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Newsletter for LHH New York City office (Go to: http://www.esnips.com/web/LHHNYCJMC) January 8, 2007
Also Included
• Useful Web Sites Job Market Intel
• Media Resources Wall Street forecast to lead hiring spree
By: Tom Fredrickson
• Blue Steps
Gangbuster profits being reported by Wall Street firms like Goldman Sachs Group Inc. are providing
• Network of Experts the impetus for more hiring at financial, insurance and real estate firms in New York City.
• Job Lead Sampler In its first quarter job 2007 outlook announced Tuesday, personnel firm Manpower Inc. forecasts
financial services jobs will be one of the industries doing the most hiring in New York City. Goldman
said Tuesday that its quarterly profit doubled. Bear Stearns Cos. and Lehman Brothers Holdings Inc.
are slated to report their financial results Thursday.
Get Your Copy
NYC Job Market Update "Outside of real estate, the [financial, insurance and real estate] sector has been growing at a rate of
available online at: 1.9% over the past 12 months," says Jeff Weissenstein, a state labor market analyst. "While it's not
http://www.esnips.com/web/LHHNYCJM
the strongest industry in the city, it's holding its own and is growing faster than the overall private
C Access the latest and sector, which grew by 1.5%."
back editions. Copies are
also available in the Other industries in hiring mode include construction. More mixed intentions are reported in
common areas and from transportation and public utilities.
your consultants… If you
have information to Across all industries, 16% of New York City companies interviewed plan to hire more employees in
submit, contact Rod the first quarter of 2007, while 6% plan to reduce their payrolls.
Williams at
Employers are more optimistic about hiring than they were before the first quarter of 2006, when 7%
rod.williams@lhh.com or of companies surveyed thought gains were likely while 12% intended to cut back.
212.455.8583. Thanks in
advance!
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www.lhhcrn.com. Nonetheless, Wall Street economists are looking at 2007 with some caution. They expect at least
some slowdown in economic growth. And many worry that housing’s slump will spread to other
corners of the economy.
Blue Steps
The analysts surveyed predicted that the Standard & Poor’s 500-stock index, which closed 2006 at
1,418.30, would end 2007 at 1,440 to 1,570.
We have negotiated a 20%
discounted rate for LHH clients Richard Bernstein - Chief Investment Strategist - Merrill Lynch
with Blue Steps the executive
Though concerns mount that the world is suffering from global warming, Richard Bernstein is
search web site owned and content to call himself a “bipolar bear.” While he foresees returns rising 12 percent over the coming
operated by the AESC year — and the S.& P. hitting 1,570 by the end of the year — Mr. Bernstein expects increased
(Association of Executive volatility. That is in large part because the Fed will not ease, or lower rates, in January, he says.
Search Consultants) which is
“As the uncertainty about the Fed easing has gone up, you’ve found that the market has become
their professional organization choppier,” he said.
made up of over 200 of the top
executive search firms. See Mr. Bernstein cautioned that he expected growth in gross domestic product to be a full percentage
point below other estimates, citing in part a “money illusion” over the growth in the Dow and even in
your consultant for details.
energy prices.
AESC has around 200
member search firms, with Investors should watch earnings carefully, he said. “There’s sort of an embedded assumption that
earnings will be going great forever.”
around 4000 consultants
around the world. Mr. Bernstein recommends a mix of 50 percent stocks, 30 percent bonds and 20 percent cash for
investors’ portfolios. Among sectors to watch, Mr. Bernstein rated telecommunications as a growth
sector, aided by increasing attractiveness in European and Asian companies. “It’s one of our
turnaround sectors,” he said.
He is bearish on energy and commodities, citing their cyclical nature.
LUCKY 2007
An equity shortage, a new M&A boom, a weak dollar, and lower interest rates point to another
year of big winnings on Wall Street.
By James J. Cramer
Companies don’t need the stock market anymore. Sure, investors love it when the market goes up,
and those who own stocks make tons of money, as they did in 2006, a year that defied every skeptic
in its march to record highs. But for many corporations and their managements, the stock market is
just plain unnecessary, atavistic even. They don’t need the money the market can provide, and they
hate the hassle of having a public stock. That’s why, in 2006, we got a record number of takeovers,
mergers, and private-equity buyouts. And that’s why I think 2007 will be even bigger than 2006.
After the bountiful year every index had—despite endless Federal Reserve tightenings, a crashing
dollar, an auto industry that could be in the crisis of its life, an oil price that wouldn’t quit rising, and a
housing market that still can’t find bottom—you would think that 2007 would be a year of chickens
coming home to roost. Although many of those problems remain, particularly Detroit’s unraveling, I
don’t think they can stop 2007 from being a good year any more than they could stop 2006.
