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The founder of Collective Health, one of Silicon Valley's favorite health startups, explains why he took an alternative route to disrupting insurance

Fri, 10/04/2019 - 1:32pm  |  Clusterstock

On the surface, Ali Diab's job doesn't sound like the coolest one in tech. 

Diab is the CEO and cofounder of Collective Health, a startup that works with employers to provide health insurance to their workers.

"It's not glamorous," Diab said. "I absolutely never thought I'd be getting into this business had I not had a first-hand experience that was pretty harrowing." 

Like many health startups with tech founders, the idea started out with a bad experience with the existing healthcare system. Diab was hospitalized in 2013 with an intestinal condition.

At the time, he thought he was good to go when he left the hospital, but then the bills started coming. Some of the claims had been denied for one reason or another, and Diab had to spend time working with his employer, the hospital, and the insurer, to figure out what was going on. 

"It was just like, 'Oh my God, I can't believe the customer experience around health insurance is so crappy. How do you fix this?'" Diab told Business Insider at the CB Insights Future of Health conference in New York. 

Disrupting health insurance has become a hot business. A crop of health insurance startups — Oscar Health, Devoted Health, Bright Health, and Clover Health —  have raised a combined $3 billion to use technology to build new kinds of health-insurance plans.

Collective isn't an insurer itself. It's what's known as a third-party administrator. That means it helps big companies manage the health insurance benefits that they give to their workers.

"It doesn't sound like a sexy business on its surface, but neither does selling books if you're Amazon on the surface," Diab said. 

Why Collective Health chose not to be an insurer

Collective Health works with companies that pay directly for their workers' care, known as self-insured employers. In the US, more than half of the non-elderly population is covered by an employer-provided plan, and almost 80%  of large companies are self-insured .

For those employers, Collective Health helps them manage their healthcare benefits, replacing traditional health insurers. It offers online tools for executives to monitor healthcare spending and an app for workers to find a doctor or check their coverage. The goal is to help companies reduce costs and provide a better experience for their workers using updated technology.

Collective Health doesn't take on any of the financial risks of paying for workers' healthcare. Instead, it relies on insurers or other companies to manage doctor networks and take on financial risks.

When it came to building the model, Diab wasn't keen to become an insurer himself. 

"In the US, health insurance companies just economically are not motivated to lower costs" Diab said.

Health insurers take in money from monthly premiums, and in turn pay out medical claims on behalf of members. Health insurers have rules around how much of their premiums have to go toward medical expenses, typically at least 80%. But when it comes to using those rules to lower healthcare costs, from where Diab sits, that doesn't always pan out. 

"It does, in our opinion, also engender some perverse disincentives to bringing the overall cost of care down," Diab said. "Because if I can tell you you can keep 20% of something, and you're a profit-growing company, you're going to want to make that thing that the 20% is based on as big as you possibly can." 

Collective works with companies like Uber, Zendesk, and Palantir

Collective charges a per-member per-month amount to employers for its service.

Diab likened Collective's role as a TPA to the spot where Amazon sat when it started selling books and other goods online. 

"It gives you a picture of how the market looks and where there are inefficiencies, and then the ability to steer people to the places where there's the most value in the market," Diab said.  

But at the same time, as a TPA, Collective is an integral part of an employers' healthcare. It's through Collective that employees and dependents file claims and check their benefits.

As a TPA, Collective Health covers about 200,000 members, mainly employees and their spouses and children from companies like Zendesk, Uber, Palantir, eBay, and Pinterest. To date, the company's raised about $435 million from investors including SoftBank, Founders Fund, NEA, and GV.

"At the end of the day, employees and their dependents need to come to us," Diab said. "Because we're facilitating all the payments and coverage and everything else that relates to the plan."

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Chris Concannon helped drive a revolution in equity trading. Now the MarketAxess president says bond investors could save billions by taking inspiration from the stock market.

Fri, 10/04/2019 - 1:15pm  |  Clusterstock

  • Chris Concannon, president and chief operating officer at MarketAxess, highlighted areas where the bond market could benefit from mirroring how stocks trade, and where it should differ.
  • Concannon, who joined the electronic marketplace for corporate bonds in January, previously served as CEO of Bats Global Markets and president and COO of Cboe Global Markets.
  • He said the ability to work orders, or putting a buy or sell order in the market and executing it over a period of time, is one example of an innovation from the stock market that could save investors billion if implemented in fixed income. 
  • Click here for more BI Prime stories. 

WASHINGTON, DC — Chris Concannon's departure from Cboe Global Markets to join MarketAxess in January was viewed by many in the industry as another sign the speed and innovation prevalent in the stock market would start to bleed into bond trading

Now, 10 months after taking on the role of president and chief operating officer at the largest electronic marketplace for US corporate bonds, Concannon has some ideas on where bond trading would benefit most from mimicking equities and where the two markets should remain separate. 

Concannon, who spoke at an industry conference Thursday here, noted it won't be an all-out sprint to completely mirror how stocks are traded.

"I walked in thinking  — no offense to the equity people — we got it all wrong in equities. The regulations forced some of this stuff, and the less liquid end of the equity market got treated poorly." Concannon said. "What is nice about the fixed-income market, it is going to be a patient walk to a more electronic market."

Read more: Wall Street banks have seen electronic trading chip away at their control of the corporate bond market. Now they're fighting back.

One area bond investors should look at how stocks are traded is the concept of working an order, or putting a buy or sell order out into the market and handling it over time across multiple counterparties. 

As it stands now, Concannon said, investors either work with one dealer to handle large, block orders or trade small tickets as quickly as possible to get them off their trading desk

"The concept of working orders still hasn't reached the fixed-income market," Concannon said. "I think there will be a lot of evolution around how clients can put some orders in the machine and work the larger, more complex orders."

Innovations like that, or around how investors price bonds, are areas where the bond market can see big benefits from taking inspiration from how equities trade, Concannon said.

"Investors would save billions," he added.

See more: The opaque bond market could be the next frontier for the booming alternative-data business that's on track to grow to $7 billion

However, Concannon said some parts of the bond market should remain the same, instead of following in the footsteps of the stock market. RFQ, or the process of requesting a price from a dealer, will continue to be how a majority of trading takes place, he added. 

Bonds that don't trade frequently, of which there are many, shouldn't be required to be widely displayed as it will make them more difficult to trade, Concannon said. 

Maintaining a range of trading protocols, and giving investors choice, will be key as the market changes, Concannon said. 

But there is no doubt that change is coming, he added.

"There are a lot of people in the community that just don't get. They just don't know it's happening," Concannon said. "They're convinced that there are too many CUSIPs, so we can't have electronic trading. That is just not the case."

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Dispensed: A trip to rural Pennsylvania, the final word on uBiome, and the looming cloud wars in healthcare

Fri, 10/04/2019 - 12:45pm  |  Clusterstock

Hello,

Welcome to Dispensed, Business Insider's weekly healthcare newsletter recapping all the work that kept the healthcare team busy this week while we're all in NYC enjoying the fall weather. 

Most of the team spent a big chunk of Wednesday and Thursday hanging out at Chelsea Piers where we were attending/moderating sessions at CB Insight's Future of Health conference. Between the news and the conference, we somehow managed to squeeze in a selfie of the team all together for the first time!

Let's get to it. But before I dive in. Are you new to our newsletter? You can sign up for Dispensed here.

First, Erin Brodwin had the scoop on the official end of uBiome. The company has gone from bankruptcy to liquidation. 

Bankrupt poop-testing startup uBiome is shutting down

Right before that, she also had the scoop on uBiome losing its lab certification.

It's the end of the road for a startup that once had investors convinced it was worth $600 million, and the end of a six-month reporting journey for the healthcare team here.

You can read all of our reporting on the rise and fall of uBiome here.

Separately, last month Zach Tracer and I took a tour of Pennsylvania, making stops in Scranton, Kingston, and Danville and logging way more miles than my rental car would've liked. But along the way, we got a picture of what Geisinger Health System is doing to take care of its aging population. 

Personally, it was interesting for me to see the new primary care clinic Geisinger launched over the summer. Really wishing my primary care office had a lobby with a fake fireplace and snacks on hand. 

A health system hidden in the heart of Pennsylvania thinks it's cracked the code on caring for seniors. And it could be the future of healthcare.
  • Geisinger, a health system based in central Pennsylvania, is investing heavily in the basic care it provides, starting with seniors.
  • The hope is that by focusing on primary care and prevention, the health system, which also runs a health plan, could keep more people healthier and out of the hospital.
  • Geisinger's efforts to care for an aging population are a preview of the challenges that the US as a whole will face in the coming decades.

Erin has the story on MindMed, a company that wants to develop psychedelics that don't have hallucinogenic qualities. The goal: treating addiction. 

