Advertisements



Stats and the City: Rats scamper across sidewalks as city experiences infestation inflation

See which neighborhoods have the the most rodent sightings so far this year To view the full story, click the title link......»»

Category: blogSource: crainsnewyorkJun 23rd, 2022

Best Cities To Live Out Golden Years On $1,500 Budget Amid Inflation Storm 

Best Cities To Live Out Golden Years On $1,500 Budget Amid Inflation Storm  Retirees face the harsh realities of not generating enough retirement income to sustain current spending habits amid the worst inflation in four decades. Millions of Americans living out their golden years are readjusting their retirement income and altering spending behaviors to survive the inflation storm sparked by the Federal Reserve and the federal government's spending spree during COVID that sparked inflation which has since become a significant policy error. The Fed has since unleashed the most aggressive quantitative tightening scheme in decades to tame inflation and could easily tip the economy into recession later this year or in 2023.  Financial turmoil has put retirees in a tough spot because they don't want to drain their savings and be forced to re-enter the labor market as Walmart greeters.  So if retirees want to maintain their current standard of living, there's a new study by GOBankingRates that has found the top metro areas where baby boomers can comfortably survive for less than $1,500 a month.   Still, living on a fixed income doesn't mean you have to miss out on a satisfying retirement. In the right place, you might discover that you can stretch your budget further and spend your golden years enjoying yourself. To help you find such a place, a GOBankingRates study identified American cities where you can realistically retire on a budget of $1,500 a month. The study took the cost-of-living index from Sperling's Best Places and applied it to customer expenditure data from the Bureau of Labor Statistics to find the average cost of living in the given city. The average rent for a one-bedroom apartment in each city was also sourced from ApartmentList. Locations that fell below a certain livability score on AreaVibes or had a below-average portion of the population above 65 were eliminated, and only the places offering the best combination of bills under $1,500 and strong livability for seniors were left. - GOBankingRates GOBankingRates found Odessa, Texas; Wayne, Indiana; St. Cloud, Minnesota; Lake Charles, Louisiana; Lawton, Oklahoma; and Lansing, Michigan, the most affordable areas where retirees could live out their golden years (currently) for less than $1,500.  Odessa, Texas Total monthly expenditures: $1,385.63 Livability score: 67 Odessa, in western Texas, is known for its oil rigs, Friday night high school football and a working re-creation of William Shakespeare's Globe Theatre. With the lowest average monthly rent on the list, $487, retirees should have a few dollars to spare for football or theater tickets. Fort Wayne, Indiana Total monthly expenditures: $1,397.29 Livability score: 80 Retirees who settle in Fort Wayne would find it affordable, as well as a great place to make friends. People ages 65 or older make up 14 % of the city's population. Rent averages $634 per month but healthcare costs are $453.83 a month — the second-lowest rate in the study. Cloud, MinnesotaTotal monthly expenditures: $1,404.64 Livability score: 68 St. Cloud, about an hour's drive northwest of Minneapolis, has the lowest monthly healthcare costs on the list, an average of $444.71. The grocery costs are the highest, however, at $328.43. Lake Charles, Louisiana Total monthly expenditures: $1,446.59 Livability score: 69 Located along Interstate 10 between Houston and New Orleans, Lake Charles offers plenty of things for retirees to do, from enjoying museums to water activities to wildlife experiences. It is one of three cities on the list with an average monthly rent of less than $600 but healthcare costs higher than $500 a month. Lawton, Oklahoma Total monthly expenditures: $1,483.75 Livability score: 66 In Lawton, retirees can expect to spend a bundle on healthcare. Average monthly costs of $660.52 are higher than rent, which comes in at an affordable $519. The city of about 93,000 people has the lowest grocery costs in the study at an average of $304.73 per month. Lansing, Michigan Total monthly expenditures: $1,485.48 Livability score: 65 The average monthly rent in Lansing, Michigan's state capital, is $701 — the highest of the cities on the list. However, the average monthly cost of groceries, $308.45, is the second-lowest of the cities included here. Tyler Durden Sun, 06/26/2022 - 17:00.....»»

Category: blogSource: zerohedgeJun 26th, 2022

These Are The World"s Angriest Countries

These Are The World's Angriest Countries Nearly everybody experiences anger in everyday life, whether it's frustrations about making ends meet, the state of public transport or a misunderstanding at work. Gallup's 2021 Global Emotions Report set out to gauge emotions (including anger levels) in more than 100 countries around the globe.   As Statista's Katharina Buchholz notes, anger tends to manifest itself more often in certain parts of the world, particularly in the Middle and Near East. You will find more infographics at Statista Gallup found that 49 percent of people in Lebanon had experienced anger on the day before they were surveyed, the highest rate recorded anywhere in the world. After years-long economic turmoil and high inflation, a massive explosion in Beirut's port destroyed large parts of the city in 2020, once more stoking anger at the country's government for not enforcing safety measure or having the capacity to help those who were harmed. High levels of anger were also measured in Turkey, which had been dealing with runaway inflation even before the war in Ukraine and whose government has taken a turn for the authoritarian lately. Armenians, who experienced a flare-up of war in 2020 with neighbor Azerbaijan, also had elevated levels of anger. After years of war, Iraqis and Afghans also have a long list of topics to be angry about which includes a lack of basic public services in many parts of the countries. Mali and Sierra Leone were the angriest countries outside the Middle East, Near East and Persia, with 35 percent of respondents having experienced anger the previous day. Tyler Durden Fri, 06/24/2022 - 19:20.....»»

Category: worldSource: nytJun 24th, 2022

California Lawmakers Want To Buy Up Water Rights And Cut Farming To Stave Off Drought

California Lawmakers Want To Buy Up Water Rights And Cut Farming To Stave Off Drought In places like California, water is a hot commodity these days.  With a drought in play everyone is looking for someone else to blame, various cities are ordering cuts to daily use for families and individuals, and the primary target for now is California farmers and their legally protected water rights.  It is these same rights that legislators now want to "buy" in order to shut down or greatly decrease agricultural production.  California, like most of the world, has a long history of intermittent droughts.  Such droughts are simply a fact of life and there is nothing abnormal or extreme about today's conditions when taking past weather events into account.  If you ask the mainstream media, though, they will tell you this is the "worst drought in 1200 years" and climate change is the cause. This is, of course, simply not true.  The California droughts in 1976-1977 and 1987-1992 were just as bad if not worse overall than the conditions of today.  That's not to say that the current situation is stable, far from it, but the Chicken Little panic on display in the media is driven far more by agenda than by reality.  It has become a standard tactic these days to connect every single inconvenient weather scenario to "global warming" despite the fact that there is no evidence to support the claim.  There has been an endless array of droughts in CA long before man-made carbon existed. Climate cultism has perhaps obscured the much bigger problem of water resources in one of the biggest produce growing states in the US, all in the middle of an inflationary crisis that is heading towards mass food shortages according to every single international economic foundation in the world and the Biden Administration.  Of course, these foundations helped create the inflationary problems we are facing, and diverting public attention over to weather events and so-called climate change is rather advantageous for them. In the midst of this circus rages a longstanding battle between California farmers with "senior water rights" and the state government.  The majority of California farmland rests in the Central Valley with access to the Sacramento river and other tributaries, and water rights legally protect those farms and their access to these resources.  State legislators, environmentalists and people who don't know any better argue that these farms use too much water and should be restricted while the state is under drought conditions. Some of the more exaggerated stats suggest farms use up to 80% of the state water supply, but more grounded estimates place their usage closer to 40%.  Over 50% of California water is already protected and reserved for environmental purposes.  Already, hundreds of thousands of acres of farmland are idle and unproductive due to federal cutbacks.    California grows around 30% of America's vegetables and 60% of US fruits and nuts, so it's not surprising that these farms need large amounts of water to operate.  This is also the only major industry within the state (beyond shipping ports) that produces necessary commodities for the nation.  The tech industry and social media, tourism and Hollywood are not necessary when it comes to an inflationary crisis and are currently shriveling on the economic vine.  What matters are commodities that keep people alive and produced in large quantities in order to keep prices down. The hostility towards CA farmers underscores a misunderstanding of the importance of the industry and in some ways distracts from the mismanagement of ground water resources within major cities.  Los Angeles is a notorious water hogging mess of a town, siphoning H2O from the Sacramento River, the Sierras and the Colorado River, and not producing anywhere near enough locally through wells and aquifers.  According to the Sierra Club, LA snatches 85% of its water from outside sources.    Essentially, the city should not exist in its current form if logistics are taken into account.  And, let's be honest, California is run out of LA and San Fransisco, not Sacramento.  The rest of the state is treated as secondary or unimportant by these two population centers.    This has triggered a bit of animosity from many in rural areas and other western states towards California.  LA and its inability to provide for itself may have helped inspire a recent agreement reducing water usage from the Colorado River in December of last year.  These cuts affect LA the most and this is likely why the city and the state seem to be panicking even more than usual over supplies.  Water management and increasing local sources usually falls at the bottom of the list of solutions among state legislators.  It may be that farmers in the state could make some cuts; we have yet to see an analysis on how this would negatively affect crops.  But why should they?  At bottom, CA farmers are far more important because they actually produce something useful at a time when the country desperately needs to meet food demands and prevent further price inflation.  What does LA and San Fransisco produce, other than complaints?  Finally, we have to ask, what if legislators try to buy senior water rights but farmers refuse to sell?  What happens then? Tyler Durden Tue, 06/07/2022 - 07:00.....»»

Category: blogSource: zerohedgeJun 7th, 2022

Elections Won"t Fix This

Elections Won't Fix This Authored by Jeffrey Tucker via The Brownstone Institute, Americans have limitless faith in democracy. In the early 19th century, that charmed Alexis de Tocqueville. His book Democracy in America still rings true today because not much has changed. The entire country can be in ruins and even then, most people figure that it will all be improved or even solved come November. It’s been going on for our entire history. As a people, we believe our elections are what keep the people and not the dictators in charge.  Surely some of this faith is necessary simply because it is the only option we have. The sitting president and his party are in deep trouble now, and most observers are predicting a rout in the midterm elections, granting us two additional painful years of inflation plus recession unfolding amidst what will surely be a brutal political stalemate and cultural upheaval. Then November will come again and with it another round of trust that the new president will figure something out.  This faith in our elected leaders is belied by the experiences of the last 30 months. To be sure, the elected politicians are nowhere near blameless in what unfolded and they could have done far more to stop the disaster. Trump could have sent Fauci and Birx packing (maybe?), the Republicans could have voted no on trillions in spending (did they really have a choice?), and Biden could have renormalized the country (why didn’t he?). Instead they all went along…with what? With advisers from the bureaucracies, the people who have de facto ran the country for this entire grim period.  Reading Scott Atlas’s book, one comes away with a very strange picture of how Washington worked in the first year of the pandemic. Once Trump gave the green light to lockdowns, the permanent bureaucracy had all it needed. In fact, this happened even before Trump approved it: the Department of Health and Human Services had already released its lockdown blueprint on March 13, 2020, a document which had already been weeks in the preparation. After the March 16 press conference, there was no going back. The “deep state” – by which I mean the permanent non-appointed bureaucracy and the pressure groups to which it answers – was running the show.  The administrative state has probably not enjoyed such a good run since World War II or perhaps much earlier if ever. These were certainly the salad days. Merely by assigning a bureaucrat to type on a screen, the CDC could cause every retail business in the US to install plexiglass, force people to stand 6-feet apart, make the human face publicly invisible, close or open whole industries at will, and even scrap religious services and singing. To be sure, these were mere “recommendations” but states, cities, and corporations deferred for fear of liability should something go wrong. The CDC provided the cover but acted pretty much like a dictator.  We know this for certain given the CDC’s response to the Florida’s judge’s decision to declare the transportation mask mandate illegal. The response was not that the mandate was both compliant with the law and necessary for public health. Instead, the agency and the Biden administration too rallied around a simple point: the judge’s decision cannot stand because courts should have no authority to override the bureaucracy. They actually said it: they demand total, unchecked, unquestioned power. Period.  This is alarming enough but it speaks to a much larger problem: a hegemonic bureaucratic class that is not controlled by the political class and believes that it possesses total power. The implications extend far beyond the CDC. It applies to every executive agency of the federal government. They ostensibly operate under the authority of the office of the president but actually not even that is true. There are severe restrictions in place on the ability of the elected president to fire anyone among them.  Trump couldn’t fire Fauci, at least not easily, and he was told this repeatedly. That pertains to millions of other employees in this category. This was not the traditional American system. In the days before 1880, it was routine for new administrations to toss out the old and bring in the new, and yes of course that included cronies.  That system came to be derided as the “spoils system” and it was replaced by the administrative state with the Pendleton Act of 1883. This new law was passed in response to the assassination of President James Garfield. The culprit was an angry job seeker who had been rebuffed. The supposed fix, backed by Garfield’s successor Chester A. Arthur, was to create a permanent civil service, thus supposedly reducing the incentive to shoot the president. It initially pertained to only 10% of the federal workforce, but it had developed vast power by the time of the Great War.  It wasn’t until I read Alex Washburne’s piece on Brownstone that the full implications became obvious to me. He cites the existence of something called the Chevron doctrine of deference to the agency. Whenever there is a question of an agency’s interpretation of the law, the court should defer to the agency and not to a strict reading of the law. Getting curious about this, I clicked through to the Wikipedia entry on the topic.  Here is where we find the amazing revelation: this egregious rule came about only in 1984! The case in question was Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. and the issue concerned the EPA’s interpretation of a Congressional statute. John Paul Stevens wrote in the majority opinion: “First, always, is the question whether Congress has directly spoken to the precise question at issue. If the intent of Congress is clear, that is the end of the matter; for the court, as well as the agency, must give effect to the unambiguously expressed intent of Congress. If, however, the court determines Congress has not directly addressed the precise question at issue, the court does not simply impose its own construction on the statute . . . Rather, if the statute is silent or ambiguous with respect to the specific issue, the question for the court is whether the agency’s answer is based on a permissible construction of the statute. All of this begs the question of what is permissible, but the critical thing is the dramatic shift in the burden of proof. A plaintiff against an agency must now demonstrate that the agency’s interpretation is impermissible. In practice, this rule has granted tremendous latitude and power to executive agencies to rule the whole system with or without political permission.  And keep in mind what the chart looks like.  The lower two-thirds of this chart is increasingly the government as we know it, and its power is unaccountable to the president, to Congress, to the courts, or to the voters. From what we know about the operations of the FDA, DOL, CDC, HHS, DHS, DOT, DOE, HUD, FED, and so on throughout every combination of letters you can think of, is that they are typically captured by private interests powerful enough to buy themselves influence, complete with revolving doors in and out.  This creates a governing cartel that is a formidable force against democracy and freedom itself. This is a major and highly significant problem. It’s not clear that Congress can do anything about it. Worse, it’s not clear that any president or any court can really do anything about it, at least not without facing a barrage of brutal opposition, as Trump learned first hand.  The administrative state is THE government. Elections? They provide just enough difference to lead people to believe they are in charge, but are they? Not according to the organization chart. This is the real problem with the US system today. This system cannot be found in the US Constitution. No one alive voted for it. It just gradually evolved – metastasized – over time. The last 30 months have demonstrated that it is a real cancer eating out the heart of the American experience, and not just here: every country in the world deals with some version of this problem.  Americans’ romance with democracy continues unabated and right now, everyone I know is living for the great day in November when the existing crop of elected leaders can be shown a thing or two. Good. Throw the bums out. The question is: what should the new class of elected leaders do about this much deeper problem? Can they do anything about it even if they had the will?  Keep in mind that it pertains not just to the public-health bureaucracies but to every aspect of public life in America. It’s going to take far more than a few elections to fix this. It is going to require focus and public support for a restoration of a genuine constitutional system in which the people rule with their elected leaders as their representatives, without the vast meta-layer of state control that pays no attention to the comings and goings of the elected class.  In sum, the problems are much deeper than most people realize. These problems have been on display for the public in these past two-plus years. During this time, American life as we knew it was upended by an unaccountable administrative bureaucracy – in Washington but with reach into every state and city – that ignored the Constitution, evidence, public opinion, the pronouncements of elected leaders, and even the courts.  Instead, this machinery of coercion ruled in concert with a network of private-sector actors, including media and financial companies, that have outsized influence and routinely use these agencies as weapons in their own economic interests at the expense of everyone else.  This system is indefensible. Experiencing it first hand in the 1950s, Dwight Eisenhower decried the entire machine in his farewell address of 1961. He warned of the “danger that public policy could itself become the captive of a scientific-technological elite.” It is the task of statesmanship, he said, to uphold “the principles of our democratic system – ever aiming toward the supreme goals of our free society.” Uprooting the entrenched, arrogant, hegemonic, and unaccountable administrative state that believes it operates with no limit to its power is the great challenge of our time. The public is probably nowhere near aware of the full extent of the problem. Until voters themselves figure it out, the politicians will have no mandate even to test a solution.  Tyler Durden Mon, 06/06/2022 - 16:20.....»»

Category: personnelSource: nytJun 6th, 2022

Futures Slide After China"s "Huge" Data Miss Sparks "Broad-Based Recession Talk"

