOR, HARVARD LAW SCHOOL; MICHAEL TUBBS, MAYOR
OF STOCKTON, CALIFORNIA (UNDER 30 CLASS OF 2018).
VARSHINI PRAKASH WEARS A L’AGENCE AQUA SILK AND VELVET JACKET, AND OFFICINA BERNARDI HOOP EARRINGS.
F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

PROMOTION





Celebrating 100 Seasons By Creating A


More Diverse And Inclusive Future






As the NFL celebrates its 100th season, it is equally
important to recognize the diverse leadership and

LQLWLDWLYHV WKDW KDYH LPSDFWHG WKH JDPH ERWK RQ WKH ŻHOG
and in the front office. To be a leader in best business
practices, the NFL understands that diversity is an

LPSRUWDQW IDFWRU DQG LW PXVW EH UHżHFWHG WKURXJKRXW WKH
entire organization, not in just one aspect of it.
The NFL continues to seek full diversity throughout its

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To achieve this, it is vital to implement collective and
innovative solutions that foster an inclusive environment. TROY VINCENT DAWN APONTE
Executive Vice President Chief Football
Those responsible for the game within football
of Football Operations $GPLQLVWUDWLYH 2IŻFHU

operations exemplify our diversity. This group, led by
executive vice president of football operations Troy
Vincent, includes: David Gardi, SVP of game operations
and compliance; Al Riveron, SVP of officiation; Dawn
Aponte, chief football administrative officer; Arthur
McAfee, SVP of player engagement; Tracy Perlman, SVP
of football communications and marketing; and Natara
Holloway, VP of football strategy and business operations.
Along with the entire NFL staff, these individuals
work tirelessly to formalize partnerships with historically
black colleges and universities, the American Football
Coaches Association and the National Collegiate Athletic ALBERTO RIVERON DAVID GARDI

Association and to create programs that foster a diverse 693 2IŻFLDWLQJ SVP Game Operations
and Compliance
talent pipeline.
Key initiatives where the NFL champions diverse hiring
practices are the Rooney Rule and the HBCU Careers in
Football Forum. These opportunities are ever-evolving in
order to maximize impact. Last year, the NFL implemented
new guidelines for the Rooney Rule that continues to open
the door of opportunity for hiring head coaches and
football operation executives. While the HBCU Careers in
Football Forum, which takes place in conjunction with the
Celebration Bowl, focuses on informing and giving HBCU
students access to opportunities that can jump-start their
careers in professional sports. ARTHUR MCAFEE TRACY PERLMAN
SVP Player Engagement SVP Football Communications
In addition, the Football Operations team oversees the
and Marketing
Bill Walsh Diversity Coaching Fellowship and the Nunn-
Wooten Scouting Fellowship. The Bill Walsh Diversity
Coaching Fellowship is designed to increase the number
of full-time NFL minority coaches by providing them
with access, resources and experience. Whereas the
Nun-Wooten Scouting Fellowship exposes interested
former players to a career in professional scouting. Both
programs recognize the value that diversity brings to the
success of the game.
As the NFL celebrates 100 seasons, we remain
committed to creating opportunities that foster a diverse
NATARA HOLLOWAY
and inclusive environment. VP Football Strategy
and Business Operations



The National Football League Is A Proud Supporter Of The Executive Leadership Council And Its Goals, Leading With Purpose.

PROMOTION










Leading With Purpose







I N S I D E C O R P O R AT E A M E R I C A A N D B E Y O N D



In October The Executive Leadership difference for the black community in areas
Council (The ELC) held its 2019 Annual where we and our families work and live.”
Recognition Gala in Washington, D.C. A The longtime ELC goal is increas-
capacity crowd of 2,300 corporate, entre- ing black representation on corporate
preneurial, political, media and academic boards and in the CEO offices, and
luminaries lit up the Marriott Marquis Ball- the past decade has seen changes.
room to honor Robert F. Smith, founder, “But when the data is disaggregated,”
chair and CEO of Vista Equity Partners, observes Skip Spriggs, the former
as he accepted the 2019 Achievement president and CEO whose term ended
Award, and UPS received the 2019 Cor- on December 31, 2019, “there’s one
porate Award. UPS CEO David Abney underrepresented group that’s barely Best Buy Board Director and ELC member Cindy
accepted the award in person. moving at all, and that’s black – men Kent facilitated the discussion at The ELC’s CEO
and women.” GameChanger Conference in Washington, D.C.
Now The ELC is going directly to
CEOs to press its specific case: inclu- A second forum for direct appeals
sion for black executives across the to corporate leadership is The ELC’s
talent pipeline. On the day of the Gala, partnership with the African American
The ELC hosted more than 40 CEOs and Directors Forum (AADF). The ELC’s Cor-
their ELC members at its inaugural CEO porate Board Initiative has been for some
GameChanger Conference. years creating a supply of board-ready
members. Now, with AADF, The ELC is
creating demand through intentional
networking with decision makers, urging

Former ELC CEO Skip Spriggs and Board Chair them to create a more inclusive leader-
Tonie Leatherberry, a principal at Deloitte & Touche ship pipeline to the boardroom.
LLP and president of the Deloitte Foundation,
present the 2019 Achievement Award to Robert
F. Smith, founder, chair and CEO of Vista Equity
Partners, along with Kevin Frazier, Gala host.


The ELC comprises more than 800 senior
black corporate executives, all within two
reports of their companies’ CEOs, and a JLL Americas CEO Greg O’Brien; JLL Americas
new cadre of very successful black entre- Vice Chair Herman Bulls, an ELC member; Lowe’s
preneurs. The newly formed ELC purpose CEO and ELC member Marvin Ellison; and JLL
Global CEO Christian Ulbrich at the 2019 CEO
statement, rooted in the organization’s
GameChanger Conference, where The ELC
renewed commitment to philanthropy, presented research about black executives with
now guides The ELC “to open channels of CEO-ready experience. ELC Interim President and CEO Crystal E. Ashby
(r.) joined ELC member Tracey Gray-Walker and
opportunity…for impact on business and ELC Institute alumna Juliette Mayers to share their
our communities.” Reports The ELC’s new Groundbreaking research from Korn career experiences with mid-level managers.
interim president and CEO Crystal E. Ashby, Ferry identifying the skills and competen-
former executive vice president, Govern- cies of black corporate C-suite executives The pilot event was held in November
ment and Public Affairs, BP America, “Our framed the discussion. It’s no surprise that 2019 in Atlanta. Atlanta-area CEOs, lead
purpose shines a light on the enduring black executives share the same skills, directors and other board members met
excellence of our valued members, as they competencies and experiences as their with a select group of nearly 50 board-
share their gifts to shape the world. We are white counterparts. Attendees explored ready ELC members. They received a
committed to making an impact on cor- that research and applied it in a deep %LR %RRN RI PHPEHU SURŻOHV DQG WKHQ
porations, on corporate boards and in the and open discussion around black talent after a formal presentation, had oppor-
advocacy space through education and in the workplace, from recruiting to suc- WXQLWLHV WR EXWWRQ KROH VSHFLŻF PHPEHUV
research. The ultimate result is to make a cession planning. “We don’t know anybody” is no longer


1 | DIVERSITY

PROMOTION


























Ed Bastian, CEO of Delta Air Lines; Mary The ELC’s Ann Fudge Scholarship received a ELC Board Chair Tonie Leatherberry with
Winston, ELC member and former interim CEO of $130,000 contribution from The ELC at its 2019 Rep. Joyce Beatty (OH), chair of the House
Bed Bath & Beyond; and David M. Ratcliffe, lead Women’s Leadership Forum (WLF): Kimberly A. Financial Services Subcommittee on Diversity
board director of SunTrust Banks (retired CEO Blackwell, WLF chair and ELC member, founder and Inclusion, at the 2019 Black Economic
of Southern Company) address the 2019 ELC/ and CEO of PMM Agency; former ELC CEO Skip Forum on Martha’s Vineyard.
African American Directors Forum Atlanta. Spriggs; ELC Board Chair Tonie Leatherberry; ELC
Interim President and CEO Crystal E. Ashby, former the racial wealth gap could increase
executive vice president, Government and Public
a valid explanation for the absence of Affairs, BP America; ELC Board Secretary Leilani M. the nation’s per capita gross domestic
diversity on corporate boards. Brown, senior vice president, Strategic Partnerships product (GDP) by 4%-6%. Narrowing
A s T h e E LC m e m b e rs h i p h a s and External Engagement for K12, Inc.; and ELC Vice that gap could put the United States

expanded to include entrepreneurs 3UHVLGHQW DQG &KLHI 3KLODQWKURS\ 2IżFHU 6DWRQ\D )DLU on a dramatic growth streak.
and thought leaders, The ELC as an For over three decades, The ELC has
organization is also embracing broader black/white wealth gap. The second advocated for more blacks on boards
leadership responsibility for its black Black Economic Forum, a partner- and in the C-suite, including the CEO


community. ELC Board Chair Tonie ship between The ELC and Sigma Pi RIŻFH DQG GHVLJQHG UHŻQHG DQG SUH
Leatherberry, a principal at Deloitte & Phi Fraternity, Beta Iota Boulé, a local sented unique leadership development
Touche LLP and president of the Deloitte chapter of the national organization programs. The ELC is now leading with
Foundation, has begun her Chair’s that sponsors social action and pub- a broader purpose, with depth and
Initiative in partnership with selected lic policy initiatives, met on Martha’s breadth, to embrace black entrepre-
Historically Black Colleges and Univer- Vineyard in August 2019. Black lead- neurs and thought leaders – stars in the
sities (HBCUs) to increase the number of ers in finance discussed addressing new business landscape – and take on

black males who earn college degrees. that gap, based on the ELC/McKin- LQVWLWXWLRQDO EDUULHUV WKDW KDYH GHŻHG WKH
The ELC has been supportive of HBCUs sey & Company report “The Economic stability and wealth aspirations of so
since its founding in 1986. Impact of Closing the Racial Wealth many black professionals. Learn more
The ELC is also poised to tackle the Gap,” which concludes that narrowing about The ELC at www.elcinfo.com.








The ELC thanks the following sponsors of the

2019 Diversity at the Top Special Section in the Forbes 400 issue:


































DIVERSITY | 2

ADELLE ARCHER, 29
Cofounder, Eterneva
JOSH AUGUSTIN, 27; EDUCATION
MOAWIA ELDEEB, 27
Cofounders, Pivot
TOM CANTERINO, 28
Cofounder, Ageless Innovation
JARRETT CHEN, 29;
DILLON MORGAN, 27
Cofounders, UNUM
DAN CLARK, 29
CEO, Brain.fm
116
JOSEPH COHEN, 28
Founder, Universe
JULIA ENTHOVEN, 26;
ERIC LU, 26
Cofounders, Kapwing
A. TOBY ESPINOSA, 29
Vice president, global business
development, DoorDash
TYLER FAUX, 29
Cofounder, Supergreat
RYAN FOUTTY, 29
Global head of business
development, Lime
BARRETT GLASAUER, 28;
ANDRÉS GREEN, 29
Cofounders, WanderJaunt
NIKHIL GOEL, 28
Head of product, Uber Elevate
MAXIMILLIAN HELLERSTEIN, 24;
CYRUS SUMMERLIN, 24
Cofounders, Down to Shop
JOE HOLLIER, 29
Cofounder, Light SAAD EL YAMANI, 26
BEN JACKSON, 27
Founder, Bungii
CO FOUN D ER , A M BI
HRIDAY KEMBURU, 25;
JAY PATEL, 25; VINAY RAMESH, 26 “Colleges have a labyrinth of

Cofounders, Wildfire
clunky and disconnected digital
TYLER KENNEDY, 28; WES SCHROLL, 26
Cofounders, Fetch Rewards tools that don’t inform, engage or
DAVID KOLODNY, 29 CONSUMER facilitate collaboration,” says Ambi
Cofounder, Wilbur Labs cofounder Saad El Yamani. Stu-
FARES KSEBATI, 28; dents must juggle a mess of web-
ADAM OXNER, 27 sites and apps to navigate student
Cofounders, MySwimPro life. At many schools, there are sep-
ANNA LEE, 28 TECH
Cofounder, Lioness arate digital tools to track course-
BENJAMIN LEE, 29 work, register for classes or sign up
Head of product design, Postmates for clubs. El Yamani and cofound-
HAYLEY LEIBSON, 26; DEVON TOWNSEND, 29 er Soham Khaitan want to simplify
SCOTT WU, 22 things. Their edtech company Ambi
Cofounders, Lunchclub
COFO UND E R , CAMEO combines disparate digitial pro-
OURIEL LEMMEL, 29 grams into a single product. With
Cofounder, WinIt
Want to send someone a love note from Stormy Daniels or Ambi, you can access readings for
ALEX MA, 26; AUSTEN MA, 24
Cofounders, TTYL a get-well message from Charlie Sheen? Devon Townsend Psych 101 or look up your next band
can hook you up. His marketplace Cameo sells personalized practice. The pair launched the
JAMIE MARSHALL, 23;
KEVIN TAN, 26 videos from thousands of minor celebrities and aging sports company while at Babson College,
Cofounders, Snackpass stars. A video from Brett Favre costs $500. One from the securing $445,000 of seed fund-
DIESEL PELTZ, 26 Soup Nazi on Seinfeld? $60. Celebs name their price and ing from two professors. They have
Cofounder, Twenty
take 75%—Cameo gets the rest, pocketing “tens of millions” since raised $6 million. They have a
ALEXANDER SCHIFFHAUER, 28 a year. In 2014 he quit Microsoft to travel with friend Cody deal with Columbia University and
Product lead, computational
photography, Google Ko. While globe-trotting, they launched a Vine account are in talks with nine other schools.
JESAR SHAH, 25 that got millions of views. Requests for personal videos re- They’re also negotiating with El Ya-