A startup that wants to use psychedelics to treat addiction just raised $6.2 million from the host of Shark Tank and the architect behind the world's biggest cannabis grower
  • A new company called MindMed just raised $6.2 million in a bid to make psychedelics without their characteristic hallucinogenic qualities.
  • Investors in the round include 'Shark Tank' host Kevin O'Leary, as well as Bruce Linton, the architect behind the world's biggest cannabis grower, Canopy Growth.
  • MindMed says it's currently focused on turning a drug inspired by the psychedelic ibogaine into a treatment for opioid addiction.

Clarrie Feinstein did a deep-dive into neuromodulation, which is being used to treat pain. It's something that's coming more into the spotlight as doctors are on the hunt for alternatives to opioids.

The cost, however, can be quite high. 

A 50-year-old technology that uses bursts of electricity to treat pain might finally catch on as doctors hunt for alternatives to opioids

Speaking of deep-dives by Clarrie, she also pulled together a look at the $7 billion hearing loss market and some of the companies that are leading the way there. 

Investors are pouring hundreds of millions into startups working to treat hearing loss. Here are the 4 biotechs vying to disrupt the $7 billion market.
  • Around 48 million people in the US have hearing loss, but there are no approved drugs to treat it.
  • Currently, hearing aids and devices called cochlear implants help people who have impaired hearing, but the devices aren't cures.
  • Four companies—Frequency Therapeutics, Decibel Therapeutics, Akouos, and Sound Pharmaceuticals—are all developing drugs to treat different types of hearing loss. All have raised considerable funding rounds.

Elsewhere, Emma Court spoke to five VCs about the areas they're investing in these days. 

5 VCs in the hottest area of healthcare explain where they're placing their next bets

And I spoke with Gregg Talbert, who's heading up digital and personalized-healthcare partnering at Roche.

I asked him about the company's data-partnering strategy, and why the pharma giant decided to partner with Clover Health to develop new medications — seemingly an unorthodox choice. It's not every day you see health insurers working with pharma companies. 

Why $45 billion pharma giant Roche is teaming up with a buzzy health-insurance startup to find new treatments for diseases

Microsoft vs. Google vs. Amazon

Also — the cloud wars are heating up. The latest we've got our eye on is a deal between Microsoft and Novartis. From Walgreens, to West Coast-based health system Providence St. Joseph Health, to now Novartis, it's been interesting to see where Microsoft is going deep on AI partnerships in addition to selling its cloud services.

We've seen others take similar approaches, like Minnesota-based Mayo Clinic in September signed Google on as its cloud and AI partner, while the health information technology giant Cerner said it had made Amazon Web Services its preferred cloud provider as it moved its business from being hosted on its own data centers to the cloud.

Seems like we're still in early innings of big cloud contracts in healthcare. Curious how you all are seeing the space shake out. What's at stake, who stands to win the most? Ping me at lramsey@businessinsider.com if you'd like to get nerdy about this! 

Missed our sessions at Future of Health? 

We've got you covered. Here are some of our first dispatches from the conference. 

Other highlights: It was interesting to learn more about Uber's health strategy —in particular how it could help Uber get into more rural communities there hadn't been a commercial case for yet. And Clover Health CEO Vivek Garipalli's session ended with some comments that got the crowd fired up — when asked whether Haven's underrated or overrated, he replied that an insurer like UnitedHealthcare has a better chance of building a commercial bank than JPMorgan has a chance at fixing healthcare. Cue the fire emojis. 

That's it for now, but a quick note that I'll be out at HLTH later this month! Would love to grab coffee/catch up/do some good Las Vegas people-watching. You can find me at lramsey@businessinsider.com. 

If you'd like to get in touch with the whole team here, you can find us at healthcare@businessinsider.com. 

- Lydia 

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Legendary economist David Rosenberg says the latest US jobs report failed a crucial test — and warns recession is 'right around the corner'

Fri, 10/04/2019 - 12:35pm  |  Clusterstock

  • David Rosenberg, the chief economist and strategist at Gluskin Sheff, said the latest jobs report showed a recession is coming very soon.
  • Both the truck-transportation and durable-goods-manufacturing sectors lost jobs in September, even as the economy added jobs overall.
  • Rosenberg said that weakness was going to spread and bring down the ongoing decade-long economic expansion.
  • His view on the jobs report is influenced by Dow theory, a technical indicator that says industrial and transportation stocks both need to be rising in order for the market to make sustained gains. 
  • Click here for more BI Prime stories.

Friday's jobs report can be interpreted in a lot of ways, and David Rosenberg, Gluskin Sheff's chief economist and strategist, is interpreting it as a major warning.

Rosenberg has been bearish on the market for a long time, and he argues that within the solid but mixed jobs report is one major cause for concern. So he's reiterating his recent call for a recession.

The jobs data included slightly disappointing hiring and slowing wage growth as trade tensions and general uncertainty continued to grow. Rosenberg is focused on something he considers an important indicator: job losses in a couple of critical parts of the economy.

He specifically noted that about 4,000 jobs were lost in both durable goods manufacturing and truck transportation in September.

"Payrolls failed the Dow Theory test in September," Rosenberg wrote in a tweet. "Both industrials and transports posted job declines of 4k. Recession hasn't arrived but is right around the corner."

In its simplest form, Dow theory says that for a market rally to last, both the Dow Jones Industrial Average and the Dow Jones Transportation Average need to be rising because their gains suggest that two critical parts of the economy are flourishing.

Rosenberg is extending that idea by arguing that job losses in those sectors mean the economy is getting worse. The manufacturing sector is already in a recession, and in a recent Business Insider interview, Rosenberg added that a number of parts of the US economy, such as construction, capital spending, and housing, were faring just as badly.

Read more: Morgan Stanley says WeWork's failed IPO marks the end of an era for unprofitable unicorns — and explains why it leaves the market's tech kingpins vulnerable

While the economy and market have held up in the past few years despite Rosenberg's forecasts, his track record is worth noting: He was one of the first experts to warn about the downturn that came to pass as the Great Recession.

In Rosenberg's telling, the only thing that's kept the economy and the market going is continued spending by consumers — the largest part of the US economy. But if hiring and wages are starting to slow down, and demand for manufacturing and shipping of goods is fading, that's a sign that strength might not last much longer.

SEE ALSO: As WeWork bleeds cash, Bernstein lays out 4 ways the struggling company can stay afloat

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Markets Live: Friday, 4th October 2019

Fri, 10/04/2019 - 5:03am  |  FT Alphaville

Live markets commentary from FT.com

Continue reading: Markets Live: Friday, 4th October 2019

Palantir's tech was used by ICE in the controversial arrests of 680 people at a Mississippi chicken farm according to an immigrants' rights group

Thu, 10/03/2019 - 6:04pm  |  Clusterstock

  • Immigration activist group Mijente is about to publish a blog post accusing Palantir of supplying tech used in ICE's biggest workplace raid this summer.
  • The group believes Palantir tech was used during the controversial raid on chicken processing plants where 680 immigrants were arrested.
  • Mijente has been pounding the drums over Palantir's use by ICE, even as Palantir has insisted that its tech is used by a different group within ICE that is not responsible for deportations or family separations at the border.
  • Mijente's pressure campaign appears to be having some success. Employees at Palantir have signed at least two letters asking management to adopt new policies concerning its ICE contracts. 
  • Visit Business Insider's homepage for more stories.

Immigrant rights group Mijente has led the charge to stop Palantir, a $20 billion Silicon Valley tech firm, from selling its software to the Immigration and Customs Enforcement (ICE).

Palantir is the big data software company founded by Donald Trump supporter Peter Thiel. 

Mijente says that on Friday it will publish a blog post about Palantir technology being used by ICE agents as part of the largest US immigration raid in a decade. The raid, which occurred in August, targeted a Mississippi chicken processing plants and resulted in the arrests of 680 migrant workers.

That incident was controversial not just for its size — and the widely-circulated video of a crying 11-year-old girl whose father was detained — but because of its timing. It occurred hours before President Trump arrived in El Paso, Texas. He was visiting the city days after an anti-immigrant, white nationalist killed 22 people at a Walmart. 

Palantir has been providing ICE with software since 2014. ICE renewed its contract with Palantir in August, a contract that will run through 2020, Motherboard reported at the time. Palantir has repeatedly denied that its technology is being used by the part of ICE that handles family separations and deportations.

A spokesperson told the New York Times in December that its contracts support a different part of the agency:

"There are two major divisions of ICE with two distinct mandates: Homeland Security Investigations, or H.S.I., is responsible for cross-border criminal investigations. The other major directorate, Enforcement and Removal Operations, or E.R.O., is responsible for interior civil immigration enforcement, including deportation and detention of undocumented immigrants. We do not work for E.R.O."

Even so, back in 2017, the Intercept reported that Palantir tech was being used to assist ICE with tracking immigrants and deporting them.

The Mississippi connection

Mijente believes that Palantir's tech assisted with the controversial August raid in Mississippi thanks to an affidavit from an HSI investigator requesting a search warrant for the raid.

