Money Must Serve, Not Rule: Pope Francis and Capitalism

FALL 2015

FOR ALUMNI, PARENTS AND FRIENDS OF THE GABELLI SCHOOL OF BUSINESS

INSIDE: MONEY MUST SERVE, NOT RULE: POPE FRANCIS AND CAPITALISM

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FBM_008_FordhamBusinessMag_Fall2015_QC_081015.indd 2 8/10/15 3:31 PM Dear Friends: Contents

FEATURES 6 A smart hedge 8 IFmOBODJBMDSJTJTPGQSPWJEFEBQBJOGVMCVUJOTUSVDUJWFMFTTPOPOUIFQFSJMTPG Money must serve, not rule: short-term thinking. As the U.S. economy sagged under the weight of decisions designed Pope Francis and capitalism

UPTQJLFQSPmUTnow, we received an unrequested reminder of the need to act for the DEPARTMENTS future—thinking not of tomorrow or next week, but of the well-being of generations. 2 News Pope Francis, the cover-story subject in this issue of Fordham Business, offers a similar 14 message. In his encyclical on climate change, he encourages us to act in ways that Ideas will secure the health of our planet thousands of years after we have passed on. He 16 asks us to consider how we can extend economic participation and opportunity to more People people, so that the result, decades down the road, is greater autonomy and prosperity for all. His outlook is moored in the long term. His vision is one of lasting gain. FORDHAM BUSINESS Editor-in-Chief Donna Rapaccioli 5IFCVTJOFTTXPSMEDBOEFSJWFTJHOJmDBOUBEWBOUBHFCZBEPQUJOHUIJTBTQFDUPG Dean, Gabelli School of Business

Pope Francis’s perspective. A long view can increase shareholder value, create the Managing Editor conditions for durable relationships between consumers and brands, and ensure that Claire Curry

sound strategic choices are made. Being able to think and act for the future is a key Editorial Consultant to creating wealth—ideally, wealth that permeates society and advances the condition Nicole Gesualdo

of humankind. Creative Director Stephen Visconti

This is something I hope that business leaders, as well as our undergraduate and graduate Contributing Writers/Reporters TUVEFOUT XJMMSFnFDUVQPOBT1PQF'SBODJTNBLFTIJT4FQUFNCFSWJTJUUPUIF6OJUFE4UBUFT Ann Fonseca, Jackie Fitzpatrick Hennessey, Brett Johnson, John Schoonejongen, Stevenson I hope you enjoy this issue of the magazine, which also explores our alternative Swanson, Patrick Verel, David McKay Wilson investments curriculum, highlights recent faculty research and introduces you to the faculty director of the MS in Quantitative Finance. I hope to see you at Fordham soon. Fordham University President Joseph M. McShane, SJ . Sincerely, Provost Stephen Freedman

This publication is published by UIF0GmDFPGUIF%FBOPGUIF(BCFMMJ 4DIPPMPG#VTJOFTT XJUIPGmDFTBU 441 E. Fordham Road, Bronx, NY Donna Rapaccioli 10458 and 113 W. 60th Street, New York, NY 10023. Dean, Gabelli School of Business Fordham Business welcomes your comments and suggestions. E-mail [email protected].

Opinions expressed in this publication may not necessarily SFnFDUUIPTFPGUIF'PSEIBN 6OJWFSTJUZGBDVMUZPSBENJOJTUSBUJPO CHEER ON GABELLI SCHOOL TICKETS Copyright © 2015, Fordham ALUMNI TAILGATE $35 6OJWFSTJUZ(BCFMMJ4DIPPMPG THE RAMS #VTJOFTT RAMS VS. VILLANOVA Cover photo by SEPT. 12, 2015 Giulio Napolitano/Shutterstock.com 4:00 P.M. e-mail [email protected]

FALL 2015 1

FBM_008_FordhamBusinessMag_Fall2015_QC_081015.indd 3 8/14/15 9:28 AM News

Wall Street Council welcomes Nemir Kirdar Photo Chris by Taggart

emir A. Kirdar, MB