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<ul class="summary-list"><li>Olivia Gaudree started working at Fuel Venture Capital as an intern in her early 20s.</li><li>She worked her way up the ranks and became a partner in under seven years at 28.</li></ul>This as-told-to essay is based on a transcribed conversation with Olivia Gaudree, a 28-year-old partner and VP of Operations at Fuel Venture Capital. Business Insider has verified her employment. The following has been edited for length and clarity.I grew up in an entrepreneurial family. My parents work at a family catering restaurant they've run for 30 years. They started a few businesses when I was a child and openly discussed the ups and downs of their businesses' operations.I knew I wanted to do something in business. I thought internships would help me figure out what.I got an internship at a local hedge fund in highschool. I worked there for two summers and one school year.I attended Florida State University and majored in finance. In 2017, my junior year of college, I had a summer financial internship at Thomson Reuters in New York.Those were formative summers for me. Through my exposure as an intern, I learned I liked working with a smaller team, where I had a lot of responsibilities and more creativity, versus a bigger investment house where everyone stays in their lane.I noticed there are ways to move up the corporate ladder at a bigger firm, but maybe not as quickly as at a younger, smaller firm.<h2 id="26c27631-144f-4aad-b290-8f95876eeb4d">Networking helped me land my job in venture capital</h2>At my high school hedge fund internship, I met Maggie Vo, now the managing general partner at Fuel Venture Capital, and got to know her well.I made a point of maintaining the relationship at college. I updated her on my progress and asked about hers.Maggie saw that I was willing to learn quickly and had the work ethic to contribute to the firm. She offered me an internship right after I graduated from college.Connecting with people in venture capital and maintaining those connections is imperative for young people. When you don't have quantitative metrics to prove your worth, industry connections can help. Reaching out meaningfully, even once a quarter, makes relationships warmer.<h2 id="d80906a1-7251-4830-9016-5b91f5bbfaab">Why I chose VC over investment banking and financial services</h2>At the time, I was considering opportunities in investment banking and financial service firms and was fielding full time offers.I chose Fuel because I would work with the investment side and directly with the founders. You don't often get exposure to both sides in a larger firm.When I joined Fuel in 2018, it was a small team of managers with one fund. I could work directly with senior leadership and access all the different parts of the business.It was also a rare opportunity to get into VC early.The typical path into VC starts with working a few years in investment banking, then a few years in a small private equity firm, and then you get a chance at VC. It can take 10 years. The alternative is to get an internship early, prove yourself, and work your way up.These days, there are more early opportunities. Some firms offer entry-level positions within the investment team, but they aren't common. Firms usually want to see that background before coming into VC.<h2 id="3b8bc890-7a6a-4da0-b3cb-bab35ee2a118">I worked my way up from intern to partner in under 7 years</h2>Fuel offered me a full time role three months after I started as an intern at 22. I then worked my way up through several more analyst roles.In the early days, I worked alongside Maggie on the investments team. I tried to absorb as much information as possible from meetings.I was working on decks, putting together due diligence packages on potential portfolio companies, and working on internal processes.I had to work harder since I didn't come to VC from the traditional investment banking path. For the first two years, I immersed myself in the industry, reading as much as possible and listening to industry podcasts.Now, I've done everything from refilling the printer to facilitating successful exits.You need to make yourself indispensable and understand every aspect of the business to thrive. Learning how to communicate effectively with everyone — founders, investors, and colleagues — was especially crucial.One easy, surefire way to move up the ranks is to know what your boss wants and, if possible, meet them there.When I first started as an intern, I also worked directly with Jeff Randsell, Fuel's founding partner. I noticed that he'd spent 25 years working his way up at Merrill Lynch. Because he'd been exposed to that cutthroat environment, I always made sure to be the last person to leave the office. He didn't say this was an expectation, but I hoped he'd recognize my hard work. I think it ultimately contributed to my getting a full time position at Fuel.<h2 id="6b480740-0c25-42a2-9afd-640b460a9dca">I shifted roles and got promoted to partner</h2>An opportunity to move on to operations arose in 2022. I never saw myself in operations because I thought it was a paperwork, back-office role. But it felt like a natural progression in my career, and I still got to work with founders and investors — now I'd understand even more about the business.Coming into the operations side, I had a good macro view of the firm I'd built up in my first four years.In this role, I work with third-party partners, run the audit process, and work directly with the tax and legal teams. I'm also involved in the investment side but with compliance. I even learned how to form a fund from the bottom up.I was promoted to partner,which was very important.<h2 id="d7507795-b2ba-4968-8b0f-430ba4120462">I've put in 110% effort to make it as a woman in VC</h2>With most jobs in finance including VC, there are fewer women at the table. You have to prove yourself and overcome implicit bias when you're a woman or a minority.I account for this by putting in 110% effort and a lot more planning and preparation to ensure I'm viewed as equal to everyone around me.Switching gears and interacting with a stressed founder and then a member of the tax team has been valuable to my career progress. The women I work with are very good at balancing many different things simultaneously. They are also observant and ask hard questions.These skills were especially useful in 2021 when founders went from capital exuberance to more scarcity. Everyone found this challenging.<h2 id="9be33f2f-2918-4b52-9330-3a9e63106dc0">VC means long hours, but it's fulfilling</h2>It's an 80 to 100-hour workweek industry. You have to enjoy the work. If not, it will be miserable.VC has turned out to be a great fit for me, and it's a career path I'm fully committed to.My entire journey has been so fulfilling with Fuel. I've seen founders' growth trajectories and how that's positively impacted all the people they employ and the generational wealth they're creating for their own families.While numbers heavily drive VC, it's also about gut instinct, relationships, and networking. You have to have intuition and move on it. It's not about waiting for direction. While you learn along the way, curiosity, and emotional intelligence are essential at the entry level.

I broke into venture capital at 22 and became a partner by 28. I learned one easy, surefire way to move up the ranks.