In that affidavit, the investigator describes using the agency's "tipline" and a database system to find and identify immigrants believed to be working at the plant illegally. Mijente say it has documents that show the tipline is part of a special product that Palantir built for ICE.

Mijente has been using such evidence to call on other like-minded activists to pressure Palantir to drop their Ice contracts. As Business Insider's Rosalie Chan reported in August, this includes organizing protest marches at the company's Palo Alto, California headquarters. 

Mijente has also participated in protests of Amazon Web Services, the cloud service used by Palantir.

The protests are having an effect. Some employees have mixed feelings about the company's work with ICE. In August more than 60 Palantir employees signed a petition asking management to redirect profits from ICE contracts to a nonprofit charity, the Washington Post reported. And last year, over 200 employees reportedly signed a letter expressing their displeasure with the situation.

ICE is not Palantir's only contract with the federal government. It currently has over $160 million worth of contracts from multiple agencies including the DoD, Treasury and others.

In July, Palantir cofounder Joe Lonsdale described Palantir as "patriotic."

There had been some talk that Palantir might try for an IPO soon, though word is that it has paused that idea and is working on raising another round of private funding instead.

Palantir declined comment.

SEE ALSO: Protesters blocked Palantir's cafeteria to pressure the $20 billion big data company to drop its contracts with ICE

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17 habits of self-made millionaires, from a man who spent 5 years studying rich people

Thu, 10/03/2019 - 4:46pm  |  Clusterstock

  • Thomas C. Corley spent five years studying millionaires and gathered his insights multiple books, including "Change Your Habits, Change Your Life."
  • Corley found that people who became wealthy practice many of the same daily habits, such as reading consistently, exercising, sleeping at least seven hours a night, and carving out time to think or brainstorm.
  • Millionaires also make important choices about who they spend their time with, what goals they pursue, and who they turn to for advice.
  • Read more personal finance coverage.

All self-made millionaires had to start somewhere.

Much of their transformation from ordinary to seven-figure status can attributed to "rich habits," a term coined by Thomas C. Corley, who spent five years researching the daily habits of 177 self-made millionaires.

"From my research, I discovered that daily habits dictate how successful or unsuccessful you will be in life," he writes in his book "Change Your Habits, Change Your Life." "There is a cause and effect associated with habits. Habits are the cause of wealth, poverty, happiness, sadness, stress, good relationships, bad relationships, good health, or bad health."

The good news is all habits can be changed, Corley notes. Here are a few "rich habits" of self-made millionaires that you can start developing today:

1. They read consistently

The rich would rather be educated than entertained. As Corley writes, "Eighty-eight percent of the rich devote thirty minutes or more each day to self-education or self-improvement reading ... Most did not read for entertainment ... The rich read to acquire or maintain knowledge."

Corley found that they tend to read three types of books: biographies of successful people, self-help or personal development, and history.



2. They exercise

"Seventy-six percent of the rich aerobically exercise 30 minutes or more every day," Corley reports. Aerobic exercise includes anything cardio, such as running, jogging, walking, or biking.

"Cardio is not only good for the body, but it's good for the brain," he writes. "It grows the neurons (brain cells) in the brain ... Exercise also increases the production of glucose. Glucose is brain fuel. The more fuel you feed your brain, the more it grows and the smarter you become."



3. They hang out with other successful people

"You are only as successful as those you frequently associate with," Corley writes. "The rich are always on the lookout for individuals who are goal-oriented, optimistic, enthusiastic, and who have an overall positive mental outlook."

It's equally important to avoid negative people and influences, Corley emphasizes: "Negative, destructive criticism will derail you from pursing success."



4. They volunteer

In order to surround themselves with good people, Corley says many self-made millionaires turn to charity. "This is why so many wealthy people volunteer for charitable organizations, civic groups, or trade groups. It helps them expand their network of other success-minded people," he writes.

Of the millionaires he studied, 72% volunteered five hours or more every month.



5. They practice 'dream-setting'

"Dream-setting involves scripting your ideal future life. In this process, you define your future life, the future you, by imagining all your dreams coming true; then you put it to paper in five hundred to a thousand words," Corley explains.

In his study, 61% of the self-made millionaires practiced this planning strategy.



6. They pursue their own goals

"Pursuing your own dreams and goals creates the greatest long-term happiness and results in the greatest accumulation of wealth," Corley writes.

While too many people make the mistake of chasing someone else's dream — such as their parents' — rich people define their own goals and pursue them relentlessly and passionately.

"Passion makes work fun," writes Corley. "Passion gives you the energy, persistence, and focus needed to overcome failures, mistakes, and rejection."



7. They sleep at least 7 hours a night

"Sleep is critical to success," Corley writes. In his study, 89% of the self-made millionaires slept seven or more hours every night.

"Sleep accomplishes so many things behind the scenes," he says, including memory formation.



8. They get up early

Nearly 50% of the self-made millionaires in Corley's study woke up at least three hours before their workday actually began.

It's a strategy to deal with inevitable daily disruptions, such as a meeting that went too long, egregious traffic, or having to pick up your sick kid from school.

"These disruptions have a psychological effect on us. They can drip into our subconscious and eventually form the belief that we have no control over our life," Corley writes. "Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life. It gives you a sense of confidence that you, indeed, direct your life."



9. They have multiple sources of income

"Self-made millionaires do not rely on one singular source of income," Corley states. "They develop multiple streams. Three seemed to be the magic number in my study ... Sixty-five percent had at least three streams of income that they created prior to making their first million dollars."

Examples of these additional streams are real-estate rentals, stock market investments, and part-ownership in a side business.



10. They find and check in with mentors

"Finding a mentor puts you on the fast track to wealth accumulation," Corley writes.

"Success mentors do more than simply influence your life in some positive way," he continues. "They regularly and actively participate in your success by teaching you what to do and what not to do. They share with you valuable life lessons they learned either from their own mentors or from the school of hard knocks."



11. They help others succeed

"Helping other success-minded people move forward in achieving their goals and dreams helps you succeed," Corley writes. "No one realizes success without a team of other success-minded people. The best way to create your team is to offer help to other success-minded people first."

You don't want to give help to anyone and everyone, Corley notes: "You want to focus on helping only those who are pursuing success, are optimistic, goal-oriented, positive, and uplifting."



12. They're positive

"Long-term success is only possible when you have a positive mental outlook," Corley states. "In my research, positivity was a hallmark of all the self-made millionaires."

The problem for most people is that they're completely unaware of their thoughts, positive or negative, he explains: "If you stop to listen to your thoughts, to be aware of them, you'd find most of them are negative. But you only realize you are having these negative thoughts when you force yourself to be aware of them. Awareness is the key."



13. They don't follow the herd

"We so desire to blend in, to acclimate to society, to be a part of the herd, that we will do almost anything to avoid standing out in a crowd," Corley writes. Yet "failure to separate yourself from the herd is why most people never achieve success."

Successful people create their own new herd and then pull others into it, Corley says: "You want to separate yourself from the herd, create your own herd, and then get others to join it."



14. They practice good etiquette

"Self-made millionaires have mastered certain rules of etiquette principles you have to master if you want to be a success," Corley writes.

These include sending thank-you notes, acknowledging important life events, such as a wedding or birthday, eating politely and using table manners, and dressing properly for various social events.



15. They dedicate 15 to 30 minutes a day to just thinking

"Thinking is key to their success," Corley observes. The rich tend to think in isolation, in the mornings, and for at least 15 minutes every day.

"They spent time every day brainstorming with themselves about numerous things," he explains. The topics range from careers and finances to health and charity.

They ask questions such as, "What can I do to make more money? Does my job make me happy? Am I exercising enough? What other charities can I get involved in?"



16. They seek feedback

"Fear of criticism is the reason we do not seek feedback from others," Corley writes. "But feedback is essential to learning what is working and what isn't working. Feedback helps you understand if you are on the right track. Feedback criticism, good or bad, is a crucial element for learning and growth."

Additionally, it allows you to change course and experiment with a new career or business. As Corley says, "Feedback provides you with the information you will need in order to succeed in any venture."



17. They never give up

"Self-made millionaires are persistent. They never quit on their dream. They would rather go down with the ship than quit," Corley writes. In his study, more than one-fourth of the participants failed at least once in their business — and picked themselves right back up.

"If you want to be successful in life, you have to persist in the face of seemingly unending adversity."

Kathleen Elkins contributed reporting to an earlier version of this article.



WeWork is planning to lay off thousands — up to 25% of its employees — as its new CEOs focus on the core business

Thu, 10/03/2019 - 4:19pm  |  Clusterstock

  • WeWork is planning to lay off between 10 and 25% of its workforce, a source familiar with the situation told Business Insider. 
  • The cuts come as new CEOs Artie Minson and Sebastian Gunningham try to focus on WeWork's core business after a tumultuous lead-up to a shelved initial public offering.
  • To read our investigation into WeWork's wild culture, click here.

