What Is Compound Interest? Personal Finance Insider 2022-04-02 | 0:00 Intro0:10 What is compound interest?1:56 Compounding frequency2:29 Pros & cons of compound interest3:45 Bottom lineIn this video, we break down what compound interest is, and how it can either help or hurt you long-term.#CompoundInterest #Finance #BusinessInsider------------------------------------------------------Business Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771What Is Compound Interest?
Swing Trading vs. Day Trading | Personal Finance Insider Personal Finance Insider 2022-06-08 | 0:00 Intro0:10 Swing trading vs. day trading0:36 Key differencesIn this video, we’ll explain the differences between swing trading and day trading.MORE PERSONAL FINANCE VIDEOS:What Is Swing Trading? | Personal Finance Insideryoutube.com/watch?v=WauN3IAtcJMWhat Are Annuities? | Personal Finance Insideryoutube.com/watch?v=ysnRQiRcirUWhat Is a Roth IRA?youtube.com/watch?v=d8AM845CjcY------------------------------------------------------#SwingTrading #DayTrading #PersonalFinanceInsiderBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771
What Is Swing Trading? | Personal Finance Insider Personal Finance Insider 2022-05-21 | 0:00 Intro0:10 What is swing trading?0:41 How does swing trading work?1:44 Swing trading strategies4:15 Pros & cons of swing trading5:38 Bottom lineIn this video, Personal Finance Editor Laura Grace, walks us through what swing trading is, a few strategies to maximize profits as well as some upsides and a few downsides to swing trading.MORE PERSONAL FINANCE INSIDER VIDEOS: What Are Annuities?youtube.com/watch?v=ysnRQiRcirU&t=110sWhat Is a Roth IRA?youtube.com/watch?v=d8AM845CjcYWhat Is Compound Interest?youtube.com/watch?v=mvMjBsJvhmA------------------------------------------------------#SwingTrading #Finance #PersonalFinanceInsider Business Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771What Is Swing Trading? | Personal Finance Insider
What Are Annuities? | Personal Finance Insider Personal Finance Insider 2022-05-13 | 0:00 Intro0:05 What is an annuity?0:54 Types of annuities1:45 Rules of annuities3:27 How are annuities taxed?5:44 Bottom lineIn this video, Insider Junior Loans Reporter Ryan Wangman goes in-depth into what annuities are, how they work, the different types of annuities and how you can get maximum benefits from them.MORE PERSONAL FINANCE VIDEOS:What Is a Roth IRA?youtube.com/watch?v=d8AM845CjcYWhat Is A Credit Card?youtube.com/watch?v=GGPMk4yZSvMWhat Is Compound Interest?youtube.com/watch?v=mvMjBsJvhmA------------------------------------------------------#Annuities #PersonalFinance #BusinessInsideBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771What Are Annuities? | Personal Finance Insider
What Is A Credit Card? Personal Finance Insider 2022-04-29 | What Is A Credit Card?0:00 What is a credit card?0:12 Debit vs Credit card0:31 What is a credit limit?1:17 Monthly payments1:40 Pros and consIn this video, we explain what a credit card is, how it works, as well as the pros and cons of using one.MORE PERSONAL FINANCE VIDEOS:What Is a Roth IRA?youtu.be/d8AM845CjcYHow To Get A Credit Cardyoutu.be/EIYe21wpU_wWhat Is Compound Interest?youtu.be/mvMjBsJvhmA------------------------------------------------------#CreditCard #PersonalFinance #BusinessInsiderBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771What Is A Credit Card?
What Is a Roth IRA? Personal Finance Insider 2022-04-16 | 0:00 Intro0:07 What is a Roth IRA?0:35 Who can contribute to a Roth IRA?3:31 Pros & cons of a Roth IRA4:27 Roth IRA vs Traditional IRA5:27 Bottom lineIn this video we will break down what a Roth IRA is, how it can help you grow your money in the long run, how you can contribute to it and the differences between a Roth IRA and a Traditional IRA.MORE PERSONAL FINANCE INSIDER VIDEOS: What Is Compound Interest?youtube.com/watch?v=mvMjBsJvhmA&t=62sHow To Buy A Stockyoutube.com/watch?v=KRolnOPH89c$1 Billion Impact Investor Explains How She Makes Money While Making The World A Better Placeyoutube.com/watch?v=gTJYOHEtn-4------------------------------------------------------#RothIRA #Retirement #PersonalFinanceInsider Business Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771What Is a Roth IRA?
How To Get A Credit Card Personal Finance Insider 2022-04-06 | How To Get A Credit Card0:00 How to apply for a credit card1:21 Reasons for credit card denial1:51 Do I need to know my credit score?In this video, we tell you how to apply for a credit card, reasons that your application may be denied, and why it’s helpful to know your credit score before applying.Insider’s credit card reviews teambusinessinsider.com/personal-finance/credit-card-reviews-hub MORE PERSONAL FINANCE INSIDER VIDEOS: What Is Compound Interest?youtube.com/watch?v=mvMjBsJvhmAHow To Buy A Stockyoutube.com/watch?v=KRolnOPH89cHow To Use Apple Payyoutube.com/watch?v=nnMl4NVa81Y------------------------------------------------------#CreditCard #HowTo #PersonalFinanceInsider Business Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771How To Get A Credit Card
Index Funds vs Mutual Funds Personal Finance Insider 2021-12-09 | Presented by Fidelity0:00 Intro0:12 What are funds0:43 Mutual funds2:27 Index funds4:05 Main difference4:30 Which one to chooseIn this video, Jaspreet Singh breaks down the differences between Index and Mutual Funds, what funds are and gives some basic investing tips. MORE MASTER YOUR MONEY:How To Buy A Stockyoutube.com/watch?v=KRolnOPH89c&TO FOLLOW JASPREET:Minority Mindset YouTube Channelyoutube.com/channel/UCT3EznhW_CNFcfOlyDNTLLwMinority Mindset Websitetheminoritymindset.com------------------------------------------------------Business Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Snapchat: snapchat.com/discover/Business_Insider/5319643143Boot Camp on Snapchat: snapchat.com/discover/Boot_Camp/3383377771Index Funds vs Mutual Funds
How To Buy A Stock Personal Finance Insider 2021-08-30 | Presented by Fidelity0:00 Intro0:20 Choose a brokerage1:52 Research and choose stocks3:36 How to budget4:12 How to execute trades5:00 Tips for building your portfolioIn this video, we’re going to show you how to buy a stock, including how to choose a brokerage and open a brokerage account, how to research and pick stocks, how to determine what you can afford to invest, and how to execute trades. We’ll also offer tips for building your portfolio.SEC Website: www.sec.gov------------------------------------------------------Business Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Amazon Prime: http://read.bi/PrimeVideo
What To Do With Your Money During The Coronavirus Pandemic Personal Finance Insider 2020-04-26 | The coronavirus pandemic continues to wreak havoc on the global economy, with more than 20 million Americans out of work. However, the stock market remains open for business, and it has seen historically dramatic swings in the last eight weeks. For those fortunate enough to receive a steady paycheck amid the crisis, now might be a good time to cautiously consider investing in equities. Senior video correspondent Graham Flanagan talked to two world-renowned financial experts: Ellevest CEO and former Citigroup CFO Sallie Krawcheck, and Professor of Finance at the Stern School of Business at NYU Aswath Damodaran. He asked them for guidance about investing in equities, managing longterm accounts like 401(k) plans, and advice for people who received stimulus checks from the U.S. government. Flanagan also talked to Barstool Sports founder Dave Portnoy, a multimillionaire known for sports gambling who decided to try day trading in the stock market after the coronavirus cancelled all sports leagues. At the time of the interview, Portnoy told Flanagan that he had lost over $700,000.MORE BUSINESS INSIDER CONTENT:The Best Way To Understand Why People Are Mad At The Airline Bailoutyoutube.com/watch?v=x-DNaDlSqBQHow A Shoe Company Makes 100,000 Masks A Week To Fight The Coronavirusyoutube.com/watch?v=u8FgJvLLtXY&t=145sWhy Spacesuits Are So Expensive | So Expensiveyoutube.com/watch?v=_SZujgXkpKM------------------------------------------------------ #Stocks #Money #BusinessInsider Business Insider tells you all you need to know about business, finance, tech, retail, and more. Visit us at: businessinsider.com Subscribe: youtube.com/user/businessinsider BI on Facebook: https://read.bi/2xOcEcj BI on Instagram: https://read.bi/2Q2D29T BI on Twitter: https://read.bi/2xCnzGF BI on Amazon Prime: http://read.bi/PrimeVideo --------------------------------------------------What To Do With Your Money During The Coronavirus Pandemic