Here are some rosy yet realistic predictions for next year, a year in which the S&P 500 could rise as
much as 15 percent if these factors play out this way. That prospective run won’t give you the kind of
money that Morgan’s John Mack, Lehman’s Dick Fuld, Bear Stearns’ Jimmy Cayne, or Goldman’s
Lloyd Blankfein figure to make in another boom year for deals—but it could create a nice windfall
over and above a prosaic paycheck.
First, as I’ve noted in this space before, we’re beginning to have an equity-supply shortage of
mammoth proportions. For as long as I can remember, companies came public to tap the equity
market, not to avoid it. They were perennially growing and in need of capital for hiring and building.
But now the great American businesses are swimming with cash, far more than they need, thanks to
record profit levels. That’s why 29 of the 30 Dow Industrials are buying back billions of dollars’ worth
of shares instead of floating more equity to take advantage of higher prices. Yet hedge funds, mutual
funds, and other institutional investors need stocks to invest in, and the great returns of 2006 are
luring individuals back into the market for the first time in a half-decade. That combination, plus
management’s newfound love affair with anything that removes them from the market, causes an
equity scarcity, so the remaining stocks get bid up in value.
Second, for those managers who hate being public, and those under attack from hedge-fund
managers demanding better performance, there’s plenty of money available to pay for going private.
We saw, in 2006, the beginning of a new phenomenon: the rise of private-equity funds, pools of
capital put together to buy companies, as drivers of higher prices. These funds are taking advantage
of a chronic undervaluation of many companies, including ones worth $20 billion or even $30 billion.
The undervaluation is a by-product of Wall Street’s love affair with hyperoxygenated growth, the kind
that only smaller and midsize companies can provide. Mutual and hedge funds spurn companies with
anything less than 10 to 15 percent growth, something that most old-line companies can’t provide.
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(cont’d next page)
That leaves the stocks of hundreds of corporations, including many steady but unspectacular
growers, such as big casino, semiconductor, hospital, and restaurant chains, unloved by the market.
A handful of savvy private-equity buyout firms, like Silver Lake, Bain, Texas Pacific, Kohlberg Kravis
Roberts, and Blackstone, have started to capitalize on this phenomenon. They approach
managements fed up with their cheap stock price with an elixir: buy out the equity holders with a
massive infusion of cash (backed by newly minted corporate bonds that take advantage of record-
low interest rates). Then the new owners and management can revel in all the cash these companies
generate and no longer have to share it with ungrateful shareholders. I see many candidates for
private-equity buyouts in 2007, including Hershey, Barnes & Noble, Applebee’s, and KB Home, none
of which get the rewards they deserve in the public markets.
Third, companies are getting a sense that the clock is ticking on many mergers now blessed by a
Republican-controlled government. The Democrats’ midterm-elections rout was a reminder to CEOs
that they’d better get their deals done now, before the White House changes hands. Right now we
have a Justice Department antitrust division that basically serves as an adjunct to the Commerce
Department, but that goes out the window if the Democrats—who actually have the audacity to care
about things like monopolies and anti-competitive behavior, even if it means lower stock-market
prices—take over all three branches of the federal government. Look for the airline companies to
team up (United and Continental, as well as US Airways and Delta, have already jump-started that
process). And look for giant mergers in telecom, oil, drugs, and health care, all areas the Democrats
are likely to scrutinize. I like Qwest, Bristol-Myers Squibb, ConocoPhillips, UnitedHealth, and
Humana as companies that could be snapped up by rivals before the Democrats can stop them.
Fourth, pundits come on the air all the time and fret about how a weak dollar could hurt the stock
market. Ignore them. The weak dollar causes our companies to get acquired at bargain prices by
companies in countries with stronger currencies, especially those denominated in euros. Look for
major companies like U.S. Steel, Alcoa, Colgate-Palmolive, Weyerhaeuser, and the stumbling Yahoo
to be bought in 2007 by overseas entities taking advantage of a declining greenback.
Finally, the ongoing decline in housing and the worries about car manufacturers should cause the
Federal Reserve to cut its base interest rate to as low as 4 percent, from its current 5-plus level. That
will bring more money into the stock market, where the rates of return will make the risk-free rewards
of cash seem paltry.
How can you take advantage of all of this? You can take the shotgun approach and buy your
favorites among the above candidates for acquisition. But I think even better is the rifle approach.
