<ul class="summary-list"><li>Steve Johnson is the president of <keyword id="10388983" type="UNKNOWN" weightage="60" keywordseo="berkshire-grey">Berkshire Grey</keyword>, a company that builds AI-powered robotic systems to help retailers, ecommerce companies, and logistics providers.</li><li>He says the best way to keep your employees inspired and productive is to be up front about uncertainty and to avoid acting like everything is going smoothly.</li><li>Dig deeper to unearth your company's "noble purpose," and encourage your employees to share the "why" that keeps them going during tough times.</li></ul><p>In 1939, as the <a href="https://www.britannica.com/event/the-Blitz">threat of German bombing loomed</a> in London, the British Ministry of Information sought to galvanize its people. The carefully crafted government rallying cry - "<a href="https://www.businessinsider.com/the-surprising-history-of-keep-calm-and-carry-on-2015-6">Keep calm and carry on</a>" - has gone on to be immortalized on everything from coffee mugs to t-shirts. During our current crisis, when the world again feels like it's turned upside-down, the catchphrase has been back in vogue.</p><p>But here's the thing: It's probably not helping.</p><p>As <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> enters its second year, employees are stressed about the constant disruption and worried about health and safety. Here in Boston, schools are open one day, closed the next, and everyone's struggling with fluctuating stay-at-home orders. </p><p>In short, the time for feel-good aphorisms is long past. Everything is not fine. Just carrying on isn't cutting it. And all signs suggest that blind positivity is the wrong approach. </p><p>But what's the right approach? This isn't an academic question for me. As the president of a growing company, I think about how to sustain morale for my team all the time. Whether my employees are hustling in the <keyword id="62549" type="CITY" weightage="60" keywordseo="Robotics">robotics</keyword> lab or drowning in Zoom calls at home, I know that finding a North Star in trying times is more important than ever. </p><p>I recently had a chance to talk about this with Lisa McLeod, author of "<a href="https://www.mcleodandmore.com/">Leading With Noble Purpose</a><em>," </em>and came away with some lasting insights<em>. </em>Here are three critical ways to rally spirits and focus energy with your team, without resorting to toxic positivity.  </p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/how-to-build-trust-at-work-according-to-salesforce-svp">Employees who trust their bosses have more energy, less stress, and fewer sick days. Here are 4 ways to establish trust with your workers, according to a senior vice president at Salesforce.</a></em></p><h2><strong>Emphasize real-world impacts</strong></h2><p>When I first joined <a href="https://www.berkshiregrey.com/">Berkshire Grey</a>, I'd mention what my company does - we're an <keyword id="6355999" type="UNKNOWN" weightage="60" keywordseo="ai">AI</keyword> and robotics company that supports the supply chain for retail and ecommerce - and people would get a little glassy-eyed. But when the pandemic hit and all the hand sanitizer and toilet paper vanished from grocery store shelves, the supply chain changed from an abstract concept to a lived reality, and a critical one, at that.</p><p>This was a surprise even for some of our own employees. People who thought they were just doing fascinating <keyword id="6355058" type="UNKNOWN" weightage="60" keywordseo="work">work</keyword> on robots suddenly realized that they were playing a pivotal role keeping workers safe in warehouses and ensuring people have groceries. In fact, our <keyword id="6355515" type="UNKNOWN" weightage="60" keywordseo="business">business</keyword> was deemed an essential service, and this became a powerful motivator. </p><p>Your company may not have received an official "essential" designation from the government; but the truth is, <em>every</em> successful business has a real customer impact in some way or another. You just need to figure out what that is. </p><p>To find your impact, McLeod suggests teams share specific, concrete stories about how your products improve lives and businesses. Uncovering your customer impact isn't just a feel-good experience. Studies show that, at work, we all have a desire to <a href="https://www.inc.com/melanie-curtin/what-motivates-you-at-work-when-200000-workers-were-asked-this-was-their-top-reponse.html">do a good job and have a real impact</a>. Employees who find work meaningful are <a href="https://hbr.org/2018/11/9-out-of-10-people-are-willing-to-earn-less-money-to-do-more-meaningful-work#:~:text=We%20learned%20that%20employees%20who,find%20work%20lacking%20in%20meaning.">69% less likely</a> to quit, and have longer, more productive tenures.</p><h2><strong>Tell it like it (really) is</strong></h2><p>No one likes to deliver bad news. But playing dumb - and insisting on business as usual - can be far, far worse.</p><p>In a previous role, I once found myself flying around the country in the midst of the dot-com bust, laying off colleagues. It was rough work, but made much harder by the fact that our CEO was still telling everyone that things were just fine. His chipper attitude during a devastating time and the gap between messaging and reality crushed morale even further.</p><p>You might think you're protecting your team when you withhold bad news, but studies show that <a href="https://www.kudos.com/resource/blog/how-to-create-workplace-transparency-in-4-simple-steps/#:~:text=According%20to%20Forbes%2C%2050%25%20of,to%20seek%20a%20new%20job.">46% of employees</a> would rather leave their job than work somewhere without transparent communication. Transparency statistically <a href="https://www.glassdoor.com/employers/blog/transparency-in-the-workplace/">improves engagement and morale</a>, lowers stress, and boosts performance. </p><p>As McLeod notes, "People aren't stupid. They know when things are going badly." Respect your team's intelligence, and they'll respect you right back.</p><p>Take the initial chaos of COVID-19. In the background of our company Zoom calls during those early days, dogs were barking and kids were screaming. There was no point in pretending it was business as usual, and we made that clear. This honesty allowed everyone to stop worrying about keeping up appearances and, instead, focus on adjusting to a new reality. </p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/strategies-help-get-company-acquired-recession-confirmation-thomson-reuters">How to position your company for acquisition in a chaotic economy, according to a founder who sold his multimillion-dollar company to Thomson Reuters</a></em></p><h2><strong>Dig deep for your team's "noble purpose"</strong></h2><p>In the spirit of honesty: I'm a numbers person. Establishing and hitting KPIs has been in my DNA since business school. But I know that just chasing metrics isn't enough inspiration for many people.</p><p>I was working at an email marketing firm, of all places, when this lesson hit home. Our days were spent looking at open-rates, conversions, customer acquisition costs, leads and the countless data points that rule modern marketing. But what actually got me and my colleagues out of bed in the morning was something far more elemental: the realization that our technology was helping small businesses and the ordinary people who ran them.  </p><p>Employees who feel like their work has clear purpose are <a href="https://www.forbes.com/sites/rodgerdeanduncan/2018/09/11/the-why-of-work-purpose-and-meaning-really-do-matter/#5bbc3ac768e1">more likely to thrive</a>; they're <a href="https://www.strategyand.pwc.com/gx/en/unique-solutions/capabilities-driven-strategy/approach/research-motivation.html">motivated and passionate</a> about their work. Purpose-led brands see <a href="https://consulting.kantar.com/growth-hub/purpose2020/">their valuations surge</a>. Indeed, history is filled with examples of small, under-resourced teams - Ben and Jerry's, Dyson, and even Apple - who beat formidable competitors because the smaller team believed in their noble cause.  </p><p>So how do you <em>find </em>that purpose? McLeod advocates for conversation and open dialogue. Ask your team: How does our solution make a difference to the world? Why do people need that right now? How can we play a positive role in a challenging situation? </p><p>Ultimately, you probably won't remember whether you reached your revenue goal or missed it by a few percentage points. You'll remember the <em>why</em> that got you there. </p><p>Critically, for all of these points, finding genuine motivation isn't a top-down practice. It's about sourcing this inspiration from your team, rather than imposing it from on-high. Meaning comes from the ground up. Find it in the good times, and it'll see you through the not-so-good ones too.</p><p><a href="https://www.linkedin.com/in/1stevejohnson/"><em>Steve Johnson</em></a><em> is the president of </em><a href="https://www.berkshiregrey.com/"><em>Berkshire Grey</em></a><em>, which builds AI-powered robotic systems to help retailers, ecommerce companies and logistics providers. </em></p>

