There's a very good reason why Microsoft has an original Apple Macintosh on display in its headquarters | Business Insider
There's a very good reason why Microsoft has an original Apple Macintosh on display in its headquarters
If you’ve been following this stuff for a while, you think of Microsoft and Apple as bitter rivals – before there was iPhone vs. Android, or even Facebook vs. Snapchat, the biggest fight in tech was Mac vs. PC.
Behind the scenes, though, things started falling apart in 1985, when Microsoft announced that it was getting into the graphical operating system game with Windows 1.0. A furious Jobs accused Gates and Microsoft of ripping off the Macintosh. But Gates didn’t care – he didn’t think Apple had the exclusive rights to the idea.
As Jobs accused Microsoft of plagiarism, Gates famously replied: “Well, Steve, I think there’s more than one way of looking at it. I think it’s more like we both had this rich neighbour named Xerox and I broke into his house to steal the TV set and found out that you had already stolen it.”
The ongoing battle between Apple and Microsoft, which included at least one lawsuit, only widened the gulf between Jobs and Gates. Over the years, the two would take very public potshots at each other, with Jobs once ripping Microsoft for making “third-rate products” in a PBS documentary.
Starting off on the wrong foot financially when you're in your 20s can haunt you for decades to come.
The millennial generation has witnessed firsthand the fallout caused by bad money choices and it's substantially shaped the way they approach things like spending and debt.
Despite being aware of the need to start saving for the future as early as possible, 20-somethings are still stumbling when it comes to building their nest egg.
For millennials who are trying to get a jump start on retirement, here are the four worst spending habits to avoid.
When it comes to how they spend their money, the latest generation of young adults puts a heavy emphasis on creating lasting memories versus surrounding themselves with stuff.
Research shows that the overwhelming majority of 18- to 34-year-olds would rather fork over their hard-earned cash to pay for real-life experiences than material goods. That desire to live in the moment that's shared by so many 20-somethings can come at a high cost in terms of how it affects their retirement savings.
For instance, let's say you landed a job making $40,000 a year. You chip in 3% to your 401(k) and your employer matches half of every dollar you put in. If you start contributing at age 25 and keep putting in the same amount until you turn 65, your account would be worth roughly $527,000. Now, assume you double up your contributions to 6%. Once you're ready to retire, you'd have over $1 million in your 401(k).
When you run the numbers, it's a big incentive to cut back on some of your experience-driven spending. Skipping out on pricey outings in favor of low-cost or free entertainment every once in awhile is a really easy way to find the extra money you need to save without missing out on any fun.
For instance, instead of going out to dinner with friends, you could try hosting a regular potluck night each week or a Sunday brunch buffet. The money you would have spent can get funneled into your retirement account instead.
There's nothing like traveling in style and that's a philosophy many 20-somethings seem to agree with. A survey from Chase Card Services found that millennials are more willing to spend money on luxury upgrades and services like dry cleaning and massage or spa services. They're also more likely to prefer Elite status as a primary benefit of a travel rewards credit card program and extend a business trip to take a personal vacation.
If you like to get out and see the sights, there are ways you can do it without having to shortchange your retirement or take your comfort level down a notch. Charging all of your travel expenses to a rewards credit card that pays you miles or points that can be used for hotel stays or flights can help you to get where you're going for less. That's an especially good option for millennials who travel regularly for work and get reimbursed for their expenses.
Twenty-somethings for the most part tend to avoid credit cards but the ones who do use plastic aren't paying their balances in full each month. According to last year's Experian State of Credit Report, millennials have an average of just over $23,000 in credit card debt. That adds up to roughly $500 a month you're going to pay just for the minimums, which is a big chunk of change you could be using to bulk up your retirement account.
Even if your balances aren't that high, you're still essentially throwing money away if you're paying a lot for interest or finance charges each month. For millennials who just aren't making enough yet to cover their expenses, turning to a credit card may be a necessity in the short-term. When you're bringing in a pretty decent payday and your expenses aren't high, there's really no reason to carry a balance on your card.
Working out a clear-cut budget and tracking your spending are must-dos for 20-somethings who are jumping into the workforce. If you know that you've got money left over at the end of the month, allocating it to specific savings goals like travel or entertainment means you shouldn't need to be putting any nonessentials on your card. After all, you don't want to still be paying for that new pair of boots you bought at the mall last week when you're in your 60s.
Home ownership isn't as much of a priority to millennials as it's been to future generations and they make up only about 30% of the first-time buyer market. For the ones who are buying, one of the mistakes they're making is getting in over their heads with a mortgage they can't afford. In the rental market, demand has pushed rental rates to all-time highs and 20-somethings often find themselves spending a significant amount of their income to keep a roof over their heads.