Product manager, Twitter vealed an unmet market: “We’ve tapped into something in mani’s home country of Morocco to
DEVON TOWNSEND, 29 the American psyche.” The investor psyche too—Cameo has onboard its university students.
Cofounder, Cameo
raised $65 million-plus from Kleiner Perkins and more. —Carter Coudriet, Caroline
SHARON ZENG, 29 —Biz Carson, Brianne Garrett, Michael Nuñez Howard, Katherine Love
Product manager, Instagram

JUDGES, CONSUMER TECH: JEREMY LIEW, PARTNER, LIGHTSPEED VENTURE PARTNERS; ANJALI SUD, CEO, VIMEO; HANS TUNG, MANAGING PARTNER, GGV CAPITAL; NICK WEAVER, COFOUNDER,
EERO (UNDER 30 CLASS OF 2016). EDUCATION: JANET NAPOLITANO, PRESIDENT, UNIVERSITY OF CALIFORNIA SYSTEM; RESHMA SAUJANI, FOUNDER, GIRLS WHO CODE; GREGG SPIRIDELLIS, CO-
CREATOR-CEO, STORYBOTS; RACHEL CARLSON, COFOUNDER, GUILD EDUCATION (UNDER 30 CLASS OF 2017).
DEVON TOWNSEND WEARS A NORDSTROM SIGNATURE TURTLENECK SHIRT, A LUIGI BIANCHI MANTOVA BURGUNDY BROCADE TUXEDO JACKET, AND A BURBERRY BELT. SAAD EL YAMANI WEARS
AN ISAIA EMERALD SUEDE BOMBER JACKET.

F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

CHARLIE ANDERSON, 23; JESSICA ASSAF, 29
VANESSA GILL, 23; Cofounder, Prima
LUCY STEVENS, 23; RETAIL
AMY WU, 23 JAY BARTON, 29
Cofounders, Social Cipher Founder, ASRV Sportswear
MASSI BASIRI, 26; METI BASIRI, 26 IKEY BENSIMHON, 29;
Cofounders, ApplyBoard ISAAC SCHWERD, 29
Cofounders, Sacatelle
SABIH BIN WASI, 27; RUKHSAR NEYAZ, 26
Cofounders, Stellic AHMED BESHRY, 26; LINDON
GAO, 28; YILIN HUANG, 28;
JARED BROWN, 28 YORK YANG, 28 JESSIE ZENG, 27
Associate, My Brother’s Keeper Alliance, Cofounders, Caper
Obama Foundation COFOUNDER, CHOOSY
JEREMY CAI, 24
KIARA BUTLER, 29 Founder, Italic 117
Founder, Diversity Talks “Millions of women around
MINALI CHATANI, 28
ROB CARROLL, 26; NICK FREUD, 27 Cofounder, Wild One the world are expressing
Cofounders, CampusReel
PATTY DELGADO, 28 their buying intent over so-
BERK COKER, 25 Founder, Hija de tu Madre cial media,” says Jessie Zeng,
Cofounder, TeachFX
ERIN ROBERT FREY, 26; LEIF FREY, cofounder of e-tailer Choosy.
NICK CURRIER, 29; KASEY GANDHAM, 28; PATRICK KESHISHIAN, 29;
29; JESSICA TENUTA, 28 AIDAN PORTER, 29 With algorithms that act like
Cofounders, Packback Cofounders, FREY style sleuths, Choosy scans
REILLY DAVIS, 29; ADAM SAVEN, 29 JACLYN FU, 29; social posts to spot the hot-
Cofounders, PeopleGrove LIA WINOGRAD, 29 test looks. Choosy then
Cofounders, Pepper
ETHAN DURHAM, 27; makes up to 25 new products
ALEXANDER JEKOWSKY, 24 BUNNY GHATRORA, 25;
Cofounders, Ulyngo TARAN GHATRORA, 27 a month. Zeng is on pace for
Cofounders, Blume $6 million in sales in 2019
MANU EDAKARA, 27
Program director, iVenture Accelerator ZACHARY GORDAN, 29 and has raised over $10 mil-
Cofounder, DIFF Eyewear
SAAD EL YAMANI, 26; lion in funding. A Wellesley
SOHAM KHAITAN, 25 LAUREN HABER JONAS, 29 graduate, Zeng traded cur-
Cofounders, Ambi Founder, Part & Parcel
rencies, moonlighted as a
ELIZABETH ENGELE, 26; JORDAN JONES, 29
JULIA HARIED, 27 Founder, Packed Party fashion blogger and in 2017
Cofounders, MakerGirl launched the company. To
DANIEL KANE, 28

JOE ENGLISH, 24 Founder, The Ridge avoid flops, she uses Chinese
Founder, Hope in a Box factories that can make as
SAOUD KHALIFAH, 29
DANIEL FISCHER, 29; RAAID HOSSAIN, Founder, Fakespot few as 80 units. Hits are re-
29; SHIREEN JAFFER, 26
Cofounders, Edvo ALLISON KLEIN, 29 stocked fast. —Lauren Debt-
Founder, Rose & Rex er, Glenda Toma, Vicky Valet
REBECCA FLEISCHMAN, 28
Associate director, national programs and OLIVIA LANDAU, 28;
outreach, Child Mind Institute KYLE SIMON, 29
Cofounders, The Clear Cut
BRANDON FLEMING, 29
Founder, Harvard Diversity Project ALLISON LEE, 29
Founder, Hemster
MICHAEL HAMAMOTO TRIBBLE, 28
Head of education strategy, Google Cloud FIONA LEE, 27;
LARISSA RUSSELL, 28
DENNIS HANSEN, 27; Cofounders, Pod Foods
SAMYR QURESHI, 27
Cofounders, Knack KIMBERLY LEWIS, 28;
TIMOTHY LEWIS, 29
JANELLE HINDS, 27 Cofounders, CurlMix
Founder, Helping Hands
SABA MOHEBPOUR, 29
JACK KREWSON, 27; Founder, Spocket
GAVIN SCHIFFRES, 26
Cofounders, Kairos Academies ALEX O’DELL, 29
Cofounder, Floyd
CASSIDY LEVENTHAL, 27
Vice president, University Ventures MICHAEL PATTON, 29
Founder, Fetch Package
CONNIE LIU, 24
Founder, Project Invent JOEY PETRACCA, 28;
YUNI SAMESHIMA, 29
AUSTIN MARTIN, 24 Cofounders, Chicory
Founder, Rhymes with Reason
NOAH RAF, 23; PEIMAN RAF, 25;
CHLOE MOORE, 25 JOSHUA SITT, 23;
Director, NEXT Memphis MASON SPECTOR, 25
SAMANTHA PRATT, 26 Cofounders, Madhappy
Founder, KlickEngage ROBERT ROIZEN, 29
Cofounder, Feedonomics
CAROLINA RECCHI, 26;
CLAUDIA RECCHI, 24 ROOSHY ROY, 29
Cofounders, Edsights Cofounder, aavrani
MELANIE SHIMANO, 29 BRIDGET VUONG, 29
Founder, Food Computer Program Cofounder, Fuse Inventory
RAHEL TEKOLA, 29; NIARA VALÉRIO, 29 JESSIE ZENG, 27; MO ZHOU, 27
Cofounders, Learnabi Cofounders, Choosy
CHRISTINA WALKER RAKESTRAW, 29 RACHEL ZIETZ, 19
Cofounder, Homeroom Founder, Gladiator Lacrosse


JUDGES: KATRINA LAKE, FOUNDER, STITCH FIX; NATALIE MASSENET, COFOUNDER, IMAGINARY VENTURES;
MAX RHODES, COFOUNDER, FAIRE; EMILY WEISS, FOUNDER, GLOSSIER (UNDER 30 CLASS OF 2015).
JESSIE ZENG WEARS HER OWN WARDROBE BY CHOOSY.

D E C E M B E R 3 1 , 2 0 1 9 F O R B E S . C O M

PROMOTION



























SNAPSHOT







EUROPE





presented by











On November 21, 2019, we held our third
annual CMO Summit–Europe in London

where we explored the ever-changing

and expanding role of the chief marketer
and examined what it means to be a

CMO for both today and tomorrow. Over
100 of Europe’s top marketing visionaries

from a diverse set of industries came
together for a day of peer-to-peer

networking, inspiring presentations and
thought-provoking panel discussions

that addressed the major challenges of
today’s global marketing landscape.



Speakers included IBM SVP & CMO
Michelle Peluso, WeTransfer President


& CMO Damian Bradfield, Third Bridge
CMO Joshua Maxey, Mars Lead CMO &

Pet Nutrition CMO Jane Wakely, HSBC
UK CMO Chris Pitt and many more.

Engage.

















For real.



What do customers and



marketers have in common?






We’re all human.







(Don’t you think it’s time your brand engaged like one?)








































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powers relevant and memorable experiences between consumers


and the brands they love. Download the Brand Humanity Study
conducted by Forrester Consulting on behalf of Braze.



braze.com/humanity

HEALTHCARE JOEY AZOFEIFA, 29
CHLOE ALPERT, 28
Cofounder, Medinas

Founder, Arpeggio Bio
ERICA BARNELL, 29
Cofounders, Geneoscopy
DOUG BERNSTEIN, 29;
JAIME QUINTERNO, 29
Cofounders, PECA Labs
CATHARINE BOWMAN, 21
Board director,
Alberta Lymphedema Association
120
JEAN FAN, 28
Postdoctoral fellow, Harvard University
MARK FAYNGERSH, 27;
ILYA VAKHUTINSKY, 27
Cofounders, CareSwitch
EVAN FEINBERG, 28;
BEN SKLAROFF, 27
Cofounders, Genesis Therapeutics
SAMANTHA GERSON, 26
Founder, UnBroken
ANNETTE GROTHEER, 29
Founder, The Shop Docs
LEA HACHIGIAN, 29;
TOMASZ KULA, 29
Cofounders, TScan Therapeutics
BOBBY BROOKE HERRERA, 29
Cofounder, E25Bio
RUMEN HRISTOV, 26;
ZACHARY KABELAC, 29
Cofounders, Emerald Innovations
ZAAMIN HUSSAIN, 26
Clinical researcher, Harvard University
JOE KAHN, 24;
YASYF MOHAMEDALI, 24
Cofounders, Karuna Health
ARTHUR KUAN, 29
CEO, Cold Genesys
RAINIER MALLOL, 28
Cofounder, AIME
ROB MANNINO, 28;
ERIKA TYBURSKI, 29
Cofounders, Sanguina
ASHLEY MOY, 25;
JASON TROUTNER, 26
Cofounders, Cast21
JANEL NOUR-OMID, 27
Cofounder, Vitalacy
KUNAL PARIKH, 29
Research associate,
ARTHUR KUAN, 29 Johns Hopkins University
BRYAN PATENAUDE, 29
CEO, C OL D G E N ESYS
Assistant professor,
Johns Hopkins University
Arthur Kuan is going viral. He’s the CEO of Santa Ana, Cal- VIJAY RAMANI, 29
ifornia, biotech company Cold Genesys, which genetical- Principal investigator, UCSF
ly modifies viruses to attack cancer and, as an added benefit, SANA RAOOF, 29


bolsters your immune system against it. The former venture Researcher, Harvard University
investor encountered Cold Genesys as a founding member ZACHARIAH REITANO, 28
Cofounder, RO
at Hong Kong healthcare fund Ally Bridge Group. Fascinat-
EVA SADEJ, 29
ed by the science, Kuan, who holds a master’s in biotechnolo-
Founder, Floss Bar
gy from Johns Hopkins, joined Cold Genesys as COO. When
JESSICA SCHLEIDER, 29
founder Alex Yeung retired in 2016, Kuan took over. He’s since Assistant professor,
launched clinical trials of the biotech’s bladder cancer treat- Stony Brook University
ment and has inked a partnership to test its effectiveness with DEAN TRAVERS, 23;

SCOTT XIAO, 21
Merck’s immunotherapy drug Keytruda. Kuan says, “I’ve done Cofounders, Luminopia
a good job turning this science story into a real business con-
CAMERON TURTLE, 29
cept.” In March he closed a $22 million series-C round with Chief business officer,


ORI Capital and Lepu Medical, which has the China license Eidos Therapeutics
for its products. —Alex Knapp, Leah Rosenbaum CAROLYN YARINA, 29
Cofounder, Sisu Global
JUDGES: DENISE HINTON, CHIEF SCIENTIST, FDA; TREVOR MARTIN, CEO, MAMMOTH BIOSCIENCES (UNDER 30 CLASS OF 2019);
ROBERT NELSEN, PARTNER, ARCH VENTURE PARTNERS; HELEN TORLEY, CEO, HALOZYME.
ARTHUR KUAN WEARS AN ISAIA WOOL TOPCOAT, DENIM SHIRT AND FLORAL PANTS AND A RICHARD JAMES STRIPED TIE.

