The Transformative Power of Social Capital

An original cartoon show block capital letters spelling out social capital. People are standing on the letters and helping others to climb up.

As published on LinkedIn as part of the SheMoney newsletter.

What will it take to get more money into the hands of more diverse fund managers and founders? More specifically, women and people of color. This is a question that I have been asking myself for a long, long time. Especially since my now infamous Cheerios article, and yes, I am going to talk about my Cheerios article again. That article (rant?) was inspired by the fact that 0.2% of all VC funding dollars in 2020 went to Black women and Latina founders. When you include the men, Black founders received 0.6% and Latinx founders received 1.7% of all VC funding dollars in 2020. And that is simply not acceptable. Full stop. Period.

It is too soon to know if 2021 as a whole was better for founders of color, but preliminary data shows that for the first five months of 2021, Black founders received 1.4% of all VC funding dollars, more than double the rate in 2020. However, analysts are quick to point out that this increase might only be a temporary boost stemming from the sudden interest in supporting Black-owned businesses in the wake of the Black Lives Matter movement revival. And frankly, we should not be touting 1.4% as a success in the first place, because it’s not. Not by any metric. And I am committed to doing what I can to create more inclusive financial systems. Thankfully, I am not alone.

That’s why I would like to introduce you to Claude Grunitzky, the CEO and Managing Partner of The Equity Alliance. The Equity Alliance was founded in 2021 to invest in diverse, emerging venture capital fund managers, with a focus on managers of color and women. They seek to democratize access to capital, and expand opportunities to partner with investors and entrepreneurs who would otherwise remain outside of our collective field of vision. If anyone might have the answer to my question, it would be him.

Continue reading for the interview with Claude and join for a LinkedInLive Conversation tomorrow, see below for details.

A headshot photo of Claude Grunitzky looking straight at the camera.

JZ: Claude, I would love to hear about your background in terms of what brought you to this work at Equity Alliance.

CG: I came to New York two decades ago as a Togolese immigrant with my own vivid American dream. I created TRACE, a Black culture magazine, in my bedroom, and during my first couple of years in New York, I was living hand to mouth, struggling to make ends meet as a young Black entrepreneur who couldn’t woo any investors for my startup, even though there were early signs that the magazine had some traction. Perseverance paid off, however, and Ray McGuire, a prominent Black executive on Wall Street, ended up investing in TRACE. That changed everything for me, and for my team. TRACE magazine eventually became a successful media company that received funding from Goldman Sachs. In addition to the magazine, we launched a TV network and a marketing agency.

I sold that company, and for the past decade I’ve been doing a lot of pro bono work, angel investing, leading workshops at MIT, Harvard, and other academic institutions, and helping young entrepreneurs launch their own social enterprises and impact ventures. In 2015, I launched TRUE Africa, which is a Google-funded media company championing Black innovators all over the world. TRUE Africa gave birth to TRUE Africa University, a remote learning platform currently incubated at MIT’s J-WEL (Jameel-World Education Lab). I have always felt that I could help nurture Africa’s talent; those young people who will accelerate the continent’s development.

In my early days as a media entrepreneur in New York, I met Dick Parsons, back when he was the Chairman and CEO of Time Warner, which was then the world’s largest media company. We immediately hit it off, and I built a relationship with him over a 15 year period. Dick was always a huge inspiration, to me and to many other ambitious Black professionals. Here was an African-American Brooklyn guy who rose through the ranks to become one of the most important corporate leaders in the world, at a time when few Black people were in positions of power. A few months after George Floyd was killed, Dick reached out to me with the idea of the Equity Alliance. He asked if I would be interested in leading a fund that would invest exclusively in people of color and women. That is how the Equity Alliance was started.

JZ: Why this model and this mission?

CG: A study by the Knight Foundation found that, in asset management, a $70 trillion industry, only 1.4% of those assets are managed by diverse-owned firms. As we surveyed the venture landscape, we realized that a critical gap in the ecosystem was institutions that were positioned to put capital in the hands of diverse emerging fund managers. We know that beyond the fundamentals, investors also make decisions based on their lived experiences and problems that they can relate to. (me saying.. heck yes!!!!!) Our model is built to empower diverse fund managers who are fully dedicated to creating additional opportunities for diverse founders. In order to democratize access to capital for diverse founders, we need to drive capital to diverse investors. We also believe it is critical to support emerging fund managers because of the uphill battle they face when raising a first time fund. We invest more than money. We also provide additional support through what we’ve been calling our Social Capital Playbook. By focusing on social capital, we feel we can drive greater access to economic capital beyond the investments we make.

