Vet turns family recipe into $80,000 venture that launched on Amazon

Currently they own about 2.5 million small businesses in America in a host of industries, according to the Small Business Administration. “The steady paycheck of the military — the stability of a full-time job — is a stark contrast to being a small business owner,” said Scales. The steady paycheck of the military — the stability of a full-time job — is a stark contrast to being a small business owner. Still, some of her fellow small business owners are already facing rising prices, she said. Mut


Currently they own about 2.5 million small businesses in America in a host of industries, according to the Small Business Administration.
“The steady paycheck of the military — the stability of a full-time job — is a stark contrast to being a small business owner,” said Scales.
The steady paycheck of the military — the stability of a full-time job — is a stark contrast to being a small business owner.
Still, some of her fellow small business owners are already facing rising prices, she said.
Mut
Vet turns family recipe into $80,000 venture that launched on Amazon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: harriet taylor, jill cornfield
Keywords: news, cnbc, companies, family, sauce, survey, mutts, business, recession, amazon, prices, youre, think, vet, recipe, venture, small, scales, launched, 80000, turns


Vet turns family recipe into $80,000 venture that launched on Amazon

U.S. military veterans are a force to be reckoned with on the battlefield — and in business. Many choose entrepreneurship as their career after returning from service, equipped with a cadre of unique leadership and time-management skills. Currently they own about 2.5 million small businesses in America in a host of industries, according to the Small Business Administration. One is Charlynda Scales, who inherited her grandfather’s secret sauce recipe while serving as an acquisitions program manager in the Air Force. As the third of five grandchildren, she was surprised to be singled out as the recipient of the family jewels, but set about learning to bottle and sell it. “I was active duty, and my biggest goal was to buy a BMW with cash,” said Scales. “I’d saved $20,000 and took everything I’d saved and had to make a decision — you’re either gonna have a BMW or make this sauce company come to life.” Named in honor of her grandfather Charlie “Mutt” Ferrell Jr. — who served in the Air Force in Vietnam and the Korean War and whose call sign was “Mutt” for his ability to blend in, Scales launched Mutt’s Sauce LLC in Dayton, Ohio, in 2013. Last year she sold 18,000 bottles at prices ranging from $3 to $6 (for wholesale and retail). The tomato-based sauce is now available online, in Kroger’s stores and launched this week on Amazon.

Charlynda Scales with her grandfather Charlie “Mutt” Ferrell, Jr. at her Commissioning Ceremony on the day she went into the Air Force. Source: Charlynda Scales

Scales bootstrapped the business and — with the help of mentors like investor and Shark Tank star Daymond John and a $25,000 cash prize as a grand prize winner of the Bob Evans Farms Heroes to CEOs contest — she has managed to grow the business without taking on any investors and owns 100% of the company. If she decides to raise capital, it will be from a strategic partner and would need to be from someone who will be as committed to the company as she is, said Scales. “I have this one-team one-fight mentality, and I want my partners to be a part of my team,” said Scales. This year the tenacious entrepreneur is expecting sales to reach $80,000. More from Invest in You:

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Many Americans are fighting the Fed. Good for them

7 tips to avoid overspending and going into debt this holiday season It’s a family affair. The first production of every flavor is taste-tested by one of the original five grandchildren to make sure it passes muster. Scales herself is allergic to pepper so can only consume the “Original” flavor, which Mutt developed especially for her so she wouldn’t feel left out at the dinner table (the “real” original version is Sweet and Spicy). The newest, limited-edition flavor, developed in partnership with Flat Rock Spirits distillery, a local brewery to support Ohio Tornado victims, is Mutt’s Sauce Limited Edition Bourbon Sauce and clocks in at 12% alcohol. “My mother taste-tested that sauce,” said Scales. “She’s not a drinker, so it was quite entertaining.” The family business keeps the lights on and pays the mortgage, but Scales is constantly looking for ways to save money and increase margins — her push into e-commerce is a big part of that strategy — and like many Americans, she is trying to figure out what the next year will bring for the U.S. economy. “I’m going to stay conservative until there’s a little bit of a recovery,” said Scales. “I think a lot of people are penny-pinching probably and will be until after the election, so until then I’m just keeping things pretty consistent.”

Preparing for a future economic slowdown

Like many entrepreneurs, Scales is looking for ways to grow her business against a confluence of headwinds. Trade wars, the 2020 presidential election and concerns about a possible recession has her strategizing about how to continue to expand the company in the months ahead. She is making an aggressive push into e-commerce, where her margins can be as much as four times those of traditional retail, while constantly looking for ways to save money in operations and build up her own personal savings in case things get tough. “The steady paycheck of the military — the stability of a full-time job — is a stark contrast to being a small business owner,” said Scales. “At every point, you’re trying to save on overhead, and there’s no part of your day that isn’t involved with saving money.” She is not alone. Many are taking a cautionary stance on the U.S. economy. Some 65% of Americans think a recession is likely next year, according to the CNBC and Acorns Invest in You survey conducted by SurveyMonkey, released Monday. The survey polled 2,776 people in all age groups and demographic sectors nationwide from Oct. 21–25, 2019. Younger generations (18–34) are more likely to think that a recession is coming, according to the poll. Of that group, more than 70% think the recession will hit next year.

