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Mikhail Zelman, the man behind Burger&Lobster on his first McDonald’s hamburger and selling 5,000lbs of lobster a day
Lifestyle, 4:01
<p>Mikhail Zelman is certainly one of the most successful restaurateurs in London. His company Global Craftsman Group (GCG) includes 13 Burger&amp;Lobster chains, 3 Goodman steakhouses, Smack Lobster Roll, Rex &amp; Mariano, and Beast, which only serves Canadian crab and Nebraska-fed beef, writes FinBuzz.</p> <p>Zelman’s business started in London, but now seven more restaurants will open, one in Qatar, Kuwait, and the UAE. Mikhail invited Gyuzel Gubeydullina to interview him at his Mikhail Zelman School of Success office. Here, aspiring restauranteurs are taught how to welcome guests, choose meat, and cook the world’s best burgers and lobster.</p> <p>In fact, there is no menu, just two options: a burger or lobster.</p> <p>In London, it is expected to have to wait for a table, but it is rare to see a queue of people lined on the streets in the rain for a lunch. This is what I saw at the Burger&amp;Lobster in City, near the Royal Exchange. Right now it is my favorite restaurant, but there is one but – you even need to book a table for lunch. But who knows the price/quality balance better than investment bankers, working here in City?</p> <p>Soon the empire is set to expand. London’s chattering classes are talking about the (so far unconfirmed) news that the Qatar Investment Authority (QIA), a sovereign wealth fund, has invested 30 mln pounds in Zelman’s business. If the rumours are true, they are understandable for them to be impressed by the fact that the total monthly revenues of his restaurants are between £50,000-140,000. In an attempt to understand the phenomenon of Mikhail Zelman, who before was a stockbroker in Russia, we went for an interview.</p> <p>BEING A RESTAURANTER IN RUSSIA IN THE 1990s</p> <p>Mikhail, tell us how it all began?</p> <p>I finished school at age 14 in 1991 because I wanted to start working. In the 1990s, there were stores in Russia that were selling foreign stuff and everyone wanted to buy these things. I needed money to take girls out on dates, so I finished school as soon I could and went to work for my father — as a fitter-adjuster in the tool shop, where I stamped lids for the canning. I lasted only seven days. But I still remember my mentor Zura Mikhailovich.</p> <p>What a great career! How did you get interested in restaurants?</p> <p>I quickly understood that I had a unique opportunity to build my own business, do things that my father would have shot dead for. So I had this desire to make money and went to work for the Commodity Exchange, I was the youngest broker! I was trading vouchers for former Soviet factories that still produced and sold stuff like canned meat, machinery. Because of the weak economy, everything was sold on a barter basis. That year I bought myself my first car. Then I went deeper into business and started to organise logistics for the factories that were selling abroad. My older brother was already living in Israel. I visited him and was struck by when we ate at a Mongolian bar and grill After coming back to Moscow I persuaded a friend to open the same restaurant in Moscow. We called it Tamerlan. Working there I first realized that I had to be a restaurateur and that meat is my passion.</p> <p>Why meat?</p> <p>It all comes from the childhood. My dad — a very welcoming character. We always had guests at home, laughing and enjoying homemade barbecue from a hand selected meats. </p>
What we're reading: fantasy falters but reality inspires hope
Lifestyle, 4:01
<p>A warning for bubble investors, a disgruntled banker, a cure for ISIS, a list to reflect on and a happy tale of human resilience.</p> <p>The fantastic rise and fall of daily fantasy sports: A salutary lesson for venture capitalists as the FBI and US Justice Department investigate the business models of FanDuel and DraftKings. A relentless pursuit of customers with the promise of huge prizes, all funded by investors frightened about being left behind. The Wall Street Journal</p> <p>Another banker in court, but this one thinks he was screwed. A Dutch derivatives trader tells a British employment tribunal that he was fired so his boss could take the credit for his idea to save Barclays £51.5 million and boost his own bonus. Who would’ve thought that such machinations take place in the City? The Daily Telegraph</p> <p>Blocking financing to ISIS. Efforts to train and equip anti-Islamic State fighters have failed, so the U.S. and the West need to focus on choking financial support for ISIS. Nothing