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Richard Branson's "most notable failure" taught him an important lesson: There's value in always seeing yourself as an underdog, the billionaire entrepreneur recently told TED's "Work Life with Adam Grant" podcast. He learned from one such experiment that "backfired horribly," he told Grant: Virgin Cola, a soda that Branson's Virgin Group launched in 1994. After some success in the U.K., the company decided to expand its presence to the U.S. and challenge Coca-Cola and Pepsi, Branson told NPR in 2017. Then, Virgin Cola began disappearing from store shelves, Branson told NPR. Virgin Cola quietly shuttered years later, when Branson realized the drink was only No.
Persons: Richard Branson's, TED's, Adam Grant, Grant, Branson, We've Organizations: Virgin Cola, Virgin Group, Pepsi, NPR, Virgin Cola's, Virgin, . Virgin Group, CNBC, University of Pennsylvania's Wharton School Locations: Virgin Cola's U.S, Coke, Bangladesh
Wharton School finance professor Jeremy Siegel said markets are already anticipating a second Trump bump after the attempted assassination of the former president on Saturday raised the odds he will win the November election. He's more free market, he's antiregulatory, for growth," Siegel told CNBC's "Squawk Box" on Monday. Will there be a second time where those entrepreneurial spirits could rise and boost the stock market?" Siegel made his comments after the assassination on Trump raised the likelihood the Republican will win the presidency for a second time. "They're not thrilled about the tariffs," Siegel said of Wall Street.
Persons: Jeremy Siegel, Trump, Donald, he's, Siegel, CNBC's, Stocks, Trump's, They're Organizations: Wharton School, Trump, Republican, U.S, Wall Locations: China
With digital price tags, big retailers, in theory, could do the same. Federal Reserve Chair Jerome Powell has said that type of dynamic pricing is "incredibly important in our economy." AdvertisementSome experts agree, saying dynamic pricing practices could benefit consumers who are able to gain some understanding of the system and shop around. After customers complained online that those changes would surge prices, a spokesperson announced the company did not intend to implement surge pricing. How does dynamic pricing impact you?
Persons: There's, Uber, it's, Greg Cathey, Elizabeth Pancotti, Pancotti, Jerome Powell, Powell, John Zhang, Wendy's, Sen, Sherrod Brown, Zhang, Organizations: Service, Walmart, Business, Roosevelt Institute, Federal, Wharton School, University of Pennsylvania, Democratic, SNAP
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWharton's Jeremy Siegel: No way Democrats can hold the Senate if Trump wins the presidencyJeremy Siegel, professor emeritus of finance at University of Pennsylvania’s Wharton School of Business and Wisdom Tree chief economist, joins 'Squawk Box' to discuss the impact of the assassination attempt of former President Trump on markets, 2024 presidential election, down ballot races, and more.
Persons: Jeremy Siegel, Trump Organizations: Trump, University of Pennsylvania’s Wharton School of Business
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed should definitely cut after 'game-changing' June CPI data, says Wharton's Jeremy SiegelJeremy Siegel, professor emeritus of finance at University of Pennsylvania’s Wharton School of Business and Wisdom Tree chief economist, joins 'Squawk Box' to discuss the latest market trends, state of the economy, what to make of the key inflation data this week, impact on the Fed's rate path outlook, and more.
Persons: Wharton's Jeremy Siegel Jeremy Siegel Organizations: University of Pennsylvania’s Wharton School of Business
Supply and DemandThe case for housing deregulation starts with Econ 101: Allowing builders to significantly increase housing supply leads to much lower prices. It isn’t rising demand, as the U.S. population rose even faster back when housing prices were roughly stable. Standard of LivingWhat would happen if homebuilders could once again freely build until housing prices were driven back down to cost? The admittedly small number of studies on the link between YIMBY and babies support common sense: Less regulation lowers housing prices, and lower housing prices generally raise birth rates and hasten child-bearing. In a rational world, the panacea policy of housing deregulation would be a done deal.
