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Founded in 1930 and with a market value today of $18 billion, Markel is first and foremost a specialty insurance company focused on niche markets like livestock and dude ranches. Some Wall Street analysts have praised Markel's recent performance against both peers and the broader market. Markel has returned 16.1% annually over the past three years while the S & P 500 has returned 12.4%, according to FactSet. "Given the favorable insurance market conditions in many of MKL's product lines, we believe the company's P/B multiple may expand if it can maintain solid profitability." Markel also has its appeal to Berkshire, which took a $600 million stake in Markel in early 2022.
(AP Photo/Universal Pictures) Photo Credit: Universal Pictures/Tippett StudioAfter spending years amassing streaming subscribers at great cost, media companies now need to make some profits. Look no further for proof of that than the most recent annual Upfronts, the events where media companies like Fox Corp ., Warner Bros. During Disney's earnings call earlier this month, CEO Bob Iger put new emphasis on ad-supported streaming. 'We need ads'There's been an uptick of consumers signing up for ad-supported streaming subscriptions. But media companies are struggling with the question of whether ad-tier subscriptions make up for other losses.
Weddings are expensive, and not just for the bride and groom. Wedding gifts alone average $180. "Like just about everything else, inflation and higher interest rates are taking a toll on wedding attendees," said Ted Rossman, Bankrate's senior industry analyst. About 21% of wedding guests feel pressured to spend more than they comfortably are able to, and 18% must lean on credit cards just to attend, Bankrate found. According to a separate survey by LendingTree, 40% of those who attended a wedding in the past five years have taken on debt to cover the cost.
Texas Sen. Ted Cruz opened an investigation into Bud Light's partnership with trans influencer Dylan Mulvaney. Meanwhile, Texas is grappling with a migration crisis and a severe housing crisis. So, naturally, Texas Sen. Ted Cruz is opening an investigation into Bud Light. The company's partnership with Mulvaney led to right-wing calls for a boycott of Bud Light, which has impacted sales at its parent company, Anheuser-Busch. Beer marketing, however — thanks to Cruz — has all the attention of the state's top leaders in Washington.
Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."
Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are widely seen as contenders for the top job. Morgan Stanley shares were little changed in early trading, down 0.9%. The less volatile business of wealth management accounted for 45% of firm's revenue in the first quarter. Morgan Stanley's first-quarter profit beat expectations as rising revenue from wealth management offset declines in investment banking and trading. Simkowitz, the eldest of the three at 58, is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.
Factbox: Morgan Stanley's three potential CEO candidates
  + stars: | 2023-05-19 | by ( ) www.reuters.com   time to read: +2 min
May 19 (Reuters) - Morgan Stanley (MS.N) will likely appoint its next CEO in the next 12 months, its current Chief Executive James Gorman said on Friday. EDWARD (TED) PICK, 54Ted Pick is co-president and head of the institutional securities group at Morgan Stanley. In May, Morgan Stanley said it is looking to resolve an investigation by U.S. regulators. Pick joined Morgan Stanley in 1990 and was promoted to managing director in 2002. He began his career at Morgan Stanley in 1990 and has worked in New York, Tokyo and Hong Kong.
NEW YORK, May 19 (Reuters) - Morgan Stanley (MS.N) CEO James Gorman told shareholders Friday that the company will likely appoint its next CEO in the next 12 months. Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen. Morgan Stanley co-presidents Ted Pick and Andy Saperstein, Chief Operating Officer Jonathan Pruzan, and head of investment management Dan Simkowitz are widely seen as contenders for the top job. Reporting by Tatiana Bautzer; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.
So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.
CNN —A younger Congress may be a thing of the past. Ten years after meeting the age requirement for the Senate, age 30, baby boomers landed four seats, with millennials unable to get a single one. Millennials overtook baby boomers as America’s largest generation in 2020, according to Pew Research. Millennials and Generation Z (11-26) are winning their very first House seats faster than the previous four generations, CNN’s analysis shows. In the Senate, however, it’s taken more than 10 years for both Generation X and millennials to join Congress.
James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?
Some investors question whether these arrangements are artificially juicing cloud revenue growth. When Microsoft announced a multibillion-dollar investment in OpenAI earlier this year, the deal made Azure the ChatGPT-maker's "exclusive cloud provider." There's another deal in the works with similar attributes involving Runway AI and a major cloud company. But they are drawing more scrutiny lately because they could artificially inflate cloud revenue, a key driver of growth for Microsoft, Google, and Amazon, according to Ted Mortonson, managing director of financial-services firm Baird. Is OpenAI a regular cloud customer that is getting no investment money from Microsoft?
Do Dress Sneakers Belong in the Oval Office?
  + stars: | 2023-05-19 | by ( Guy Trebay | ) www.nytimes.com   time to read: +1 min
Think of it as a rare instance of cross-aisle consensus or else a sartorial trend gone badly wrong. But it did not go unnoticed when, in a photograph from the Oval Office posted to President Joe Biden’s account this week, Speaker of the House Kevin McCarthy, Senator Mitch McConnell and Representative Hakeem Jeffries were all captured wearing some variant of the dreaded footwear hybrid: the sneaker shoe. Weighing in on Twitter, cult men’s wear commentator Derek Guy (@dieworkwear) called out the footgear as a clear lapse in dignity, if not actual protocol. Why pay a visit to a sitting president dressed in shoes designed for power-walking at the mall? “Awful,” Yang-Yi Goh, style director of GQ, pronounced the shoe that has become a style default among Capitol Hill staffers.
Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.