The steady paycheck of the military — the stability of a full-time job — is a stark contrast to being a small business owner. At every point, you’re trying to save on overhead, and there’s no part of your day that isn’t involved with saving money. Charlynda Scales founder of Mutt’s Sauce

The survey also shows that political views also skew people’s views on the economic trends. Democratic voters have the most bearish outlook, with 84% thinking there will be a recession in 2020. While 72% of Independents — a group politicians pay close attention to in an election year — share that sentiment. Among Republicans the number drops to 46%. One reason for the concern is worries about trade wars with China and Europe. So far, Mutt’s Sauce’s manufacturer and suppliers have kept prices consistent, even as tariffs push up prices for things like glass bottles from China, allowing Scales to keep prices stable and remain attractive to more cost-conscious consumers. Still, some of her fellow small business owners are already facing rising prices, she said. “I’ve been very fortunate not to see an increase in my cost of goods sold, but I know many of my friends who import some of their goods — like if you’re a salsa maker and you import your chilies — sometimes they’ll just stop importing them and you could go out of business,” she said. “It depends on what’s available and what is happening in import-export.” A majority of Americans (65%) say that they’ve noticed a recent increase in the cost of everyday items they buy (excluding gas), according to the survey. “Food” or “Groceries,” in general, and specific products including beef, milk and fruit were most commonly cited as the items that have increased in price. (The Consumer Price Index shows the cost of some of these items has climbed in recent months — roughly in line with inflation; beef and milk are up 1.6% and 0.5% respectively, but fruit and vegetables are down 1.2%.)

Mutt’s Sauce Source: Charlynda Scales | Mutt’s Sauce


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: harriet taylor, jill cornfield
Keywords: news, cnbc, companies, family, sauce, survey, mutts, business, recession, amazon, prices, youre, think, vet, recipe, venture, small, scales, launched, 80000, turns


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China’s response to NBA Hong Kong tweet was a ‘violation of US sovereignty,’ Condoleezza Rice says

Stand for Hong Kong.” Men walk past a poster at an NBA exhibition in Beijing, China October 8, 2019. “There is great concern in the United States about what is going on in Hong Kong,” Rice said. We can’t tell the people of Hong Kong we are going to do something we can’t do, that we’re somehow going intervene in Hong Kong. Hong Kong currently operates under the “one country, two systems” principle where Beijing gives Hong Kong’s citizens some legal and economic freedoms that it denies people on m


Stand for Hong Kong.”
Men walk past a poster at an NBA exhibition in Beijing, China October 8, 2019.
“There is great concern in the United States about what is going on in Hong Kong,” Rice said.
We can’t tell the people of Hong Kong we are going to do something we can’t do, that we’re somehow going intervene in Hong Kong.
Hong Kong currently operates under the “one country, two systems” principle where Beijing gives Hong Kong’s citizens some legal and economic freedoms that it denies people on m
China’s response to NBA Hong Kong tweet was a ‘violation of US sovereignty,’ Condoleezza Rice says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: natasha turak
Keywords: news, cnbc, companies, hong, kong, china, violation, going, rice, chinese, nba, beijing, response, united, sovereignty, think, condoleezza, chinas


China's response to NBA Hong Kong tweet was a 'violation of US sovereignty,' Condoleezza Rice says

ABU DHABI, United Arab Emirates — China’s heavy-handed response to an NBA general manager’s comments on the turbulent protests in Hong Kong represents a violation of U.S. sovereignty, former Secretary of State Condoleezza Rice said during a panel event in the United Arab Emirates capital on Monday. “When China says to the NBA, the National Basketball Association, ‘your general manager cannot say something about what’s going on in Hong Kong,’ now that’s a violation of American sovereignty, because Americans have the right to say what they please,” Rice told CNBC’s Hadley Gamble at the annual Abu Dhabi International Petroleum Exhibition & Conference (Adipec). “And so I think this has become something of a problem between the two countries, it’s not going to go away, it’s certainly not going to go away in Congress, where I think people are holding back on sanctions but worried that they may have to put them forward.” Rice’s comments refer to Beijing’s harsh response to Houston Rockets general manager Daryl Morey, who in early October tweeted an image that read, “Fight for Freedom. Stand for Hong Kong.” Chinese companies promptly suspended ties with the Rockets, and the Chinese Basketball Association terminated its cooperation with the team.

Men walk past a poster at an NBA exhibition in Beijing, China October 8, 2019. Jason Lee | Reuters

In response to China’s anger, Morey and NBA Commissioner Adam Silver issued apologetic tweets and distanced themselves from the Hong Kong comments, drawing a flood of criticism from members of Congress who accused them of putting profits over democratic values. With a population of roughly 1.4 billion people, China is the NBA’s most important international market. Silver later said that Beijing demanded that he fire Morey, which Chinese authorities have denied and called “lies.” Tensions continue to grip the world’s two largest economies, as stark differences in ideology and political values exacerbate animosity already triggered by a now 16-month-long trade war. Meanwhile, anti-Beijing protests in Hong Kong this week took their darkest turn since they began six months ago, with a protester shot by police and reports of a man set on fire.