Persons: Ben Denzer, Taylor, Wharton, homebuilders, Thomas Piketty’s, , Matthew Rognlie, Peter Ganong, Daniel Shoag, Anne Case, Angus Deaton Organizations: Republicans, Research, Area, Wharton, Francisco, Francisco Los Angeles New, Francisco Los Angeles New York Phoenix Denver Houston Dallas, Japan Japan France France Britain Britain, Japan Japan France France Britain Britain Canada, → Utah Nevada Arizona New, San, San Francisco New, Atlanta Houston Boston, Democrats, Republican Locations: Minnesota , Oregon, California, New York City, Houston, Dallas, Francisco Los, Francisco Los Angeles New York, Wharton, United States, Japan, France, Britain, Canada, U.S, Japan Japan France France, Japan Japan France France Britain Britain Canada Canada, Bay, Dodge, → California Nevada Florida New York Arkansas, → Utah Nevada Arizona, → Utah Nevada Arizona New York West Virginia, Washington, San Francisco, San Francisco New York Los Angeles Rochester, N.Y, Atlanta
A "good" price for something today may have seemed outlandish five years ago. A "good" price for something today may have seemed outlandish five years ago, and it's understandable to wonder whether today's price is just as fleeting. The whole idea of what's a good price for a 12-pack of carbonated soft drinks has changed dramatically over the past few years." Plenty of companies can move their prices, whether by using dynamic prices or downright raising prices, because they're the only game in town. The answer to getting accustomed to high prices is basically to forget what those numbers were in 2019.
Persons: Wendy's, they're, There's, Carly Fink, , Fink, they'd, Jon Hauptman, Hauptman, Timothy Webb, University of Delaware who's, it's, Ravi Dhar, Taylor Swift, John Zhang, Webb, Dhar, Emily Stewart Organizations: Walmart, Price, University of Delaware, Center, Yale School of Management, Starbucks, Wharton, Business
But that data, which makes it possible to compare insurance premiums around the country, also shows something even more surprising: As climate change makes extreme weather more likely, the cost of home insurance doesn’t line up all that closely with risk. Deciphering the cost of home insurance from one place to another is almost impossible. They obtained data showing how much millions of American households pay to mortgage service companies, which typically includes insurance. Then they deducted payments for mortgages, property taxes and other fees, leaving them with an estimate of home insurance premiums. The result is first-of-its-kind data, piercing the veil that insurers and regulators have placed over the cost of home insurance in different parts of the country.
Persons: you’re, — Benjamin Keys, Philip Mulder, University of Wisconsin — Organizations: Wharton School, University of Pennsylvania, University of Wisconsin
The rally in stocks could be endangered if the Fed doesn't cut rates soon, Jeremy Siegel warned. The Wharton professor made the case for the central bank to cut rates in September as data softens. AdvertisementThe rally in stocks and the strength of the economy is at risk if the Fed doesn't start cutting interest rates soon, according to Wharton professor Jeremy Siegel. No rate cut in September could put a recession on the table, Siegel warned, in addition to endangering the trajectory for stocks. Advertisement"So although I think stocks are still in an uptrend and the growth stocks are still certainly walloping the value stocks, I think Powell has to take note," Siegel said.
Persons: Jeremy Siegel, Wharton, , who's, Siegel, Powell Organizations: Service, CNBC, Atlanta Fed, New, Fed
The S&P 500 index and Nasdaq closed at record highs, driven by a 2% gain in Nvidia. UBS raised Nvidia's price target to $150 due to strong demand for its chips and a reasonable valuation. Investors are awaiting June's CPI inflation report Thursday and comments from Fed Chairman Jerome Powell. AdvertisementThe S&P 500 index and Nasdaq closed at record highs on Monday, driven by a nearly 2% gain in Nvidia stock. The AI darling rose after UBS raised its price target to $150 per share in a Monday note.
Persons: Jerome Powell, , Price, Jeremy Siegel Organizations: Nasdaq, Nvidia, UBS, Service, Nvidia's, Blackwell, Federal, Wharton School
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Biden should think about withdrawing as an opportunity, not a loss: Wharton's Adam GrantAdam Grant, Wharton professor and ‘Think Again’ author, joins 'Squawk Box' to discuss the state of the 2024 election, the fallout from President Biden's debate performance and whether he should drop out from the race, the best course for Democrats going forward, and more.
Persons: Biden, Adam Grant Adam Grant, Wharton, Biden's
We are in a 'slowing' economy, says Wharton's Jeremy Siegel
  + stars: | 2024-07-05 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are in a 'slowing' economy, says Wharton's Jeremy SiegelJeremy Siegel, professor emeritus of finance at University of Pennsylvania's Wharton School of Business and Wisdom Tree chief economist, joins 'Closing Bell' to discuss his market outlook following today's jobs report.