3 ways to inspire your employees during the pandemic without pretending like everything is fine

<ul class="summary-list"><li><keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword>'s deputy reflected on the stock-market crash of 2020 in a recent interview.</li><li><keyword id="12011685" type="UNKNOWN" weightage="60" keywordseo="ted-weschler" source="Orion">Ted Weschler</keyword> blamed the Fed's swift action for <keyword id="11915968" type="UNKNOWN" weightage="60" keywordseo="berkshire-hathaway" source="Orion">Berkshire Hathaway</keyword>'s failure to snap up many bargains.</li></ul><p>Ted Weschler, one of Warren Buffett's two portfolio managers at <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>, reflected on the stock-market crash in March 2020 during a <a href="https://podcasts.apple.com/us/podcast/lunch-with-warren-buffett-working-for-berkshire/id1502613782?i=1000558829816">recent episode</a> of the "I Am Home" podcast from Nebraska Furniture Mart.</p><p>Weschler, who joined Berkshire in 2012 after winning Buffett's charity-lunch auction two years in a row, also underlined the value of reading widely, and trumpeted the varied nature of his job.</p><p>Buffett's deputy is best known for <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-deputy-ted-weschler-roth-ira-best-stock-investments-2021-6">snowballing his retirement account</a> from $70,000 into $264 million, and he may have <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-apple-tech-stock-iphone-taxi-weschler-2022-5">paved the way</a> for Buffett's <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-apple-stock-record-400-percent-gain-berkshire-hathaway-2022-1">phenomenal Apple investment</a>.</p><h2>Here are Weschler's 12 best quotes from the interview, lightly edited for length and clarity:</h2><p>1. "Here's a guy who really was a hero of mine from an investing standpoint from 1979." (Weschler said he began studying Warren Buffett as a college student.)</p><p>2. "He was the grey-haired guy with gravitas, and I was the maniac in the backroom who knew the tax code and knew how to use a computer." (Weschler was discussing the private-equity firm he started with a colleague from WR Grace.)</p><p>3. "One of the great mistakes of investing is that people do end up reading the same thing. The only way you're going to have success in the stock market is if you've got what's referred to as a variant perception, something that's different from the masses."</p><p>4. "I always do want to be able to look myself in the mirror and say that I'm reading enough weird stuff that nobody else is reading the same stuff that I am. If you're just reading The New York Times and The Wall Street Journal, there's no way you're going to beat other people — you're just reading the same thing."</p><p>5. "I read Furniture Today and Uranium Weekly. I'm not sure there's a lot of people that subscribe to both of those; you're looking at one of them."</p><p>6. "If I can come up with one decent investment idea a year, boy that is great. I call it a game of 'connect the dots', where you want to build up a terrific dataset. Maybe you'll be able to say, 'Ooh, I read this here, I read this here, and this here,' and make a connection, such that you've got a slightly different perception of where a business is going to be in five years from now than where the market does."</p><p>7. "It was a tough one from an investing standpoint, because all of us looked at each other and were like, 'Wow, just have not seen anything like this, not sure how this is going to play out.' We were sitting there over quarter-pounders with cheese, saying, 'What do we think?' and it was like 'Jeez. just don't know.' We had a lot of very good information, but we didn't have a relative edge." (Weschler was underscoring how the pandemic initially stumped Buffett, him, and his fellow investment manager, Todd Combs.)</p><p>8. "It was brilliant work on the part of the Fed and Jay Powell in fixing everything. But the Fed effectively put a floor under everything, and the moment they did that, the opportunities that would have been there for Berkshire, they weren't there anymore."</p><p>9. "Historically, the best times for Berkshire have been when there were <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-financial-crisis-bailouts-us-government-airline-investor-2020-4-1029104038">difficulties out there</a>. Our view was the banking system was going to effectively shut down, and there wasn't going to be lending available for institutions. But in actual fact there was plenty of money available. The Fed came and said, 'Open the vault, whatever you need,' and even Berkshire can't compete with that." (Weschler was explaining why Berkshire struggled to find bargains after the pandemic tanked <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in the spring of 2020.)</p><p>10. "The tragedy in Russia, Ukraine — that really did rattle the markets. That's the sort of thing that we're in a better position to assess, because there have been similar things that have happened in the last 125 years. You can say, 'How does this play out?' and 'What are the probability-adjusted outcomes you could have?'"</p><p>11. "I just find the investing business so interesting. If you're intellectually curious — and that's really a common element among Warren, myself, and Todd — there's nothing better. If you're studying the banking industry in the morning, and you say, 'Jeez, okay, I've had enough of this' — well then, you can study the home furnishings business, and then go back to uranium in the evening. It's just fun, and the fact that things are changing means there's always going to be new things out there."</p><p>12. "There's something about bringing tens of thousands of people together. Just like at a wedding, where you know that you're somehow connected to the bride or groom, you're somehow connected to Berkshire." (He was explaining why he enjoys Berkshire's annual shareholder meeting.)</p><p><strong><em>Read more:</em></strong><em> Insider interviewed the CEOs of </em><em><a href="https://www.businessinsider.com/sees-candies-warren-buffett-berkshire-hathaway-pandemic-inflation-brands-growth-2022-5?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener noreferrer">See's Candies</a></em><em>, </em><em><a href="https://www.businessinsider.com/dairy-queen-warren-buffett-berkshire-hathaway-pandemic-inflation-troy-bader-2022-5?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener noreferrer">Dairy Queen</a></em><em>, </em><em><a href="https://www.businessinsider.com/borsheims-warren-buffett-berkshire-hathaway-jewelry-pandemic-inflation-karen-goracke-2022-5?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener noreferrer">Borsheims</a></em><em>, and </em><em><a href="https://www.businessinsider.com/brooks-running-jim-weber-warren-buffett-berkshire-hathaway-inflation-pandemic-2022-5?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener noreferrer">Brooks Running</a></em><em> during Berkshire Hathaway's annual meeting. They offered a look inside Warren Buffett's company, and shared how they're dealing with the pandemic and inflation.</em></p>

Warren Buffett's deputy reflects on the pandemic crash, trumpets the value of reading widely, and explains why he loves investing in a new interview. Here are the 12 best quotes.

