<ul class="summary-list"><li><keyword id="6446042" type="UNKNOWN" weightage="60" keywordseo="sandwiches">Sandwiches</keyword> can be loosely defined as two pieces of bread with fillings in between, which can range from meats to vegetables and spreads.</li><li><keyword id="6181" type="COMPANY" weightage="60" keywordseo="Food">Food</keyword> historians attribute the creation of the sandwich to John Montagu, the fourth earl of Sandwich, when he asked a cook to create a non-messy meal</li><li>But variations of the concept had been around long before that.</li><li>The UK's chip butty is basically bread and chips, and Brazil's bauru is a roll with melted cheese and roast beef.</li></ul><ul class="summary-list"><li><a href="https://www.insider.com/?hprecirc-bullet">Visit Insider's homepage for more stories</a>.</li></ul><em>Following is a transcript of the <keyword id="21654" type="COMPANY" weightage="60" keywordseo="video">video</keyword>.</em><br /><br /><strong>Alana Yzola:</strong> Thanks. Sandwiches.<br /><br />Food historians believe this portable meal was popularized in England in 1762 by John Montagu, the fourth earl of Sandwich.<br /><br />Apparently, he ordered a cook to prepare an easy-to-eat meal so he could gamble freely. It's unlikely he or his cook were the first people to put food between bread. This concept existed way before that, and even today, variations can be seen across the globe. So, let's take a look at some of the sandwiches you should try when traveling <keyword id="46661" type="ENTERTAINMENT" weightage="60" keywordseo="Around-the-world">around the world</keyword>.<br /><br />The Vietnamese bánh mì is a French baguette filled with either roast chicken or pork and fused with savory ingredients, like slices of cucumber, chili pepper, cilantro, sour pickled daikon, and carrot, mayo, and Maggi sauce. For many years the bánh mì has been a staple street food in Vietnam. French culture, including the French baguette, has heavily influenced Vietnamese culture because of the French occupation and colonization of Vietnam between the 17th and 20th centuries. The Vietnamese version of the French baguette is slightly fluffier. Similar to Vietnam's bánh mì, this Laotian sandwich also uses the French baguette.<br /><br />Khao jee can be found on almost every street corner in Laos. It's filled with pork belly, ham, tomato, lettuce, carrots, cheese, and chili sauce.<br /><br />The dönor kebab is an essential sandwich in Turkey. Pieces of seasoned meat are skewered onto a rotating spit and grilled vertically. Traditionally, lamb is the meat of choice, but nowadays other meats such as beef are used. The meat is shaved from the spit and placed between bread, topped with grilled vegetables, sauces, cheese, and a dash of lemon juice. You can find many variations of the dönor kebab all throughout Europe, especially in Germany. Berlin is filled with food stalls that sell the Turkish sandwiches. In the 1960s, Turkish citizens migrated to Germany as laborers. Turkish immigrant Kadir Nurman has been credited with creating the sandwich during the 1970s in Berlin, though it's likely that there was a similar concept that existed in Turkey as well.<br /><br />While its origins are a bit unclear, it's safe to say our love for the dönor kebab is very clear, due to the fact they're available worldwide. And since we're talking about love, this next sandwich is a personal favorite of mine because I grew up eating it.<br /><br />If you enjoy roast pork, you have to try it in Cuban bread, which is like a crispy baguette. It's layered with ham, cheese, pickles, mustard, and a little bit of garlic if you're up for it. The Cuban sandwich, or Cubano, is not actually even from Cuba. Yep, it was created in Tampa, Florida, by Cuban immigrants. But the influence of Cuba's love for roast pork shines through in this creation. However, if you're looking for a sandwich that actually originated in Cuba, try a medianoche. It's almost identical to a Cubano, except the bread is a sweet egg-based bread. Japan's popular katsu sando is a must-try.<br /><br />This sandwich is typically made with fried, breaded pork cutlets, a few shreds of cabbage, and tonkatsu sauce tucked between two slices of Japanese milk bread. Nowadays, any type of protein can be used, such as Wagyu beef, egg salad, or fish. Mr. Katsu in Southern California serves a 17-layer version of the pork katsu sando.<br /><br />This popular omelet sandwich has made its mark in Malaysia, Singapore, and Indonesia. You can find roti johns sold at street stalls throughout these three countries. A mixture of eggs, minced meat, onions, and cheese is spread onto a griddle. An open-faced baguette is placed on top and toasted over the omelet until the outside of the sandwich becomes crispy. Garnishes like sambal sauce, tomato sauce, and mayo can be added on top for extra flavor.<br /><br />300 million sandwiches are eaten by Americans each day. And according to a YouGov survey, America's favorite sandwich? The grilled cheese. Now, I can honestly say I've traveled around the world in search of great cheese, so I can appreciate a solid grilled cheese sandwich. We're here at Murray's Cheese, which was voted the best place to get a grilled cheese sandwich in New York City by my friend and coproducer Herrine Ro.<br /><br />Grilled cheese became an American classic after the 1920s. Presliced white bread and processed cheese became available, and soon American families were cooking it up in their homes. But this comfort food went beyond the household. It was found in government-issued cookbooks during World War II, and diners also began advertising it on menus.<br /><br />So, Murray's Cheese has basically perfected the grilled cheese sandwich by taking a special blend of cheese and butter and then sandwiching it between crispy bread. Oh, my gosh.<br /><br />Calling all cheese lovers! This Brazilian sandwich is called bauru. Slices of roast beef and melted cheese are tucked between a French roll along with tomatoes and pickles.<br /><br />China's steamed gua bao is a traditional favorite. It originated in Fuzhou and became popular in Taiwan when Fuzhounese immigrants brought it over. A flat steamed bao is folded over braised pork with sweet peanuts and coriander leaves.<br /><br />As you can see, this is much more than a sandwich. Portugal's Francesinha is typically eaten with a knife and fork. In the late 1950s, a French resident in Portugal named Daniel Silva created the sandwich. Francisinha translates to "little French lady." It's usually made with a stack of ham, steak, sausage, egg, and cheese and topped with a tangy sauce.<br /><br />In Guyana, this sandwich is a party and road-trip favorite. The quick recipe is ideal for any occasion, really. Cheese paste is more than just cheese between bread. Instead, sharp cheddar cheese is grated and mixed with butter, mayo, pepper, mustard, garlic, and pepper sauce. The creamy finish is spread between two slices of white bread.<br /><br />And since we're talking about spreads, India has a similar take. The chutney sandwich is a striking green or red spread laid between two slices of bread. For green chutney mix, use fresh cilantro and green chilies. Red chilies are used for the red spread.<br /><br />Uruguay is said to have some of the world's best beef. Chivito is a steak sandwich enjoyed all throughout the South American country. It's also Uruguay's national dish. According to legend, an Argentine tourist walked into a restaurant asking for a sandwich to be made with chivo, or baby goat. The chef didn't have any goat meat and instead grilled a thin piece of steak. Variations today include toppings like cheese, eggs, bacon, pepper, mayo, lettuce, and tomatoes. It's also popular in Argentina, where it's known as lomito.<br /><br />Uruguay enjoys steak sandwiches, and so does Chile. This sandwich is called the chacarero. A roll holds thin churrasco steak with tomatoes, green beans, peppers, and mayo.<br /><br />Senegal's ndambe is a spicy bean sandwich. Black-eyed peas, which are really beans, are seasoned along with beef and spread between a baguette. Lentils are sometimes used instead. This type of sandwich is typically eaten for breakfast and is sold by street vendors all throughout Senegal.<br /><br />Sabich, from Israel, is a pita bread stuffed with fried eggplant, boiled eggs, salad, amba, and many other sauces. The sabich is actually an Iraqi-Israeli hybrid. When Iraqi Jewish refugees settled in Israel in the 1940s and '50s, they brought traditions like eating hard-boiled eggs, potatoes, and eggplant on Sabbath. Today, the sabich is a popular street food sold by vendors in Israel and is still eaten on the Sabbath.<br /><br />So, the UK is known for their love of chips, so why not make it a sandwich? A chip butty is simply thick-cut, deep-fried chips sandwiched between two buttered slices of white bread. Sauces like mayo and ketchup are added for flavor. You can find the chip butty in English fish-and-chip shops.<br /><br />South Africans enjoy hot chips stuffed in foot-longs. But this foot-long is for sharing. The Gatsby sandwich is typically sliced into four portions and served as a long loaf stuffed with slap chips, polony, and achar. Today, many variations of the Gatsby sandwich are available throughout Cape Town.<br /><br />This Finnish sandwich is called porilainen. A thick slice of pork sausage is placed between two slices of white bread. The hamburger-like sandwich includes onions, pickles, garlic, and your choice of condiment.<br /><br />Eaten in both Venezuela and Colombia, the arepa is a cornmeal pocket that is grilled, fried, or baked and filled with endless ingredients. Traditionally, arepas are cooked on flat griddles. They can be served with shredded meat, like chicken or beef, or with soft white cheese. It's a popular street food in both countries and can be eaten during any time of day.<br /><br />This Danish sandwich comes in many, many combinations. Smorrebrod is basically an open-faced sandwich. Its main ingredients include spreads like butter, cold meats, seafood, and scallions. It's typically garnished with lemon and herbs. It can probably get messy, so feel free to eat it with a knife and fork.<br /><br />Trinidad and Tobago's bake and shark is pretty iconic to the sister islands. Bake, or fried flatbread, is filled with a fusion of fried shark, lettuce, tomatoes, cucumber, and coleslaw. Sauces like garlic sauce, mustard, pepper sauce, and mango chutney add flavor.<br /><br />This spicy snack is sold at stalls in Pakistan, night and day. The bun kebab resembles a burger, with the patty typically being chicken, beef, or egg omelets. The patty is fried and served with onions and chutney.<br /><br />OK, those were a lot of sandwiches, but that just goes to show how important this portable meal is to so many cultures around the world. So, which one was your favorite, and which other global foods would you like to see? Let us know in the comments below.<br /><br />Read the original article on <a href="https://www.insider.com/what-sandwiches-look-like-around-the-world-2020-3">Insider</a>