JZ: You have some very well known co-founders and collaborators. How did this group come together?

CG: The vision for the Equity Alliance came from our Chairman and Co-Founder, Dick Parsons. He did a lot of the early ideation with his close friend Ken Lerer, a Managing Partner at Lerer Hippeau, New York’s most active early stage VC firm. Ken Lerer is also a co-founder of the Huffington Post. The other Equity Alliance Founders are Benjamin Lerer and Eric Hippeau, who are also Managing Partners of Lerer Hippeau; Ronald Lauder, Board Member of the Estée Lauder Companies; Eric Zinterhofer, Founding Partner of Searchlight; Scott Kapnick, CEO of HPS Partners; and Michael Novogratz, CEO of Galaxy Investment Partners. We had a lot of heavy hitters back us as soon as we started raising money. One early backer was Schusterman Family Investments as our first anchor investor. They were followed by our two other anchor investors, which are Bank of America and the Ford Foundation.

JZ: You just closed on your first fund, oversubscribed at $28 million, and have already made some first investments. Can you talk about them?

CG: We have made 13 fund investments thus far. One recent fund investment we’re excited about that we made in the Fall is Divergent Capital. Divergent Capital is a deep tech pre-seed firm led by Katie Shea and Lucy Wang. While being sector agnostic, Divergent specializes in the combination of deep tech and innovative business models. Thus, companies with machine learning, artificial intelligence, additive manufacturing, and robotics would be typical targets, however, ed-tech and beauty companies also fit their bill. The fund managers bring several years of investing, operating, and technical experience to the fund. Katie, as an operator turned investor, wears the CMO hat when assessing potential opportunities, while Lucy, a data scientist turned investor, applies the CTO lens.

I think it’s important to highlight that Equity Alliance also has the ability to make direct investments into start-ups, and we have made one direct investment thus far. When it comes to direct investments, we look for standout, mission-aligned companies that have already received investments from one of our funds. We made our first direct investment in the Series A round of Esusu, which had already received investment from two of our portfolio funds; Concrete Rose Capital and Serena Ventures.

Esusu was founded by first-generation Americans Abbey Wemimo (a Nigerian American) and Samir Goel (an Indian American), to address the fact that 45 million Americans, a majority of people of color, have too little history to qualify for a credit score. Esusu automates credit building by reporting monthly rent payments to credit bureaus, boosting credit scores for tenants one rent payment at a time. Esusu sells to property managers, who provide this service to their renters in order to increase retention and to be able to intervene with microloan solutions when the data suggests a renter would benefit from intervention.

Esusu recently announced a nationwide engagement with Freddie Mac, the largest financier of multifamily housing in the United States with over $2 trillion total assets. This collaboration set the stage for Esusu’s most recent Series B round of financing, led by Softbank, where the company achieved unicorn status in January 2022.

JZ: You’ve obviously put together a great team to support Equity Alliance. Can you comment on your efforts to bring in more women as LPs?

CG: Creating a diverse cap table requires intentionality. We wanted our LP base to reflect our values and mission to democratize access to capital. One of our biggest anchor investors is Stacy Schusterman, and as we got to know her and her team, we saw how deeply committed they are to the causes of racial equity and gender equity. Another early investor is Jacqueline Novogratz, who invested personally and not through the Acumen Fund. Her brother, Michael Novogratz, is one of the Equity Alliance’s original investors, and I believe she saw the kind of impact she could make through our fund. We are also seeking to deliver competitive returns for our investors, and feel it is critical for women and people of color to share in that success. To that end, we worked with our lawyers to make the fund available to investors who weren’t “qualified”. It was definitely more work on our end, but as we engaged with women and people of color who would become our LPs, we made it a point to ask them who in their networks might be interested in our efforts. For some of our LPs from this group, this was their first time investing in a fund vehicle like ours, and we took the time to connect authentically to explain what we were seeking to accomplish. If we are going to create a diverse venture ecosystem, it will require these kinds of targeted efforts on the behalf of venture fund managers.

JZ: If you had to sum up why so little funding has yet to find its way into the hands of women and people of color, what would you say?

