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☆ Blackstone's bet on small investors bites the private-equity giant as investors pull out of its high-profile real-estate fund
▼ + stars: | 2022-12-01 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

BREIT, as the large real-estate fund is known, has been key to the firm's retail investor push. Blackstone, the $951 billion private-equity behemoth, is better known for its big buyouts, splashy deals, and real-estate market domination than its products catering to individuals. BREIT, as the real-estate fund is known, has posted a return of 9.3% so far this year and a 15.5% three-year annualized return, according to its website. But investor sentiment has appeared to turn for this real-estate fund, posing a challenge for the firm's retail push. Last month, Credit Suisse downgraded Blackstone stock over concerns in BREIT and BCRED.

☆ Ron DeSantis just announced he has a memoir coming out soon. Here's what we learned from his first book, a scathing take on Obama
▼ + stars: | 2022-11-30 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +13 min

DeSantis wrote the book during the Tea Party movement and before he ran for Congress. He did so throughout his 2011 book, "Dreams from Our Founding Fathers: First Principles in the Age of Obama." According to NPD BookScan, which tracks retail sales of US print books, "Dreams from Our Founding Fathers" sold 125 copies through July of 2022. In one section of the book, DeSantis wrote that Obama lacked the humility of George Washington, the first US president. Obama, DeSantis wrote, "garnered flattering media coverage by a press thoroughly enamored with his progressive politics."

☆ A finance and lifestyle YouTuber with about 20K followers explains how she built 7 income streams and how much she's earned each month this year
▼ + stars: | 2022-11-30 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

She started in May 2020 posting finance tips on YouTube, and now has 19,3000 subscribers. After the post about her house, her followers asked her to create a dedicated platform about building wealth. The 26-year-old also posts personal finance and lifestyle content on Instagram, where she now has 14,000 followers, and on TikTok, where she has 23,800 followers. Since January, she's made 105,654 Canadian dollars, or about $78,600, from seven streams of income, according to documentation verified by Insider. Below is a breakdown of how much money Odetoyinbo has earned in each month in 2022 so far.

☆ These economies are booming as Putin's war drives migrants and money out of Russia
▼ + stars: | 2022-11-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +7 min

Russians cross the border between Russia and Georgia days after President Vladimir Putin announced a mobilization drive on September 21. Daro Sulakauri | Getty Images News | Getty ImagesAs many economies reel from the impact of Russia's invasion of Ukraine, a select few countries are benefiting from an influx of Russian migrants and their accompanying wealth. The country's initial wave accounts for almost a quarter (23.4%) of all emigres out of Russia up to September, according to an online survey of 2,000 Russian migrants conducted by research group Ponars Eurasia. The majority of the remaining Russian migrants have fled to Turkey (24.9%), Armenia (15.1%) and uncited "other" countries (19%). 'Highly active' migrantsGeorgia's strategic location and its historic and economic ties with Russia make it an obvious entry point for Russian migrants.

☆ DeSantis' scathing book about Obama shows his 'individual freedom' philosophy, his disdain for the media, and how he studies other politicians
▼ + stars: | 2022-11-24 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +12 min

DeSantis wrote the book during the Tea Party movement and before he ran for Congress. He did so throughout his 2011 book, "Dreams from Our Founding Fathers: First Principles in the Age of Obama." DeSantis wrote the book as he was coming of age in politics during the Tea Party movement. In one section of the book, DeSantis wrote that Obama lacked the humility of George Washington, the first US president. Obama, DeSantis wrote, "garnered flattering media coverage by a press thoroughly enamored with his progressive politics."

☆ Billionaire Trump neighbor says his Mar-a-Lago crowd aren't real friends: 'It's all transactional'
▼ + stars: | 2022-11-24 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Trump doesn't have real friends at Mar-a-Lago, a Florida billionaire told the Financial Times. Despite the atmosphere of adulation, it's "all transactional," Jeff Greene told the paper. Real estate mogul Jeff Greene told the paper that the atmosphere of adulation there is "all transactional." Asked who Trump's close friends are, Greene told the paper: "I don't think he has any friends." . . and tell him how good he is," Greene told the FT.

