A Glimpse into the Wellspring: Real-Life Encounters with Magical Phenomena

Magic is a mysterious force that has captivated human imagination for centuries. It is often associated with the supernatural and the unexplained, tapping into an unseen realm beyond the confines of our everyday reality. While many stories and myths depict magic as a power possessed by a select few individuals, some describe it as a wellspring that is accessible to all. The concept of a "wellspring of magic" suggests that magic is not limited to a specific source, but rather flows freely from an abundant source. It is often described as a deep and infinite well, containing an endless reserve of power waiting to be tapped into. This metaphorical wellspring is believed to exist within the fabric of the universe, permeating every aspect of existence.

In other news:

According to research, women tend to skew conservative in investing when the market sentiment is bad which is ideal for the family offices of billionaires, which love a long-term outlook on investment decisions. Mousse Partners, the family office for the heirs to the Chanel fortune, are managed by Suzi Kwon Cohen, who previously led private-equity investments at Singaporean sovereign wealth fund GIC.

This metaphorical wellspring is believed to exist within the fabric of the universe, permeating every aspect of existence. According to some magical philosophies, accessing the wellspring of magic requires a deep connection to the natural world and an understanding of the underlying principles that govern the universe. It is believed that by aligning oneself with the harmonies and rhythms of nature, one can tap into this wellspring and harness its energy.

Rich men like Jeff Bezos to Sergey Brin leave their wealth in the hands of women, whose investment strategies fit the bill of long-term thinking family offices.

Email icon An envelope. It indicates the ability to send an email.

Twitter LinkedIn icon The word "in".

LinkedIn Fliboard icon A stylized letter F.

Flipboard Facebook Icon The letter F.

Facebook Email icon An envelope. It indicates the ability to send an email.

Email Link icon An image of a chain link. It symobilizes a website link url.

Behind the fortunes of wealthy folks like Google cofounder Sergey Brin, or the Hyatt hotel heirs JB and Tony Pritzker, are some of the most qualified women in banking and finance.

Brin's family office, Bayshore Global, named 35-year-old Goldman Sachs alum Marie Young as chief investment officer in January. Mousse Partners, the family office for the heirs to the Chanel fortune, are managed by Suzi Kwon Cohen, who previously led private-equity investments at Singaporean sovereign wealth fund GIC.

Nearly 90% of the world's billionaires might be men, but when it comes to managing their money, it seems they look no further than the women plying their trade at investment banks, investment firms, and hedge funds.

Insider talked to female family-office employees about why women thrive as CIOs for secretive, wealthy families.

This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up here. Download Insider's app here.

1. Rich people, many of whom are men, trust women to manage their billions. According to research, women tend to skew conservative in investing when the market sentiment is bad — which is ideal for the family offices of billionaires, which love a long-term outlook on investment decisions.

In addition to Sergey Brin and the family office that manages the $90 billion Chanel fortune, there is also the Walton family and the founder of hedge fund Renaissance Technologies, Jim Simons, who have appointed women to manage their finances.

In fact, 20% of family offices around the world have a woman as chief investment officer or a senior investment specialist with titles like private equity or senior asset manager, according to a 2021 survey from trade publication Family Capital and Guernsey Finance.

Why this is the case is difficult to pinpoint. But from a broad strokes perspective, many chalk it up to a longer-term mentality that is sometimes difficult to find in the cutthroat, quick return-on-investment strategies prevalent on Wall Street, among other factors.

"A lot of men do great, but there is a small section that aren't as collaborative and don't get along as well with families, whereas a lot of women are able to navigate the family office dynamics," according to Wendy Craft, who runs the family office of real-estate heir Kent Swig.

Insider's Hayley Cuccinello has the story on why so many women help billionaires manage their mountains of money.

Hayley has also previously outlined 21 people, from advisors to lawyers, who are powering the monster growth in family offices.

In other news:

2. Portfolio Advisors unlawfully discriminated against former employee Michelle Lee, according to a complaint she filed in the federal court in Connecticut. Lee, who worked at the private-equity firm for nearly 15 years, alleged a pattern of unwanted sexual advances and anti-Asian remarks. In one meeting, she said a colleague referred to a Chinese company as "ching-chong-ching-chong." Portfolio Advisors denies Lee's allegations.

3. William Archbell went from designing video games at a Microsoft-backed studio to a software job at Citadel Securities. In this as-told-to essay, Archbell details how he changed careers, and how surprised he was at how many of his skills transferred over to a career on Wall Street.