What signature sandwiches look like in 23 countries around the world

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>CNN anchor Don Lemon&#xa0;asked Republican presidential front-runner Donald Trump if he's prejudiced against several different minority groups during an extensive Wednesday interview.<p>"I hear Hispanics talking about you. I hear gay people talking about you. And they say, 'I like what he has to say, but I'm just concerned,'" Lemon said at one point.</p><p>"If I ask you this question, will you answer directly? Do you think that you are homophobic?"&#xa0;</p><p>Trump directly said "no," and started listing all of the people whom he loves and love him back.</p><p>"You know who loves me? The Tea Party. The evangelicals. You know I'm leading with evangelicals? I love them. They love me. I'm Presbyterian - I'm Protestant - and they like me," he told Lemon. "But you know who else likes me? Democrats like me. Liberals like me. It's straight across the board and people are amazed."</p><p>Lemon then asked Trump if he's biased against African-Americans.</p><p>"You think you appeal to African-Americans," he said.&#xa0;"Some people may perceive you as racist. Answer that."</p><p>Trump responded by touting <a href="http://www.businessinsider.com/r-republican-trump-to-address-minority-business-leaders-in-south-carolina-2015-9">his recent speech</a>&#xa0;at an African-American Chamber of Commerce event in South Carolina. But&#xa0;he lamented that the media, including CNN, had unfairly showed <a href="http://www.businessinsider.com/donald-trump-nyt-crowd-size">all of the empty seats</a> in the back of the room.&#xa0;</p><p>"I did it as a favor to a couple of friends of mine who happen to be African-American who asked me to go. The dais was packed with people - packed with people! They were all up front," Trump recalled. "I could hardly get into the room. It was a great event. And CNN in particular made me look bad."&#xa0;</p><p>Those questions followed a segment discussing Trump's potential bias against Muslims.&#xa0;The business mogul&#xa0;<a href="http://www.businessinsider.com/chris-cuomo-confronts-donald-trump-over-carly-fiorina-insult-2015-9">stirred another campaign-trail controversy</a> last month when he declined to correct a supporter who declared that Muslims are a "problem" for the country and that President Barack Obama was a Muslim foreigner.</p><p>"Do you think Muslims are a problem?" Lemon asked Wednesday.&#xa0;</p><p>"Well, I think a certain segment are certainly a problem, and unless you want to be so politically correct where you want me to say, 'Oh, absolutely not.' I mean, you have ISIS. You have the migration. You have all of this stuff," Trump said, while touting his many Muslim friends.</p><p>"You know, a lot of people think you're going to end up with World War III over the Middle East. I've heard that for 25 years."</p><h3><a href="http://www.mediaite.com/tv/don-lemon-asks-trump-if-hes-a-racist-or-a-homophobe/">Click here to watch the full exchange at Mediaite &gt;</a></h3><h3>Or watch the segment on Muslims below:</h3><p><div></div></p>

CNN's Don Lemon to Donald Trump: 'Some people may perceive you as racist'

