Money management quotes – Commonfolk Using Common Sense http://commonfolkusingcommonsense.com/ Tue, 22 Nov 2022 05:50:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://commonfolkusingcommonsense.com/wp-content/uploads/2021/06/icon-99.png Money management quotes – Commonfolk Using Common Sense http://commonfolkusingcommonsense.com/ 32 32 17 Young Dolph Quotes That Will Inspire You https://commonfolkusingcommonsense.com/17-young-dolph-quotes-that-will-inspire-you/ Thu, 17 Nov 2022 11:27:27 +0000 https://commonfolkusingcommonsense.com/17-young-dolph-quotes-that-will-inspire-you/ young dolphin Today (November 17) marks the first day of service honoring the late Memphis talent, Young Dolph. As previously reported by REVOLT, citizens of Tennessee and Georgia, as well as anyone wishing to participate across the globe, have been urged to “give back and help those in need” as the Paper frontman did. Road […]]]>

young dolphin

Today (November 17) marks the first day of service honoring the late Memphis talent, Young Dolph. As previously reported by REVOLT, citizens of Tennessee and Georgia, as well as anyone wishing to participate across the globe, have been urged to “give back and help those in need” as the Paper frontman did. Road throughout his life. As the IdaMae Foundation explained, residents of Dolph’s hometown will be able to get free haircuts, winter items, and food at various locations around town.

In addition to the rapper’s high-profile charities (including an annual turkey drive that continued in his legacy earlier this week), Dolph has always been known for providing advice and spreading the knowledge he’s learned at during his 36 years. To celebrate, REVOLT collected 17 iconic quotes the “Hall of Fame” star heard about living as a boss in all aspects of life, taken from both classic songs and memorable interviews.

You can check them all below. Those looking for additional information on Dolph Day of Service can go here.

1. Learning from his mistakes in the music business (REVOLT “Big Facts” interview, 2021):

“The more I [advanced in my career], the more knowledge I acquired. It’s like everything else, you know what I mean? You have in your mind what you want to do, but you have to figure that out. You gotta fuck up so many times, and fuck up, and fuck up, and then be like, ‘Okay, I really didn’t fuck up, I just learned on my own …OK, now I got this shit.’ “

2. By avoiding excuses (“Preach”, Cross-country ski trap2014):

Addicted to the hustle, can’t stop, won’t stop, can’t stop, nnever heard me complain about what I don’t have, because if I want it, I’ll get it…”

3. By actually putting in the work to be successful (The FADER interview, 2017):

“Do the work…People who know they have to work every day, those are people I respect. I respect people who are building a career. I don’t care if it’s already a big hustle or if you go to work every day at Kroger, the grocery store. Or you work at Walmart. So you work I respect you. You don’t work, what can we do? We cannot relate.

4. Knowing its worth from the start (“Tric Or Treat,” 2019):

“I remember 2011, major labels came up to me and they tried to give me two million”, I gave him a handshake, looked him in the eye and said, “No , but I will talk to you in two years’…”

5. At the start of your journey as an entrepreneur (HYPEBEAST“Conversations with” interview, 2018):

“The most important thing, man, is to start and jump over there. Many people are so nervous and uncertain about starting and extending it. Bulls**tin’ around, like, just getting started. That’s the most important thing, jump up there and start. This is the most important thing.

6. Protect yourself from disloyal loved ones (“Cold World”, High Class Street Music 5: The Take’s Best Friend2015):

“It’s a cold world, look at your homie and look at your daughter, your homie scratch you just to take your place, these female dogs gon’ be female dogs, you know what it’s about, bow your headsay a prayer, say amen, grab my gun, take you away before I let you get away from my son…”

7. Being able to change the lives of others (REVOLT’s “Drink champions», 2018):

“[Being in the music industry] put me in a position where I can put other people in positions if they really want to be able to make money… It doesn’t feel like I can, like, change someone’s life another one, man, and you know you can do it… All a person has to do is listen.”

8. On financial management (VICE/Noisey interview, 2014):

“A lot of people don’t know how to do that, they don’t know how manage your money. That’s how I got here and how I continue to climb. You have to know how to manage your money. It takes money to make money. If you don’t know how to manage money, how are you going to make more money? »

9. Staying ahead of the competition (“Nothing”, Crack rich babe2016):

“All these rappers are mad at me for not signing, and I have more money than their CEO… trap to rapthey can’t believe I made it, I made it and didn’t sign with a major, I got more money than your whole team, that’s why you bitches hate…”

10. On what he learned from the streets that marked him in the music industry (REVOLT’s “Off topic» interview, 2021):

” Stay focused. That’s the most important thing…you gotta think, man, there’s so much to get distracted on, you got the bitches, you know what I mean? You have all the materialistic shit. You have toxic friends, toxic partners, those who want to give you their 2 cents, but don’t know anything about business. That’s it… A lot of people get caught up in what’s going on instead of focusing on what you have about yourself, what works for you, what’s best for you.

11. By ensuring that her children are never deprived (“Believe me”, Thinking out loud2017):

“Extra money buried for my son and I can’t wait to tell him, little nigga, you got a million dollar shovel… I swear never leave another nigga raise my children…”

12. On dealing with the doubts and criticisms of others (Turned dirt into diamonds mini-documentary, 2018):

“A lot of people, they can’t see what I see, bro, because they’re not in my position… you came all alone, you’re going to die all alone. You’re gonna be in that coffin all alone. So you can’t give announcements about what no one thinks… There will never be a day when no one in the world has to. wake up and be you.”

13. Doing business a disservice (“Money Callin’,” High Class Street Music 3: Trappin’ out a Mansion2013):

“What have you done for me lately? Nigga, Fuck you, pay me, I was screwed till my catch saved me, nowadays I got more customers than Macy’s, what have you done for me lately? That’s why it’s, ‘F**k you, pay me’, it’s like this money should just call me…”

14. On continuing to expand his business in other avenues (“The Breakfast Club” interview, 2017):

“It’s as if everything was growing… Me in my position, music is not my only goal… I’m CEO. I have a whole record label. I have six artists, all tough. Know what I mean? Dolph writes movies. Dolph in fashion… These people have a billion dollars. Dolph finna get ready to get that billion dollars. I’m not thinking 20 years, 15 years, no. I think four years, five years… I’m just wired different.

15. On what he learned during the COVID-19 pandemic (“Sunshine”, 2020):

Busy working all my lifedidn’t give family time i apologize to the whole family just for being selfish but the whole time i was focused on enriching the family (because i love you all) , that wasn’t shit You could tell me, guala, guala, guala, stack that paper, invest in yourself for times like this…”

16. Be wary of helping those who refuse to help themselves (“Million Dollaz Worth of Game” interview, 2021):

“Bro, the thing with these niggas, everybody wanna start at the top. Everybody wanna start at the top, and everybody wanna start on the right foot. Everybody… It’s cool, but, shit, what are you doing for yourself, are you gonna put in the work to have a blast? Do you get down to business right now to have fun? Or is it just someone else making you take the leap? If you feel like that, if you’re an**ga with that opinion, that attitude, [to] me personally you af**kn**ga.

17. By living your life to the fullest (“Get Paid,” S**ttin’ on the industry2015):

“Get paid, nigga, get paid, bitch! You on rich niggas shit, us on the same shit, me and my partners Memphis Grizzly f**k the same female dogs, only difference is I’m trap n** Georgia! Can’t you hear it in my voice when I rap, nigga? On South Beach with E-Feezy throwing stacks, nigga, turn at max, nigga! Facts, nigga!”

