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A Thanksgiving of Resilience
In last month’s newsletter, I discussed how fall is a season of change for me. As I sat down to write this November newsletter, I quickly realized a season is longer than a few days or weeks, and I’m actively progressing through a season full of changes. I’m still experiencing new situations, feelings, and thoughts since my mom passed away a few months ago. As we approach the holiday season, a heavy feeling in my chest and head has me wondering what the next few months will look like without my mom. My mom made all the Thanksgiving dinners when I was growing up, but we had to start a new tradition once we all moved out of the house. It became too difficult to gather everyone at the same location every year. For many Thanksgiving celebrations, all our families would meet at a mutual location, catch up, and have a wonderful dinner at a nearby restaurant. We ended up in Missouri most of the time, but the weather isn’t always welcoming there, so we had to put backup plans in place. We didn’t get to see each other for every single Thanksgiving, but when we did, it was a lot of fun.
I’m thankful my family was able to gather one last time last year to celebrate a final Thanksgiving with my mom. My brother and his family, my sister and her family, and me and my family all met at my sister’s house in Iowa for the holiday. Unfortunately, my mom was unable to eat solid food during the celebration. It must have been difficult for her to sit there eating soup while everyone else enjoyed the traditional Thanksgiving dishes. Regardless, I know she had a great time, and I’ll cherish that memory for the rest of my life. My family is at a difficult crossroads this year. We really don’t know what to expect. More than anything, my siblings and I just want to ensure our dad does not spend the holiday alone, so we’re doing whatever we can to get together for Thanksgiving. My wife will want to spend this Thanksgiving with her mom and dad, so my celebration might just consist of my siblings and our dad. If that’s the case, you can expect plenty of laughter, smiles, and probably a teary eye or two.
I know many people who have already experienced the loss of a parent. The fact that I made it into my 60s with both my parents and my wife’s parents is nothing short of a blessing. We were fortunate to reach this age and turn to our parents whenever we needed advice or guidance. There’s no need to feel sorry for me; we expected this. Now, I’m just trying to adjust to this transitionary time in my life and grow accustomed to the fact that one of my parents is gone. As you sit around the table at Thanksgiving this year contemplating the things you’re thankful for, be sure to show some appreciation for your loved ones. They bring a lot into our lives and have changed us for the better. Always be sure they know you are grateful for them! –Brad Johnson President, Risk Services of AR
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MAYO MAGIC: THE SECRET TO JUICY THANKSGIVING TURKEY The turkey undoubtedly takes center stage among the many culinary delights that grace the Thanksgiving table. While there are plenty of methods for cooking a turkey, many chefs and home cooks swear by the “mayo method” as the best way to achieve a moist and flavorful Thanksgiving turkey — here’s why! Moisture Lock One of the biggest challenges when roasting a turkey is maintaining its moisture. The mayo method involves slathering the turkey with a layer of mayonnaise before roasting. Because mayonnaise contains oil, it helps lock in moisture during cooking, resulting in a juicy and tender turkey. Flavor Infusion If you’re a mayo lover, you’ll agree it’s delicious! While it gives the turkey a subtle and rich flavor, the result doesn’t taste like mayonnaise at all! (Mayo haters can breathe a sigh of relief.) Even Browning Applying mayonnaise to the turkey creates an even and beautiful browning effect on the skin. This enhances the visual appeal and contributes a succulent and slightly crispy texture. Spice Kick Don’t worry — you’re not using only mayonnaise on your turkey. The mayo method serves as an excellent base for your choice of seasonings. You can create your own mixture before applying it to the turkey. Thyme, parsley, garlic powder, sage, cayenne, and rosemary are all great options. Simple Preparation The mayo method streamlines your preparation process — here’s what to do:
ARE SHOCK VERDICTS TO BLAME? Social inflation has steadily increased over the past few years. For those unfamiliar, insurance experts use social inflation to describe the rising costs of insurance claims when overall inflation rates can’t account for those costs. New risks, law changes, and medical technology advancements are usually the driving forces behind social inflation. Yet, another factor is responsible for the recent uptick in social inflation — nuclear or shock verdicts. “Shock verdicts were previously limited to certain jurisdictions, and the analysis of a claim from the beginning was impacted by the venue or potential venue,” says Laura Gregory, Esq., CPCU, partner at Sloane and Walsh LLP. “In recent years, we are seeing these verdicts all over the country. Although they are more common in some jurisdictions than others, nowhere is safe.” Currently, two theories explain why shock verdicts have become so much more common. The first is the “anchoring effect.” This occurs when a person weighs the first piece of information they receive the most heavily. Their perception of the original information does not change as they receive more information. For a general example of the anchoring effect, look at how we view sales. When you first see an item in a store, you anchor it to its price point that day. If the price goes up in the future, you’ll have a harder time purchasing the item, but if it goes down, you’ll think you’re getting a great deal. When society grows accustomed to seeing verdicts in the millions or billions, juries won’t think twice about awarding exorbitant sums. The other theory is the “reptile theory.” This states that individuals prefer safety and survival, so juries are more likely to award punitive damages to punish defendants and deter others from similar behaviors.