How To Use Apple Pay Personal Finance Insider 2019-10-25 | With more and more stores implementing electronic card readers, making a mobile payment has never been easier. Here's how to add your debit or credit card into your Apple Wallet so you can start using Apple Pay.MORE HOW TO DO EVERYTHING: TECH:How To Use Google Payyoutu.be/-E8IQ8jekkQHow To Change Your Apple Watch Bandyoutube.com/watch?v=GrTbqFh-55oHow To Type Fasteryoutube.com/watch?v=MKT6Uhk5-Iw------------------------------------------------------#ApplyPay #HowTo #TechInsiderTech Insider tells you all you need to know about tech: gadgets, how-to's, gaming, science, digital culture, and more. Visit us at: businessinsider.comTI on Facebook: facebook.com/techinsiderTI on Instagram: instagram.com/tech_insiderTI on Twitter: twitter.com/techinsiderTI on Amazon Prime: http://read.bi/PrimeVideoINSIDER on Snapchat: insder.co/2KJLtVo------------------------------------------------------How To Use Apple Pay
How Taylor Swift Makes And Spends Her Millions Personal Finance Insider 2019-04-26 | Taylor Swift just dropped a new single and music video with Panic! at the Disco's Brendon Urie after a cryptic countdown on her website teased the release. The singer and songwriter has amassed an estimated $320 million net worth and owns at least $84 million in real estate across four states. Her "Reputation" stadium tour was the highest-grossing tour in the US, grossing $266.1 million. She's also donated $113,000 to the Tennessee Equality Project, an LGBTQ advocacy group.MORE FORTUNE CONTENT:How Warren Buffett Makes And Spends His Billionsyoutube.com/watch?v=vI-zJ8bTK0AHow J.K. Rowling Makes And Spends Her Fortuneyoutube.com/watch?v=RqQNWYkHlKMHow Kylie Jenner Makes And Spends Her Fortuneyoutube.com/watch?v=9BXnzbU5c2M------------------------------------------------------#TaylorSwift #Me #BusinessInsiderBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Amazon Prime: http://read.bi/PrimeVideoHow Taylor Swift Makes And Spends Her Millions
How Warren Buffett Makes And Spends His Billions Personal Finance Insider 2019-04-24 | Warren Buffett is the third richest person in the world, but he lives a modest life. He drinks five cokes a day and even eats McDonald's for breakfast. The CEO and chairman of Berkshire Hathaway donates billions to charities. He still lives in the house he bought in the 1950s, which is now worth over $652,000.MORE FORTUNE CONTENT:How J.K. Rowling Makes And Spends Her Fortuneyoutube.com/watch?v=RqQNWYkHlKMHow Kylie Jenner Makes And Spends Her Fortuneyoutube.com/watch?v=9BXnzbU5c2MHow Tom Brady And Gisele Bündchen Spend Their Millionsyoutube.com/watch?v=7lyMccMYPjY------------------------------------------------------#WarrenBuffett #Fortune #BusinessInsiderBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Visit us at: businessinsider.comSubscribe: youtube.com/user/businessinsiderBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGFBI on Amazon Prime: http://read.bi/PrimeVideoHow Warren Buffett Makes and Spends His Billions
How Bill Gates Makes And Spends His Billions Personal Finance Insider 2019-01-23 | Bill Gates had an early start to his career at 17 years old. Bill Gates is currently the world's second richest person with a net worth of over $93 billion. In 1975, childhood friends Bill Gates and Paul Allen founded Microsoft and went on to create the operating system for IBM's first personal computer. Although Gates loves his luxury vehicles, he says his primary concerns are global warming and putting an end to polio. ------------------------------------------------------#BillGates #Microsoft #BusinessInsiderBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Subscribe to our channel and visit us at: https://read.bi/7XqUHIBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGF--------------------------------------------------How Bill Gates Makes And Spends His Billions
How Jeff Bezos Makes And Spends His Billions Personal Finance Insider 2018-12-25 | Jeff Bezos is the wealthiest person in the world, with a net worth of $156 Billion. He has five real estate investments and is one of the country's largest land owners. Bezos liquidates $1 billion a year to fund his space exploration company, Blue Origin.------------------------------------------------------#Amazon #JeffBezos #BusinessInsiderBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Subscribe to our channel and visit us at: https://read.bi/7XqUHIBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGF--------------------------------------------------How Jeff Bezos Makes And Spends His Billions
Shark Tank Investor Barbara Corcoran On Donald Trump As A Businessman | IGNITION 2018 Personal Finance Insider 2018-12-19 | Barbara Corcoran explains why Donald Trump is the best salesman she's ever met.------------------------------------------------------#BarbaraCorcoran #DonaldTrump #BusinessInsiderBusiness Insider tells you all you need to know about business, finance, tech, retail, and more.Subscribe to our channel and visit us at: https://read.bi/7XqUHIBI on Facebook: https://read.bi/2xOcEcjBI on Instagram: https://read.bi/2Q2D29TBI on Twitter: https://read.bi/2xCnzGF--------------------------------------------------Shark Tank Investor Barbara Corcoran On Donald Trump As A Businessman
$1 Billion Impact Investor Explains How She Makes Money While Making The World A Better Place Personal Finance Insider 2018-06-11 | "The Conscious Investor" is presented by Nuveen.Rekha Unnithan leads Nuveen's impact investing team which oversees nearly $1 billion in assets.Unnithan says her investments include affordable housing, microfinance, and investing in technology to lower the cost of remittance for migrant populations.She says the biggest misconception about impact investing is that it means giving up returns.--------------------------------------------------Business Insider tells you all you need to know about business, finance, tech, science, retail, and more.Subscribe to our channel and visit us at: http://www.businessinsider.comBI on Facebook: facebook.com/businessinsiderBI on Instagram: instagram.com/businessinsiderBI on Twitter: twitter.com/businessinsider
How ESG Metrics Work And Why All Investors Should Care Personal Finance Insider 2018-05-07 | "The Conscious Investor" is presented by Nuveen.Martin Kremenstein, head of retirement and ETF solutions at Nuveen, explains how ESG metrics serve as an indicator of quality and can be used as a risk management tool.According to research from MSCI, companies in the bottom ESG quintile have been twice as likely to suffer a catastrophic loss (over 95% cumulative loss) within three years.MSCI downgraded Equifax to the lowest ESG rating on cybersecurity concerns a year before the data breach was announced.Kremenstein says that Facebook was excluded from Nuveen's NuShares ESG Large-Cap Growth ETF from the time it launched in December 2016. He explains, "it scored relatively poorly, compared to other tech companies over data privacy concerns."--------------------------------------------------Business Insider tells you all you need to know about business, finance, tech, science, retail, and more.Subscribe to our channel and visit us at: http://www.businessinsider.comBI on Facebook: facebook.com/businessinsiderBI on Instagram: instagram.com/businessinsiderBI on Twitter: twitter.com/businessinsider
Jeff Bezos Talks Amazon, Blue Origin, Family, And Wealth Personal Finance Insider 2018-05-05 | Mathias Döpfner, the CEO of Business Insider's parent company, Axel Springer, recently sat down with Amazon CEO Jeff Bezos to talk about the early days of creating Amazon, what he's learned since then, how he funds his rocket company, Blue Origin, and what it's like when the president of the United States is your biggest critic.The sit-down interview happened in Berlin, where Bezos received the Axel Springer Award 2018.Business Insider tells you all you need to know about business, finance, tech, science, retail, and more.Subscribe to our channel and visit us at: http://www.businessinsider.comBI on Facebook: facebook.com/businessinsiderBI on Instagram: instagram.com/businessinsiderBI on Twitter: twitter.com/businessinsider
An Investment Chief At HSBC Sees Huge Trading Opportunities In China Personal Finance Insider 2018-03-05 | José Rasco, chief investment strategist at HSBC Private Bank, joins Business Insider's Sara Silverstein to discuss his outlook for the market. Rasco still likes U.S. equities but he says if you want to invest in an area where there is going to be growth, you want to be in Asia. In this clip, Rasco expands on his thesis for China.