F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

ART & STYLE Fashion designer, Sahroo
SARAH ABBASI, 29
TUNJI ADENIYI-JONES, 27
Artist
FARAH AL QASIMI, 28
Photographer
DANNY CASALE, 24
Illustrator, Coolman Media
YIXI CHEN, 26
Founder, Chemist Creations
REESE COOPER, 22 121
Fashion designer,
Reese Cooper
SALLY DENG, 26
Illustrator
DANI EGNA, 26
Founder, INKED by Dani
LOUIS FRATINO, 26
Artist
MARLY GALLARDO, 26
Illustrator
ILANA HARRIS-BABOU, 28
Artist
GRACE LYNNE
HAYNES, 27
Artist
LILY HEVESH, 21
Domino artist, Hevesh5
ACACIA JOHNSON, 29
Photographer
JARRETT KEY, 29
Artist
JON KEY, 29
Artist
DAE LIM, 26
MIA PARK, 28
Fashion designers,
Sundae School
MYLES LOFTIN, 21
Photographer
SAAD MOOSAJEE, 26
Animator
LAUREN NOUCHI, 28
Cofounder, Apparis
LISA QU, 22
Fashion designer, Lisa Qu
EMILY RATAJKOWSKI, 28
Fashion designer, Inamorata
JESS HANNAH
RÉVÉSZ, 28
Jewelry designer, J. Hannah
LAUREN NOUCHI, 28 CHRISTOPHER JOHN
ROGERS, 26
COFOUNDE R, A P PA RI S Fashion designer,
Christopher John Rogers
Good news came to designer Lauren Nouchi in early MAISIE SCHLOSS, 28
2018—retailer Bloomingdale’s wanted a look at her Fashion designer, Maisie Wilen
fall line. The bad news? She hadn’t designed one. Nou- VAUGHN SPANN, 27
chi, who founded vegan clothing brand Apparis (no ani- Artist
mal-derived skins, dyes or glues) with cofounder Amélie MEI-LAN TAN, 29
Cofounder, UMÉ
Brick, hunkered down in her Paris apartment and de-
AMBER VITTORIA, 29
signed 12 faux fur coats in bold shades of fuchsia and lav- Illustrator
ender. Bloomies bought 5,000 of the jackets, which retail
DIYOU WU, 29
for $215 to $495. With 600 other shops, including Saks Illustrator
and Intermix, on board she expects 2019’s sales to top $7 SHILPA YARLAGADDA, 23

million. “The food industry saw a big movement, then it Cofounder, Shiffon
moved to beauty,” says Nouchi. “Vegan fashion will be the
next thing.” —Susan Adams, Samantha Sharf, Michael
Solomon, Kristin Tablang


JUDGES: TORY BURCH, FOUNDER, TORY BURCH; SARAH STAUDINGER, FOUNDER, STAUD (UNDER 30 CLASS OF 2019); KEHINDE WILEY, ARTIST.
LAUREN NOUCHI WEARS AN APPARIS FAUX FUR SCARF.

F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

KEZIA ADAMO, 27
Programmer, StudioMDHR old, Stander has been at this for a long time. At
NICK AMYOONY, 24 GAMES 16 he released a free Web game, Tower of Heaven.
Professional gamer, Nick Eh 30 Stander started to develop Katana at McGill Uni-
BRENT BATAS, 29; versity, taking freelance game-design gigs to help
JULIAN GARI, 28 fund what he thought would be a two-year project.
Cofounders, AutoAttack Games

JUSTIN STANDER, 26 Instead it took five years. “There were an innu-

JOSEPH BENTLEY, 27
Head of Beyond Entertainment, FO U ND ER , AS KIIS OFT merable amount of days that I woke up, worked,
Logitech went to sleep, and that was it,” says Stander. He is
JUSTIN BRITCH, 27 Not all heroes wear capes. The protagonist of developing new story lines, game levels and other
122 Head of development, Obsidian Justin Stander’s hit action game Katana ZERO add-ons to keep Katana, available on PC, Mac and
Entertainment
MAXX BURMAN, 29 is a bathrobe-wearing samurai with a penchant Nintendo Switch, current—and selling. —Kenrick
Cofounder, KitBash3d for synth-driven ’80s music. Stander’s highly Cai, Matt Perez
BONNIE BURTON, 28 rated, independent game has, in less than a year,
Producer, Bungie
sold 500,000 copies, generating $5 million in
STEPHEN ELLIS, 28; sales—a blockbuster in the indie market where
DAVID STEINBERG, 27
Cofounders, Pipeline the average game makes $16,000. For a 26-year-
REBECCA FORD, 29
Live operations and community
director, Digital Extremes
LAUREN GABA FLANAGAN, 29
Cofounder, Theorycraft

KYLE GIERSDORF, 17
Professional gamer, Sentinels
RENEE GITTINS, 29
Executive director, IGDA
RICHARD HENKEL, 28
Product lead, Riot Games
KYLE HOLDWICK, 29
Senior gameplay engineer,
thatgamecompany
MARY KENNEY, 28
Writer, Insomniac Games
NICOLE LAPOINTE
JAMESON, 25
CEO, Evil Geniuses
KEIZAC LEE, 25
Partner, Kowloon Nights
DOMINIQUE MCLEAN, 21
Professional gamer, Echo Fox
SHAYNA MOON, 28
Associate producer,
Santa Monica Studio FINANCE
SPENCER PERREAULT, 29

Principal software engineer,
Microsoft

JASMINE ROBERTS, 27
Adjunct professor, MAGDALENA KALA, 29
New York University
SAM ROSENTHAL, 28 VIC E PR E SIDE N T, BAIN CAP ITA L
Founder, The Game Band
KETAKI SHRIRAM, 28 Magdalena Kala, a vice president at private equity giant Bain Capi-
Cofounder, Krikey
tal, recently dyed her hair red to match the branding of Virgin Voyag-
JUSTIN STANDER, 26 es. The new $3 billion cruise-line venture between Bain and billion-
Founder, Askiisoft

aire Richard Branson is looking to rock the industry’s boat—swapping
JAMES SUN, 24

Senior product manager, Twitch floating theme parks for grown-up vessels (no children allowed), fea-
turing modern design, high-end restaurants, rollicking nightlife, ro-
HANAKO TJIA, 27

Agent, UTA bust fitness programs and even tattoo parlors. Kala is an observer of
RUMAY WANG, 28 the Virgin Voyages’ board, heads partnerships with brands like Vir-
Professional gamer, G2 Esports gin Atlantic and Delta and is helping run its customer-targeting strat-
SOLEIL WHEELER, 14 egy and social media influencer campaigns. Raised in a Polish farming

Professional gamer, FaZe Clan
village with dreams of an American education, Kala emailed 270 U.S.
CARRIE WITT, 29 boarding schools for a scholarship, landing at Pennsylvania’s Mercers-
Art director, Owlchemy Labs
burg Academy and later Harvard. “I grew up right after communism
ZHENGHUA YANG, 29
Founder, Serenity Forge ended, so being scrappy was very much a part of my childhood.”
—Michael del Castillo, Antoine Gara, Jeff Kauflin, Nathan Vardi


JUDGES, GAMES: STEPHANIE BARISH, FOUNDER, INDIECADE; MATT BOOTY, CORPORATE VICE PRESIDENT, XBOX GAME STUDIOS; JASON RUBIN, VICE PRESIDENT, SPECIAL GAMING INITIATIVES,
FACEBOOK; AILEENA XU, PRESIDENT OF ESPORTS, TSM (UNDER 30 CLASS OF 2019). FINANCE: BILL ACKMAN, FOUNDER, PERSHING SQUARE CAPITAL MANAGEMENT; SONIA GARDINER,
COFOUNDER, AVENUE CAPITAL MANAGEMENT; EDDIE BROWN, FOUNDER, BROWN CAPITAL; MATTHEW HUMPHREY, COFOUNDER, LENDINGHOME (UNDER 30 CLASS OF 2017).
JUSTIN STANDER WEARS A DAVID HART BLACK-AND-WHITE WOOL JACKET, MAVI DENIM TRACK PANTS, AND A NORDSTROM SIGNATURE MERINO TURTLENECK SHIRT.
MAGDALENA KALA WEARS A L’AGENCE GREEN VELVET JACKET.

F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

ANJELO AUSTRIA, 29 BALKEES ABDERRAHMAN, 28
Ph.D. candidate, University of Leeds
Senior analyst,
Center Lake Capital SCIENCE DANIEL ALMEIDA, 28
MICHAEL BLOCH, 28 Ph.D. candidate, Douglas Mental
Health University Institute
Cofounder, Pillar
ROXANNE BELTRAN, 28
MAXWELL BLUMENFELD,
28; NAFTALI HARRIS, 27 Postdoctoral researcher,
University of California, Santa Cruz
Cofounders, SentiLink
TYLER BERNSTEIN, 21;
SAM BOBLEY, 28 JONATHAN SEGAL, 22
Cofounder, Ocrolus Cofounders, Zeno Power Systems
JENNIFER CAMPBELL, 26 ESTI BLANCO-ELORRIETA, 29
Cofounder, Tagomi Ph.D. candidate, New York University
JILL CARLSON, 29 BIRGITT BOSCHITSCH, 28
Principal, Slow Ventures Cofounder, spotLESS Materials
RACHEL CARPENTER, 29 PAIGE BROWN, 21; JOHN DEAN, 22;
Cofounder, Intrinio KAI MARSHLAND, 22;
WILLIAM DAGUE, 28 ANDREY SUSHKO, 25
Vice president, Nasdaq Cofounders, WindBorne Systems
GARDNER DAVIS, 29 JASON CHEN, 29
Senior investment associate, Cofounder, Verge Genomics
Bridgewater Associates STEFANO DANIELE, 29
AMBER FENG, 29 Ph.D. candidate, Yale School of Medicine
Head of corporate card, Stripe ARTURO ELIZONDO, 27
MAXIMILIAN FIKKE, 28 Cofounder, Clara Foods
Principal, BC Partners KYLE FLANAGAN, 29
KAREN FISHMAN, 29 Founder, Prime Lightworks
Vice president, Goldman Sachs ALEXANDER FOTSCH, 29
PAUL GU, 28 Vice president, Locus
Cofounder, Upstart Agricultural Solutions
KATHERINE HELE, 29 KENNETH HARRIS, 27
Vice president, Bank of America Senior satellite engineer, NASA
ALLAN JEAN-BAPTISTE, 29 ASHLEY KALINAUSKAS, 29
Principal, KKR Founder, Torigen Pharmaceuticals
MAGDALENA KALA, 29 DAKSHITA KHURANA, 29
Vice president, Bain Capital Assistant professor, University
of Illinois at Urbana-Champaign
MOIZ KHAN, 29 AHMED KORD, 29
Analyst, Palestra Capital
Postdoctoral researcher,
JESSICA KHATER, 24 Columbia University
Head of institutional lending, REBECCA KRAUTHAMER, 28
Celsius Network
Founder, Quantum Thought
ALEX KLARFELD, 29
Cofounder, Divvy Homes SIDDHARTH KRISHNAN, 28
Postdoctoral researcher, MIT
ANDY LEE, 29 JOE LAURIENTI, 29
Chief investment officer,


Parallaxes Capital Founder, Ursa Major
ADAM LESLIE, 29 SHARON LI, 29
Principal, Blackstone Postdoctoral researcher,
Stanford University
NATASHA NATH, 29 ANN LIN, 23
Vice president, Deutsche Bank
Ph.D. candidate, Stanford University
MONTA OZOLINA, 28
Associate, private equity, FADJI ZAOUNA MAINA, 28
Apollo Global Management Postdoctoral researcher, Lawrence
Berkeley National Laboratory
ALEXANDER PACK, 27
Cofounder, LUMKA MSIBI, 29

Dragonfly Capital Partners Cofounder, AstroFarm Technologies
JESSE REINHERZ, 29 EMMA PIERSON, 28
Portfolio manager, Ph.D. candidate, Stanford University
Millennium Management Which came first, the chicken or the egg? Arturo Elizondo wants DEREK PLATT, 26

OLIVIA ROGAN, 29 to make the age-old conundrum irrelevant. His Clara Foods has de- Ph.D. candidate,
Associate, KKR Washington University in St. Louis
veloped a fermentation technology that uses yeast to convert sugar
BRIAN SANDERSON, 29 into egg proteins, the way brewers make beer. The animal-free pro- JESSICA POINTING, 24
Vice president, Morgan Stanley Ph.D. candidate, Stanford University
teins will be a cheaper and greener replacement for the vast quantities
JASON SCHNEIDER, 29 IVAN RAVLICH, 29
Analyst, of eggs that go into everything from instant cakes and mayonnaise to Founder, Hypernet Labs
Tiger Global Management supplements and pharmaceuticals. “Animals are incredibly inefficient JOAQUIN RESASCO, 29