WeWork is planning massive layoffs that will number in the thousands as the new leaders of the embattled shared-space company look to focus on its core business and reduce costs, a source familiar with the matter said. 

WeWork executives haven't yet finalized the specific cuts, but the numbers will be "in the thousands" — though less than the 3,000 to 5,000 layoffs that had been laid out in earlier media reports, the source said. 

WeWork has about 12,500 employees, so a cut of 1,000 to 3,000 people would be about 10 to 25% of its staff.  

Bloomberg reported earlier on Thursday that WeWork had announced layoffs to staff but did not provide a number. 

Read more: Sex, tequila, and a tiger: Employees inside Adam Neumann's WeWork talk about the nonstop party to attain a $100 billion dream and the messy reality that tanked it 

Job cuts have been rumored for weeks as cofounder Adam Neumann stepped down and new co-CEOs Artie Minson and Sebastian Gunningham stepped in to replace the unconventional leader. 

Minson and Gunningham are also looking to sell some of the companies WeWork purchased in recent years, as well as the Gulfstream G650 the company bought last year for $60 million. WeWork is also considering slowing its expansion in China, according to The Wall Street Journal. 

The company expanded rapidly in recent years, counting more than 500 locations globally this year from just over 100 in 2017. The growth was fueled by billions in venture-capital investments, most notably from the Japanese investor SoftBank.

On Monday, the new CEOs said they would shelve its initial public offering, though they said in a statement that being a public company was still the goal.

Read more: How WeWork spiraled from a $47 billion valuation to talk of bankruptcy in just 6 weeks 

Minson and Gunningham said in a statement: "We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong. We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."

Have a WeWork tip? Contact this reporter via encrypted messaging app Signal at +1 (646) 768-1627 using a non-work phone, email at mmorris@businessinsider.com, or Twitter DM at @MeghanEMorris. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.

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NOW WATCH: Nxivm leader Keith Raniere has been convicted. Here's what happened inside his sex-slave ring that recruited actresses and two billionaire heiresses.

The founder of the Discovery Channel is selling his 8,700-acre Colorado ranch for $279 million — complete with a hotel, fossilized dinosaur poop, and a vintage car collection worth $55 million

Thu, 10/03/2019 - 4:16pm  |  Clusterstock

Two years ago, John Hendricks, the founder of the Discovery Channel, was looking to part with his Colorado ranch to the tune of $149 million. Now, he's looking to part with all of his Colorado real-estate holdings, including Gateway Canyons Resort, to the tune of $279 million, according to the Wall Street Journal.

The roughly 8,700-acre property is situated mostly in Mesa County, Colorado, with parts in Grand County, Utah, according to the Gateway Canyons Properties site

In 2017, Hendricks listed a 22,000-square-foot main house. That $149 million listing included horse and bison pastures, an airstrip and hangar, helipad, stables, and even an observatory.

Read more: A 200,683-acre ranch where the Mrs. Fields Cookies founder once lived is selling for $45 million. Here's a look inside the sprawling property, complete with cattle, Scottish stained glass, and its very own river.

Now, the listing also includes Hendricks's personal car collection as an on-site automobile museum with 55 vintage cars, including a 1906 Cadillac, as well as a fully-operational resort. The Gateway Canyons Resort has 72 guest suites across several lodges and private residences, five restaurants, and business conference facilities.

Recently, Amy Dobson of Forbes reported that Ryan Serhant, a star of Bravo's "Million Dollar Listing" and the author of "Sell It Like Serhant," gave a video tour of the sprawling property, highlighting the more unusual details and "extras" the main house and larger ranch have to offer.  Those include, among many other things: fossilized dinosaur poop embedded in the stained glass of the home's main entrance, a $3 million helicopter, a four-floor elevator, and an indoor fountain.

Kerry Endsley of LIV Sotheby's International Realty has the listing.

Keep reading for a look inside the ranch's lavish main residence.

SEE ALSO: Millennials aren't buying baby boomers' luxury ranches — and it's a sign of a much larger problem in the US real-estate market

DON'T MISS: Take a look inside the 100-square-mile Texas ranch that T. Boone Pickens, the oil magnate who just died at 91, listed for $250 million in 2017

West Creek Ranch is accessible by helicopter ride or a 55-minute drive from Grand Junction Regional Airport.

Source: Gateway Canyons Properties



Hendricks placed about 4,000 aces of the property in a conservation easement, which means that no roads or structures can be built in that area.

Source: Gateway Canyons Properties, Sotheby's Realty Blog



Hendricks purchased West Creek Ranch in 1995, then in later years acquired additional land to assemble the current tract. "West Creek Ranch is a place where the earth really opens up to tell its story. When you look up at the walls of the canyons, it's all these layers of earth that go back 300 million years," Hendricks said in a press release announcing the listing in 2017.

Source: Gateway Canyons Properties



The main house was designed in a Southwestern style by architect Jamie Daugaard.

Source: Gateway Canyons Properties



It has a whopping 22,000 square feet of space spread out over four levels, all accessible by one elevator.

Source: Gateway Canyons Properties



That includes eight bedrooms and eight bathrooms.

Source: Gateway Canyons Properties



A chef's kitchen has ample space for a large center island. It connects to a living room.

Source: Gateway Canyons Properties



The dining room comes complete with dramatic chandeliers and high ceilings.

Source: Gateway Canyons Properties



But the home has its fair share of more extravagant amenities as well, like this home theater ...

Source: Gateway Canyons Properties



... and this billiards room.

Source: Gateway Canyons Properties



There are amazing views from all around the home.

Source: Gateway Canyons Properties



The home is also equipped with a pool, spa, and gym.

Source: Gateway Canyons Properties



There's also a two-bedroom guest house situated near a creek on the property. It has its own garage.

Source: Gateway Canyons Properties



An astronomical observatory is among the property's more unique features.

Source: Gateway Canyons Properties



It's equipped with a 20" Meade telescope and a rotating copper dome.

Source: Gateway Canyons Properties



Also included in the updated asking price of $279 million is Hendricks's impressive vintage car collection.

Source: Forbes



There are over 50 cars in an on-site "automobile museum" that is open to the public; the vehicles are collectively worth more than $55 million, according to Forbes.

Source: Forbes



The ranch's pastures are currently home to five American bison, four American quarter horses, one Belgian draft horse, and three miniature horses.

Source: Gateway Canyons Properties



The stables also have offices and shower facilities.

Source: Gateway Canyons Properties



West Creek Ranch also offers opportunities for hunting mule deer, elk, mountain lion, and bear, in addition to a large variety of small game and waterfowl.

Source: Gateway Canyons Properties



A grass landing strip, two helipads, and airplane hangar make the ranch convenient for those with the means to travel privately. (Hendricks usually reaches the estate by helicopter.)

Source: Gateway Canyons Properties, Wall Street Journal



According to the Wall Street Journal's report about the initial listing in 2017, he decided to sell the property because he and his wife, Maureen, wanted to spend more time traveling in Europe and working on the nearby Gateway Canyons resort.

Source: Wall Street Journal



In September, Hendricks told Katherine Clarke of the Wall Street Journal that he decided to throw in the resort because would-be buyers looking at the ranch kept asking him about it. As of May, he said he was spending more time on other work commitments, like the subscription video-on-demand service he founded in 2015 called CuriosityStream, and less on the resort.

Source: Wall Street Journal



Pepsi is desperately trying to prevent Mountain Dew from becoming the latest victim of people's growing hatred of sugary sodas (PEP)

Thu, 10/03/2019 - 3:52pm  |  Clusterstock

  • PepsiCo is working to improve Mountain Dew sales, as customers ditch sugary sodas.
  • "Mountain Dew is improving, but it's not to the levels that we would like to see," CEO Ramon Laguarta said in a call with investors on Thursday.
  • Pepsi is trying to boost sales by tapping into the energy drink market with drinks like Mountain Dew Game Fuel — an energy drink aimed at gamers — and other variations, such as Mountain Dew Zero Sugar. 
  • Visit BusinessInsider.com for more stories.

As America ditches sugary sodas, PepsiCo is trying to prevent Mountain Dew from becoming a victim of changing tastes. 

"Mountain Dew is improving, but it's not to the levels that we would like to see," CEO Ramon Laguarta said in a call with investors on Thursday.

Laguarta said Mountain Dew sales are flat, describing the brand as a "pending subject" and a "focus of the organization." More generally, PepsiCo's North American beverage category saw organic revenue growth of 3% in the most recent quarter. 

"I think the brand is well resourced," Laguarta said on Thursday. "It's going to be down to having the right ideas and executing the ideas with quality." 

Laguarta said that Mountain Dew is at the intersection of carbonated soft drinks and energy drinks. And, while soda sales have been slipping, energy drinks are booming.

