Dr.BozesanOnIntegralventuresITCConference2013

© 2012 AQAL Investing. All rights reserved. 1 1

© 2012 AQAL INVESTING. All rights reserved.

ITC 2013, San Francisco

Dr. Mariana Bozesan Club of Rome Full Interna@onal Member

Senior Research Fellow. Humboldt-‐Viadrina School of Governance, Berlin President & Founder, AQAL Inves@ng; Partner, AQAL Capital, Munich

Integral Venture Inves@ng An Inclusive and Sustainable Model for

Inves@ng in our Future

© 2012 AQAL INVESTING. All rights reserved. © 2012 AQAL INVESTING. All rights reserved.

Is “humanity is stupid enough not to do what is perfectly doable” (Dr. Randers)

to prevent ecological DISASTER?

© 2012 AQAL Investing. All rights reserved. 3

Mariana Bozesan • M.S. Degree in Computer Science & AI

– Educated at Stanford University and KIT (Karlsruhe Ins@tute of Technology) in Germany

• Ph.D. in Psychology, ITP Palo Alto California • Club of Rome, full interna@onal member • Serial Entrepreneur: founded 5 companies • Philanthropist: Suppor@ng > 38 NGOs world-‐wide •  Investor: 18 years of high-‐tech, bio-‐tech, & clean-‐tech inves@ng experience Ø My MOTTO: PARITY OF PEOPLE, PLANET, PROFIT,

with PASSION, and PURPOSE 3


Outcomes Today

1.  What is the global context and the main driving force today?

2.  What are the current developments toward sustainable finance and economics?

3.  Why do we need an Integral Inves@ng Model and what could make it successful?

4


Outcomes Today


5


The financial context •  The disaster of 2007/2008 nearly ruined the global economic system – By Oct. 2008, about $25 trillion were obliterated from the value of stock markets

• What started with an ini@al liquidity crisis lead to – The disrup@on of capital flows – The collapse of the “too big to fail” financial organiza@ons incl. Lehman Bros., Fannie Mae, and Freddy Mac

– Severe downturns in the global casino/stock markets world wide – Currency crunches, failure of major businesses , global recession including the European sovereign-‐debt crisis (Ireland, Portugal, Greece, Spain, Cyprus, etc.)

– No end in sight! – Q: How sustainable are our financial and economic systems?


The social context •  Real estate bubble bursts, foreclosures, evic@ons (USA, Spain, Ireland, etc.)

•  Prolonged unemployment in most Western countries – 7.6% USA, 12% in Europe on average

•  Increased inequality in the West – USA with the “most millionaire households” in the world followed by Japan, China, UK, and Germany

• Growing health problems physically, mentally, emo@onally – Cancer, overweight, obesity, depression, asthma

•  Social unrests: – Occupy movement, Spanish Indignados, Greek protest, Arab spring

Ø The worst social consequences since the Great Depression


The environmental context

• We con@nue to emit twice as much CO2 in the atmosphere than can be absorbed by our forests and oceans with disastrous consequences for the earth’s ecological balance: – Global warming at accelerated speed can lead up to 2-‐4 degrees Celsius in this century

– Ongoing droughts • Water is becoming more important than petrol

– Ongoing hurricanes, floods, rapid mel@ng of polar ice caps lead to the raise of ocean levels

– Irrecoverable loss of bio diversity


The quiet killer and driving force behind destruc@on is

Exponen@al Growth


What is Exponen@al Growth?


Most decision makers do not get it un@l it is much much much to late to respond


The sage and the Indian king


The sage and the Indian king •  8 > 1+2+4=7 •  32 > 1+2+4+8+16=31 •  On each new field, there are more grains of rice than in all previous fields together

•  Exponen@al growth means that each duplica0on contains a larger quan@ty of things than all previous quan00es taken together

Ø The last square would contain 9.223.372.036.854.780.000 grains of rice that would cover the surface of today’s India with more than 1 meter of rice


The pond and the water lilies


Exponen@al popula@on growth 220.000 people are born per day (net)


Exponen@al economic growth It took Europeans 1000 years, the UK 100 yrs., Germany 70 yrs., Japan 50 yrs., China only 6 yrs to double the economic output

China’s resource hunger is not only a media event •  Its GDP has doubled 6 @mes since 1978 •  Un@l 2017, China will need more resources and will produce more goods than in its en@re history all together!!!!!


