On October 29th, former US Secretary of Commerce Wilbur Ross was invited to speak at the Nixon Library in Orange County, California, to introduce his new book “Risks and Returns: Creating Success in Business and Life”. The book, which was released on Amazon in September, has been praised as a bestseller by USA Today and Publisher’s Weekly.
Jim Byron, Chairman and CEO of the Nixon Foundation, introduced Ross, highlighting his over 55 years of experience in investment banking and private equity. Ross was recognized by Bloomberg Markets as one of the 50 most influential people in the global financial sector. Byron mentioned Ross’s extensive work in restructuring over $400 billion in assets and serving as chairman or CEO of over a hundred companies operating in more than 20 countries.
During the speech, Ross shared anecdotes from his time as Commerce Secretary under President Trump. He talked about the first time he visited the Oval Office and the amusing interaction he had with the President over which pen to use to sign documents. Ross also discussed his approach to handling trade negotiations, including his stance on the North American Free Trade Agreement (NAFTA) and his views on dealing with countries like China.
Ross touched upon various topics, including his experiences with aircraft deals and foreign policy decisions. He shared insights on the challenges of managing government agencies and the importance of innovation in both private and public sectors. Ross emphasized the need for strategic thinking and a balanced approach to leadership.
He also addressed the role of mentorship in career development and the importance of asking questions and seeking continuous learning opportunities. Ross highlighted the value of hard work, intelligence, and adaptability in achieving success, pointing out the impact of the COVID-19 pandemic on societal norms and economic structures.
Furthermore, Ross raised concerns about the growing dependency on artificial intelligence and the potential consequences of government overreach in regulating technology. He stressed the significance of critical thinking and ethical decision-making in navigating complex business environments and regulatory landscapes.
In discussing economic growth and budgetary challenges, Ross underscored the importance of controlling spending, promoting workforce participation, and investing in productivity-enhancing technologies. He emphasized the need for a balanced approach to fiscal policy and social welfare programs to sustain long-term economic stability.
In conclusion, Ross encouraged young professionals to seek mentorship, develop leadership skills, and uphold traditional values of hard work and integrity. He emphasized the importance of continuous learning, adaptability, and ethical behavior in driving personal and professional growth. Ross’s insights offered a blend of practical advice, strategic thinking, and reflections on contemporary economic and political issues.