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Lately, Groq has been getting a lot of similar complaints from its customers, says its CEO, Ross: They want to pay the startup more money to get more access to its chips. It's a problem most startups would love to have.While many AI companies have focused on training large language models, Groq seeks to make them run as fast as possible using chips it developed called LPUs, or language processing units. The gambit is that as AI models get better, inference — the part where the AI makes decisions or answers questions — will demand more computing power than training will, positioning Groq to reap the rewards.But Groq isn't the only game in town. Rivals big and small are trying to carve out a space in the market — including Nvidia, which dominates the market for training and similarly sees inference as the next big thing. Groq's special (and tightly patented) sauce is its specialized chip design says Ross. "There's a lot of counterintuitive stuff that we've done," he tells Business Insider.Groq raised $640 million in August — earning it a $2.8 billion valuation — and Ross says the company has healthy profit margins on half of its available models. The company also has a goal to ship 108,000 LPUs by Q1 of next year — and 2 million chips by the end of 2025, most of which will be made available over the cloud. It will require a lot of work with supply chains and winning over partners. "If we do that, we do believe we will be providing more than half the world's inference at that point," says Ross.The industry has made leaps and bounds since Ross worked at Google from 2011 to 2016, where he worked on improving the technology behind its ads. While there, he came to view AI's computing demands as prohibitive at the time.He recalls Google's AI chief, Jeff Dean, giving a presentation to the leadership team that had just two slides and two points: AI works, but Google can't afford it. Dean asked Ross's team to design a chip based on a specific type of integrated circuit they were using, and the result was Google's first tensor processing unit, a chip designed specifically for AI.It wasn't much later that Ross's team received a cryptic message from an Alphabet group Ross barely knew about, saying they had an AI model and asking whether the TPU chip was as good as people were saying.The group was DeepMind, and just a few weeks later it took its AI model — ported onto the TPU Ross's team had designed — to defeat Lee Sedol, a world champion, in the game Go. Watching the AlphaGo program land a complex "shoulder hit" move on its opponent was validation for Ross that faster inference meant better, smarter AI.Jump forward a decade, and today, Groq is preparing to produce its second-gen chip, which it says will offer a two to three times jump in efficiency across speed, cost, and energy consumption. Ross describes it as "like skipping from fifth grade all the way to your Ph.D. program."See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Groq CEO Jonathan Ross reveals strategy to lead AI chip market

