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21 of the most expensive watches worn by the world's top athletes, including Rafael Nadal's virtually indestructible $725,000 timepiece

Wed, 09/11/2019 - 5:26pm

Expensive Swiss mechanical watches don't have much practical use on the field, court, or track, though it's not uncommon to see the world's biggest athletes wearing high-end, luxury timepieces during their events.

Rafael Nadal won his 19th Grand Slam title at the US Open on September 8, putting him right behind Roger Federer's record 20 Grand Slam titles. That kind of athletic prowess is a marketing tool. Watch brands are eager to sponsor elite athletes, from tennis champions like Nadal and Federer to fighters like Floyd Mayweather, not for their horological expertise but for their aura — which sells.

Read more: Rafael Nadal and Odell Beckham Jr. may play in their stupidly expensive watches, but that doesn't mean you should too

When Nadal won his latest Grand Slam title, he was wearing his famed Richard Mille timepiece, which retails for roughly $725,000.

We got a helping hand from the experts at Crown & Caliber to determine the makes and models of 21 timepieces worn by the world's top athletes. They are listed here in ascending order of price.

SEE ALSO: How Rafael Nadal spends his fortune

DON'T MISS: There are 3 key questions you should ask before buying a vintage watch, according to a Christie's luxury watch specialist

Neymar — Gaga Milano, $2,100.

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Neymar's love of watches is well documented, with a 2017 trip to a Gaga Milano store ending in a $180,000 purchase and an endorsement deal.

Despite his own line of timepieces being on the lower end of the luxury watch bracket, it looks as though he has some special editions worth much more in his collection. 

Price according to Gaga Milano.



Andy Murray — Rado Hyperchrome XXL, $3,475.

When Andy Murray won his first Wimbledon Championship in 2013, he was a Rado brand ambassador, and as soon as he won, he reportedly hurried to slap on his Rado Hyperchrome.

He put it on so quickly he didn't notice that it was seven hours out. He has since dropped Rado as a sponsor and instead works with brands such as Jaguar and Under Armour.

Price according to the Daily Mirror.



David Beckham— Tudor Black Bay Chrono, $5,100.

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David Beckham is one of the major sponsors for Tudor's Born to Dare campaign and is often seen wearing one of the brand's highly popular watches.

Beckham sits alongside other high-profile ambassadors of Tudor such as Lady Gaga and the New Zealand All Blacks rugby team.

Price according to Tudor.



Tom Brady — TAG Heuer Carrera Chronograph 01, $5,450.

Six-time Super Bowl champion Tom Brady partnered with Tag Heuer in 2015.

"His jaw is famous. His hair is famous. His right arm is famous. Now his left wrist is, too," Alex Williams wrote for The New York Times that year.

In 2017, Tag Heuer released a special edition Tom Brady chronograph, which retailed at $5,600.

Price according to Tag Heuer.



Rory McIlroy — Omega Speedmaster Moonwatch, $6,350.

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Rory McIlroy seems to be very happy with his partnership with Omega, according to his Instagram. He must have a pretty big collection of them by now, as not only will Omega gift him certain watches (see clip above), but he is also given a new timepiece when he wins certain golf tournaments.

Price according to Omega.



Tiger Woods — Rolex Sea Dweller, $11,350.

Tiger Woods made a ridiculous comeback to the zenith of golf and Rolex is breathing a sigh of relief, as they bet big on the golf star's return to the top when many brands were dropping him from their rosters

"Tiger Woods still has a long career ahead of him, and […] has all the qualities required to continue to mark the history of golf," the company said in 2011 when they announced the sponsorship deal.

It looks like their investment is finally paying dividends.

Price according to Rolex.



Roger Federer — Rolex Sky-Dweller in stainless steel, $14,400.

Roger Federer is one of Rolex's best-known ambassadors, and you won't see him lifting a trophy without one of the luxury watches on his wrist, each of them hand-picked to match the tournament.

At the Australian Open in January 2017, Federer lifted an impossible-to-find Rolex Sky-Dweller in stainless steel along with the trophy.

The Sky-Dweller is the most complicated watch that Rolex makes, according to Hodinkee

While this watch was probably provided for him by Rolex, Federer wouldn't have much of an issue buying it, as he was the highest-paid tennis player of 2019, according to Forbes.

Price according to Rolex.



Cristiano Ronaldo — Tag Heuer Carrera Heuer-02T, $24,500.

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Cristano Ronaldo is the second highest-paid athlete in the world according to Forbes, and a lot of that money comes from his numerous endorsements, one of which is Tag Heuer.

While it's a mystery exactly which and how many watches he owns, above he's wearing the Tag Heuer CARRERA Heuer-02T. The price of his exact model is unknown as it is listed as "unique," but the most closely related timepiece retails for $24,500.

Price according to Tag Heuer.



Phil Mickelson — Rolex Yachtmaster 40, $26,200.

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To go along with his three green jackets, golfer Phil Mickelson has a sponsorship deal with Rolex and has been seen wearing various models. Here, he is proudly showing off a Yachtmaster 40, which comes with Rolex's patented Oysterflex bracelet and is made from rose gold.

Price according to Rolex.



Lewis Hamilton — IWC Big Pilot Special Edition, $33,300.

Lewis Hamilton and the entire Mercedes F1 team is sponsored by IWC. Therefore, Hamilton gets to wear a lot of rare and limited edition IWC watches.

The one pictured above is believed to be an IWC Big Pilot Perpetual Calendar in yellow gold, but no price for this watch can be found publicly.

The 2019 version of the limited edition watch is valued at 33,000 Swiss Francs (or about $33,300).

Price according to Monochrome Watches.



Michael Jordan — IWC Big Pilot Platinum Limited Edition, $35,500.

In 2016, NBA legend Michael Jordan received the Presidential Medal of Freedom from President Obama — you may remember the memes.

What you may not remember, though, was Jordan's wristwear, which happened to be an IWC Big Pilot Platinum Limited Edition, ref. 5002-02, according to Hodinkee.

The limited edition timepiece was made in only 500 pieces, according to Watchfinder&Co., and was on sale from roughly 2003 to 2006.

Watchdetails projects that the retail price for this limited edition watch, if you can find it, falls around $35,500.



Elina Svitolina — Ulysse Nardin Marine Lady Chronometer, $35,800.

Elina Svitolina is one of the Ukraine's top tennis stars and is currently ranked number three in the world by the WTA. Since she has partnered up with Swiss brand Ulysse Nardin, she has been spotted wearing multiple models by them.

Here she is wearing the rose gold and diamond covered Marine Chronometer.

Price according to Ulysse Nardin.



Conor McGregor — Rolex Sky Dweller, $39,550.

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Conor McGregor is known for his massive displays of wealth and love of all things expensive. Here you can see him wearing a yellow gold Rolex Sky Dweller on a brown alligator strap.

While this is perfect for a man who is constantly in different time zones, McGregor is also known for having a varied collection.

Price according to Rolex.

Read more: Conor McGregor just claimed he's a billionaire in an Instagram post — but the numbers likely don't check out. Here's how the UFC fighter makes and spends his fortune, from Lamborghinis and yachts to outrageous designer suits



Usain Bolt — Hublot Big Bang UNICO, $39,900.

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These were produced by Hublot at the start of the 2016 athletics season to commemorate Bolt's career and his final season on the track.

With a depiction of his silhouette doing his signature lightning pose in one of the subdials, the watch is truly one of a kind, just like Bolt himself.

Price according to Hublot.



LeBron James — Customized Audemars Royal Oak Offshore, $49,500.

James' Audemars Piguet is customized in 18k gold, but you can buy a similar regular version on Crown & Caliber for $49,500.



Stephen Curry — Santos de Cartier Skeleton, $63,500.

Cartier's new take on its classic caused quite a stir in the horological community when it was relaunched in April 2018, and it was largely agreed to be a stunning piece of design.

The price tag is unlikely to make much of a dent in the wallet of the Warriors star, though — his $40 million salary makes him the highest-earning player in the NBA.

Curry's elegant Santos is a refreshing break from the louder timepieces worn by his NBA colleagues, who tend to opt for Hublot Big Bangs, Audemars Piguet Royal Oak Offshores, and garish Richard Milles.

Price according to Cartier.



Paul Pogba — Richard Mille RM 30 White Rush, $166,500.

Manchester United's Paul Pogba has a basic salary of £290,000 (roughly $357,512) a week, according to Goal.com, which goes some way to explaining how the French midfielder is able to afford a $166,500 timepiece.

It's even less surprising when you consider that Pogba signed a 10-year sponsorship deal with Adidas in 2016 worth about $44 million. 

Price according to Chrono24.



Anthony Joshua — Audemars Piguet Royal Oak Off-Shore, $431,375.

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Joshua is quickly becoming one of the biggest names in UK and international sports.

Away from fighting, Joshua's company AJ Boxing and Commercial makes money through 12 sponsors, gym ownership, and an athlete management business.

One such sponsor is Audemars Piguet, who likely gifted him this watch, valued at about £350,000 (or $431,375) in 2017.

Price according to Business Insider.



Rafael Nadal — Richard Mille RM27-02, $725,000.

Nadal is a big ambassador for Richard Mille and one of the very few athletes on this list who wears their watch while competing.

His specially designed Richard Mille RM27-02 was made with top-of-the-line shock absorption technology for a mechanical watch with a design inspired by racing car chassis, making it virtually indestructible. There is also orange in the design to reflect the clay courts of Roland Garros, where Nadal has dominated for so many years.

Price according to Forbes.



Serena Williams — Audemars Piguet Diamond Outrage, $1.25 million.

Williams topped her male counterparts when she wore this ludicrously opulent Audemars Piguet Diamond Outrage to the Met Gala in 2017.

The truly absurd looking spiked bracelet watch is made of white gold and encrusted with 65 carats' worth of precious stones. The watch face itself is hidden beneath one of the spikes and is powered by a caliber 2701 quartz movement.

Williams has been sponsored by Audemars Piguet since 2014.

Price according to Forbes.



Floyd Mayweather — Jacob & Co. 'Billionaire Watch', $18 million.

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The most expensive addition to Floyd "Money" Mayweather's vast watch collection is the $18 million Billionaire diamond tourbillon watch.

The Billionaire is set with 260 carats of emerald-cut diamonds, and even the bracelet is diamond-set.

Mayweather used the watch to insult rapper 50 Cent in a feud, saying in an Instagram post, "You're Not Supposed To Be Beefing With Me. You're Supposed To Be Beefing With My WATCH. Me And You Are Not On The Same Level!!!"