]]>
QUOTES 6-Surprisingly close U.S. midterm numbers keep investors on edge https://commonfolkusingcommonsense.com/quotes-6-surprisingly-close-u-s-midterm-numbers-keep-investors-on-edge/ Wed, 09 Nov 2022 16:00:43 +0000 https://commonfolkusingcommonsense.com/quotes-6-surprisingly-close-u-s-midterm-numbers-keep-investors-on-edge/ Investors grapple with an uncertain U.S. midterm election outcome on Wednesday, as a better-than-expected performance by Democrats clouds the outlook for issues including fiscal spending and regulation, although some form divided government seen as good for equities could still shape up. Congressional control was still up for grabs early Wednesday, with several crucial races not […]]]>

Investors grapple with an uncertain U.S. midterm election outcome on Wednesday, as a better-than-expected performance by Democrats clouds the outlook for issues including fiscal spending and regulation, although some form divided government seen as good for equities could still shape up.

Congressional control was still up for grabs early Wednesday, with several crucial races not called. Prospects of a Republican “red wave” had evaporated even though in the House of Representatives Republicans remained favorites to win a majority. U.S. stock indexes opened lower as uncertainty surrounding the voting results weighed on the mood, with investors focusing on October’s important consumer price index report released on Thursday. The US dollar was stable.

With Democrat Joe Biden in the White House, Republicans taking the House would lead to a divided government, an outcome that has been accompanied by positive long-term stock market performance in the past. COMMENTS: ALEC PHILLIPS, ECONOMICS RESEARCH, GOLDMAN SACHS (via email) “While the Democrats have exceeded expectations and Democratic Senate control would be a surprise, the end result nevertheless appears to be a divided government and the political implications are broadly similar to what one would have expected with Republican majorities in both houses.”

“Senate control matters far less if Republicans have won a majority in the House. There are two general differences between a divided Congress and a Republican Congress. First, the Senate confirms presidential nominations by simple majority, so Democratic control continued would limit Republican influence over President Biden’s nominations over the next two years.Second, passing legislation in a divided Congress would be more difficult than in a Republican Congress, although in one or the other scenario, bipartisan support would be needed (because President Biden could veto either scenario, and the Republicans wouldn’t have the 2/3 vote to cancel) so that the volume of legislative activity could be similar.” “Under a Republican House and a Democratic Senate in 2011 and 2013, uncertainty over the debt limit disrupted financial markets and led to substantial spending cuts. A similar scenario could play out next year, even if a Democratic Senate would make it less likely that a debt limit deal would involve spending cuts of the kind enacted in 2011. A legislative response to a possible recession would also be more difficult.

FLORIAN IELPO, PORTFOLIO MANAGER, LOMBARD ODIER ASSET MANAGEMENT “The prospect of this inflation figure overshadows everything else, including the political situation in the US. We need lower inflation to keep our eyes on the Fed and start to look elsewhere.”

MICHAEL HEWSON, CHIEF MARKET STRATEGIST, CMC MARKETS, LONDON “If the Republicans can get a blockage in one of the chambers, then ultimately it might be less inflationary because it will mean the Democrats can’t spend as much money. money, so in terms of returns, that could be a good thing.

“That’s potentially also positive for equity markets and that’s probably why we’ve seen a weaker dollar, but obviously the focus remains on tomorrow’s CPI numbers and in particular the base number.” FIONA CINCOTTA, SENIOR MARKET ANALYST AT CITY INDEX, LONDON.

“It looks like it’s a little tighter than expected. Republicans are still expected to flip the House of Representatives. “We see Washington locked in as dollar negative. Any restrained spending measures could bring inflation down and potentially we could see less aggressive moves from the Fed.

STUART COLE, HEAD MACRO ECONOMIST, EQUITI CAPITAL, LONDON enough to take control of at least the House and that alone suggests a political stalemate in the future.

“It will almost certainly be an end to the tax hikes the Biden administration has been talking about imposing on American businesses and the wealthy. It also means an end to the loose fiscal policy that Biden was pursuing. This is particularly important because it removes a source of stimulus from the economy and makes it a bit easier for the Fed to get inflation under control, in that it may allow for a lower terminal rate battle over raising the US debt ceiling and the outlook of government shutdowns while Democrats and Republicans argue over it.

“For markets, a stalled administration should be positive for equities, given that it makes things a bit easier for the Fed.” DANNI HEWSON, FINANCIAL ANALYST, AJ BELL, LONDON:

“The fact that we haven’t seen a Republican landslide like many people expected now raises questions about whether or not the Democrats will retain control of the Senate. You’re in a slightly different situation and it Seems like the Biden presidency hasn’t been hit hard by this midterm election, so markets are in wait-and-see mode.” CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE

“The race seems to be tighter than expected, especially for the Senate. If the Democrats take the Senate, it will be a huge embarrassment for the Republicans even if they (they) take the House.” US index futures have turned negative, and I think (the) dollar could go higher if the Democrats retain the Senate.”

GARRETT MELSON, PORTFOLIO STRATEGIST, NATIXIS INVESTMENT MANAGERS SOLUTIONS “The likely outcome (of the election) is a stalemate of one form or another. A divided government reduces the likelihood of significant legislative changes, thereby reducing political uncertainty – an advantage for risky assets.

“Looking to mid-to-late 2023, we could see delayed effects of the election as the debate over the budget and the debt ceiling comes into focus. If Republicans take one or both houses of Congress, expect a potentially contentious political crisis that could contribute to some market volatility in 2023 before an eventual resolution is reached.” QUINCY KROSBY, CHIEF GLOBAL STRATEGIST AT LPL FINANCIAL, CHARLOTTE, NC

“Some of the key races are pretty close. It’s going to take some time to see who wins but it’s surprising… We already have a deadlock scenario as the Republicans are going to take the House. The market can accept the deadlock. This means that many administration actions will be thwarted by the opposing side. “That said, if Republicans take the Senate with the House, that provides a business-friendly backdrop for the market.”

RANDY FREDERICK, VICE PRESIDENT OF TRADE AND MERCHANDISE, CHARLES SCHWAB, AUSTIN, TEXAS “Obviously we don’t have 100% reporting on anything yet, but it doesn’t seem like everything we have seen so far has spooked the markets.”

ASH ALANKAR, HEAD OF GLOBAL ASSET ALLOCATION AT JANUS HENDERSON INVESTORS “On the one hand, the reduced likelihood of corporate and personal tax and capital gains tax increases that accompany a Republican victory , will be a tailwind for all equities… At the other end, the prospect of no tax hikes and an extension of Trump’s tax cuts is potentially inflationary, as the private sector has more after-tax income.

“A Republican victory will generally be positive for equities, but inflation risk is unlikely to be mitigated or accelerated.” TROY GAYESKI, CHIEF MARKET STRATEGIST, FS INVESTMENTS, NEW YORK “In the event that the House and Senate flip, it could lead to some sort of miniature sideways bearish rally, but ultimately Fed tightening , a contraction in the money supply and an inevitable recession will dominate the changing political landscape in the United States

“When you think about the order of importance for the markets, it’s really the Fed, the economy, the very troubling situation overseas and intermediaries, they’re just not very relevant over the past 6 , 12, 18 months, because they’re really almost a non-event.” If Congress flips, that could be seen as good news by investors, because it means the fiscal stimulus is over and, in margin, it might make the Fed’s job of breaking inflation a bit easier.”

JJ KINAHAN, CEO, IG NORTH AMERICA, CHICAGO “Having a balanced ticket in terms of Republicans, whether they get the House and the Senate, or just the House, will help slow some of the government spending that many have seen as one major contributors to inflation. So it could help do some of the Fed’s job for them, so to speak, and that’s why it would be viewed favorably by the market.”

BROOKS RITCHEY, CO-CIO, K2 ADVISORS “If we get a divided Congress, we may have to adjust our portfolios to be less defensive than we are today.”

IPEK OZKARDESKAYA, SENIOR ANALYST, SWISSQUOTE BANK “From an investor perspective, a Republican victory in both houses is a good result for stocks. And even a divided government, which we will certainly get, is better for stocks than a Democrat win.”

JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET CAPITAL, CHICAGO “I think the markets are rallying to the prospect of a stalemate.

