There's Now A Statue Of A Young Girl Facing Wall Street's Famous Charging Bull
With International Women's Day making news around the world it only seems fitting that an asset management group would install a sculpture of a young girl facing off with the famous charging bull in NYC's financial district on Tuesday morning. The bronze sculpture was put up by State Street Global Advisors, which is the world’s third-largest asset manager, as part of an effort to call on the more than 3,500 companies they invest in to increase the number of women directors. The company, which managed just under $2.5 trillion in assets at the end of the trading year last year, said it would vote against any corporate boards who do not take steps to increase gender diversity. This is awesome news for a company who makes and manages so much money. They believe that a key contributor to effective independent board leadership is through the diversity of thought, which requires directors with a variety of different skills, expertise, and backgrounds. They are calling on companies to take concrete steps to help increase gender diversity on their boards and to have clear guidance to help them begin to take action.
Surprisingly women only hold less than 20 percent of the corporate board seats in S&P 500 companies. State Street cited that data showing about one-fourth of Russell 3000 companies don't have any women on their boards. And in a study done in 2015 cited by State Street, it shows that companies that have strong female leadership perform better than those that do not. Kristen Visbal is the sculptor who designed the Fearless Girl said that she considered having the girl charging against the bull, but then decided that the girl should squarely face the animal. The beautiful design is a composite of the daughter of a friend, who is a 9-year-old Latina girl. The sculptor said that with Wall Street being a traditionally male environment, it goes to show that Hey, we’re here, the designer told the Journal. So it shows that just because women are delicate and petite doesn't mean that can't be strong.
The Bull market concept started when a 1901 cartoon depicted financier J. P. Morgan as a bull with eager investors. A bull market means that it is a period of mostly rising prices. The start of a bull market is typically marked by widespread pessimism. This is the point when the crowd or people become the most "bearish. It is a feeling of despondency that changes to hope, a certain optimism, and then to euphoria, as the bull runs its course. Bull markets often lead the economic cycle, for example in a full recession, or earlier on. A bear market means that there is a general decline in the stock market over a certain period of time. It is a transition from that of a higher investor optimism to widespread investor fear and pessimism. And while there’s no agreed-upon definition of a bear market, it is accepted when there is a price decline of about 20 percent or more over at least a two-month period. An example of a bear market would be what followed the Wall Street Crash of 1929 and erased 89 percent of the Dow Jones Industrial Average's market capitalization by July 1932. It was this time that marked the beginning of the Great Depression.
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