<p><strong>Hey there! </strong>The cold weather has arrived for parts of the US, and that means winter storms are right around the corner. Much of the country uses salt to melt ice, but a few counties in Wisconsin <a href="https://www.businessinsider.com/why-wisconsin-county-dumping-cheese-brine-on-roads-2023-11" target="_blank" rel="noopener">have a very on-brand way of dealing with slippery roads</a>. </p><p>In today's big story, we're <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-dies-warren-buffett-obituary-berkshire-hathaway-stock-market-2023-11" target="_blank" rel="noopener">looking back on the life of investing legend Charlie Munger</a>.</p><p><strong>What's on deck: </strong></p><ul><li><strong>Markets:</strong> <a href="https://newsletter.businessinsider.com/click/33517079.1275996/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9ob3ctdG8taW52ZXN0LXN0b2NrLW1hcmtldC1yYWxseS1vdXRsb29rLTIwMjQtZWNvbm9teS1wcmVkaWN0aW9uLTIwMjMtMTE_dXRtX21lZGl1bT1uZXdzbGV0dGVyJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX2NhbXBhaWduPUluc2lkZXJfVG9kYXk/63c964d0fd0e8ffc6308a4aeBe5578d35" target="_blank" rel="noopener">Investment strategies to bet on</a> heading into 2024.</li><li><strong>Tech:</strong> The Tesla Cybertruck's debut is approaching, but <a href="https://www.businessinsider.com/tesla-cybertruck-specs-price-unknown-delivery-event-2023-9" target="_blank" rel="noopener">buyers have been left in the dark</a>.</li><li><strong style="color: #222222;">Business:</strong> Contrary to popular belief, Wall Street is <a href="https://www.businessinsider.com/average-americans-beating-wall-street-new-homes-real-estate-homebuying-2023-11" target="_blank" rel="noopener">not to blame for the housing market chaos</a>.</li></ul><p>But first, remembering Charlie Munger.</p><hr /><p><strong><em>If this was forwarded to you, </em></strong><a href="https://www.businessinsider.com/subscription/newsletter/insider-today"><strong><em>sign up here.</em></strong></a></p><hr /><h3><strong>The big story</strong></h3><h2><strong>RIP Charlie Munger</strong></h2><p><a href="https://markets.businessinsider.com/news/stocks/charlie-munger-dies-warren-buffett-obituary-berkshire-hathaway-stock-market-2023-11"></a></p><div type="image" title="Charlie Munger" height="3258" width="4344" msid="105601014" hostid="261" sizebytes="321992"></div><p><strong>He was number one at being number two. </strong></p><p>Charlie Munger, the billionaire investing legend who led Berkshire Hathaway alongside Warren Buffett, <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-dies-warren-buffett-obituary-berkshire-hathaway-stock-market-2023-11" target="_blank" rel="noopener">died Tuesday at age 99</a>. He passed peacefully at a California hospital, according to his family. </p><p>Munger grew to prominence as the right-hand man to the world's most famous investor, Warren Buffett. And while Munger never achieved <a href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth" target="_blank" rel="noopener">Buffett's astronomical wealth</a>, he did all right, amassing a net worth of over $2 billion. </p><p>Munger's wealth could have been even greater, but he <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-warren-buffett-wealth-berkshire-hathaway-stock-charity-billionaires-2023-10" target="_blank" rel="noopener">sold or donated more than 75% of his Berkshire Hathaway stock since 1996</a>.  </p><p>The man who built a career making smart investments had a unique perspective on handling his own money later in life. </p><p>"I'm deliberately taking my net worth down," he <a href="https://omaha.com/money/ex-billionaire-charlie-munger-on-recent-donations-i-wont-need-it-where-im-going/article_3f68516d-e2a6-58a9-ad24-0e117fb8e819.html" target="_blank" rel="noopener">told The Omaha World-Herald</a> in 2013. "My thinking is, I'm not immortal," he continued, "and I won't need it where I'm going."</p><p><a href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth"></a></p><div type="image" title="warren buffet charlie munger" height="2399" width="3198" msid="105601015" hostid="261" sizebytes="246264"></div><p><strong>Despite being overshadowed by Buffett, Munger wasn't afraid to share his opinion.</strong></p><p>Whether it was why <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-zoomtopia-keynote-buffett-berkshire-crypto-ai-bitcoin-investing-2023-10" target="_blank" rel="noopener">it's ok to eat donuts</a> — albeit with some discipline — or <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-quotes-acquired-podcast-buffett-gambling-vc-brands-birthday-2023-11" target="_blank" rel="noopener">his displeasure for venture investors</a>, Munger's takes were blunt but witty. In a recent interview, he credited his economic success to <a href="https://markets.businessinsider.com/news/stocks/charlie-munger-investing-advice-key-daily-habit-behind-billionaire-status-2023-11" target="_blank" rel="noopener">his love of reading</a>. </p><p>His greatest life lesson was also beautifully simple: <a href="https://www.businessinsider.com/billionaire-charlie-munger-business-advice-for-success-cut-toxic-people-2023-5" target="_blank" rel="noopener">Cut out toxic people.</a></p><p>It's fitting advice from a man who found so much success in a relationship he held for over 60 years. </p><p>Buffett and Munger first met at a dinner party in their hometown of Omaha, Nebraska, in 1959. The two had both worked at Buffett's grandfather's supermarket, but never ran into each other. By 1978, Buffett had convinced Munger to join him at Berkshire Hathaway as vice chairman. </p><p>More than 40 years later, they'd built a conglomerate with a market cap north of $750 billion.<br /><br /><strong>More on Charlie Munger:</strong></p><ul><li><a href="https://www.businessinsider.com/charlie-munger-berkshire-hathaway-greg-abel-warren-buffett-2023-11" target="_blank" rel="noopener">What Charlie Munger's death means for Warren Buffett and Berkshire Hathaway</a></li><li><a href="https://www.businessinsider.com/charlie-munger-berkshire-hathaway-bucket-list-item-200-pound-fish-2023-11" target="_blank" rel="noopener">Charlie Munger revealed weeks before his death the one thing he wished he had done in his lifetime</a></li><li><a href="https://www.businessinsider.com/charlie-munger-death-business-finance-reactions-2023-11" target="_blank" rel="noopener">The business world is shaken after the death of 'financial genius' Charlie Munger</a></li><li><a href="https://www.businessinsider.com/charlie-mungers-best-business-advice-over-the-years-2023-11" target="_blank" rel="noopener">Here's some of the best advice offered by late investing legend Charlie Munger</a></li><li><a href="https://www.businessinsider.com/charlie-munger-tips-for-longevity-longer-life-happiness-2023-11" target="_blank" rel="noopener">6 longevity tips Charlie Munger believed in for a long and happy life</a></li><li><a href="https://www.businessinsider.com/in-death-charlie-munger-is-loved-by-china-2023-11" target="_blank" rel="noopener">In death, Charlie Munger is loved by China</a></li><li><a href="https://www.businessinsider.com/charlie-munger-revealed-why-he-lived-same-house-for-decades-2023-11" target="_blank" rel="noopener">Charlie Munger revealed why he lived in the same house for decades instead of upgrading to keep up with his rich friends</a></li></ul><hr /><h2><strong>3 things in markets</strong></h2><p><a href="https://www.businessinsider.com/stock-market-outlook-all-time-high-sp-500-deutsche-bank-2023-11"></a></p><div type="image" title="people partying on stock floor" height="500" width="1000" msid="105601017" hostid="261" sizebytes="47374"></div><ol><li><strong> Deutsche Bank says the S&amp;P 500 will hit an all-time high in 2024. </strong>The bank's strategists said they see the index hitting 5,100 points by the end of 2024, a 12% bump from its current level. It's the <a href="https://www.businessinsider.com/stock-market-outlook-all-time-high-sp-500-deutsche-bank-2023-11" target="_blank" rel="noopener">latest firm to turn bullish on the stock market's future</a>.