“Fiscal spending has created a challenge for central banks around the world. The prospect of no legislation is a bullish inflation signal.” (Compiled by the Global Finance & Markets Breaking News team; editing by Christopher Cushing and Tom Hogue)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

]]>
JEFF PRESTRIDGE: The market may have passed its peak of desperation https://commonfolkusingcommonsense.com/jeff-prestridge-the-market-may-have-passed-its-peak-of-desperation/ Sat, 05 Nov 2022 21:54:05 +0000 https://commonfolkusingcommonsense.com/jeff-prestridge-the-market-may-have-passed-its-peak-of-desperation/ Legendary investor Warren Buffett is renowned for his sage advice. The great investment guru came to mind a few days ago when I spoke to Richard Penny, a fund manager at Crux Asset Management. Penny, who has been around the investment block several times with L&G, M&G and Scottish Amicable, has just launched the Crux […]]]>

Legendary investor Warren Buffett is renowned for his sage advice. The great investment guru came to mind a few days ago when I spoke to Richard Penny, a fund manager at Crux Asset Management.

Penny, who has been around the investment block several times with L&G, M&G and Scottish Amicable, has just launched the Crux UK Smaller Companies fund, believing there is a great money-making opportunity for investors on a period of three to five years. .

He said the share of small businesses in the UK stock market now represents a “buying opportunity” – mainly because share prices have fallen sharply in response to the deteriorating economic environment.

Too far according to Penny – many companies, he says, are now chronically undervalued despite business models perfectly suited to their purpose.

One Step Ahead: History doesn’t always repeat itself and global geopolitical events could put a damper on everything

Over the past year, the FTSE SmallCap Index has fallen more than 20%. This compares to a 4% drop in the FTSE All-Share and a slight rise in the FTSE100.

Echoing one of Buffett’s famous sayings – “the best chance to deploy capital is when the going gets tough” – Penny is confident he can repeat the kind of returns he has generated for investors when shares of UK small companies rebounded between March 2009 and July. 2011 (post-financial crisis) and March 2020 and January of this year (post-lockdowns).

The funds he managed over those two periods – L&G UK Alpha and Crux UK Special Situations – generated returns of 168 and per cent respectively, compared to average returns for UK small business funds of 119 and 113 per cent. hundred.

Of course, history doesn’t always repeat itself and global geopolitical events could put a damper on everything. But Penny might be right when he says the UK stock market has “passed its peak of desperation and pessimism”. As Buffett says, “Be afraid when others are greedy. Be greedy when others are afraid.’

small business

Will fortune favor the brave in Vietnam?

Warren Buffett’s words about deploying capital wisely could also apply to Vietnam, until recently one of the best performing regions in the emerging markets universe.

Despite an economy heading for 8% growth this year thanks to a mix of heavy foreign investment and a growing middle class with money to spend, its stock market has been in reverse.

According to the managers of investment trust VinaCapital – listed on the London Stock Exchange – there are two reasons for the Ho Chi Minh index’s 31% drop this year.

First, international investors, taken aback by the global recession, pulled their money out of risky emerging markets like Vietnam. The stock market has also been hit by a regulatory crackdown on wealthy individuals who manipulate stock prices for their own benefit.

Despite an economy heading for 8% growth this year, Vietnam's stock market has backtracked

Despite an economy heading for 8% growth this year, Vietnam’s stock market has backtracked

On a conference call last week, VinaCapital told me that the Vietnamese stock market needed “time to heal”. Provided there are no more scandals, he thinks the market will move higher as corporate profits rise and the economy stays in growth mode.

Despite losses of 14.1% over the past year, the trust’s five-year returns are still 61%. The manager’s forensic approach to the companies in which he invests is admirable. If the stock market turns the corner, that confidence might do well.

Fortune smiles on the brave – and no, that’s not another of Buffett’s famous quotes. It comes from the Latin proverb: “Fortes fortuna adiuvat”.

believe in miracles

So permacrisis – a prolonged period of instability and insecurity – is the word for 2022, according to the compilers of the Collins Dictionary.

Let’s just hope it’s not on the publisher’s airwaves this time next year.

Hopefully by then inflation will be under control, Putin will be no more, China will be too focused on sorting out its failing economy to think about invading Taiwan – and the magic dust dusted by Rishi Sunak and his fixer Jeremy Hunt in the coming years The budget will have begun to turn the economy around.

To quote the late great Errol Brown of Hot Chocolate: “I believe in miracles”.

We need to get back on track NOW

Traveling by train becomes more of a challenge than a joy. Staff shortages, working to rule and industrial action (one moment, the next) prevent many commuters from getting the service they paid for.

For the past two weeks I’ve sat on a train that ended halfway to its intended destination due to staffing issues, causing widespread dissatisfaction among travelers hoping to get to Manchester rather than elsewhere. to be dropped in Birmingham.

Canceled plans: getting around by train becomes more of a challenge than a joy

Canceled plans: getting around by train becomes more of a challenge than a joy

I also had to give up on a weekend planned to attend a music concert in South West London as part of the journey involved a replacement bus service. The result? I would not have returned other than by Uber.

On numerous occasions over the past few days, I have turned up at my station to find that the train I intended to take has been canceled or delayed.

Frustrating, yes, although so far I haven’t been given the excuse I was given to a dear friend on a business trip from Chichester to London last week: that the His train’s delay was due to the fact that a trampoline was running the line.

We have enough problems to deal with on top of a dysfunctional rail service. Friday’s news that the rail union RMT has suspended strikes planned for this week is a step towards getting our trains running again.

Hats off to Coventry

Hats off to the Coventry Building Society for supporting those in need in its beautiful city. Last week it announced it would provide £1million to help residents struggling to cope with the daunting cost of living crisis.

The money, he says, will help ensure local school children won’t go hungry and prevent the city’s elderly from getting cold due to unaffordable energy bills.

Recognizing its national reach, the mutual is also providing £1,000 to each of its 65 branches so they can donate the money to local food banks – stretching from Sheffield in the north to Somerset in the west.

Well done Coventry. More financial services firms should learn from this building society’s book. There is a time for booming profits, but it is not now. It is compassion that is required.

Some links in this article may be affiliate links. If you click on it, we may earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any business relationship to affect our editorial independence.

]]>
Meet the ‘expert’ the New York Times found to defend Raphael Warnock: a former DNC official https://commonfolkusingcommonsense.com/meet-the-expert-the-new-york-times-found-to-defend-raphael-warnock-a-former-dnc-official/ Tue, 01 Nov 2022 09:03:57 +0000 https://commonfolkusingcommonsense.com/meet-the-expert-the-new-york-times-found-to-defend-raphael-warnock-a-former-dnc-official/ Democrats Derrick Harkins campaigned for Warnock in 2020 while earning over $175,000 from the DNC Derrick Harkins speaking at a DNC event (YouTube). Andrew Kerr • November 1, 2022 04:58 A New York Times Sen. Raphael Warnock’s profile cites a federal official who downplays the Georgia Democrat’s ties to a management company that evicted low-income […]]]>

Derrick Harkins campaigned for Warnock in 2020 while earning over $175,000 from the DNC

Derrick Harkins speaking at a DNC event (YouTube).

Andrew Kerr • November 1, 2022 04:58

A New York Times Sen. Raphael Warnock’s profile cites a federal official who downplays the Georgia Democrat’s ties to a management company that evicted low-income residents. But the Time failed to disclose one thing: the official was a paid Democratic agent who helped elect Warnock in 2020.

Derrick Harkins, director of faith-based and neighborhood partnerships at the Department of Housing and Urban Development, told the Time it is “simply not correct” to say that the Ebenezer Baptist Church of Warnock played a direct role in filing eviction notices against residents of its low-income building. The Democratic National Committee paid Harkins more than $175,000 in political advisory fees in 2019 and 2020. As the DNC’s Director of Interfaith Outreach, Harkins boosted Warnock in his runoff campaign against former Senator Kelly Loeffler (R., Ga.).