<ul class="summary-list"><li>Interest rates and stock returns are expected to decline, impacting investment strategies.</li><li>Historically, stocks and bonds have alternated in performance, affecting portfolio decisions.</li></ul>A diversified investing strategy means a split between stocks and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-a-bond">bonds</a>, at minimum. But for the better part of the last two decades, interest rates were near zero, and real returns in bonds were lacking.Still, investors added them to their portfolios because history has shown us that asset classes can zig and zag, with long <a target="_blank" class="" href="https://www.businessinsider.com/stock-and-bond-market-correlation-normal-2014-2">periods of stock market outperformance</a> relative to bonds and intervals where that dynamic flipped.The last two years were great for both asset classes. Elevated rates put the bond market back on investors' minds, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> had a solid 26% total return. But depending on who you ask, the future may not be as bright.Yields will be less attractive as the <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11#:~:text=The%20Fed%20cut%20interest%20rates,country%20recovered%20from%20the%20pandemic.">Fed begins its rate cuts</a> for this cycle. Meanwhile, Goldman Sachs expects stock-market returns to be muted for the coming decade. The S&amp;P 500 is predicted to see a mere 3% annualized return over the next 10 years, which could lag the 10-year Treasury at an expected 4% yield, according to a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-beat-stock-market-returns-next-decade-goldman-sachs-2024-10">recent note</a> by the investment bank's chief US equity strategist David Kostin.If the bears are right, investors may be forced to take on more risk for returns. Sounds gloomy, but for bond traders like Mark Rieder, who has over two decades of experience in the sector, it could be an opportunity to dig for bargains in corporate credit.Generating alpha for a credit trader could mean beating a peer, a Bloomberg fixed income index that matches the category of bonds traded, or simply remaining in positive territory in terms of total returns when the market is down, Rieder told Business Insider."Over the past 10 years, when interest rates were very low, it was not an exciting time to be a credit analyst and a portfolio manager," Rieder said. "But it's much more interesting today, and I'm really excited about that."However, active debt investing takes a good level of skill and consistent effort to make the right credit selection, according to his new book, "Reminiscences of a Bond Operator." Like the stock-picking process, following the crowd or consensus won't result in alpha. A credit trader must conduct the same level of fundamental analysis and dig into a company's balance sheet, earnings calls, 10Qs, and 10Ks, among other things, to determine valuation."I've always believed that a good credit analyst is also a really good equity analyst because you really need to understand the capital structure of the companies that you're evaluating and all of their different needs," Rieder said. "Most companies want to have their stock price go up, and so as a credit analyst, you need to understand that so that you can understand what their motivations are."It's especially important now, as the credit space faces its own set of challenges. Like the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/are-we-in-a-recession">business cycle</a>, credit has its booms and busts based on macro conditions and supply and demand. In a strong economic environment, corporate cash flows rise, and companies increase borrowing with favorable lending terms. But when times are tight, companies deleverage until their debt is less than their cash flow. Once that equilibrium is satisfied, more borrowing ensues, according to his book.Rieder said credit is in the boom part of the cycle. This might sound surprising, considering debt has been expensive for the better part of the last two years. But most companies were locked into low yields before rates rose, he noted. As debt turnover increases, investors need to be cautious."There's a lag impact on the increase in rates. Most companies borrow for long periods of time, five years, 10 years," Rieder said. "A lot of companies issued debt when interest rates were very low. They're now only starting to refinance that low-coupon debt. That, in turn, is what causes an impact."He doesn't expect that the Fed's cutting cycle will mitigate the crunch. The central bank can impact front-end yields, but the back end is driven by additional considerations, he noted. The 10-year rose to 4.3% shortly after the first rate cut of September, a signal that <a target="_blank" class="" href="https://www.businessinsider.com/us-election-forecast-most-accurate-economist-predicts-outcome-economic-impact-2024-10">investors were looking ahead</a> at other economic risk factors, including concerns over the government's ballooning deficit, he added. Additionally, economic conditions such as elevated credit card debt pose concerns for future corporate profits.<h2 id="101d0bc7-10c7-46f9-a758-eea160588283">Trading credit</h2>Right now, investment-grade credit spreads are tight. The yields in corporate bonds aren't much higher than in government bonds, meaning less compensation for more risk. But if we move from the boom to the bust phase, credit spreads could widen, and that could create opportunities in the credit space, he said.While spreads are tight, he prefers front-end yield or pairing trades with cheap optionality. The cost of shorting a credit index like the CDX Investment Grade 5-Year Index, a credit-default-swap index that tracks the credit risk of large US investment-grade companies, is low. And since spreads are trading at historically tight levels, it's less likely to get much lower, which could limit potential losses, he said. This position can then be paired with a trade expected to perform positively.An example he provides of a market-neutral pair trade could look like buying a corporate bond in a sector with structural tailwinds, such as a natural gas producer set to benefit from increased demand and rising energy prices, or airplane lessors who benefit from higher lease rates due to a tight aircraft supply — a situation that's unlikely to ease in the near term because of production challenges faced by manufacturers. Then, take a short position in an interest-rate future to hedge against the bond's interest-rate risk."This trade works if natural gas prices remain stable or rise, leading the energy bond to outperform the overall corporate bond market," Rieder said. "It's an excellent opportunity to capitalize on the current tight credit spread conditions and complacency in the overall credit market."Having liquidity can also give you an upper hand. As spreads widen, investors may be forced into selling higher-quality credit because they can't offload the lower-quality ones, he said."There are huge opportunities in credit if you remain liquid during dislocations," Rieder said. "Other investors are going to be looking for liquidity. They can't sell what they want to, so they sell what they can, and that can lead to opportunities to buy cheap assets."

