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☆ Consumers fended off a recession — but keep spending like there's no tomorrow
▼ + stars: | 2024-02-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Read previewAmerican consumers have staved off a recession by relentlessly spending despite soaring inflation, surging interest rates, multi-industry turmoil, and wider economic jitters. AdvertisementBurry predicted that dwindling savings and ballooning debts would choke consumer spending, eroding corporate earnings and sparking a wider recession. That's going to lead to a retrenchment in consumer spending as we get into the new year." That "brings us just a little closer to the consumer recession that nobody believes is going to happen," he added. "With those sources of funding largely exhausted, consumer spending will no doubt grow more slowly than after-tax incomes in future years."

Persons: —, Here's, Michael Burry, Elon, Elon Musk, Spencer Platt, Carl Weinberg, David Rosenberg, Merrill Lynch, Rosenberg, Gary Shilling, Merrill Lynch's, who's, Shilling Organizations: Service, Business, Twitter, Scion Asset Management, Elon Musk, Getty, Rosenberg Research, North Locations: North American

☆ This legendary investor likes taking contrarian views — but only if they meet 3 criteria
▼ + stars: | 2024-02-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFrom Michael Burry's "Big Short" against the housing market to Warren Buffett's warnings during the dot-com bubble, some of the biggest names in finance have taken contrarian stances that paid off. Legendary forecaster Gary Shilling is also defying market consensus by warning the S&P 500 could crash 30%, and predicting a recession will strike this year. He told Business Insider in an interview he actively seeks to disagree with Wall Street for several reasons. This story is available exclusively to Business Insider subscribers.

Persons: —, Michael Burry's, Warren Buffett's, Gary Shilling, Shilling, Merrill Lynch's, John Paulson, doesn't, Copernicus, David Rosenberg, it's Organizations: Service, Business Locations: Newton

DENVER (AP) — Colorado Republican state Rep. Mike Lynch announced he's stepping down as minority leader Wednesday, a week after The Denver Post reported that Lynch was arrested in 2022 on suspicion of drunken driving and possession of a gun while intoxicated. Lynch is also running for Congress in Colorado's 4th District, a hotly contested race recently joined by Republican Rep. Lauren Boebert after she announced she was switching districts. “I want it to be clear that I’m not stepping down because I won a close vote of no confidence,” Lynch said to gathered lawmakers on the House floor. The report details Lynch telling King he was a supporter of law enforcement and asking the trooper to call Colorado State Patrol’s legislative liaison at the state Capitol. A vote to elect a new minority leader will be held Thursday morning.

Persons: Mike Lynch, he's, Lynch, Lauren Boebert, ” Lynch, I've, Matthew King, King, didn’t, ” Organizations: DENVER, —, — Colorado Republican, Denver Post, Republican, Colorado State Patrol, The Denver Post, Colorado State, Associated Press Locations: — Colorado, Colorado's 4th, Fort Collins , Colorado

☆ Paul Lynch wins Booker Prize with dystopian novel 'Prophet Song'
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 26 (Reuters) - Irish writer Paul Lynch won the 2023 Booker Prize on Sunday for his novel 'Prophet Song', the story of a family and a country on the brink of catastrophe as an imaginary Irish government veers towards tyranny. Lynch, who was previously the chief film critic of Ireland’s Sunday Tribune newspaper, said he wanted readers to understand totalitarianism by heightening the dystopia with the intense realism of his writing. He became the fifth Irish author to win the Booker Prize, after Iris Murdoch, John Banville, Roddy Doyle and Anne Enright, the organisers of the competition said. The Northern Irish writer Anna Burns won in 2018. 'Prophet Song' is published in the UK by Oneworld which also won the prize in 2015 and 2016 with Marlon James’s 'A Brief History of Seven Killings' and Paul Beatty’s 'The Sellout.'

