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<ul><li>Northern Arc Capital is expected to announce its share allotment status on Friday, September 20.</li><li>The shares of Northern Arc Capital were subscribed 110.60 times.</li><li>The shares are expected to be listed on the stock exchanges on September 24.</li></ul> Chennai-based Northern Arc Capital, a non-banking financial company (NBFC) that offers retail loans is expected to announce the allotment status of its initial public offering (IPO) on Friday, September 20. The <keyword id="23210924" type="General" weightage="20" keywordseo="Northern-Arc-Capital-IPO" source="keywords">Northern Arc Capital IPO</keyword> opened on September 16 and closed on September 20. The price band for the IPO was ₹249 to ₹263 per share. <h2><keyword id="23190016" type="General" weightage="20" keywordseo="Northern-Arc-Capital-IPO-subscription" source="Orion">Northern Arc Capital IPO subscription</keyword></h2>On its last day, the Northern Arc Capital IPO was subscribed 110.60 times, receiving bids for 237.56 crore equity shares against 2.15 crore shares on offer. While the qualified institutional buyer (QIB) portion was subscribed 240.79 times, the non-institutional investor's portion was subscribed 142.17 times. The retail portion witnessed good participation and was subscribed 30.57 times. The employee portion was subscribed 7.11 times. <h2>Northern Arc Capital grey market premium</h2>The shares of Northern Arc Capital are currently commanding a grey market premium (GMP) of ₹160 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. <h2>How to check Northern Arc Capital’s IPO allotment status</h2>You can check the allotment status on the registrar’s website. <ul><li>To check the <keyword id="23190015" type="General" weightage="100" keywordseo="Northern-Arc-Capital-IPO-allotment" source="Orion">Northern Arc Capital IPO allotment</keyword> status, visit the registrar’s website<a href="https://kosmic.kfintech.com/ipostatus/"> here</a>. </li><li>Click on ‘Company Selection’ and then select ‘Northern Arc Capital’. </li><li>Now, enter your PAN, application number, DP / Client ID or Account number / IFSC. </li><li>Click on ‘Search’. </li></ul>You will be able to see your application status. It will display the number of shares that you have applied for and the number of shares that have been allotted to you. You can also check the Northern Arc Capital IPO allotment status on the BSE and NSE websites. To check the allotment status on the BSE or NSE website: <ul><li>Go to the BSE<a href="https://www.bseindia.com/investors/appli_check.aspx"> website</a>. </li><li>On the website, click on 'Equity' and then select ‘Northern Arc Capital’ from the dropdown menu. </li><li>Now, enter your application number and PAN. </li><li>Click on 'Search'. </li></ul>You will be able to see the number of shares allotted to you. You can click<a href="https://www.nseindia.com/products-services/initial-public-offerings-bid-verification"> here</a> and log in to check your allotment status on NSE. <h2>Northern Arc Capital listing date</h2>The shares of Northern Arc Capital will be listed on the stock exchanges on September 24. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend that readers consult certified, qualified, registered advisors for professional and personalised financial advice. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms">Xiaomi emerges as the world’s second-biggest smartphone brand in August</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-announces-diwali-dhamaka-offer-get-jioairfiber-free-for-one-year/articleshow/113451512.cms">Reliance Jio announces Diwali Dhamaka offer – Get JioAirFiber free for one year</a> <a href="https://www.businessinsider.in/tech/apps/news/instagram-will-force-teenagers-to-have-a-private-account-enable-sleep-mode-after-10-pm/articleshow/113449313.cms">Instagram will force teenagers to have a private account, enable sleep mode after 10 PM</a>

Northern Arc Capital IPO allotment – How to check allotment, IPO GMP, listing date and more

The <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> climbed up by as much as 1,400 points during the day, to close at 84544.31. Nifty wasn't far behind, inching up over 1% during the day to close at 25790.95. What is driving this rally? And this is not just the secondary market. The primary market, i.e. IPO subscriptions are also witnessing a stellar surge in investor interest. The IPOs of Northern Arc Capital and Arkade Developers, which closed yesterday, were oversubscribed 117 times and 113 times, respectively, largely on the back of significant investments made via the QIB and NII categories. But the question is, what is driving this frenzy, which comes on the heels of the Fed's recent announcement slashing interest rates by a significant 50 basis points? Experts explain that the most direct impact of the rate cut comes in the form of higher <keyword id="20078820" type="General" weightage="20" keywordseo="foreign-capital-inflows" source="keywords">foreign capital inflows</keyword> into emerging markets like India. The impending anticipation of this is what is driving the rally witnessed in the stock market today. As per data from NSDL’s FPI monitor, foreign investors infused a net total of Rs 2,341.64 crore in Indian equity markets via stock exchanges, as of September 19th, 2024. Data shows that September has seen inflows of around Rs 27,862 crores in first half of September. This is around 4 times the flows seen during the entire month of August. Just within this week (till September 19), FPI inflows have touched Rs 5,419 crores. Palka Arora Chopra. Director, <keyword id="23251477" type="General" weightage="20" keywordseo="Master-Capital-Services" source="keywords">Master Capital Services</keyword> Ltd explains that the current upswing in the stock market results from market forecasts of increased foreign inflows into India following the Fed rate decrease. “This, combined with the fact that US jobless claims are at their lowest since May 2024, have alleviated concerns about the US labor market failing, rather, it is simply slowing down. This is also why the Dow Jones Industrial Averages and S&amp;P 500 index surged to 1.7%, and Asia saw a rise in markets across Korea, Japan, and Hong Kong”, she continued. Riding on the tide of higher foreign inflows is the strengthening of Indian Rupee. Already, the rupee has regained strength from a high of 84.0 to 83.7 over the last week, and this trend may continue in the near term. Santosh Meena, Head of Research, Swastika Investmart Ltd notes that historically, emerging markets tend to outperform during the onset of a rate-cut cycle in the U.S. “Indian markets, backed by robust fundamentals, remain resilient despite concerns over valuations. Large-cap stocks, particularly in the private banking sector, continue to look attractive, fueling the current bullish momentum. This positive trend is expected to persist unless significant negative developments arise on the domestic or global front”, he highlights. Mr. Pradeep Gupta, Co-founder &amp; Vice-chairman, Anand Rathi Group notes that this rate cut comes with some short-term benefits for the country, which means stronger rupee and potential capital inflows. "A stronger rupee would make imports cheaper, potentially improving India’s trade balance. However, these advantages may be temporary if the US economy continues to weaken. The Reserve Bank of India (RBI) may follow the Fed’s lead but not immediately. Improved global sentiment could drive a rally in <keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword>, as emerging economies like India become more attractive to investors", notes Gupta. But note that in the longer term, the direction of the Indian stock market will depend largely on global economic conditions, and particularly the health of the US economy. If the US achieves a “soft landing”, as is targeted by Fed, and avoids a recession, Indian equities may experience gradual growth. However, if the global outlook deteriorates, Indian markets—especially mid and small-cap segments, could come face to face with increased volatility and market downturns. <h2>What should your investment strategy be?