Thursday, August 17, 2017

The truth about whether you will become a billionaire if you work very hard - Independent


The truth about whether you will become a billionaire if you work very hard
by Justine Musk, Quora in discover
We often get told that if you put your mind to something, you can achieve anything. So it's not surprise that many people believe working hard and persevering at a business or in a particular industry will lead to financial success. When Quora users asked if someone could become a billionaire through hard work, writer Justine Musk had one simple response...
No.
One of the many qualities that separate self-made billionaires from the rest of us is their ability to ask the right questions.
This is not the right question.
(Which is not to say it's a bad question. It just won't get that deep part of your mind working to help you — mulling things over when you think you're thinking about something else — sending up flares of insight.)
You're determined. So what? You haven't been racing naked through shark-infested waters yet. Will you be just as determined when you wash up on some deserted island, disoriented and bloody and ragged and beaten and staring into the horizon with no sign of rescue?
We live in a culture that celebrates determination and hard work, but understand: these are the qualities that keep you in the game after most everybody else has left, or until somebody bigger and stronger picks you up and hurls you back out to sea. Determination and hard work are necessary, yes, but they are the minimum requirements. As in: the bare minimum.
A lot of people work extremely hard and through no fault of their own — bad luck, the wrong environment, unfortunate circumstances — struggle to survive.
How can you *leverage* your time and your work?
Shift your focus away from what you want (a billion dollars) and get deeply, intensely curious about what the world wants and needs. Ask yourself what you have the potential to offer that is so unique and compelling and helpful that no computer could replace you, no one could outsource you, no one could steal your product and make it better and then club you into oblivion (not literally). Then develop that potential. Choose one thing and become a master of it. Choose a second thing and become a master of that. When you become a master of two worlds (say, engineering and business), you can bring them together in a way that will a) introduce hot ideas to each other, so they can have idea sex and make idea babies that no one has seen before and b) create a competitive advantage because you can move between worlds, speak both languages, connect the tribes, mash the elements to spark fresh creative insight until you wake up with the epiphany that changes your life.
The world doesn't throw a billion dollars at a person because the person wants it or works so hard they feel they deserve it. (The world does not care what you want or deserve.) The world gives you money in exchange for something it perceives to be of equal or greater value: something that transforms an aspect of the culture, reworks a familiar story or introduces a new one, alters the way people think about the category and make use of it in daily life. There is no roadmap, no blueprint for this; a lot of people will give you a lot of advice, and most of it will be bad, and a lot of it will be good and sound but you'll have to figure out how it doesn't apply to you because you're coming from an unexpected angle. And you'll be doing it alone, until you develop the charisma and credibility to attract the talent you need to come with you.
Have courage. (You will need it.)


And good luck. (You'll need that too.)