TROY WICKETT, 29 protein machines,” says Elizondo, whose parents immigrated to the Postdoctoral researcher, University
Vice president, Goldman Sachs of California, Santa Barbara
U.S. from Mexico. “It’s fundamental economics that we can make pro-
NAOKI JOHN YOSHIDA, 29 tein that is cheaper and more sustainable.” Clara Foods has raised $45 RYAN ST. PIERRE, 29
Principal, Hellman & Friedman Researcher, Carnegie Mellon University
million, including an investment from $5.6 billion food and pharma
BRIAN SWEIS, 29
company Ingredion. —Robin Andrews, Alex Knapp M.D./Ph.D. candidate, University of
Minnesota

MATTHEW AGUAYO, 29;
AASHAY ARORA, 28
Cofounders, EnKoat ENERGY
SANDEEP AHUJA, 28
Cofounder, cove.tool
BENJAMIN BACKER, 22;
DANIELLE BUTCHER, 23
Cofounders, American
Conservation Coalition
MARIA BUITRON, 29
Investor, PIVA
KEVIN BUSH, 27
124 Cofounder, Swift Solar

CHARLES-HENRI CLERGET, 27;
LOUIS CRETEUR, 29;
ERIC ZHANG, 29
Cofounders, Acoustic Wells
VAITEA COWAN, 26;
JAN-JUSTUS SCHMIDT, 28
Cofounders, Enapter
DANE DEQUILETTES, 29;
ANURAG PANDA, 29
Team leads, GridEdge Solar
DON DEROSA, 29
Cofounder, Eonix
UGWEM ENEYO, 29;
COLE STITES-CLAYTON, 28
Cofounders, SHYFT Power Solutions
ALEXANDRA HARBOUR, 25
Investor, Powerhouse Ventures
ROHIT KALYANPUR, 22
Founder, Optivolt Labs
KENTARO KAWAMORI, 28
Partner, Rice Investment Group
JORDAN KEARNS, 27
Founder, Medley Thermal
ANA SOPHIA MIFSUD, 25
Senior associate,
Rocky Mountain Institute
ASHLEY ZUMWALT-FORBES, 29
ISABEL MOGSTAD, 29
Senior manager, PR ES ID E NT, B LAC K M O U NTA I N M ETA L S
Environmental Defense Fund
GRACE PAULSEN, 29 Ashley Zumwalt-Forbes is big on batteries. The
Energy investments, Arena Investors
president of Black Mountain Metals—a divi-
RYAN PEARSON, 27;
MATTHEW RYAN, 27 sion of Fort Worth, Texas-based energy produc-
Cofounders, Cypris Materials er Black Mountain—is on the hunt for ore like
ALEXANDRA RASCH, 29 nickel, a key ingredient of the lithium-ion batter-
Founder, Caban Systems
ies that power electric cars like Teslas. In 2018 her
TIM SHERSTYUK, 26 unit plowed $75 million into mining operations
Cofounder, GBatteries

in Western Australia. That same year, the Har-
APOORV SINHA, 29
Founder, Carbon Upcycling Technologies vard M.B.A. ran a hostile takeover bid for Aus-
tralian miner Poseidon Nickel, acquiring a 20%
ZACHARY SMITH, 29

Founder, Zauben stake. Zumwalt-Forbes grew up near the oilfields
ABRAHAM STANWAY, 29 of Choctaw, Oklahoma, majored in petroleum
Cofounder, Amperon engineering at the University of Oklahoma and
ELISE STROBACH, 28; worked as a drilling engineer at ExxonMobil. As
KYLE WILKE, 29 head of business development for Black Moun-
Cofounders, AeroShield
tain, her analysis of the evolving battery landscape
NAMAN TRIVEDI, 25

Cofounder, WattBuy inspired the company’s jump into mining. “My
ERICA TSYPIN, 28 number one hurdle was overcoming im-
Cofounder, Steer postor syndrome,” says Zumwalt-Forbes
WHITNEY WICKES, 29 (no relation to the magazine’s founding
Cofounder, Rocking WW Minerals family). “I rarely see another woman in
TYLER WITTMAN, 27 meetings, let alone one without a for-
Founder, Precision NDT
mal mining background, but I know
JONATHAN YAN, 29 I’ve earned my seat at the table.”
Investor, Sparx
—Jeremy Bogaisky, Elisabeth
ASHLEY ZUMWALT-FORBES, 29
Cofounder, Black Mountain Metals Brier, Chris Helman

JUDGES: CAROL BATTERSHELL, ENERGY CONSULTANT; LORD JOHN BROWNE, EXECUTIVE CHAIRMAN, L1 ENERGY;
TIM LATIMER, COFOUNDER, FERVO ENERGY (UNDER 30 CLASS OF 2019); EMILY REICHERT, CEO, GREENTOWN LABS.
ASHLEY ZUMWALT-FORBES WEARS A CHRISTIAN SIRIANO BURNOUT DRESS, A SOCIALITE ARMY FAUX FUR COAT AND GABRIEL & CO. GOLD-AND-DIAMOND EAR CLIMBERS.

F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

His first football season, Isaiah




told us, ‘Wear a jersey with my




name on it. I want everyone to



know you’re here for me.’




Darnell and Denna, adopted 16-year-old Isaiah



















































































L E A R N A B O U T A D O P T I N G A T E E N
A D O P T U S K I D S . O R G
YO U C A N ’ T I M AG I N E T H E R E WA R D

126



























































Through the Looking Glass
Cross River CEO Gilles Gade says
his New Jersey bank will provide the
operating software for finance’s future.





























BY ANTOINE GARA, NATHAN VARDI AND JEFF KAUFLIN PHOTOGRAPHY BY JAMEL TOPPIN FOR FORBES

FINTECH’S 127














SECRET














BANK THE FORBES INVESTIGATION














Many of the most popular finance
apps are little more than glitzy
loan pushers with a voracious
appetite for risk. Enabling them
is a tiny bank in New Jersey with
overinflated ambitions.










































D E C E M B E R 3 1 , 2 0 1 9 F O R B E S . C O M

→ If you want a glimpse of up from $100 million a decade ago.

“We’re in the moving business, not the stor-
the future of banking, don’t age business,” booms chief executive Gilles Gade,
53, an immigrant from France, balding and wear-
ing clear-framed glasses and a navy Hugo Boss
look to Silicon Valley or sweater. “We move assets. We originate [them],

we package them, and we sell them.”
Manhattan’s financial district. in the fintech revolution. State-chartered banks
128 Gade is being modest about Cross River’s role

like his have the regulatory and compliance
N
O Instead, drive across the George Washington Bridge to Fort framework in place and the lending licenses necessary to orig-
I Lee, New Jersey. If you glance left as you come over the traffic- inate loans. Most fintechs do not and thus rely on banks for



A T
G clogged expanse and make your way onto Interstate 95, you’ll funding. It’s the industry’s dirty little secret. Once you get be-
I see a red granite office building. On its 14th floor, overlooking yond the slick iPhone apps and inflated tales of big-data mining




T
S

E America’s busiest toll plaza, is the headquarters of a tiny FDIC- and AI-generated lending decisions, you realize that many fin-
V insured bank named Cross River. techs are nothing more than aggressive lending outfits for little-

N
I Cross River is not a typical community bank. There are no known FDIC-insured banks.

E

H tellers here, or ATMs or safe deposit boxes. Instead there are Since 2010, Silicon Valley venture firms and others have in-
T
175 bank staffers and traders stuffed elbow to jowl into about vested some $175 billion to disrupt the financial system, ac-



23,000 square feet, peering into hundreds of computer moni- cording to Accenture. This has inevitably resulted in astronom-
tors—often stacked three per desk. There are startup touches—a ical valuations for many privately held fintechs. But just as We-

kitchenette stocked with LaCroix sparkling water, gourmet cof- Work’s prospectus laid bare the fact that the company was little
fee and a game room. more than an overpriced lessor of real estate, a glance under the
Cross River is on a lending tear. It is underwriting loans at the hood of many fintechs reveals similar sleights of hand.

rate of more than $1 billion a month—some $30 billion worth Take out a $2,000 zero-interest, 39-month installment loan

in just nine years. But unlike in banks of yesteryear, virtually from Affirm to buy a Peloton bike this Christmas and it is likely



all Cross River’s lending officers aren’t human beings. They are that Cross River is actually making the loan. Cross River holds
apps. Cross River’s loans originate mostly from 15 or so buzzy onto such loans for a few days, then typically transfers them to
venture-capital-backed financial technology startups, so-called the fintech, which will sell the debt to hedge funds and bond




fintechs, that go by names like Affirm, Best Egg, Upgrade, Up- buyers, or securitize it into bundles of thousands of such loans.


start and LendingUSA. The fintechs provide the customers; On the stock market, banks tend to trade for a fraction of the

Cross River provides the licenses and infrastructure. It holds multiple technology stocks do. That’s why fintechs are eager to



10% to 20% of each loan it issues, and the massive volume of position themselves as tech firms, not financial firms. The VCs
fintech loans has propelled Cross River to $2 billion in assets, are eager to sell that story, but the market hasn’t been that stu-

AFRAID OF GOING PUBLIC?
THE FIVE RICHLY VALUED FINTECHS BELOW CAN THANK CROSS RIVER BANK FOR ENABLING SOME OF THEIR
IMPORTANT LINES OF BUSINESS. DESPITE THE STRONG ECONOMY, NONE HAVE DARED TO IPO.
PRIVATE MARKET CROSS RIVER
NAME / CITY VALUATION RELATIONSHIP WHAT THEY DO
Lender
s
n
l
m
i
c
a
i
t
a
l
p
g
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-
h
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t
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r
e

/
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m

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n


a
o
n
Affirm/San Francisco $2.9 billion, capital L e n d e r High-interest installment loanss
A
l


ffi

t
b
i

.
9
l
n
,
o
l
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2
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$
raised: $800 million
raised: $800 million

Coinbase/San Francisco $8.1 billion, capital Provides settlement accounts, Treasury Cryptocurrency exchange and
raised: $525 million management and transaction services a brokerage business

Provides debit platform for workers

$35.3 billion, capital
Stripe/San Francisco $35.3 billion, capital Provides debit platform for workers Digital payments company with software
Stripe/San Francisco
Digital payments company with software
raised: $1.3 billion in the gig economy that helps businesses conduct online transactions
raised: $1.3 billion
in the gig economy
that helps businesses conduct online transactions
Upgrade/San Francisco $562 million, capital Lender Personal loans and credit cards that
raised: $162 million convert balances into installment loans
$750 million, capital
Lends money for credit card debt consolidation
Lender
Upstart/San Carlos, CA $750 million, capital Lender Lends money for credit card debt consolidation
Upstart/San Carlos, CA
raised: $165 million and to fund expenses like weddings
raised: $165 million
and to fund expenses like weddings
SOURCES: THE COMPANIES; PITCHBOOK.
F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9

Fintech Fiasco the party could end fast. Filings with the FDIC show person-

GREENSKY INC. al loans—virtually all from fintech lending partners—account
for a high 60% of the loans on its books. A good deal of the
HOME IMPROVEMENT LOANS loans Cross River carries have sky-high interest rates, forbidden
IPO: MAY 2018 MARKET VALUE LOSS: $3.7 BILLION
in states like New York and Connecticut with strict usury laws.
Cofounded in 2006 by David Zalik, a serial entrepreneur whose The bank itself is venture-funded, attracting money from the
businesses have ranged from selling refurbished PCs to real-es- likes of Andreessen Horowitz and Battery Ventures—some $28
tate investing and cofounding a bank that failed, GreenSky uses million in late 2016. A year ago, KKR & Co. led a $100 million in-

tech to make loans—often at zero interest—for home improvements vestment round, valuing Cross River at nearly $1 billion, rough-
and repairs. Roofers, plumbers and other contractors with mobile
ly three times what a similar-size regional bank would typical- 129


phones are its loan officers. For banks
ly be worth.

it provides great fee income and off-

“Our strategy is to be the only financial services provider to
loads a good deal of the upfront cred- T

the fintech ecosystem globally,” Gade says excitedly. “Changing H
it risk. E
Last May, GreenSky went public, people’s lives is why we do this, before anything else.”
I
raising $955 million. But not long after Prior to his arrival at Cross River, Gade had a decidedly con- N

V
the IPO, cracks in GreenSky’s busi- ventional career. He’d done stints at Bear Stearns and Bar- E
ness model became apparent. In 2018, clays and as CFO of New York mortgage lender First Meridian, S
T
I
GreenSky cut its full-year adjusted known for issuing loans under the licensed name Trump Finan- G
earnings guidance from $192 million to cial. Early in his career, Gade, who was born in Paris, took two A T
$175 million, spooking investors. I
years off to study the Talmud. In 2008, he decided to make his O


Things have gotten worse since, as move, pooling some $700,000 in savings with $9 million from N
CEO David Zalik its lenders, including Cross River, have
friends and others to invest in Cross River, a community bank
pulled back. The startup is also dealing with legal trouble over its
that had received a bank charter but had no assets.

contractor relationships. GreenSky reached a $160,000 settlement

in 2017 with New Jersey’s attorney general to resolve consum- During Cross River’s first year in operation, Gade and his

er complaints, and it is now facing a similar problem in Alabama. small team mostly traded in and out of government-backed and
Since its post-IPO peak of $26, GreenSky’s stock has fallen to $7, auction-rate securities. Then, less than two years after the bank
but Zalik has siphoned out so much that his net worth of $1.6 billion opened, Gade was approached by David Zalik, an entrepreneur
is now larger than the company’s market capitalization. whose fintech, GreenSky, was growing rapidly by enlisting con-

tractors to make no-interest loans to property owners for home
pid. Many fintech unicorns that have managed to stage public


offerings have been severely punished in the aftermarket. Fintech Fiasco
LendingClub went public in 2014 with a valuation of $5.6 bil- ON DECK CAPITAL
lion. Today it is worth $1.2 billion. On Deck Capital, a New York

