Nola Kulig

While my economics background was extremely general for what I would later do, the skills of critical thinking, research, and communication encouraged by the economics faculty became extremely valuable. Analyzing the capital markets and dealing with anyone who invests in them involves a lot of analytical thinking, research, and cross-checking of conclusions. One cannot simply accept conventional wisdom and take it from there.

I can still recall Dr. Stuart citing books on how to lie with statistics as a lesson to us all, and Dr. Philpot's econometrics class was a hands-on exercise in the vagaries of data gathering and machination (very valuable later when it came to market factor models using regression analysis).

In addition to requiring us to “think out of the box,” the faculty also valued written and verbal communication of our research. All of this experience was extremely valuable as I began presenting technical material to a wide variety of clients and audiences. Not everyone who comes to the business world has these skills under his or her belt, as I came to find when I managed a research staff.

I find that another advantage of a liberal education in my field is that one is more comfortable dealing with the ambiguity presented by the capital markets. Once all the information is apparent, it is quickly incorporated into the price of securities. So one is constantly forced to make decisions on less than perfect information and essentially make a best bet (usually termed a forecast!) on the future. I have found that many people who are used to more precision in conclusions due to a more technical background can be uncomfortable making decisions in this kind of environment.

Nola Kulig, '81

Blue Heron Consulting

Nola Kulig, '81, worked for Frank Russell Company for 15 years until she and a partner established their own investment management consulting firm, Blue Heron Consulting, about 18 months ago. Blue Heron Consulting, which is profitable and growing, Kulig notes, currently advises several major institutional and mutual fund firms on how to better manage their investment products, people, and organizations.

As associate director of U.S. equity research at Frank Russell Company, Kulig wrote market strategy pieces and worked on the design of the Russell Indexes. She also developed U.S. equity strategies for Fortune 500 consulting clients. Later, she went on to manage money in Russell's multi-manager fund program, where with another colleague, she had responsibility for about $30 billion in U.S. equity assets for Russell's global client base. Along the way, Kulig also handled non-U.S. funds management and research.