Pick, to extend the metaphor, the original arms merchants for all of these deals: the investment
banks. The teams from Goldman, Morgan and the like will all get fat vigs from these deals.
Some would say it’s tough to come into this market after its double-digit returns. To them I would say,
it’s only now that we have gotten back to where we were six years ago. In other words, you ain’t
missed nothing yet.
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Networking Events (free / low cost events that may interest you)
Power Lunch Networking For Professionals
January 10; 1 to 3 p.m.; Make quality business connections while enjoying lunch; Held at Palm Too;
Advance Booking Required
Fees: Before December 5th: NFP Members $29 plus tax and tip ($39.90). Non-Members: $39 plus
tax and tip ($49.90). After December 5: extra $5
840 Second Avenue, New York, New York
Sponsor information
Networking For Professionals
Contact: Events@NetworkingForProfessionals.com, 718.625.1369
Web site: http://www.networkingforprofessionals.com/eventlistings.php?event=PLNY
Fees: $12
100 Park Avenue, New York, New York 10017
Sponsor information
The "C" Network
Contact: TheCnetwrk@aol.com, 718/263-3501
Free GMAT Preview Class & Open House
January 11; 6:30-8:30 p.m.; Free two-hour orientation class about the Graduate Management
Admissions Test (GMAT).
Fees: Free
138 West 25th Street, New York , New York 10001
Sponsor information
ManhattanGMAT
Please note: The next “JMC Live” will be held on WEDNESDAY, February 7,
2007 at 12:30…
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Useful Web Sites
Here are a few free online locations that could prove helpful (if you know of other new or
unique sites forward them to me at rod.williams@lhh.com)
www.worldwit.org. It's a new design, new navigation and a ton of new content. But most excitingly for
us, our site now includes something that so many of our members have asked for: a careers site!
Our careers area, WorldWIT's Hire Ground, is the first online recruiting site that reaches women 'at
the intersection of work and life' with job alerts in the daily WorldWIT email digests. Jobs are also
posted on the searchable WorldWIT's Hire Ground website
http://newyorkcity.employmentguide.com/ bills itself as a portal for entry-level or a mid-management
positions. EmploymentGuide.com has got you covered. With our FastAPP feature we have made
searching for jobs faster and easier than ever. Simply complete an application and we’ll send it to
matching employers in your area.
http://www.janplace.com/ a site for those seeking opportunities in publishing, licensing, children’s &
family media, entertainment, interactive media, and related areas
http://www.gadball.com an excellent site that provides Free Job Search - over 100,000 Active Jobs!
Free Resume Distribution, Free GadBall Discussion Forums, Free Career Email Address, Free
Personal Email Address features links to For Sale Listings and many other types of information
portals from television/movie listings to the weather. It also has an online calendaring tool, news,
games, and entertainment links.
http://www.JobsOnWallStreet.com bills itself as the leading financial services online job board
http://www.efinancialcareers.com/ bank jobs, finance jobs, recruitment in the financial markets,
accounting and investment banking
http://newyork.craigslist.org/ another site that’s pretty cool. It bills itself as the following: craigslist is
about: giving each other a break, getting the word out about everyday, real-world stuff. restoring the
human voice to the Internet, in a humane, non-commercial environment. keeping things simple,
common-sense, down-to-earth, honest, very real. providing an alternative to impersonal, big-media
sites. being inclusive, giving a voice to the disenfranchised, democratizing ... being a collection of
communities with similar spirit, not a single monolithic entity.
http://www.worklife.com/ Worklife.com provides industry specific career channels with a wealth of
information tailored to your career goals. Select a career channel to research industry information,
search jobs and build your portfolio.
www.ComputerJobs.com Recruiting Trends reports that ComputerJobs.com, an employment website
for Information Technology (IT) professionals and those who employ them, has launched a new web
site where IT professionals can discuss their careers, technology, current events, and more. The new
community called "The ComputerJobs.com Community," also offers employers resume keyword
searches, and job seekers the ability to search for high tech jobs on www.ComputerJobs.com.
http://www.teamworkonline.com/ a listing site that focuses on jobs in professional sports with teams,
offices, and connected entities (sports management, sporting goods, etc.). Here’s what they say
about themselves: 71% of the jobs posted here were filled by online candidates!