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Back in the 1930s, the Great Plains region of the US went through an environmental catastrophe so severe, <a href="http://www.pbs.org/kenburns/dustbowl/educators/lesson-plans/">tens of thousands</a> of families were forced to pack up their belongings and families and abandon their homes.<p>Now, climate change may be about to create a similar&#xa0;situation, NASA scientists are warning.</p><p>During the Dust Bowl, severe drought and an aggressive exploitation of agricultural land, <a href="http://www.history.com/topics/dust-bowl">fueled by</a> the American view of expansion and autonomy from nature, loosened the top soil.&#xa0;When strong winds blew, it sent giant swirls of dust clouds, called "<a href="http://www.history.com/topics/dust-bowl">black blizzards</a>," across 150,000 square miles, from regions of Colorado and New Mexico to as far east as New York City. The dust choked livestock, plants, and blocked out the sun.</p><p>The Dust Bowl, which gathered ground over the course of 10 years, was "<span style="font-weight: 400;">largely human-induced," Ellen Stofan, NASA's chief scientist, said at the James Beard Foundation's "<a href="http://www.jamesbeard.org/blog/announcing-our-2015-jbf-food-conference-rethinking-future-food">Rethinking the Future of Food</a>" conference in New York City Oct. 19. "People generally watched it happen, and didn't totally understand why it was happening."</span></p><p>That was, until scientists stepped in and eventually remedied the situation, Stofan said.</p><p>Nearly 85 years later today, we're on the brink of another human-induced environmental crisis. The planet is getting warmer, Stofan said. "The Arctic is the 'canary in the coal mine.' We see the effects of climate change happening; we see the loss of Arctic ice every summer."</p><p>And we need to use what we learned from the Dust Bowl and start working solutions to climate change now, she continued.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>Severe storms are threatening coastal cities. Seaside towns in Alaska are suffering from extreme&#xa0;erosion, and much stronger storms are expected.</p><p>Instead of white ice reflecting solar radiation&#xa0;back into the atmosphere, the exposed water&#xa0;is absorbing heat. And when the dark ocean absorbs heat, Stofan continued, that warmth gets recycled back into the climate system <a href="http://www.wunderground.com/climate/SeaIce.asp">instead of into space</a>, which causes temperatures to rise.</p><p><span style="background-color: #ffff00;"></span>"We honestly don't know what effect that's having on our weather," Stofan said.</p><p>In addition, NASA satellites have observed that as California extracts more and more water out of its aquifers during its extended drought, "the ground is dropping as the aquifer collapses," Stofan said. "This is serious, and it is linked to climate change."</p><p><span>If the ground continues to drop and for too&#xa0;long of a time, <a href="http://www.livescience.com/51943-california-sinking-faster-than-thought.html">LiveScience reports</a>, "it can&#xa0;</span>permanently lose its ability to store groundwater."</p><p>Average surface temperatures across the globe have already risen 0.8 degrees Celsius (1.4 degrees Fahrenheit) since 1880. This animation shows that warming trend from 1880 to 2013, where higher-than-normal temperatures are in red, and lower-than-normal temperatures in blue:</p><p><div><p></p></div></p><p>Meanwhile, new climate models predict that, by the end of the 21st century, temperatures could further rise by <a href="http://earthobservatory.nasa.gov/Features/GlobalWarming/page5.php">between 2 C and 6 C</a> (between 3.6 F and 10.8 F).</p><p>This may not seem like a dramatic surge, but even small temperature fluctuations will bring <a href="http://www.techinsider.io/climate-change-degrees-melting-ice-2015-10">potentially catastrophic consequences</a>.</p><p>On the low end, a spike of just 2 C from today's temperatures could melt a substantial part of Greenland's and Antarctica's ice sheets. That warming could also <a href="http://www.cnn.com/2015/05/21/opinions/sutter-6-degrees-climate/">threaten coral reefs and mountain ecosystems</a>.</p><p>On the high end of the range, a rise of 6 C would create "a scenario which is so extreme it's almost unimaginable," Mark Lynas, environmental writer and author of the book "Six Degrees: Our Future on a Hotter Planet," <a href="http://www.cnn.com/2015/05/21/opinions/sutter-6-degrees-climate/">told CNN</a>.</p><p>If we continue on the warming path we're on right now, Stofan said, models predict that by 2099, our planet's ability to grow food and sustain human life will be severely compromised. And this could create a <a href="http://www.techinsider.io/elon-musk-on-refugee-crisis-climate-change-2015-9">mass exodus</a> of refugees migrating from parched and ravaged regions of the world, or even spark water-fueled territory wars. This situation is&#xa0;<a href="http://www.businessinsider.com/california-drought-affect-on-food-supply-2014-5?op=1">already playing out</a> in California, where farmers&#xa0;on now fallow fields are forced to abandon their plots.</p><p>"Given the fact that we're facing a whole new type of environmental crisis," Stofan said, "how can we better use science and technology to help cope better than we did maybe with the Dust Bowl in the 1930s?"</p><p>One great way is to exploit the satellite tracking technologies and resources NASA has, Stofan said, in order to at least partially thwart another deadly catastrophe.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/drones-will-revolutionize-farming-2014-9">The Drone Revolution Is Coming To America's 2 Million Farms</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A5cTJlcDrYUyokG-JUB-T4PytMJvjmtx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