</h2>SEBI registered Investment Advisor Gaurav Goel advises having a thorough look at your portfolio whenever the equity markets hit a fresh high. Look, it is practically impossible to time the markets. But, as a smart investor, markets hitting a fresh high is a good time to rebalance your portfolio, so that you can cushion your funds from any significant downturn that will invariably stem from any market downturns thereafter "When equities hit all time highs, there is a natural tendency of equity component of your asset allocation to breach the prescribed asset allocation. In such a situation, on should reassess the asset allocation and shave off excess percentages from the equity allocation to revert to the mean". Goel also suggests hedging a portion of your portfolio by buying naked long dated put options on benchmark index like Nifty 50. This way, you'd be able to benefit from a decrease in the prices of underlying assets, without having to own it. But most importantly, "At these crests, its important to shuffle your portfolio. Remove the crap, low-value stocks that might have made their in your portfolio during bullish phase, and replace with high quality stocks. Shift your assets more toward the large cap stocks/index funds where the volatility would be less or towards sector/market caps, which are less expensive on valuations", Goel continued. As for traders looking to make the most of the ongoing upward trajectory of the market, Osho Krishan, Senior Analyst, Technical &amp; Derivatives, Angel One, advises "capitalizing on the upward momentum by taking profits, rather than adopting an aggressive stance in the overbought territory". "From a technical perspective, we have entered a phase where the market is overbought, as indicated by various metrics. Therefore, it is crucial to avoid complacency and instead adopt a practical and realistic approach to the current situation", he continued. Anirudh Garg- Founder and Fund Manager at Invasset PMS explains that "When markets hit an all-time high, investors need to reassess their strategies to navigate potential risks while still capitalizing on opportunities. However, it’s essential to understand that not every market high signals overvaluation. There’s a key difference between markets reaching record levels and being fundamentally expensive. Identifying this distinction helps avoid premature decisions based solely on market peaks". "In particular, when mid-cap and small-cap stocks exhibit stretched valuations, investors should shift their focus to high-quality companies. These are firms with robust balance sheets, consistent earnings growth, and strong competitive advantages, often found in sectors linked to steady inflation", says Garg. Naturally, quality stocks tend to be more resilient in volatile environments, offering stability and better protection against downside risk. Also, don't forget to keep an eye out for the risk-reward ratio, which becomes critical during expensive markets. This involves diversifying portfolios, avoiding overexposure to overheated sectors, and focusing on capital preservation while seeking reasonable returns. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Indian markets surging to all time highs today: What's happening post Fed decision?

<ul><li><keyword id="17657228" type="General" weightage="20" keywordseo="Western-Carriers" source="Orion">Western Carriers</keyword> is expected to announce its IPO share allotment status on Friday, September 20.</li><li>The shares of Western Carriers were subscribed 30.57 times.</li><li>The Western Carriers shares are expected to be listed on the stock exchanges on September 24.</li></ul> West Bengal-based Western Carriers, a multi-modal, rail-focused, 4PL asset-light logistics company is expected to announce the allotment status of its initial public offering (IPO) on Friday, September 20. The <keyword id="23160500" type="General" weightage="20" keywordseo="Western-Carriers-IPO" source="keywords">Western Carriers IPO</keyword> opened on September 13 and closed on September 19. The price band for the Western Carriers IPO was ₹163 to ₹172 per share. <h2>Western Carriers IPO subscription status</h2>On its last day, the Western Carriers IPO was subscribed 30.57 times, receiving bids for 63.79 crore equity shares against 2.09 crore shares on offer. While the qualified institutional buyer (QIB) portion was subscribed 27.99 times, the non-institutional investor's portion was subscribed 44.71 times. The retail portion was subscribed 25.95 times. <h2>Western Carriers IPO <keyword id="19905703" type="General" weightage="20" keywordseo="grey-market-premium" source="keywords">Grey market premium</keyword></h2>The shares of Western Carriers are currently commanding a grey market premium (GMP) of ₹25 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. <h2>How to check the Western Carriers IPO’s allotment status</h2>You can check the <keyword id="23243324" type="General" weightage="100" keywordseo="Western-Carriers-ipo-allotment" source="Orion">Western Carriers IPO allotment</keyword> status on the registrar’s website. <ul><li>To check the Western Carriers <keyword id="20660173" type="General" weightage="20" keywordseo="IPO-allotment" source="keywords">IPO allotment</keyword> status, visit the registrar’s website<a href="https://linkintime.co.in/initial_offer/public-issues.html"> here</a>. </li><li>Click on ‘Select Company’ and then select ‘Western Carriers’. </li><li>Now, enter your PAN, application number, DP / Client ID or Account number / IFSC. </li><li>Click on submit. </li></ul>You will be able to see your Western Carriers IPO application status. It will display the number of shares that you have applied for and the number of shares that have been allotted to you. You can also check the Western Carriers IPO allotment status on the BSE and NSE websites. To check the allotment status on the BSE or NSE website: <ul><li>Go to the BSE<a href="https://www.bseindia.com/investors/appli_check.aspx"> website</a>. </li><li>On the website, click on 'Equity' and then select ‘Western Carriers’ from the dropdown menu. </li><li>Now, enter your application number and PAN. </li><li>Click on 'Search'. </li></ul>You will be able to see the number of Western Carriers shares allotted to you. You can click<a href="https://www.nseindia.com/products-services/initial-public-offerings-bid-verification"> here</a> and log in to check your Western Carriers IPO allotment status on NSE. <h2>Western Carriers IPO listing date</h2>The shares of Western Carriers will be listed on the stock exchanges on September 24. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend that readers consult certified, qualified, registered advisors for professional and personalised financial advice. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/northern-arc-capital-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493763.cms">Northern Arc Capital IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms">Xiaomi emerges as the world’s second-biggest smartphone brand in August</a>

Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more

The Indian version of "<keyword id="20621486" type="General" weightage="20" keywordseo="The-Night-Manager" source="keywords">The Night Manager</keyword>", starring <keyword id="19908194" type="General" weightage="20" keywordseo="Anil-Kapoor" source="keywords">Anil Kapoor</keyword>, <keyword id="19963248" type="General" weightage="20" keywordseo="Aditya-Roy-Kapoor" source="keywords">Aditya Roy Kapoor</keyword> and <keyword id="19902028" type="General" weightage="20" keywordseo="Sobhita-Dhulipala" source="keywords">Sobhita Dhulipala</keyword>, has received a nomination in the drama series category at the 2024 International Emmy Awards. "The Night Manager" is the only entry from India across 14 categories at the nominations that were announced on Thursday in New York by the International Academy of Television Arts &amp; Sciences (IATAS). The series, directed by <keyword id="23240351" type="General" weightage="20" keywordseo="Sandeep-Modi" source="keywords">Sandeep Modi</keyword> and <keyword id="23246289" type="General" weightage="20" keywordseo="Priyanka-Ghose" source="keywords">Priyanka Ghose</keyword>, is adapted from both -- the John le Carre's novel and the British show, starring Tom Hiddleston, Hugh Laurie and Olivia Colman. "The Night Manager" will compete with French show "Les Gouttes de Dieu" (Drops of God), "The Newsreader - Season 2" from Australia and "Iosi, El Espia Arrepentido" season two from Argentina in the category. Kapur, who essayed the titular Night Manager, said he is happy that his series debut received an International Emmy nod and it is a "big moment" for the entire team. "An Emmy Nomination for my first series.. wow! From day one, we knew that we were creating something special with The Night Manager but for it to receive so much love and recognition across the country, and the world was not something any of us had imagined. This is such a big moment for us all!" he said. In the Indian take, Kapur played Shaan Sengupta, a hotel night manager, who goes undercover to bring down the empire of arms dealer Shaildendra 'Shelly' Rungta (played by Anil Kapoor). Kapoor said he is "ecstatic" over the nomination, which is a "worthy reminder" that hard work always pays off. "It's just been brought to my attention that our Indian adaptation of 'The Night Manager' has been nominated for an International Emmy. I remember when the offer came in, I was conflicted. It offered me the opportunity to play a character so complex, but also, on the other hand, the huge responsibility of trying to add newness and authenticity to a part that had been played so masterfully by Hugh Laurie. "This validation from the Emmys, in addition to the tremendous love that we have received from fans worldwide, is a worthy reminder that hard work always pays.. I am ecstatic and hungrier than ever before for what's to come," the actor said. Also starring Tillotama Shome, Saswata Chatterjee and Ravi Behl, "The Night Manager" is produced by The Ink Factory and Banijay Asia for Disney+ Hotstar. Dhulipala, who played Kaveri, said the news of the show's nomination is "motivating and moving". "This is such fantastic news! I'm so happy for the directors Sandeep Modi and Priyanka Ghose as well as our phenomenal technical crew. Big shout out to Anil Sir, Aditya, Tillotama and the rest of the cast for this exciting moment and shared joy!" she added. Modi said he is beyond happy that "The Night Manager" is the only Indian nomination at the 2024 <keyword id="23246288" type="General" weightage="20" keywordseo="International-Emmys" source="keywords" meta.keywordsubtype="org" meta.entityname="International Emmys" meta.hostid="83" meta.entityid="International Emmys">International Emmys</keyword>. "With The Night Manager, the most challenging thing was to tell the story again in a way that it would appeal to the audiences. Each character has been crafted meticulously, in a way that they connect with the Indian audiences and the ethos," he added. The International Emmys, to be held in New York on November 25, will be hosted by Indian comedian Vir Das, who won an award last year for his stand-up special "Landing". Nominees for International Emmys come from different countries such as Argentina, Australia, Belgium, Brazil, India, Chile, Colombia, France, Japan, Germany and many others. "Every year the international television community competes to be recognized on the International Emmys' much coveted global stage," said International Academy President &amp; CEO Bruce L Paisner. "We congratulate the Nominees for their outstanding programs and performances, they are once again a testament to the universal appeal of great storytelling across all genres, countries and cultures," Paisner added. The other nominee categories are for best performance by an actor, actress, comedy, documentary, non-scripted entertainment, short-form series, sports documentary, telenovela, TV movie / mini-series, kids: animation, kids: factual, kids: live-action. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/northern-arc-capital-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493763.cms">Northern Arc Capital IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms">Xiaomi emerges as the world’s second-biggest smartphone brand in August</a>

'The Night Manager' nominated in drama series category at International Emmys, Anil Kapoor 'ecstatic'

<ul class="summary-list"><li>Ukraine narrowly won the battle of Irpin in the war's earliest days.</li><li>Russia's assault on Kyiv was a surprise and Ukraine's defenses near the capital were thin.