Price according to Forbes.

Russell Sheldrake contributed to an earlier version of this article.



The Sacklers tentatively agreed to pay $3 billion out of their pockets and dissolve Purdue Pharma to settle thousands of opioid lawsuits

Wed, 09/11/2019 - 5:17pm

The Sacklers — one of America's most controversial families — have tentatively agreed to pay out of pocket to resolve thousands of lawsuits against the family business, OxyContin-maker Purdue Pharma, according to The New York Times.

The tentative settlement requires the Sacklers to pay $3 billion of their own fortune in cash over the next seven years, The Times reported.

Purdue Pharma will likely file for bankruptcy and be split into separate companies, two people involved in the negotiations told The Times. A new company will continue to sell OxyContin, with all proceeds benefiting the plaintiffs. 

"Purdue Pharma continues to work with all plaintiffs on reaching a comprehensive resolution to its opioid litigation that will deliver billions of dollars and vital opioid overdose rescue medicines to communities across the country impacted by the opioid crisis," the company said in a statement emailed to Business Insider.

Read more: Non-profits, museums, and hedge funds: Here are the groups that have cut ties with the Sackler family over the opioid crisis

Purdue's accusers claim the company's misleading advertising helped ignite America's opioid crisis, Business Insider previously reported. Sales of OxyContin helped the family build a $13 billion fortune.

In the process leading up to the Sacklers' tentative $3 billion settlement, state attorneys general first asked the Sacklers to pay $4.5 billion, according to NPR. The family declined, and counter-offered a $3 billion payment, Purdue Pharma's head of corporate affairs and communications, Josephine Martin, told NPR September 9. The plaintiffs, however, "needed more security on the part of the Sacklers that the money they were pledging, they would in fact pay," North Carolina state attorney general Josh Stein said on NPR's "Morning Edition."

"Purdue Pharma believes a settlement that benefits the American public now is a far better path than years of wasteful litigation and appeals," Purdue Pharma said in a statement to The New York Times in August. "Those negotiations continue and we remain dedicated to a resolution that genuinely advances the public interest."

In addition to being 100% owners of Purdue Pharma, members of the Sackler family are also major philanthropists. As Business Insider's Katie Warren previously reported, there is a Sackler Gallery at the Smithsonian Institution in Washington, DC; a Sackler Center at the Guggenheim in New York City; a Sackler Educational Lab at the American Museum of Natural History; and a Sackler Wing at the Metropolitan Museum of Modern Art. All of these institutions have come under fire due to their relationships with the Sacklers; several have pledged to stop accepting donations from the family.

SEE ALSO: The makers of OxyContin just settled 2,000 lawsuits on their role in the opioid crisis. Meet the Sacklers, who built their $13 billion fortune off the controversial prescription drug.

DON'T MISS: Meet Bernard and Lisa Selz, the wealthy New York City couple who has donated millions to the anti-vax movement

Join the conversation about this story »

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5 reasons why signing up for a rewards credit card ahead of the holidays can help you save money and travel better

Wed, 09/11/2019 - 5:17pm

  • Signing up for a new credit card probably isn't on your holiday to-do list, but it should be.
  • If you sign up for a credit card now, you can earn a sign-up bonus of points or miles in time for the holidays, and those rewards can help offset holiday travel expenses.
  • Credit cards like the Platinum Card® from American Express and the Chase Sapphire Reserve also offer statement credits that can cover some of your travel purchases. 
  • Benefits like TSA PreCheck and Global Entry can make your holiday travels more convenient.

When you think about preparing for the holidays, applying for a credit card probably isn't at the top of your to do list — but it should be. Here are a few reasons why signing up for a new credit card now could be a great step in your holiday planning.

Earn points and miles to offset holiday travel

According to travel website The Points Guy, the best time to book travel for Thanksgiving and Christmas is three to four weeks in advance — which means if you want to use credit card rewards to offset your holiday travel, now's the time to get started.

Credit card rewards can make a major dent in your holiday travel spending. For example, the 50,000-point sign-up bonus on the Chase Sapphire Reserve (which you can earn after spending $4,000 in the first three months) is worth up to $750 in travel booked through the Chase website – and if you use that on airfare, you'll also earn miles on your tickets.

Or you can transfer those points to an airline or hotel partner – for example, 50,000 points could get you two round-trip tickets within the United States on United Airlines, or if you already have Southwest Airlines points it could make sense to transfer points to Southwest's Rapid Rewards program to get enough for an award ticket with no blackout dates.

Some credit cards also offer companion certificates, which allow you to bring a second person along for just the cost of taxes and fees – an incredible deal, especially when airfares are high. The Alaska Airlines Visa Signature credit card offers this benefit, as do the Platinum Delta SkyMiles® Credit Card from American Express and the Delta Reserve® Credit Card from American Express.

Read more: The best credit card sign-up offers available now

Use holiday purchases to meet minimum spend requirements

Nearly all credit cards that offer a welcome bonus or signup offer require that you spend a certain amount of money on purchases within the first three months of opening the card — typically between $3,000 and $5,000.

Between holiday travel, gifts, and parties, many people find that the holiday season comes with higher-than-usual expenses – so combined with your usual spending, that minimum spend requirement may be less daunting during the holidays.

Read more: You should apply for a new credit card before booking your vacation — but not for the reason you think

Take advantage of annual credits

Some credit cards like the Chase Sapphire Reserve, Citi Prestige® Card, the Platinum Card® from American Express, and American Express® Gold Card come with annual credits to offset travel fees or other travel expenses. While the Chase Sapphire Reserve's credit is tied to your account anniversary, the other cards on this list offer the credit once per calendar year. That means if you sign up for the card now, you can receive the credit before the end of 2019, and then use it again starting in January. It's a great way to offset the high initial cost of these cards' annual fees.

This philosophy isn't restricted to travel, either: it also works for other time-restricted credits, like the Saks Fifth Avenue credit offered by the American Express Platinum and the Dell credit offered on the Business Platinum® Card from American Express.

Beat long lines at the airport or immigration by taking advantage of Global Entry or TSA PreCheck credits

Many credit cards will reimburse you for enrolling in the Global Entry and TSA PreCheck trusted traveler programs. TSA PreCheck allows you to skip long security lines at US airports, and go through an expedited lane where you don't have to take your shoes off or take anything out of your bags. This makes a huge difference in your travel experience, especially if you're traveling with family members.

If you ever travel internationally – and especially if you plan to go abroad during the holidays — Global Entry could be your new best friend. In addition to TSA PreCheck benefits, you also get access to expedited immigration and customs lines at US airports and land borders, as well as pre-clearance facilities in Canada, the Caribbean, Ireland, and Abu Dhabi. During the busy holiday travel season, you could easily spend over an hour in line at immigration — or you could sign up for Global Entry and be through in minutes.

Note that while children 12 years and younger can go through the TSA PreCheck lane as long as their parents have PreCheck, to use the Global Entry kiosks every person must be enrolled in Global Entry (including infants!). Fortunately, you can also use these credit card reimbursements to get your family members signed up for Global Entry.

Read more: 8 credit cards that will reimburse your Global Entry fee

Strategically time credit card applications to maximize benefits like the Southwest Companion Pass

The Southwest Companion Pass is one of the most amazing deals in travel: It allows you to designate one person who can travel with you on any Southwest ticket (whether you book it with cash or points) for just the cost of taxes and fees. To earn it, you have to accumulate 110,000 Rapid Rewards points in a calendar year; one received, it's valid for the remainder of that calendar year and all of the following year.

What does this have to do with credit cards? Well, points earned from Southwest credit card sign-up bonuses count toward the 110,000 Rapid Rewards points required for the Companion Pass.

Chase offers three personal Southwest credit cards, and two business Southwest credit cards. If you were to open one personal card and one business card in November or December and make sure not to finish the minimum spending requirements until after January 1, you could receive enough points in January to receive a Companion Pass valid for two years!

Read more: We compared Southwest's 5 credit cards to help you decide which is best for you

More credit card coverage

Join the conversation about this story »

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Here are the 10 most important things you need to know about motor oil

Wed, 09/11/2019 - 5:14pm

  • Engine oil can seem complicated, with all the different brands an grades, but it's actually pretty straightforward.
  • You do need some basic knowledge, however.
  • You also need to know your vehicle and stay on top of its oil-change schedule.
  • For the most part, auto manufacturers have made all your oil-related decision for you — it's usually best to follow their lead.
  • Visit Business Insider's homepage for more stories.

Motor oil performs three critical functions for your car.

It lubricates the internal-combustion engine, which generations a lot of friction. It also cools down an internal combustion engine, which creates a lot of heat. And it cleans engine parts, which can get dirty.

Obviously, then, you want to make sure that you engine oil is in top condition.

But oil can be daunting, from oil-change schedules to choosing between brands and deciding whether its worth it to pay extra for synthetic oil.

Here's a short guide that seeks to answer the basic questions:

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1. How often should you change your oil?

The 3,000-mile rule doesn't apply — modern motor oils can last much longer. And if you do stick by the old recommendation, you're obviously going to produce more environmentally damaging waste oil. 

But you don't want to expect too much of your oil, especially if you live in a very hot or very cold region, or put a lot of hard miles on your vehicle. Over time, the ability of oil to lubricate, clean, and cool your engine degrades. 

If you're a typical driver, putting 10-15,000 miles annually on the odometer of a car that isn't terribly old, I recommend a seasonal change twice a year. I like spring and fall: in spring you're coming off the demands of winter; and in fall you coming off the demands of summer. 

But if you drive more than 15-20,000 miles per year, I suggest throwing in a third oil change. 



2. Should you do it yourself or take your car to a mechanic to change the oil?

Your choice. And oil change is easy, but you do need to buy: oil, a new oil filter, and filter wrench, and something to drain the old oil into. 

You also need to properly dispose of the used oil.

A mechanic or oil-change operation can handle all this for you, so you don't get your hands dirty. I personally don't think you learn all that much about working on your car from an oil change, and it is a hassle to get rid of the old oil, so I tend to bring my car to a mechanic.



3. If you change the oil yourself, how do you dispose of the waste oil?

You have to take it a place that's approved to dispose of oil or recycle it.

Earth911.com can assist in a search.

Also, the same auto-supply shops where you buy oil-change stuff often provide disposal services.

All you have to do is put the used oil in tightly sealed containers ‚ such as the plastic containers the new oil came in!