On Monday, Coca-Cola announced it is rolling out Coca-Cola Energy, the first energy drink under the Coca-Cola brand, in the US in January 2020. Dollar sales of energy drinks increased 11.2% in the 52 weeks ending September 24, growing from $11 billion to $12.2 billion, according to Nielsen data. 

Read more: For the first time ever, Coca-Cola will launch a Coke drink that isn't a soda across America

PepsiCo is attempting to tap into this growing category with new types of Mountain Dew that might shake the drink's sugary, soda-centric reputation. 

In July, Laguarta told investors that sales of Mountain Dew Kickstart — a brand that combines juice, caffeine, and soda meant to be drunk in the morning — were starting to grow again. Earlier this year, PepsiCo launched Mountain Dew Game Fuel, an energy drink aimed at gamers. The company had previously sold limited runs of a soda called Mountain Dew Game Fuel, but this latest version of the drink will be a permanent addition to the lineup.

"We're investing in the core Dew consumer, very loyal, giving them their preferred product in non-sugar and sugar options, innovating in flavors in Dew and then moving Dew slowly into other spaces where we think the brand has a role to play," Laguarta said in July. 

SEE ALSO: 5 reasons why Impossible Foods and Beyond Meat are taking over fast food while veggie burgers failed

Join the conversation about this story »

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Square's top lawyer explains what's behind the company's push into the trendy CBD space

Thu, 10/03/2019 - 3:49pm  |  Clusterstock

  • Square is rolling out its full payment-processing platform to all CBD sellers in the US.
  • The company is opening up its platform to CBD sellers after it conducted a three-month "invite-only" beta program, which started in May, for a small group of CBD startups.
  • Square is solving one of the biggest issues for CBD merchants, which often have to use high-risk payroll processors and pay exorbitantly high fees.
  • Click here for more BI Prime stories.

Square is rolling out its full payment-processing platform to all CBD sellers in the US, the company announced on Thursday.

The company is opening up its platform to CBD sellers after it conducted a three-month "invite-only" beta program, which started in May, for a small group of CBD startups, Business Insider previously reported

"We're just really excited to be able to offer this solution to a historically underserved industry that's faced so many challenges and interruptions to their businesses," Sivan Whiteley, Square's general counsel, said at a press event at the cleverly named Manhattan, New York, CBD shop Come Back Daily. 

CBD sellers can apply to use Square's platform like any other merchant, Whiteley said. Part of Square's challenge is doing due diligence on each merchant — because the CBD industry is so new, there's no way to automate that process, so it requires "a lot of eyeballs," Whiteley said. 

Read more: CBD companies were courted hard by a unit of US Bank — but they got ghosted despite having a 100% legal business

Payment processors, in short, handle credit- and debit-card transactions on behalf of companies that sell their products online. They take a fee for each transaction. A new booming industry like CBD could provide a windfall for Square, since most other large payment platforms do not accept CBD companies.

Square is pushing into an industry in which there are not many ways for young companies to safely process payments, Whiteley said. Elavon, US Bank's payment-processing subsidiary, pulled out of the CBD industry in May over what the company said was the lack of clarity around CBD's legality in the US, Business Insider previously reported

Hemp-derived CBD — containing less than 0.3% THC, the chemical responsible for the "high" associated with marijuana — was legalized in December through the Farm Bill. Each state has its own rules guiding the industry, however. 

Because of the complexity of the CBD industry, Whiteley said launching Square's service to CBD merchants took an effort across the company's sales, risk, product, and compliance teams. 

"We had to understand the general legal and regulatory landscape," Whiteley said, which involved conducting "enhanced due diligence" on CBD sellers compared with merchants in other industries.

Once Square put together a program on its due-diligence process, Whiteley had to "shop it around" to its payment partners — credit-card companies — to make sure that "everyone was on board."

Once Square got everything aligned, they rolled out the closed beta program in March. 

"That was an interesting experience because we saw how much demand there was outside of the beta for credit card processing," Whiteley said. 

Solving the biggest pain points for CBD startups

For CBD merchants, Square's entrance into the industry will smooth over a lot of the headaches they faced while trying to build their businesses. 

Despite selling what's ostensibly a legal product, most online CBD sellers have been forced to turn to high-risk payment processors that are often based overseas and charge exorbitantly high fees. 

These payment processors charge fees upward of 10% per transaction and often hold the funds for weeks, CBD sellers previously told Business Insider, whereas most noncannabis-related e-commerce businesses are charged in the 3% range, and the funds are dispersed immediately.

Read more: Square has started working with a select group of CBD startups while other payments rivals shy away from the trendy substance

Apart from the higher fees, companies that use overseas payment processors are sometimes forced to set up companies abroad, and customers' credit cards often get flagged, adding an additional headache for entrepreneurs, CBD sellers previously told Business Insider.

Square, for its part, is charging 3.9% plus a 10 cent fee for each in-store credit-card transaction, and 4.2% plus a 30 cent fee for online transactions. While higher than other e-commerce businesses, Whiteley said this price reflected the added due diligence Square must conduct to onboard new CBD sellers.

As part of the rollout, Square will also provide payroll and inventory-management services to CBD sellers. On that front, Square has some competition. 

Shopify rolled out its online platform for CBD sellers in September, though payments are contracted out to a third-party processor. 

Payment processing is just one of the myriad ways that CBD sellers — startups in an ostensibly legal industry — face specific challenges. Business Insider previously reported that CBD startups are banned from running paid promotions on Facebook and other large tech platforms. 

Join the conversation about this story »

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Cheese, wine, whiskey, and more: Here are all of the European products the US will hit with tariffs

Thu, 10/03/2019 - 3:42pm  |  Clusterstock

  • From cheese to wine and whisky, hundreds of shipments from Europe are set to face more taxes as they enter the US.
  • The Office of the US Trade Representative announced late Wednesday it would levy tariffs of between 10% and 25% on aircraft, food and industrial products on October 18. 
  • The move came after the World Trade Organization authorized the US to impose punitive tariffs on $7.5 billion worth of EU products.
  • Visit the Business Insider homepage for more stories.

From cheese to wine and whisky, hundreds of shipments from Europe are set to face more taxes as they enter the US.

The Office of the US Trade Representative announced late Wednesday it would levy tariffs of between 10% and 25% on aircraft, food, and industrial products from the European Union on October 18. The tariffs could raise prices for American businesses and consumers.

The move came after the World Trade Organization authorized the US to impose punitive tariffs on $7.5 billion worth of products from the bloc, its largest ever arbitration award ever given. The two sides have been locked in a dispute over aircraft for more than a decade and a half, separately claiming that the EU-based Airbus and the US-based Boeing are illicitly aided by government funds. 

Now read: The chief strategist at a $1 trillion investing giant says Trump is doomed to lose his trade war — and explains why that would be the best possible outcome for market

Section 1 – Products from France, Germany, Spain, or the United Kingdom subject to additional import duties of 10%:

New airplanes and other aircraft, other than military airplanes or other military aircraft exceeding 30,000 kg 

Section 2 – Products from the United Kingdom subject to additional import duties of 25%: 

Single-malt or straight Irish and Scotch Whiskies

Sweaters, pullovers, sweatshirts, waistcoats, vests and similar articles made of wool, cashmere, cotton, and other man-made fibers

Rec perf outwear, women's/girls' anoraks, wind-breakers & similar articles, not wool or cotton

Men's or boys' suits of wool, fine animal hair, artificial fibers, not wool or cotton containing under 70% by weight of silk or silk waste

Women's or girls' nightdresses and pajamas, not knitted or crocheted, of cotton

Women's or girls' swimwear, of textile materials containing 70% or more by weight of silk or silk waste

Women's or girls' swimwear, of textile materials containing under 70% by weight of silk or silk waste

Blankets other than electric blankets and traveling rugs

Bed linen, not knit or crocheted, printed, of cotton, containing any embroidery, lace, braid, edging, trimming, piping or applique work



Section 3 – Products from Germany subject to additional import duties of 25%:

Coffee, roasted, not decaffeinated 

Coffee, roasted, decaffeinated 

Instant coffee, not flavored 

Axes, bill hooks and similar hewing tools other than machetes

Base metal tweezers 

Pliers including cutting pliers but not slip joint pliers

Pincers and similar tools

Metal cutting shears and similar tools, and base metal parts thereof 

Pipe cutters, bolt cutters, perforating punches and similar tools, nesoi, and base metal parts Screwdrivers and base metal parts thereof

Knives having other than fixed blades 

Base metal blades for knives having other than fixed blades 

Tools for working in the hand, pneumatic, other than rotary type

Machinery and apparatus, hand-directed or -controlled, used for soldering, brazing or welding, not gas-operated

Parts of hand-directed or -controlled machinery, apparatus and appliances used for soldering, brazing, welding or tempering 

Permanent magnets and articles intended to become permanent magnets after magnetization, of metal 