All told, there is a nearly $6 trillion in revenue opportunity from AI across the internet industry, a March report from Morgan Stanley found. "UBER/LYFT/DASH already use ML [machine learning] in their matching algorithms (matching rides/eaters with drivers/couriers)," Morgan Stanley wrote in its report. AI tailwind for Uber Uber has both its ride-sharing service and UberEats food delivery business. According to Morgan Stanley, AI and machine learning will be a tailwind to network efficiency. "The extent to which AI drives substantial improvements in top-line growth could lead to teens upside [for the stock]," Morgan Stanley said.
Robert confronted Winenger with the allegations that November, and within weeks Winenger denied the claims in family court. In a family court hearing in Vista, California, on October 28, 2021, Commissioner Patti Ratekin chastised Jill Montes for allegedly alienating her kids from her ex-husband. From a list provided by the Delaware Family Court, Kelly chose a psychologist, William Northey. Their father cited the report in asking a Delaware family court judge to order the boys to change schools. Family Court of the State of Delaware, New Castle CountyCiting the email and a subsequent report, Michael pressed Ostroski to order the transfer.
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“We see free speech threatened on all sides, from the left and the right,” Suzanne Nossel, who has been PEN America’s chief executive since 2013, said in an interview before the gala. But this is a really important time to shore it up as a cultural and constitutional value. That’s part of what the gala does.”The gala itself has been affected by the complexities of the current moment. “As a free speech organization, we must go to the utmost lengths to avoid sidelining speech or being seen to do so,” she said. “Nothing puts you at ease at an event like seeing Salman Rushdie,” he said to titters.
A new report raises even more concerns about Sen. Dianne Feinstein's health. True, Feinstein's health is the topic du jour in Washington. Byrd, Thurmond, and Cochran all faced unflattering stories that virtually mirror what's been written about Feinstein. The last time the Senate actually expelled a member was in 1862 when it booted out 14 senators for supporting the Confederacy. The biggest power Feinstein's colleagues and critics can wield is shame.
[1/4] Migrants, without a place to stay upon arrival in the city, seek safe shelter at the District 12 station of the Chicago Police Department in Chicago, Illinois, U.S. May 17, 2023. Some migrants seeking a safe place to sleep have turned to police stations. Earlier this month, Texas Governor Greg Abbott, a Republican, resumed a campaign of busing migrants to Democratic strongholds further north, including Chicago and New York City. The busing aims to alleviate pressure on border cities and call attention to what Abbott says were overly lenient policies by Biden's Democratic administration. New York City Mayor Eric Adams, a Democrat, has called on the Biden administration to provide more funding to cities receiving recently arrived migrants.
“Retail growth held on by the skin of its teeth this month,” said Neil Saunders, managing director of GlobalData. The retailer posted disappointing sales for its first quarter and lowered its outlook for the year as customers slowed their spending. Total sales ticked up 0.5% during its latest quarter from a year ago, the company said Wednesday. The bill, which will take effect in January, specifically names TikTok as its target, prohibiting the app from operating within state lines. Pence said he expects to come to a decision about a presidential run before the end of June.
Netflix stock jumps 10% as it boasts ad-tier growth
  + stars: | 2023-05-18 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
Discovery highlighted their ad-supported streaming options at their presentations. Netflix saw its stock rise nearly 10% on Thursday soon after unveiling details about its new ad-supported tier that suggested the business model is starting to pay off. Netflix stock rallied on Thursday soon after the company offered new details about its ad-support streaming tier. Netflix launched its ad-based option in late 2022, following quarters of stagnating subscriber growth that sent its stock tumbling. The company posted mixed financial results in its most recent quarter, but said it added 1.75 million subscribers.
A main focus of Trump's attacks has been Social Security - the federal pension system - and Medicare. I will always protect Social Security and Medicare for our great seniors." Today, party leaders and many Republican voters oppose reforming Social Security and Medicare because so many Americans rely on the programs. They are reliant on Social Security and Medicare and they worry about this stuff," Feehery said. INSULTS KEEP COMINGThere is so far no clear polling on how Trump's attacks on entitlement spending have impacted DeSantis.
Why Ted Lasso’s Shoe Game Is So Strong
  + stars: | 2023-05-17 | by ( Sarah Bahr | ) www.nytimes.com   time to read: 1 min
There’s a reason that Ted Lasso, the fictional, sunny, mustachioed American hired to manage an English football club in the Apple TV+ series of the same name, is a sneakerhead. “It was rooted in my own enthusiasm for sneakers and sneaker culture,” said Jason Sudeikis, who has sported more than a dozen pairs of blue, orange and even red paisley Air Jordans as the show’s titular coach. In a recent call from London, Mr. Sudeikis said that Ted’s affinity for footwear was also inspired, in part, by his longtime friend Brendan Curran, a fellow sneaker enthusiast and high school basketball coach in Lenexa, Kan., who connected with his students over this shared interest. “It was this bit of unspoken respect and camaraderie among him and his players and his students,” Mr. Sudeikis, 47, said of Mr. Curran and his team.
Ron DeSantis' endorsement came in third. Kentucky Attorney General secured a comfortable win in the Republican primary on Tuesday, far outpacing a competitor endorsed by Florida Gov. "Congratulations to a 'star' in Kentucky, Daniel Cameron, who easily won the Republican Nomination for Governor. He had my Complete and Total Endorsement," Trump posted on Truth Social. Kentucky Attorney General Daniel Cameron speaks to supporters following his victory in the Republican primary in Louisville, Kentucky, on Tuesday, May 16, 2023.
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