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☆ Berkshire Hathaway didn't beat the market this year, but Warren Buffett's track record is unmatched
▼ + stars: | 2023-12-31 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Shares of Berkshire Hathaway were up about 16% this year after climbing to an all-time high, but the conglomerate still trailed the S & P 500 's 24% gain. "I recommend the S & P 500 to people," Buffett said at Berkshire's annual meeting in 2020 . But I would not want to bet my life on whether we beat the S & P 500 over the next 10 years." And I would make no promise to anybody that we will do better than the S & P 500," he said. Many Berkshire shareholders were made millionaires by Buffett's shrewd moves and patient value philosophy over the years.

Persons: Berkshire Hathaway, Warren Buffett, Buffett, LBJ, That's, I've Organizations: Berkshire, Oracle, Apple, Berkshire Hathaway Locations: Omaha, Berkshire

☆ In an internal meeting, Nvidia's CEO addressed a question about employees in 'semi-retirement' mode as unusual tension grows
▼ + stars: | 2023-12-14 | by ( Eugene Kim | ) www.businessinsider.com time to read: +10 min

Many Nvidia employees have become incredibly rich after the company's stock is up by about 1,200% over the past five years. Nvidia employees are also rarely put on performance-improvement plans, unlike some of its competitors, such as Amazon . Despite a growing number of companies launching their own in-house chips, Nvidia employees say they don't feel the competitive pressure yet. Three Nvidia employees, however, told BI that those chips never came up in customer conversations because, in their view, of Nvidia's superior performance. In other ways, Nvidia employees haven't let their riches go to their heads.

Persons: —, It's, Jensen Huang, Huang, he's, Jim Herd, Herd Freed Hartz, Herd, we're, Glassdoor, He's Organizations: Service, Nvidia, Business, AMD, Intel, Big Tech, Microsoft, Amazon, Employees, BI, Lamborghini, Meta Locations: Silicon

After the sudden ouster of their CEO, hundreds of OpenAI employees signed an open letter demanding Altman's reinstatement and the resignation of the board. And for at least some of those OpenAI employees, there's relief that they don't actually have to go work for Microsoft. Advertisement"Even though we have a partnership with Microsoft, internally, we have no respect for their talent bar," the current OpenAI employee told BI. Money, the great motivatorBeyond the culture clash between the two companies, there was another important factor at play for OpenAI employees: money. Furious Microsoft employeesSome Microsoft employees, meanwhile, were furious that the company promised to match salaries for hundreds of OpenAI employees.

Persons: —, Sam Altman, Altman, Greg Brockman, Brockman, OpenAI, who's, Kali Hays, Ashley Stewart, Darius Rafieyan Organizations: Service, OpenAI, Microsoft, Business, BI, San, CNBC Locations: OpenAI ., San Francisco, OpenAI, khays@insider.com, astewart@insider.com

LONDON (AP) — You won’t see Tom Hanks on one of those space tourism flights that whisk celebrities and millionaires on a suborbital jaunt for a few hours. “I think I’d need a little bit longer in paradise.”Going to the moon is another matter – and the subject of “The Moonwalkers,” an immersive documentary co-written and narrated by Hanks. Political Cartoons View All 1277 ImagesVisitors sit on benches surrounded by imagery as the 50-minute film brings NASA’s Apollo space missions to life. His performance as Jim Lovell, commander of a space mission in jeopardy, in “Apollo 13” helped revive popular interest in the Apollo program in the 1990s. What hooked Hanks on space was not so much the cutting-edge science as the human drama.