<ul class="summary-list"><li>Gov. Glenn Youngkin of Virginia is reconsidering a 2024 presidential run, per a recent Axios report.</li><li>But such a decision would be rife with peril, with Youngkin far down the pack of GOP contenders.</li></ul>After Glenn Youngkin was <a href="https://www.businessinsider.com/glenn-youngkin-sworn-in-virginia-governor-inauguration-republicans-2022-1">inaugurated</a> as Virginia's 74th governor last year, he quickly became a potential dark-horse 2024 Republican presidential contender — largely among the conservatives and moderates within the party weary of another candidacy from former President Donald Trump.Youngkin, buoyed by his 2021 <a href="https://www.businessinsider.com/virginia-governor-election-terry-mcauliffe-vs-glenn-youngkin-live-results-2021-11">victory</a> over former Democratic Gov. Terry McAuliffe in a state that in 2020 backed President Joe Biden by a 10-point margin, has been touted as a candidate who could appeal to both economic conservatives and independents who had moved away from the GOP during the Trump era.But Trump — who remains hugely popular among the Republican base — was always likely to avenge his 2020 defeat. And Gov. Ron DeSantis of Florida, who just <a href="https://www.businessinsider.com/ron-desantis-just-made-his-2024-presidential-run-official-2023-5">jumped into</a> the GOP race last week, has long been seen as Trump's top rival for the nomination.In recent weeks, though, DeSantis' stock has faltered among voters leery of him backing a new Florida six-week abortion ban and his continued battles with the Walt Disney Company rooted in their <a href="https://www.businessinsider.com/florida-desantis-expansion-of-dont-say-gay-to-all-grades-2023-3" rel="">opposition</a> to the state's "Don't Say Gay" law — efforts that many feel could <a href="https://www.businessinsider.com/biden-desantis-abortion-rights-disney-guns-education-2024-election-trump-2023-5">hurt</a> the GOP further with swing voters.Enter Youngkin, who managed to flip a Democratic-leaning state while performing strongly with the sort of conservatives who any Republican would need to capture the nomination. Axios last week <a href="https://www.axios.com/2023/05/22/glenn-youngkin-us-president-2024">reported</a> that Youngkin was reconsidering a 2024 presidential run after having seemingly <a href="https://www.cbsnews.com/news/virginia-governor-glenn-youngkin-no-2024-presidential-run/">shut the door</a> on a bid in April.Some in the GOP might say that the governor could save the party in the suburbs next year. But a Youngkin presidential campaign would have a hard time getting off the ground, due to Trump's enduring influence in the party, DeSantis' amplified focus on hot-button cultural issues, and the unique circumstances that tend to hold back Virginia governors from seeking national office.<div type="image" title="Trump" height="683" width="1024" msid="100658347" hostid="261" sizebytes="27326"></div><h2>Trump remains the GOP juggernaut</h2>Trump can write one controversial post on Truth Social and get more publicity than a sitting governor presiding over millions of people.Youngkin, who is barred from running for reelection in 2025 under Virginia law, surely recognizes this dynamic. As the governor focuses on trying to win state legislative seats this year, Trump is campaigning throughout the country, with the former president's political standing having solidified after he was <a href="https://www.businessinsider.com/trump-indicted-new-york-stormy-daniels-hush-money-payment-2023-3">indicted</a> by the Manhattan District Attorney's office over his involvement in a hush-money payment made to the adult film actress Stormy Daniels.Where Republican presidential polls earlier this year had DeSantis lapping on Trump's once-robust national leads, the former president has <a href="https://projects.fivethirtyeight.com/polls/president-primary-r/2024/national/">reclaimed</a> his dominant position in the GOP race.As of May 31, the GOP <a href="https://projects.fivethirtyeight.com/polls/president-primary-r/2024/national/" target="_blank" rel="noopener">polling average on FiveThirtyEight</a> had Trump ahead of DeSantis 54.1%-20.7%, with former Gov. Nikki Haley of South Carolina at 4.6% support, Sen. Tim Scott of South Carolina at 1.9% support, and likely contender and former Vice President Mike Pence earning 5.4% support. And the Trump campaign has been making a disciplined and concerted effort to boost the former president in the early nominating states of Iowa, New Hampshire, and South Carolina — as well as in <a href="https://www.businessinsider.com/trump-texas-endorsements-2024-gop-presidential-nomination-indictment-2023-3">delegate-rich Texas</a>.If Youngkin does enter the GOP race, potentially after the Virginia legislative races this fall, he would have to work to catch up with the leading candidates in a matter of weeks, an incredibly tall order for someone without a national Rolodex and lower name recognition among base voters in key states.<div type="image" title="Ron DeSantis" height="683" width="1024" msid="100658349" hostid="261" sizebytes="32834"></div><h2>GOP voters want a conservative push on social issues</h2>Republicans in conservative-heavy states across the country have sought to fall in line on a range of high-profile issues, including abortion, LGBTQ rights, book banning, immigration, and the teaching of race in schools.DeSantis, who has staked his political brand in signing into law a wave of conservative legislation as part of what he has said is reflective of Florida's <a href="https://www.flgov.com/2023/02/01/governor-ron-desantis-announces-framework-for-freedom-budget/" target="_blank" rel="noopener">push</a> for "freedom," has dug on in his clashes with Disney, <a href="https://www.businessinsider.com/desantis-authorizes-slew-of-anti-trans-laws-in-florida-2023-5">embraced</a> policies that target the transgender community, <a href="https://www.businessinsider.com/ap-african-american-studies-new-jersey-murphy-florida-desantis-education-2023-2">pushed to reshape</a> the framework of a pilot AP African American Studies course set to be offered in select schools across the country, and <a href="https://www.businessinsider.com/desantis-dumps-migrants-on-marthas-vineyard-locals-respond-kindly-2022-9?r=US&amp;IR=T">flew migrants to Martha's Vineyard</a> in an attempt to hit back at Democrats over border control.The Florida governor used his <a href="https://www.businessinsider.com/desantis-pores-into-school-board-races-transform-in-his-image-2022-8" target="_blank" rel="noopener">political capital</a> last year to help install allies in school board positions across the state, which has put them in the position to <a href="https://www.politico.com/news/2022/11/08/desantis-conservatives-school-board-00065794">affect</a> the educational direction of millions of students.Youngkin has not been shy about embracing positions on transgender rights and the discussion of race in public education that run contrary to the ideologies of previous governors including McAuliffe and Ralph Northam.The governor campaigned aggressively <a href="https://www.businessinsider.com/youngkin-bans-school-mask-mandates-critical-race-theory-2022-1">against</a> critical race theory during his 2021 campaign, despite the discipline generally being taught only at the collegiate level. He has pushed to <a href="https://www.washingtonpost.com/dc-md-va/2022/09/21/youngkin-transgender-virginia-schools-legal/">reshape</a> transgender policies in schools, in a move that was widely decried by many advocates and Democratic lawmakers.These issues might would hold resonance in a GOP primary, but any attempt by Youngkin to lean into these issues would blunt his message as a more amendable candidate to swing voters, as a push to "out-DeSantis" DeSantis would almost certainly fall flat.<div type="image" title="Virginia legislature" height="683" width="1024" msid="100658351" hostid="261" sizebytes="116978"></div><h2>Virginia's political cycle creates major obstacles</h2>Governors of the Commonwealth, who were elected in non-presidential years and are restrained by their inability to seek consecutive gubernatorial terms, have to start defining their political legacies as soon as they arrive at the Governor's Mansion in Richmond.This year, Youngkin is seeking to maintain control of the Virginia House of Delegates, which has a slim 50-46 GOP majority (with four vacancies), while also working to flip the Virginia Senate, which has a 22-18 Democratic majority. The seats in both chambers are all up for grabs this year, under new lines that were drawn after the 2020 Census.Democrats have made huge inroads in the state's urban and suburban corridors in recent years, with Republicans still dominant in rural areas. But the key to control of both chambers will lie in the suburbs, where Trump remains unpopular and where Youngkin performed well enough in 2021 to defeat McAuliffe by two points <a href="https://www.businessinsider.com/virginia-governor-election-terry-mcauliffe-vs-glenn-youngkin-live-results-2021-11">statewide</a>.However, the political landscape has changed dramatically over the past two years, with abortion becoming a more potent issue. While the Democratic-led state Senate served as a bulwark against Youngkin's <a href="https://www.businessinsider.com/youngkin-virginia-15-week-abortion-ban-roe-v-wade-scotus-2022-6">desire to implement</a> a 15-week abortion ban, neither party has given up on the issue despite it helping boost Democratic candidates across the country last year.J. Miles Coleman, the associate editor of <a href="https://centerforpolitics.org/home/" target="_blank" rel="nofollow noopener">Sabato's Crystal Ball at the University of Virginia Center for Politics</a>, told Insider that abortion has the potential to reshape how control of the legislature will be decided this November."Youngkin's win in 2021 and the mini-wave that helped the Republicans flip the state House was before Roe v. Wade was overturned," Coleman said. "There was a Texas abortion case that was being <a href="https://www.texastribune.org/2021/12/16/texas-abortion-law-legal-fight/">heard</a> in the Supreme Court earlier, but even then it was still theoretical.""But in almost every special election since the Roe v. Wade was overturned, Democrats have really been overperforming expectations," he added, pointing to the January special election win of now-state Sen. <a href="https://results.elections.virginia.gov/vaelections/2023%20January%20Senate%20Special/Site/Locality/VIRGINIA_BEACH_CITY/Member_Senate_of_Virginia_-_7th_District_(NORFOLK_CITY-VIRGINIA_BEACH_CITY).html" target="_blank" rel="noopener">Aaron Rouse</a> of Virginia Beach and the robust February special election victory of now-Rep. <a href="https://results.elections.virginia.gov/vaelections/2023%20February%20Special/Site/Congress.html">Jennifer McClellan</a> of Richmond.