Industrial or laboratory microwave ovens for making hot drinks or for cooking or heating food Objective lenses and parts & accessories thereof for cameras, projectors, or photographic enlargers or reducers



Section 4 – Products from Germany or the United Kingdom subject to additional import duties of 25%: 

Sweet biscuits

Waffles and wafers 

Printed books, brochures, leaflets and similar printed matter in single sheets

Decals

Lithographs on paper or paperboard printed not over 20 years at time of importation 

Pictures, designs and photographs, excluding lithographs on paper or paperboard, printed not over 20 years at time of importation 

Self-propelled backhoes, shovels, clamshells and draglines with a 360 degree revolving superstructure 

Electromechanical tools for working in the hand, other than drills or saws, with self-contained electric motor



Section 5 – Products from Germany, Spain, or the United Kingdom subject to additional import duties of 25%:

Frozen meat of swine, other than retail cuts

Whey protein concentrates

Fresh cheese, and substitutes for cheese

Edam and gouda cheese

Cheeses from sheep's milk in original loaves and suitable for grating

Virgin olive oil and its fractions, whether or not refined, not chemically modified, weighing with the immediate container under 18 kg

Olives, green, not pitted, in saline, not ripe

Olives, green, in a saline solution, pitted or stuffed, not place packed

Section 6 – Products from Germany, Ireland, Italy, Spain, or the United Kingdom subject to additional import duties of 25%

Liqueurs and cordials

Section 7 – Products from France, Germany, Spain or the United Kingdom subject to additional import duties of 25%: 

Olives 

Wine other than Tokay (not carbonated), not over 14% alcohol, in containers not over 2 liters



Section 8 – Products from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Cheeses & substitutions for cheese 

Section 9 – Products from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Swiss or Emmentaler cheese with eye formation

Section 10 – Products from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Pork other than ham and shoulder and cuts thereof, not containing cereals or vegetables, boned and cooked and packed in airtight containers



Section 11 – Products from Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Pecorino cheese, from sheep's milk, in original loaves, not suitable for grating

Section 12 – Products from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Yogurt

Butter

Processed cheese 

Fruit, nesoi, frozen, whether or not previously steamed or boiled 

Pork sausages and similar products of pork, pork offal or blood; food preparations based on these products

Cherries, otherwise prepared or preserved

Peaches 

Mixtures of fruit or other edible parts of plants

Cherry juice, concentrated or not concentrated

Juice of any single vegetable, other than tomato



Section 13 – Products from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Butter substitute dairy spreads, over 45% butterfat weight

Processed cheese

Cheeses & substitutes for cheese

Prepared or preserved pork hams and cuts thereof, not containing cereals or vegetables

Pork shoulders and cuts thereof, boned and cooked and packed in airtight containers 

Prepared or preserved pork shoulders and cuts thereof

Section 14 – Products from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Fats and oils derived from milk, other than butter or dairy spreads

Gruyere-process cheese, processed, not grated or powdered

Blue-veined cheese

Cheddar cheese

Romano, Reggiano, Parmesan, Provolone, and Provoletti cheese

Swiss or Emmentaler cheese with eye formation

Cheeses & substitutes for cheese

Mussels, prepared or preserved

Currant and berry fruit jellies 

Pears, prepared or preserved

Pear juice

Prune juice



Section 15 – Products from Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, or the United Kingdom subject to additional import duties of 25%:

Yogurt

Fermented milk 

Curdled 

Butter substitute dairy spreads

Fresh cheddar cheese and cheese substitutes

Italian-type cheeses from cow milk

Fresh Swiss/emmentaler cheeses

Gruyere-process cheese and cheese

Romano, reggiano, provolone, provoletti, sbrinz and goya

Cheese containing or processed from american-type cheese except cheddar

Cheese containing or processed from italian-type cheeses made from cow's milk

Stilton cheese

Blue-veined cheese except roquefort

Cheddar cheese

Colby cheese

Processed cheeses made from sheep's milk

Processed cheese containing or produced from american-type cheese excluding cheddar

Processed cheese containing or produced from italian-type

Stilton cheese

Goya cheese from cow's milk

Reggiano, Parmesan, Provolone, and Provoletti cheese

Colby cheese

Cheeses & substitutes for cheese with romano/reggiano/parmesan/provolone/etc, swiss, emmentaler, gruyere, blue-veined cheese, American cheese except cheddar

Oranges

Mandarins and other similar citrus hybrids including tangerines, satsumas, clementines, wilkings Clementines

Cherries

Prepared or preserved pork offal

Mussels

Products of clams, cockles, and arkshells containing fish meat; prepared meals 

Razor clams

Boiled clams

Cockles and arkshells

Molluscs and products of molluscs 



Now readHere are all of the Chinese products that are set to face a 30% tariff this month



The SEC's markets guru just chimed in on the broker wars, saying axing commissions is good for investors as long as they know the whole picture

Thu, 10/03/2019 - 1:31pm  |  Clusterstock

  • Brett Redfearn, the director of the Securities and Exchange Commission's trading and markets division, addressed the recent flurry of discount brokerage moves to eliminate online trading commissions.
  • "It is always good to see competition bringing down prices for investors," Redfearn said on Thursday at an industry conference in Washington.
  • The comments from Redfearn — previously the global head of market structure for the corporate and investment bank at JPMorgan — come as rivals Charles Schwab, TD Ameritrade, E-Trade, and Interactive Brokers have all made similar announcements in recent days. 
  • Regardless, there still is a best execution obligation to customer order. That doesn't change," Redfearn said. 
  • Visit BI Prime for more stories.

WASHINGTON, DC — The Securities and Exchange Commission's top markets and trading official sees the onslaught of zero-fee announcements out of discount brokerages over the last week as a good thing — but also a reminder that brokers need to be clear about disclosing other types of costs. 

"It is always good to see competition bringing down prices for investors," Brett Redfearn, the SEC's director of the division of trading and markets, said at an industry conference here on Thursday.

Redfearn's comments come after Interactive Brokers, Charles Schwab, TD Ameritrade, and E-Trade have made similar decisions in recent days to eliminate the cost of trading US-listed stocks, exchange-traded funds, and options in a bid to take on new digital entrants like the trading app Robinhood — and appeal to younger investors. 

These moves are a sign of the times. Across the online trading and wealth management landscape, services from the cost of trading stocks and investing to finding financial advice are quickly falling as competition ramps up.

Read more: Charles Schwab on Charles Schwab: The founder explains why the firm just axed commissions as broker wars reach a fever pitch

Execution quality — which encompasses how quickly a trade gets done and price moves that hurt or help the customer in the meantime —  is one looming question many in the industry have following brokerages' decision to cut fees. And the business of selling clients' buy-and-sell orders directly to high-speed market makers, as opposed to going direct to exchanges or trading venues, has come into the spotlight as commissions race to zero. 

"Best execution doesn't change," Redfearn said. "The best execution is best execution. Regardless, there still is a best execution obligation to customer order. That doesn't change." 

Brokerages such as Charles Schwab, TD Ameritrade and E-Trade already receive payment for their order flow. However, with the loss of revenue previously derived from commissions, some have questioned if brokerages will look to be more aggressive in selling their clients orders, and the impact that will have on the price customers will be able to execute trades on. 

Read more: The former CEO of a high-speed-trading firm is taking aim at Robinhood with a fintech startup that wants to pay you to trade

A shifting regulatory landscape

Redfearn points to regulatory requirements already in place that stipulate brokerages must disclose any payments received from order flow directed to market makers.

"These conversations need to be explicit," he said. "These disclosures need to be out there." 

Redfearn also pointed to a piece of US regulation called Rule 606, which was amended about a year ago and requires broker-dealers to "provide enhanced disclosure of information regarding the handling of their customers' orders." The rule was tweaked to require further transparency from the broker-dealers.

But some market participants believe the long-term impacts on market structure are unclear. Some worry that if retail order flow is directed only to market makers and not the wider investing community, price discovery — the process of determining the proper price of a security — might eventually be impacted.

Redfearn is no stranger to the relationship between the investment community and regulators; he once worked in the industry that he now regulates.

Prior to joining the SEC in 2017, Redfearn was the global head of market structure for the corporate and investment bank at JPMorgan.

The online brokerages' moves have analysts speculating about what's next for the industry at large.

Credit impact

Fitch, the ratings agency, said on Wednesday after E-Trade's announcement that it viewed the many moves to zero commissions as a "credit negative" for the US retail brokerage industry, and that it sees the majority of other brokers expected to follow suit with near-term cuts. 

That will pressure brokers, Fitch said, making net interest income from cash sweeps, as well as revenues wealth management and investment management more important. Those factors could drive further consolidation, it said. 

Fitch noted Interactive Brokers' move last week was the "latest salvo" in the space that's included Robinhood, SoFi Invest and Square, as well as the zero-commission offerings of Merrill Edge and JPMorgan Chase's You Invest. 