NASA scientists are comparing climate change to the Dust Bowl

Here’s how the advertising and marketing industry reacted to Union Budget 2021

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source">REUTERS/Jim Young</p><p class="caption"><keyword id="136732" type="PERSON" weightage="60" keywordseo="Gary-Cohn">Gary Cohn</keyword>, President and COO of <keyword id="6361649" type="CITY" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword></p></div><p></p></div>Gary Cohn, the President &amp; COO of Goldman Sachs, was on <a href="http://www.bloomberg.com/video/goldman-coo-don-t-know-why-ficc-underperformed-DpPcxX4fT92WhmtkwVpc0w.html">Bloomberg Television this afternoon speaking with Stephanie Ruhle</a>.</p>
<p>Ruhle asked Cohn what he thought about the <a href="http://www.businessinsider.com/13-billion-fine-means-nothing-to-jpm-2013-10">massive multibillion settlements that banking competitor JP Morgan is currently being forced to pay</a>.</p>
<p>"Look, I feel bad for JPMorgan and what they're going through," said Cohn. "We've been there. We've been there ourselves. We know what it feels like.</p>
<p>Indeed, Goldman has been no stranger to lawsuits and public outrage in the wake of the financial crisis.</p>
<p>"I know that Jamie and his team are doing everything they possibly can to put this behind them," Cohn continued. "They've got a great franchise. They've got a great business. They've got a great management team. They'll get through this and they'll be a very, very strong competitor."</p>
<p>Those are some kind words coming from a competitor.</p>
<p>Here are some more highlights from the interview, <a href="http://www.bloomberg.com/video/goldman-coo-don-t-know-why-ficc-underperformed-DpPcxX4fT92WhmtkwVpc0w.html">courtesy of Bloomberg Television</a>:</p>
<p style="padding-left: 30px;"><strong>Cohn on how the Fed's decision to not taper has affected Goldman Sachs:</strong></p>
<p style="padding-left: 30px;">"For Goldman it meant sort of business as usual. There's not tapering is the world that we've been in for the last year. So what it meant is people continued to migrate to riskier assets. People continued to migrate or migrated back to the equity markets. Some people that had gotten out of the fixed-income markets because they believed that the Fed was going to taper had to rethink about their fixed-income portfolio, and we have seen some more migration into the fixed-income space. So in many respects, it's similar to what we've been doing for the last year."</p>
<p style="padding-left: 30px;"><strong>On Larry Fink saying that investors should be 100% in equities and who is now investing in fixed income as a part of the migration into the space:</strong></p>
<p style="padding-left: 30px;">"Well I agree with Larry. Larry and I have been saying for a couple years equities, equities, equities because we believe that the return on equities is going to outstrip the return of the fixed-income asset class. But for those investors that need a long term, long duration, diversified portfolio, they need to have a fixed-income position. Many of them migrated out or rotated out of fixed income when they thought the Fed was going to change monetary policy and go into a more tapering environment. Now that that's up in the air - and I think that's up in the air for a</p>
<p style="padding-left: 30px;">longer period of time…The tapering is up in the air, whether the Fed is going to taper or not or when they're going to taper."</p>
<p style="padding-left: 30px;"><strong>On whether the Fed should taper:</strong></p>
<p style="padding-left: 30px;">"If you look at where we are economically versus where we were a year ago, we're virtually in the exact same place. So if quantitative easing made sense a year ago, it probably still makes sense today. The only thing that you might point to that's different is the actual headline unemployment rate has dropped down 7.2 percent, but we could get into why it's dropped. And the participation rate is at basically 35-year lows, so we really haven't created real jobs. So if you look at the economy of the United States and you look at the world economy today and you look at 1.3 percent inflation in the United States and you look at GDP, we basically have the same ingredients that we had a year ago. So if you were a proponent or advocate of quantitative easing a year ago, you probably still are today. So that's why I tend to think that the Fed is in a tough position. They're in a position where they know they can't quantitatively ease forever. They know they're building a bigger and bigger balance sheet, but their number-one objective is to try and grow the US economy. And they're stuck in a dilemma of what to do here. They know the economy's not growing."</p>
<p style="padding-left: 30px;">"So look, I do believe eventually they will taper. Eventually can be a very long time. I don't believe it's soon. And I - and I do believe that when Janet Yellen gets in there she understands that the dilemma that she's in and she's faced with a very tough position."</p>
<p style="padding-left: 30px;">"On your second question, you asked me a question about does it matter. And you said Wall Street's doing well. I think it's hard to differentiate between Wall Street and Main Street. Wall Street and Main Street at the same street. They are the same street…Our ultimate client, or the client of our client, is Main Street. You referred to our aims conference in here. We've got 500 CIOs. Many of them run public pensions. Many of them run private pensions. They run union pensions. They run pensions for teachers and firemen and policemen and that's their ultimate client. They're managing stock, they're managing bonds for Main Street to make sure that their pension and their retirement money is intact."</p>
<p style="padding-left: 30px;"><strong>On Main Street being the largest shareholders of financial institutions and whether they realize that when banks are punished--like JPM's fine of $13 billion--it will impact them:</strong></p>
<p style="padding-left: 30px;">"I don't know. I don't know. But ultimately - and look, I'm sympathetic to Main Street. I'm very sympathetic to Main Street. One of our big initiatives, as you know, has been 10,000 small businesses. We're trying to help entrepreneurs grow their companies and hire people and grow the economy. So we're very sympathetic to what's going on on Main Street. I don't know if Main Street understands that ultimately their retirement savings and their savings that's being outsourced to be professionally managed is in the financial markets."</p>
<p style="padding-left: 30px;"><strong>On whether he's concerned that interest rates are going to rise:</strong></p>
<p style="padding-left: 30px;">"We're not concerned. Our business thrives in growing economies. If interest rates are rising because we've got a growing economy and world GDP increasing, you have to get very excited about our business because the - the thing that's missing the most from our business right now is a lack of economic growth in the world."</p>
<p style="padding-left: 30px;"><strong>On emerging markets:</strong></p>