else has worked and besides, military action has been mired in confused objectives and has fuelled the misery for Syrians. Funding could well be ISIS’s Achilles Heel. The New York Times</p> <p>10 things you can’t live without. Okay, unlike the author my life would not be impaired by the absence of polka dots or red lipstick, but the list gives pause for thought. Even better, try to compile your top-ten without including anything techy. The Huffington Post</p> <p>Young Spanish entrepreneurs show creativity and initiative. Despite economic crisis and massive unemployment, the youth of Andalucía are combining new technology with old traditions to make their way. Time for the tourists to return and enjoy the beaches while gorging on locally produced food. The Spectator<br /> Photo: Hartwig HKD</p>
China's taste for red
Lifestyle, 4:01
<p>Everyone knows that a Parisian instinctively reaches for a bottle of Merlot to quench his thirst and that French babies are weaned on the juice. But, astonishingly France is no longer the biggest consumer of red wine.</p> <p>Last year, the Chinese overtook the French, guzzling almost 1.9 billion bottles of plonk and are now set to become the world’s leading winemakers, according to The Little Red Book published by Week in China.</p> <p>“Xi Jinping’s campaign against free-spending officials has hit China’s fine wine salesmen hard, with purchases of expensive bottles all but drying up. But there’s a silver lining to the slowdown as millions more consumers choose to drink more affordable wine for the first time,” say the authors.</p> <p>The boom in the best vintages is apparently subsiding, and the industry is now excited by the start of a new era for wine in China as drinkers opt for cheaper – and no doubt more hangover-inducing - brands.</p> <p>And China’s much reported anxiety about food security and farmland scarcity seems to subside after a couple of glasses.</p> <p>The Chinese have more than doubled the amount land devoted to the vine during the past 15 years and claim to have almost 11% of the global grape area, according to the International Organization of Vine and Wine.</p> <p>But, like China’s GDP figures, these numbers are a bit misleading. A large portion of the country’s new vineyards hasn’t reached production and much of the harvest in the short-term is likely to end up as table grapes and raisins.</p> <p>So that’s good news for international wine firms. Ganbei.<br /> Photo: F Delventhal</p>
Seasonal style tips from Savile Row legendary tailor
Lifestyle, 4:01
<p>How does the world remember Paul Wolfovitz from the World Bank? What first came to your mind after seeing his name? Holes in his socks that were exposed during his visit to a mosque in Edirne, Turkey?</p> <p>Of course he did a lot to fight poverty around the globe, but because of the staggering contrast of his high up position vs. poor wardrobe maintenance, he remains a subject of jokes about a banker with holes in his socks, putting into question his professional abilities, writes FinBuzz.</p> <p>It’s no secret that one’s wardrobe should reflect professional achievements, but how to achieve that if you have no time to learn about style?</p> <p>Brian Lishak, co-founder of the bespoke tailoring house Richard Anderson at 13 Savile Row tells you exactly what to wear this season to look at your best.</p> <p>Cut is everything</p> <p>“First of all, I need to say that Savile Row is not about trends, it is about making a man look his best using special cut and colour combinations”.</p> <p>That’s why when you enter Brian’s atelier, you will be asked questions about your lifestyle and business style, measured and photographed. That kind of research ensures the final product is right just for you.</p> <p>“Fashion Industry will sell you a trend,” says Brian, who worked at Huntsman from 1956 till 2001. “But our job at Savile Row is to make a man look as slim and tall as possible. Each client is different and we always look at a man’s size, habits, complexion, lifestyle and business style to guarantee he gets what is good for his personal ways, at the same time achieving as much of the trendy lean and hungry look as we possibly can.”</p> <p>Japanese Denim</p> <p>However, there are some trends that today’s men follow anyway and Brian simply offers the best products on the market.</p> <p>“Modern men often prefer to wear jeans and a smart jacket, while in the past smart jackets would always go with smart pants”.