Futures Slide After China's "Huge" Data Miss Sparks "Broad-Based Recession Talk" Friday's bear market rally dead-cat bounce appears to be over, and global stocks have started the new week in the red with US equity futures lower after a "huge miss", as Bloomberg put it, in Chinese data fueled concerns over the impact of a slowdown in the world’s second-largest economy. As reported last night, China’s industrial output and consumer spending hit the worst levels since the pandemic began, hurt by Covid lockdowns. And even though officials took another round of measured steps to help the economy by cutting the interest rate for new mortgages over the weekend to bolster an ailing housing market, even as they left the one-year policy loan rate was left unchanged Monday, few believe that any of these actions will have a tangible impact and most continue to expect much more from Beijing.  As such, after a weekend that saw even Goldman's perpetually optimistic equity strategists slash their S&P target (again) from 4,700 to 4,300, and amid growing fears that a recession is now inevitable, Nasdaq 100 futures slid as much as 1.2%, before paring losses to 0.4% as of 730 a.m. in New York. S&P 500 futures were down 0.3%. 10Y Treasury yields were flat at 2.91% and the dollar dipped modestly while bitcoin traded just above $30,000 dropping from $31,000 earlier in the session. Among notable moves in premarket trading, Spirit Airlines jumped as much as 21% following a report that JetBlue Airways is planning a tender offer at $30 a share in cash. Major US technology and internet stocks were down after rebounding on Friday, while Tesla shares dropped, with the electric-vehicle maker set to recall 107,293 cars in China over a potential safety risk. Twitter shares fall 3.4% in premarket trading on Monday, on course to wipe out all the gains the stock has made since billionaire Elon Musk disclosed his stake in the social media platform. Twitter fell to as low as $37.86 -- below the the April 1 close of $39.31, before Musk disclosed his stake. US stocks have been roiled this year, with the S&P 500 on tick away from a bear market as recently as last Thursday, on worries of an aggressive pace of rate hikes by the Federal Reserve at a time when macroeconomic data showed a slowdown in growth. Data from China on Monday highlighted a massive toll on the economy from Covid-19 lockdowns, with retail sales and industrial output both contracting. Although lower valuations sparked a rally in stocks on Friday, strategists including Morgan Stanley’s Michael Wilson warned of more losses ahead as equity markets also price in slower corporate earnings growth. Goldman Sachs strategists led by David Kostin cut their year-end target for the S&P 500 on Friday to 4,300 points from 4,700.  "The broad-based recession talk is the major catalyzer this Monday,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “Activity in US futures hint that Friday’s rebound was certainly nothing more than a dead cat bounce” just as we said at the time.  The risk of an economic downturn amid price pressures and rising borrowing costs remains the major worry for markets. Goldman Sachs Group Senior Chairman Lloyd Blankfein urged companies and consumers to gird for a US recession, saying it’s a “very, very high risk.” Traders remain wary of calling a bottom for equities despite a 17% drop in global shares this year, with Morgan Stanley warning that any bounce in US stocks would be a bear-market rally and more declines lie ahead. In Europe, the Stoxx Europe 600 index fell as much as 0.8% before paring losses, with declines for tech and travel stocks offsetting gains for basic resources as industrial metals rallied. The Euro Stoxx 50 falls 0.4%. IBEX outperforms, adding 0.3%. Tech, personal care and consumer products are the worst performing sectors. Here are some of the biggest European movers today: Basic Resources stocks outperformed with broad gains among mining and steel companies; ArcelorMittal +3.5%; SSAB +2.6%; Glencore +2.1%; Voestalpine +3.1%. Sartorius AG and Sartorius Stedim shares gain as UBS upgrades both stocks to buy following a “significant de-rating” for the lab-equipment companies, seeing supportive global trends. Carl Zeiss Meditec gains as much as 4.9% after HSBC raised its recommendation to buy from hold, saying the medical optical manufacturer is “well-equipped to deal with supply chain challenges.” Interpump rises as much as 7.6%, extending winning streak to five days, as Banca Akros upgrades the stock to buy from accumulate following Friday’s 1Q results. Casino shares jump as much 5.8% after the French grocer said it’s started a process to sell its GreenYellow renewable energy arm, confirming a Bloomberg News report from Friday. Ryanair shares decline as much as 4.3% on FY results, with analysts focusing on the low-budget carrier’s recovery outlook. They note management is cautiously optimistic about summer travel. Vantage Towers shares decline after the company posted FY23 adjusted Ebitda after leases and recurring free cash flow forecasts that missed analyst estimates at mid- points. Unilever falls after a 13-F filing from Nelson Peltz’s Trian shows no position in the company, according to Jefferies, damping speculation after press reports earlier this year that the fund had built a stake. Michelin shares fall as much as 3.7% after being downgraded to neutral from overweight at JPMorgan, which says it writes off any chance of seeing a recovery in volume production growth in FY22. Earlier in the session, Asian stocks eked out modest gains as surprisingly weak Chinese economic data spurred volatility and caused traders to reassess their outlook on the region. The MSCI Asia-Pacific Index was up 0.1%, paring an earlier advance of as much as 0.9%  on stimulus hopes. The region’s information technology index rose as much as 1.5%, with TMSC giving the biggest boost. A sub-gauge on materials shares fell the most. Equities in China led losses, as Beijing’s moves to cut the mortgage rate for first-time home buyers and ease lockdown restrictions in Shanghai failed to reverse the downbeat mood. Asian stocks were trading higher early Monday, building on Friday’s rally, only to trim or reverse gains as data showed a sharper-than-expected contraction in Chinese activity in April. Signs of an earnings recovery in China are needed for investors to come back, Arnout van Rijn, chief investment officer for APAC at Robeco Hong Kong Ltd., said on Bloomberg Television. “It looks like China is not going to meet the 15% earnings growth that people were looking for just a couple of months ago. So now we’re looking for five, 10, maybe it’s even going to fall to zero.”   Meanwhile, JPMorgan analysts, who had called China tech “uninvestable” in March, upgraded some tech heavyweights including Alibaba in a Monday report, citing less regulatory uncertainties. Benchmarks in Japan, Australia, India and Taiwan maintained gains while Hong Kong also recovered some ground later in the day. Markets in Singapore, Thailand, Malaysia and Indonesia were closed for holidays.      Japanese equities were mixed, with the Topix closing slightly lower after worse-than-expected Chinese economic data amid the impact from virus-related lockdowns. The Topix fell 0.1% to close at 1,863.26, with Honda Motor contributing the most to the decline after its forecast for the current year missed analyst expectations. The Nikkei advanced 0.5% to 26,547.05, with KDDI among the biggest boosts after announcing its results and a 200 billion yen buyback. “Though the lockdowns in China are pushing down the economy and causing supply chain difficulties, there’s a positive outlook since the weekend that there could be a gradual easing of the lockdowns as it seems that virus cases have peaked out,” said Masashi Akutsu, chief strategist at SMBC Nikko Securities. In Australia, the S&P/ASX 200 index rose 0.3% to 7,093.00, trimming an earlier advance of as much as 1.1% after soft Chinese economic data stoked concerns about global growth. Read: Aussie, Kiwi Slump After Weak China Data: Inside Australia/NZ Brambles was the top performer after confirming it’s in talks with private equity firm CVC Capital Partners on a takeover proposal. Qube also climbed after completing a A$400 million share buyback.  In New Zealand, the S&P/NZX 50 index fell 0.1% to 11,157.66. In rates, Treasuries were steady with yields within 1bp of Friday’s close. US 10-year yield near flat ~2.91% with bunds cheaper by ~5bp, gilts ~3.5bp amid heavy. German 10-year yield up 5 bps, trading narrowly below 1%. Italian 10-year bonds underperform, with the 10-year yield up 8 bps to 2.93%. Peripheral spreads are mixed to Germany; Italy and Spain widen and Portugal tightens. The Italy 10-year was cheaper by more than 6bp on the day amid renewed ECB jawboning. Core European rates are higher, pricing in ECB policy tightening. During Asia session, Chinese data showed industrial output and consumer spending at worst levels since the pandemic began. The dollar issuance slate includes CBA 3T covered SOFR; $30b expected for this week as syndicate desks seek opportunities for pent-up supply. Three-month dollar Libor +1.13bp at 1.45500%. In FX, the Bloomberg Dollar Spot Index was little changed while the greenback advanced against most of its Group-of-10 peers. Treasuries inched lower, led by the front end, and outperformed European bonds. The euro inched up against the dollar. Italian bonds dropped, leading peripheral underperformance against euro- area peers, while money markets showed increased ECB tightening wagers after policy maker Francois Villeroy de Galhau said a consensus is “clearly emerging” at the central bank on normalizing monetary policy and that June’s meeting will be “decisive.” He also signaled that the weakness of the euro is focusing the minds of ECB policy makers at a time when the currency is heading toward parity with the dollar. The euro may resume its rally versus the pound in the spot market as options traders pile up bullish wagers. The pound fell against both the dollar and euro, staying under selling pressure on concerns that high UK inflation will weigh on the economy. Markets await testimony from Bank of England Governor Andrew Bailey and other central bank officials later in the day, ahead of a reading of April inflation later in the week. Australian and New Zealand dollars fell after Chinese industrial and consumer data fanned concerns of a further slowdown in the world’s second-largest economy. In commodities, WTI drifts 0.4% lower to trade above $110. Spot gold pares some declines, down some $6, but still around $1,800/oz. Most base metals trade in the green; LME tin rises 3.4%, outperforming peers. Bitcoin falls 4.6% to trade below $30,000 Looking ahead, we get the US May Empire manufacturing index, Canada April housing starts, March manufacturing, wholesale trade sales. Central bank speakers include the Fed's Williams, ECB's Lane, Villeroy and Panetta, BOE's Bailey, Ramsden, Haskel and Saunders. We get earnings from Ryanair, Take-Two Interactive. Market Snapshot S&P 500 futures down 0.3% to 4,008.75 STOXX Europe 600 little changed at 433.33 MXAP up 0.2% to 160.34 MXAPJ up 0.2% to 523.32 Nikkei up 0.5% to 26,547.05 Topix little changed at 1,863.26 Hang Seng Index up 0.3% to 19,950.21 Shanghai Composite down 0.3% to 3,073.75 Sensex up 0.6% to 53,119.79 Australia S&P/ASX 200 up 0.3% to 7,093.03 Kospi down 0.3% to 2,596.58 German 10Y yield little changed at 0.98% Euro up 0.1% to $1.0424 Brent Futures down 1.4% to $109.98/bbl Gold spot down 0.8% to $1,797.30 US Dollar Index little changed at 104.46 Top Overnight News from Bloomberg NATO members rallied around Finland and Sweden on Sunday after they announced plans to join the alliance, marking another dramatic change in Europe’s security architecture triggered by Russia’s war in Ukraine The euro area’s pandemic recovery would almost grind to a halt, while prices would surge even more quickly if there are serious disruptions to natural-gas supplies from Russia, according to new projections from the European Commission UK energy regulator Ofgem plans to adjust its price cap every three months instead of every six. Changing the level more often would help consumers to take advantage of falling wholesale prices more quickly, it said in a statement Monday. This would also mean higher prices filter through bills quicker Boris Johnson has warned Brussels that the UK government will press ahead with unilateral changes to parts of the Brexit agreement if it does not engage in “genuine dialogue” While debt bulls on Wall Street have been crushed all year, market sentiment has shifted markedly over the past week from inflation fears to growth. That theme gathered more strength Monday, when data showing China’s economy contracted sharply in April set off fresh gains for Treasuries China’s economy is paying the price for the government’s Covid Zero policy, with industrial output and consumer spending sliding to the worst levels since the pandemic began and analysts warning of no quick recovery. Industrial output unexpectedly fell 2.9% in April from a year ago, while retail sales contracted 11.1% in the period, weaker than a projected 6.6% drop Japanese manufacturers are increasingly looking to move offshore operations to their home market, according to a Tokyo Steel Manufacturing Co. executive. The rapidly weakening yen, global supply-chain constraints, geopolitical risks and shifting wages patterns are prompting the switch, Kiyoshi Imamura, a managing director of the steelmaker, said in an interview in Tokyo last week A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded mixed after disappointing Chinese activity data clouded over the early momentum from Friday’s rally on Wall St. ASX 200 was higher as tech stocks were inspired by US counterparts and amid M&A related newsflow with Brambles enjoying a double-digit percentage gain after it confirmed it had talks with CVC regarding a potential takeover by the latter. Nikkei 225 kept afloat as earnings releases provided the catalysts for individual stocks but with gains capped by a choppy currency. Hang Seng and Shanghai Comp initially gained with property names underpinned after China permitted a further reduction in mortgage loan interest rates for first-time home purchases and with casino stocks also firmer in the hope of a tax reduction on gaming revenue. However, the mood was then spoiled by weak Chinese data and after the PBoC maintained its 1-year MLF rate. Top Asian News PBoC conducted a CNY 100bln in 1-year MLF with the rate kept unchanged at 2.85% and stated the MLF and Reverse Repo aim to keep liquidity reasonably ample, according to Bloomberg. Beijing extended work from home guidance in several districts and announced three additional rounds of mass COVID-19 testing in most districts including its largest district Chaoyang, according to Reuters. Shanghai will gradually start reopening businesses including shopping malls and hair salons in China's financial and manufacturing hub beginning on Monday following weeks of a strict lockdown, according to Reuters. Shanghai city official said 15 out of the 16 districts achieved zero-COVID outside quarantine areas and the city's epidemic is under control but added that risks of a rebound remain and they will need to continue to stick to controls. The official said the focus until May 21st will be to prevent risks of a rebound and many movement restrictions are to remain, while they will look to allow normal life to resume in Shanghai from June 1st and will begin to reopen supermarkets, convenience stores and pharmacies from today, according to Reuters. Chinese financial authorities permitted a further reduction in mortgage loan interest rates for some home buyers whereby commercial banks can lower the lower limit of interest rates on home loans by 20bps based on the corresponding tenor of benchmark Loan Prime Rates for purchases of first homes, according to Reuters. China's stats bureau spokesman said economic operations are expected to improve in May and that China is steadily pushing forward production resumption in COVID-hit areas, while they expect China's economic recovery and rebound in consumption to quicken but noted that exports face some pressure as the global economy slows, according to Reuters. Macau is reportedly considering a tax cut for casinos amid a decline in gaming revenue in which a cut could be as much as 5% off the current 40% levied on casino gaming revenue, according to Bloomberg. European bourses are mixed, Euro Stoxx 50 -0.6%, following a similar APAC session with impetus from Shanghai's reopening offset by activity data and geopolitics. Stateside, futures are lower across the board, ES -0.4%, with the NQ marginally lagging as yields lift; Fed's Williams due later before Powell on Tuesday. US players are focused on whether the end-week bounce is a turnaround from technical bear-market levels or not. China's market regulator says Tesla (TSLA) has recalled 107.3k Model 3 & Y vehicles, which were made in China. JetBlue (JBLU) is to launch a tender offer for Spirit Airlines (SAVE); JetBlue is to offer USD 30/shr, but prepared to pay USD 33/shr if Spirit provides JetBlue with requested data, WSJ sources say. Elon Musk tweeted that Twitter’s (TWTR) legal team called to complain that he violated their NDA by revealing the bot check sample size and he also tweeted there is some chance that over 90% of Twitter’s daily active users might be bots. Top European News UK PM Johnson is reportedly set to give the green light for a bill on the Northern Ireland protocol, according to the Guardian. UK PM Johnson said he hopes the EU changes its position on the Northern Ireland protocol and if not, he must act, while he sees a sensible landing spot for a protocol deal and will set out the next steps on the protocol in the coming days, according to Reuters. UK PM Johnson is expected to visit Northern Ireland on Monday for talks with party leaders in an effort to break the political deadlock at Stormont, according to Sky News. Irish Foreign Minister Coveney says the EU is prepared to move on reducing checks on goods coming into the region from Britain, via Politico. UK Cabinet ministers have turned on the BoE regarding rising inflation, whereby one minister warned that the Bank was failing to "get things right" and another suggested that it had failed a "big test", according to The Telegraph. Group of over 50 economists warned that the UK's post-Brexit plans to boost the competitiveness of its finance industry risk creating the sort of problems that resulted in the GFC, according to Reuters. European Commission Spring Economic Forecasts: cuts 2022 GDP forecast to 2.7% from the 4.0% projected in February. Click here for more detail. Central Banks ECB's Villeroy expects a decisive June meeting and an active summer meeting, pace of further steps will account for actual activity/inflation data with some optionality and gradualism; but, should at least move towards the neutral rate. Will carefully monitor developments in the effective FX rate, as a significant driver of imported inflation; EUR that is too weak would go against the objective of price stability.   ECB’s de Cos said the central bank will likely decide at the next meeting to end its stimulus program in July and raise rates very soon after that, while he added that they are not seeing second-round effects and are monitoring it, according to Reuters. FX Euro firmer following verbal intervention from ECB’s Villeroy and spike in EGB yields EUR/USD rebounds from sub-1.0400 to 1.0435 at best. Dollar up elsewhere as DXY pivots 104.500, but Yen resilient on risk grounds as Chinese data misses consensus by some distance; USD/JPY capped into 129.50. Franc falls across the board after IMM specs raise short bets and Swiss sight deposits show SNB remaining on the sidelines; USD/CHF above 1.0050 at one stage. However, HKMA continues to defend HKD peg amidst CNY, CNH weakness in wake of disappointing Chinese industrial production and retail sales releases. Norwegian Crown undermined by pullback in Brent and narrower trade surplus, EUR/NOK over 10.2100. SA Rand soft as Gold retreats to test support around and under Usd 1800/oz. Loonie slips with WTI ahead of Canadian housing starts, manufacturing sales and wholesale trade, Sterling dips before BoE testimony; USD/CAD 1.2900+, Cable sub-1.2250. Fixed income EGBs rattled by ECB rhetoric inferring key policy meetings kicking off in June and extending through summer. Bunds down towards 153.00 and 10 year yield back up around 1%, Gilts almost 1/2 point adrift and T-note erasing gains from 12/32+ above par at best. Eurozone periphery underperforming with added risk-off angst following much weaker than expected Chinese data. In commodities WTI and Brent are pressured, but well off lows, and torn between China's lockdown easing and poor activity data amid numerous other catalysts Specifically, the benchmarks are around USD 110/bbl and USD 111/bbl respectively, Saudi Aramco Q1 net income rose 82% Y/Y to INR 39.5bln for its highest quarterly profit since listing, according to Sky News. Saudi Energy Minister says they are going to get to 13.2-13.4mln BPD, subject to what is done in the divided zone, by end-2026/start-2027; can maintain production when there, if the market demands this. OPEC+ to continue with monthly output increases, according to Bahrain's oil minister via Reuters. Iraqi state-run North Oil Company said Kurdish armed forces took control of some oil wells in northern Kirkuk, according to Reuters. Iraq oil minister says they aim to increase oil production to 6mln BPD by end-2027, OPEC is targeting a energy market balance not a price; adding, current production capacity is 4.9mln BPD, will reach 5mln BPD before the end of 2022. China is to increase fuel prices from Tuesday, according to China's NDRC; gasoline by CNY 285/t and diesel by CNY 270/t. US Event Calendar 08:30: May Empire Manufacturing, est. 15.0, prior 24.6 16:00: March Total Net TIC Flows, prior $162.6b DB's Jim Reid concludes the overnight wrap Markets managed a big bounce on Friday but the mood has soured again in the Asian session after a weak slew of data from China as covid lockdowns had an even worse impact than expected. Industrial production (-2.9% vs +0.5% expected), retail sales (-11.1% vs -6.6% expected) and property investment (-2.7% vs -1.5% expected) all crashed through estimates by a large margin. The slump in retail sales and industrial production was the weakest since March 2020. The latter also had the lowest print on record, with the worst decline coming from auto manufacturing (-31.8%). The surveyed jobless rate (6.1% vs estimates of 6.0%) also ticked up by more than expected from 5.8% in March and is now close to the high of 6.2% in February 2020. Although the 1-year policy loan rate was left unchanged today, the PBoC did ease the rate on new mortgages this weekend. In other data releases, Japan’s April PPI (+10.0%) came in above estimates of +9.4%, the highest since 1980. Amid this, the Shanghai Composite (-0.51%) and the Hang Seng (-0.43%) are in the red, and outperformed by the KOSPI (-0.21%) and the Nikkei (+0.46%). The sentiment has soured in American markets too, with S&P 500 futures also trading lower (-0.68%) and the US 10y yield declining by -2.2bps. Oil (-1.48%) is edging lower too on growth concerns. After last week’s meltdown in crypto markets, Bitcoin is back at above $30k this morning – a jump since the lows of nearly $26k last Thursday but way short of the $38k it traded at in the beginning of the month and $68k early last November. The infamous TerraUSD, the stablecoin that fuelled the crypto slide, is at $0.18. It is supposed to trade at $1 at all times. Looking forward now and there's not a standout event to focus on this week but they'll be plenty to keep us all occupied. US retail sales (tomorrow) looks like the highlight alongside Powell's speech the same day. There will also be US housing data smattered across the week and UK and Japanese inflation on Wednesday and Friday respectively. Let's start with US retail sales as it will be a good early guide for Q2 GDP. Our US economists are anticipating a +1.7% print, up from +0.7% in March. Rebounding auto sales should help the headline number. For more on the consumer, Brett Ryan put out this chartbook last week on the US consumer (link here). US industrial production is out the same day. We have a long list of central bank speakers this week headed by Powell and Lagarde (tomorrow) and BoE Bailey today. There are many more spread across the week and you can see the list in the day by day event list at the end. We do have the last ECB meeting minutes on Thursday but the subsequent push towards a July hike might make these quite dated. US housing will be a big focus next week. It's probably too early for the highest mortgage rates since 2009 to kick in but with these rates around 220bps higher YTD, some damage will surely soon be done after the highest YoY price appreciation outside of an immediate post WWII bounce, in our 120 year plus housing database. On this we will see the NAHB housing market index (tomorrow), April’s US building permits and housing starts (Wednesday), and existing home sales (Thursday). Turning to corporate earnings, it will be another quiet week after 457 of the S&P 500 companies and 368 of the STOXX 600 companies have reported earnings this season so far. Yet, it will be an important one to gauge how the US consumer is faring amid inflation at multi-decade highs, including reports such as Walmart, Home Depot (tomorrow), Target and TJX (Wednesday). Results will also be due from China's key tech and ecommerce companies like JD.com (tomorrow), Tencent (Wednesday) and Xiaomi (Thursday). Other notable corporate reporters will include Cisco (Wednesday), Applied Materials, Palo Alto Networks (Thursday) and Deere (Friday). A quick recap of last week’s markets now. Fears that global growth would slow due to the tightening task at hand for central banks sent ripples across markets, without a clear specific catalyst. Equities declined, credit spreads widened, the dollar rallied, and sovereign yields declined. The S&P 500 fell for the sixth consecutive week for the first time since 2011, falling -13.0% over that time. Even with a +2.39% rally on Friday, it fell -2.41% last week. Large cap technology firms underperformed, with the NASDAQ falling -2.80% (+3.82% Friday), while the FANG+ index fell -3.48% (+5.45% Friday). Volatility was elevated, with the Vix closing above 30 for 6 straight days for the first time since immediately following the invasion, narrowly avoiding a 7th straight day above 30 by closing the week at 28.8. European equities outperformed, with the STOXX 600 climbing +0.83% after a banner +2.14% gain Friday. The Itraxx crossover ended the week at 446bps, its widest level since June 2020. Crypto assets sharply declined, with Bitcoin down -12.51% and Coinbase -34.58% over the week, with a number of so-called ‘stablecoins’ breaking their pledged parity, forcing some to stop trading. The growth fears drove a flight to quality. The dollar index increased +0.87% (-0.27% Friday) to its highest levels since 2002. Only the yen outperformed the US dollar in the G10 space. Sovereign yields rallied significantly, with 10yr Treasuries, bunds, and gilts falling -19.3bps (+8.5bps Friday), -23.0bps (+6.2bps Friday), and -28.7bps (+4.7bps Friday), respectively. Reports that the EU was considering softening their oil-related sanctions due to member resistance combined with growth fears to send oil prices much lower at the beginning of the week, with Brent crude futures almost breaking $100/bbl. When all was said and done, a gradual rally over the back half of the week saw Brent merely -1.04% lower (+3.82% Friday). On the back of disappointing data from China it is down -1.48% this morning. There was a lot of high-profile central bank speak to work through, as there will be this week. The main takeaways included Fed officials aligning behind a series of +50bp hikes the next few meetings, downplaying the chances of +75bp hikes until September at the earliest. Meanwhile, momentum in the ECB is growing toward a July policy rate hike, with policy rates breaching positive territory by the end of the year. In terms of data Friday, the University of Michigan survey of inflation expectations for the next five years was unchanged at 3 percent, though inflation has weighed on consumers’ perception of the current situation. Tyler Durden Mon, 05/16/2022 - 08:02.....»»

Category: blogSource: zerohedgeMay 16th, 2022

Wall Street Internship Checklist: How to land a competitive 2023 summer internship in investment banking, trading, or asset management