<p style="padding-left: 30px;">"Again, they're called emerging markets. Why are they called emerging markets? Emerging/growing, more volatile, stops and starts. They are called emerging markets because they're more volatile than G-7 markets, than developed markets that are more predicable. We're seeing a natural cycle in the emerging markets. Overall, we still are very bullish on the emerging markets. The emerging markets overall are still outgrowing the G-7 markets. We talk about China and slowing down. A slowdown in China is 7 or 8 percent. We would thrive for that slowdown in the United States of 7 or 8 percent. So it's still an interesting place where we need to be for the long term. We are investing for a long-term cycle. Our clients need to be there for a long-term cycle, and we are excited about the opportunities in emerging markets. If the industry's made a mistake or we at Goldman have made a mistake in emerging markets, it is we've tended to contract our business at the bottom of the cycle when in essence you should be expanding your business because the bottom of the cycle only leads to the top of the cycle and you need to invest at the bottom of the cycle to be ready for the top of the cycle."</p>
<p style="padding-left: 30px;"><strong>On Goldman's fixed income business and its tough last quarter:</strong></p>
<p style="padding-left: 30px;">"We're very confident in our fixed-income business. We did have a tough quarter. We acknowledged that we had a tough quarter….We don't know precisely why we had a tough</p>
<p style="padding-left: 30px;">quarter, but the results are in. And I can tell you we had a tough quarter in fixed income. We're very committed. We're going to redouble or triple our efforts in fixed income. We believe ourselves to be a very powerful, a very dominant top-tier fixed-income shop. And we're doing what we need to continue to grow that business."</p>
<p style="padding-left: 30px;"><strong>On what doubling or tripling efforts means:</strong></p>
<p style="padding-left: 30px;">"To the extent we can hire good people, we're always hiring people. So yes, we're hiring people…We're looking for seasoned traders. We're replenishing our trading supply. We're looked for seasoned salespeople, salespeople that have real client relationships and can come in and help us manage our client relationships. Those people are vital to our franchise and you can never have too many great people in any of our businesses."</p>
<p style="padding-left: 30px;"><strong>On how much of a growth opportunity is if the back can't take real risk and what the difference is between a Goldman trading effort and a Jeffries trading effort:</strong></p>
<p style="padding-left: 30px;">"I think we can take the risk that's necessary to facilitate our clients. We haven't stopped taking risk clients. We've got balance sheet capital to commit to our business, to facilitate our client business. And we believe by having a bigger footprint, having more salespeople, more distribution and better traders, we'll be able to facilitate…It is more overhead, but it's more revenue. We believe with hiring the additional people we will increase the revenue pool and we'll increase the profitability."</p>
<p style="padding-left: 30px;"><strong>On what bonuses will look like at Goldman this year:</strong></p>
<p style="padding-left: 30px;">"Well our comp ratio is not down. Our comp ratio, if you look at what we've ended up paying end of last year, we're in line to a little bit higher year-over-year. And bonuses at Wall Street are going to depend on where the fourth quarter comes out. To the extent that firms have decent fourth quarters, I think bonuses will be somewhat in line with last year. And I know at Goldman Sachs if we don't have a fourth quarter bonuses will be down. Because the one thing we have done and we've committed to our shareholders is that our bonus payments will be directly correlated to our revenue."</p>
<p style="padding-left: 30px;"><strong>On what kind of fourth quarter Goldman will have:</strong></p>
<p style="padding-left: 30px;">"I'm cautiously optimistic."</p>
<p style="padding-left: 30px;"><strong>On whether he likes his job and wants to stay in it:</strong></p>
<p style="padding-left: 30px;">"Of course."</p>
<p style="padding-left: 30px;"><strong>On what Mike Evans' departure means for him and how long will it take for him to get the CEO job:</strong></p>
<p style="padding-left: 30px;">"Mike Evans has been a great partner of mine for 20 years. Mike and I have run businesses together. We've co-headed businesses. We've worked together. And for me personally it's a loss to see Mike Evans leave the firm. That said, we still have one of the deepest management teams around. Lloyd and I have been here, as you said, for eight years. We're one of the very few firms that's had stability at the top of a firm through the financial crisis, and we continue to have a really deep bench."</p>
<p style="padding-left: 30px;"><strong>On whether someone will get promoted and take Mike's seat:</strong></p>
<p style="padding-left: 30px;">"I don't know if we'll see someone get promoted, but Mike's growth market seat, as we talked about before, is very important to us. Someone coordinating what we're doing in the various growth markets around the world is important, and we will ultimately fill that seat with somebody."</p>
<p style="padding-left: 30px;"><strong>On whether he's exhausted by the regulatory environment:</strong></p>
<p style="padding-left: 30px;">"No. Look, the regulatory environment is just part of what we need to deal with and it's part of our business. In a business like ours where we're in so many countries and we've got so many moving parts, you're always dealing with the regulatory community. You're always dealing with legislative community. You're dealing with different people. But the other side of our business is we've got a huge client base and I'm able to interact with our client base on a regular fashion. I see 400 CEOs a year. It's an interesting seat to be able to see 400 CEOs a year."</p>
<p style="padding-left: 30px;"><strong>On JPMorgan's $13 billion settlement:</strong></p>
<p style="padding-left: 30px;">"Look, I feel bad for JPMorgan and what they're going through. We've been there. We've been there ourselves. We know what it feels like. I know that Jamie and his team are doing everything they possibly can to put this behind them. They've got a great franchise. They've got a great business. They've got a great management team. They'll get through this and they'll be a very, very strong competitor."</p>
<p style="padding-left: 30px;"><strong>On whether he's going to exit the commodities business if there's a massive capital charge:</strong></p>
<p style="padding-left: 30px;">"I'd have to see what the capital charge is. We believe that being in the commodity business is essential for our client base. Our clients hedge interest rates, they hedge currencies, they can hedge credit spreads, and they hedge commodities. If you go through the S&amp;P 500 and see how many of those companies have direct commodity risk, it's a substantial number of companies. They need to hedge that in the same way they need to hedge the other risks in their business. And we believe we need to be here for them to allow them to hedge with a credit-worthy counterparty based in the United States."</p>
<p style="padding-left: 30px;"><strong>On whether Goldman will buy JPMorgan's portfolio:</strong></p>
<p style="padding-left: 30px;">"We're not looking at their portfolio. Some of our clients are looking at their portfolio and some of our clients can potentially ask us for help on looking at some of the long-dated derivatives. We're more than happy to help facilitate our clients, but we're not going to buy the business directly from JPMorgan."</p>