A veteran bond operator shares an alpha-generating strategy for dropping yields and muted stock-market returns

Social Media Marketing Strategies

<ul class="summary-list"><li>Leaders recommend preparing for an IPO well in advance and tailoring the process to a company's needs.</li><li>The discussion was part of BI's event "The Road to IPO," in collaboration with Fidelity and held on September 19.</li></ul>An <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-ipo">initial public offering</a> is a significant moment in any company's journey. It can mark a promising business model and boost its long-term growth.Reddit recently made its successful <a target="_blank" class="" href="https://www.businessinsider.com/reddits-ipo-set-to-take-front-page-of-internet-public-2024-3">debut</a> on the public market, pricing its shares at the top of the expected valuation range. But Jesse Rose, Reddit's head of investor relations, told Business Insider that the company took some unconventional approaches to the launch, and the IPO process was long in the making.Business Insider's virtual event "<a target="_blank" href="https://www.businessinsider.com/events/the-road-to-ipo">The Road to IPO</a>," in collaboration with Fidelity, brought together a panel to discuss the key preparations, concerns, and decision-making strategies for business leaders looking to go public. Leaders from Reddit, Goldman Sachs, Brunswick Group, Latham &amp; Watkins, and Fidelity Private Shares joined us as panelists. Akin Oyedele, BI's investing deputy editor, moderated the conversation.Despite the whirlwind of issues that founders might be thinking about when launching an IPO, "readiness is the only thing to be focusing on because you can't control the markets, but you can control how you prepare for them," Elizabeth Reed, Goldman Sachs' global head of equity syndicate, said.Conducting mock earnings calls, for example, is something companies can do to prepare for a public-market transition. "The importance of mock earnings calls is probably underappreciated, and what they do is they help you get into a public-company rhythm," said Rose."Two years of sort of a pause, or a wait, was one of the best things that actually happened to Reddit," he said. "It gave us a chance to really think to practice being a public company without actually being one."Leaders also discussed the right time for launching an IPO. "One thing that people are often surprised by is how far in advance they really should be thinking about and preparing for IPO," said Kristen Craft, Fidelity Private Shares' vice president and business partner manager. "Generally speaking, we love to work with folks who are 24 or even 36 months pre-IPO."Ash Spiegelberg, a partner and the technology, media, and telecoms global lead at Brunswick Group, added that part of preparing for an IPO is understanding how stakeholders — such as investors, customers, employees, and government regulators — are involved in the process. Companies should be aware of "how multistakeholder these transactions have become," he said.Panelists emphasized the importance of aligning stakeholders with the company's objectives in going public. "While IPOs are fairly consistent, IPO to IPO, you can tailor your IPO to fit your company culture, your business needs," Rick Kline, Latham &amp; Watkins' Bay Area partner and chair of the technology-industry group, told BI.For example, Rose said that Reddit recognized it was a platform built on community, which prompted it to use company-specific features like "ask me anything" posts and subreddits to communicate with its audience about the IPO process. Diverging from typical IPO practices, Rose said, Reddit provided its eligible users with similar access to information on the launch as its management team and allowed them to buy shares at the IPO price.Before and after going public, Rose said, the company has valued transparency with its employees. "We make it so that the folks see how their contributions are impacting the earnings process," he said.Spiegelberg said that while the specific timing for an IPO is variable with every company, going public should be a stage that businesses look toward: "Getting into the public markets and getting on with it can just often be the best way to build a great company."

What made Reddit's IPO successful? Business leaders share key strategies for launching into the public market.