How CEOs Decided Trump Is a Bad Investment - Fortune

How CEOs Decided Trump Is a Bad Investment
Robert Strand
16 August, 2017
CEOs have been rapidly fleeing President Trump’s business councils. The CEOs of Merck, Intel, Under Armour (UAA, -0.22%)—and now 3M (MMM, +0.36%) and Campell’s Soup (CPB, +0.48%)—are all gone.
I just got up to get a cup of coffee. Did I miss anything? Oh, the president disbanded the business councils altogether. Hold on—another update: United Technologies (UTX, +1.76%) CEO Greg Hayes just resigned from the council. Sorry Greg, you’ve got to move a lot faster than that to stay ahead of the perpetual turmoil that is Donald Trump.
In the face of this remarkable chaos, let’s reflect for a moment on business councils themselves, along with the CEOs and other business leaders who decided to join them. The question many of us rightfully have is: Should these prominent business leaders have joined these councils in the first place? And where do we go from here?
Socially responsible investing (SRI) strategy provides us a useful lens through which to consider these questions.
Imagine Donald Trump as a publicly traded corporation: a self-interested, profit-maximizing-at-any-cost, global corporation (that’s not too much of a stretch, is it?). And consider American business leaders as socially responsible investors who could elect to invest their time and reputation in Trump Inc. Like SRI investors, these business leaders desired a return on their investment that would benefit themselves and their organizations and, presumably, have some greater social benefit that extends beyond themselves.
SRI investors have traditionally followed a few straightforward strategies: negative screening, engagement, and divestment.
IBM CEO: This Is Why Trump’s Advisory Forum Disbanded
Negative screening is a practice first implemented by Quakers who did not want their financing to support the slave trade. With negative screening, criteria for “bad” are established and a firm deemed in the zone of “bad” is screened out.
Presumably a number of business leaders deemed Trump Inc. as “bad” from the get go and “screened out” any possibility of investing. We do not currently know the list of CEOs who declined, as this would have been done in private. But for others, Trump Inc. did not initially hit the negative screen zone, and the CEOs from the likes of GE (GE, -0.12%), Merck (MRK, +0.32%), Intel (INTC, -0.53%), PepsiCo (PEP, +0.11%), and a number of others chose to invest. This commonly occurs in SRI investing, where well-intentioned investors have differing criteria and assessment processes to negatively screen.
Now we move into the strategy of engagement, where an investor believes they can make positive change by engaging. Don’t like something going on with Trump Inc.? Invest, engage, and change. Johnson & Johnson’s (JNJ, +0.59%) CEO Alex Gorsky previously said he was staying onboard because he “must engage if we hope to change the world and those who lead it.”
That is a reasonable SRI investing approach, and one that is followed by a number of major investors in the world. But it is a strategy that calls for a demonstration of sincere change on the part of the company.
Donald Trump Blames Both Sides for Violence in Charlottesville… Again
Donald Trump once again blamed both sides for the violent clashes in Charlottesville, VA.
And this brings us to the final strategy: divestment. Trump Inc.’s remarkably awful comments following the tragedy in Charlottesville, Va.—and reinforced in Tuesday’s press conference—exposed for a number of the investors that Trump Inc. did not desire sincere change. This was simply a bad company that was never going to change.
The result: a divestment en masse from Trump Inc. This was the right investment decision.
So what do we do going forward? Business leaders everywhere should cease engagement with Trump Inc. and work to ensure a different investment opportunity for 2020. We would all profit from a portfolio screened of Trump Inc.Dr. Robert Strand is Executive Director of the Center for Responsible Business at the University of California-Berkeley Haas School of Business and Associate Professor at the Copenhagen Business School Centre for Corporate Social Responsibility.

Wednesday, August 16, 2017

Costco Has to Pay $19 Million After Selling 2,500 Fake Tiffany & Co. Rings - TIME

Costco Has to Pay $19 Million After Selling 2,500 Fake Tiffany & Co. Rings
Katie Reilly
Aug 16, 2017
Costco owes Tiffany & Co. more than $19 million after selling generic diamond rings falsely advertised as "Tiffany" rings, a judge ruled Monday.
Costco made $3.7 million selling 2,500 diamond rings falsely identified as "Tiffany," the Washington Post reported, citing a 2015 verdict. Costco argued that the diamond rings had a pronged setting known as "Tiffany," but the jewelry company argued the store's use of the stand-alone name without any modifiers was misleading to customers.
U.S. District Judge of the Southern District of New York Laura Taylor Swain ruled Monday that Costco should pay Tiffany $11.1 million to make up for lost profits and $8.25 million in legal damages, the Post reported.
“Judge Swain’s decision validates the strength of the Tiffany trademark and the value of our brand, and most importantly, sends a clear and powerful message to Costco and others who infringe the Tiffany mark,” Tiffany & Co. said in a statement to the New York Times.
Costco said it plans to appeal the ruling."From a purchaser list of approximately 2,500, Tiffany identified fewer than 10 who said that they had misunderstood Costco’s signage," Costco said in a statement. "This was not a case about counterfeiting in the common understanding of that word – Costco was not selling imitation Tiffany & Co. rings."

Warren Buffett Took a Stake in This Company and Its Value Soared $1 Billion Overnight - TIME Business

Warren Buffett Took a Stake in This Company and Its Value Soared $1 Billion Overnight
Lucinda Shen
A vote of confidence from Berkshire Hathaway helped send the market value of a recently down-in-the-dumps stock up by $1 billion overnight.
On Monday, behemoth helmed by Warren Buffett revealed a new 2% stake in the lender and store credit card issuer Synchrony. That pushed shares of the company up 4%, giving it a market capitalization of about $25.4 billion by midday trading on Tuesday.
Synchrony Financial, which spun off from GE roughly two years ago, has been far from a Wall Street darling. While the company's stock soared along with its banking peers following the election of President Donald Trump in November, its 2017 has been less forgiving. In the last seven months, Synchrony shares have shed about 15% as investors lost confidence in some Trump campaign promises — and began to worry about Synchrony's volume of bad loans. This even as the S&P 500 has continued its rise during that same period, jumping 10% in the first seven months of the year as tech stocks led a market rally.
But jumping on an underperforming stock would suit Buffett's investing philosophy, be "greedy when others are fearful." And Synchrony certainly spooked investors after signaling that it was setting aside more than expected to cover losses from borrowers failing to pay loans in the first quarter. Wall Street worried that it was a sign credit card companies were loosening standards and making loans to borrowers that couldn't afford it.
Still, that lackluster earnings report may have provided a buying opportunity for investors who don't think consumer credit will continue to weaken. Berkshire Hathaway took on a stake of 17.5 million shares, worth about $540 million by midday trading. And by one metric, Berkshire bought Synchrony cheap. While the S&P 500 has a price-to-earnings (PE) ratio of about 22 today, and Synchrony's peers claim a PE ratio of 16, Synchrony's investors currently pay only about $12 for $1 of earnings.Separately, Berkshire Hathaway also sold its stake in Synchrony's former parent, GE, in the second quarter. Berkshire also added to its of Bank of New York Mellon, now worth $2.6 billion; General Motors, a stake now worth $2.1 billion; and Apple, a stake worth $18.8 billion.

