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Wall Street pay is on the rise
Lifestyle, 4:01
<p>Want to make the big bucks? Dedicate your life to Wall Street.</p> <p>The average salary for bulge bracket bank analysts has risen from $70,000 to $85,000, according to a survey of 1,750 U.S.-based front-office investment bank employees at 25 different banks. Base salaries from analyst to associate to v.p., director, and managing director grow steadily, but bonuses grow exponentially, reports Business Insider. By the time someone reaches the level of managing director, bonuses often outpace base salaries.</p> <p>For an average starting analyst making about $76,000 a year, bonuses will add an additional $19,000. Associates reported making $115,000 plus $43,000 in bonuses. V.p.s make $164,000 plus $96,000 bonuses. Directors earn $216,000, with $192,000 in bonuses. Managing directors can bring home $337,000 in salary, plus $385,000 in bonuses.<br /> Photo: Frits Ahlefeldt-Laurvig<br /> &nbsp;</p>
How to win in the #StartupLife
Lifestyle, 4:01
<p>Running a startup is not for everyone. It’s as soothing as a charging bear and as relaxing as solving physics at gunpoint. Over lava.</p> <p>No one knows this more than Molly Graham, current COO of Quip, ex-director/manager of Facebook Mobile, and former communications manager of Google.</p> <p>She recently did a Q&amp;A with First Round Review covering all the points of a startup's life, from infancy to maturity, its effects on the employees, and all the rules surrounding it. While I do believe it’s a must read for anyone interested in the startup scene, here are a few choice bits from it for anyone hoping to get a leg up – or looking to take a quick peek – at the trials and the tribulations of the startup lifestyle. I think it even applies for those in finance too.</p> <p>On the effects of scaling on employees:<br /> The emotions you feel when new people are coming in and taking over pieces of your job — it’s not that different from how a kid feels when they have to share their Legos. There’s a lot of natural anxiety and insecurity that the new person won’t build your Lego tower in the right way, or that they'll get to take all the fun or important Legos, or that if they take over the part of the Lego tower you were building, then there won’t be any Legos left for you. But at a scaling company, giving away responsibility — giving away the part of the Lego tower you started building — is the only way to move on to building bigger and better things.<br /> On building your company through your hires:<br /> Google, Facebook, and others have all conducted studies about what predicts the performance of a new hire. The single biggest indicator is who they were referred by. If you have high performers referring people, you’ll hire high performers. If you let low performers stay on staff because you’re too scared or insecure to fire them, then you’re building your future company in that mold.<br /> On your company’s culture:<br /> “The question is, what do you want your company to be like? When you see a trend over time that you don’t like, you need to aggressively manage it. Otherwise you can end up with some really bad habits as a company.”<br /> &nbsp;</p> <p>Check out the whole article, you’ll be glad you did.<br /> Photo: Joel Gillman</p>
Weekend reads: Dying unicorns, whiskey from space, and Putin’s bling ring
Lifestyle, 4:01
<p>From Gavin Davies on the equity crash to how bad cute, fluffy puppies are to the economy, here are some great reads for you this weekend:</p> <p> What caused the equity crash? Financial Times (paywall)<br /> VCs have 'Dying Unicorn' lists, but they aren't sharing them. Fortune<br /> Unravelling Russia’s offshore financial nexus. FT Alphaville (paywall)<br /> Strangers in strange lands. The Economist<br /> People like puppies, and it’s a big problem for the economy. Washinton Post<br /> New investigation exposes glam life of Vladimir Putin’s bling ring. BuzzFeed<br /> Chinese tech companies reportedly hiring 'cheerleaders' to motivate programmers. CBC <br /> What makes Uber run. Fast Company<br /> Fall movie preview 2015: biopics, Bond, and 'The Force Awakens.' Rolling Stone<br /> A whisky that spent nearly three years in space just landed back on Earth. Munchies<br /> Man angers neighbors by shining 'alien' fighting spotlights. UPI</p> <p>Photo: Peter Hopper</p>
Ken Griffin quietly buys condo for A REALLY LOUD $200 MILLION
Lifestyle, 4:01
<p>Life has not been kind to Ken Griffin lately. He’s in the middle of a divorce, he’s been reduced to eating McDonald’s, and some guy won’t let him combine his Palm Beach plots to create a mini beachfront village for himself.</p> <p>Thank God for small victories though:<br /> “Despite reports that a Qatari mogul was closing in on a record $250 million spread at the under-construction tower to make a single penthouse in the sky, multiple sources tell Page Six the buyer is actually Griffin.”<br /> That’s right, Page Six reports that while he and his wife battle over ownership of their multiple homes in New York, Chicago, Hawaii, etc., our man Ken calmly dropped somewhere around $200  million for a bunch of apartments in the Robert A.M. Stern-designed 220 Central Park South – the so-called “Billionaire’s Bunker.”</p> <p>The pad boasts nothing yet since its still in construction, but Curbed has some pretty epic renderings of the penthouse – just once slice of the Citadel chief’s portfolio in the 950-foot tower – here. Check it out.<br /> Photo: several seconds</p>
