Professor Sharon Belenzon

Please tell me about yourself, maybe a little background information?

I did my undergraduate and master’s degrees at Tel Aviv University in Israel, where I am originally from. Then I got my PhD in economics at the London School of Economics, and then my post doctorate in economics at Oxford. I got my first teaching position at The Fuqua School of Business in 2008, and I have taught in the executive MBA and MMS programs.

What is the focus of your research?

My research focuses on the organization of firms across countries, as well as the implications of the structural differences between firms for economic growth and innovation. There are many differences in how the American, Asian, and European economies are organized, so I work to find out how these differences affect business behavior and performance.

It seems like someone with your level of knowledge and expertise could do very well privately; why did you choose to enter academia?

I enjoy the freedom of thinking about the questions that I want to think about, and academia allows you to ask deeper questions and spend time finding the answers to them. You don’t always have the same freedom when you work for a large company. I enjoy doing research, and I really prefer to teach, especially executive education.

I also like to invest, and I have invested in a few small projects that I have been undertaking outside of academia, so those keep me pretty busy as far as entrepreneurial endeavors go.

What areas do you look for when going into these entrepreneurial ventures?

I think it makes sense to focus on IT businesses because of the low start-up costs associated with these industries. I like to focus on things that I understand, because this is how I identify opportunities, but also how I am able to see my competitive advantage and form a viable business.

Any particular piece of research or accomplishment that you are proud of?

I have some good research projects, and a few of them have been published in some of the best business journals, so I am proud of that. I also won an award for best teacher last year, so I am very happy about that. I am extremely satisfied and proud about winning the award because I feel that my efforts in teaching were recognized. It was very nice.

What value do you think the MMS program adds to the business community?

This was my second year teaching the MMS program, and I think that it is really a brilliant project, because it’s an untapped niche of business learning. The Duke reputation is tied to the program, which really helps to recruit top talent for the program, and the students have done really well so far.

Also, I like to give my lectures about the things that you cannot read in books, and give students a concise view of business problems. Because of this, MMS graduates are well prepared to analyze business problems and situations from a practical point of view, and really absorb and apply the material that we teach.

Where’s your favorite place to travel?

I travel almost exclusively for business, and I have been to India and China a lot, and I enjoy going there. It’s important for me to go to these places, so that I can understand where these people are coming from and how these cultures work. I got pretty sick last time I traveled, though, so I won’t be going anywhere too soon.

Your favorite book?

I really only read professionally, for my research, and I try to limit my research reading to know only what other people have written, so that I do not write something that has already been published. I like to be original in my work, so I don’t want to think about what everyone else has already done. I don’t want to be too influenced by what other people have done.

Your favorite movie?

I love Gladiator and Braveheart, which are sort of classics now. I like the Rocky movies – Rocky IV is the best.

Your favorite TV show?

I love Mad Men. I don’t know why, but I love this show. They are part of a marketing firm, but a lot of what they do is strategy, so I enjoy that. My favorite show is The Sopranos; I have a lot of Italian friends and I am a big fan of Italy, so that’s great. I also like The Wire a lot.

Your favorite food?

Steaks! I love American steaks. I know at some point in my life I will have to stop eating meat because it is not healthy, but for now I am trying to enjoy it. I also like pizza, but it’s hard to find a good pizza.

Your favorite music?

Nothing specific; any kind of pop or old rock is good. I always listen to music when I work out, so if I like it I will listen to it. Right now I love Adele, Eminem, that kind of thing. The classics like Aerosmith and Bon Jovi are the ones I always go back to, though.

Any advice for students?

It’s very hard to find a job, and being picky is a luxury that may be more available later down the road. My advice is to try not to be too picky, but to find a job and even if it’s not your dream job, it will be much easier to find another job later. It’s hard to go from unemployment to your dream job, but easier to go from your first job to your dream job. This is a very long game we are playing, and you don’t have to rush.

