Monday, December 31, 2018

0 Chinese stocks were the worst on Earth in 2018, losing 27% — here's why

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China stock investors

  • 2018 was a year characterized by abysmal stock-market performances all over the world, but China took the biscuit.
  • The CSI 300, China's benchmark share index, finished trading for the year on Friday, December 28, and at its close had lost nearly 27% of its value.
  • That was almost double the fall of its closest rival, Japan's Nikkei 225, which slid 14%.
  • Reasons for the slump in Chinese stocks include the trade war with Washington, fears about the health of the Chinese economy, and continued tightening of monetary policy globally.

2018 was a year characterized by abysmal stock-market performances all over the world. Europe had its worst year since the financial crisis, and in the USA, barring a drastic upswing on New Year's Eve, the same is likely to be true.

One nation's stock market, however, takes the crown as the world's worst in 2018: China.

The CSI 300, China's benchmark share index, finished trading for the year on Friday, December 28, and at its close had lost roughly 27% of its value, almost double the fall of its closest rival, Japan's Nikkei 225, which slid 14%.

Here's the chart:

Screenshot 2018 12 31 at 15.03.08

Reasons for the Chinese stock market's slump are numerous, with global factors such as the continued tightening of monetary policy in developed nations and the ongoing trade dispute between Washington and Beijing helping to subdue stocks in the country.

Read more: A star economist says these 30 risks will define markets in 2019

Chinese investors, however, have also been forced to contend with a whole other set of concerns. 

Investors realized the blockbuster growth China has enjoyed over the last decade is on the decline, and that things are likely to slow down to a strong, but not stellar, rate.

That view was exacerbated by the rise of the trade war between the US and China, which has seen the world's two largest economies exchange tit-for-tat tariffs, which now apply to goods totaling close to a cumulative $300 billion.

Many economists see the trade war having a major negative impact on Chinese growth, with JPMorgan in October saying a full-blown trade war could have a 1% shrinking effect on the economy. Tensions may have thawed a little after the Xi-Trump summit in Argentina, but 2019 could see the fight kick off once again.

Not only is the trade war helping to subdue the Chinese economy, there are also fears that something much more devastating is lurking beneath the surface.  Numerous major institutions have warned of worrying trends, with the ratings agency S&P Global in October highlighting a hidden debt pile in the country worth as much as $6 trillion.

SEE ALSO: If you thought 2018 was bad for markets, a cocktail of fears is set to make 2019 even worse

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NOW WATCH: The equity chief at $6.3 trillion BlackRock weighs in on the trade war, a possible recession, and offers her best investing advice for a tricky 2019 landscape

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0 When the CEO who took over Burger King at 32 got the job, the first thing he did was learn to make hamburgers

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Daniel Schwartz 5558

  • As the CEO of Restaurant Brands International, Daniel Schwartz oversees Burger King, Tim Hortons, and Popeyes.
  • Schwartz started as CFO at Burger King in his late 20s before becoming CEO at 32.
  • He toured Burger King locations throughout the world to learn every aspect of the business, to better inform his decisions in his office.

When Daniel Schwartz became chief financial officer of Burger King in 2010, he was 29 years old and had previously only managed a single employee.

CFO was a job he could handle analytically, determining ways to make numbers work across the company. But when the brand's owner, 3G Capital, promoted him to CEO a few years later, he became responsible for competing with an entire industry in which he had limited experience.

"So I think the key to at least my transition and other people's transitions is that when you come into one of these roles, you have to kind of realize what you know and have a full appreciation," he said in an episode of Business Insider's podcast "This Is Success." "And that comes back to humility of what you don't know. And you have to be willing to ask a lot of questions, and realize that most of the people around you have all the answers and it's on you to ask the smart questions."

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As part of his education, he decided that leading up to his official first day as CEO, he would travel the world and visit Burger King locations and get behind the counter. He wasn't going to be a CEO who lived in a headquarters bubble, treating his franchises as spreadsheet entries.

"I spent a bunch of time in restaurants for several weeks, and it just helped me learn more about the business," he said. "And it's important, it helps you stay close to what's actually going on. You can lose sight of that if you're just sitting in an office and working on PowerPoint and Excel as opposed to actually being in the restaurant."

Another successful fast food CEO, Inspire Brands' Paul Brown, went on a similar tour when he became the head of Arby's. It's an approach that both Brown and Schwartz believe allowed them to make more informed, and thus better, decisions for the future of their companies.

For Schwartz, that meant actually preparing hamburgers and other menu items. "My worst performance was making ice-cream cones. I was just, for whatever reason, never able to get the perfect swirl," he said.

These visits led to Schwartz leading initiatives that revamped the look of restaurants, their ad campaigns, and their menus, allowing them to catch up with the competitors they had fallen behind. Burger King's ensuing growth led to yet another promotion, to becoming head of a new umbrella company called Restaurant Brands International, which now includes Tim Hortons and Popeyes.