Charlottesville attack: What, where and who? - Al Jazeera


Charlottesville attack: What, where and who?
A man rammed a car into anti-white supremacist protesters in Virginia. Here is what happened.
CHARLOTTESVILLE
Where?
Who?
Reactions
What's next?
In Charlottesville on Saturday, rallygoers and counterdemonstrators clashed, and a car ploughed into the crowd. Here is what we know.
What happened and when?
A "Unite the Right" rally was planned for Saturday, August 12 to protest against the removal of a statue of Confederate icon General Robert E Lee.
Described as one of the largest white supremacist events in recent US history, it was organised by Jason Kessler, a former journalist and a member of the Proud Boys, an ultra-nationalist group.
The day before, on Friday, marchers descended on the University of Virginia carrying torches and yelling slogans "white lives matter" and "blood and soil".
Protesters gathered again on Saturday, and clashed with counter-demonstrators.
At 11:28am (15:35 GMT) a local state of emergency was declared by the City of Charlottesville and the County of Albemarle.
At 1:42pm (17:42 GMT) a speeding car rammed into counter-demonstrators, through a three-vehicle crash.
The speeding car, a Dodge Challenger, hit another sedan, which in turn pushed a minivan in front of it.
The speeding car fled the scene but was soon located and stopped by police.
Later in the afternoon, a police helicopter crashed while en route to the rally, though officials did not elaborate on the details.
Where did it happen?
This took place in Charlottesville, a university town of 46,000 people, in the state of Virginia in the United States.
Charlottesville has become a focal point of the resurgent white supremacist movement after officials there voted to take down a statue of the Confederate General Robert E Lee.
Who was behind it?
The driver of the car, 20-year-old James Alex Fields Jr was arrested shortly after the incident and was charged with second-degree murder, three counts of malicious wounding, and one count of hit-and-run.
In connection with the events at Charlottesville today, police made three more arrests.
21-year-old Troy Dunigan and charged him with disorderly conduct.
21-year-old J acob L. Smith was also arrested and charged with misdemeanour assault and battery.
44-year-old James M. O'Brien was arrested and charged with carrying a concealed gun.
How many casualties?
Hit by the car ramming, 32-year-old Heather Heyer died in hospital.
Lieutenant Cullen and Trooper-Pilot Bates, who were on board the crashed helicopter, died.
35 people were injured at the rally, 19 confirmed by the hospital in Charlottesville.
Is Charlottesville now safe? What is the latest on the ground?
Police intervened after clashes broke out and dispersed the crowd, and Governor McAuliffe declared a state of emergency.
The Governor’s office also urged all members of the community to stay home on Saturday evening.
What are people saying?
On August 12, US President Donald Trump condemned the clashes in Charlottesville in a Twitter post:
We ALL must be united & condemn all that hate stands for. There is no place for this kind of violence in America. Lets come together as one!
Donald J. Trump ✔ @realDonaldTrump
We ALL must be united & condemn all that hate stands for. There is no place for this kind of violence in America. Lets come together as one!
3:19 AM - Aug 13, 2017
67,203 67,203 Replies 58,461 58,461 Retweets 190,437 190,437 likes
Twitter Ads info and privacy
Senator Bernie Sanders also condemned the clashes and said, "it was a reprehensible display of racism and hatred".
The white nationalist demonstration in #Charlottesville is a reprehensible display of racism and hatred that has no place in our society.
Bernie Sanders ✔ @SenSanders
The white nationalist demonstration in #Charlottesville is a reprehensible display of racism and hatred that has no place in our society.
Senator Cory Gardner a labelled them as "domestic terrorism":
Mr. President - we must call evil by its name. These were white supremacists and this was domestic terrorism.
Cory Gardner ✔ @SenCoryGardner
Mr. President - we must call evil by its name. These were white supremacists and this was domestic terrorism.
And former US President Barack Obama wrote:
"No one is born hating another person because of the color of his skin or his background or his religion..."
Barack Obama ✔ @BarackObama
"No one is born hating another person because of the color of his skin or his background or his religion..."
On Tuesday, Donald Trump declared: "There is blame on both sides" for the deadly violence last weekend in Charlottesville, Virginia.
Trump's remarks were welcomed by former Ku Klux Klan leader David Duke, who tweeted: "Thank you President Trump for your honesty & courage to tell the truth."
What happened next?
Local state of emergency.
FBI launched its own investigation into the incident.
A fundraising campaign for the family of a woman killed in a car-ramming attack in the US town of Charlottesville has raised tens of thousands of dollars.
A "Moment of Unity" was held in Charlottesville, giving citizens a chance to offer prayers and support for the victims.
Judge Robert Downer said during a bail hearing on Monday, August 14, that he would appoint a lawyer for James Alex Fields Jr.
The next scheduled court hearing is on August 25, though Fields' attorney could request a bond hearing before then.