Persons: Tom Hanks, ” Hanks, “, Hanks, Artemis, ”, Christopher Riley, John F, Kennedy, Jim Lovell, he’d, John Wayne, Jason, humanity’s, Reid Wiseman, Victor Glover, Christina Koch, Jeremy Hansen, Glover, “ It’s, ” Koch Organizations: Associated Press, Argonauts, Artemis, Kennedy Space Center Locations: London, British, China, India

☆ The Art Basel party circuit is kicking off in Miami. Here are 6 must-attend events for the Wall Street set.
▼ + stars: | 2023-12-05 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

High-brow art and millionaires tend to go hand in hand, so Art Week also means some of the world's wealthiest come out to play. Ciara attends the NYLON Presents NYLON House At Miami Art Week 2022 at Strawberry Moon at Goodtime Hotel on December 02, 2022 in Miami Beach, Florida. Regardless of the events you attend, Art Basel week is a great time to mingle and do business, explained Jasmina Midzic, Typhon's director of Investor Relations. Desperate ApeWives perform at #0XGenesis presented by Marshland, Magnus and FloodFM.com at Maps Backlot during Art Basel Miami on December 01, 2021 in Miami, Florida. Erika Goldring / Getty ImagesHere are 6 Art Basel parties the Wall Street elite and wannabes alike are vying to attend.

Persons: —, There's, galas —, Ciara, Arturo Holmes, Kim Kardashian, Serena Williams, James Koutoulas, Koutoulas, Miami's, Jasmina Midzic, she'll, who've, Magnus, FloodFM.com, Erika Goldring, It's, Midzic, Alessandra Ambrosio, Alexander Tamargo, Andreas Metaxa, Metaxa, I've, Guy Gerber, Blondish, Bella Thorne, e.l.f, Mona Lisa, Rampa, Desiree, Talon, Luciano Scalioni, — Bryan Goldberg Organizations: Miami Art, Wall, Magic City, Art, Business, Strawberry, JPMorgan, UBS, Capital Management, Investor Relations, Art Basel Miami, Art Basel, Wall Street, Fund, Party, Miami, Flex, Waterfront, Digital Locations: Miami —, Art Basel, Miami Beach , Florida, Miami, Basel, Miami , Florida, South Beach, Miami Beach, Midzic, SoHo, New York, Saxony

For Love & Money is a column from Business Insider answering your relationship and money questions. This week, a reader gave their son money years ago, and their husband thinks he should repay it now. AdvertisementDear For Love & Money,I gave my adult son money when he was getting a divorce eight years ago. When you gave your son the $16,000 eight years ago, did you call it a gift or a loan? You said you gave your son "the money with no strings," implying you originally intended it to be a gift.

Persons: —, didn't, doesn't, stoically, blissfully Organizations: Business, Service

☆ Newsom’s California Tax Whopper
▼ + stars: | 2023-12-02 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: Despite denials, the California governor is acting like a candidate. Images: AP/Composite: Mark KellyThursday night’s debate on Fox News between Gavin Newsom and Ron DeSantis was instructive on many levels. While the Florida Governor stressed his superior record on crime, schools and the economy, Mr. Newsom focused on progressive cultural themes. But one of Mr. Newsom’s economic howlers shouldn’t pass without contradiction. But he also asserted that Florida “taxes low-income workers more than we tax millionaires and billionaires in the state of California.”

Persons: Mark Kelly, Gavin Newsom, Ron DeSantis, Newsom, ” Organizations: Fox News, Florida Governor Locations: California, Florida, New York City

See Personal Finance Insider's roundup of the best tax software >>How does New York tax income? Nonresidents and part-year residents may have a New York income tax liability depending on their living situation and how much they earn. New York income tax ratesIf your New York adjusted gross income was less than $107,650, the tables below would be used to calculate your state tax liability for 2022. New York state tax rates FAQsWhat is the New York state income tax rate for 2023? What are the New York state tax brackets for 2023?

