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SPACs, Robinhood, Bears, Oh My!
Innovations Old and New: What’s Happening On Wall Street
The past two years have been a rollercoaster of market performances with a variety of highs and lows and then more highs across several different asset classes. U.S. stocks pushed to record highs during the fourth quarter of 2020 after a year of economic and political uncertainty while bond yields remained at historic lows, reflecting that economic normalcy may not be as close as expected. The upward stock value surge continues as we move through 2021 even while tax policy changes, coronavirus risks, inflation concerns, and several other headwinds loom. Wall Street seems both at a crossroads as the “disruptee” at the receiving end of a flurry of innovation (consider Robinhood, Crypto exchanges, and the Reddit crowd) while at the same time somewhat unmoved (or undeterred) by these forces and traditional risks (such as a Federal Reserve willing to reverse course). This session will give an update on what’s really happening on Wall Street, the changes that are afoot both visible and less obvious, and some thoughts about what boards should know and do about it during uncertain times.
SPEAKERS
DARYN DODSON
Managing Partner, Illumen Capital
Daryn Dodson is Managing Partner at Illumen Capital. Daryn is a passionate advocate of social and economic justice, especially for disadvantaged and marginalized groups. His work with impact investors, private equity funds, Fortune 100 companies, universities and foundations has been viewed through the lens of addressing the world’s most pressing social and environmental problems.
Daryn previously led the Special Equities Program as a consultant to the Board of the Calvert Funds, a $12 billion pioneer of the impact investing field. Through this vehicle, Calvert maintains a portfolio of more than 40 funds on five continents, representing over 350 underlying portfolio companies. Prior to serving as a consultant to Calvert, Daryn served as Director of University and Corporate Partnership for The Idea Village, where he created a platform engaging leading private equity firms, business schools, and Fortune 500 companies to invest over 100,000 hours and $2 million into more than 1,000 New Orleans entrepreneurs post-Hurricane Katrina.
Mr. Dodson currently serves on the Board of Directors for Ben and Jerry’s. He earned his M.B.A. from Stanford, where he serves on the Dean’s Management Board, and his A.B. from Duke University.
JOSEPH A. GRUNDFEST
W.A. Franke Professor of Law and Business at Stanford Law School; Senior Faculty, Arthur and Toni Rembe Rock Center for Corporate Governance
Joseph A. Grundfest is a nationally prominent expert on capital markets, corporate governance, and securities litigation. His scholarship has been published in the Harvard, Yale, and Stanford law reviews, and he has been recognized as one of the most influential attorneys in the United States. Professor Grundfest founded the award-winning Stanford Securities Class Action Clearinghouse, which provides detailed, online information about the prosecution, defense, and settlement of federal class action securities fraud litigation. He launched Stanford Law School’s executive education programs and continues to co-direct Directors’ College, the nation’s leading venue for the continuing professional education of directors of publicly traded corporations. He is also a senior faculty member with the Arthur and Toni Rembe Rock Center for Corporate Governance. Additionally, he is co-founder and director of Financial Engines and a director of Kohlberg, Kravis, Roberts & Co.
Before joining the Stanford Law School faculty in 1990, Professor Grundfest was a commissioner of the Securities and Exchange Commission, served on the staff of the President’s Council of Economic Advisors as counsel and senior economist for legal and regulatory matters, and was an associate at Wilmer, Cutler & Pickering. Early in his career he was a research associate at the Brookings Institution and an economist and consultant with the RAND Corporation.
JEFFREY SELMAN
Partner, DLA Piper
Jeffrey C. Selman is a partner at DLA Piper. Jeffrey represents emerging and middle-market public and private technology and life sciences companies and investors on their formation, equity and debt financing, mergers and acquisitions, licensing, restructurings, board and management issues, and general corporate and commercial transactional matters. He has particular experience advising on the creation and funding of special purpose acquisition companies (SPACs), as well as advising on the use of SPACs as a means of taking companies public.
He has represented companies in a wide range of industries, including software, social networking, mobile device applications, interactive gaming and entertainment, media, semiconductor, network equipment, biotech, medical devices, geothermal, solar, battery, energy storage, metals and emerging automotive technology.
F. DANIEL SICILIANO, moderator
F. Daniel Siciliano is a successful technology CEO-founder and entrepreneur, as well as Chairman of the board of the Federal Home Loan Bank of San Francisco, and a recognized expert in corporate strategy and governance, capital financial markets, executive compensation, and technological disruption (including fintech, AI and cybersecurity). He is currently Chairman of SVDX, board member of the Latino Corporate Directors Education Foundation, and a fellow at Stanford University.
NANCY EASTERBROOK, introductory remarks
Nancy Easterbrook is the Executive Director of Silicon Valley Directors' Exchange. With almost two decades of experience in creating partnerships and raising money to support nonprofit organizations, she has built strategic relationships through communication, community outreach, and innovative collaborations. Prior to SVDX, Nancy was Director of External Affairs at the Stanford Center on Longevity, and Associate Director of Development at Stanford Law School.