HONG KONG, Nov 22 (Reuters) - Credit Suisse (CSGN.S) has laid off about one-third of its China-based investment banking team and nearly half of its research department, sources with knowledge of the matter told Reuters, as part of a global restructuring and as its China business slows. Credit Suisse declined to make specific comments on the layoffs in China when contacted by Reuters. Two sources said that more than 20 China-based investment bankers have been notified about the job cuts at Credit Suisse Securities (China), the bank's 51%-owned joint venture. Credit Suisse's China annual report shows it had 68 people in its investment banking department at the end of last year. At Credit Suisse's China venture, about 10 research staff have been let go, the sources said.

☆ People investing as little as $1,000 for partial ownership of a property share how they did it, the risks, and the rewards
▼ + stars: | 2022-11-22 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Several real-estate investing startups allow people to buy portions of properties instead of whole homes. Though he bought a personal residence for himself in 2020, the Eagle Mountain, Utah resident didn't have enough cash on-hand to purchase an investment rental property. A growing number of startups like Fintor — including Arrived Homes, Fundrise, and others — are making real-estate investing more accessible for the average person using the "fractional ownership" model. Fundrise also allows investors to buy shares of Fundrise the company itself through a primary offering, which Kelkile has also done. Tyler Witty, a 47-year-old who owns an exterior cleaning company in Richmond, Virginia, already owns three investment properties.

☆ World's richest man Elon Musk's wealth has taken a $100 billion hit in 2022, thanks to plummeting Tesla shares
▼ + stars: | 2022-11-22 | by ( Britney Toh | ) www.businessinsider.com time to read: +2 min

Elon Musk's wealth has fallen $100.5 billion so far in 2022, per Bloomberg Billionaires Index. Even so, Musk is still the world's richest person with a fortune of $169.8 billion. The tech mogul draws most of his wealth from the stocks and ownership of Tesla, SpaceX, and most recently Twitter, per Bloomberg. According to the same index, Musk's net worth also eclipses that of Amazon founder Jeff Bezos and Microsoft co-founder Bill Gates, by roughly $54 billion and $57 billion, respectively. Both Musk and Tesla did not immediately respond to Insider's requests for comment.

When I started earning more, I was racked with guilt and reluctance to build wealth. Learning about money from experts and examining the messages I grew up with helped me move past my guilt. Growing up in a middle-class family, raised by staunch Catholic parents, I didn't have many thoughts about money. I didn't expect the magnitude of guilt that overwhelmed me when I started to earn three times more than I had. My relationship with money had been laced with many negative, good-for-nothing thoughts, making it practically impossible to set strong financial goals.

☆ New global climate deal struck at conference in Egypt
▼ + stars: | 2022-11-20 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Climate reparations, or "loss and damage" funding, is a highly divisive and emotive issue that is seen as a fundamental question of climate justice. Government ministers and negotiators from nearly 200 countries finally secured an agreement Sunday aimed at keeping a critically important global heating target alive. The new political deal reaffirms efforts to limit global temperature rise to the crucial temperature threshold of 1.5 degrees Celsius above pre-industrial levels and the creation of a new "loss and damage" fund that would compensate poor nations that are victims of extreme weather worsened by climate change. Delegates struggled to build consensus on an array of issues, even as a flurry of U.N. reports published ahead of the conference made clear just how close the planet is to irreversible climate breakdown. The summit made history as the first to see the topic of loss and damage funding formally make it onto the COP27 agenda.

☆ Kazakh leader stages snap vote to emerge from predecessor's shadow
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +2 min

[1/5] Kazakh army service members cast their votes at a polling station during presidential elections in Almaty, Kazakhstan, November 20, 2022. REUTERS/Pavel MikheyevALMATY, Nov 20 (Reuters) - Kazakh President Kassym-Jomart Tokayev holds a snap election on Sunday that he is certain to win, solidifying his grip on power less than a year after he sidelined his long-ruling predecessor Nursultan Nazarbayev. Nazarbayev, who had held on to important posts after stepping down, gave them up during the uprising in which 238 people died. Tokayev has since forced Nazarbayev allies to relinquish other positions, and changed the name of the capital - renamed "Nur-Sultan" in Nazarbayev's honour - back to Astana. "Among those who are running for president, I only know Tokayev, firstly," said Timerlan Sadykov, a resident of Kazakhstan's biggest city Almaty.

☆ I've made $305,000 in revenue in the last year as a money coach. Now the business pretty much runs itself — here's how I set it up by focusing on one new product.
▼ + stars: | 2022-11-19 | by ( Chloé Daniels | ) www.businessinsider.com time to read: +12 min

Chloé Daniels is a money coach who sells a course that makes her thousands a month. The gross revenue I made from my first year as a full-time business owner was $305,000, with about $45,000 of expenses. By recognizing I had to scale, bringing in an expert, and focusing on one funnel and one product. When I started shopping for a business coach, I was nervous because there are so many problematic business coaches who teach people how to run a business despite never having run a business before. So many content creators create a course or digital product and push it out to their audience without a funnel.