"I'm always spending time with our teams visiting restaurants because that's where you learn the most about the business," Schwartz said. "Talking to the franchise owners, talking to the folks working in restaurants."

He still fondly remembers his time learning the ins and outs of Burger King, even if his ineptitude behind the counter created some difficulties. "Let's just say if it was a busy day, the crew did not appreciate my presence in the restaurant," he joked.

Subscribe to "This Is Success" on Apple Podcasts, Stitcher, or wherever you listen. And listen to the full Daniel Schwartz episode below.

SEE ALSO: The fast-food CEO who took over Burger King when he was 32 explains how to find and develop young talent, and how to rise in your own career

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0 Kate Middleton reportedly went pheasant shooting the day after Meghan Markle, who hates hunting, went home

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Kate Middleton Meghan Markle Christmas Sandringham Royal Family church

  • Kate Middleton went shooting with the royal family, and brought her own shotgun along, according to the Daily Mail.
  • She attended the traditional event on December 27, the day after Meghan Markle and Prince Harry went home.
  • Reports have suggested that Markle, who avoided the shoot when she was around on December 26, objects to blood sports.
  • Middleton is reportedly a keen shot, and was seen at shooting events in 2007 and 2009.

Kate Middleton went pheasant shooting with the royal family, joining in with their traditional post-Christmas hunt on the day after Prince Harry and Meghan Markle left.

The Duchess of Cambridge took part in a hunt on the Queen's 20,000-acre estate in Sandringham, England, where the royals traditionally spend the Christmas period, according to sources cited by Daily Mail royal correspondent Rebecca English.

The Mail reported that Middleton used a 20-bore shotgun which she had bought herself, and shot at pheasants, partridges, and ducks.

The Duchess has been seen shooting before, and was pictured at hunting events in 2007 and 2009.

No images were published of the event reported by the Mail this week, but the newspaper used a 2009 image of Middleton holding a gun on its front page.

Middleton was absent from the higher-profile shoot on December 26, known in the UK as Boxing Day, which is a traditional occasion for hunting and shooting. The Mail said she was seen on December 27.

Prince Harry did attend the Boxing Day shoot, according to multiple outlets, contrary to earlier reports that he might avoid the event in light of the dislike his wife, Meghan Markle, is reported to hold for blood sports.

Read more: Meghan Markle reportedly dropped a hint about her due date when a fan asked if she was excited about the baby

Markle herself did not attend, but went to a lunch afterwards. She and Harry left the royal estate later that day.

Royal family Christmas Sandringham Prince Charles William Harry Kate Middleton Meghan Markle

An anonymous source cited by English said of Markle: "She has accepted [the hunting] but doesn't like watching it. She enjoyed the lunch and got on well with Kate, but I'm not sure how she would feel about Kate taking part."

The report comes amid increasing claims of a stand-off between the two duchesses.

The two seemed perfectly happy in each other's company as they smiled for cameras on Christmas Day when the royal famly visited St Mary Magdalene Church on the Sandringham estate.

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0 Céline Dion danced and sang in the crowd at Lady Gaga's Las Vegas residency show and Gaga even dedicated a song to her

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celine dion lady gaga

  • Céline Dion was at Lady Gaga's Las Vegas residency on Sunday.
  • The singer was captured on video having the time of her life and dancing along with Gaga's performance.
  • She was seen singing along to "The Edge of Glory."
  • Gaga later acknowledged Dion's presence at the show. 

Céline Dion couldn't keep from dancing while at Lady Gaga's Las Vegas show Sunday night. 

The 50-year-old singer was captured on video dancing and singing along to Gaga's "The Edge of Glory" during Gaga's Vegas residency, "Enigma." Dion waved her arms in the air and looked thrilled to be watching Gaga perform.

"Why is Celine Dion me at a Lady Gaga concert," wrote one fan on Twitter.

"Celine Dion jamming to Lady Gaga is the BIGGEST mood," another wrote.

Gaga shared video of Dion dancing on her Instagram story and posted a photo that said, "I love you, Céline."

celine dion lady gaga

She also acknowledged Dion's presence during the show and dedicated "You and I" to the singer. She also said Dion joined her entire team backstage to pray before the show. 

"You're legendary, you're supportive, you're kind," she said. "This one is for you and I."

On the Instagram story for her residency, a video was posted with everyone backstage shouting, "Enigma, Céline," with the singer.

Read more: Lady Gaga's Las Vegas residency 'Enigma' has begun — check out the photos from opening night

Gaga's residency at the Park MGM Resort will continue through November 2019.

Dion herself had her own residency at Caesars Palace in Las Vegas from 2003 until 2007 and returned again in 2011 before postponing her shows in 2014 due to her husband's battle with cancer. She came back once again in 2015 until her husband's death in 2016 but returned shortly after. Her residency is set to end June 8, 2019. 

Visit INSIDER's homepage for more.