Virginia Gov. Glenn Youngkin's potential late entry into the 2024 field seems destined to fail from the start

<ul class="summary-list"><li>Stock market declines can create bargain-buying opportunities for investors looking to generate long-term wealth.</li><li>Many millennials are looking for their first chance to participate, having lacked adequate savings during prior market downturns.</li></ul>When the stock market falls, people with investment portfolios or a 401(k) <a href="https://www.businessinsider.com/rich-getting-poorer-billionaires-losing-1-trillion-this-year-bloomberg-2022-5">generally see their wealth suffer</a>. But, perhaps counterintuitively, those same patches of weakness present millennials the opportunity to keep their retirement savings on schedule — as long as they're proactive and ready to put money to work.That's because <a href="https://www.businessinsider.com/recession-millionaire-tiktok-influencers-stock-market-economy-buy-the-dip-2023-3">a falling stock market creates discounts</a> and a chance to buy high-upside assets on the dip. It's a crucial retirement-building practice that many millennials haven't been able to participate in, either because they haven't experienced enough market cycles, or because they didn't have enough money saved during previous downturns.Despite this late start, expert financial advisers say millennials should continue to stay alert for further market slides, especially given recently <a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-death-zone-analysis-morgan-stanley-mike-wilson-2023-2" target="_blank" rel="nofollow noopener sponsored">cloudy outlooks from Wall Street strategists</a>. And with stocks down 12% since the start of February, and off 17% from all-time highs reached in early 2022, it might already be time to start bargain-hunting."In our adult lifetimes, we'll likely only see three to five major economic downturns, and they will be our biggest opportunities to build wealth," <a href="https://affiliate.insider.com?h=4d286547fe75a852894fa91a1c7e0417068e0da5829b04ac6f5604ba865c14a0&amp;postID=64089b981aaf4e02d163dba2&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fvivian-tu-7439b967%2F" target="_blank" rel="nofollow noopener sponsored">Vivian Tu</a>, a former JPMorgan equity trader who now creates financial literacy content for her <a href="https://www.tiktok.com/@yourrichbff" target="_blank" rel="noopener">over two million TikTok followers</a>, told Insider. "It's critical for us to invest now if we can."The 28-year-old is among the <a href="https://www.businessinsider.com/recession-millionaire-tiktok-influencers-stock-market-economy-buy-the-dip-2023-3">TikTok financial influencers</a> telling their young audiences not to miss out on the next stock market slump.After all, a lack of available capital kept many millennials on the sideline in 2008 after the S&amp;P 500 <a href="https://www.atlantafed.org/cenfis/publications/notesfromthevault/0909#:~:text=Much%20of%20the%20decline%20in,low%20on%20March%209%2C%202009." target="_blank" rel="noopener">fell nearly 50%</a> during the Great Recession. Missing that entry point kept them from capitalizing on strong, low-rate-fueled gains over the following decade. The same thing happened during the COVID crash of 2020, when the index fell more than 30% in a matter of weeks, only to rally to a <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-new-years-eve-dow-wrap-2020-12-1029927511" target="_blank" rel="nofollow noopener sponsored">record high</a> by the end of the year. Any millennial who didn't get in at those depressed levels missed a record-setting 27% return in 2021.For millennials, over half of whom could <a href="https://www.businessinsider.com/half-gen-z-millennials-face-retirement-crisis-boston-university-economist-2022-10">enter retirement without sufficient savings</a>, failing to capitalize on the next market downturns could prove especially costly.It's not just a young person's problem. At least 60% of Boomers could enter retirement without sufficient savings, Boston University economist Laurence Kotlikoff previously told Insider, based on <a href="https://www.investmentnews.com/rescuing-baby-boomers-retirements-208933" target="_blank" rel="nofollow noopener">his research</a> of the generation's <a href="https://www.businessinsider.com/boomers-dont-have-retirement-savings-women-have-less-than-men-2022-1" rel="">retirement challenges</a>. And he said there's "every reason to think the situation will get worse'" for younger generations. Roughly half of all retirement age Americans had no personal retirement savings as of 2017, according to a January <a href="https://www.census.gov/library/stories/2022/01/women-more-likely-than-men-to-have-no-retirement-savings.html?utm_campaign=20220113msacos1ccstors&amp;utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noopener">Census Bureau report</a> published last year. <h2>Millennials may need 2 to 3 more "market downturns" to retire on schedule</h2>While the magic number for retirement savings varies person-to-person, some have put the cost of a comfortable retirement anywhere between <a href="https://www.wsj.com/articles/heres-what-a-1-million-retirement-looks-like-in-america-11671890735#:~:text=Once%20a%20symbol%20of%20extravagant,using%20the%204%25%20spending%20rule." target="_blank" rel="noopener">$1 million</a> and <a href="https://www.gobankingrates.com/retirement/planning/gen-z-and-millennials-need-3-million-in-retirement-savings/" target="_blank" rel="noopener">$3 million</a>. Many millennials have taken steps to try and reach these milestones. Per a Gallup survey last year, 62% of Americans aged 30 to 49 — which <a href="https://www.pewresearch.org/fact-tank/2019/01/17/where-millennials-end-and-generation-z-begins/">partially reflects the millennial generation</a> — had money invested in the stock market, whether it be through a stock, mutual fund, or 401(k).But if the typical 35-year-old millennial "wants to retire in 25 to 30 years," they may need two to three more "market downturns," Marshall Nelson, a wealth advisor at Crewe Advisors, a Utah-based wealth management firm, told Insider. Nelson defines a "downturn" as the market falling by 20% to 30%, something he says has historically happened <a href="https://www.businessinsider.com/personal-finance/biggest-stock-market-crashes-in-history">every seven to eight years on average</a>. During the Great Recession, many millennial investors were too young — or<a href="https://www.businessinsider.com/millennials-money-financial-economic-trauma-recession-student-debt-inflation-2022-2"> didn't have sufficient income</a> — to capitalize on the market downturn. And Nelson says that while the<a href="https://www.businessinsider.com/coronavirus-recession-lasted-2-months-shortest-downturn-us-history-nber-2021-7"> COVID recession</a> in 2020 provided millennials their "first chance to buy a big dip," the window to capitalize on this was short before <a href="https://www.businessinsider.com/stock-market-rally-makes-sense-despite-bad-us-economy-coronavirus-2020-5">stocks surged</a>. During these periods, Tu says, "rich people" have taken the opportunity to "buy stocks, real estate, and entire companies at bargain bin prices, and when things inevitably recover, they will ride that wave back up." But many Americans, she says, have <a href="https://www.businessinsider.com/personal-finance/afraid-invest-stock-market-financial-planner-advice-2021-8">gotten spooked by market declines</a> and missed out on future gains as a result. "There's no other instance where people run away from a sale except in the market," she said.<h2>Millennials shouldn't wait for a stock market crash to start investing</h2>Some investors have argued certain investments are <a href="https://markets.businessinsider.com/news/stocks/stock-market-strategy-buy-the-dip-sp500-bonds-yields-economy-2023-2">already trading at an attractive discount</a>. The <a href="https://markets.businessinsider.com/index/s&amp;p_500?_gl=1*1exp2dn*_ga*NDIxNTc4OTkyLjE2NzcwODI0ODE.*_ga_E21CV80ZCZ*MTY3ODIxODI3My4zMS4xLjE2NzgyMjI3MDMuMC4wLjA.">S&amp;P 500</a>, for instance, fell 20% last year — its <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-sp500-ends-year-down-20-percent-2022-12?_gl=1*1exp2dn*_ga*NDIxNTc4OTkyLjE2NzcwODI0ODE.*_ga_E21CV80ZCZ*MTY3ODIxODI3My4zMS4xLjE2NzgyMjI3MDMuMC4wLjA.">worst performance since 2008</a> — and is still down roughly 15% from its 2021 peak.While <a href="https://www.businessinsider.com/stock-market-crash-bank-of-america-inflation-recession-indicator-sp500-2023-3">some experts think stocks could fall</a> considerably this year, perhaps even resulting in a <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-stock-rally-dot-com-bubble-crash-2023-2">huge stock market crash</a>, others are <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-rally-bull-market-inflation-fed-rates-2023-1">betting on a S&amp;P 500 rally</a>. Just how fast inflation comes down — and the <a href="https://www.businessinsider.com/fed-inflation-stock-market-consumer-demand-recession-economy-investing-interest-2023-2">Federal Reserve raises interest rates</a> in response — are among the key developments investors are monitoring. While buying cheap stocks during a market downturn can lead to investment gains down the road, neither Tu nor Nelson say millennials should wait to jump into the market until they think it's "bottomed-out." Instead, they recommend "<a href="https://www.businessinsider.com/personal-finance/dollar-cost-averaging">dollar cost averaging</a>," investing a set sum of money on a consistent basis whether the market is up or down. "If you're dollar cost averaging and staying consistent, you'll naturally buy more shares of whatever investment you've selected when things are down — lower prices," said Tu. "And you'll naturally buy fewer shares of whatever investment you've selected when things are up — higher prices.""There is no perfect way to invest during a dip simply because you can't know when the market has bottomed-out," Nelson said. "However, making steady contributions during a downturn will prove to be beneficial when the market eventually makes its recovery."To be sure, not everyone has the extra money set aside to buy cheap investments, particularly as <a href="https://www.businessinsider.com/inflation-outlook-eroding-americans-finances-recession-risk-personal-income-savings-2022-7">inflation erodes many Americans' savings</a>. Additionally, while the S&amp;P 500 — a diversified index of 500 large US corporations — has historically overcome slumps and <a href="https://www.businessinsider.com/personal-finance/average-stock-market-return">risen in the long-run</a>, many individual companies have proved to be <a href="https://markets.businessinsider.com/news/stocks/11-worst-performing-sp-500-stocks-of-the-2010s-2019-12-1028778966">poor long-term investments</a>. The <a href="https://www.businessinsider.com/personal-finance/average-stock-market-return">S&amp;P 500's long-run rise</a> isn't a guarantee either. Some have argued that overvalued markets, slowing population growth, and rising interest rates could <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-lost-decade-through-2031-zero-returns-stifel-2022-3">weigh down US stock market</a> returns <a href="https://noahpinion.substack.com/p/do-people-really-still-think-stocks?sd=pf" target="_blank" rel="noopener">for at least the next decade.</a>Lastly, while the <a href="https://www.businessinsider.com/stock-market-economy-fed-inflation-recession-policymakers-jerome-powell-rates-2023-2">economy isn't the same thing as the stock market</a>, plunging stocks often coincide with real people being negatively <a href="https://www.businessinsider.com/recession-outlook-mass-layoffs-not-happening-yet-2023-1">impacted by layoffs</a> and dwindling savings. So whether or not millennials should be "hoping" for a market downturn isn't a straightforward question. For older generations closer to retirement who don't have the same long-term investment horizon as young investors, a down stock market is more clearly in the bad news bucket.

