““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”
David Copperfield has spent his life mastering unbelievable, otherworldly illusions that take people’s breath away, and that combined with international stardom can make you forget that he is, in fact, a human being like the rest of us. For me the most poignant moment in Margie Goldsmith’s interview with the magnificent illusionist comes when he tells her the story about his finger being severed during a botched rope trick. A surgeon reattached it, and it grew back. “That,” he says, “is magic.”
According to Copperfield, “Magic is a state of mind, a state of being transported, a state of being inspired,” which is also a great way to describe the business aviation industry. Being so immersed in that industry, we sometimes forget to step back and marvel at what an innovative, life-altering enterprise it really is. I was recently reminded of this when I watched a nine-minute film about a private jet journey made by two women in their 70s, neither of whom had ever flown before. We’ve now posted the video at bjtonline.com/magic, and I highly recommend that you watch it. The last few minutes in particular will remind you how extraordinary it is to be up above the clouds.
Returning to earthly matters, I am pleased to introduce you to our newest columnist, Certified Financial Planner Paul Palazzo, who is managing director at New York-based Altfest Personal Wealth Management. Palazzo, who specializes in quantitative financial planning and analysis, will be writing regularly for BJT on investment topics. In his first column, he details smart ways to give to charity.Jennifer English
P.S. Please don’t forget to fill out our fourth annual Readers’ Choice Poll to share your thoughts about private aviation. Readers tell us that they benefit from the results, and we know that bizav manufacturers and service providers pay attention to what you say in the survey. Completing it will take you less than 10 minutes at BJTonline.com/survey.