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0 LeBron James says he knew he was the greatest NBA player of all-time after helping the Cavs win a championship

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lebron james lakers

  • LeBron James said winning the 2016 championship with the Cleveland Cavaliers made him the greatest NBA player of all-time.
  • James said he realized after winning the championship and helping the Cavs come back from a 3-1 deficit that he had done something "special."
  • When James moved to the Los Angeles Lakers this summer, reports said he was no longer concerned with his legacy in the NBA, and his recent comments seemed to confirm that.

LeBron James has weighed in on the NBA's "GOAT" debate.

During an episode of ESPN's "More Than An Athlete," James reflected on winning the 2016 NBA Championship with the Cleveland Cavaliers, in which they overcame a 3-1 deficit against the Golden State Warriors.

James said when they won Game 7 and completed the comeback, he realized he was the greatest player ever.

"That one right there made me the greatest player of all-time," James said. "That's what I felt."

James said he was "ecstatic" to end the 52-year championship drought in Cleveland, but when he had a moment to reflect, he felt he did something special.

"Everybody was just talking about how [the Warriors] were the greatest team of all-time, like, it was the greatest team ever assembled. For us to come back the way we came back in that fashion, I was, like, 'You did something special.'"

Read more: Zion Williamson weighs in on the NBA 'Greatest of All Time' debate

The championship was James' third and his third Finals MVP. He led the Cavs to the Finals the following two years, losing to the Warriors each time.

When James left the Cavs for the Los Angeles Lakers this summer, reports indicated that James felt his legacy in the league was secured. He still wants to win, of course, and he'll try to take the Lakers to the Finals this year to make a ninth consecutive appearance. But James' comments on the 2016 championship seem to confirm that he isn't worried about his standing in NBA history anymore.

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0 Ant Financial is reportedly in talks to acquire WorldFirst

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This story was delivered to Business Insider Intelligence "Payments Briefing" subscribers hours before appearing on Business Insider. To be the first to know, please click here.

Ant Financial, the parent company of Chinese mobile wallet giant Alipay, is reportedly in talks to acquire London-based international payments provider WorldFirst for $700 million, according to Financial Times. WorldFirst facilitates cross-border money transfers for companies and consumers, with offices in Africa, Asia, Europe, and the US.

Chinese Mobile Wallet Giants' Active Users

Acquiring WorldFirst could be instrumental in driving Ant Financial’s initiatives across several segments of the payments industry.   

  • The rumored acquisition wouldn’t be Ant Financial’s first push into the cross-border space. Ant Financial pursued an acquisition of legacy remittance firm MoneyGram for $1.2 billion last year, which was rejected by the Committee on Foreign Investment in the United States (CFIUS) over national security concerns. That acquisition would have given Ant Financial access to a network of 2.4 billion bank and mobile accounts in over 200 countries and territories. However, since failing to acquire MoneyGram, Ant Financial has made other moves in the remittance space: It partnered with GCash to offer blockchain-enabled real-time remittances between Hong Kong and the Philippines through AlipayHK, its Hong-Kong based mobile wallet, for example. Acquiring WorldFirst could give Ant Financial another opportunity to gain access to the digital cross-border space through remittances as the space scales: Business Insider Intelligence expects digital remittances to grow at an 11.5% compound annual growth rate (CAGR) from $225 billion in 2018 to $387 billion in 2023.
  • WorldFirst could help Ant Financial establish a larger presence in the UK for Alipay. Ant Financial raised $14 billion earlier this year — valuing the firm at approximately $150 billion — which it said it would use in part to speed up Alipay’s globalization. Alipay counts 700 million users globally and has been on an international expansion push in an effort to increase global market share amid domestic competition in China from its biggest rival, Chinese mobile wallet WeChat Pay, which counts 800 million users and has also been expanding globally, as well as government regulations that could inhibit volume and growth potential in China. WorldFirst could serve as a gateway for Ant Financial to expand Alipay's acceptance network in the UK — Alipay acceptance in the UK increased by 60% this year, with retailers like Harrod's and Selfridges, and stores at Heathrow Airport accepting the mobile wallet — as well as in other markets that WorldFirst operates in, which can ultimately increase Alipay's volume and market share. 

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SEE ALSO: The digitization of daily life is making phones and connected devices the preferred payment tools for consumers — here's what that means for stakeholders

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0 Mark Zuckerberg lost more money than any of the world's other 500 richest billionaires during Facebook's catastrophic year

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Mark Zuckerberg

  • Mark Zuckerberg's net worth took a major hit this year after scandals plagued Facebook.
  • Zuckerberg's wealth took its biggest nosedive after Facebook's disastrous second-quarter earnings were announced in July.
  • Zuckerberg began the year with about $75 billion, but, according to Bloomberg's Billionaire Index, he was worth about $53 billion as of December 30.

A disastrous year for Facebook has left a major dent in the wealth of its CEO and cofounder, Mark Zuckerberg, who has lost billions of dollars in net worth.

Zuckerberg began the year with about $75 billion, but, according to Bloomberg's Billionaire Index, he was worth about $53 billion on December 30. That's a $22 billion drop.