CG: There are a number of compounding systemic reasons why so little capital flows to women and people of color. One critical piece that we have identified is the lack of social capital that women and people of color have access to.

Our Equity Alliance fund is positioning itself as a prime conduit to meaningful connections between many investors, VC firms, early stage companies, and women and people of color who are looking to gain a foothold in the world of venture capital. Despite being busy leading major firms on Wall Street, in VC or other industries, all of our main investors are leaning in to help various members of the wider Equity Alliance community. People like Scott Kapnick and Eric Zinterhofer have been leaning in for real. In addition to their financial investment, we expect their commitment to invest time and resources into the Equity Alliance’s Social Capital Playbook to become, over time, a major driver of success for underrepresented investors and entrepreneurs who would not benefit from this level of access were it not for the Equity Alliance.

If we don’t increase social capital by growing the size of the pie for people of color and women so that this new social capital leads to more economic capital for the people we set out to empower, we will consider that the Equity Alliance has failed.

Because we know that, traditionally, people of color and women endeavoring to access capital for startups or venture capital firms may be constrained by larger structural issues such as law, policy, racism, sexism, and implicit biases, our approach to living up to ESG promises is driven by the works of the French philosopher Pierre Bourdieu. Bourdieu argued that analyzing the relationship between socio-economic background, natural environment, and access to capital can illustrate hidden structures that facilitate or inhibit an individual’s life. One of our Equity Alliance board members is Renée Richardson Gosline, an African American MIT professor who studies social capital. Renée has been helping us to better understand how Bourdieu’s theories are relevant in 21st century America, which is incredibly polarized and stratified as a society. Particularly, Black people are still at the bottom of American society, and we have to work together to level the playing field.

Given that so many successful investors and institutions have already backed the Equity Alliance, we believe our focus on social capital can ultimately help change power dynamics in America as more people of color and women gain economic capital after gaining social capital.

JZ: What does success look like for you and Equity Alliance?

CG: In the near term, it is critical that the fund managers we support successfully execute on the funds they now operate. For this reason, we strive to create a vibrant community amongst our fund managers that will allow them to learn from one another and leverage our Social Capital Playbook to further the growth of their funds. We chose this strategy because of the potential impact fund managers can have on their underlying portfolio companies. We are excited by the fact that the 20+ funds we invest in will impact the way that 400+ start-ups operate with respect to diversity, equity, and inclusion. Through our educational programming and engagement, we will equip our fund managers with the tools they need to better support the diverse founders within their portfolios.

Our long-term vision is to have each of the fund managers we invest in raise subsequent top-quartile funds, and be in a position to support and make investments in the generation of diverse fund managers that follows them. We believe that our investments can spark a virtuous cycle that builds parity within this crucial financial sector of our economy that drives innovation. We will have succeeded when the community of fund managers we invest in become leaders in the venture capital space, and when our track record serves as evidence that investing in diverse-owned firms is not only impactful in addressing the wealth gap that exists for women and people of color, but can also deliver superior returns. We hope that this evidence ultimately drives further investment by larger institutions in diverse-owned firms, helping to grow the total assets under management (AUM) allocated to these firms.

JZ: So what will it take to get more money into the hands of Black founders?

CG: It probably won’t surprise you that our solution is around empowering Black investors who will, in turn, drive capital to Black founders. In order for our industry to change, we need LPs around the table who are willing to support diverse emerging managers. It will mean taking a more holistic perspective on how to assess a fund manager’s track record beyond traditional institutional investing experience. At the Equity Alliance, we evaluate early investments made out of the fund, angel investing track records, and even relevant industry experience as another lens on the return potential of the funds we invest in.

Beyond our investment in funds, there is an important education piece. We want to provide our fund managers with the tools they need to become better investors. These tools will help them to better support Black founders, most of whom never really had any access to real money.

JZ: Anything else you would like to add?

CG: Look out for Equity Alliance Fund II, because we’ve got big plans.

JZ: Thank you Claude. What a powerful interview and big !!!!!! from me to all your answers. It should be no surprise to the readers that I too invested in Equity Alliance and will look forward to championing you, your team, your managers, and your founders. Count me in!

An event banner announcing the LinkedIn Live event, with headshots of Jacki and Claude.