Traders Should Be Focused On Asia Right Now, Says An HSBC Investment Chief Personal Finance Insider 2018-03-02 | José Rasco, chief investment strategist at HSBC Private Bank, joins Business Insider's Sara Silverstein to discuss his outlook for the market. Rasco still likes U.S. equities on the strength of earnings, GDP, and the stability of inflation. However, he says if you want to invest in an area where there is going to be growth, you want to be in Asia.
Overstock ICO Has Raised $100 Million Personal Finance Insider 2018-03-01 | Overstock CEO Patrick Byrne sat down with Business Insider's Sara Silverstein to discuss the company's ICO — tZERO — passing $100 million, the tokenization of Wall Street, and what people get wrong about blockchain.
How Richard Sherman Missed Out On Making Millions In Bitcoin Personal Finance Insider 2018-02-27 | NFL cornerback Richard Sherman is a paid spokesperson for Cobinhood, a cryptocurrency exchange with no trading fees. But Sherman’s involvement with cryptocurrency started years ago when he started accepting bitcoin for merchandise on his website. The following is a transcript of the video.Richard Sherman: I’m Richard Sherman and here is why I believe in cryptocurrency.Sara Silverstein: This is not the first crypto project that you’ve been a part of or interest that you’ve had. How did you first get involved and when did that happen?Sherman: Well, honestly, and I hate telling this story because it’s frustrating … So I have like a merchandise website, you know, shirts and sweaters and things like that for people who want to support. And early on, I mean maybe like five, six years ago, some of the fans were reaching out like “Oh, man, we want to pay in bitcoin. We’re going to pay in this digital currency. And I was kind of skeptical obviously … normal cash will do. But one of our managers for our website was from Asia and he had heard of cryptocurrency and bitcoin and so he was more informed than I was and was like “Yeah, just go for it, just allow it. I think you’re going to really this. I think it’s the future.” And so we allowed it. You know, for the most part, though, we just converted it back to cash, unfortunately. Um … yeah, so, you know, if I could go back in time and not convert that to cash then sure, I’d have a lot of bitcoin. Probably, millions of dollars.Silverstein: But is that regret that got you interested and started to research bitcoin and get involved in the cryptocurrency?Sherman: I mean, not really regret. Just kind of like a missed op. You know, like I passed on an opportunity where I could have done more research. I could have really looked into it and … But I’ve made some money. You know, I’ve made $15,000 on it, but, it could have been a lot more.
Goldman Sachs Investment Chief: Bitcoin Is Definitely A Bubble, Ethereum Even More So Personal Finance Insider 2018-02-27 | Sharmin Mossavar-Rahmani is the CIO of the Private Wealth Management Group at Goldman Sachs where she guides the investment strategy for clients with over $10 million in assets. Mossavar-Rahmani joined Business Insider's Sara Silverstein to discuss cryptocurrencies. Following is a transcript of the video.Sara Silverstein: And are your clients worried and are they are they interested in cryptocurrencies? Are they interested in bitcoin? Are they worried that it's gonna destroy the market? What are you hearing from clients? And what's your point of view?Sharmin Mossavar-Rahmani: Cryptocurrencies are the hot topic. One of our colleagues, Mary Rich, has actually spent a lot of time on it and — She's so much in demand, because everybody wants to talk to her and learn more about cryptocurrencies, learn about blockchain. Our view is that while we like the concept of blockchain, and think it will evolve into a useful tool for companies, for the financial industry, we think cryptocurrencies in their current format, meaning that in the current incarnation, are in a bubble. We actually have a couple of very interesting exhibits in our report. And the report is available for any of your viewers who would like to see it on the Goldman Sachs website. And we show the returns of cryptocurrencies against other asset classes that have been in bubble territory. So for example, we compare it to the TOPIX in 1990. We compare it to the Nasdaq in 2000. And what you can see is that, basically, these other big bubbles that we've had look like a flat line, even compared to tulip bulb prices, tulip mania in the 1600s, which was a bubble. We always talk about tulip mania. The bitcoin prices are astronomical. Then we compare that to Ether, and Ether is even more astronomical. So clearly, these valuations don't make sense to us. In addition, we think that these currencies have major shortcomings. Is there room for a digital currency, maybe sponsored by one of the major central banks like the Federal Reserve? Yes. Could it be incredibly useful? Could it reduce transaction costs? Yes. But not these ones.Silverstein: And how connected is it to the rest of the market, could there be if all of it blows up? Will it impact other people's portfolios?Mossavar-Rahmani: That's an excellent question. And clients ask us if the dot-com bubble bursts or when subprime mortgages led to the downdraft and eventually the global financial crisis, could we see something similar from the impact of cryptocurrencies coming down? But cryptocurrencies are a much smaller part of the global economy, whether you compare it to US GDP or global GDP, it's less than 1% of global GDP. And so in terms of the impact, it'll have some impact. There are a lot of people who have set up various exchanges, infrastructure, hedge funds in that space, so obviously, they will get hurt. But it's a very, very small part of global GDP.
This Goldman Sachs Investment Chief Isnt Worried About The Markets Biggest Fears Personal Finance Insider 2018-02-26 | Sharmin Mossavar-Rahmani is the CIO of the Private Wealth Management Group at Goldman Sachs where she guides the investment strategy for clients with over $10 million in assets. Mossavar-Rahmani joined Business Insider's Sara Silverstein to discuss Goldman Sachs' 2018 Investment Strategy Group Outlook. She says she is not worried about equity valuation levels or inflation and is telling investors to stay invested. Following is a transcript of the video. Sara Silverstein: Sharmin is the chief investment officer of Goldman Sachs' Investment Strategy Group. You guys came out with your 2018 outlook and one of the things that stuck out, I'm sure, to a lot of people is that you don't think valuations are particularly too high. Do you think that they're really sustainable at the levels that they've been at?Sharmin Mossavar-Rahmani: When we talk about valuations with our clients, we tell them they need to think about the context. What's the overall context in which we're looking at these valuations? When we look at environments where inflation is low, and very importantly, the volatility of inflation is low, which is the environment we're in, the market has typically sustained much higher valuations. So if we look at a range of market valuation measures, whether it's Shiller CAPE, whether its price-to-book, whether it's price-to-trailing earnings, price-to-peak earnings, when we look at these measures, they look like they're in the, what we would call, the 10th decile, meaning generally, valuations are cheaper 90% of the time.And when we look at the long-term average, it looks like they are 70-plus percent overvalued. However, when we look at valuations and compare them to periods of low and stable inflation, it only looks like it's about 20% overvalued. So the level of overvaluation is not as high as people are thinking.Silverstein: And so if you're in a period of low and stable inflation, the valuations don't look that overvalued. But what happens when inflation rises?Mossavar-Rahmani: So the key question for us is to monitor carefully several things, one of which would be inflation. But we're actually not concerned about inflation. And inflation has been a topic now for several years. Everybody is looking for inflation to be just around the corner, and it hasn't. Some of this, in our view, is driven by major structural forces. Globalization creates many more opportunities for companies to reduce their costs. So as long as that continues and exists, and you look at companies trying to find the cheapest source of, whether it's labor, whether it's manufacturing resources, then we think inflation is going to stay subdued and within the targets that the Fed is looking for. And it's not just inflation in the US, but inflation globally, whether we're looking at Europe, or whether we're looking at, let's say, Japan.Silverstein: And if you like US equities, are you worried at all about tech, 'cause they have been leading the rally? And their valuation, some think, are the most overvalued of any.Mossavar-Rahmani: In our view, this concern about the tech sector and saying that this looks like the late '90s, 2000, is a bit misplaced, this type of concern. Because when you actually look at the relationship across sectors, and you look at their valuations based on return on equity, or other measures, all sectors seem to be about fairly valued.If you looked at 2000, information technology was substantially overvalued relative to other sectors in the equity market. For example, if you looked at the return on equity and what you paid for that, you were paying two and a half times more for the technology sector's return on equity relative to other sectors. So that was a big dislocation. You don't see that anymore.In fact, there have been a lot of articles and commentary about the impact of the FAANGs, meaning, sort of, Facebook, Apple, Amazon, Microsoft or Netflix, depending on what people like to use, and Google. And if you take those out of the S&P, people will say S&P returns have been anemic. That is factually not correct. In fact, if you take the returns, let's say, for 2017, about 22%, and you take out the FAANGs, you're left with about a 19% return. That means other sectors have done quite well. So even though technology has outperformed, broadly, we don't think it is overvalued relative to other sectors in the market.