☆ Arun Majumdar's mom cooked over a coal stove on the floor, and now he's the first leader of Stanford's new climate school — here is his story
▼ + stars: | 2022-11-19 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

Building a successful climate school that both educates people and scales up technological solutions in its accelerator arm requires thinking beyond the bubble of Silicon Valley. Majumdar's understanding of the importance of a global perspective for the climate school is also personally informed. He was also a professor, did research, and worked at Google for a stint before eventually getting the opportunity to lead the launch of the Stanford climate school. The lessons he learned at ARPA-E are helping form the foundation for the accelerator arm at the Stanford climate school. Stanford Doerr School of Sustainability Photo courtesy Cat Clifford, CNBCSo far, the sustainability school at Stanford seems to be popular with students.

Around 60% of Credit Suisse's wealth business is exposure to what it calls growth markets such as the Asia-Pacific region and emerging markets, and the other main part is business with ultra-wealthy entrepreneurs. De Ferrari said some of the best opportunities come in the "high net" business, clients who have $5-25 million to invest. Credit Suisse had been rocked in early October by wild market swings and a social media storm. "Everybody said we love Credit Suisse. Key to wealth management's success as a core business at Credit Suisse is focusing on its offerings and its top 20 markets and exiting from some others, he said.

☆ FTX suggests Sam Bankman-Fried transferred assets to Bahamas government custody after bankruptcy: Filing
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

FTX in a bombshell emergency court filing Thursday said evidence suggests Bahamian regulators directed former CEO Sam Bankman-Fried to gain "unauthorized access" to FTX systems to obtain digital assets belonging to the company after it had filed for bankruptcy protection. The filing said that Bankman-Fried transferred those assets to the custody of the Bahamian government. It cites an interview published by Vox on Wednesday where Bankman-Fried expresses serious disdain for regulators. In that motion, FTX said the alleged conduct puts "in serious question" a request by Bahamian regulators for recognition as liquidators in the bankruptcy. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in serious question," the filing continued.

☆ The middle class is getting left behind as low earners win higher wages and the richest see their wealth grow
▼ + stars: | 2022-11-17 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

In recent years, wealthy Americans got wealthier and low-wage workers bargained for higher pay. But middle-class Americans have seen their wages stall, economists found. Being able to pay for food and groceries also ranks high, and higher than when people were polled in March. On top of that, middle-class Americans are losing access to real estate as their most reliable source for wealth building. Plus, an ever-growing real estate market is not a guarantee, as Yale economist James Choi recently told Insider.

☆ US home prices could crash 20% if the Fed fails to 'thread the needle' when tightening, central bank economist finds
▼ + stars: | 2022-11-16 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

US home prices could fall another 20% as mortgage rates rise, a Dallas Fed study found. The central bank has raised interest rates by 75 basis points at four consecutive meetings as it works to curb soaring prices. Homebuyer demand is expected to fall as mortgage rates climb higher, with many analysts warning Americans to brace for a major housing market correction. The housing market would suffer such a significant correction partly because it was squeezed so high before and during the pandemic. But any housing market downturn would likely be far less severe than the crash that helped to trigger the 2008 financial crisis, according to the economist.

☆ If you can't afford to buy a home right now, a 'renter for life' Yale economist explains why renting forever might be the smarter option anyway
▼ + stars: | 2022-11-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Yale economist says, for some Americans, renting might be the better financial decision anyway. That's according to Yale economist James Choi, who said on a recent Freakonomics Radio podcast that he's a "renter for life." It comes as rent prices are also beginning to fall across the US. This makes it difficult to assess a home's "financial risks," Choi says. While Choi is a "renter for life," he acknowledges that for many Americans, owning a home is about more than just the investment itself.

