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Shimla (Himachal Pradesh) [India], August 1 (ANI): As many as 19 people were missing as an incident of <keyword id="22151495" type="General" weightage="20" keywordseo="cloudburst" source="keywords">cloudburst</keyword> occurred at the <keyword id="22624607" type="General" weightage="20" keywordseo="Samej-Khad" source="keywords">Samej Khad</keyword> area in the Rampur region of Shimla district, as confirmed by Deputy Commissioner of Shimla district administration Anupam Kashyap.<br /><br />Information was received by the District <keyword id="141455" type="General" weightage="20" keywordseo="Disaster-Management-Authority" source="Orion">Disaster Management Authority</keyword> early Thursday morning about a cloud burst near the hydropower project in Samej Khad in Jhakri, Rampur. <br /><br />Deputy Commissioner Anupam Kashyap and Superintendent of Police Sanjeev Gandhi left for the site of the incident. Deputy Commissioner Anupam Kashyap said that as soon as the information about the incident was received, the NDRF team, SDRF team, police, and rescue team left for the site of the incident.<br /><br />Deputy Commissioner Anupam Kashyap said that relief work has been started immediately. He said that ITBP, the Special Home Guard contingent, has also been included in the rescue team. He further added that all the teams are working together in the <keyword id="20501159" type="General" weightage="20" keywordseo="rescue-operations" source="keywords">rescue operations</keyword> and all the basic facilities, including the ambulance, have been provided.<br /><br />On the other end of Samej Khad in Kullu district, there may be more <keyword id="394801" type="General" weightage="20" keywordseo="people-missing" source="Orion">people missing</keyword>, said officials.<br /><br />Union Health Minister and BJP President JP Nadda has asked all BJP cadres to work toward the rescue and relief of people hit by the cloudburst.<br /><br />A statement from the Health Minister's office said "On the sad news of huge losses and disruption of life due to cloudburst in various areas of Himachal Pradesh, Minister Jagat Prakash Nadda spoke to Himachal Chief Minister Sukhwinder Sukhu and assured all possible help from the central government. The BJP President JP Nadda also spoke to former CM and LoP in the Himachal assembly Jairam Thakur and the BJP State President and directed all BJP workers to engage in relief work."<br /><br />In his statement, LoP Jairam Thakur said "I am saddened to hear the news of the loss of life and property in Rajman village near Thaltukhod in Mandi district due to heavy rains last night and many buildings and houses being washed away and many people going missing in Samej, Bagipul areas under Nirmand. I stand with the affected families in this hour of grief. I also request the State Government to ensure relief and rescue operations on a war footing at the sites of devastation caused by heavy rains in the entire State last night."<br /><br />Another incident of a cloudburst has been reported in Thaltukhod, Padhar subdivision of Mandi. One body has been recovered and nine people have been missing. Houses have also been damaged. the district administration and the NDRF team left for the spot, said Apoorv Devgan, Deputy Commissioner Mandi. <br />

Himachal cloudburst: 19 people missing in Shimla's Samej Khad area

<ul class="summary-list"><li>HSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure.</li><li>Bloomberg reported Monday that hundreds of senior staff will likely lose their jobs.</li></ul><p><a target="_blank" href="https://www.businessinsider.com/hsbc-office-redevelopment-london-flexible-working-corporate-real-estate-2024-7">HSBC</a> has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-18/hsbc-managers-are-competing-to-keep-their-jobs-in-ceo-s-revamp">Bloomberg reported.</a></p><p>Citing people familiar with the matter, Bloomberg said that the interview process has already started, involving senior staff from the bank's commercial banking business and others from the global banking and markets unit.</p><p>The people told Bloomberg that internal recruitment for the merged division would likely result in hundreds of managing directors and other senior bankers losing their jobs over the coming weeks.</p><p>They added that general manager titles will also be phased out and replaced by managing director titles at HSBC, which has around 221,000 employees worldwide.</p><p>The plans have not been finalized and could be subject to change, the people said.</p><p>HSBC declined to comment when approached by Business Insider.</p><p>The combined division is part of a restructuring plan introduced by new CEO Georges Elhedery in October.</p><p>The biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations.</p><p>Under the new structure, HSBC's operations in Asia-Pacific and the Middle East will form the "Eastern markets," while its UK, European, and Americas business will be known as the "Western markets."</p><p>Other changes include the creation of a new international wealth and premier banking unit.</p><p>The London-listed bank said in October that its third-quarter pre-tax profits rose roughly 10% year over year to $8.5 billion.</p><p>Elhedery, who was formerly HSBC's CFO and became CEO in September, told analysts in a call after the third-quarter results that cutting senior roles would lower costs.</p><p>"Now, as a result of a simpler, leaner, more efficient bank, there will be cost saves," he said.</p><p>He previously told staff in October that they should expect job cuts following the announcement of the revamp, <a target="_blank" class="" href="https://www.reuters.com/business/finance/hsbc-ceo-tells-staff-senior-redundancies-inevitable-after-revamp-2024-10-23/">Reuters reported</a> at the time, citing an internal memo.</p><p>"Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles," Elhedery said.</p>