Overstock CEO And Bitcoin Pioneer Explains His Long-Standing Crypto Play And His Philosophy On Life Personal Finance Insider 2018-02-23 | Overstock CEO Patrick Byrne sat down with Business Insider's Sara Silverstein to discuss his longstanding belief in cryptos, a revolutionary cryptocurrency called Ravencoin, and his philosophy on life. Following is a transcript of the video.Sara Silverstein: So Overstock.com has been accepting bitcoin for as long as I can remember anyone has.Patrick Byrne: We were the first. We were the first — there was a — the largest company then accepting bitcoin was an $800,000 a year restaurant diner in western Australia. We stepped up and started taking it — we were $1.4 billion. So we often — I like to think that we saved that community about five years in their adoption cycle.Silverstein: And how much of bitcoin are you transferring to cash right now?Byrne: Now we only transfer 50% and the rest we keep in bitcoin. And then periodically, we do — we have cashed in bitcoin and made a few million dollars along the way or five million dollars somewhere like that. But generally, as we go along, we do 50% retain bitcoin 50% USD.Silverstein: And where do you think the bitcoin price should be?Byrne: No idea. No idea. Wherever millions of people through their trading say it should be. I can't read their — there's no way anyway —Silverstein: Yeah, and are you interested in everything cryptocurrency? Or are you really interested in the blockchain? Where do you separate the two?Byrne: Well I'm not really interested in cryptocurrencies per se. Although in general, I guess there's nothing wrong with me saying there is an open-source project of which I'm really letting something big out of the bag here. I'll tell you. But there's an open-source project called Ravencoin, which Overstock has put millions of dollars into teams. We have people contributing to this open-source project. We think this coin actually has quite a future. It's about — it's bitcoin, but a thousand times more energy efficient. And there's other real interesting virtues to it — so Ravencoin. But other than that, I stay out of the cryptocurrency game. I'm building the — we're focusing on applications of this technology and not just betting on coins themselves.Silverstein: And is that the primary purpose of Ravencoin is to be a more energy efficient version of some of these other cryptocurrencies?Byrne: That's — I'd say that's the first feature it brings to the world. What I hear — from the open-source community and on the message boards — I know what they are working on and it seems — it's really quite a — I think it has — it was launched January 3 and it's as this open-source project. And I think it has more — last I heard — the number of miners who are now working on it — or it has spread faster than any number of miners of any coin introduced. It's really quite a phenomenon this Ravencoin. So — and what's nice it's democratized. Yeah, it — what happens is, you know, all these coins like bitcoin and such are built on — there's a processor that's solving mathematical problems. And it's possible to build chips that specialize in just that problem. And so you really can't — with your home computer, you're not going to mine any bitcoin anymore unless you have this dedicated ASIC chip. Well, Ravencoin was designed, so you can't do that — it's ASIC resistant. And that's because the problem that you solve keeps flipping randomly among a bunch of class of problems. Anyway, you can't solve it efficiently with an ASIC’s chip, which means it redemocratizes mining. Anyone can download this software, and you don't have an advantage by having this big mining warehouse in China.Silverstein: And what's your life philosophy? I know you've ridden your bike across country five times?Byrne: Four timesByrne: Don't remind me —Silverstein: I know, just exaggerating —Silverstein: And you obviously run your company different than a lot of people run their companies.Byrne: Is it that obvious?Silverstein: Yeah, just a little bit. What would you say your philosophy is? What keeps you going? What keeps you creative?Byrne: Really? No one has ever asked me that question. Truth is it's service. That's what we're all here for — is service. You know, at some point in your life, you realize it's not about me, and it's not about gaining stuff, it's finding ways to serve other people.
Why Goldman Sachs Is Not Worried About Valuations Or Inflation Personal Finance Insider 2018-02-23 | Sharmin Mossavar-Rahmani is the CIO of the Investment Strategy Group at Goldman Sachs. She is responsible for the overall asset allocation and investment strategy within Private Wealth Management. In short she guides the investment strategy for clients with over $10 million in assets.Mossavar-Rahmani joined Business Insider’s Sara Silverstein to discuss Goldman Sachs’ 2018 Investment Outlook. She says she is not worried about equity valuation levels or inflation and is telling investors to stay invested. She also talks about cryptocurrencies which she says, "in their current incarnation, are in a bubble."
Heres What Jim Chanos Is Tired Of Hearing About From Wall Street And Silicon Valley Personal Finance Insider 2018-02-22 | In every bull market there are a bunch of prevailing narratives telling you why should buy — but not all of those narratvies ultimately prevail.Business Insider Senior Finance Correspondent Linette Lopez spoke with famed short seller Jim Chanos at the Nasdaq Market Site about what he is tired of hearing from Wall Street and Silicon Valley these days, and why some companies are choosing an ICO over an IPO. Following is a transcript of the video.Linette Lopez: Hi, I'm here with Jim Chanos, founder and president of Kynikos Associates, the world's largest short hedge fund.Lopez: So Wall Street is a place full of geniuses. I'm sure that in your 30 years you've found that.Chanos: I just ask them.Lopez: Oh yeah. So given all the geniuses that we have on Wall Street, what are you tired of hearing in this market? What do you hear over and over and over again that kind of drives you a little bit crazy?Chanos: Well, I mean probably one of the things that I think we look at — a little bit askance — is the idea that we can just keep discounting the same amount of good news over and over and over again. So whether it was tax reform, which powered the market higher at the end of 2017. And people were just simply, you know, every single day coming in and saying, "tax reform is going to be amazing; tax reform's going to be amazing." But the S&P 500 estimates for 2018 are no higher than they were when it became apparent tax reform was going to pass in the summer. And so it's not as if we didn't quantify the impact of tax reform. But yet people wanted to get more and more excited about it and keep discounting it. And that's just the nearest term. But in bull markets people will find all kinds of reasons to discount news over and over and over again. And they do the opposite in bear markets.Lopez: OK, we've talked about one silly place — Wall Street. Let's talk about another one: Silicon Valley.Chanos: Yeah.Lopez: OK, we're seeing ICOs. We're seeing fewer IPOs. Where is all that money going?Chanos: Yeah, and we're seeing lots of pro-forma earnings, which is also kind of fun in Silicon Valley. They've resurrected that.Lopez: You have a weird notion of fun, but OK.Chanos: Yeah, you know, I think that that the sense has been there's been such a deep private market for deals that no one has needed to go public. Now some would argue that some of the business models that have these incredible valuations in the private market like Uber and Airbnb might not like the scrutiny of public markets.Lopez: I would never go public.Chanos: So if you can get a unicorn-type valuation of $50 billion without going public, who needs it?Lopez: Right, but who's giving them all that money?Chanos: Well, I mean, first of all, it's not a deep liquid market, right? So it's a round of financing of maybe another billion dollars, but at a higher price. So these are not companies capitalized with, you know, hard assets, and cash of $50 billion. They are being, basically, valued at that based on the last round of financing. And that's an entirely different thing. That's pretty ephemeral and can go poof as it did in '01 and '02.Lopez: Jim, thank you so much for coming by.Chanos: This was fun, thanks.