Capitalizing on market crashes is key to retiring on time. Many millennials are still looking for their first chance.

<ul><li><keyword id="54327" type="General" weightage="50" keywordseo="grasim-industries" source="Orion">Grasim Industries</keyword> announces foray into a business-to-business e-commerce platform for building materials.</li><li>The platform will focus on MSMEs in the building materials segment.</li><li>The building materials procurement Industry grew by 14% over the last three years</li></ul><keyword id="6455991" type="General" weightage="80" keywordseo="grasim" source="Orion">Grasim</keyword> Industries, a flagship company of the <keyword id="44373" type="General" weightage="80" keywordseo="aditya-birla-group" source="Orion">Aditya Birla Group</keyword>, announced its foray into a business-to-business e-commerce platform for building materials. It intends to invest ₹2,000 crore in the next five years. “This investment adds a new high-growth engine with clear adjacencies within Grasim’s standalone businesses as also that of its subsidiaries and associate companies,” said the company in a statement. The new platform will focus on micro, small and medium enterprises (MSMEs) in the building materials segment and will be operated by a newly recruited leadership team from the digital ecosystem. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> “The foray into B2B e-commerce is yet another strategic portfolio choice as it crystallizes our intent to invest in the new-age, high growth digital space. The building materials segment presents a huge scalable business opportunity with a proven path to profitability,” said <keyword id="6354955" type="General" weightage="50" keywordseo="kumar-mangalam-birla" source="Orion">Kumar Mangalam Birla</keyword>, chairman, Aditya Birla Group. The overall building materials procurement Industry in India has grown at a compound annual growth rate (CAGR) of 14% over the last three years. This industry is estimated at $100 billion with current digital penetration of just 2%. “With this foray, Grasim would be able to leverage the large B2B ecosystem within the Aditya Birla Group,” Birla added. The company believes that B2B e-commerce is a high growth opportunity with attractive long-term returns and will be highly value accretive to its stakeholders. “The key value proposition would be an integrated procurement solution including on-time delivery and a superior product range at competitive pricing,” the company further added. In May, the company also announced that it is doubling its capex plans in the paint segment to ₹10,000 crore. Grasim is a global producer of Viscose Staple Fibre and Viscose Filament Yarn, the one of the largest Chlor-Alkali, advanced material, linen yarn and fabrics producers in India. The group also made its entry into the paints business and has six plants across India locations. Its subsidiaries — UltraTech Cement and <keyword id="6391710" type="General" weightage="50" keywordseo="aditya-birla-capital" source="Orion">Aditya Birla Capital</keyword> — are one of India’s largest cement producers and a leading diversified financial services player in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fixed-deposits-back-in-vogue-as-crypto-stock-market-get-hit-by-global-headwinds/articleshow/92983763.cms">Fixed deposits back in vogue as crypto, stock market get hit by global headwinds</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/food-items-when-sold-loose-wont-attract-any-gst-says-nirmala-sitharaman/articleshow/92993947.cms">Food items when sold loose won't attract any GST, says Nirmala Sitharaman</a>

Aditya Birla group to spend ₹2,000 crore on an MSME e-commerce venture

<ul class="summary-list"><li>Nike's Jordan brand on Tuesday unveiled a line of slip-on sneakers for kids.</li><li>The market for easy-entry footwear is booming, with numerous brands bringing shoes to market. </li></ul>Nike's Jordan brand on Monday unveiled its first line of slip-on sneakers for kids.The collection comes as numerous brands, including venture- and Nike-backed Kizik, look to capitalize on the booming demand for hands-free sneakers. "Slip-on silhouettes have been all the rage throughout 2022," Sneaker News <a href="https://sneakernews.com/2022/12/30/adidas-adifom-superstar-hq8750/" target="_blank" rel="noopener">wrote last week</a> in reference to a new Adidas shoe.The new Jordan line, called the 23/7, is designed for easy entry and all-day use. In addition to slip-on entry, it also features an adjustable upper that can be widened. "Part of why we designed the 23/7 is because we wanted to create a shoe that is an everyday part of a kid's world," said Tate Kuerbis, Jordan brand design director for kids footwear, in a <a href="https://about.nike.com/en/newsroom/releases/jordan-brand-23-7-kid-shoe" target="_blank" rel="noopener">news release</a>. "Kids want to get into their shoes quickly to get out and play — this shoe enables them to do just that."Kuerbis designed the Air Jordan signature models 18, 19, and 31 through 36. Nike has been dabbling with easy-entry shoes for years. In 2015, Nike <a href="https://www.businessinsider.com/nikes-flyease-shoe-2015-7">released the FlyEase</a>, a slip-on shoe. In 2017, it held <a href="https://www.bizjournals.com/portland/news/2017/04/25/sneaker-nerd-wins-50-000-nike-design-contest.html" target="_blank" rel="noopener">a design contest</a> for a sneaker for athletes with physical limitations. It also sells <a href="https://affiliate.insider.com?postID=63b302cc71518a1eb665a733&amp;site=bi&amp;u=https%3A%2F%2Fwww.nike.com%2Fw%2Fmetcon-slip-on-shoes-3yxqszidgozy7ok" target="_blank" rel="noopener">slip-on versions</a> of its popular Metcon training shoe. Nike's an investor in Kizik, a Utah company that makes slip-on sneakers and licenses its technology. The company <a href="https://www.businessinsider.com/nike-backed-hands-free-sneaker-company-raises-20-million-2022-7">announced a $20 million Series B round</a> this year. Nike <a href="https://www.businesswire.com/news/home/20191120005946/en/NIKE-Inc.-Invests-in-Handsfree-Labs-Inc." target="_blank" rel="noopener">invested in its Series A round</a> and licenses its technology. Kizik recently announced the <a href="https://www.businesswire.com/news/home/20221228005060/en/Kizik-Announces-Debut-of-the-First-Hands-Free-Footwear-Store-at-CES-2023" target="_blank" rel="noopener">opening of its first retail store</a> and reported 270% annual sales growth."Slip-on sneakers are ready to make a comeback," according to a recent <a href="https://www.glam.com/1126419/the-sneaker-trends-everyone-will-be-coveting-in-2023-revealed/" target="_blank" rel="noopener">post about sneaker trends</a> on Glam, a website covering beauty, lifestyle, and fashion.The Jordan 23/7 line launches on January 16.