The book is older than what you might expect or be used to, but there are several editions that have been released more recently, and it seems like they’ve done a nice job in keeping with the times. Anyway, I quickly found that the principles of making solid portfolio decisions do not change much over time. At its core, Fisher’s book is a guide to value investing. That is, picking stocks that can be bought at a reasonable price, and which can double, triple, or more than quadruple in value over time. These are value stocks; stocks that can show lifetime returns of over 800% – these are the stocks that you want in your portfolio.

Fisher takes his reader from start to finish on the process of identifying, analyzing, purchasing, maintaining, and selling high quality stocks, and as you might expect, there aren’t really any shortcuts to take along the way. Fisher does reveal something that might give some of you hope – creating a strong portfolio of stocks is not some mysterious, elusive, quantitative process that only a select few can understand. Selecting quality stocks is simply research. There are a fair number of financial ratios and numbers that need to be examined, but nothing that someone with a computer and the internet couldn’t figure out quickly. The bulk of picking value stocks comes from talking to people in a particular industry and coming to understand the roles that different firms play in that industry. Once you understand how firms interact with one another, and do a brief financial analysis, choosing the most attractive stocks is not all that hard. Use this information to build your portfolio, and if you did your homework properly (there is not much luck involved), you will see real financial results.

I encourage you, even if you don’t read this book, to try to learn the basics of the stock market and how it affects our economy. If you do wish to take the plunge into the world of stocks and bonds, though, I can recommend no one better than Phillip Fisher to guide you.

Moneyball is the third Michael Lewis book that I’ve read this year, but this time it’s accompanied by a movie. Lewis has quickly become one of my favorite authors, mainly because he is a good storyteller, but also because he is good at bridging the gap between economics and the world that we know and experience. In Moneyball, Lewis focuses on the flaws of player evaluation in baseball, and how the general manager of the Oakland A’s, Billy Beane, changed the game on a shoestring budget.

For those of you who have not seen the movie or read the book, I will not ruin it for you. The gist of the plot, though, is that a man named Bill James thought of a new way to look at the game of baseball. James noticed that many of the player abilities that baseball teams paid top dollar for were not the abilities that made the most difference in the game. James dedicated his life to the study of baseball statistics, now known as SABRmetrics. He wrote several books on the ways that baseball could be improved, and how the game valued the wrong components in its players. James eventually gained quite a following, and his research made its way to the ears of Billy Beane, the general manager of the Oakland A’s. Beane was in a position to actually put James’ theories into play. The Oakland A’s had a problem, though – their budget was one-third the budget of larger teams like the Yankees. In baseball, big money buys big players, and big players win games. This was the situation facing Billy Beane and the Oakland A’s.

The most interesting part of Moneyball is how applicable these theories are to so many aspects of life, and I can even see how it connects to what we’re learning in business school. Lewis compares Beane’s use of Bill James’ theories to the implementation of stock derivatives, but they could easily fit almost anything – sports, shopping, finance, transportation – the list goes on. Moneyball is economic theory neatly tied up in a baseball package, and really is quite a story.

The movie and its cast were nominated for several academy awards, which might give you some idea as to the quality of both the acting and the story. Read the book, then watch the movie. I am willing to bet that by the time you have, you will understand the beauty and complexity that is the game of baseball.

MMS student-athlete Molly Lester

Tell me about yourself; maybe a little background information and how you got into soccer?

I grew up in Atlanta, Georgia – born and raised there. I spent my whole life in Atlanta, but I’ve been in Durham the last five years because I was doing my undergraduate work here at Duke. I got into soccer when I was about 4 years old, when my dad signed me up at this club around the corner from my house. It’s a girls-only club, and it’s kind of exclusive because lots of people want their daughters to play soccer. The club said that the only way that they could sign me up is if he would coach, because they needed more coaches. He didn’t really know anything about soccer at the time, but he became my coach.

So how did you progress past the recreational level to arrive where you are today?