A rally against racism took place in North Carolina, and a Confederate statue was toppled.

Tuesday, August 15, 2017

Bitcoin’s Latest Record Is Thanks to a Big Speed Breakthrough - Bloomberg

Bitcoin’s Latest Record Is Thanks to a Big Speed Breakthrough
Bloomberg
Aug 14, 2017
Bitcoin soared past $4,000 for the first time on growing optimism faster transaction times will hasten the spread of the cryptocurrency.
The largest digital tender jumped to a peak of $4,187 Monday, a gain of nearly 17 percent since Friday, after a plan to quicken trade execution by moving some data off the main network was activated last week. The solution -- termed SegWit2x -- had been so contentious that a new version of the asset called Bitcoin Cash was spun off earlier this month in opposition.
The split grew out of the tension between growing demand for the virtual currency and some of the design features that had fueled that popularity -- the decentralized verification procedures that ensured against hacking and government oversight. While this month’s confrontation ended up as little more than a speed bump in bitcoin’s more than 300 percent rally in 2017, concerns remain around the capacity to increase transaction volumes.
“Up until now a lot of people didn’t really believe bitcoin could go any higher until the scaling issue is resolved,” said Arthur Hayes, Hong Kong-based founder of bitcoin exchange BitMEX. “With this actually being implemented on protocol, theoretically the amount of transactions that can be processed at a reasonable speed is going to be much higher, so a lot of people are very bullish about bitcoin now.”
Because of a cap on the amount of data processed by bitcoin’s blockchain, transactions started to slow as its popularity boomed. The community was then divided between the SegWit2x solution backed by a group of developers and another supported by miners that sought a larger increase in the block size. The latter then became Bitcoin Cash.
Bitcoin Cash, whose price has retreated since peaking right after its birth, has neither disrupted its progenitor’s operations nor undercut its appeal.
While SegWit2x has garnered enough support for activation, challenges remain. Its next stage involves doubling the block size to 2 megabytes some time in November, a possibility that’s still mired in debate. Reduced support could thwart this step, with some arguing that Bitcoin Cash -- with a block size of 8 megabytes -- has obviated the need for another “hard fork” to upgrade the bitcoin again, Hayes said.
The cryptocurrency’s staggering price surge has bolstered related businesses. Digital currency exchange Coinbase Inc. announced Thursday it’s received a $100 million investment. The supply of bitcoin is capped at 21 million, compared with 16.5 million that had been mined as of Saturday, according to blockchain.info.“People are starting to price in the consumer demand from Coinbase’s $100 million fund-raising round,” said Justin Short, London-based founder of trading platform Nous. “That’s a lot of advertising budget. Every $1 million of marketing brings new demand, which increases the price as the supply is limited by design.”