What The Blockchain Hype Is Really About When It Comes To Technology Personal Finance Insider 2018-02-21 | While in Davos, Business Insider's Sara Silverstein interviewed Adam Ludwin, co-founder and CEO of Chain, for a special edition of Crypto Insider. The following is a transcript of the interview.Silverstein: And this is the biggest question that I have coming out of the these conversations at Davos — everybody is telling me that blockchain can solve all these different problems. I understand why blockchain makes sense for not being able to sell the same asset twice. That makes sense to me. What else — why is blockchain used as a solution for so many things, and why is that any better than a centralized database?Ludwin: So I think the primary reason around the hype for blockchain is it's just a part of the hype cycle we're in. It's, sort of, captured the zeitgeist of digital transformation and a lot of folks are looking at it as a panacea for a lot of different things. When it's not. It's a tool like many other tools in your modern software suite. And it should be applied where relevant. And in the case of financial institution a relevant place to apply it would be where it's important for a particular product or service to have either more trust from third parties or to engage third parties in building a network without a traditional intermediary. That's really where it's most relevant. So I'm also equally, sort of, surprised maybe dismayed by the type of — let's call them — airport advertisements that I see proclaiming blockchain to be the cure-all for every corporate ail. it's not.Silverstein: And when you sell — when you're talking about of a software for an institution, because when we look at bitcoin and all these currencies, every person that's involved in the network has a copy of the database right? So they can all verify that. But when you're talking about selling it to an institution, who are you getting that integrity from where is that security coming from?Ludwin: Right, so let's start with bitcoin. So as you rightly pointed out in the case of bitcoin, the model is peer-to-peer network — no predetermined intermediary. There are, in fact, intermediaries in bitcoin known as miners, but they're not predetermined. They have to compete and you never know which one's going to actually process those transactions. And that all serves a purpose, which is to create an alternative payment rail that's censorship resistant, meaning no one can stop anyone from transacting on that network. And whether that is useful really depends on your context. For some people in some places, having the ability to transact with someone else without censorship is important — whether those are you know people that are facing strict capital controls, or in a country of hyperinflation. Because in a particular place if you donate to a non-profit, you go to jail for political reasons. There's a lot of legitimate — I would call them — civil society reasons why bitcoin is a powerful mechanism. Very different context if your talking about an organization like Visa or Nasdaq, where we don't need miners, because we already know in advance who's going to process those transactions; who's going to order and ensure that no double spending is happening.At the same time, the value that they see and gain from the technology is being able to cryptographically prove to third parties that they're not manipulating data; no one in their company has manipulated any data — intentionally or accidentally; no hackers have changed any state. So it's simply about increasing the robustness of that institution. It's a security and transparency innovation when we use it there. So very different uses — both in my mind legitimate, but both serving different goals depending on how it's deployed.
Henry Blodget: This Could Be Exactly What The Start Of A Major Correction Looks Like Personal Finance Insider 2018-02-21 | Business Insider CEO Henry Blodget has been calling for a market correction for a long time. In fact, it has been a couple of years now. Blodget is not claiming that the pullback earlier this month is the start of a major correction but he says investors need to be prepared for the worst. Following is a transcript of the video.Sara Silverstein: I'm here with Business Insider CEO Henry Blodget who's been warning of a bigger correction for quite some time. Has enough happened? Is it time to buy the dip or is there a lot more to come?Henry Blodget: Well, let's qualify the quite some time. It has been years. This is based on valuation. I have no idea what stocks are going to do over the next six months, year, who knows. I would say that if this is the start of a major correction, this is exactly what it's going to look like. You see a big flip, a big drop, big recovery, lots people say, "Oh, thank goodness that was just a one or two day thing, off to the races again — buying opportunity." It's exactly what it looks like then you get another leg down, then you get a little bit of bad economic data that people weren't expecting, then 18 months later, we're down 30-50%, the economy is a mess, people are furious that people didn't see it coming, how could they have missed it? So this is exactly what it does look like. But to go back to the major call, the stock market is twice the level it has been historically on many different measures, not just the cyclically adjusted PE — which everybody wants to beat up on now, because it's been so egregious for so long — but many other measures: GDP, regression analysis of the S&P 500, stock performance. So look at all of those. We're 2X where we have been historically. Sure, you can say, "Maybe it's different this time," but it better be different this time or we are in for either a period of long flat, no returns or a major correction.Silverstein: And do valuations generally come down slowly like they rise or do they come down very quickly until they're normalized?Blodget: Sometimes — as in 1966 to 1982 — they basically move sideways for what amounts to forever. Sixteen years in that case with a pretty precipitous drop in the end, some bad years in the middle, but basically flat. Sometimes — 1929, 2000, 2007 through 2009 — they dropped precipitously. And then everybody gets completely freaked out. You get all these people who say, "I'm in it for the long term. I can handle volatility." Everybody can handle volatility until your down 30% and it looks like we're going down another 50%. Then volatility starts to feel a little scary. So many people got blown out during the financial crisis, which is tragic for your retirement, given what has happened since then. I think that the way to invest is to be fully prepared for a pullback of 50%. If you're unhappy with that, you're probably overweight in stocks.Silverstein: And it seems like we're in that phase now, because I'm seeing a lot of notes and people say, "2018. Stocks will still go higher, but volatility will return."Blodget: Yes, and again, it's very difficult as a strategist to — who is responsible for predicting the next 12 months — to really do anything other than say, "The trend will continue as it has been." Especially when you can't see any big changes in economic data. There are some scare stories out there. But the problem is it's like driving a hundred miles an hour at night. Your headlights show only so much, but you're already past the point where you can stop by the time you get in trouble if you're going too fast.Silverstein: Is the thing that everybody should be watching — everybody is talking about inflation, which is starting to return, and then interest rates. Is that the only thing that matters right now?Blodget: Well one of the big justifications for the stocks being where they are and having done what they've done is interest rates, which have been basically zero for a long time and that does inflate the value of other assets. It has undoubtedly contributed to the stock market as has been this environment with incredibly low interest rates and low inflation. And investors did have a couple of days of panic when it looked like inflation is starting to tick up. People have been waiting for that for a long time; it hasn't happened. If inflation really does start to tick up and the Fed is forced to raise rates — historically has not been good for the stock market. So folks are wise of it. Today we look at it, we get a bad economic number, stocks go up. Why? Because people say, "Oh, the Fed won't have to raise rates." So they're so excited about that. So again, near term it's anyone's guess, whether this is the start of something that gets really ugly or whether it's just a pullback from an entirely euphoric blow off where we've gone straight up for the last five months.