4. What grade of motor oil is recommended for your car?

There are quite a few grades of oil, formulated to run in different conditions and different temperatures.

Advance Auto Parts provides a useful explainer

But the kicker is that while you can explore "W" ratings and viscosity specs, the correct grade of oil for your car is the one that the manufacturer recommends. Just go with that and you'll be fine.



5. Dinosaur oil — or synthetic? Or a combination?

I favor synthetics, but they're expensive. They also last longer and have better performance characteristics than nonsynthetics.

You can split the difference by using a hybrid of petroleum-based oil and synthetic and save some money.

However, for many new vehicles, a cheaper old-school oil is fine.



6. How often do you need to check your oil?

I was taught to check my oil levels every time I filled my car up with gas — about once a week. I'd open the hood, pull the dipstick, wipe if off, reinsert it into the engine, pull it out and make sure the oil level was good and also evaluate the color of the oil. 

But those were the good old days — or bad old days, if you ever pulled the dipstick out and discovered you were low, which could indicate a leak or some oil being burned off by your car.

These days, engines are much more efficient and car makers, in some cases, have done away with the dipstick, sealing off the engine from owners and using sensors to monitor oil levels and oil life. 

The new systems are accurate and trustworthy, but I still like to check my oil every few months. You'll definitely want to do this if you drive and older vehicle, or if you notice any telltale oil leaks, or if your car starts to burn a bit of oil. 



7. What are some bad signals that motor oil could send you about your car?

An oil leak — look for brown or black stains on your driveway to garage floor. It isn't a death sentence, but it is something you should have a mechanic check out.

Gray smoke coming from the tailpipe is an indication that your car is burning oil. That's something a mechanic should investigate right away.



8. Where are the best places to stock up on oil?

You can keep an eye out for deals at auto parts stores, but the cheapest, buy-in-bulk options are Walmart and Costco. 

Auto parts stores, however, are best for advice and for specialty oils, if your car requires them.



9. Which cars are the worst on oil?

Old cars are the worst, but modern, small-displacement engines with turbochargers can also stress their lubricants. 

If you use your vehicle to tow a trailer to haul loads, you might also want to consider using a premium synthetic oil to alleviate engine stress.

 



10. What if you don't want to deal with oil ever again?

The answer is to go electric.

Electric cars don't have engines, they have motors, and those motors don't require oil for lubrication (other parts of the EV do, however, have to be lubricated, such as door hinges). 

So if you never want to deal with an oil change again, buy a Tesla, a Chevy Bolt, or a Nissan Leaf.



Oil tycoon T. Boone Pickens has died. Here are the lessons he used to guide his career.

Wed, 09/11/2019 - 5:01pm

  • T. Boone Pickens was an energy magnate, hedge fund investor, and philanthropist. He died at age 91 on Wednesday.
  • Pickens based his career on a set of ethics and lessons he often shared with the public, often accompanied by off-beat aphorisms.
  • He believed that planning is crucial to success, while at the same time valuing the willingness to make decisions, and that the level of quality communication determined a team's effectiveness.
  • Visit Business Insider's homepage for more stories

T. Boone Pickens, "The Oracle of Oil," died at age 91 on Wednesday.

Pickens founded the oil and gas company that he'd later rename Mesa Petroleum in 1956, and became a shareholder rights activist in the 1980s as the founding leader of the United Shareholders Association. Then, in 1996 at the age of 68, Pickens sold Mesa and started a hedge fund called BP Capital Management. His role as an investor led to his becoming a billionaire in his 70s, and he spent much of his latter years in philanthropy, giving away nearly $2 billion, including half a billion to his alma mater, Oklahoma State University.

Through it all, he followed a code of ethics that were often accompanied by aphorisms his colleagues coined "Booneisms." We've collected some of the lessons he passed on most frequently.

Following a plan is necessary for success.

In 2017, Pickens wrote an open letter to graduating college seniors, in which he passed on the best lesson his father ever gave him.

At Pickens' induction ceremony to the fraternity Sigma Alpha Epsilon, his dad told him, "A fool with a plan can beat a genius without one." His parents felt that he was not taking his studies or future career seriously, and said they were afraid he was being "a fool with no plan." Pickens took the advice to heart and made a plan to graduate with a geology degree, which was his entry into the oil and gas business.

But don't overplan.

Pickens believed that the most important quality in a leader is the willingness to make decisions. "Don't fall victim to what I call the ready-aim-aim-aim-aim syndrome," he'd often say. "You must be willing to fire."

Read more: T. Boone Pickens, the 'Oracle of Oil,' Republican donor, and billionaire philanthropist, dies at 91

And don't get tripped up by distractions.

One of Pickens' Booneisms was,"When you are hunting elephants, don't get distracted chasing rabbits."

Work ethic determines success.

In 2015, Pickens told reporter Julia La Roche, when she worked for Business Insider, that that was no secret to success. "It's very simple—good work ethic. If you want to be a lawyer, geologist, or a nurse, work ethic comes first. Everything else falls into place."

Management is nothing without leadership.

Pickens wrote in his 2000 book, "The Luckiest Guy in the World," that, "A management style is an amalgamation of the best of other people you have known and respected, and eventually you develop your own style." He noted, however, that he personally didn't focus on crafting that style so much as he did the way he led his team. "I never consciously manage anybody. I try to lead people," he wrote.

The root of all problems is poor communication.

"I've always believed you can trace every problem to a lack of communication or lack of clarity in communication," Pickens wrote in a LinkedIn post in 2017. He considered a knack for clarity to be his "core asset."

It's never too late to start over.

As mentioned, Pickens began a new chapter in his life when he was 68 years old. He's said that he was motivated at the time by an imagined headline, "The Old Man Makes a Comeback." The new level of success he enjoyed later in life taught him that age wasn't as important as it typically was made to be, and that applied to people just starting out, as well. 

Let optimism drive you.

Boone contemplated his own mortality in a 2017 blog post, after suffering a fall while recovering from a series of strokes. He wrote that during his contemplation of life, he refused to be morbid.

"Truth is, when you're in the oil business like I've been all my life, you drill your fair share of dry holes, but you never lose your optimism," he wrote. "There's a story I tell about the geologist who fell off a 10-story building. When he blew past the fifth floor he thought to himself, 'So far so good.'"

SEE ALSO: T. Boone Pickens, the 'Oracle of Oil,' Republican donor, and billionaire philanthropist, dies at 91

Join the conversation about this story »

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Apple is set to launch 3 new health studies using data from the iPhone and Apple Watch. Here's what they plan to investigate.

Wed, 09/11/2019 - 4:49pm

  • Apple announced three new health studies during its annual event: a Women's Health Study, Heart and Movement Study, and a Hearing Study, in partnership with academic and medical institutions. 
  • The data will be collected from individual's who choose to opt in to the data collection with their Apple Watch health data. 
  • The new Apple Watch Series 5 was announced yesterday. 
  • Visit Business Insider's homepage for more stories.

Apple announced three new health studies during its annual product-launch event, as the tech giant emphasizes that its watch and phone can be healthcare tools.

Apple is launching a women's health study, a heart and movement study, and a hearing study in partnership with academic and medical institutions. Data from Apple's devices, ranging from how a person moves to how loud it is around them, will be used in the new studies.

Individuals can choose to opt into the studies and allow Apple to collect their data, using the Research app, which the company said will be available later this year. More details on the studies will be available when the studies launch later in the year, partners from the studies told Business Insider. 

Read more: Here are the biggest differences between Apple's new iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max

The studies are a way to develop new medical insights from the millions of people who use Apple's products. US consumer use of wearables such as Apple's Watch jumped from 9% in 2014 to 33% in 2018, according to Accenture. And according to research from Business Insider Intelligence, more than 80% of consumers are willing to wear fitness technology. 

The women's health study will track menstrual cycles and gynecological conditions

The women's health study will be conducted with the Harvard T.H. Chan School of Public Health and the NIH's National Institute of Environmental Health Sciences. The goal is to create a longterm study focused on menstrual cycles and gynecological conditions. The focus of the study is help with screenings and assessments for conditions like infertility, osteoperosis and pregnancy. 

"Women's health in general, from basic physiology to the specificity of menstrual cycle characteristics, is understudied," said Shruthi Mahalingaiah, an assistant professor at Harvard University for environmental reproductive and women's health. "I'm excited to participate in a study of this scale and scope to fill the existing gap with the data and to look at areas of need, preventive measures, advancing health and moving forward possibly even with therapeutics." 

Mahalingaiah also noted the importance of the study's potential reach, as anyone can participate, allowing for a larger and more diverse set of participants.

The hearing study will focus on noise exposure over time

In the hearing study Apple with work with researchers at the University of Michigan to evaluate individuals' exposure to sound over time to see if it will affect their hearing. The study will be shared with the World Health Organization as a contribution towards the Make Listening Safe Initiative, Apple said.

"The information gleaned from this partnership will be critical for us to address the public health impact of various noise exposures on hearing loss in the United States," DuBois Bowman, dean of the University of Michigan School of Public Health said. 

A comprehensive study on heart health and mobility

The heart and movement study will partner with Brigham and Women's Hospital and the American Heart Association (AHA) on a comprehensive study that measures how heart rate and mobility, like walking pace and flights of stairs climbed, relate to hospitalizations, falls and heart health in order to promote improved cardiovascular health and movement. 

The AHA will serve as the strategic lead partner for the project and scientists at Brigham and Women's will conduct the research, Susan Grant, a spokesperson for AHA, told Business Insider. 

Apple has been focused on developing new technology related to health for some time.

In January 2019, Cook said in an interview with CNBC: "If you zoom out into the future, and you look back, and you ask the question, 'What was Apple's greatest contribution to mankind,' it will be about health." 

In 2018, the Apple Watch Series 4 was cleared by the FDA to provide a single lead electrocardiogram (ECG), which measures a person's heart rhythm. It can also tell if a person has fallen.

The Apple Heart Study

Earlier this year, Apple and Stanford University School of Medicine came out with the Apple Heart Study. The goal was to see if the Apple Watch and its heart-rate sensor could accurately detect irregularities in people's heartbeat. Around 400,000 people participated in the study. 

The watch appeared capable of picking up on abnormalities linked with a common but serious condition called atrial fibrillation or afib. Afib is an irregular heart beat, and people with the condition can experience shortness of breath and poor blood flow. The condition can also increase the risk of more serious problems like stroke and heart failure. 