Our true problem: Lack of awareness regarding the importance of exponen@al growth • With every duplica@on, the quan@ty added is LARGER than the en@re compounded previous quan@ty

• The megatrends in the 21st century – Exponen@al popula@on growth – Exponen@al economic growth – Exponen@al consumer growth: in 40 years, we added 3 more Billion consumers

• We have reached our physical Limits to Growth on our planet


Drama@c examples of exponen@al growth

• Food produc@on and water usage – We already have an acute water shortage and not enough agricultural fields for food produc@on

– The need for food and potable water is growing at 2.5 % p.a., which will double in 28 years from now

Ø This means that in 28 years from now humanity will need more water and food than in its en@re previous history

Ø By 2035 we will need another earth if no significant change occurs!!!!


To be expected by 2052 without change*

• World GDP will be forced to slow down due to resource deple@on and realloca@on

• World popula@on will be forced to peak in 2040 at 9 Billion •  CO2 emissions will increase and peak in 2030 with significant loss of bio diversity, massive environmental degrada@on and severe climate change

•  Global temperature will pass the dangerous threshold of +2 degrees Celsius with terrible climate crisis auer 2052

•  Increasing polariza@on economically, socially, and environmentally accompanied with massive genera@on conflict

•  Capitalism and slow democracy as we know them will not come to an end due to poli0cal incompetence and short-‐sightedness

•  Investment share of GDP will be forced to increase due to capital deployment toward addressing crises AFTER they occur

Source: Club of Rome member Prof. Randers, J. (2012). 2052: A global forecast for the next 40 years. White River Junc@on, NJ: Chelsea Green


“Humanity is stupid enough not to do what is perfectly doable” to prevent disaster, Prof. Randers


There is plenty of capital available to solve our problems


We need global convic@on and poli@cal unifica@on to transi@on to a low

carbon economy and into the solar age


Why I am an op@mis@c investor?


Outcomes Today

1.  What is the global context and the main driving force for growth today?



24

© 2013 AQAL Capital. Strictly Confidential. For qualified investors only. 25

Self organizing ini@a@ves • AVIVA Corporate Sustainability Coali@on ($2 trillion)

– Request to UN member states to adhere and develop regula@ons for global framework on corporate sustainability repor@ng

–  Intl. policy framework for company disclosure, transparency, accountability, responsibility, incen@ves

• Natural Capital Declara@on – Commitment of the financial sector toward the integra@on of natural capital (earth’s assets & ecosystem services) criteria into financial products and services

•  Interna@onal Integrated Repor@ng Commivee (IIRC) •  Interna@onal Stock Exchange Ini@a@ve: 43% adop@on •  The Giving Pledge, GIIN, incl. self-‐organizing family offices, TONIIC, PYMWYMIC, AQAL Inves@ng, etc.

Market drivers


Global Alliance for Banking on Values Report* •  Elimina@ng the myth about lower returns through sustainability

•  Bever returns on assets than regular banks

•  Significantly higher levels of growth in loans and deposits

•  Higher and bever quality capital GSIFI=Global Systemically Important Financial Ins@tu@ons

*Source: GABV. (2012, March). Global alliance for banking on values: Strong, straight forward, and sustainable banking. Financial capital and impact metrics of value based banking. Full report. March 2012. Downloaded May 15, 2013 from hvp://www.gabv.org/wp-‐content/uploads/Full-‐Report-‐GABV-‐v9d.pdf


We can only achieve what we measure


We currently measure profit only


Profit only – Ouen missing the opportuni@es hidden in people, planet, and joy


The current neo-‐classical economic model: 150 years old and needs to be recalibrated