</li></ul>Russia came dangerously close to capturing Kyiv in the early days of the Ukraine war. But a depleted Ukrainian army brigade, hastily mobilized volunteers, and a businessman who blew up a dam saved the city — and Ukraine from losing the war.That's the conclusion of American and British experts who examined the fighting along the Irpin River northwest of Kyiv. Based on extensive interviews with Ukrainians who fought at the Irpin, they describe an epic battle won by the narrowest of margins."The Battle of Irpin River was a close-run thing," wrote Richard Sladden, Liam Collins and Alfred Connable in an article in <a target="_blank" href="https://chacr.org.uk/2024/02/19/the-battle-of-irpin-river/">British Army Review</a>, a British military magazine.The story begins on February 24, 2022, when Russia invaded Ukraine. Paratroopers in helicopters launched an air assault to seize Hostomel Airport, aiming to create an <a target="_blank" href="https://www.businessinsider.com/how-small-countries-need-defend-airport-from-russia-2024-2">airhead</a> that would allow large transport planes to ferry in the reinforcements and heavy weapons needed to seize nearby Kyiv.At the same time, Russian armored columns stationed in Belarus, on Ukraine's northern border, advanced south, aiming to seize Kyiv. One Russian assault group advanced down the eastern bank of the Dnipro River, and the other down the western bank.This caught Ukrainian troops dangerously out of position. "Russia's attack on Kyiv from the northwest was a shock but not a surprise," according to the British Army Review article. "Ukrainian commanders had to make difficult resource allocation choices. An attack on Kyiv from Belarus was the most dangerous course of enemy action, but because it was audacious it was also deemed least likely. An attack in the east and south of Ukraine was the most likely course of action, therefore Ukrainian forces were primarily arrayed against this."Thus the understrength Ukrainian 72nd Mechanized Brigade was one of the few units left to defend Kyiv. Even then, the brigade was mainly positioned to stop an attack on Kyiv from the east. The exact strength of the 72nd isn't clear, but a full-strength Ukrainian brigade might have around 3,000 personnel — and the 72nd was far from full strength. Many soldiers were armed with just rifles, backed by a few armored vehicles, anti-tank missiles and guns, and multiple rocket launchers.They faced a Russian force roughly estimated at 10,000 soldiers, well-equipped with tanks, infantry fighting vehicles and artillery. This should have made it easy for the Russian column on the west bank of the Dnipro to quickly reach Hostomel Airport — also known as Antonov Airport, just 80 miles away — to link up with the paratroopers, and then advance southeast to Kyiv. But to reach Kyiv, they would have to cross the Irpin River, a tributary that arcs through the city's outskirts and meets a dam by the Kyiv Reservoir."The defensive line around Kyiv was thin," the article said. "The 5th Company of the 72nd Brigade deployed with only 22 soldiers. Numbers swelled over the initial days of the invasion as newly mobilized troops arrived, but the company and many of its sister units were persistently understrength compared to the Russian units across the [Irpin] river. That the bridges along the river were not destroyed on the morning of the invasion nearly cost Ukraine its capital."In many ways, the Russian plan resembled <a target="_blank" href="https://www.nam.ac.uk/explore/market-garden">Operation Market Garden</a> in 1944, a bold plan to use American and British paratroopers to seize bridges across several rivers in Holland, creating a corridor for British armored divisions to cross the Rhine River and into Germany.Market Garden proved "a bridge too far," doomed by sloppy planning, rough terrain, lack of aggressiveness by Allied tanks, and unexpectedly tough German resistance. Then, as now, paratroopers were a shock force that lacked the armor, heavy artillery and supplies needed to dislodge fortified positions. The same issues afflicted the Russian drive on Kyiv.For starters, the Russian paratroopers failed to capture <a target="_blank" href="https://warontherocks.com/2023/08/the-battle-of-hostomel-airport-a-key-moment-in-russias-defeat-in-kyiv/">Hostomel Airport</a> against determined Ukrainian resistance, with several helicopters shot down; 1,000 Russian reinforcements in a fleet of 18 transport planes were <a target="_blank" href="https://warontherocks.com/2023/08/the-battle-of-hostomel-airport-a-key-moment-in-russias-defeat-in-kyiv/">turned away</a>, possibly over concerns they would be downed. It wasn't until February 25th that the westernmost ground column secured the airport, by which time the Ukrainians had rendered the runways unusable.Meanwhile, a Kyiv businessman named Andriy (a pseudonym) realized that blowing the dam 14 miles north of Kyiv would cause the Irpin to flood its banks and slow the Russian advance. A hastily arranged meeting with Colonel General Oleksandr Syrskyi, then the commander of Ukraine's ground forces, garnered a ton of explosives and an engineering officer. The result was dumping 31 billion gallons of water into the Irpin, which restricted Russian maneuver.Nonetheless, Russian troops could have "bounced" the Irpin while Ukrainian defenses were weak by using undamaged bridges or building their own pontoons. "The Russians easily could have crossed the Irpin had they been more aggressive," Liam Collins, a former US Army Special Forces officer who co-authored the article, told Business Insider. "They should have crossed on the 25th, as soon as the leading edge of the column reached the city's outskirts. But since they had no plan for meeting Ukrainian resistance, it completely stalled them, and they had to stop and build the plan which they should have already had. This gave the Ukrainians time to blow the bridges, establish their defense, and mobilize.""The Russians believed they would advance on the capital in what was basically a parade formation and not a combat movement," said Collins, who has advised the Ukrainian military. "So they had to completely regroup."<div type="image" title="Russian forces weren't prepared to rapidly deploy pontoon bridges to replace those across the Irpin River that Ukrainian troops had blown up." height="1334" width="2000" msid="113760608" hostid="261" sizebytes="431970"></div>Russian columns eventually tried to cross the Irpin at the end of February and into March. But it was too late. "Russian commanders had no option but to push forward in linear columns with ill-prepared forces into still thin, but now far more robust and prepared defenses," the British Army Review article said.The attempted crossings were halted by the 72nd Mechanized Brigade, some Ukrainian tanks and artillery, and hastily mobilized volunteers who learned how to operate their deadly Western-made Javelin and NLAW anti-tank missiles on the spot. "In my company, if a position had a Javelin, one soldier dug a hole while the other watched a YouTube video on how to fire it," recalled one Ukrainian officer.These guided missiles and artillery shredded Russian tanks and perceptions of their inpregnability.By the end of March, Russian forces withdrew back to the north. If Russian tanks had managed to cross the Irpin and entered Kyiv, the war could have essentially ended in Russian victory within the first week.No plan survives contact with the enemy, and unexpected snafus — what the German military philosopher Carl von Clausewitz called the "friction of war" — inevitably disrupt the cleverest of strategies, which the Kyiv assault was not. Ukraine also displayed a remarkable ability to quickly mobilize volunteers who proved effective.Nonetheless, Collins blames the Russian failure on shoddy preparation. "It was 100 percent sloppy planning, a lack of preparation, and unexpected Ukrainian resistance that should have been anticipated," Collins said. "The mechanized forces should have rolled through this minimal defense like a hot knife through butter."Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on <a target="_blank" href="https://www.twitter.com/@mipeck1">Twitter</a> and <a target="_blank" href="https://www.linkedin.com/in/mipeck/">LinkedIn</a>.

