1 00:00:03,120 --> 00:00:05,080 Speaker 1: One of the most impressive people I've ever met in 2 00:00:05,080 --> 00:00:08,039 Speaker 1: the business world is Melody Hobson. She's the co CEO 3 00:00:08,200 --> 00:00:10,840 Speaker 1: of Our Own Investments, a leading minority owned investment firm 4 00:00:10,840 --> 00:00:13,760 Speaker 1: in Chicago. She's also chairman of the board of Starbucks 5 00:00:13,840 --> 00:00:15,920 Speaker 1: and a member of the board of directors of JP Morgan. 6 00:00:16,239 --> 00:00:17,840 Speaker 1: I had a chance to sit down with her recently 7 00:00:17,920 --> 00:00:20,720 Speaker 1: talk about an incredible business career and now an incredible 8 00:00:20,720 --> 00:00:24,439 Speaker 1: philanthropic career as well. Right now, you are the chairman 9 00:00:24,480 --> 00:00:28,479 Speaker 1: of Starbucks. You are I think the only black female 10 00:00:28,520 --> 00:00:31,760 Speaker 1: who's the chairman of a major fortune company. Is that right? 11 00:00:32,680 --> 00:00:34,560 Speaker 1: Is that surprised to you in this day and age 12 00:00:34,640 --> 00:00:37,400 Speaker 1: that not one other black female is the chair of 13 00:00:37,440 --> 00:00:40,519 Speaker 1: a major company in public company? Yes? Absolutely. I think 14 00:00:40,520 --> 00:00:43,960 Speaker 1: it's quite disappointing. And you see any progress in this 15 00:00:44,080 --> 00:00:48,279 Speaker 1: area in terms of being chair I I don't know, Um, 16 00:00:48,320 --> 00:00:50,920 Speaker 1: there may be people are out there who are headed 17 00:00:51,000 --> 00:00:53,800 Speaker 1: for the chairmanship, but right now, just the idea that 18 00:00:53,800 --> 00:00:56,560 Speaker 1: out of five companies in the Fortune I'm the only 19 00:00:56,560 --> 00:01:00,320 Speaker 1: one today, the second only in history. Urslamburne was the 20 00:01:00,320 --> 00:01:03,240 Speaker 1: executive chair of Xerox. That is just a poor statement 21 00:01:03,240 --> 00:01:05,040 Speaker 1: about our society and where we need to be when 22 00:01:05,080 --> 00:01:08,200 Speaker 1: it comes to race in this country and gender. You 23 00:01:08,240 --> 00:01:11,480 Speaker 1: have been very active and trying to get more African 24 00:01:11,480 --> 00:01:14,720 Speaker 1: Americans on corporate boards. And in fact, you have a 25 00:01:14,840 --> 00:01:18,400 Speaker 1: conference that you host. You've at that and you interviewed me. 26 00:01:18,480 --> 00:01:23,120 Speaker 1: I say, grilled me about my own situation. So I 27 00:01:23,160 --> 00:01:26,080 Speaker 1: got through it, But your husband said I did better 28 00:01:26,080 --> 00:01:29,400 Speaker 1: than most in any event. So why are you so 29 00:01:29,560 --> 00:01:31,520 Speaker 1: interested in this area and what progress do you think 30 00:01:31,560 --> 00:01:34,800 Speaker 1: you've made in getting African Americans on corporate boards. This 31 00:01:34,880 --> 00:01:36,600 Speaker 1: has always been a big deal to us at Ariel. 32 00:01:36,680 --> 00:01:38,240 Speaker 1: I think it has a lot to do with our 33 00:01:38,280 --> 00:01:41,720 Speaker 1: founding as the first minority owned investment company in the nation. 34 00:01:42,000 --> 00:01:46,240 Speaker 1: Back will be thirty nine years old um in a month. 35 00:01:46,720 --> 00:01:48,680 Speaker 1: And I think it also has a lot to do 36 00:01:48,760 --> 00:01:51,360 Speaker 1: with the fact that we recognize the boardroom is where 37 00:01:51,400 --> 00:01:54,080 Speaker 1: all the power is and at the end of the day, 38 00:01:54,120 --> 00:01:56,720 Speaker 1: and for in order for a company to be world class, 39 00:01:56,760 --> 00:01:59,200 Speaker 1: and that's what we aspire to invest in. We think 40 00:01:59,200 --> 00:02:02,320 Speaker 1: you need all perspectos around the table, and you certainly 41 00:02:02,320 --> 00:02:05,560 Speaker 1: need to understand all of the potential preferences of the 42 00:02:05,600 --> 00:02:08,080 Speaker 1: customers that you have, the buyers that you have, what 43 00:02:08,200 --> 00:02:09,840 Speaker 1: have you and So at the end of the day, 44 00:02:09,880 --> 00:02:13,079 Speaker 1: we think a diverse boardroom is essential to the well 45 00:02:13,120 --> 00:02:16,079 Speaker 1: being of a company and it's stewartship. And I say 46 00:02:16,120 --> 00:02:19,280 Speaker 1: this all the time that companies that don't really understand 47 00:02:19,320 --> 00:02:22,679 Speaker 1: this are committing corporate suicide. And so we advocate in 48 00:02:22,720 --> 00:02:24,640 Speaker 1: a very strong way in terms of the companies that 49 00:02:24,720 --> 00:02:28,240 Speaker 1: we own, the smaller nitcap Us names for there to 50 00:02:28,280 --> 00:02:31,160 Speaker 1: be diversity in those boardrooms. It may not be there 51 00:02:31,200 --> 00:02:33,840 Speaker 1: when we first make our purchase, but you better believe 52 00:02:33,880 --> 00:02:36,560 Speaker 1: we're going to be pushing and saying, you know, what 53 00:02:36,720 --> 00:02:39,160 Speaker 1: is your plan for having a diverse boardroom? And at 54 00:02:39,160 --> 00:02:42,280 Speaker 1: the end of the day, in the last thirty nine years, 55 00:02:42,320 --> 00:02:44,400 Speaker 1: almost we can point to I think somewhere in the 56 00:02:44,480 --> 00:02:47,480 Speaker 1: name of fifty companies where we've had diversity added to 57 00:02:47,520 --> 00:02:50,720 Speaker 1: the board. So let's talk about a company. Arial that 58 00:02:50,800 --> 00:02:53,320 Speaker 1: you started out as a person right out of Princeton 59 00:02:53,600 --> 00:02:56,519 Speaker 1: and then you worked away to be Coco. But where 60 00:02:56,520 --> 00:02:58,840 Speaker 1: we get it. Let's talk about your background. You are 61 00:02:59,040 --> 00:03:01,560 Speaker 1: from where should cago and you grew up in a 62 00:03:01,680 --> 00:03:05,799 Speaker 1: very wealthy family, No, just the opposite. Um, I grew 63 00:03:05,880 --> 00:03:07,880 Speaker 1: up as the youngest of six kids. My mom was 64 00:03:07,919 --> 00:03:11,040 Speaker 1: a single mom, I was really late in my family. 