Use Insider's reporting to stay on top of the recruiting cycle, and learn how to impress interviewers from Goldman Sachs to Morgan Stanley to Blackstone. How to land a summer internship on Wall Street.Reuters/herval Summer internships at Wall Street banks boast some of the most sought-after undergrad opportunities. Many interviews are happening in-person again after two mostly virtual years.  The search can begin 12 to 18 months ahead of time. Use our reporting to give you an edge. See more stories on Insider's business page. Today's Wall Street interns could turn out to be tomorrow's managing directors.Even if that's a bit of a stretch, it's true that summer internships at leading financial-services firms are a tried-and-true gateway to full time employment at investment banks, private-equity firms, and hedge funds. They pay well, too, with many interns at both bulge-bracket and boutique banks earning a prorated summer salary on a scale that's upwards of $100,000.As you might imagine, actually landing one of these internships is notoriously competitive. The biggest US banks can receive hundreds of thousands of applications for a relatively small number of roles each summer — meaning they can be tougher to crack than landing a spot at an Ivy League university.Take Goldman Sachs, for instance, which accepted just 1.5% of candidates into its 2022 summer internship class out of more than 236,000 applications worldwide, according to a person with knowledge of the bank's recruiting efforts.So how do you become one of the lucky few to receive such an offer? Experts say that a sense of ambition, the willingness to hustle, and investing plenty of time into preparation are all crucial.Insider's comprehensive reporting includes more than a dozen stories on everything from what interns do, to how to nail your interviews, to the types of prep questions to expect when you meet with managing directors or HR.Check out our robust Wall Street internship coverage here — and, if you're in the running for an internship for next summer, get in touch with this reporter to share your story.Insider's Wall Street reporter Reed Alexander can be reached via email at ralexander@insider.com, or SMS/the encrypted app Signal at (561) 247-5758.Interview advice from top bankersAlexandra Soto of Lazard, left, and Claire O'Connor of Barclays, right.Courtesy of Lazard and BarclaysAfter two years of mostly virtual recruiting, Wall Street's hunger games are back — and this time, they're taking place largely in person.Claire O'Connor, a managing director and head of loan capital markets and acquisition finance at Barclays in New York, says that the return to in-person recruiting is generally a good thing. "This is such a people business," O'Connor told Insider. "Making those personal connections early on is really important, both for the candidates as well as for people on my side of the table to really get to know people, understand what motivates them, and what drives them."Insider spoke to three high-powered executives from Barclays, RBC Capital Markets, and Lazard, who offered their best advice for those looking to nail their interviews and stand out. Here's what they told us.How to land a Wall Street summer internship: Top investment bankers reveal their best advice, from asking the right questions to cold calling executivesWhat not to do in a virtual interviewAsier Romero/Shutterstock; Rachel Mendelson/InsiderDuring the depths of the COVID-19 pandemic, students participating in virtual recruiting for investment-banking and hedge fund internships were often aided by a little trick up their sleeves: digital cheat sheets.If you're participating in any virtual interviews this year, using this hack could be tempting — but students should think twice about trying it, because those who got caught were taken off of recruiters' lists last year.Finance students used digital cheat sheets to land internships during the pandemic. Here's what they looked like — and what happened when they got caught.What you need to know about Goldman SachsBrendan McDermid/File Photo/ReutersLast month, Goldman Sachs representatives delivered a campus recruiting presentation to finance students at the Wharton School of the University of Pennsylvania, one of Wall Street's most trusted repositories from which to source talent.The bank shared two slideshows — nearly 30 pages in all — bursting with information about the firm's investment-banking and asset-management summer analyst programs. Insider got a hold of the slides.The two presentations highlight stats, data, and dozens of details about the bank's business lines. Use them to study up on how Goldman operates before tossing your hat into the ring.Applying for a Goldman Sachs internship next year? Check out 29 leaked slides that reveal everything from what the gig entails to how its asset managers raise money.What does a Goldman analyst do anyway?Young bankers on Wall Street are feeling stressed due to lack of technical knowledge.RichVintage/Getty ImagesHeadline-grabbing deals, calls with titans of industry, dinner with your pals in the city, and of course, hammering out a few unavoidable Excel spreadsheets.These are just a few hallmarks of the lives of entry-level investment-banking analysts at Goldman Sachs, according to a mock daily schedule created by recruiters at the powerhouse Wall Street firm. Here's what Goldman Sachs says is a typical day in the life of its analysts, from calls with CEOs to eating dinner at your deskWhat is an 'exit opportunity'?Samantha Lee/InsiderThe journey from investment banking to private equity is a well-worn path, and so-called "exit opportunities" — that is, where juniors bankers can conceivably go to work into after moving on from banking — fuels much intrigue and even jealousy among the intern and analyst sets.Exit opps are such an important consideration that PJT Partners, one of Wall Street's most prestigious elite boutique banks, even tabulated all the exit opps of 70 of its junior bankers from 2012 to 2020, in an effort to flex the bank's top employment outcomes to internship hopefuls.PJT presented this information in a slide at a recent Wharton undergrad presentation. It was subsequently obtained by Insider. The boutique bank says its former junior staffers go on to work for a bevy of blockbuster buy-side heavyweights, like Blackstone, Apollo, and KKR, to name a few. Leaked data reveals the most popular 'exit opportunities' for PJT Partners' junior bankers — from Blackstone to Centerbridge PartnersWhen does investment-banking internship recruiting start?Samantha Lee/Business InsiderIn recent years, investment banks have opened application portals and kicked off campus recruiting earlier and earlier. Insiders say it's a reflection of the urgency they feel to lock up the most competitive undergrad talent."When you think about the recruiting timeline and the matriculation to full-time analyst program, that journey really starts two years earlier," Andrea O'Neal, a senior coach with Management Leadership for Tomorrow, an organization that helps prepare diverse students for finance industry careers, told Insider in an interview in 2021.We mapped out the timeline to nab an IB summer analyst role, which can begin as early as 24 months before the summer gigs actually doInterview prep: What is an investment-banking 'superday'?Samantha Lee/Business InsiderAs investment-banking interview rounds advance, candidates may be called into "superdays," which indicate that a search process is nearing its conclusion. Sometimes, banks even fly and pay for lodging for their top out-of-state to travel to New York or wherever the company is conducting its superdays, in order to meet those candidates in person.Superdays are competitive, rapid-fire sequences of interview rounds, which are typically conducted by senior bankers such as managing directors and vice presidents. They're intense, and candidates should expect worldwide experiences meeting — and trying to impress — multiple company leaders in a relatively short period of time.Insider obtained two lists of questions developed by Goldman Sachs and Morgan Stanley, which can help you think through your interview prep strategy.REVEALED: 22 questions from Goldman Sachs and Morgan Stanley to help prep prospective interns for intense 'superday' interviewsWhat kind of work do investment-banking summer interns do? Tayfun Coskun/Anadolu Agency via Getty Images; Nicolas Economou/NurPhoto via Getty Images; Samantha Lee/InsiderOnce you successfully nail an internship offer and go from applicant to intern, what can you expect to do on the job?In the summer of 2021, we asked an IB summer analyst at a leading large-cap bank to break down a week in their life. The intern created a detailed schedule featuring colorful nuggets like what their final project consisted of, the kind of feedback they received from managers, and how they enjoyed a late-night ice cream party with colleagues at the office until 2:30 a.m.From socializing in Manhattan to working on live deals, here's what you can expect.Inside the Wall Street internship: A 21-year-old investment-banking intern walked us through a 75-hour work week churning out pitch decks, partying in Brooklyn, and digging into ice cream at the office after midnightInside Wall Street's diversity recruiting programsWilliam Pemberton, Citi senior analyst.Courtesy of CitigroupNumerous banks have established specialized recruiting programs focused on diverse candidates, or those who identify as Black, Indigenous, Latinx, members of the LGBTQ+ community, and others.Citigroup is one such firm. Last year, the Wall Street bank shared an exclusive look at its Early ID program with Insider. The program, which was established five years ago, receives thousands of applications per year, giving diverse students a chance to begin their recruiting process several months earlier than the rest of the applicant pool.Citi Early ID candidates can apply for internships in business lines such as markets; consumer services; human resources; and banking, capital markets, and advisory. One successful Citi banker who went through the program, William Pemberton, broke down how it works for us.Citigroup showed us how its Early ID program trains and mentors thousands of diverse candidates every year to help them ace their interviews and land internships at the global bankHow to turn your internship into a full-time offerTamia Marrow shared tips for landing a full-time offer and how to ace your internship.Tamia MarrowGrowing up in Burlington, North Carolina, Tamia Marrow never expected she'd find her way to one of the most prestigious asset managers in the global finance industry. But the first-gen student who worked at McDonalds in high school to save up for her first car — a 2006 Honda Pilot costing $8,000 — nevertheless managed to pull it off.In spite of the challenges she experienced interning virutally during the pandemic, Marrow impressed her supervisors and landed a return offer to join the firm she graduated college. She shared with Insider how she did it, offering powerful advice for others endeavoring to follow in her footsteps.A first-generation college student from an HBCU crushed her virtual internship at BlackRock and landed a full-time offer. She laid out how to turn a summer gig on Wall Street into a coveted full-time job.Consulting internships at McKinsey, BCG, and Bain are kicking off earlier than everConsulting firms are moving their recruiting timelines for summer interns up so they aren't left in investment banks' dust.Sean Murphy/Getty ImagesInvestment banks are known to start their internship recruiting processes 12 to 18 months ahead of time, but they're hardly alone. The Big 3 consulting firms — McKinsey, Bain, and the Boston Consulting Group — are progressively moving the kickoffs to their internship searches earlier and earlier, as Insider reported in 2021.For instance, BCG last year opened up its 2022 summer internship applications six to eight weeks earlier than previous years. McKinsey's first application deadline was a month earlier than it was the year before.Insider is tracking the consulting internship timeline and talking to decision-makers about why it's starting earlier — a sign, they say, that consulting giants are keen to duke it out with banks to nab the best talent before they're off the market.Insider spoke to recruiting experts, college career counselors, and hiring managers at leading consulting firms to understand why they're pushing their internship timelines up so dramatically.Getting your foot in the door on the buy-sideGeneral Atlantic managing director Alex Crisses walked Insider through the growth-equity investment firm's elite summer souring internship.Courtesy of General AtlanticGeneral Atlantic managing director Alex Crisses has an intriguing thesis: Betting on the gut instincts of college kids could result in some of the $65 billion growth-equity investor's smartest plays.Every summer, Crisses' team brings on about six to eight interns. They mainly focus on sourcing and pitching opportunities that would fall within one of the firm's five investment sectors: technology, consumer, financial services, life sciences, and healthcare.Crisses, GA's head of new investment sourcing and co-head of emerging growth, walked us through the buy-side firm's highly competitive but growing summer internship program, which accepts about 2% of applicants.Inside General Atlantic's undergrad internship, where just 2% of applicants are selected to pitch new investments in cmopanies like Duolingo and RiskifiedPrivate-equity mega-funds like KKR want undergradsGrace Koa is the head of talent acquisition at KKR.KKRAfter years of mainly recruiting analysts from the junior rungs of investment banks, private-equity firms are no longer keen to wait as patiently for entry-level bankers to transition from Wall Street to the buy-side after completing two years on the desk.Now, they're engaged in heated battles with investment banks to recruit talent directly from college campuses. Last year, Grace Koo, head of talent acquisition at private-equity giant KKR, told Insider about how the firm is broadening out the group of schools it relies upon to source future dealmakers for its burgeoning analyst program.A KKR talent exec says the private-equity firm's college recruiting is expanding beyond core target schoolsThe secrets of successful networkingAmy Cheetham is a partner at California-based venture capital firm Costanoa Ventures.Lisa DeneffeExperts say cold outreach is an effective tool to secure a summer internship, and research backs that up. Research published by the National Association of Colleges and Employers in 2020 found that 70% of the more than 540 interns surveyed said they'd landed an internship through cold outreach.But how do you break the ice and make cold outreach feel, well, not quite so cold? Insider asked a top venture capitalist who got her start as an intern at JPMorgan Chase — and used effective email networking with people she didn't already know to help her get the gig in the first place.It took about 150 emails in all, according to Amy Cheetham, a partner at Costanoa Ventures, an early-stage investment firm based in Palo Alto, California. Along the way, she learned important lessons about how to get a foot in the door on Wall Street if you don't already have a Rolodex of industry contacts.How to use cold emails to land a gig working on Wall Street, according to a JPMorgan banking analyst turned VC who did it herselfDisclosure: KKR is a large shareholder in Axel Springer, which owns Business Insider.Read the original article on Business Insider.....»»

Category: dealsSource: nytMay 10th, 2022

LA Spends Up To $837K Per Unit To House Just 5,600 Of Over 40,000 Homeless

LA Spends Up To $837K Per Unit To House Just 5,600 Of Over 40,000 Homeless Authored by Mike Shedlock via MishTalk.com, In 2016, the city of Los Angeles had 28,464 Homeless. It passed HHH authorizing $1.2 billion to tackle the problem. Let's check in on the progress... Los Angeles Passed Proposition HHH in 2016. Cost per unit from LA City Audit. Inquiring minds are investigating Los Angeles City Controller's Audit Report on the Progress of Proposition HHH a 2016 measure that authorized spending $1.2 billion to tackle homelessness in LA. Key Points California had 28,464 Homeless in 2016. LA then passed proposition HHH, authorizing $1.2 billion to address the problem. In early 2020, pre-Covid, the city had 41,250 homeless. There are no current homeless stats and due to Covid are undoubtedly much higher. The city is building units to address the problem. 1,200 units have been completed.  4,400 units are in construction.  LA Homelessness Homelessness chart from LA City audit pre-Covid, annotations by Mish.  Proposition HHH Cost Per Unit Average completed cost is $520,879 per unit Average cost of units underway is $596,486 per unit  Approximately 14% of units in construction exceed $700,000 per unit. One project is currently estimated to cost $837,000 per unit. It took 3.4 years for the 1,200 completed units. The estimated timeline is another 4.3 years for the additional 4,400 units. My guess is there are now 60,000 LA homeless (possibly a lowball number due to Covid). At the current average of $600,000 per unit (and rising), LA will need to spend another $36,000,000,000.  The controller says "Projects exceeding $600,000 per unit are no longer outliers." Interim Housing What about interim housing?  Good question. Although six years have come and gone since HHH passed, the city is just now addressing delays. Ron Galperin says "The City should use remaining HHH funds—or any HHH funds that become available—to prioritize the development of facilities such as interim housing, clinics, storage, and showers to help better manage the immediate needs of Angelenos experiencing homelessness." How Timely! Q: How much money is left anyway? A: Less than 5%, according to the audit, and that is a 2018 figure after the city suspended building HHH facilities and still struggles to complete them. Current vs Ongoing Costs Housing the current estimated homeless would cost another $36 billion taxpayer dollars at the current rate. Unfortunately, that's not the end of it.  What about food, electricity, mental health treatments, and other services?  What about building maintenance?  What about building security at union wages?  Of the $1.2 billion authorized, we have the same questions, just on a smaller scale.  In another 4.3 years, LA will have a total of 5,600 units built for $1.2 billion while needing perhaps 60,000 units. Then what? When Does it Stop? The report says "Even after housing being built through Proposition HHH is completed, it is likely that tens of thousands of people will remain unsheltered." Duh? Ya think? I assure you that whatever the the number of homeless is, be it 45,000 or 75,500 there is an endless demand for free services.  If the city were to give away 100,000 free units at a cost of $600,000 to $800,000 each, there would be 200,000 willing takers if not 2 million takers. What's to stop San Diego or Austin, Texas from offering $200 and free bus transportation to LA for willing participants? Perhaps Austin should consider that right now.  The obvious snag is unlimited demand for a mere 5,600 "free" units.  Some will manage to get to LA from nearby areas even without the free transportation.  Progress? What Progress? There will never be progress in combatting homelessness by building $600,000 units to shelter the homeless. Inflationary Madness Paying $600,000 per unit to shelter homeless is inflationary madness.  So is the entirety of Build Back Better: Free college, student debt cancellation, more union jobs, free child care, combined with an attack on energy to allegedly save the world, while now promoting free gas money for dependents who don't even drive.  On the table if Build Back Better happened to pass was a guaranteed "living wage" proposal.  One courageous Democrat, Senator Joe Manchin of West Virginia saved the US from massive perpetual inflation of "free" stuff.  Meanwhile, Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It's Illegal.  Stop! *  *  * Please Subscribe to MishTalk Email Alerts. Tyler Durden Thu, 03/24/2022 - 20:20.....»»

Category: blogSource: zerohedgeMar 24th, 2022

The Market Is Experiencing Indigestion Regarding How To View Inflation

In his Daily Market Notes report to investors, while commenting on the persisting inflation, Louis Navellier wrote: Q4 2021 hedge fund letters, conferences and more Indigestion The market is experiencing indigestion regarding how to view inflation, what to do with P/E multiples, how high interest rates may rise, and importantly how quickly, as the Fed takes […] In his Daily Market Notes report to investors, while commenting on the persisting inflation, Louis Navellier wrote: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2021 hedge fund letters, conferences and more Indigestion The market is experiencing indigestion regarding how to view inflation, what to do with P/E multiples, how high interest rates may rise, and importantly how quickly, as the Fed takes away the punch bowl of monetary support. Nevertheless, an anticipated reopening will present recovery opportunities that are fairly predictable. Expect some near-term volatility as we navigate to the end of the pandemic and begin to experience the tapering by the Fed and use the pullbacks as a buying opportunity to position for a strong recovery come springtime. The good news is that as painful as the start of the week was, essentially all that NASDAQ did was “retest” its December 3rd and December 20th lows intraday before re-surging on higher trading volume.  The subsequent resurgence in NASDAQ has been on higher trading volume which is a great sign of persistent order imbalances and that the current rally is likely sustainable. The only bad news is that when NASDAQ retested its December 3rd and December 20th lows, they were a bit lower on each retest, so some technical analysts may argue that the stock market is merely having a “relief rally” that may eventually fizzle.  I am not in the relief rally camp, since the stock market is now commencing to release another round of stunning quarterly earnings. Inflation Persists The big news this week was that inflation is now running at the highest pace in almost 40 years after the Labor Department announced on Wednesday that the Consumer Price Index (CPI) rose 0.5% in December So overall, inflation persists on the consumer level and is not expected to abate until possibly the second half of 2022 when some supply shortages diminish. If you thought yesterday’s CPI was bad, today’s Producer Price Index (PPI) figures were more problematic.  The PPI increased only 0.2% in December, which was substantially below economists’ consensus estimate of a 0.4% increase but on a trailing 12-month basis, the PPI rose a stunning 9.7% in 2021.  Ouch! Longshoremen Holiday The number of containerships off of the ports of Long Beach and Los Angeles are now back above 100 as many longshoremen that operate the cranes have called in sick from Omicron.  So if you are looking for some good news, after the U.S. gets infected with Omicron and we all recover, then maybe some of the port and shipping bottlenecks can get resolved once and for all. The record cold weather in the Northeast and much of the Midwest is expected to send natural gas prices soaring.  Additionally, crude oil prices continue to meander higher.  In other words, even though energy inflation paused briefly in December, it is re-surging in January, which means that record inflation is expected to persist.  I should also add that robust economic growth is also causing “demand push” inflation.  Currently, the Atlanta Fed is estimating that fourth-quarter GDP growth was running at a robust 6.8% annual pace! This is a good time to remind all investors that as inflation persists as the Fed raises interest rates that the dramatic appreciation in residential real estate is expected to continue to slow as higher mortgage rates and affordability issues curtail the annual pace of price appreciation. I should add that Fed Chairman Jerome Powell on Tuesday before the Senate reaffirmed that inflation was now the Fed’s primary focus and that the Fed would be raising interest rates since the economy no longer needs emergency support.  This essentially means that the stock market is expected to remain your best inflation hedge, especially growth stocks that are sustaining strong sales and earnings. The Labor Department reported that unemployment claims in the latest week rose  Overall, it appears that Omicron may be impacting weekly unemployment claims, but as long as continuing claims continue to decline, it bodes well for a strong job market. Coffee Beans A California city in which thousands of crows have become a public nuisance is turning to a potential high-tech solution: lasers. Even with the Audobon Society expressing concerns about laser blinding the birds, the city is preparing to start a pilot program to test green lasers to drive the crows away. The city mayor says lasers would be far better than spending hundreds of dollars to spray wash the sidewalks of bird droppings every few weeks. Source: UPI. See the full story here. Updated on Jan 13, 2022, 2:18 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJan 13th, 2022