The battle of Irpin narrowly saved Ukraine. Here's how it went down.

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Programming note:<a href="https://www.businessinsider.com/webinar-how-to-invest-in-legal-cannabis-expert-qa-2021-4"> Join us on Thursday, April 29 at 1 pm Eastern.</a> Yeji and I will be chatting with Emily Paxhia of Poseidon Asset Management and Mitch Baruchowitz of Merida Capital Partners about how to invest in the spread of <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> legalization around the US.We'll have insight on the best companies to invest in - and who to avoid. <a href="https://www.businessinsider.com/webinar-how-to-invest-in-legal-cannabis-expert-qa-2021-4">Sign up here</a>.Happy Friday and 4/20 week everyone,It's weeks like this one where I have to sit back and take stock of how far we've come on attitudes toward cannabis, despite covering the industry every day. It's one of the most rapid shifts in public perception and policy that I can think of, outside of same-sex marriage.I'm also 28 years old, so I'm willing to be wrong on this one. But hear out my argument:Senate Majority Leader Chuck Schumer used 4/20 to push for comprehensive federal cannabis reform, calling it an 'unofficial American holiday' on the Senate floor. Last year, he used 4/20 to introduce a bill to decriminalize marijuana. 4/20, so the story goes, was started by a group of Grateful Dead-loving high schoolers in Northern California, <a href="https://www.businessinsider.com/heres-where-420-weed-holiday-came-from-2017-4">as I've written</a>. They probably didn't expect their inside joke to end up in the Senate Chamber as a cudgel for pushing legalization.<a href="https://www.pewresearch.org/fact-tank/2021/04/16/americans-overwhelmingly-say-marijuana-should-be-legal-for-recreational-or-medical-use/">New polling from Pew</a> shows that only 8% of Americans think cannabis should remain illegal for all uses. Research from a top-tier marketing firm shows that 55 million Americans consume cannabis. Congressional Democrats are, in some capacity, banking on the passage of cannabis reform - or at least, preparing to run on that promise to keep their majorities in the midterm elections. Jen Psaki, the White House press secretary, was asked about President Joe Biden's position on the issue. It wasn't too encouraging, as she said his position is far from his party's dominant position in Congress.But, she did leave the door ajar: She said that Congress hasn't delivered the bill yet, so it remains to be seen what he'll sign.On that front, the House again passed the SAFE Banking Act for the second time in as many years. Analysts, however, expect that the bill won't see a Senate vote. They expect that <a href="https://www.businessinsider.com/marijuana-legalization-compromise-scenario-more-likely-than-safe-act-2021-4">portions of the bill will be tied into more comprehensive reform proposed by Schumer,</a> as I wrote this week. What else?New York legalized cannabis. We picked the 27 power players, from lawmakers to regulators, to executives, <a href="https://www.businessinsider.com/list-top-cannabis-executive-advocates-regulators-new-york-2021-4">that will shape the future of the industry</a>. And law firms, recruiters, marketers, and tech startups are <a href="https://www.businessinsider.com/new-york-marijuana-legalization-gold-rush-pr-law-recruiting-firms-2021-4">preparing for a gold rush as New York opens up its legal cannabis market</a>.Yeji, who's dominated the emerging psychedelics beat, poured over Atai's over 370-page S-1 filing to <a href="https://www.businessinsider.com/atai-life-sciences-ipo-psychedelics-key-takeaways-s-1-filing-2021-4">pick out some of the key details you need to know</a>. As a reminder, here's how to get in touch with us: jberke@businessinsider.com or ylee@businessinsider.com. Signal number for encrypted messages upon request.- Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/new-york-marijuana-legalization-gold-rush-pr-law-recruiting-firms-2021-4">Law firms, recruiters, and marketers dish on how they're gearing up for a gold rush from New York's blockbuster move to legalize cannabis</a></h3>New York's legal cannabis market has the potential to balloon into a multibillion-dollar industry, and it's creating a gold rush for law firms, public relations companies, recruiters, and compliance startups that service the industry. <h3><a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">The House just passed a cannabis bill that could open up bank access and supercharge the industry</a></h3>The House passed the SAFE Banking Act, on Monday. If signed into law, the bill would let cannabis companies access banking services and allow customers to use credit or debit cards to buy their products. Insider read through the bill and chose the top takeaways from the legislation.<h3><a href="https://www.businessinsider.com/delivery-legal-marijuana-dispensaries-on-420-2021-4">Byzantine laws make cannabis delivery a major headache. 3 industry insiders explain how they'll navigate them to cash in on the 4/20 sales boom.</a></h3>Some cannabis businesses expect a 250% spike in orders on April 20, a cannabis holiday. Legal restrictions on how deliveries are managed make handling that spike a challenge.A bad delivery experience can send shoppers back to the illegal market.<h3><a href="https://www.businessinsider.com/marijuana-legalization-compromise-scenario-more-likely-than-safe-act-2021-4">A top Wall Street analyst lays out how a US marijuana decriminalization 'compromise scenario' could spark an M&amp;A boom</a></h3>Cantor Fitzgerald analyst Pablo Zuanic said in a Tuesday note that he expects key parts of the SAFE Act to end up in a more comprehensive cannabis reform bill being crafted by Senate Majority Leader Chuck Schumer, rather than be introduced as a standalone piece of legislation.If that bill passes, it would catalyze a wave of M&amp;A in the US, driven by well-capitalized Canadian companies, Zuanic said.<h3><a href="https://www.businessinsider.com/atai-life-sciences-ipo-psychedelics-key-takeaways-s-1-filing-2021-4">Psychedelics giant Atai is going public. We pored over its 373-page filing to find 5 key takeaways.</a></h3>Atai Life Sciences, the psychedelics giant backed by big-name investors like Peter Thiel, is going public. The company said in an S-1 filing submitted this week that it plans to trade on the Nasdaq under the symbol "ATAI." We pored over the psychedelic giant's 373-page filing to find the key takeaways.