65 00:03:11,160 --> 00:03:14,320 Speaker 1: So my siblings are twenty plus years older than me. Uh. 66 00:03:14,360 --> 00:03:16,799 Speaker 1: They always joked that I was found on the doorstep. 67 00:03:17,400 --> 00:03:21,080 Speaker 1: And my mom worked extraordinarily hard. She was in the 68 00:03:21,080 --> 00:03:23,640 Speaker 1: real estate business, and it was I don't even call 69 00:03:23,680 --> 00:03:27,400 Speaker 1: it feast or famine or food not feast, um. And 70 00:03:27,440 --> 00:03:29,720 Speaker 1: she really struggled a lot. We used to get evicted. 71 00:03:29,760 --> 00:03:31,919 Speaker 1: I told these stories all the time because they were 72 00:03:32,120 --> 00:03:34,680 Speaker 1: foundational to who I am. We used to get our 73 00:03:34,680 --> 00:03:38,680 Speaker 1: car repossessed. And because your mother was supporting the family 74 00:03:39,160 --> 00:03:42,000 Speaker 1: and the business wasn't so wonderful sometimes, and also she 75 00:03:42,040 --> 00:03:44,200 Speaker 1: was a black woman trying to do something on her own. 76 00:03:44,320 --> 00:03:46,960 Speaker 1: It was very very hard during those times. There was 77 00:03:47,000 --> 00:03:49,960 Speaker 1: a lot of um Uh. There was just a lot 78 00:03:49,960 --> 00:03:55,160 Speaker 1: of obstacles for someone like her. She didn't have my education. Um. 79 00:03:55,200 --> 00:03:58,360 Speaker 1: But she was very very wise, and she imparted I 80 00:03:58,400 --> 00:04:01,080 Speaker 1: hope that wisdom and that allowed me to be the 81 00:04:01,120 --> 00:04:03,720 Speaker 1: person that I am, as did my siblings. You were 82 00:04:03,760 --> 00:04:06,040 Speaker 1: able to overcome all this by doing well in school. 83 00:04:06,080 --> 00:04:08,360 Speaker 1: You did pretty well in high school. I guess school. 84 00:04:08,400 --> 00:04:10,680 Speaker 1: I was very good at school. Yes, So you applied 85 00:04:10,680 --> 00:04:14,120 Speaker 1: to college, and you applied to Harvard and Princeton and 86 00:04:14,200 --> 00:04:17,280 Speaker 1: you got in right, Yes, And Harvard is a great place. 87 00:04:17,440 --> 00:04:19,760 Speaker 1: I'm on the board of the Harvard Corporation. So why 88 00:04:19,760 --> 00:04:21,600 Speaker 1: did you choose to go to Princeton, which is a 89 00:04:21,640 --> 00:04:24,520 Speaker 1: great school over Harvard. Harvard is a great place. I 90 00:04:24,560 --> 00:04:26,560 Speaker 1: loved it. My mom really wanted me to go there. 91 00:04:26,880 --> 00:04:28,560 Speaker 1: I told the story all the time that she told 92 00:04:28,560 --> 00:04:31,159 Speaker 1: me Harvard was like Coca Cola, that anywhere in the 93 00:04:31,160 --> 00:04:33,600 Speaker 1: world that I would go, including an African village, if 94 00:04:33,640 --> 00:04:36,520 Speaker 1: I said Harvard, people would know what I was talking about. 95 00:04:36,839 --> 00:04:39,839 Speaker 1: And Princeton was like sprite, she said, we only knew 96 00:04:39,839 --> 00:04:42,719 Speaker 1: it in America. And at the end of the day, 97 00:04:43,080 --> 00:04:48,480 Speaker 1: after visiting both, a Princeton alum named Richard Missner called 98 00:04:48,520 --> 00:04:51,680 Speaker 1: me every single day after I got into Princeton and 99 00:04:51,720 --> 00:04:53,839 Speaker 1: told me why Princeton was the better school for me, 100 00:04:54,640 --> 00:04:57,720 Speaker 1: and he ultimately invited me to a lunch with Bill Bradley. 101 00:04:57,800 --> 00:05:00,120 Speaker 1: In between the two of them and John roger Is, 102 00:05:00,160 --> 00:05:03,960 Speaker 1: the founder of Ariel, I was triple teamed, and ultimately 103 00:05:03,960 --> 00:05:07,640 Speaker 1: I said, any school where people would be this uh 104 00:05:07,800 --> 00:05:11,360 Speaker 1: fanatical about the school and having someone go there must 105 00:05:11,400 --> 00:05:14,720 Speaker 1: be a really great place. And so against my mother's wishes. 106 00:05:14,880 --> 00:05:17,760 Speaker 1: I chose Princeton and you never regretted it, right, Oh? 107 00:05:17,760 --> 00:05:20,480 Speaker 1: I loved Princeton in every way. You know, Princetonian's we 108 00:05:20,480 --> 00:05:23,799 Speaker 1: were hardcore, as we say, we bleed orange and black. Okay, 109 00:05:23,880 --> 00:05:27,920 Speaker 1: So you graduated from Princeton what year and then you 110 00:05:28,040 --> 00:05:30,000 Speaker 1: decided to go back to Chicago. I assume you could 111 00:05:30,040 --> 00:05:31,840 Speaker 1: have had a lot of jobs in New York or 112 00:05:31,880 --> 00:05:33,800 Speaker 1: the East Coast, but you went back your hometown and 113 00:05:33,880 --> 00:05:37,040 Speaker 1: joined a then relatively small firm Aria Is that right? 114 00:05:37,160 --> 00:05:39,240 Speaker 1: It was tiny and at one point six billion dollars 115 00:05:39,240 --> 00:05:43,520 Speaker 1: in assets, maybe one billion at the time. And I 116 00:05:43,560 --> 00:05:45,839 Speaker 1: did an interview on Wall Street. But one day, after 117 00:05:46,320 --> 00:05:48,560 Speaker 1: making lots of trips into New York on the train 118 00:05:48,920 --> 00:05:51,279 Speaker 1: to do the interviews, one day I just called John 119 00:05:51,400 --> 00:05:54,880 Speaker 1: Rogers that then he had the title of president, and 120 00:05:54,920 --> 00:05:56,680 Speaker 1: I said, I want to come to Ariel because I 121 00:05:56,680 --> 00:05:59,800 Speaker 1: could see what I could learn from working with him 122 00:05:59,880 --> 00:06:02,440 Speaker 1: up close versus the layers down that I would be 123 00:06:02,480 --> 00:06:04,400 Speaker 1: in some of the other firms. I think he was 124 00:06:04,440 --> 00:06:06,240 Speaker 1: surprised by the call. He told me I didn't open 125 00:06:06,240 --> 00:06:09,040 Speaker 1: invitation to joined the firm after I was an intern, 126 00:06:09,560 --> 00:06:13,920 Speaker 1: and I eagerly went there. I knew from the first day. 127 00:06:14,000 --> 00:06:16,120 Speaker 1: And I know it's going to sound crazy that I 128 00:06:16,160 --> 00:06:18,279 Speaker 1: would work there my whole life. I knew it. You 129 00:06:18,360 --> 00:06:20,560 Speaker 1: have worked at Ariel your whole life. In fact, I 130 00:06:20,560 --> 00:06:22,719 Speaker 1: think you're the only person your class or prince who 131 00:06:22,720 --> 00:06:26,160 Speaker 1: has the same telephone number that you had when you graduate. 