‘America has to be a little bit careful’

In the last week, authorities have arrested a total of 266 people between the ages of 11 and 74, the Hong Kong police said Monday. Several pro-democracy lawmakers have been arrested and vandalism and blocked roads are rampant around the city. More than 2,000 people have been arrested since October. “There is great concern in the United States about what is going on in Hong Kong,” Rice said. “There is great concern first of all as to whether or not the promise from Beijing of one country and two systems is really being honored. And this is a conversation that I think governments need to have with the Chinese.” Still, she said, “America has to be a little bit careful. We can’t tell the people of Hong Kong we are going to do something we can’t do, that we’re somehow going intervene in Hong Kong. We can’t. But we can continue to speak for the rights of those people to protest for their rights.”

Protesters set a shop of Chinese mobile brand Xiaomi on fire during a demonstration. Ivan Abreu | SOPA Images | LightRocket | Getty Images

Protests in Hong Kong began in response to a proposed law that would have made it possible for Hong Kongers to be extradited to China to stand trial. That bill has been withdrawn, but the protests have continued. Hong Kong currently operates under the “one country, two systems” principle where Beijing gives Hong Kong’s citizens some legal and economic freedoms that it denies people on mainland China. Among the protesters’ demands are a more representative democracy to choose the city leader, who is currently elected by a small, most pro-Beijing group of elites.


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: natasha turak
Keywords: news, cnbc, companies, hong, kong, china, violation, going, rice, chinese, nba, beijing, response, united, sovereignty, think, condoleezza, chinas


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As retailers gear up for earnings, experts look to unexpected areas of the market for gains

Investors are watching the broad-based sector for a take on consumer strength and to seek out the group’s individual winners. But traditional retailers may not have the run of things this earnings season. U.S. ETFs like the VanEck Vectors Retail ETF (RTH), which tracks 25 of the market’s top retail stocks, are following suit, Kilburg noted. I think Walmart has a chance here on their earnings day on Thursday, so pay attention there and that’s where I want to be long.” “The key is, really, is this


Investors are watching the broad-based sector for a take on consumer strength and to seek out the group’s individual winners.
But traditional retailers may not have the run of things this earnings season.
U.S. ETFs like the VanEck Vectors Retail ETF (RTH), which tracks 25 of the market’s top retail stocks, are following suit, Kilburg noted.
I think Walmart has a chance here on their earnings day on Thursday, so pay attention there and that’s where I want to be long.”
“The key is, really, is this
As retailers gear up for earnings, experts look to unexpected areas of the market for gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: lizzy gurdus
Keywords: news, cnbc, companies, think, jacobs, consumer, really, etf, walmart, earnings, look, retailers, gear, market, unexpected, gains, experts, areas, retail, going, kilburg


As retailers gear up for earnings, experts look to unexpected areas of the market for gains

It’s a big week for retail.

Big names like Walmart, J.C. Penney and Burberry are gearing up to deliver their quarterly reports this week, hot off Chinese e-commerce giant Alibaba’s record-breaking Singles Day, which the company has rebranded to the 11:11 Global Shopping Festival. On Friday, Wall Street will also get a read on retail sales when the Commerce Department releases its monthly report.

Investors are watching the broad-based sector for a take on consumer strength and to seek out the group’s individual winners. But traditional retailers may not have the run of things this earnings season.

“Retail is extremely broad,” so buyers may want to think twice before investing in catch-all funds like the SPDR S&P Retail ETF (XRT) as the wave of reports rolls on, said Jay Jacobs, senior vice president and head of research and strategy at Global X ETFs.

“You’re including some very slow-growth areas like automobiles and gasoline and food compared to some very high-growth areas like e-commerce and video games,” Jacobs said Monday on CNBC’s “ETF Edge.” “So, our preference is this is a cyclical space, but you want exposure to the higher-growth areas that are going to have similar cyclicality.”

With that in mind, Jacobs liked the e-commerce and video gaming subsectors for their rapid growth, and gaming in particular for its shift to recurring revenue streams.

Jacobs, whose firm launched the Global X Video Games & Esports ETF (HERO) in October, added that gaming giants Activision Blizzard, Electronic Arts, Take-Two Interactive Software — all of which are in HERO’s portfolio — and Tencent “have been performing very well this year and are really well positioned for the future.”

But it’s still worth having a broader perspective on retail as it relates to the health of the consumer, Jeff Kilburg, founder and CEO of KKM Financial, said in the same “ETF Edge” interview.

“We continue to focus on the China-U.S. trade tariff conversation, but let’s look at the consumer. The consumer has really muted all that noise all year long,” said Kilburg, who has more than two decades of investment experience. “The 11/11 shopping festival formerly known as Singles Day shattered all records, so the consumer’s in really good strength.”

U.S. ETFs like the VanEck Vectors Retail ETF (RTH), which tracks 25 of the market’s top retail stocks, are following suit, Kilburg noted.

“Look at an ETF like RTH. It’s showing a lot of strength above the 50-day, above the 200-day moving averages,” he said. “We’re focused on the earnings. Walmart, Amazon, Costco, all these consumer spending [names] we are really focusing on, and I think investors should have that as a paramount focus as we go out of earnings season.”

Amazon and Costco have already issued their third-quarter and fiscal fourth-quarter results, respectively. Amazon missed earnings estimates and delivered a softer-than-expected forecast, while Costco came in shy of Wall Street’s revenue expectations. Walmart’s report is expected this Thursday before the opening bell.

“I’m going to look at Walmart this Thursday,” Kilburg said. “They’re really moving hard into online to compete with Amazon. So, I like Walmart. I think Walmart has a chance here on their earnings day on Thursday, so pay attention there and that’s where I want to be long.”

