Why do you say this, about being "happy"? Indeed, in finance in the NY area, 3-month gardening periods/etc are very standard for senior staff (I've "gardened" more than once....I highly recommend it). Against that, unless you are going to a direct competitor, more often than not gardening is waived. Such waiver is at the unilateral option of the former employer. The majority of Smith's compensation would have been in variable comp, not paid while gardening. Salaries aren't the big driver of total comp.


Are you saying this because you assume someone who works for an insurance company for a long time is not worldly? Many investing roles at Pru, Mass Mutual, etc, give individuals a decent set of global exposure. Without being super current on their details, though Pru is mainly US-focused, they would have tens of billions invested in non-US markets. Smith would have been responsible for the non-US direct property portfolio.

While I agree a property investor is an unusual choice for this position, he seems to have been well regarded internally...and I give a lot of credit to his Cornell days. As I mentioned earlier, those that I know from that school, even those who are not at present in the hospitality business, still have a special appreciation for a well run hotel. (That said, two+ decades as a mercenary profit-oriented investor may have neutered that gene in Smith. )