Join Jacki Zehner and Claude Grunitzky, Founder of Equity Alliance, for a live conversation about the current landscape of venture capital, the untapped power of social capital, and the impact possible in supporting diverse fund managers and founders.

Investing In Human Flourishing

Cartoon collaboration with Liza Donnelly.

As published as part of the SheMoney newsletter on LinkedIn.

Welcome to SheMoney 2022! I hope your year is off to a lovely start so far. Of course, I have to acknowledge that we are still in the middle of a global pandemic, and therefore it may be hard to set intentions for a year full of peace, good health, prosperity, and perhaps even joy. That said, I invite you to do so anyway. And if you are like me, you could probably use some assistance. Thankfully, there are lots of tools, protocols, and digital therapeutics that are available to help, and most of these offerings are from relatively new companies. So how did these companies come to be and where are we going from here? Read on…

One of the reasons these resources exist in the world is because there are inspired investors who are tracking the science around the positive impact of contemplative practices. These investors have then supported the founders, and thereby the companies, that bring this science to life. In this first newsletter of SheMoney 2022, I want to highlight two investors who have developed and implemented an investment thesis that is truly changing lives for the better. They are investing in human flourishing, and I could not think of a more fantastic way to start the new year.

With that in mind, I’m thrilled to present Maureen Pelton and Charlie Hartwell. Our paths crossed a couple of years ago when they decided to move to Utah, and we were shortly thereafter introduced by mutual friends. Maureen is the Co-Founder of ShiftIt Institute (along with Charlie) and a pioneer in the field of embodiment, and Charlie is a change agent and Managing Director at Bridge Builders Collaborative (where Maureen is a partner). Not only are they married, but they have also blended their backgrounds to help ignite consciousness, inspire human potential, and create a paradigm shift. Their investment thesis started with a focus on the wellness of the individual as it relates to mindfulness, meditative practices, and mind-training to support human consciousness. Over the years, they have further developed a ‘going deeper’ approach. In this new phase of their work, together with the other partners at the Bridge Builders Collaborative, they are focusing on deeper levels of mental health, consciousness, and spirituality.

A photo of Charlie and Maureen looking directly into the camera.

Bridge Builders is an investment collaborative with eleven partners. When you visit their website, it welcomes you with this line: “From mind-training to deeper models of mental, social, spiritual well-being”. They invest in start-up companies that empower mental health, consciousness, and spirituality, and their first investment screen is Impact. As in, how will this company support (impact) a better planet? You can read more about their mission and criteria here, but let’s just say that their investment thesis has led them to invest in some of the most transformational companies of our time. Companies that are currently serving millions of people and supporting those people’s wellness journey. You can find a list of these companies here, but a few of their more well known examples include:

InsightTimer – A conscious community of 20M people, interacting with over 10,000 leading spiritual teachers in over 40 languages. The largest conscious community/library on the planet.

Pear Therapeutics – Recently IPOed, this is a whole new form of digital medicine, approved by the FDA (like software as a drug).

Muse – Muse is a brain-sensing headband that uses real-time biofeedback to help you refocus during the day and recover overnight.

Headspace – Headspace rebranded meditation and made it accessible to the masses, with over 60M downloads to date. And a multi billion dollar valuation.

The science, and their investment thesis, also led Maureen and Charlie into the world of psychedelics. Now, if you’re currently thinking, “Are you kidding me?!”, I was right there with you up until a couple of years ago. However, I have since learned, in part by reading the data put forth by MAPS (Multidisciplinary Association for Psychedelic Studies), that these compounds and protocols may offer hope to millions of people who are suffering from depression, PTSD, eating disorders, and more. There are over 50 publicly traded companies in this space, and even an ETF. Maureen and Charlie, through Bridge Builders Collaborative, have invested in a few companies, but I should note that they also have deep concerns about the direction many of the companies in this space are taking. While there is certainly a lot of hope that research and investment in this area might revolutionize behavioral health, there are also a lot of risks.  Maureen and Charlie believe that in order for the psychedelic movement to reach its transformative potential, we need to combine the molecules with very well-trained psychedelic therapists, and insure that intention and set and setting of the experience is appropriate for the patient. Crucially, this needs to be combined with proper preparation and integration after a psychedelic assisted therapy session.