<ul class="summary-list"><li>Millennium Management has lost money in just one year since its 1989 founding.</li><li>The $69 billion hedge fund uses a strict trading strategy to make sure it consistently makes money.</li></ul>The $69 billion <a target="_blank" class="" href="https://www.businessinsider.com/category/hedge-funds">Millennium Management hedge fund</a> employs a simple yet effective trading strategy to make sure it almost always makes money in the stock market: cut losing stock positions as quickly as possible.The firm, which is one of the largest hedge funds in the world, was founded in 1989 and since then has lost money in just a single year — 2008, when a financial crisis turned into a sharp recession and sent the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> crashing 38%.The fund still managed to massively outperform the S&amp;P 500 that year, shedding just 3.5%.Other than that outlier year, Millennium has posted gains every single year of its 35-year history, racking up $56 billion in cumulative profits for its investors.When the S&amp;P 500 was down 10% in 2000 as the dot-com bust got underway, Millennium saw its best year ever, delivering a 35% return for its investors, according to data from Bloomberg. And in 2022, when the S&amp;P 500 finished the year down 19%, Millennium was up 12%.The consistent string of positive returns at Millennium stems from it's being a multi-strategy approach.That means its 2,600 traders, investment analysts, and portfolio managers run independent groups concurrently using various investment strategies across stocks, bonds, options, and commodities.According to a report from <a target="_blank" class="" href="https://www.wsj.com/finance/investing/the-giant-hedge-fund-that-hates-risk-and-still-wins-1110e90a">The Wall Street Journal</a>, the game is simple: make money and stay employed, or lose money and probably get fired.The report said that when a Millennium portfolio manager that manages $1 billion loses $50 million, or 5%, the first threshold is reached and that manager's pool of available capital to trade is slashed in half, to $500 million.From there, if the portfolio manager loses an additional $25 million, or a total of 7.5% on the initial $1 billion allocated to them, they will likely be fired, the report said, adding that sometimes exceptions are made.This strict stop-loss trading strategy means the hedge fund goes through a lot of employees, sporting a high turnover rate of about 15%-20% of its staff each year.But the trading strategy is also what turned its founder, Israel Englander, into a billionaire.According to data from Bloomberg, Englander is worth $13.3 billion, making him the 172nd richest person in the world.And the strategy is still working. Millennium posted returns of about 10% in 2023, <a target="_blank" class="" href="https://www.businessinsider.com/september-hedge-fund-performance-exoduspoint-citadel-millennium-point72-2024-10">and year-to-date it is up another 9.5%.</a>Millennium Management did not respond to a request for comment.

The strategy a $69 billion hedge fund uses to make sure it never loses money in the stock market

<ul class="summary-list"><li>Investors are seeking S&amp;P 500 downside protection as rate cuts shift focus to growth concerns.</li><li>Hedging strategies include options contracts, indicating the smart money is bracing for volatility.</li></ul>Some investors are beginning to accept that what goes up must come down.Demand for downside protection on the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> is starting to build. As rate cuts begin, attention is shifting away from inflation to concerns over slumped economic growth and a stock market that looks a bit too rich.There are multiple ways to hedge: short selling, diversifying into uncorrelated assets, buying an inverse <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-an-etf#:~:text=An%20exchange%2Dtraded%20fund%20(ETF,liquid%20as%20some%20mutual%20funds.">ETF</a>, and using <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/option-chain#:~:text=An%20option%20is%20a%20contract,its%20own%20type%20of%20security.">options</a>, among others.But one approach that's beginning to pick up, with advantages in the current market environment, is hedging S&amp;P 500 downside through options contracts. It's a sign that the smart money could be beginning to get into positions early to brace for volatility or a pullback, according to Tanvir Sandhu, the chief global derivatives strategist at Bloomberg Intelligence.It's a bit of a shift from an environment where investors had just been buying the dip during market pullbacks, he added in an interview.Annually, the <a target="_blank" class="" href="https://markets.businessinsider.com/index/vix">CBOE Volatility Index</a> (VIX) — a measurement of implied volatility — gradually rises starting in the middle of summer and into October. And during election years, that pickup is more pronounced, Sandhu noted.So far, October's VIX futures, which cover the election date, have been rising over the last week even though the S&amp;P 500 remains strong. This indicates increased expectations of volatility. On average, investors have gone long on volatility leading up to an election and tend to take profits just before the event, in expectation of volatility fading quickly after, he said at a conference on Tuesday.<h2 id="a8544eb9-d926-4c96-a2a3-c60541035839">Hedging options</h2>A classic hedging strategy is buying calls on the VIX, which gives the buyer the right to purchase the index as its value rises if volatility picks up. Sandhu noted that when the VIX goes down, demand on VIX calls generally increases because there's more upside potential if it does spike.Another approach is buying puts on the S&amp;P 500, which gives the buyer the right to sell the index at a set price before the expiration date. The contract's value rises if the index falls because it allows its buyer to sell at a set price amid uncertainty.Each option has its pros and cons. The approach that works better depends on how the stock market pulls back. Traditionally, the S&amp;P 500 gradually goes up, with quick pullbacks — like an escalator-up, elevator-down scenario, Sandhu said. But more recently, we have been in an upside-down world, where it's more like an elevator up and an escalator down because investors keep buying the dip, making pullbacks more shallow, he added. This has somewhat muted volatility and changed its function.That said, to get a payout from VIX calls, you need a shock-like pullback, where the market sells off, causing the volatility index to spike. So the VIX strategy may not do as well in this type of dynamic, he noted.Even if it seems cheap to hedge since volatility is low, it can still end up being costly as contracts expire worthless. However, it also depends on your outlook over the next few months."When you buy a VIX call option, you are hedging against a tail-risk event," Sandhu said. "So let's say the Middle East scenario gets really bad, and there's a war, Brent goes above $100 a barrel. That's pretty bad for the financial markets."Meanwhile, S&amp;P 500 long-dated put options are a preferred approach for investors expecting a slower downturn because they have a lower cost of carry. You don't have a contract that expires worthless every month or so, he noted.