Assessing a new leader’s progress after 100 days is not an arbitrary exercise - Independent

Assessing a new leader’s progress after 100 days is not an arbitrary exercise. American President Franklin D. Roosevelt famously highlighted his achievements after this time period in a 1933 summer radio broadcast, saying it had been “devoted to the starting of the wheels of the New Deal”. Since then, ambitious commentators have often tried to gauge the effectiveness of an administration after just over three months.
In France, Emmanuel Macron reaches the 100th day anniversary of his astonishing presidential election win today. It is of course a cue for enemies to try to rip his reputation to shreds. Traditionalists from both left and right are naturally antipathetic towards a newcomer who in May humiliated both the governing Socialists and opposition Republicans. The former now portray Macron as an ex-banker turned amoral tool of big business, while the latter think he is a puny media creation who will fall apart when faced with his first real challenge.
The reality is that Macron fulfils none of these laboured caricatures. On the contrary, he has already shown he is ready to take on vested interests, and to transform society in a manner that none of his predecessors were able to do. Those sniping boorishly at the 39-year-old’s much older wife, Brigitte Macron, or his huge enthusiasm for the EU, might well have missed some key summer developments that will have a profound effect on the immediate future of France.
In August – the month when blubbery heads of state are normally photographed on Riviera beaches before appearing in Paris Match feature spreads – a parliament dominated by Macron’s REM! party (The Republic on the Move!) passed a law aimed at creating more jobs. The legislation will liberalise the labour market by giving employers more power to negotiate working conditions at a local level, rather than according to industry-wide agreements.
Just as crucially, the initiative guarantees that trade unions are involved, so introducing the consensus that is such an important part of Macron’s overall project. In a country where us-and-them apathy is blamed for leaving close to three-and-a-half million people out of work, the President has made a united effort to reduce unemployment his priority.
Long-overdue institutional changes have also included a bill to prevent politicians from hiring direct family members. “Penelopegate” – the scandal that saw conservative presidential hopeful François Fillon accused of channelling hundreds of thousands in taxpayers’ money to his British wife Penelope Fillon – was a prime example of how “serving one’s own” has perhaps been a prevalent maxim in French public life for far too long. This is one of the main reasons for France’s relative stagnation in recent decades, and it is high time somebody ended it, and the sleaze with which it is associated.
Emmanuel Macron is already unpopular after three months in office
Beyond proving himself a skilled technocrat – somebody who can turn ambitious domestic pledges into reality – Macron is also working hard to boost France’s standing overseas. He has just helped bring the 2024 Olympics to Paris following the humiliation of losing the 2012 bid to London, for example. Thus the indisputably clean-cut Macron is attempting to combine patriotic panache with a sense of morality. Unlike the last two presidents, François Hollande and Nicolas Sarkozy, he demonstrates no inclination towards dedicating large chunks of his time in office to a racy love life, or to pushing for personal gains in any way.
I had just interviewed Macron in Paris on the eve of his election victory, when news came in that Russian hackers had accessed thousands of emails and files related to his campaign. Much of this once confidential data has now been made public in a WikiLeaks dump, but reveals no controversy whatsoever.
In contrast, the resolutely vulgar Sarkozy is, like his former colleague Fillon, also charged with obtaining money illegally. Jacques Chirac, the Gaullist president before Sarkozy, was tried and convicted for embezzling state funds. Go back as far as François Mitterrand, the last Socialist chef d’état before Hollande, and you will find another thoroughly shady character who kept a mistress and child on the public purse.
Of course Macron is making mistakes. Many think he is too reactionary in terms of foreign policy, especially after his crass references to African women having too many babies, and indications that he could accept murderous dictator Bashar al-Assad’s continued rule if it meant bringing some kind of peace in Syria. This sense of pandering to callous zealots was furthered by his glad-handling of alt-right populist US President Donald Trump and far-right hawk Israeli Prime Minister Benjamin Netanyahu – who is regularly accused of war crimes against the Palestinian people – during the two men’s respective visits to France in July.
Arnold Schwarzenegger takes a selfie video with Emmanuel Macron talking about a clean energy future
Some are also critical of the way in which Macron, the supreme head of all French military, forced the resignation of army chief Pierre de Villiers by disrespecting him in discussions over budget cuts. Macron was certainly brash and confrontational, although one would expect that de Villiers, a veteran of theatres of war including Afghanistan, should get over it.
No, Macron is not on the fast track to becoming a French Roosevelt. Yes, we are likely to see plenty of fierce street protests against his new policies by September at the latest, and his popularity ratings will continue to slide. Running France is a thankless task and Macron’s schoolboy looks and can-do demeanour are bound to fade.
However, the 25th President of France has immense respect for the institution of the presidency. He will still only be in his 40s if he completes two terms – a feat that the often comically inept “bling-bling” Sarko and “flanby” Hollande never got close to – and won’t just cruise towards a cushy retirement. If we have learned anything from his first 100 days, it is that Emmanuel Macron is a determined reformer who really does want to get the wheels of a new deal for his ailing country spinning as quickly as possible