Persons: Wharton's Jeremy Siegel Jeremy Siegel Organizations: University of Pennsylvania's Wharton School of Business
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Wharton's Jeremy Siegel, BMO Capital’s Brian Belski and Requisite’s Bryn TalkingtonWharton's Jeremy Siegel, BMO Capital’s Brian Belski, and Requisite’s Bryn Talkington, join 'Closing Bell' to discuss their market outlook following today's jobs report.
Persons: Wharton's Jeremy Siegel, Brian Belski, Bryn Talkington, Jeremy Siegel, Requisite’s Bryn Talkington Organizations: BMO
Getty Images; Shutterstock; BIThe traditional path to private equity starts with an investment banking job out of college. In 2023, private equity firms started reaching out in July before junior investment bankers finished their summer training. But at its core, private equity is in the business of making money by buying and running companies. Samantha Lee/InsiderA small group of headhunters and other advisors hold power over the private equity recruitment process. More on private equity pay and hiring:Have private equity's 'Hunger Games' recruiting tactics gone too far?
Persons: , Blackstone, Apollo isn't, Goldman Sachs, it's, David Wurtzbacher, Wurtzbacher, Wharton, Graham Weaver, you've, Samantha Lee, We've, Jon Gray, Drew Angerer, Skye Gould, Steve Schwarzman, Jonathan Gray, Gray, Thoma Bravo, Atlantic's, Carlyle, Warburg Pincus, Wharton's, Axel Springer Organizations: Service, Apollo, KKR, Business, Getty, CPA, BI, Alpine Partners, Alpine's, Harvard Business School, Stanford's Graduate School of Business, Alpine, of Foreign Labor, Bain Capital, Blackstone, Harvard, Games, Wall, Citadel, headhunters, dealmakers, Private, PJT Partners, Centerbridge, of Michigan Locations: San Francisco, UPenn, Carlyle, Blackstone, Axel
Hotshot Wall Street lawyers are now so in demand that bidding wars between firms for their services can resemble the frenzy among teams to sign star athletes. In recent years, highly profitable private equity giants like Apollo, Blackstone and KKR have moved beyond company buyouts into real estate, private lending, insurance and other businesses, amassing trillions of dollars in assets. As their demand for legal services has skyrocketed, they have become big revenue drivers for law firms. This is pushing up lawyers’ pay across the industry, including at some of Wall Street’s most prestigious firms, such as Kirkland & Ellis; Simpson Thacher & Bartlett; Davis Polk; Latham & Watkins; and Paul, Weiss, Rifkind, Wharton & Garrison. Lawyers with close ties to private equity increasingly enjoy pay and prestige similar to those of star lawyers who represent America’s blue-chip companies and advise them on high-profile mergers, takeover battles and litigation.
Persons: Simpson Thacher, Davis Polk, Paul, Weiss Organizations: Blackstone, KKR, Kirkland, Ellis, Bartlett, Latham, Watkins, Garrison, Lawyers Locations: Rifkind, Wharton
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed should 'tee up' rate cuts next meeting, says Wharton's Jeremy SiegelJeremy Siegel, The Wharton School professor emeritus of finance and Wisdom Tree chief economist, joins 'Squawk on the Street' to discuss markets, the presidential debate, the Fed's subsequent decisions, and more
Persons: Wharton's Jeremy Siegel Jeremy Siegel Organizations: The Wharton
"Do what you know" is common career advice, but not everyone agrees it's wise. Virgin Group co-founder and billionaire Richard Branson says it's the worst career advice he's ever received. In fact, Branson broke through by doing the opposite, he discussed on a recent episode of the Work Life with Adam Grant podcast. Branson — who has a $2.6 billion net worth, according to Forbes — built his career and fortune from the Virgin Group, a venture capital and holding company. While Branson sold the music label for nearly $1 billion in 1992, the Virgin Group now owns companies in sectors ranging from airlines and hotels to media and spaceflight.