City–based fintech that makes superfast small business loans, HARNESSING BIG DATA TO MAKE SMALL-BUSINESS LOANS
IPO: DECEMBER 2014 MARKET VALUE LOSS: $1.6 BILLION
is worth $290 million today, down from $1.9 billion the day it

IPO’d in late 2014. It’s a similar story for other fintech IPOs like
Founded in 2006, On Deck uses data and algorithms to quickly
Funding Circle and GreenSky. approve small-business loans—a group many banks are reluctant
“[These] companies positioned themselves as tech compa- to lend to. On Deck’s loans range from $5,000 to $500,000, and
nies, [but] in reality [they] are just leveraging tech to further an its biggest bank partners have been JPMorgan Chase and Utah-
old-school business solution like consumer lending,” says An- based Celtic Bank. Celtic accounts for some 20% of its loans.
drew Marquardt of Middlemarch Partners and formerly of the By 2013, On Deck had originated
New York Fed and BlackRock. “You have investors looking at it $400 million in loans despite charging
sky-high rates of up to 36%. In March
and saying, ‘This is a bank, it is not a tech company.’ ”
2014, it raised $77 million from Chase
By Forbes’ count, some $15.6 billion in market value has al-
Coleman’s Tiger Global and others.
DAVID ZALIK BY JAMEL TOPPIN; BRENT LEWIN / BLOOMBERG


ready been wiped out thanks to ill-fated fintech public offer-
A few months later it went public. On
ings. Other large lenders like Prosper Marketplace and LoanDe-
Deck’s stock soared 40% to a $1.9 bil-

pot have either filed to go public and abandoned plans or re- lion valuation on its first day of trading.

main private. More inflated valuations are hiding in plain sight. It was downhill from there as mar-

All of this could eventually spell big trouble for Cross Riv- keting expenses ballooned, growth
er. Some fintechs it has done business with, like GreenSky slowed, and a new crop of competitors


and LendingClub, have already become investor fiascoes (see like Fundbox, Kabbage and BlueVine
sidebars). There may be more train wrecks coming (see table, gained steam. In early 2017, On Deck CEO Noah Breslow
reported a 15% net charge-off rate of its loans due to defaults.

p. 128). Five of its biggest fintech clients by market value have

Two years later JPMorgan said it would stop working with it.
raised $2.25 billion at a combined value of $50 billion. None
The original strategy was to “grow, grow, grow—which doesn’t

seems ready to undergo the scrutiny of a public offering even
usually translate into good credit performance,” says Giuliano Bo-
as the stock market hits highs and consumer defaults remain
logna, an analyst at investment bank BTIG. “What people really
near record lows. started to realize is that, while there was a lot of tech, they’re really
At the moment, though, it’s boom time in Fort Lee. But more ‘fin’ than tech.” On Deck’s stock is down 75% from its IPO.

D E C E M B E R 3 1 , 2 0 1 9 F O R B E S . C O M

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FIVE STAR WEALTH MANAGERS FIVE STAR INVESTMENT PROFESSIONALS




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Five Star Wealth Manager and Five Star Investment Professional award winners in cities across the U.S. retention rate. 8. Non-institutional discretionary and/or non-discretionary client assets administered.
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Five Star Professional identified award candidates based on industry data and nominations received from licensures. 2. Actively employed as a credentialed professional in the financial services industry for a
industry firms and individuals (self-nominations are not accepted). Only candidates who satisfied 10 objective minimum of five years. 3. Favorable regulatory and complaint history review. 4. Accepting new clients.
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eligibility and evaluation criteria have been named Five Star Wealth Managers or Five Star Investment
7. Number of client households served. 8. Recent personal production and performance (industry specific
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Elizabeth Wilder
CFP®, Vice President, Lic. 5305562 David Boothe

Elizabeth, a 14-year veteran of the securities business, has built a reputation 6;.;06.9 1C6@<? !60
for providing trustworthy, well-researched, practical advice to her clients.
The Wilder Group, LLC listens and demonstrates a complete understanding David got his start in financial services in 1993


of its clients’ specific situations and needs. With this information, we

2 work closely with each client to establish and achieve lifelong goals. 8 and has been a full-service financial advisor
YEAR YEAR for 20 years. He has helped guide his clients
WINNER The daughter-father team has over 40 years’ experience servicing clients. WINNER
Left to right: Carol Dill, Executive Assistant; through challenging markets to help them
∙ Works with retirees, professionals and ambitious millennials

Eight-year winner David F. Boothe, achieve their retirement and financial goals.
∙ Builds trust through exceptional client service — when you call, we answer President, Chief Compliance Officer;




∙ Customized portfolios designed by The Wilder Group, LLC, not a computer program Anna C. Hibbitt, Chief Operating Officer <<A52 ;C2@A:2;A ?<B= ;0 H ;C2@A:2;A
Services”) is a registered investment adviser offering

advisory services in the State(s) of DE, FL, MD, NC,


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through American Wealth Management, Inc (AWM), member FINRA/SIPC. www.abigplan.com investment plan or strategy will be successful.
Wealth Manager Award Winner Wealth Manager Award Winner
Paul Gassel Andy Evans
Managing Partner, Certified Fund Specialist®, Accredited Investment Fiduciary® Director, Lic. 1940274
∙ Comprehensive wealth ∙ Investment advisory ∙ Retirement planning
management ∙ Risk management ∙ Estate planning
Paul Gassel is both a financial advisor and the managing partner of ∙ Investments
WWM Investments, LLC, serving his clients since 1995. Paul assists Our role is to always act in the best interest of our clients. We run
8 8
YEAR with the accumulation and protection of personal wealth tailored YEAR a boutique wealth management practice in Plano, Texas with over
WINNER WINNER
to meet the complex and rapidly evolving financial markets. Evans Hawkins 60 years of combined experience using one of the largest and most
Planning Today He works to continuously enhance his reputation for accessibility, Darden Wealth secure clearinghouses to help manage our clients’ business. Our goal
for Tomorrow professionalism, performance and the depth and quality of his Partners is to help families grow and manage their wealth with confidence.
long-lasting, consultative relationships with clients. 2012 – 2019 Five Star Wealth Manager.



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WWM Investments, LLC is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies. SIPC. Evans Hawkins Darden Wealth Partners is a separate entity from WFAFN. CAR 0919-01977.
Wealth Manager Award Winner Wealth Manager Award Winner

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FIVE STAR WEALTH MANAGERS FIVE STAR INVESTMENT PROFESSIONALS



Joseph F. Brinker
President Michael D. Ruggiero
For Joseph and Brinker Financial, providing financial services extends Financial Advisor, MBA
well beyond your investments. Our team prides itself on maximizing
clients’ value in investments and life decisions. Whether you are
planning for retirement, college, a wedding, or for wealth transfer,
4 Brinker Financial is your trusted partner. 4
YEAR YEAR
WINNER WINNER
With a reputation for integrity and a warm and welcoming For 13 years, Michael has been helping his clients
We Provide atmosphere, we know our clients on a personal level. Seated on right: Four-year winner Michael D. Ruggiero with progressive strategies related to investment,
Advice Beyond Brinker Financial provides the personalized services you need for all estate planning strategies and business succession. Michael strives to provide a client-focused, diligent
Your Investments your financial decisions. approach that establishes clear goals and discipline to help clients work towards their personal investment
objectives. Michael is a 2013, 2014, 2017 and 2019 Five Star Wealth Manager.
th
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Ameriprise Financial, Inc. does not offer tax or legal advice. Consult with a tax advisor or attorney.


Securities and advisory services offered through LPL Financial, Investment advisory products and services are made available through Ameriprise Financial Services, Inc.,
a Registered Investment Advisor, Member FINRA/SIPC. a registered investment adviser. Ameriprise Financial Services, Inc., Member FINRA and SIPC.
Wealth Manager Award Winner Wealth Manager Award Winner
Grant H. Ulrick Richard H. Streisfeld
CAP®, CLU®, CFP®, Wealth Advisor, Partner Senior Vice President – Investments, Branch Manager, Financial Advisor
∙ Asset management, retirement, insurance and planned giving ∙ 30 years of experience

Grant has over 22 years’ experience in the financial services industry, ∙ $2 million account minimum required
and he uses a comprehensive, goals-based approach when helping
My goal is to help ensure my clients can enjoy their lives and achieve their
7 his clients seek their financial dreams. Grant engages strategies 6

YEAR YEAR financial goals without the burden of having to understand the complex world
WINNER designed to help clients maximize their retirement income and pass WINNER

of investing. The scope of services I offer is complimented by the extensive
Entrepreneurs wealth on to their families and favorite charities. A strong focus on knowledge and capabilities of Morgan Stanley professionals who provide
Helping Social Security and Medicare planning allows him to bring confidence additional knowledge in lending, estate planning strategies, insurance,
Entrepreneurs into his clients’ retirement years. Working With You wealth planning and trusts. A full list of our capabilities can be found at
www.morganstanley.com/fa/richard.streisfeld.
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Stratos Wealth Partners, Ltd., a registered investment advisor and a separate entity from LPL Financial. NMLS 174531. ©2019 Morgan Stanley Smith Barney LLC. Member SIPC. CRC27535989 10/19.
Wealth Manager Award Winner Wealth Manager Award Winner
Michelle R. Alberda Kimberly J. Brumbaugh
CFP®, CLU®, RICP®, Private Wealth Advisor LUTCF®, Founder, CEO
∙ 2015 – 2019 Five Star Wealth Manager Our firm’s emphasis is on comprehensive planning driven by advice.
∙ 20 years of experience Our clients are C-suite executives, owners of middle market businesses
∙ Helping you achieve your financial goals and retirees. We solve financial objectives on a cross-disciplinary
5 ∙ Cerulean Wealth Management, a private wealth advisory 7 basis — not just from a legal or tax perspective. Coordinating with
YEAR practice of Ameriprise Financial Services, Inc. YEAR other advisors, we help people retire with our core philosophy of
WINNER WINNER
serving clients’ needs first.
As an Ameriprise private wealth advisory practice, our focus is on clients’ wealth accumulation
through a long-term, working relationship. We strive to maintain outstanding client satisfaction
while evaluating opportunities and navigating economic uncertainty.
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Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer

Ameriprise Financial cannot guarantee future financial results. Certified Financial Planner Board of Standards Inc. (member SIPC) and Registered Investment Advisor. Insurance offered through Lincoln affiliates and other fine companies.






owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP (with fl ame design) in the U.S. Brumbaugh Wealth Management is not an affiliate with Lincoln Financial Advisors Corp. CRN 2735184-091919.



Wealth Manager Award Winner Wealth Manager Award Winner
The Five Star Wealth Manager award, administered by Crescendo Business Services, LLC (dba Five Star Professional), is based on 10 objective criteria. Eligibility criteria – required: 1. Credentialed as a registered investment adviser or a registered investment adviser representative; 2. Actively licensed
as a registered investment adviser or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by Five Star Professional, the wealth manager has not; A. Been subject to a regulatory action that resulted in a
license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or Five Star Professional’s consumer complaint process.
Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through Five Star Professional’s consumer complaint process; feedback may not be representative of any one client’s experience; C. Individually contributed
to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients.
Evaluation criteria – considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. Wealth managers do
not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. Award does not evaluate quality of services provided to clients. Once awarded, wealth managers may purchase additional profile ad space or promotional products. The Five Star award is not indicative of the
wealth manager’s future performance. Wealth managers may or may not use discretion in their practice and therefore may not manage their clients’ assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager
by Five Star Professional or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by Five Star Professional in the future.
For more information on the Five Star award and the research/selection methodology, go to fivestarprofessional.com. 3,910 Philadelphia-area wealth managers were considered for the award; 437 (11% of candidates) were named 2019 Five Star Wealth Managers. 5,430 Chicago-area wealth
managers were considered for the award; 429 (8% of candidates) were named 2019 Five Star Wealth Managers. 3,147 Connecticut-area wealth managers were considered for the award; 289 (9% of candidates) were named 2019 Five Star Wealth Managers. 2,012 San Francisco wealth managers
were considered for the award; 47 (2% of candidates) were named 2019 Five Star Wealth Managers.
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FIVE STAR WEALTH MANAGERS FIVE STAR INVESTMENT PROFESSIONALS