Transcript: Steve Fradkin

     The transcript from this week’s, MiB: Steve Fradkin Northern Trust, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ RITHOLTZ: This week on the podcast… Read More The post Transcript: Steve Fradkin appeared first on The Big Picture.      The transcript from this week’s, MiB: Steve Fradkin Northern Trust, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ RITHOLTZ: This week on the podcast I have a special guest. His name is Steve Fradkin, and he runs one of the larger pools of assets that you probably had no idea about. He is the President of Northern Trust Wealth Management. They run over $350 billion in client assets. They serve some of the wealthiest families in America. One in five wealthy families actually has assets with Northern Trust. They have something like 20 percent of the Forbes 400, just a very interesting perspective on how to manage through periods of uncertainty, changing tax laws, rising inflation. Also, it’s really interesting perspectives. It’s less about predicting the future, Steve tells us, then thinking in terms of planning and probabilities. And I think that was really interesting advice. He — he is about as knowledgeable as anybody is going to get in the – both wealth management business and ultra-high net worth management business. I found the conversation really intriguing, and I think you will also. So, with no further ado, my interview of Steve Fradkin of Northern Trust. VOICE-OVER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. RITHOLTZ: My special guest this week is Steve Fradkin. He is the President of Northern Trust Wealth Management. Running about $355 billion in assets, they serve about one in five of the wealthiest families in America. Previously, Steve ran the Corporate and Institutional Services. He was Head of International Business for Northern Trust, as well as the firm’s Chief Financial Officer. Steve Fradkin, welcome to Bloomberg. FIRRMA Thank you, Barry. Great to be here. RITHOLTZ: So, you spent your entire career at Northern Trust having joined in — in 1985. How do you make the leap from really CFO to President which, to me, I think of President I think of someone who’s running like a CEO, running a — a division? What were the challenges of that transition? FRADKIN: Well, it’s a great question and, you know, careers are mysterious experiences. The — the bigger mystery really, Barry, was the move to CFO. So I joined Northern Trust as a youngster, didn’t know what I wanted to do, worked my way through a variety of entry-level jobs, ultimately culminating at that point in running our growing international business, and loving it, traveling the world to clients in Asia, Europe, the Middle East, Africa, South America, you know, really fun and interesting stuff, and was asked, at that point, to serve as CFO, which was the unnatural job. Was not a controller, was not a treasurer, and so serving as CFO of a large public company was — shall we say traumatic when they asked. But did that for six years, including through the global financial crisis. And it was, at that point, I went back to doing what I normally do, which is running businesses. I ran our Corporate and Institutional Services business, and then after that Wealth Management. So — so it wasn’t so much going from CFO to wealth management as it was ending up as CFO, if you will, by accident from my point of view. RITHOLTZ: Really interesting. So — so you guys had a pretty good year in 2020. How did that carry over to this year? Is it just more of the same? What were the big success stories relative to all those challenges we soar last year? Well, you know, it’s — it’s really an interesting phenomenon, and it shows you the – in some ways, the unpredictability of what can happen. You know, if you think about COVID-19 and its impact in 2020, and if I said to you, you know, look here’s what’s going to happen, we’re — we’re going to go as a society not just Northern Trust from, you know, we all come in and we work and so forth and so on. And one day, on about the same day worldwide, everyone’s going to start working from home facetiously. What — what do you think is going to happen to the markets? I think most people have said, well, first of all, it could never happen that way. It’s not going to be true that people in Sydney, and London, and New York, and Sao Paulo are all going to be, you know, as much as one can working from home. That’s just impossible. And second of all is that where to happen on a sustained basis. Well, gee, you know, the economy is going to crater because no baseball games, no concerts, no – you know, less use of restaurants, et cetera, et cetera. I don’t think people would have said, you know, the markets would do as well as they’ve done. So look, it’s been an incredible journey. Northern Trust has navigated exceptionally well through it last year and continues to perform well today. And there are a variety of factors in that. But each and every day has been a navigation because we’re still not out of the pandemic and we’re still operating in a hybrid mode. And, you know, balancing safety of our partners, our — our employees, and the needs of our clients is a — a daily — a juggling act that we’re still working through and I suspect will be working through for a while longer here. RITHOLTZ: We’re going to talk a little more about how you guys manage doing the pandemic in a bit, but I want to stay with the success of Northern Trust. You’re one of the biggest ultra-high net worth investment managers. But relative to your size, you guys kind of fly under the radar. Why is that? FRADKIN: Well, you know, it’s — it’s an interesting question, Barry. The – so in terms of size, we’re in the top 20 banks in the country as measured by our balance sheet. But really the — the better marker of our size is the assets that we manage and the assets that we administer for clients. And we’re a very quiet company. We don’t do lots of big acquisitions. We do the same thing today that we’ve been doing since 1889, serving the same clientele, and so we’re a very focused institution. A little over half our profits come from the provision of services to wealthy families in America and around the world. And the other half come from essentially providing the same services, but to large global institutional investors, serving wealth funds, pension funds and the like. And so, we’re a quiet company that has been extraordinarily successful and consistently so for many, many years. So, we’re proud of what we’ve got, but we — we — we — we fly under the radar scream — screen intentionally to just keep a low profile and stay focused on our clients. RITHOLTZ: And — and that would make sense given the nature of your clients who are less Instagram stars and more quiet wealth. Is that a — is that a fair way to describe it? FRADKIN: Yeah. Today, we serve little over 30 percent of the Forbes 400 wealthiest Americans and, obviously, many other affluent families. And interestingly, Barry, you know, sometimes people think of Northern Trust in its wealth management business as focusing on — or serving multigenerational well-healed, you know, families. And that’s true, we certainly serve many of those. But there are many entrepreneurs in Silicon Valley, in New York, in Miami, in Dallas, in — all over the country and all over the world. And if there’s one thing I’ve learned in being here is that wealth is created in a lot of mysterious ways. And so, your — your reference to Instagram and so forth, I would say our clients are definitely low profile, but where they create their wealth emanates from every segment of the economy. It’s really a — a fascinating part of the privilege of being in this — this kind of role. RITHOLTZ: Let’s stay with that because I was just involved in a conversation recently about the amount of wealth that has been created over the past couple of decades. Wherever you look, especially in the United States, it seems that people are coming up with new ideas, new technologies, new just even business processes that if you go back to the 90’s, I don’t think people could have imagined the sort of things that are generating the massive amounts of wealth that we’ve seen. And — and I’m not even talking about NFTs or things like that, I mean, businesses with clients that are just doing tens of millions of dollars of — of revenue a year. FRADKIN: Well, I think the — the fascinating thing that I think we see is that wealth can be created in a lot of different ways. And I — and I think you’re right that as the world has sped up, the wealth creation has sped up, too. You know, to caricature it, it used to be you would start a business in your garage in Louisiana and, overtime, you would, you know, build a vacuum cleaner, whatever it happened to be. And you would start selling it from a store and, you know, it would — you know, you — you’d have a second store. And — and the next thing you know, you have a — a — a big business that you never envisioned having, and you could sell that company and — and create tremendous amount of wealth. Today, that phenomenon still absolutely happens, but it also happens with the power of the Internet that the pace at which companies in some industries can grow and accelerate has — has really multiplied. So, wealth creation, in some instances, is still a slow laborious step-by-step process. But in others, I don’t want to say it’s overnight, but it happens a lot faster with digitalization in the — the pace at which the world moves today. So, we — we see both phenomena, and that’s part of the fun and excitement of the American economy. And this certainly happens elsewhere in the world as well. RITHOLTZ: Quite interesting. So, let’s talk about how you guys had to operate during the lockdown. You mentioned this earlier. What were you doing when, you know, it became clear the country was shutting down in March of 2020? FRADKIN: It’s a great question, Barry. Well, we started like many other institutions with the safety of our clients and the safety of our employees. And it all happened relatively quickly in terms of shutting down offices to the bare minimum, getting people home, and making sure that they could function effectively from home. And if you go back to — and — and, by the way, we have 20,000 employees worldwide, so we were doing the same thing in Manila, in the Philippines as we were doing in London, as we were doing in Dublin, as we were doing in Houston, as we were doing in Las Vegas. And so I want you to think about the operational, and logistical, and infrastructural needs of pretty much all at the same time trying to get people out of the office, enable them to function effectively from home, still be able to serve our clients, and all the family and other issues that people were wrestling with. So, I would say the beginning of the pandemic was stressful. You know, we were working 24/7 trying to make sure that technology worked and people could still get cash and all those things. It has gotten to a much better, you know, I’ll call it normalcy in a strange sort of way. But the early days of the pandemic were — were challenging. We navigated through well, but it’s certainly not something that anyone had anticipated. RITHOLTZ: Really quite interesting. So, I’m assuming you guys have your offices, more or less, reopened. What are you going to do going forward? Is it going to be a hybrid model or is everyone back in the office or people working from home? FRADKIN: Our offices are open and — and really to different extents in different geographies, you know, which makes sense. The — the infection rates, hospitalization rates, all the metrics that we track are very different in different cities and countries around the globe. You know, in terms of where it goes in the future, I think the future of work and how people work is forever changed. You know, we always had a pretty flexible workforce and the ability to work from home and, you know, people’s — people’s lives and — personal lives and business lives had crossed over long ago that, as an employer, we had to be flexible. I think that’s going to be even more so coming out of the pandemic. People have gotten used to it. The technology has gotten better. Client expectations are different. And so, I think we will be in a — you know, what we — what we think of today as a hybrid model will be a normal model tomorrow. And that doesn’t mean everyone will work from home, but it certainly means a lot more flexibility for employees to inevitably juggle the — the conflicting needs of family and work life. And we’re well prepared for that. (COMMERCIAL BREAK) RITHOLTZ: So as investors, COVID was pretty much an exogenous shock. It — it came out the left field. How did the whole COVID crash and recovery compare to past crises, whether it’s 9/11 or dot-com implosion or the great financial crisis? How do you — how do you wrap your head around this one compared to ones from — from recent past? FRADKIN: You know, it’s — it’s a great question. And I think, Barry, my perspective would be that we often call events like the COVID-19 pandemic tail events or once in a lifetime events. And in some ways, they are and, in some ways, they aren’t. If — if I think about it through the prism of my career experience, we had the crash of October 1987. We’ve seen the collapses of things like Enron and WorldCom. We’ve seen September 11th. We’ve seen Bear Stearns go down. We had the global financial crisis of 2008 and, of course, the pandemic. And each time we call it a tail event, but at some point, we have to admit that there are a lot of tails. So, I want to take you back just to compare and contrast COVID-19 with 2008. I’ll give you this example. I want you to imagine it’s the end of 2007, and you’re presenting the 2008 plan for Northern Trust to our board. And you go to the board and you say, “Look, we expect our revenues to do this and our expenses to do that, and so forth and so on.” And one of the board members raises his or her hand and he says — he or she says, “Barry, that’s — that’s terrific. Sounds like a great plan for 2008.” But I — I — I just want to get your perspective. What happens if Bear Stearns collapses, Freddie, Fannie, Washington Mutual, Wachovia, Merrill Lynch, you know, et cetera, et cetera, Lehman? You know, the whole thing collapses in 2008. How will we perform? I think you’d — you know, I — I think if you had been CFO at that time, you would have said, “Well, you know, that’s just — that’s never going to happen,” but it did. And Northern Trust navigated through that exceptionally well. Not unscarred, but exceptionally well. If you take — if you fast forward from that paradigm to COVID-19, it’s very similar. You know, if — if we had been talking to our board the year before and put forward our plan, I think our board would have said, “Well, okay, you know, that sounds like a great plan. What happens if there’s a global pandemic in every office from which we operate is going to be shut down or substantially shut down? Everyone’s got to work from home on the same day globally.” And, by the way, it’s going to be for a year and a half or more. I’m quite confident you or we would have said, well, that — you know, that’s just not — you know, I don’t know what we’ll do. That’s not going to happen, but it did. And so, I think the — the lesson from these crises is that while they’re different every time, they happen a lot. And so, we have to think about our approach to business, our approach to research, our approach to preparing for the unanticipatable. And as I say, each — each of your examples, September 11th, and COVID, and 2008 are different, but they were all — they all featured substantial disruption, substantial unanticipatable disruption. And at Northern Trust and every other company around the world, you have to be prepared to be agile and adapt quickly. And — and that’s what we’ve been able to do pretty consistently over our 130 plus years of experience. RITHOLTZ: So, given that history and the fact that a big chunk of your clients are ultra-high net worth, how do you think about managing assets compared to what — I don’t know, let’s use the phrase “mass affluent,” that typical approach. Is this more about preserving wealth and it is striking at rich. These folks are, after all, already fairly wealthy. How does this specific demographic change and challenge the way you manage assets for them? FRADKIN: Well, I think, look, wherever one sits on the spectrum of wealth, they generally want to optimize their returns over time. And people have different risk preferences as you would expect. So to caricature it, if you come from nothing and you’ve done exceptionally well financially, you may — not always, but you may have a predisposition to have a stronger defensive component to your portfolio because you don’t want to end up back where you were. You know what it’s like not to have money, you have it, and you want to be defensive. On the other hand, there are people who whether they came from nothing or not, they’ve had tremendous success. They’ve seen the power of capitalism, and they want to not only do as well as they can, but keep going. So, we see things through the eyes of our clients across the continuum. What I would say is people in the ultra net — ultra-high net worth space, at least from my point of view, it’s not so much about they’re more defensive or more offensive. They have more flexibility for choice. They can be defensive because they’ve, you know, so to speak, got more than enough or they can lean in and be more aggressive because they have a bigger cushion than the rest of us. And our clientele is all ends of that spectrum. There’s no — the — the — the notion that some people have, well, once someone’s made a certain amount of money they’re — they’re just trying to preserve it. There are certainly clients that — that exhibit that behavior, but there are an equal number who want to optimize it and aren’t in a completely defensive mindset. So, it depends on the personality type. RITHOLTZ: Very interesting. One of the clichés of the industry is three generations from, you know, short tales to short tales, referring that generational wealth very often gets — I don’t want to say wasted, but frittered away irresponsibly or recklessly. Some people take too much risk. How do you manage around that? Do you — do you ever have families coming to you and say, “Hey, we want to leave money to the next generation, but we want to make sure they get it and that it’s not just, you know, Ferraris and — and weekends in Vegas.” FRADKIN: Yes, all the time. Again, every family is different. Every client is different but, you know, one thing to — one thing that I think is a little bit unfair in — in — not by you, but in the characterization that you refer to is this notion, well, you know, by the third generation it is, you know, frittered away. I think you — you have to remember a couple things. First, when — when we say it’s frittered away, the comparison point is often to someone who did the extraordinary. So if I started from nothing and created $1 billion — $1 billion of wealth, it’s a little unfair to say my kids or my grandkids, you know, they’re not as smart as I am because, you know, they didn’t do it, too. You know, People who have created extraordinary wealth have done so, by definition, it’s — it’s extraordinary, and it’s not reasonable. Even if you have bright, talented, you know, high-functioning kids, it’s not reasonable to assume that each generation is just going to — you know, mom made $1 billion. Mom’s kid made $2 billion and — and mom’s grandkid made — made $4 billion. You know, it’s — mathematically, that’s not a reasonable probability. That’s sad. There is definitely an art to optimizing wealth through the generations. And, of course, it starts in the home and how you raise kids and values and, you know, what you demand of them or not. But a lot of our clients do a great job of trying to steward their wealth, trying to educate their kids, trying to make use of family governance to — to help everyone understand how things work for the family. And so, each client is different, but as with most things, the more you put into it, the more you’re likely to get out of it. And for those who believe it’s an important responsibility to steward that wealth, pass it to future generations, educate those generations, make them or trying to help them be important members of society, they tend to get better outcomes than the rest of us. It’s a — it’s a very — it’s, you know, raising kids and money are two challenging vectors, but we see some great examples of people stewarding wealth through multiple generations not just the — the founder, so to speak. RITHOLTZ: Quite interesting. Let’s talk a little bit about what you call Goals Driven Wealth Management. Start out with what — what exactly is that. FRADKIN: Sure. Goals Driven Wealth Management at Northern Trust is the framework that — that we’ve devised to build personalized wealth plans for clients and it focuses on helping them achieve their individual goals with confidence. It provides a big picture of their wealth and transparent steps on how to manage and optimize wealth over time. So, Barry, one way to think about it is — and I’m being a little bit facetious, but just to make the point, it used to be in this industry that the starting point for how money might be managed was a function of your outlook on the market. You think equities are going to go up, et cetera, so you allocate more to equities. Goals Driven Wealth Management comes at investing through a different lens. The starting point is not so much our call on the markets though that will be important at some point. Our starting point in Goals Driven is what are you and your family trying to accomplish. Once we understand what you’re trying to accomplish and the assets you need to accomplish it, we can, in effect, back in to how to deploy those assets — in stocks, bonds, other asset classes — to give you the best probability of achieving your life goals over time. So, it’s really just a different starting point for how to think about creating an asset allocation that is most effective for you and your family. RITHOLTZ: So, let’s talk about that framework. And again, the question comes back, how different is it for the ultra-high net worth than for the merely wealthy or — or is there a lot of overlapping between the two different types of planning? FRADKIN: The process is really the same no matter where you are on the wealth spectrum. You and your family have goals, and whether you have $1 million, $100 million, $1 billion, $10 billion or whatever the number is, you have something you want to achieve over time. You plan to live to age 90 or 100. This is what you need to live in the style to which you want to be accustomed, and we do a variety of work to figure out, first of all, are you asset-sufficient, meaning under reasonable scenarios, do I have enough if I steward it effectively to live my life the way I want to live it over time? And that happens whether you have, you know — again, whatever the number is, $500,000 or $10 million. The difference, Barry, comes in with the flexibility and options that you have as you create more wealth. So, the starting point is the same: understand your goals, understand your needs, and let’s figure out an asset allocation to give you the best chance to get there. What becomes different for people in the ultra-high net worth space relative to the rest of us is that they can take advantage of more planning techniques. They can take advantage of more techniques to optimize philanthropy. They can take advantage of gifting to future generations and so forth, and so the process is the same. But as you accumulate more money, in general, you have more flexibility on some other things you can do. The ultra-high net worth also have more investment optionality. They have the ability to invest in asset classes like private equity hedge fund and so forth where they may have to trade off some liquidity for a period of time. Those of us who are lower on the spectrum may not be able to endure that in a down market. Those who have more wealth can — can oftentimes weather that storm more. So, the process is the same, but you get more flexibility as your wealth grows. (COMMERCIAL BREAK) RITHOLTZ: We’re going to talk more of about alternative investments in a little bit. I want to stick with a couple of interesting things I read in some Northern Trust research. One of the things that I kind of knew, but I didn’t realize it was this intense was the number of clients you see relocating to new states. It’s been a record volume. Some of that is pandemic related, some of it predates the pandemic. How does that challenge the planning process? How different is it from state-to-state when it comes to things like tax planning? You mentioned trust. You mentioned philanthropic issues. What happens when somebody picks up from one state and relocates to another state? FRADKIN: Yeah, it’s an interesting question. Look, clients relocating has always been with us. If you look at Northern Trust history, we are headquartered in Chicago in the middle of the United States. It’s cold here in the winter, lovely city, but it does get rather cold at wintertime. And often times, as people age and, you know, their kids finish school and so forth, they opt for better environments in the wintertime, so they may want to be in Florida or Arizona or Texas or California. So, one phenomenon we’ve always seen is migration from state-to-state. That phenomenon is also impacted by state tax rates, by state tax considerations. And so, both, because of the pandemic and for tax reasons and lifestyle reasons, were continuing to see movement across state lines. And so, you know, I think the — the message to urban planners is taxes do matter to people. It’s not necessarily the only factor, but even affluent people will think through where do they want to be, where do they want to live, what environment to they want to be in, and what’s the tax impact for their clients. And that phenomenon is — is alive and well. It’s always been there, but it — it does seem to be important as different states consider different policies, if you will. People — residents make their choices, and so it’s — it’s — it’s a phenomenon that’s very much at the front of mind for many of our clients. RITHOLTZ: Interesting. You mentioned taxes. There was a new administration came to town this year, and the expectations are there will be some sort of change in tax policy, potentially including increases in capital gains and increases in estate taxes and, in some cases, fairly substantial increases. How do you plan around that? And since nothing is known for certain in advance what an administration is — is going to do, how do you make decisions in — in the face of that uncertainty? FRADKIN: Yeah, I think our starting point on behalf of our clients is to prepare rather than predict. So, let me give you an example that — that you referred to. The newly proposed tax law change would change the lifetime gift and estate tax exemption amount from $11.7 million down to $5 million. And what this means for people that built up substantial wealth is that if the proposal goes forward as — as offered, you have until the end of this year if you want to make a gift to your heirs of — if you can afford to and if you want to, make a gift of $11.7 million. And again, I can’t tell you whether this will happen. But if we just think about the financial impact here, if you have enough capacity to do that and you choose to do it, you can take $11.7 million out of your estate today, get it to your kids, grandkids, whoever it happens to be tax-free as opposed to, on January 1st, if the law goes forward only as — as offered, you can only do $5 million. And what that means is the difference between — sorry to get, you know, numbers all over — but the difference between 11.7 and five, which is $6.7 million will be taxed, you know, when you die at a — at a high rate. And so we have literally thousands of clients all across the country and each one we’re working with individually to evaluate what’s their financial circumstance, what do they want to do, do they want to make the gift. And by the way, this — this — this tax law change may or may not happen, so people have to make a choice without knowing for sure whether it’s going to happen. I think the bottom line though is people are looking at this carefully. They’re studying it and they’re trying to prepare and make judgments about what might happen and what’s best for their individual circumstance. But tax law changes matter and — and we are in the business of helping our clients figure out what’s the best choice for them with the information that we have. RITHOLTZ: Quite, quite interesting. So, we talked a little bit about alternatives earlier. Let’s address that a bit. There seems to be a growing appetite for all manner of — of alternative investments given that stocks and bonds are all a little bit pricey. Let’s start with private equity. What — what sort of demand is there from your clients for private equity. And — and how do you guys respond to the question of potentially better returns in exchange for far less liquidity? FRADKIN: Sure. Look, investment has become much more granular over the decades and again, just to be facetious, you know, large-cap stocks versus high quality bonds, you know, 40 years ago. Today, clients think in terms of small-cap, mid-cap, large-cap, value, international, emerging markets, private equity, and thousands of flavors of private equity; hedge fund the same thing. So, in the quest for optimizing returns, clients and their professional money managers, Northern Trust included, have searched for different asset classes to combine together to give people the best chance to — to achieve their objectives. Private equity clearly has been in the aggregate — there are winners and losers in private equity, but has been a asset class that has done well for many. There are tradeoffs with private equity, particularly in terms of liquidity. But I would say amongst our clientele, the appetite for private equity and private equity, as a more normalized asset class, continues to grow. It’s not the right asset class for every client, but for clients who have the capacity, the risk tolerance and so forth, it — it definitely can play an important role in a client’s portfolio. And increasingly, we’re seeing more use of private equity today than we did say 10 years ago. RITHOLTZ: What about venture capital or hedge funds, two totally different entities from both each other in private equity, what’s the demand like for those products? FRADKIN: Demand exists for venture capital and for hedge funds as well. Again, the devil is in the detail, not all hedge funds are created equally. The — the — the fees that they charge, the performance that they’ve delivered can differ substantially, but there is again this same notion of I want to diversify my portfolio. I want a — a range of options and so-called alternative investments. Whether you call it private equity, venture capital, hedge funds seem to continue to be growing in appeal to our clientele. RITHOLTZ: What about crypto and things like blockchain and Ethereum? There seems to be a lot of real interest in the space. Are — are you finding your client bases crypto-curious? FRADKIN: I would say the demand for crypto is more muted amongst our clientele than some of what you read in the public press. And that doesn’t mean we have examples of clients who have invested in crypto and done exceptionally well in a right time. But I would say, in general, if I had to caricature it, I would say that crypto is still an evolving asset class that is misunderstood by many. And I think most are treating it carefully. And the ones that are making crypto investments are viewing it more as a — more as a roll of the dice than a rational analytical view of what crypto is trading at today and what it’s going to trade it tomorrow. They view it as a bit of a roll the dice. They may jump in a little bit, but they understand that what goes up can also go down. So, I would say amongst our clientele overall, crypto is still not widely in use. RITHOLTZ: So, we mentioned briefly the market is certainly pricier than it was five or 10 years ago. How do you manage around stocks and bonds neither of which are inexpensive? FRADKIN: Yeah, look, I think for many of our clients, the market does go up, the market got does go down. And one of the great features of our — the goals-driven methodology that we use for clients is that we build a portfolio such that after a lot of analytical work to evaluate their goals and so forth that enables them to endure and not have to sell in a down market. We — we create something that’s called a portfolio reserve. I would liken it to the moat around your castle. Some people like a wide deep moat, some people need a narrower and less deep mode, but think of that as a high-quality fixed income. If the stock market goes down, your — your bonds are still fine. You can still pay your mortgage. Life is good. You can wait until the market goes up or — or returns to normal. So, the one thing we know on behalf of our clients is markets go up and down, and so you have to plan and prepare for that. And so, it’s very difficult to know. You know, again using the COVID-19 example, I think they’re a lot of people who might have argued the markets are going to crash, you know, everyone’s working from home and we can’t get the essentials, and people don’t want to go to the grocery store, and yet the market went up dramatically. So, we try and take a long-stewarded view and help our clients plan and prepare themselves so that when the market does go down, they can get through and — and not have to take adverse steps and sell in dire circumstance. And that’s been very helpful for our clients. RITHOLTZ: So, in terms of forward return expectations, does that — and historically low-bond yields, high equity prices tend to suggest low returns going forward, does that work its way into the planning process or is that really more of an academic theory? FRADKIN: No, it absolutely works its way into the planning process because our starting point is what needs does a client have over the near-term for financial resources. We — we got to make sure they can buy their groceries, and pay their mortgage, and we have to deploy assets against those goals. But once, in working with a client, we figured out the right mix of assets to — to enable them to — to afford those goals over a reasonable period of time, we then have to deploy the rest of the portfolio toward so-called risk assets, equities, private equity, hedge funds, venture — whatever the asset class. And in so doing, we have to bring our judgment about risk and return expectations for each of those asset classes. So, our view of asset classes and what they’re likely to bring over the relatively short-term is still an important part of the process. RITHOLTZ: So, what do you tell investors who say, “You know, I’m really not happy with my muni bond portfolio. It’s barely thrown off two or 2.5 percent.” Investors are always seen to be looking for more yield. How do you respond to that group of clients? FRADKIN: Yeah, I think it — my — our response is really you have to remember what you’re trying to do with that muni bond portfolio. No one is saying it’s a great high returning asset class, but that’s not its role. Its role is to be — I’m making this up, Barry, but generally, the role of that muni bond portfolio is to provide you with certainty, security, confidence, and not have to worry about the other part of your portfolio, let’s just call that equities gyrating up and down. So, of course, people want their muni bonds or their high-quality fixed income to return as much as it can, and it’s our job to try and help people achieve that. But I think you always have to come back to what role is this trying to play. And for most clients, it’s trying to play a role of stability, and reliability, and consistency, and that’s the paramount feature. And in providing that consistency and — and stability and predictability, they give up a little bit of return on that asset class, but they’re trying to get that elsewhere with their equities, private equity, and so forth. So, you had — you had discussed previously, hey, you know, it’s up to us to make the most of a low rate environment. What does that mean? Get — how does one make the most of a low rate environment? FRADKIN: Well, I think, you know, low — low rates create — low interest rates create challenges and opportunities. Maybe two simple ways to think about it are, one, on the challenge side, if you’re living on a fixed income as assets reprice to — and you’re reliant on bonds — your bonds to provide income, the lower rates make the yield on those bonds lower, and so that’s bad from, you know, how much cash flow I have to — to fill my needs. The flipside to that is that when rates are very low, if you want to, if it’s appropriate, if it’s thoughtfully done, you can use credit rather than liquidating stocks to — you know, if you want to buy a new toy, so to speak, a boat, whatever it happens to be, one way to do that is to sell stocks in your portfolio and buy the — you know, whatever it is you want to buy. Another way is to let those stocks keep working on your behalf and, because rates are so low, take advantage of credit. Take a loan, buy that boat and — or whatever it happens to be and pay it back over time. So low interest rates, you know, how can have different conflicting phenomenon, opportunities on the credit side and headwinds on the bond investment site. RITHOLTZ: So — so how do you incorporate all this inflation chatter to — to your planning? We’ve started to see rates tick up the 10-year as — as recording this just about 1.5 percent. And I know there’s an irony in saying that rates are all the way up to 1.5 percent, which historically is incredibly low. How do you figure inflation into your modeling and — and thinking about the future? FRADKIN: Yeah, well, we use multi-scenario modeling. The — the reality is no one knows and so you have to, you know, the — the prognosticators will — will have a view. Some — some believe inflation is here and is going to continue. Others argue it’s so-called transitory. And the truth is we don’t know. We’ll — we’ll find that out tomorrow, so to speak. And so as we work through planning with our clients, we generally are running multiple scenarios, low inflation, medium inflation, high inflation. And we’re trying — as we — as we help clients make decisions, we’re trying to make the best judgment we can at a given point in time. But that’s why you — you really have to — be you have to plan for multiple scenarios and bring agility to your process because we don’t know whether the stock market is going up or down. We don’t know whether inflation will be higher or lower. We have a view. We can have probabilities. But as we’ve seen, whether it was with 2008 or COVID, we — everyone can be wrong. And so, you have to plan and adapt and leave yourself a buffer for when you are wrong, and hopefully it’s not — not catastrophic. RITHOLTZ: So, I know I only have you for a little bit of time. Let me jump to my favorite questions that I ask all of my guests, starting with tell us what you’re streaming these days, what’s keeping you entertained at home, either on Netflix or Amazon Prime or — or wherever. FRADKIN: Well, I’ve — I’ve been working hard so I — I can’t say I’ve — I’ve made great use of Netflix. But what I have just started and this will show you, Barry, how far behind I am is I’ve just started Ted Lasso. So I’m behind the rest of the world, but that’s what I’m on right now. RITHOLTZ: All right. Well, well, you’ll — I could tell you this much, you will enjoy it and — and enjoy catching up with us. What about mentors? Who helped to shape your career? FRADKIN: You know, I’ve had a lot of mentors at Northern Trust over the years, people who were senior to me and people who weren’t, but I learned from everyone. I think when I think about mentors, for me, it’s less about people with whom I work and maybe it’s my interest in history. But I try and learn from people who have overcome insurmountable odds, the Mahatma Gandhis, the Martin Luther Kings, the Winston Churchills, the Vaclav Havels, the Abraham Lincoln. And there’s so much wisdom that I see in people like that because they really faced incredible circumstances and worked through them generally to good outcomes. And so there — those great thinkers are probably the people I’ve learned the most from as I wouldn’t call them mentors to me, but I’ve certainly read about all of them and — and learned a lot from each of them. RITHOLTZ: Let’s talk about books. What are you reading right now and what — what are some of your favorites? FRADKIN: You know, I think in keeping with that theme of mentors over periods of time that interest me, I’ve really enjoyed “The Splendid and the Vile” by Eric Larson, which is about Churchill and the blitz of World War II. And — and again, it — it helps you — it helps me to see just how dire the circumstances were and what he and others had to navigate through. The other book that I’ve dusted off recently, I read some time ago, but I think in view of the pandemic, it seemed interesting to me was “The Hot Zone” by Richard Preston, which has nothing to do with the pandemic, but there are parallels to what we’re dealing with, and it was sort of a gripping — a gripping book if you have time for a good read. RITHOLTZ: Sounds interesting. What sort of advice would you give to a recent college grad who is interested in a career in either investment management or finance? FRADKIN: Yeah, I think, Barry, I’d offer a — a — a couple of themes on this. And I — I don’t know that I narrowed these themes to an interest in investments or finance, although I think they do overlap. But I’d start by saying, it probably be easiest place to get my view there would be to go to YouTube and I — I gave a commencement address at the University of Illinois Chicago and tried to formulate those themes for — for young people. But a — but a few that come to mind at least through my lens are comfort is the enemy of accomplishment. If you want to be the best you can be, you can never be satisfied with where you are. You’ve got to push, push, push and make yourself better each and every day in everything you touch. I think a couple of the other themes that would come to me would be in — in the same vein, we see this in Northern Trust all the time. Excellence is not a part-time job. For people who want to be excellent, who want to do the best job for our clients and our shareholders, you can’t be excellent only when it’s convenient, only when you want to do it or only when you feel like it. You’ve — you’ve got to — excellence is an all-in phenomenon. And then probably the — the — the last thing that comes to my mind is persevere beyond your accomplishments. It’s not what you did yesterday, it’s — you can be proud of what you’ve accomplished. But again, you want to be better going forward. And so be proud of who you are, be proud of your grades, and your — your school, and your degrees, and all that sort of stuff, but those are what you did, you know, two years ago, five years ago, 10 years ago whatever it happens to be, keep pushing forward to be the best you can be. So, persevere beyond your accomplishments. RITHOLTZ: And our final question, what do you know about the world of investing today you wish you knew 35 years ago when you were first starting with Northern Trust? FRADKIN: That is a long list, Barry, but I think what I would say is you don’t have to be right on everything and sometimes being right is more about luck and timing than it is about specific analytical acumen. Uninspiring choices in a bull market can turn out just fine, and well-reasoned ideas in a down market can turn out to be not so good. So, get the direction right more often than not and you’ll be just fine. RITHOLTZ: Really good advice. Thank you, Steve, for being so generous with your time. We’ve been speaking with Steve Fradkin. He is the President of Northern Trust Wealth Management. If you enjoy this conversation, well, be sure and check out any of the other 388 prior discussions we’ve had over the past seven years. You can find those wherever you normally find your favorite podcast, iTunes, Spotify, wherever. We love your comments, feedback, and suggestions. Write to us at mibpodcast@bloomberg.net. You can sign up for my daily suggested reading list at ritholtz.com. Check out my regular column at bloomberg.com/opinion. Follow me on Twitter @ritholtz. I would be remiss if I did not thank the crack that helps put these conversations together each week. Paris Wald is my Producer. Michael Batnick is my Head of Research. Atika Valbrun is our Project Manager. I’m Barry Ritholtz. You’ve been listening to Masters in Business on Bloomberg Radio.   ~~~   The post Transcript: Steve Fradkin appeared first on The Big Picture......»»

