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Exchange (2020) - Tippie College of Business

Exchange, the magazine from the Department of Finance, provides insight into the people and programs of the department.

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HAND PICKED<br />

Cultivating the<br />

perfect portfolio<br />

<strong>2020</strong><br />

UNIVERSITY OF IOWA • TIPPIE COLLEGE OF BUSINESS • DEPARTMENT OF FINANCE


<strong>Exchange</strong> is an annual publication for<br />

alumni and friends <strong>of</strong> the Department<br />

<strong>of</strong> Finance, <strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong>,<br />

University <strong>of</strong> Iowa.<br />

TABLE OF CONTENTS<br />

1<br />

FROM THE CHAIR<br />

2<br />

DEPARTMENT NEWS<br />

6<br />

ALUMNI UPDATES<br />

8<br />

ALUM FEATURE STORY<br />

FOR THE LOVE OF NUMBERS (& DIAMONDS)<br />

Karen Kuhlman is not your typical finance alum<br />

10<br />

PHOTO ESSAY<br />

40/40/20<br />

A day in the life <strong>of</strong> Henry B. <strong>Tippie</strong><br />

Research Pr<strong>of</strong>essor Jon Garfinkel<br />

12<br />

COVER STORY<br />

HAND PICKED<br />

Cultivating the perfect portfolio for the Marberry Fund.<br />

EDITOR<br />

Amanda May<br />

DEPARTMENT EXECUTIVE OFFICER<br />

Thomas A. Rietz<br />

Soumyo Sarkar Pr<strong>of</strong>essor <strong>of</strong> Finance<br />

DESIGN<br />

The Williams McBride Group<br />

PHOTOGRAPHY<br />

Amanda May | University <strong>of</strong> Iowa<br />

David Harmantas | The Daily Iowan<br />

Hawkeyesports.com<br />

Jonathan Chapman Photography<br />

Justin Torner | University <strong>of</strong> Iowa<br />

ADDITIONAL IMAGES<br />

BNIM<br />

Joel Kimmel<br />

DIRECT CORRESPONDENCE TO<br />

Amanda May<br />

<strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong><br />

S210 PBB<br />

University <strong>of</strong> Iowa<br />

Iowa City, IA 52242-1994<br />

319-467-1694<br />

amanda-may-1@uiowa.edu<br />

ADDRESS CHANGES<br />

Email your changes to:<br />

alumni-records@uiowa.edu<br />

or mail to:<br />

Alumni Records<br />

Office <strong>of</strong> the Registrar<br />

University <strong>of</strong> Iowa<br />

2 Jessup Hall<br />

Iowa City, IA 52242-1797<br />

CONNECT WITH US<br />

@<strong>Tippie</strong>Iowa<br />

<strong>Tippie</strong>Iowa<br />

<strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong><br />

@<strong>Tippie</strong><strong>College</strong><br />

16<br />

TIPPIE RESEARCH<br />

THE RISING TIDE<br />

When it comes to climate change, the market is listening<br />

18<br />

ALUM FEATURE STORY<br />

DIVING IN<br />

Roberto Gutierrez sees 3M and his family through a year <strong>of</strong> change<br />

19<br />

3 PEOPLE / 3 QUESTIONS<br />

20<br />

IOWA CITY NEWS<br />

RECEIVE TIPPIE NEWS EMAIL<br />

Email us at tippie-news@uiowa.edu to subscribe to our<br />

monthly e-newsletter.<br />

Copyright @ <strong>2020</strong> <strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong>,<br />

University <strong>of</strong> Iowa All rights reserved.<br />

The University <strong>of</strong> Iowa prohibits discrimination in<br />

employment, educational programs, and activities<br />

on the basis <strong>of</strong> race, creed, color, religion, national<br />

origin, age, sex, pregnancy, disability, genetic<br />

information, status as a U.S. veteran, service in the<br />

U.S. military, sexual orientation, gender identity,<br />

associational preferences, or any other classification<br />

that deprives the person <strong>of</strong> consideration as an<br />

individual. The university also affirms its commitment<br />

to providing equal opportunities and equal access<br />

to university facilities. For additional information on<br />

nondiscrimination policies, contact the Director, Office<br />

<strong>of</strong> Equal Opportunity and Diversity, the University <strong>of</strong><br />

Iowa, 202 Jessup Hall, Iowa City, IA 52242-1316, 319-<br />

335-0705 (voice), 319-335-0697 (TDD), diversity@<br />

uiowa.edu. W42185


HAVE HOPE<br />

Just as this issue was going to press,<br />

COVID-19 reached the United States.<br />

There’s no denying these are uncertain<br />

times. But I have hope that, armed with<br />

economic and financial research about<br />

previous crises, we can mitigate the<br />

economic consequences. The Federal<br />

Reserve’s informed response to the<br />

2008 financial crisis certainly reduced<br />

its impact. This time it will take fiscal<br />

policy as well.<br />

Times like these reinforce the need<br />

for our mission; to advance knowledge<br />

and use our research for social good.<br />

Tom Rietz<br />

Department <strong>of</strong> Finance<br />

Executive Officer and<br />

Soumyo Sarkar<br />

Pr<strong>of</strong>essor <strong>of</strong> Finance<br />

1 EXCHANGE <strong>2020</strong> UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 1


DEPARTMENT NEWS<br />

“<br />

QUOTED<br />

NOTED<br />

I am at an age where one begins to<br />

plan last chapters. While I could happily<br />

remain here and continue the good work<br />

that is never finished, I also feel I have the<br />

juice for one more opportunity, one more<br />

hill to climb, and—equally important—<br />

I want to be closer to my family.<br />

”<br />

Dean Sarah Fisher Gardial<br />

DEPARTS<br />

Sarah Fisher Gardial, dean <strong>of</strong> the <strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong><br />

since 2012, announced her departure in October 2019.<br />

Gardial became the dean <strong>of</strong> the Massey <strong>College</strong> <strong>of</strong> <strong>Business</strong> at<br />

Belmont University in Nashville, Tenn. on March 1, <strong>2020</strong>.<br />

“I am at an age where one begins to plan last chapters,”<br />

Gardial said in a statement to campus. “While I could<br />

happily remain here and continue the good work that is never<br />

finished, I also feel I have the juice for one more opportunity,<br />

one more hill to climb, and—equally important—I want to be<br />

closer to my family.”<br />

During her tenure at the college, Gardial led the college’s<br />

expansion into specialty master’s programs and made tough<br />

decisions regarding the strategic use <strong>of</strong> college resources<br />

including the closure <strong>of</strong> the college’s Full-time MBA Program<br />

and the launch <strong>of</strong> a new Online MBA Program. She also<br />

led the successful extension <strong>of</strong> accreditation by the AACSB<br />