To see the full list of winners, visit www.fivestarprofessional.com
Atlanta David Naworski ∙ Naworski Investments Michael D. Ruggiero ∙ Ameriprise Jane Sullivan ∙ Sullivan Financial Gregory Schmitz ∙ Copiam Wealth Hawaii
∙ 512-261-3333 Financial Services, Inc. Advisors ∙ 860-657-4150 Management LLC ∙ 214-725-5263
Wealth Manager Wealth Manager
Adam Todd ∙ FMP Wealth Advisers ∙ 708-226-3436 Page 2 Matthew J. Sullivan ∙ Commonwealth Irshad Rafi Sheikh ∙ Wells Fargo
3,197 award candidates in the Atlanta-area ∙ 512-329-5174 Sue Stevens ∙ Buckingham Strategic Financial Network ∙ 860-388-9628 Advisors ∙ 972-473-5944 668 award candidates in Hawaii were
were considered for the Five Star Wealth Wealth ∙ 847-282-9910 Myra Slaybaugh ∙ Phoenix Wealth considered for the Five Star Wealth Manager
Manager award. 285 (approximately 9% of the Charlotte Carolyn Thur ∙ Ameriprise Financial Grant H. Ulrick ∙ Stratos Wealth Partners ∙ 817-969-5405 award. 88 (approximately 13% of the award
award candidates) were named 2019 Five Star Wealth Manager Services ∙ 312-762-1500 Partners ∙ 203-617-1501 Page 2 candidates) were named 2019 Five Star Wealth
Wealth Managers. Terrence D. Wittman ∙ Wittman Wealth Joan M. Valenti ∙ Valenti Wealth Lawrence Smith ∙ ELS Vision Wealth Managers.
Management/LPL Financial
Management ∙ 972-598-0242
Erik Anhaus ∙ Benedetti, Gucer, 1,346 award candidates in the Charlotte- Management ∙ 630-307-6933 ∙ 860-677-7790 Joseph Gronwald ∙ Ameriprise Financial
& Associates ∙ 404-602-0034 area were considered for the Five Star Wealth Jennifer Snee ∙ Ameriprise Financial Services, Inc. ∙ 808-784-3501
Manager award. 129 (approximately 10% of the Mark V. Yackey ∙ Ameriprise Financial Brian Waddell ∙ New England Financial Services, Inc. ∙ 972-244-5736
Timothy Crain ∙ Ameriprise Financial award candidates) were named 2019 Five Star Services, Inc. ∙ 630-955-1400 Group ∙ 860-313-4857 Jensen Kono ∙ Morgan Stanley
Services, Inc. ∙ 470-545-6833 Patrick K. Wallace ∙ Gardner Wallace ∙ 808-525-7946
Wealth Managers. Daniel Younglove ∙ Morgan Stanley Financial Solutions ∙ 972-833-2573
Amanda Fischer ∙ Oster & Fischer, LLC Judson H. Gee ∙ Chalice Capital Partners ∙ 630-203-6170 Dallas/Fort Worth Jon LoPresti ∙ Morgan Stanley
∙ 770-753-9880 Michael Woods ∙ Stocker Woods ∙ 808-525-7982
∙ 704-536-3423 Wealth Manager Financial ∙ 940-566-1212
Timothy P. Gelinas ∙ Senior Financial Cincinnati John “J.R.” Robinson ∙ Financial
Planning, Inc. ∙ 770-973-5220 Dennis Mumford ∙ CORE Max 3,899 award candidates in the Dallas/Fort Planning Hawaii ∙ 808-564-0654
Advisors, LLC ∙ 704-315-5155 Wealth Manager Worth region were considered for the Five Star Delaware
Jerri Hewett Miller ∙ Wealth Wealth Manager award. 393 (approximately Wealth Manager Theo Stiller ∙ Westpac Wealth Partners
Horizon, Inc. ∙ 770-840-8440 Chicago 1,371 award candidates in the Cincinnati- ∙ 808-695-2108
area were considered for the Five Star Wealth 10% of the award candidates) were named
Dennis Hinton ∙ Dennis Hinton Resource Wealth Manager Manager award. 238 (approximately 17% of the 2019 Five Star Wealth Managers. 507 award candidates in the Delaware-area
Asset Management ∙ 404-569-1030 award candidates) were named 2019 Five Star were considered for the Five Star Wealth Houston
5,430 award candidates in the Chicago-area Nicholas Adamson ∙ Ameriprise Manager award. 59 (approximately 12% of the Wealth Manager
Stephan Oster ∙ Oster & Fischer, LLC were considered for the Five Star Wealth Wealth Managers. Financial Services, Inc. award candidates) were named 2019 Five Star
∙ 770-753-9880 ∙ 469-865-1031
Manager award. 429 (approximately 8% of the Dwayne Adams ∙ Adams Wealth Wealth Managers. 2,992 award candidates in the Houston
Judy Ross ∙ J. Thompson Ross award candidates) were named 2019 Five Star Management Group ∙ 937-433-6500 James Thomas Adcock Jr. ∙ LPL Financial Jason Betz ∙ Ameriprise Financial region were considered for the Five Star
Investments ∙ 770-345-8008 Wealth Managers. Greg Brown ∙ Brown Financial Advisors ∙ 972-571-3956 Services, Inc. ∙ 302-656-7773 Wealth Manager award. 209 (approximately
Laura K. Schilling ∙ Financial John C. Anderson ∙ AXA Advisors ∙ 513-575-9654 Marcos Andujar ∙ Clarity Financial David Boothe ∙ B.I.G. Investment 7% of the award candidates) were named 2019
Innovations LLC ∙ 404-458-0065 ∙ 630-575-5021 Group ∙ 817-338-4150 Five Star Wealth Managers.
Robert Stephen Castellini ∙ Morgan Services ∙ 302-734-7526 Page 1
Justin D. Streeter ∙ Ameriprise Financial Jay Bann ∙ Wells Fargo Advisors Stanley ∙ 513-562-8303 Markus Byrd ∙ Milestone Group Carolyn Humphrey ∙ Rockwell Margo P. Geddie ∙ Morgan Stanley
Services, Inc. ∙ 678-831-4532 ∙ 630-753-8305 Mitch Edwards ∙ Morgan Stanley & Associates, LLC ∙ 214-393-5163 Associates ∙ 302-655-7151 ∙ 713-966-6819
Bryan Taylor ∙ Cornerstone John A. Bantug ∙ LPL Financial ∙ 513-762-5223 Howard Chen ∙ Wealthstar Advisors Eric Janvier ∙ Good Life Financial Group Theodore Koinis ∙ Helios Wealth
Management Inc. ∙ 770-449-7799 ∙ 847-466-7428 Thomas Mench ∙ Mench Financial, Inc. ∙ 972-523-9143 ∙ 302-613-2964 Advisors ∙ 713-893-0070
Kenneth J. Thomas ∙ Capital Planning Veronica Cardenas ∙ Cardenas Asset ∙ 513-745-5111 Bill Dendy ∙ Elite Financial Management Kenneth C. Jones ∙ Morgan Stanley Justin A. Makris ∙ Wealth Design
Group, LLC ∙ 281-220-2781
& Investments, LLC ∙ 678-323-1440 Management ∙ 312-945-3740 ∙ 214-239-4715
Jonathan E. Peirson ∙ Peirson Financial ∙ 302-657-2020
Annette Walters ∙ Wealth Integrity Norman P. Chiodras ∙ Retirement Services LLC ∙ 513-202-6228 Terry Doyle ∙ Ameriprise Financial Matthew McMenamy ∙ Ameriprise Crawford “Mickey” McGill ∙ Ameriprise
Financial ∙ 770-495-3463 Planners Inc. ∙ 630-495-9700 Jeffrey Stanley ∙ Morgan Stanley Services, Inc. ∙ 214-389-8500 Financial Services, Inc. Financial Services, Inc.
∙ 713-260-5855
Jesse Walton Jr. ∙ Morgan Stanley Patrick Curtin ∙ Morgan Stanley ∙ 513-762-5317 Andy Evans ∙ Evans Hawkins Darden ∙ 302-656-7773
∙ 770-481-1731 ∙ 630-573-9769 Wealth Partners/Wells Fargo Salim Nathani ∙ Benzer Capital
∙ 713-979-2300
Connecticut Advisors ∙ 972-464-1023 Page 1 Denver
Elizabeth Wilder ∙ American Wealth Faron Daugs ∙ Harrison Wallace Barbara J. Paige ∙ Ameriprise Financial
Management ∙ 770-392-8753 Financial Group ∙ 847-281-9898 Wealth Manager David Faulkner ∙ Spectrum Advisors Wealth Manager
∙ 972-931-3700 Services, Inc. ∙ 713-260-1381
Page 1
Randy Dippell ∙ Nestegg 3,147 award candidates in the Connecticut- 2,146 award candidates in the Denver-area Christopher Rawson ∙ Vision Based
Investment Professional ∙ 312-971-5860 area were considered for the Five Star Wealth Andrew Rutchik Gardner ∙ Gardner were considered for the Five Star Wealth Planning, LLC ∙ 713-443-1632
Wallace Financial Solutions
This year, we honored 12 Atlanta-area Nancy Effert ∙ Effert Financial Solutions Manager award. 289 (approximately 9% of the ∙ 972-833-2565 Manager award. 262 (approximately 12% of the Tony Reyna ∙ People’s Trust Investment
award candidates) were named 2019 Five Star
award candidates) were named 2019 Five Star
investment professionals with the Five Star ∙ 815-444-9560 Wealth Managers. Frances Gardner ∙ Gardner Wallace Wealth Managers. Services/Securities America, Inc.
Investment Professional award. Spiro Garbis ∙ Ameriprise Financial Financial Solutions ∙ 214-833-2565 ∙ 713-428-3284
Services ∙ 630-515-0055 Karl M. Anderson ∙ Morgan Stanley Bob Bastiaans ∙ Ameriprise Financial
Mark A. Rosenberg ∙ Rosenberg & ∙ 844-795-3182 Jennifer George-Smith ∙ LPL Financial Services ∙ 303-689-7424 Jeffrey G. Rhame ∙ Rhame & Gorrell
Company, P.C. ∙ 770-984-0474 Paul Gassel ∙ WWM Investments ∙ 214-863-6726 Wealth Management ∙ 832-789-1100
Michael Callahan ∙ Edu4Retirement, Kim Gieseler ∙ Valorem Financial
∙ 312-356-2167 Page 1 Leslea Stock-Lopez ∙ Star Group Wealth
Austin,San Antonio, and Brett Guendel ∙ RPG Life Transition Inc. ∙ 860-863-4155 Kevin Gray ∙ Veracity Capital ∙ 303-393-2456 Management ∙ 713-783-3400
∙ 972-695-3820
Central Texas Specialists® ∙ 847-559-0800 R. Christopher Damon ∙ Ameriprise Steven Harp ∙ Colorado Wealth Group Donald Terry Jr. ∙ Executive Benefit
Financial Services, Inc. Gary Holland ∙ Holland Investment ∙ 720-729-2501
Wealth Manager Evan Hoobchaak ∙ Ameriprise Financial ∙ 877-323-9950 Management, Inc. ∙ 817-698-9800 Solutions ∙ 713-266-4327
Services, Inc. ∙ 847-898-9907 G. Bruce Hemmings ∙ Morgan Stanley
1,204 Austin, San Antonio and Central Texas Mary Dee ∙ WPG Advisory Group, LLC Melanie J. Housden ∙ Carson Wealth ∙ 970-776-5501 Kyle Allen Todd ∙ LPL Financial
region wealth managers were considered Bradley Jenks ∙ LPL Financial ∙ 800-679-2771 Management ∙ 254-386-4500 ∙ 281-953-2050
for the award; 178 (15% of candidates) were ∙ 847-244-0010 Silveria Hufstedler ∙ LPL Financial Jennifer Hilts ∙ LOTUS Financial Partners David Tolson ∙ Arete Advisors
named 2019 Five Star Wealth Managers. Joshua Kadish ∙ 2 Opinion Partners Sherrie L. Deveau ∙ Ameriprise Financial ∙ 972-422-5369 ∙ 303-756-2062 ∙ 832-910-8437
nd
Services, Inc. ∙ 860-290-8880
∙ 847-559-0800 Jeffrey Hutcheson ∙ Aspen Wealth
Issam “Sam” Bakir ∙ TNT Asset David Gillard ∙ Secure Financial Group Gregory R. Jones ∙ MML Investors Management ∙ 720-870-7271 Claudia Vasquez ∙ LPL Financial
Management ∙ 512-255-1600 David W. Latko ∙ Latko Wealth ∙ 860-404-5836 Services ∙ 214-535-3917 ∙ 281-953-2050
Management, Ltd. ∙ 815-469-8887 Brad Jenkins ∙ Jenkins Wealth
Roger O. Brooks ∙ Strategic Investment Simone Gladstone ∙ Compass Rose Paul Lightfoot ∙ Optima Asset ∙ 720-457-6844 Kit Vick ∙ Wells Fargo Advisors
Management ∙ 512-341-9898 Russell G. Luce ∙ Planning Legacies Strategic Partners, LLC Management Inc. ∙ 972-726-0400 ∙ 281-465-6565
Financial Group ∙ 708-981-3152 Daniel Noven ∙ Noven Financial
Lethe C. Burns ∙ Henry & Burns Private ∙ 860-437-7600 Karen Martin ∙ LPL Financial
Wealth/Ameriprise Financial Claudia Marban ∙ Ameriprise Financial Michael J. Lehrhaupt ∙ Strategies For ∙ 817-426-8522 Group, Inc. ∙ 303-782-9100 Indianapolis
Services, Inc. ∙ 512-231-0725 Services ∙ 815-469-7181 Retirement ∙ 203-372-4442 Andy Penso ∙ Mission Wealth Wealth Manager
Scott Campbell ∙ Austin First Ryan C. May ∙ Ameriprise Financial Thomas D. McCandless ∙ Ameriprise Mary S. McMahon ∙ MSM Advisory, LLC ∙ 805-698-3346 1,659 award candidates in the Indianapolis-
∙ 214-803-4361
Financial, Inc. ∙ 512-638-9499 Services ∙ 847-964-2121 Financial Services, Inc. Jacob Ray ∙ Colorado Wealth Group area were considered for the Five Star Wealth
Michael Carr ∙ FMP Wealth Advisers Nicole Mayer ∙ 2 Opinion Partners ∙ 203-302-6741 David Elgin Meadors ∙ Morgan Stanley ∙ 720-729-2504 Manager award.153 (approximately 9% of the
nd
∙ 972-943-7256
∙ 512-329-5174 ∙ 800-596-0253 Eric Mechler ∙ Barnum Financial Group Adam Robinson ∙ SevenWealth award candidates) were named 2019 Five Star
Casey Hall ∙ FMP Wealth Advisers Judith McNiff ∙ Wells Fargo Advisors ∙ 203-513-6039 Jan T. Mohamed ∙ ConfidentVision ∙ 303-532-8394 Wealth Managers.
∙ 214-525-7500
∙ 512-329-5174 ∙ 847-405-7317 Bevin K. Nealon ∙ Wells Fargo Advisors Shelly Schell ∙ PRISM Financial Florence Brown ∙ WestPoint Financial
George F. Henry ∙ Henry & Burns John A. Michalak ∙ Chicago Investment ∙ 203-221-5105 Robyn Morton ∙ Ameriprise Financial Strategies ∙ 720-458-6844 Group ∙ 317-705-8187
Services, Inc. ∙ 214-445-0627
Private Wealth/Ameriprise Financial Advisory Council ∙ 630-444-1410 Nadia Shokohi ∙ LPL Financial Scott D. Carmony ∙ LPL Financial
Services, Inc. ∙ 512-231-0725 Roberta L. Nestor ∙ Nestor Financial Henry “Hank” Mulvihill ∙ Smith Anglin ∙ 303-210-2607 ∙ 317-392-3400
Lori J. Miller ∙ LPL Financial Network, LLC ∙ 203-876-8066 Financial LLC ∙ 972-267-1244
Kevin Hixson ∙ FMP Wealth Advisers ∙ 630-690-0000 David M. Parent ∙ Financial Vision Theodore Swenson ∙ Valorem Financial Bob Dunlap ∙ Dunlap Gill Wealth
∙ 512-329-5174 Robin M. Pearce ∙ Ameriprise Financial ∙ 303-393-2456 Management Group ∙ 317-770-2266
James A. Mosteller ∙ Liberty Asset Advisory Services, LLC Services, Inc. ∙ 817-301-0309
Les Hixson ∙ FMP Wealth Advisers Management Inc. ∙ 630-789-9653 ∙ 860-761-0360 Sam Tenney ∙ Fidelis Wealth Advisors Jalene Hahn ∙ WWA Planning &
∙ 512-329-5174 Sean Ray ∙ Athens Investment Center ∙ 303-800-4683 Investments ∙ 812-379-1120
Anthony Pellegrino ∙ Goldstone Lori Price ∙ Price Financial Group LLC /LPL Financial ∙ 903-264-6878
Milton Hixson ∙ FMP Wealth Advisers Financial Group ∙ 630-620-9300 ∙ 203-762-8499 Rick Whipple ∙ WhippleWood CPAs Robert Phillips ∙ Carson Wealth
∙ 512-329-5174 Jim Rees ∙ Stoneway Financial, LLC. ∙ 303-989-7600 ∙ 317-663-5600
Michael Riback ∙ WWM Investments Dominic Schioppo Jr. ∙ Integrity Benefit ∙ 972-447-5170
Bryan Kaarlsen ∙ KFSG Wealth ∙ 312-356-2186 Partners ∙ 860-313-4820 Shellee Pietras ∙ Promise Advisory
Management LLC ∙ 210-490-7707 Lance Riddle ∙ Optimal Wealth Advisors Group ∙ 317-887-1212
Richard H. Streisfeld ∙ Morgan ∙ 214-302-2467
Stanley ∙ 203-894-3001 Page 2
®
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP , CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP
®
Board’s initial and ongoing certification requirements. The Chartered Financial Consultant credential [ChFC ] is a financial planning designation awarded by The American College.
3 #fivestarprofessionalaward FIVES TARPROFES SIONAL.COM
DECEMBER 31, 2019 '03 ."3,&51-"$&
1-&"4& $0/5"$5 -*4" -";"/4,: t ű ű 03 --";"/4,:ũ'03#&4 $0.