</li><li><strong> But not everyone is sold on the market surging next year. </strong>BCA Research said the S&amp;P 500 could <a href="https://www.businessinsider.com/stock-market-crash-sp500-prediction-recession-2024-us-economy-outlook-2023-11" target="_blank" rel="noopener">crash as much as 27% from current levels</a> when a recession hits. Wells Fargo's 2024 outlook isn't quite as dreary, <a href="https://www.businessinsider.com/stock-market-outlook-2024-federal-reserve-interest-rates-wells-fargo-2023-11" target="_blank" rel="noopener">but it's not much better</a>. And famed economist Mohamed El-Erian said investors <a href="https://www.businessinsider.com/stock-market-outlook-2024-inflation-economy-oil-prices-bond-yields-2023-11" target="_blank" rel="noopener">are too optimistic about the economy</a> because factors driving the recent market rally will face headwinds.</li><li><strong style="color: #222222;">How to set up your portfolio for success in 2024. </strong>Bank of America and BMO Capital Markets are predicting 2024 to be a strong year for the market. (BMO's feeling confident <a href="https://www.businessinsider.com/stock-market-outlook-recession-wont-knock-down-sp500-next-year-2023-11">even if a recession hits</a>.) These are the <a href="https://www.businessinsider.com/how-to-invest-stock-market-rally-outlook-2024-economy-prediction-2023-11" target="_blank" rel="noopener">five sectors they're most bullish about in the new year</a>, from financials to energy.</li></ol><hr /><h2><strong>3 things in tech</strong></h2><p><a href="https://www.businessinsider.com/tesla-cybertruck-specs-price-unknown-delivery-event-2023-9"></a></p><div type="image" title="elon musk in front of a cyber truck" height="589" width="785" msid="105601019" hostid="261" sizebytes="13064"></div><ol><li><strong> Tesla Cybertruck buyers still don't know how much it'll cost — days before delivery. </strong>On Thursday, the car company is expected to deliver 10 vehicles to unknown order holders. But the majority of people still don't know <a href="https://www.businessinsider.com/tesla-cybertruck-specs-price-unknown-delivery-event-2023-9" target="_blank" rel="noopener">the cybertruck's basic details</a>: horsepower, charge range, or even price.</li><li><strong> There's little evidence that internet use harms mental health.</strong> A new global study found that there's no "smoking gun" linking <a href="https://www.businessinsider.com/social-media-doesnt-necessarily-harm-mental-health-oxford-study-2023-11" target="_blank" rel="noopener">social media use and mental health harm</a>. But researchers noted that tech companies need to disclose the data they have for more thorough research.</li><li><strong style="color: #222222;">These 16 influential talent management firms and agencies help micro influencers build businesses. </strong>Firms like Kensington Grey and SevenSix Agency have helped micro influencers land brand deals with major companies like Delta Air Lines, Toyota, Gucci, and Google. <a href="https://www.businessinsider.com/micro-influencer-agencies-talent-managers-2023-11" target="_blank" rel="noopener">Check out all the agencies here</a>.</li></ol><hr /><h2><strong>3 things in business</strong></h2><p><a href="https://www.businessinsider.com/average-americans-beating-wall-street-new-homes-real-estate-homebuying-2023-11"></a></p><div type="image" title="digital illustration of someone pulling welcome mat from under businessperson's feet" height="960" width="1920" msid="105601020" hostid="261" sizebytes="344570"></div><ol><li><strong> Average homebuyers are beating out Wall Street landlords. </strong>The percentage of American households who own their home has been on the rise since the start of the pandemic. Meanwhile, Wall Street's foray into the housing market has <a href="https://www.businessinsider.com/average-americans-beating-wall-street-new-homes-real-estate-homebuying-2023-11" target="_blank" rel="noopener">slowed substantially</a> since last spring.</li><li><strong> TikTokers offer Gen Z advice on how to survive a 9-to-5 job. </strong>Their <a href="https://www.businessinsider.com/how-to-survive-9-to-5-job-gen-z-tiktok-2023-11">survival tips</a> include eating lunch away from your desk and setting boundaries. They also recommended taking screen breaks every hour and giving yourself little rewards.</li><li><strong style="color: #222222;">Many Americans are delaying costs with buy now, pay later programs. </strong>Americans broke a record for spending on Black Friday. But the delayed payments could lead to <a href="https://www.businessinsider.com/black-friday-sales-record-thanksgiving-cyber-monday-online-deals-bnpl-2023-11" target="_blank" rel="noopener">bigger problems in the spring</a> when bills start coming due.</li></ol><hr /><h2><strong>In other news</strong></h2><ul><li><a href="https://www.businessinsider.com/china-economy-us-stock-market-outlook-foreign-investment-taiwan-inflation-2023-11" target="_blank" rel="noopener">Here's why China's weak economy is good news for the US stock market</a>.</li><li><a href="https://www.businessinsider.com/nikki-haley-trump-gop-alternative-2024-campaign-iowa-new-hampshire-2023-11" target="_blank" rel="noopener">Nikki Haley is now the top GOP alternative to Trump, but her window to maintain momentum is narrow. Can she pull it off</a>?</li><li><a href="https://www.businessinsider.com/us-debt-jamie-dimon-economy-fed-inflation-interest-rates-2023-11" target="_blank" rel="noopener">JPMorgan boss Jamie Dimon says the US is addicted to debt, and it's created a dangerous sugar high in the economy</a>.</li><li><a href="https://www.businessinsider.com/best-worst-career-advice-quotes-2023-11" target="_blank" rel="noopener">The best and worst career advice I ever got</a>.</li><li><a href="https://www.businessinsider.com/sports-illustrated-ran-articles-by-fake-ai-generated-writers-report-2023-11" target="_blank" rel="noopener">Sports Illustrated reportedly published articles by fake AI-generated writers</a>.</li><li><a href="https://www.businessinsider.com/ukraine-says-patriot-took-out-5-russian-aircraft-5-minutes-2023-11" target="_blank" rel="noopener">Ukraine says its Patriot missile system once took out five Russian aircraft in five minutes</a>.</li><li><a href="https://www.businessinsider.com/salesforce-marc-benioff-comments-on-meditation-sleep-schedule-2023-11" target="_blank" rel="noopener">Billionaire CEO Marc Benioff says he gets around eight hours of sleep a night and starts every morning the same way</a>.</li><li><a href="https://www.businessinsider.com/how-much-need-down-payment-home-house-mortgage-prices-interest-2023-11" target="_blank" rel="noopener">How much the typical first-time home buyer puts toward a down payment and where they get the money</a>.</li><li><a href="https://www.businessinsider.com/most-promising-sports-startups-to-watch-according-vcs-top-investors-2023-11" target="_blank" rel="noopener">25 promising sports startups to watch, according to VCs and other top investors</a>.</li></ul><hr /><h2><strong>What's happening today</strong></h2><ul><li><strong>The Rockefeller Center 2023 Tree Lighting Ceremony is tonight. </strong>The annual ceremony will be broadcast live on NBC and Peacock.</li><li><strong>The New York Times DealBook Summit is today. </strong>Speakers include Vice President Kamala Harris, President of Taiwan Tsai Ing-wen, Elon Musk, Bob Iger, Jamie Dimon, Lina Khan, Shonda Rhimes, and other major execs.</li><li><strong style="color: #222222;">Earnings today: </strong>Salesforce, Okta, Dollar Tree, <a href="https://markets.businessinsider.com/earnings-calendar" target="_blank" rel="noopener">and other companies</a>.</li></ul><hr /><h3><strong>For your bookmarks</strong></h3><h2><strong>Tiny living x Costco</strong></h2><p><a href="https://www.insider.com/costco-essential-groceries-supplies-road-trip-van-2023-11"></a></p><div type="image" title="Monica Humphries with cart at Costco" height="525" width="700" msid="105601021" hostid="261" sizebytes="74044"></div><p><strong>"I shopped at Costco for a 2-week road trip in a 75-square-foot van." </strong>Our writer could easily fill an entire cart with <a href="https://www.insider.com/costco-essential-groceries-supplies-road-trip-van-2023-11" target="_blank" rel="noopener">meals, snacks, and goods</a> for the trip, including eggs and Liquid I.V.</p><hr /><p><strong>The Insider Today team: </strong><a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.</p>