International.<br />

Amy Krist<strong>of</strong>-Brown, senior associate dean and Henry B.<br />

<strong>Tippie</strong> Research Pr<strong>of</strong>essor in Management for the <strong>Tippie</strong><br />

<strong>College</strong> <strong>of</strong> <strong>Business</strong>, was named interim dean by UI Executive<br />

Vice President and Provost Montserrat Fuentes. An external<br />

search is underway for a new dean.<br />

2 EXCHANGE <strong>2020</strong>


TIPPIE tweets<br />

Nationwide honors<br />

RETIRING CEO WITH $1 MILLION<br />

GIFT TO THE COLLEGE<br />

As recognition for 45 years<br />

<strong>of</strong> service to the insurance<br />

industry and Nationwide,<br />

the board <strong>of</strong> directors <strong>of</strong> the<br />

company recently honored<br />

Steve Rasmussen (BBA74)<br />

by making a $1 million gift and<br />

creating a scholarship in his<br />

name to support diversity at<br />

the <strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong>.<br />

Henry Fund<br />

VALUATION<br />

PEAKS AT<br />

$14<br />

MILLION<br />

HF Equity Research<br />

@Henry_Fund 12 Feb <strong>2020</strong><br />

The Henry Fund closed<br />

above the $14.0 million<br />

threshold for the first time on<br />

Monday, adding $2.0 million<br />

<strong>of</strong> value since October. The<br />

fund has returned 6.8% in<br />

<strong>2020</strong> with a 2.3% alpha over<br />

the S&P 500 index.<br />

Steve Rasmussen receives his <strong>Tippie</strong> Society statue<br />

from Interim Dean Amy Krist<strong>of</strong>-Brown.<br />

Master <strong>of</strong> Finance student<br />

WINS $46,000 FOR<br />

HEALTHCARE INNOVATION<br />

Jaison Marks (center) and<br />

CartilaGen co-founder Yin Yu<br />

(left) receive their award check<br />

from John Pappajohn.<br />

Jaison Marks, a current<br />

Master <strong>of</strong> Finance and<br />

Master <strong>of</strong> Biomedical<br />

Engineering student, led a<br />

team that won $25,000 in<br />

the 2019 Pappajohn Iowa<br />

Entrepreneurial Venture<br />

Competition. They went on<br />

to win another $21,000 in<br />

the first phase <strong>of</strong> the John<br />

Pappajohn Entrepreneurial<br />

Center’s Iowa Innovation<br />

Competition. The team<br />

presented their medical<br />

technology startup<br />

CartilaGen, which is working<br />

to commercialize an intraarticular<br />

injection <strong>of</strong> a<br />

small-molecule drug capable<br />

<strong>of</strong> preventing osteoarthritis<br />

after a traumatic injury.<br />

HF Equity Research @Henry_Fund 17 Dec 2019<br />

Best wishes and congratulations to the 2019 Henry<br />

Fund research team members graduating as part <strong>of</strong> the<br />

inaugural M.S. in Finance class this weekend. #<strong>Tippie</strong>Pride<br />

HF Equity Research<br />

@Henry_Fund 13 Sep 2019<br />

Over the past 5 years, the Henry Fund<br />

has distributed $837,021 for student<br />

scholarships and program support.<br />

Follow<br />

HF Equity<br />

Research<br />

@Henry_Fund<br />

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 3


DEPARTMENT NEWS<br />

AHEAD <strong>of</strong> the GAME<br />

<strong>Tippie</strong> administrators are always on the lookout on how<br />

to give students advantages for when they venture out<br />

into the job market. Changes in the past year include:<br />

Outstanding<br />

ALUMS<br />

Each year the <strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong> recognizes<br />

two outstanding alumni who are heavily involved in<br />

the life <strong>of</strong> the college. These are our <strong>2020</strong> winners.<br />

TWO REQUIRED COURSES CONDENSED<br />

Operations Management and Information Systems<br />

are now two-semester hours instead <strong>of</strong> three.<br />

TIPPIE<br />

ALUM OF THE YEAR<br />

the TAKE-AWAY<br />

<strong>Tippie</strong> students can get into more specialized<br />

curriculum faster and potentially have two<br />

summers <strong>of</strong> internships.<br />

TIPPIE ONE OF THE FIRST IN THE COUNTRY<br />

TO OFFER SIE BASELINE EXAM PREP<br />

A new test preparation class was created as soon as the<br />

Financial Industry National Regulatory Association (FINRA)<br />

announced a baseline securities industry essentials (SIE)<br />

exam. Previously you had to be employed to take the test.<br />

Christopher Klein (BBA85), executive chairman <strong>of</strong> Fortune<br />

Brands, is an active member <strong>of</strong> the <strong>Tippie</strong> Advisory Board<br />

and a <strong>Tippie</strong> Society member. Klein has spoken in a number<br />

<strong>of</strong> the college’s classes and he encouraged Fortune Brands<br />

to provide student projects, sponsored several <strong>Tippie</strong> events,<br />

and hosted a number <strong>of</strong> student pr<strong>of</strong>essional trips to its<br />

headquarters. He provided key discretionary funds that<br />

enabled the college to embark on its 2015 brand project and<br />

redesign <strong>of</strong> the <strong>Tippie</strong> website.<br />

the TAKE-AWAY<br />

Students will be able to prepare for<br />

and pass their SIE exam while still at <strong>Tippie</strong>,<br />

a major resume booster.<br />

THE TIPPIE COLLEGE OF BUSINESS<br />

SIGNS U.N. SUSTAINABILITY INITIATIVE<br />

Joining a growing global movement, the college<br />

<strong>of</strong>ficially signed the Principles for Responsible Management<br />