One-year-old You Invest has now gone live with options trading for at least some customers and is also planning on lowering the minimum investment size for its automated portfolios later this year, Business Insider reported earlier this month. 

Others say consolidation may be coming, and it's only a matter of time before other fees fall across the board, all of which stands to benefit retail customers from stock trading to cash management.

"Just another example of the blurring of banks and brokerages," said James Angel, an associate professor of finance at Georgetown University who specializes in market structure. "Retail has never had it better." 

Read more: E-Trade and 3 other big brokers have axed the fees completely in the past week. Here's how Fidelity responded when we asked about online commissions.

Join the conversation about this story »

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Google cofounder Sergey Brin has secretly been married to a law tech founder since 2018. Here are 14 other power couples who rule the tech world.

Thu, 10/03/2019 - 1:26pm  |  Clusterstock

As the singer Grimes, Tesla CEO Elon Musk's maybe-paramour, might say, we appreciate power.

While some tech leaders, like Mark Zuckerberg, have been with their partners since college, notable figures in the tech sector have gravitated toward partners with just as much — or more! — power and pull in their industries.

It was recently reported that Google cofounder Sergey Brin has secretly been married since 2018 to his girlfriend, legal tech founder Nicole Shanahan. Shanahan, 34, and Brin, 46, have a baby girl together who was born late last year, according to Page Six.

But there have also been some high-profile splits in the past year that have hit some prominent tech leaders. Amazon CEO Jeff Bezos and his wife, MacKenzie, announced in early January that they were getting a divorce. Elon Musk and the Canadian singer Grimes dated for a while, though it's unclear whether the on again, off again couple is still together.

Here are 15 of the top power couples in the tech industry:

GOLDMAN SACHS: Buy these 11 stocks poised to surge by at least 50% within the next year

Thu, 10/03/2019 - 12:39pm  |  Clusterstock

  • Goldman Sachs has updated its quarterly list of stocks with the widest gaps between their current prices and its analysts' bullish targets. 
  • The firm's equity strategists expect the market to gain into the year-end — and these stocks could be among the biggest beneficiaries if a rally materializes. 
  • Click here for more BI Prime stories.

There are numerous bargains waiting to be picked up in the stock market following the tepid gains realized in the third quarter and the tumultuous start to the fourth. 

Thankfully, strategists at Goldman Sachs have done some of the legwork by identifying stocks they see as poised for huge upside but still underpriced by the market.

David Kostin, Goldman's chief US equity strategist, expects a rally in the fourth quarter that will lift the S&P 500 to 3,100 by year-end — representing a 4% gain for the full fourth quarter.

Such a rally would buck the market's recent trend: in his recent note to clients, Kostin notes that the S&P 500 has delivered shrinking returns with each quarter this year. The index climbed just 1% in the third quarter due to the uncertainty generated by the trade war.  

If Kostin's predicted rally materializes, the stocks listed below could be among the biggest beneficiaries on the way up. They are all buy-rated by Goldman. And as of September 30, their prices were furthest from analysts' bullish price targets. 

The list is ranked ranked from stocks with the least to the most upside relative to 12-month price targets.

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11. Vertex Pharmaceuticals

Ticker: VRTX

Price: $169.42

Upside to target: 49.9%

Source: Goldman Sachs

 



10. Discovery

Ticker: DISCA

Price: $26.63

Upside to target: 50.2%

Source: Goldman Sachs

 



9. Schlumberger

Ticker: SLB

Price: $34.17

Upside to target: 52.2%

Source: Goldman Sachs

 



8. Concho Resources

Ticker: CXO

Price: $67.90

Upside to target: 53.2%

Source: Goldman Sachs

 



7. Netflix

Ticker: NFLX

Price: $267.62

Upside to target: 56.9%

Source: Goldman Sachs

 



6. Incyte

Ticker: INCY

Price: $74.23

Upside to target: 59%

Source: Goldman Sachs

 



5. American Airlines

Ticker: AAL

Price: $26.97

Upside to target: 59.4%

Source: Goldman Sachs

 



4. Under Armour

Ticker: UAA

Price: $19.94

Upside to target: 65.5%

Source: Goldman Sachs

 



3. Freeport-McMoRan

Ticker: FCX

Price: $9.57

Upside to target: 67.2%

Source: Goldman Sachs

 



2. Align Technology

Ticker: ALGN

Price: $180.92

Upside to target: 75.2%

Source: Goldman Sachs

 



1. Regeneron Pharmaceuticals

Ticker: REGN

Price: $277.40

Upside to target: 78.8%

Source: Goldman Sachs



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Lyft is launching driver rewards because it and Uber can't stop copying each other (UBER, LYFT)

Thu, 10/03/2019 - 12:28pm  |  Clusterstock

Lyft is launching a rewards program for drivers, the company announced Thursday, continuing a trend of similarity between ride-hailing's two dominant players.

Drivers will earn points for every dollar earned during busy hours, Lyft said in a blog post, that can then be redeemed for ride credits on the app. Those points will also unlock increasing tiers of rewards — silver, gold, and platinum — which come with increasing benefits, like cash bonuses at Gold and Platinum, discounts on tax services, roadside assistance, and AT&T cell-phone plans.

The program will only be available in 11 cities to begin with, before expanding nationwide. (There's no word on that timeline yet.) Notably, New York and San Francisco, two of the country's busiest ride-hailing markets, aren't on the list.

"Our new inclusive loyalty program, which aims to provide Lyft drivers with a new, simplified way to increase take home pay and improve their experiences on the road," Lyft said.

Uber, Lyft's much larger competitor, launched a similar rewards program back in November. Uber Pro has since expanded to 30 cities, and includes Uber Eats couriers too. Like Lyft's new program, Uber Pro includes discounts on fuel, vehicle maintenance, roadside assistance, and other perks.

For both companies, a robust rewards program can help sway drivers to pick one platform over the other. After all, both services are incredibly similar for both drivers and riders.

"If we fail to cost-effectively attract and retain qualified drivers, or to increase utilization of our platform by existing drivers, our business, financial condition and results of operations could be harmed," Lyft warned in its IPO filing earlier this year. Uber made a similar warning in its S-1.

A trend of eerily similar product announcements

Rewards aren't the first time Uber and Lyft have made product announcement at almost the same time.

In late September, Lyft announced it would integrate bike, scooter, and public transit options into its core app as part of a major redesign. Not to be outdone, Uber announced similar plans just two days later, with the goal of becoming "the operating system of your life."

Read more: Uber is rolling out a new safety feature to make sure riders get in the correct car after the shocking murder of a college student

Safety updates have also come at remarkably similar times, as both companies face a slew of scary attacks on both drivers and riders. Lyft in September said it would require safety training for all of its drivers, while Uber announced a new PIN-based system for connected riders to the correct drivers at its event last week.

The new features are likely to continue, as Uber and Lyft wean riders off the coupons and ride discounts that they previously relied on to keep growing. Now, it all comes down to having a better product and service. 

"Our commitment to supporting local operations and delivering best-in-class support for drivers is an increasing competitive differentiator," Brian Roberts, Lyft's chief financial officer, told investors in August.

Here's the list of cities where Lyft Rewards is launching: Nashville, Boston, Chicago, Washington DC, Denver, Minneapolis-St. Paul, New Orleans, Philadelphia, Pittsburgh, Austin and New Jersey

Are you a Lyft driver or employee? Have a story to share? Get in touch with this reporter at grapier@businessinsider.com. For sensitive news tips, confidential contact methods can be found here

Here's the breakdown of each rewards tier:

SEE ALSO: Both Uber and Lyft are at record lows as investors continue to shun unprofitable unicorns

Join the conversation about this story »

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My family of 4 is financially independent thanks to passive income from real estate. Here's what we spend in a typical week.

Thu, 10/03/2019 - 12:05pm  |  Clusterstock

  • Chad and Kari Carson live in Clemson, South Carolina, with their two daughters.
  • The Carsons are entrepreneurs and real-estate investors. They earn between $100,000 and $150,000 a year.
  • Their real-estate investments generate enough passive income to cover their annual expenses of about $60,000. This steady income allowed them to spend about 17 months living in Ecuador; they returned home about a year ago.
  • For Business Insider's "Real Money" series, Carson tracked his family's spending during a typical week. They spent about $940 on after-school activities, groceries, and a birthday celebration.
  • Want to share a week of your spending? Email yourmoney@businessinsider.com.

Passive real-estate income didn't pay for our lifestyle overnight. In fact, it was a feast or famine struggle for many years — including the 2008-2009 recession.

But 15 years after graduating from college, my wife and I, along with our two kids (5 and 3 years old at the time), found ourselves on a plane with one-way tickets to Cuenca, Ecuador

Our personal house was rented out in Clemson, South Carolina. Most of our stuff was sold or stored. And we had enough rental income from a portfolio of properties to cover basic living expenses indefinitely (especially with lower cost of living in Ecuador). 

This experience living abroad began a new era of financial independence and incredible flexibility for our family.

