“Donald Trump’s first week as president was nothing short of explosive, with millions of people expressing anger over new tax proposals, slated changes to healthcare coverage and a planned multibillion-dollar border wall. One group with little to complain about? American billionaires, who have profited hugely off of record-high stock prices during Trump’s first seven days in office. In the last week, the 10 wealthiest Americans added $15.8 billion to their combined net worth. Each one of them got richer in the seven days following Trump’s inauguration. Warren Buffett enjoyed the biggest gain of any person in the country; his net worth climbed by more than $2.5 billion to $74 billion. He is currently the planet’s second-richest person, according to FORBES’ real-time rankings of the world’s billionaires, trailing only Bill Gates ($85 billion). Buffett’s surge was nearly matched by Mark Zuckerberg, whose fortune grew by $2.1 billion this week thanks to Facebook’s soaring market cap.” (forbes.com)
Business
Stock Research Moves Past PDFs as Customers Demand More for Their Money
“With investment firms cutting costs and portfolio managers combating a barrage of information, financial research shops around the globe are looking for new ways to keep their product relevant,” write Anna Irrera and Olivia Oran on Reuter. “A raft of startups have launched to support that effort, offering tools that can use Google search data to get an edge on retail sales, deploy drones to examine oil supplies or allow investors to rank analysts and bid on their reports, like a Netflix or eBay of research. Whether these innovations will lead to smarter investments, or be used widely enough to prop up research budgets, is yet to be seen. But the startups are forming alliances with banks, brokerages and investors by the dozen. People who use and sell the tools say the trend is changing how research is financed, distributed and consumed for the first time in decades. ‘We are coming up on a very different age for equity research,’ said Lex Sokolin, global director of fintech strategy at Autonomous Research. Investors now see research as a product that must stand on its own rather than a freebie offered as part of a broader relationship with an investment bank, Sokolin said. Technology can improve the quality and distribution of research, he said….Perhaps most importantly, investors say they are sick of their inboxes piling up with run-of-the-mill reports each day. At a time when people share snippets of information through WhatsApp and Slack and a tweet can move a stock in seconds, sharing loads of PDF files through email is not only passe, but makes it hard to know what is worth reading, industry sources said.” (reuters.com)
Why is Work Making Us Miserable?
Office life is better than ever before, but why dissatisfaction is rising? Lucy Kellaway writes: “Now, not only are offices bright and beautiful, we do not even have to go to them if we do not feel like it — we can work at home instead. Bosses have been taught not to shout. There are gyms and free fruit. And if you happen to be a woman, things have improved beyond recognition.” So why is work making us miserable? “The biggest reason for unhappiness is that we expect too much. Office jobs may have improved, but our expectations have far outstripped them.” (ft.com)
How to Determine Exchange Rates
Exchange rates are never constant in the global market. They keep changing from time to time. In fact they are constantly changing every minute as viewed in the stock market graphs. The stock brokers and the foreign exchange experts always keep their eyes on the constant changes on the graphs on how the markets keep behaving. This allows them to know when to make purchases and sales of the money in order to change from one foreign currency to the other. The factors that affect the behavior of currencies in the international market mainly are the supply and demand at any given time. The factors that determine the supply and demand can be political stability in a country, the economic stability in a country and the security that exists within the borders of a particular country. [Read more…]
From $6,000 to $73 billion: Warren Buffett’s wealth through the ages
Warren Buffett became a player in the investment game at the wee age of 11, eventually using cash he earned from his paper route to buy some farmland in his home state. As a high school sophomore, he also reaped the rewards of a booming pinball machine business. By the time Buffett was 15, he already had a net worth of about $6,000. According to the latest Forbes count, the so-called Oracle of Omaha is currently tipping the wealth scales at $73.1 billion. That’s good enough to put Buffett, who turns 87 this summer, at No. 3 on the U.S. rich list, behind Microsoft’s Bill Gates and Amazon’s Jeff Bezos. (marketwatch.com)
If You Get Rich, You Won’t Quit Working
You’d think striking it suddenly rich would be the ultimate ticket to freedom. Without money worries, the world would be your oyster. Perhaps you’d champion a worthy cause, or indulge a sporting passion, but work? Surely not. However, remaining gainfully employed after sudden wealth is more common than you’d think. After all, there are numerous high-profile billionaires who haven’t called it quits despite possessing the luxury to retire, including some of the world’s top chief executives, such as Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg. But it turns out, the suddenly rich who aren’t running companies are also loathe to quit, even though they have plenty of money. That could be, in part, because the link between salary and job satisfaction is very weak. According to a meta-analysis by University of Florida business school professor Timothy Judge and other researchers, there’s less than a 2% overlap between the two factors. In the long run, we derive job satisfaction from non-monetary sources, which include positive peer relationships, the ability to work on meaningful projects and even leadership opportunities. (bbc.com)
The Rich Get Richer as Billionaire Population Reaches 2,473
The Wall Street Journey reported: “Whatever the world’s economic and market turbulence last year, one group has held up well: billionaires. The combined wealth of the world’s billionaires, defined as individuals with a net worth of $1 billion or above, increased by 5.4% to a record $7.7 trillion, according to Wealth-X’s 2015-2016 billionaire census. By comparison, the gross domestic product of the U.S. is around $17 trillion. The world’s billionaire population grew by 6.4% to 2,473 in 2015.” Overall, 87% of billionaires made the majority of their fortunes themselves. (wsj.com)