Jim Chanos Says Elon Musk Just Told His Biggest Whopper About Tesla Yet Personal Finance Insider 2018-02-21 | Business Insider's Linette Lopez asked famed short seller Jim Chanos about his ongoing Tesla short, and he shared "the biggest whopper" the company's CEO, Elon Musk has told the market."...he said that truck will be out in 2019," Chanos said. "And if that's the case, those production lines have to be up now. That factory has to be up now. And where is that? I mean, what factory line is going to be making a truck in 2019 and a roadster sports car that he unveiled in 2020? You can't simply say things like that without having some evidence to back them up. You're a public company's CEO."Following is a transcript of the video.Linette Lopez: Back to your 20s, back then your nemesis was a CEO named Morley Thompson, the CEO of Baldwin Piano. That was your first big short. Now it seems like you've set your sights on another CEO. His name is Elon Musk. He's got this little company called Tesla.Jim Chanos: I've heard of it.Lopez: Yeah, what's wrong with Tesla?Chanos: Well, I mean, first of all, Morley Thompson who ran Baldwin United had to be the greatest salesman of all time. He started out selling pianos door-to-door.Lopez: That sounds difficult.Chanos: And anybody that can do that and then rise to CEO, you know, had to be able to sell pretty much anything. And that I think is Elon's greatest quality. He's a pretty good salesman. He's always pitching the next great idea. The problem is, is that the execution of the current ideas is falling short. And that's where I think it's problematic. And on top of that, I think — increasingly — he's making promises that he knows he cannot keep. And I think that's a much more ominous turn.Lopez: What is the most recent promise that he's made that he can't keep?Chanos: Well, I think the biggest whopper that I've seen — and we have a spreadsheet of Elon's whoppers — along with a longer spreadsheet of all the executive departures at Tesla. But I think the latest one that kind of stunned me was when he unveiled the semitruck — EV.Lopez: But he hasn't really even given us a regular car. The $30,000 car that he promised everyone.Chanos: Well, forgetting that, he said that truck will be out in 2019. And if that's the case, those production lines have to be up now. That factory has to be up now. And where is that? I mean, what factory line is going to be making a truck in 2019 and a roadster sports car that he unveiled in 2020? You can't simply say things like that without having some evidence to back them up. You're a public company's CEO. And, you know, I'd want some clarification on where exactly this truck is going to be built to be out in 2019. But, you know, he's missed production estimate after production estimate. He thought there'd be 10,000 Model 3s a week by the end of '17.Lopez: Isn't it 5,000?Chanos: Now it's 5,000, by June. I think even worse is that people have thought they were getting a car for what amounted to $27,500 — the $35,000 base plus the federal tax credit. Now they're realizing that the federal tax credit's going to, basically, be over by this year. And every manufacturer has a limit.Lopez: So then it's a $60,000 car?Chanos: Well, the Model 3s he's delivering now are $50,000 base pretty much. And with delivery charges and sales tax they're probably closer to $55,000. So they're almost twice what he promised people. And the car for $55,000 is not a particularly great car in our view. It might be for $27,500. But it competes against basically luxury cars at $55,000. And that's a pretty competitive area and going to get more competitive.
Smart Valor CEO On The Tokenization Of Everything, ICOs And Bitcoin Personal Finance Insider 2018-02-20 | Business Insider's Sara Silverstein recently spoke with Olga Feldmeier, CEO of Smart Valor, at the World Economic Forum in Davos. Smart Valor is is a decentralized marketplace for tokenized alternative investments.
Blockchains Potential Applications And Biggest Challenges Personal Finance Insider 2018-02-20 | Business Insider's Sara Silverstein spoke with Jamie Smith, CEO of the Global Blockchain Business Council, at the World Economic Forum in Davos, Switzerland. Smith is also the co-chair of the WEF's blockchain council.
Jim Chanos Is Worried About The Economy, But Not Because Of Inflation Personal Finance Insider 2018-02-20 | At the Nasdaq Market Site, Business Insider Senior Finance Correspondent Linette Lopez spoke with famed short seller Jim Chanos about the reintroduction of inflation to the market for the first time since the financial crisis. It is causing volatility unseen in years.That's not what worries Chanos most about the US economy, though. He's more concerned about what he calls the "rent seeking behavior" of corporations."In a highly competitive economy, if interest rates are so low, returns should be dropping," said Chanos. "Instead, returns and corporate assets are remaining high. And some of that might be technology. Some of it might be just simple lobbying — rent-seeking."Following is an edited transcript of the video.Linette Lopez: We just had the highest CPI print in 13 years. It looks like inflation is sort of back. The market is changing. Legendary trader Paul Tudor Jones just said it's making him feel like he's in his 20s again, all this volatility. How do you feel about this market, and do you feel like you're in your 20s again?Jim Chanos: Well, I want to take whatever he's taking to feel like he's in his 20s again.There's more volatility. But compared to historical — when Paul was in his 20s and I was in my 20s — I mean it's kind of nothing. Back then the 30-year bond, which is what we used to look at, would trade in a 30-basis-point band in a day. Now it moves three basis points and people get terrified.Lopez: It's crazy because there are so many young Wall Streeters who have never seen a market like this. They've never been chained to their chairs. They've never been, you know, glued to their screens in the way they have to when the market is volatile. Do you have any advice for those kids?Chanos: Well, back in my day ... I mean no one wants to hear that. What Wall Street has benefited from, among many things, is basically a probably once-in-a-lifetime move in rates from 14% to basically 2% or zero percent, depending on whether you're looking at short-term rates. And we're not going to repeat that, I'm pretty safe in saying. So what Wall Street hasn't seen — with the exception of a few graybeards like Paul and myself — is high interest rates or rising interest rates for any sustainable period of time. And the big change will come when that changes. So I don't know if that's what's happening now. We'll see. But, you know, when you see things like Greece borrowing at rates lower than the US for two-year notes —Lopez: It's a little wonky.Chanos: It's a little crazy. And so things are happening in the credit markets that are making people a little uncomfortable. We've moved to almost 3% on the 10-year. But based on where nominal growth is right now — I mean with or without a rising CPI — the 10-year should be north of 4%. So we're still in a very accommodative environment.Lopez: We seem to have a stew going here. We have this tax cut. We have this massive budget agreement between the Democrats and Republicans that's going to add to the deficit. And it seems like corporations are really winning out. And it seems like labor — you have regular people like me who are kind of losing in this equation. This has been going on for years. How do you stop it?Chanos: Yeah, the rent-seeking economy.Chanos: You know, it really is a puzzle. And I was reading a column in The New York Times this morning talking about that. And why we haven't seen more competitive forces bringing returns down to where rates are. In a highly competitive economy, if interest rates are so low, returns should be dropping. Instead, returns and corporate assets are remaining high. And some of that might be technology. Some of it might be just simple lobbying — rent-seeking. And I think it's probably a combination of both. But what it does lead to is stagnating wages, lower capital investment, and a disproportionate amount of the economy going to the corporate sector and shareholders. And that's great for equity holders; it's not really great for everybody else.
Wharton Professor Says Trump Is Bad For Americas Brand And That Is Bad For The Economy Personal Finance Insider 2018-02-16 | On a very sunny day at the World Economic Forum in Davos, Business Insider's Sara Silverstein spoke with Wharton School marketing professor David Reibstein. Following is a transcript of the video.Sara Silverstein: And how does somebody like Trump affect America's brand?David Reibstein: So a lot of where a country gets its image is from its overall long-term reputation and the products that come from there. But also some of the people that come from there and the political leaders definitely have an impact. And so the image of Trump carries over to the US and directly affects the US brand. So what I've observed is when I first did the study two years ago — and I did it together with US News and WPP — when I first did this study, the US was ranked as the fourth-best brand. I next measured it immediately after the election, we fell to number seven and we've now fallen to number eight in the world. So this whole notion of make America great again, it should be the number one brand — we're now in the number eight position, not the number one.Silverstein: And there will be some economic repercussions for that you think as far as capital coming in and trade?Reibstein: Absolutely, so we see it through policy as well as just imagery. So in terms of immigration and closing the borders for immigration — that has an impact — the sense of pulling out of the Paris Accord has an impact of how much we care about the world. Tourism — people are less willing to come to the United States, less willing to start businesses in the United States, and have a lower inclination to buy products from the US. So it has a direct impact on our economy.