To this end, one of the companies they are excited about is Synthesis, “a global leader of the modern psychedelic movement, advancing scientific research, training and education to create access to safe, legal psychedelic experiences for integrative healing and expansion.” They are also excited about HighVibe Network, a blockchain based ecosystem designed to integrate immersive experiences, multidimensional learning, and personal development, and HealthRhythms, a mental health app that uses Machine Learning to translate daily activity into sophisticated insights that can predict bad outcomes before they occur.

In the interest of transparency, I am not an investor in any of the companies listed above. However, I am a consumer. As more of these companies do go public, being both an investor and a consumer is possible. It’s also always worth remembering that one of the best screens for a stock you might consider investing in is whether or not you would be a consumer of their products and/or services.

There is so much more to talk about with Maureen and Charlie, and thankfully, you can visit the ShiftIt Institute and listen to podcasts they have done on a variety of topics. You can also join me on LinkedIn Live to ask them questions directly. This conversation will take place on Thursday, January 20th at 12pm MT//2pm ET. Click here to join.

Headshots of Jacki, Charlie, and Maureen announcing the LinkedIn Live event.

Many people I speak with are skeptical about whether or not there is any good that can come out of capitalism. They likely find phrases like “conscious capitalism” and “investing for good” particularly cringeworthy. But I don’t. I believe that investment capital, intentionally deployed in private and public companies, can create a better world. Yes, it takes time, effort, knowledge, and money to do so, and not everyone has those resources to deploy. But what we all have is our purchasing power. We all buy products and services every day, and the bottom line is that these transactions make the companies that receive investment capital successful. Facebook, now MetaPlatforms Inc., has a market capitalization of nearly one trillion dollars because, in part, we all use Facebook. If Facebook did not have so many users, people, both individual and institutional investors, would be less willing to own the stock. It really is as simple as that.

Therefore, whether you have capital to invest directly in companies or not, I invite you to develop your own investment thesis that can be realized through how you make every day purchasing decisions. The more we understand that every time we buy something, anything, we are transferring power from our hands to another, the better chance we have of actually making the world a better place. Maureen and Charlie are shining examples of how to do just that.

A Year in Review: SheMoney 2021

Published as part of the SheMoney newsletter on LinkedIn.

Happy New Year! Does anyone else feel really strange writing 2022? For a gal born in 1964, writing 2022, well, makes me feel old. It feels like the future has just arrived on my doorstep. Something feels different, and I can’t quite put my finger on why it feels that way. I did wake up at 2:22 am last night, mainly because my dog Sadie was pushing me off the bed, so that was weird. Maybe this is the year I embrace the strange, the mystical, the new, the uncomfortable, and if so, then I better bring all of that to SheMoney, right?

I am ending the year reading about NFTs, DAOs, blockchain, and I have to say my mind is on fire. I did invest in my first blockchain focused fund of funds this year (Accolade Partners), and I have committed to a similar focused fund run by an awesome woman. So far I own no crypto, have no hot or cold wallets, but it’s going to happen soon. The best way to learn about new things is to commit. Not sure what the hay doodle I am talking about? No problem. You are not alone, and I’ll bring my learnings here. I am also spending time in traditional financial spaces pondering how the U.S. 10-year treasury yield can be below 1.5% at a time when inflation feels like it’s at 30% (even though it was just reported at 6.8%). And what might be the implications of interest rates ever rise? I have taken to reading academic papers on the Keynesian view of interest rates and researching “Modern Monetary Theory” to try to make sense of things. My husband and I always have a year end call with our investment advisors, and we were making predictions on things like where the S&P would be this time next year, as well as other financial measures. The range of predictions on the S&P 500 from the big banks is up 9% to down 8% as an fyi. I am still working on my predictions, just for fun, and like everyone else’s, including the experts and the pundits, they are all just guesses.

Modern Monetary Theory (MMT) is a policy model for funding government spending. … The essential message of MMT is that there is no financial constraint on government spending as long as a country is a sovereign issuer of currency and does not tie the value of its currency to another currency.

What I am witnessing is the old and the new worlds of money, finance, economics, value creation, and investing colliding in to one another. It feels interesting, messy, challenging, disorienting and I more-or-less dig it. I am feeling like there is no need to watch the next iteration of The Matrix movie as I, we, just might be living in it. Actually that is a lie, of course I am going to watch it, the first Matrix is one of my favorite movies of all time.