Nike shows it's serious about growing slip-on shoe trend with new Jordan brand easy-entry line

<a href="https://www.businessinsider.com/category/master-your-crypto"></a><div type="image" title="Mike Duboe, Greylock" height="1310" width="2621" msid="92392879" hostid="261" sizebytes="52534"></div><ul class="summary-list"><li><keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">Solana</keyword> is becoming a popular alternative to Ethereum because of its lower costs and faster speeds.</li><li>Insider spoke with Mike Duboe, a VC at Greylock, about his picks for top projects on Solana.</li></ul>The Ethereum blockchain is the foundation for many popular <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> projects, such as Bored Apes Yacht Club and The Sandbox. But it has a couple of big drawbacks, some <keyword id="12461337" type="UNKNOWN" weightage="60" keywordseo="web3" source="Orion">Web3</keyword> developers say: It's not built to process enormous numbers of transactions, and when there's heavy demand, the <a href="https://www.businessinsider.com/bored-apes-apecoin-crypto-token-metaverse-otherside-volatility-yuga-labs-2022-5" target="_blank" rel="nofollow noopener sponsored">usage costs, known as gas fees, can skyrocket</a>.Other blockchains have been built to tackle this problem. Among the fastest-growing is Solana, which is designed to keep transaction costs low and speeds high. Though Solana has its downsides — it has had several outages in the past few months — its proponents say it is an important alternative to Ethereum for high-demand applications such as non-fungible tokens and gaming.Mike Duboe, a partner at the <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firm Greylock Partners, has invested in the Solana-based companies Magic Eden and Portals. Insider asked him for his top picks for getting started on the blockchain.Quotes have been condensed and slightly edited for clarity.<h2>Magic Eden, an NFT marketplace</h2>"At least one area I've been excited about over the last year or two has been <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>. Digital collectibles are an easy concept to understand if you're not crypto-native. Obviously I'm biased on this, but part of the reason that I got so excited about Magic Eden is it has been a great entry point to a lot of people into Solana, given that these are lower-price, lower-cost NFTs. It's a super-friendly consumer experience."<h2>Portals, a <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword></h2>"The term '<a href="https://www.businessinsider.com/what-is-the-metaverse-decentraland-axie-infinity-roblox-sandbox-facebook-2022-4" target="_blank" rel="nofollow noopener sponsored">metaverse</a>' is overused, but I think of Portals as a kind of digital space where people can hang out but also highlight what they've collected on Solana and elsewhere. Different brands can participate, and consumers can participate in this digital space. I think Portals has made the most immersive and accessible metaverse on Solana. Similar to if you look at The Sandbox or Decentraland on Ethereum, that's what Portals is doing."<h2>Raydium, an investment platform</h2>"The other entry point for a lot of people is around <a href="https://www.businessinsider.com/personal-finance/what-is-defi" target="_blank" rel="nofollow noopener sponsored">DeFi</a>. With <a href="https://markets.businessinsider.com/news/currencies/terra-terrausd-luna-ust-stablecoin-plunge-do-kwon-death-spiral-2022-5?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="nofollow noopener sponsored">Terra's collapse</a>, I think there's a rightful hesitancy to treat these yields as totally safe, but I think there are a number of people — and this is not me; I personally am less focused on this — who come into crypto just looking to earn better yields on different stablecoins or tokens. For something like that, you could look at some of the leading decentralized exchanges. Raydium is one of the bigger ones. There's also Mango Markets, Serum, and Saber."<h2>Phantom, a crypto wallet</h2>"Wallets are a necessary step if you want to do any of this other stuff. Phantom has the most share. There's another one called Glow that is starting to gain share. It's a very scary experience to start transacting on crypto and setting up your wallet, and I feel like the experience on Solana — it's become much more seamless and intuitive than a lot of the stuff I see on Ethereum." "Some of that is just driven by speed. You don't have that period of time where you're just waiting for a transaction to go through, and hopefully you didn't screw something up. On Solana, things are much more immediate, which is what we're used to on the internet these days."<h2>Solana Pay, a payments system</h2>"I actually have to spend more time in this area, but Solana Pay is interesting. They're actually trying to integrate with traditional merchants to allow people to pay on Solana rails. So that's an exciting area where I think people are going to experience Solana without consciously knowing it at some point. I think that's an area worth keeping an eye on and looking into. They're <a href="https://www.circle.com/blog/solana-pay" target="_blank" rel="nofollow noopener sponsored">working with Circle</a> on some of this stuff. Checkout.com, which is an e-commerce product, is <a href="https://www.prnewswire.com/news-releases/solana-pay-debuts-as-new-standard-for-using-blockchain-for-digital-commerce-and-physical-goods-transactions-301472738.html" target="_blank" rel="nofollow noopener sponsored">now accepting Solana payments</a>."This article is intended to provide generalized information designed to educate a broad segment of the public; it does not give personalized investment, legal, or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment or other professional for advice on matters that affect you and/or your business.

Greylock's Mike Duboe shares the top Solana blockchain projects on his radar

<a href="https://www.businessinsider.com/better-capitalism"></a><div type="image" title="Dan Schulman" height="2231" width="3500" msid="87896146" hostid="261"></div><ul class="summary-list"><li>63% of Americans believe CEOs "have a responsibility to take a stand" on societal issues.</li><li>That's according to <a href="https://justcapital.com/reports/survey-analysis-americans-agree-ceos-have-a-role-to-play-in-addressing-income-inequality-believe-workers-are-being-left-behind/">a recent poll</a> conducted by the nonprofit research firm JUST Capital.</li></ul>Since the summer of 2020, there's been debate in the <a href="https://www.businessinsider.com/diversity-leaders-basecamps-banning-political-societal-conversations-more-than-mistake-2021-5">business</a> and <a href="https://www.businessinsider.com/ethics-expert-calls-out-ted-cruzs-criticism-of-woke-ceos-2021-5">political</a> community over whether "woke" CEOs are going too far. But a new <a href="https://justcapital.com/reports/survey-analysis-americans-agree-ceos-have-a-role-to-play-in-addressing-income-inequality-believe-workers-are-being-left-behind/">survey</a> of 3,000 Americans shows most people support CEOs embracing their new role as arbiters of social good. Though 63% of Americans believe CEOs "have a responsibility to take a stand" on societal issues, according to the poll conducted by the nonprofit research firm JUST Capital, many say there's more work to be done, especially when it comes to paying workers a living wage. Leaders—from billionaire investor <a href="https://www.businessinsider.com/ray-dalio-warning-capitalism-american-dream-inequality-economics-billionaire-2021-2#:~:text=Insider%20spoke%20with%20Ray%20Dalio,to%20be%20reengineered%20and%20measured.">Ray Dalio</a> to JP Morgan Chase CEO <a href="https://www.businessinsider.com/jpmorgan-racial-equity-economy-within-own-walls-2021-3">Jamie Dimon</a> and billionaire philanthropist <a href="https://www.businessinsider.com/melinda-gates-calls-on-business-leaders-congress-to-fix-caregiving-2020-5">Melinda Gates</a>—are condemning the rise of inequality and supporting racial justice. Large companies like Best Buy, Accenture, and Google are signing on to pledges to advance the hiring and retention of <a href="https://parity.org/">women</a>, <a href="https://www.businessinsider.com/100-people-transforming-business-presents-dei-leaders-2021-11">people of color</a>, and <a href="https://www.businessinsider.com/equity-talk-jill-houghton-urging-ceos-take-disability-rights-seriously-2021-11">people with disabilities</a>, and are committing to reducing greenhouse gases. "CEOs have increasingly taken a public stance around advancing racial equity and climate change, especially over the last two years," Jennifer Tonti, JUST Capital's managing director of survey research and insights, told Insider. While the survey found 61% of Americans think companies are making progress advancing diversity, equity, and inclusion, it also found people think there is still work to be done, especially when it comes to income inequality. Only 36% said companies have a positive financial impact on their lowest-paid workers. CEOs paying fair wages has consistently been a top issue for Americans since JUST Capital began polling the public regarding business behaviors in 2015, Tonti said. Some leaders are making important strides on this front. In 2017 PayPal's chief executive, Dan Schulman, along with other company executives, began hearing that some of the company's hourly and entry-level employees were facing financial hardship. Schulman conducted a <a href="https://www.businessinsider.com/paypal-record-breaking-year-plans-transform-capitalism-2020-12">financial-wellness survey</a> of his employees in 2018 that found many were barely making enough to save, despite being paid what the company says were at or above market-rate wages. Since then, he raised wages and is encouraging other CEOs to investigate their workers' pay too. <a href="https://www.businessinsider.com/prudential-joins-paypal-chobani-investigating-how-employees-are-faring-financially-2021-5">Prudential</a>, Verizon, Chobani and others are embarking on <a href="https://justcapital.com/reports/worker-financial-wellness-initiative/">the initiative</a>, led in part by JUST Capital. "We understand that we have to start at home, with our employees," Lata Reddy, Prudential's senior vice president of inclusive solutions, previously told Insider. "Only then, by addressing their needs and making sure that they're able to be engaged and productive in the workplace, can we then meet the needs of our customers and, ultimately, our shareholders."There's a clear business case at play driving CEOs to embrace their new role in society. For one, well paid employees are happier employees, and happier employees are <a href="https://www.nytimes.com/2020/06/18/business/coronavirus-minimum-wage-increase.html#:~:text=Economists%20say%20they%20have%20been,the%20improvements%20in%20patient%20health.">more loyal and productive</a>, according to economists. Secondly, employees want their leaders to share the same values as them, especially around anti-racism, addressing income inequality, and climate change, the JUST Capital survey found. So when it comes to hiring and retention, it makes sense to speak up on issues. A 2019 <a href="https://www.brunswickgroup.com/social-issues-ceo-response-i14995/">survey</a> by the Brunswick Group, a corporate-leadership firm, found that over 50% of workers said they identified a leader's stance on social issues as an important consideration when weighing a job change or joining a new employer.According to JUST Capital's Tonti, people are feeling more emboldened today in pressuring companies to advance issues they care about like fair pay and anti-racism. "If corporate <keyword id="11893566" type="UNKNOWN" weightage="60" keywordseo="leadership" source="Orion">leadership</keyword> doesn't step up to the plate, the public will," she said.