GOLDMAN SACHS PRESIDENT: 'I Feel Bad For JPMorgan And What They're Going Through'

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">The Blue Ridge Parkway is a fall foliage fave.</p></div><p></p></div></div>There's something about fall that makes people want to get outside and experience nature. </span></p><p><span style="font-weight: 400;">Instead of suffering through another round of apple picking in an orchard that's been plucked dry, check out these essential American road trips, where you can see the fall foliage in all its glory.</span> </p><h3><strong>Blue Ridge Parkway, North Carolina and Virginia</strong></h3><p><span>While beautiful year-round, this is a fall foliage fave (for its epic dogwood, sourwood, sassafras and poplar), and might even get packed during the autumn months. The 470-mile parkway goes from North Carolina's Great Smoky Mountain National Park to Shenandoah National Park and Virginia's Skyline Drive, passing through dozens of beautiful hardwood forests, Appalachian mountain towns, pristine lakes, pastoral highlands and hot spots like Asheville. It's also an All-American Road, and America's longest linear park.</span></p><h3><strong>Blues Highway (US Route 61), Tennessee and Mississippi</strong></h3><p><span>Blues, and more specifically the Delta Blues, is a part of American history, as well as culture, originating in the so-called Deep South. Starting in Memphis, it's the perfect trip for soaking up blues - from the clubs on Memphis' famous Beale Street to Clarksdale, Mississippi, where guitarist Robert Johnson allegedly made a deal with the devil - with a side of legendary barbecue. While US Route 61 spans 1,400 miles from New Orleans, Louisiana, to Wyoming, Minnesota, it can be broken up into Bluesy bites.</span></p><h3><strong>The Pacific Coast Highway (Route 1), California</strong></h3><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Matt Snodderly / Shutterstock.com</span></p></div><p></p></div></div><span style="font-weight: 400;">Quintessentially American, the famous PCH, aka Route 1, snakes across California's coastline - from LA to San Francisco - for over 600 rugged, cliff-flanked miles. Not designated an "All-American Road" for nothing, while fall colors might be sparse, Americana abounds in the form of boardwalks, beaches, quaint seaside towns and old-fashioned amusement parks. Even better, the trip can easily be broken down into smaller trips, like San Francisco to Santa Barbara, or historic Monterey to Big Sur.</span></p><h3><strong style="line-height: 1.5em; color: #000000;">Route 66, Missouri, Kansas, Oklahoma, Texas, New Mexico, Arizona, California</strong></h3><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p></div><p></p></div></div>Of course, no list of US road trips would be complete without Route 66, the "Mother Road" and icon of the American Dream. The route was discontinued, but you can still migrate West by sticking to the various Interstate Highways that have replaced it (like the I-55 from Chicago, or the I-70 from Missouri) or by sticking to those National Scenic Byway portions renamed "Historic Route 66." Stopping by quirky roadside attractions is a US road trip staple, and this route's got plenty of those, like the famous Cadillac Ranch or the Blue Whale of Catoosa</span></p><h3><strong style="line-height: 1.5em; color: #000000;">Green Mountain Highway (Route 100), Vermont</strong></h3><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Flickr/gingi0</span></p></div><p></p></div></div>Vermont is the holy grail of autumn colors in the east as it is almost 80% forest. In fact, local newspapers even track the foliage. This 220-mile route dissects almost the entire state, meandering across sloping mountains, dipping valleys, green pastures, farmlands and forests, all ablaze in shades of yellow, orange, and red. Partake in cider tastings and apple picking in rural villages and old-fashioned general stores, and nosh on local fare like Ben and Jerry's, Cabot Cheese and Lake Champlain Chocolates. In the winter, it's known as part of "Skiers Highway," which connects some of Vermont's most well-known ski resorts, like Wilmington, Killington, and Stowe.</p><h3><strong>Million Dollar Highway (US Route 550), Colorado</strong></h3><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">One of America's most scenic drives is also one of its most dangerous.</p></div><p></p></div></div>Colorado's fall is so incredible it even has its own name: Indian summer. The aspen trees are a fiery red, orange and yellow this time of year, but the main draw of this 20-mile route is that it climbs more than two miles above sea level across the Ouray Mountains, connecting Silverton and Ouray, two legendary and historic gold mining towns. The breathtaking road (both in altitude and sights) is part of the San Juan Skyway Scenic Byway, and frequently listed as both one of the most scenic routes in the states, and one of the most dangerous, as it winds across three high-mountain passes with steep cliffs, hairpin curves, and no guardrails.</span></p><h3><strong>High Peaks Scenic Highway (Route 73), New York</strong></h3><p>The Adirondacks have one of the longest fall foliage seasons in the country, and Adirondack Park, which is criss-crossed by various New York State Scenic Byways, including the High Peaks Scenic Highway, even covers six million acres, making it the largest wilderness area east of the Mississippi. In fact, it's bigger than Yellowstone, Everglades, Glacier, and Grand Canyon National Parks combined, and boasts 3,000 lakes and ponds, 2,000 miles of hiking trails, and 1,500 miles of waterways. The 30-mile High Peaks Scenic Highway is often considered the park's gateway, and meanders through the High Peaks, which includes 46 mountains that are taller than 4,000 feet, most notably Mount Marcy, which is 5,344 feet.</p><h3><strong style="line-height: 1.5em; color: #000000;">Overseas Highway (US Route 1), Florida</strong></h3><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Sathish S/Flickr</span></p><p class="caption">The Overseas Highway is said to feel like you're floating across the ocean.</p></div><p></p></div></div>Those that aren't quite ready to switch their iced coffee for pumpkin spice lattes should head to Florida, Sunshine State and land of eternal summer. The 113-mile Overseas Highway is one-of-a-kind, flanked by the Atlantic Ocean on one side and the Gulf of Mexico on the other, connecting mainland Florida with Key West, and the 100 islands of the Florida Keys with 42 bridges and causeways. As kitschily American as it can get, the route features classic gift shops and old school burger shacks peddling milkshakes to a stunning backdrop of beautiful beaches and sparkling water.</span></p><h3><strong>Lake Superior Circle Tour, </strong><strong>Minnesota, Michigan, Wisconsin and Canada</strong></h3><p><span>The greatest Great Lake, Lake Superior is the world's largest freshwater lake (by surface area), and you can circumnavigate it </span><span>via its 1,200-mile shoreline, which features a series of highways (like Highway 61, Highway 28, and the Trans-Canada Highway to name a few) that will have you crisscrossing three states (Minnesota, Michigan, and Wisconsin) as well as Canada. You'll feel oceanside thanks to near constant water views due to the lake's size, and will come across waterfalls and wildlife, lighthouses and cliffs, shipwrecks and 200-foot sand dunes.</span></p><h3><strong>Olympic Peninsula (Route 101), Washington</strong></h3><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Flickr/sbeebe</span></p></div><p></p></div></div>Starting in Seattle, you can drive 350 miles across the northern coast of this<span> 3,600 square mile peninsula of </span>still untamed wilderness. You'll be traversing rain forests and alpine forests, rugged ocean fronts and beautiful waterways and snow-capped mountains and glaciers, literally crossing through different ecosystems and jaw dropping vistas at every turn, while stopping for hikes, like Hurricane Ridge at Olympic National Park, or Lake Crescent's Marymere Falls.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/china-abandoned-eastern-island-2015-7">This abandoned Chinese island shows what the world might look like without humans</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I2M2RndjosXm8VL4fbzK63gmuLVmFiGc" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 iconic US road trips you should take right now