The smart money is bracing for a stock-market pullback with 2 options strategies. Why one works better in the current environment.

<ul class="summary-list"><li>Sam Altman says he prioritizes talent over age in his hiring decisions.</li><li>He said having a mix of inexperienced and experienced workers is important for tech companies.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/timeline-sam-altman-openai-shock-firing-microsoft-switch-2023-11?r=US&amp;IR=T">OpenAI CEO Sam Altman</a> says his hiring strategy is focused on talent over age.On <a target="_blank" class="" href="https://open.spotify.com/episode/6mvT6nqdjXEGQ83dRrWIKp">an episode</a> of Harry Stebbings's "The Twenty Minute VC (20VC)" podcast, the OpenAI CEO said that companies are best served by hiring a mix of younger, inexperienced people and more experienced people over 30."Inexperienced does not inherently mean not valuable," he said during the podcast episode published on November 4. Altman added it was worth taking a chance on young, high-potential people at the start of their careers as they could end up delivering high value.At the same time, Altman said he wouldn't be comfortable relying on an inexperienced employee who was just starting out for higher-stakes work, such as designing complex and expensive systems."You want both, and I think what you really want is just like an extremely high talent bar of people at any age, " Altman said. "A strategy that says 'I'm only going to hire younger people,' or 'I'm only going to hire older people,' I believe, would be misguided."The job market in Big Tech has become an increasingly polarized space with companies fighting over<a target="_blank" class="" href="https://www.businessinsider.com/ai-talent-wars-big-tech-ceos-recruiting-paying-huge-packages-2024-4"> C-suite-level AI talent</a>, while mid-level and junior employees are facing a more <a target="_blank" class="" href="https://www.businessinsider.com/millennial-cant-find-job-tech-blames-racial-discrimination-ai-2024-9">bleak hiring outlook</a>. Big Tech has been engaged in a talent war for top AI researchers amid an industry-wide AI arms race. In one recent example, Google struck a $2.7 billion deal with AI startup <a target="_blank" href="http://Character.ai">Character.ai</a><a target="_blank" rel="" href="https://www.businessinsider.com/character-ai-in-talks-to-raise-google-2024-2">.,</a> reportedly largely to rehire former Googler Noam Shazeer.In a similar move, Microsoft previously paid Inflection $650 million for a licensing deal and to <a target="_blank" rel="" class="" href="https://www.businessinsider.com/inflection-ai-new-game-plan-mustafa-suleyman-joined-microsoft-2024-5">poach its founders Mustafa Suleyman and Karen Simonyan.</a>However, the battle for high-level talent may not be translating down to more junior employees. The job market appears to have tightened for more junior roles, with <a target="_blank" class="" href="https://www.businessinsider.com/tech-graduate-job-market-ai-layoffs-2024-10">recent graduates recently</a> telling BI that they are facing a tough job market. They blame the rise of AI, offshoring, and tech layoffs for making roles more competitive.In a recent survey of 750 workers struggling to find work in the US, BI found over a dozen recent college graduates said they can't find a tech role, despite relevant internships and bachelor's degrees from top schools.While Altman may prioritize talent over age at OpenAI, some older tech employees say they are <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/millennials-ageism-tech-jobs-gen-z-boomers-2024-9">experiencing ageism</a> in the workforce. They told BI they are <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/millennials-ageism-tech-jobs-gen-z-boomers-2024-9#:~:text=John%20Zeman%2C%20a,beyond%20%22mere%20speculation.%22">more at risk of layoffs</a> or have already aged <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/shocked-when-recruiter-said-too-old-tech-job-ageism-2024-3">out of tech roles.</a>Gen Zers have also <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/mistake-to-undervalue-gen-zers-in-the-workplace-experts-say-2024-10">previously told BI</a> they experience negative stereotyping in the workplace because they're perceived as "lazy." One 25-year-old worker said they felt they were denied promotions because of their age.