Most Americans support CEOs speaking out on inequality, racism, and diversity, new survey shows

Good morning and welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>Workers at America's top companies say their employers are still falling short of <a href="https://www.businessinsider.com/workers-say-they-need-more-help-dealing-with-their-burnout-2021-6">fully addressing burnout</a>.</li><li>Morgan Stanley is letting <a href="https://www.businessinsider.com/morgan-stanley-interns-office-one-week-summer-investment-banking-markets-2021-6">interns come into the office</a> for two weeks in July, <a href="https://www.businessinsider.com/morgan-stanley-requires-covid-vaccine-employees-clients-new-york-office-2021-6">but they'll need to be vaccinated</a>. </li><li>Northwestern Mutual's wealth management business <a href="https://www.businessinsider.com/northwestern-mutual-wealth-management-ips-aditi-gokhale-growth-fees-advisors-2021-6">has big hiring plans</a>.</li><li>Truist's new head of investment banking details his plans for <a href="https://www.businessinsider.com/truist-michael-carter-corporate-investment-banking-expansion-hiring-league-tables-2021-6">winning market share</a> from <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword>'s elite. </li></ul><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/workers-say-they-need-more-help-dealing-with-their-burnout-2021-6">America's top business leaders are trying to solve the country's burnout crisis. Workers say it's not enough.</a></h3><a href="https://www.businessinsider.com/workers-say-they-need-more-help-dealing-with-their-burnout-2021-6"><div type="image" title="A laptop sits on top of a stack of books and papers against a red background." height="927" width="1237" msid="83775885" hostid="261"></div></a>Even though Fortune 500 executives increased mental-health benefits during the pandemic, workers told Insider that in order to really stop burnout, companies need to address their workplace cultures.<a href="https://www.businessinsider.com/workers-say-they-need-more-help-dealing-with-their-burnout-2021-6">Read more from our exclusive report.</a><h3><a href="https://www.businessinsider.com/morgan-stanley-interns-office-one-week-summer-investment-banking-markets-2021-6">Morgan Stanley is inviting interns to spend 2 weeks in the office in July as Wall Street contemplates a gradual return to in-person work</a></h3><a href="https://www.businessinsider.com/morgan-stanley-interns-office-one-week-summer-investment-banking-markets-2021-6"><div type="image" title="morgan stanlety big year james gorman 4x3" height="1800" width="2400" msid="83775892" hostid="261"></div></a>After previously committing to starting its internships virtually this year, Morgan Stanley announced that interns can have a brief in-person office experience this summer. <a href="https://www.businessinsider.com/morgan-stanley-interns-office-one-week-summer-investment-banking-markets-2021-6">More on that here.</a><h3><a href="https://www.businessinsider.com/morgan-stanley-requires-covid-vaccine-employees-clients-new-york-office-2021-6">Morgan Stanley plans to block unvaccinated employees and guests from entering its New York offices</a></h3><a href="https://www.businessinsider.com/morgan-stanley-requires-covid-vaccine-employees-clients-new-york-office-2021-6"><div type="image" title="Morgan Stanley" height="1358" width="2200" msid="83775896" hostid="261"></div></a>Meanwhile, Morgan Stanley will require a COVID-19 vaccine for entry at its NY offices, the Financial Times said. <a href="https://www.businessinsider.com/morgan-stanley-requires-covid-vaccine-employees-clients-new-york-office-2021-6">Here's what's been reported about the policy</a>.<h3><a href="https://www.businessinsider.com/investment-banks-lawyers-accountants-vacant-junior-roles-analysts-labor-shortage-2021-6">Investment banks are hiring lawyers, researchers, and accountants for IB jobs, underscoring Wall Street's struggle to staff up</a></h3><a href="https://www.businessinsider.com/investment-banks-lawyers-accountants-vacant-junior-roles-analysts-labor-shortage-2021-6"><div type="image" title="200 West Street the Goldman Sachs building in New York" height="3247" width="4329" msid="83775899" hostid="261"></div></a>Faced with an ongoing labor shortage, banks are considering other kinds of professionals to fill vacant roles, including lawyers and research analysts. <a href="https://www.businessinsider.com/investment-banks-lawyers-accountants-vacant-junior-roles-analysts-labor-shortage-2021-6">Get the details on their struggle to fill positions.</a><h3><a href="https://www.businessinsider.com/northwestern-mutual-wealth-management-ips-aditi-gokhale-growth-fees-advisors-2021-6">Northwestern Mutual quietly built a $220 billion wealth management business. Now it's eyeing its next big hiring push.</a></h3><a href="https://www.businessinsider.com/northwestern-mutual-wealth-management-ips-aditi-gokhale-growth-fees-advisors-2021-6"><div type="image" title="Headshot of Aditi Gokhale, Northwestern Mutual Chief Commercial Officer &amp; President, Investment Products and Services, at the insurance giant's office." height="2459" width="3279" msid="83775905" hostid="261"></div></a>Aditi Gokhale, Northwestern Mutual's wealth management division head, explained how her team hit $220 billion in client assets and added 200,000 customers during the pandemic. <a href="https://www.businessinsider.com/northwestern-mutual-wealth-management-ips-aditi-gokhale-growth-fees-advisors-2021-6">Why Northwestern Mutual is no longer "the quiet company."</a><h3><a href="https://www.businessinsider.com/truist-michael-carter-corporate-investment-banking-expansion-hiring-league-tables-2021-6">Truist's new investment-banking head says he's adopting a 'mindset of disruption' to take on Wall Street's elite</a></h3><a href="https://www.businessinsider.com/truist-michael-carter-corporate-investment-banking-expansion-hiring-league-tables-2021-6"><div type="image" title="Michael Carter" height="389" width="519" msid="83775909" hostid="261"></div></a>Michael Carter, Truist's new head of investment banking, details his plans for disrupting Wall Street's status quo. <a href="https://www.businessinsider.com/truist-michael-carter-corporate-investment-banking-expansion-hiring-league-tables-2021-6">Here's what he said</a>.<h3><a href="https://www.businessinsider.com/which-banks-are-hiring-investment-trading-jobs-recruiting-career-lateral-2021-6">Wall Street's biggest hiring trends: here's where recruiting is heating up, and which firms are nabbing top talent</a></h3><a href="https://www.businessinsider.com/which-banks-are-hiring-investment-trading-jobs-recruiting-career-lateral-2021-6"><div type="image" title="now hiring" height="540" width="720" msid="83775912" hostid="261"></div></a>Insider has been tracking Wall Street hiring and talking with recruiters and insiders about the biggest trends. From junior investment-banking talent to senior dealmakers and traders, <a href="https://www.businessinsider.com/which-banks-are-hiring-investment-trading-jobs-recruiting-career-lateral-2021-6">here are the spaces to watch.</a><h3><a href="https://www.businessinsider.com/insider-webinar-hybrid-rotational-wall-street-deutsche-bank-alliancebernstein-accenture-2021-5">JOIN OUR LIVE EVENT JUNE 24: Execs from Deutsche Bank, AllianceBernstein, and Accenture will break down how Wall Street is navigating the return to work</a></h3><a href="https://www.businessinsider.com/insider-webinar-hybrid-rotational-wall-street-deutsche-bank-alliancebernstein-accenture-2021-5"><div type="image" title="Insider Events 'Future of work on Wall Street' event promotion, including Katie Burke of AllianceBernstein, Melissa Fridman of Deutsche Bank, and Michael Cheek of Accenture." height="1874" width="2499" msid="83775917" hostid="261"></div></a>In our live webinar event on Thursday, June 24, at 1 p.m. ET/10 a.m. PST, three top financial-services execs will break down what the return to work looks like for Wall Street. <a href="https://www.businessinsider.com/insider-webinar-hybrid-rotational-wall-street-deutsche-bank-alliancebernstein-accenture-2021-5">Sign up here.</a><h2>Odd lots:</h2><a href="https://www.wsj.com/articles/blackstone-bets-6-billion-on-buying-and-renting-homes-11624359600?mod=hp_lead_pos4">Blackstone Bets $6 Billion on Buying and Renting Homes (WSJ)</a><a href="https://www.businessinsider.com/female-lawyers-dress-codes-law-firm-court-discrimination-sexism-2021-6">From 'vanilla' skirt suits to 'too-tight' shirts: Female lawyers describe how it's impossible to win when it comes to professional dress codes</a><a href="https://www.bizjournals.com/sanfrancisco/news/2021/06/21/charles-schwab-workforce-hiring.html">Charles Schwab is hiring aggressively - in Texas (San Francisco Business Times)</a><a href="https://www.businessinsider.com/why-vc-firm-calm-company-fund-isnt-aiming-unicorn-startups-2021-6">Rising star solo VC Tyler Tringas has found an investing strategy that's bigger than all of venture capital, he says (Insider)</a><a href="https://www.businessinsider.com/legal-tech-pitch-decks-founders-startups-raise-money-evisort-disco-2021-6">Check out 5 pitch decks that legal-tech startups used to raise millions (Insider)</a><a href="https://www.bloomberg.com/news/articles/2021-06-22/direct-listings-struggle-to-live-up-to-silicon-valley-hype?sref=5xrDvJna">IPO Alternative Loses Early Luster at Key Time For New Deals (Bloomberg)</a>