132 00:06:26,240 --> 00:06:29,120 Speaker 1: Is that right? That's right? Out of people, So you 133 00:06:29,160 --> 00:06:31,560 Speaker 1: can tell that loyalty means a lot to me, as 134 00:06:31,600 --> 00:06:35,560 Speaker 1: well as consistency and stability, which is the opposite of 135 00:06:35,560 --> 00:06:38,520 Speaker 1: what my childhood experience was. So Ariel, for those who 136 00:06:38,520 --> 00:06:41,960 Speaker 1: don't know, is I guess it's the oldest minority owned 137 00:06:42,160 --> 00:06:45,080 Speaker 1: investment firm of its type, and it's a value oriented firm. 138 00:06:45,160 --> 00:06:48,000 Speaker 1: Is that right? You buy stocks that are let's say, 139 00:06:48,279 --> 00:06:50,960 Speaker 1: value oriented cheap In other words, that's right. We cut 140 00:06:50,960 --> 00:06:53,919 Speaker 1: our teeth in the small and mit cap space US dots, 141 00:06:53,960 --> 00:06:56,320 Speaker 1: and in two thousand and eleven we branched into international 142 00:06:56,360 --> 00:06:58,080 Speaker 1: and global with a New York team in a New 143 00:06:58,120 --> 00:07:01,680 Speaker 1: York office. So we do small and it kept investing 144 00:07:01,760 --> 00:07:04,400 Speaker 1: in US stots, and then we do all kept investing 145 00:07:04,400 --> 00:07:07,160 Speaker 1: in international and global, and then very recently we went 146 00:07:07,240 --> 00:07:09,320 Speaker 1: it to your business. Now you're in the most important 147 00:07:09,320 --> 00:07:11,640 Speaker 1: business of the law private equity, right I don't know 148 00:07:11,640 --> 00:07:14,000 Speaker 1: if it's the most important, it's the hottest one right now. 149 00:07:14,040 --> 00:07:16,680 Speaker 1: We're trying to do it differently. So your firm specialized 150 00:07:16,720 --> 00:07:19,480 Speaker 1: in what's called value stocks, which means cheap stocks. You're 151 00:07:19,520 --> 00:07:22,720 Speaker 1: not into the high technology high flyers. But the high 152 00:07:22,760 --> 00:07:26,000 Speaker 1: flyers have done so well crushed it in recent years. 153 00:07:26,160 --> 00:07:28,000 Speaker 1: So I've made you think maybe you should get into 154 00:07:28,000 --> 00:07:30,120 Speaker 1: that business as well. As a contrarian, I think just 155 00:07:30,200 --> 00:07:33,560 Speaker 1: the opposite. Whatever worked in the past won't work in 156 00:07:33,600 --> 00:07:37,000 Speaker 1: the future. Most people fight fight last year's war. That's 157 00:07:37,000 --> 00:07:38,960 Speaker 1: not how we think about things. You want to look 158 00:07:38,960 --> 00:07:41,800 Speaker 1: and see what hasn't been successful, and that's where you 159 00:07:41,840 --> 00:07:43,640 Speaker 1: want to be. So when we look at this past 160 00:07:43,680 --> 00:07:47,800 Speaker 1: decade where large caps and growth have dominated in a 161 00:07:47,840 --> 00:07:51,280 Speaker 1: way that we've never seen before, selling it valuations that 162 00:07:51,320 --> 00:07:56,720 Speaker 1: we've never seen before relative to value or or cheaper stocks, 163 00:07:57,040 --> 00:08:00,640 Speaker 1: we see a tremendous opportunity. People think we're sucking our book. 164 00:08:00,640 --> 00:08:03,480 Speaker 1: We're not. I'm just looking at data. I love that line. 165 00:08:03,560 --> 00:08:05,720 Speaker 1: Map has no opinion. When you look at the map, 166 00:08:07,160 --> 00:08:10,400 Speaker 1: the differences in returns over long periods of time between 167 00:08:10,400 --> 00:08:13,640 Speaker 1: growth and value and the divergence that we've had recently, 168 00:08:14,000 --> 00:08:16,160 Speaker 1: you can't help but to see a tremendous amount of 169 00:08:16,200 --> 00:08:21,360 Speaker 1: opportunity and value, especially with the backdrop of rising interest rates. 170 00:08:21,720 --> 00:08:24,080 Speaker 1: Warren Buffett has often said that people will be better 171 00:08:24,120 --> 00:08:26,920 Speaker 1: off just put their money in stock index funds rather 172 00:08:26,960 --> 00:08:29,640 Speaker 1: than people who are picking stocks, as your firm often 173 00:08:29,680 --> 00:08:31,920 Speaker 1: does you pick stocks. So what do you say to 174 00:08:31,960 --> 00:08:34,800 Speaker 1: Warren about that. Well, first of all, he's outperformed by 175 00:08:34,880 --> 00:08:38,000 Speaker 1: not owning an index, so he's proved positive that it's 176 00:08:38,000 --> 00:08:42,400 Speaker 1: possible that you can outperform the broad market. But more importantly, 177 00:08:42,400 --> 00:08:45,440 Speaker 1: in our world, we believe in the efficient market theory, 178 00:08:45,600 --> 00:08:48,960 Speaker 1: and the inefficiency is in areas that are the that 179 00:08:49,040 --> 00:08:54,240 Speaker 1: are overlooked, misunderstood. People don't follow it very well, and 180 00:08:54,280 --> 00:08:57,760 Speaker 1: so that's smaller companies. They tend to be less widely followed. 181 00:08:58,040 --> 00:09:01,400 Speaker 1: You also see that inefficiency and in national markets. That's 182 00:09:01,400 --> 00:09:04,240 Speaker 1: where we work and live at Ariel, and so we 183 00:09:04,280 --> 00:09:07,920 Speaker 1: think we can exploit those inefficiencies in those areas, which 184 00:09:07,960 --> 00:09:12,520 Speaker 1: is where we would say, um, we would respectfully disagree 185 00:09:12,640 --> 00:09:15,560 Speaker 1: with Warren Buffett. Let me talk about Starbucks for a moment. 