PROMOTION





FIVE STAR WEALTH MANAGERS FIVE STAR INVESTMENT PROFESSIONALS



To see the full list of winners, visit www.fivestarprofessional.com

David G. Yearwood ∙ Charter Advisory Patrick Sommerfield ∙ PJS Investment David Hibshman ∙ AXA Advisors Pittsburgh Sarasota Jeremy D. North ∙ 360 IRA
Corporation ∙ 317-844-7416 Management ∙ 262-377-0484 ∙ 610-668-1094 ∙ 636-896-4052
Wealth Manager Wealth Manager
Paul Tourville ∙ Next Level Planning & John E. Kane ∙ Wells Fargo Advisors
Memphis Wealth Management ∙ 414-369-6623 ∙ 610-832-7616 1,667 award candidates in the Pittsburgh- 602 award candidates in the Sarasota-area Washington, D.C.
Wealth Manager area were considered for the Five Star Wealth were considered for the Five Star Wealth Wealth Manager
Peter Tourville ∙ Next Level Planning & John Kane ∙ Delphi Wealth Manager award. 251 (approximately 15% of the Manager award. 60 (approximately 10% of the
544 award candidates in the Memphis-area Wealth Management ∙ 414-369-6622 Management Group ∙ 484-928-1702 award candidates) were named 2019 Five Star award candidates) were named 2019 Five Star 1,956 award candidates in the Washington,
were considered for the Five Star Wealth Investment Professional C. Andrew Krepps Jr. ∙ Financial Wealth Managers. Wealth Managers. D.C. area were considered for the Five Star
Manager award. 54 (approximately 10% of the Strategies Advisory, LLC Wealth Manager award. 122 (approximately 6%
award candidates) were named 2019 Five Star This year, we honored 29 Milwaukee-area ∙ 215-997-5700 Tod Arbutina ∙ Cottrill Arbutina Wealth Michael E. DeMassa ∙ Forza Wealth of the award candidates) were named 2019 Five
Management Group, LLC
Management ∙ 941-203-3748
Wealth Managers. investment professionals with the Five Star David J. Kron ∙ Wells Fargo Advisors ∙ 724-683-3456 Star Wealth Managers.
Investment Professional award.
David Lee ∙ Summit Wealth Group ∙ 215-564-8286 Melanie Colusci ∙ Bridger Financial San Francisco Michelle L. Bender ∙ Potomac Financial
∙ 901-683-6113 Steven Meyerson ∙ Steven Meyerson Kevin McDermott ∙ Delphi Wealth Group ∙ 412-733-4016 Consultants, LLC ∙ 301-948-3900
CPA, LLC ∙ 262-478-0419 Wealth Manager
George Moore ∙ Ashford Advisors Management Group ∙ 484-928-1703 Rodrigo Diaz ∙ McKinley Carter Wealth Kim L. Mason ∙ Morgan Stanley
∙ 901-692-5105 2,012 award candidates in the San ∙ 703-556-8174
New Hampshire Ty McGilberry ∙ Pegasus Financial Services ∙ 724-940-4400 Francisco-area were considered for the Five
Planning | Lincoln Financial Advisors Jennifer E. Myers ∙ Sagevest Wealth
Milwaukee Wealth Manager ∙ 610-505-0638 Michael William Figurelli Star Wealth Manager award. 47 (approximately Management ∙ 703-992-7650
∙ Ameriprise Financial Services, Inc. 2% of the award candidates) were named 2019
Wealth Manager 928 award candidates in the New Hampshire- Andrew M. Polis ∙ Wells Fargo Advisors ∙ 412-374-9515 Five Star Wealth Managers. Christopher Pramawat ∙ Ameriprise
1,061 award candidates in the Milwaukee- area were considered for the Five Star Wealth ∙ 215-564-8834 Gregory Furer ∙ Beratung Advisors Michelle R. Alberda ∙ Ameriprise Financial Services ∙ 703-893-3758
area were considered for the Five Star Wealth Manager award. 85 (approximately 9% of the Michael Pomerantz ∙ Backal Pomerantz ∙ 412-357-2002 Financial Services, Inc. Christine Smith ∙ Ameriprise Financial
Manager award. 224 (approximately 21% of the award candidates) were named 2019 Five Star Wealth Management ∙ 856-616-1255 Michael Haley ∙ BPU Investment ∙ 415-623-2453 Page 2 Services ∙ 540-443-9143
award candidates) were named 2019 Five Star Wealth Managers. Yong Wang ∙ Advanced Financial Management Inc. ∙ 412-288-9150 Tom McAuliffe ∙ True Wealth
Wealth Managers. W. John Dulmage ∙ Financial Pathways Strategies, LLC ∙ 215-757-2535 Management ∙ 415-482-8622 Westchester
∙ 603-821-1450 Chris McMahon ∙ MFA Wealth
Laurie Aleksandrowicz ∙ A to Z Financial Susan C. Yelen ∙ Morgan Stanley ∙ 412-343-8700 Bruce Steven Stuart ∙ Morgan Stanley Wealth Manager
Planning, LLC ∙ 414-856-9800 Duane Goodell ∙ Optimum Wealth, LLC ∙ 570-821-1817 ∙ 415-693-6016
∙ 603-357-1084 Timothy B. O’Neill ∙ Berthold Capital, 654 award candidates in the
Eric J. Becker ∙ Du Charme Financial William Zeuner ∙ Morgan Stanley LLC ∙ 412-835-5450 Westchester-area were considered for the Five
Group, Global View Capital Advisors Curtis W. Hermann ∙ Wells Fargo ∙ 610-260-8621 San Fransisco East Bay Star Wealth Manager award. 115 (approximately
∙ 262-505-5740 Advisors ∙ 603-644-0671 Daniel B. Spickard ∙ Lifetime Financial Wealth Manager 18% of the award candidates) were named
Robert Bortz Jr. ∙ Paramount Financial Jeffrey W. Keefe ∙ Whole Wealth Phoenix Growth ∙ 412-325-8845 2019 Five Star Wealth Managers.
Strategies, LLC ∙ 262-522-8473 Management, LLC ∙ 603-766-8705 Wealth Manager Philip T. Webb ∙ Grandview Wealth 1,340 award candidates in the San Rod Drysdale ∙ Drysdale Wealth
Robert V. Du Charme ∙ Du Charme Peter Motsis ∙ Ameriprise Financial 2,043 award candidates in the Phoenix-area Management, LLC ∙ 724-600-2021 Francisco-East Bay area were considered Management ∙ 914-909-1519
for the Five Star Wealth Manager award. 104
Financial Group, Global View Capital Services, Inc. ∙ 603-668-1273 Investment Professional
Advisors ∙ 262-505-5740 were considered for the Five Star Wealth (approximately 8% of the award candidates) Sarah Man ∙ The Voyage Group at Wells
Andrew M. Rocco ∙ Baystate Financial Manager award. 117 (approximately 6% of the This year, we honored 5 Pittsburgh-area were named 2019 Five Star Wealth Managers. Fargo Advisors ∙ 203-222-5339
Maureen Hansen ∙ SVA Wealth ∙ 603-418-0026 award candidates) were named 2019 Five Star investment professionals with the Five Star
Management ∙ 262-923-5180 Wealth Managers. Investment Professional award. Michael D. Allard ∙ CalBay Jonathan Moore ∙ Morgan Stanley
∙ 914-225-5195
Investments, Inc. ∙ 925-743-3360
Andrew Houte ∙ Next Level Planning & Philadelphia Alison Althof ∙ AXA Advisors Thomas L. Bakaitus Jr. ∙ Herbein +
Wealth Management ∙ 414-369-6627 Wealth Manager ∙ 480-444-3792 Company, Inc. ∙ 412-392-2345 John J. Gardner ∙ Blackhawk Wealth Ellis O. Moore Jr. ∙ Morgan Stanley
∙ 914-225-5339
Advisors, Inc. ∙ 800-925-6496
Michael Koerner ∙ IAG Wealth Partners 3,910 award candidates in the Dewey M. Darwin ∙ Ameriprise Financial
∙ 262-446-8150 Richmond Mark Greenberg ∙ Wealth & Tax Stephen November ∙ Wells Fargo
Philadelphia-area were considered for the Five Services, Inc. ∙ 480-922-4205 Planners ∙ 925-938-4300 Advisors ∙ 914-682-5738
Lindsey Kreske ∙ Ameriprise Financial Star Wealth Manager award. 438 (approximately Anthony Del Pozzo ∙ LPL Financial, Vista Wealth Manager
Services, Inc. ∙ 262-409-4210 11% of the award candidates) were named Financial Group ∙ 480-284-6547 Benjamin W. Wong ∙ Viewpoint Thomas Pallogudis ∙ TJP Wealth
Solutions ∙ 914-460-1220
Financial Network ∙ 925-227-8858
979 award candidates in the Richmond-area
Jason S. Lacey ∙ PJS Investment 2019 Five Star Wealth Managers. Ronald L. Ginter ∙ Ameriprise Financial were considered for the Five Star Wealth
Management ∙ 262-377-0484 Joseph F. Brinker ∙ Brinker Financial Services, Inc. ∙ 480-268-2345 Manager award. 77 (approximately 8% of the St. Louis Michael A. Paulmeno ∙ Ameriprise
Financial Services, Inc.
Darren J. Liberski ∙ Freedom Wealth ∙ 610-446-3500 Page 2 Mitchell Glicksman ∙ Evergreen award candidates) were named 2019 Five Star Wealth Manager ∙ 914-253-0880
Alliance ∙ 262-798-7979 Kimberly J. Brumbaugh ∙ Brumbaugh Financial Associates, LLC Wealth Managers. Brian Scanlon ∙ Wells Fargo Advisors
Ken Lobins ∙ Ameriprise Financial Wealth Management, LLC ∙ 480- 951-6536 Tim Call ∙ The Capital Management 2,481 award candidates in the St. Louis-area ∙ 203-222-5328
Services, Inc. ∙ 262-797-8828 ∙ 610-458-2495 Page 2 Michael Gombrich ∙ Affirm Wealth Corporation ∙ 804-270-4000 were considered for the Five Star Wealth Thomas E. Sherman ∙ Strategies for
Manager award. 185 (approximately 7% of the
Christopher Peck ∙ Peck Financial Group Raul Alberto Calle ∙ Calle Financial Advisors ∙ 623-972-3133 award candidates) were named 2019 Five Star Wealth/Park Avenue Securities
∙ 262-246-2828 Network ∙ 215-860-2225 Scott Sorum ∙ Premier Southwest Wealth Managers. ∙ 914-288-8845
Kurt Rozman ∙ Freedom Wealth Alliance Nicholas Dawit ∙ Morgan Stanley Planning Group, LLC ∙ 480-661-4071 Michael R. Brown ∙ Krilogy Financial
∙ 262-798-7979 ∙ 215-963-3814
Darren Tosetto ∙ WealthPro Financial ∙ 636-489-2814
John Selas ∙ Next Level Planning & Tim Dougherty ∙ Financial Guide ∙ 480- 699-8448 Gary N. Kwawer ∙ Wells Fargo Advisors
Wealth Management ∙ 414-369-6633 ∙ 215-293-9323 ∙ 314-991-7853
Ian Foster ∙ Innova Wealth Partners
∙ 888-270-1574
®
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP , CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP
®
Board’s initial and ongoing certification requirements. The Chartered Financial Consultant credential [ChFC ] is a financial planning designation awarded by The American College.
REAL ESTATE AGENTS MORTGAGE PROFESSIONALS
This issue, we’re highlighting outstanding award-winning real estate agents and mortgage professionals from across the country! Award winners were chosen using our rigorous
objective research process based on client feedback. To find out more about the criteria and to review our full list of 2019 award winners, visit www.fivestaprofessional.com.
Jacksonville Rising Star Real Estate Agents Danielle Steier ∙ Hanson & Co. Real Estate Shellie Young ∙ Sotheby’s International Realty Kathy Falbo ∙ Brokers Guild Real Estate
Real Estate Agents Tony Benkowski ∙ Coldwell Banker Residential ∙ 262-689-8226 ∙ 941-713-5458 ∙ 303-932-7796
Brokerage ∙ 262-780-5500 Gary Semerad ∙ EXIT Realty XL ∙ 262-255-5588 Colleen Teitelbaum ∙ Coldwell Banker
Wendy Griffis ∙ Better Homes and Gardens Austin, San Antonio ∙ 303-843-1288
Lifestyle Realty ∙ 904-349-3133 Caitlin Dennis ∙ Shorewest, Realtors Steven Barfield ∙ Shorewest, Realtors and Central Texas
∙ 262-786-4000 ∙ 262-786-4000 Robert Bielenberg ∙ Bielenberg & Associates
Milwaukee Ryan Marciniak ∙ RE/MAX Realty 100 John T. Mesch ∙ RE/MAX Realty 100 Mortgage Professionals ∙ 303-770-1977
Real Estate Agents ∙ 414-238-1719 ∙ 414-241-7912 Bonnie C. Kelley ∙ Northpointe Bank Sherry Cree ∙ Ascendant Real Estate
∙ 720-299-5149
Tracy Nienow ∙ Realty Executives ∙ 414-460-7791 Sharon Nienow ∙ Realty Executives Anna Severance ∙ Shorewest, Realtors ∙ 210-387-5134
∙ 414-529-7000 ∙ 262-338-0601 Mortgage Professionals
Anna Severance ∙ Shorewest Realtors Denver
∙ 262-323-6041 Mark Ruppelt ∙ EXIT Realty XL ∙ 262-255-5588 Sarasota Real Estate Agents Bill Rodriguez ∙ Cornerstone Home Lending
Kim Uihlein Stover ∙ Shorewest Realtors ∙ 303-877-6323
∙ 414-333-3089 Real Estate Agents Kari Barnes ∙ RE/MAX Leaders ∙ 303-619-9200
®
®
REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.
FIVES TARPROFES SIONA L.COM #fivestarprofessionalaward 4
'03 ."3,&51-"$&
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Fintech Fiasco to the looming risks. Just as banks competed in a frenzy to issue
LENDINGCLUB “low doc” and low-rate mortgages while the housing bubble in-
flated, some fintechs have begun making riskier loans.