HSBC reportedly asks middle managers to reapply for jobs as layoffs loom

<ul class="summary-list"><li>Boeing's still-new CEO, Kelly Ortberg, <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-boeing-777x-test-aircraft-biggest-twin-engine-airliner-2023-8">faces urgent challenges</a>, including a worker strike.</li><li>Ortberg has to address decades of management issues and concerns from customers, workers, and investors.</li></ul><p><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Kelly Ortberg</a> took the helm at Boeing with no time to spare.</p><p>Just two months in and he is grappling with striking workers, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">multi-billion-dollar losses</a>, and a corporate culture gone adrift — all while trying to create a plan to one day <a target="_blank" class="" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">develop a new aircraft</a>.</p><p>Unlike the lucky new CEO who gets to walk factory floors and office hallways before pulling big levers of change, Ortberg faces pressure to do as much as he can quickly to correct course after more than two decades of misfires by five previous CEOs.</p><p>Ortberg, who started in August, is trying to set expectations.</p><p>"I'm still in the process of traveling around, meeting our people, particularly two and three levels down," he said during an investor call Wednesday. "We just have to get everybody in the right position, running the right play, focused on the right thing, and I think we've got some work to do there."</p><p>The pressure to perform is significant. On Wednesday, the company reported a loss of $6.1 billion for the third quarter. The same day, the machinists' union again rejected a company proposal that would have delivered a 35% pay increase over four years. According to one group of analysts, the strike has cost the company <a target="_blank" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">$50 million a day</a>.</p><p>Ortberg, in a letter released to employees along with the company's third-quarter results, said Boeing's customers want — and need — the company to succeed.</p><p>"With the right focus and culture, we can be an iconic company and aerospace leader once again," he wrote.</p><p>The letter offered a reminder that Ortberg has to balance pressures from workers, investors, and Boeing's customers. In the case of the company's commercial business, which builds aircraft for airlines, that ultimately means the flying public.</p><p>Bill George, the former CEO of medical device maker Medtronic and an executive fellow at Harvard Business School, told BI that Ortberg has to tackle short-term challenges like the worker strike and shoring up cash flow while also making "bold decisions" for the long term.</p><p>"He can't just do one or the other," George said.</p><h2 id="344697db-407e-4770-8539-290cb807cfc8"><strong>Restoring a culture of safety</strong></h2><p>George said that while the company's commercial, defense, and space businesses each face challenges individually, the broader issue that needs prioritizing is restoring a <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">culture of safety after high-profile failures</a>.</p><p>"That's the most important thing he's got to do, but that will take time," George said. He estimates fixing the culture and quality concerns might take three to five years and even longer to embed them deep within the company.</p><p>George said Ortberg's background as an engineer — and not being a  <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-decision-resign-his-own-2024-3">finance type who previously ran the company</a> — should help on the communication front with many of the company's workers.</p><p>"They know if you know what you're talking about or not," George said. "If you don't, they don't have any confidence."</p><p>He added Ortberg's decision to <a target="_blank" href="https://www.businessinsider.com/boeing-disaster-american-businesses-greedy-broken-stock-market-wall-street-2024-2">move to the Seattle area, unlike prior chiefs</a>, was wise. The company has deep roots there, particularly in its commercial business.</p><p>"You need to have the whole top team in Seattle and run it out of there," George said.</p><h2 id="aa7aebc2-c476-4c9a-bb7f-bef3296a434a">Rebuilding trust with employees</h2><p>Rosalind Franklin, a partner in the global leadership consulting practice at the executive search firm Boyden, told BI that to build trust and be most effective, Ortberg needs to sound a note that is "both vulnerable and yet strong" without being deceptive.</p><p>She said that means being open about "the hurt" that the company's recent decision to <a target="_blank" href="https://www.businessinsider.com/boeing-layoffs-strike-777x-delay-freighter-2024-10">cut 10% of its workforce</a> will cause. Ortberg needs to "communicate honesty and acknowledge the fact that this is a really difficult time for the company," Franklin said.</p><p>"When you feel that the CEO is with you, and the CEO is feeling your pain, it makes it more tolerable and provides hope for the future," Franklin said.</p><p>The need to <a target="_blank" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">convey empathy</a> is greater than before the pandemic, she said, because many workers have come to expect more from their leaders.</p><p>Franklin said that doesn't mean shying away from tough decisions.</p><p>"You can't give up what you know you need to do. It's not what you do, it's how you do it," she said.</p><h2 id="8c691d8b-13f0-4c1e-afad-b5a3768d68d2">Leading from the front</h2><p>Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, told BI that "usually, the advice we would give someone is not to do too much too soon."</p><p>In this case, he said, Ortberg doesn't have much choice but to try to fix the problems with labor, with the company's "precarious" financial situation, and with regulators' concerns.</p><p>Sonnenfeld, who's also the founder of Yale's Chief Executive Leadership Institute, said the task before Ortberg is similar to those once faced by General Motors CEO Mary Barra and Alan Mulally, the former chief at Ford who once ran Boeing's commercial division.</p><p>Like Boeing, Sonnenfeld said, both GM and Ford are complicated industrial businesses that sit prominently in the public eye. When the automakers' respective CEOs had to wrest their companies from crises, both made "really bold" public statements and were highly visible, he said.</p><p>"They banked a lot on the character of leadership and demonstrated it with accountability and visibility with really good follow-up," Sonnenfeld said.</p><p>In his letter, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">Ortberg encouraged senior leaders</a> to close the distance between those in management and those closest to the manufacturing process. "We need to be on the factory floors, in the back shops and in our engineering labs," he wrote.</p><p>That type of leadership "shows an accountability, shows an accessibility," Sonnenfeld said. "It shows a transparent and less formal style, and that's long past due."</p><h2 id="3996aed0-3075-47ab-98f6-3c71139b4c7c">A clear plan for the future</h2><p>George, the former Medtronic chief, said one step Ortberg could take to start restoring confidence and getting people excited about the future would be to announce a program for a new single-aisle aircraft redesigned from scratch.</p><p>"I think he must do that," George said.</p><p>A new aircraft could leapfrog older designs that he said haven't kept pace with advances in jet engine and avionics in recent decades.</p><p>Ortberg alluded to such a future in his letter. He wrote that the company has to fix its balance sheet "so that we do have a path to the next commercial aircraft."</p><p>Richard Aboulafia, an aviation industry analyst who's a managing director at AeroDynamic Advisory, told BI that it's essential to talk about what's coming. He said Ortberg also needs to make clear that the planned job cuts won't compromise safety, add to delays in the company's defense business, or shortchange future product development.</p><p>"He has to reassure investors and everyone else that the situation is stable and also reassure the industry that they're prepared to invest in the future," Aboulafia said. "It's tough to thread that needle."</p>