Well, from age 4 to 9 it was all recreational, where everybody plays and you don’t keep score, you know. I think it was around fourth grade when I tried out for the Select team, which included around 24 girls, split 12 and 12 for the A team and the B team. I tried out and made Select, so ever since fourth grade I’ve been traveling for soccer.

What was your undergraduate major here at Duke?

I majored in American history and minored in French and English.

Another liberal arts background, that’s great! What is your favorite era of American history?

The Civil War is my favorite. Actually, I come from a family of historians; my grandfather was the curator at Monticello, and has written a bunch of books about Jefferson, so that’s always been interesting.

How do you feel about Durham and North Carolina?

You know it grows on you, it’s not so bad. People seem to hate on Durham a little, but it’s not so bad. I think I’ll probably miss it, even though it’s not as big as Atlanta.

What drew you to the MMS program?

A combination of reasons, actually. I wanted to be able to leverage the liberal arts, research, and writing skills that I learned in undergrad, but I was lacking business knowledge. There was also the opportunity to play a fifth soccer season because I red-shirted twice for medical reasons – I had knee surgeries. So I really wanted to make this extra year worthwhile and count for something, academically.

Molly is a fierce competitor on the field.

What was the National Soccer Championship like?

Unfortunately, we lost in the final round, but we had a really good run and a good season. We made it to the final, so that in itself was a pretty big accomplishment. It was great because the tournament was actually right outside of Atlanta, so it was nice for me to be near my hometown. Most of my family was there, and there were lots of familiar faces in the stands, including some friends from high school and some old club members that I know, so it was really nice.

You were also Captain; how do you feel about that experience?

Well, I’ve been a captain for the past two years, and it has gone really well. It’s a lot of responsibility, and it’s not too glamorous at times – there’s a lot of secretarial and organizational things to do, like telling people where to be and what to wear, both on and off the field. I sort of served as a liaison between the coaches and the players, so it’s always important to know what’s going on and to stay a few steps ahead. But I really liked it, I liked having the responsibility and I liked having a leadership role.

So where are you hoping to land after the MMS program?

I actually cast a very wide net in terms of my career search, and I received two great offers, including one from a marketing firm in Charlotte. Ultimately, I decided to accept an offer to join a rotational program at a financial services company in Boston. I’m really excited about this opportunity.

Congratulations on your offers! Seems like you were on top of your career search. How were exams for you?

Last term was the most difficult in terms of studying for exams, and getting focused. I just came off of a very emotional and intense soccer season, so it’s hard sometimes to sit down for long periods and study. I also missed a lot of class last semester, which made it more difficult because I was always playing catch-up.

She still finds time to have fun with classmates, including a couple student bloggers.

How did you balance your time between soccer and the MMS program?

Very carefully and skillfully. I like to be busy, so knowing when I have to study makes me sit down and study. Plus I knew that I had practice every day from 3:00 to 6:00, so usually I either woke up early or I studied into the night.

Do you have any accomplishments over either your academic or athletic career that you are particularly proud of?

I graduated with a fairly high GPA from undergrad, so I am proud of that. In terms of athletics, I switched positions in my senior year and moved into an offensive position. Our first game was at the University of Georgia, so it was a home crowd for me, and I scored the game-winning goal. I had never really scored before, and that was my first true game-play in front of a lot of my friends and family, so that was great.

Your favorite place to travel?

I studied abroad in Paris during the summer after my sophomore year, and I fell in love with it; I would love to go back to Paris. In terms of general travel, I really enjoy the beach.

Your favorite book?

Secret Life of Bees – I liked the story and it just stuck with me.

Your favorite movie?

Legally Blond – Elle Woods is just so happy!

Your favorite TV show?

Sex and the City

Your favorite food?

I would really have to go back to my experience in Paris – Bistro food and French food. In terms of general, everyday foods – pizza and ice cream are my go-to foods.

Your favorite music?