Education (PRME), a United Nations-supported initiative<br />

to raise the pr<strong>of</strong>ile <strong>of</strong> sustainability in universities, and<br />

equip business students to become drivers <strong>of</strong> corporate<br />

sustainability.<br />

the TAKE-AWAY<br />

<strong>Tippie</strong> graduates will have the skills needed<br />

to balance economic and sustainability goals.<br />

TIPPIE<br />

YOUNG ALUM OF THE YEAR<br />

TIPPIE YOUNG ALUM OF THE YEAR<br />

Wenran Xie (BBA13), a manager at Ernst & Young, regularly<br />

works with current students in mentorship roles and has<br />

been instrumental in assisting student organizations set<br />

up pr<strong>of</strong>essional trip visits with EY <strong>of</strong>fices. She is an active<br />

member <strong>of</strong> the <strong>Tippie</strong> Young Alumni Board where her<br />

philanthropy has supported efforts that directly impact<br />

<strong>Tippie</strong> students.<br />

4 EXCHANGE <strong>2020</strong>


NEW AT PBB<br />

The Phillip A. Hadley Finance Lab<br />

A brand-new, technology-filled space for<br />

finance students to study and collaborate


ALUMNI UPDATES<br />

ETHAN ALTMAYER<br />

(BBA19) is an accounting<br />

rotational business<br />

associate with CNA<br />

Insurance in Chicago.<br />

LEYUAN LI (BBA19) is a<br />

property accountant with<br />

Cushman & Wakefield.<br />

SARA M. BULTSMA<br />

(BBA19) is an investment<br />

analyst with BMO Global<br />

Asset Management in<br />

Chicago.<br />

PATRICK M. CORNALLY<br />

(BBA12) was promoted to<br />

investment banking vice<br />

president at Barclays in<br />

New York City.<br />

JOHN P. EGGUM (BBA05/<br />

JD08) was awarded the<br />

2019 President’s<br />

Commendation by the<br />

Illinois Defense Counsel.<br />

ADAM M. ELLIS (BBA06)<br />

was promoted to chief<br />

operating <strong>of</strong>ficer for Aon’s<br />

Commercial Risk Solutions<br />

Claims organization based<br />

in Chicago.<br />

6 EXCHANGE <strong>2020</strong><br />

MAYURI N. FARLINGER<br />

(BBA04), the director <strong>of</strong><br />

revenue management with<br />

Alliant Energy in Cedar<br />

Rapids, Iowa, was recognized<br />

by the nationally distributed<br />

Public Utilities Fortnightly in<br />

its list <strong>of</strong> “Fortnightly Under<br />

Forty 2019.”<br />

ANDY M. GLYNN (BBA96)<br />

is a supply chain director<br />

with Kimberly-Clark.<br />

He lives in Bentonville,<br />

Arkansas.<br />

CASEY GREENE (BBA02/<br />

MBA09) was named Unity<br />

Point Health-St. Luke’s<br />

Hospital’s vice president<br />

and chief operating <strong>of</strong>ficer.<br />

He was previously chief<br />

operating <strong>of</strong>ficer at Mercy<br />

Iowa City.<br />

ANDREW GUTH (BBA19)<br />

is an analyst with Quantum<br />

Real Estate Advisors in<br />

Chicago.<br />

DAN V. HALSTROM<br />

(BBA83) is the president<br />

and CEO <strong>of</strong> the U.S. Meat<br />

Export Federation. In Aug.<br />

2019, he participated in a<br />

signing ceremony at the<br />

White House announcing<br />

a trade deal to expand<br />

U.S. beef exports in the<br />

European Union.<br />

STEVEN P. HENSLEY<br />

(BBA15) was promoted to<br />

workday prism consultant<br />

with Accenture in Chicago.<br />

JENNA C. HERR (BBA13)<br />

joined A.T. Kearney as a<br />

senior risk and compliance<br />

specialist after completing<br />

an MBA at the University <strong>of</strong><br />

Wisconsin-Madison School<br />

<strong>of</strong> <strong>Business</strong>. She was<br />

named to Poets&Quants<br />

list <strong>of</strong> 2019 MBAs to Watch.<br />

CLINT D. HINDERAKER<br />

(BBA03) was promoted to<br />

regional managing director<br />

at Principal Financial<br />

Group’s Eastern Iowa<br />

<strong>Business</strong> Center.<br />

Hinderaker, a former<br />

Hawkeye football player,<br />

was also on the Corridor<br />

<strong>Business</strong> Journal’s “40<br />

under 40” 2019 list.<br />

PETER J. HLAVIN (BBA80),<br />

a former Hawkeye track and<br />

field walk-on, placed second<br />

in the high jump (men’s<br />

60-64) at the 2019 National<br />

Senior Games.<br />

MICHAEL P. HUBBARD<br />

II (BBA07) is a portfolio<br />

manager at Thrivent Mutual<br />

Funds in Minneapolis.<br />

JAMES D. KLEIN (BBA95/<br />

MBA03) is president <strong>of</strong><br />

Cedar Rapids Bank and<br />

Trust.<br />

DAVID KOZLICKI (BBA07)<br />

was appointed head <strong>of</strong><br />

Multi-Managers Real Estate<br />

(MMRE) Americas <strong>of</strong> the<br />

real estate & private<br />

markets business for UBS<br />

Asset Management in<br />

January <strong>2020</strong>. In this role,<br />

he is responsible for<br />

investment selection and<br />

growing the MMRE client<br />

and product franchise for<br />

the Americas region as well<br />

as the portfolio manager<br />

for several funds and<br />

mandates.<br />

GREGORY LIEBBE<br />

(BBA97) is serving as the<br />

senior vice president, chief<br />

accounting <strong>of</strong>ficer, and<br />

controller <strong>of</strong> Ventas, Inc. in<br />

Louisville, Kentucky.<br />

CLAUDIA MARBAN<br />

(BBA99) was named a Five<br />

Star Wealth Manager for<br />

the eighth year in a row<br />

(2012-2019). Marban is<br />

president and a private<br />

wealth advisor at Claudia<br />

Marban & Associates in the<br />

greater Chicago area.<br />

JAMES T. MCLAUGHLIN<br />

(BBA97) was named a<br />

best-in-state wealth advisor<br />

by Forbes. McLaughlin is<br />

a senior financial advisor<br />

at The McLaughlin Group/<br />

Merrill Lynch in Chicago.<br />

AMANDA L. (MILLER)<br />

KROMAN (BBA02) is<br />

ePMO program manager<br />

at Google Fiber in Kansas<br />

City, Missouri.