www.WomenSportsJobs.com currently has over 1,000 jobs posted in the following fields: Sports
Marketing, Sales, Advertising & Promotions, Public Relations, Sports Media, Broadcasting, Facilities,
Sports Events & Operations, Recreation, Health & Fitness, Website, Technology & Computers
http://www.job-hunt.org/ a terrific informational resource for job seekers
http://www.hightechny.com/ NY Labor Bureau site for IT employment (thanks Jay Colan)
http://www.ithotjobs.com/ bills itself as “ITHotJobs.com launched in 2001 to assist BIG 4, Top Tier,
Software 500, Fortune 1000 IT job seekers most impacted during the downturn has grown to
286,000 members and is utilized by over 9,775 IT specific recruiters.”
http://www.jobcircle.com/ JobCircle.com currently operates in CT, DC, DE, OH, MD, NY, NJ, PA, VA,
and WV , and provides a totally regional job search experience using our unique Latitude/Longitude
functionality.
http://www.dogpile.com great search site that uses Google, Yahoo, Ask Jeeves, About, Look Smart,
Overture, and FindWhat (talk about powerful!)
http://www.allretailjobs.com/ the name says it all
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Free web sites continued…
http://www.nj.com/jobs/quicksearch/ links to job postings for 11 New Jersey newspapers including
the statewide Star-Ledger
http://www.chiefmonster.com a Monster.com site for Senior Executives
http://www.6figurejobs.com lists executive Jobs
http://www.ceoupdate.com lists non-profit executive level jobs
http://www.execsearches.com lists non-profit executive level jobs
http://www.bigfivetalent.com lists Big Five Jobs
http://www.employment911.com/asp/index.asp claims currently over 3,000,000 jobs posted by
companies that use them and searched from over 300 major career sites along with jobs including 1-
Jobs.com, Hotjobs.com, American Jobs, Infoworks USA, America's Employers, JobBank USA,
America's Job Bank, Job Pilot USA, Bakos Group, MarketingJobs.com, Career Avenue,
Monster.com, Best Jobs USA, NationJob Network, Career Builder, Net-Temps.com, Career Mosaic,
Perot Systems, Career.com, Prohire.com, Career Magazine, Recruiters Online Network, Career
Web, Select Jobs.com, Computerjobs.com, Softwarejobs.com, Computerwork.com, The Job
Resource, Crosswalk.com, Top Echelon, Dice.com, TopStartups.com, Employment 911, US Careers
Resource Center, Headhunter.net, Westech Virtual Job Fair. Offers some pay services but quite
effective without them.
http://seeker.dice.com/profman/searchEngineMarketing.jsp?rel_code=100 more tech jobs
http://www.guru.com/pro/professionals.cfm?tc=20010&kw=job%20search%20web%20 site helps you
find IT, creative, business and office/admin projects all on one website!
http://www.e-careercenter.com/ &
http://www.job.com/index.cfm?us=164&AID=6944408&PID=1225587 2 sites for posting resumes and
searching jobs
Entrepreneurial Sites:
http://www.startupzone.com employment
http://www.topstartups.com employment
http://www.garage.com lists tech ventures and employment
http://www.fastcompany.com online version of magazine
http://www.vfinance.com funding for entrepreneurs
http://www.vcbuzz.com venture capital info
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Non-Profit Sites:
http://www.philanthropy.com non-profit info and employment
http://www.nonprofits.org/ non-profit info
http://www.chronicle.com higher education info and employment
http://www.guidestar.org/ national database of non profits
Media Resources
Please update by sending additional resources/corrections to jay.colan@LHH.com news and
trends:
television/print/music/interactive/digital/telecom/advertising
http://www.mediabistro.com/ -- Media Bistro: media industry networking and informational site.
Includes, news, advice, events listings, job boards, and discussion groups.
http://www.iwantmedia.com/– daily round up of media and industry news; extensive links to
other, related publications and sites.
http://www.poynter.org/medianews– Jim Romenesko’s media news: news, trends, extensive
links to other news and media related sites.
http://www.mediachannel.org/ -- Media Channel: global media news, issue guides, educational
aides.
http://www.mediaweek.com/ -- Media Week: online media news magazine.
http://www.insidemedia.com/
http://www.media.guardian.co.uk/ -- The Guardian online specialized media site.
http://www.eweek.com/– eWeek online version: media and new media news and resources
http://www.media-news.com/– Media news site, segmented by industry.
http://www.internews.org/– Internews: promoting free and open media on a global scale.
http://www.broadbandweek.com/– Broadband Week online version.
http://www.telecomcareers.net/– TelecomCareers.net: career resources, etc.
http://www.catv.org/-- CATV Cyberlab: news, resources for cable, broadband, and new media;
extensive list of links.
http://www.cabletoday.com/index.html– Bigpipe.com: cable news, resources, extensive links.