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Peter Nicholls/Reuters</span></p><p class="caption">Former London mayor Boris Johnson, a major backer of the 'Leave' campaign and potentially the next prime minister of the UK.</p></div><p></p></div></div>That 'Leave' won Thursday's referendum has been seen as <a href="http://www.businessinsider.com/eu-referendum-brexit-fallout-markets-and-political-analysis-brexit-legality-2016-6">an indictment of the United Kingdom's whole political system</a>.</p><p>Fully 51.9% of <a href="http://www.bloomberg.com/graphics/2016-brexit-referendum/">voters elected</a> to begin the process removing Britain from the European Union, marking the first time any member of the EU has voted to leave.</p><p>This result <a href="http://www.bloomberg.com/news/articles/2016-06-23/bookies-place-about-90-chance-on-brexit-rejection-odds-show">flew in the face of betting markets</a> - and, in turn, financial markets - which had long discounted that the Leave camp would ultimately prevail.</p><p>Leaving the EU was supposed to be a vote into the abyss.</p><p>And in many ways, the <a href="http://www.businessinsider.com/eu-referendum-brexit-fallout-markets-and-political-analysis-brexit-legality-2016-6">instant political fallout</a> and <a href="http://www.businessinsider.com/brexit-market-reaction-is-being-called-a-brangover-2016-6">financial market reaction</a> has confirmed the predictions of a vacuous future for the second-largest economy in the EU. No one knows what happens next, and if there's one thing markets hate, it is uncertainty. (In general! In general! Volatility traders actually <em>love</em> uncertainty.)</p><p>The big lie, of course, is that we ever had anything like certainty about the future to begin with, and that only an idiot could prefer the unknown over defending the status quo.</p><h2>Political suicide</h2><p>In hindsight it is now obvious that David Cameron committed political suicide by allowing this referendum to take place. The vote was simply the result of a <a href="http://www.ft.com/cms/s/0/4b0222f0-317c-11e6-bda0-04585c31b153.html">campaign promise he chose to make good on,</a> and actually honoring the pledge shows the brashness of Cameron's belief that elite consensus would rule the day.</p><p>It was a failed attempt at reinforcing the view that people are either in agreement with your argument, or are ignorant enough that they need only to be told what is good for them in order to fall in line with the "house view."</p><p>So an<a href="http://www.theguardian.com/politics/2016/jun/24/meriden-brexit-leave-regret-doubts-linger-eu-referendum"> appealing explanation</a> now is to argue Leave voters were simply too ignorant to understand what they were voting for.</p><p>It came quickly. Demonizing the Leave camp were <a href="http://www.npr.org/sections/alltechconsidered/2016/06/24/480949383/britains-google-searches-for-what-is-the-eu-spike-after-brexit-vote">stories that emerged on Friday</a> showing Google search results for "What is the EU?" spiked in the hours surrounding the results of the vote being revealed.</p><p><span>But on further investigation, the <a href="https://medium.com/@dannypage/stop-using-google-trends-a5014dd32588#.dap0g4t76">gross number of searches</a> for this question were in fact quite few, <a href="https://medium.com/@remysmith/very-interesting-article-ill-admit-to-having-succumbed-to-that-against-which-you-re-railing-f82fb88d6a23#.9tkxc798g">perhaps less than 1,000</a> in total. In contrast, 33.5 million people voted in the referendum and over 17 million people voted to leave. </span></p><p>Leave voters, it seems, were not as stupid as we would like them to be.</p><p>Voting for a future of obvious unknowns is what you do when the other option is presented with more bad faith than the decision to choose chaos.</p><p>As my colleague <a href="http://www.businessinsider.com/eu-referendum-brexit-fallout-markets-and-political-analysis-brexit-legality-2016-6">Lianna Brinded noted in a great column out Monday</a>, UK voters were made well aware of what they were voting on in warnings from authorities ranging from the IMF, to the UK Treasury, to the OECD, and numerous major banks.</p><p>This was not an ignorant vote. </p><p>Of course, underpinning both the UK's Brexit vote and the rise of Donald Trump is <a href="https://www.theguardian.com/commentisfree/2016/jun/27/brexit-racism-eu-referendum-racist-incidents-politicians-media">an obvious xenophobia and racism</a> that threatens to more fundamentally fracture both nations more than any negative economic consequences.</p><p>The <keyword id="6358883" type="PERSON" weightage="60" keywordseo="Politics">politics</keyword> of change have also emboldened the politics of racism: there are no clean hands. </p><h2>In which all arguments come back to Donald Trump</h2><p>The US election, not coincidentally, has been framed as a battle between something like good and evil, smart and dumb, right and wrong.</p><p>Former Wall Street trader turned photojournalist Chris Arnade wrote in May that we ought to stop treating Donald Trump's supporters as "<a href="https://medium.com/@Chris_arnade/trump-politics-and-option-pricing-or-why-trump-voters-are-not-idiots-1e364a4ed940#.des13ry3k">complete idiots</a>." Arnade uses a simple options model to explain how those voting for Trump - much like those who voted to Leave - could be motivated by their current circumstances.</p><p>If you're currently screwed in the US or UK - a union worker who has either lost their job or seen wages go nowhere in the wake of mass de-unionization, or a state employee facing certain pension reductions - Leave and Trump alike are call options on the future.</p><p>Your downside risk is that nothing changes. But the upside, if a new direction for government actually <em>does</em> change something, provides a <em>chance</em> for something better.</p><p>It is this chance that - to many - is worth voting for.</p><p>Here's Arnade's graph: the further left on the "Elitism" scale you are, the lower your perceived "Value" is in society. Voting for Trump, like voting for Leave, provides the <em>chance</em> of moving your distribution further to the right of this scale.</p><p>And if it doesn't work, oh well: you were going to be stuck on the low end anyway.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Medium</span></p></div><p></p></div></div></p><p>But this "call option" on the future is, in many cases, really just a hope the US or UK will return to some imagined (read: whiter) past where high-paying jobs and GDP growth were abundant. </p><p>In a post on Friday, <a href="http://www.resolutionfoundation.org/media/blog/the-referendum-living-standards-and-inequality/">Torsten Bell at Resolution Foundation</a>, a UK-based think tank, wrote that while many people attributed the support for 'Leave' to a recent drop in incomes, it was more accurately the manifestation of <em>long-standing</em> trends.</p><p>Simply put, poorer voters voted for 'Leave.' This is not to say one can argue that voting Leave is a decision made on sound economic grounds (i.e. an argument that the UK is better off, economically, separated from Europe than more integrated with it). <a href="http://www.coppolacomment.com/2016/06/the-snake-oil-sellers.html">It was not</a>! </p><p>But it seems poorer voters chose <em>something different</em> over <em>more of the same</em>. </p><p>Bell writes (emphasis mine):</p><p style="padding-left: 60px;"><span>"So it's not the unequal impact of the recent recession driving voting patterns - or indeed as some argue the impact of migration driving down wages in some areas.<strong> Instead, in so far as economics drove voters' behaviour [on Thursday night], it is areas that are, and have been for some time, poorer.</strong> Or to put it another way, it's the shape of our long lasting and deeply entrenched national geographical inequality that drove differences in voting patterns."</span></p><p>This is the key chart from Bell, which shows that areas with lower incomes were more likely to vote leave while a chart of income changes from 2002-2015 revealed no correlation between an increase in votes for or against a Brexit.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Resolution Foundation</span></p></div><p></p></div></div></p><p>In the US, this picture is a bit fuzzier.</p><p>As <a href="http://fivethirtyeight.com/features/the-mythology-of-trumps-working-class-support/">Nate Silver has noted</a>, the median Trump voter is wealthier than both the median US household and the median Clinton voter. That Trump's support is middle-class, then, is a myth <a href="https://www.bloomberg.com/view/articles/2016-03-28/americans-struggle-to-see-themselves-as-middle-class">as much as the middle-class itself</a> is becoming a myth.</p><p>In this light, an Arnade-style argument that Trump voters are motivated by better economic prospects looks more tenuous. But voter motivations, as we've all found out in this current cycle, are fluid.</p><h2>The future</h2><p>Most of the discourse around why voting to Leave the EU is crazy seems to center on the idea that things will indeed change but that all of those changes will be bad. And it may be so.</p><p>But in Arnade's construction this doesn't matter to the average Leave or Trump voter. They are already screwed.</p><p>And, so much like Leave voters here in the UK, Trump voters have been fingered as merely ignorant and racist. As voters who don't want a better future for the US but just want to see the world burn.</p><p>For many of these voters, however, the world is already burning. Voting is the only power they have left.</p><p>"Make America Great Again" plays on all the worst parts of Trump's base. "Make American Anything Else" is less catchy, and it's quite obvious why this doesn't appear on hats.</p><p>But this latter construction, in my view, more accurately captures what's driving Trump in the US, and what just drove the UK out of the EU.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/michael-moore-trump-can-win-president-2016-6">MICHAEL MOORE: 'I think there's an excellent chance' Trump will be president</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZsZ3UxNDE6rPoTkJ2DuWIrKuTqWpJKmN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