Sam Altman's hiring strategy bets on talent, not age

<ul class="summary-list"><li>Indexes have soared on strong economic data and a big rate cut from the Fed. </li><li>Yet, as markets eye a soft landing, potential shocks pose a higher risk to investors, David Kelly says.</li></ul>Strong economic data and a big rate cut last month have fueled bullish sentiment, but investors should be wary of adding more risk, according to JPMorgan Asset Management's David Kelly. The firm's chief global strategist says the promise of a soft landing has encouraged Americans to pour into riskier assets at the exact time they shouldn't be. "I will say that although I think this is positive for the equity market, I am getting increasingly queasy about the fact that the equity market keeps on pricing in a soft landing," Kelly told Business Insider.He said that as the market prices in a <a target="_blank" href="https://www.businessinsider.com/recession-prediction-soft-landing-goldman-sachs-us-economy-volatility-inflation-2024-8">soft landing</a>, valuations rise, which means any shock to the market could send asset prices tumbling. "Markets have gone up a lot and become more distorted, and because they're more distorted and at higher valuations, they're more risky," he said.At the same time, the average American's wealth has <a target="_blank" href="https://markets.businessinsider.com/news/stocks/american-household-wealth-record-highs-stock-market-fed-rate-cuts-2024-3">soared</a>. According to Fed data, the total aggregate wealth of American households grew by about $50 trillion in the last five years. That means many middle-income households that couldn't afford retirement just a few years ago now can, Kelly says.As a result, investors shouldn't take on more risk than they need to, he says."They should dial back risk. There's no need to increase risk if you've got enough money to do the things that you want to do," Kelly said.Kelly was particularly cautious over keeping money tied up in high-flying growth stocks."At the very time when I think logic would dictate that investors take a little bit of risk off the table, they are passively allowing risk to accumulate on the table," he said.Instead, he recommended investors rebalance their portfolios, funneling funds out of growth stocks and toward value shares, international equities, and alternatives. Kelly says the market has been trending toward a soft landing for quite some time, and Friday's blockbuster jobs report only strengthened the case. The report showed a dip in the unemployment rate from 4.2% to 4.1%, with 254,000 nonfarm payrolls added, blowing past estimates of around 150,000. The strong report all but <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-fed-rate-cut-outlook-november-labor-market-2024-10">dashed hopes</a> for another big rate cut next month, with investors quickly lowering the odds of a 50 basis point move from 33% to less than 1%, according to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>.Kelly acknowledged, though, that the data leaves room for error, so it's possible that last month's employment appeared weaker than reality and this month seemed stronger than reality.Regardless, he says the report validates that the US has a healthy, strong labor market and that the economy is on a "very nice soft landing path."Kelly expects the Fed to cut an additional 50 basis points over the course of its next two meetings, and another 100 next year.Back in August, when a <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">surprise increase in unemployment</a> triggered a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nasdaq-crash-tech-recession-global-stock-market-rout-accelerates-japan-2024-8">massive global sell-off</a>, Kelly told Business Insider that the Fed needs to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-fed-rate-cuts-selloff-economy-recession-jpmorgan-powell-2024-8?_gl=1*agjqth*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODA1NzIyMi4yMjUuMS4xNzI4MDU3ODg4LjU3LjAuMA..">do more to broadcast its confidence</a> in the economy.Now, he says the Fed should continue showing its confidence, and show that it can take its time cutting interest rates."The more the Federal Reserve seems to be taking its time and not overly concerned, the more that's going to do to support confidence," he said.