Ashley Durham, Alumni Director<br />

tippie.uiowa.edu/alumni/update<br />

tippie-alumni@uiowa.edu<br />

Do you want to be in the next issue?<br />

SEND US YOUR UPDATE<br />

<strong>Tippie</strong> <strong>College</strong> <strong>of</strong> <strong>Business</strong><br />

108 John Pappajohn <strong>Business</strong> Bldg.<br />

Iowa City, IA 52242-1994<br />

MATT T. MORAN (BBA18)<br />

received a 2018 Elijah Watt<br />

Sells Award. To qualify for<br />

the award, CPA candidates<br />

must obtain a cumulative<br />

average score above 95.5<br />

across all four sections <strong>of</strong><br />

the Uniform CPA<br />

Examination, pass all four<br />

sections on their first<br />

attempt, and have<br />

completed testing in 2018.<br />

Moran is a capital markets<br />

and accounting advisory<br />

services associate with<br />

PwC in Chicago.<br />

R. SAFFIN DUNN<br />

PARRISH-SAMS (BBA93/<br />

JD98) an attorney at<br />

Soldat & Parrish-Sams<br />

in West Des Moines, is<br />

president <strong>of</strong> the Iowa<br />

Association for Justice.<br />

JOHN RAFTIS (BBA10/<br />

MBA15) and his wife Ashley<br />

welcomed Kathryn<br />

Margaret Raftis into their<br />

family on December 10,<br />

2019. She was 7 lbs, 6 oz.<br />

and 20 inches long.<br />

KIMBERLY RADAKER<br />

BAYS (BBA99) is the<br />

founder and CEO <strong>of</strong> the<br />

Exponential Property<br />

Group and its associated<br />

companies, with a focus<br />

primarily on multifamily<br />

real estate. She lives with<br />

her husband Matt, twin<br />

sons, James and Nathan,<br />

and her stepson Jett in<br />

Southlake, Texas.<br />

Simmer is an executive vice<br />

president and leads the<br />

global equity trading desk<br />

at PIMCO in New York City.<br />

MALLORY M. SMITH<br />

(BBA17) recently attended<br />

Deloitte University for<br />

an annual training and<br />

connected with fellow<br />

<strong>Tippie</strong> alums.<br />

TORI K. STAFFORD<br />

(BBA98) has joined the<br />

University <strong>of</strong> Iowa as<br />

director <strong>of</strong> purchasing for<br />

Purchasing and Accounts<br />

Payable, Finance and<br />

Operations. Stafford<br />

was most recently the<br />

director <strong>of</strong> compliance<br />

for UnityPoint at Home, a<br />

senior affiliate <strong>of</strong> UnityPoint<br />

Health. She was previously<br />

the executive director <strong>of</strong><br />

compliance and medical<br />

affairs <strong>of</strong> Allen Hospital in<br />

Waterloo, Iowa.<br />

MARIE L. TODD (BBA04)<br />

a business advisory<br />

services leader for Slalom<br />

consulting company in<br />

Austin, Texas, hosted a<br />

Future Workplace session<br />

at the South by Southwest<br />

Festival in 2019.<br />

SYDNEY G. VERDI<br />

(BBA18) is a financial<br />

advisor at Baird in<br />

Davenport, Iowa.<br />

TRENT VON AHSEN<br />

(BBA09) is the chief<br />

investment strategist at<br />

United Iowa Financial in<br />

Cedar Rapids, Iowa.<br />

CATHY ZAHARIS<br />

(BBA82), pr<strong>of</strong>essor <strong>of</strong><br />

practice at the <strong>Tippie</strong> <strong>College</strong><br />

<strong>of</strong> <strong>Business</strong>, was recognized<br />

as an Outstanding Volunteer<br />

Fundraiser at the Association<br />

<strong>of</strong> Fundraising Pr<strong>of</strong>essionals’<br />

Eastern Iowa Chapter annual<br />

awards luncheon on<br />

November 12, 2019.<br />

EDITOR’S NOTE Alumni Updates<br />

are submitted by alumni and are<br />

not verified by the editor. While we<br />

welcome alumni news, <strong>Exchange</strong><br />

Magazine is not responsible for<br />

the information contained in<br />

these submissions.<br />

BARRY S. SACKETT<br />

(BBA90/JD94) recently<br />

joined Goosmann Law<br />

Firm in Sioux City, Iowa as<br />

corporate counsel.<br />

JENNA K. POKORNY<br />

(BBA19) was awarded the<br />

Distinguished Student<br />

Leader Award at the 102nd<br />

Finkbine Dinner in 2019. At<br />

<strong>Tippie</strong>, she co-founded<br />

InvestHer, a student<br />

organization which provides<br />

pr<strong>of</strong>essional support and<br />

guidance to women seeking<br />

careers in finance.<br />

MATTHEW T. SADLER<br />

(BBA19) is an associate<br />

financial analyst with<br />

Exelon. He lives in<br />

Lockport, Illinois.<br />

TYLER A. SCHEPPMANN<br />

(BBA07) is the vice<br />

president <strong>of</strong> investor<br />

relations at Dermody<br />

Properties in Chicago.<br />

EDEN L. SIMMER (BBA05)<br />

was recognized with an<br />

excellence in trading award<br />

at the Markets Choice<br />

Awards: Women in Finance<br />

event in November 2019.<br />

ALUM highlight<br />

LEAH BORGESON STIGILE (BBA04) is an entrepreneur in<br />

residence at Creative Labs in Vancouver, BC. In the role, she<br />

works with the direct-to-consumer ideas being incubated at<br />

Creative Labs and helps get them up and running as stand-alone<br />

companies. This Hawkinson Institute alumnus was previously<br />

an associate at Goldman Sachs, the vice president <strong>of</strong> global<br />

ecommerce at TOMS, and president at Fame & Partners, the<br />

world’s first contemporary mass-customized clothing label.<br />

7


ALUM<br />

FEATURE<br />

FOR THE LOVE OF<br />

NUMBERS<br />

(& diamonds)<br />

written by AMANDA MAY<br />

After a transatlantic flight and train into Antwerp,<br />

she approaches an unassuming building. Inside,<br />

it’s all steel and bulletpro<strong>of</strong> glass, armed guards<br />

silently watching. She surrenders her passport<br />

and is given a key card. With it, she gains entry<br />

to one <strong>of</strong> the most exclusive spots in the diamond<br />

capital <strong>of</strong> the world. She buys a dozen.<br />

Karen (Brown) Kuhlman (BBA04) is not<br />

your typical finance alum. And her annual<br />

international diamond buying trips aren’t what<br />

you’d expect <strong>of</strong> a small-town Iowa employee,<br />

but she has made it her reality by following<br />

her passion and getting her education at the<br />

University <strong>of</strong> Iowa.<br />

When Kuhlman entered the university as a firstgeneration<br />

student, she knew she wanted to study<br />

business, but it wasn’t until an “Intro to Finance”<br />

class that she realized that finance was for her.<br />

“I really like numbers,” Kuhlman said. “And I liked<br />

the freedom and flexibility <strong>of</strong> what you could do<br />

with a finance degree.”<br />

8 EXCHANGE <strong>2020</strong>


(Actual size!)<br />

I “ realized that<br />

the jewelry<br />

business was a<br />

viable option and<br />

something I had<br />

a passion for.”<br />

On her winter and summer breaks<br />

she spent time helping out at the<br />

family store: Don’s Jewelry & Design<br />

in Washington, Iowa. Her father, Don,<br />

had worked there for decades before<br />

buying it outright and renaming in<br />

1999, just a year before Kuhlman<br />

started her studies at the <strong>Tippie</strong> <strong>College</strong><br />