Mark Zuckerberg net worth 2018

Zuckerberg owns a 13% stake in Facebook, which this year has been beset by crises including the Cambridge Analytica scandal, accusations of mismanagement, a shareholder revolt, and questions over inappropriate content.

On July 25, Facebook's stock price plummeted more than 20% after the company revealed disappointing second-quarter earnings. This is reflected in the sharp drop in Zuckerberg's net worth.


Read more: Special counsel Robert Mueller was a target of Russia's disinformation campaign, according to a report prepared for the Senate


At the stock's lowest point, on November 24, Zuckerberg's net worth was roughly $52 billion. Facebook's share price has recovered slightly, and Time magazine's Money predicted that Zuckerberg would ultimately be set to lose about $15 billion this year.

Facebook share price

The publication said that if that came to pass, Zuckerberg would lose the most money in 2018 of any of the world's 500 richest people. This includes the likes of Amazon CEO Jeff Bezos, who has also had billions wiped off his net worth in recent weeks as part of a wider downturn in tech stocks.

SEE ALSO: Facebook plummets down list of best companies to work for after catastrophic year

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NOW WATCH: The fabulous life and career of 33-year-old Facebook CEO Mark Zuckerberg, the fifth richest person on earth

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0 'We've seen this coming': Why migrant children are dying in Border Patrol custody

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felipe gomez alonzo

  • Two young Guatemalan children died in Border Patrol custody in December, prompting an uproar over the conditions of the facilities in which migrants are held.
  • Experts and advocates have decried the Border Patrol stations known as "hieleras," which migrants have alleged are freezing cold, with inedible food, undrinkable water, and open toilets.
  • But the Trump administration has said the uptick in the number of families with young children that have been crossing the border recently are the main driver, acknowledging that the government facilities weren't built to shelter sick children.

The deaths of two migrant children in Border Patrol custody this month have triggered an uproar over the US government's practice of detaining young children after they cross the border and the alleged lack of medical care they receive in custody.

But advocates say the problem began long before President Donald Trump — and that the recent deaths in Border Patrol custody have been years in the making.

Jakelin Caal Maquin, 7, died on December 8, roughly 24 hours after Border Patrol detained her. Felipe Gomez Alonzo, 8, died late on December 24, after spending nearly a full week in various Border Patrol facilities.

US investigators are still determining the exact causes of the children's deaths, but New Mexico's medical examiner said in a statement that Alonzo tested positive for the flu.

In his first comments on their deaths, Trump blamed Democrats.

"Any deaths of children or others at the Border are strictly the fault of the Democrats and their pathetic immigration policies that allow people to make the long trek thinking they can enter our country illegally," the president tweeted on Saturday. "They can't. If we had a Wall, they wouldn't even try!"

Experts say the facilities are unsuitable for children

Both children were eventually brought to hospitals for care, but the temporary facilities that the children were initially detained in have come under particular scrutiny for what experts have described as poor conditions that are unsuitable for children.

"They're designed to be problematic and not safe," Anne Chandler, the executive director of Tahirih Justice Center's Houston office who's been doing this work for 20 years, told INSIDER.

She added: "They are designed and meant for punishment and deterrence, and this is nothing unique about this administration. These [Customs and Border Protection] facilities have been nasty and ugly since I started this work."

Read more: 'Dog cages,' dirty water, and freezing temperatures: Immigrants describe squalid conditions at border facilities

migrant children mcallen texas facility

Migrants have long complained about the conditions in the Border Patrol facilities where they're taken immediately after their arrests. They have nicknamed the stations "hieleras," Spanish for "icebox," because of the freezing temperatures.

Dozens of migrant children and their parents even submitted sworn declarations that alleged they had experiences involving inedible food, undrinkable water, overcrowding, and few opportunities to shower or clean themselves.

Those declarations were filed over the summer as part of a long-running lawsuit over the US government's treatment of detained migrant children. Customs and Border Protection (CBP) defended itself by pointing to a government report filed in June that declared the agency "continues to comply" with court-ordered rules governing how to treat migrant children.

But Colleen Kraft, president of the American Association of Pediatrics, told INSIDER she wasn't surprised when she learned of the deaths of Caal and Alonzo after they were detained.

"We've seen this coming," she said. "When you take a child and you put them into a facility that's cold, and they don't get proper sleep because the lights are on, and they have risk of infection from open toilets, it's a really bad combination of things that could really result in some very sick children."

'I've never seen a criminal baby'

jakelin caal maquin

One unique problem facing the Trump administration is the number of families with young children crossing the border and being placed in detention.

Border Patrol arrests for illegal entries remain at historically low levels, but the type of migrants coming to the US has evolved over time and begun posing its own set of challenges.

In previous decades, most of the immigrants crossing the US-Mexico border were Mexican men entering alone, seeking work. But now, more and more Central American families and unaccompanied children are crossing together in large groups, often directed by smugglers.