<h3><a href="https://www.businessinsider.com/list-top-cannabis-executive-advocates-regulators-new-york-2021-4">The future of New York's $7 billion cannabis industry will be shaped by these 27 power players</a></h3>We put together a list of the top 27 power players to watch in New York's cannabis world as regulations roll out and sales begin. We reached out to regulators, associations, executives, and advocates to give readers a look at who to watch in the coming months and years. <h2>Executive Moves</h2><ul><li>Cresco Labs <a href="https://www.businesswire.com/news/home/20210422005351/en/Cresco-Labs-Announces-the-Appointment-of-Tarik-Brooks-to-Its-Board-of-Directors-and-the-Retirement-of-Dominic-Sergi">announced on Thursday</a> that Tarik Brooks would be joining its board of directors to replace Dominic Serg, a founder of the company, who is retiring from the role.</li><li>Former Dutchie cofounder Sam Ellis is joining the board of cannabis firm Digital Venture Partners.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Jushi Holdings <a href="https://www.globenewswire.com/news-release/2021/04/19/2212219/0/en/Jushi-Holdings-Inc-to-Expand-Footprint-Through-Acquisition-of-Vertically-Integrated-Massachusetts-Operator.html">announced on Monday</a> that it will acquire Nature's Remedy of Massachusetts for $110 million. <a href="https://www.globenewswire.com/news-release/2021/04/20/2213241/0/en/Jushi-Holdings-Inc-to-Acquire-Licensed-Cultivator-in-Ohio.html">On Tuesday</a>, the company said it would also acquire Ohio-based OhiGrow in a $5 million cash deal.</li><li>TerrAscend <a href="https://www.newswire.ca/news-releases/terrascend-doubles-dispensary-footprint-in-pennsylvania-through-acquisition-of-keystone-canna-remedies-871494976.html">announced</a> that it would acquire Pennsylvania-based GuadCo and KCR Holdings in a $70 million stock, note, and cash deal.</li><li>Psychedelics company MindMed <a href="https://www.prnewswire.com/news-releases/mindmed-to-commence-trading-on-nasdaq-301275575.html">said on Friday</a> that it will begin trading on Nasdaq on Tuesday. The company <a href="https://www.prnewswire.com/news-releases/mindmed-submits-application-for-nasdaq-up-listing-appoints-canaccord-genuity-as-financial-advisor-301134414.html">previously announced</a> in September that it had applied to up-list from the NEO Exchange.</li><li>Atai Life Sciences, the largest private psychedelics company by capital raised, filed to go public on the Nasdaq. <a href="https://www.businessinsider.com/atai-life-sciences-ipo-psychedelics-key-takeaways-s-1-filing-2021-4">Here are the top takeaways</a> from the company's 373-page S-1 filing.</li><li>Cannabis tech startup Wurk <a href="https://www.prnewswire.com/news-releases/wurk-raises-3-5m-in-oversubscribed-series-aa-funding-301274386.html">closed a $3.5 million financing round</a>, with investors including Poseidon Asset Management, Salveo Capital, and the Arcview Group. </li><li>Cannabis company Parallel is pouring <a href="https://www.prnewswire.com/news-releases/parallel-invests-25m-in-a-new-state-of-the-art-cannabis-cultivation-production-and-retail-facility-in-san-marcos-texas-301271401.html?tc=eml_cleartime">$25 million into a new facility in Texas</a>. </li></ul><h2>Policy moves </h2><ul><li>On Monday, the House passed the SAFE Banking Act, a bill that would let cannabis companies access the banking system, for the second time in as many years. Here's <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">our story on everything you need to know</a> about the bill. </li><li>The NFL said <a href="https://www.insider.com/nfl-players-can-smoke-marijuana-without-discipline-starting-420-2021-4">it won't test players for marijuana use</a> during the offseason between April 20 and August 9. </li></ul><h2>Research and data</h2><ul><li>A new poll from Pew shows how far public sentiment on marijuana legalization has changed among Americans: Just <a href="https://www.pewresearch.org/fact-tank/2021/04/16/americans-overwhelmingly-say-marijuana-should-be-legal-for-recreational-or-medical-use/">8% say marijuana should remain illegal</a>.</li><li>A study from polling firm YouGov and cannabis company Cresco Labs found <a href="https://www.businesswire.com/news/home/20210420005460/en/Cresco-Labs%E2%80%99-Sunnyside-Dispensary-Releases-New-Survey-Finding-25-Of-Americans-Now-Consume-Cannabis-Consumption-Up-56-Since-2018">that one-quarter of Americans consumed cannabis during the last year</a> - an uptick from 16% in 2018. The pandemic may have had something to do with this. </li><li>Marketing firm MRI Simmons has started to publish some results from its National Cannabis Study, showing that <a href="https://www.mrisimmons.com/press/mri-simmons-study-reveals-cannabis-consumption-up-38-yoy-in-the-u-s/">55 million adults in the US use cannabis</a> - with 17% of the total population consuming more than once a month. </li></ul><h2>Cannabis jobs</h2><ul><li>CBD Oracle, a cannabis reviews site, is looking for weed connoisseurs to <a href="https://cbdoracle.com/news/cannabis-reviewer-job/">take on a part time role to test marijuana products at home</a>. It pays $30,000. </li><li>The Valens Company is hiring for laboratory roles, including laboratory supervisor, <a href="https://www.linkedin.com/posts/thevalenscompany_hiring-we-have-a-few-extra-lab-coats-to-activity-6790677218847789056-b8Hf">among other openings</a>. </li></ul><h2>Chart of the week</h2>Tens of millions of tourists who visit New Jersey and New York are expected to buy cannabis products, according to New Frontier Data. The cannabis data company projects that within a few years, New Jersey could see 22.3 million tourists buying marijuana, while New York is expected to have 22.9 million visitors purchase: <div type="image" title="The number of tourists expected to buy cannabis in NY and NJ" height="1240" width="1240" msid="82220840" hostid="261"></div><h2>What we're reading</h2><a href="https://www.nytimes.com/2021/04/18/world/canada/canada-marijuana-business-struggles.html">After 'Green Rush,' Canada's Legal Pot Suppliers Are Stumbling</a> (New York Times)<a href="https://www.businessinsider.com/heres-where-420-weed-holiday-came-from-2017-4">Here's how 4/20 became the go-to holiday for marijuana lovers</a> (Insider)<a href="https://www.forbes.com/sites/willyakowicz/2021/04/20/welcome-to-the-last-illegal-420/?sh=7ac0e2914f5e">Welcome To The Last Illegal 420</a> (Forbes)<a href="https://finance.yahoo.com/news/heres-how-legal-weed-will-play-out-in-america-120705327.html">Here's how legal weed will play out in America</a> (Yahoo Finance)<a href="https://www.politico.com/news/2021/04/18/ontario-oregon-marijuana-481211">Border weed: How the hometown of tater tots became a cannabis capital</a> (Politico)<a href="https://www.axios.com/marijuana-potency-limits-d1844648-e09b-4c3a-b278-2c0f7bc1d0ad.html?