Whether you rent or buy, the amount of money you're spending each month for housing affects how much you're able to save for retirement. The longer you wait to save, the harder it is to catch up later on. If you start putting in $5,000 a year at 25 and your annual rate of return is 8%, you'd have close to $1.2 million by age 65. Wait just five years to start saving and your account value drops to about $860,000. If housing is taking too big of a bite out of your budget, it might be time to look for a less expensive solution.
Cutting down on the cost might be as simple taking on a roommate or two or moving to a cheaper neighborhood. You could also give renting a room a shot if you're not too picky about having lots of personal space. If you're really serious about reducing your overhead, you could join the millions of other millennials who have moved back home with Mom and Dad. It really comes down to how much you're willing to sacrifice to keep your retirement savings on track.
Attending the Value Investing Congress in New York, he said, "I see a lot of reasons for economic improvement in this country." according to Reuters.
"We've got an improving consumer balance sheet... great corporate balance sheets... The only ingredient that's missing is confidence."
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The markets have long been driven by macro-economic trends, but over the last several years one trend after another has dominated the market, from the collapse of the housing bubble, to Europe, commodities prices, QEs 1-29 (Mr. Bernanke is signaling another QE as of this writing), and more. With these trends driving the markets, investors have begun to pore over reams of economic data to find insights into Mr. Market's next move. Multiple daily economic releases are more than most advisors can keep up with - but which indicators are worth following?
Our business at HiddenLevers involves modeling portfolio modeling and stress testing against over a hundred different economic indicators - but let me give you just one indicator to follow, whose predictive power warned against the worst of the last two market crashes: the well known non-farm payrolls report.
Payrolls and payroll growth have been watched very closely since the recession, with both the Federal Reserve and the markets hoping to see signs of recovery. Payrolls are typically viewed as a lagging indicator, but a large drop in payrolls actually preceded the worst of the market crash in 2008. This occurred after the dot-com bubble burst as well. Here's a look at some charts showing non-farm payrolls versus the S&P 500:
Payrolls fell into negative territory early in 2008, well before the September 2008 meltdown. While payrolls didn't predict the bursting of the Nasdaq bubble in early 2000, they did move into negative territory prior to the market lows of 2003.
In either case, reducing equity exposure based on a following of payroll trends might have reduced losses considerably. And unlike some indicators, this isn't exactly a difficult concept to understand - when the economy moves from creating jobs to shedding them, it is likely heading into a recession, with significant impact on risk assets like equities.
HiddenLevers provides portfolio stress testing and modeling software to help advisors answer clients' questions and fears on macro risks like inflation, sovereign debt, and more. Watch demo videos to see HiddenLevers in action here.
Wynn has admitted no wrongdoing, and he said in his resignation statement that there had been a "rush to judgment" that took precedence over everything "including facts" with regard to the misconduct allegations.
The company, which owns and operates the Wynn and Encore Las Vegas, Wynn Macau, and Wynn Palace hotels, made the announcement "reluctantly" on Tuesday night. The news came less than two weeks after sexual-harassment allegations spanning decades were made against Wynn.
"It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn," the board's nonexecutive director, Boone Wayson, said in a statement.
"He is a philanthropist and a beloved leader and visionary. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today."
Last month, The Wall Street Journal reported accusations that Wynn had engaged in sexual misconduct for decades, regularly intimidating employees of his Las Vegas casinos into performing sex acts. Wynn blamed the allegations on his ex-wife.
In a statement Tuesday night, Wynn did not admit to any of the accusations, and instead he said there had been a "rush to judgment."
"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," he said. "As I have reflected upon the environment this has created — one in which a rush to judgment takes precedence over everything else, including the facts — I have reached the conclusion I cannot continue to be effective in my current roles. Therefore, effective immediately, I have decided to step down as CEO and chairman of the board of Wynn Resorts, a company I founded and that I love."
Earlier in his career, Wynn worked on some of Las Vegas' most iconic resorts including the Mirage, Treasure Island, and the Bellagio.
Luxury feels at home in Dubai, where all expenses are specifically drawn in this direction. The Raffles 5 star hotel is just one of the many jaw-dropping hotels in this city of opulence.
The shape of the Raffles 5 Star Hotel in Dubai is said to be inspired by the the great pyramids of Egypt (hard to imagine a luxury hotel having a connection with these cultural landmarks, but whatever gets the advertising going) and it is an eye-catching entity in Dubai's skyline. The 19-storeys pyramidal structure targets "the affluent business and leisure traveler", as the prices here are also sky-high.
With a total of 246 rooms, each of them displaying a highly contemporary design, a sky garden and very spacious guest rooms, the hotel is renowned for its high degree of comfort and luxury. The arrangements are based on a dynamic use of color, texture and form, inspired by the four life elements of earth, wind, fire and air.
The hotel has no less than ten restaurants, a pool bar, indoor jacuzzi, sauna, various leisure rooms, beauty saloon, conference facilities and many more. And in case life gets tough here, Raffles is just a limousine service away (that will imply an additional cost) from Dubai's most captivating entertainment centers.
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