☆ Alibaba mum on Singles Day sales tally, says in line with 2021
▼ + stars: | 2022-11-12 | by ( Casey Hall | ) www.reuters.com time to read: +4 min

Singles Day growth this year had been widely predicted at flat to low single digits. Alibaba did not respond to requests for comment on its decision to avoid releasing figures on the 11-day sales event ended that ended on Friday. [1/4] A delivery worker sorts parcels at a makeshift logistics station ahead of Alibaba's Singles' Day shopping festival, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 10, 2022. REUTERS/Aly Song 1 2 3 4Consultancy Syntun on Saturday estimated Alibaba and other Chinese e-commerce firms holding Singles Day shopping events together logged 934 billion yuan in sales, up 2.9%. The company's Tmall marketplace offered Singles Day deals on more than 17 million products, 3 million more than last year, with a record-matching 290,000 brands participating.

[1/4] A delivery worker sorts parcels at a makeshift logistics station ahead of Alibaba's Singles' Day shopping festival, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 10, 2022. REUTERS/Aly SongSHANGHAI, Nov 11 (Reuters) - Alibaba Group Holding (9988.HK) and other Chinese e-commerce firms holding Singles Day shopping events together logged a 4.7% decline in sales for the first 12 hours of the final day, a research firm said. Citi analysts said this week they were conservatively forecasting Alibaba's GMV for the event to range between 545 billion yuan and 560 billion yuan ($75 billion-$77 billion), growth of 0.9% to 3.6%. Yang Zengdong, 40, a teacher in Shanghai, said she had second thoughts about participating in Singles Day at all this year, but when the final sales period started on Thursday evening, she ended up purchasing about the same amount as last year. "I think it's something deep in the mind of Chinese people that if you don't buy on Singles Day, you are missing out on an opportunity," she said.

[1/4] A delivery worker sorts parcels at a makeshift logistics station ahead of Alibaba's Singles' Day shopping festival, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 10, 2022. REUTERS/Aly SongSHANGHAI, Nov 11 (Reuters) - Alibaba Group Holding (9988.HK) and other Chinese e-commerce firms holding Singles Day shopping events together logged a 4.7% decline in sales for the first half of the final day, a research firm said. Chinese consultancy Syntun said it was estimating a combined 223 billion yuan ($31 billion) for the 12-hour time period. The Singles Day shopping festival, which despite its name has evolved into a multi-week event, is a key barometer of Chinese retail demand. Citi analysts said this week they were conservatively forecasting Alibaba's gross merchandise value (GMV) for the event to range between 545 billion yuan and 560 billion yuan ($75-77 billion), growth of 0.9% to 3.6%.

☆ Sam Bankman-Fried steps down as FTX CEO as his crypto exchange files for bankruptcy
▼ + stars: | 2022-11-11 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Sam Bankman-Fried's cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the U.S., according to a company statement posted on Twitter. CNBC reached out to Adam Landis, founding partner of Landis Rath & Cobb LLP, who filed the Chapter 11 proceedings on behalf of FTX. FTX founder Sam Bankman-Fried admitted on Thursday that he "f---ed up." The Chapter 11 proceedings exclude the following subsidiaries: LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd., and FTX Express Pay Ltd.

☆ Alibaba's Singles Day shopping event set to end with subdued sales and no fanfare
▼ + stars: | 2022-11-10 | by ( Casey Hall | ) www.reuters.com time to read: +4 min

[1/4] A delivery worker sorts parcels at a makeshift logistics station ahead of Alibaba's Singles' Day shopping festival, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 10, 2022. The Singles Day shopping festival, which despite its name has evolved into a multi-week event, is a key barometer of Chinese retail demand. But Citi predicts rival e-commerce giant JD.com (9618.HK), which also holds a Singles Day shopping event, to fare somewhat better as it is strong in consumer electronics and home appliance offerings which are expected to remain popular. Singles Day has also had contend with the absence of one its two live-streaming mega sales gurus, Viya, who has been offline since being fined for tax evasion. "Alibaba has tried to make (the event) less about just dropping prices," said Mark Tanner, chief executive of Shanghai-based consultancy, China Skinny.

☆ Goldman Sachs just announced its newest partner class. From trading to investment banking, here's the businesses that got the most, and least, love.
▼ + stars: | 2022-11-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Roughly 1% of Goldman's employees reach partner status, and the perks are commensurate with the exclusivity of the title. This is the third partnership class picked under CEO David Solomon and also his largest, with 80 new partners named. Sales and trading: 27 partners (34% of total class)The takeaway: In many ways, this should come as no surprise. Investment banking: 21 partners (26% of total class)The takeaway: The second largest contingent of this class comes from investment banking, which is also somewhat expected. There's a lot to worry about in the world right now, here's one thing to put your mind at ease.

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