Maya King, the Time reporter who wrote the profile, did not return a request for comment.

Harkins’ defense of Warnock comes as the Democratic senator gave up a sizable lead over his Republican challenger, Herschel Walker, amid a deluge of negative publicity that slashed his approval rating. Warnock now trails Walker by 1.4 percentage points in the RealClearPolicies polls average with just over a week until Election Day.

Harkins told the Time that Warnock “certainly does not oversee the operational elements of a property that is part of the larger portfolio that is under the umbrella of what Ebenezer has put in place”. But Ebenezer Baptist Church lists Warnock as the chief executive of a charity through which he owns 99% of Columbia Tower in MLK Village. Warnock is senior pastor at the church, which pays him a housing allowance of $7,417 a month in addition to his Senate salary.

Ebenezer contracted with Columbia Residential to manage the property on its behalf. The company, which owns the remaining 1% of the building, was one of the top business owner evictions in 2021. Of 1,587 business owners across the country, only 30 filed more lawsuits in eviction in 2021 than Columbia Residential, the Free Washington Beacon reported.

Court records show Columbia Residential filed 15 eviction lawsuits against residents of the building during the pandemic. Fulton County marshals have executed two court-ordered writs of possession on the property since 2020, records show, and a resident accused the building in September of changing its locks and temporarily evicting him without notice .

Columbia Residential told the Time that he only files eviction notices in “certain circumstances” and that his legal threats rarely reach the point where he actually evicts and evicts residents from their homes. The property management company also said no evictions had been carried out at the property since 2020.

But residents of Columbia Tower have had to pay heavy legal costs to stave off threats of eviction from Columbia Residential during the pandemic. A resident of the building told the Free tag in October, that she was served with an eviction notice after being only one day late in paying her rent. The resident said she had to pay more than $300 in legal fees, a figure equivalent to about two months’ rent, before Columbia Residential dropped her eviction lawsuit.

According to Time profile, Warnock compared himself to Martin Luther King, Jr. when a supporter asked him about “criticism of his blending of faith and politics.”

“It puts me in good company,” Warnock said. “That’s what they did to Dr. King. They challenged his Christian identity.”

]]>
Money Quotes You’ve Never Heard But You Absolutely Need For Your Business | by Joseph Mavericks | October 2022 https://commonfolkusingcommonsense.com/money-quotes-youve-never-heard-but-you-absolutely-need-for-your-business-by-joseph-mavericks-october-2022/ Thu, 27 Oct 2022 13:00:14 +0000 https://commonfolkusingcommonsense.com/money-quotes-youve-never-heard-but-you-absolutely-need-for-your-business-by-joseph-mavericks-october-2022/ Words of wisdom from the greatest minds Source As an entrepreneur/business owner, keeping control of your finances is paramount to the success of your business. Money may not buy happiness, but it’s what fuels the economy our world revolves around, so the better you manage it, the less trouble you’ll have. You’ve probably read or […]]]>

Words of wisdom from the greatest minds

Source

As an entrepreneur/business owner, keeping control of your finances is paramount to the success of your business. Money may not buy happiness, but it’s what fuels the economy our world revolves around, so the better you manage it, the less trouble you’ll have.

You’ve probably read or heard a lot of money management tips. Things like saving half your salary, investing 20% ​​in the stock market, having an emergency fund… While these are all fair points, these are things we have all heard time and time again, and they are not not always usable correctly. away (for example, many people cannot afford to save half their salary).

In this article, we’ll go over some financial advice you’ve probably never heard before that provides great insight into how money works as a business owner. For each quote, I’ve included some of my personal experience as a content creator.

“The darkest hour in a man’s life is when he sits down to plan how to make money without making it”

—Horace Greeley

There have been many different phases in the “hustle community” in recent years. First of all, guys like Gary Vee or Grant Cardone started telling us that if we want to make a lot of money, we have to work 70 hours a week, not see our children, skip the weekends and wake up at 5 a.m. every day. Then, around 50-60, we may be able to enjoy the fruits of our labor, if we are lucky.

Then there was the movement of the 4-hour work week, on the other side of the spectrum. Tim Ferriss & Co started telling us that you actually don’t need to work hard, you just need to work smart. You can only work a few hours a week and still earn a lot of money. All you need is a virtual assistant and a dropshipping company.

These days, we seem to have found common ground. The pandemic has arrived and we have all had time to reflect on our mental health. YouTubers like Matt d’Avella or Joey Schweitzer (of the Better Ideas channel) remind us that chronic stress and anxiety don’t have to be part of everyday life for entrepreneurs. You can make money, get by and be happy and healthy, but it’s not easy. Most people fail and burn out.

While all of these options are different and tend at different times, they all have one thing in common: they require you to work. In this world, there is no free lunch.

I’ve always wanted to make my own money, but too often, as a young “budding entrepreneur”, I’ve been tempted by a quick fix rather than taking the time to build a viable business. Selling code on forums rather than creating an online store for it, or creating an online store for physical products but without inventory… Each time, I made a few hundred dollars and was out of breath.

Always remember that money should be earned fairly, not easily. It may take you longer to get it and you may encounter many obstacles before doing so, but it is part of the journey. No man (or woman) has ever made a decent fortune without hard work.

“It’s not what you don’t know that gets you in trouble. It’s what you know for sure that’s not the case.

-Mark Twain

When I was a teenager, every time I saw my parents paying their bills, having trouble with paperwork, or having to call the bank, I thought to myself: “It all seems like a waste of time, when I can afford it I’ll hire an accountant to take care of my money.”

Years later, my business started making enough money to pay for accounting services, so I didn’t hesitate and signed up right away. The first invoices they sent me for their services were not very expensive. I said to myself: “I hate bookkeeping, I don’t even know how to do it, so this is surely a great use of my money as it saves me time which I can spend on more content creation.”

As the company grew, my accounting fees also increased. All the while, I was sure it was worth it. Then one day I received a bill for way more than I expected. It wasn’t like I couldn’t afford it, but it was a ton of money, and now it was too late not to pay it because the job had been done. I paid the bill and cut all ties with the accounting firm. I told them I would find it on my own.

Over the next year, I taught myself the basics of accounting and do all my reporting myself. It takes me longer but it saves me a ton of money, and it’s actually not that complicated. I was 100% sure that I needed an accountant for 10 years, and it turned out that I was completely wrong. Then, as Mark Twain says, it got me in trouble and I had to pay a lot of money.

As a business owner, it is very important to keep an open mind and always be on the lookout for scenarios and situations where you could go wrong. It goes beyond running costs like accounting, it’s also about the world of tomorrow, as we’ll see with the next quote.

“Stock prices have reached what looks like a permanent high plateau”

—Irving Fisher

I included this quote here because it shows the importance of thinking outside the realm of what you think is possible. Irving Fisher was one of the most respected economists of the 1900s. In 1929, when the stock market was experiencing its biggest crash in history, he could not imagine how it could rise higher than the 1929 peak. It seemed impossible for the economy to recover and then go beyond. Until the day he died in 1947, Irving Fisher probably thought he was right because the stock market did not recover to its 1929 peak until 1955:

Source

Today the Dow Jones is up 340% from its 1929 high. Irving Fisher will never know, but he was wrong. Throughout history, there are tons of examples of companies and people who got their possible outcomes wrong and had to pay the price. In the case of Irving Fisher, it didn’t matter so much because he died before he was wrong, and he was even able to profit from the gold market rush of 1932 until the end of his life.

Kodak thought digital photography was a fad in the 2000s, so they didn’t invest in it. They were earning 11 billion dollars in 2005, now they barely earn 1 billion dollars a year and have been in constant decline for 2 decades.