Concerns were also raised about whether the Apple Watch would flag people as having heart rate irregularities when those people had nothing wrong with their health, Business Insider reported

Apple has been involved in medical research for the last four years.  In 2015, the company launched ResearchKit, a tool allowing medical researchers to conduct studies using the iPhone. Apple used the ResearchKit to create the Apple Heart Study. 

The company launched CareKit the following year. The tool allows people and companies to develop apps to monitor patients in real-time using sensors in the phone. The iPhone has also allowed users to log information about their physical activity, nutrition and sleep in the health app. 

Read more: 

Here's everything Apple announced at its big iPhone 11 event 

Apple is releasing new healthcare features for older consumers

Stanford scientists just gave us an unprecedented look at how well Apple Watch detects heart problems 

Forget Amazon and Google. Apple could bring in $300 billion a year in healthcare, Morgan Stanley says

Now tell us what you think!

 

 

 

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Need money for a home renovation? You have 2 loan options to choose from.

Wed, 09/11/2019 - 4:46pm

  • Home equity loans and HELOCs — both of which are commonly called a second mortgage — allow you to borrow against the value of your home.
  • Many people use home equity products to pay for remodeling projects or to consolidate high-interest debts.
  • Home equity loans come with a fixed interest rate, fixed monthly payment, and fixed repayment timeline. This makes them a predictable option for borrowers who don't like surprises.
  • HELOCs, on the other hand, come with variable rates and let you borrow as you need — they're a form of revolving credit. In fact, they function a lot like a credit card, the main difference being that you're using your home as collateral.
  • Visit Business Insider's homepage for more stories.

Even if you have no desire to prolong your mortgage payments or add to the debts you have, there are plenty of good reasons to borrow against the equity in your home — commonly called a second mortgage.

Interest rates are typically much lower than other borrowing options, for example, which means you could be a lot better off if your alternatives are a personal loan or a credit card. Since the loans behind a second mortgage, home equity lines of credit (HELOCs) and home equity loans, use your home as collateral, they may also be easier to qualify for.

Another benefit of home equity loans and HELOCs is the fact that you can use the money however you want. Sure, you can use your loan proceeds to remodel your kitchen or add on a new family room, but you can also repair a leaky roof or consolidate high-interest credit card debt. Heck, you could use your home equity proceeds to book a luxury vacation to the Maldives if you want (although you definitely shouldn't).

Home equity loans vs. HELOCs

But should you get a home equity loan or a HELOC instead? This is a question many homeowners ask as they try to figure out the difference — and which option might work best.

While both home equity products let you borrow against the equity you have in your home, they don't work in the same way. The key to knowing which one is best for your needs is deciphering the details and understanding the pros and cons of each.

All about home equity loans

Home equity loans let you borrow against the equity in your home and receive your funds in a single lump sum. Loan amounts are typically limited by your loan-to-value ratio, a calculation that takes into account your home value minus your existing mortgage and limits your loan to about 80% to 90% of that balance — if you qualify.

Like personal loans, home equity loans come with a fixed interest rate and fixed repayment term. Because of this, you'll also get a fixed monthly payment that doesn't change during the life of the loan. In that sense, home equity loans are extremely predictable; you know how much you're borrowing, how long you'll pay it back, and exactly how much you'll owe each month.

You'll want to find out upfront whether your lender charges a prepayment penalty, in case you want to pay back the loan ahead of schedule, and how much you'll be expected to pay in fees and closing costs. Different lenders have different fee structures — some have very low fees — so you'll want to compare your options.

Pros of home equity loans:

  • Fixed monthly payment, loan term, and interest rate

Cons of home equity loans:

  • You're using your home as collateral, so you risk foreclosure if you don't repay
  • Some home equity loans have fees, including an origination fee and closing fees
  • You are required to figure out how much you want to borrow up front

Looking for a loan? Consider these offers from our partners:

 

All about HELOCs

Where home equity loans work a lot like a personal loan, home equity lines of credit, or HELOCs, work similarly to a credit card. Instead of giving you a lump sum, a HELOC is a line of credit you can borrow against when you need the money. As such, you will only repay amounts of money you borrow in the end.

Read more: A new online checking account can help you avoid fees and get better rates — here's how to find the right one for you

Like home equity loans, HELOCs usually limit your borrowing ability to up to 85% of your home's value, and may or may not include fees depending on the lender. They typically come with a variable interest rate that is based on an index, although some lenders allow customers to convert these to fixed rates. They also tend to have a borrowing period (usually 10 years) and a repayment period (usually 20 years), and you can only take money out during the initial borrowing period.

Since your payment is based on how much you borrow and your interest rate is variable, however, your monthly payment amount may be hard to predict — and it could even fluctuate over time.

Pros of HELOCs:

  • Only borrow amounts you need instead of a lump sum
  • Your variable rate could remain low since it's based on an index
  • Many HELOCs come with no fees or low fees

Cons of HELOCs:

  • You're using your home as collateral, so you risk foreclosure if you don't repay
  • Some HELOCs require a large balloon payment or lump sum at the end
  • Some HELOCs have fees, including an origination fee and closing fees
  • Your monthly payment can vary — and even rise — based on your interest rate and how much you borrow

Read more: How automated saving and investing really works — and why more of us should be doing it

Home equity loan or HELOC? Only you can decide

While the new tax law passed in 2017 cast some doubt over whether consumers could deduct interest paid on home equity products on their taxes, the Internal Revenue Service (IRS) cleared that up last year. In a press release, it noted that home equity interest is still deductible provided the funds are "used to buy, build, or substantially improve the taxpayer's home that secures the loan." In other words, you can deduct the interest from a HELOC or home equity loan if you're using the funds to improve your property in some way, but not if you're using them for a Caribbean cruise.  

You must be in a position to deduct home equity interest for this to matter. Remember that the mortgage interest deduction is only applicable if you itemize on your taxes, and fewer people will do that this year since the standard deduction has been raised to $24,000 for married couples filing jointly and $12,000 for individuals.

With that detail out of the way, it shouldn't be too hard to decide between a HELOC or a home equity loan. If you want a fixed monthly interest rate and a fixed payment and don't mind borrowing a lump sum, get a home equity loan. If you don't mind a variable interest rate and want to borrow as you go, on the other hand, get a HELOC. Just remember that your monthly payment might fluctuate as rates rise or you borrow more.

Both options tend to be inexpensive and they both come with lower interest rates than you'll find elsewhere. Most importantly, they will both help you access your home equity and achieve your goals — whatever they are.

Related coverage from How to Do Everything: Money

SEE ALSO: Here's exactly how much you'll pay your mortgage company over 10, 15, or 30 years

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The world's biggest video game retailer, GameStop, is closing hundreds of stores as it attempts to stay afloat — and that's just the first wave of closures (GME)

Wed, 09/11/2019 - 4:40pm

  • GameStop, the world's largest game retailer, is closing 180 to 200 stores — and that's just the beginning.
  • "We are on track to close between 180 and 200 underperforming stores globally by the end of this fiscal year," GameStop CFO Jim Bell said on Tuesday afternoon. The chain has over 5,700 locations around the world.
  • This is just the beginning of a major culling of GameStop retail locations.
  • Bell said he expects a "much larger" group of stores will be closed in the next one to two years.
  • Visit Business Insider's homepage for more stories.

The world's largest video game retailer, GameStop, has a staggering number of stores around the world: Over 5,700 as of September 2019.

While that massive number of retail locations might've made sense in a previous decade, it's become a liability for the game retail giant as consumers increasingly buy digital games.

That's why, among many other reasons, GameStop is beginning to shut down some of its many retail locations. "We are on track to close between 180 and 200 underperforming stores globally by the end of this fiscal year," GameStop CFO Jim Bell said on the company's Q2 earnings call Tuesday.

And that's not all: The company is expecting to close a "much larger" group of stores in the next one to two years.

The initial wave of closures, Bell said, are "opportunistic," whereas the next wave of closures will come from a deeper look at each store and its region.

"We are applying a more definitive, analytic approach, including profit levels and sales transferability, that we expect will yield a much larger tranche of closures over the coming 12 to 24 months," Bell said on Tuesday's investor call.

It's unclear how many stores will be closed in the long run, but it is clear that GameStop execs are taking a more deliberate approach to the next wave of stores the company closes.

Read more: Inside GameStop's ambitious 3-point plan to save itself from destruction

The closures are the latest cost-saving measure from GameStop's new leadership team — the company has already had two waves of layoffs.

Under its new leadership team, GameStop launched an initiative known as "GameStop Reboot" that's intended to breathe new life into the retail chain.

The first step of the reboot involves addressing issues with so-called SG & A, a financial term that stands for Selling, General and Administrative Expenses. In simpler terms: It means lowering the cost of salaries, taxes, advertising, and other nonproduction costs.

Unfortunately, it also means layoffs and store closures.

SEE ALSO: 'Big Short' legend Michael Burry recently unveiled a bullish bet on GameStop — but the retailer's shares are plummeting after a dismal earnings report

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Uber, Lyft, and DoorDash are gearing up for a $90 million fight in California — here’s why they oppose the state’s new gig-worker bill and what they're proposing instead (UBER, LYFT)

Wed, 09/11/2019 - 4:39pm

California senators on Tuesday passed Assembly Bill 5, a proposed law that's now likely to be signed by the Governor and one that Uber and Lyft have fought heavily against.

The law, which would take effect January 1 if signed by Gov. Gavin Newsom, could force many gig-economy companies to reclassify their workers as employees thanks to the codification of a three-part test.

Read more: Uber and Lyft just took a major blow in California, and now they're gearing up for war

That would mean major expenses thanks to higher wages and other benefits like overtime and health care that could potentially bankrupt the companies. Instead, Uber, Lyft, and DoorDash have pledged $90 million to take the issue to voters.

"Making all drivers full-time employees, whether or not they want it (and to be sure, most don't), would fundamentally change what Uber and ridesharing is," Uber said in an August blog post. "It would also effectively require us to do something that is both unrealistic and never been done before: on-demand employment. As experts have noted, converting drivers to employees will inherently come with tradeoffs, for them and for us."

Uber's proposal hopes to give workers many of their demands, while preserving the independence many love about the ride-hailing apps. This suggestion includes a guaranteed hourly earnings rate of $21 while on the way to a fare or actively shuttling passengers (about 60% of drivers' time), access to portable benefits that could follow someone between gigs, and sectoral bargaining on an industry wide basis (as opposed to company-specific negotiations).