I have an eclectic taste in music because I am from the South and I like country, but I’m also from the hip-hop capital of the world, so I’ve seen my share of rap concerts. That said, I also like Coldplay and the Red Hot Chili Peppers and Dave Matthews, so I like a little of everything.

Any words to live by?

“If you’re going to talk the talk, you better walk the walk.” I don’t know if those are words to live by, but I like to keep that in mind.

Salary

I definitely want to have a job that pays well. Who doesn’t? But there is a fine line here for me. I don’t care about making gigantic sums of money as much as I care about being able to live comfortably and have a certain lifestyle. I have spoken to several investment bankers over the course of my job hunt, and as a result, I have ruled out the possibility of being an investment banker because of the long hours and frantic work environment. I have similarly ruled out day trading for the same reasons. Both of these careers are extremely lucrative, but there is no way that I would be able to sustain that type of lifestyle, given my personality and work style. I also know that being a career volunteer in the Peace Corps is not going to provide the life that I want for myself.

It’s important to know what you want in a job, but it is equally important to know your limitations when searching for a position. Pay scale often indicates the number of hours and the type of work that you will be doing.

Location

This seems to be important for some and unimportant for others. Since most large companies are located in cities and urban areas, you need to be aware of what you are comfortable with in terms of living conditions before you apply for a job. I know that I do not want to live in an area like Manhattan because it’s too crowded for me. I have always wanted to live in California, but I have never been there. Before applying for a job there, I should visit the area and see if I really like it.

When you are looking for a job, keep the location in mind, because it will ultimately have an effect on your overall mentality and health outside of the office. You won’t like your work if you are miserable at home, and vice versa.

Company Culture

I think this is a point that a lot of people miss when they are on the job hunt. Every company has their own way of doing things, and you may really dig their way or you may not. Read over the company’s website and pay attention to its structure. I recently saw a financial services website that listed the interests and favorite books/movies of its employees. This was a minor detail, but I felt that it indicated that the company cared enough about their employees to ask those questions. That made me feel more comfortable with the company and its corporate structure. Some firms are almost completely based around lifestyle and culture, since that is what drives them. When looking for a job, try to be aware of how companies feel, and not just what they are telling you. Being a part of the right culture can make all the difference.

Benefits

This one is hard to keep in mind at a relatively young age. In our 20s, we aren’t really concerned about healthcare and retirement and stock packages. But these things are going to play a long-term role in your life and career, and if you are in the job market you should be thinking about benefits.

Over the past few years, there have been several exhibitions to roll through town, and they are here for months at a time. A few years ago, there was an exhibition of the art and sculpture of Rodin, a famous French sculptor. Perhaps his most famous work, The Thinker, actually came to Raleigh, and I got to see it!

More recently, the famed Monet exhibit came to the NC Art Museum last year, giving patrons a glimpse of the man who started the impressionist movement. The exhibit was exquisite, and I actually learned quite a bit about Monet’s life and his style development.

I recently returned to the art museum to see the new Rembrandt exhibit. It’s been here for the past two months or so, and I wanted to catch it before it left. The paintings were pretty interesting, since I really didn’t know anything about Rembrandt before I went. I learned a lot, though, and I’m fairly confident that I could pick one of his works out of a line. It was fun, and if you’re wondering why I would go to a museum on a Friday night, it’s because students get in free with a student ID!

If you’re in the Raleigh/Durham area and are looking for a little culture, the North Carolina Museum of Art is the place to go. I always have a good time there, and I always walk away feeling smarter than when I arrived.

I’m hoping to get down to Wilmington, NC, for a few days, to spend some time with friends and see how they are living at the winter seaside. After that, I may even venture up to Washington D.C., to see the sights and sounds of the nation’s capital. I also have family there, so a visit is in order.