Boeing's new CEO is taking on the ultimate management test

<ul class="summary-list"><li>Steve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.</li><li>Schwarzman has called Blackstone his family office, but he has another family office, BI has learned.</li></ul><p>In his book, <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9">"What It Takes,"</a> Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.</p><p>A member of Yale's famed <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3">secret society Skull and Bones</a>, Schwarzman wrote to one of its most prestigious alumni,<a target="_blank" class="" href="https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11"> Averell Harriman</a>, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the <a target="_blank" class="" href="https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1">Vietnam War</a> peace talks.</p><p>Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy."</p><p>"That will make a great difference in your life," Harriman told Schwarzman, the <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzmans-life-2015-10">middle-class son of a Philadelphia dry-goods-store owner</a>. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."</p><p>Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg estimates</a> is worth $57 billion — or more than the market value of Ford Motor Co.</p><p>The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">vocal supporter of Donald Trump</a>, Schwarzman is expected to have a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">voice in the next White House</a>. His name adorns the New York Public Library and <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5">buildings on prominent university campuses</a> such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own <a target="_blank" class="" href="https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the">elaborate parties</a> (think camels, <a target="_blank" class="" href="https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8">trapeze artists</a>, and Gwen Stefani) and many home purchases.</p><div type="image" title="Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold." height="2656" width="3984" msid="115333170" hostid="261" sizebytes="476358"></div><p>Little is known, however, about how the private-equity titan manages his money.</p><p>At a conference last year, Schwarzman suggested that the firm he <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6">cofounded in 1985</a> was sufficient to handle his financial affairs.</p><p>"I own a lot of stock, and I invest in all of our funds, so the firm is my family office," Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.</p><p>Business Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.</p><p>It's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.</p><p>Here's a look at what it takes to manage billionaire Steve Schwarzman's wealth.</p><h2 id="061bb84c-1342-46df-a7e6-0fa5a6a820d1"><strong>Most of Schwarzman's wealth is tied up in Blackstone</strong></h2><p>Schwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">more than $1 trillion</a>, making it the largest alternative-asset manager in the world.</p><p>He is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.</p><p>As a shareholder, Schwarzman also benefits from <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3">cash dividends</a> the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.</p><p>Schwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said.</p><p>"Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients," the spokesperson wrote.</p><p>BI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.</p><p>This is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs.</p><p>"There is no single correct way to define a family office," Sharpe wrote to BI. "Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize."</p><h2 id="37457fb4-3ead-4cc8-a639-7ed014e15612"><strong>The name is linked to his childhood</strong></h2><p>The Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.</p><div type="image" title="A railroad bridge over a river, surrounded by a forest in autumn" height="3765" width="5648" msid="115333168" hostid="261" sizebytes="2645164"></div><p>Pennypack LLC was incorporated in 2018 in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2">Delaware</a>. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.</p><p>According to Blackstone's 2023 annual report, it provides Schwarzman's family office with "offices, technology, and support," though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.</p><div type="image" title="Blackstone signage outside Blackstone Group headquarters in NYC" height="2268" width="3400" msid="115333173" hostid="261" sizebytes="564594"></div><p>Like many family offices, Pennypack is secretive. According to a copy of an <a target="_blank" class="" href="https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7">NDA </a>for vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the "Schwarzman Group."</p><p>According to the document, the Schwarzman Group includes "all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses."</p><h2 id="ce719a95-bc69-41be-9292-52d9184d267d"><strong>Who runs Pennypack?</strong></h2><p>Pennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.</p><p>He spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.</p><p>Schwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in <a target="_blank" class="" href="https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4">Nantucket, Massachusetts,</a> which marked the largest private-home sale in the island's history at the time.</p><div type="image" title="Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it." height="2673" width="4212" msid="115333174" hostid="261" sizebytes="1269842"></div><p>The two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two <a target="_blank" class="" href="https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9">historic Newport, Rhode Island, mansions</a>: Ocean View and Miramar, the latter of which Schwarzman said he would <a target="_blank" class="" href="https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/">turn into a museum</a> when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.</p><h2 id="665829e5-e31a-44d6-b0d6-9cfaacbcba9a"><strong>The staff</strong></h2><p>A person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.</p><p>One employee on LinkedIn described their role at Pennypack as providing administrative support to "Mrs.," an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.</p><p>Another Pennypack employee described themself on LinkedIn as a housekeeper.</p><p>A list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.</p><div type="image" title="Black and white photo of Miramar, taken between 1917-1927" height="1122" width="1536" msid="115333180" hostid="261" sizebytes="64092"></div><p>Pennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that "radios will be used to coordinate private security details."</p><h2 id="d929c107-fbef-4672-bcc4-3c5d65f98c0b"><strong>Schwarzman's charities and politics</strong></h2><p>Pennypack's officers also play a role in <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11">Schwarzman's charitable works</a>. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">ethics in AI</a>.</p><div type="image" title="A view of the New York Public Library - Stephen A. Schwarzman Building." height="4128" width="6192" msid="115333177" hostid="261" sizebytes="1646392"></div><p>Magliano is in charge of the foundation's bookkeeping, the filings show.</p><p>Filings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the <a target="_blank" class="" href="https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4">Schwarzman Scholars program</a>, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9">relations with China</a>.</p><p>In 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.</p><p>Schwarzman has long been in the political spotlight, most notably as the head of then-President Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8">Strategic and Policy Forum</a> and as a <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">prolific Republican donor</a>.</p><div type="image" title="President Donald Trump listens to Blackstone CEO Stephen Schwarzman." height="3557" width="5336" msid="115333182" hostid="261" sizebytes="1969124"></div><p>Federal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect<a target="_blank" class="" href="https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11"> Tim Sheehy of Montana</a>.</p><p>A Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.</p><h2 id="fab9026e-545d-4685-b7c4-455482025cff"><strong>What is a family office, anyway?</strong></h2><p>The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said.</p><p>"The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."</p>

Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune

There have been ample reports on how <keyword id="19919711" type="General" weightage="100" keywordseo="gen-z" source="keywords">Gen Z</keyword> employees are doing things differently at workplaces and setting new trends. Be it opting for <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> over a higher salary, taking leaves without guilt, saying no to micromanagement among other things, this generation appears to be creating a whole new culture. And what happens to those who try to oppose this new culture? They get schooled on the internet, of course. <br /><br />In a recent incident, a manager took to X (earlier called Twitter) and shared how one of his Gen Z employees took a one-week vacation to the mountains after going through a breakup. However, contrary to his expectation, various X users started accusing him of trivialising mental health issues by such statements. Read on to know what exactly happened. <br /><br /><h2>"He had a breakup" <br /></h2><br />The man's tweet read, "One of my Gen z team members suddenly declared 1 week leave. It was a critical time of the project so I tried to reason. He did not budge. The leave was because he had a breakup and he wanted to go to the mountains to forget the breakup."<br /><br />When a user commented that it is better to give people leaves than deadlines, the manager replied, "Believe me it was one way communication. I had to deal with the repercussions on project." <br /><br />Several other tweets followed that sided with the Gen Z employee. <br /><br />"So according to you, mental health is nothing," a user wrote while another commented, "That’s a perfect reason to declare leave. Business is business, will go on as will other things." <br /><br />  <div type="image" title="google (27)" msid="115042080" hostid="261" sizebytes="295800"></div><br /><h2>"Gen Z does things differently"<br /></h2><br />The man also clarified in one of the tweets that he didn't fire the Gen Z employee and even promoted him for his good work. He wrote, "Mate. No need to assume the worst. The guy is still in my team and has even been promoted for his good work. I was just stating how gen z’s are doing things differently."<br /><br />While most users schooled the manager, there were some who supported him as well. A user wrote, "I'm a younger Millennial &amp; I’m appalled by the lack of respect so many of my peers have for professors (I finished school late; many were ten years younger). It’s not much for older generations who GIVE these opportunities to expect a little bit of gratitude &amp; deference."<br /><br />In a similar incident, another company's manager's tweet went viral in which he shared a screenshot of how his Gen Z employee notified him that he will be on leave for a week. The short and crisp leave application email read, "I will be on leave till November 8, 2024. Bye."<br /><br />

‘He had a breakup and took a one-week leave’: Manager shares about his Gen-Z employee, internet reacts