See also: Apply here to attend IGNITION: Transportation, an event focused on the future of transportation, in San Francisco on October 22.

"Achieving a legislative solution is our top priority, but should the legislature fail to act, we will be left with no choice but to pursue a ballot initiative," Max Rettig, DoorDash's head of public policy, said in an emailed statement. "We're confident that California voters support a solution that pairs worker flexibility with economic security."

Beyond the trio of companies that have pledged money to the ballot proposal, other gig-economy companies stand to be greatly impacted by the new rules should they become law.

Instacart, Postmates, and two industry organizations joined Uber and Lyft in their opposition, saying in a letter to lawmakers that they were unfairly targeted. The proposal is vital for these companies, as labor groups in other states like New York look to establish similar protections for workers. 

"We remain committed to working with the Governor, legislature, labor leaders, and workers supported by our technology platforms to establish progressive policies that better reflect the unique nature of this work, while also improving the quality and security of the work enabled by relevant labor laws," they said in the letter dated September 9.

"Unfortunately, the bill now goes beyond the effort to exempt various industries and instead alters the venues and path through which these standards would be interpreted and applied."

Read more: 

SEE ALSO: Uber and Lyft just took a major blow in California, and now they're gearing up for war

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Stocks climb as Apple-led tech rally snaps 3-day losing streak

Wed, 09/11/2019 - 4:34pm

Stocks climbed on Wednesday as tech shares led by Apple snapped a three-day losing streak.

Shares of Apple rose as much as 3.2% to an 11-month high after unveiling a trio of new iPhones and other hardware products at its annual September launch event.  The company also said its upcoming streaming platform will cost $4.99, undercutting many of its soon-to-be competitors. 

President Trump resumed pressure on the US Federal Reserve to lower rates on Wednesday, calling the central bank's officials "Boneheads." 

"The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt," the president wrote in a tweet on Wednesday. "INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet."

Investors are anxiously awaiting the next move from the Fed and the European Central Bank. Both are expected to cut interest rates later this month to support wavering global growth. 

Here's a look at the major indexes as of the 4 p.m. close on Monday:

China announced a small number of US products including some animal feed ingredients, chemicals, and cancer medication will be temporarily exempt from an upcoming round of tariffs. The short-term exemption comes just days before the two sides are set to resume trade negotiations.

Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.

Shares of GameStop tanked as much as 22% on Wednesday after the video-game retailer cut its annual sales forecast and said nearly all of its business segments decline in revenue during the second quarter. "Big Short" investor Michael Burry recently backed the company, disclosing his hedge fund holds 3% stake in the retailer. 

Within the S&P 500, these were the largest gainers:

And the largest decliners:

The S&P 500 saw broad gains on Wednesday, with real estate stocks posting the only losses. Materials, technology, utilities, and healthcare gained roughly 0.9%.

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Andreessen Horowitz is reportedly backing Oculus founder Palmer Luckey’s new border technology startup with $1 billion valuation

Wed, 09/11/2019 - 4:28pm

Palmer Luckey is back with another billion-dollar business.

The controversial Oculus founder has reportedly received funding that valued his new defense technology startup, Anduril, above $1 billion, according to a CNBC report Wednesday.

The company, which makes technology to deploy and monitor a "virtual border wall," reportedly received backing from Andreessen Horowitz, one of the most noteworthy venture capital firms in Silicon Valley. This comes following reports that Peter Thiel, founder of data mining startup Palantir, also invested an undisclosed amount in Anduril through his venture firm Founders Fund.

Representatives for Andreessen Horowitz and Anduril did not respond to Business Insider's request for comment.

Read More: Competition to win deals among Silicon Valley VCs is so intense that one investor made a personalized comic book of Oculus founder Palmer Luckey to woo him

Andreessen Horowitz also invested in Luckey's last startup, VR gaming company Oculus, before it was purchased by Facebook for $2 billion in 2014. Luckey ran Oculus within Facebook after the acquisition, but left the company in 2017 amid reports of his involvement with far-right political groups. 

Anduril is targeting the lucrative but controversial market for government defense contracts, similar to Thiel's Palantir. In the past months, tech giants like Microsoft, Amazon, and Google have all shied away from pursuing deals with the government after employee pressure against the tactics employed by the Trump Administration.

SEE ALSO: This former early employee of Twitter and Stripe is joining Accel to hunt for the next generation of first-time founders

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Apple TV+ is 'no substitute' for Netflix and its stockpile of original programming, Bank of America says (AAPL, NFLX)

Wed, 09/11/2019 - 3:52pm

  • Netflix will remain a leader in the streaming wars despite Apple TV+ offering a far lower price, Bank of America analysts said Tuesday.
  • The streaming company has more than 400 original titles and thousands of other offerings compared to Apple's nine launch titles, making the iPhone producer "no substitute" for Netflix, the analysts said.
  • The team added Netflix's years of dominance in the streaming business leave it with a "secure" position ahead of Apple and Disney launching their competing services.
  • Watch Netflix trade live here.

Apple is reportedly spending $6 billion on original programming for its Apple TV+ service, but it can't match Netflix's extensive catalogue, Bank of America Merrill Lynch analysts said in a Tuesday note.

The iPhone maker revealed Tuesday it will launch its streaming service November 1 for $4.99 per month. Apple also revealed it will give iPhone, iPad, Apple TV, and Mac customers a free one-year trial of the service. Apple TV+ will launch with nine original titles.

The price falls well under Netflix's offerings, which start at $8.99 per month for a "Basic" plan and hit $15.99 per month for its top-tier service.

However, the streaming company's collection of more than 400 original series titles will keep it from losing too much market share to Apple, the analysts said. The note also cited SNL Kagan data showing nearly 4,000 movies and 1,828 series available on Netflix.

Apple is "likely to be hit-driven in the near term" while Netflix continues to produce series well-known among consumers, the analysts wrote.

"Until Apple's content library gains scale to compare to Netflix or Amazon, it is likely as a nice-to-have for Apple device users/buyers and no substitute for Netflix's large catalog of licensed content and originals," the team led by Nat Schindler said in the note.

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Netflix will remain a leader in the streaming wars as its "incumbency and growth outlook remain secure," the team added. The company's 157 million streaming subscribers give it a healthy lead over looming competition, with Disney's service also not launching until November.

Netflix shares have fallen nearly 18% in the last three months as subscriber growth slowed and its second-quarter earnings disappointed analysts. Bank of America reiterated its "buy" rating Tuesday, and pegged its price objective for the Netflix stock at $450 per share.

The streaming company traded at $290.11 per share as of 1:30 p.m. ET Wednesday, up about 8% year-to-date.

Netflix has 31 "buy" ratings, nine "hold" ratings, and four "sell" ratings from analysts, with a consensus price target of $386.51, according to Bloomberg data. 

Now read more markets coverage from Markets Insider and Business Insider:

Apple hits 11-month highs after its latest keynote reveals competitive streaming pricing and a new iPhone lineup

'Big Short' legend Michael Burry recently unveiled a bullish bet on GameStop — but the retailer's shares are plummeting after a dismal earnings report

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These are the top 15 US banks ranked by the mobile banking features consumers value most

Tue, 09/10/2019 - 7:00pm

This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. This report is exclusively available to enterprise subscribers. To learn more about getting access to this report, email Senior Account Executive Chris Roth at croth@businessinsider.com, or check to see if your company already has access

New data shows that mobile features have become a key factor that customers weigh when choosing a bank. 

In Business Insider Intelligence's second annual Mobile Banking Competitive Edge study, 64% of mobile banking users said that they would research a bank's mobile banking capabilities before opening an account with them. And 61% said that they would switch banks if their bank offered a poor mobile banking experience.

For channel strategists, the challenge in attracting mobile-minded customers is knowing when to bet budgets and political capital on developing emerging features. It's complicated by most flashy features — such as voice assistants, smartwatch banking, and bank-offered mobile wallets — being deemed a "must" by analysts, media, and rival banking executives. 

The Mobile Banking Competitive Edge Report uses data to inform channel investment decisions by highlighting which mobile banking features are most valuable to customers. Our study has data on consumer demand for 33 in-demand mobile capabilities across six key categories. 

Using that consumer data, the study benchmarks the largest 20 banks and credit unions in the US by whether they offer the cutting-edge mobile features that customers say they care about most. What sets our benchmark apart is that it weights every feature according to customer demand data — not subjective analyst opinion.  

Channel strategists within financial institutions use our report to see which innovative features they should prioritize in development pipelines and to find out how they compare with rival banks and credit unions in offering those features.

Business Insider Intelligence fielded the Mobile Banking Competitive Edge Study to members of its proprietary panel in August 2018, reaching over 1,200 US consumers — primarily handpicked digital professionals and early-adopters, making our sample a sensitive indicator of emerging features. 

Here are a few key takeaways from the report:

  • Citi snagged first overall. The bank led the account access section, tied for first in account management, and ranked highly in all the other categories of the study. Wells Fargo took second place, leading in security and control and transfers. USAA came in third, NFCU was fourth, and Bank of America rounded out the top five.
  • Demand for security features is sizzling. Following a year of huge breaches being announced at companies like Facebook and Google, consumers' security concerns jumped to become the most important category. The category included the No. 1 feature overall: the ability to turn a payment card on or off. 
  • Digital money management features are also highly demanded. Chase and Wells Fargo may be onto something with their millennial-focused banking apps, Finn and Greenhouse, as the generation had sky-high demand for the six features in the category. The most popular feature in the category was the ability to separate recurring payments, such as Netflix and gym memberships.

 In full, the report:

  • Shows how 33 mobile features stack up according to how valuable customers say they are.
  • Ranks the top 20 US banks and credit unions on whether they offer each of those features.
  • Analyzes how demographics effect demand for different mobile features.
  • Provides strategies for banks to best attract and retain customers with mobile features.
  • Contains 63 pages and 30 figures.

The full report is available to Business Insider Intelligence enterprise clients. To learn more about this report, email Senior Account Executive Chris Roth (croth@businessinsider.com).  

Business Insider Intelligence's Mobile Banking Competitive Edge study includes: Ally, Bank of America, BB&T, BBVA Compass, BMO Harris, Capital One, Chase, Citibank, Fifth Third, HSBC, KeyBank, Navy Federal Credit Union, PNC, Regions, SunTrust, TD, Union Bank, US Bank, USAA, and Wells Fargo.