Between that and Friday’s retail sales data, this week could be a make-or-break moment for the whole sector, Jacobs said.

“The key is, really, is this going to start to set up a really nice trajectory heading into the holiday season? If we can see something that’s a little bit more positive, I think we’re going to see a lot of confidence in the broader economy going forward,” Jacobs said.

The XRT and RTH both closed down less than 1% on Monday.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: lizzy gurdus
Keywords: news, cnbc, companies, think, jacobs, consumer, really, etf, walmart, earnings, look, retailers, gear, market, unexpected, gains, experts, areas, retail, going, kilburg


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99% of Americans don’t use a financial advisor — here’s why

In fact, only 1% of those polled said they use a financial advisor. “Finding a financial advisor isn’t something you can be pushed to do,” said certified financial planner Winnie Sun, president and founder of California-based Sun Group Wealth Partners. The remaining 99% of those surveyed said they either do it themselves; have their spouse, parent or someone other than a financial advisor handle it for them or didn’t answer. Plus, people may not understand the different functions a financial adv


In fact, only 1% of those polled said they use a financial advisor.
“Finding a financial advisor isn’t something you can be pushed to do,” said certified financial planner Winnie Sun, president and founder of California-based Sun Group Wealth Partners.
The remaining 99% of those surveyed said they either do it themselves; have their spouse, parent or someone other than a financial advisor handle it for them or didn’t answer.
Plus, people may not understand the different functions a financial adv
99% of Americans don’t use a financial advisor — here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: michelle fox, sheila bair, former chair of the fdic
Keywords: news, cnbc, companies, think, sure, americans, isnt, financial, work, dont, advisor, money, boneparth, investment, heres


99% of Americans don't use a financial advisor — here's why

skynesher | Getty Images

If you manage your own money, you are like most other Americans, according to the new CNBC Invest in You survey released Monday. In fact, only 1% of those polled said they use a financial advisor. Yet how do you know if it is the right move? And if you think you want an advisor, what do you need to look for? “Finding a financial advisor isn’t something you can be pushed to do,” said certified financial planner Winnie Sun, president and founder of California-based Sun Group Wealth Partners. “You’ll know when the time is right.” The remaining 99% of those surveyed said they either do it themselves; have their spouse, parent or someone other than a financial advisor handle it for them or didn’t answer. The national poll, conducted for CNBC and Acorns by SurveyMonkey Oct. 21–25, surveyed 2,776 adults and had a margin of error of plus or minus 3 percentage points.

What’s holding people back?

There are a number of reasons people are staying away from getting professional financial help, experts said. For one, there is a lot more information online these days, compared to past generations, so people feel like they can do it themselves, said Sun, a member of the CNBC Digital Financial Advisor Council. Younger Americans are also saddled with more debt, like student loans, so they don’t have a lot to invest, she said. Then there is the cost. Many people think using a financial advisor is expensive and only for the wealthy, said certified financial planner Douglas Boneparth, president and founder of Bone Fide Wealth in New York. Plus, people may not understand the different functions a financial advisor can provide, he added. More from Invest in You:

Some people are afraid that recession fears can actually create one

Many Americans are fighting the Fed. Good for them

7 tips to avoid overspending and going into debt this holiday season “They think it’s specifically about managing money and not about receiving financial advice and financial planning,” said Boneparth, who specializes in financial planning for millennials and authored the book “The Millennial Money Fix.” For those who don’t think they have enough assets, there are a growing number of advisors that will work with a less-wealthy population, he pointed out. You can also get complimentary consultation and work with planners on an hourly basis.

When to hire an advisor

The decision on when to hire a financial advisor is a very personal one and isn’t necessarily tied to a certain amount of money saved or a specific age. Boneparth, also a member of the CNBC Digital Financial Advisor Council, said it’s about “becoming financially-planning ready.” “It has to do with where they are in terms of responsibilities in their life,” he explained. “The moment in which you are financially-planning ready is when your responsibilities go up and your free time goes down.” He called it an inflection point — when you may have taken on things like marriage, children and buying a home and find yourself with less time and energy to deal with handling your money and investments. For Sun a good indication on when you should speak to someone is when you feel like you want to make a difference in your life and aren’t sure where to go. Another signal is if the information you are getting online isn’t speaking to you or making any sense, she added. “You don’t want to make a mistake,” she said.

Vetting an advisor

The most important thing to look for in a financial advisor is someone you can have a conversation with and listens to you, Sun said. Experience also matters. You’ll want someone who has been in the industry at least through one recession, she advises. “It is really easy to manage money when the market is doing well. It is harder when the market isn’t doing well,” Sun said.

kate_sept2004 | E+ | Getty Images

There are also different types of investment professionals. Brokers, who are regulated by the Financial Industry Regulatory Authority (Finra), buy and sell assets like stocks for their clients. Finra is overseen by the Securities and Exchange Commission. Investment advisors, who are overseen by the SEC and state securities agencies, manage portfolios and provide investment advice. Boneparth suggests looking for a fee-only certified financial planner, who must pass a rigorous exam and adhere to a professional code of conduct. A fee-only advisor doesn’t receive a commission for selling you a product. However, thanks to the SEC’s new investor protection rule, all investment advisory firms registered with the agency must now act in the best interest of their clients. Once you have a name, check him or her out first. You can do a background check to see how long the advisor has been in practice and if there have been any complaints. Finra and the SEC both have websites that allow you to do that. To verify someone’s CFP certification and background, go to the CFP Board’s website. “There are so many advisors out there,” Sun said. “You want to take the time to do your due diligence to make sure that the two of you can work together and it’s a long-term relationship.”