<strong>of</strong> <strong>Business</strong>. Situated overlooking an<br />

idyllic town square in Washington,<br />

Iowa’s historic downtown district, the<br />

locale has been a jewelry store since<br />

1897. Ownership has only changed<br />

hands twice over the business’ 120+<br />

year history.<br />

“I had full intention <strong>of</strong> doing something<br />

else,” Kuhlman said <strong>of</strong> working in the<br />

family business. “But as I got further<br />

along in my studies, there were some<br />

real world applications from what I<br />

was learning in my finance courses<br />

that I was able to apply to the business.<br />

As I kept going with it, I realized that the<br />

jewelry business was a viable option and<br />

something I had a passion for.”<br />

Kuhlman’s return to Washington<br />

bolsters the revitalization effort for<br />

Washington’s historic downtown.<br />

The town was listed on the National<br />

Register <strong>of</strong> Historic Places starting<br />

in 2013 and several University <strong>of</strong><br />

Iowa graduates have returned to work<br />

downtown, no small feat when the<br />

small-town norm is a mass exodus <strong>of</strong><br />

young educated people.<br />

The jewelry store was a good fit for<br />

Kuhlman because she enjoyed applying<br />

her education, and because she got to<br />

travel right away—a draw for any recent<br />

graduate. She travels to gem shows and<br />

conferences across the country and, <strong>of</strong><br />

course, to Antwerp, Belgium. While<br />

there are other international spots to<br />

buy diamonds, Kuhlman reports they<br />

are mostly for the wholesale side. And<br />

Belgium is the place to be.<br />

“Nearly 80 percent <strong>of</strong> all the diamonds<br />

travel through Antwerp at one point<br />

or another—whether in its rough or its<br />

polished form. And it’s been that way<br />

for 550 years,” Kuhlman said.<br />

Her father is glad to have her at<br />

the store.<br />

“Karen has really brought a lot <strong>of</strong><br />

business savvy with her from college,”<br />

Don Brown said.<br />

“With finance, it’s all about analyzing<br />

everything,” Kuhlman said. “I was able<br />

to come in and see some areas where<br />

there was opportunity for improvement<br />

and to grow the business.”<br />

Kuhlman has been in a managerial<br />

position for 15 years and currently<br />

oversees the day-to-day operations and<br />

finances. A succession plan is already<br />

in place for her to take over for her<br />

father who has been there for 51 years.<br />

When Kuhlman returns from Belgium<br />

each year, she has customers eagerly<br />

awaiting what she found. In addition<br />

to buying stock for the store, she is<br />

a personal diamond buyer for many<br />

clients, inspecting hundreds <strong>of</strong><br />

diamonds for the “4Cs”: carat, color<br />

grade, clarity, and cut.<br />

Next time you’re in Washington, Iowa,<br />

Kuhlman will be waiting for you behind<br />

the glowing cases at Don’s, ready to<br />

introduce a little sparkle into your life.<br />

•<br />

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 9


PHOTO<br />

ESSAY<br />

photos by AMANDA MAY<br />

40/40/20<br />

Finance pr<strong>of</strong>essors<br />

at elite public<br />

research institutions<br />

like the University<br />

<strong>of</strong> Iowa follow a<br />

simple formula.<br />

TEACHING<br />

students<br />

Creating new<br />

knowledge through<br />

RESEARCH<br />

SERVING<br />

the university, state,<br />

and world through<br />

their expertise<br />

RESEARCH<br />

Garfinkel presents his research on the<br />

shrinking publicly traded corporate sector<br />

at a research forum at the college.<br />

10 EXCHANGE <strong>2020</strong><br />

SERVICE<br />

Garfinkel enters the Eastern Iowa Airport to depart for New York City for a<br />

Midwest Finance Association board meeting. During his leadership (as Program<br />

Chair, President, and Chair <strong>of</strong> the Advisory Board), the organization has risen<br />

in stature to become one <strong>of</strong> the top-3 large finance conference hosts in the U.S.


TEACHING<br />

Pr<strong>of</strong>essor Jon Garfinkel talks to one <strong>of</strong> his teaching<br />

assistants during class in the Pappajohn <strong>Business</strong><br />

Building. Garfinkel intentionally recruits both female<br />

and male high performing students from the year prior<br />

to be his teaching assistants, purposefully shifting the<br />

perception <strong>of</strong> finance as a male-dominated field.<br />

TEACHING<br />

TEACHING<br />

Garfinkel answers students’ questions<br />

in his flipped classroom for Introductory<br />

Financial Management.<br />

SERVICE<br />

Garfinkel goes over an assignment in<br />

a review session for his Introductory<br />

Financial Management class.<br />

Garfinkel goes over his notes<br />

before presenting to the UI faculty<br />

senate as Funded Retirement<br />

and Insurance Committee (FRIC)<br />

co-chair about changes<br />

to employee health insurance<br />

options at the university. UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 11


COVER<br />

STORY<br />

written by AMANDA MAY<br />

The Marberry Fund<br />

Hand<br />

PICKED<br />

Cultivating the perfect portfolio


Q<br />

MARBERRY-ism<br />

How many times<br />

do you have<br />

to double four<br />

thousand dollars to<br />

have a million?<br />

Picture this: your new house has a garden.<br />

Would you think it was a fabulous garden if the previous<br />

owners planted nothing but daffodil bulbs? There would<br />

be a couple glorious weeks in the early spring, but the rest<br />

<strong>of</strong> the time it would be a whole lot <strong>of</strong>… nothing.<br />