Persons: —, Zaher Dehni, Eric Bronnenkant, Dehni Organizations: Service, Finance, state's Department of Taxation, New, Department of Taxation, Tax Foundation, New York, Excelsior Jobs, Tax Locations: New York, California, New, York, , New York, New York City, Yonkers, Nonresidents, Chevron

☆ 'The great wealth transfer' is here: Billionaires set to transfer trillions to their kids
▼ + stars: | 2023-11-30 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

It marked the first time in the nine-year history of the report that newly minted billionaires accumulated more wealth from inheritance than starting a business. "The great wealth transfer, which we've all been talking about for the last 10 years, is underway," said John Mathews, head of UBS' Private Wealth Management division. Their total wealth great by 9% -- from $11 trillion to $12 trillion. The great wealth transfer from billionaires and multi-millionaires will likely change the landscape in investing and wealth management, as well as spending and philanthropy. "The wealth management industry needs to focus on those industries that can help accelerate the ability to invest in these areas," Mathews said.

Persons: John Mathews, Jeff Bezos, Mathews Organizations: UBS Billionaire, UBS, Private Wealth Management, Amazon

Twin Rivers Farm could break records as Tennessee's priciest home if it fetches its $65 million asking price. Apart from the 10,626 square foot main residence, the estate features a barn, guesthouse and a man-made lake, stocked with trout for fishing and swimming. McEwen GroupThe previous record for the most expensive home sold in the state, set in 2010, stood at $28 million. McEwen GroupThe estate has multiple hidden passages leading to a game room, a safe room and a wine cellar. McEwen GroupThe property's barn houses the Keeles' chickens and sheep.

Persons: Tennessee's, Justin Timberlake, Nicole Kidman, Dan McEwen, McEwen, It's, McEwen Group Larry Keele, Larry, He's, " McEwen Organizations: McEwen Group, CNBC, McEwen, Oaktree Locations: Nashville, Leipers, Middle Tennessee, New York , Illinois, California, Twin Rivers, Rivers, Los Angeles, LA, Tennessee, France

☆ Wealth Assistants claimed it would help its clients make money on Amazon. Clients said they 'lost everything' instead.
▼ + stars: | 2023-11-30 | by ( Madeline Stone | Jack Newsham | ) www.businessinsider.com time to read: +17 min

Wealth Assistants also said that if clients didn't break even in the first year, they would get their money back. BI spoke with 16 people who invested between $35,000 and $100,000 each to work with Wealth Assistants and said they lost their money. Ten days later, Wealth Assistants said it laid off its roughly 75 employees and planned to shut down by December 1. Selling customers on the entrepreneur lifestyleMany Wealth Assistants clients said they were drawn by the opportunity to generate passive income. Cart.com sent Wealth Assistants a formal notice of termination in the fall after Wealth Assistants stopped paying its invoices earlier in the year, the representative said.

Persons: Mike Wimmer, Wimmer, they're, I'm, Ryan Carroll, Max K, Max O, —, Carroll, Carroll didn't, we're, Tina Luk, breakeven, Seth Hamilton, Andrew Pou, Suzy Arriola, Saheb Sabharwal, Cart.com, Moe O'Neil, weren't, Max, you've, it's, they've, We've, we've, Madeline Stone, Jack Newsham Organizations: Business, ., Federal Trade Commission, Amazon, Products, Nobu Dallas, Lamborghini, Facebook, Wealth, BI, FTC, DK Automation Locations: China, Texas, Nobu, California, Houston, Pennsylvania, mstone@insider.com

☆ I've interviewed dozens of disruptive go-getters from self-made millionaires to entrepreneurs. Here are my 4 observations on what sets them apart.
▼ + stars: | 2023-11-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

As an investing reporter, I regularly talk to real estate investors, entrepreneurs, and side hustlers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . What doesn't always get passed along are my observations after talking to disruptive go-getters regularly. If you find a good enough deal and present it accurately and professionally to investors, the money will come. AdvertisementJatz Naran built his Amazon business between the hours of 6-and-10, after his day job would wrap up.