186 00:09:15,559 --> 00:09:17,800 Speaker 1: You've been on the board for how long? Wow? A 187 00:09:17,800 --> 00:09:20,439 Speaker 1: long time since two thousand and six. Okay, And when 188 00:09:20,480 --> 00:09:21,839 Speaker 1: you got on the board, did you stop to go 189 00:09:21,880 --> 00:09:25,520 Speaker 1: to Starbucks every day? And I got a lot. And 190 00:09:25,960 --> 00:09:27,560 Speaker 1: when you check in, you have to wait in line 191 00:09:27,600 --> 00:09:30,120 Speaker 1: like everybody else. I wait in line of like everyone else. 192 00:09:30,120 --> 00:09:31,920 Speaker 1: That's a that's an important part of the process to 193 00:09:31,960 --> 00:09:34,760 Speaker 1: see how everything's working, how long it takes with the 194 00:09:35,200 --> 00:09:38,040 Speaker 1: what's happening in the store. But now that you're the chair, 195 00:09:38,080 --> 00:09:39,960 Speaker 1: when you walk in any Starbucks in the world, they 196 00:09:40,000 --> 00:09:42,480 Speaker 1: must have your picture there. They that does not happen. 197 00:09:42,520 --> 00:09:45,360 Speaker 1: It's actually like being a secret shopper. It's pretty good 198 00:09:45,400 --> 00:09:47,800 Speaker 1: not to be recognized in any way so that you 199 00:09:47,800 --> 00:09:50,520 Speaker 1: can truly assess how things are going. I take pictures 200 00:09:50,559 --> 00:09:52,719 Speaker 1: of the cases. I do all sorts of things when 201 00:09:52,760 --> 00:09:54,920 Speaker 1: I go in. Now, what's your favorite drink? Can you say? 202 00:09:55,000 --> 00:09:57,080 Speaker 1: Is that a state secret? I make a joke about this, 203 00:09:57,200 --> 00:10:00,880 Speaker 1: So I like my coffee black like me? Okay, Now, 204 00:10:00,920 --> 00:10:03,000 Speaker 1: Howard Schultz has been a mentor to you a bit, 205 00:10:03,320 --> 00:10:06,360 Speaker 1: is that correct? He's the founder of for sure, very important. 206 00:10:06,600 --> 00:10:09,320 Speaker 1: So what did he do that made Starbucks so successful? 207 00:10:09,320 --> 00:10:11,520 Speaker 1: There are other coffee chains around the world. And wasn't 208 00:10:11,520 --> 00:10:13,960 Speaker 1: like he invented coffee chains. What did he actually do 209 00:10:14,040 --> 00:10:16,520 Speaker 1: that made it the biggest in the world. He really 210 00:10:16,520 --> 00:10:19,199 Speaker 1: started off from the very beginning saying that he wanted 211 00:10:19,240 --> 00:10:21,720 Speaker 1: to create a different kind of company and that he 212 00:10:21,800 --> 00:10:24,760 Speaker 1: had this point of view about leading through the lens 213 00:10:24,800 --> 00:10:27,720 Speaker 1: of humanity. It sounds like it could be a cliche, 214 00:10:27,840 --> 00:10:30,760 Speaker 1: but it's not at all. It is very much in 215 00:10:30,800 --> 00:10:32,920 Speaker 1: the dna of the company. How we look at things, 216 00:10:32,960 --> 00:10:35,160 Speaker 1: how we do things, it's always through this point of 217 00:10:35,200 --> 00:10:37,719 Speaker 1: view of people. And so at the end of the day, 218 00:10:37,760 --> 00:10:40,680 Speaker 1: I think he put people first, not only in terms 219 00:10:40,679 --> 00:10:42,520 Speaker 1: of the partners of the company, but also in terms 220 00:10:42,559 --> 00:10:44,520 Speaker 1: of the customer, and at the end of the day, 221 00:10:44,559 --> 00:10:47,400 Speaker 1: that is what has made the company so great. Okay, 222 00:10:47,440 --> 00:10:50,280 Speaker 1: so today you're coming to UH New York for a 223 00:10:50,360 --> 00:10:53,200 Speaker 1: board meeting of JP Morgan, which is I think the 224 00:10:53,200 --> 00:10:56,040 Speaker 1: biggest bank in the world, at least by marketing largest 225 00:10:56,320 --> 00:11:01,400 Speaker 1: I think in the world, the largest, and it's led 226 00:11:01,440 --> 00:11:03,480 Speaker 1: by Jamie Diamond, who has been the CEO for quite 227 00:11:03,480 --> 00:11:07,080 Speaker 1: some time. So UH, as a board member there, what 228 00:11:07,240 --> 00:11:10,679 Speaker 1: is your responsibility is it to help the bank grow? 229 00:11:11,480 --> 00:11:13,600 Speaker 1: What have you learned from Jamie Diamond? Is he a 230 00:11:13,640 --> 00:11:16,480 Speaker 1: mentor to you as well. So start off with any 231 00:11:16,520 --> 00:11:19,199 Speaker 1: board role, you're a fooduciary for the shareholders. Howard is 232 00:11:19,200 --> 00:11:21,400 Speaker 1: the one who taught me this best. He told me 233 00:11:21,440 --> 00:11:23,160 Speaker 1: that every time he sat in the room, he pictured 234 00:11:23,200 --> 00:11:26,360 Speaker 1: two chairs and that we're empty. One chair was a 235 00:11:26,360 --> 00:11:29,360 Speaker 1: partner at Starbucks. Another chair was a shareholder, and he said, 236 00:11:29,400 --> 00:11:31,840 Speaker 1: when you're in that boardroom, be proud of everything you 237 00:11:31,920 --> 00:11:35,160 Speaker 1: say to those two chairs. And I've taken that to heart, 238 00:11:35,400 --> 00:11:37,160 Speaker 1: and I do the exact thing, same thing. When I'm 239 00:11:37,160 --> 00:11:39,960 Speaker 1: at JP Morgan. I assume that there's an employee sitting 240 00:11:40,000 --> 00:11:42,320 Speaker 1: in the room of JP Morgan, and that there's a 241 00:11:42,360 --> 00:11:45,320 Speaker 1: shareholder in that room, and I am supposed to look 242 00:11:45,320 --> 00:11:48,320 Speaker 1: out for them. That is my job. And in terms 243 00:11:48,320 --> 00:11:50,880 Speaker 1: of what Jamie has taught me, Um, Howard and Jamie 244 00:11:50,920 --> 00:11:53,840 Speaker 1: have taught me different things. Obviously, I've been with Howard 245 00:11:53,840 --> 00:11:55,840 Speaker 1: for a very long time, and I think he molded 246 00:11:55,880 --> 00:11:59,000 Speaker 1: me as a person in terms of my