Art J. Samberg presently serves as the owner of Hawkes Financial, LLC, in Katonah, New York. Art Samberg previously spent a decade as the chief executive officer at Pequot Capital Management, Inc. Outside of his professional pursuits, Arthur J. Samberg enjoys mountain climbing. In 2000, he summited Mount Kilimanjaro.
Many nature enthusiasts and mountain climbers are aware of the fact that Mount Kilimanjaro is the largest freestanding mountain in the world. However, there are many equally fascinating details that are less known. For instance, the mountain is composed of three volcanic cones. While two are extinct, the highest volcanic peak, Kibo, is still active and could erupt at any time. The last eruption came more than 300,000 years ago.
A number of interesting facts involve world records for summiting the mountain’s highest peak, Uhuru. Valtee Daniel of France summited the mountain at age 87, making him the oldest person to accomplish the feat. Italian Bruno Brunod, meanwhile, achieved the fastest verified ascent by reaching Uhuru Peak in five hours, 38 minutes, and 40 seconds. The fastest round trip belongs to Simon Mtuy, who summited Uhuru and returned to base in just under eight and a half hours. Many tourists take six days or more to make a round trip.
At one time one of the world’s top hedge fund managers and a prolific philanthropist, Arthur J. Samberg supports numerous non-profit causes through generous donations. In 2006, Art Samberg’s donation of $25 million to Columbia Business School, where he earned his master’s degree in business administration, helped the school hire 20 new professors and expand its research capabilities.
The Columbia Business School faculty conduct research in a number of areas. Andrew Hertzberg, an assistant professor of finance and economics, recently presented the results of his research on the failure of consumer households to save money for retirement. Hertzberg’s approach challenged the typical assumptions that assume the members of households have identical objectives. Allowing for a limited degree of selfishness, even in stable households, enabled him to gain insight into how the pursuit of personal desires affects saving rates.
In particular, Hertzberg found that spending on durable goods, such as cars and jewelry, crowded out savings. Overspending on these items occurs because the benefits of the items often apply primarily to one member of the household, and that individual redirects shared resources for their own benefit. In light of this trend, which exists even in the context of successful marriages and family relationships, Hertzberg suggests couples can maintain fiscal discipline by actively designing a savings plan in advance rather than passively accumulating unspent funds.