Investing on your own

If you decide to stick it out it on your own, make sure you are in a position to make informed decisions, Boneparth said. That means asking yourself three questions when faced with deciding on an investment or other financial move: Can I afford it? Will I feel good about doing it? Does this decision make sense?


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: michelle fox, sheila bair, former chair of the fdic
Keywords: news, cnbc, companies, think, sure, americans, isnt, financial, work, dont, advisor, money, boneparth, investment, heres


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Uber chief called the murder of Jamal Khashoggi ‘a serious mistake’

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., listens during a panel discussion at the Bloomberg Global Business Forum in New York, U.S., on Wednesday, Sept. 26, 2018. Uber CEO Dara Khosrowshahi expressed regret for describing the murder of journalist Jamal Khashoggi as a “mistake.” Referring to the government of Saudi Arabia, the Uber chief told the show, “I think that government said that they made a mistake.” “It’s a serious mistake,” Khosrowshahi said on the show, add


Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., listens during a panel discussion at the Bloomberg Global Business Forum in New York, U.S., on Wednesday, Sept. 26, 2018.
Uber CEO Dara Khosrowshahi expressed regret for describing the murder of journalist Jamal Khashoggi as a “mistake.”
Referring to the government of Saudi Arabia, the Uber chief told the show, “I think that government said that they made a mistake.”
“It’s a serious mistake,” Khosrowshahi said on the show, add
Uber chief called the murder of Jamal Khashoggi ‘a serious mistake’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, statement, called, murder, regret, jamal, mistakes, serious, mistake, think, khashoggi, uber, khosrowshahi, chief


Uber chief called the murder of Jamal Khashoggi 'a serious mistake'

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., listens during a panel discussion at the Bloomberg Global Business Forum in New York, U.S., on Wednesday, Sept. 26, 2018.

Uber CEO Dara Khosrowshahi expressed regret for describing the murder of journalist Jamal Khashoggi as a “mistake.”

Khosrowshahi made his original remarks to “Axios on HBO” TV series.

Referring to the government of Saudi Arabia, the Uber chief told the show, “I think that government said that they made a mistake.”

“It’s a serious mistake,” Khosrowshahi said on the show, adding, “We’ve made mistakes too, right? With self-driving, and we stopped driving and we’re recovering from that mistake. I think that people make mistakes, it doesn’t mean that they can never be forgiven. I think they have taken it seriously.”

Saudi Arabia is Uber’s fifth-largest shareholder and the head of its sovereign wealth fund is a member of the board.

Asked by CNBC for a comment, an Uber representative pointed to Khosrowshahi’s statement to Axios expressing regret for the language he used on the show. “I said something in the moment that I do not believe. When it comes to Jamal Khashoggi, his murder was reprehensible and should not be forgotten or excused,” Khosrowshahi said in the statement.


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: saheli roy choudhury
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JPMorgan CEO Jamie Dimon, who made $31 million last year, thinks wealth inequality is a problem

His remarks come amid increased criticism of the rich by certain U.S. presidential hopefuls, particularly Democratic Sen. Elizabeth Warren from Massachusetts. “I think it’s a huge problem,” Dimon said. I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things. I think that most people are good; not all of them,” Dimon said in the Sunday interview. “I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish thin


His remarks come amid increased criticism of the rich by certain U.S. presidential hopefuls, particularly Democratic Sen. Elizabeth Warren from Massachusetts.
“I think it’s a huge problem,” Dimon said.
I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things.
I think that most people are good; not all of them,” Dimon said in the Sunday interview.
“I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish thin
JPMorgan CEO Jamie Dimon, who made $31 million last year, thinks wealth inequality is a problem Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: fred imbert
Keywords: news, cnbc, companies, warren, whove, thinks, dimon, jamie, particularly, problem, good, coopermans, ceo, jpmorgan, think, vilify, wealth, worked, inequality, million


JPMorgan CEO Jamie Dimon, who made $31 million last year, thinks wealth inequality is a problem

His remarks come amid increased criticism of the rich by certain U.S. presidential hopefuls, particularly Democratic Sen. Elizabeth Warren from Massachusetts.

Dimon added that people at the lower end of the spectrum have “particularly been left behind,” noting: “We haven’t done a good job growing our economy. That would’ve fixed a lot of that problem.”

“I think it’s a huge problem,” Dimon said. “I think the wealthy have been getting wealthier too much in many ways, so middle class incomes have been kind of flat for maybe 15 years or so, and that’s not particularly good in America.”

I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things.

On Oct. 23, Warren called in a tweet for billionaire investor Leon Cooperman to “pitch in a bit more so everyone else has a chance at the American dream.” The tweet drew the Cooperman’s ire.

Cooperman sent a letter to Warren’s office in late October, saying “your tweet demonstrated a fundamental misunderstanding of who I am, what I stand for, and why I believe so many of your economic policy initiatives are misguided.”

He then told CNBC’s “Halftime Report” on Nov. 4 the “vilification of billionaires makes no sense to me.” When asked why he spoke out against Warren, a tearful Cooperman said, “I care.”