Morgan Stanley requires jab for entry into NY office

<ul><li><keyword id="319800" type="PERSON" weightage="60" keywordseo="Peter-Schiff">Peter Schiff</keyword> dismissed <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> as useless and said the crypto boom will end in tears.</li><li>The <keyword id="353882" type="COMPANY" weightage="60" keywordseo="Euro-Pacific-Capital">Euro Pacific Capital</keyword> economist expects the US dollar to plunge in value.</li><li>Schiff blasted the <keyword id="26362" type="ORGANIZATION" weightage="60" keywordseo="Government">government</keyword> for juicing demand and creating a "giant bubble economy."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">See more stories on Insider's business page</a>.</li></ul>Bitcoin critic Peter Schiff trashed the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> as worthless, and called his son "completely delusional" for <a href="https://markets.businessinsider.com/currencies/news/bitcoin-critic-peter-schiff-son-100-portfolio-cryptocurrency-investment-2021-3-1030172407">betting the farm on it</a>, during a <a href="https://www.realvision.com/shows/the-interview/videos/opposing-views-on-the-role-of-government-and-the-essence-of-money?i_source=home&amp;i_medium=website&amp;i_campaign=2021428_cover28_cover">RealVision interview</a> released this week.Euro Pacific Capital's chief economist and global strategist also predicted a crash in the US dollar, blamed the government for surging asset prices, and called for less federal intervention in <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and the economy.<h2>Here are Schiff's eight best quotes from the interview, lightly edited and condensed for clarity:</h2>1. "Bitcoin is not a currency, it's not used as a medium of exchange really, or a unit of account. It's just used for speculation. It's not an investment asset like real estate, doesn't pay rent, it's not a stock, it doesn't pay dividends, it's not a bond, it doesn't pay interest. It's not even a commodity, because you can't use it for anything. It's a collectible token."2. "I don't think these bitcoin collections are going to be worth anything when the music stops. People have told me that when the bubble burst in Beanie Babies, they were able to use them to insulate their homes. They could shove them in between the walls, and they made good insulation. You can't do anything with a bitcoin. Once nobody wants your bitcoin, it's completely worthless."3. "The bitcoin bubble might pop before the dollar bubble. We may have a cryptocurrency crisis before we have a dollar crisis."4. "My son's been indoctrinated into the bitcoin cult. He's completely delusional. Now, he's got an excuse, he's only 18. But you've got a lot of older people that don't really have an excuse." - comparing bitcoin to a religion whose followers believe each coin will be worth millions of dollars someday.5. "We have this enormous government and a giant bubble economy that's sustained by the artificial suppression of interest rates. That continues to exacerbate these underlying economic imbalances, that ultimately are going to need to be corrected with a major economic collapse."6. "I want to unchain people from government. I don't want people to have to pay income taxes. I don't want people to keep books and records. I don't want people to have to pay Social Security taxes. I want to free people up to save for their own retirement, not rely on a government Ponzi scheme."7. "The big threat to your liberty and freedom is the government, not <keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword>. If we had fewer barriers to entry, if we had no corporate income tax at all, if we got rid of a lot of these rules or regulations, we'd have a much more competitive <keyword id="382865" type="PERSON" weightage="60" keywordseo="free-market">free market</keyword> and you would probably have more search engines."8. "The US economy today is in far worse shape than it was in the year 2000. The imbalances are much bigger, the debts are much bigger. This is going to be a much bigger dollar decline than we had from 2000 to 2008. The next crisis is going to be a US dollar crisis and a sovereign debt crisis."

Bitcoin critic Peter Schiff trashed the cryptocurrency, blasted the US government, and warned of a dollar crash in a new interview. Here are the 8 best quotes.

Ed-tech platform <keyword id="2016957" type="COMPANY" weightage="20" keywordseo="Vedantu">Vedantu</keyword> on Tuesday said it aims to <keyword id="46280" type="PERSON" weightage="20" keywordseo="hire">hire</keyword> 2,500 employees in the next three months across the board, like product, technology, academics and business, to make deeper inroads into smaller towns and cities. Currently, the company employs 6,000 people and the strength will grow to 8,500 after the expansion. According to the company, the new hires will be at entry and <keyword id="4512110" type="PERSON" weightage="20" keywordseo="mid-level">mid-level</keyword> from <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>'s premium B-schools and engineering institutes. "With the boom in online learning adoption, we aim to hire highly driven and inspired individuals who can become a part of the Vedantu mission. We are further expanding our presence in tier 2 and 3 markets," said Vamsi Krishna, CEO, and Co-Founder, Vedantu. The e-learning platform last month acquired Instasolv, a doubt-solving app for students from Class 6 to 12 for science, mathematics, IITJEE and NEET, for an undisclosed sum. According to the company, the acquisition will enhance its doubt-solving and reinforce presence in tier 2 and Tier 3 markets. This was Vedantu's first acquisition in an EdTech company to strengthen its focus in the instant doubt-solving space. Last year, Vedantu invested $2 million as part of a pre-series A funding in Instasolv. Vedantu has witnessed six to seven times growth with 75 million hours of classes delivered across its platform last year as millions stayed home. The number of students attending Live classes on the platform grew to 6.3 million across the K-12 category and competitive exams such as JEE and NEET, the company informed. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a> <a href="https://www.businessinsider.in/business/corporates/news/elon-musks-net-worth-has-eroded-60-billion-in-just-two-months-as-teslas-market-cap-falls-35/articleshow/81407453.cms">Elon Musk’s wealth has eroded $60 billion in just two months as Tesla's market cap falls 35%</a>

Vedantu plans to hire 2,500 people over the next three months as it take ed-tech to smaller towns