An investing legend dies

Nykaa, Policybazaar, Paytm among nine companies whose IPO lock-in period ends in November

<ul><li><strong><keyword id="229877" type="PERSON" weightage="60" keywordseo="Chamath-Palihapitiya">Chamath Palihapitiya</keyword> is supporting a private investment in public equity in Goldman-backed <keyword id="944686" type="COMPANY" weightage="60" keywordseo="renew-power">ReNew Power</keyword>, an Indian renewable energy company.</strong></li><li><strong>ReNew will merge with SPAC <keyword id="10822811" type="UNKNOWN" weightage="60" keywordseo="rmg-acquisition-corp-ii">RMG Acquisition Corp II</keyword>. </strong></li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest"><strong>Sign up here for our daily newsletter, 10 Things Before the Opening Bell.</strong></a></li></ul><hr /><p>Billionaire investor Chamath Palihapitiya is taking part in another climate-focused investment as the <keyword id="10592172" type="UNKNOWN" weightage="60" keywordseo="spac-boom">SPAC boom</keyword> continues in 2021. <br /><br />Palihapitiya<a href="https://twitter.com/chamath/status/1364586229585506304?s=20"> tweeted</a> Wednesday morning a one-page document on his investment thesis for ReNew Power, an Indian renewable power producer that is set to merge with special purpose acquisition company RMG Acquisition Corp.II. </p><p>Chamath Palihapitiya is taking part in a $855 million <keyword id="6396022" type="UNKNOWN" weightage="60" keywordseo="pipe">PIPE</keyword>, or private investment in public equity, to support the transaction. Other investors involved in the PIPE include BlackRock and BNP Paribas Energy Transition Fund, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners, according to a press release. </p><p>The deal will close during the second quarter and give Goldman-backed ReNew Power an enterprise value of $8 billion. The combined entity is expected to be listed on the NASDAQ under the new ticker symbol "RNW." <br /><br />According to Palihapitiya's investment thesis one-pager ,ReNew Power is the "largest utility-scale, pure-play clean energy company in India." The investor expects $300 billion to be invested in renewable clean energy over the next ten years in India. <br /><br />Shares of RMG Acquisition Corp II climbed as much as 10% Wednesday morning before paring back gains. Volume of trading in the stock swelled to 11.6 million, compared to the average 355,273 shares traded.</p><p>The PIPE is one of the latest climate investments Palihapitiya has been a part of. In January, he revealed he was supporting a <a href="https://www.businessinsider.in/stock-market/news/chamath-palihapitiya-leads-250-million-investment-in-residential-solar-company-sunlight-financial/articleshow/80453628.cms">PIPE in Sunlight Financial</a>, a residential solar loan company. That came just a week after he announced a <a href="https://www.businessinsider.com/palihapitiyas-biggest-investment-climate-change-arclight-clean-transition-merge-proterra-2021-1?utm_source=markets&amp;utm_medium=ingestgestgest">PIPE in commercial EV company Proterra</a>.</p><p>He has also participated in PIPE investments for 3D-printing company<a href="https://markets.businessinsider.com/news/stocks/desktop-metal-stock-price-chamath-palihapitiya-3d-printing-trine-spac-2020-12-1029882831"> DeskTop Metal</a>, car insurance business Metromile, and rare earth mining company MP materials. On Wednesday, he <a href="https://twitter.com/chamath/status/1364586313274417152?s=20">announced another PIPE</a> in robotics company Berkshire Grey after his ReNew tweet. </p>

Chamath Palihapitiya unveils investment in ReNew Power, India's largest clean energy company that's set to go public via SPAC

<p><span><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5703f0b4910584cc008baca6-2400/rtx1b5pn.jpg" alt="Warren Buffett Heinz Kraft" data-mce-source="Reuters/Rick Wilking" data-mce-caption="Berkshire Hathaway shareholders pose with likenesses of Berkshire CEO Warren Buffett (L) and vice-chairman Charlie Munger at the Heinz company display at the shareholder's shopping day in Omaha, Nebraska." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850#/SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850&amp;POPUPPN=6&amp;POPUPIID=2C0BF1OXH2EP3" /><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850#/SearchResult&amp;VBID=2C0FCI6QNTNTN&amp;SMLS=1&amp;RW=1334&amp;RH=850&amp;POPUPPN=6&amp;POPUPIID=2C0BF1OXH2EP3">Reuters/Rick Wilking</a></span></p><p class="caption">Berkshire Hathaway shareholders pose with likenesses of Berkshire CEO Warren Buffett (L) and vice-chairman Charlie Munger at the Heinz company display at the shareholder's shopping day in Omaha, Nebraska.</p></div><p></p></div></div>Kraft Heinz, the consumer giant backed by Brazilian billionaire Jorge Lehmann and Warren Buffett, <a href="http://www.businessinsider.com/kraft-confirms-unilever-merger-approach-2017-2?utm_source=markets&amp;utm_medium=ingest">has made an approach to combine forces with European peer Unilever</a>. </span></p><p><span>Unilever has rejected the approach, but Kraft said in a statement that is is looking "</span><span>forward to working to reach agreement on the terms of a transaction." Unilever said in a statement it does not see the basis for any further discussions.</span></p><p><span>Unilever has a market capitalization of around £112 billion ($139 billion), while Kraft Heinz is worth around £85 billion ($106 billion) at the most recent estimate. That puts the value of a combined company at close to $250 billion. </span></p><p><span>Unilever has expressed its opposition to a deal, saying the Kraft Heinz offer undervalues the company. Still, if a transaction were to go ahead, it would be one of the biggest in history, and</span><span> a huge payday for Wall Street.</span></p><p>Lazard, a long time adviser to 3G Capital, the private equity firm behind Kraft Heinz, is advising the bidder, while Morgan Stanley is advising Unilever. <span>Those </span><a href="http://www.businessinsider.com/bankers-working-on-ab-inbev-sabmiller-deal-2015-9">two firms faced off on the AB InBev deal for SAB Miller</a><span>. </span></p><p>The deal also pits former colleagues against each other. Will Lawes, a former lawyer at Freshfelds <span>Bruckhaus Deringer, is working for Lazard and advising Kraft Heinz, while Mark Rawlinson, his former colleague at the law firm, is working for Morgan Stanley advising Unilever. </span></p><p>Here are the bankers working on the deal:</p><h2><strong>Kraft Heinz </strong></h2><h3><strong>Lazard - Financial Adviser to Kraft Heinz</strong></h3><p><strong>Alex Hecker</strong> - Hecker is the lead consumer and retail investment banker at Lazard, and <span>has a history of working with 3G Capital, the Brazilian private equity giant behind AB InBev and Kraft Heinz. </span></p><p><a href="http://www.businessinsider.com/bankers-working-on-ab-inbev-sabmiller-deal-2015-9">He worked on</a> <span>Anheuser-Busch InBev's deal to buy SABMiller, and before that </span>the InBev-Anheuser Busch deal in 2008 in addition to the more recent Warren Buffett-3G Capital acquisition of Heinz. </p><p><strong>William Rucker - </strong>Rucker is the head of Lazard in London, and is known as one of UK's top advisers. He also worked on the AB InBev deal for SAB Miller, and has also worked on recent transactions involving UK companies Aldermore, Greene King, Quintain Estates, and Polyus Gold, according to filings. He often gets involved in cross-border deals with the firm's New York arm.</p><p><strong><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55c2758d371d2232008bd2b6-947/screen shot 2015-08-05 at 4.13.37 pm.png" alt="Blair Effron" data-mce-source="Screenshot/CNBC" data-link="http://video.cnbc.com/gallery/?video=3000403749" /><p class="source"><span><a href="http://video.cnbc.com/gallery/?video=3000403749">Screenshot/CNBC</a></span></p><p class="caption">Centerview cofounder Blair Effron</p></div><p></p></div></div>Will Lawes - </strong>Lawes only just joined Lazard, <a href="https://www.lazard.com/media/438048/will-lawes-joins-lazard.pdf">having started at the firm January 9</a> coming from law firm <span>Freshfields Bruckhaus Deringer, where he had been senior partner. </span>"His expertise will be of tremendous advantage not only to our clients, but also to our colleagues in London and globally," Rucker said at the time of his joining. </p><h2>Unilever</h2><h3><strong>Centerview Partners - Financial Adviser to Unilever</strong></h3><p><strong>Nick Reid </strong>- Reid joined superboutique Centerview in London from UBS in 2014, and recently advised <span>British American Tobacco on its deal for the stake it didn't already own in </span><span>Reynolds American. At UBS, he headed the UK investment banking business, and later coheaded the European business. </span></p><p><strong> David Krap and James Tookman - </strong>Krap and Tookman are a part of an ex-UBS contingent at Centerview in London. Krap joined the firm in 2013, while Tookman joined a year later. </p><p><strong>Robert Pruzan - </strong>Pruzan is based in New York and is a cofounder of Centerview. He has worked on over $500 billion of transactions over his career, according to the firm's website. </p><h3><strong>Morgan Stanley - Financial Adviser to Unilever</strong></h3><p><strong>Henry Stewart - </strong>Stewart is Morgan Stanley's top dealmaker in the UK. He is a specialist in the consumer sector, and advised SABMiller on its deal with AB InBev.</p><p><strong>Mark Rawlinson - </strong>Rawlinson joined Morgan Stanley as chairman of the UK investment banking last year from Freshfields <span>Bruckhaus Deringer. As a lawyer, he worked on </span><span><span>AB Inbev's acquisition of SABMiller and BG Group's £47 billion sale to Royal Dutch Shell.</span></span></p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5862a3a2f10a9a1c008b55d4-575/undefined" alt="The logo of Swiss bank UBS is seen on a branch office in Zurich, Switzerland November 8, 2016.    REUTERS/Arnd Wiegmann" data-mce-source="Thomson Reuters" data-mce-caption="The logo of Swiss bank UBS is seen in Zurich" /><p class="source"><span>Thomson Reuters</span></p></div><p></p></div></div><strong>Adrian Doyle, Anthony Zammit, and Benjamin Frost - </strong>Doyle, Zammit, and Frost make up the rest of the Morgan Stanley team. Doyle is an oil and gas banker by background, while Zammit is a junior banker in London. Frost is a consumer M&amp;A specialist in New York, and <a href="http://www.morganstanley.com/articles/suntory-benefits-from-morgan-stanley-partnership-in-beam-acquisition">worked on Suntory's $16 billion deal for</a><span><a href="http://www.morganstanley.com/articles/suntory-benefits-from-morgan-stanley-partnership-in-beam-acquisition"> US-based Beam</a>. </span></p><h3><strong>UBS - Financial Adviser &amp; Corporate Broker to Unilever</strong></h3><p><strong>John Woolland - </strong>Woolland is an old-school British corporate broker. He recently worked on the deal between <span>British American Tobacco and </span><span>Reynolds American, where BAT acquired the stake it didn't already own, alongside former colleague Nick Reid.</span></p><p><strong> David Roberts and</strong><strong> Alistair Smith - </strong>Roberts and Smith, two junior bankers, make up the rest of the UBS team.</p><h3><strong>Deutsche Bank - <strong>Financial Adviser &amp; Corporate Broker to Unilever</strong></strong></h3><p><strong>Charles Wilkinson and Ben Lawrence - </strong>Wilkinson, like Woolland, is an old-school corporate broker who now chairs that business at Deutsche Bank. Lawrence also worked on the AB Inbev-SAB Miller deal, and has previously worked on deals<span> involving Shire, BTG, DP World, and Hammerson.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/famous-grey-gardens-home-sale-nearly-20-million-hbo-film-broadway-musical-hamptons-2017-2">Grey Gardens - the famous subject of a documentary, HBO film, and Broadway musical - is on sale for nearly $20 million</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="B3MndyOTE6npdseZ9EIYnXbzmKezf4Ly" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'B3MndyOTE6npdseZ9EIYnXbzmKezf4Ly',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Meet the bankers working on a potential nearly $250 billion mega-merger