Persons: —, I've, doesn't, getters, I'm, Natia, Jervais Seegars, Caleb Hommel, Chuck Sotelo, he's, isn't, Naran, NeuroGum, Kent Yoshimura Organizations: Service Locations: Detroit, Chicago

☆ Panera founder says the idea of 'swashbuckling' entrepreneurs finding success from taking big risks is 'a myth'
▼ + stars: | 2023-11-26 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +3 min

Panera founder Ron Shaich says that successful entrepreneurs are opportunists, not risk-takers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "The swashbuckling entrepreneur of popular imagination is just a myth and rarely succeeds," Shaich writes in his new book, "Know What Matters: Lessons from a Lifetime of Transformations." Shaich uses this anecdote to point toward what he calls a "misunderstood fact about successful entrepreneurs and creators." "Successful entrepreneurs and creators seeing can feel this opportunity that nobody else can," Shaich says.

Persons: Ron Shaich, Shaich, —, Bon, that's, it's Organizations: Service, Harvard

☆ Can Men’s Leather Pants Ever Be Stylish? A (Very Skeptical) Writer Investigates
▼ + stars: | 2023-11-24 | by ( Charlie Teasdale | ) www.wsj.com time to read: 1 min

IN NEWS sure to leave biker gangs uncharacteristically tearful, leather pants are threatening to go bougie. Long a bad-boy symbol, hide trousers have been transformed by high fashion this fall. They’re being proposed as a suave, sensual and comfortable alternative to chinos, cargo pants and tailored trousers. Some feature high waists to elongate legs or pleats to conjure old-school élan worthy of Cary Grant. Nick Paget, senior menswear strategist at trend forecasting firm WGSN, attributes the leather look to a post-Covid desire for sensual dressing.

Persons: Long, Tod’s, Rocker, They’re, Cary Grant, Nick Paget, lockdowns, “, ” Organizations: Givenchy, Metallica

☆ Here's how much money you need to save each month to retire with $2 million if you make $150,000 a year
▼ + stars: | 2023-11-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

American workers earning six-figure incomes have mixed feelings about whether they're saving enough to retire. Only about half of workers earning $100,000 or more feel that they're contributing enough to their 401(k)s to retire comfortably in the future, according to CNBC's August "Your Money" survey. You may also need more money saved up if you plan to retire in a state with higher costs of living. On average, Americans believe they'll need around $1.8 million saved by the time they retire, according to Charles Schwab's 2023 401(k) Participant Study. With this in mind, CNBC calculated how much you need to set aside each month if you earn $150,000 and want to retire with $2 million at 67.

Persons: CNBC's, Charles Schwab's Organizations: CNBC

☆ Dutch candidates snipe, scramble for undecided voters in race to deliver PM
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Major issues for Dutch voters include how to respond to climate change, the rising cost of living, and a desire to restrict immigration. Analysts said that with large numbers of undecided voters, much will depend on debate performances, including a final clash scheduled for Tuesday night. Yesilgoz, who had not ruled out a coalition with Wilders and had focused on Timmermans as her main opponent, has begun backtracking. On Tuesday she ruled out serving in a cabinet in which Wilders is prime minister. The party that wins the most seats traditionally takes a lead in negotiations and provides the prime minister -- but that is not guaranteed under the Dutch system.

Persons: Frans Timmermans, Geert Wilders, Wilders, Dilan Yesilgoz, Mark Rutte's, Yesilgoz, Timmermans, Rutte, Geert Wilders you'll, Toby Sterling, William Maclean Organizations: Party, Labour, Green Left, Research, Timmermans, Freedom Party, New, Analysts, Thomson Locations: AMSTERDAM, Netherlands

☆ Opinion | Postpone Social Security for the Sake of the Young?
▼ + stars: | 2023-11-18 | by ( ) www.nytimes.com time to read: +1 min

The enormous income gap between workers and executives is a much more relevant factor in the lopsidedness of wealth distribution. The aging population is depicted as carefree, golf-playing, medically fit scammers living off struggling young wage earners. Social Security earnings are based on wages earned in a lifetime. The solution is not to raise the age limit for retirement but to eliminate the maximum taxable income for Social Security, currently $160,200. And to the authors, please stop finding ways to divide the young and the old.