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http://www.emonline.com/index.html– Electronic Media online version.
http://www.dmnews.com/cgi-bin/index.cgi– DM News: online direct marketing news.
http://www.headlinespot.com/-- comprehensive news site: news, extensive links
http://www.tvinsite.com/broadcastingcable/index.asp?layout=webzine– Broadcasting Cable
online: news for broadcast and cable industries.
http://www.cableworld.com/– Cableworld online version: cable and broadband news
http://www.minonline.com/index.html—Min magazine: media business resources
television/print/music/interactive/digital/telecom/advertising (cont’d)
www.paidcontent.org focus on "the economics of content"
http://www.212nyc.org/ - interactive focus
www.mediapost.com
www.inanet.com for designers and art directors
www.cynopsis.com - daily briefing for broadcasting and cable, with job postings for NY and LA
Digital Music News (site/publication?)
www.nyctechwire.com
Inside Radio (site/publication?)
www.adage.com Advertising Age site
http://www.poynter.org/ - Web Tips – tracks U.S. TV
www.entertainmentcareers.net
www.rightmedia.com
www.venturewire.com – v.c. focus?
www.variety.com Variety - entertainment focus –including job links
This Week in Technology
British Academy of Film and Television Artists
http://www.digitalmusic2006.com/ - digital music forum
www.worldscreen.com Int’l News on programming /content that inevitably includes notes on
many NY companies
www.lightreading.com technology news with many notes on content deployments
www.digitalmedia.com – conference listings are searchable to obtain contact info for speakers
Multi-Channel News – publication?/site?
www.fierce.com – mobile media including wireless, IPTV and mobile media
BillBoard – music publication
www.journalismjobs.com
associations:
http://www.catm.com/-- Cable & Telecommunications Association for Marketing: library,
research, job bank, etc.
http://www.ncta.com/index.cfm– National Cable & Telecommunications Association: industry
news, legislative information, career resources, etc.
http://www.cthra.com/indopps.html– Cable and Telecommunications Human Resources
Association: job opportunities and career related links
http://www.aaaa.org/news/related_assoc.html– American Association of Advertising Agencies:
related industry links.
http://www.nynma.org/– New York New Media Association:
http://www.cabletvadbureau.com/– Cabletelevision Advertising Bureau: news, research, links,
career information.
http://www.ctpaa.org/– Cable Television Public Affairs Association
http://www.wict.org/main.cfm– Women in Cable & Telecommunications: resources and links
dedicated to improving the standing of women in the cable industry.
http://www.interactivehq.org/ -- Association for Interactive Marketing: research, education,
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events, networking.
www.americanbusinessmedia.com – association of business media companies
www.namme.org – National Association of Minority Media Executives
Magazine Publishers Association (MPA)
Online Publishers Association (ironically I don’t have the URL)
theory and scholarship:
http://www.ctheory.com/– CTheory: current scholarship on cultural, media, and critical theory
http://www.theory.org.uk/– media and social/cultural theory focusing on pop culture
http://www.utexas.edu/coc/journalism/SOURCE/j363/keywords.html– quick resources to major
leaders in mass communication studies
www.release1.0.com – Esther Dyson publication on v.c. and new technologies
Edventures – same on Ester Dyson
other resources:
http://www.hbscny.org/upcoming_events.htm - Harvard Business School Club of Greater NY –
Look for the Media Guru breakfasts
Media Staffing Professionals - Chicago based with jobs throughout the country
"The Soul of the New Consumer" - book on thinking for marketers and product developers
www.current.org – resource on NPR?
www.voice123 – voiceovers
One World? – cable advertising?
Promo magazine and Events Marketer for event marketing people
Provided by Ben Baumes, Jay Colan and the generous, spirited people who participated in the NY Media and
Entertainment networking group in January and February of 2005.
________________________________________________________________________________
The Network of Experts is looking for experienced professionals and subject matter experts across a
wide range of industries. We are a research firm serving the asset management and private equity
communities, and we rely on the experts in our network to educate our clients.
We offer unique benefits for people who are employed full-time, retired, or in transition:
* You earn consulting fees at the hourly rate you set yourself for short assignments that occur via
telephone or through surveys and email exchanges.
* You get to interact with influential money managers and to broaden your personal network.
* You have engaging conversations on relevant and current topics in your industry.
* You participate in a simple and straightforward program that never charges you any fees, protects
your privacy, and works around your busy schedule.
www.networkofexperts.com
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