Pr<strong>of</strong>essor <strong>of</strong> Practice Cathy Zaharis<br />

uses this garden analogy as a way<br />

to teach asset allocation.<br />

“We diversify a portfolio because<br />

we don’t want to have a garden<br />

that’s only good in April and early<br />

May. We want it to work for us all<br />

year round,” she explained.<br />

Zaharis (BBA82) has been<br />

teaching asset allocation as part <strong>of</strong><br />

the London Winter Program, but<br />

starting this January, she launched<br />

a new on-campus class in Applied<br />

Wealth Management. The class<br />

accompanies a new endowed fund:<br />

the Charles E. Marberry Asset<br />

Allocation Fund, named after late<br />

finance pr<strong>of</strong>essor Charles Marberry.<br />

Marberry made a deep impact<br />

on the initial donor for this<br />

fund, Scott Taylor (BBA82),<br />

while he was an undergraduate<br />

student. Taylor remembers several<br />

“Marberry-isms,” including: “If<br />

you ever have to choose between<br />

being good and being lucky, always<br />

choose lucky.”<br />

But the quip that had the largest<br />

impact was: “How many times do<br />

you have to double four thousand<br />

dollars to have a million?”<br />

The answer is less than you<br />

may think.<br />

Taylor put Marberry’s concept into<br />

action in his own life, investing<br />

and making small gains that added<br />

up—big. Taylor chose to honor<br />

that legacy by giving back to the<br />

college and naming the fund after<br />

this influential pr<strong>of</strong>essor, along<br />

with fellow donors Daniel (BA78/<br />

MBA84) and Tina Lonergan<br />

(BA80/MFA84).<br />

“The purpose <strong>of</strong> this donation is<br />

to have students participate in a<br />

real investment process. My hope<br />

is that this will raise awareness <strong>of</strong><br />

the need to start investing at the<br />

beginning <strong>of</strong> their first job,” Taylor<br />

said. “It’s my feeling that Pr<strong>of</strong>essor<br />

Marberry would like this program<br />

very much.”<br />

Zaharis, who also had Marberry as<br />

a pr<strong>of</strong>essor and can still picture him<br />

in the classroom, said “It’s a real<br />

tribute to our faculty to have a fund<br />

named after him. I have said for<br />

years now that I think our faculty<br />

teach quite well. They’re great<br />

researchers and great educators.”<br />

Each semester, students enrolled<br />

in Applied Wealth Management<br />

allocate assets for the Marberry<br />

Fund, creating tailor-made<br />

retirement accounts for fictional<br />

people with different ages,<br />

circumstances, and goals. The<br />

undergraduates work in teams<br />

to hand pick mutual funds or<br />

ETFs (exchange traded funds),<br />

using real money to invest. Their<br />

recommendations are presented<br />

as a formal financial plan to an<br />

outside advisory board made up<br />

<strong>of</strong> industry pr<strong>of</strong>essionals at the<br />

end <strong>of</strong> the semester. Students gain<br />

the tools they need to make the<br />

recommendations throughout<br />

the course.<br />

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 13


MARBERRY-ism<br />

If you ever have to<br />

choose between being<br />

good and being lucky,<br />

always choose lucky.<br />

“There are more funds that you can<br />

invest in than there are stocks. So<br />

how do you pick? Where do you start?”<br />

Zaharis asked. “And how much do you<br />

choose to invest in any fund? Students<br />

have to know the why.”<br />

<strong>Tippie</strong> has a strong history <strong>of</strong> studentmanaged<br />

funds. The Marberry Fund is<br />

the fourth at <strong>Tippie</strong>, joining the Henry<br />

Fund, the Hart Fund, and the Krause<br />

Fund. It is only the second fund that<br />

undergraduates can participate<br />

in (the Krause Fund is the other).<br />

Earnings from the funds support<br />

various financial needs <strong>of</strong> the college.<br />

Periodically, pr<strong>of</strong>its from the Marberry<br />

Fund will be redistributed to the<br />

Department <strong>of</strong> Finance to support its<br />

strategic needs, and the fund will reset<br />

to the initial donation value.<br />

The experiential nature <strong>of</strong> this class<br />

makes it applicable to the RISE<br />

requirement at <strong>Tippie</strong>. (Students<br />

must either Research, complete an<br />

Internship, Study abroad, or take an<br />

Experiential class to graduate).<br />

“Providing students with as many<br />

RISE experiences as possible is a<br />

priority because it sets them up for<br />

pr<strong>of</strong>essional success,” Associate Dean<br />

Kenneth Brown said. “Having realworld<br />

experience will let them hit<br />

the ground running, whether it’s in<br />

an internship or a full-time position<br />

post-graduation.”<br />

Even if students don’t become<br />

financial planners, the class will still<br />

be useful in their personal lives.<br />

With more and more companies<br />

moving away from defined-benefit<br />

plans (traditional retirement<br />

accounts) and moving toward<br />

defined-contribution plans<br />

(401k-type accounts), the onus<br />

<strong>of</strong> financial literacy is shifting<br />

to account holders.<br />

“Investors need to have diverse<br />

assets growing and working well<br />

at different parts <strong>of</strong> their life and<br />

“ The ability to asset allocate is the number one<br />

determinant <strong>of</strong> financial stability over time.”<br />

The fact that it’s real money at play,<br />

not an abstract intellectual exercise,<br />

really grabs students’ attention. The<br />

inaugural class filled up the first day<br />

<strong>of</strong> registration.<br />

“As a student, you can read about it and<br />

work with a formula for an efficient<br />

frontier <strong>of</strong> asset allocation,” states<br />

Zaharis. “But the learning comes to<br />

life when you make recommendations<br />

for actual investments to real-world<br />

pr<strong>of</strong>essionals and get feedback on<br />

your work.”<br />

Outside <strong>of</strong> asset allocation, there’s more<br />

to the class—like choosing insurance,<br />

saving for college, tax efficiency, estate<br />

planning, and the s<strong>of</strong>t skills needed to<br />

be an excellent financial advisor such as<br />

intellectual curiosity and the need<br />

to listen to clients.<br />

"If I ask financial advisors to name one<br />

course they think students should take,<br />

they actually say psychology," Zaharis<br />

said. "There's nothing that screws<br />

people up more than their money."<br />

under different economic and market<br />

conditions,” Department Executive<br />

Officer Tom Rietz said. “The ability<br />

to asset allocate is the number one<br />

determinant <strong>of</strong> financial stability<br />

over time.”<br />

According to Rietz, this growing<br />

need for know-how also provides an<br />

opportunity for <strong>Tippie</strong> graduates.<br />

14 EXCHANGE <strong>2020</strong>


MARBERRY-ism<br />

If something<br />

is worth doing, its<br />

worth doing right.<br />

“Training a generation <strong>of</strong> financial<br />

planners, or even just financially<br />

literate people is important, impactful<br />

work,” he said.<br />

As the department sees it, investing<br />

in financial literacy will render<br />

compound returns for individuals<br />

and society as a whole. Just as<br />

educators get satisfaction from seeing<br />

growth in their students, gardeners<br />

are rewarded quite literally with<br />

sweet returns on investment, and<br />

investors get to watch their money<br />

(and ultimately their independence,<br />

stability, and peace <strong>of</strong> mind) grow<br />

and compound over time.<br />

CHARLES EDWARD<br />

MARBERRY<br />

Pr<strong>of</strong>essor Emeritus Charles Edward Marberry’s big-picture thinking<br />

left a mark on students who studied business during his tenure from<br />

1959-1988. He was an innovative educator, <strong>of</strong>ten teaching from<br />