Category: blogSource: TheBigPictureNov 29th, 2021

85 gifts under $100 for everyone in your life - thoughtful and affordable gift ideas

From a personalized photo book to an educational cooking class, here are 85 gift ideas under $100 for every type of giftee. When you buy through our links, Insider may earn an affiliate commission. Learn more. Hollis Johnson/Crystal Cox/Alyssa Powell/Business Insider With a $100 budget, you can buy anything from a smart speaker to a fun cooking class. These 80+ gift ideas cover a wide range of interests and needs and are also unique. If your budget changes or you don't have a budget at all, we have guides that hit all price points. Table of Contents: Masthead StickyAlthough gift-giving is a fun way to show the people you care about love and appreciation, it can easily become expensive. Fortunately, with a budget of $100 you can purchase the latest tech accessories; useful kitchen tools; luxury beauty and skincare products; and quirky, just-for-fun goodies. These 80+ gift ideas cover everything your giftee will need and also includes thoughtful, unique finds. We've tested, purchased, and gifted many of these items ourselves, which means they're sure to impress no matter the occasion.We also have guides for gifts under $25 and gifts under $50. If you're not shopping by budget we have gift guides that cover many price points and interests. Shop the 85 best under-$100 gift ideas below:This list includes a Sponsored Product that has been suggested by Casper. It meets our editorial criteria in terms of quality and value.* An artistic swatch collab with MoMA MoMA Design Store Swatch x MoMa watch, available at Moma Design Store, from $80What better way to show off their love for art than a watch inspired by famous paintings. Swatch collaborates with New York's Museum of Modern Art to create these unique watches that resemble artworks from MoMa's collection. A travel photo album Artifacts Uprising Hardcover Travel Photo Book, available at Artifact Uprising, from $72This customizable photo book takes you back to every travel adventure so you'll never forget it. Whether it's a week trip or an extended stay, the travel photo album captures every excursion with charming designs on up to 210 pages. A fresh flower bouquet Urban Stems Urban Stems bouquets, available at Urban Stems from $45If you don't know what to gift, flowers are always appreciated. A beautiful bouquet delivered right to them is the kindest way to say congrats and show you're thinking of them. A set of multipurpose starter seasonings Omsom The Best Seller Set, available at Omsom, $45Spice up their summer with this fun set of four seasoning starters that can be used on everything from barbecue to savory tofu and chicken. The perfect pillow for side sleepers Casper Original Casper Pillow, available at Casper, $65The Original Casper Pillow will help your favorite side sleeper align their neck with their spine while sleeping. We named this pillow the best for side sleepers in our guide to the best pillows. You can customize the pillow even more by choosing its size and height.*Sponsored by Casper A grow it yourself garden kit Uncommon Goods Vegetable Grow Kit & Garden Cookbook, available at Uncommon Goods, $35With this vegetable grow kit, they'll be able to grow their meals right in their backyard. The kit includes a cookbook, step-by-step gardening instructions, and the seeds to grow 11 different vegetables. A mini fireplace Food52 Personal Concrete Fireplace, available at Food52, $99Keep them warm and entertained this summer with this small personal fireplace, which is safe for use indoors and for cooking fun treats like s'mores.  A gift card from Bookshop Bookshop Bookshop gift card, available at Bookshop, from $10Bookshop allows readers to support small bookstores online. The retailer sells gift cards that your recipient will be able to use to shop online from their favorite indie bookstore. The gift cards never expire and can be bought in increments from $10 to $1000. An interactive pottery kit Sculpd Sculpd Pottery Kit, available at Sculpd, $65This pottery kit offers a unique activity to do with your loved ones. Each kit comes with enough supplies for two people, with add-on supplies also available for purchase so that more can participate. The kit also includes a step-by-step instructional booklet. A set of cocktail mixers that taste like summer Williams Sonoma Casamigos Cocktail Gift Set, available at Williams Sonoma, $49.95Co-founded by actor George Clooney, Casamigos is a favorite brand of many tequila lovers. The company's newest addition is a cocktail gift set of uniquely flavored mixers and rimmers. The mixers are exclusively available at Williams Sonoma and include blackberry basil and citrus flavors. A gift card from Hello Fresh Hello Fresh Gift Card, available at Hello Fresh, from $70The best gifts are for items or services your recipient wouldn't think to purchase for themselves. A gift card from Hello Fresh checks all of these boxes, as it offers a welcome reprieve from grocery shopping and meal planning. Choose from four amounts based on your recipient's household size and needs. We also wrote a full guide to Hello Fresh that includes a breakdown of its special features, how to get started with an account, and more. A bag made for hosting mini picnics Amazon Picnic at Ascot Insulated Wine and Cheese Cooler Bag, available at Amazon, $58Our pick for best picnic basket for carrying bottles, this insulated bag is a great gift for those who want to have a small picnic complete with their favorite drinks and small snacks. A set of sustainable coasters Joanna Buchanan Ruffle Edge Straw Coasters, available at Joanna Buchanan, $48Add a pop of color to their indoor and outdoor eating spaces with these colorful straw coasters. The coasters come in a set of four, are handwoven in the Philippines, and are made of sustainable materials. A savory seasoning starter pack Momofuku Pantry Starter Pack, available at Momofuku, $55Spice up their pantry with this flavorful seasoning set. The starter pack includes spicy seasoned salts, restaurant-grade soy and tamari sauces, and chili crunch. Momofuku's site also includes several recipes to make using the ingredients from the set. A mini travel kit Away The Travel Wellness Kit, available at Away, $55Keep them well stocked with travel essentials by gifting them Away's Travel Wellness Kit. The set comes inside of The Mini which is a smaller version of their popular suitcase and is available in multiple colors. Accompanying The Mini is a hand sanitizer, anti-bacterial hand wipes, dissolvable soap leaves, and a mask with five replacement filters. A pair of cozy slippers Zappos Scuffette II Slippers, available at Zappos, $89.95Help them keep their feet warm while working from home with these fuzzy slippers. These high quality slippers are made of suede and have a sheepskin collar, and are a very useful gift that your recipient may not think to purchase for themselves. A wine gift set Amazon Wine Lovers Set with Opener and Preserver, available at Amazon, $49.99Help elevate your recipient's wine experience by gifting this wine lover's set. The included wine preserver is a great gift for those that live alone or like to take their time with their wines. The sleek charging base and modern design make this a gift your recipient will be proud to display on their kitchen counter. A sturdy wallet Amazon Bellroy Low Slim Leather Wallet, available at Amazon, $75Replace their tired and tattered wallet with this slim leather billfold from Insider Reviews' favorite wallet brand Bellroy. It's made with ethically sourced leather that will age wonderfully and last many years. A Disney+ subscription Alyssa Powell/Business Insider Subscription, available at Disney+, $7.99/month or $79.99/yearIt gives you unlimited access to movies and shows from Disney, Pixar, Marvel, Star Wars, National Geographic, and 20th Century Fox, and costs just $7.99 a month or $79.99 a year after a free seven-day trial. Read everything there is to know about Disney+ over here.And if you need some binge-spiration, here are all the new movies available to stream. A sleek fitness tracker that includes heart rate monitoring Fitbit Fitbit Inspire 2, available at Best Buy, $99.95Fitbit's affordable Inspire 2 tracker has no shortage of useful features to keep them informed about their physical activity. The heart rate monitor lets them be more strategic about their workouts by tracking calorie burn, resting heart rate, and heart rate zones. A hair towel that cuts drying time in half Amazon Aquis Original Microfiber Hair Turban, available at Amazon, $20.49Aquis' cult-favorite hair towels have inspired a slew of rave reviews online, including one from our own team of product reviewers.The towels are made from a proprietary fabric called Aquitex that's composed of ultra-fine fibers (finer than silk) that work to reduce the amount of friction the hair experiences while in its weakest state.  A memorable date night option Eatwith/Instagram Gift Card, available at Eatwith, from $30Eatwith offers cool dining experiences that bring together delicious menus, professional chefs, and interesting guests. Typically held in person, in major cities like New York, Paris, and London, Eatwith is now offering online classes you can take from anywhere that bring unique cooking experiences right into your kitchen. In addition to experiences led by professional chefs from around the world, Eatwith has recently added classes taught by MasterChef contestants. A pair of comfortable wool shoes Allbirds Wool Runners, available at Allbirds, $98While Allbirds has hinted that it's on track to become more than just a shoe brand, we'll always be partial to its original sneakers made from merino wool. We've been wearing and loving the comfortable style for more than two years, and you can't go wrong gifting a pair of these shoes.  Coffee from a different country, delivered every month Atlas Coffee Club/Instagram 3-Month Gift Subscription, available at Atlas Coffee Club, $60It's a worldwide coffee tour without the expense of airplane tickets. Atlas Coffee Club delivers single origin coffee and always includes a postcard from the country, brewing tips, and flavor notes with each month's shipment.  A small skincare tool that removes 99.5% of dirt, oil, and makeup residue Amazon Foreo Luna Facial Cleansing Brush, available at Amazon, $99Our team swears by these gentle yet effective cleaning brushes. They have hygienic silicone bristles and come in five different models for different skin types. The Luna is small enough to bring on the go, so your recipient can maintain their skincare routine no matter where they are. A digital photo frame Amazon NIX 8-Inch USB Digital Photo Frame, available at Amazon, $69.99Include a USB stick of your favorite photo memories together with this gift. The high-tech photo frame will shuffle through and display crisp photos and videos, and it can also be mounted on a wall. If you can stretch your budget, the more popular WiFi version is the same idea but more convenient to use because it works right from your phone's gallery.  An easy-to-use trimmer Philips Norelco Philips Norelco OneBlade Face + Body Trimmer, available on Amazon, $39.95What separates the Philips Norelco OneBlade from other trimmers and shavers is the unique blade. It uses a fast-moving OneBlade cutter with a protection system on both sides of the blade to prevent knicks. The base of the blade will contour to his face, allowing for a comfortable shave or trim without irritation — and it works for wet or dry shaving. A convenient wireless charging pad Amazon Anker PowerWave Wireless Charging Pad, available on Amazon, $13.99A wireless charger is a great gift for anyone with a glass-backed smartphone that supports the feature. Our reviewer called this one "the perfect wireless charging pad." It charges quickly, looks nice, and can even accommodate thick phone cases. Membership to a popular nationwide book club Book of the Month 6-Month Subscription, available at Book of the Month, $89.99If they prefer the incomparable feel of a hardcover book, set them up with a Book of the Month membership. It offers five curated titles, mainly from up-and-coming authors, to choose from every month.  A solution to their back pain Amazon Upright Go Posture Trainer, available at Best Buy, $79.99This gift is for anyone who is always complaining about their back pain or poor posture. Upright Go is an innovative and discreet device that sticks to the top of their back and helps them improve their posture, day by day.  A fan-favorite cookbook with original illustrations Amazon "Salt, Fat, Acid, Heat" by Samin Nosrat, available at Amazon, $16.67This is the perfect cookbook for those just getting into cooking. Chef and New York Times columnist Samin Nosrat outlines the foundations of cooking and presents it in a fun, engaging way alongside original illustrations.  Their favorite specialty meals, no matter where they are Goldbelly Meals, available at Goldbelly, from $25Goldbelly makes it possible to satisfy their most specific and nostalgic cravings no matter where they live in the US — a cheesecake from Junior's, deep dish pizza from Lou Malnati, and more. Browse the iconic gifts section for inspiration. Smart bulbs to deck out their home with the best ambiance Amazon Philips Hue White Smart Light Bulb Starter Kit, available at Amazon, $99.99Gift this to a friend who wants to equip a full room or apartment with smart lights. This kit includes four white bulbs, which you can control with Alexa, Google Assistant, and HomeKit, and a Philips Hue Bridge that connects them to your router. You can automate the bulbs with timers and schedules, and create gorgeous lighting effects. With the Philips Hue Sync feature, they can even sync up with the audio of your music, movies, or games. A book about their favorite burger spot Amazon Shake Shack: Recipes & Stories, available at Amazon, $22.03While this book doesn't contain the actual recipes for the burger or the famous sauce, it will get your burger-loving recipient pretty close to the real deal. They can make delicious burgers, fries, and shakes at home, then conduct the classic Shake Shack vs. In-n-Out comparison.  A stylish accessory with a hidden charger Mark & Graham Power Up Lightning to USB Tassel Keychain, available at Mark & Graham, from $44.99The leather keychain is as functional as it is attractive: it has an iPhone lightning input and USB stick so they can charge their phone in their bag. Some colors include free monogramming while others have a $10 monogram fee.  A reusable bag featuring a fun print Baggu Standard Baggu, available on Baggu, $16There are plenty of reusable nylon shopping bag options out there, but where Baggu really stands out from the crowd is its variety of quirky and colorful prints. These useful bags are the perfect gift for everyone in your life. A fun and educational online cooking class Cozymeal/Instagram Gift Card, available at Cozymeal, from $50Gifting experiences is on the rise. With a Cozymeal class, they'll learn how to make anything from fresh pasta to beautiful charcuterie boards. In addition to cooking classes, Cozymeal offers online mixology classes and virtual wine tastings. A set of trackers for the absent-minded Amazon Tile Pro (2-Pack), available at Amazon, $59.99When they can't find their phone, all they have to do is click their Tile button to make their phone ring, even if it's on silent.  An electric toothbrush that you won't want to hide away Goby Moonstone Electric Toothbrush, available at Goby, $85In addition to its sleek design, the Goby Toothbrush stands out for its soft brush head, normal and sensitive brushing speeds, and convenient USB charging shell.  Ready-to-prepare meals that save them time Daily Harvest The 9-Item Gift Card, available at Daily Harvest, $75Your recipient will be able to fill a box with smoothies (including protein smoothies for gym rats), harvest bowls, soup, and more meals that are ready to take on the go. Daily Harvest's healthy offerings are perfect for the busy, wellness-minded people in your life.  A case that sanitizes dirty phones Phone Soap PhoneSoap Smartphone Sanitizer, available at PhoneSoap, $79.95Most of us carry our phones with us everywhere — and we mean, everywhere. PhoneSoap kills 99.9% of common household germs, including bacteria that lead to E.Coli, Salmonella, Staph, the flu, and the common cold. Especially with the pandemic, your recipient will love knowing that their phone is squeaky clean.  A pretty leather wrap for taking chargers and cables on the go Mark & Graham Leather Charger Roll Up, available on Mark & Graham, from $22.99Mark & Graham's Leather Charger Roll Up is made from soft, supple leather and has three separate pockets to stash cables and chargers on the go. Get it monogrammed for free. A delicious and unique hot sauce Truff/Instagram Truff White Truffle Hot Sauce, available at Amazon, $31.49The limited-edition hot sauce is infused with white truffle, packing a sweet heat you'll want to add to burritos, pizza, wings, or any other dish you want to make a little more interesting.  Membership to a huge outdoor co-op Connie Chen/Business Insider REI Membership, available at REI, $20An REI membership offers a lifetime of benefits for a one-time purchase. That includes 10%-back dividends, special offers, access to in-store REI Garage sales, and special pricing on REI classes and events. Find out more here. Extremely comfortable, flattering lounge pants MeUndies MeUndies, Lounge Pants, available at MeUndies, $68These are some of the best lounge pants we've ever tried. If they're spending more time in casual wear, they'll spend an inordinate amount of time in these. We also appreciate that the silky MicroModal and sleek cut make them perfectly acceptable for wearing in public to grab the mail. A bike horn that can go as loud as a car Priority Bicycles Priority High Power Horn, available at Priority Bicycles, $29.99Born out of a research project between Priority Bicycles and Toyota, this bike horn can get as loud as the one in a car. This is an excellent safety accessory for bikers. A silky hand cream La Mer/Instagram La Mer Hand Treatment, available at Nordstrom, $90Of all La Mer's premium skincare products, the Hand Treatment is a brand favorite. This creamy formula is the perfect texture to help heal dry hands. The internet's favorite olive oil Brightland/Instagram Awake Olive Oil, available at Brightland, $37Brightland's olive oils make great gifts for cooks and anyone who loves to entertain. The white bottles protect the EVOO from light damage and look nice displayed on a countertop.  A cool and smooth pajama shirt Ettitude/Instagram Bamboo Lyocell Sleep Shirt, available at Ettitude, from $64.40Luxury sheets will break your budget, but the next best thing to get them a good night's sleep is this comfortable and attractive PJ shirt. It's made from organic bamboo lyocell, which is breathable and moisture-wicking, not to mention more sustainable to produce than traditional cotton.  Premium distilled whiskey Uncle Nearest Whiskey Uncle Nearest Whiskey, available at ReserveBar, starting at $49Founded in Tennessee, Uncle Nearest is an award-winning, Black-owned whiskey brand that was inspired by the first known African-American master distiller, Nathan "Nearest" Green. If you're shopping for someone who enjoys a quality glass of whiskey or a whiskey-based cocktail every now and then, a bottle of Uncle Nearest won't disappoint. A sleek knife block Material Kitchen The Stand, available at Material Kitchen, $90We're big fans of Material Kitchen's minimalist approach to kitchen essentials — like this magnetic, angled knife block made from heavy-duty wood.  Soft and environmentally friendly socks made from hemp United by Blue SoftHemp Sock, available at United by Blue, $16The cozy socks are also sustainably made and made from a hemp yarn that's four times more durable than cotton, a win-win all around.  A simple but luxurious body wash Necessaire Necessaire The Body Wash, available at Sephora, $25New startup Necessaire formulates its body care products with vitamins A, B3, C, E, and omega-6 and omega-9. The subtly scented Body Wash will leave their skin feeling clean, soft, and nourished.  An indoor plant The Nice Plant Blooming Energy Box, available at The Nice Plant, $45.99Indoor plants are much more than an extra responsibility. They help purify the air, have been proven to reduce stress, and look good aesthetically. The Nice Plant's Blooming Energy Box includes a small plant and a few other useful things, like a sage smudge stick, palo santo bundle, and room spray, to make their home more peaceful and relaxing.  A high-quality leather band for an Apple Watch Amazon Bullstrap Full-Grain Italian Leather Watch Band, available at Amazon, $89Bullstrap's Italian Leather Watch Bands are the perfect way to add some elegance to an Apple Watch. They come in several colors of leather and are compatible with all generations of the Apple Watch. A pair of sparkly hoops Mejuri Sapphire Hoops, available at Mejuri, $60Traditional hoops get an embellishment of white sapphire in this affordable piece from Mejuri.  Premium underwear that's worth every penny Tommy John Tommy John Men's Second Skin Boxer Brief 3-Pack, available at Tommy John, $97It's not an exaggeration to say Tommy John could be the most comfortable boxers your recipient has ever worn. The Second Skin, in particular, is a standout — smooth, soft, stretchy, and breathable.  A cool drink accessory worth celebrating Brumate BrüMate 12oz Insulated Champagne Flute, available at BrüMate, from $22.99Brumate's insulated flute prevents the disappointment of bubbly that has gone warm and flat. It holds almost half a bottle of champagne and comes in 30 pretty colors.   A whimsical candle from a new brand Otherland/Instagram 3-Candle Set, available at Otherland, $89As our candle-loving editor points out, "Does the world really need another fancy candle brand?" Otherland's candles are so creative and interesting that you won't be able to resist gifting at least a few.  A travel-friendly vanity case Paravel Mini See All Vanity Case, available at Paravel, $65They can stop using unsightly and wasteful Ziploc bags once they have this stylish and structured case in their possession. The exterior material is resistant to water and stains, and the clear window lets them easily identify the case's contents.  A gold bracelet that displays their zodiac sign Aurate Zodiac Bracelet, available at Aurate, $90The delicate gold vermeil bracelet is a piece they'll want to wear every day. Aurate's beautiful gold jewelry is not only more affordable than traditional fine jewelry, but it's also ethically sourced, representing a new wave of jewelry brands to know about.  A mini duffel crossbody with a distinctive look Dagne Dover Extra Small Landon Carryall, available at Dagne Dover, $110Dagne Dover excels at making functional and versatile bags like work totes and this extra small version of its popular neoprene duffel. Inside, they'll find a compartment just large enough for the day's essentials, pockets to keep them organized, and a detachable key leash.  A streaming stick that gives them access to more than 500,000 movies and TV episodes Amazon Roku Streaming Stick +, available at Amazon, $44.99Roku's Streaming Stick+ is exceptional for its 4K, HDR, and HD streaming, and long-range wireless receiver. Installing it is an easy process and starts by plugging the stick into the TV.  Sweet treats they won't be able to stop eating Milk Bar The Chocolatey Classic, available at Milk Bar, $75Instead of the usual box of chocolates, gift some of the best-known and most delicious treats from NYC institution Milk Bar. The set contains 12 soft and chewy cake truffles, six assorted and an adorable mini birthday cake.  A box that lets them explore the exciting world of sake Tippsy Sake Gift Box, available at Tippsy, $59While online wine clubs abound, Tippsy is quietly cultivating a community of sake lovers. It offers an abundance of knowledge and premium sake options to anyone who's interested in exploring this underrated alcohol further.   A compact and lightweight hand mixer Amazon Kitchenaid 5-Speed Ultra Power Hand Mixer, available at Target, $49.99Not all baking tasks require a full stand mixer. KitchenAid's hand mixer doesn't take up a lot of space but gets a variety of jobs done by offering five-speed options. You'll also have fun picking out a unique color for your recipient.  A game that tests their penchant for puns Amazon Pun Intended Game, available at Amazon, $24.99It's a battle of who can devise the most clever puns in this family-friendly card game that requires a quick mind and even faster writing skills. Game on.  A custom map of a special location Grafomap Custom Map Poster, available at Grafomap, $49Grafomap is the site where you can commemorate important places, be it their hometown, college town, or the city where you two met. The custom design function is easy to use and you can choose to get the final map poster framed or printed on canvas.  A waterproof outdoor speaker Amazon Ultimate Ears Wonderboom Speaker, available at Amazon, from $99.99The surprisingly powerful speaker fits in the palm of their hand and can go swimming with them in the pool or ocean. It's also dustproof and therefore suitable for hikes and other outdoor adventures.  A sleep mask made with high-quality mulberry silk Nordstrom Slip Slipsilk Sleep Mask, available at Nordstrom, $50Few things are more luxurious than sleeping with a silk mask. Thanks to its all silk construction, your recipient's face will feel cool all night long.  A plush bathrobe Parachute Classic Bathrobe, available at Parachute, $99It's all too tempting to stay wrapped up in this Turkish cotton bathrobe long after they've stepped out of the shower. The thick robe is our pick for the best bathrobe you can buy.  A chai sampler Amazon Vadham Chai Tea Reserve Set, available at Amazon, $29.99This set of loose-leaf teas made it into Oprah's Favorite Things back in 2018. It's filled with three variations of chai that any tea lover will appreciate.  A cult-favorite fragrance Le Labo/Instagram Le Labo AnOther 13 Eau de Parfum, available at Nordstrom, from $86Le Labo is famous for its distinctive packaging and subtle yet inviting scents. The AnOther is musky and woodsy, but it's balanced out with ingredients like jasmine petals.  The outdoor game you see everyone playing at the park Amazon Spikeball Game Set, available at Dick's Sporting Goods, $69.99It's a gorgeous day out and you can't help but notice a few groups having fun while playing some kind of new ball game. Chances are it's Spikeball, the volleyball-esque game that your recipient can set up in any large outdoor space. It takes just 10 minutes to learn the rules.  A pair of blue light-blocking glasses that look good enough to wear outside of the house MVMT Ingram Crystal Everscroll Glasses, available at MVMT, $62.40Help them protect their eyes from harsh screens with a pair of blue-light-blocking glasses. Their eyes won't feel as strained, and they might be able to drift off to sleep more quickly.  A set of monogrammed hand towels Weezie Stitched Edge Hand Towels, available at Weezie, $30The extra time and thought put into a personalized gift are worth it. You can add custom embroidery (+$15 per towel) to Weezie's fluffy and absorbent towels.  Smart plugs that let them control their appliances with their phone Amazon Kasa Smart WiFi Plug, available at Amazon, $17.68Through the corresponding app, they can schedule when their lights turn on and off, or use voice commands with Alexa, Google Assistant, and Cortana. It's a suitable entry-level smart plug for someone looking to get into home automation.  A personalized photo book Artifact Uprising Color Series Photo Book, available at Artifact Uprising, from $22Photo books are a great gift for anyone in your life and can be used to commemorate vacations, weddings, special events, or even just everyday life. With three book sizes, multiple color and theme options, and the opportunity to choose a cover image, this gift is sure to make your recipient feel special. A flavorful seasoning collection Spicewalla The Grill & Roast Collection, available at Spicewalla, $18.99With grill and BBQ season slowly approaching, a set of tasty seasonings is key to making delicious foods. They can use the spices in this collection to add flavor to meats, seafood, vegetables, and even rice. The coziest moccasins we've ever worn L.L.Bean Women's Wicked Good Moccasins, available at L.L.Bean, $79Can you practically feel the soft fluffiness of these slippers through your screen? L.L.Bean supposedly sells a pair of these cushioned sheepskin shoes every seven seconds during December, proving that they are worth the purchase. An everyday stainless steel frying pan that professional cooks love Made In Frying Pan, available at Made In, $65Pros like Tom Colicchio trust Made In's cookware to perform in some of the country's top kitchens, so rest assured it's good enough for your recipient. The quickly growing startup is behind a couple of our favorite pieces of cookware.  A gorgeous coffee table book that helps cure their travel bug Amazon 1,000 Places to See Before You Die (Deluxe Edition): The World as You've Never Seen It Before, available at Barnes & Noble, $50.99Patricia Schultz's original "1,000 Places" captured imaginations with its compelling curation of experiences all over the world. The newly released deluxe edition features a beautiful gold-embellished cover and more than 1,000 new photographs.  A fun, cult-favorite board game Amazon Settlers of Catan Board Game, available at Walmart, $35.20The Settlers of Catan relies upon strategy and sometimes luck to build civilizations — and it can last for hours.  A beautiful piece of handmade drinkware JFR Glass Antique Silver Glass, available at JFR Glass, $45Each hand blown glass from JFR Glass is unique. The glasses aren't just pretty — they're also functional and sturdy. They're dishwasher-safe and UV-resistant, so your recipient can enjoy the pieces forever.  An interactive state park map UncommonGoods State Parks Explorer Map, available at UncommonGoods, $28This state park map is sure to come in handy this spring and summer as many of us will be venturing into the outdoors. Choose from ten maps that each list over 30 parks in states such as New York, California, and Connecticut. The map includes a sheet of gold stickers so you can mark your progress after each park visit. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 25th, 2021