Persons: Richard Branson, he's, Branson, Adam Grant, Branson —, Forbes —, Grant Organizations: Virgin Group, Branson, Virgin Records, Rice University Locations: Wharton
Getting your colleagues and bosses to listen to your ideas at work doesn't have to be hard — if you know what to say. You can gain influence at work by incorporating a handful of specific words into your vocabulary, according to a variety of experts and research. "Like suggests a personal preference, while recommend suggests others will enjoy it as well," Berger tells Make It. "If you're willing to say not just that France was fun, but it is fun; not just that this book had a great plot, but it has a great plot; when you're generalizing beyond the past, it suggests you're more confident or certain about what you're saying," Berger told the "Knowledge at Wharton" podcast last year. We'll teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression.
Persons: Matt Abrahams, Abrahams, Wharton, Jonah Berger, Berger, , endorsers, Pryor Organizations: Stanford University, CNBC, Harvard University, Xerox, Wharton, Stanford Graduate School of Business Locations: France, Philadelphia
Read previewThe hiring process seems to have become increasingly complex in recent years, with job seekers facing new tests, more interviews, and months of waiting to hear back from prospective employers. Job seekers have been taking to social media to complain about jumping through various hiring hoops just to secure an entry-level job. He said that in recent years, the hiring process has slowed down as the number of interview rounds has increased: "It reflects a lack of understanding by employers about what they're actually looking for." Advertisement"Many interviews and job assessments now take place online, which means candidates need to adapt to virtual interactions and later demonstrate their skills remotely," she said. When job interviews started to be done on Zoom and managers had fewer opportunities to evaluate candidates, more employers began using cognitive and psychometric assessments as part of their hiring process.
Persons: , Chris Abbass, Abbass, Peter Cappelli, Wharton, They've, Cappelli, Nikita Gupta, they're, Gupta Organizations: Service, Business, school's, Human Resources, Harvard Business, Big Tech
The promise of a more rapid climb up the corporate ladder has made Alpine's CIT program incredibly popular. While it's too soon to know how Alpine's CIT program ranked this year, it received 750 applications for just 12 slots. AdvertisementAnderman's own non-conventional career took her from college dropout to ballet dancer to the world of international development to business school. When she interviewed for her job at Alpine, Weaver asked how she could handle the job with no prior experience. — Alpine's founder and CEO — Alpine's founder and CEOThe first attribute the company looks for is IQ, but not in the traditional kind.
Persons: , it's, Tal Lee Anderman, you've, Tal Lee Anderson, Graham Weaver, GSB, Weaver, whittle, Anderman, David Wurtzbacher, Wurtzbacher, they're, Geoff Smart Organizations: Service, Business, CIT, Harvard Business School, Stanford's, School of Business, Wharton School, University of Pennsylvania, Harvard, Tal Lee Anderson Alpine, Stanford, Wharton, Kellogg School of Management, Northwestern, University of Chicago Booth School of Business, Alpine, Alpine's San, Citadel, Yale Law School, America Locations: Alpine's, Alpine's San Francisco, Blackstone, Anderman, Manhattan, Jackson , Mississippi, Hong Kong
For example, a call that the S & P 500 would rise 100 points on a positive consumer price index print came true last year. That's true so far, with the S & P 500 jumping 4.8% in May after finishing April down 4.2%. As equities struggled, (the S & P 500 fell almost 20% in 2022), Lee felt like the risk of inflation was being mispriced. Because of that, he foresaw a rebound in 2023, a year that sent the S & P 500 more than 24% higher. "There was a pretty widely-held view that the Fed had to crash the economy in order to contain inflation," Lee said.
Persons: Fundstrat's Tom Lee, Lee, it's, that's, Lee doesn't, Russell, hiccups, Salomon Smith Barney Organizations: Fundstrat, CNBC Pro, Wharton School, selloff, Apple, Netflix, Nasdaq, JPMorgan
Read previewChina has spent at least $230 billion on government support to electric vehicle makers such as BYD since 2009, according to a new study from the Centre for Strategic & International Studies think tank. Government subsidies have been a central pillar of China's quest to become an EV powerhouse over the past decade. AdvertisementChina is now the world's largest electric vehicle market, accounting for 60% of global EV sales in 2023, per the IEA — well above rivals like the US and Japan. EV makers in China can get government support through several routes, including infrastructure subsidies, tax exemptions, and buyer rebates. Massive government support has cultivated intense competition among China's legion of EV companies, which in turn has led to low prices.