Modern socie@es have evolved to pluralis@c levels


Financing, business structures, and economics must follow suit


The tradi@onal inves@ng model is outdated

33

Market drivers

•  Focused on short-‐term profit maximiza@on at the expense of long-‐term health of global community, culture, environment, ethics, and overall human happiness

•  Rely on extremely complex supply chain that encourages specula@ve trading and become increasingly remote from the needs of primary beneficiaries

•  Are locking the agents into lifestyle dependent on high earnings and can lead to inappropriate risk taking and short financial return to maintain reward levels

•  Does not encourage sustainable results due to its incen@ve and remunera@on structures

•  Lack robust measurement criteria to measure non-‐financial data (environmental, social, governance, happiness, etc.)

•  Tradi@onal asset managers failed to develop a core competency in alterna@ve inves@ng opportuni@es including impact inves@ng (SRI/RI/ESG)

•  The tradi@onal Venture Capital model is “broken”*

Profit

TRADITIONAL INVESTING Profit Metrics

WALL STREET BERKSHIRE-‐HATHAWAY

KLEINER PERKINS SEQUOIA CAPITAL

*Source: Mulcahy, D. & Weeks, B. & Bradley, H. S., (2012, May). We have met the enemy …. And he is us: Lessons learned from twenty years of the Kauffman FoundaHon’s investments in venture capital funds and the triumph of hope over experience. Kauffman Founda@on Research


>= 10% of High Net-‐Worth Individuals want to invest with

their values, but cannot


Why?


Because innova@ve financial, economics, and business infrastructures are missing


Impact Inves@ng is growing but is fragmented


Impact Inves@ng is growing but is fragmented Two types of Investors* •  Financial (Profit) First Investors

– Pursue the op@miza@on of financial returns before having an impact floor

–  Investors “are not willing to accept lower than market returns as a cost to op@mizing social or environmental goods, although they s@ll make a posi@ve impact”

•  Impact (People/Planet) First Investors – Seek to op@mize social and environmental impact with a financial floor

– For greater impact, investors are willing to accept lower than market financial returns.

IMPACT INVESTING

Sustainability Metrics: ESG

Triple BoOom Line

Profit

People

Planet

e.g. GRAMEEN BANK TRIODOS BANK

GLS BANK BANK SARASIN

Market drivers

*Defini@on auer (Eurosif, 2010, p. 7)


Slow transforma@on example Impact Inves@ng in Europe in 2009

*Source: EUROSIF SRI Survey 2010

Market drivers

13

23

33

89

242

242

306

312

396

411

1,043

1,851

Germany

Switzerland

Spain

Finland

Belgium

Denmark

Sweden

Italy

The Netherlands

Norway

UK

France

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

European Impact Inves@ng Assets in 2009 in Billion Euros (Source: Eurosif SRI Survey 2010)


Global Sustainable Inves@ng (SRI/RI) is growing* •  Global Sustainable Investments using some kind of ESG criteria reached US$ 13.6 trillion (=21.8 % of total AUM in 2012) with

– Most common strategy being Nega@ve/exclusionary screening, US$ 8.3 trillion AuM

–  Norm-‐based screening, US$ 3.0 trillion AUM mostly Europe (65% of known SRI AuM)

–  Posi@ve/best-‐in-‐class screening 1.0 trillion AuM, mostly US

–  Assets u@lizing ESG integra@on are at US$ 6.2 trillion

Market drivers

*Source: The Global Sustainable Investment Alliance (GSIA) Report 2012, hvp://gsiareview2012.gsi-‐alliance.org