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><img src="http://static5.businessinsider.com/image/527d3ea6ecad0469230cd409-872-654/taleb-antifragile.png?maxX=480" border="0" alt="taleb antifragile" width="480" /><p class="source">Amazon</p></div><p></p></div>Recently a reader asked me if I could name some of the <keyword id="5050" type="UNKNOWN" weightage="60" keywordseo="books">books</keyword> that have 'literally changed the way I see the world.'</p>
<p>While there are more, here is a short list to start.</p>
<p><strong>1. "<a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=080701429X&amp;asin-it=080701429X&amp;asin-fr=080701429X&amp;asin-de=080701429X&amp;asin-uk=080701429X&amp;asin-ca=080701429X&amp;asin-com=080701429X" target="_blank">Man's Search For Meaning</a>"</strong><br />A gift from a friend. As hard as you think your life is, it pails in comparison to Auschwitz Viktor Frankl. I took two big things away from this book: (1) the ultimate freedom is the ability to choose your attitude in the face of any circumstance and (2) the more you target success, the more you will miss it.</p>
<p><strong>2. <a href="http://www.amazon.com/exec/obidos/ASIN/0812979273/farnamstreet-20" target="_blank">Buffett: The Making of an American Capitalist</a></strong><br />By pure luck I came across this book and it introduced me to the life of Warren Buffett and his partner Charlie Munger. These two have influenced my thinking more than any pair.</p>
<p><strong>3. "<a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0812968255&amp;asin-it=0812968255&amp;asin-fr=0812968255&amp;asin-de=0812968255&amp;asin-uk=0812968255&amp;asin-ca=0812968255&amp;asin-com=0812968255" target="_blank">editations</a> and <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0140446044&amp;asin-it=0140446044&amp;asin-fr=0140446044&amp;asin-de=0140446044&amp;asin-uk=0140446044&amp;asin-ca=0140446044&amp;asin-com=0140446044" target="_blank">Montaigne's Essays</a></strong><br />Reading these guys, along with Seneca has really helped foster my interest in philosophy. So much of what they say speaks to me that I'm often left with entire pages underlined and margins filled with thoughts.</p>
<p><strong>4. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1595910778&amp;asin-it=1595910778&amp;asin-fr=1595910778&amp;asin-de=1595910778&amp;asin-uk=1595910778&amp;asin-ca=1595910778&amp;asin-com=1595910778" target="_blank">Letters to Berkshire Hathaway Shareholders</a> and <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1578645018&amp;asin-it=1578645018&amp;asin-fr=1578645018&amp;asin-de=1578645018&amp;asin-uk=1578645018&amp;asin-ca=1578645018&amp;asin-com=1578645018" target="_blank">Poor Charlie's Almanack</a></strong><br />Because I have an MBA a lot of people inevitably ask me if they should pursue one. If it's knowledge and not credentials you're after, save your money and read these two. The letters are freely available on <a href="http://www.berkshirehathaway.com/" target="_blank">Berkshire's website</a> but I find the <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1595910778&amp;asin-it=1595910778&amp;asin-fr=1595910778&amp;asin-de=1595910778&amp;asin-uk=1595910778&amp;asin-ca=1595910778&amp;asin-com=1595910778" target="_blank">paperback</a>collection works best for me. If you're scared to start with the full letters, check out the distilled version: <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1611634091&amp;asin-it=1611634091&amp;asin-fr=1611634091&amp;asin-de=1611634091&amp;asin-uk=1611634091&amp;asin-ca=1611634091&amp;asin-com=1611634091" target="_blank">The Essays of Warren Buffett: Lessons for Corporate America</a>. As smart as Buffett is, and he's scary smart, he's not as smart as his partner Charlie Munger. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1578645018&amp;asin-it=1578645018&amp;asin-fr=1578645018&amp;asin-de=1578645018&amp;asin-uk=1578645018&amp;asin-ca=1578645018&amp;asin-com=1578645018" target="_blank">Poor Charlie's Almanack</a> could be the greatest word for word collection of wisdom I've ever come across.</p>
<p><strong>5. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0553562835&amp;asin-it=0553562835&amp;asin-fr=0553562835&amp;asin-de=0553562835&amp;asin-uk=0553562835&amp;asin-ca=0553562835&amp;asin-com=0553562835" target="_blank">Sam Walton: Made In America</a></strong><br />The big lesson I took away from Sam Walton, the founder of Walmart, is that you don't need to come up with all the ideas yourself. Instead, you can look around and copy the best of what other people are doing. That attitude aligns with the tagline of this website: <em>Mastering the best of what other people have already figured out</em>.</p>
<p><strong>6. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1400067820&amp;asin-it=1400067820&amp;asin-fr=1400067820&amp;asin-de=1400067820&amp;asin-uk=1400067820&amp;asin-ca=1400067820&amp;asin-com=1400067820" target="_blank">Antifragile: Things That Gain from Disorder</a></strong><br />This book changed how I see the world. As if that wasn't enough, it also introduced me to <a href="http://www.farnamstreetblog.com/2013/10/iatrogenics/" target="_blank">iatrogenics</a>, <a href="http://www.farnamstreetblog.com/2013/07/the-fragilista/" target="_blank">fragilistas</a>, and connected <a href="http://www.farnamstreetblog.com/2013/10/inversion/" target="_blank">inversion</a> and via negativa (something I should have connected much sooner).</p>
<p><strong>7. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0307463745&amp;asin-it=0307463745&amp;asin-fr=0307463745&amp;asin-de=0307463745&amp;asin-uk=0307463745&amp;asin-ca=0307463745&amp;asin-com=0307463745" target="_blank">Rework</a></strong><br />This book showed me that I wasn't alone or crazy. Other people think about the work place like I do too.</p>
<p><strong>8. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=1578644283&amp;asin-it=1578644283&amp;asin-fr=1578644283&amp;asin-de=1578644283&amp;asin-uk=1578644283&amp;asin-ca=1578644283&amp;asin-com=1578644283" target="_blank">Seeking Wisdom</a></strong><br />Peter Bevelin is one smart dude. Inspired by Munger, he's put together a book of the big ideas that carry a lot of weight in life. Finding this book new is difficult, just buy a used copy.</p>
<p><strong>9. <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0345803485&amp;asin-it=0345803485&amp;asin-fr=0345803485&amp;asin-de=0345803485&amp;asin-uk=0345803485&amp;asin-ca=0345803485&amp;asin-com=0345803485" target="_blank">50 Shades of Grey</a></strong><br />Just kidding.</p>
<p>I'd be remiss if I didn't mention the first book I ever read cover to cover for pleasure: <a href="http://a-fwd.com/es=farstrblo068-21&amp;it=farstrblo0a-21&amp;fr=farstrblo08-21&amp;de=farstrblo07-21&amp;uk=farstrblo-21&amp;ca=farst-20&amp;com=farnamstreet-20&amp;asin-es=0771591365&amp;asin-it=0771591365&amp;asin-fr=0771591365&amp;asin-de=0771591365&amp;asin-uk=0771591365&amp;asin-ca=0771591365&amp;asin-com=0771591365" target="_blank">The Stopwatch Gang</a>. The book, about some of the greatest Canadian bank robbers, opened my eyes to reading.</p>