Wall Streeters hit the fashion runway
Lifestyle, 4:01
<p>Move over Tyra, bankers are hitting the runway.</p> <p>Gwen Greene, v.p. at JPMorgan Securities, and Melanie Schnoll Begun, managing director and head of Morgan Stanley wealth management's philanthropy management group, modeled Carrie Hammer's designs for New York Fashion Week Thursday, reports The Wall Street Journal. Hammer opts to use "role models" instead of runway models to show off her fall work-wear collection. Other Hammer models have included CEO, activists, Olympic athletes, and a United Nations advisor.</p> <p>“I’m in the show because Carrie Hammer is a rock star and is showing the fashion scene that women can ‘model’ their power, influence, leadership and brains,” Ms. Schnoll Begun said in a statement before the show.</p> <p>More than 100 people filed into the Mercedes Benz showroom on 11th Avenue in Manhattan to watch the women.</p> <p>Hammer launched her brand in 2012.<br /> Photo: Art Comments</p>
Character traits of the great investor Sir John Templeton
Lifestyle, 4:01
<p>Recognized as one of the greatest mutual fund managers of the last hundred years, I first discovered his wisdom shortly after I entered the business of investment advice. His name surfaced during my self-directed research into the wisdom of Benjamin Graham and value investing. Sir John was a student of Graham. Although his investment approach differed from Graham’s, he shared the universal belief of all value investors that market prices vary from business value. While Sir John provided insight into security selection, it was how he lived his life and shared his beliefs with others that I believe made him a great individual and a great investor.</p> <p>In The Templeton Touch, William Proctor shared fourteen character traits that he believed were John Templeton’s reasons for success as an investment manager:</p> <p> Self-reliance<br /> Reasonable risk-taking<br /> A sense of stewardship<br /> A drive toward diversity<br /> A bargain-hunting mentality<br /> A broad social and political awareness<br /> Flexibility<br /> A willingness to devote large quantities of time to studying potential investments and developing sound moneymaking strategies<br /> An ability to “retreat” periodically from daily pressures<br /> An ability to develop an extensive friendship network<br /> Patience<br /> Thought control<br /> Positive thinking<br /> Simplicity</p> <p>I want to share my own thoughts on two of these traits. First, stewardship, as there is an attempt by the Department of Labor to somehow legally enforce it upon the investment industry, and second, a bargain-hunting mentality.</p> <p>Stewardship The Department of Labor (DOL) has recently proposed a change in the way brokers, insurance agents, and investment advisors serve their clients. The DOL, along with the current administration, is under the belief that the financial service industry’s sales practices, products, and costs are harming individual investors. Although I am in agreement with many of their claims, I do not think that imposing a series of new rules and regulations will result in achieving a better retirement for the citizens of this country. It will take more than a forced fiduciary rule to accomplish that. Even with rules, there will always be individuals who lack any sense of stewardship towards their clients. For those few, the only reason to be in the business of advice will be to create personal wealth for themselves. Individuals will always need to keep their guard up when it comes to investment advice.</p> <p>We believe it is a great privilege to have been entrusted with the management of your savings. We have a great respect for what those savings represent, and we hope that our work rewards you with preservation of capital and, more importantly, preservation of wealth. Although we work towards that goal, there is no assurance that it will happen. Years ago one of our clients decided his investment returns would be substantially better with another advisor. I am not sure if his results were what he expected, but some years later he decided to re-employ us. He told us this was because we always did what we said we would do and, in his words, “always told the truth, good or bad.” I can pledge to you that this will continue in the future, with or without a new series of rules placed on us by the powers that be.</p> <p>Bargain-hunting Over the past year we have mentioned more than once that we believe prices for common stocks have not been cheap. They were not overly expensive, but still not cheap enough for us to fully invest your accounts. Because of our belief in buying great companies at low prices, we have held far more cash in our portfolios than we have at any other time in the past ten years. This current decline in pr</p>