Kodak’s revenue worldwide from 2005 to 2021 (in millions of US dollars) — Source

Other examples include the coronavirus pandemic, the energy crisis, the 2008 subprime crisis… Very few people saw these events coming. Twenty years ago, the median home price in the United States was $179,331 (adjusted for inflation in 2020 dollars). Today it’s $336,900 and in 20 years it will probably be over $700,000. It sounds crazy, but only those who open their minds to the wildest possibilities get ahead in life. Always be on the lookout for the unthinkable as a business owner. This is the best way to identify opportunities and survive crises. As Benjamin Disraeli, former Prime Minister of the United Kingdom once said: “What we anticipate rarely happens, what we least expect usually happens.”

“Spending rises to meet income”

— Parkinson’s second law

I’ve written in the past about how companies like Snapchat have a market capitalization of $17 billion but lose hundreds of millions every month. Their CEOs receive hundreds of millions of dollars in bonuses while their company bleeds money. The goal is to pump as much money as possible into growth, reinvesting all profits, to hopefully one day become a capitalist mammoth capable of gobbling up any future competition. The problem is that probably 0.1% of companies succeed like that. It’s been the standard business model in Silicon Valley for the past 20 years, but it’s starting to falter.

I also wrote about how my CEO, who despite ending up selling his company for $30 million amid the pandemic, ran out of investor money a year prior. His company was making millions in annual recurring revenue, but between salaries, office expenses, and other expenses, we were still in the negative.

I only started making my first serious money online about 3 years ago. Since then, I have focused on expanding my business, which means reinvesting a lot of the money I earn into growth. The problem with this approach is the same as that faced by Snapchat or my CEO’s company, albeit on a smaller scale: if you’re not careful and let expenses meet income, you don’t earn a penny.

Later, I learned that it is a question of risk management. As with your personal finance, you don’t have to spend everything you earn as a business, you can create an account to keep some money aside, to reward yourself when you deserve it or just to increase the value of your business. I also always wonder if I really need something that I want to buy or not. It’s very easy to justify any purchase as a “business expense” when you’re making a lot of money from your business. A computer here, a tablet there, a new phone…

The more people earn, the more they tend to spend, but the secret to wealth is the exact opposite:

Spend less, earn more and don’t forget to enjoy the journey.

]]>
What is Professional Liability Insurance? – Forbes Advisor https://commonfolkusingcommonsense.com/what-is-professional-liability-insurance-forbes-advisor/ Wed, 26 Oct 2022 11:00:11 +0000 https://commonfolkusingcommonsense.com/what-is-professional-liability-insurance-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Misadventures happen. But mistakes made while running your business could be costly and result in legal action. For example, if you don’t meet delivery deadlines or if a customer claims your professional […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Misadventures happen. But mistakes made while running your business could be costly and result in legal action. For example, if you don’t meet delivery deadlines or if a customer claims your professional advice resulted in financial harm, you could face legal action.

Professional liability insurance is a form of professional liability insurance that covers your small business against claims for fault in professional services, even if the claim is unfounded. Also known as errors and omissions insurance, professional liability insurance can be a key part of your business insurance plan.

What does professional liability insurance cover?

No matter how good your business, mistakes are bound to happen. That’s why it’s worth considering adding professional liability insurance to a small business insurance policy.

Professional liability insurance is also known as errors and omissions insurance. It covers costs associated with malpractice claims, including legal fees, court judgments and settlements, and other types of costs, such as licensing board penalties.

Here are some mistakes that could cause a customer to sue your business:

  • Incorrect or inaccurate advice
  • False declarations
  • Neglect
  • Violation of good faith and fair use

Examples of Professional Liability Insurance Claims

Here are some examples of claims generally covered by professional liability insurance:

  • A financial consultant provides advice that results in loss of income.
  • A tax preparer makes an error that results in a penalty.
  • A contractor does not complete a renovation on time.
  • The strategy of a public relations consultant leads to a negative reaction.
  • A real estate agent fails to disclose key information about a home.

What does professional indemnity insurance not cover?

Here are some common exclusions found in a professional liability insurance policy:

  • Bodily injury or property damage. Accidental injury and property damage to others (such as a customer slipping into your store) are covered under the general liability portion of your commercial insurance policy.
  • Customer Information or Customer Data. If you want coverage against cyber attacks and issues such as data breaches, information theft, and cyber extortion, you will need to purchase cyber liability insurance.
  • Employment practices. Legal actions arising from claims of violation of your employees’ rights, such as wrongful termination or harassment, are covered by the Employment Practices Liability Policy.
  • Diseases and injuries. Injuries and illnesses suffered by your employees while performing work-related tasks are covered by workers’ compensation insurance.
  • Intentional or dishonest acts. This includes illegal acts and intentional wrongdoing. Losses caused by international or dishonest acts are also not covered.
  • Patents and Trade Secrets that you obtain without the owner’s permission are not covered by professional indemnity insurance if you are sued. A general liability insurance policy may cover some costs if you steal the intellectual property.

Who needs Professional Liability Insurance?

In some states, you may need to purchase professional liability insurance if your licensing board requires it. For example, real estate agents are required to show proof of professional liability insurance before obtaining their real estate license in more than 10 states.

Here are some examples of the types of businesses that could benefit from professional liability insurance:

  • accountants
  • Architects
  • Advisors
  • Content Marketing Specialists
  • Advisors
  • Engineers
  • Graphic designers
  • Health professionals
  • Insurance professionals
  • personal trainers
  • Investment Advisors
  • Real estate agents
  • Brokers
  • tax preparers
  • Technology professionals

How much does professional liability insurance cost?

Professional liability insurance costs an average of $59 per month, according to Assuranceon. More than half (51%) of Insureon small business policyholders pay between $500 and $1,000 for professional liability insurance.

The cost of your professional liability insurance will depend on several factors:

  • Your industry
  • The size of your business and the number of employees
  • Your income
  • Common risks facing your industry
  • Location of your business
  • Your claims history
  • The coverage limits you choose

How to find the best professional indemnity insurance

Know what coverage you need

It’s important to determine how much you’ll need based on your industry, size of business, and level of risk. It’s a good idea to speak with an independent insurance agent who can help you choose the appropriate amount of coverage.

Professional liability insurance limits can range from $250,000 to $2 million. Most Insureon policyholders (61%) carry a $1 million professional liability insurance policy.

Compare insurance quotes

Shopping side by side by comparing commercial insurance quotes from a few different insurance companies will help you determine which policy covers your bases at a reasonable cost.

Look for discounts

Some insurance companies offer a discount for bundling professional liability insurance with other types of insurance for small businesses.

Commercial insurance made easy

Compare free quotes from the best insurers at SimplyBusiness. Get a font in less than 10 minutes.

]]>
Alex Smith Net Worth (2022 Update) https://commonfolkusingcommonsense.com/alex-smith-net-worth-2022-update/ Sun, 23 Oct 2022 00:00:52 +0000 https://commonfolkusingcommonsense.com/alex-smith-net-worth-2022-update/ What is Alex Smith’s net worth? Net value : $95 million Age: 38 Born: May 7, 1984 Genre: Man Height: 1.93 m (6 ft 4 in) Native country: the United States of America Wealth source: NFL professional player Last update: August 2, 2022 Introduction Alex Smith is recognized as one of the best players in […]]]>

What is Alex Smith’s net worth?

Net value : $95 million
Age: 38
Born: May 7, 1984
Genre: Man
Height: 1.93 m (6 ft 4 in)
Native country: the United States of America
Wealth source: NFL professional player
Last update: August 2, 2022

Introduction

Alex Smith is recognized as one of the best players in the NHL, having played for the Washington Redskins, San Francisco 49ers and Kansas City Chiefs during his career.

He is one of the highest paid athletes of all time and received one of the highest salaries in NFL history.

Despite a life-threatening injury, he returned to the field and ended his football career in 2021 as one of the greatest quarterbacks ever with an impressive investment portfolio to his name.

As of October 2022, Alex Smith’s net worth is estimated at $95 million.