The Trump administration has pinned much of the blame on the migrants themselves, urging parents to avoid taking their children on long, dangerous journeys to the US, where they will then spend at least several days in detention.

"The unprecedented number of families and unaccompanied children at the border must not be ignored," Homeland Security Secretary Kirstjen Nielsen said in a statement on Wednesday. "I once again ask — beg — parents to not place their children at risk by taking a dangerous journey north. Vulnerable populations — including family units and unaccompanied alien children — should seek asylum at the first possible opportunity, including Mexico."

Read more: After a 7-year-old migrant girl died in Border Patrol custody, Kirstjen Nielsen said 'this family chose to cross illegally', and critics are outraged she's blaming the death on the family

kirstjen nielsen

But Kraft said the migrants are "fleeing violence, and death, and recruitment into gangs," and don't make long, difficult journeys to the US on a whim.

"I've seen a need to try to tone down the rhetoric on people coming to the border as 'criminals,'" Kraft said. "Half of them are children. And I've never seen a criminal baby."

Kraft said she was heartened that CBP Commissioner Kevin McAleenan reached out to her on Wednesday to ask for assistance. CBP confirmed to INSIDER that the discussion took place, and said McAleenan will continue to seek AAP's input going forward.

"The fact that he reached out to us is very positive," she said. "We have 67,000 medical experts — use our expertise. Allow us unfettered access to these facilities. Allow us to train your personnel. Allow us to monitor and make recommendations on these conditions, and we can help you out."

After Alonzo died, DHS asked the US Coast Guard, the Department of Defense, and the Centers for Disease Control and Prevention to help provide healthcare to migrant children in its custody, partly because the agency didn't have enough trained personnel to handle all the cases itself.

'Why do we have these kids sleeping on cement?'

migrants cages mcallen texas

Trump administration officials, including Nielsen, have acknowledged in recent weeks that the holding facilities were originally designed for adult men — not families with young, sick children.

But despite Border Patrol's own rules stating that migrants should generally not stay in holding facilities longer than 72 hours, Chandler said she routinely encounters migrant children like Alonzo who have been held much longer.

Chandler said the conditions in Border Patrol stations may not always cause a child to fall sick — they are often already in "bad shape" after dayslong or weekslong journeys to the US through the desert with little access to food or water.

But she added that the Trump administration could implement simple measures to avoid worsening their conditions.

"Why do we have these kids sleeping on cement? We can't afford, as a nation, some type of warm beverage and warm food? These are children, right? It's cruel and unhealthy to say the least," she said. "If kids are coming over and they're sick, that is only going to get worse through this structure."

border patrol station

But part of the blame, she added, lies not just with the facilities, but on broader border policies the US government has implemented for decades. Increased fencing, heightened surveillance technologies, and expanded Border Patrol staffing have pushed migrants away from crossing in heavily patrolled areas.

"We put in measures to try to hamper the abilities of individuals to cross our border, pushing individuals into more desolate areas," Chandler said. "Most of the time these immigrants present themselves to CBP border people, but when they are pushed into these more remote areas to cross the border, their vulnerability and their health situation escalates."

Caal, for instance, had crossed with a group of 164 migrants in a distant part of the New Mexico desert, where Border Patrol staff struggled to accommodate them.

According to a government timeline, the "remoteness" of the area where Caal was detained meant that an hours-long bus trip to a different Border Patrol facility was "the best means to provide the child with emergency care."

Rep. Henry Cuellar, a Texas Democrat who sits on a subcommittee overseeing border funding, told the Associated Press he has pushed for border-security measures that research has shown work, including using ankle monitors to track migrants as their cases proceed through the court system instead of detaining them.

"There's so much money that the wall sucks up that it's hard to address some of the other issues," Cuellar said. "I wish the administration would understand that."

The US government has been partially shut down since December 22 because of Trump's demand for $5 billion to fund his long-promised wall along the US-Mexico border, and Congress can't pass a spending bill.

SEE ALSO: Trump threatens to close the border over a new caravan forming in Honduras that reportedly isn't even headed for the US

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0 A researcher who studied over 600 millionaires found they do 3 things to forge a clear path to financial independence

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financial independence early retirement

  • To achieve financial independence — or to no longer work to live — most millionaires follow a similar path, according to a researcher who studied more than 600 millionaires.
  • They share three common themes: Spending below their means, finding a side hustle, and moving to self-employment.
  • These ultimately allow one to build wealth more quickly and reach financial independence sooner than most.

Building enough wealth to achieve financial independence requires a lot of resilience and perseverance, but there's more to escaping the rat race than that.

Sarah Stanley Fallaw, co-author of "The Next Millionaire Next Door: Enduring Strategies for Building Wealth" and the director of research for the Affluent Market Institute surveyed more than 600 millionaires in America and found that millionaires who dusted off the 9-to-5 — whether they wanted to no longer work or start working for themselves — followed a similar path to financial independence.

