Falbe: Middle Eastern 'wasta' proves networking rivals performance in US careers
Jim Falbe · Jim Falbe – Modern Value Investing at Saguaro (Capital Allocators, EP.320) · Jun 8, 2023 · at 6:02
Jim Falbe, founder of Saguaro Capital Management, explains key takeaways regarding meritocracy versus relationship networking from his time working in Jordan.
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“And being in the Middle East, they have this term in Arabic called wasta. And the direct translation is influence, but what it really means is Who you know is everything. They get their job based on their uncle or their sister or their father gets them a position. And seeing this just so rampant, I realized I was like, you know, if this is here in the Middle East, this has to exist in the States as well. Maybe it's important for me to focus on who I know and building connections, et cetera, and not just trying to perform.”
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