Facts About Alex Smith

  • Alex helped the Utes win the 2003 Liberty Bowl.
  • Smith was praised for his role in the Utes team’s victory in the 2005 Fiesta Bowl.
  • Midway through the season in 2020, Smith was part of the Washington Redskins’ starting lineup before ending his career and retiring at the end of the 2021 season.
  • Alex was selected with the first overall pick in 2005, by the San Francisco 49ers.
  • He suffered a life-threatening leg injury that nearly led to an amputation in 2018.

Early life

Alexander Douglas Smith was born on May 7, 1984 in Bremerton, Washington.

Alex attended Helix High School where his father worked as the executive director. While in college, Alex joined the Helix Highlanders and played football throughout his junior and senior years.

Despite his impressive accomplishments in sports, he always focused on his studies and eventually got into the University of Utah. He joined the college football team, the Utah Utes, and led them to many victories. The highlights of his college football career were the 2005 Fiesta Bowl and the 2003 Liberty Bowl.

After two years, Alex obtained a bachelor’s degree in economics. But he was not done with his studies, continuing to work for his master’s degree. However, that ended once he learned he was one of the first to be drafted by the San Francisco 49ers.

Career

Alex’s debut with the 49ers was incredibly successful, until he suffered injuries that forced his coach to take him out of training for a while.

After a difficult first season, he started the 2006-2007 season on a good note. This season was the year he started working hard to improve his game.

While working alongside his new coordinator, Alex was able to lead his team to many more victories. During the season, he scored a total of 16 touchdowns and became the first quarterback to take every shot all season.

After a great start to the 2007 season, Alex battled another injury in a game against the Seattle Seahawks. The injury ultimately prevented Alex from throwing accurately. He underwent surgery and had to sit out the rest of the season.

After his return, he suffered from multiple injuries throughout the 2008 season.

That didn’t stop the 49ers from renewing Alex’s contract for the 2009 season. This was a very promising season for Alex, and he finished the year with a total of 18 touchdowns.

His success the previous season led to him being selected as the starting quarterback for the first time in the 2010 season.

After injuring his shoulder, Alex became a free agent and re-signed with the 49ers in 2011.

He was traded to the Kansas City Chiefs in 2013 and at the end of his freshman year had a season-high 26 touchdowns.

He was traded to the Washington Redskins in 2018 and, after leading the team to a 6-3 record, suffered a life-threatening leg injury.

Alex returned to football in 2020 after two years off but suffered severe bone bruises from his previous injury. Despite his injury and after a successful season, he decided to retire in 2021.

Alex joins the ranks of the NFL’s richest players, which include some of the greatest, like Sam Bradford, Antonio Brown and Tom Brady; the highest paid footballers in history.

Alex Smith Career Earnings

Alex’s football career has been a series of incredible highs followed by devastating lows. But through good times and bad, he remained focused on being the best footballer he could be.

Here is an estimated snapshot of Alex Smith’s annual income:

  • Salary of Alex Smith in 2013 – 9.75 million dollars
  • Salary of Alex Smith in 2014 – 19 million dollars
  • Salary of Alex Smith in 2015 – 12 million dollars
  • Salary of Alex Smith in 2016 – 14.2 million dollars
  • Salary of Alex Smith in 2017 – 13.3 million dollars
  • Salary of Alex Smith in 2018 – 13.4 million dollars
  • Salary of Alex Smith in 2019 – 15 million dollars
  • Alex Smith Salary in 2020 – $16 Million
  • Alex Smith Salary in 2021 – $8.2 Million
  • Salary of Alex Smith in 2022 – 6 million dollars

After being signed as one of the highest paid stars, it’s no wonder Alex was able to amass the fortune he possesses.

Alex Smith net worth annually

As one of the richest football stars in the NFL, Alex has managed to become very wealthy by investing his earnings wisely.

Here is a breakdown of Alex Smith’s annual net worth:

  • Net worth of Alex Smith in 2013 – $64 million
  • Net worth of Alex Smith in 2014 – $66 million
  • Net worth of Alex Smith in 2015 – $72 million
  • Net worth of Alex Smith in 2016 – $75 million
  • Alex Smith’s net worth in 2017 – $78 million
  • Alex Smith’s net worth in 2018 – $81 million
  • Alex Smith’s net worth in 2019 – $85 million
  • Alex Smith’s net worth in 2020 – $89 million
  • Alex Smith’s net worth in 2021 – $93 million
  • Alex Smith’s net worth in 2022 – $95 million

Now that he is retired, he is focusing on other business interests and his fortunes will no doubt continue to grow thanks to his careful money management.

Private life

Although it may sound like a cliché, Alex married former cheerleader, Elizabeth Barry in 2009.

The couple had three children but, sadly, the same bad luck that followed Alex’s football career followed his family. Alex went through a lot of heartache, having to stay strong as his daughter, Sloane, underwent surgery due to a brain tumour.

Alex is a very involved father who feels that having children has changed him for the better. Her contract with ESPN has allowed her to spend a lot of quality time with her family, which is important given her daughter’s health issues.

Awards and Achievements

Alex has had a spectacular career, winning some of the NFL’s most prestigious awards.

He is respected for his never say die attitude, having made a fantastic comeback from a potentially career-ending leg injury.

Here are some of the most memorable moments from Alex Smith’s career:

  • Alex won the George Halas Prize in 2021.
  • He received the Most Offensive Player of the Year award in 2004.
  • After his return, he was named NFL Comeback Player of the Year in 2020.
  • Alex is a three-time Pro Bowl draft winner in 2013, 2016 and 2017.
  • He received the All-American First Team Award in 2004.

With his playing days behind him, Alex is set to pursue a media career behind the microphone and devote time to his other business interests.

How does Alex Smith spend his money?

Alex spends a lot on philanthropy, creating his foundation in 2007.

The Alex Smith Foundation helps teens pursue higher education and provides scholarship programs for those in need through the Alex Smith Guardian Scholars Program.

He also launched a clothing line that donates its profits to a rehabilitation center.

His down-to-earth approach and family values ​​are highly admired and he is unlikely to spend money on the most expensive cars in the world, preferring a more normal mode of transportation for his family.

Strong points

Alex captained some of the most successful teams in the NFL, winning championships and overcoming serious injuries to be recognized as one of the greatest of all time.

His ability to focus on the game and shut out the pain of injuries and personal tragedies is what makes him a true champion.

Here are some of the best moments of Alex Smith’s career:

  • In 2011, Alex helped lead the San Francisco 49ers to the NFC Championship Game.
  • Alex was named the 11th smartest athlete in sports in 2010 by Sporting News.
  • He set a record in 2017 for the most passes without throwing an interception.
  • His return from injury in 2020 was marked as one of the greatest comebacks in NFL history.
  • Smith led the Chiefs to four playoff series between 2013 and 2017.

Alex Smith was understandably one of the highest paid athletes in the world, having earned over $100 million during his career.

Favorite Alex Smith Quotes

The main feature of Alex’s footballing legacy is his determination to get back on the pitch and play football.

Overcoming serious injuries and coming back after being sidelined showed his true spirit and character, which inspires his team and the players who have followed him.

Here are our favorite quotes from Alex Smith:

  • “Embrace the new, even if it’s uncomfortable, and make it work for you. ” – Alex Smith
  • “We can only control how we react and how we react, and this complex but so simple idea has helped me survive.” – Alex Smith
  • “Granted there were tough times, but no, you can’t go back and change it. So why dwell on it?” – Alex Smith
  • “Accept what you can’t control.” – Alex Smith
  • “Keep fighting, not get frustrated, stick together and find a way – I think that’s important. I think good teams do that. – Alex Smith

3 Amazing Lessons From Alex Smith

Alex was always looking for a way to carry on, even when the going got tough. He viewed every obstacle as something to be overcome and overcome in order to win.

