![]() ![]() Meet the experts behind Schwab's investing insights.Environmental, Social and Governance (ESG) Investing.Bond Funds, Bond ETFs, and Preferred Securities.ADRs, Foreign Ordinaries & Canadian Stocks.Environmental, Social and Governance (ESG) ETFs.Environmental, Social and Governance (ESG) Mutual Funds.Benefits and Considerations of Mutual Funds.But at the end, change is what’s happening. This situation which we are in now is not the worst of all the times. I’m always an optimist-and if I tend to become a pessimist, I just think of my mentor Shimon Peres, who explained in Davos once the difference between optimists and pessimists: both, in principle, have the same lives, but optimists have a much happier life. What brings you optimism in this challenging time? I feel this could be a game changer in global collaboration. We created a community, which has at the moment 70 members, whom we call Village Partners, who support us. And second, it makes it more sustained, because you can work together on a continued basis, and not just come together for a physical meeting and then nothing happens for quite some time again. This has such an importance because it can make global collaboration more open you always can convene the most relevant and the most knowledgeable people. We will showcase in Davos what we call the Global Collaboration Village and inaugurate it in the summer next year. And second, is to combine it with an immersive experience-and that’s what we will do in Davos. First is just to meet around a table with your avatars. And for me, it became very clear: it’s the capability to meet in a virtual three-dimensional room. So I asked many people, What does it really mean? Everybody gave to me a different answer. Now you’re working on bringing the World Economic Forum into the metaverse.Ī year ago, when Meta had changed its name, I became curious what is and could it have an impact, as you did with crypto. But now we have to make sure crypto is integrated into, or at least made congruent with, our traditional systems. So I’m not surprised about what happened. But it’s a fact that technological development is so complex and so fast, that sometimes it’s very difficult for political to comprehend the significance of a certain new development, and even more difficult to create the necessary boundaries around it. I’m a big fan of new technologies, so we were always very engaged in the development of crypto. After the collapse of FTX and the broader challenges over the past four or five months, what do you make of that market? The first time I came into contact with the crypto world at all was at Davos. We immediately followed the global sanction policies, so we froze all our relationships with Russia. You made the unprecedented decision last year to ban Russia from Davos. The company is not just an economic unit: it's a social organism. We have to manage in a strategic way this transformation period, which may last three, four, five years and will be socially very painful. We should not look at the global economy with a crisis mindset and a short-term approach. But when you have a restructuring of an economy, it bites into the purchasing power of the people. ![]() When you have a restructuring in a company, you write off the costs on your balance sheet, and shareholders are suffering and sometimes employees have to go. We are in a restructuring of the global economy.
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