Persons: Paul Lynch, Booker, Lynch, Iris Murdoch, John Banville, Roddy Doyle, Anne Enright, Anna Burns, Margaret Atwood, Salman Rushdie, Yann Martel, Marlon James’s, Paul Beatty’s, William Schomberg, Giles Elgood Organizations: Sunday Tribune, Northern, Oneworld, Seven, Thomson Locations: Syria, Ireland, Irish, Northern Irish

☆ Prepare for stocks to plummet 30% and a recession to strike any day now, legendary market prophet says
▼ + stars: | 2023-11-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Stocks could plummet by as much as 30%, a legendary Wall Street forecaster has said. He said he was betting on Treasury bonds and the US dollar and against stocks and commodities. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPrepare for stocks to plunge by a third and a recession to strike imminently, a legendary market forecaster has said. "You'd have a further decline of about 30% from here to get that 40% overall decline, peak to trough," he said.

Persons: Gary Shilling, —, I've, Julia La Roche, we're, Shilling, Merrill Lynch's, he's Organizations: Wall, Service, Co, Reserve

☆ Everything you need to know about London Fashion Week Spring-Summer 2024
▼ + stars: | 2023-09-20 | by ( Leah Dolan | Nicole Mowbray | ) edition.cnn.com time to read: +12 min

London CNN —London Fashion Week kicked off on Friday in the glow of a sweltering UK heatwave, and concluded on Tuesday after biblical showers and thunderstorms. More famous faces piled into the London fashion scene over the course of the week. Dave Benett/Courtesy BurberryHowever, some controversial collections and marketing choices brought London Fashion Week outside of the industry bubble and into the wider cultural conversation. Henry Nicholls/AFP/Getty ImagesErdem's collection was partly inspired by the protected stately home, Chatsworth House, in the North of England. Henry Nicholls/AFP/Getty ImagesAshish returned to the London Fashion Week runway after 4 years with a show that was suitably high-octane and glamorous.

Persons: JW Anderson, Erdem, Simone Rocha, Findikoglu, Halpern, Nensi, S.S, Daley, Anna Wintour, Sienna Miller, Jodie Turner, Smith, Princess Eugenie, Kate Winslet, Cole Sprouse, Suki Waterhouse, Charli, Ncuti Gatwa, Alexa Chung, Mo Farah, “, Damon Albarn, Rachel Weiss, Jodie Comer, Kylie Minogue, Burna Boy, Barry Keoghan, Dave Benett, Burberry —, Daniel Lee, —, Mowalola, HARRI, Sam Smith, JW, Kwok, Joe Maher, Crocs, Sinéad O’Dwyer, Molly Goddard, Victor Virgile, Gareth Cattermole, David, David Cronenberg, David Lynch, 16Arlington, Isamaya Ffrench, Jeff Spicer, Richard Quinn, ”, Goddard, Matty Bovan —, Bovan, ” Richard Quinn, Matty Bovan, tulle, Susan Fang, David Koma, David Lee’s Burberry, Giovanni Giannoni, Di Petsa, beading, Susan Fang's, Henry Nicholls, Chet Lo's, Wiktor, Chet Lo, Shane Anthony Sinclair, Stuart Wilson, TOVE, Daniel Lee's, Shutterstock Burberry, Ashish, Poppy Delevingne, Anderson, KNWLS — Organizations: London CNN, London, Burberry, Vogue, JW, Highbury, Fashion, Brit, BFC, Getty, National Theatre, National, Publishing, London's Barbican Center, British Locations: couture, London, North London, Saudi, Hong, Kong, Erdem, AFP, Englishness, Chatsworth House, North, England, Noor

☆ A new addition to Goldman Sachs' board could be a lifeline, or threat, to CEO David Solomon
▼ + stars: | 2023-06-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A change to the board of directors at a top Wall Street bank has raised questions about what it means for the CEO. Goldman Sachs board is reportedly planning to add Tom Montag, a former longtime Goldman exec who became the No. And as a former partner at the bank, Montag also brings with him a certain cachet. Such is life on Wall Street, where the line between friend and foe is never quite clear. From Mark Zuckerberg's martial arts-led comeback to Jeff Bezo's hot yacht summer, tech bros are feeling themselves these days.