MARKETPLACE LENDER Last year, one of Cross River’s biggest fintech partners, Free-

IPO: DECEMBER 2014 MARKET VALUE LOSS: $8.8 BILLION
dom Financial, agreed to a $20 million settlement with the
Launched by Frenchman Renaud Laplanche on Facebook in FDIC after the regulator determined Cross River used “unfair

2007 as a loan marketplace, LendingClub’s mission was to re- and deceptive” practices by failing to effectively oversee its part-
place bankers by directly connecting borrowers to lenders, lower- ner during the origination of over 24,000 loans. Cross River was

ing costs. Still, bank partners like Cross River helped LendingClub forced to pay a $641,750 fine.

134 grow at blistering speeds. By 2014 it reached $5 billion in loans and An even bigger threat to fintechs is an economic downturn.
went public, peaking at a value of $10 billion. In the third quarter of 2019, Cross River reported that its
Not long after, financial filings revealed that LendingClub was problem loans doubled to nearly 2% of total, led by a $17 million



N burning 43% of its revenue on sales
O problem in commercial real estate, where 10% of its assets were

I and marketing. In its first four years as past due. (Cross River says most of the loans are now current.)
A T a public company, LendingClub lost
G $340 million. But since the fall of 2016, Cross River’s provision for loan losses
I has nearly doubled as a percentage of average loans. Even more
T Then, in September 2018, its asset-
S
E management arm, LC Advisors, and recently its reserve coverage ratio of “past due or nonaccrual”
V Laplanche, plus another executive, loans has declined from 489% to 114%. This at a time when the
N
I agreed to pay $4.2 million in penal- overall environment for credit—thanks to record-low unem-

E ties to the SEC for misleading investors
H ployment and low interest rates—is ideal.
T about the loans they were buying. Reg- “Our revenues have had a compounded annual growth rate
ulators alleged they used LC Advisors
of 45%,” says Gade, who has adopted Silicon Valley speak to de-
to prop up loan underwritings and im-
Cofounder Renaud Laplanche scribe his operation as an “everything as a service” company.
properly adjusted monthly fund returns
“The talk about a recession or a credit cycle that’s going to start
to downplay risk. Laplanche was barred from the securities indus-
try, and today LendingClub’s stock is down 80% from its peak. going the other way is much ado about nothing.” F
“LendingClub was brought public by Morgan Stanley’s tech
bankers. They tried to sell it as a tech deal,” says Derek Pilecki of
hedge fund Gator Capital Management. “It’s a loan originator.” Fintech Fiasco
FUNDING CIRCLE

improvement projects. PEER-TO-PEER BUSINESS LENDING
Gade began originating loans for GreenSky and realized the IPO: SEPTEMBER 2018 MARKET VALUE LOSS: $1.5 BILLION

nascent fintech could become Cross River’s engine for growth.
Funding Circle was conceived over pints in a London pub by a for-
Gade quickly refashioned Cross River to serve the fintech’s


mer management consultant named Samir Desai, 36, during the fi-

interests. His timing was perfect. It was 2010, and the finan-
nancial crisis. As with LendingClub, the idea was to match borrow-
cial crisis had created widespread distrust of traditional bank- ers—in this case small businesses—with
ers, consumers had little equity to tap in their homes and banks institutional investors on the internet.
largely stopped extending credit. Cross River and several other Funding Circle listed on the London
specialty banks like Utah’s Celtic Bank and WebBank were ea- Stock Exchange in September 2018,


ger to fill the void, through a growing field of fintech frontmen. raising nearly $400 million at a value



The rise of fintechs has some benefits. By tapping data and of $2 billion.
using behavioral economics, many of the new companies, like That was the high point. Within nine
months the company cut its revenue
Acorns and Betterment, have increased savings rates and made
growth target by half, citing reduced
personal finance more efficient. Fintechs have been responsible



demand for its loans and a proactive
for some $170 billion in refinancings and loans to date.


effort to “further tighten” lending to
Everything was going smoothly for the sector until about riskier businesses. Its stock has plunged

2015, after a handful of big outfits like LendingClub went pub- by 77% in just over a year. CEO Samir Desai
lic. Suddenly investors outside of Silicon Valley began to scruti- “Funding Circle is talking about not making a profit until 2022–

nize the books—and they saw cracks in their foundations. 23,” says Russ Mould of British broker AJ Bell. “People lose faith.”
Today Cross River continues to expand, seemingly oblivious RENAUD LAPLANCHE / THE NEW YORK TIMES / REDUX; DANIEL HAMBURY / EYEVINE / REDUX
FORBES (ISSN 0015 6914) is published monthly, except January and July, by Forbes Media LLC, 499 Washington Blvd, Jersey City, NJ 07310, Periodicals postage paid at Newark, NJ

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THOUGHTS ON



Secrets




“Three may keep a secret, “Ninety-two percent of the


if two of them are dead.” stuff told you in confidence
Benjamin Franklin you couldn’t get anyone else
136 to listen to.”
Franklin P. Adams
“I have no doubt that the
nation has suffered more

from undue secrecy than “This is a free country,
from undue disclosure.” madam. We have a right
Daniel Schorr to share your privacy in a
public place.”
Peter Ustinov
“Once the toothpaste is out
of the tube, it’s awfully hard
to get it back in.” “When a man bleeds
H.R. Haldeman inwardly, it is a dangerous
thing for himself; but when
he laughs inwardly, it bodes
“A picture is a secret about a no good to other people.”
secret: The more it tells you,
the less you know.” Charles Dickens
Diane Arbus
“If you read someone else’s
diary, you get what you
“All human beings have deserve.”
three lives: public, private
and secret.” David Sedaris
Gabriel García Márquez
“For nothing is
hidden that will not
“No one ever confines a be disclosed, and

secret to one person only. nothing concealed
No one destroys all copies that will not be
of a document.” known or brought out into
Renata Adler the open.”

World Wide-Open Web Luke 8:17
“At ev’ry word,
a reputation dies.” November 29, 1999
Alexander Pope
Even in its younger days, the Web was already invading FINAL THOUGHT
“No one gossips about other your privacy. Forbes senior editor Adam Penenberg
people’s secret virtues.” discovered this himself just before the turn of the mil-
Bertrand Russell lennium when he challenged a private eye to use the
internet to dig up as much information on him as possi-
“No one likes to see a ble—a challenge the gumshoe met with Marlowe-esque
government folder with his enthusiasm, uncovering (among much else) Penenberg’s
name on it.”
Social Security number and the balance of his Merrill
Stephen King
Lynch cash-management account. “The spread of the
Web . . . will make most of the secrets you have more
“Private faces in public
places / Are wiser and instantly available than ever before, ready to reveal
nicer / Than public faces in themselves in a few taps on the keyboard,” Penenberg
private places.” wrote. Paying a detective to dig up details seems pretty
W.H. Auden quaint now, of course, when tech giants such as Google
and Facebook routinely collect our most intimate infor-
“Everything secret mation and monetize it.
degenerates. Nothing is “Self-protection works up

safe that does not show SOURCES: THE WIT & WISDOM OF WOMEN, BY MELISSA STEIN; POOR RICHARD’S to a certain point; after
that, it is liable to incur
how it can bear discussion ALMANACK, BY BENJAMIN FRANKLIN; THE RAPE OF THE LOCK, BY ALEXANDER POPE; self-destruction.”
and publicity.” ON EDUCATION, ESPECIALLY IN EARLY CHILDHOOD, BY BERTRAND RUSSELL; THE
ORATORS, BY W.H. AUDEN; ROMANOFF AND JULIET, BY PETER USTINOV; THE PICKWICK —B.C. Forbes
Lord Acton PAPERS, BY CHARLES DICKENS; FIRESTARTER, BY STEPHEN KING.



F O R B E S . C O M D E C E M B E R 3 1 , 2 0 1 9




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