"Millionaires have shared three themes related to removing yourself from the trap of working to live: Creating margin in their lifestyle to allow for career moves, particularly significant ones (e.g. living off of savings while starting a business); exploring career opportunities while generating revenue from a traditional job (i.e. moonlighting); and making a move to self-employment," she wrote in her book.

Here's a closer look at each of those themes:

1. Spend below your means

Many of the millionaires Stanley Fallaw interviewed stressed the freedom that comes with spending below their means.

"The freedom translates into opportunities to make career changes that provide either (a) more time and flexibility to pursue efforts outside of work, and/or (b) the potential for increase in revenue," she wrote.

She added: "Spending above your means, spending instead of saving for retirement, spending in anticipation of becoming wealthy makes you a slave to the paycheck, even with a stellar level of income."

Chris Reining, who retired early at age 37 as a self-made millionaire, previously told Business Insider that being rich and becoming financially independent isn't about a paycheck or how much money you have — it's about how much you spend and living below your means.

"Getting rich, and staying rich, is overwhelmingly a game of living below your means," he said. "If you can do that you'll enjoy a freedom that people living rich will never experience."

Read more: A researcher who studied over 600 millionaires found 2 qualities helped them get rich, and anyone can develop them

2. Find a side hustle

Moonlighting, or taking on a side hustle, has been favored by many millionaires — it's a good way to explore options while remaining employed full-time, according to Stanley Fallaw. But making a side hustle successful "requires resources, both time and money, to develop and maintain," she wrote.

"Those who are able to create multiple opportunities to generate revenue, who can translate hobbies into income-producing activities, will be successful at becoming millionaires next door in the future," she added.

Read more: The author of 'The Millionaire Next Door' explains 3 ways anyone can build more wealth

It's possible to transform a side job into a full-time career if you have the hunger, execution, decisiveness, and perseverance for it, Susie Moore, a high-performance coach, consultant, and author, previously wrote in an article for Business Insider.

One investor who plans to retire early found that earning an income with a side job is the path of least resistance for reaching financial independence. 

It can certainly help you get there faster — Business Insider recently spoke to a handful of people who have taken on side hustles, and they earned anywhere from an extra $1,000 to $30,000 a year. Invest that money and the power of compound interest will lead to wealth.

3. Become self-employed

Those who are financially independent can grow their wealth even more by working for themselves.

The self-employed millionaire next door of tomorrow is likely to take risks to transform their resources into something of value, according to Stanley Fallow (42% of the millionaires she spoke with are self-employed).

"The potential payoff for those career risks, specifically for the risk associated with starting one's own business, is the ability to generate revenue, more revenue often than would be possible working for someone else," she wrote.

Stanley Fallow found in her latest survey that self-employed millionaires have more than 1.5 times the median income of those who work for others. Their actual net worth minus their expected net worth is double that of those who work for others, on average, she wrote. 

Stanley Fallow said investing in one's own business is a hallmark of the economically successful, as long as they have the right strengths — like perseverance and resilience — to survive the journey. 

SEE ALSO: An early retiree who interviewed 100 millionaires discovered nearly all of them got rich using the same 3-step strategy

DON'T MISS: A self-made millionaire who interviewed 100 other millionaires found there's a surprising habit many have in common

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0 Pfizer and Intel are working on supply chain visibility (PFE, INTC)

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This story was delivered to Business Insider Intelligence Transportation & Logistics Briefing subscribers hours before it appeared on Business Insider. To be the first to know, please click here.

Visibility has been a significant pain point for a large portion of firms that work along the supply chain. In fact, 65% of procurement executives lack visibility past their direct suppliers, according to Deloitte.

The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly -

Without the ability to track shipments throughout their journey, it becomes difficult for companies to determine a product’s origin, authenticity, or condition.

However, given the importance of this capability, a number of firms are working on solutions to solve visibility issues. This includes biopharma manufacturer Pfizer and multinational tech firm Intel, which are each leveraging digital technologies to improve end-to-end visibility. 

  • Pfizer: The pharmaceutical company has an extensive and complex supply chain that it must manage — Pfizer has a product line of over 24,000 SKUs and over 200 contract manufacturers that it counts as partners across 175 countries. Not only is Pfizer tasked with managing its network, but the company is also responsible for ensuring that end users are getting verified, safe products — one in 10 drugs sold in developing countries are counterfeit or substandard, leading to thousands of deaths, according to the World Health Organization. The firm started the End-to-End In-Transit Visibility (E2E ITV) project to support stakeholders by giving them a single source of truth on the status and whereabouts of their global shipments. The project has led to the introduction of a mobile app that enables users to share information and a personalized dashboard where users have access to vital data, such as in-transit updates and supply risks. 
  • Intel: The tech giant has introduced its Intel Connected Logistics Platform, which is an IoT solution that allows users to not only track their shipments with near real-time visibility, but also monitor the condition of their products. The platform is capable of providing temperature information and even shock measurements. This information would be especially useful for companies moving fragile items or those with climate restrictions. For example, disputes between shippers and carriers regarding the condition of goods being shipped could be reduced as a result of both parties having real-time access to this data. 