We all know the pressure of meeting deadlines, but what if we told you that being late doesn’t just affect your calendar — it could actually tarnish how people see the quality of your <keyword id="6355058" type="General" weightage="20" keywordseo="Work" source="Orion">work</keyword>? According to researchers, that’s exactly the case. They found that work submitted late is seen as lower in quality than the same work submitted on time or early, no matter how great it actually is. It turns out, missing a deadline can make you and your work seem less competent and trustworthy, all because of the subtle judgments deadlines trigger in other people.<br /><h2>The deadly deadline dilemma</h2>Previous studies have focused on how deadlines affect employees’ productivity and stress levels, but lead researcher Sam Maglio’s team wanted to know how missing a deadline changes an outsider’s perception. To test this, the researchers conducted 18 different experiments with thousands of people, from managers and HR professionals to everyday folks, evaluating a wide range of creative and professional work. <br /><br />In the test, participants saw the same exact work samples — like photography, product pitches, news articles, and art — but they were told it was submitted either early, on time, or late. And guess what? The late submissions were consistently rated as lower quality, despite being identical to those submitted on time.<br /><div type="Article" hostid="261" msid="114883482" title="We heard from over 750 people who have recently struggled to find work. Here are their biggest frustrations with getting hired." mstype="2" mssubtype="0"></div>Maglio explains, “Everyone saw the exact same art contest entry, school submission, or business proposal, but they couldn’t help but use their knowledge of when it came in to guide their evaluation of how good it was.” In other words, once people knew something was late, it was hard not to think <em>less</em> of it.<br /><h2>Early birds don’t really get extra credit, but late birds do lose points</h2>Interestingly, turning in work early didn’t seem to earn extra praise. Evaluators ranked work that came in early and on time as equally good, which means there’s no major boost for those overachievers who submit work ahead of the deadline. But the real problem comes if you’re late — even by a little. In fact, it didn’t matter if the work was one day or one week late; the hit to quality ratings was the same.<br /><br />Late submissions were rated as poorly as work that objectively missed the mark, like not meeting word counts. And it turns out that advance warning doesn’t do much to soften the blow — one missed deadline still chipped away at the evaluator’s view of the employee’s competence and integrity, even if they were usually punctual.<br /><br />But here’s where it gets even trickier: evaluators didn’t just judge the work as poorer in quality — they also saw the latecomer as less reliable and were less likely to consider them for future tasks. One missed deadline could, in theory, limit your future opportunities to shine or earn promotions.<br /><div type="Article" hostid="261" msid="114915871" title="I did a remote internship while also side hustling at a national park. I worked all day but lived in a beautiful place." mstype="2" mssubtype="0"></div>The researchers even tested this with high school students in China, who were shown art entries with the submission dates marked as either early, on time, or late. Even though they were told to ignore everything except the artwork itself, the “late” pieces received lower grades. And that’s with peers evaluating peers, so it didn’t matter if a boss or manager had set the deadline — missing it still left a mark.<br /><h2>Let your manager know!</h2>Luckily, not all hope is lost for late submitters. Maglio’s team found that the reason behind a missed deadline actually mattered. If the delay was due to uncontrollable events — like jury duty or a medical emergency — people cut the submitter more slack. The same was true if the deadline was a “soft” one rather than a hard cutoff, or if the work wasn’t particularly critical.<br /><br />“Communication around deadlines is vital. If it’s a hard, and not a soft, deadline, you as the manager should let your employees know,” Maglio explained. “If the reason why you missed the deadline was beyond your control, you as the employee should let your manager know.”<br /><br />The findings of this study have been published in <em>Organizational Behavior and Human Decision Processes </em>and can be accessed <a href="https://dx.doi.org/10.1016/j.obhdp.2024.104365">here</a>.<br />

Missed a deadline? Here’s why it might cost you more than just a little extra time

The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024.<br /><strong><h2><br /></h2><h2>25. Tom Morris and family</h2></strong>Net Worth: £6.673bn<br /><br />Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest.<br /><strong><h2>24. Anders Holch Povlsen</h2></strong>Net Worth: £6.73bn<br />Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner.<br /><br /><strong><h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2></strong><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn<br />Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets.<br /><br /><strong><h2>22. John Reece</h2></strong><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn<br />John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background.<br /><br /><strong><h2>21. Andy Currie</h2></strong><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn<br /><br />Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets.<br /><br /><strong><h2>20. Denise, John, and Peter Coates</h2></strong>Net Worth: £7.467bn<br /><br />The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform.<br /><strong><h2>19. Lord Bamford and family</h2></strong><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn<br /><br />The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK.<br /><br /><strong><h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2></strong>Net Worth: £7.937bn<br /><br />Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <br /><br /><strong><h2>17. Carrie and François Perrodo and family</h2></strong>Net Worth: £9.168bn<br />The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest.<br /><br /><strong><h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2></strong>Net Worth: £9.188bn<br />The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education.<br /><br /><strong><h2>15. Barnaby and Merlin Swire and family</h2></strong>Net Worth: £9.986bn<br /><br />The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong.<br /><br /><strong><h2>14. The Duke of Westminster and the Grosvenor family</h2></strong>Net Worth: £10.127bn<br />The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group.<br /><br /><strong><h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2></strong>Net Worth: £11.751bn<br /><br />Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries.<br /><br /><strong><h2>12. Michael Platt</h2></strong>Net Worth: £12bn<br />Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees.<br /><br /><strong><h2>11. Alex Gerko</h2></strong>Net Worth:  £12.055bn<br /><br />Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth.<br /><br /><strong><h2>10. Kirsten and Jorn Rausing</h2></strong>Net Worth: £12.634bn<br /><br />The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK.<br /><br /><strong><h2>9. John Fredriksen and family</h2></strong>Net Worth: £12.867bn<br />Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors.<br /><br /><strong><h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2></strong>Net Worth: £14.493bn<br /><br />The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry.<br /><br /><strong><h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> </strong><div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn<br /><br />Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens.<br /><br /><strong><h2>6. Idan Ofer</h2></strong>Net Worth: £14.96bn<br />Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid.<br /><br /><strong><h2>5. Sir James Dyson and family</h2> </strong>Net Worth: £20.8bn<br /><br />Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation.<br /><br /><strong><h2>4. Sir Jim Ratcliffe</h2></strong><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn<br /><br />Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier.<br /><br /><strong><h2>3. David and Simon Reuben and family</h2></strong>Net Worth: £24.977bn<br /><br />The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade.<br /><br /><strong><h2>2. Sir Leonard Blavatnik</h2></strong>Net Worth: £29.246bn<br /><br />Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate.<br /><br /><strong><h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2></strong><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn<br /><br />Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.<br /><br /><br /><br />