Industry experts are in the process of determining if social inflation is a long-lasting threat or if it will de-escalate on its own.
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Allow your turkey to thaw. Create your custom mayonnaise by mixing it with your seasonings of choice. Dry the turkey with paper towels and season it with salt and pepper. Gently separate the skin from the bird and slide in cubes of butter. Rub the entire turkey with your mayonnaise mixture, inside and out. Bake at 450 F for 30 minutes. Then lower the temperature to 325 F and cook for 15 minutes per pound.
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This Thanksgiving, give the mayo method a whirl — you and your guests won’t be disappointed!
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Going to college is a costly venture. According to the Education Data Initiative, the average cost of attendance for a student living on campus at a public four-year in-state institution is $26,027 per year. That number is already high, but after a few years, it crawls into dangerous territory and becomes difficult for anyone to pay off. That’s why scholarships are such a big deal for college students. A scholarship could change a student’s academic outlook, but only so many scholarships are available each year. A football player from Eastern Michigan University was recently gifted a scholarship that will allow him to experience college in a new light. Every year, the Eastern Michigan football program is allowed to give out 85 scholarships to its players. Without these scholarships, many players would be unable to attend college or, at the very least, would have to make sacrifices to fund their education. This was something that Zack Conti, an offensive lineman at Eastern Michigan, knew all too well. It’s More Than a Game A FOOTBALL TEAMMATE’S SELFLESS ACT
was aware of Conti’s situation and urged the NCAA to allow them to offer Conti the
team’s 86th scholarship, but the league wouldn’t budge. Thankfully, one of Conti’s teammates had his back. Brian Dooley approached Coach Creighton and offered his scholarship to Conti. “I did it because I’ve seen Conti grow over the years. Seeing him walk away from something he loves did not sit well with me,” Dooley said. “He works hard and gets extra work with me all the time. In my eyes, he earned it 100%. Giving up my scholarship so he can stay and play means everything. I’m proud of what he has become and cannot wait to see what he does on the field.”
Conti was one of the few EMU football players without a scholarship and he worked various jobs to make ends meet. Coach Chris Creighton
Conti is excited to be back on the field with his teammates. His newly earned scholarship will surely help take some of the pressure and stress off his back!
Solution on Pg. 4 Have a Laugh!
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INSIDE This Issue
Thanksgiving Reflections page 1
Tips to Make the Best Thanksgiving Turkey How Are Shock Verdicts Affecting the Insurance Industry? page 2 Football, Friendship, and Scholarships Take a Break page 3
How Low-Key Billionaire Bernard Arnault Made His Fortune page 4
How the Wealthiest Man You Don’t Know Made His Fortune The Prestige Brand Success of Bernard Arnault
We live in an age where billionaires are celebrities, with Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg regularly making headlines. But the man Forbes named the wealthiest person in the world in 2023 has mostly flown under the radar. So, who is Bernard Arnault, and how did he make his money? Today, Arnault is the CEO of French luxury goods conglomerate LVMH, which owns brands like Louis Vuitton, Dom Pérignon, Tiffany & Co., and Dior. But the 74-year-old began his career in real estate when he joined his father’s successful company. He moved to the U.S. to expand his father’s empire but soon returned to France, bringing cutthroat Wall Street tactics with him.
financially. Reports indicate he may have used millions of his father’s money to finance the deal. After the acquisition, Arnault fired over 9,000 workers and sold off most of the company’s smaller labels, retaining only Dior. These strategies quickly earned him the notorious nickname “The Terminator,” but the floundering Dior became profitable again in 1989. His next move was to acquire Louis Vuitton Moët Hennessy, which owned Dior’s prior perfume division. He completed a hostile takeover, which became his go-to strategy. Over the years, he continued buying struggling brands and rebuilding them into luxury goods empires. On top of his business acumen, experts have also credited Arnault with an eye for design and fresh talent. He has successfully brought new ideas into his companies and secured substantial
media buzz. Expanding into Japan and China also proved wise, as Asia is now the company’s biggest market. Arnault appears equally adept at retaining his wealth. His five children have close ties to the business, and the family owns a 48% stake in LVMH, intending to maintain control for the long haul. Others note that Arnault contributes much less to charity than many other billionaires, a move that may have helped his wealth accumulate. Since the Forbes ranking, Elon Musk has reclaimed his title as the world’s richest person, but Arnault sits comfortably in second place. His large portfolio and ruthless business tactics almost guarantee he won’t be strapped for cash soon.
Arnault purchased his first luxury brand, Christian Dior, in 1984 while it was struggling
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