However, these solutions may just be stopgaps until blockchain technology arrives at scale. Given the digitally shared nature of blockchain technology, it is considered to be a viable option for addressing many pain points felt along the supply chain.

Firms that deploy blockchain-based solutions can achieve a streamlined experience by reducing the need for intermediaries and can implement better planning capabilities as a result of improved visibility.

For example, data from IoT devices that move with shipments can be uploaded to the blockchain in real time, giving all parties secure access to the same information regardless of the systems they are using.

As such, the use of blockchain technology in supply chain management is expected to experience a rapid rise over the next five years — this market is expected to grow at a compound annual growth rate (CAGR) of 49% from $41 million in 2017 to $667 million in 2024.

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SEE ALSO: More than half of transportation and logistics professionals still use a pen and paper to manage their supply chain — here's how blockchain could change that

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0 All Year bonds downgraded in Tel Aviv after steep declines in value

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All four of All Year Management’s bond series were downgraded on the Tel Aviv Stock Exchange last week, as multiple New York-based developers have seen their bonds fall at unprecedented rates. Two of the bonds closed the week with sky-high yields of 24.9 and 22.3 percent. And at the time of publishing, the bonds reached 25.5 and 22.4 percent, respectively. The remaining two bonds, one of which is secured by a first position on the […]

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0 The US smart home market is finally entering the mass market after overcoming the chasm it sat in for the last few years

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smart home voice assistant benefits

This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

The US smart home market has still yet to meet the expectations many observers had in the early part of this decade.

The same issues Business Insider Intelligence first identified back in 2015 still plague the space — persistently high prices, technological fragmentation, and consumers' lack of a perceived benefit from the devices.

But the newfound popularity of smart home voice control has revolutionized smart home ecosystems across the country, and convinces more consumers to equip their homes with smart devices on a daily basis. The Amazon Echo, released in 2014, has become immensely popular and capable, awakening users to the utility of both voice control and smart home devices. This has prompted companies to rush to release competing devices and integrate voice control into their smart home ecosystems.

In a new report from Business Insider Intelligence, we examine the overall state of the US smart home market — both the professionally and self-installed markets. We analyze the factors driving demand for smart home devices and smart home voice speakers, and discuss the future of voice control in the home.

Here are some key takeaways from the report:

  • Voice control is becoming a key remote interface within the home, a trend that began with the introduction of the Amazon Echo in 2014. Since then, Google, Samsung, and Apple have all integrated voice control into their smart home ecosystems.
  • While progress has been made, prices are still too high and consumers still have yet to show strong demand for smart home devices.
  • The US smart home market is only now entering the mass market phase of consumer adoption and overcoming the chasm that it sat in back in 2015.

In full, the report:

  • Analyzes current consumer demand for smart home devices based off results from Business Insider Intelligence's proprietary survey.
  • Forecasts future growth in the number of smart home devices installed in American homes.
  • Analyzes the factors influencing the proliferation of voice control devices in the homes.
  • Identifies and analyzes the market strategies of various companies that have integrated voice control into their smart home ecosystems.

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0 'Our department is proven to be at its best when the times are most difficult': Mattis encourages Pentagon employees to 'keep the faith' in farewell letter on his last day as defense secretary

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Jim Mattis

  • Secretary of Defense Jim Mattis is preparing to step down and hand the reins of the Pentagon to Patrick Shanahan, currently the deputy secretary of defense.
  • On his last day, Mattis sent out a final farewell message to the Department of Defense, urging people to "keep the faith in our country."

On New Year's Eve, his last day on the job, Secretary of Defense Jim Mattis sent a final farewell message to the Department of Defense.

Stressing that the Pentagon has "proven to be at its best when the times are most difficult," he urged the people of the Department of Defense to "keep the faith in our country."

Here's his entire farewell message:

On February 1, 1865, President Lincoln sent to General Ulysses S. Grant a one sentence telegram. It read: "Let nothing which is transpiring, change, hinder, or delay your military movements, or plans."

Our Department's leadership, civilian and military, remains in the best possible hands. I am confident that each of you remains undistracted from our sworn mission to support and defend the Constitution while protecting our way of life. Our Department is proven to be at its best when the times are most difficult. So keep the faith in our country and hold fast, alongside our allies, aligned against our foes.

It has been my high honor to serve at your side. May God hold you safe in the air, on land, and at sea.

His message comes a little over a week after he tendered his resignation over irreconcilable differences of opinion with President Donald Trump on a variety of issues, particularly the treatment of America's allies and partners and the country's dealings with adversarial powers.

Read More: Secretary of Defense Jim Mattis quits, says his views aren't 'aligned' with Trump as the president upends major US policies

Mattis straightforwardly explained to Trump in his resignation letter that "because you have the right to have a Secretary of Defense whose views are better aligned with yours on these and other subjects, I believe it is right for me to step down from my position."

The final straw for the outgoing secretary of defense was reportedly the president's decision to withdraw troops from Syria.