About two years later, we returned to the United States and our home in Clemson. The rental income did indeed pay for our living expenses (and then some). And we all became more or less fluent in Spanish (although my daughters enjoy correcting my gringo accent and vocabulary mistakes!).  

Getting out of the normal work-and-spend grind allowed us to prioritize what mattered to us. We exercised daily. We ate more nutritious, home-cooked meals. We learned something new, just for the fun of it. And we spent a lot more time with family and friends. 

Financial independence also gave me time to follow my passion of writing a book and teaching real-estate lessons on my podcast, YouTube channel, and blog.

And my wife Kari built on her passion of teaching English and Spanish. But instead of university teaching with red tape, drama, and meetings, she taught private lessons on her schedule. And she was able to offer her services to whomever needed it the most, whether they had enough money or not. 

We returned to the US about a year ago and life is still moving at a reasonable pace. But we're not completely set for life.

For one, exorbitant health insurance costs forced us to recalibrate our budget. We pay almost $1,300 a month (and rising!) for an unsubsidized Obamacare Plan with a deductible of $6,300 per person and $12,600 for the family. But even at a high cost, we're thankful for insurance that doesn't exclude preexisting conditions.

And we still have financial goals to improve our rental property cash flow, pay off more real-estate investing debt, and improve our margin of safety. 

Constellation Brands slips after a $484 million loss in cannabis company Canopy Growth hits earnings (STZ)

Thu, 10/03/2019 - 12:01pm  |  Clusterstock

  • Constellation Brands, the company behind Corona and Modelo beer, posted second quarter earnings that largely beat expectations but revealed a $484 million loss on an investment in Canopy Growth, a cannabis company.
  • Shares fell as much as 8% on the news. 
  • Investors have been watching the relationship between the companies since June, when Constellation CEO Bill Newlands publicly expressed disappointment in Canopy's earnings, leading to the ousting of former CEO Bruce Linton.
  • Watch Constellation Brands trade live on Markets Insider.

A bet on cannabis isn't paying off yet for Constellation Brands.

Shares of the beverage conglomerate slid as much as 8% Thursday after the company reported second-quarter earnings which mostly beat analyst expectations — but included a roughly $500 million loss on an investment in cannabis producer Canopy Growth

Here's what analysts surveyed by Bloomberg expected, versus what the company reported: 

  • Earnings per share: $2.72 reported versus $2.53 estimate (expected)
  • Net sales: $2.34 billion reported versus $2.34 billion (expected) 
  • Beer depletion growth: 6.2% reported versus 7.7% (expected) 

The company known for Modelo, Corona, and Svedka made huge cuts to its expected full-year earnings-per-share after the results — it now expects per share earnings between $0.55 and $0.75, down from $4.95 and $5.25. 

Read more: The man who wrote the book on how to make 100 times your money with a single stock outlines the core principles of his investing approach — and shares his 2 top under-the-radar picks

It boosted its comparable basis earnings per share outlook to between $9.00 and $9.20 per share on the year, an increase of $0.35, excluding results from Canopy. 

Constellation reported that it lost $484.4 million during the quarter on an investment the company made in Canopy Growth, a Canadian cannabis company it bought a 38% stake in for $4 billion in 2018. The move was a strategic play to gain on the cannabis market as soon as it becomes legal in the US. 

Canopy reported in its first-quarter earnings that it recorded a $1.28 billion total loss, including a $1.2 billion charge related to warrants from its investor agreement with Constellation Brands. The roughly $500 million loss Constellation just reported includes its share in the June warrant modification, as well as equity losses, the company said. 

Constellation's struggles with Canopy date back further. In June, Constellation CEO Bill Newlands expressed his discontent with the weed company's earnings during Constellation's own earnings call — Bruce Linton, the former chief executive officer of Canopy Growth, left the company shortly after. In an interview with CNBC in July, Newlands said the company "needed focus" and a different leader for its "next phase of growth." 

Outside of the investment in cannabis, Constellation reported solid gains in beer. Modelo sales grew 15% during the quarter, and Corona Refresca and Corona Premier also posted strong growth. 

Constellation Brands is up 22% year to date.

Join the conversation about this story »

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TECH COMPANIES IN FINANCIAL SERVICES: How Apple, Amazon, and Google are taking financial services by storm (AMZN, AAPL, GOOGL)

Thu, 10/03/2019 - 12:00pm  |  Clusterstock

Tech giants are set to grab up to 40% of the $1.35 trillion in US financial services revenue from incumbent banks, per McKinsey. Three of the largest US tech companies — Apple, Google, and Amazon — are particularly encroaching on financial services and threatening incumbents with their size and ability to attract massive, loyal user bases.

Apple is deepening its financial services play as a means of invigorating revenue, and its expertise could make it a legitimate threat to legacy players. Google's platform-agnostic approach, wide international penetration, and top talent position it as a hub with unrivaled global reach beyond just consumer payments. And Amazon — which has eaten up market share in every industry it's touched, and now has its sights on financial services — could swiftly undercut legacy players.

In The Tech Companies In Financial Services report, Business Insider Intelligence will examine the moves that Apple, Google, and Amazon are making to gain a larger foothold in the global financial services industry. We will then detail each tech company's threat to incumbents and outline potential next steps based on their existing moves in the financial services sphere.

The companies mentioned in the report include: Apple, Amazon, Google, Goldman Sachs, Mastercard, Barclaycard, Citi, Chase, Capital One, Paytm, and PhonePe.

Here are some key takeaways from the report:

  • Apple's expertise in consumer-facing tech products makes it a legitimate threat to legacy players. Its next move could be a debit card or PFM app, both of which would be cohesive with its existing offerings.
  • Google's money movement and commerce services form a payments hub with unrivaled global reach. Google could pursue global expansion by modifying its offerings in other markets like it did in India, pursuing Europe, and even delving into digital remittances.
  • Amazon is an expert disruptor — and it has its sights set on the financial services industry next. Amazon could develop checking and savings accounts, bring Amazon Pay in-store, and white-label its Amazon Go store technology to deepen its financial services footprint.

In full, the report:

  • Outlines the threat posed by Apple, Amazon, and Google to legacy financial players.
  • Identifies each tech giant's strengths, weaknesses, opportunities, and threats moving further into financial services.
  • Discusses each company's moves in financial services and their anticipated next steps in the space.

Interested in getting the full report? Here are two ways to access it:

  1. Purchase & download the full report from our research store. >> Purchase & Download Now
  2. Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now

The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of tech companies in financial services.

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The first step to early retirement is the same for everyone, says a man who left work at 43

Thu, 10/03/2019 - 11:55am  |  Clusterstock

  • Leif Dahleen, the blogger behind the Physician on FIRE, retired from anesthesiology in August 2019.
  • He always lived frugally for a high earner, but calculated that he would need at least 36 times his annual spending saved and invested before retiring.
  • Dahleen says the first step is to take inventory: Calculate your net worth and find out how much you spend annually. "These two puzzle pieces will help you craft a plan to reach financial independence," he says.
  • Read more personal finance coverage.

Leif Dahleen has always lived frugally for a high earner.

About a decade into practicing medicine, Dahleen had saved and invested an amount equal to 25 times his family's annual spending — the magic number for financial independence — somewhat by accident.

"I had been saving, often more than half of my take-home pay, but I never knew what I was saving for. It occurred to me that I had been saving for my freedom; I just didn't know it," Dahleen wrote in an article for Business Insider.

Dahleen crafted a plan to leave work for good at age 43. He calculated that by that point, his savings and investments would be equal to at least 36 times his family's estimated annual spending. In August 2019, Dahleen retired from anesthesiology.

Along the way, he started a blog, Physician on FIRE, to track his progress and share advice. While Dahleen's situation may be unique, he says the first step to retiring early is the same no matter how much you earn or when you decide to chase financial independence: take inventory.

"There are two things you need to know in order to make a plan for the future," he told Business Insider. "First, you should calculate your net worth. This can be done in a matter of hours."

Your net worth is what you're left with after subtracting your liabilities (what you owe) from your assets (what you own). Not to be confused with income — that's what you earn from your job and what's reported on an income-tax return — your net worth is a single figure that represents your financial standing.

"The second thing you need to calculate is your annual spending. You may be able to guesstimate this based on credit-card statements and your checking account habits," Dahleen says. "It's a good idea to set up semi-automated tracking with an app to verify how much money actually goes out the door every year."

If you plan to keep your spending at the same level once you leave work, your target savings number will simply be a multiple of that figure. The common benchmark is 25 times your annual spending, which is predicated on the 4% rule. This tells us that when we invest an amount equal to 25 times what we spend in a given year, we will be able to indefinitely withdraw 4% of that nest egg each year thereafter.

"These two puzzle pieces will help you craft a plan to reach financial independence," he says. "It's tough to reach any destination without knowing your starting point."

Join the conversation about this story »

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