New York reports a record 15 cases of a rare disease linked to rat urine in 2021, as vermin complaints flood in

Rats have been terrorizing New Yorkers even more than usual this year. In 2021, New York has recorded 15 cases of leptospirosis, a rare, potentially fatal disease that comes from exposure to rats. A jagdterrier holds a dead rat in its mouth after hunting it in a dumpster in lower Manhattan on May 14, 2021. Angela Weiss/AFP via Getty Images New York has recorded 15 cases of leptospirosis, and one death, in 2021. The rare disease comes from exposure to rats. Three of the people infected were experiencing homelessness. To help drive down the city's rat problem, a volunteer group of dog-owners go rat hunting on Friday nights. Rats have been terrorizing New Yorkers even more than usual this year, teaming up in clan warfare during the food-scarce days of strict Covid lockdowns and harassing sidewalk diners once the city began opening up.And this year, more New Yorkers have been falling seriously ill from a rare but potentially fatal bacterial disease called leptospirosis, which is spread through exposure to rats, and specifically through contact with rat urine or contaminated water.Last month, the city's health department reported 14 cases of leptospirosis - an unusually high number since just New York has documented a total of 57 cases in the 15 years since 2006 - and alerted healthcare providers to be on the lookout for symptoms. Of the first 14 cases, 13 people were hospitalized with acute renal and hepatic failure, and one person died as a result of an infection, the alert said. Last week, there was a 15th case. That person appears to have recovered, the health department told Insider. Brooklyn Borough President Eric Adams, the Democratic nominee to be the next mayor of New York, holds a bag of rat poison in 2019. Angela Weiss/AFP via Getty Images The disease is treatable with antibiotics and some people won't experience any symptoms, though one in ten cases progress to severe complications, according to the Centers for Disease Control. Every year, there are roughly 150 cases of nationwide, according to the CDC, with most cases occurring in Puerto Rico and Hawaii. The last time leptospirosis made news in New York was in 2017, when a cluster in the Bronx landed three people in the emergency room - sparking a wave of media coverage and criticism of the city's rat mitigation efforts. A 46-year-old man who worked in a meat processing facility had been hospitalized for muscle pain and shortness of breath after cutting his hand at work. He eventually developed the first documented case of testicular swelling associated with leptospirosis.The two others lived or worked on the same block where the first man worked. Of the three, two recovered and one person died, the city said at the time.A few months later, New York issued a veterinary medical alert when dogs started falling ill, some of which were believed to have slurped contaminated water in standing puddles while taking walks during the unusually warm winter.There are about 16 cases of canine leptospirosis a year in New York, according to a surveillance report. Canine cases do not predict where human cases will occur, and while canine to human transmission is possible, no case has ever been documented in New York. Climate change, homelessnessThe 15 cases of leptospirosis reported this year came from all over the city. The city's health department says it can't say for certain what's behind the higher number of cases.Climate change is a likely driver, since warm, moist environments contribute to higher rates of leptospirosis. "Changes in climate that allow bacteria to persist could contribute to an increase in human cases," a health department spokesperson told Insider this week.The spokesperson said that none of the leptospirosis cases had been traced to the widespread flooding in September from Hurricane Ida. Similarly, no infections had been linked to Hurricane Sandy in 2012. Housing insecurity also puts people at greater risk of coming in close contact with rats and contaminated water. Three of the people infected this year were experiencing homelessness, and all of the local infections recorded in the health department's database since the year 2000 involved a person who was experiencing poverty. A health department notice about rat control is seen on a street in Brooklyn on June 16, 2017. Robert Nickelsberg/Getty Images Dr. Robert Glatter, a physician at Lenox Hill Hospital in New York, said leptospirosis frequently goes undiagnosed because it affects vulnerable populations who often can't access healthcare. "The main issue for practicing physicians in big cities is to know about the disease, and then consider it in patients presenting with certain risk factors such as poverty or homelessness," he said in an email. A task for SisyphusBrown rats, sometimes known as Norwegian rats, have been a fixture of New York City since they began arriving on boats from Western Europe in the 1700s. In 2014, statistician Jonathan Auerbach estimated that there were about 2 million rats in New York, which is about a quarter the size of the city's human population.There's no reliable headcount of New York City rats and how many of them carry the disease. Dr. Ian Lipkin, a Columbia University epidemiologist who co-authored a 2014 study on pathogens including leptospirosis in New York rats, said that the best thing the city can do is invest in rodent control. The city spends millions of dollars a year getting rid of rats. There's even a regular "Rat Academy," which is aimed at turning community members into soldiers in the war on rats. (It will be held virtually this year, starting Oct. 21, and you can register here.) But as Joseph Lhota, who was known as the city's "rat czar" in the 1990s, put it once: "Anybody who's in charge of eradicating rats in New York knows exactly what Sisyphus felt like." A poster of New York Mayor Bill de Blasio is seen on a street where trash bags have been left out for collection during the Covid19 pandemic in June 2020. Noam Galai/Getty Images Just a few months after the 2017 outbreak in the Bronx, New York Mayor Bill de Blasio demanded "more rat corpses" and announced a $32 million anti-rat plan on top of the city's regular sanitation budget. This included $8.8 million for new trash compactors and another $16.3 million to put down concrete "rat pads" over the dirt, basement floors at the city's public housing units with the worst rat issues.But then came Covid. While it appears that the widespread closures of restaurants and bars in March of 2020 helped to depress the number of rats scampering through the city, New York's vermin population appears to have more than recovered, says Dr. Robert Corrigan, a New York urban rodentologist who has guided several mayors on their anti-rat initiatives.Rat complaints to New York's 311 hotline dipped down during 2020, the first year of the pandemic, and have increased by 20% so far in 2021, for a total of almost 20,000 complaints. That coincided with a $45.6 million sanitation department budget cut, which reduced trash pick up around the city, including a 25 percent reduction in the areas identified by de Blasio's plan for rat mitigation.Last week, a resident from Mariana Bracetti Plaza in the East Village - one of the developments included in de Blasio's anti-rat plan - posted a video to Instagram that went viral. In it, rats were plundering the pile of trash outside her window so voraciously that it woke her up.A spokesperson for the New York Housing Authority said that inspectors had responded to the infestation and that no recent leptospirosis infections had been reported at its properties. Richard Reynolds holds two dead rats hunted by his Jadterrier. Angela Weiss/AFP via Getty Images A Batman for New York's rat-averseRichard Reynolds knows all too well the problem of rats repeatedly returning to a pile of garbage.Reynolds leads a double-life: By day, he's an American Kennel Club certified dog show judge. By night, he runs a volunteer group of rat-hunting dog-owners, becoming a version of Batman responding to calls from desperate city residents. He gets complaints from public housing projects "constantly," often to the same trash cans.Most Friday nights, for over thirty years, he makes the trip into New York from his home in New Jersey to lead rat-hunting trips with his terriers. The resulting spectacle is not for the squeamish, as fresh blood streams from the dogs' mouths and maggot-infested rat carcasses are dragged out into the open. Reynolds says he's never had a dog get sick as long as he's been hunting rats."You can tell when you see a pile of dead rats if they look sick and dehydrated, they probably have lepto," Reynolds said. "Our dogs walk right past those rats." Richard Reynolds with other members of the volunteer R.A.T.S. squad in lower Manhattan. Angela Weiss/AFP via Getty Images Like others, Reynolds is well aware that ridding New York City of rats is an uphill battle. "If you have two rats today, you'll have 24,000 rats a year from now if there's enough trash for them to eat," he said. Read the original article on Business Insider.....»»

Category: worldSource: nytOct 16th, 2021

Los Angeles Homeless Moving Back Onto Street After Cleanups

Los Angeles Homeless Moving Back Onto Street After Cleanups Authored by Micaela Ricaforte via The Epoch Times, This month, Los Angeles resumed its CARE Plus homeless encampment cleanups in the city. Some Angelenos welcome the cleanups, saying it improves the quality and safety of their neighborhoods, while others are concerned about the unhoused who are left scrambling after their belongings are often completely thrown out by the city. Earlier this year, the city council voted to resume the cleanups, which require the homeless to take down their tents so the Los Angeles Sanitation Department can sweep and wash the streets and remove trash and waste from the area, beginning on Sept. 1. Peggy Lee Kennedy of Venice Justice and Service Not Sweeps told The Epoch Times previously that the CARE Plus cleanup crews put aside some of the people’s belongings in bins, but that other belongings are often destroyed by the crew. “The [cleanup crew] put the police tape up, and they really just went at it and started destroying everything with very minimal going through belongings,” Kennedy said. “They had, I guess for these four blue tubs that they stored people’s belongings in, but [everyone’s belongings were mixed up]. And a front loader was pushing things and sort of crushing them, and then a crane picked everything up and threw it in the trash truck—full tents and everything.” A homeless encampment in Venice Beach, Calif., on June 8, 2021. (John Fredricks/The Epoch Times) Julian von Loesch, founder of activist organization Sidewalk Society, decided to rent a U-Haul truck to help the unhoused store their larger belongings during the encampment cleanups. On Sept. 16, photojournalist Fabian Lewkowicz posted a video of von Loesch helping a homeless person unpack their things from the U-Haul truck after an encampment cleanup on Hampton Drive in Los Angeles. Lewkowitz told The Epoch Times that he saw von Loesch help people in the encampment load up their belongings into the U-Haul earlier that day before the city’s scheduled CARE Plus cleanup. After the cleanup, von Loesch and others helped people unpack their belongings. In the video, von Loesch said that part of what he’s trying to do is help people in encampments downsize. “A lot of people have lost a lot of stuff,” von Loesch said. “I want to transition people slowly. So what we’re trying to do is we’re trying to reduce this as much as possible … smaller tents less stuff, less clutter … The problem is, people have too much stuff, so it looks ugly.” Von Loesch said his organization was trying to “help people raise money for nice tents and [have] less stuff.” “So far what’s happening is a lot of money is being spent on the cleanups but like three hours later, the same [expletive] is there again,” he said. “So, slowly, we’re gonna raise money so we can get people whatever they need, housing, and save [lots of] dollars in taxpayer money.” Tents line the sidewalks on Skid Row, in Los Angeles on Sept. 6, 2011. (John Fredricks/The Epoch Times) The video led to outrage among some Venice Beach residents who expressed frustration that the encampments just returned after the cleanups - with some calling it “illegal dumping.” “[Von Loesch] isn’t helping anyone by moving them on the sidewalk. He is actually setting them up for their slow demise, especially if he is moving them into one of these large encampments,” resident James Baum commented on the video, which was also posted on the Venice Community Facebook page. “He is moving items onto a sidewalk in an encampment, which is technically illegal dumping. He says he is trying to make it so there is less clutter but in reality, he is doing the exact opposite.” Resident Rick Swinger, who advocates against illegal dumping in Los Angeles, said on his Facebook page, Stop Illegal Dumping, that von Loesch was “ignoring the facts that unregulated camping leads to pollution, rodent infestation, diseases and used bloody needles on our beach putting everybody in harm’s way especially our children playing in the sand.” Van Loesch didn’t respond to a request for comment by press time. Tyler Durden Fri, 09/24/2021 - 20:40.....»»

Category: blogSource: zerohedgeSep 24th, 2021

Drugs, blood, confetti, and broken glass: Atlantic City housekeepers share what they wish guests knew — and why they need a raise

Housekeepers said they make $16.25 an hour or less to clean casino hotel rooms that have gotten much filthier since the pandemic started. Service workers and their employers are negotiating a new contract at Caesars Atlantic City.Charles Davis/Insider Atlantic City housekeepers say the hotel rooms they clean are dirtier than ever. Staff told Insider they had just 30 minutes to clean rooms that have been completely trashed. Workers are threatening to strike if they don't receive raises before the July 4 weekend. ATLANTIC CITY, New Jersey — Ana Maldonado was animated when she described how the job she'd been performing for 18 years was worse than ever.Originally from Honduras, the mother of four moved to the East Coast's oceanfront gambling mecca — a modest answer to Las Vegas, with the advantage of a boardwalk and a beach — to clean rooms in casino hotels, persevering through multiple recessions, natural disasters, and the outbreak of a novel coronavirus.In the best of times, which may well have been decades ago, a resort city that formally billed itself as "always turned on" was not associated with dignity and class. Atlantic City was where people went to engage in sin, of the legally permissible variety or otherwise. But 2 1/2 years of COVID-19, labor shortages, and inflation have made life less bearable for the workers who make possible the overindulgence of others."It's not a job that's really valued, by society or by the companies," Maldonado told Insider, speaking rapidly in Spanish outside a ballroom in Caesars Atlantic City, where employees like her are engaged in negotiations for a new contract. That was true before 2020, but workers like her now feel they are being asked to do more for even less money and respect."Since the pandemic, everything changed," she said.For one, fewer people are willing to scrub floors and bathroom tiles for little more than New Jersey's $13 minimum wage. But Maldonado said the rooms themselves are also being left more disgusting than they used to be, making an already unpleasant job that much more difficult."The day these people leave," Maldonado said, "the rooms are three times as dirty."Seven workers at Atlantic City casinos told Insider they're struggling to make ends meet cleaning rooms they say are filthier than ever. They described rooms full of shattered glass and linens, stained with bodily fluids from intravenous drug use, and carpets caked in food waste and confetti or soiled by dogs and cats that are practically impossible to sanitize in the 30 minutes or less that workers have to prepare rooms for the next guest.Maldonado, who works at Tropicana Atlantic City, said she regularly encountered cockroaches and ants swarming over the remains of food, with some guests turning their rooms into makeshift kitchens to avoid the rising costs of eating out. She said she's also been yelled at for trying to clean rooms where guests don't want to be caught taking "all kinds of drugs," though they leave behind both syringes and blood."This creates a personal risk for us," she said, adding that she and other housekeepers who spoke with Insider — mostly women of color, many of them immigrants, and all working for $16.25 an hour or less — were being asked to enter these sometimes occupied rooms alone.A receptionist at the Golden Nugget told Insider that rooms were cleaned every other day on average.Charles Davis/InsiderGuests declining cleaning services actually leads to more workIn Atlantic City, and elsewhere, hotels have been encouraging guests to decline daily cleaning services, citing concern for the environment, the threat of COVID-19, and, more recently, staff shortages.In a recent report, Unite Here Local 54, the union that represents housekeepers and other casino service workers, highlighted a photo of a sign in the lobby of the Golden Nugget that told guests: "Daily Housekeeping services are unavailable at this time."When Insider visited the Golden Nugget, there was no sign in the lobby. But when asked how often guests could expect rooms to be cleaned, an employee at reception said: "Usually every other day."Legally, that's not supposed to be the case. In June 2020, Gov. Phil Murphy of New Jersey, a Democrat, signed into law a measure that required occupied hotel rooms to be "cleaned and sanitized every day."Lisa M. Ryan, a spokesperson for the New Jersey Department of Community Affairs, said the state has sent letters to hotels informing them of their obligations under the law. "Complaints will be investigated by [the department's] inspection staff," she added.Golden Nugget did not respond to Insider's request for comment.Laws aside, guests may believe they're being more considerate by not insisting on daily cleaning. It's less work for others, right? And those sheets can last another day. But the workers interviewed for this story don't see it like that.Ronette Lark, a mother of two who's worked at Harrah's Resort Atlantic City for 24 years, handles room deliveries. Before the pandemic, that meant an extra towel or pillow. Now it's the whole shebang: blankets, sheets, and whatever else guests need to essentially clean their rooms themselves.By declining or not requesting daily cleaning services, Lark said, "you think you're doing me a favor, but you're not — you're just offloading more work."And that's more work for not much more money — indeed, for less money these days, considering inflation and the rising cost of everything. Outside a recent $0.25 hike in her hourly rate, bringing her up to $16.25, "I hadn't seen a raise since probably, like, Sandy came," Lark said, referring to the destructive 2012 hurricane.Not counting overtime, a $16.25 an hour wage translates to less than $32,000 a year in a region where, according to MIT's Living Wage Calculator, an adult with no children needs more than $37,000 to cover the annual cost of food, housing, and healthcare while maintaining a decent standard of life.Atlantic City offers one of few beaches in New Jersey where visitors do not need to pay a fee.Charles Davis/Insider'It's just terrible'Guests often do not clean rooms to which they have no long-term attachment, even if they're trying to be polite.Most leave their room worse than they found it — and many are not trying to do any work when they're on vacation and paying for the privilege of not caring."Now we have a situation where there are people not requesting service for two or three or four days a week, and when they leave, the work is much harder," Teresa Lopez, who has worked at Caesars for 20 years after moving from Puerto Rico, said in Spanish."When people don't want service, they throw their food, mixing everything together on the floor," she said, referring to sheets, towels, and other things in the room. "They even fight. There is even blood."Iris Sanchez, a mother of three and nine-year veteran of Caesars, said she regularly encountered the aftermath of hotel brawls."Glass all over the floor," she said. "They break stuff. They throw stuff. It's just terrible."The partiers aren't much better."There's 10 people where there should only be two people," she said.Sometimes because they don't want to get caught, these large groups often refuse daily service — leaving poorly ventilated showers covered in mold, Sanchez said."You throw water and just black stuff comes down," she said. And then there's the confetti that sticks to everything. "To vacuum that? Oh, my God, it's terrible," she added.And because guests aren't regularly having their rooms cleaned, they often aren't tipping, either."I could do 14 checkouts, and I'm lucky if I take home $20. That's how bad it is," Sanchez said.Mercedes Cuadros, an immigrant from Mexico who makes $16 an hour after 11 years as a housekeeper at Caesars, said she now has to work six days a week to make ends meet, at the expense of time with her two children."I would like to rest for two days because I have grandchildren. I have children, but I need to work," she said.In addition to her employer hiring more staff, she wants the state government to enforce daily cleaning requirements, saying that guests have been blaming — and verbally abusing — housekeepers like her when they're surprised to find their rooms have not been cleaned."I don't know much English," she said, "but I understand the curse words."Caesars Entertainment operates three of the casino hotels in Atlantic City: its namesake, Harrah's, and Tropicana.Charles Davis/InsiderWorkers threaten to strikeHousekeepers aren't just complaining.On June 15, a supermajority of unionized service staff at five Atlantic City casinos — Caesars, Tropicana, and Harrah's, which are operated by the same company, as well as the Borgata and Hard Rock — voted to authorize a strike if their negotiating committee failed to reach a new agreement with their employers ahead of the July 4 weekend. Unite Here said that in a survey of more than 1,900 of its members, 61% reported struggling to pay the cost of housing, with nearly one-third saying they struggled to pay for food.All of the casinos involved didn't respond to Insider's email requests for comment.Workers believe their employers have the money. Revenues have rebounded since the pandemic started, with Atlantic City casinos posting higher gambling wins than they did before COVID-19 — its best month in nearly a decade was May, according to the New Jersey Casino Control Commission."Over the years, casino workers have sacrificed wage increases for the health of the industry," Unite Here Local 54, which represents about 10,000 employees in Atlantic City, said in a statement. "Workers have persevered through casino closures, Hurricane Sandy, and a global pandemic. Now, they're falling behind. As industry's profits and gaming revenues surpass pre-pandemic levels, wages for Atlantic City's casino workers have not kept pace.""It's not enough," Rodney Mills, who fields guests' room requests at Tropicana for $16.25 an hour, said in an interview.The single father of three spent the first 17 months of the pandemic laid off from his job as a casino buffet server. He wants a livable wage, he said, without being required to work mandatory overtime because no one else wants to do the job for the advertised rate."We want to be treated as human beings," he said.Luana Molley, a grandmother with three kids of her own, described her work as "more dirty" and "more hazardous" than ever. She's spent 11 years working as a housekeeper at Harrah's and now makes $16.25 an hour. She said the current workload is affecting her quality of life."It's harder for me to help with the homework. It's harder for me to walk the dog. It's harder to spend time with my grandbaby. It's just harder," she said.But she was defiant when asked if that hardship would ever lead her to give up on life in the city where she was born."I will never be pushed out of my home. This is my hometown. This is where my sand is in my shoes, and I'm not letting anybody take that from me," she said. "I will do what I have to do. And if that's striking, then we will strike."Have a news tip? Email this reporter: cdavis@insider.com.Read the original article on Business Insider.....»»