Persons: Dan DeFrancesco, you've, —, we've, Tom Montag, Craig Barritt, Tory Burch, Goldman Sachs, Goldman, David Solomon, Montag, Solomon, Insider's Dakin Campbell, Merrill, Insider's Alex Morrell, Jeff Bezos, Clive Mason, Mark Zuckerberg's, Jeff Bezo's, Biden's, Jen Glantz, Pete Buttigieg, Jeffrey Cane, Hallam Bullock Organizations: Costco, Tory, Tory Burch Foundation, Bank of America, Bloomberg, Goldman, Solomon, BofA, Getty, Finance bros, Transportation, Starbucks, LinkedIn Locations: NYC, BofA, BlackRock, New York, London

☆ 'Price bubble' in A.I. stocks will wreck rally, economist David Rosenberg predicts
▼ + stars: | 2023-05-25 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

Economist David Rosenberg, a bear known for his contrarian views, believes enthusiasm surrounding AI has become a major distraction from recession risks. "No question that we have a price bubble," the Rosenberg Research president told CNBC's "Fast Money" on Thursday. "[This] looks very weird," said Rosenberg, who served as Merrill Lynch's chief North American economist from 2002 to 2009. Just seven mega-caps have accounted for 90% of this year's price performance," Rosenberg wrote. While mega cap tech outperforms, Rosenberg sees ominous trading activity in banks , consumer discretionary stocks and transports .

Persons: David Rosenberg, CNBC's, Rosenberg, Merrill Lynch's, Jensen Huang Organizations: Rosenberg Research, Nasdaq, Nvidia, Microsoft

☆ Autonomy founder Mike Lynch extradited to the U.S. to face fraud charges
▼ + stars: | 2023-05-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Mike Lynch, former chief executive officer of Autonomy Corp departs the Rolls Building on June 27, 2019 in London, England. LONDON — British tech entrepreneur Mike Lynch has been extradited to the U.S. to face fraud charges in relation to the sale of his software company Autonomy to Hewlett Packard . He face charges of securities and wire fraud in relation to the sale of his company Autonomy to HP for $11 billion. Lynch isn't the first Autonomy employee to face charges in the U.S. Some in the U.K. tech industry believe that Lynch should not have been extradited.

☆ 'The equity market is poised to struggle in the weeks and months ahead': Comerica Bank's CIO says the S&P 500 is primed for a 15% drop as weak earnings, high valuations, and a hawkish Fed all work aga
▼ + stars: | 2023-04-22 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Year-to-date, the S&P 500 is up 8%. Plus, when the Consumer Price Index is between 4-6% like it is now, it usually dictates that the S&P 500 trades at a lower multiple than it is. "For example, at the current S&P 500 P/E of 19, the earnings yield for stocks is 1 divided by 19, or ~5.2%. While he sees 15% downside in the months ahead, he also believes the S&P 500 will return to current levels by the end of 2023. Morgan StanleyWilson has also repeatedly warned of an earnings recession ahead, and recently said that the pullback in lending from banks strengthens his case.

☆ Autonomy founder Lynch's appeal against US extradition rejected by UK court
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +3 min

He had appealed to the High Court to overturn a decision by Britain's home secretary (interior minister) to order his extradition in January. But two High Court senior judges did not even grant him permission for an appeal. "The United States’ legal overreach into the UK is a threat to the rights of all British citizens and the sovereignty of the UK," he said in a statement. HP sued Lynch in London's High Court following the deal. Hussain was convicted of fraud in the United States and sentenced to five years in prison in 2019.

☆ BlackRock is open to a major deal. Here's where it could look to expand as the banking crisis emboldens the world's largest money manager.
▼ + stars: | 2023-04-14 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

The banking crisis that unfolded last month has created opportunities for BlackRock. The potential for a "transformational" deal would expand the world's largest money manager. The banking crisis that unfolded last month with the collapse of Silicon Valley Bank has emboldened BlackRock, the world's largest money manager with some $9 trillion of assets. The Financial Times reported last December that BlackRock had "discussed whether to pursue a takeover of private markets manager Carlyle but decided against it," citing three people with knowledge of those discussions. "We are asking ourselves to reimagine BlackRock," Fink said on Friday.