my professional 247 00:11:59,080 --> 00:12:03,160 Speaker 1: self from watching him, especially UM for so many years 248 00:12:03,160 --> 00:12:05,839 Speaker 1: and so up closed with Jamie. I haven't been there 249 00:12:05,840 --> 00:12:07,599 Speaker 1: as long, but what I can say to you is 250 00:12:07,640 --> 00:12:12,040 Speaker 1: I've learned without a question how he has put a 251 00:12:12,080 --> 00:12:16,080 Speaker 1: world class team around him to run an extraordinarily complex 252 00:12:16,120 --> 00:12:18,400 Speaker 1: business and at the end of the day, you're only 253 00:12:18,440 --> 00:12:20,640 Speaker 1: as good as your people. I think that is what 254 00:12:20,760 --> 00:12:23,600 Speaker 1: I see and I've learned from Jamie another initiative you've 255 00:12:23,600 --> 00:12:26,920 Speaker 1: been involved with, which is to um get JP Morgan 256 00:12:27,000 --> 00:12:31,840 Speaker 1: and other companies to invest in minority owned businesses, and 257 00:12:31,880 --> 00:12:35,959 Speaker 1: how is that going. So the initiative is really targeted 258 00:12:36,480 --> 00:12:40,439 Speaker 1: at growing sustainable minority businesses by bringing two things together, 259 00:12:40,920 --> 00:12:43,880 Speaker 1: capital and customers. We think people when they talk about 260 00:12:43,880 --> 00:12:47,360 Speaker 1: growing minority businesses, they often rotate over rotate on this 261 00:12:47,400 --> 00:12:50,559 Speaker 1: idea of access to capital. We think access to customers 262 00:12:50,559 --> 00:12:53,480 Speaker 1: are just as important. And it's actually this became clear 263 00:12:53,520 --> 00:12:55,600 Speaker 1: to me. John Rodgers used to talk about that all 264 00:12:55,640 --> 00:13:00,240 Speaker 1: the time, saying customers, melody, customers, grow minority business is. 265 00:13:00,559 --> 00:13:02,640 Speaker 1: And then I sat in the boardroom at JP Morgan 266 00:13:02,720 --> 00:13:05,920 Speaker 1: and I realized very quickly and clearly, if you've got 267 00:13:05,920 --> 00:13:09,600 Speaker 1: a fistful of receivable that receivables, that bank will lend 268 00:13:09,640 --> 00:13:12,000 Speaker 1: you money. And so the idea is, how can you 269 00:13:12,080 --> 00:13:16,920 Speaker 1: create sustainable minority businesses of scale? And we think you 270 00:13:16,960 --> 00:13:20,400 Speaker 1: can do that by becoming Tier one suppliers to Fortune 271 00:13:20,400 --> 00:13:24,840 Speaker 1: five companies. Because those companies are looking to diversify their vendorless, 272 00:13:24,840 --> 00:13:29,640 Speaker 1: both literally and figuratively, especially after COVID. So how is 273 00:13:29,640 --> 00:13:31,679 Speaker 1: that going? Are you raising the money or you started 274 00:13:31,720 --> 00:13:34,560 Speaker 1: investing that fund? Yet we are. It's going very well. 275 00:13:34,600 --> 00:13:36,800 Speaker 1: So we're just off to the races we announced on 276 00:13:37,160 --> 00:13:40,280 Speaker 1: February seventeenth. We feel very good about our progress. We 277 00:13:40,320 --> 00:13:42,920 Speaker 1: can't say a time because we haven't had our final 278 00:13:43,000 --> 00:13:44,800 Speaker 1: clothes yet and there are a lot of rules around this, 279 00:13:45,280 --> 00:13:48,400 Speaker 1: but we are. We are very very optimistic. Many people 280 00:13:48,559 --> 00:13:52,360 Speaker 1: who are minorities feel, and African Americans, Latinos, others who 281 00:13:52,360 --> 00:13:55,360 Speaker 1: are um not a majority status, not white, feel that 282 00:13:55,679 --> 00:13:58,559 Speaker 1: the system is built against them. In fact, I believe 283 00:13:58,559 --> 00:14:00,439 Speaker 1: when I was growing up in the American dream. But 284 00:14:00,520 --> 00:14:02,679 Speaker 1: I'm white and I believed in it, and I've lived 285 00:14:02,720 --> 00:14:05,280 Speaker 1: the American dream. But many people who are minorities don't 286 00:14:05,280 --> 00:14:07,240 Speaker 1: any longer believe in the American dream. They don't think 287 00:14:07,240 --> 00:14:09,680 Speaker 1: they can rise up. Your hometown of Chicago has had 288 00:14:09,760 --> 00:14:12,000 Speaker 1: lots of problems, of course, what do you say to 289 00:14:12,040 --> 00:14:15,240 Speaker 1: these people about whether this country really still exists for 290 00:14:15,240 --> 00:14:17,160 Speaker 1: the American dream? Is it possible for people to do 291 00:14:17,200 --> 00:14:20,080 Speaker 1: what you've done? So? First and foremost, I'm an example 292 00:14:20,080 --> 00:14:22,120 Speaker 1: of the American dream being possible, and I can't in 293 00:14:22,160 --> 00:14:24,520 Speaker 1: any way say that that's not the case. I didn't 294 00:14:24,560 --> 00:14:27,200 Speaker 1: come from anything. I didn't know anyone. I had no 295 00:14:27,320 --> 00:14:30,800 Speaker 1: relationships that I could leverage in terms of what I 296 00:14:30,880 --> 00:14:34,640 Speaker 1: have become. It was just hard work and effort um 297 00:14:34,680 --> 00:14:36,840 Speaker 1: and along the way I got lots and lots of 298 00:14:36,880 --> 00:14:40,080 Speaker 1: breaks and miracles did happen. But the American dream, to 299 00:14:40,120 --> 00:14:42,800 Speaker 1: me is alive. And well, now that's said. I'm a 300 00:14:42,800 --> 00:14:45,440 Speaker 1: capitalist with a capital C, but I think capitalists should 301 00:14:45,480 --> 00:14:48,800 Speaker 1: be working for more people. Right now, the system is limited. 