</p> <p>A few years ago, when the jeans trend began, Richard Anderson Ltd started searching for true denim and it led them to… Kurashiki! It is a well-known fact that denim was popularised in the USA, however when the love affair with American culture reached Japan in 1955, many Japanese businesses started to produce own denim and innovate. The company in Kurashiki went to Nîmes, France, where denim was originally produced by the Andre family, and bought the original denim-producing machines. They brought the machines back to Japan and up to this day produce a traditional raw vegetable-dyed indigo selvedge denim, which Brian uses for jeans and jackets.</p> <p>“Japanese denim is arguably the best one the world now. There at Kurashiki they make for us special jeans that are cut by our designs. The trick is — we cut them slightly tight on the upper part of the leg and straight down from the knee. That makes our jeans compliment every figure.”</p> <p>Pants and Shirts</p> <p>“We also make special narrow corduroy trousers in ruby red, russet, brick orange and navy blue. Combined with sport designer shirts or light wool crewneck sweaters they help to easily achieve modern British stylish look.”</p> <p>“As for the shirts — light blue is a universal colour. 50% of all shirts we sell are light blue, which is so easy to wear. However a lot of people still like pale pink and pale violet, which we make too. The only difference of our shirts is the wide-spread collar. That gives more space for the tie”.</p> <p>Controlled Ties</p> <p>For two years narrow lapels were in</p>
Wall Street still wants Jeb
Lifestyle, 4:01
<p>There's no love lost between Wall Street and Donald Trump. Or Ben Carson. Or a number of other presidential candidates for that matter. But Jeb Bush is quietly accumulating Wall Street support.</p> <p>Half of the top 10 employers of Bush donors are in finance: Goldman Sachs, Morgan Stanley, Merrill Lynch, Neuberger Berman, and Barclays, reports The Wall Street Journal. Employees from 11 major financial firms gave about $200,000 to Bush between July and September, far beyond Bush's Republican opponents. Hillary Clinton has raised less than $130,000 from those firms. Industry titan Anthony Scaramucci, founder of SkyBridge Capital, recently joined other finance professionals on Team Jeb after Wisconsin Gov. Scott Walker dropped out of the race.</p> <p>But filling his accounts with Wall Street money won't win Bush the hearts and minds of the Joe the Plumbers of this election. Is having the support of Wall Street a financial gift or a political curse?<br /> Photo: Gage Skidmore <br /> &nbsp;</p>
Millennials expect highest salaries in Australia, Emirates and US, according to survey
Lifestyle
The results are in for the “cost of talent 2015” survey. The detailed report shows current trends in competitive wages across the globe for the next generation of employees, writes FinBuzz. The survey was conducted by Universum, a company engaged in employer branding and research. The data shows an abysmal gap between the salary expectations of the graduates in different
When Warren Buffett knew he was rich
Lifestyle, 4:01
<p>I’m not exactly a big fan of Warren Buffett, but this answer he had for a student back in 2005 is beyond fantastic, and I thought you guys would like it too – especially those still in the early stages of their careers.</p> <p>Without further ado, here’s Warren Buffett on when he knew he was rich (h/t Josh Brown):<br /> Q: When did you know you were rich?</p> <p>“I really knew I was rich when I had $10,000. I knew a long time ago that I was going to be doing something I loved doing with people that I loved doing it with. In 1958, I had my dad take me out of the will, as I knew I would be rich anyway. I let my two sisters have all the estate.</p> <p>I bet we all in this room live about the same. We eat about the same and sleep about the same. We pretty much drive a car for 10 years. All this stuff doesn't make it any different. I will watch the Super Bowl on a big screen television just like you. We are living the same life. I have two luxuries: I get to do what I want to do every day and I get to travel a lot faster than you.</p> <p>You should do the job you love whether or not you are getting paid for it. Do the job you love. Know that the money you will follow. I travel distances better than you do. The plane is nicer. But that is about the only thing that I do a whole lot different.</p> <p>I didn't know my salary when I went to work for Graham until I got his first paycheck. Do what you love and don't even think about the money. I will take a trip on Paul Allen's Octopus ($400M yacht), but wouldn't want one for myself. A 60 man crew is needed. They could be stealing, sleeping with each other, etc. Professional sports teams are a hassle, especially when you have as much money as him. Fans would complain that you aren't spending enough when the team loses.</p> <p>If there is a place that is warm in the winter and cool in the summer, and you do what you love doing, you will do fine. You're rich if you are working around people you like. You will make money if you are energetic and intelligent. This society lets smart people with drive earn a very good living. You will be no exception.”<br /> Photo: Fortune Live Media</p>