Top Tech Leaders Get Higher Approval Ratings Than Many World Leaders, According To Wharton Study Personal Finance Insider 2018-02-16 | Business Insider's Sara Silverstein spoke with Wharton School marketing professor David Reibstein at the World Economic Forum in Davos, Switzerland. Following is a transcript of the video.Sara Silverstein: Can you explain to me this survey that you recently did that ranks how people, or the approval rankings of some of the top CEOs versus some of the nation's — the world leaders.David Reibstein: So one of the things that I included in the study this year was not just, sort of a valuation of countries. But we also looked at, sort of, approval ratings of country leaders and approval ratings of the top dozen CEOs from around the world. And what was interesting is people feel better about CEOs than they do about country leaders. So if you look at all the ratings from the — I did 12 and 12 of each country leaders and corporate leaders — the top several were really those that were from corporations. So I think Eric Schmidt ...Silverstein: Schmidt, Zuckerberg, Bezos.Reibstein: Right, so those are those are evaluated more highly than any presidential leader.Silverstein: And at the bottom you have Putin and Trump.Reibstein: Putin and Trump — actually at the bottom is Trump and then Putin. That was a little bit of a surprise to me is to see that the world feels more positively towards Putin than they do towards Trump.Silverstein: And do you think that like if Zuckerberg became a world leader or if — are they just viewed more favorably because they're CEOs. If they stepped into that world leader position and became politicians, do they — does that change the perspective or is it really who we have in those roles?Reibstein: Actually I've always believed we should have some corporate leaders that are taking some of the political roles. Of course, that's what we have right now. And so it depends on what it is that they do once they become president. And so it's still to be determined. It is — there's no question that once you become a political leader, there's going to be different sides of every issue and you're going to have some detractors along the way more so than if you're a company and people can elect to buy your product or not buy your product. And so I think we'll see some you know probably some decline in ratings once someone becomes a president or prime minister.
The Real Value Of Blockchain And Cryptocurrencies Personal Finance Insider 2018-02-16 | While in Davos, Business Insider's Sara Silverstein interviewed Adam Ludwin, co-founder and CEO of Chain, for a special edition of Crypto Insider. The following is a transcript of the interview.Sara Silverstein: So how does — but your blockchain, many blockchains exist without a cryptocurrency.Adam Ludwin: RightSilverstein: So how important is the connection between the two or do you envision a future of blockchain without cryptocurrency?Ludwin: So I think there's this false dichotomy that's pretty popular at conferences like Davos where you hear — you hear many different languages at Davos. But when I don't understand what someone is saying, I just assume they're saying, "you know, I don't like bitcoin, but the underlying blockchain technology..." I think I know how to say that in 20 languages now.So yeah, I think it's a false dichotomy. Like I said, they're both useful and they're actually on more of a continuum than people appreciate. So a lot of the work we do, for example, is linking private blockchain — where there is no cryptocurrency — into a public blockchain.But to answer your question, you're right our protocol does not have a cryptocurrency. And the reason for that is we don't need one, because the cryptocurrency — or cryptoasset — its purpose is to provide an economic incentive to a decentralized operating group.Silverstein: To keep it going?Ludwin: To keep going and we don't need that, because we already know who's going to run the business. So yes, we could create a currency to cash in on the the hype, but we're much more interested in building a real business. And so that's why we're focused on that. And that's not to suggest that there's anything wrong with creating new cryptocurrencies. Again, I think it's just such a different context; it's hard to compare them. And I think over time, especially this year, I think one of the big trends is they'll converge more than people are expecting.Silverstein: They'll converge in what way?Ludwin: They'll converge in the following way — we have different payment networks and financial markets all around the world quite fragmented; there's very little mesh or interoperability between networks. So right now, for example, if you're in China, and you open up the Alipay app and you want to send money out of China, do you know what option you have? Do you know what it says in the app? It says Western Union. So, you know, I think that is going to change. I think the interoperability between say WhatsApp — if they ever have payments — and Alipay will be something that looks somewhat like a public blockchain. So I think that's where we're going to see real penetration and links between the existing financial institutions — some of which run blockchain architecture, some of which don't — and public networks, which will, sort of, drive interoperability. And then in parallel, I think you'll continue to see cryptoassets that are serving, you know, these alternative software models that for many people, don't get them anything new, but for certain people in certain contexts, it's really a good solution for them.Silverstein: And why does the blockchain software — why does that always come with the word integrity?Ludwin: Because the core innovation and in a blockchain — now a blockchain by the way is just a data model; it's being used — to meet — to address a lot of different things in, you know, corporate marketing at an event like Davos. But the technical reality is blockchain's just a data model. It's a database innovation. And that innovation is applying cryptography to every transaction update in that database, so that anyone can independently verify whether there's been a change to the database and can independently verify therefore, sort of, the state of say a balance in a checking account, or the current custodian of a security, or the current owner of a cryptocurrency. So it's really in the context of an institution using a blockchain, it's really about increasing the trust in them. But, as I think many people know, a blockchain can also be used without an institution — in other words a trust replacement in a more decentralized model. But in our view, a blockchain is as relevant as an accounting model as it is as a mechanism to create decentralization. It just depends on the design goal and the intention of the company or group that's deploying the technology.
JAMIE DIMON: Why JPMorgan, Amazon, and Berkshire Hathaway Are Forming A New Healthcare Company Personal Finance Insider 2018-02-15 | Jamie Dimon explains why JPMorgan, Amazon, and Berkshire Hathaway are banding together to form a nonprofit venture to lower healthcare costs for employees.
Jamie Dimon Isnt Losing Sleep Over The Stock Markets Biggest Fear Personal Finance Insider 2018-02-15 | Jamie Dimon does not seem worried about the stock market correction.Business Insider caught up with the JPMorgan Chase CEO on Tuesday in the South Bronx, where the bank was announcing the expansion of its Entrepreneurs of Color Fund. He talked about the fund, JPMorgan's big bet on brick-and-mortar bank branches, and wages. The bank in January announced it was raising wages for 22,000 US employees who work in its branches and customer-service centers, as part of a $20 billion investment in its US business.That decision and many others like it have led to fears of higher-than-expected wage growth in a tightening labor market. Those fears helped trigger a sharp correction in the US stock market. On Wednesday, a report from the Bureau of Labor Statistics showed that inflation in January by rose more than economists had forecast, with stocks again taking a hit.Dimon told Business Insider on Tuesday that while inflation was a legitimate concern, job growth was more important."It's not about the stock market, he said. "It's about the people and their jobs."Below is a lightly edited transcript of the conversation.Matt Turner: The market correction we had last week was at least triggered by fears around inflation and wage growth that was higher than expected. How much of a concern should that be going forward?Jamie Dimon: If you'd asked me in May, I would've told you that sometime down the road, if we're going a little bit faster than you think, people will be afraid of wages, inflation, and it's kind of so predictable. The important thing is the higher growth.Now you're climbing the wall of worry. OK, we have higher growth, wages may be going up. We all wanted it, but the flip side of that is that interest rates may go up and inflation may be a little higher than people think.I think the job growth, the employment growth is more important than that. And of course, the markets always readjust to changing expectations, and now the expectations change. You also have central banks reversing the purchase of bonds. And those are legitimate concerns, but again, if you have jobs and wages, that's more important.Turner: And in terms of the speed and severity of the correction last week, was that a concern to you?Dimon: No.Turner: Do you think that's just perfectly normal?Dimon: I know it will shock the public. I spend almost no time worried about something like that. We serve clients. Markets fluctuate. Markets will always fluctuate. Markets have always fluctuated. To me, again, the important thing is the economy. If you had inflation and growth declining, then you should be much more worried. But it's not about the stock market. It's about the people and their jobs.
Microsoft President Brad Smith On Artificial Intelligence, Trump And Immigration Personal Finance Insider 2018-02-14 | Business Insider's Sara Silverstein recently spoke with Brad Smith, president of Microsoft, at the Davos World Economic Forum.
Microsoft VP On Technologies Changing Humanity And Finding Success Personal Finance Insider 2018-02-09 | Business Insider's Sara Silverstein recently spoke with Jean Phillipe Courtois, Executive VP at Microsoft, at the Davos World Economic Forum.