These are the top 25 richest people in Britain

<ul class="summary-list"><li>Starbucks is hiring a new CEO, and analysts hope he'll get the coffee chain back on track.</li><li>Comparable sales are down in its two biggest markets: the US and China.</li></ul><p>After two consecutive quarters of slumping comparable sales, <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-what-went-wrong-laxman-narasimhans-ceo-falling-sales-activist-2024-8">Starbucks has a new CEO coming in</a>.</p><p>It's out with Laxman Narasimhan, who spent 17 months at the helm of the coffee chain and in with <a target="_blank" class="" href="https://www.businessinsider.com/how-starbucks-new-ceo-brian-niccol-transformed-chipotle-chipotlane-automation-2024-8">Brian Niccol</a>, the burrito executive who spearheaded Chipotle's turnaround.</p><p>But Niccol is set for a rocky start at Starbucks.</p><p>"Not only is Starbucks more than three times Chipotle's size in revenue with a footprint spanning myriad countries, but current trends are also more challenged than when Niccol joined Chipotle," William Blair analyst Sharon Zackfia wrote in a note, citing <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-responds-boycott-calls-store-vandalism-israel-palestine-backlash-2023-12">Starbucks' boycotts</a>, customers' doubts about its value, and concerns about its speed of service.</p><p>One major concern: Fewer customers are placing orders.</p><h2 id="2e911be5-fafe-4371-a3dd-572cd072899a">Overall comparable sales are down</h2><p>Starbucks just posted two consecutive quarters of falling global comparable sales — a key metric for the restaurant industry, which looks at how year-over-year sales have changed at continuously-operating company-operated locations. It means that recent store openings and closures aren't taken into account.</p><p>Starbucks' global comparable store sales dropped 4% and 3% in the two most recent quarters.</p><p>Starbucks last posted a drop in global comparable store sales in late 2020, during the height of COVID.</p><p>Starbucks has given numerous reasons for its poor performance. In various markets, some customers have <a target="_blank" rel="" class="" href="https://www.businessinsider.com/starbucks-sues-employee-union-over-logo-use-pro-palestinian-posts-2023-10"><u>boycotted</u></a> the chain related to the conflict in the Middle East, which Narasimhan told investors last month was "driven by widely discussed misperceptions about our brand."</p><h2 id="6ed2c5c6-4052-4f76-baf4-a1ef237f10e0">US consumers are visiting less often</h2><p>Comparable store sales are made up of two measures — the number of transactions and the average ticket size.</p><p>In the past two quarters, Starbucks' comparable transaction count — meaning the number of orders placed at comparable stores, also known as traffic — has declined in the US compared to the same periods the prior year. This means fewer customers are placing orders at Starbucks stores, or they're visiting less frequently.</p><p>In some cases, like during the height of the pandemic in 2020, the huge drop in comparable transaction count was partly offset by a 25% jump in average ticket size, likely because more people were placing group delivery orders during waves of lockdown.</p><p><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-customer-orders-bigger-than-ever-before-food-customize-beverages-2024-1">Average ticket size</a> increases because of several factors: People could be ordering more items per transaction, like purchasing for a group or adding food; they could be opting for pricier items, like beverages with costly modifications; or Starbucks could simply have put prices up.</p><p>Starbucks' average US ticket size keeps rising, but in the last two quarters, it has not been enough to offset the drop in orders, as the graph below shows.</p><p>The US is Starbucks's biggest market by far. The Seattle-based coffee chain has more than <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_financials/2024/q3/3Q24-Earnings-Release-Final-7-30-24.pdf">16,700 stores</a> in the US, or over 40% of its total store count.</p><p>Jefferies restaurant analyst Andy Barish told Business Insider that there was a "pretty long list" of reasons for Starbucks' decline in comparable store sales, including a drop in occasional consumers who visit in the afternoon.</p><p>Customers are getting fed up with rising prices, which Edward Jones analyst Brian Yarbrough told BI Starbucks needs to address: "As we all know, Starbucks isn't known for value."</p><p>In a July survey by Deutsche Bank, nearly half of respondents who reported stopping going to Starbucks or cutting down their number of visits said this was because it had "become too expensive."</p><div type="image" title="Atlanta, Georgia, Starbucks Coffee, customer using mobile app to pay." height="2533" width="3800" msid="112568125" hostid="261" sizebytes="551706"></div><p>Barish pointed out that many Starbucks promotions are only available to app users. Occasional customers, which the chain says it's been struggling to retain, are less likely to have its app.</p><p>"Recognizing the premium position of our brand, we've been measured in our use of offers," Narasimhan told investors last month. He said that only 14% of transactions were driven by offers — 10% for Starbucks Rewards star-based offers and 4% for price-based offers — compared to an average of 29% at competitors.</p><p>Plus, its menu could be alienating some customers. Recent innovations, like lavender beverages, energy drinks, and popping pearls, likely didn't resonate with Starbucks' core customers, Barish said. Starbucks, however, said drinks with the <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-popping-pearls-boba-drinks-summer-berry-skies-refresher-sales-2024-7">boba-inspired popping pearls</a> have sold well.</p><h2 id="b674f07c-2ced-4f8e-b868-0f951f642947">What's happening in China?</h2><p>China, the world's second-biggest country by population, is a huge market for Starbucks. The coffee giant has <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_financials/2024/q3/3Q24-Earnings-Release-Final-7-30-24.pdf">more than 7,300 stores</a> there, nearly 20% of its global locations.</p><p>Starbucks' comparable store sales in China have been incredibly volatile over the past five years.</p><p>This has largely been caused by changes in the number of orders, but the average ticket size has also been steadily declining over the past two years. In the most recent quarter, both the comparable transaction count and average ticket size were down 7% year-over-year.</p><p>Sales were massively affected by <a target="_blank" class="" href="https://www.businessinsider.com/china-protests-covid-lockdown-explainer-stakes-2022-11">China's strict zero-COVID policy</a>. But in recent months, they've been hit by cautious consumer spending and increased competition, Narasimhan told investors in July.</p><p>Luckin Coffee, its biggest rival in China, has <a target="_blank" class="" href="https://investor.lkcoffee.com/news-releases/news-release-details/luckin-coffee-opens-its-landmark-20000th-store-beijing">nearly three times</a> as many stores as Starbucks in China after monumental unit growth. But it's struggling, too, with same-store sales down more than <a target="_blank" class="" href="https://investor.lkcoffee.com/static-files/ec2bafa0-1543-4d62-811d-7115a4349c5c">20%</a> in its two most recent quarters.</p><div type="image" title="A Luckin Coffee outlet is seen operating beside a Starbucks shop in Hangzhou in east China's Zhejiang province." height="2061" width="3000" msid="112568123" hostid="261" sizebytes="269174"></div><p>"China's obviously a tough market, and it's not just Starbucks," Yarbrough said.</p><p>Starbucks added <a target="_blank" class="" href="https://investor.starbucks.com/news/financial-releases/news-details/2024/Starbucks-Reports-Q3-Fiscal-2024-Results/default.aspx">more than 800</a> new Chinese stores in the year to June 30. The chain has continued to grow in China "in the hope that there's some market shakeout," but in the short term, "it's a pretty tough road that they're going through right now," Barish told BI.</p><p>"They would probably be best served by slowing down the growth there and waiting for some of the shakeout that may or may not occur," he said.</p>

These graphs show how much people have cut back on visiting Starbucks — a key driver of its sudden management shake-up 