•  Impact Inves@ng theme investments are s@ll fragmented and

–  Compara@vely small at US$ 89.0 billion

•  Sustainability theme investments

–  Are also compara@vely small at USD 83.0 billion


The integra@on between Tradi@onal Inves@ng and Impact Inves@ng is missing


Outcomes Today

1.  What is the global context and the main driving force for growth today?



44


Integral Inves@ng could provide the necessary

integra@on


Integral Inves@ng is an investment model based on

human evolu@on


Leveraging human consciousness at later

stages of development RATIONAL INTELLIGENCE

THE TRUE

-‐ SCIENCE -‐

ENLIGHTENMENT ERA

DEMOCRACY NATION STATES

MODERN MEDICINE SPACE SHUTTLE

CIVIL RIGHTS & GREEN MOVEMENT

FEMINISM SOCIAL BUSINESS

CULTURAL CREATIVES: 25-‐30%

EMOTIONAL ART, VALUES, MORALS,

ETHICS

THE BEAUTIFUL -‐ ART -‐

Strategy

INTEGRALLY ACTING HUMANS INTEGRATING HUMANITY’S VALUE SPHERES

“DeMedici Effect” in the 21st century

THE BEAUTIFUL -‐ ART -‐

THE GOOD

-‐ MORALS -‐

THE TRUE

-‐ SCIENCE -‐


Integral Metrics

Planet

People

Profit

Ethics, Ego, Emo0ons &

Consciousness Behavior

Exterior Interior

Individu

al

Collec@ve

Culture &

Morals

INTEGRAL INVESTING Genera@on Investment Management AQAL Inves@ng, Natural Inves@ng

Integra@ng tradi@onal and impact inves@ng

Profit


WALL STREET GOLDMAN SACHS

JP MORGAN LEHMAN BROTHERS KLEINER PERKINS SEQUOIA CAPITAL

IMPACT INVESTING

Profit

People

Planet

Sustainability Metrics ESG, IRIS, SAM

Triple BoOom Line

Grameen Bank Triodos Bank

GLS Sarasin

AQAL INVESTING is based on Ken Wilber’s Integral Model; Ken Wilber is endorsed by Nobel Prize laureate Al Gore, and Bill & Hilary Clinton. Wilber’s theory is widely applied in science, poli@cs, economics, educa@on, medicine, and business including McKinsey and Company;

Source: Wilber, K. (2000). A theory of everything: An integral vision for business, poliHcs, science, and spirituality. Boston: Shambhala.

Strategy


Exterior Interior

PLANET

PEOPLE

PROFIT

ETHICS EGO

EMOTIONS CONSCIOUSNESS

BEHAVIOR Individu

al

Collec@ve

CULTURE&

MORALS

INTEGRAL CAPITAL HETEROGENOUS CAPITAL

Genera@on, Capital Missions Company, AQAL Inves@ng, Natural Inves@ng

Integra@ng capital regular -‐ government -‐ philanthropic -‐ dona@ons

PROFIT

TRADITIONAL CAPITAL

Debt & Equity


JP MORGAN KLEINER PERKINS

PHILANTHROPIC CAPITAL Dona@ons

PEOPLE

PLANET

BERTELSMANN ROCKEFELLER FOUNDATIONS

Strategy

GOVERNMENT CAPITAL Debt, Equity, Grants

PUBLIC-‐PRIVATE PARTNERSHIPS

German Kreditanstalt für Wiederau{au (KfW), European Investment Fund (EIF), USAID


SOCIAL

ENVIRONMENTAL

PROFIT

ETHICS EGO

EMOTIONS CONSCIOUSNESS

BEHAVIOR

Exterior Interior

Individu

al

Collec@ve

CULTURE&

MORALS PROFIT

TRADITIONAL BUSINESS

SOCIAL BUSINESS

INTEGRALLY ACTING BUSINESSES

DM, Puma, Whole Foods, Patagonia, REI

Superior deal flow and integral metrics for business integraliza@on

SOCIAL

ENVIRONMENTAL

ENRON WALL STREET

BP MONSANTO

PHILLIP MORRIS GILLETTE

McKinsey & Co.