SEE ALSO: These are the trends creating new winners and losers in the card-processing ecosystem

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This VC turned down an M&A offer from WeWork, and it shows how Wall Street may have wildly overvalued the coworking giant

Tue, 09/10/2019 - 6:09pm

  • Krishna Gupta, the founder of early stage venture capital firm Romulus Capital, shared on Linkedin that WeWork tried to aggressively acquire one of his portfolio companies several years ago.
  • WeWork CEO Adam Neumann told Gupta that his bankers believed that WeWork could be worth $90 billion in the next two years. 
  • Gupta ultimately turned down the mostly stock deal, as he had concerns about WeWork's sky-high valuation, and still believes it was the right decision. WeWork is reportedly now eyeing a valuation of around $20 billion in its IPO.
  • The following post is published with permission from Gupta. 
  • Read all of Business Insider's WeWork coverage here.

Even in a time of widespread overvaluation and non-tech companies masquerading as tech companies, WeWork has always struck me as a concerning outlier. This concern became much more personal a couple years ago when the We family aggressively tried to acquire one of our portfolio companies.

At the time, WeWork was flying high post-Softbank investment. They had grown to impressive scale with an equally impressive ambition to growth further. They were wisely going around leveraging their overvalued stock to acquire interesting companies. Adam and his team worked hard to sell a vision of unifying the world under the "We" platform as they put down an offer that involved a fair amount of WeWork stock. I was cornered by Adam 1-on-1 for a couple hours; as the lead investor and board member, I was responsible for helping the company make the decision. They gave our company the option of taking cash, but the cash amount wasn't interesting enough to justify selling the business and WeWork didn't have much more cash.

Read more: The CEO of coworking startup Convene is worried bad press around WeWork's model could taint the entire flex-office industry

So the question for all of us was: how much will WeWork stock be worth if/when it goes public? Adam told us Goldman bankers had put together analysis that showed the company would be worth $90B within two years (it sounds like the most recent presentation had Goldman pitching $65B to Softbank management), that the We platform would dominate the world, and so on.

For a while, our company's management team was rather enamored by the idea of working at WeWork's scale and seeing 4X appreciation on the amount of stock being offered. Understandably so! WeWork has created a category and is touching companies large and small around the world. That kind of reach provides enticing synergies for any startup.

But synergies need to be valued correctly – the deal has to be right and WeWork's stock as a currency was not as strong as they wanted it to be. With the markets speaking truth, it's clear now that the decision not to sell was the right one. WeWork could certainly still be a successful business but at a much reduced scale/growth and certainly a reduced valuation; the path to even a 2X from where they were two years ago will take a very long time if it ever comes to fruition. It could also go to a 0. I feel sorry for the founders who did end up selling their companies for WeWork stock at that valuation; they sold their dreams for depreciating common stock of a company that has a massive preference stack.

Read more: We got a peek at WeWork's top landlords. Here's who is most exposed to the fast-growing, but money-losing, coworking company as it prepares to IPO.

M&A is challenging for any company in any industry. Rarely is it value-accretive. But it can be particularly complex for early-stage companies that have management teams with no experience in the craft. Having investors or advisors who have experience in M&A and the capital markets can be a powerful advantage. We try our best to help our companies be thoughtful and data-driven on the buy-side (rolling up or merging with other startups) and on the sell-side if necessary!

I am intellectually very curious to see where WeWork goes from here. They have a phenomenal team of bankers from my alma mater JPMorgan helping them. My instinct is they should have allocated more cash toward buying true tech companies rather than toward long-term leases; getting out of being a real estate company was their only chance to get the valuation multiples they aspire to.

Krishna Gupta is the founder and managing partner of early stage venture firm Romulus Capital. 

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Peloton plans to raise as much as $1.3 billion in an IPO that would double its valuation to $8 billion

Tue, 09/10/2019 - 5:40pm

  • Peloton set a price range of $26 to $29 a share for its upcoming IPO.
  • The maker of internet connected fitness equipment said it intends to sell 40 million Class A shares in the offering. 
  • The planned offering would value Peloton at up to $8 billion, double the private market valuation that it fetched one year ago. 
  • Peloton said it will raise as much as $1.3 billion in the IPO.
  • Visit Business Insider's homepage for more stories.

Peloton, the buzzy maker of expensive internet-connected stationary bikes and treadmills, is sprinting towards an IPO that would award it a rich, $8 billion valuation — double what the money-losing company was valued at just one year ago. 

The offering, expected in the coming weeks, would allow Peloton to raise as much as $1.3 billion, according to its latest S-1 document, filed with the SEC on Tuesday.

Peloton's ambitious IPO plans come at a time when another high-profile company — office sharing company WeWork — has faced brutal scrutiny after launching its IPO process and has reportedly had to slash the price it expects its shares to fetch.

The two New York-based companies have a lot of similarities, including controversial capital structures that concentrate the voting control among insiders as well as spiraling losses. Peloton has posted a net loss every year since its founding in 2012, though its $539 million in cumulative red ink is significantly below the nearly $2 billion that WeWork lost in just the last year alone.

Peloton plans to sell 40 million shares of its Class A stock to public investors, priced somewhere between $26 a share and $29 a share. The company said the underwriters of the IPO would have the right to purchase an additional 6 million Class A shares.  

The IPO would value Peloton somewhere between $7 billion and $8 billion, depending on where the shares price. That's a significant step up from Peloton's last valuation in the private markets in 2018, when venture investors pegged its worth at $4 billion

According to Bloomberg, the company and its bankers could kick off the roadshow on Wednesday to pitch the offering to investors.

A big raise for CEO John Foley

Peloton also disclosed that it had entered into a new employment agreement with founder and CEO John Foley on Monday, doubling his annual salary from $500,000 to $1 million. Foley will also be eligible for annual bonus equal to up to 100% of his $1 million salary.

After the IPO, Foley will have 6% voting power at the company, based on his 15 million shares of Class B stock, which have 20 votes per share. Existing Peloton investors Tiger Global Management will control 19.6% of the voting power after the IPO, while True Ventures will have 11.9% voting power.

Public market investors who buy Class A shares in the IPO will be entitled to one vote per share. 

Founded in New York in 2012, Peloton sells $2,000 internet-connected stationary bikes, as well as pricey treadmills. Customers also pay anywhere between $19 and $40  month for access to specially produced live exercise classes. The company describes itself as both a media company and a global technology platform.

Peloton boasts that its "churn rate," the portion of subscribers who cancel service, is extremely low. But according to customer-retention experts that Business Insider has spoken to, Peloton's reported churn metrics are significantly understated.

Peloton, which lost roughly $246 million in fiscal 2019 despite fast growing revenue, plans to trade on the Nasdaq exchange under the "PTON" ticker.

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Retail banking in 2019 overview: industry stats, trends, & market outlook (GS, JPM, C)

Tue, 09/10/2019 - 5:30pm
  • Business Insider Intelligence is launching its brand new Banking coverage in early September.
  • To obtain a free preview of our Banking Briefing, please click here.

When people think about "banking," most of them actually think of retail banking. This subset of the industry includes basic financial services offered to the general public — but the face of the general public is changing.

As millennials and Gen Zers continue aging into the workforce and becoming some of society's biggest earners, banks are being forced to adapt their solutions to match their digital-first preferences, or risk losing them to fintechs and emerging players.

Below we've outlined the state of the retail banking industry, and how banks are staying on top of evolving market trends.

What is retail banking?

Retail banking, also known as personal or consumer banking, refers to the mass-market banking activities that serve the general public. Common retail banking services include checking and savings accounts, debit and credit cards, mortgages and loans, and certificates of deposit.

Retail vs commercial banking

Though retail banking services are often provided by commercial banks, they are specific to individual consumers, whereas commercial banking refers to financial services provided to both the general public and large corporate clients.

Retail banking statistics

As digital and mobile-first features permeate the banking industry, customers are taking their money into their own hands — literally. Here's how important cutting-edge features are for retail customer acquisition and retention:

  • In 2017 alone, retail banks in the US spent $20.2 billion on digital transformation, and that's expected to grow at a compound annual growth rate (CAGR) of 22.5% into 2020
  • According to the global retail banking research director at IDC, some of the largest incumbent banks are spending over 40% of their IT budgets on digital transformation
  • Customers are frustrated with their banking relationships with incumbents — and if they're not resolved, the top 10 banks in the US risk losing 11% of their customers, equating to about $344 billion in lost retail deposits and a revenue hit of $16 billion
  • Business Insider Intelligence's second Mobile Banking Competitive Edge Study found 61% of mobile banking users said that they'd research a bank's mobile capabilities before opening an account
  • Four of the top five most in-demand features in the study were pertained to mobile
  • Consumers' most desirable mobile-banking feature is the ability to temporarily turn off a payment card from their phone — ranked "extremely valuable" by 47% of respondents 
Types of retail banking

Within the retail banking industry, there are specialized subdivisions of banks that exist either to offer a smaller more targeted set of products or to serve a specific customer base. Below are three of the most common types of retail banks.

Consumer banks

Consumer banks are banks that are primarily focused on accepting deposits and making loans to individual customers.

Cooperative banks

Cooperative banks are customer-owned and operated for a common purpose — often to provide financial services to particular groups or economic sections of society such as farmers or small business owners. They operate under the cooperative principle of democratic decision-making and open membership, but can lend to members or non-members.

Credit Unions

Credit unions are member-owned not-for-profit institutions that provide financial services to their members. Because they are cooperative, credit unions seek to promote the best interests of their members by offering better savings rates, lower loan rates, and fewer fees rather than earning profits.

Retail banking financial products & services

Retail banking services are typically carried out at local bank branches within communities — though many are increasingly offered online as well. Common retail banking services include:

  • Checking and savings accounts
  • Debit cards
  • Credit cards
  • ATM cards
  • Mortgages 
  • Home equity loans
  • Personal loans
  • Traveler's checks
  • Certificates of deposit
Retail banking trends and outlook

Consumer frustrations with legacy institutions and growing willingness to use digital channels for financial services have accelerated the shift to online, mobile-first, and even digital-only banking. Tech-savvy players are redefining retail banking in major markets around the world — acquiring customers at pace and ramping up pressure on established firms.

Driven by innovation-friendly regulatory reforms, these companies have especially gained traction in Europe over the last three years, but recent developments suggest these startups are finally poised for the spotlight in the US.