Macquarie Research turns quant equity research on rugby
Lifestyle, 4:01
<p>Macquarie Research has taken its considerable quantitative talents and put them to work forecasting he Rugby World Cup finals and is finding an unusually high win percentage, one that would make any hedge fund manager salivate.</p> <p>Quant research approach has delivered an 82.5 percent success rate<br /> With an 82.5 win percentage – correctly forecasting 33 of 40 Rugby World Cup matches – the group looks forward and thinks the New Zealand team continues to be the front runner, while Australia is a big move and Whales still has a good chance of beating South Africa.</p> <p>The formula considers five variables: Value, momentum, sentiment, quality and home field advantage. While stressing that the purpose of the recommendations is fun, they note that their equity research models incorporate years of research using academic models. “The World Cup model has been put together by a lone team member in their spare time,” they note.<br /> Quant formula defines predictive modeling based on five major categories<br /> In terms of value, the variables the Macquarie Research team uses to determine value includes world ranking and World Cup Match experience. For momentum they select Change in ranking and win percentage over the previous 12 months. For sentiment they consider public odds of winning and change in odds. To determine quality they consider a best result factor and point differential over the last 12 months along with World Cup points. To top off the formula they place a certain mathematical value on home field advantage.</p> <p>“There were clearly some upsets in the tournament that caught everyone by surprise,” said the report, titled “The Marcquarie Quant Guide to the Rugby World Cup.” Unexpected results that defy past performance expectations are often a point of weakness in quant modeling. “England has been the biggest scalp producing the worst result of a home team ever in a World Cup. Being included in the ‘pool of death’ as the host nation was always harsh (obviously the royal family don’t have the sway they used to) and the pressure ultimately proved too much.”</p> <p>This is not the first time Macquarie has taken a quant approach to predict sporting events. It did so with Australia’s famous Melbourne Cup horse race in 2014, 2013, 2012, for instance, as well as last year’s Football World Cup in Brazil. “These forecasts do not come without pedigree; Macquarie’s Melbourne Cup model has generated some good performances and the Football World Cup model successfully picked Germany to win last year,” they wrote.</p> <p>This story first appeared in ValueWalk.<br /> Photo: </p>
Picasso ink drawing on auction in NYC expected to bring in $35 million
Lifestyle, 4:01
<p>&nbsp;</p> <p>Works from art greats including Picasso, van Gogh, Calder, Giacometti, Rothko, Degas, and Jackson Pollock will be auctioned in New York next month.</p> <p>Sotheby's is hosting the November 4 event on the Upper East Side in Manhattan, reports the New York Post. The entire collection is worth more than $500 million, and Picasso's "Femme assise sur une chaise" is estimated to sell for up to $35 million. The pieces come from the collection of A. Alfred Taubman, shopping mall magnate and philanthropist.</p> <p>For those who can't afford the pricey pieces, Sotheby's York Avenue galleries display most of the works free to the public between October 24 and 27.<br /> Photo: Nadia</p>
Video: Twitter laying off 8% of workforce and guess where the internal memo ends up
Lifestyle, 4:01
<p>The letter from newly crowned CEO Jack Dorsey appeared on Twitter, naturally.</p> <p>jack dorsey’s letter to employees. pic.twitter.com/ZUHUtZsdek<br /> — ಠ_ಠ (@MikeIsaac) October 13, 2015<br /> This sentence in the letter evoked quite a bit of derision:</p> <p>"This isn't easy. But it is right. The world needs a strong Twitter, and this is another step to get there." -- @Jack</p> <p>— ಠ_ಠ (@MikeIsaac) October 13, 2015</p> <p>On Reddit, a laid off engineer discovered his email no longer worked. What now, he asked? The comments got closed down after they hit 552.<br /> Video: CNBC<br /> Photo: JD Lasica</p>