<ul class="summary-list"><li>It's not easy being a manager in the tech industry right now.</li><li>Amazon is the latest company to reduce the number of supervisors and flatten its operations.</li></ul><p><a target="_blank" class="" href="https://www.businessinsider.com/middle-management-layoffs-silicon-valley-budgeting-2023-4">Managers</a> may just have the toughest job in tech right now.</p><p>In the latest blow to middle managers, Amazon announced it planned to reduce the number of supervisors within its organization.</p><p>In a message to <a target="_blank" class="" href="https://www.aboutamazon.com/news/company-news/ceo-andy-jassy-latest-update-on-amazon-return-to-office-manager-team-ratio">employees posted online,</a> CEO Andy Jassy said the company plans to flatten departments and ask senior leadership teams to increase the ratio of individual contributors to managers by at least 15% by the end of the first quarter of 2025.</p><p>Jassy said the move was part of an effort to get the company operating "like the world's largest startup," allowing employees to "move fast" and preventing them from wasting time with "unnecessary processes."</p><p>According to a <a target="_blank" class="" href="https://www.businessinsider.com/amazon-fewer-managers-leaked-document-2024-9">copy of an internal document obtained by Business Insider,</a> the new plan could result in role eliminations as "organizations may identify roles that are no longer required."</p><p>It's the latest hit to tech's wearied middle managers amid a rough few years.</p><p>Many have found themselves in the firing line for sweeping layoffs as Big Tech companies scramble to cut costs. Those who kept their jobs have complained of being left with more work amid <a target="_blank" rel="" href="https://www.businessinsider.com/jobs-report-labor-market-hiring-layoffs-quits-recession-sahm-rule-2024-8"><u>hiring slowdowns</u></a>.</p><p>Lynda Gratton, a professor of management practice at London Business School, told BI that middle managers had steadily been asked to do more post-pandemic.</p><p>"Manager overwork and burnout is a real issue," she said. "The pandemic meant that many are also managing complex hybrid teams."</p><h2 id="daf44e6f-8a08-4026-b12a-0b4247dd45a1">Tech has turned on managers</h2><p>Amazon is not the first tech company to balk at its own corporate structure.</p><p>At Meta, Mark Zuckerberg has been gradually eliminating layers of middle management. The tech boss has said he doesn't like seeing <a target="_blank" rel="" href="https://www.businessinsider.com/mark-zuckerberg-might-cut-metas-middle-management-report-2023-1"><u>"managers managing managers"</u></a> and has been "flattening" his company ever since. The reorg has seen many Meta supervisors demoted with the aim of having more people on the ground doing things like coding, designing, or selling.</p><p>Shopify has also been <a target="_blank" rel="" href="https://www.businessinsider.com/shopify-flattens-management-structure-incentivizes-individual-contributors-2023-2"><u>"flattening"</u></a> its structure to have fewer managers. At X, formerly Twitter, Elon Musk has ordered engineering managers to get back into the coding trenches with their direct reports.</p><p>The reduction of middle managers is, in part, a reaction to overhiring during the pandemic and a backlash against so-called "fake work" within the tech sector.</p><p>But significantly reducing the amount of managers could also backfire on companies.</p><p>"Tech firms have worked out that the most productive technologists are well managed, feel secure, are mentored and supported and feel listened to," Gratton said. "That's one of the reasons why they have invested more in managers — when management is done well — they are the golden thread."</p><p>Representatives for Amazon referred BI back to its blog post.</p>