☆ Autonomy founder Lynch fights extradition to US on fraud charges
▼ + stars: | 2023-03-15 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, March 15 (Reuters) - Tech entrepreneur Mike Lynch asked a London court to block his extradition to the United States to face criminal charges over Hewlett Packard's $11 billion acquisition of his software company Autonomy, arguing he should be prosecuted in Britain. Lynch – the co-founder of Autonomy, who was once hailed as Britain's answer to Bill Gates – faces 17 charges over the 2011 takeover, which was one of Britain's biggest tech deals. Britain's interior ministry on the same day ordered Lynch's extradition to the United States. Bailin also gave updated details of HP's civil lawsuit against Lynch and Hussain, who was jailed in a San Francisco court for five years in 2019. Lynch intends to apply for permission to appeal against the ruling on HP's lawsuit, Bailin said in court filings.

☆ How 'Skinamarink' made $1.5 million on a $15,000 budget
▼ + stars: | 2023-01-26 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +7 min

In this article AMCX Follow your favorite stocks CREATE FREE ACCOUNTA still promo for the film Skinamarink. Coutesy: Bayview EntertainmentExperimental horror film "Skinamarink" has been all the buzz on social media for months — and now it's a sleeper hit at the box office. Much of these sales come from the most wide-released horror films that had budgets between $16 million and $35 million. Independent horror films are released every week, and it's very difficult to stand out among these releases, he said. Still shot from the film "Skinamarink".

☆ Overwhelming workloads, back-to-office complaints, and frustrations over pay: Why Merrill Lynch's support staff is leaving
▼ + stars: | 2022-10-26 | by ( Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +13 min

Less visible, though just as much the lifeblood of the firm, are Merrill's client associates. But we're not treated that way, and we're not stupid," an associate who recently left the firm said. "Our client associates are essential to the fabric of the firm, how we serve clients and grow," a company representative said. Yagyaev said client associates were "grossly underpaid" across the industry and their base should really be in the area of $80,000 to $90,000. An advisor who recently left Merrill and worked with CAs said some were leaving for raises of about $30,000 to work at other banks.

☆ Merrill Lynch's support staff is fed up. Here's why client associates at the massive wealth manager are heading for the door.
▼ + stars: | 2022-10-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The support wants supportThere's another uprising on Wall Street. And at Merrill Lynch, which oversees $2.7 trillion in assets, there is plenty of dirty work that falls to the 6,500 CAs. But it's important to remember that we're a long way away from the spring of 2021, when Wall Street was making money hand over fist. Wall Street bonuses are expected to drop by as much as 22% from last year, Reuters reports. If you do one thing today, read this inspiring story about a Wall Street banker leading the evacuation of an Afghan colonel and his family.

☆ As families and 'Parrotheads' flock to campgrounds and RV parks, institutional real-estate investors see their next big score
▼ + stars: | 2022-05-23 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +13 min

Investors are eyeing profits in campgrounds and RV parks as Americans flock to the great outdoors. Camp Margaritaville RV Resort and Cabana Cabins Auburndale, Central FloridaThe trend is also driven by demographics. Sam Zell's Equity Lifestyle Properties, another large REIT that invests in RV parks alongside mobile homes, has also been busy. While it's not clear how much big investors have thrown into RV campgrounds, manufactured housing communities as a whole have seen a burst of Wall Street financing. After looking hard at multifamily and industrial, he settled with RV parks.

☆ Wealthy parents are taking out cheap loans to buy their adult children homes and save on taxes. Here's how it works and why it's feeding the all-cash bidding frenzy.
▼ + stars: | 2021-10-13 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

For wealthy parents, these loans are a way to pass on their wealth to their children at a low cost. Every week for the past 14 months, the wealth advisor Aaron Bell has had to help his affluent clients buy houses. With interest rates on loans as low as 2%, clients can save money by taking out loans they don't need, rather than liquidating their stock and incurring hefty capital-gains taxes. Parents pledging their investment accounts with their child as the borrower is a tax-efficient way to pass along assets before death. These lines are also secured by the value of the property, which means that as it appreciates, the adult child's dependence on their parents' assets decreases.

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