Category: topSource: businessinsider5 hr. 33 min. ago

RE/MAX Founders Donate $3 Million To Advance Franchising Education

Since co-founding RE/MAX in 1973, Dave and Gail Liniger have made it a goal to help other entrepreneurs find success in real estate and other industries. Their latest effort is through a $3 million gift to the University of Denver, based in RE/MAX’s home city. This gift will be used to establish the Liniger Center… The post RE/MAX Founders Donate $3 Million To Advance Franchising Education appeared first on RISMedia. Since co-founding RE/MAX in 1973, Dave and Gail Liniger have made it a goal to help other entrepreneurs find success in real estate and other industries. Their latest effort is through a $3 million gift to the University of Denver, based in RE/MAX’s home city. This gift will be used to establish the Liniger Center on Franchising at the Daniels College of Business. The first of its kind west of the Mississippi River, the Liniger Center on Franchising will offer guidance, support and resources to both franchisors and franchisees through education, networking and thought leadership. “The University of Denver is immensely grateful for Dave and Gail Liniger’s visionary generosity in establishing the Liniger Center on Franchising,” said Chancellor Jeremy Haefner. “Their commitment to helping other entrepreneurs succeed through franchising is extraordinary, and we are excited for all the ways that this partnership will benefit students, faculty and the business community.” Courses at the Liniger Center will cover topics such as business models, financial analyses, real estate, ethical decision-making and conflict resolution. Faculty will also conduct research across disciplines on topics relevant to franchising. The Center is intended to become a hub of learning and networking for existing franchisors and franchisees, those who want to franchise their business, and students and community members who hope to pursue a career in franchising. “We’ve spent 50 years seeing amazing things happen when entrepreneurs come together, share their experiences, and support each other. The Center will be a hub of learning and growing in that same spirit,” said Dave Liniger. “We’re thrilled to help new generations discover the incredible value of franchising and the power of joining forces with like-minded professionals. With the right concept, values and people, anything is possible. The sky’s the limit.” Adam Contos, the former CEO of RE/MAX Holdings, Inc., helped facilitate the Linigers’ investment to launch the Center. He will chair the Center’s advisory board and teach at Daniels College of Business as an adjunct during the Fall 2022 semester. “In working with Dave, Gail, and DU on this initiative, I have the great opportunity to pursue my lifelong dream of contributing to franchising education,” said Contos. “The Liniger Center on Franchising will offer guidance, support and resources to both franchisors and franchisees across industries,” said Vivek Choudhury, dean of Daniels College of Business. “It will provide education and networking opportunities to support the growth in franchising that we expect to see in Colorado in the coming years. We are so thankful to Dave and Gail Liniger, true visionaries in the franchise space, for this generous gift. We are honored to have the Liniger name associated with the Center and the University of Denver.” For more information, visit www.remax.com. The post RE/MAX Founders Donate $3 Million To Advance Franchising Education appeared first on RISMedia......»»

Category: realestateSource: rismediaJun 29th, 2022

The 30 bestselling audiobooks on Audible in 2022, from celebrity memoirs to the most gripping thrillers

These are the most popular audiobooks on Audible that make for great road trip or beach day entertainment. When you buy through our links, Insider may earn an affiliate commission. Learn more.These are the most popular audiobooks on Audible that make for great road trip or beach day entertainment.Crystal Cox/Insider Audible has thousands of books and podcasts. You can start a free 30-day Audible trial here. Below, we compiled its 30 bestselling audiobooks among Audible users right now. Books run the gamut from popular novels to self-help hits. If you're spending more time outside these days and have already cycled through your weekly podcasts, we'd recommend the slow burn of a great (and highly mobile) audiobook. If you're looking for a new title, we suggest starting with the books currently gaining buzz. Below are the top 30 bestselling audiobooks on Audible right now. The site has hundreds of thousands of titles to choose between, as well as a catalog of podcasts. If you're new to Audible or audiobook services in general, be sure to check out the FAQ section at the bottom of this article to get started. You can access Audible for free as part of a 30-day trial.The 30 bestselling audiobooks on Audible right now:Descriptions are provided by Amazon (lightly edited and condensed)."Where the Crawdads Sing" by Delia OwensAmazonFree on Audible with 30-day trialAvailable on Amazon for $12.39For years, rumors of the "Marsh Girl" have haunted Barkley Cove, a quiet town on the North Carolina coast. So in late 1969, when handsome Chase Andrews is found dead, the locals immediately suspect Kya Clark, the so-called Marsh Girl. But Kya is not what they say.Sensitive and intelligent, she has survived for years alone in the marsh that she calls home, finding friends in the gulls and lessons in the sand. Then the time comes when she yearns to be touched and loved. When two young men from town become intrigued by her wild beauty, Kya opens herself to a new life — until the unthinkable happens."Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones" by James ClearAmazonFree on Audible with 30-day trialAvailable on Amazon for $11.98No matter your goals, "Atomic Habits" offers a proven framework for improving every day. James Clear, one of the world's leading experts on habit formation, reveals practical strategies that will teach you exactly how to form good habits, break bad ones, and master the tiny behaviors that lead to remarkable results.“The Summer I Turned Pretty” by Jenny HanAmazonFree on Audible with 30-day trialAvailable on Amazon for $9.25Some summers are just destined to be pretty.Belly measures her life in summers. Everything good, everything magical happens between June and August. Winters are simply a time to count the weeks until the following summer, a place away from the beach house, away from Susannah, and most importantly, away from Jeremiah and Conrad. They are the boys Belly has known since her very first summer — they have been her brother figures, her crushes, and everything in between. But one summer, one wonderful and terrible summer, the more everything changes, the more it all ends up just the way it should have been all along.“Dreadgod: Cradle, Book 11” by Will WightAmazonPre-order: Free with 30-day trialThe battle in the heavens has left a target on Lindon's back.His most reliable ally is gone, the Monarchs see him as a threat, and he has inherited one of the most valuable facilities in the world. At any moment, his enemies could band together to kill him.If it weren't for the Dreadgods. All four are empowered and unleashed, rampaging through Cradle, and grudges old and new must be set aside. The Monarchs need every capable fighter to help them defend their territory.And Lindon needs time. While he fights, he sends his friends off to train. They'll need to advance impossibly fast if they want to join him in battle against the kings and queens of Cradle. Together, they will need enough power to rival a Dreadgod.“Scars and Stripes: An Unapologetically American Story of Fighting the Taliban, UFC Warriors, and Myself” by Tim Kennedy, Nick PalmiscianoAmazonFree on Audible with 30-day trialAvailable on Amazon for $18.37From decorated Green Beret sniper and UFC headliner Tim Kennedy comes a rollicking, inspirational memoir. It offers lessons on embracing failure and weathering storms — to unlock the strongest version of yourself.“It’s Not Summer Without You: Summer I Turned Pretty, Book 2” by Jenny HanAmazonFree on Audible with 30-day trialAvailable on Amazon for $9.36It used to be that Belly counted the days until summer until she was back at Cousins Beach with Conrad and Jeremiah. But not this year. Not after Susannah got sick again, and Conrad stopped caring. Everything right and good has fallen apart, leaving Belly wishing summer would never come. But when Jeremiah calls, saying Conrad has disappeared, Belly knows what she must do to make things right again. And it can only happen back at the beach house, the three of them together, the way things used to be. If this summer really and truly is the last summer, it should end the way it started — at Cousins Beach.“The Hotel Nantucket” by Elin HilderbrandAmazonFree on Audible with 30-day trialAvailable on Amazon for $17.99Fresh off a bad breakup with a longtime boyfriend, Nantucket sweetheart Lizbet Keaton is desperately seeking a second act. When she's named the new general manager of the Hotel Nantucket, a once Gilded Age gem turned abandoned eyesore, she hopes that her local expertise and charismatic staff can win the favor of their new London billionaire owner, Xavier Darling, as well as that of Shelly Carpenter, the wildly popular Instagram tastemaker who can help put them back on the map. And while the Hotel Nantucket appears to be a blissful paradise, complete with a celebrity chef-run restaurant and an idyllic wellness center, there's a lot of drama behind closed doors. The staff (and guests) have complicated pasts, and the hotel can't seem to overcome the bad reputation it earned in 1922 when a tragic fire killed 19-year-old chambermaid Grace Hadley. With Grace gleefully haunting the halls, a staff harboring all kinds of secrets, and Lizbet's romantic uncertainty, is the Hotel Nantucket destined for success or doom?“I'd Like to Play Alone, Please” by Tom SeguraAmazonFree on Audible with 30-day trialAvailable on Amazon for $18.33From Tom Segura, the massively successful stand-up comedian and co-host of chart-topping podcasts "2 Bears 1 Cave" and "Your Mom's House," come hilarious real-life stories of parenting, celebrity encounters, youthful mistakes, misanthropy, and so much more.“Verity” by Colleen HooverAmazonFree on Audible with 30-day trialAvailable on Amazon for $23.99Lowen Ashleigh is a struggling writer on the brink of financial ruin when she accepts the job offer of a lifetime. Jeremy Crawford, the husband of bestselling author Verity Crawford, has hired Lowen to complete the remaining books in a successful series his injured wife is unable to finish.Lowen arrives at the Crawford home, ready to sort through years of Verity's notes and outlines, hoping to find enough material to get her started. What Lowen doesn't expect to uncover in the chaotic office is an unfinished autobiography Verity never intended for anyone to read. Page after page of bone-chilling admissions, including Verity's recollection of the night her family was forever altered.Lowen decides to keep the manuscript hidden from Jeremy, knowing its contents could devastate the already grieving father. But as Lowen's feelings for Jeremy intensify, she recognizes all the ways she could benefit if he were to read his wife's words. After all, no matter how devoted Jeremy is to his injured wife, a truth this horrifying would make it impossible for him to continue loving her.You can find more of Colleen Hoover's best books here.“Sparring Partners” by John GrishamAmazonFree on Audible with 30-day trialAvailable on Amazon for $27.90"Homecoming" takes us back to Ford County, the fictional setting of many of John Grisham's unforgettable stories. Jake Brigance is back, but he's not in the courtroom. He's called upon to help an old friend, Mack Stafford, a former lawyer in Clanton, who three years earlier became a local legend when he stole money from his clients, divorced his wife, filed for bankruptcy, and left his family in the middle of the night, never to be heard from again — until now. In "Strawberry Moon," we meet Cody Wallace, a young death row inmate only three hours away from execution. His lawyers can't save him, the courts slam the door, and the governor says no to a last-minute request for clemency. As the clock winds down, Cody has one final request. The "Sparring Partners" are the Malloy brothers, Kirk and Rusty, two successful young lawyers who inherited a once prosperous firm when its founder, their father, was sent to prison. As the firm disintegrates, the resulting fiasco falls into the lap of Diantha Bradshaw, the only person the partners trust. "Atlas of the Heart: Mapping Meaningful Connection and the Language of Human Experience" by Brené BrownAmazonFree on Audible with 30-day trialAvailable on Amazon for $18.34In "Atlas of the Heart," Brown takes us on a journey through eighty-seven of the emotions and experiences that define what it means to be human. As she maps the necessary skills and an actionable framework for meaningful connection, she gives us the language and tools to access a universe of new choices and second chances — a universe where we can share and steward the stories of our bravest and most heartbreaking moments with one another in a way that builds connection.Over the past two decades, Brown's extensive research into the experiences that make us who we are has shaped the cultural conversation and helped define what it means to be courageous with our lives. Atlas of the Heart draws on this research, as well as on Brown's singular skills as a storyteller, to show us how accurately naming an experience doesn't give the experience more power — it gives us the power of understanding, meaning, and choice.“The Seven Husbands of Evelyn Hugo” by Taylor Jenkins ReidAmazonFree on Audible with 30-day trialAvailable on Amazon for $22.49Aging and reclusive Hollywood movie icon Evelyn Hugo is finally ready to tell the truth about her glamorous and scandalous life. But when she chooses unknown magazine reporter Monique Grant for the job, no one is more astounded than Monique herself. Why her? Why now?Monique is not exactly on top of the world. Her husband has left her, and her professional life is going nowhere. Regardless of why Evelyn has selected her to write her biography, Monique is determined to use this opportunity to jump-start her career.Summoned to Evelyn's luxurious apartment, Monique listens in fascination as the actress tells her story. From making her way to Los Angeles in the 1950s to her decision to leave show business in the '80s, and, of course, the seven husbands along the way, Evelyn unspools a tale of ruthless ambition, unexpected friendship, and a great forbidden love. Monique begins to feel a very real connection to the legendary star, but as Evelyn's story nears its conclusion, it becomes clear that her life intersects with Monique's own in tragic and irreversible ways.You can read a review of "The Seven Husbands of Evelyn Hugo" here.“Greenlights” by Matthew McConaugheyAmazonFree on Audible with 30-day trialAvailable on Amazon for $15.98From the Academy Award-winning actor, an unconventional memoir filled with raucous stories, outlaw wisdom, and lessons learned the hard way about living with greater satisfaction.“Finding Me: A Memoir” by Viola DavisAmazonFree on Audible with 30-day trialAvailable on Amazon for $18.53In my book, you will meet a little girl named Viola who ran from her past until she made a life-changing decision to stop running forever.This is my story, from a crumbling apartment in Central Falls, Rhode Island, to the stage in New York City, and beyond. This is the path I took to finding my purpose, but also my voice in a world that didn't always see me.“The End of the World Is Just the Beginning: Mapping the Collapse of Globalization” by Peter ZeihanAmazonFree on Audible with 30-day trialAvailable on Amazon for $31.50For generations, everything has been getting faster, better, and cheaper. Finally, we reached the point that almost anything you could ever want could be sent to your home within days — even hours — of when you decided you wanted it.America made that happen, but now America has lost interest in keeping it going.Globe-spanning supply chains are only possible with the protection of the U.S. Navy. The American dollar underpins internationalized energy and financial markets. Complex, innovative industries were created to satisfy American consumers. American security policy forced warring nations to lay down their arms. Billions of people have been fed and educated as the American-led trade system spread across the globe.All of this was artificial. All this was temporary. All this is ending.In "The End of the World Is Just the Beginning," author and geopolitical strategist Peter Zeihan maps out the next world: a world where countries or regions will have no choice but to make their own goods, grow their own food, secure their own energy, fight their own battles, and do it all with populations that are both shrinking and aging.The list of countries that make it all work is smaller than you think. This means everything about our interconnected world — from how we manufacture products, to how we grow food, to how we keep the lights on, to how we shuttle stuff about, to how we pay for it all — is about to change.“Finna: Book 1” by Nino CipriAmazonFree on Audible with 30-day trialAvailable on Amazon for $14.99When an elderly customer at a Swedish big-box furniture store ― but not that one ― slips through a portal to another dimension, it's up to two minimum-wage employees to track her across the multiverse and protect their company's bottom line. Multi-dimensional swashbuckling would be hard enough, but those two unfortunate souls broke up a week ago.To find the missing granny, Ava and Jules will brave carnivorous furniture, swarms of identical furniture spokespeople, and the deep resentment simmering between them. Can friendship blossom from the ashes of their relationship? In infinite dimensions, all things are possible.“The Golden Couple” by Greer Hendricks, Sarah PekkanenAmazonFree on Audible with 30-day trialAvailable on Amazon for $17.68Wealthy Washington suburbanites Marissa and Matthew Bishop seem to have it all ― until Marissa is unfaithful. Beneath their veneer of perfection is a relationship driven by work and a lack of intimacy. She wants to repair things for the sake of their eight-year-old son and because she loves her husband. Enter Avery Chambers.Avery is a therapist who lost her professional license. Still, it doesn't stop her from counseling those in crisis, though they must adhere to her unorthodox methods. And the Bishops are desperate.When they glide through Avery's door, and Marissa reveals her infidelity, all three are set on a collision course. Because the biggest secrets in the room are still hidden, and it's no longer simply a marriage that's in danger.“It Ends with Us” by Colleen HooverAmazonFree on Audible with 30-day trialAvailable on Amazon for $10.26Lily hasn't always had it easy, but that's never stopped her from working hard for the life she wants. She's come a long way from the small town where she grew up — she graduated from college, moved to Boston, and started her own business. And when she feels a spark with a gorgeous neurosurgeon named Ryle Kincaid, everything in Lily's life seems too good to be true.Ryle is assertive, stubborn, and maybe even a little arrogant. He's also sensitive, brilliant, and has a soft spot for Lily. And the way he looks in scrubs certainly doesn't hurt. Lily can't get him out of her head. But Ryle's complete aversion to relationships is disturbing. Even as Lily finds herself becoming the exception to his "no dating" rule, she can't help but wonder what made him that way in the first place.As questions about her new relationship overwhelm her, so do thoughts of Atlas Corrigan — her first love and a link to the past she left behind. He was her kindred spirit, her protector. When Atlas suddenly reappears, everything Lily has built with Ryle is threatened.You can find more of Colleen Hoover's best books here."Can't Hurt Me: Master Your Mind and Defy the Odds" by David GogginsAmazonFree on Audible with 30-day trialAvailable on Amazon for $20.10For David Goggins, childhood was a nightmare — poverty, prejudice, and physical abuse colored his days and haunted his nights. The only man in history to complete elite training as a Navy SEAL, Army Ranger, and Air Force Tactical Air Controller, he went on to set records in numerous endurance events, inspiring Outside magazine to name him The Fittest (Real) Man in America.In "Can't Hurt Me," he shares his astonishing life story and reveals that most of us tap into only 40% of our capabilities. Goggins calls this The 40% Rule, and his story illuminates a path that anyone can follow to push past pain, demolish fear, and reach their full potential.“We’ll Always Have Summer: Summer I Turned Pretty, Book 3” by Jenny HanAmazonFree on Audible with 30-day trialAvailable on Amazon for $9.31Belly has only ever been in love with two boys, both with the last name Fisher. And after being with Jeremiah for the previous two years, she's almost positive he is her soul mate. Almost. While Conrad has not gotten over the mistake of letting Belly go, Jeremiah has always known that Belly is the girl for him. So when Belly and Jeremiah decide to make things forever, Conrad realizes that it's now or never — tell Belly he loves her or loses her for good.Belly will have to confront her feelings for Jeremiah and Conrad and face the inevitable: She will have to break one of their hearts.“Happy-Go-Lucky” by David SedarisAmazonFree on Audible with 30-day trialAvailable on Amazon for $17.79Back when restaurant menus were still printed on paper, and wearing a mask — or not — was a decision made mostly on Halloween, David Sedaris spent his time doing normal things. As "Happy-Go-Lucky" opens, he is learning to shoot guns with his sister, visiting muddy flea markets in Serbia, buying gummy worms to feed to ants, and telling his nonagenarian father wheelchair jokes.But then the pandemic hits, and like so many others, he's stuck in lockdown, unable to tour and read for audiences — the part of his work he loves most. To cope, he walks for miles through a nearly deserted city. He vacuums his apartment twice a day, fails to hoard anything, and contemplates how sex workers and acupuncturists might be getting by during quarantine.As the world gradually settles into a new reality, Sedaris too finds himself changed. His offer to fix a stranger's teeth rebuffed, he straightens his own, and ventures into the world with new confidence. Newly orphaned, he considers what it means, in his seventh decade, no longer to be someone's son. And back on the road, he discovers a battle-scarred America: people weary, storefronts empty or festooned with "Help Wanted" signs, walls painted with graffiti reflecting the contradictory messages of our time: Eat the Rich. Trump 2024. Black Lives Matter.“Harry Potter and the Sorcerer's Stone, Book 1” by J.K. RowlingAmazonFree on Audible with 30-day trialAvailable on Amazon for $6.98Harry Potter has never even heard of Hogwarts when the letters start dropping on the doormat at number four, Privet Drive. Addressed in green ink on yellowish parchment with a purple seal, they are swiftly confiscated by his grisly aunt and uncle. Then, on Harry's eleventh birthday, a great beetle-eyed giant of a man called Rubeus Hagrid bursts in with some astonishing news: Harry Potter is a wizard, and he has a place at Hogwarts School of Witchcraft and Wizardry.“Match Game: Expeditionary Force, Book 14” by Craig AlansonAmazonFree on Audible with 30-day trialAvailable on Amazon for $14.44For years, the ancient alien AI known as Skippy (the Magnificent, don't forget that part) has been able to do one impossible thing after another. What is his secret? It's simple: 100 percent Grade-A Extreme Awesomeness. And also because he had never been faced with an opponent of equal power. Until now.This time, he might need a little help from a band of filthy monkeys.“The Terminal List” by Jack CarrAmazonFree on Audible with 30-day trialAvailable on Amazon for $11.99On his last combat deployment, Lieutenant Commander James Reece's entire team was killed in a catastrophic ambush. But when those dearest to him are murdered on the day of his homecoming, Reece discovers that this was not an act of war by a foreign enemy but a conspiracy that runs to the highest levels of government.Now, with no family and free from the military's command structure, Reece applies the lessons that he's learned in over a decade of constant warfare toward avenging the deaths of his family and teammates. With breathless pacing and relentless suspense, Reece ruthlessly targets his enemies in the upper echelons of power without regard for the laws of combat or the rule of law."Project Hail Mary" by Andy WeirAmazonFree on Audible with 30-day trialAvailable on Amazon for $17.32Ryland Grace is the sole survivor on a desperate, last-chance mission — and if he fails, humanity and the earth itself will perish.Except that right now, he doesn't know that. He can't even remember his own name, let alone the nature of his assignment or how to complete it.All he knows is that he's been asleep for a very, very long time. And he's just been awakened to find himself millions of miles from home, with nothing but two corpses for company.His crewmates dead, his memories fuzzily returning, Ryland realizes that an impossible task now confronts him. Hurtling through space on this tiny ship, it's up to him to puzzle out an impossible scientific mystery — and conquer an extinction-level threat to our species.And with the clock ticking down and the nearest human being light-years away, he's got to do it all alone. Or does he?You can read a review of "Project Hail Mary" here."12 Rules for Life" by Jordan B. PetersonAmazonFree on Audible with 30-day trialAvailable on Amazon for $13.55What are the most valuable things that everyone should know?In this book, Jordan Peterson provides twelve profound and practical principles for how to live a meaningful life, from setting your house in order before criticizing others to comparing yourself to who you were yesterday, not someone else today. Happiness is a pointless goal, he shows us. Instead, we must search for meaning, not for its own sake, but as a defense against the suffering that is intrinsic to our existence.Drawing on vivid examples from the author's clinical practice and personal life, cutting-edge psychology and philosophy, and lessons from humanity's oldest myths and stories, "12 Rules for Life" offers a deeply rewarding antidote to the chaos in our lives: eternal truths applied to our modern problems.“Run, Rose, Run” by James Patterson, Dolly PartonAmazonFree on Audible with 30-day trialAvailable on Amazon for $17.84From America's most beloved superstar and its greatest storyteller — a thriller about a young singer-songwriter on the rise and on the run, determined to do whatever it takes to survive.Nashville is where she's come to claim her destiny. It's also where the darkness she's fled might find her. And destroy her."The Subtle Art of Not Giving a F*ck" by Mark MansonAmazonFree on Audible with 30-day trialAvailable on Amazon for $12.99In this generation-defining self-help guide, a superstar blogger cuts through the crap to show us how to stop trying to be "positive" all the time so that we can truly become better, happier people.“The Paris Apartment” by Lucy FoleyAmazonFree on Audible with 30-day trialAvailable on Amazon for $17.99Jess needs a fresh start. She's broke and alone, and she's just left her job under less than ideal circumstances. Her half-brother Ben didn't sound thrilled when she asked if she could crash with him for a bit, but he didn't say no, and surely everything will look better from Paris. Only when she shows up — to find a very nice apartment, could Ben really have afforded this? — he's not there.The longer Ben stays missing, the more Jess starts to dig into her brother's situation, and the more questions she has. Ben's neighbors are an eclectic bunch and not particularly friendly. Jess may have come to Paris to escape her past, but it's starting to look like it's Ben's future that's in question.The socialite — the nice guy — the alcoholic — the girl on the verge — the concierge.Everyone's a neighbor. Everyone's a suspect. And everyone knows something they're not telling.“Come with Me” by Ronald MalfiAmazonFree on Audible with 30-day trialAvailable on Amazon for $11.49Aaron Decker's life changes one December morning when his wife Allison is killed. Haunted by her absence — and her ghost — Aaron goes through her belongings, where he finds a receipt for a motel room in another part of the country. Piloted by grief and an increasing sense of curiosity, Aaron embarks on a journey to discover what Allison had been doing in the weeks prior to her death.Yet Aaron is unprepared to discover Allison's dark secrets, the death and horror that make up the tapestry of her hidden life. And with each dark secret revealed, Aaron becomes more and more consumed by his obsession to learn the terrifying truth about the woman who had been his wife, even if it puts his own life at risk.Audible FAQHow much is Audible?Audible Plus is $7.95/month and Audible Premium is $14.95 per month. You can compare the Audible plans here.Audible Plus and Audible Premium Plus have a 30-day free trial to most new members that come with one free credit to use on a title of your choice. And since Audible is an Amazon company, Prime members get two credits in their Audible trial as one of their perks.When your trial is over, you'll be automatically charged a monthly subscription fee. You can cancel anytime. What's the difference between Audible Plus and Audible Premium?Both memberships give you unlimited access to select audiobooks, Audible Originals, podcasts, and more.But, only Audible Premium gives you a credit that's good for one title of your choice in the premium selection every month and 30% off all additional premium titles, plus access to exclusive sales. You can toggle between some of the titles in the Premium selection and Plus selection here.Are there other good audiobook services out there?At Insider Reviews, we also like the service Scribd, which is $10/month for unlimited audiobooks and books. The company also has a joint NYT and Scribd membership for $12.99/month which can be a very good deal. You can start a free trial here, or find a full review of the service here. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 29th, 2022