It's a tough time to be a manager in tech

<ul class="summary-list"><li>Between 2022 and 2023, about 612,000 people moved to Texas, new census data shows.</li><li>Most Americans who moved to Texas came from California and Florida, followed by New York and Illinois.</li></ul><p>Arielle Francois never planned on <a target="_blank" class="" href="https://www.businessinsider.com/moving-from-florida-to-dallas-texas-pros-cons-2024-6">moving to Texas</a>.</p><p>In 2022, the 20-something content creator relocated from <a target="_blank" href="https://www.businessinsider.com/rent-vs-buy-miami-millennial-making-six-figures-prefers-renting-2024-10">Miami</a> to Dallas for a program at PMG, the media company, where she now works as a digital marketer.</p><p>Earlier this year, she told Business Insider's Madison Hoff that living in Dallas gave her more visibility as a creator, which has resulted in "more opportunities" for her there compared to South Florida. She also said she paid less than $2,000 in rent a month for a nice apartment, which she felt was more affordable than options in Miami.</p><p>Hundreds of thousands of people seeking a better life have moved to Texas in recent years.</p><p><a target="_blank" href="https://www.census.gov/data/tables/time-series/demo/geographic-mobility/state-to-state-migration.html">Census data</a> released on October 17 reveals that nearly 612,000 moved to the Lone Star State between 2022 and 2023. The data comes from the American Community Survey, which asked respondents if they had moved in the past year.</p><div type="image" title="Arielle Francois in front of a mural with the name of her employer PMG" height="876" width="1168" msid="115143531" hostid="261" sizebytes="49358"></div><p><a target="_blank" class="" href="https://www.businessinsider.com/most-people-leaving-california-moved-to-these-states-2024-10">California</a> is the state that lost the most residents to come to Texas. Nearly 94,000 Californians moved to Texas, compared to over 102,400 the previous year.</p><p>Florida, where Francois was living before, is Texas' next-biggest feeder state. Between 2022 and 2023, more than 50,500 residents left Florida for Texas.</p><h2 id="17e37a54-f69f-447e-a544-dd6a167da582">Texas remains a hot spot for movers overall</h2><p>Texas ranked second in US migration from 2022 to 2023, trailing only Florida, which gained almost 637,000 residents during the same time period.</p><p>After California and Florida, the next-most movers to Texas hailed from <a target="_blank" href="https://www.businessinsider.com/startup-founder-moved-houston-texas-tulsa-oklahoma-entrepreneur-2024-5">Oklahoma</a>, which experienced a slight increase in migration to Texas, with over 29,700 people moving in compared to 24,300 last year. Then came New York, with just over 29,610 who relocated to Texas.</p><p>Other states contributing over 20,000 movers to Texas apiece include <a target="_blank" href="https://www.businessinsider.com/why-louisiana-billion-dollar-shrimp-industry-could-go-extinct-2024-9">Louisiana,</a> <a target="_blank" href="https://www.businessinsider.com/millennials-cant-afford-home-colorado-six-figure-income-mortgage-rates-2024-10">Colorado</a>, Illinois, and Washington.</p><h2 id="8b834741-1dfb-4cdf-873d-5f2570e9443e">Texas has something for everyone</h2><p>Some transplants are attracted to the state's <a target="_blank" href="https://www.businessinsider.com/best-economy-us-texas-austin-tech-real-estate-job-growth-2023-12">reputation</a> for affordability — thanks largely to its <a target="_blank" href="https://www.businessinsider.com/moved-from-san-francisco-to-texas-for-work-life-balance-2023-8">relatively lower cost of living</a> and absence of state income tax. While others are drawn to its <a target="_blank" href="https://www.businessinsider.com/texas-company-headquarters-hq-tesla-chevron-charles-schwab-california-economy-2024-8">business-friendly environment</a> and <a target="_blank" href="https://www.twc.texas.gov/news/texas-job-count-reaches-historic-milestone">abundant job opportunities</a>.</p><p>Many people are also moving to Texas for its <a target="_blank" href="https://www.businessinsider.com/moving-to-new-braunfels-texas-real-estate-jobs-schlitterbahn-wurstfest-2024-1">smaller towns</a>, sought out for their down-to-earth communities.</p><div type="image" title="Two parents and their children at a birthday party." height="2074" width="2616" msid="115143529" hostid="261" sizebytes="624960"></div><p>Take California native <a target="_blank" href="https://www.businessinsider.com/california-millennial-moving-to-texas-hopes-small-town-feel-remains-2024-7">Michelle Clifford</a>, a 33-year-old sales manager who bought a home with her husband in <a target="_blank" href="https://www.businessinsider.com/reasons-people-move-to-fastest-growing-city-in-us-texas-2024-7">Celina</a>, Texas, this year.</p><p>Celina, located north of Dallas, is one of the <a target="_blank" href="https://www.businessinsider.com/inside-fastest-growing-city-in-the-us-celina-texas-2024-6">fastest-growing cities</a> in the US. Yet, it has managed to maintain its close-knit vibe. This, combined with an abundance of relatively affordable and spacious homes, has contributed greatly to its population growth.</p><p>"We were drawn to Celina because we have friends from California who moved here," Clifford told BI in July. "More importantly, it was about doing something completely different. We've experienced city life and wanted to embrace country living and own some land."</p><p>It's not just everyday people looking for a fresh start in Texas —<a target="_blank" href="https://www.businessinsider.com/celebrities-moved-to-texas-from-california-new-york-reasons-why-2024-8">celebrities</a> are also among those relocating.</p><div type="image" title="US model Bella Hadid poses as she arrives for the screening of the film &quot;Tre Piani&quot; (Three Floors) at the 74th edition of the Cannes Film Festival in Cannes, southern France, on July 11, 2021" height="3648" width="5472" msid="115143535" hostid="261" sizebytes="536414"></div><p>Consider supermodel <a target="_blank" href="https://www.allure.com/story/bella-hadid-orebella-interview">Bella Hadid</a>, who moved to Fort Worth, Texas, this year to escape the hustle and bustle of New York City and live with her professional horseman boyfriend, Adan Banuelos.</p><p>Hollywood actor <a target="_blank" href="https://www.businessinsider.com/emma-stone-real-name-emily-2024-4">Emma Stone</a> and comedian <a target="_blank" href="https://www.businessinsider.com/joe-rogan-experience-podcast-draws-huge-audience-spotify-2024-3">Joe Rogan</a> have also fled Los Angeles for Austin in recent years.</p><p>This trend reflects a broader shift in wealth realignment in the US, where even the nation's wealthiest opt for places where their money goes further, the climate is more inviting, and life feels more relaxed.</p><h2 id="e298a5e0-9b13-404d-a2b5-c7d7bfbac7e5">Where people from Texas move to</h2><p>There are also <a target="_blank" class="" href="https://www.businessinsider.com/boomer-left-texas-moved-to-tennessee-better-weather-lower-taxes-2024-6">plenty of people who leave Texas</a> in search of greener pastures.</p><p>Between 2022 and 2023, there were about 478,600 departures, less than the 612,000 who moved in. This gap was even wider between 2021 and 2022, when over 668,300 people moved to Texas and 494,000 left.</p><p>The biggest number headed to California.</p><p>Between 2022 and 2023, about 38,700 people moved from Texas to California, a slight decrease from the 42,300 who did so the previous year.</p><p>Additionally, about 37,800 people relocated from Texas to Florida, about 32,200 Texans moved to Colorado, and 31,500 headed to Oklahoma.</p><p>Other popular destinations for former Texans included Georgia, New York, and Louisiana, each welcoming more than 18,000 residents from Texas.</p><h2 id="503aea46-6cb5-48a9-ba5e-6fe864354920">Home prices and politics have driven some Texans out</h2><p>Texas may have its appeal, but it also has some drawbacks.</p><p>Over the past year, BI has spoken with many residents who have left the state, citing <a target="_blank" href="https://www.businessinsider.com/californians-moved-texas-property-tax-gave-sticker-shock-2023-11#:~:text=Texas%20levies%20significantly%20higher%20property,to%20Business%20Insider's%20past%20reporting.">rising home prices and property taxes</a>, extreme heat, and a divisive political climate as reasons for their departure.</p><div type="image" title="Flora Batts and her husband." height="540" width="720" msid="115143533" hostid="261" sizebytes="43050"></div><p><a target="_blank" href="https://www.businessinsider.com/leaving-austin-texas-tech-increased-cost-of-living-changed-culture-2024-5">Flora Batts</a>, a retired Medicaid program coordinator, moved to Pennsylvania this year after living in Austin for over 60 years.</p><p>Batts, 65, told BI in May that she and her husband were leaving because "Big Tech" companies like Dell and <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-outselling-almost-every-other-ev-in-us-2024-10">Tesla</a> have transformed Texas' capital over the past decades, driving up costs for everything from food to <a target="_blank" class="" href="https://www.austinmonitor.com/stories/2024/03/for-the-first-time-in-20-years-more-people-are-leaving-travis-county-than-moving-in/">housing</a>.</p><p>"<a target="_blank" href="https://www.businessinsider.com/michael-dell-nepo-baby-billionaire-family-children-brother-wife-tech-2023-1">Michael Dell</a> kicked the door down and <a target="_blank" href="https://www.businessinsider.com/tech-workers-moved-to-austin-regrets-2023-8">let everybody in</a>," she said. "All that tech money changed Austin and drove up the cost of living."</p><p>Batts and her husband purchased a three-bedroom, two-bath home on two-thirds of an acre in the small town of Erie, which is located just over an hour and a half northwest of Cleveland.</p><p>She said that they wouldn't have been able to afford a similar home in Austin.</p><div type="image" title="Joerger  smiling with friends at a Seattle Mariners game in Seattle." height="1065" width="1280" msid="115143534" hostid="261" sizebytes="113454"></div><p>Texan native <a target="_blank" href="https://www.businessinsider.com/leaving-texas-moving-to-seattle-politics-guns-power-outage-2023-12">Ty Joerger,</a> 25, and about a dozen of his friends moved from Texas to the Pacific Northwest over the past two years.</p><p>While he has a "laundry list" of reasons for leaving Texas, he told BI in July that a common concern among him and his friends was the political climate, especially as members of the LGBTQ+ community.</p><p>"My friends and I shared a pretty similar sentiment: That we didn't feel safe in a state that had more and more aggressive legislation targeting us," he said. "As a gay man, I didn't feel like I could be myself."</p><p>Joerger now lives in <a target="_blank" href="https://www.businessinsider.com/incredibly-lonely-high-paying-tech-job-seattle-2023-9">Seattle</a>, where he said he feels safer and better accepted.</p><p>"I lived in Texas all my life, and I'm so glad I moved to Seattle," he said. Joerger added that despite his criticisms, he still loves the Lone Star State but hopes it can improve "before I would even encourage anyone to move or live there."</p>