302 00:14:49,080 --> 00:14:50,960 Speaker 1: It is not as good as it could be. It's 303 00:14:50,960 --> 00:14:53,320 Speaker 1: gotten better over time, but it can be better still, 304 00:14:53,800 --> 00:14:55,880 Speaker 1: and it will be better still when more people of 305 00:14:55,960 --> 00:15:00,080 Speaker 1: color can participate in the system. When everyone can a 306 00:15:00,680 --> 00:15:03,160 Speaker 1: the game gets better. We have learned that time and 307 00:15:03,160 --> 00:15:06,800 Speaker 1: time again. Reverend Jesse Jackson says that about baseball, it 308 00:15:06,880 --> 00:15:09,400 Speaker 1: wasn't as good as it could be until Jackie Robinson 309 00:15:09,440 --> 00:15:11,960 Speaker 1: can play. When everyone can play, when you can have 310 00:15:12,000 --> 00:15:15,720 Speaker 1: the best competitors competing, you ultimately end up with a 311 00:15:15,760 --> 00:15:20,480 Speaker 1: better outcome globally, domestically, inside of a company. And so 312 00:15:20,560 --> 00:15:23,440 Speaker 1: to me, the American dream is possible, but it is 313 00:15:23,600 --> 00:15:27,040 Speaker 1: failing a lot of people because of some of these 314 00:15:27,480 --> 00:15:32,160 Speaker 1: racial blinders that exist. So today CEOs are under pressure 315 00:15:32,200 --> 00:15:35,280 Speaker 1: to say something publicly about public issues. Do you think 316 00:15:35,280 --> 00:15:38,480 Speaker 1: that's a good thing that Jamie Diamond or or the 317 00:15:38,560 --> 00:15:42,560 Speaker 1: CEO of of Starbucks should say things about policy issues 318 00:15:42,600 --> 00:15:44,840 Speaker 1: that are really outside of their domain of their company. 319 00:15:44,960 --> 00:15:47,760 Speaker 1: We are human beings. We have opinions, and I don't 320 00:15:47,800 --> 00:15:52,000 Speaker 1: think being CEO, co CEO, chairman, et cetera means that 321 00:15:52,040 --> 00:15:54,720 Speaker 1: I can't have an opinion about something, and so I 322 00:15:54,880 --> 00:15:57,440 Speaker 1: always put that in the concepts of context when I 323 00:15:57,480 --> 00:16:01,040 Speaker 1: am giving my opinion. This is my opinion. It doesn't 324 00:16:01,040 --> 00:16:04,200 Speaker 1: have to be an opinion that represents Starbucks or Ariel 325 00:16:04,320 --> 00:16:06,800 Speaker 1: or JP Morgan. But I think I'm allowed to say 326 00:16:06,840 --> 00:16:09,240 Speaker 1: what I think. It doesn't also mean that I'm right 327 00:16:09,720 --> 00:16:12,360 Speaker 1: and Ariel I talk about truth. There's truth with a 328 00:16:12,440 --> 00:16:15,400 Speaker 1: capital T and there's truth with a small T. And 329 00:16:15,400 --> 00:16:17,400 Speaker 1: if it's my opinion, it's truth with a small T. 330 00:16:17,920 --> 00:16:21,560 Speaker 1: Now this country is bitterly divided between the left and 331 00:16:21,560 --> 00:16:23,840 Speaker 1: the right. It seems the government is not functional in 332 00:16:23,880 --> 00:16:27,080 Speaker 1: many ways. Are you optimistic about the country's future or 333 00:16:27,200 --> 00:16:29,600 Speaker 1: you think we're heading to a dark path where we 334 00:16:29,640 --> 00:16:31,840 Speaker 1: won't be able to bring the country together. I'm very 335 00:16:31,880 --> 00:16:34,080 Speaker 1: worried about the polarization, and I think that we all 336 00:16:34,120 --> 00:16:39,360 Speaker 1: have to work harder to be more um willing to 337 00:16:39,400 --> 00:16:42,040 Speaker 1: listen to other points of view. At the same time, 338 00:16:42,680 --> 00:16:45,080 Speaker 1: I take that Warren Buffet view. I think that if 339 00:16:45,080 --> 00:16:47,960 Speaker 1: you're born in America, you've won the birth lottery, as 340 00:16:47,960 --> 00:16:52,840 Speaker 1: he says. And I think that America's promise remains very, very, 341 00:16:52,920 --> 00:16:56,880 Speaker 1: very great because we've had a certain spirit in this 342 00:16:57,000 --> 00:16:59,840 Speaker 1: country that I don't I think it's in our DNA. 343 00:17:00,520 --> 00:17:03,320 Speaker 1: And I think if we can realize our best selves, 344 00:17:03,800 --> 00:17:07,000 Speaker 1: which is what America was founded on, inclusion in terms 345 00:17:07,040 --> 00:17:09,440 Speaker 1: of religion, in terms of people from all walks of life, 346 00:17:09,440 --> 00:17:12,080 Speaker 1: all of these things being a melting pot, if we 347 00:17:12,119 --> 00:17:17,440 Speaker 1: can realize that our future and our possibilities are truly endless. 348 00:17:17,840 --> 00:17:20,680 Speaker 1: The question is will we allow ourselves to realize that. Now, 349 00:17:20,720 --> 00:17:23,399 Speaker 1: some people would say, uh, Melody, you are a lot 350 00:17:23,480 --> 00:17:25,880 Speaker 1: of corporate boards, you're a lot of nonprofits, will talk 351 00:17:25,920 --> 00:17:29,240 Speaker 1: about you've also married a very very wealthy, famous person 352 00:17:29,320 --> 00:17:32,440 Speaker 1: named George Lucas. They creative star wars, among other things. 353 00:17:32,920 --> 00:17:35,080 Speaker 1: So why do you need to be the co CEO 354 00:17:35,160 --> 00:17:37,719 Speaker 1: of Aria. Why don't you just do nonprofit boards, corporate 355 00:17:37,720 --> 00:17:39,639 Speaker 1: boards and other things? Why do you still want to 356 00:17:39,640 --> 00:17:41,960 Speaker 1: do this? Anyone who knows me knows that that question 357 00:17:42,040 --> 00:17:45,280 Speaker 1: doesn't make sense for me, because my heart, my love 358 00:17:45,440 --> 00:17:48,560 Speaker 1: is Ariel. Ariel's my first child. It was the thing 359 00:17:48,640 --> 00:17:50,879 Speaker 1: that I did that I thought about every morning when 360 00:17:50,920 --> 00:17:53,120 Speaker 1: I woke up, and every night when I went to bed, 361 00:17:53,200 --> 00:17:56,840 Speaker 1: and all day long, and it really became a labor 362 00:17:56,880 --> 00:17:59,040 Speaker 1: of love for me. John joke that he started it 363 00:17:59,520 --> 00:18:01,520 Speaker 1: and that became a point that he thought, maybe I 364 00:18:01,560 --> 00:18:03,800 Speaker 1: loved it more. I don't think that's true. We don't 365 00:18:03,520 --> 00:18:06,240 Speaker 1: compete for the love of Arial, but I do think 366 00:18:06,240 --> 00:18:09,000 Speaker 1: it became a part of my DNA, and so leaving 367 00:18:09,000 --> 00:18:11,080 Speaker 1: it is not something I would