10 Highest-Paying Jobs in 2016 If All You Care About Is Money
TheStreet compiled a list of the top 10 highest-paying jobs in America. You should follow a career in medicine, law and STEM if all you care about is money. Here’s the list for these high-paying jobs:
- Physician: $180,000 median base salary
- Lawyer: $144,500 median base salary
- Research & Development Manager: $142,120 median base salary
- Software Development Manager: $132,000 median base salary
- Pharmacist: $130,000 median base salary
- Strategy Manager: $130,000 median base salary
- Software Architect: $128,250 median base salary
- Integrated Circuit Design Engineer: $127,500 median base salary
- IT Manager: $120,000 median base salary
- Solutions Architect: $120,000 median base salary
(thestreet.com)
Hillary Clinton Made More in Speeches to Big Banks Than Most of Us Earn in a Lifetime
As reported on The Intercept: “Democratic presidential candidate Bernie Sanders this week assailed rival Hillary Clinton for taking large speaking fees from the financial industry since leaving the State Department. According to public disclosures, by giving just 12 speeches to Wall Street banks, private equity firms, and other financial corporations, Clinton made $2,935,000 from 2013 to 2015.” Clinton’s most lucrative year was 2013, in which she made $2.3 million for three speeches to Goldman Sachs and other Wall Street banks. (theintercept.com)
Apple CEO Tim Cook Reveals His Three Keys for Personal Success
Tim Cook is making his first visit to India as CEO of Apple and Cook reveals his three keys for personal success to young people during an interview. Business Insider reported that during a local game a sportscaster asked Cook about his impression of the sport and his experience in India. He also asked Cook what his message was to young people who might want to replicate his success. Sportscaster Alan Wilkins asked: “We have a lot of young viewers… if you had three key points for personal success from the chief executive officer from Apple, what would you say to our young viewers?” Cook replied: “Do what you love, and put your whole heart into it, and then just have fun.” (businessinsider.com)
The Heavy Price We Pay for Free Wi-Fi
Benjamin Dean, Columbia University
For many years, New York City has been developing a “free” public Wi-Fi project. Called LinkNYC, it is an ambitious effort to bring wireless Internet access to all of the city’s residents. This is the latest in a longstanding trend in which companies offer ostensibly free Internet-related products and services, such as social network access on Facebook, search and email from Google or the free Wi-Fi now commonly provided in cafes, shopping malls and airports. These free services, however, come at a cost. Use is free on the condition that the companies providing the service can collect, store and analyze users’ valuable personal, locational and behavioral data. [Read more…]
Why Countries Are Willing to Cheat for Olympic Gold
The doping allegations could prevent some Russians athletes to compete for 2016 Olympic in Rio this summer. Market Watch has an article detailing why countries are willing to cheat for Olympic gold. Grigory Rodchenkov, the former director of the laboratory where drug testing was performed for the 2014 Sochi Olympics, alleged that it was more important for Russia to end the Olympic games with the highest medal count than to guarantee that the games ran smoothly. “The whole medal count story is for the domestic audience,” says David Wallechinsky, president of the International Society of Olympic Historians, a nonprofit organization that collects and publishes research on the Olympic movement. In highly-populated countries like Russia and China, a major Olympic medal haul sends a message of strength and stability to citizens, Wallechinsky says. In the U.S., people get very excited, “but we look at victories as belonging to the individual athletes,” says Kathleen Smith, a professor at Georgetown University’s Center for Eurasian, Russian and East European Studies. “Russia sees them as belonging to the country.” (marketwatch.com)
The 3 Skills Most Companies Look for in Employees
Linda Celestino, vice president of guest services at Etihad Airways writes on Fortune: “there are two kinds of success: external or professional success and internal or personal success. Sometimes, in our younger years, we believe we are only measured on our external success and professional achievement. We think that that’s how the industry or world competes, but success is not singular, or based simply on our fortitude. To achieve success, you need to find your purpose, communicate, and adapt.”
- Finding your purpose and what you truly, deeply believe in 1,000% is fundamental to your success
- Communication drives every negotiation when used to build relationships , whether it’s monetary, professional, or personal
- Adaptability and the ability to thrive in ambiguity is very important during challenging times
6 Common Mistakes That First-Time Entrepreneurs Should Avoid
FounderSociety shares 6 common mistakes that trip up first-time entrepreneurs. “As a first-time entrepreneur, taking all the right steps in the beginning is critical to your success in the long run. It’s important to stay vigilant and avoid falling victim to one of the many obstacles in your path that could end your career for good.” Here are the biggest threats first-time entrepreneurs should avoid:
- Losing focus
- Shooting too high too quickly
- Giving up too early
- Burnout
- Themselves
- Thinking it’s easy
Do You Earn Less Than a Silicon Valley Intern?
Polly Mosendz writes on Bloomberg: “This year’s batch of Silicon Valley summer interns might earn more money than you. The median monthly base salary for an engineering-focused summer intern at some of the big technology companies is $6,800. Annualized, that’s $81,600 a year, according to data collected by Rodney Folz, a former University of California Berkeley student and soon-to-be Yelp intern. The national wage index is $46,481.52, according to data last compiled by the Social Security Administration in 2014.” (bloomberg.com)
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