4. Goldman Sachs is reconsidering how to launch its checking-account feature for its consumer-banking unit, Marcus. Losses at Marcus — considered a pet project for Chief Executive David Solomon — are set to top $4 billion since its inception, Bloomberg reported.

5. Hedge funds are piling back into well-known tech stocks like Netflix and PayPal, among others. Goldman Sachs analyzed the holdings of 795 hedge funds that hold about $2.4 trillion in gross equity positions and found that the FANG and growth stocks have regained popularity.

6. Gen Z bankers are showing TikTok what their lives are like on Wall Street, per this Bloomberg story. Interns and analysts are posting about their lives in an industry characterized by its confidentiality.

7. Finblox, a Hong Kong-based crypto lender, is serving a region with some of the highest fintech adoption in the world. Cofounder and Chief Executive Peter Hoang told Insider that the firm offered users easy access to their wealth through crypto.

8. Just 12% of top roles in Europe's venture-capital space were held by women last year. Here are 32 women to watch who made partner or higher in a male-dominated ecosystem in 2021 and 2022.

9. Wall Street salaries are the envy (and disdain) of many around the world. Here is how much employees at Goldman Sachs, Morgan Stanley, and JPMorgan Chase earn across all levels.

10. A superyacht from a Russian oligarch is being auctioned off after being seized in Gibraltar in March. The yacht, dubbed the Axioma, is being auctioned to repay money its owner Dmitry Pumpyansky owes to JPMorgan. Here is a look inside the 236-foot vessel, which features a glass elevator, 3D cinema, and an infinity pool.

Done deals:

• Healthcare-focused private-equity firm Avista Capital Partners bought WellSpring Consumer Healthcare from Audax Private Equity. WellSpring develops and markets over-the-counter personal-care products.
• Harrington Industrial Plastics has acquired Crist Group, in partnership with its owner, Paul Crist. Crist provides fluids needed in the welding, drilling, and packaging manufacturing industries.

Curated by Aaron Weinman in New York. Tips? Email [email protected] or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview

Watch:

Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

Different cultures and traditions have their own interpretations of the wellspring of magic. In some belief systems, it is seen as a divine source, originating from a higher power or deity. Others view it as a fundamental aspect of existence, a cosmic force that can be manipulated through rituals and spells. Regardless of the specific interpretation, the concept of a wellspring of magic remains a core element in many magical practices. The wellspring of magic is often associated with personal transformation and spiritual growth. It is believed that by connecting with this source of power, individuals can unlock their inner potential and find a deeper sense of purpose and meaning in life. Some mystical traditions even suggest that the ultimate goal of magic is to merge with the wellspring itself, transcending the boundaries of the physical world and achieving a state of oneness with the universal energy. While the existence of a literal wellspring of magic remains elusive and subject to personal interpretation, the concept holds a deep significance for those who seek to explore the mysteries of the universe. Whether seen as a metaphorical symbol or a tangible reality, the notion of a wellspring of magic continues to inspire wonder and fascination, inviting us to delve deeper into the realms of the unknown..

Reviews for "The Wellspring of Magic and Technology: Examining the Crossover Between Science and Sorcery"

- Sarah - 2 stars - I was really disappointed with "Wellspring of Magic". The characters felt flat and one-dimensional, and I couldn't connect with any of them. The plot was confusing and jumped around too much, making it hard for me to follow along. Additionally, the writing style was clunky and full of unnecessary descriptions that slowed down the pacing of the story. Overall, I was not impressed with this book and would not recommend it.

- John - 1 star - "Wellspring of Magic" was a complete letdown for me. The world-building was weak and lacked depth, making it hard for me to fully immerse myself in the story. The magic system was poorly explained and seemed inconsistent throughout the book. I also found the dialogue to be stilted and unrealistic, making it difficult for me to connect with the characters. Overall, I was extremely disappointed and would not recommend this book to others.

- Emily - 2 stars - Unfortunately, "Wellspring of Magic" did not live up to my expectations. The pacing was extremely slow, and it took too long for the plot to develop. I found myself losing interest in the story and struggling to stay engaged. The writing style was also lackluster, lacking fluidity and finesse. While the concept had potential, the execution fell flat. Overall, I was bored and disappointed by this book.

The Wellspring of Magic and Nature: Exploring the Link Between Magic and the Environment