Persons: Eugene Steuerle, Glenn Kramon, Florence Estes, I’ll Organizations: Security, Social, Social Security, Millionaires, Florence Estes Chicago Locations: U.S

☆ China's richest nepo babies look set to inherit $120 billion
▼ + stars: | 2023-11-15 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. All aged under 40, Chinese heirs from at least 11 families will soon have control of wealth worth an estimated $120 billion, according to the Bloomberg Billionaires Index. AdvertisementNongfu Spring is China's biggest water company. Future Publishing/Getty ImagesThe company, worth just over half a trillion dollars, is China's biggest bottled water producer. These billionaire nepo babies are standing by to reap the benefits of China's an almost uninterrupted wealth boom over the past four decades.

Persons: —, Zhong Shu Zi, Zhong, Gao Haichun, nepo, it's Organizations: Service, Billionaire, Bloomberg, University of California, Future Publishing, Brown University, McKinsey, Global Locations: China, Irvine

☆ A podcast host who's interviewed hundreds of CEOs, millionaires, and real-estate investors shares 3 traits of highly successful individuals
▼ + stars: | 2023-11-12 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

The podcast host and business coach hosts a daily podcast, " The Action Academy ," that features CEOs of major companies, millionaire entrepreneurs, and real-estate investors who have built robust portfolios. Then, they're not afraid to ask questions, ask for help, or ask someone to partner with or mentor them. "You start with a specific problem, you show proof of action, and you ask for specific help," said Luebben. "They look at the life that they want, their dream life, and they say, 'How much does this cost me a month? Okay, what do I need to do to generate the $10,000 that's required for me to live this dream life?'

Persons: Brian Luebben's, that's, Luebben, he'd, they've, they're, Brian Luebben, you've, They're Organizations: Academy Locations: America

☆ 'Selling Sunset' agents are freaking out about LA's new mansion tax — but it's not just millionaires who should be worried
▼ + stars: | 2023-11-12 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +10 min

This time, it hinges on Los Angeles' new mansion tax, which impacts homes sold for over $5 million. She added of the city's mansion tax, "This is a very reasonable and equitable way to generate some resources that can support those needs." Unintended consequences of a mansion taxColloquially known as a mansion tax, United to House LA (Measure ULA) passed in November 2022 with 58% support. Shane Phillips, a UCLA housing researcher whose work helped inspire LA's mansion tax, is worried about the mansion tax depressing new development, particularly of multi-family buildings. Phillips argued that if the law is tweaked to exempt first-time sales, the mansion tax "will unquestionably do more good than harm."

Persons: —, Mary Fitzgerald, Nicole Young, Jason Oppenheim, It's, Oppenheim, — aren't, Mari Castaldi, Karen Bass, Shane Phillips, Phillips, that's, Billy Rose, you'll, Rose, doesn't, Castaldi, Phillips isn't Organizations: Service, Netflix, Oppenheim Group, realtors, California Association of Realtors, Budget, House, LA Times, UCLA, Agency Locations: Angeles, Los Angeles, New York, Washington, Massachusetts, Chicago, Santa Fe, California, LA

☆ 31% of millionaires say they're part of the middle class, survey finds. 'People feel squeezed,' advisor explains
▼ + stars: | 2023-11-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, according to a recent Ameriprise Financial survey of more than 3,000 adults. "Many people feel squeezed between higher prices and lower asset prices," said Kim Maez, a certified financial planner and private wealth advisor at Ameriprise. Some even said they feel poor, according to a separate survey conducted by Bloomberg. Of those making more than $175,000 a year, or roughly the top 10% of tax filers, one-quarter said they were either "very poor," "poor" or "getting by but things are tight." Despite their high-net worth, just 44% all millionaires felt "very comfortable," another report by Edelman Financial Engines found.

Persons: Kim Maez, it's, — Organizations: Finance, Bloomberg, Edelman Financial Locations: Ameriprise

☆ Russia says it's no longer scared of western sanctions – but its economy is still under pressure
▼ + stars: | 2023-11-09 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Russia is no longer scared of western sanctions, a Kremlin spokesperson said last week. There are signs the economy is resilient, with growth holding firm and total wealth increasing in 2022. But western embargoes are still affecting Russia, as exports plunge and the ruble craters. Russia has also got richer despite the war with Ukraine, according to the UBS Global Wealth Report. However, those top-line figures don't mean sanctions aren't working – or that Russia's economy is in rude health.