'I am getting increasingly queasy': JPMorgan's strategy chief on why investors should dial back risk amid market distortions

<ul class="summary-list"><li>Goldman Sachs named 95 partners last week, including private wealth exec Brittany Boals Moeller.</li><li>The 39-year-old runs the Southeast region and leads strategy for young and women clients.</li></ul>Brittany Boals Moeller, one of Goldman Sachs' newly minted partners, didn't picture a career in finance when she joined the bank 17 years ago. She grew up in Jonesboro, Arkansas, where her parents were professors at the local university. After graduating from New York University in 2007, she thought she would work at Goldman Sachs for a few years to save up for graduate school, perhaps to study public policy or become a lawyer. But even when the financial crisis hit, which was an opportune time to go back to school, she didn't want to leave."At Goldman, you are given tremendous responsibility and opportunity young in your career if you prove yourself able," she told Business Insider in an interview. "I've never once been bored, and so it's an easy choice to stay."The 39-year-old is based in Atlanta and runs the Southeast region of Goldman Sach's private wealth division. While wealth management clients skew older, the division has a pipeline of rich millennial founders who work with the investment banking arm. Boals Moeller said these clients in their 30s and 40s are more likely to want more than investment advice, desiring services like concierge healthcare and bill pay that make their lives easier. To keep these clients loyal, she leads an initiative to cater to younger clients, including heirs and self-made entrepreneurs, and another that focuses on women customers."They're busy. They want simplicity. They need good people around them to help," she said.During the dealmaking drought, the <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-private-wealth-management-asset-david-solomon-2023-1">wealth management</a> business gained new prominence. "Quite frankly, private wealth management at Goldman Sachs has never been as much of a focus for the firm as it is today," division cohead John Mallory told BI in 2023.Boals Moeller said the business's current stature is the result of investments more than a decade in the making. She served as chief of staff to wealth management head Tucker York during the financial crisis. Around 2010, she embarked on a listening tour of every wealth office. The advisor feedback led to the bank expanding its offerings beyond investment and tax planning advice."We knew this going way back, and it certainly continues today, which is we are not purely an investment solution for our clients," she said. "Investments are critical and core to our work, but increasingly we're seeing that with the next generation of wealth owners today, they are seeking simplicity and solutions in all aspects of their life."Goldman Sachs' family office offering, Apex, launched a few years later. Now, the division offers chief financial officer services to help clients with not just estate planning but also lifestyle services like cybersecurity.Catering to these younger clients, whether they are old-money heirs or startup founders celebrating their first windfall, requires meeting them where they are. That usually isn't over a steak and martini lunch or 18 holes at the golf course. What entices these clients more, Boals Moeller said, is getting to meet like-minded people.Goldman Sachs holds events and conferences, often with star-studded lineups or in scenic locales. In August, Boals Moeller hosted a reception in Atlanta with singer Ciara and Marc-Kwesi Farrell, the founder of a rum brand that provided custom cocktails. In October 2023, Goldman Sachs hosted a conference in Deer Valley where billionaire Patrón founder John Paul DeJoria talked about keeping a business empire in the family. Sustainability and sports are particularly interesting to this demographic, with Goldman Sachs hosting a tour of a waste-to-clean-energy power plant in Copenhagen and bringing in Michelle Hynik, president of women's football club Utah Royals, to the Deer Valley summit.Advisors also introduce clients to each other when appropriate, such as a pre-IPO founder to an entrepreneur who has already been through the process."A lot of effort is put into helping people not only just manage the risk and obviously the investment side of things, but also the broader piece, which is how do we help you have an amazing corporate outcome from the sale of your business, and how do we help you as a family appropriately prepare for that?" she said.Advisors can meet with families one-on-one for financial education. However, many of these millennial and Gen-Z clients prefer digital education on their own time. Goldman Sachs has courses for children of clients as early as 15 years old. This Semester at GS program has six one-hour sessions that span trading talks from executives in global markets as well as personal finance topics like how to think about a credit score. These virtual sessions are cameras off, Boals Moeller notes."You don't have to be at a desk," she said. "It's not another hour of homework."

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