The Wall Street Journal instead <strong>of</strong> a textbook. His students were sure<br />

to be challenged and were meant to abide by his rules—no tardiness,<br />

sleeping, or chewing gum in class. His son, Doug even remembers<br />

hearing about a student in the 1970s waking up in a cloud <strong>of</strong> chalk<br />

dust and laughter after getting beaned with a chalkboard eraser.<br />

“Charlie was a memorable character,” said Dean Emeritus Gary<br />

So how many times do you have<br />

Fethke. “For many people, he was an inspiring teacher and a<br />

to double four thousand dollars<br />

most-interesting person. Over the years, I have encountered many<br />

to reach a million?<br />

successful graduates who hold Charlie in the highest esteem.<br />

He added some spice and excitement to the college.”<br />

Only eight. So, get investing—<br />

early—and put your money to work. •<br />

In his retirement, he lived with his wife Dorothy on a farm in Solon,<br />

Iowa. He planted a vegetable garden and managed 80 acres <strong>of</strong><br />

farmland, playing the stock market with his earnings right up until<br />

the end <strong>of</strong> his life in April 2019 at the age <strong>of</strong> 96.<br />

With the addition <strong>of</strong> the Charles E. Marberry Asset Allocation Fund,<br />

his legacy will now live on with a new generation <strong>of</strong> students. His<br />

daughter Connie told <strong>Exchange</strong> that “a former student starting the<br />

fund would mean the world to him.” Her brother, Doug, agrees. He<br />

said his father “would be quite humbled” by the naming <strong>of</strong> the fund.<br />

“My dad was a brilliant, generous man with a wicked sense <strong>of</strong> humor,”<br />

Connie remembered, laughing. “He could be stubborn, there’s no<br />

doubt about that, but he loved teaching, his family, and being in Iowa.”<br />

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 15


THE<br />

RISING<br />

TIDE<br />

WHEN IT COMES TO CLIMATE CHANGE,<br />

THE MARKET IS LISTENING<br />

16 EXCHANGE <strong>2020</strong>


TIPPIE<br />

RESEARCH<br />

written by REBEKAH TILLEY<br />

Will coastal cities like Boston, Miami, and<br />

New Orleans suffer substantial damage<br />

due to sea level rise one day soon?<br />

While politicians debate the<br />

veracity <strong>of</strong> global warming<br />

projections, researchers at the<br />

University <strong>of</strong> Iowa <strong>Tippie</strong> <strong>College</strong><br />

<strong>of</strong> <strong>Business</strong> are taking a different<br />

approach: they are studying<br />

the market.<br />

A new paper by Associate Pr<strong>of</strong>essor <strong>of</strong><br />

Finance and Henry B. <strong>Tippie</strong> Research<br />

Fellow Wei Li and co-authored by<br />

colleagues at the University <strong>of</strong> Buffalo<br />

and the University <strong>of</strong> Connecticut found<br />

that banks are charging higher rates<br />

on corporate loans with terms that<br />

exceed five years in U.S. coastal counties<br />

with significant projected risk due to<br />

sea level rise.<br />

Of note, the study found that while not<br />

every bank responded to the risk this way,<br />

the most knowledgeable lenders did.<br />

“Banks with a good deal <strong>of</strong> experience<br />

lending in these areas are more likely to<br />

price sea level rise risk,” Li said. “Less<br />

experienced lenders are less likely to pay<br />

attention to this particular risk.”<br />

The study further found that the rise risk<br />

effect on loan pricing is strengthened<br />

following a period <strong>of</strong> increased media<br />

coverage <strong>of</strong> climate change. But the<br />

effect fades away by the second or third<br />

quarter following the spike in news<br />

coverage. These temporary increases in<br />

the banks' response to the risk and the<br />

quick fade away suggest that when facing<br />

unconventional risks even sophisticated<br />

investors are subject to a limited<br />

attention span.<br />

In late 2019 and early <strong>2020</strong> there<br />

was an uptick in media coverage <strong>of</strong><br />

climate change.<br />

For example, new data published in Dec.<br />

2019 from the Ice Sheet Mass Balance<br />

Inter-comparison Exercise (IMBIE)<br />

generated a considerable amount <strong>of</strong><br />

coverage by major news organizations<br />

such as the BBC and The Washington<br />

Post. The consortium <strong>of</strong> 89 polar experts<br />

found that ocean ice melt is already at the<br />

top <strong>of</strong> original projections—putting sea<br />

level rise on a worse-case scenario track.<br />

In the meantime, the study found that<br />

coastal-based borrowers respond to the<br />

less favorable long-term loans by shifting<br />

to shorter-term debt. •<br />

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 17


ALUM<br />

FEATURE<br />

DIVING IN<br />

3M finance director sees<br />

company and his family through<br />

a year <strong>of</strong> change<br />

written by AMANDA MAY<br />

LEFT While Roberto Gutierrez was getting his business degree, he was a diver for<br />

the Hawkeyes from 2000-2004. RIGHT Jackie, Luca, Lydia, Alicia, and Roberto Gutierrez<br />

at Iguazú Falls near the border <strong>of</strong> Argentina, Brasil, and Paraguay.<br />

When Roberto Gutierrez (BBA04)<br />

first moved to the state <strong>of</strong> Iowa, he<br />

thought it would only be for his<br />

senior year <strong>of</strong> high school. He was a<br />

competitive diver as a teenager in his<br />

native Madrid, Spain when he decided<br />

to follow in the footsteps <strong>of</strong> other divers<br />

in his club and came to Iowa.<br />

Gutierrez went to high school at Regina<br />

in Iowa City and trained for diving at<br />

the UI Field House. It was at the pool<br />

that long-time Iowa diving coach Bob<br />

Rydze recruited him to dive for the<br />

Hawkeyes. And that’s where the <strong>Tippie</strong><br />

<strong>College</strong> <strong>of</strong> <strong>Business</strong> got involved.<br />