I still can’t believe that our class has only two months remaining in the MMS program. What an incredible and fast ride it’s been, though it’s not over yet. I am really looking forward to the coming semester, and the next job hunt season. I’m really trying to parley my skills and experience from undergrad and MMS into a great job that I really want. I have been checking out a new program at Apple, as well as looking at a few local firms. Hopefully the New Year will bring job offers and a salary my way!

The only downside about the break is that I am facing a pre-assignment for our next accounting class. Accounting is a class that is absolutely essential for anyone going into the business world, but I am not looking forward to delving into another semester of my most difficult subject. I am hoping to start it off properly, though, and really stay on top of the materials. I want to make this semester worthwhile, and really learn something practical and helpful about accounting.

The ferris wheel on Fayetteville Street was a huge hit at First Night Raleigh.

It’s no Times Square, but Raleigh’s Moore Square was very alive on New Year’s Eve! There are dozens of restaurants in the area, and street vendors came out for the occasion, offering interesting foods like satay and kielbasa. There was a stage with live bands and other performances. And, for the first time, a Ferris wheel was erected in the street! It was lit up in a rainbow of lights.

Moore Square has lots of shops and things to see. During First Night, artists made their way to the square and set up stations for caricatures, paintings, and sketches of people and places. Craft sales were a big part of the celebration, and it’s always nice to take something home to remember the evening.

If you are in the Traingle area next New Year’s Eve, pop over to Raleigh and check out First Night. It’s fun, there’s food, and it’s the only place you’ll ever see an acorn drop! Check it out!

So in the wake of exams, I actually found myself feeling unoccupied and a little restless. The feeling didn’t last long, though. The first few days of winter break were an absolute whirlwind. I was busy with Christmas shopping and graduation shopping. My girlfriend just graduated from N.C. State, and there was quite a bit of prep work that went into that special milestone! On a separate note, I also received a link to the MMS graduation website, detailing the ins and outs of the graduation ceremony that will take place in May for both the MMS program and for Duke.

This was an exciting piece of news for the entire MMS class, as we have reached a special point in our program – we are over halfway done! With over 3/5 of the MMS program under our belts, we’re looking forward to the relaxation of the break, as well as finishing up the curriculum when we return to school in the New Year.

I hope this will be a relaxing break and that I can catch up on my reading, sleeping, and family time. I also plan to post some MMS student and professor interviews, so keep an eye on the blog for those!

1. Job – Number one on the list. This is one of my main reasons for doing the MMS program, and getting a job is obviously the single most important aspect of launching a career. Many MMS students are anxiously awaiting interviews or application results, and landing an interview or an offer would be the ultimate gift.
2. Signing Bonus – Literally an added plus to getting a job. Signing bonuses are something that I never heard of before the MMS program, but I hope I get one.
3. Good Grades – We had finals right before the break, and I hope I did well. We’re anxiously awaiting our final grades, which we work so hard for throughout the year. It would be nice to have the gift of good grades waiting for us over the break.
4. Visit Family and Friends – Everyone wants to go home for the holidays, but if they can’t, we’re such a close knit group, that most people feel like they are at home with their classmates. Lots of people are far away from home, so it’s nice for them to have friends in the MMS program that they can spend time with.
5. Team Cohesion – Getting all the members of a team on the same page can be a challenge. When teams work cohesively, they run like a well-oiled machine and get projects done quickly and effectively.
6. Deadline Extensions – These are more like a fantasy for MMS students … but I can still wish. In the program, deadlines are deadlines, and they really aren’t an option. When it comes down to the wire, lots of teams have to pull a few late nights to get things done.
7. Duke Basketball Tickets – We all know that Duke Basketball is the crème de la crème of ACC sports, so it’s only natural that we all want to go to all of the games! Tons of students have gone to games already, so hopefully everyone can go before the year is out.
8. Time Machine – To fast forward to graduation and the end of classes, of course!
9. Aspirin – For exam study sessions and all nighters.

Happy holidays to all of my classmates, as well as to any readers out there! Make it a good one!