Mellody Hobson

I told our Ariel team, we are not going to limp out of COVID. We're going to slingshot out of COVID. We're going to be pulling that rubber band back and back, and we're going to be warehousing ideas, and getting work done, and so when this is over we will pole vault ahead.

So I started with this idea of could we do private equity totally differently than had been done? One of the major features of what we do is something called demand aggregation, where we go to corporations and what we call the CPO, the purchasing officers of those - chief purchasing officers. We developed a council of Fortune 500 companies.

I literally said to them - all of our faces were on the - in the boxes on Zoom. And I welled up. And I said, oh my God, this is my dream. This is what I want - I've wanted to see my whole life of working at Ariel and all the things we've built, and making sure we all have a shot at this - narrowing this wealth gap, and putting our stamp on the industry and society.

I remember the day. It was just such a big day. It happened to be the same day that I got to be on the cover of Forbes. And I remember just being so overwhelmed by the opportunity that we had at hand, that we had closed this $1.45 billion fund - first time - probably in the top five of first-time funds ever that had been closed.

He says: Take your gloves off, Mellody, but use your power for good. He's giving me my hands back. Use your power for good. And I have never - I've used that analogy in all things in my life, something as simple as getting my hands back, using my powers for good in the water but also day-to-day life using your power for good no matter who you are.

I could be strong and not tough. I could be kind without being soft. ... But in that moment, that olive branch of kindness was actually one that became a physical hug, and I think it taught me and the room a lot. And I said: You know what? I think this is an advantage.

I wrote about this in our first quarter client letter, actually, the concept of polycrisis, and I talked about the fact that my belief is that we've all become firefighters.

silver bullet is probably incentives. I think that if corporate America really said, "you're not going to get your full bonus if you don't have a diverse team working for you," I think we'd see some changes, really, really fast.

You see, researchers have coined this term "color blindness" to describe a learned behavior where we pretend that we don't notice race. If you happen to be surrounded by a bunch of people who look like you, that's purely accidental. Now, color blindness, in my view, doesn't mean that there's no racial discrimination, and there's fairness. It doesn't mean that at all. It doesn't ensure it. In my view, color blindness is very dangerous because it means we're ignoring the problem.

Well, I think I am her in some ways. I grew up with a mother who said anything is possible. She had a grand vision of life and a grand vision for me. And she didn't know what it would be, but she just constantly told me whatever I wanted to do would happen. That's what she felt about her own life, and still does.

And all the while I was growing up, of course, there were just constant conversations about money and money being tight and how are we going to make ends meet and sometimes not having enough money. And it really just made me committed to living a life with much more financial security.

I'd say be just like you. I once had someone tell me that I don't remind them of anyone that they ever met. And I took that as a huge compliment, which meant I was original. And so I would suggest to her that she speak her truth with her life, with her own sense of purpose and pursue her dreams.

We would constantly have to move because we couldn't quite afford the places that we were living. And sometimes we got evicted. And it was just very, very difficult as a child to try to understand that.

That moving a lot really committed me to stability and committed me to ... being in control of my destiny. That was something that was very important to me. And it also made me very conservative about money.

I really appreciate the fact, and I constantly tell Reverend Jackson and Reverend Sharpton that I appreciate the fact that they're fighting for us, because I am an accident of birth.

Our business everyday is to make money for people. And I take it as seriously as doctors who are trying to cure cancer, because by giving people financial freedom, we allow them to do great things in their lives - from retire to send their kids to college, to buy their first house, to fund a business that they might want to start.