75th Edition
I’ve been thinking a lot about the whole concept of privilege – To give an advantage to one person or group of people and not to others. Like most controversial topics it is complicated. Here are a few thoughts…
First, privilege can come from different sources. We can be born with certain privileges, or natural abilities, that other people don’t have. The obvious example of this is apparent in athletics. No matter what professional sport you look at, the athletes were born with skills the rest of us simply don’t possess. So, I guess there is an athletic ability privilege…
Another area of innate advantages or privileges is in our intellectual abilities. I knew several brilliant people during my long investment career. They had a different processor than I had, and it was remarkable to watch them analyze and solve complicated problems. I loved being around them even though I wasn’t like them. I guess this means there is a talent or abilities privilege…
I’m sure there are other innate privileges, related to personality, parental influences, geography, and economic strata. However, all these gifts from our creator, or luck of the draw, if that makes more sense, do not guarantee success or extraordinary achievement. What we do with these advantages matters so much more. Our work ethic, our decision-making, our determination, and the people we surround ourselves with all matter so much more. Our world is full of people who underachieve despite all the obvious advantages, and it is also full of people who achieve greatness despite all the typical disadvantages.
Second, there are privileges that are given by society or institutions, to one person or group of people and not to others. It is these privileges that we debate and question, while being hypersensitive to prejudice and inequity. Race, sexual orientation, and gender tend to be at the heart of what is typically a heated, emotional exchange rather than a meaningful and respectful conversation. We argue about whether the goal is equal outcomes or equal opportunities. How we would guarantee either remains unclear.
Sadly, some people define our country as being the land of the haves and have nots. The oppressed and the oppressors. The former being non-white and the latter being white. We have all kinds of programs trying to end unfair institutional advantages like DEI, race-based hiring and admissions. Surely there are pros and cons to each one. But again, there are numerous examples of people facing all the institutional disadvantages imaginable who achieve great success, and there are countless examples of the opposite. If we spent as much energy and resources on understanding why some persevere while others underachieve, we might have more of the former.
There are benefits and drawbacks to concentrating on the haves and have nots. On the positive side, providing opportunities for every person to become the best they are capable of becoming is a noble goal. Obviously, how we do this makes all the difference. On the negative side, too much focus on haves and have nots can easily lead to a sense of victimhood and a level of animosity that prevents community and teamwork. We have made great strides in our country toward providing more opportunities for all, but we still have a long way to go. Moreover, progress isn’t linear or inevitable. It takes leadership, humility, grace, and commitment.
A few personal experiences related to white privilege…
During most of my long investment career, I was responsible for hiring people. I’ve hired and promoted to senior positions, several women, but never hired a person of color. I have interviewed people of color, yet in no circumstances was that individual the most qualified for the position. Hence, they weren’t hired. The most qualified person for the job was the one I always hired. Does this make me prejudiced or racist? I don’t believe so.
For a young person today, trying to begin an investment career, would it be an advantage or disadvantage to be a white male? Not an easy question to answer. All things being equal, which they never are, some companies would hire a person of color or a female before they would hire another white male.
In corporate America today, what determines hiring decisions? Another difficult question to answer. All sorts of factors are involved, including, at some companies, a mandate toward diversity. This means, the most talented, or qualified person is not always chosen, particularly if he is a white male. Yet, in some industries that are dominated by white males, like the investment business, white males may have a hiring advantage, but again, sometimes it is a disadvantage.
In today’s world, does race determine success or failure? I don’t believe it does, simply because there are so many more factors involved. The goal should be, as individuals and communities, to help everyone become the best they are capable of becoming. The fact that this can never be done perfectly for everyone only means that we must never stop trying. Who can you inspire and encourage today? Whose moccasins can you walk in to learn firsthand what challenges they face?
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Michael Kayes
*These views are my personal opinions and are not the viewpoints of any company or organization.