Now that you know all about Alex Smith’s net worth, here are some of the best success lessons to learn from Alex Smith:

1. Moving forward

Don’t waste your time dwelling on the past and things you can’t change. Moving forward is the only way to put everything you have into what you want to do or become.

2. Always do your best to stay calm.

It’s better to stay calm in difficult situations than to lose your temper and regret it later.

3. Push through obstacles

Alex had to face many obstacles but always found a way to get through and come back even stronger and more focused.

Summary

Known for being one of the best returning footballers and breaking records, Alex is a legend in the world of football.

He is one of the best quarterbacks to hit the field in NHL history and even with multiple injuries throughout his career, he still managed to come through.

After 16 seasons playing for the NFL, Alex and his family are now enjoying the luxurious life he worked so hard for.

As of October 2022, Alex Smith’s net worth is estimated at $95 million.

What do you think of Alex Smith’s net worth? Leave a comment below.

]]>
GS (Goldman Sachs) 3Q 2022 results https://commonfolkusingcommonsense.com/gs-goldman-sachs-3q-2022-results/ Tue, 18 Oct 2022 07:00:00 +0000 https://commonfolkusingcommonsense.com/gs-goldman-sachs-3q-2022-results/ Goldman Sachs released third-quarter results on Tuesday that beat analysts’ earnings and revenue expectations on better-than-expected business results. Here are the numbers: investment related news Holiday shoppers are in no rush. What this means for retail stocks Earnings: $8.25 per share vs. $7.69 per share estimate according to Refinitiv Revenue: $11.98 billion vs. $11.41 billion […]]]>

Goldman Sachs released third-quarter results on Tuesday that beat analysts’ earnings and revenue expectations on better-than-expected business results.

Here are the numbers:

investment related news

CNBC Pro
Holiday shoppers are in no rush. What this means for retail stocks
  • Earnings: $8.25 per share vs. $7.69 per share estimate according to Refinitiv
  • Revenue: $11.98 billion vs. $11.41 billion estimated

The company said earnings fell 43% to $3.07 billion, or $8.25 per share, beating analysts’ estimate of $7.69 polled by Refinitiv. Revenue fell 12% to $11.98 billion, beating estimates of more than $500 million. Goldman’s revenue decline was expected after last year’s IPO boom slowed this year.

Shares of the bank rose more than 4% in morning trading.

Goldman CEO David Solomon said the results showed the “strength, breadth and diversification” of the business and formally announced a corporate reorganization that was announced earlier this week.

“Today, we are entering the next phase of our growth, introducing a realignment of our business that will allow us to further capitalize on One Goldman Sachs’ predominant operating model,” Solomon said. “We are confident that our strategic evolution will generate higher and more sustainable returns and unlock long-term shareholder value.”

Goldman fixed income traders generated $3.53 billion in revenue, a 41% jump from the year-ago period and about $500 million more than analysts had expected , as traders took advantage of increased client activity in bonds and currencies in choppy markets.

Equity traders reported $2.68 billion in revenue, down 14% from a year earlier that topped the estimate of $2.59 billion.

Strong business results more than offset a failure in investment banking, where revenue fell 57% to $1.58 billion, below analysts’ estimate of $1.84 billion.

The bank’s other divisions, asset management and consumer goods management, also beat expectations.

Asset management revenue fell 20% to $1.82 billion due to lower earnings from private equity holdings, but it still beat expectations of $1.65 billion of income.

Consumer and wealth management revenue increased 18% to $2.38 billion, beating the estimate of $2.19 billion, helped by growth in credit card balances and rising interest rates.

The results were consistent with Goldman’s competitors in the quarter. While rivals including JPMorgan Chase and Morgan Stanley saw sharp declines in investment banking revenue in the third quarter, better-than-expected bond results amid volatile markets helped support their institutional businesses.

An open question is how long the bank’s consumer business will continue to lose money, a hot topic among investors due to its downturn on the business as the stock was depressed.

Solomon’s corporate reorganization will combine the bank’s four main divisions into three, according to people familiar with the plan. The move splits Goldman’s consumer operations and places the parties in two of the new businesses, the people said.

The new divisions will be called Asset & Wealth Management, Global Banking & Markets and Platform Solutions, Solomon said Tuesday in a memo obtained by CNBC. The changes will take effect in December, he said.

Solomon’s memo made little mention of the firm’s Marcus business, except to say it was now integrated into broader asset and wealth management operations.

During a conference call with analysts, Solomon announced a pivot in its retail funding strategy, saying the bank will now focus on existing Marcus customers and potential customers available through the Wealth at Work channels and personal, “rather than seeking to acquire customers at scale.”

The change will help Goldman “streamline” spending on future products and customer acquisition costs, he said.

Partnerships with a tech giant Applewhich include a credit card and a new savings account, were expanded and extended through the end of the decade, Solomon said.

The company will hold an investor day at the end of February, he added.

Goldman shares trade for the lowest price-to-book ratio of the six largest U.S. banks, excluding Citigroup, a situation Solomon surely wants to remedy.

Shares of the bank have fallen nearly 20% this year through Monday, compared to the 26% drop in the KBW banking index.

Last week, JPMorgan and Wells Fargo beat third quarter earnings and revenue expectations by generating higher than expected interest income. Citigroup also beat analysts’ estimates, and Morgan Stanley missed the mark as choppy markets hurt its investment management business.

]]>
Mayfair 101’s Mawhinney sues ASIC for defamation https://commonfolkusingcommonsense.com/mayfair-101s-mawhinney-sues-asic-for-defamation/ Mon, 17 Oct 2022 02:48:10 +0000 https://commonfolkusingcommonsense.com/mayfair-101s-mawhinney-sues-asic-for-defamation/ Mayfair 101 leader James Mawhinney is suing the Australian Securities and Investments Commission (ASIC) and Deputy Chairman Sarah Court for defamation. This followed the release of a press release stating that Mawhinney had caused 500 investors to lose $211 million. He alleges that the court provided quotes to the statement stating: He knowingly misled the […]]]>

Mayfair 101 leader James Mawhinney is suing the Australian Securities and Investments Commission (ASIC) and Deputy Chairman Sarah Court for defamation.

This followed the release of a press release stating that Mawhinney had caused 500 investors to lose $211 million.

He alleges that the court provided quotes to the statement stating:

  • He knowingly misled the public by marketing high-risk products as low-risk, and in the process caused 500 investors in the Mayfair 101 group to lose approximately $211 million;
  • Due to his gross misconduct in advertising investments, receipt or solicitation of funds, and deceptive marketing, he caused approximately $211 million to be lost to 500 investors in the Mayfair 101 group; and
  • Due to his gross misconduct in advertising investments, receipt or solicitation of funds, and deceptive marketing, he has caused so much harm to investors in Mayfair 101, that unless restrained by court injunctions while proceedings continue, it would cause additional harm to investors.

He was also seeking damages and aggravated damages arising from his reputation for being “seriously injured” as well as for “distress and embarrassment” caused by the release.

The proceedings were filed in the Federal Court of Western Australia where Mawhinney resided.

Last month, Mawhinney successfully overturned a 20-year ban on him advertising investments and raising funds from the public through financial products.

]]>
How online brokers and the tech bubble are setting the tone for decades to come https://commonfolkusingcommonsense.com/how-online-brokers-and-the-tech-bubble-are-setting-the-tone-for-decades-to-come/ Mon, 10 Oct 2022 12:30:00 +0000 https://commonfolkusingcommonsense.com/how-online-brokers-and-the-tech-bubble-are-setting-the-tone-for-decades-to-come/ Twenty-five years ago, on an October morning, MarketWatch began delivering real-time news and market data to the general public on the Internet. Individuals were fleeing their stockbrokers for new online platforms, like E-Trade and Charles Schwab, hungry for data and financial information that cost no more than $10,000 a year to access. The MarketWatch Newsroom […]]]>

Twenty-five years ago, on an October morning, MarketWatch began delivering real-time news and market data to the general public on the Internet. Individuals were fleeing their stockbrokers for new online platforms, like E-Trade and Charles Schwab, hungry for data and financial information that cost no more than $10,000 a year to access.