So what you can expect as a reader of this newsletter in 2022? With the help of my team at ShePlace, a heck of a lot more. As mentioned above, I will be taking you on my learning journey in to new areas and featuring amazing investors, concepts, companies, and more. If you are a new reader of my content, you may not know that I began writing, well blogging, back in 2008. Since that time I have published close to 1000 articles that range from well-constructed opinion pieces that landed on the front page of The Huffington Post (and yes it still exists by the way, I just checked), almost 200 posts on the financial markets, summaries of the best films from the Sundance Film Festival, and more. That said, just over a year ago I became much more focused on writing about money. I launched the SheInvests Newsletter — now called SheMoney — which will continue to be monthly, and I will also post regularly on my feed on not only money, but many other topics.

So, thank you for subscribing. As we wrap up 2021 please find below a summary of what I shared on SheMoney this past year in case you missed any of the newsletters. One big highlight was my creative partnership with award winning cartoonist Liza Donnelly. I hope you have, and will continue, to enjoy our original content created just for SheMoney. Liza and I are working on a cartoon book on women and money by the way, and I am also dreaming of becoming a stand-up comedian. As my friend Gloria Steinem famously said..

Without leaps of imagination, or dreaming, we lose the excitement of possibilities. Dreaming, after all, is a form of planning.”

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A Holiday Gift Giving Playbook – How do you reconcile the overconsumption of the holidays with your desire to support businesses owned and/or led by marginalized groups? SheMoney offers a playbook for using conscious consumerism to guide your purchases this holiday season.

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Does talking about money make you uncomfortable? That’s okay. Do it anyway. – It’s time to have real conversations about money, especially with our loved ones.

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11 Steps to Becoming A Financial Superhero – This piece shares my love for the character of Wonder Woman and provides a glimpse of my collection. It got me thinking about the characteristics and behaviors associated with becoming a financial superhero. One of my favorite pieces I have ever written. I hope you dig it, too.

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Introducing SheMoney! What’s Your Money Story? – In the first issue of the newly re-branded SheMoney, I share my money story and invite everyone to share theirs as well.

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Financial Feminism: Invest, Give, Spend – I believe that the future of feminism is finance, and in this issue I outline the three pillars of how everyone can be a Financial Feminist: Investing, Giving, and Spending.

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#FreeBritney, Financial Abuse and Power-To – The story of Britney Spears’ conservatorship is at its core a story of financial abuse. And, sadly, it is a story that is far too common. The good news is that the year ended with Ms. Spears reclaiming her financial and personal freedom.

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WTF? Invest in Women and BIPOC Founders, now. – This is my favorite cartoon of the year and it will make sense when you read the article. Some might say I temporarily lost my marbles when I dumped a box of Cheerios on my counter and started counting. I say no. How better to represent how little money goes to female and BIPOC founders? This article is a call to action, and I am proud to say that I put my money where my values are and invested in a number of funds this past year. This will remain a big focus in 2022.

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Melinda+Laurene+MacKenzie + We Are The Women We Have Been Waiting For – Some of the most transformative philanthropists today are women. In this issue I take a look at the big three: Melinda French Gates, Laurene Powell Jobs, and MacKenzie Scott. And yes, I do know that ‘the big three’ is a This is Us reference, and I AM SO EXCITED ABOUT THE NEW SEASON coming soon. When I joined Women Moving Millions back in 2009, I dreamed of the day that female billionaires would be at the forefront of philanthropy, and now they are. I think that’s pretty damn cool.

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Sistering Up: But first, canapé anyone? – My first collaborative cartoon with Liza! This issue introduces the concept of Sistering Up, an idea that SheMoney/ShePlace keeps coming back to time and time again. It might even be our mantra! Sistering is a construction term, which means to make stronger. Sistering up is a framework on how to support one another and make each other stronger.

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Financial Activism – Using the example of Amazon Watch, SheMoney talks about how we can align our investments with our values.

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You Need to Know About SheEO! – SheEO is changing the financial status quo. In this issue, I interview SheEO Founder Vicki Saunders, and let’s just say she has A LOT to say about how the current financial models are not working.

For The First Time EVER – A Woman Holds The Most Senior Financial Position in the United States of America – In this issue, I celebrate the appointment of Janet Yellen to the most senior financial position in the U.S. and talk about why this is a big deal.

Once again, Happy New Year! Wishing you and yours health, happiness, and prosperity.

Jacki