And as a result of flaring competition from neobanks, long-standing incumbents are deploying digital-only retail offerings of their own. Most notably, Goldman Sachs launched Marcus in 2016, an online platform offering highly competitive core products including fixed-rate, fee-free unsecured loans and high-yield savings accounts.

JPMorgan Chase launched its own challenger, Finn, nationwide in 2018, but shuttered the digital bank only a year later, likely because there wasn't significant enough differentiation between Finn and the firm's conventional mobile banking app.

Citi has also stated plans to launch a challenger bank and Wells Fargo is testing its digital offshoot, Greenhouse. So far, incumbent responses to neobanks have been packed with digital features and armed with the resources of their legacy parents, which could give them a considerable advantage over fintechs.

Learn More

With digital and mobile-first features redefining the banking industry as we know it, it's crucial for top decision-makers in financial services to stay ahead of tomorrow's trends. That's why Business Insider Intelligence is launching Banking, our newest research coverage area, to keep you up to date on the biggest industry shifts and shakeups.

This new offering covers digital transformation across the industry, including consumer and business banking, mobile and online banking, digital account opening, and neobanks. 

Click here to obtain an exclusive FREE preview of Banking!

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I held off on opening the Business Platinum card until I discovered Amex Centurion Lounges. This benefit alone is worth the $595 annual fee for me

Tue, 09/10/2019 - 5:25pm

  • I had received offers for the Business Platinum® Card from American Express, but was never tempted to apply until I discovered the Amex Centurion Lounge at San Francisco Airport (SFO).
  • Amex Centurion Lounges offer a comfortable place to relax before a flight, with complimentary gourmet food and drinks.
  • Only holders of the Business Platinum Amex, the Platinum Card® from American Express, or the Centurion cards can access these lounges. 
  • I applied for the Business Platinum to get lounge access, and haven't regretted it a bit.
  • Now is a great time to apply for the Business Platinum, as you can earn up to 100,000 points as a welcome bonus: 50,000 points after you spend $10,000 and an extra 50,000 points after you spend an additional $15,000 all in the first three months.

Recently, before a five-hour flight from San Francisco International Airport to JFK, my family ran into a bit of bad luck: Our flight was delayed. It wasn't just delayed a few minutes; it was delayed by about three hours. After a night of tossing and turning before heading to the airport, we were in no mood to sit there at the gate for eons, or to eat at one of the overpriced fast-food stalls.

Out of the corner of our eyes, we spotted the American Express Centurion Lounge. That was just what we needed — a place to rest and relax, with food and drinks. 

How to access Amex Centurion Lounges

Since I have an American Express Platinum card, I figured we could just waltz right in. Sadly, the card in my possession was American Express's Optima Platinum card — not the right Amex Platinum to get entry.

I learned the hard way that Centurion Lounges are exclusively available for holders of the regular Platinum Card from American Express, the Business Platinum Card from American Express, and the Centurion (black) cards, which are invite-only.

Why I finally applied for the Amex Business Platinum

Beyond the front counter, I could spy couples laughing, I could smell the aroma of freshly brewed coffee, and I was envious of the plate of fresh food a man walked by with. We left crestfallen. We returned to our crowded gate and squeezed into whatever seats we could find while picking on overpriced premade sandwiches and drinking water that cost $4.50 a bottle. I decided right then and there: I needed to upgrade my credit card situation.

I'd been receiving Amex Business Platinum offers in the mail for the business I inherited from my father (it's a vinyl record store called Grooves, so if you're ever in San Francisco, stop on by!). I would routinely tear the offers into little pieces and toss them away, but after seeing the Centurion Lounge at SFO, I was ready to take the plunge. While all the card's perks were tempting, the lounge access really was what sealed the deal.

The Business Platinum card allows me, as well as two guests, to hang out in the Centurion Lounge free of charge as long as our flight is departing that same day. You're only allowed access to the Centurion Lounge three hours before your flight, so you won't be able to go there eons earlier and camp out. You card allows two guests to accompany you; if you have more than two, you can purchase a day pass for them at $50 per person.

Read more: Amex's Business Platinum is one of the best cards for small business owners

Business Platinum card details

In addition to the Centurion Lounge, the card allows entry into the International American Express Lounges, Escape Lounge US, Delta Sky Club (when you're flying Delta), Airspace, Lufthansa Lounges, and a variety of lounges via Priority Pass.The Business Platinum Amex costs $595 a year. My family of three flies quite a bit throughout the year, and we usually about $50 on food and beverages before each leg of our trip. By going to the lounge instead, the card would pay for itself after six trips.

The card is currently offering an elevated welcome bonus, so if you're interested, it's a great time to apply. Instead of the usual 75,000-point bonus, you can earn up to 100,000 Amex points: 50,000 after you spend $10,000 and an extra 50,000 after you spend an additional $15,000 all on qualifying purchases in the first three months. This offer is available until December 4.

That's a high minimum spending requirement, but this is a business card, and for some businesses it could be easy to earn.

Click here to learn more about the Business Platinum card from American Express from our partner The Points Guy. The Centurion Lounge at SFO

At SFO, the Centurion lounge is in Terminal 3, which is the hub for United flights. Unfortunately, if you happen to be flying out of Terminal 1 or 2, you'll have to go through security twice, since the terminals aren't connected. So, if you do make the trek to the lounge, make sure to keep an eye on the clock and allow enough time to get to your gate. The lounge does have a screen with the estimated times of departure, so you can easily keep track if your flight changes.

There are spaces for kicking back and relaxing, tables to hang with fellow travelers, and desks with outlets if you need to get work done. The space is accented with rustic suitcases and vintage photographs of counterculture icons of the 60s like Jimi Hendrix and Sly Stone.

Besides being a comfortable place to wait, one of the main draws is the food. You can see the chefs behind the buffet whipping up fresh (and healthy) fare. The menu changes frequently. When I was there, they had bountiful platters of asparagus and chicory salad, a vegetarian curry, perfectly cooked chicken breasts, and a delicious gemelli pasta with broccolini, fennel, peas, and lemon among many other options. There were also bowls of fresh fruit for the taking.



The other popular place in the lounge is the bar, a destination for many to ease those preflight jitters. Along with a wide array of domestic, imported, and craft beers, they host a full roster of top-shelf liquors such as Maker's Mark Bourbon, and Don Julio Tequila. If you ate too much of the food, there's also Fernet to ease your tummy. For those who like vino, there's a self-serve area with wine dispensers featuring California wines from vintners such as Buehler, Justin Hope, Oberon, and Dutton Goldfield. All of these drink selections are free of charge with a card that gets you access to a Centurion lounge. It's like being at a fantastic hosted party.

There are TV screens in various spots and, most importantly, high-speed Wi-Fi. There's also bathrooms stocked with L'Occitane products and a shower suite if you need to really clean up. If you have little ones with you, there's a large family room with cartoons on the big screen and a few communal toys.

Other Centurion Lounge locations

Currently, the American Express Centurion Lounge has locations Dallas, Miami, Seattle, Philadelphia, LGA – New York, Hong Kong, Houston, Las Vegas, and San Francisco with locations coming soon to Denver, New York's JFK, Los Angeles, London Heathrow, Charlotte, and Phoenix.

Access to the lounges is just one of the many perks that come with the Business Platinum Amex card, and so far, the one we've appreciated the most. Now, we actually look forward to hanging out at the airport!

Click here to learn more about the Business Platinum card from American Express from our partner The Points Guy.

SEE ALSO: All our credit card reviews — from cash-back to travel rewards to business cards — in one place

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NOW WATCH: Violent video games are played all over the world, but mass shootings are a uniquely American problem

4 credit cards that can get you the highest level of hotel elite status

Tue, 09/10/2019 - 5:08pm

  • Hotel elite status can get you perks like free breakfast, room upgrades, and bonus points on your stays.
  • While you can earn hotel status by racking up elite-qualifying nights with a hotel chain, some credit cards offer automatic elite status to cardholders.
  • The Hilton Honors Aspire Card from American Express is the only card to offer top-tier hotel elite status to cardholders just for having the card: You get Hilton Diamond status which comes with perks like a 100% points bonus.
  • Other cards, like the World of Hyatt Credit Card and the Marriott Bonvoy Brilliant™ American Express® Card, offer middle-tier elite status automatically, with the option to earn top-tier status when you meet spending requirements.

If you've seen the movie Up in the Air, you might have felt a pang of jealousy when the main character, Ryan Bingham, bypassed the lines at hotel check-in desks and stayed in beautiful hotel suites courtesy of his elite status. He was on the road constantly, racking up elite-qualifying nights to get those status perks. But you don't have to spend dozens of nights in hotels to get top-tier status.

Below is a round-up of hotel credit cards that get you top-tier status — either just for being a cardholder, or for meeting certain spending requirements in a year.

Read more: The best hotel credit cards to open now

Hilton Honors Aspire Card from American Express

The Hilton Honors Aspire is the only credit card that offers top-tier elite status right out of the gate. Cardholders get Diamond elite status just for being a cardholder, and it takes effect almost immediately —  in my case, I noticed the upgrade a day after I was approved for the card.

Hilton Diamond members get free breakfast, club lounge access, accelerated earnings on paid Hilton stays (100% point bonus) and complimentary suite upgrades based on availability. These are all incredibly valuable perks that can save you money on future Hilton stays while accelerating the number of points you can earn.

In addition, the Hilton Aspire Card earns 7 points per dollar spent on direct flight bookings, car rentals and dining at US restaurants. Charging Hilton stays to this card boosts your already-high earning rate with 14 points per dollar spent. As an added spending incentive, you'll receive a free weekend night after spending $60,000 on your card. That's in addition to an annual free weekend night that is issued just for renewing the card every year.

The only downside to this card? The annual fee is a bit steep at $450. I personally keep this card in my wallet because of the tremendous value I get out of the Hilton Diamond membership alone.

Click here to learn more about the Hilton Honors Aspire card from our partner The Points Guy. Hilton Honors American Express Surpass® Card

If you're not quite willing to pay the $450 annual fee on the Hilton Aspire Card, you may want to opt for the Hilton Honors Surpass Card instead. The card has a $95 annual fee and comes with mid-tier Hilton Gold elite status, which offers some pretty substantial benefits, including free breakfast and an 80% point bonus on paid stays.

If Gold elite status isn't sufficient, you can upgrade to Diamond status by charging $40,000 in eligible purchases to your card every calendar year. Considering the average American household has $40,814 worth of non-housing expenditures every year, hitting that threshold may be more attainable than you might think.