9 Books That Will Change Your Life

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b69818a04f1622d008b4b61-1200/170307homehouserestaurantinteriors126%201hdrf1%202nd%20tier.jpg" border="0" alt="170307_Homehouse_Restaurant_Interiors_126 1_HDR_F1 2nd tier" style="color: #000000;" data-mce-source="Home House"><p class="source"><span>Home House</span></p><p class="caption">Home House.</p></img></div><p></p></div></div><ul><li><strong>Andrew Richardson is the MD of London private members' club Home House.</strong></li><li><strong>The club's only rule is that "nudity is discouraged," and it's a place where "people can do all things at all times."</strong></li><li><strong>It's recently been host to celebrities like Madonna, Paul McCartney, and David Hasselhoff - and a number of wild parties.</strong></li><li><strong>Richardson told Business Insider some of the craziest things that go on behind the scenes.</strong></li><li><strong>He also told us his plans to open a new club concept, Home Grown, in 2019, which will take in entrepreneurs and investors and be targeted at "growing businesses."</strong></li></ul><hr><p><br>When it comes to wild parties, Andrew Richardson has seen it all.</br></p><p>Since 2008, he's been Managing Director of <a href="https://homehouse.co.uk/about-us/" target="_blank" rel="noopener">Home House</a>, the London private members' club which, founded in 1998, he says is "a place where people can do all things at all times" - but he says this "civilised hedonism" takes place without any trouble.</p><p>The atmosphere seems to have been successful - among the 5,000 members are the likes of Paul McCartey, who "can often be seen in the gym having a workout," Madonna, and even David Hasselhoff, who Richardson said "was in the garden a couple of days ago."</p><p>It's a bit of a change from the clubs that existed 20 years ago, when Home House came about.</p><p>"It was gentlemen sitting in winged-back chairs falling asleep after lunch," Richardson told Business Insider.</p><p>However, when Richardson joined Home House, he wanted no rules, and to make things fun.</p><p>"It evolved by not telling people where they should sit or what they should do," he said.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b6980e4959f3432008b4c3b-1200/andrew%20richardson%2003.jpg" border="0" alt="Andrew Richardson 03" data-mce-source="Home House &amp; Home Grown" data-mce-caption="Andrew Richardson."><p class="source"><span>Home House &amp; Home Grown</span></p><p class="caption">Andrew Richardson.</p></img></div><p></p></div></div><p>Richardson, who claims to come from humble beginnings, said he started out as a dishwasher at a local hotel when he was young and needed to earn some cash.</p><p>Then he trained as a chef and embarked on a career working in hotels such as The Dorchester, The Park Lane Hotel, The Royal Berkshire Hotel in Ascot, and The Hilton in Paris.</p><p>At the age of 26, he was asked to move to Hong Kong to work with a private restaurant group, where he became the managing director within 10 years. In 2002, he returned to the UK to become the manager of the Billesley Manor Hotel and Spa.</p><p>At the same time, he said: "I became governor at the [culinary] college I was trained at, bought the local pub, and sponsored the local cricket team. It was all jolly lovely, but not quite what I'd anticipated."</p><p>When the hotel was sold, he sold his pub and joined a hotel management company, which looked after independently-owned properties that were in trouble.</p><p>"In my mixed portfolio, there was a property just outside of Oxford, owned by the owners of Home House," he said. "I turned around the fortunes of the property quickly, executed a clear plan and strategy, and got the attention of Home House.</p><p>"They promptly asked me to come run the club in London, which, in 2007/2008, wasn't performing too well."</p><h2>Bringing hedonism to Home House</h2><p>He set about talking to original members to understand what was missing.</p><p>"It was missing hedonism and excitement, so we brought back fun and parties," he said. "The business quickly grew and profits tripled in three years."</p><p>The Home House building can be traced back to 1773, when it was built for Elizabeth, Countess of Home.</p><p>"She was twice widowed in her 60s, rich, and wanted a place to entertain London society and royalty," Richardson said. "She built the house, had parties, and would escort gentlemen to her boudoir via the staircase."</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b6981aae199f31d138b4741-1200/01%20main%20staircase%20dome.jpg" border="0" alt="Home House main staircase dome" style="color: #000000;" data-mce-source="Home House"><p class="source"><span>Home House</span></p><p class="caption">Home House.</p></img></div><p></p></div></div><p>It was eventually re-established as the Home House members' club in 1998, bringing back the "social side of things" - there's a calendar of events for members where they can meet eachother, debate, or simply have a few drinks.</p><p>"When it first became a members' club, the original main investor was Australian, and the MD was a gregarious British guy," Richardson said. "The Australian said to the British MD: 'I don't want any stuffy British rules,' so they didn't have any rules at all, other than that nudity is discouraged."</p><p>Now, Home House is a place for over 5,000 like-minded people, who pay £2,000 a year, to "spend days and evenings in a beautiful historic period building" where there is a "fresh buzz and element of hedonism."</p><p>Full members have access to all areas of the House, including lounges, restaurants, bars, and a fully-equipped gym with a steam room and sauna.</p><p>Members can also rent upstairs rooms for £260 a night.</p><p>"With a club like this, [my job is a] mixture of being a publican or a headmaster," Richardson said. "It's like a big posh pub with rooms upstairs."</p><p>There's also a "social membership," which costs £950 a year and excludes the use of the gym. These members have access after 6 p.m. during the week, and on weekends and public holidays.</p><p>"It's attractive for people are at at an office elsewhere [during the week]," Richardson said.</p><h2>20,000 bottles of Champagne a year</h2><p>And it seems that the evenings are the most interesting time at Home House anyway.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b698138e361c01b008b4b19-1200/richardmurgatroydphotography-homehouselondon-20thbirthday-final-0106-rmp20191.jpg" border="0" alt="Home House" style="color: #000000;" data-mce-source="Richard Murgatroyd Photography"><p class="source"><span>Richard Murgatroyd Photography</span></p><p class="caption">Home House has had some pretty wild parties.</p></img></div><p></p></div></div><p>"A lot of the members get to know eachother and become friends," he said. One night, a group took the after-party to the suites.</p><p>"The next day was an interesting morning, because one by one they all came to see me and wanted all of the others banned," he said. "I felt a little bit like a headmaster - everyone had a different story to tell on what happened."</p><p>Home House members consume 20,000 bottles of Champagne a year on the premises, according to Richardson, who said "that shows how much fun they have."</p><p>He added that one member even asked for their bath to be filled with Champagne.</p><p>And the requests get more bizarre.