GRAMEEN BANK LGT VENTURE PHILANTHROPY UBS GLOBAL

PHILANTHROPY SKOLL GLOBAL THREATS FUND

Strategy


What is the evidence that it works?


e.g. Whole Foods:

+40% Higher ROI than FoEs

over 10 years (1800% shareholder value 1995–2006)

Sample: 8.0x higher ROI than market average (S&P 500) over

10 years; and -‐ 3.1x

higher than GGCs

3.0x higher ROI than market average (S&P 500) over

15 years

GOOD TO GREAT COMPANIES (“GGC”s) -‐ 2002 • Nucor; Kimberly-‐Clark • Kroger; Walgreens • Wells Fargo; Gilleve

ESG & INTEGRALLY ACTING BUSINESSES • The Container Store; REI • Whole Foods; Trader Joe’s; Patagonia; DM

• Stoneyfield Farms

FIRMS OF ENDEARMENT (“FoE”s) -‐ 2007

• Patagonia; Amazon • Southwest Airlines • IKEA; BMW; eBay • Google; AVEDA

*Source: Sisodia, R., Sheth, J., Wolfe, D.B. (2007). New Jersey: Wharton School, p. 16

Sample evidence: Risk reduc@on & inclusive sustainability already visible with ESG & integrally ac@ng companies

Sample Evidence

Results of the ongoing ShiS to Conscious Capitalism


Evidence: Investment return in detail* 15 Year 10 Year 5 Year 3 Year

Cumula0ve Annualized Cumula0ve Annualized Cumula0ve Annualized Cumula0ve Annualized

FOE Return 1646.1% 21.0% 254.4% 13.5% 56.4% 9.4% 77.4% 21.1%

GTG Return 177.5% 7.0% 14.0% 1.3% -‐35.6% -‐8.4% -‐23.2% -‐8.4%

S&P 500 Return 157.0% 6.5% 30.7% 2.7% 15.6% 2.9% 10.3% 3.3%

*Source: Mackey, J., & Sisodia, R., (2013) Conscious Capitalism: Libera@ng the heroic spirit of business. Boston: Harvard Business Press Review. Slide was downloaded from hvp://www.slideshare.net/s2kapoor/foe-‐updated-‐financial-‐performance on Jan 8, 2012

Evidence

Note: Company returns are total returns with dividends reinvested and compounded*

FoE: Firms of Endearment

GtG: Good to Great

S&P: Standard and Poor’s index of five hundred U.S. companies


TARG

ET FINAN

CIAL RETURN

TARGET SOCIAL, ENVIRONMENTAL, ETHICAL, CULTURAL, & HAPPINESS IMPACT

PROFIT FLOOR

IMPA

CT FLO

OR

FINANCIAL FIRST INVESTORS Op@mize financial returns with an impact floor

IMPACT FIRST INVESTORS Op@mize social and environmental impact with a financial floor

Philanthropy

Making Money INTEGRAL INVESTING

Risk-‐adjusted op@mal financial return and premium impact returns

Op@mal financial and op@mal impact returns

Strategy


Integral Metrics

Planet

People

Profit

Ethics, Ego, Emo0ons &

Consciousness Behavior

Exterior Interior

Individu

al

Collec@ve

Culture &

Morals

INTEGRAL INVESTING Genera@on Investment Management AQAL Inves@ng, Natural Inves@ng

Why Integral Inves@ng?

Profit



JP MORGAN LEHMAN BROTHERS KLEINER PERKINS SEQUOIA CAPITAL

IMPACT INVESTING

Profit

People

Planet

Sustainability Metrics ESG, IRIS, SAM

Triple BoOom Line

Grameen Bank Triodos Bank

GLS Sarasin

AQAL INVESTING is based on Ken Wilber’s Integral Model; Ken Wilber is endorsed by Nobel Prize laureate Al Gore, and Bill & Hilary Clinton. Wilber’s theory is widely applied in science, poli@cs, economics, educa@on, medicine, and business including McKinsey and Company;

Source: Wilber, K. (2000). A theory of everything: An integral vision for business, poliHcs, science, and spirituality. Boston: Shambhala.