I live and work out of Airbnbs in Puerto Vallarta, Mexico, and it"s paradise — here"s how I stay productive while still feeling like I"m on vacation

Meagan Drillinger's Airbnb in Puerto Vallarta has a rooftop pool and she's able to do her job "seamlessly" from an open-air Starbucks near the beach. The author is staying in an Airbnb with a rooftop pool in the quiet neighborhood of Versailles, Puerto Vallarta.Meagan Drillinger Meagan Drillinger has worked remotely from all over the world and says Puerto Vallarta, Mexico is her top choice. It's a beautiful, relaxed beach destination and modern international city all in one, with plenty of coworking spots. She keeps up a super productive, "semi-normal routine" — all while feeling like she's on vacation. One of the biggest perks of freelance work is that it can be done from anywhere, so when I left my desk job in 2014, I made it a point to pick up and work from all over the world wherever I could. I've worked from Thailand, Vietnam, Myanmar, Cambodia, Colombia, Ireland, Italy, and, most extensively, Mexico. Of all the countries I've tried, it's Mexico that I find to be a remote worker's paradise — particularly the city of Puerto Vallarta.Puerto Vallarta blends the cosmopolitan with escapism I first started visiting the city in 2013, and it's since become a second home. I even met my now-husband there (on Tinder, believe it or not). A far-cry from the sleepy beach town it used to be, you can go so far as to call Puerto Vallarta a full-fledged city these days, thanks to all the hotels, Airbnbs, restaurants, infrastructure, shopping malls, coffee shops — you get the idea. But even though it's fully connected and modern in its own right, Puerto Vallarta is still very much a coastal Mexican town with all of the charm, history, and quirks that come with a tropical paradise. An example: After a day of work, I stroll down the Malecon (boardwalk) past an ever-changing rotation of public art toward El Solar, a cash-only beachfront bar with a relaxing soundtrack and a menu of succulent ceviche, fresh tacos, and frosty drinks. I usually go here for happy hour by myself after a long day to unwind, toes in the sand — and it sure beats my 9-to-5 desk job routine in my previous New York City life.Meagan Drillinger.Meagan DrillingerI've been able to do my job seamlesslyWifi is very fast and reliable in Puerto Vallarta, and it's free in most restaurants, bars, Airbnbs, and hotels. Unlike other more remote parts of the world, where the wifi can drop unexpectedly, you rarely have that problem here.The city's also teeming with coffee shops and coworking spaces, most of which offer air conditioning, lockers for storage, private meeting rooms, and phone booths. Vallarta Cowork is one of the best in the area.But as a creature of habit, I prefer working from a Starbucks on the Malecon and affectionately refer to it as "my office." It has outdoor tables under a covered awning, a picture-perfect view of the Bay of Banderas, and great people-watching. The WiFi is fast (and free) and they never kick me out, even if I sit there long after the ice from my cold brew has melted, which I often do.Drillinger affectionately refers to a Starbucks on the boardwalk as her office: "There's something about this spot that keeps me super focused and productive."Meagan DrillingerAround me is a constant rotation of people on their laptops, taking calls, or simply breezing in and out on their way to the beach. There's something about this spot that keeps me super focused and productive; I get more done in four hours at Starbucks than I do in an entire day in a beautiful Airbnb. I'm able to structure my days in a way I love Puerto Vallarta is a very easy city in which to adopt a semi-normal routine, while still feeling like you're on vacation. I'm a member of Anytime Fitness, a 24-hour gym with more than 4,000 locations around the world that costs about $50 a month (less if you buy six months at a time). The one in Puerto Vallarta is on the second floor of the Plaza Caracol mall. It's spacious, with strong AC and brand-new equipment. I go around 9 a.m. and frequently have the place to myself.The city does not lack grocery stores, either, from Walmart and Costco to more local (yet similar to Walmart) chains like Soriana or Chedraui. You can even find gourmet supermarkets like La Europea, which has high-end imports from France and Italy. I'll do a big shop at Soriana (since it's right underneath the Anytime Fitness) and will spend about $75 for two people for a week's worth of groceries.I often book an Airbnb so that I can cook most of my meals, but of course there are many restaurant options around the city. Prices now are a lot higher than in previous years, but you can still get a night out for four people at nice restaurant with two bottles of wine for less than $200, so it's cheaper than cities like New York City or Los Angeles.My work-life balance is never better than when I'm hereWhat I wanted most when I went freelance for the first time was a better work-life balance, and living in Puerto Vallarta allows for that beautifully. The surrounding mountains are veined with hiking trails and picturesque waterfalls. One of my favorite things to do is to grab the bus from the Zona Romantica and head south to the small fishing village of Boca de Tomatlan. There's a mountain hike here that runs along the coastline and weaves in and out of coves and secluded beaches, opening up to one of the most beautiful restaurants in the area, Casitas Maraika."What I wanted most when I went freelance for the first time was a better work-life balance, and living in Puerto Vallarta allows for that beautifully," Drillinger writes.Meagan DrillingerMy husband and I have also taken to driving our motorcycle up and down the coast of Nayarit, popping into the smaller beach towns that remind us of what Puerto Vallarta used to be like when we first started visiting.There are several great neighborhoods for a remote worker to liveI'm staying in an area called Versailles right now, and going forward, this is where I'll always stay. It's a quiet residential neighborhood with charming cobblestone streets and a mix of historic architecture and modern condo-style apartments. Our two-bedroom, two-bathroom Airbnb has a rooftop pool deck, full kitchen, and washer/dryer and costs roughly $70 per night (but can change depending on the season). We've been here a month, and will likely return for another month and a half in the fall.While we're walking distance to several grocery stores and shopping malls, it would require a taxi or a bus to get to the energy of downtown or a 15-minute walk to the beach. Remote workers who are newer to Puerto Vallarta might do better in either the 5 de Diciembre neighborhood, which is packed with restaurants, bars, and coffee shops; Centro, a busier and more historical neighborhood that can get noisy at night; or Zona Romantica, the oldest and most visually stunning neighborhood in Puerto Vallarta (that's also the main tourist section of the city, so expect prices to be a little higher). I've stayed in all three and had great experiences. San Pancho, one of the small beach towns along the Nayarit coast that the author and her husband visit.Meagan DrillingerOf course, there are a few downsidesFor one, Puerto Vallarta does not have the most beautiful beaches in Mexico; to find those, you'll have to venture outside of the city along the southern Costalegre or up north into Riviera Nayarit. Second, it's a city that's teeming with both domestic and international tourists and there's no way to get around that — though it's unique to see how well the tourists and residents intermix with each other. What makes Puerto Vallarta such an appealing spot for remote work is that while it's a beach destination, it has blossomed into such an international city that it can give people the best of both worlds. As long as I'm able to work remotely, I will always find a reason to come to Puerto Vallarta at least once a year. I'm not saying we are starting to look at real estate yet, but it certainly has been a conversation.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 29th, 2022

History"s Biggest "Butterfly Effect"-Event Occurred On This Day

History's Biggest "Butterfly Effect"-Event Occurred On This Day Via Global Macro Monitor, The butterfly effect is the concept that small causes can have large effects. Initially, it was used with weather prediction but later the term became a metaphor used in and out of science. In chaos theory, the butterfly effect is the sensitive dependence on initial conditions in which a small change in one state of a deterministic nonlinear system can result in large differences in a later state. The name, coined by Edward Lorenz for the effect which had been known long before, is derived from the metaphorical example of the details of a tornado (exact time of formation, exact path taken) being influenced by minor perturbations such as the flapping of the wings of a distant butterfly several weeks earlier. Lorenz discovered the effect when he observed that runs of his weather model with initial condition data that was rounded in a seemingly inconsequential manner would fail to reproduce the results of runs with the unrounded initial condition data. A very small change in initial conditions had created a significantly different outcome.  -  Wikipedia On this day in history, June 28, 1914, the driver for Archduke Franz Ferdinand,  nephew of Emperor Franz Josef and heir to the Austro-Hungarian Empire,  made a wrong turn onto Franzjosefstrasse in Sarajevo. Just hours earlier, Franz Ferdinand narrowly escaped assassination as a bomb bounced off  his car as he and his wife,  Sophie,  traveled from the local train station to the city’s civic city.   Rather than making the wrong turn onto Franz Josef  Street, the car was supposed to travel on the river expressway allowing for a higher speed ensuring the Archduke’s safety. Yet, somehow, the driver made a fatal mistake and tuned onto Franz Josef Street. The 19-year-old anarchist and Serbian nationalist, Gavrilo Princip, who was part of a small group who had traveled to Sarajevo to kill the Archduke,  and a cohort of the earlier bomb thrower, was on his way home thinking the plot had failed.   He stopped for a sandwich on Franz Josef Street. Seeing the driver of the Archduke’s car trying to back up onto the river expressway, Princi seized the opportunity and fired into the car, shooting Franz Ferdinand and Sophie at point-blank range,  killing both. That small wrong turn,  a minor perturbation to the initial conditions, or deviation from the original plan,  set off the chain events that led to World War I. Stumbling Into The Great War Fearing Russian support of Serbia, Franz Josef would not retaliate by invading Serbia unless he was assured he had the backing of Germany.   It is uncertain as to whether the Kaiser gave Franz Josef Germany’s unequivocal support.   Russia, fearing Germany would intervene, mobilized its troops forcing Germany’s hand. The great European powers thus stumbled into a war they didn’t want through complicated entanglements and alliances, and miscalculation.  Russia backing Serbia;  France aligned with Russia,  Germany backing the Austro-Hungarian Empire;  and Britian, who really didn’t have a dog in the fight except her economic interests, aligned with France and Russia. Later the U.S. would enter the war due to Germany’s unrestricted submarine warfare threatening American merchant ships and the Kaiser floating the idea of an alliance with Mexico in the famous Zimmerman Telegram, which was intercepted by the British. Of course, some will argue that Great War in Europe was inevitable The great Prussian statesman Otto von Bismarck, the man most responsible for the unification of Germany in 1871, was quoted as saying at the end of his life that “One day the great European War will come out of some damned foolish thing in the Balkans.” It went as he predicted.  – History.com Nevertheless,  maybe the course of history would have been different if not for that wrong turn on June 28, 1914, which created the humongous butterfly effect, which we still experience the consequences this very day. The botched Treaty of Versailles  sowed the seeds the for World II.  The War contributed to the Russian revolution and Cold War.  The redrawing of borders in the Middle East after the War created the conditions for the instability and breakdown to tribalism the region experiences today. A map marked with crude chinagraph-pencil in the second decade of the 20th Century shows the ambition – and folly – of the 100-year old British-French plan that helped create the modern-day Middle East. Straight lines make uncomplicated borders. Most probably that was the reason why most of the lines that Mark Sykes, representing the British government, and Francois Georges-Picot, from the French government, agreed upon in 1916 were straight ones.  — BBC News If Franz Ferdinand had not been murdered on this day in history,  that conflict between the Serbs and the Austro-Hungarian Empire may have been contained to just the Balkans.   Maybe. The butterfly effect.  Think how many small events, decisions, mistakes, one small turn, or “minor perturbations” in plans have had enormous consequences in your own personal life. Tyler Durden Tue, 06/28/2022 - 16:20.....»»

Category: worldSource: nytJun 28th, 2022

Home Price Gains Contract Slightly in April

As the housing market shifted under the weight of elevated mortgage rates and inflation in April, the most recent S&P CoreLogic/Case-Shiller Indices show that price growth for single-family homes in the U.S. experienced a mild acceleration. The organization revealed that home prices climbed 20.4% in April, slightly down from March’s 20.6%. All 20 cities saw… The post Home Price Gains Contract Slightly in April appeared first on RISMedia. As the housing market shifted under the weight of elevated mortgage rates and inflation in April, the most recent S&P CoreLogic/Case-Shiller Indices show that price growth for single-family homes in the U.S. experienced a mild acceleration. The organization revealed that home prices climbed 20.4% in April, slightly down from March’s 20.6%. All 20 cities saw annual price growth as the 10- and 20-City Composites rose 19.7% and 21.2%, respectively. Experts attributed the moderation in price growth partly to the impacts of mortgage rates, which crossed the 5% threshold in April amid elevated inflation levels not seen since the 1980s. Tampa led the way with a 35.8% increase in home prices. Miami and Phoenix followed, with prices jumping 33.3% and 31.3%, respectively. The complete data for the 20 markets measured by S&P: Atlanta, Georgia April/March: 2.3% Year-Over-Year: 26.4% Boston, Massachusetts April/March: 2.8% Year-Over-Year: 15.1% Charlotte, North Carolina  April/March: 2.7% Year-Over-Year: 26.6% Chicago, Illinois April/March: 1.9% Year-Over-Year: 13% Cleveland, Ohio April/March: 1.4% Year-Over-Year: 14.5% Dallas, Texas April/March: 3.2% Year-Over-Year: 31% Denver, Colorado April/March: 2.5% Year-Over-Year: 23.6%  Detroit, Michigan April/March: 2.2% Year-Over-Year: 15.3% Las Vegas, Nevada April/March: 2.3% Year-Over-Year: 28.4% Los Angeles, California April/March: 2% Year-Over-Year: 23.4% Miami, Florida April/March: 3.4% Year-Over-Year: 33.3% Minneapolis, Minnesota April/March: 2.2% Year-Over-Year: 12.3% New York, New York April/March: 2% Year-Over-Year: 14.3% Phoenix, Arizona April/March: 2.5% Year-Over-Year: 31.3% Portland, Oregon April/March: 2.2% Year-Over-Year: 19.1% San Diego, California April/March: 2.3% Year-Over-Year: 28.5% San Francisco, California April/March: 2.2% Year-Over-Year: 22.9% Seattle, Washington April/March: 2.3% Year-Over-Year: 26.1%  Tampa, Florida April/March: 3% Year-Over-Year: 35.8% Washington, D.C. April/March: 1.9% Year-Over-Year: 12.7% The takeaway:  “April 2022 showed initial—although inconsistent—signs of a deceleration in the growth rate of U.S. home prices. We continue to observe very broad strength in the housing market, as all 20 cities notched double-digit price increases for the 12 months ended in April,” said Craig J. Lazzara, Managing Director at S&P DJI. “We noted last month that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that had only just begun when April data were gathered. A more-challenging macroeconomic environment may not support extraordinary home price growth for much longer.” Lazzara added: “April’s price increase ranked in the top quintile of historical experience for every city, and in the top decile for 19 of them. In contrast with the past five months, when prices in most cities accelerated, in April, only nine cities saw prices rise faster than they had done in March. There’s a regional pattern among the nine, as all five cities in our South composite (Atlanta, Charlotte, Dallas, Miami and Tampa) are represented there.” “Today’s S&P CoreLogic Case Shiller Index spotlights shifting dynamics in a housing market landscape feeling the pressure of rising mortgage rates in April,” said George Ratiu, senior economist and manager of economic research, realtor.com®. “The month saw rates crest the 5% threshold for the first time since April 2010, driving the cost of borrowing over 50% higher than the prior year. For buyers, the higher costs led to smaller budgets and resulted in fewer transactions. However, the small number of homes for sale kept pressure on prices, driving them 20.4% higher compared with a year ago. “With the index looking at real estate markets in the rearview mirror, the fast-paced changes of the last two months are partly obscured. Mortgage rates, which averaged 5.1% in the last week of April, advanced near 6% in June, pushing the typical monthly payment $800 higher than in 2021. In addition, spurred by record-high asking prices and the desire to move beyond pandemic constraints, growing numbers of homeowners are selling their homes. These changes are resulting in cooling demand matched by growing inventory, a welcome downshift in competitive conditions for housing markets that seemed stuck in the fast lane for two years. Homes are spending more time on the market waiting for an offer, and the share of homes with price cuts is rising. For buyers and sellers, the road ahead will require more flexibility in pricing, brushing up on negotiation skills and acknowledging that market conditions today are different than even six months ago,” concluded Ratiu. The post Home Price Gains Contract Slightly in April appeared first on RISMedia......»»

Category: realestateSource: rismediaJun 28th, 2022

G7 Leaders End Summit Pledging to Hurt Russia Economically

Leaders said they would explore far-reaching steps to cap Kremlin income from oil sales that are financing the war Leaders of the world’s wealthiest democracies struck a united stance to support Ukraine for “as long as it takes” as Russia’s invasion grinds on, and said they would explore far-reaching steps to cap Kremlin income from oil sales that are financing the war. The final statement Tuesday from the Group of Seven summit in Germany underlined their intent to impose “severe and immediate economic costs” on Russia. It left out key details on how the fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to “explore” measures to bar imports of Russian oil above a certain level. [time-brightcove not-tgx=”true”] That would hit a key Russian source of income and, in theory, help relieve the energy price spikes and inflation afflicting the global economy as a result of the war. “We remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in unison at every stage,” the leaders said. Read more: What To Know About the 2022 G7 Summit Leaders also agreed on a ban on imports of Russian gold and to step up aid to countries hit with food shortages by the blockage on Ukraine grain shipments through the Black Sea. The price cap would in theory work by barring service provides such as shippers or insurers from dealing with oil priced above a fixed level. That could work because the service providers are mostly located in the European Union or the U.K. and thus within reach of sanctions. To be effective, however, it would have to involve as many consuming countries as possible, in particular India, where refiners have been snapping up cheap Russian oil shunned by Western traders. Details on how the proposal would be implemented were left for continuing talks in coming weeks. Before the summit’s close, leaders joined in condemning what they called the “abominable” Russian attack on a shopping mall in the town of Kremechuk, calling it a war crime and vowing that President Vladimir Putin and others involved “will be held to account.” The leaders of the U.S., Germany, France, Italy, the U.K., Canada and Japan on Monday pledged to support Ukraine “for as long as it takes” after conferring by video link with Ukrainian President Volodymyr Zelenskyy. The summit host, German Chancellor Olaf Scholz, said he “once again very emphatically set out the situation as Ukraine currently sees it.” Zelenskyy’s address came hours before Ukrainian officials reported a deadly Russian missile strike on a crowded shopping mall in the central city of Kremenchuk. From the secluded Schloss Elmau hotel in the Bavarian Alps, the G7 leaders will move to Madrid for a summit of NATO leaders, where fallout from Russia’s invasion of Ukraine will again dominate the agenda. All G7 members other than Japan are NATO members, and Japanese Prime Minister Fumio Kishida has been invited to Madrid. Zelenskyy has openly worried that the West has become fatigued by the cost of a war that is contributing to soaring energy costs and price hikes on essential goods around the globe. The G7 has sought to assuage those concerns. While the group’s annual gathering has been dominated by Ukraine and by the war’s knock-on effects, such as the challenge to food supplies in parts of the world caused by the interruption of Ukrainian grain exports, Scholz has been keen to show that the G7 also can move ahead on pre-war priorities. Members of the Group of Seven major economies pledged Tuesday to create a new ‘climate club’ for nations that want to take more ambitious action to tackle global warming. The move, championed by Scholz, will see countries that join the club agree on tougher measures to reduce greenhouse gas emissions with the aim of keeping global temperatures from rising more than 1.5 Celsius (2.7 Fahrenheit) this century compared with pre-industrial times. Countries that are part of the club will try to harmonize their measures in such a way that they are comparable and avoid members imposing climate-related tariffs on each others’ imports. Speaking at the end of the three-day summit in Elmau, Germany, Scholz said the aim was to “ensure that protecting the climate is a competitive advantage, not a disadvantage.” He said details of the planned climate club would be finalized this year......»»

Category: topSource: timeJun 28th, 2022

China Stocks Outperform On Unexpected COVID Shift

China Stocks Outperform On Unexpected COVID Shift Update (0920ET): China's move to ease quarantine rules for inbound travelers from three weeks to just one week has bolstered sentiment for Chinese equities.  Bullish calls are rising on Chinese stocks as the CSI 300 Index inches near a bull market.  Fred Hu, the founder of China-based investment firm Primavera Capital Group, told Bloomberg that he believes Chinese tech firms have turned the corner after a $2 trillion rout sparked by Beijing's yearslong technology crackdown.  NASDAQ Golden Dragon China Index plunged more than 76% since its peak in early 2021, coinciding with Beijing's crackdown start. The index hit a low in March and has since bounced 67% -- because the crackdown fears show signs of softening.  Hu believes "this could be the beginning of a new era for China tech ... There's a lot of value to be discovered," adding that investors still need to be selective in picking stocks.  Adding to support is the People's Bank of China's accommodative monetary policy, which is the opposite of global central banks that aggressively tighten interest rates to prevent the surge in inflation from turning into dreaded 1970s-style stagflation. Today's quarantine reduction news, tech crackdown abating, and PBOC easing have produced a more optimistic outlook for Chinese stocks.  However, a lingering threat of a US slowdown could be problematic for all investors.  Lorraine Tan, director of equity research at Morningstar, told Bloomberg TV: "Even if we do get some China recovery in 2023, which could be a buffer for this region, it's not going to offset the US or global recession." * * * China unexpectedly slashed quarantine times for international travelers, to just one week, which suggests Beijing is easing COVID zero policies. The nationwide relaxation of pandemic restrictions led investors to buy Chinese stocks. Inbound travelers will only quarantine for ten days, down from three weeks, which shows local authorities are easing draconian curbs on travel and economic activity as they worry about slumping economic growth sparked by restrictive COVID zero policies earlier this year that locked down Beijing and Shanghai for months (Shanghai finally lifted its lockdown measures on May 31).  "This relaxation sends the signal that the economy comes first ... It is a sign of importance of the economy at this point," Li Changmin, Managing Director at Snowball Wealth in Guangzhou, told Bloomberg.  At the peak of the COVID outbreak, many residents in China's largest city, Shanghai, were quarantined in their homes for two months, while international travelers were under "hard quarantines" for three weeks. The strict curbs appear to have suppressed the outbreak, but the tradeoff came at the cost of faltering economic growth.  The announcement of the shorter quarantine period suggests a potentially more optimistic outlook for the Chinese economy. Bullish price action lifted CSI 300 Index by 1%, led by tourism-related stocks (LVMH shares rose as much as 2.5%, Richemont +3.1%, Kering +3%, Moncler +3%).  "The reduction of travel restrictions will be positive for the luxury sector, and may boost consumer sentiment and confidence following months of lockdowns in China's biggest cities," Barclays analysts Carole Madjo wrote in a note.  CSI 300 is up 19% from April's low, nearing bull market territory.  Jane Foley, a strategist at Rabobank in London, commented that "this news suggests that perhaps the authorities will not be as stringent with Covid controls as has been expected."  "The news also coincides with reports that the PBOC is pledging to keep monetary policy supportive," Foley pointed out, referring to Governor Yi Gang's latest comment.  She said, "this suggests a potentially more optimistic outlook for the Chinese economy, which is good news generally for commodity exporters such as Australia and all of China's trading partners."  Even though the move is the right step in the right direction, Joerg Wuttke, head of the European Chamber of Commerce in China, said, "the country cannot open its borders completely due to relatively low vaccination rates ... This, in conjunction with a slow introduction of mRNA vaccines, means that China may have to maintain a restricted immigration policy beyond the summer of 2023."  Alvin Tan, head of Asia currency strategy in Singapore for RBC Markets, also said shortening quarantine time for inbound visitors shouldn't be a gamechanger, and "there's nothing to say that it won't be raised tomorrow."  Tyler Durden Tue, 06/28/2022 - 09:20.....»»

Category: blogSource: zerohedgeJun 28th, 2022