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=local-marijuanaal-marijuana">Potency limits are the next frontier in marijuana debate</a> (Axios)<a href="https://www.rollingstone.com/culture/culture-features/cannabis-climate-change-emissions-1158029/">How Federal Prohibition Is Turning Cannabis Into a Climate Villain</a> (Rolling Stone)<a href="https://www.insider.com/cbd-products-helping-athletes-avoid-prescription-painkiller-dependence-2021-4">CBD products are helping athletes avoid prescription painkiller dependence</a> (Insider)

New York cannabis gold rush

<div class="KonaFilter image-container display-table"><div><div class="image on-image">SquareSquare's chief financial officer, Sarah Friar</div></div></div><ul><li>Payments startup Square has had a massive year, with its share price trebling and the firm on track to post around $1 billion in adjusted revenue for 2017.</li><li>Chief financial officer Sarah Friar guided the firm through its IPO and told Business Insider that Square's success boils down to financial discipline and considered expansion.</li><li>Square is best known for its plug-in card reader which lets small businesses take card payments through a smartphone or tablet.</li><li>Running the firm is particularly challenging because its CEO Jack Dorsey also runs Twitter.</li></ul> Most people going into their annual review can expect a mix of praise and criticism, some new targets to hit and, if they're lucky, a pay rise.Sarah Friar, in her first review as chief financial officer of payments firm Square, was told by her boss: "I have a simple vision for you, which is that I want you to be the best CFO in the world."He then asked her to lay out exactly how she would make that happen.That boss was Jack Dorsey, who is CEO of both Square and Twitter.Friar is taking a good stab at earning that title. After joining in 2012, she took Square public and has seen its share price and valuation balloon. The firm's market cap is currently $16.5 billion (£11.9 billion).In its third quarter, Square posted revenue of $257 million (£185 million), up 40% year on year. The company has yet to post its fourth-quarter results, but Friar said it's on track to post around $1 billion (£719 billion) in adjusted revenue for the full year.According to Friar, it all comes down to discipline.<h2>Square has carefully managed its growth by avoiding over-expansion</h2>Dorsey sometimes has his hands full running Twitter, whose share price has gone in the opposite direction to Square's. It's been a particularly strong 2017 for Square, which has posted around 40% revenue growth during the last two quarters.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div><div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div>Part of the firm's success is down to its considered approach to expansion. The company was founded in 2009, but its payment service is only available to small businesses in four markets: The US, Canada, the UK, and Japan.Square launched in the UK in March last year, offering both its physical plug-in card reader, and an API for merchants to accept online payments. It doesn't offer other US services here, such as its Square Capital small business loans, or food delivery service Caviar. Nor has it applied for a banking licence in Europe.Friar describes this as "staging" - choosing not to be the first mover, but timing your expansion into a market before you are too late."You need to be clear in your mind about whether there's a first mover advantage or is there a disadvantage of being 'late' to a market," she said. "Right now our focus in the UK is how to build out that base of sellers here. When we look at the UK market, we see all the same hallmarks as in the US. A massive percentage of businesses don't accept credit and debit cards, and that has the dual cost of [them] missing sales and cash not being free.""When I look at Square, we should be doing all that stuff globally," Friar added. "It's just a question of staging."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/shardayyy/5495494287/in/photolist-9nBQZv-ACdmCc-A8ayLy-srb1Ka-sr4oY3-iicTqi-nQWwa4-s6jBJa-ePX4kf-bvM21C-9rrTWG-afpYLL-foq765-dRj7MB-pFYHRn-e9xZM6-n9Y1in-nz9XiM-q9F1nh-jeZGAj-ejuuRB-dWDaKM-fbXDkm-e2Qk7o-A9yBV2-AsBvSY-zZsGgr-p9RP7a-3nbnzX-c7Kbpu-cFx4j3-9QZLjL-myc97b-wrXkJH-xiGsWb-fycu94-acEDw9-dTi46p-cTb4tj-gu8AwC-epmUUg-nBy37W-xij6bk-eF5pMS-zwKFFT-oZapZz-xXTVtb-gmuW7C-brEVFg-quQp7">Shardayyy/Flickr</a>Square's plug-in card reader lets small sellers take payments.</div></div></div>For now Square is solely focused on merchants. Friar pointed to the Welsh town of Holywell, which partnered with Square when banks shut down their branches, cutting consumers off from cash. Since most merchants don't accept cards in Holywell, that meant a big downturn in business. The town's mayor <a href="http://www.bbc.co.uk/news/business-42541146">credited the Square partnership with a "turnaround" in the town's fortunes</a>.Square didn't share UK-specific numbers, but it has more than 2 million sellers worldwide.