Ques@on

© 2012 Integral INVESTING. All rights reserved. © 2013 AQAL Capital. Strictly Confidential

We can only achieve what we measure


We now measure profit only


Impact Inves@ng, SRI, RI, etc. are trying to add ESG criteria


Environmental Social Governance Metrics

Environmental Criteria

•  Climate change, water scarcity

•  Local environmental pollu@on and waste management

•  New regula@ons beyond environmental product liability

•  New markets for environmentally-‐friendly products and services

Governance Criteria

•  Board structure and accountability

•  Accoun@ng and disclosure prac@ces, transparency

•  Execu@ve compensa@on

•  Management of corrup@on and bribery issues

Social Criteria

•  Workplace health and safety

•  Knowledge and human capital management

•  Labor and human rights issues within companies and their supply chains

•  Government and community rela@ons

Source: The Monitor Ins@tute. (2009), Inves@ng for Social & Environmental Impact, hvp://www.globalimpac@[email protected]/binary-‐data/RESOURCE/download_file/000/000/6-‐1.pdf

ESG Metrics


What is missing?


We know what to do but do not do what we know?


How can Integral Theory contribute?


An invita@on to contribute significantly

1.  Which major players must get involved? 2.  Which irresis@ble ideas would inspire them to

act now? 3.  Which measurement criteria would ensure

integral success? 4.  How would we know that we are on the right

track?


Summary




64


The only crisis we have today is one of consciousness


Thank you!


Appendix

© 2012 Integral INVESTING. All rights reserved.

• Integral Audit—Bozesan • Moral development – Carol Gilligan • Ego Development—Cook-‐Greuter • The Leadership Circle Profile—Anderson • Emo@onal Intelligence—Dan Goleman • PeopleScan—Clare Graves

SELF & CONSCIOUSNESS Metrics

CULTURAL Metrics

• Integral Audit—Bozesan • Moral development – Carol Gilligan • Leadership Development Profile—Cook-‐Greuter & Torbert Ac@on Logic

• Presencing — Ovo Scharmer • The Leadership Circle Profile—Anderson

BEHAVIORAL Metrics

Financial, ESG Metrics PLUS

Developing Integral Metrics Fins., ESG, Behavior, Culture, Consciousness

Source: Sisodia, R., Sheth, J., Wolfe, D. B., (2007), Firms of Endearment, Upper Saddle River, NJ: Wharton School.; Pauchant, T. C. (Ed.). (2002). Ethics and spirituality at work: Hopes and piWalls of the search for meaning in organizaHons. Westport, CT: Quorum Books.

Source:Rooke, D., & Torbert, W. (1998). Organiza@onal transforma@on as a func@on of CEOs' developmental stage. Organiza@onal Development Journal, 16(1), 11-‐28; Rooke, D., & Torbert, W. (2005, April). Seven transforma@ons of leadership. Harvard Business Review OnPoint Ar@cle, 1-‐11. Reprint No. R0504D.

Senge, P., Scharmer, C. O., Jaworski, J., & Flowers, B. S. (2005). Presence: An exploraHon of profound change in people, organizaHons, and society. New York: Currency Doubleday.

• FoE Analysis—Sisodia, Sheth, Wolfe • PeopleScan—Clare Graves • The Leadership Circle Profile—Anderson

• Integrated Repor@ng, PRI, GIIRS, GRI • Integral Sustainability Indicators/Metrics • The Leadership Circle Profile—Anderson

Integral Metrics


Research on Private Equity Investors

• 132 investors – 50% men – 50% women

• Global investors from USA, Canada, Germany, China, India, France, Thailand, Bali, Singapore, Turkey, Dubai, Ireland, Switzerland,

• Aggregated investment capital: $1.39B


HNWI Seeking Self-‐Actualiza@on


The Hero’s Journey: Research results

72 Copyright 2010 |

• 132 private equity Investors & top execu@ves –  presidents, serial entrepreneurs & Venture Capitalists

• High-‐tech, clean-‐tech, music, beverage, health care, Wall street financiers, lawyers, music

• Ac@ve philanthropists and social entrepreneurs • Stanford, MIT, Harvard, Sorbonne, etc. graduates

– 15 doctorate degrees, 60 MBAs, other Master’s degrees.