<ul><li>Investors will have three ideal windows to enter the <keyword id="11895235" type="UNKNOWN" weightage="60" keywordseo="stock-market" source="Orion">stock market</keyword> between now and early 2023, according to Bank of America.</li><li>The firm said similar to real life bear attacks, it's important investors stand their ground and don't panic.</li><li>"While every bear market is different, the point is that every major market downturn in the past has been followed by a recovery — and then some," BofA said.</li></ul>Investors will have three ideal moments to buy stocks between now and early 2023 as the bear market decline continues, according to <a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America.</a>In a Wednesday note, Head of CIO Market Strategy for Merrill and Bank of America Private Bank Joseph Quinlan said investors should do the same thing in the stock market as they would in real life if they were to encounter a bear: don't run, don't panic, and stand your ground."The principles hold true whether you're on a deserted road in Yellowstone National Park or standing on the floor of the New York Stock Exchange," Quinlan said.And with a lot of bad news already priced into asset prices, buying stocks at current prices should prove to be a good long-term deal, according to Quinlan, who highlighted three ideal moments to buy over the next few months."We see three entry points for investors, running from June/July as the bear market matures, in [the] third and fourth quarter as 2023 earnings are reset, and early next year when the Fed tightening cycle winds down," Quinlan said. "Stand your ground means sticking to your underlying investment philosophy, being opportunistic, and taking the long view."That means investors shouldn't be panicking and running out of the market, as missing just a few days of outsized gains could negatively impact an investors' total returns over the long-term, according to the note.Instead, long-term investors should be looking to take advantage of the more than 20% year-to-date decline in the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500.</a>That's because the S&amp;P 500 has proven itself to be a "stable and predictable wealth generating machine," delivering "chunky" compounded annual returns of 11% since 1945. "Don't run from a bear, in other words," Quinlan said.But there is one big unknown that could extend the drawdown in stock prices, and <a href="https://markets.businessinsider.com/news/stocks/recession-biden-inflation-economy-americans-googling-interest-rates-2022-6">that's an economic recession.</a> And while that's not the base case for Quinlan, the same rules for economic recessions apply to bear market sell-offs: "don't run, don't panic, and stand your ground.""Recessions can be painful and costly in the near term, but the after effects of an economic downturn are typically salutary. Downturns rid the economy of its excesses; reallocate capital to more productive parts of the economy; and create and destroy, leaving firms stronger and more competitive, and equities poised for more upside," Quinlan said."While every bear market is different, the point is that every major market downturn in the past has been followed by a recovery — and then some," Quinlan said.Whether this time will be different as the Fed raises interest rates to tame inflation remains to be seen.

Investors will have 3 ideal entry points into the stock market over the next few months as bear attack lingers, according to BofA

<ul><li> As part of the merger, <keyword id="3660661" type="General" weightage="80" keywordseo="clix-capital" source="Orion">Clix Capital</keyword> Services will also need to take on Suryoday <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">Small Finance Bank</keyword>’s gross bad loans worth ₹381 crore. That's nearly a quarter of Clix Capital’s own net worth.</li><li>Both the entities are into completely different lines of business. <keyword id="9295768" type="General" weightage="20" keywordseo="Suryoday-SFB" source="Orion">Suryoday SFB</keyword> is essentially a micro-lender, while Clix Capital is a non-banking financial company that is into MSME and consumer lending.</li><li>Besides Clix Capital getting an indirect banking licence, the deal would help Suryoday SFB diversify its loan book and strengthen its digital presence.</li></ul>AION Capital-backed Clix Capital Services Pvt. Ltd., a non-bank lender, has been out in the market to acquire a banking licence since last year. After a failed attempt to acquire distressed Lakshmi Vilas Bank in November last year, it has now set its eyes on another bank ⁠— Suryoday <keyword id="3896843" type="General" weightage="20" keywordseo="small-finance-bank-ltd" source="Orion">Small Finance Bank Ltd</keyword>. The proposed merger, according to a source directly aware of the development who spoke on condition of anonymity, is in advanced stages, with Centrum Capital acting as an advisor to the deal. The development was first <a href="https://www.business-standard.com/article/companies/clix-capital-suryoday-sfb-in-merger-talks-deal-in-advanced-stage-121091300045_1.html">reported</a> by Business Standard on Sep. 13 that said, citing unnamed sources, that both parties were engaged in due diligence for the transaction. Even as the deal would help micro-lender turned banker Suryoday to expand its loan book, the deal comes at a heavy price for Clix Capital. This, as the Gurugam-based non-bank lender will also have to absorb Suryoday’s gross bad loans worth ₹381 crore. That's nearly a quarter of Clix Capital’s own net worth. The cost of the merger, and its own deteriorating asset quality due to the pandemic, will be over and above that. But experts are divided on the benefits of the merger. “There are no visible synergies between Suryoday SFB and Clix Capital, as both have completely different business models,” said <keyword id="12088598" type="General" weightage="20" keywordseo="anand-dama" source="Orion">Anand Dama</keyword>, research analyst at brokerage firm Emkay Global Securities. “The only plausible explanation for the deal is that it would help Clix Capital indirectly acquire a banking license, while Suryoday will be able to diversify its lending portfolio. But a regulatory approval for the deal could be an arduous task,” he said. There are others who believe Clix Capital will benefit from both cheaper capital, thanks to the banking licence, and new set of borrowers. After the deal was reported, Suryoday SFB’s stock jumped almost 20% to close at Rs 179.40 apiece on the BSE on Monday. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7252296"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="What’s On The Table?" comment="subhead" text="What’s On The Table?">What’s On The Table?</cmsannotation> Suryoday SFB is essentially a micro-lender with close to 68% of its loan book worth ₹4,004 crore dedicated to providing micro-loans to women in urban and semi-urban areas, under the joint liability group model. Clix Capital, on the other hand, is mainly into small business and consumer lending that form 82% of its loan book worth ₹4,249 crore. The proposed merger, said Siji Philip, senior research analyst at Axis Securities, may mean a riskier loan book with possible pressure on asset quality metrics, which would need to be resolved over time. “If a deal fructifies, it would also mean that the combined loan book of Suryoday and Clix Capital could face asset quality headwinds and more clarity is awaited on this front. Besides, the merger will create a loan book comprising microfinance from Suryoday, and MSME (micro, small and medium enterprises) and consumer finance from Clix, which have been some of the heavily impacted segments during the pandemic,” she said. As of June 30, Suryoday reported gross non-performing assets at 9.5% of its total advances, while it wrote-off loans worth nearly Rs 79 crore. Its GNPA in the quarter ended March, too, was largely the same at 9.4%. “Delinquency in the portfolio increased due to the impact of the second Covid wave. Collections were difficult in the majority of the places across the country in April and May which led to increased PAR (portfolio-at-risk),” said <keyword id="11017591" type="General" weightage="20" keywordseo="baskar-babu-ramachandran" source="Orion">Baskar Babu Ramachandran</keyword>, managing director and chief executive at the bank during its earnings con-call on Aug. 12. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7252787"></div>]]></cdata></div> Compare that to Clix Capital, which had gross NPA at 3.37% as on March 31, or about Rs 143 crore, as per a June 29 <a href="https://www.careratings.com/upload/CompanyFiles/PR/12072021061939_Clix_Capital_Services_Private_Limited.pdf">note</a> by Care Ratings. The asset quality numbers as on June 30, 2021 were not available in public domain for Clix Capital. <cmsannotation type="cmsannotation" annotationid="The Road Ahead" comment="subhead" text="The Road Ahead">The Road Ahead</cmsannotation> As the contours of the deal get worked out, combining Suryoday and Clix Capital may even help the two entities build a more resilient loan book, said Hemindra Hazari, an independent banking analyst. “Suryoday SFB would need to expand its loan offerings beyond microfinance to build a more resilient loan book, and a deal with Clix Capital would help it do just that,” he said. Besides helping with loan book diversification, the merger would also help Suryoday improve its digital capabilities and lower its operating costs, said Philip. Whereas Clix, said Hazari, will be able to take advantage of lower cost of funds available to a bank. “At a time when non-bank lenders are struggling with liquidity constraints, a merger would go a long way in bringing down the cost of funds,” he said. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7252363"></div>]]></cdata></div> So far, Suryoday, focused on Maharashtra and Tamil Nadu, has expanded its book into commercial vehicles, affordable housing and small business loans. But since a bulk of its business is unsecured micro-loans, its asset quality has remained weak. Clix, however, managed to shrink its stressed corporate loan book to 18% as of fiscal 2021, compared to 27% in fiscal 2020. But despite being more efficient with its lending, the cost of capital has increased to 4.53% of total assets, as against 1.23% in the previous fiscal. The credit costs, Care Ratings said in its July note, inched up mainly due to higher provisioning costs amid the pandemic that affected the businesses of its underlying MSME and retail borrowers. The deal, said Hazari, is borne more out of need than synergy between the two lenders. “Though the Reserve Bank of India has been conservative in granting banking licences to NBFCs, acquiring or merging with a bank has become a convenient backdoor entry for some. For Clix, this is a similar opportunity, even if it means absorbing the bad loans of another bank,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/online-pharmacy-startup-pharmeasy-is-looking-to-hire-200-engineers-in-hyderabad-pune-and-delhi-before-the-ipo/articleshow/86168091.cms">Online pharmacy Startup PharmEasy is looking to hire 200 engineers in Hyderabad, Pune and Delhi before the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/how-to-take-screenshots-on-windows-10-8-and-7/articleshow/86168223.cms">How to take screenshots on Windows 10, 8 and 7</a>

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