Warren responded to Cooperman’s remarks by tweeting: “One thing I know he cares about—his fortune.” She then criticized Cooperman’s investments in student-loan company Navient and said she cares “about an entire generation of students being crushed by student loan debt.”

But while J.P. Morgan’s Dimon is worried about growing wealth inequality — a Credit Suisse report from last month said millionaires now hold 44% of the world’s total wealth — he reprimanded Warren and others for their criticisms of the wealthy.

“Anything that vilifies people, I just don’t like. I think that most people are good; not all of them,” Dimon said in the Sunday interview. “I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things.”

Dimon also deflected questions about him making $31 million in 2018. He said J.P. Morgan Chase’s board of directors sets his salary and “I have nothing to do with it.”

He reiterated, however, that there are solutions to wealth inequality, such as changing the U.S. miniumum wage and lowering taxes for the poor and the middle class. “The problems are real, it does not mean free enterprise [is] bad.”


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: fred imbert
Keywords: news, cnbc, companies, warren, whove, thinks, dimon, jamie, particularly, problem, good, coopermans, ceo, jpmorgan, think, vilify, wealth, worked, inequality, million


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Microsoft CEO Satya Nadella says this piece of advice impacted him profoundly

Microsoft’s 52-year-old chief executive officer, Satya Nadella, has proven himself a formidable leader, pushing the company to an extra $500 billion in market capitalization since he taking the helm five years ago. “(Burgum) said, look, you’re going to work … at Microsoft more time than you are going to even spend with your kids,” Nadella recalled at a Stanford University Graduate School of Business speech in October. “I take great pride in these people whom I’ve mentored or go on to do great th


Microsoft’s 52-year-old chief executive officer, Satya Nadella, has proven himself a formidable leader, pushing the company to an extra $500 billion in market capitalization since he taking the helm five years ago.
“(Burgum) said, look, you’re going to work … at Microsoft more time than you are going to even spend with your kids,” Nadella recalled at a Stanford University Graduate School of Business speech in October.
“I take great pride in these people whom I’ve mentored or go on to do great th
Microsoft CEO Satya Nadella says this piece of advice impacted him profoundly Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: stella soon
Keywords: news, cnbc, companies, meaning, microsoft, advice, going, nadella, ceo, work, great, think, thats, satya, profoundly, impact, impacted, piece


Microsoft CEO Satya Nadella says this piece of advice impacted him profoundly

Microsoft’s 52-year-old chief executive officer, Satya Nadella, has proven himself a formidable leader, pushing the company to an extra $500 billion in market capitalization since he taking the helm five years ago.

But it was during his 30s that he received some advice from Doug Burgum, the current governor of North Dakota, which he says helped shape him into the businessman he is today.

“(Burgum) said, look, you’re going to work … at Microsoft more time than you are going to even spend with your kids,” Nadella recalled at a Stanford University Graduate School of Business speech in October.

“I said wow, that sounds pretty harsh,” Nadella added.

Still, there’s some truth to Burgum’s statement. Since work takes up so much of our lives, Nadella said he realized it’s important to think about a deeper meaning to work — one that’s more than transactional.

For the engineer, that comes down to relating to the people he works with, he said.

“I take great pride in these people whom I’ve mentored or go on to do great things,” Nadella said.

“The technologies will all be passed in time, but the people, what you did, how you behave … that’s the relationship that I think you seek out while being true to yourself, and what makes you happy.”

Governor Burgum’s advice to find meaning at work also made Nadella think about his purpose at Microsoft, he said in a May 2018 interview with CNBC.

It forced him to question: “Why am I at Microsoft? What is it that gives me the energy at Microsoft, day in and day after?” Nadella told CNBC’s Jon Fortt.

That motivation came, he said, from being able to connect his passions to work, and see its impact on the world.

“What defines me, I think, is curiosity, love of ideas, and the ability to translate that into impact,” he said.

Don’t miss: Microsoft CEO Satya Nadella on the 3 qualities that make a great leader

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Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: stella soon
Keywords: news, cnbc, companies, meaning, microsoft, advice, going, nadella, ceo, work, great, think, thats, satya, profoundly, impact, impacted, piece


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ETF inflows rise to a record $4 trillion and top industry expert says it’s still ‘early days’

“I think we’re still in early days of adoption because I think ETFs are now moving to a level playing field,” she said Monday on CNBC’s “ETF Edge.” “With the ETF rule coming to market, it really means bringing ETFs out will be as easy as mutual funds,” she said. “Today, the ETF industry globally is $2.5 trillion bigger than the hedge fund industry,” Fuhr said. “So, if you’re an ETF provider and you have a larger ETF, you can charge lower fees and put the product in front of more customers.” “It’


“I think we’re still in early days of adoption because I think ETFs are now moving to a level playing field,” she said Monday on CNBC’s “ETF Edge.”
“With the ETF rule coming to market, it really means bringing ETFs out will be as easy as mutual funds,” she said.
“Today, the ETF industry globally is $2.5 trillion bigger than the hedge fund industry,” Fuhr said.
“So, if you’re an ETF provider and you have a larger ETF, you can charge lower fees and put the product in front of more customers.”
“It’
ETF inflows rise to a record $4 trillion and top industry expert says it’s still ‘early days’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-09  Authors: lizzy gurdus
Keywords: news, cnbc, companies, expert, industry, etfs, etf, think, record, inflows, days, funds, trillion, going, market, youre, assets, fuhr, rise, early


ETF inflows rise to a record $4 trillion and top industry expert says it's still 'early days'

Call it an ETF explosion.