In addition to elite status benefits, Hilton Surpass cardholders earn 12 points per dollar spent at Hilton hotels and 6 points at restaurants, supermarkets, and gas stations in the US. Those are very common spending categories for most people, so there's potential to further maximizing household spending with this card.

Click here to learn more about the Hilton Honors Surpass card from our partner The Points Guy. World of Hyatt Credit Card

The World of Hyatt Credit Card comes with instant Discoverist status, which includes perks like a 10% bonus points on all eligible spending, premium internet access, late checkout, and room upgrades based on availability.

If those benefits don't sound quite as exciting as those offered to top-tier elites, you can spend your way to higher status. World of Hyatt card holders can 5 elite-qualifying nights every year, plus 2 additional nights for every $5,000 spent. Earning top-tier Globalist status would require $140,000 worth of credit card spending the first year and then $125,000 every year to re-qualify. For big spenders who prefer this over completing 55 to 60 nights at Hyatt, it's a solid option.

Click here to learn more about the World of Hyatt card from our partner The Points Guy. Marriott Bonvoy Brilliant American Express Card

If you're looking to earn Marriott Bonvoy elite status, the Marriott Bonvoy Brilliant American Express Card is a great option. The card offers Gold elite status, plus the ability to upgrade to Platinum status after spending $75,000 in a calendar year. While Marriott Platinum isn't quite top-tier status, it does come with premium perks like enhanced room upgrades (based on availability), club lounge access, free breakfast and a 50% bonus points on paid stays, among other benefits

Click here to learn more about the Marriott Bonvoy Brilliant card from our partner The Points Guy.

Top-tier hotel elite status can be incredibly useful when it comes to saving on travel expenses like breakfast and earning more points. Being able to get these perks from a credit card is ideal because it frees you up to stay at hotels that offer you the best rates rather than forcing you to pick one chain repeatedly to earn status.

SEE ALSO: All our credit card reviews — from cash-back to travel rewards to business cards — in one place

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NOW WATCH: Mexico has just one store where you can legally buy a gun and it's located on a heavily-guarded military base

Cannabis has gone from a criminalized drug to a multibillion-dollar global boom in just a few years. Here's everything you need to know about the emerging legal cannabis industry.

Tue, 09/10/2019 - 4:39pm

  • Legal cannabis is one of the world's newest and most dynamic industries. Since Colorado legalized the drug in 2012, the previously illegal plant has birthed multibillion-dollar public companies, minted billionaires, and brewed social change not seen since the end of Prohibition.
  • As cannabis companies scale up, they're seeing interest from institutional investors, major consumer corporations, and Group of Seven governments. 
  • Business Insider reports regularly on the latest developments of the cannabis industry. You can read our stories by subscribing to BI Prime.

Here's what we know about what's going on inside the world of the fascinating legal cannabis industry right now, from the largest publicly traded companies, to venture-backed startups, to the rapidly shifting federal policies around the drug. 

The CBD boom Startups, venture capital and private equity Marijuana M&A Weed on Wall Street Policy Marketing Profiles and interviews with industry leaders Lists 

Join the conversation about this story »

NOW WATCH: Violent video games are played all over the world, but mass shootings are a uniquely American problem

These photos of abandoned malls and golf courses reveal a new era for the American suburb

Tue, 09/10/2019 - 4:38pm

In March 2017, Business Insider reported a series of stories on "The Death of Suburbia," declaring the end of the suburbs as we once knew them.

By examining the plummeting value of McMansions, the increasingly blurry line between city and suburb, and the shuttered shopping malls across the nation, we saw that the once-flourishing suburbs were no longer what they used to be.

Read more: Millennials are following in baby boomers' footsteps and heading for the suburbs — but there's a key difference in how they're doing it

Ahead, see a collection of photos from Seph Lawless and Business Insider reporters, showing the relics of America's suburban past. Some of these structures are now abandoned while millennials move forward with alternative ways of living.

SEE ALSO: The suburban mansion may be losing its spot as part of the American Dream, and it highlights just how different millennials' and baby boomers' worlds are

DON'T MISS: The 50 best suburbs in America, ranked

It's been a rough couple of years for the retail industry, and malls are shutting down across the country. Chicago's Lincoln Mall, pictured here, shut its doors in January 2015.

Source: Business Insider



It had originally opened in 1973.

Source: Chicago Tribune



The 700,000-square-foot mall had the capacity to host four anchor stores and 100 smaller shops.

Source: Chicago Tribune



Closer to its final months, the mall had just 40 storefronts in business.

Source: Chicago Tribune



In 2013, the mall's owner told The Chicago Tribune that the property was losing $2 million a year.

Source: Chicago Tribune



The closure of the mall's Sears was a major blow to its business.

Source: Chicago Tribune



The same year, a court-ordered receiver was appointed to force the location to pay taxes and fines as well as make necessary repairs.

Source: Chicago Tribune



The mall's tenants did not generate enough in rent to pay for the improvements or repairs, according to an attorney for the owner.

Source: Chicago Tribune



The mall reportedly failed to make these changes, which included creating new exits to comply with fire codes and replacing electrical and air conditioning systems.

Source: Chicago Tribune



In November 2014, a Cook County judge ordered the closure of the mall following the holiday shopping season.

Source: Chicago Tribune



For nearly two years, the mall sat empty.

Source: Chicago Tribune



Its shops' signage stayed intact, however.

Source: Seph Lawless



Some banners also remained hanging.

Source: Seph Lawless



Demolition began on the property in May 2017.

Source: Chicago Tribune



The Rolling Acres Mall in Akron, Ohio, had a similar fate.

Source: Ohio.com



This mall originally opened in 1975.

Source: Cleveland.com



With JC Penney as one of its anchor stores, this mall's parking lot was packed with visitors in the early 1980s.

Source: Ohio.com



It officially closed in 2008.

Source: Cleveland.com



Demolition of the mall began in 2016.

Source: Ohio.com



The Metro North Shopping Center in Kansas City, Missouri, has also shuttered.

Source: KansasCity.com



This mall opened in 1976.

Source: KansasCity.com



The mall was massive. Sitting at 1.2 million square feet, it once housed more than 150 retailers.

Source: KansasCity.com



The mall officially closed in 2014.

Source: KansasCity.com



Originally, a $200 million makeover was in the works, but the developers ditched the plan in 2015, citing difficulties attracting tenants.

Source: KansasCity.com



Even some malls that are still open for business look like ghost towns. Here's the Regency Square Mall in Richmond, Virginia, in March 2017, for example.

Source: Business Insider



Empty storefronts lined the halls.

Source: Business Insider



Similarly, Valley View Mall in Dallas, Texas — which opened in 1973 — was mostly empty of both people and stores when Business Insider visited on December 23, 2016.

Source: Dallas News, Business Insider



The mall flourished in the 1970s and through the 1980s.

Source: Labelscar.com



However, as early as the 1990s, after one of its anchor stores, Bloomingdale's, closed, it began experiencing financial trouble.

Source: Business Insider



Some of Valley View's original shops had been taken over by what looked more like a neighborhood garage sale than a store.

Source: Business Insider



It also seemed that many of the shops had been repurposed.

Source: Business Insider



Valley View Mall officially closed in July 2017.

Source: Dallas News



Demolition of the mall began in May 2019. The site will be replaced with mixed-use high-rise buildings that will include office space, retail space, entertainment space, and residential units.

Source: WFAA



Many retailers have struggled to adapt to changing consumer behaviors. As for the anchor stores that are still open in malls, such as this Sears store in Glen Allen, Virginia, the lack of products can be alarming.

Source: Business Insider



In July 2017, Business Insider correspondent Hayley Peterson visited the Glen Allen Sears and found empty shelves in the shoe department.

Source: Business Insider



A broken display shelf was found in the appliances department.

Source: Business Insider



A corner of the store featuring travel items had the same products hanging on multiple hooks in a likely attempt to fill space.

Source: Business Insider 



A department devoted to curtains also appeared to be missing some inventory.

Source: Business Insider



This section was better stocked than other departments, but it also lacked wall signage.

Source: Business Insider



Ripped carpet lined the walls below empty shelves.

Source: Business Insider



The men's department was also very empty.

Source: Business Insider



This Sears location in Woodbridge, New Jersey, which we visited in February 2017, didn't look much better.

Source: Business Insider



This Richmond, Virginia location was also lacking merchandise.

Source: Business Insider



In November 2018, Sears announced that 40 Sears and Kmart stores would close their doors. This news came at a time when 142 stores were already set to close by the end of the year.

Source: Business Insider



The number of store closures announced in 2018 brought Sears' total store count down to around 500 — a major decrease from 2,000 stores in 2013.

Source: Business Insider



In July 2016, we visited the flagship Macy's store in Manhattan, only to find messy shelves and lots of sales. Macy's closed 68 locations in 2017.

Source: Business Insider



The apparel department was also a mess.

Source: Business Insider



It's not just the malls' anchor stores. Crocs closed 158 locations in 2017.

Source: Yahoo.com



In 2017, nearly everything was on sale at RadioShack as they prepared to close 1,430 stores nationwide.

Source: Business Insider



In 2017, Wet Seal announced the closing of all 171 locations.

Source: Business Insider



In 2018, Mattress Firm announced that it would close up to 700 stores across the United States.

Source: Business Insider



Malls and shopping aren't the only things that have changed in suburbs across America. Once a community staple in many American suburbs, the golf course is also now a slowly dying breed.

Source: Business Insider



More than 800 golf courses have shuttered across the US in the past decade, and data from the Sports & Fitness Industry Association has shown that millennials between the age of 18 to 30 have a lack of interest in playing the game.

Source: Business Insider



The Apple Ridge Country Club, located in Mahwah, New Jersey, opened in 1966.

Source: Business Insider



Complete with an event space, 18-hole golf course, swimming pool, and tennis courts, Apple Ridge was a place the whole community could enjoy.

Source: Business Insider



Since it officially closed in late 2015, the country club has seemingly remained uncared for.

Source: Business Insider



This is how it looked when we paid a visit in February 2017.

Source: Business Insider



Today, millennials are doing everything they can to live in cities rather than traditional neighborhood homes.

Source: Business Insider



In lieu of traditional housing, some millennials are turning basements, boats, and vans into homes.

Source: Business Insider



Young homebuyers with different attitudes towards conspicuous consumption are also killing off the McMansion, a sprawling, often architecturally mismatched home boasting several thousand square feet of space.

Source: Business Insider





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