ever consider. I've always 368 00:18:11,080 --> 00:18:13,359 Speaker 1: wanted to be there. So let's talk about some of 369 00:18:13,400 --> 00:18:15,560 Speaker 1: the nonprofit things you're doing. One of them, I just 370 00:18:15,640 --> 00:18:17,840 Speaker 1: want to talk about the one that you're doing. Talk 371 00:18:17,920 --> 00:18:20,840 Speaker 1: about first you're doing with your husband. You're building a 372 00:18:20,960 --> 00:18:25,359 Speaker 1: museum in Los Angeles for narrative arts. I guess it 373 00:18:25,400 --> 00:18:27,840 Speaker 1: would be dealing with his art that he's purchased and 374 00:18:27,840 --> 00:18:30,120 Speaker 1: all the things he's done. Can you explain why you're 375 00:18:30,119 --> 00:18:32,159 Speaker 1: building a museum and when it's going to open and 376 00:18:32,160 --> 00:18:34,520 Speaker 1: what it's going to be. That's so unique about it, Well, 377 00:18:34,520 --> 00:18:36,600 Speaker 1: it's the first museum that's ever been built that is 378 00:18:36,640 --> 00:18:40,639 Speaker 1: dedicated to the art of storytelling, the narrative. So the 379 00:18:40,680 --> 00:18:43,560 Speaker 1: way to think about it is a story that is 380 00:18:43,560 --> 00:18:46,920 Speaker 1: told in one frame. Many directors can see this very 381 00:18:46,960 --> 00:18:50,400 Speaker 1: clearly when you look at, for example, a Norman Rockwell picture, 382 00:18:50,840 --> 00:18:54,439 Speaker 1: a painting, you can understand the story just in one frame, 383 00:18:54,560 --> 00:18:57,639 Speaker 1: one shot. And that's what the whole museum is about. 384 00:18:57,760 --> 00:19:00,440 Speaker 1: We dedicated this work to building this bill day. It 385 00:19:00,480 --> 00:19:03,240 Speaker 1: will be the first of its kind. It's in Los Angeles, 386 00:19:03,800 --> 00:19:07,080 Speaker 1: it is it is seated with the collection that George 387 00:19:07,119 --> 00:19:10,600 Speaker 1: started collecting for a very long time. It also has 388 00:19:10,640 --> 00:19:13,200 Speaker 1: a component of it that is dedicated to Star Wars. 389 00:19:13,680 --> 00:19:16,199 Speaker 1: But the bigger issue is to create an environment, a 390 00:19:16,240 --> 00:19:19,800 Speaker 1: place where anyone can walk in from any walk of life, 391 00:19:19,800 --> 00:19:22,800 Speaker 1: from a scholar to a six year old, and feel 392 00:19:22,880 --> 00:19:25,280 Speaker 1: not only like they belong there, but also that they 393 00:19:25,359 --> 00:19:28,520 Speaker 1: understand what's on the walls. Now you are in effect 394 00:19:28,600 --> 00:19:30,840 Speaker 1: self funding this, putting up most of the money for this. 395 00:19:31,000 --> 00:19:35,080 Speaker 1: Such all okay, that's all right. So that's more than 396 00:19:35,119 --> 00:19:37,600 Speaker 1: a billion dollars. Let's say, isn't that I don't know 397 00:19:37,640 --> 00:19:39,520 Speaker 1: of anybody that's ever put up that much money for 398 00:19:39,560 --> 00:19:41,960 Speaker 1: a museum. You ever think about the cost or you're 399 00:19:41,960 --> 00:19:45,240 Speaker 1: just not worried about that so much. What we have said, 400 00:19:45,280 --> 00:19:48,240 Speaker 1: and we really do believe this, is that we are 401 00:19:48,320 --> 00:19:52,439 Speaker 1: holding society's money. So this money is not for us. 402 00:19:52,480 --> 00:19:54,920 Speaker 1: We have great lives, so please don't in any way 403 00:19:55,000 --> 00:19:58,520 Speaker 1: think that we're you know, struggling here. But it really 404 00:19:58,640 --> 00:20:02,280 Speaker 1: was that the wealth that was created from Star Wars 405 00:20:02,359 --> 00:20:07,119 Speaker 1: and Indiana Jones and all these things was really um 406 00:20:07,200 --> 00:20:10,960 Speaker 1: quite significant, and we think it belongs back in society. 407 00:20:11,119 --> 00:20:14,120 Speaker 1: So what's it like to be Melanie Hobson? Everybody knows 408 00:20:14,160 --> 00:20:16,919 Speaker 1: you pretty much and your you can see anybody in 409 00:20:16,920 --> 00:20:18,520 Speaker 1: the world you want to see. You have the best 410 00:20:18,600 --> 00:20:21,600 Speaker 1: most famous friends the United States. So you ever just 411 00:20:21,640 --> 00:20:23,680 Speaker 1: say I want to just chill out and relax, get 412 00:20:23,680 --> 00:20:27,080 Speaker 1: away from all this, And how do you relax? Well, 413 00:20:27,080 --> 00:20:28,720 Speaker 1: first of all, I just want to put in context 414 00:20:28,760 --> 00:20:30,520 Speaker 1: that I get to spend time with people who I 415 00:20:30,560 --> 00:20:33,160 Speaker 1: really admire and response to our world class people their fame. 416 00:20:33,600 --> 00:20:35,800 Speaker 1: Many of them are not famous at all that you 417 00:20:35,800 --> 00:20:38,760 Speaker 1: wouldn't know, but they are equally important to me. So 418 00:20:38,920 --> 00:20:41,840 Speaker 1: that is not how I think about any person that 419 00:20:42,000 --> 00:20:46,920 Speaker 1: I have a relationship with. What I would say is that, um, 420 00:20:46,960 --> 00:20:49,760 Speaker 1: my life has exceeded my own expectations, and I think 421 00:20:49,800 --> 00:20:52,960 Speaker 1: that's why it's very important not to put expectations around 422 00:20:52,960 --> 00:20:56,000 Speaker 1: what is possible for you or anyone, and and so 423 00:20:56,080 --> 00:20:58,920 Speaker 1: doing that, I have a great sense of gratitude about 424 00:20:58,960 --> 00:21:00,919 Speaker 1: all that I've been able to experience and all the 425 00:21:00,920 --> 00:21:03,560 Speaker 1: people I've been able to interact with and most importantly 426 00:21:03,680 --> 00:21:06,199 Speaker 1: learned from. In terms of what I do when I 427 00:21:06,200 --> 00:21:10,000 Speaker 1: am relaxing, UM, we are really basic in my house, 428 00:21:10,080 --> 00:21:14,000 Speaker 1: so we do things like bench watch television, and we 429 00:21:14,160 --> 00:21:16,320 Speaker 1: usually go to the movies, although we don't do that 430 00:21:16,359 --> 00:21:18,840 Speaker 1: so much during COVID. George likes to watch in a 431 00:21:18,880 --> 00:21:22,440 Speaker 1: movie theater with other people, and he likes to experience 432 00:21:22,480 --> 00:21:25,240 Speaker 1: the crowd experiencing a film, not to watch on his 433 00:21:25,280 --> 00:21:27,440 Speaker 1: own and your husband say, well, this isn't a good movie. 