Wharton Professor Picks His City For Amazons New HQ Personal Finance Insider 2018-02-08 | Business Insider's Sara Silverstein spoke with Wharton marketing professor David Reibstein at the World Economic Forum in Davos, Switzerland. Following is a transcript of the video.Silverstein: And would you say that Amazon's contest for where they should open up their second headquarters is the most brilliant marketing strategy in the past 10 years?Reibstein: Well it's sort of it's interesting, because I've been looking at the brand of a nation, and the next evolution is trying to think about the brand of cities. And what a great move by Amazon saying, "submit your application; we'll, sort of, evaluate you." And everybody is sort of putting forward, "move to my city." And they're trying to sort of indicate the brand of that city and why it's valuable. But what a wonderful move by Amazon, because they're able to evaluate all these cities and, sort of, have a bidding war going on between the cities. And so some of that happens normally, sort of, behind the scenes. This has been a very public thing.Silverstein: And don't you think they're getting more out of it because they're doing it this way, and they're doing it in a very public way?Reibstein: They're definitely getting more out of it both in terms of the city's negotiations, and how much they're sort of upping the ante. And where does that come from? That comes basically from, you know — "I'm going to give you tax abatements," for example, "I'm going to make some prime property available to you because there's economic value to the city." And interestingly, as Amazon moves to whatever city, it's going to build the brand of that city, too.Silverstein: And I know you think that they should choose Philly — your city.Reibstein: Absolutely.Silverstein: Where do you think they'll end up?Reibstein: If I was going to be betting — and if I were a betting man and I am — I'm leaning towards Austin. I think Austin would be a place that I could see them moving to. And they want to be near some — a university and by the way, that's why they should move to Philadelphia, is to be close to some of the universities there. But my number one bet is on Austin.
Portfolio Manager Says Recent Volatility Is Not A Turning Point For US Stocks Personal Finance Insider 2018-02-08 | US Bank senior portfolio manager Eric Wiegand sat down with Business Insider's Sara Silverstein to discuss the recent stock market meltdown which he says does not mean the markets have turned.
Economist Rogoff: Cryptocurrencies Will Eventually Be Regulated And Issued By The Government. Personal Finance Insider 2018-02-02 | Business Insider's Sara Silverstein recently spoke with Ken Rogoff, former IMF chief economist and author of "The Curse of Cash," at the Davos World Economic Forum about the future use of cryptocurrencies and the possible regulatory challenges they will face. Following is a transcript of the interview.Silverstein: Great, and two years ago, you wrote a book "The Curse of Cash." And a lot of the premise of that is getting rid of big bills in large part to reduce the amount of tax evasion and criminal activity and a lot of people might think the solution then would be something like a cryptocurrency. But you actually addresses this in your book two years ago. Can you explain why you don't think bitcoin is the solution to the hundred dollar bill problem?Rogoff: No, it's certainly bitcoin — it is a solution if you're wanting to launder money or tax evasion. I think the government will eventually have to regulate it severely and I think someday will issue its own digital currency.We have to remember the private sector invented standardized coinage, and then the government eventually regulated it, took it over — different times different places. Same thing with paper currency — private-sector invented it, government regulate it, took it over. What makes you think it will be different? And that bitcoin evangelist say, "no, no, no; this is Libertarian. They will not touch us." I'm sorry when it comes to the monetary system, the government makes the rules. You cannot win the game. If they're not winning, they will change the rules. That's what will happen here.Silverstein: And is that what you think that ten years from now looks like — is that cryptocurrency will exist, but that the government will have taken over?Rogoff: Well, I think the government will have a much bigger hand in regulating. We will see a new generation that's used for transactions, but not anonymous transactions. That's where I think the government really has to step in. There's some great technologies here, but I think it's a little bit like with the internet, which they say, but it's a little bit like internet 1.0. And we will see at some point a cryptocurrency 2.0, which is not crypto, it's not anonymous. But substitutes for debit cards, credit cards, cash, makes electronic transfers more secure. I think there are a lot of ideas out there. They're also a lot of people who are rushing to cash in on the craze and just trying to make money. We see it here at Davos. They've quite a presence.Silverstein: And this might be a hard question to answer, because it's hard to understand exactly where all the value in bitcoin comes from and it's already come down a lot. But how much of the value do you think will be lost if it loses anonymity and it loses its libertarianism?Silverstein: So not the whole space, but bitcoin in particular?Rogoff: Yeah like bitcoin in particular, I think it's much more likely to be worth $100 than $100,000B ten years from now. I don't think it's going to zero, because they'll be places like North Korea, maybe even Russia that, you know, "you have all sorts of financial sanctions on us. We're not benefiting from the system. We're going to let people launder money." So I don't think you're going to wipe it out.B I think you will have governments use it. But in the mainstream government, it's not going to be legal in banks; it's not going to be legal in retail transactions unless it's not anonymousB. And bitcoin, you know, it's funny just the energy that it uses, but it's theU anonymity that's really the problem.--------------------------------------------------Follow Business Insider on Twitter: twitter.com/businessinsiderFollow BI on Facebook: http://bit.ly/1W9Lk0nRead more: http://www.businessinsider.com--------------------------------------------------Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
CEO On The Future Of The Four Technological Superpowers Of The World Personal Finance Insider 2018-02-01 | Business Insider's Sara Silverstein recently spoke with the CEO of VMware Pat Gelsinger at the World Economic Forum in Davos, Switzerland.--------------------------------------------------Follow Business Insider on Twitter: twitter.com/businessinsiderFollow BI on Facebook: http://bit.ly/1W9Lk0nRead more: http://www.businessinsider.com--------------------------------------------------Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
Heres What Apples Battery-Slowing Controversy Means For iPhone Sales Personal Finance Insider 2018-02-01 | Business Insider executive editor Sara Silverstein sits down with senior correspondent Steve Kovach to discuss the Department of Justice and SEC investigation of Apple's software update that slowed down some iPhones.--------------------------------------------------Follow Business Insider on Twitter: twitter.com/businessinsiderFollow BI on Facebook: http://bit.ly/1W9Lk0nRead more: http://www.businessinsider.com--------------------------------------------------Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
Amazon Is Shaking Up A Healthcare Industry Thats Ripe For Disruption Personal Finance Insider 2018-02-01 | Business Insider executive editor Sara Silverstein sits down with senior correspondent Steve Kovach to discuss the impact of a plan by Amazon, Berkshire Hathaway and JPMorgan to create a healthcare company.Follow Business Insider on Twitter: twitter.com/businessinsiderFollow BI on Facebook: http://bit.ly/1W9Lk0nRead more: http://www.businessinsider.com--------------------------------------------------Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
CEO Of Chain On What People Get Wrong About Blockchain Personal Finance Insider 2018-01-31 | Business Insider's Sara Silverstein spoke with Adam Ludwin, CEO of blockchain technology firm Chain, at the World Economic Forum in Davos, Switzerland.--------------------------------------------------Follow Business Insider on Twitter: twitter.com/businessinsiderFollow BI on Facebook: http://bit.ly/1W9Lk0nRead more: http://www.businessinsider.com--------------------------------------------------Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
Michael Posner On The Ethical Challenges Facing Social Networks And Businesses Personal Finance Insider 2018-01-31 | Business Insider's Sara Silverstein recently spoke with Michael Posner at the World Economic Forum in Davos, Switzerland. Posner is the director of the Center for Business and Human Rights at NYU Stern and a professor of ethics and finance. Previously, Posner served in the Obama Administration as Assistant Secretary of State for the Bureau of Democracy, Human Rights and Labor. --------------------------------------------------Follow Business Insider on Twitter: twitter.com/businessinsiderFollow BI on Facebook: http://bit.ly/1W9Lk0nRead more: http://www.businessinsider.com--------------------------------------------------Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
Ken Rogoff On The Next Financial Crisis And The Future Of Bitcoin Personal Finance Insider 2018-01-31 | Business Insider's Sara Silverstein spoke with former IMF chief economist Ken Rogoff at the World Economic Forum in Davos, Switzerland. Rogoff is the author of "The Curse of Cash" and is a professor at Harvard University. --------------------------------------------------Follow Business Insider on Twitter: twitter.com/businessinsiderFollow BI on Facebook: http://bit.ly/1W9Lk0nRead more: http://www.businessinsider.com--------------------------------------------------Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.