Read More: Trump's move to pull US troops out of Syria was reportedly the final straw for Mattis

Mattis was initially expected to step down at the end of February, but Trump reportedly decided to force him out early following coverage of the secretary's resignation letter, which was a clear rebuke of the president's "America First" policies.

Read More: Mattis' resignation letter is a sharp rebuke of Trump's 'America First' philosophy

Mattis will hand over the reins to Patrick Shanahan, who currently serves as the deputy secretary of defense, at 11:59 p.m. Monday.

SEE ALSO: Read Defense Secretary James Mattis' full resignation letter to Trump

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0 Retail defaults are at an all-time high — here are all the bankruptcies and liquidations that happened in 2018

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Retailers are filing for bankruptcy at record-high rates as Americans' changing shopping habits, along with years of overly aggressive store growth, continue to shake up the industry. 

16 US retailers have filed for bankruptcy or announced liquidations so far in 2018.

Here's the retail carnage so far this year:

SEE ALSO: Retail bankruptcies just hit an all-time high — and these 18 companies could be the next to default

Nine West

Nine West Holdings filed for bankruptcy in April.

The women's clothing and footwear company said it filed for Chapter 11 bankruptcy protection to help facilitate the sale of its Nine West and Bandolino businesses. The company listed debts of more than $1 billion.

"This is the right step to address our two divergent business profiles," Nine West Holdings' CEO, Ralph Schipani, said in a statement. "Once we complete the reorganization process, our company will have meaningfully reduced debt and interest costs and be well positioned for the future."



Claire's

The jewelry chain Claire's filed for bankruptcy in March. The company said plunging customer traffic to shopping malls led to its decline.

"The retail industry as a whole has been challenged by shifts in consumer purchasing preferences and habits," Claire's said in a bankruptcy filing.

The retailer announced plans to close 92 stores, most of which are located in malls.



The Walking Company

The shoe seller The Walking Company, which operates 208 stores in the US, filed for Chapter 11 bankruptcy protection in March.



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0 Digital Health predictions we got right in 2018 (AMZN, CVS, CI)

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This story was delivered to Business Insider Intelligence "Digital Health Briefing" subscribers hours before appearing on Business Insider. To be the first to know, please click here.

At the end of 2017, Business Insider Intelligence laid out five digital health predictions for 2018. Earlier this week, we revisited the predictions we got wrong. However, some of our predictions held up throughout the year. Here's a look at three predictions we got right for 2018 (our past predictions are in bold below):

The Number of Digital Health Mergers and Acquisitions Hit a New High in 2018

  • The US Food and Drug Administration (FDA) will catch up to digital health innovation, which will bolster the industry and drive adoption of new tech. As anticipated, the FDA set the tone for healthcare innovation in 2018 by clearing cutting-edge digital health products, including the first-ever approvals for an implantable patient monitoring sensor and a digital contraceptive. The FDA also expanded its digital health precertification program and established a new incubator for digital health technology in April. Further, the agency modernized its medical device approval process, which now requires manufacturers pursuing the 510(k) approval pathway to prove that their new device is “at least as safe and effective” as a device that's been on the market for no more than 10 years. The FDA's modernized regulatory process will likely encourage drug and device makers to develop innovative digital health products, fostering advancements in areas like digital medicine and remote patient monitoring.
  • Digital health will take off in emerging markets, leapfrogging developed markets.China surpassed the UK to become the second most active country — second to only the US — for healthcare artificial intelligence (AI) deals in the first half of 2018. And we’ll likely see China nipping at the US' heels in the near future, buoyed by the Chinese government’s aggressive promotion of AI healthcare services as a key part of its goal to be the world leader in AI by 2030. A vibrant health tech scene also emergedin Brazil in 2018, with more than 250 health-focused startups cropping up to tackle the nation’s healthcare inefficiencies. And globally, digital health funding's on pace to have a record 2018. With ample available capital and a need to overcome workforce shortages in many emerging markets, we should continue to see digital health take off in international markets in the year ahead.
  • The healthcare industry will see increasing consolidation as incumbents, tech giants, and digital startups all jockey for a stronger position in the evolving healthcare landscape. Merger and acquisition (M&A) activity was on the rise throughout the year: There were a record-breaking 54 digital health deals through December 18, 2018, up 23% year-over-year (YoY) from 44 deals in 2017, according toMobiHealthNews. The average healthcare M&A deal value also swelled to $271 million, a 114% YoY increase. While digital health startups were the most active acquirers of other digital health companies through Q3 2018, tech giants and incumbents also left their stamp on healthcare M&A in 2018. Amazon made a big splash by acquiring online pharmacy PillPack for $1 billion in June 2018, for example. And Cigna and CVS scooped up Express Scripts and Aetna, respectively. Looking ahead to next year, cross-industry collaborations, like the strategic partnership formed between Walgreens and FedEx, and ongoing deal talks — like those between Walmart and Humana — suggest that large incumbents still have an appetite for deal-making.

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