<h2>Friar was hired after a 2.5 hour breakfast meeting discussing her childhood</h2>There's little trace of an accent now, but Friar grew up in Northern Ireland through the Irish conflict. She lived close to Strabane, occasionally described as <a href="https://www.belfasttelegraph.co.uk/news/politics/castlederg-is-a-twilight-zone-we-have-the-most-peaceful-and-the-most-violent-history-29482319.html">the most bombed town in Europe</a>. ("It's a goodie, if you look it up on Wikipedia.")After reading materials science at Oxford, she went into management consultancy, and then banking. Working at Goldman Sachs through the financial crisis led her to question the banking system and she switched to her first job at Silicon Valley, joining the financial team at Salesforce.Friar found the "hypergrowth" atmosphere at Salesforce in 2011 chaotic but ultimately useful.She said:"A private company recently asked my advice on the background for a good CFO, and I said, try to find someone who's experienced chaos. I mean that in a good way. The chaos that comes from hypergrowth at scale - it's like every half hour some new thing is happening that you have to grab hold of and take ideas to being operationalised. Those 1.5 years I spent at Salesforce were great training in how to live in a chaotic hypergrowth environment."She stuck around for a year before being headhunted for the CFO role at Square. Her first interview with Jack Dorsey was her first taste of his unconventional management approach.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Associated PressTwitter and Square CEO Jack Dorsey.</div></div></div>"Jack and I went for our first meeting, having breakfast on a Sunday morning," Friar recalled. "It was in the Blue Bottle [Cafe] across from my old office. What was supposed to be a one hour meeting - I think two-and-a-half hours later, I don't think we had fully gotten out of childhood."Jack has a really interesting way of interviewing, because he wants to know who you are as a person. He's like, 'Tell me about yourself.' And you say, 'Well, I work at Salesforce.' And he says, 'No, no, tell me about yourself. Where did you grow up?'"Dorsey was fascinated by Friar's experiences with the Irish conflict. Her childhood has, she said, come to inform her thinking at Square."That civil unrest is driven because at least one group has nothing to lose, because they're so economically challenged," she said.Square, she said, gives "economic empowerment" - though she also knows this sounds a little corny."Startups can come across as up their own bums - that's such a Northern Irish thing to say," she said, laughing. "It's like no, really, that's such a ridiculous thing to say. But if you talk to Jack, you walk away, and think this man really cares deeply, about small businesses, about communities."<h2>When you have a part-time CEO, you need to be extremely disciplined</h2>Friar and Dorsey share the same end goal for Square, but the two have quite different management approaches. Then there's the added hurdle that <a href="http://uk.businessinsider.com/how-jack-dorsey-manages-his-time-as-ceo-of-both-twitter-and-square-2017-12">Dorsey spends the mornings at Twitter, and the afternoons at Square</a>. He's also unconventional, <a href="http://uk.businessinsider.com/twitter-ceo-jack-dorsey-does-vipassana-meditation-2018-1">recently completing a 10-day meditation that required total silence </a>- even Friar wasn't allowed to contact him.According to Friar, Dorsey sticks to what he's good at - big vision, design, and then "getting out of the way."A good example of Dorsey visioning, said Friar, was how Square's Cash app came about. The app lets people in the US send money without connecting to a bank account. The whole concept came about because Dorsey believed there was a need among <a href="https://www.bloomberg.com/news/articles/2017-08-03/dorsey-says-square-reaches-underbanked-with-financial-services">the "underbanked" population in the US</a>, who don't have access to normal financial services."Every once in the while, there's a major trend he sees," said Friar. "Our Cash app is a great example, where he said 'I believe there's something happening around the more consumer side of financing, there's more utility that can be offered to [underbanked] individuals.' Jack will see that vision, and adds tremendous value there."Friar does not described herself as a visionary and, like many "doers," dislikes meditation - though she's promised Dorsey she'll try at least twice a month. While studying at Oxford university, Friar was a rower, taking the seven seat in a team of eight. There's an apt parallel here: the seven seat sits behind the rower who sets the pace, and conveys that pace to the rest of the team."Our balance with one another is that if Jack can see the vision, then he will push to me and the rest of the team to really execute," Friar said. "Part of that is - how do you break down a vision into tactics that allow you to really operationalise things? If you're going to build a big company, you can't stick things together with band-aid and duct tape, you need to make sure internally there's a lot of discipline."She said translating Dorsey's vision into something tangible sometimes meant pushing people to hit ambitious targets:"Some of it is setting targets - how do you take a vision and turn that into topline goals that really press people into going beyond what feels possible? It goes back to being the best CFO in the world. If you look at Square, we're a company that in 2017 will do approximately $1 billion in adjusted revenue, the midpoint of our guidance is around the $970 million range. And we're still growing at over 40%. Last quarter we grew 45% year over year. If you looked at the funnel of public companies doing $1 billion in revenue and growing over 40%, there's only six listed outside China, of which Square is one."That kind of growth puts Square in a similar category to Tesla, Facebook, and Nvidia."It's totally rarefied air," said Friar.Apart from setting ruthless financial goals, Friar has to be strict about spending money within Square.One example is avoiding the "peanut butter spread" problem."That's where we have $100, so everyone gets $1," Friar explained. "That's horrible resource allocation. For most startups, one person will get $75, another person $25, then you'll cut off the other things."That's always a tough conversation. That's where if the CFO is hyper popular in your company, you probably have the wrong CFO. You work to be respected, not liked. If you drive yourself on being liked, you won't make the tough decisions." <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/top-trends-money2020?IR-T"></a>EXCLUSIVE FREE REPORT: Top trends from this year's Money20/20 by the BI Intelligence Research Team. <a href="http://www.businessinsider.com/intelligence/top-trends-money2020?IR-T">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/10-inventions-helping-save-planet-2018-1">These inventions will help save the earth</a></h3> <div> </div> </div>

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