The Hero’s Journey: 1. AWAKENING

73 Copyright 2010 |

Physical degrada@on, back pain, overweight, regular colds, heart problems, food allergies, injuries, mul@ple sclerosis


The Hero’s Journey: Emo@onal Pain

74 Copyright 2010 |

“horrible divorce,” death of “mother” or “wife,” “high-‐degree anxiety,” “worry and fear,” “heartbreak,” tension between “fear and desire,” “grief,” the “need” to be accepted by the outside world, “frustra@on,” “lack of trust,” “lack of joy,” “deep sadness,” “lack of alignment,” “lack of fulfillment,” “completely unhappy”


Refusal to follow the call

• CONTROLLING PEOPLE AND OUTCOMES – “Bouncing off the walls and just being a control freak” – "I was never available. I was always in control" – “I tend to be a bit of a control freak”

• DID NOT ALLOW FEELINGS: – “Not allowing myself to feel the sadness and the grief,” ”Closed down my heart,” “Wearing coat of armor,” “No one would ever get close to me again"

• ADDRESSING SYMPTOMS ONLY INCREASED PAIN


The Hero’s Journey: The Tipping Point

76 Copyright 2010 |

• TERRIBLE EMOTIONAL PAIN LEAD TO THE COURAGE TO FACE OWN SHADOW USING TEACHERS – “Got fed up with fear” – Decision to experience the “dark night of the soul” – Asking essen@al life ques@ons


No@ced lack of meaning and fulfillment – “I wasn't manifes@ng why I was here” – “I was following a script that wasn’t authored by me” – “while there were fun things like building new markets and I really enjoy business, there was this sort of almost mind numbingly impossible monotony around the trajectory that I was on”

– “I had enough intellectual understanding that the gold rings were running out”

– “there’s fewer jobs leu” in the world – “There was a growing, gnawing, unfulfillment of maximizing shareholder value”


The Hero’s Journey: 2. INITIATION

78 Copyright 2010 |

• EXCEPTIONAL HUMAN EXPERIENCES (EHE) – Unity Consciousness Experience – Clairaudience, Clairvoyance – Out of Body Experience, Ancestor encounters – Appari@ons, Mind reading


Unity Consciousness Experiences •  “Lightning bolt [that] moved through my body,” •  “Out-‐of-‐body experience … that really showed me very clearly that I am not my body”

•  “We proceeded to have a conversa@on where he read my mind and responded so I never opened my mouth”

•  “Feeling [that] would be so powerfully strong that it was almost to the point where you couldn’t walk”

•  “Mys@cal experience,” “divine light,” “divine intelligence,” the “heart was exploding with love,”

•  “My body turned into an intense beam of light” •  “My heart opened and I could feel every bird and insect as part of me”

•  NO FRAMEWORK TO UNDERSTAND EHE Ø “quantum leap in consciousness.”


More Impact of Significant Experiences • ASKING ESSENTIAL QUESTIONS

– “What is the purpose of this? What is it all about? Who am I helping?” “Who am I?” “Is this it?” “Why am I here?” “What is money, wealth and security all about?”

• REMARKED COLLECTIVE INSANITY – “Why did I let the mob psychology [on Wall Street] tell me whether I was having a good day or not?”

– “I had this moment where I looked into the future and all I saw was this endless stream of closing quarters”


The Hero’s Journey: 3. RETURN

81 Copyright 2010 |

“This [journey within] was like drinking out of a fire hose. In this area, MIT and Stanford Business School were like drinking out of a fire hose for academic and business issues. This was like drinking out of a fire hose for emo@onal, spiritual and consciousness issues. We need both.”


Investors’ Value Shiu

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