Texas lured the most people away from California — and these other states

<ul class="summary-list"><li>Peter Doyle's Kinetics Paradigm Fund rose over 20% in October and is up 97% year-to-date.</li><li>The fund has outperformed the S&amp;P 500, driven by Texas Pacific Land Corporation's 148% gain.</li></ul><p>Earlier this year, we started highlighting some of the <a target="_blank" class="" href="https://www.businessinsider.com/investors-of-the-month-top-fund-managers-stock-picks-august-2024-9">top-performing fund managers each month</a> as a way to highlight money managers delivering impressive returns who might be flying under the radar.</p><p>Narrowing selections isn't the easiest task. Do you consider all funds, even those leveraged for outsized returns? What about funds listed outside the US, which most readers don't have access to anyway? What if a fund is up big in a particular month but performing just average over the last year and even worse over a longer time horizon?</p><p>These questions resulted in selecting fund managers from a few different categories over the last couple of months, but going forward, we're to handle things a bit differently. For our investor of the month, we'll select a fund manager by considering a few different criteria: their fund is listed in the US; their fund outperformed peers in a given month; and their fund is outperforming a benchmark index (in most cases this will be the S&amp;P 500) on a trailing 12-month basis.</p><p>Weighing these factors, choosing our investor of the month for October wasn't difficult.</p><p>It's <strong>Peter Doyle</strong>, manager of the Kinetics Paradigm Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/funds/kinetics-paradigm-fund-no-load-class-us4946136078">WWNPX</a>), which was up more than 20% in October and 97% year-to-date. Over the last 12 months, it has returned 78%, beating the S&amp;P 500's 35% gain. Over the longer term, the Paradigm fund's performance is even more impressive. Since December 1999, it's up 1,363% versus the S&amp;P 500's 304%.</p><p>Rather surprisingly, Doyle has delivered these returns without the help of Nvidia or other Magnificent Seven stocks. The fund's top performer has been the Texas Pacific Land Corporation (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tpl-stock">TPL</a>), a firm that makes money leasing the land it owns in the western part of Texas.</p><p>Demand from AI firms looking to build out data centers on the land has pushed up shares of TPL a staggering 148% year-to-date.</p><p>"The amount of capital that's going to be spent to build out data centers and bringing AI and all of the things that are associated with that to fruition needs to be done where there's cheap energy, cheap electricity, and available real estate, and water," Doyle told Business Insider. "I think people are coming to the conclusion, although I think we're still early in the game, that a big chunk of that is going to take place in the western part of Texas."</p><p>The stock is the Paradigm Fund's top holding and has soared to a 65% weighting in the fund amid its outperformance, even as Doyle has drastically taken profits and reduced his position by around half. When Doyle opened his position in the stock, its weight in the fund was 8%.</p><p>Despite its massive weighting in the fund, Doyle seems extremely confident in the company and said its business model is highly predictable.</p><p>"They own very valuable real estate, and I know that that real estate is basically not going anywhere. And I know that people want to build AI data centers, and I know that that's the most logical place for that to happen in a very significant way," Doyle told Business Insider. "If 100% of my net worth were in TPL, I would be sleeping very well. That's how good I think it is."</p><p>Other top holdings in the fund include the Grayscale Bitcoin Trust (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gbtc-stock">GBTC</a>) at an 8.8% weighting, Brookfield (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/brppf-stock">BRPPF</a>) at 3.3%, and Landbridge (<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/lb-stock">LB</a>) at 3.1%.</p>

This fund manager up 97% this year thanks to an under-the-radar stock is BI's investor of the month for October

<ul class="summary-list"><li>Investors face diminishing returns from cash alternatives as interest rates decline.</li><li>Money market funds offered low-risk yields, but missed gains in the S&amp;P 500.</li></ul><p>Just a year ago, if the stock market got bumpy or felt risky, investors could shave a bit off their positions and park in cash-like <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-a-money-market-account">money market funds</a> yielding slightly over 5%.</p><p>Today, cash alternatives are yielding slightly less. Still, they remain near or above 4.5%, which is a tempting return in exchange for no risk. But as we head deeper into an <a target="_blank" class="" href="https://www.businessinsider.com/fed-cut-rates-inflation-powell-blackrock-ceo-larry-fink-2024-10#:~:text=The%20Federal%20Reserve%20will%20disappoint,a%20rise%20in%20global%20inflation.">interest-rate-cutting cycle</a>, the benefits of sitting on the sidelines will diminish, and investors will need to rethink their strategy.</p><p>While the perk of a low-risk asset with a decent yield seems like a sweet deal, it actually did some investors a disservice, says Mark Malek, the CIO at Siebert. Specifically, those who didn't have liquidity needs but chose to sit in cash anyway missed out on a strong year for the S&amp;P 500.</p><p>"I'm going to say something controversial, which is that we weren't having as many of these conversations when money markets were almost zero," Malek said. "Clients had no other alternatives, so they were putting their money to work in the equity markets or in the best bonds they could find. Many people should have probably invested in equities and would've probably gotten great returns."</p><p>The main advantage money markets give investors is quick access to their cash, followed by lower risk and then a decent yield. The former is harder to match. But the latter two can be found in <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/treasury-bonds">Treasuries, notes, and bonds</a>, Malek said. By sticking to shorter-term Treasuries, investors can still meet their liquidity needs.</p><p>"That's where the whole conversation changes because now you're saying, 'OK, we can get you into a three-month bill, but then you would want to hold that,'" Malek said, adding that he would never advise a client who needs liquidity to go further out and buy a two-year note. And anyway, the yield curve is inverted, meaning there's no term premium, with the best yields coming from the one-month out to the six-month Treasury.</p><p>It's about gauging liquidity needs and then sticking to bills or looking for older notes that are months away from maturity, Malek said. The main challenge with going shorter term is the rollover risk, which happens when you're faced with less favorable yields once the current Treasury matures. For investors who don't have immediate cash needs, Malek advises a six-month bill at a 4.5% yield since he expects rates to be 75 basis points lower by then. If liquidity needs arise, investors may be able to sell for a profit if the Fed's cutting cycle is steeper than expected, he added.</p><p>Investors with a bit more of a risk appetite who want to maintain a yield just over 5% should consider investment-grade corporate bonds, which are AAA to BB-rated, Malek said.</p><h2 id="ac89e755-a442-47d7-b00d-34e1f8eb6a94"><strong>Dollar alternatives</strong></h2><p>While interest-rate cuts are part of the move away from cash, there are other factors that make the dollar, in general, a crummy place to be right now, says David Miller, the CIO at Catalyst Funds.</p><p>Inflation remains present even if it's not as high as it was. The Federal deficit continues to balloon. And, the weaponization of the dollar against countries like Russia has made it less attractive globally, Miller noted.</p><p>Based on these additional concerns, Miller says the closest alternative would then be <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-became-etf-interest-rates-trump-costco-2024-10">gold</a>, and big money is vying for it. Central bank demand for gold reached its highest in a decade in 2022 and 2023. Although it slowed in 2024, it was still up by 6% from a year ago in the second quarter, according to the World Gold Council.</p><p>Investors may feel queasy about the asset as it hits peak prices near $2,800 per ounce. But you have to consider the value of the dollar against that backdrop, Miller noted. Simply put, the M2 money supply, which includes cash and cash alternatives, has skyrocketed since 2020 by over 36%, debasing the dollar.</p><p>For investors looking for that gold alternative, Millers says they can <a target="_blank" class="" href="https://www.businessinsider.com/how-to-invest-in-gold-price-record-highs-safe-haven-2024-10">buy coins, bars, and even gold ETFs</a>.</p><p><a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/buy-bitcoin">Bitcoin</a> is another alternative that more risk-prone investors look to. As of Tuesday, it surpassed $71,000, hitting near its all-time highs as hedging demand grows. While it has similar liquidity to cash, it's much more speculative, Miller noted.</p>

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