U.S.-based exchange-traded funds have racked up a record $4 trillion in assets under management as of this year, with 136 ETF providers offering 2,062 ETFs to investors, according to research firm ETFGI.

Overall, ETFs are seeing huge interest globally — a trend confirmed by record levels of inflows — and that’s unlikely to die down anytime soon, says Deborah Fuhr, the founder of ETFGI and one of the world’s leading experts on the ETF industry.

“I think we’re still in early days of adoption because I think ETFs are now moving to a level playing field,” she said Monday on CNBC’s “ETF Edge.”

With the Securities and Exchange Commission watering down its “exemptive relief” rule, which often made the come-to-market process long and arduous for ETF issuers, ETFs are entering a new era that could expand their space even further, Fuhr said.

“With the ETF rule coming to market, it really means bringing ETFs out will be as easy as mutual funds,” she said. “I think that you’ll find that different types of products will come to market.”

Some of those products could be hedge-fund replicas, which have taken hold among some ETF issuers seeking to offer a cheaper way for investors to get more focused exposure.

“Today, the ETF industry globally is $2.5 trillion bigger than the hedge fund industry,” Fuhr said. “And if you look at asset-weighted returns of hedge funds as an industry, for the past eight years, they’ve underperformed the S&P [500]. Now, you might not say that’s the right proxy, but, clearly, you’re paying a lot for those funds and they’re still not delivering alpha.”

The rush to ETFs, while powerful, has also been fairly narrow, according to Fuhr’s firm. The top 10 ETFs trading on U.S. exchanges account for 28% of total U.S. assets under management, with the top 20 U.S. ETFs accounting for nearly 40% of assets in the space.

Same goes for ETF issuers. The top five ETF providers — iShares by BlackRock, Vanguard, SPDR, Charles Schwab and First Trust — preside over 87% of the total assets in the ETF market, with iShares and Vanguard alone managing 65%, ETFGI reports.

Nick Colas, co-founder of DataTrek Research, said in the same “ETF Edge” interview that this market structure “does make a lot of sense.”

“Ultimately, this is an industry that rewards economies of scale, economies of scope,” Colas said. “So, if you’re an ETF provider and you have a larger ETF, you can charge lower fees and put the product in front of more customers.”

Customer acquisition will soon come into focus for one newly popular side of the market: ESG, which stands for Environmental, Social and Governance and promotes socially responsible investing. Assets invested in ESG funds topped $18 billion this year, up from $7 billion in 2017 and $4 billion in 2015.

“I think it’s becoming increasingly important, driven in Europe by the regulators forcing it to be part of the discussion and driven by people like your kids,” Fuhr said. “They’re going to have a view that they don’t want to invest in companies that aren’t doing things to help the climate or the state of the world going forward.”

As follows, “many people want to include certain types of stocks and I think people want to reward those that are doing well,” Fuhr said. “I think ESG will no longer be discussed five years from now because the indices will be including those types of factors and it’ll be mainstream.”

Steve Grasso, who is managing director of institutional trading at Stuart Frankel, pointed out in the same “ETF Edge” interview that even as the ETF space is growing rapidly, it could eventually see a serious contraction.

“Just remember: how many times have we done reports and … all looked at each other in the face and said, ‘There’s only six stocks that matter’?” Grasso said. “It’s going to be the same thing with ETFs, that you’re going to have only 28 ETFs that matter.”

Only time will tell.


Company: cnbc, Activity: cnbc, Date: 2019-11-09  Authors: lizzy gurdus
Keywords: news, cnbc, companies, expert, industry, etfs, etf, think, record, inflows, days, funds, trillion, going, market, youre, assets, fuhr, rise, early


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Kim Kardashian West says she’s “really cautious” about spending—and does this every time she over does it

Despite having a personal net worth of more than $370 million and a husband worth $240 million, reality star Kim Kardashian West says she’s “really cautious” about spending money. So much so that when she does overspend, she has a damage control plan: doing an extra sponsored social media post. Kardashian West said the experience taught her that “there is power in saying no sometimes.” Kardashian West does not have an undergraduate degree, but California allows apprenticeships with a practicing


Despite having a personal net worth of more than $370 million and a husband worth $240 million, reality star Kim Kardashian West says she’s “really cautious” about spending money.
So much so that when she does overspend, she has a damage control plan: doing an extra sponsored social media post.
Kardashian West said the experience taught her that “there is power in saying no sometimes.”
Kardashian West does not have an undergraduate degree, but California allows apprenticeships with a practicing
Kim Kardashian West says she’s “really cautious” about spending—and does this every time she over does it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-09  Authors: jade scipioni
Keywords: news, cnbc, companies, post, shes, think, west, help, paid, sponsored, kardashian, cautious, million, wanted, worth, spendingand, does, kim, really


Kim Kardashian West says she's

Despite having a personal net worth of more than $370 million and a husband worth $240 million, reality star Kim Kardashian West says she’s “really cautious” about spending money.

So much so that when she does overspend, she has a damage control plan: doing an extra sponsored social media post.

“If I overspend on something, and a paid post happens to come in at that time, I’ll weigh it out and think, ‘OK, well I have to pay for x, y and z,'” Kardashian West said at The New York Times DealBook Conference on Wednesday.