</p><p>"We had one member that wanted to propose, but he wanted it to snow," Richardson said. "We had to get a snow machine up on the roof to that he could propose to her. Thankfully, she said yes and it was worth the effort."</p><p>Another couple, members of the club who regularly booked rooms overnight, used to store a bag with the team.</p><p>"One one occasion, it was a bag full of sex toys," Richardson said.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b6982c689c8a12d3a8b4602-1200/richardmurgatroydphotography-homehouselondon-20thbirthday-final-0005-rmp29852.jpg" border="0" alt="HomeHouseLondon 20thBirthday Final 0005 RMP29852" style="color: #000000;" data-mce-source="Richard Murgatroyd Photography"><p class="source"><span>Richard Murgatroyd Photography</span></p><p class="caption">Home House.</p></img></div><p></p></div></div><p>Ultimately, though, he says it's "good, safe fun."</p><p>"We'll have members' parties with 900 people and not a single incident," he said. "It's a question of attitude. People have a rowdy, fun time, but they're not the type of people who want to start fighting eachother.</p><p>"[They] come to enjoy themselves, sometimes a little bit too much, but as long as it's safe and it's legal, we don't mind them doing so."</p><h2>How to become a member</h2><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b698159959f3419008b4c0c-1200/home%20house%201998%20party%203.jpg" border="0" alt="Home House 1998 party 3" data-mce-source="Home House"><p class="source"><span>Home House</span></p><p class="caption">The committee is very selective about who it lets in.</p></img></div><p></p></div></div><p>While Home House is "pretty much full" at the moment and operating on a "one in, one out" basis, Richardson said: "If somebody is truly a member we're looking for, we're more likely to take them on more quickly."</p><p>The best way to get in is to be nominated by a current member, fill out the application form, then nail your interview, which takes place during a tour around the venue.</p><p>"It's a bit of a Q&amp;A between the membership executive and potential member," he said, adding that committee then makes a decision on each person.</p><p>The one thing that's a major red flag? Someone who is only using Home House for business meeting purposes.</p><p>"A red flag is 'I don't have an office to go to and I need somewhere to sit from 9-5,'" Richardson said. "We want people that will engage in the social side of the club and what it offers - one of the strengths of the community is the eclectic mix."</p><p>He added that it's "like a special recipe trying to get the mix right."</p><p>"A sea of grey suits is quite boring - we try to encourage as many colourful people as possible, who add magic and entertainment," he said. "We have gentlemen who like to dress as ladies and ask me how they look today - that's their entertainment."</p><p>They also add a "sprinkling of celebrity" too, of course.</p><h2>Growing the brand</h2><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b69827604f1622c008b4b6d-1200/gcplounge%20s.jpg" border="0" alt="Home Grown CGI Lounge" style="color: #000000;" data-mce-source="Home Grown"><p class="source"><span>Home Grown</span></p><p class="caption">This is what Home Grown's lounge area will look like.</p></img></div><p></p></div></div><p>While the Home House team turn away applicants looking for a place to work, it'll be a different story with Richardson's next project.</p><p>Early next year, he's launching a new private members' club dedicated to growing businesses, which will have a "selective community" of "high-growth entrepreneurs, investors, industry leaders, and business innovators."</p><p><a href="https://www.homegrownclub.co.uk/" target="_blank" rel="noopener">Home Grown</a>, which will also be based across four Grade II-listed townhouses in London's Marylebone, is for those who "not only work to live, but live to work," he said.</p><p>The club, which will boast a restaurants, bars, lounges, meeting rooms, event spaces, a café, and 35 boutique £180-a-night bedrooms, will have all of the tools to "help entrepreneurs on their journeys," including guest speakers, recruitment assistants, and events from wine clubs to emotional intelligence talks.</p><p>"More and more people come to a city and want to integrate into a community," Richardson said. "Usually, selecting an appropriate members' club is the best way to join a community, [but when you're] going to go somewhere and start talking to strangers, you want to know there's a chance you're going to meet them again."</p><p>He added that more and more people are now using clubs as an office in the daytime, particularly entrepreneurs and startups who don't want the cost of an office.</p><p>"While this can be a frustration for Home House, I saw an opportunity to create a new members' club," he said.</p><p>The club will also cost £2,000 per year, or founding members happy to <a href="https://www.homegrownclub.co.uk/" target="_blank" rel="noopener">register interest ahead of the opening</a> can join for £1,500 and "other privileges."</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b698258959f3419008b4c0d-1200/gcpbar.jpg" border="0" alt="Home Grown CGI" style="color: #000000;" data-mce-source="Home Grown"><p class="source"><span>Home Grown</span></p><p class="caption">A CGI of the bar area at Home Grown, set to open early 2019.</p></img></div><p></p></div></div><p>Richardson says they'll use the same "filtration system" to ultimately pick 3,000 members based on what they will add to the community.</p><p>"The strength of the community will add value," he said. "You know you'll be meeting exciting, like-minded people, and mixing with good investors as well."</p><p>He hopes to see people will skills in sales, marketing, finance, accounting, and recruitment "give a lot of their time and knowledge to the members" so they can further their own businesses.</p><p>While there are plenty of co-working spaces giving people places to work, Richardson said: "I believe we're the only ones doing this.</p><p>"We want the people who are building the companies of tomorrow."</p><div>    <iframe src="//instagram.com/p/BkKCd2RAleR/embed/" width="540" height="auto" frameborder="0" scrolling="no" allowtransparency="true">    </iframe></div><div>    <iframe src="//instagram.com/p/BlS4p6AgaCO/embed/" width="540" height="auto" frameborder="0" scrolling="no" allowtransparency="true">    </iframe></div><div>    <iframe src="//instagram.com/p/BlCzfXmAE_7/embed/" width="540" height="auto" frameborder="0" scrolling="no" allowtransparency="true">    </iframe></div><div>    <iframe src="//instagram.com/p/BiFP-EEjfeI/embed/" width="540" height="auto" frameborder="0" scrolling="no" allowtransparency="true">    </iframe></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/woke-up-430-am-like-navy-seal-exercise-discipline-2018-7">I woke up at 4:30 a.m. for a week like a Navy SEAL</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/kHGm95OI-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div></hr>

The director of one of London's wildest members' clubs reveals what goes on behind closed doors - and the red flag that stops him from accepting someone new

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The director of one of London's wildest members' clubs reveals what goes on behind closed doors - and the red flag that stops him from accepting someone new

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