The MarketWatch Newsroom was designed with the needs of these readers in mind, and for the next 25 years we provided them with unbiased coverage to help them understand the financial markets and their personal financial decisions.

As MarketWatch celebrates its 25th anniversary this week, we take a look back at the 25 biggest market events and developments we’ve covered. These moments of market surveillance have shaped our current financial markets and will continue to reverberate.

In the beginning, there were five events and market developments of titanic magnitude that set the tone for what was to follow.

1. Online brokers and the rise of the day trader

Getty Images/iStockphoto

The internet and the discount brokerage model combined in the late 1990s to unleash a powerful new force in financial markets, led by E-trade and Charles Schwab SCHW,
-2.21%.
By 1998, millions of Americans had moved their retail businesses online, reshaping Wall Street forever. The Internet also offered individual investors access to financial information, ranging from securities filings to information on market developments and data provided by emerging news outlets, such as MarketWatch. CNBC’s market news became the default channel in waiting rooms and airport lounges, and stock exchange message boards were overrun with trading advice.

Online brokers promised low commissions and a vehicle for quick trading profits. E-commerce ads in the late 90s tapped into the fear of missing out on a boom. An advertisement during the Super Bowl featured a patient being transported to an emergency room, suffering from an illness diagnosed as “wazoo money”. An estimated 10 million people have quit their jobs to become day traders, adding to the frenzy around internet and tech stocks.

Sometimes it felt like we were in the Wild West and the abuse was real. But it was also clear that lower costs and easier access to information allowed individual investors to become active market participants and would pressure Wall Street to serve them better.

2. Devaluation of the Russian ruble and LTCM

Getty Images/iStockphoto

The brain is not everything. Despite employing two future Nobel laureates, long-term capital management went bankrupt in late 1998, becoming a byword for investor hubris and systemic risk. LTCM was a global beater, raising more than $1 billion between 1994 and 1998 as its executives touted their approach that they boasted of using leverage to take advantage of bond and equity arbitrage opportunities. interest rate while reducing risk.

But it all went wrong in August 1998 when Russian markets imploded after Moscow devalued the rouble, defaulted on domestic debt and declared a moratorium on payments to foreign creditors. LTCM’s highly leveraged exposure to Russia led to the collapse of the hedge fund, with the Federal Reserve coordinating a then-historic $3.6 billion bailout led by the fund’s creditor banks.

These woes are regularly invoked during times of financial stress, as wary investors keep their eyes peeled for the upcoming LTCM. In June, investor Michael Novogratz called the turmoil in crypto markets the industry’s “long-term capital management moment.” The initial incident was the first time MarketWatch covered Wall Street’s excessive risk-taking that culminated in a government-led bailout. But MarketWatch’s coverage of the “bailout culture” would continue.

3. The tech bubble of the 1990s, the boom and bust of IPOs

Getty Images

MarketWatch didn’t just cover the dot-com boom and bust, it participated in the frenzy. The fledgling news site was one of many San Francisco-based companies racing to finalize business plans for immediate Wall Street riches. Initial public offerings of the time were often not dependent on companies’ financial performance, but instead relied on their ability to sell a new future.

Near the peak of the surge, MarketWatch went public in January 1999 at $17 per share, despite losing more than $8 million the previous year on less than $5 million in revenue. A valuation of around $200 million at IPO price has more than quintupled in just the first day of trading, making MarketWatch a billion-dollar company. Vincent Slavin, an institutional trader, was candid when describing MarketWatch’s IPO: “It’s complete madness.”

Other Wall Street analysts told Wired that MarketWatch is a “scruffy business” that, unlike a newspaper, “won’t have to deal with newsprint, delivery trucks, labor unions and other disorderly spending”.

It was all part of what Federal Reserve Chairman Alan Greenspan called “irrational exuberance.” Of course, the madness did not last. The bubble began to burst in April 2000 after a federal judge ruled that Bill Gates’ Microsoft MSFT,
-5.09%
violated antitrust law. The outsized valuations of the dot-com boom disappeared almost in unison over the following months.

MarketWatch covered the implosion of companies like Pets.com and Webvan, even as its stock price plummeted, with MarketWatch shares plunging to nearly $1 in September 2001. While many companies that recently went public went out of business, MarketWatch continued to find readers eager for market news, including the dot-com bankruptcies and zombie stocks they left behind. In 2005, MarketWatch sold to Dow Jones for $18 a share, surpassing the initial IPO price, and survived long enough to cover the spiritual successors of these dot-com companies, such as Chewy CHWY,
-4.22%
and DoorDash DASH,
-6.79%,
and to tell you why the second tech boom has nothing to do with the first.

4. Decimalisation

AFP via Getty Images

In response to a Nasdaq trade scandal, the Securities and Exchange Commission in 2001 forced US stock exchanges to stop quoting stocks in fractions of ⅛ points and switch to decimals. In other words, quotes moved from 12.5 cent increments to penny increments – a move that was seen as a boon to retail traders as it narrowed the gap between quotes buyer and seller, but also helped to accelerate the development of e-commerce in the human market. to touch.

Subsequent rule changes, culminating in what the SEC considered the “National Market System,” had a similar effect, accelerating technology trends that had taken decades while aiming to create a freewheeling marketplace where stock exchanges and other venues, including electronic communications networks and so-called dark pools, would compete to provide the best execution on trades.

An increase in high-frequency trading, or HFT – transactions performed by powerful computers with high-speed connections to the various exchanges capable of executing large numbers of trades in milliseconds or faster – was linked to market fragmentation. HFT firms were well equipped, for example, to take advantage of situations where a stock was trading at different prices on different platforms. Critics have accused HFT of distorting prices and encouraging market makers to disappear during times of market stress.

Increased competition has also contributed to the growth of a practice known as payment for order flow, in which brokers are paid by trading venues in return for routing their trades to them. . Proponents argue that order-flow payments promote liquidity on Wall Street and facilitate commission-free trading – to the benefit of retail traders. Critics say it is a blatant conflict of interest and undermines the concept of fair markets. The backlash from the controversial practices has prompted new regulatory scrutiny, as well as an entrepreneurial response. IEX Group Inc., featured in Michael Lewis’ 2014 book “Flash Boys,” has developed a trading platform with a speed bump aimed at discouraging high-frequency traders while avoiding the practice of paying for order flow.

5. The September 11 attacks

Getty Images

“Our main concern here is human life, but do we know if any markets operating in this area have decided to suspend trading for today? CNBC host Mark Haines asked shortly after the second plane hit the World Trade Center.

The human tragedy of 9/11 was overwhelming, and the terrorist attack on the World Trade Center and the Pentagon also clearly targeted financial markets and the people who worked to make them work. US markets halted trading on September 11 and the New York Stock Exchange remained closed for four trading days, the longest time it had been empty since 1933, at the height of the Great Depression.

But in the hours before those decisions were made and before Americans began to understand the true impact of 9/11, traders and other workers who would normally commute or arrive on Wall Street, along with their families, searched for information. News outlets, including ours, have worked to provide them with all the information possible.

Dressed in a reddish-brown pantsuit and pearls, Maria Bartiromo stood on the floor of the New York Stock Exchange as traders crowded in and described what she had seen moments before. “The first explosion I witnessed was the second plane going into the second tower,” she told CNBC hosts. “I was outside, frankly I ran for my life.”

As the day progressed, many websites buckled under the pressure of increased Internet activity. But MarketWatch managed to stay online and pulled ads from the site. A reader named C. Harrison, who said he had no access to television or radio at work, wrote to us in the aftermath, saying the site “provides me and my colleagues with the only news of what was happening in the world.” Harrison added, “You’ll never know how much I appreciated being able to maintain the link throughout the day and get updated information, almost as it happened.”

]]>