Persons: —, Dmitry Peskov shrugged, that's, Vladimir Putin's Organizations: Kremlin, Service, International Monetary Fund, UBS Global Wealth, Bank of Locations: Russia, Ukraine, Moscow, Swiss, Bank of Russia

☆ You can own part of this 279-foot-long superyacht for $3.2 million and stay on it whenever you want — see inside
▼ + stars: | 2023-11-09 | by ( Brittany Chang | ) www.businessinsider.com time to read: +6 min

Superyacht Holdings is giving millionaires the chance to cohabitate the $117 million Victorious superyacht. Superyacht Holdings is taking a (relatively) democratized approach to superyacht ownership with its first target acquisition, the €110 million — about $117 million — Victorious. And because the ship is currently in operation, Superyacht Holdings won't have to do any refitting work. The Locastro brothers says several former employees from The World now work for Superyacht Holdings. Superyacht Holdings hasn't acquired its vessel yet, but this isn't uncommon for ship startupsBuyers can purchase more than one unit.

Persons: —, Thomas Locastro, Matthew Locastro, Matthew, Matthew said, Locastro, James St, John, Justin Thorton Organizations: Superyacht, Service, Holdings, Superyacht Holdings, Monaco, Prix, AKYACHT, Superyacht Holdings hasn't, British Virgin Islands Locations: Spain, France, Croatia, Greece, Caribbean, Turkey, Saint Lucia, Barbados, British Virgin

☆ MrBeast: American YouTuber builds 100 wells in Africa, attracting praise – and some criticism
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —American YouTuber MrBeast’s latest video, in which he says he built 100 wells across Africa, has drawn a complex response online since it was published on Saturday. Some Kenyan activists and journalists said he has spotlighted the failures of the Kenyan government, while MrBeast, whose real name is Jimmy Donaldson, anticipates that he will be “canceled” following the reaction. The new wells will provide clean drinking water for up to 500,000 people in Cameroon, Kenya, Somalia, Uganda and Zimbabwe, Donaldson said, while an accompanying fundraiser to support local water aid organizations had raised more than $300,000 by Monday morning. Donaldson is the most popular individual creator on YouTube, with more than 200 million subscribers. He has become known for his philanthropy, posting videos in which he sponsored 1,000 blind people’s cataract surgery and bought prosthetic limbs for 2,000 amputees.

Persons: MrBeast, Jimmy Donaldson, Donaldson, Boniface Mwangi, Ferdinand Omondi, ”, I’m, Francis Gaitho Organizations: CNN, Kenyan, ” CNN, YouTube Locations: Africa, Cameroon, Kenya, Somalia, Uganda, Zimbabwe

☆ This 66-year-old has worked at McDonald's for 50 years: ‘I never thought it would be my forever job’
▼ + stars: | 2023-11-05 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

In the 1970s, the coolest job you could have was flipping burgers at McDonald's. "Believe it or not, you needed to have an in to get a job at McDonald's back then, so my brother, who was working in the kitchen, recommended me for the job," Hendel, 66, tells CNBC Make It. "I never thought it would be my forever job," says Hendel. And he goes, 'Do you think you're good at it?' In 1990, Hendel became the owner/operator of his first McDonald's restaurant in Brooklyn.

Persons: Paul Hendel, Hank, Hendel, Merrick McDonald's, McDonald's, Peter Hunt, Paul, I'm, It's, I've, Lauren, Mark Organizations: CNBC, C.W, Post University, Long Island University, McDonald's Locations: Merrick , New York, Long, McDonald's, Long Island, Brooklyn, Queens, Manhattan, Glen Cove, Nassau County, Oceanside , New York, Hunt

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