Persons: , BYD, Tesla Organizations: Service, Centre, Strategic & International Studies, Business, European Union, EV, CSIS, Battery, Penn Wharton University Locations: China, Europe, Japan, America
Read previewWhat's the most sought-after job opportunity for graduating students of top business schools like Harvard Business School, Wharton at UPenn, and Stanford's Graduate School of Business? For the 2024 CIT program, which starts this summer, Alpine received 750 applications for just 12 slots, giving it an acceptance rate of 1.6%. Related stories"You're moving from Yale Law School and Harvard Business School to Jackson, Mississippi, to run a plumbing company," Anderman said as an example. Wurtzbacher also got invaluable leadership training from Weaver, a longtime professor at Stanford's Business School and winner of the MBA Distinguished Teaching Award in 2024. The CIT program is so attractive to them because it offers a clear path to doing this by leading a company.
Persons: , Wharton, David Wurtzbacher, Wurtzbacher, Tal Lee Anderman, Graham Weaver, Weaver, JP, Graham, Anderman, they're, they've Organizations: Service, Harvard Business School, Stanford's Graduate School of Business, McKinsey, Business, Investors, Harvard, Stanford Business School, Green, Partners, CIT, Alpine's CIT, Wharton, Alpine, BI, Yale Law School, Alpine's San, Stanford's Business School, Stanford Locations: UPenn, San Francisco, Stanford, Manhattan, America, Jackson , Mississippi, Alpine's, Alpine's San Francisco, York, Carolinas, Virginia
Read previewWhat's the most sought-after job opportunity for graduating students of top business schools like Harvard Business School, Wharton at UPenn, and Stanford's Graduate School of Business? For the 2024 CIT program, which starts this summer, Alpine received 750 applications for just 12 slots, giving it an acceptance rate of 1.6%. Related stories"You're moving from Yale Law School and Harvard Business School to Jackson, Mississippi, to run a plumbing company," Anderman said as an example. Wurtzbacher also got invaluable leadership training from Weaver, a longtime professor at Stanford's Business School and winner of the MBA Distinguished Teaching Award in 2024. The CIT program is so attractive to them because it offers a clear path to doing this by leading a company.
Persons: , Wharton, David Wurtzbacher, Wurtzbacher, Tal Lee Anderman, Graham Weaver, Weaver, JP, Graham, Anderman, they're, they've Organizations: Service, Harvard Business School, Stanford's Graduate School of Business, McKinsey, Business, Investors, Harvard, Stanford Business School, Green, Partners, CIT, Alpine's CIT, Wharton, Alpine, BI, Yale Law School, Alpine's San, Stanford's Business School, Stanford Locations: UPenn, San Francisco, Stanford, Manhattan, America, Jackson , Mississippi, Alpine's, Alpine's San Francisco, York, Carolinas, Virginia
But now “you can have it all happen instantly across the whole country.”Success strikes twiceThis isn’t even the first time little Trader Joe’s bags have gone viral. Because Trader Joe’s doesn’t boast much of an official online presence, “I’ve kind of taken on that role” with those pages, she said. A Trader Joe's mini tote bag is shown in Palmyra, N.J., on Wednesday, March 13, 2024. “It’s always a surprise.”The chain’s unusually loyal fanbase is eager for more Trader Joe’s branded merchandise, TikToker Heskett said, but Trader Joe’s doesn’t offer much of that. “You can’t buy a Trader Joe’s hat, you can’t buy a Trader Joe’s sweatshirt,” she said.
Persons: Thaddeus Yan, Joe’s, Yan, Stanley, , Colin Campbell, Joe doesn’t, Talia Heskett, Joe’s Talia ”, Heskett, She’s, Christy Vetere, , Tara Miller, “ I’m, Christina Paciolla, Matt Sloan, Miller, Joe’s hasn’t, Jonah Berger, ” Berger, Lindsey Nicholson, G Yan, “ It’s, TikToker Heskett Organizations: New, New York CNN, eBay, University of San, Facebook, , tote, CNN, University of Pennsylvania’s Wharton School, Nike, Variety, Trader Joes, Getty, G Locations: New York, London, University of San Diego’s, Vetere, Palmyra, N.J, Queens , New York
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