434 00:21:27,520 --> 00:21:28,800 Speaker 1: Let me tell you what they did wrong, or he 435 00:21:28,840 --> 00:21:31,160 Speaker 1: doesn't do that. Well. Actually, I love watching a movie 436 00:21:31,200 --> 00:21:33,480 Speaker 1: with George because he really breaks it down for you. 437 00:21:33,880 --> 00:21:36,080 Speaker 1: It's not about it being good. I mean, it's much 438 00:21:36,119 --> 00:21:37,800 Speaker 1: more than that. He will tell you why the story 439 00:21:37,880 --> 00:21:41,640 Speaker 1: is is solid and the foundation of it is good. 440 00:21:41,840 --> 00:21:44,399 Speaker 1: He'll tell you what's missing. He'll give you ideas of 441 00:21:44,400 --> 00:21:47,320 Speaker 1: how the movie could be better. And um, I mean, 442 00:21:47,359 --> 00:21:49,280 Speaker 1: I've watched a lot of films with George where he's 443 00:21:49,280 --> 00:21:51,080 Speaker 1: broken them down for me in ways that are just 444 00:21:51,640 --> 00:21:55,200 Speaker 1: so enlightening. Now, have you ever thought of running for office? 445 00:21:55,200 --> 00:21:57,960 Speaker 1: You obviously have an outgoing personality, are very successful. You 446 00:21:58,040 --> 00:22:00,520 Speaker 1: pres only get elected in your home state of Illinois, 447 00:22:01,200 --> 00:22:04,200 Speaker 1: or running for president or anything like that, or serving 448 00:22:04,200 --> 00:22:08,000 Speaker 1: in the cabinet, And the reason is too busy with 449 00:22:08,040 --> 00:22:10,879 Speaker 1: other stuff or government is a little complicated for what 450 00:22:10,920 --> 00:22:13,040 Speaker 1: you want to do. I'm doing what I'm meant to 451 00:22:13,080 --> 00:22:15,200 Speaker 1: do and what I love. I'm not one of those 452 00:22:15,440 --> 00:22:18,760 Speaker 1: grasses greener on the other side of the fence people by. 453 00:22:18,800 --> 00:22:20,520 Speaker 1: You could see that, bevertue of the fact that I've 454 00:22:20,520 --> 00:22:23,520 Speaker 1: stated Ariel for so long, that I have relationships that 455 00:22:23,600 --> 00:22:26,840 Speaker 1: extend for decades, I just don't. I don't think about 456 00:22:26,920 --> 00:22:29,199 Speaker 1: how do I trade up. That's just not how I 457 00:22:29,240 --> 00:22:33,760 Speaker 1: think about life. And if I had that calling, I 458 00:22:33,800 --> 00:22:35,879 Speaker 1: would do it, But that I don't feel that in 459 00:22:35,920 --> 00:22:42,000 Speaker 1: my heart or soul, I feel I'm better off um 460 00:22:42,000 --> 00:22:46,840 Speaker 1: contributing to organizations like Ariel and Starbucks and JP Morgan. 461 00:22:47,119 --> 00:22:50,359 Speaker 1: So if somebody says, I want to bundle the optimism 462 00:22:50,600 --> 00:22:54,159 Speaker 1: and enthusiasm for life that Melody Hobson has, what is 463 00:22:54,200 --> 00:22:56,320 Speaker 1: the secret? How do you get to be so optimistic 464 00:22:56,359 --> 00:22:58,879 Speaker 1: and and energetic? And what do you think is the 465 00:22:58,960 --> 00:23:02,160 Speaker 1: key to that? For people want that gratitude. So when 466 00:23:02,200 --> 00:23:05,440 Speaker 1: you have had the life that I have, every day 467 00:23:05,560 --> 00:23:08,520 Speaker 1: is a gift. Every day seems like a blessing. Every 468 00:23:08,600 --> 00:23:13,359 Speaker 1: day feels um beyond anything I would have ever expected. 469 00:23:13,840 --> 00:23:16,320 Speaker 1: And so if that is the way that you have, 470 00:23:16,680 --> 00:23:18,240 Speaker 1: you know, if you look at the world, I think 471 00:23:18,280 --> 00:23:20,800 Speaker 1: it ends up being a much better life you can 472 00:23:20,840 --> 00:23:22,920 Speaker 1: put that. That doesn't mean days aren't hard. I tell 473 00:23:22,960 --> 00:23:27,320 Speaker 1: people at Ariel, my worst day is still awesome. I mean, 474 00:23:27,359 --> 00:23:29,520 Speaker 1: I've had some really bad days, but in the context 475 00:23:29,600 --> 00:23:31,800 Speaker 1: of what I know that can be really bad, like 476 00:23:32,200 --> 00:23:34,879 Speaker 1: worrying about where you're going to sleep or where you're 477 00:23:34,880 --> 00:23:39,040 Speaker 1: gonna eat, nothing is that bad. Nothing. And it also 478 00:23:39,080 --> 00:23:41,160 Speaker 1: gives me a great amount of empathy for people who 479 00:23:41,480 --> 00:23:46,040 Speaker 1: have those struggles. And so because I never forget I'm 480 00:23:46,040 --> 00:23:49,080 Speaker 1: always very grateful, and because I'm grateful, I think that 481 00:23:49,359 --> 00:23:52,359 Speaker 1: I'm supposed to work hard, I'm supposed to do better, 482 00:23:52,840 --> 00:24:00,399 Speaker 1: I'm supposed to be optimistic. Because the contrary is just 483 00:24:00,440 --> 00:24:04,000 Speaker 1: doesn't seem right. Given all the opportunity that I've had, 484 00:24:04,280 --> 00:24:06,880 Speaker 1: what do I have to complain about? It doesn't mean 485 00:24:06,920 --> 00:24:09,760 Speaker 1: I don't have moments of complaint, but in the big 486 00:24:09,800 --> 00:24:15,200 Speaker 1: context of my life, I have perspective, and that perspective 487 00:24:15,640 --> 00:24:18,640 Speaker 1: allows me to have gratitude and therefore to have joy. 488 00:24:19,480 --> 00:24:22,000 Speaker 1: Thanks for listening to hear more of my interviews. You 489 00:24:22,040 --> 00:24:26,119 Speaker 1: can subscribe and download my podcast on Spotify, Apple, or 490 00:24:26,160 --> 00:24:27,000 Speaker 1: wherever you listen.