“At <strong>Tippie</strong> I went through four majors<br />

before I decided finance and economics<br />

were for me,” Gutierrez said. “After<br />

two years <strong>of</strong> core requirements, I was<br />

able to try all these different courses.<br />

Looking back, it was my favorite time at<br />

<strong>Tippie</strong> because it opened my mind.”<br />

While he remembers college as<br />

“wonderful," the toughest time was<br />

the first six months in the U.S. But the<br />

adjustment proved to be a formative<br />

part <strong>of</strong> his life, and something he wants<br />

his own children to experience.<br />

18 EXCHANGE <strong>2020</strong><br />

Gutierrez started a two- to five-year<br />

commitment with 3M Brazil as their<br />

finance director in January 2019. His<br />

wife Jackie (Callahan) Gutierrez<br />

(BA04) (a Dubuque, Iowa native) and<br />

three children Alicia, Lydia, and Luca<br />

came along with him by design. He<br />

foresees resilience, adaptability, and<br />

flexibility to come out <strong>of</strong> this familysized<br />

culture shock. Gutierrez views<br />

this as a gift, though his children<br />

may not see it that way for another<br />

15 years or so.<br />

He has had the international business<br />

stint in mind since he joined 3M, which<br />

runs 60 percent <strong>of</strong> its business outside<br />

<strong>of</strong> the United States. He is currently<br />

stationed in Campinas, Brazil, an urban<br />

area <strong>of</strong> about three million people an<br />

hour and a half north <strong>of</strong> São Paulo. In<br />

addition to 3M, other multinational<br />

companies in the area include John<br />

Deere, Honda, and Caterpillar.<br />

“For me, I thought it would develop me<br />

both pr<strong>of</strong>essionally and personally,”<br />

Gutierrez said. “I wanted to see<br />

how this subsidiary works because<br />

at headquarters you’re not close to<br />

operations. I also thought it would<br />

be good to have the difficulty to live<br />

in a different country. With all the<br />

headaches it creates, the good things<br />

<strong>of</strong>fset the bad things. And pr<strong>of</strong>essionally,<br />

the experience provides me a<br />

competitive advantage in my career.”<br />

Gutierrez changed from a relatively<br />

removed headquarters position to a<br />

fast-paced supervisory role <strong>of</strong> a post<br />

with $600 million a year in revenue.<br />

“The biggest challenge has been leading<br />

our team through a lot <strong>of</strong> change,”<br />

Gutierrez said. “We’re seeing a lot <strong>of</strong><br />

change both in Brazil, which is coming<br />

out <strong>of</strong> a recession, and internally at 3M,<br />

where we are changing how we operate.”<br />

3M announced a restructuring plan<br />

in March 2019. The reorganization cut<br />

2,000 jobs worldwide and reduced<br />

their number <strong>of</strong> operating units from<br />

five to four.<br />

A challenge for any finance director,<br />

sure, but a good fit for someone who has<br />

prioritized and co-opted the values <strong>of</strong><br />

resilience, adaptability, and<br />

?<br />

flexibility<br />

into his very way <strong>of</strong> life. •<br />

DID YOU KNOW<br />

The 3M Company was formerly<br />

known as the Minnesota Mining and<br />

Manufacturing Company<br />

NYSE STOCK MARKET SYMBOL: MMM


3 PEOPLE / 3 QUESTIONS<br />

NICOLE (COOK) GUNDERSON<br />

BBA04<br />

Managing Director, Global Insurance Accelerator<br />

ASHISH TIWARI<br />

PhD94<br />

Pr<strong>of</strong>essor, Henry B. <strong>Tippie</strong> Research Fellow<br />

1 What are you reading? String Theory—a collection <strong>of</strong><br />

Q tennis-themed essays by David Foster Wallace.<br />

2 Who is inspiring you? Humanitarian non-governmental<br />

Q organizations like Médecins Sans Frontières which are <strong>of</strong>ten the only<br />

source <strong>of</strong> critical medical assistance for some <strong>of</strong> the most vulnerable populations<br />

threatened by armed conflicts, epidemics, or natural disasters around the globe.<br />

3 What is the best part <strong>of</strong> your day?<br />

Q When I am out on the tennis court or at the gym.<br />

JENNIFER MARIETTA-WESTBERG<br />

PhD00<br />

Principal, Cornerstone Research<br />

1 What are you reading?<br />

Q The Moment <strong>of</strong> Lift, How Empowering Women<br />

Changes the World by Melinda Gates; Sea Stories, My Life in<br />

Special Operations by Admiral William H. McRaven (author<br />

<strong>of</strong> Make Your Bed); Expecting Better: Why the Conventional<br />

Pregnancy Wisdom Is Wrong—and What You Really Need to<br />

Know by Emily Oster (we’re expecting our first child in July!).<br />

2 Who is inspiring you? The founding<br />

Q teams <strong>of</strong> the eight InsurTech startups in the Global<br />

Insurance Accelerator. I’m the managing director <strong>of</strong> the<br />

annual 100-day program based in Des Moines, Iowa, and it<br />

is inspiring to see them working so hard to solve important<br />

problems facing the insurance industry.<br />

3 What is the best part <strong>of</strong> your day?<br />

Q A meaningful part <strong>of</strong> my job is centered around my<br />

ability to connect startups with the right people to help them,<br />

so I take a lot <strong>of</strong> gratification when those connections are<br />

fruitful for both parties. And, going home to our black lab!<br />

1 What are you reading?<br />

Q<br />

The River by Peter Heller.<br />

2 Who is inspiring you? Best <strong>of</strong> Both Worlds podcast by<br />

Q Laura Vanderkam and Sarah Hart-Unger.<br />

3 What is the best part <strong>of</strong> your day?<br />

Q 7:30-8 a.m. I have set aside every day to read fiction.<br />

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 19


IOWA<br />

CITY<br />

news<br />

1<br />

2<br />

SAVE THE DATE!<br />

HOMECOMING <strong>2020</strong><br />

1<br />

2<br />

Oct. 23<br />

Parade and <strong>Tippie</strong><br />

Alumni BBQ<br />

20 EXCHANGE <strong>2020</strong><br />

Oct. 24<br />

Iowa vs. Northwestern<br />

June 2019<br />

UI breaks ground on<br />

Stanley Museum <strong>of</strong> Art<br />

next to Main Library<br />

Aug. 2019<br />

15-story Chauncey<br />

Building opens at<br />

<strong>College</strong> & Gilbert


3 4 5 6 7<br />

3 4 5 6 7<br />

Oct. 2019<br />

Climate activist Greta<br />

Thunberg draws a crowd<br />

<strong>of</strong> 3,000 downtown<br />

Oct. 2019<br />

Carson King raises<br />

$3 million for the<br />

Stead Family<br />

Children’s Hospital<br />

Fall 2019<br />

Ped Mall renovations<br />

complete<br />

Dec. 2019<br />

Former Devotay<br />

space now a Marco’s<br />

Grilled Cheese<br />

Summer <strong>2020</strong><br />

Target to open<br />

downtown location<br />

in former Brown<br />

Bottle space


Department <strong>of</strong> Finance<br />

108 John Pappajohn <strong>Business</strong> Bldg.<br />

Iowa City, IA 52242-1994<br />

ONLINE<br />

MBA<br />

Earn the top-ranked Iowa MBA<br />

online in just two years.<br />

IowaOnlineMBA.com

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