Robert De Niro becoming Ponzi scheme king
Lifestyle, 4:01
<p>Just seven years after his arrest, Bernie Madoff is being immortalized in film.</p> <p>Robert De Niro and Michelle Pfeiffer will star in HBO's TV movie "The Wizard of Lies," reports Vanity Fair. De Niro will play Madoff, as portrayed by Diana Henriques' book, as well as Laurie Sandell's "Truth and Consequences." Pfeiffer plays Madoff's wife Ruth, Hank Azaria is Madoff's partner Frank Dipascali, and Alessandro Nivola is Madoff's son Mark.</p> <p>ABC is also producing a miniseries about the infamous Madoff, with Richard Dreyfuss and Blythe Danner staring as Madoff and his wife.</p> <p>The shows can't be flattering for the Madoff family, but Ruth at least will rest knowing she's been portrayed by two attractive leading ladies.<br /> Photo:_Untitled-1<br /> &nbsp;</p>
The secret to looking engaged during meetings
Lifestyle, 4:01
<p>Put your phone away and pull out a pencil. No, not the new iPad Pro pencil.</p> <p>Phil Libin, co-founder and former CEO of Evernote, says that old-fashioned writing in a notebook is the best way to appear interested during meetings, writes Business Insider. Taking notes on a phone makes you look like you're texting, or worse checking out your dating apps. Clicking away on a laptop creates a literal and figurative barrier between you and the speaker. Paper and a pen on the other hand says, "'Man, this person really cares about me.' It totally flips the odometer the other way. You are signaling deep caring and interest," says Libin.</p> <p>Libin, who also founded CoreStreet and Engine 5, says the beauty of the notebook is that you don't even have to really be paying attention. "Even if you're just drawing houses and clouds and unicorns," people see someone alert and more interested in what they're saying than the guy on his phone, says Libin. That says a lot coming from a guy who designed a company around digitally taking and storing notes.</p> <p>The University of California, Los Angeles can back Libin up with some hard data. Hand writing forces the brain to reflect, understand, and encode more than typing does, researchers say. Laptop note takers don't process and reword comments like analog note takers do. They're too busy taking everything down verbatim.</p> <p>Libin says he likes to write down specific words and phrases in his notebook to jog his memory later. In between his unicorn doodles of course.<br /> Photo: Doodle Databáze</p>
Will tech ever be able to disrupt the business card?
Lifestyle, 4:01
<p>In an age of social media, the business card is a surprisingly resilient piece of paper. While we are yet to see the killer app that has sent this humble format the way of the newspaper, plenty have tried to build it.</p> <p>The latest effort is Knock Knock, the Washington Post reports. The premise is that you knock twice on your phone’s screen, and you can quickly share your contact information and social media accounts with those nearby - provided they’ve also installed the app. </p> <p>Knock Knock is not alone, other efforts have included startups like Bump, Hashable and CardFlick. No one has quite cracked it yet. Perhaps in the West it is only a matter of time before there is a solution that finally kills off the card, but it might be a bigger challenge in Asia where the custom of exchanging cards has existed for 400 years.  </p> <p>That said, in Japan - the cultural heartland of the business card - entrepreneur Chika Terada has started Sansan, a cloud-based CRM platform that lets user scan and upload their cards.  The startup offers two services: Sansan and Eight. Sansan is for businesses, while Eight is for individuals. </p> <p>The idea has at least gained traction among venture capitalists. TechInAsia reports that Sansan has already raised a $14 million Series B round in June. </p> <p>At least the business card will stick around for some time. After all, the most successful technology is often the most convenient. What could be more convenient than putting a piece of paper in someone’s hand?<br /> Photo: Geoffrey Franklin<br /> &nbsp;</p> <p>&nbsp;</p>
Buffett is voting Hillary, but 'admires' Bernie
Lifestyle, 4:01
<p>Bernie Sanders may be reaching out to the middle and lower classes, but he has at least one fan in the 1%.</p> <p>Billionaire Warren Buffet told CNBC that he admires the Sanders campaign, reports Business Insider. "I think Bernie Sanders has been a terrific campaigner. He campaigns exactly as I would campaign if I were a candidate," Buffett says.</p> <p>Buffett has openly supported higher taxation for the rich, but Sanders' tax-reform proposals would increase even beyond what Buffett has suggested. Buffett says he respects Sanders' refusal to attack opponent Hillary Clinton, as well as his advocacy for regulations on political spending by businesses and unions.</p> <p>Alas, Buffett is still backing Clinton. He says Clinton has been too glib about her email controversy, but he supports her policies.</p> <p>Sorry, Bernie. "He's not going to get elected," says Buffett, "but I admire him."<br /> Photo: Marc Nozell </p>