While she won’t reveal the current going rate for one of her sponsored Instagram posts, she says she recently turned down a $1 million offer because her husband Kanye West asked her to.

“So there was a fast-fashion brand, a few of them, and they would knock off Yeezy all the time, his color palette, designs. So this fast-fashion brand offered me a million dollars for an Instagram post, and I thought, ‘OK, well that’s easy’ — just to wear clothes that I could pick, anything that I wanted, it’s a quick post. And when I told [Kanye] about it, he asked me not to do it and said out of respect, I don’t think that we should be giving them everything, they copy everything,” Kardashian West said.

In return, on Mother’s Day, Kanye West handed her a check for $1 million that said “thanks you for not posting for the other brand.”

He also made gave her a contract to be an owner in Yeezy as an additional thank you. According to Forbes, West’s Yeezy’s Adidas deal is expected to top $1.5 billion in sales in 2019.

Kardashian West said the experience taught her that “there is power in saying no sometimes.”

But she said she will do “off-brand” sponsored posts from time-to-time to help fund her prison reform projects. In April, she announced that she is studying to become a lawyer, telling Vogue that she wanted to fight for people who have paid their dues to society.

“I just felt like the system could be so different, and I wanted to fight to fix it, and if I knew more, I could do more,” she said at the time.

Kardashian West does not have an undergraduate degree, but California allows apprenticeships with a practicing lawyer in place of a law degree to take the bar exam.

With her passion for criminal justice, “now it’s a little bit more personal for me,” she said at the DealBook conference. “If I have a paid post that comes in and I think, ‘O.K., well this can fund x amount of people that are behind bars, that can help free them with simple legal fees that they just can’t afford, then that would be worth it to me, even if the post might be a little bit off-brand for me.’ I really weigh out different things now than I used to,” she said.

Kardashian West said her 10-year plan is to open up her own law firm to help with prison reform issues.

“I would love to hire these men and women that are behind bars, because they know the law better than most lawyers,” she said.

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Kim Kardashian’s trainer wakes up at 4 a.m. and skips breakfast—here’s a look at her daily routine


Company: cnbc, Activity: cnbc, Date: 2019-11-09  Authors: jade scipioni
Keywords: news, cnbc, companies, post, shes, think, west, help, paid, sponsored, kardashian, cautious, million, wanted, worth, spendingand, does, kim, really


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These stocks are carrying the industrials sector to record highs

Industrials stocks are busting out to new highs. The XLI industrials ETF soared to records on Thursday, while United Technologies and Kansas City Southern notched their own all-time highs. “Some stocks are reaching new all-time highs like UTX, and some are just reaching interim highs like UPS and others. A few names that stand as buys above the rest, according to Nancy Tengler, chief investment strategist at Tengler Wealth Management. Disclosure: Tengler Wealth Management holds UTX and UPS.


Industrials stocks are busting out to new highs.
The XLI industrials ETF soared to records on Thursday, while United Technologies and Kansas City Southern notched their own all-time highs.
“Some stocks are reaching new all-time highs like UTX, and some are just reaching interim highs like UPS and others.
A few names that stand as buys above the rest, according to Nancy Tengler, chief investment strategist at Tengler Wealth Management.
Disclosure: Tengler Wealth Management holds UTX and UPS.
These stocks are carrying the industrials sector to record highs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: keris lahiff
Keywords: news, cnbc, companies, industrials, stockton, tengler, stocks, highs, record, yield, utx, wealth, sector, xli, ups, carrying, think


These stocks are carrying the industrials sector to record highs

Industrials stocks are busting out to new highs.

The XLI industrials ETF soared to records on Thursday, while United Technologies and Kansas City Southern notched their own all-time highs. Caterpillar and UPS also moved to their highest levels of the year.

“I think [this rally is] to be trusted,” Katie Stockton, founder of Fairlead Strategies, told CNBC’s “Trading Nation” on Thursday. “It’s a little bit early to say, but it looks like the industrial sector is breaking out relative to the broader market after a long-term basing phase so that’s very promising.”

The XLI ETF, whose components include Boeing, Honeywell and Union Pacific, has added 4% in the past week, more than double the gains on the S&P 500.

“Of course, on the individual stock level, we’re seeing a lot of breakouts in absolute terms,” Stockton said. “Some stocks are reaching new all-time highs like UTX, and some are just reaching interim highs like UPS and others. But, to me that tends to exacerbate the momentum behind a move, and I think it can persist.”

A few names that stand as buys above the rest, according to Nancy Tengler, chief investment strategist at Tengler Wealth Management.

“I think in this space you want to be collecting an above-market dividend yield like you are with UPS and also UTX. That way you’re getting paid to wait while these stories work out,” she said during the same segment.

UTX’s dividends yield 2% and UPS’ 3%. Both have a higher yield than the S&P 500 and broader industrials sector.

“UPS put up great earnings this last quarter — growth in margins to the tune of 150 basis points all the while they were investing in the business. So to see the transports lead is bullish for us as investors but also for the overall market, so we’re looking at things like UTX, UPS, Boeing, and even 3M is starting to behave,” said Tengler.

Disclosure: Tengler Wealth Management holds UTX and UPS.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: keris lahiff
Keywords: news, cnbc, companies, industrials, stockton, tengler, stocks, highs, record, yield, utx, wealth, sector, xli, ups, carrying, think


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