'Leave' voters are not as stupid as David Cameron wanted them to be

NO ENTRY: How Japan's shockingly low refugee intake is shaped by the paradox of isolation, a demographic time bomb, and the fear of North Korea

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">The Blue Ridge Parkway is a fall foliage fave.</p></div><p></p></div></div>There's something about fall that makes people want to get outside and experience nature. </span></p><p><span style="font-weight: 400;">Instead of suffering through another round of apple picking in an orchard that's been plucked dry, check out these essential American road trips, where you can see the fall foliage in all its glory.</span> </p><h3><strong>Blue Ridge Parkway, North Carolina and Virginia</strong></h3><p><span>While beautiful year-round, this is a fall foliage fave (for its epic dogwood, sourwood, sassafras and poplar), and might even get packed during the autumn months. The 470-mile parkway goes from North Carolina's Great Smoky Mountain National Park to Shenandoah National Park and Virginia's Skyline Drive, passing through dozens of beautiful hardwood forests, Appalachian mountain towns, pristine lakes, pastoral highlands and hot spots like Asheville. It's also an All-American Road, and America's longest linear park.</span></p><h3><strong>Blues Highway (US Route 61), Tennessee and Mississippi</strong></h3><p><span>Blues, and more specifically the Delta Blues, is a part of American history, as well as culture, originating in the so-called Deep South. Starting in Memphis, it's the perfect trip for soaking up blues - from the clubs on Memphis' famous Beale Street to Clarksdale, Mississippi, where guitarist Robert Johnson allegedly made a deal with the devil - with a side of legendary barbecue. While US Route 61 spans 1,400 miles from New Orleans, Louisiana, to Wyoming, Minnesota, it can be broken up into Bluesy bites.</span></p><h3><strong>The Pacific Coast Highway (Route 1), California</strong></h3><p><strong style="line-height: 1.5em; color: #000000;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.shutterstock.com/pic-288922823/stock-photo-the-pacific-coast-highway-is-a-spectacular-coastal-drive-between-los-angeles-and-san-francisco.html?src=oyWfTjSamGbnsVJYdEPO4g-1-3">Shutterstock/Scottt13</a></span></p><p class="caption">The Pacific Coast Highway might not scream fall, but it sure is stunning.</p></div><p></p></div></div></strong></p><p><span style="font-weight: 400;">Quintessentially American, the famous PCH, aka Route 1, snakes across California's coastline - from LA to San Francisco - for over 600 rugged, cliff-flanked miles. Not designated an "All-American Road" for nothing, while fall colors might be sparse, Americana abounds in the form of boardwalks, beaches, quaint seaside towns and old-fashioned amusement parks. Even better, the trip can easily be broken down into smaller trips, like San Francisco to Santa Barbara, or historic Monterey to Big Sur.</span></p><h3><strong style="line-height: 1.5em; color: #000000;">Route 66, Missouri, Kansas, Oklahoma, Texas, New Mexico, Arizona, California</strong></h3><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p></div><p></p></div></div>Of course, no list of US road trips would be complete without Route 66, the "Mother Road" and icon of the American Dream. The route was discontinued, but you can still migrate West by sticking to the various Interstate Highways that have replaced it (like the I-55 from Chicago, or the I-70 from Missouri) or by sticking to those National Scenic Byway portions renamed "Historic Route 66." Stopping by quirky roadside attractions is a US road trip staple, and this route's got plenty of those, like the famous Cadillac Ranch or the Blue Whale of Catoosa</span></p><h3><strong style="line-height: 1.5em; color: #000000;">Green Mountain Highway (Route 100), Vermont</strong></h3><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Flickr/gingi0</span></p></div><p></p></div></div>Vermont is the holy grail of autumn colors in the east as it is almost 80% forest. In fact, local newspapers even track the foliage. This 220-mile route dissects almost the entire state, meandering across sloping mountains, dipping valleys, green pastures, farmlands and forests, all ablaze in shades of yellow, orange, and red. Partake in cider tastings and apple picking in rural villages and old-fashioned general stores, and nosh on local fare like Ben and Jerry's, Cabot Cheese and Lake Champlain Chocolates. In the winter, it's known as part of "Skiers Highway," which connects some of Vermont's most well-known ski resorts, like Wilmington, Killington, and Stowe.</p><h3><strong>Million Dollar Highway (US Route 550), Colorado</strong></h3><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shutterstock</span></p><p class="caption">One of America's most scenic drives is also one of its most dangerous.</p></div><p></p></div></div>Colorado's fall is so incredible it even has its own name: Indian summer. The aspen trees are a fiery red, orange and yellow this time of year, but the main draw of this 20-mile route is that it climbs more than two miles above sea level across the Ouray Mountains, connecting Silverton and Ouray, two legendary and historic gold mining towns. The breathtaking road (both in altitude and sights) is part of the San Juan Skyway Scenic Byway, and frequently listed as both one of the most scenic routes in the states, and one of the most dangerous, as it winds across three high-mountain passes with steep cliffs, hairpin curves, and no guardrails.</span></p><h3><strong>High Peaks Scenic Highway (Route 73), New York</strong></h3><p>The Adirondacks have one of the longest fall foliage seasons in the country, and Adirondack Park, which is criss-crossed by various New York State Scenic Byways, including the High Peaks Scenic Highway, even covers six million acres, making it the largest wilderness area east of the Mississippi. In fact, it's bigger than Yellowstone, Everglades, Glacier, and Grand Canyon National Parks combined, and boasts 3,000 lakes and ponds, 2,000 miles of hiking trails, and 1,500 miles of waterways. The 30-mile High Peaks Scenic Highway is often considered the park's gateway, and meanders through the High Peaks, which includes 46 mountains that are taller than 4,000 feet, most notably Mount Marcy, which is 5,344 feet.</p><h3><strong style="line-height: 1.5em; color: #000000;">Overseas Highway (US Route 1), Florida</strong></h3><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Sathish S/Flickr</span></p><p class="caption">The Overseas Highway is said to feel like you're floating across the ocean.</p></div><p></p></div></div>Those that aren't quite ready to switch their iced coffee for pumpkin spice lattes should head to Florida, Sunshine State and land of eternal summer. The 113-mile Overseas Highway is one-of-a-kind, flanked by the Atlantic Ocean on one side and the Gulf of Mexico on the other, connecting mainland Florida with Key West, and the 100 islands of the Florida Keys with 42 bridges and causeways. As kitschily American as it can get, the route features classic gift shops and old school burger shacks peddling milkshakes to a stunning backdrop of beautiful beaches and sparkling water.</span></p><h3><strong>Lake Superior Circle Tour, </strong><strong>Minnesota, Michigan, Wisconsin and Canada</strong></h3><p><span>The greatest Great Lake, Lake Superior is the world's largest freshwater lake (by surface area), and you can circumnavigate it </span><span>via its 1,200-mile shoreline, which features a series of highways (like Highway 61, Highway 28, and the Trans-Canada Highway to name a few) that will have you crisscrossing three states (Minnesota, Michigan, and Wisconsin) as well as Canada. You'll feel oceanside thanks to near constant water views due to the lake's size, and will come across waterfalls and wildlife, lighthouses and cliffs, shipwrecks and 200-foot sand dunes.</span></p><h3><strong>Olympic Peninsula (Route 101), Washington</strong></h3><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Flickr/sbeebe</span></p></div><p></p></div></div>Starting in Seattle, you can drive 350 miles across the northern coast of this<span> 3,600 square mile peninsula of </span>still untamed wilderness. You'll be traversing rain forests and alpine forests, rugged ocean fronts and beautiful waterways and snow-capped mountains and glaciers, literally crossing through different ecosystems and jaw dropping vistas at every turn, while stopping for hikes, like Hurricane Ridge at Olympic National Park, or Lake Crescent's Marymere Falls.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/china-abandoned-eastern-island-2015-7">This abandoned Chinese island shows what the world might look like without humans</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I2M2RndjosXm8VL4fbzK63gmuLVmFiGc" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

William Gibson talks about 'The Peripheral,' the power of Twitter, and his next book set in today's Silicon Valley

<p><em>Welcome to our new Payments Insider newsletter, a morning email with the top news and analysis on the digital payments industry, produced by <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=PINSIGHTSutm_content=link&amp;utm_campaign=BIIMobile" target="_blank">BI Intelligence</a>. </em></p>
<p><em><a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">Click here to sign up for Payments Insider today, and receive it every morning in your inbox</a>.</em></p>

<p> <strong>VISA EARNINGS CALL RECAP.</strong> Visa reported earnings yesterday showing strong results in the final quarter of the year. Visa is the largest payment network in the world and has a huge amount power over most aspects of the legacy payments system. </p>
<p>Here are the key points from the call: </p>
<ul>
<li><strong>Transactions and payment volume grow:</strong> Global payment volume grew to $1.1 trillion in the final quarter of 2013, an 8.3% inflation-adjusted increase over the same period in 2012. The number of global transactions grew to 19.5 million in the fourth quarter of 2013 from 17.7 million in 2012.  </li>
<li><strong>Visa not budging on EMV:</strong> Visa reaffirmed its October 2015 deadline for merchants and card issuing banks to migrate to the EMV or "chip card" standard. Fraud liability will shift to merchants and issuers who do not adopt the standard.</li>
<li><strong>Visa is paying attention to Bitcoin: </strong>"It's early days in terms of what Bitcoin is and what it will be. We're certainly paying attention to it ... There is certainly some interesting things about Bitcoin and other things like it, but there is also a great deal of complexity. People talk about things like frictionless ...When you actually dig through it, it's really not the case; it's far more complex than that. We feel very comfortable with the business that we have here," said CEO Charles W. Scharf. </li>
<li><strong>What V.me is: </strong>"People like to ask, is it a wallet? Is it this? Is it that? It's really not that complicated ... V.me is just an easy way to check out using [your] user name and password and not having to enter your account number, the expiration date, shipping address, and all that other kind of stuff," said Scharf. From Scharf's comments, it sounds like the product, which launched in 2012, is in the same category as "Login and Pay with Amazon" and "Pay with PayPal" buttons on e-commerce sites. The company reports that it has over 300 merchants signed up for the service, and 80 are currently live on the platform. (<a href="http://investor.visa.com/events-calendar/Event-Details/2014/Q1-2014-Visa-Inc-Earnings-Conference-Call/default.aspx" target="_blank">Visa</a>)</li>
</ul>
<p><strong>PAYPAL PITCHES APPLE ON PAYMENTS.</strong> While it's little more than rumor at this point, Re/code reports that three payments industry executives have confirmed that PayPal has been pitching Apple on a payments partnership. It's not clear exactly how the deal would work if Apple were to agree, but one possibility is that PayPal would effectively white-label some of its services in order for Apple to move into payments. <a href="https://intelligence.businessinsider.com/apple-has-all-the-pieces-it-needs-to-become-a-powerful-force-in-payments-2014-1" target="_blank">We've already reported what a force Apple would be</a> if it decided to get into payments and it's not clear what, if any advantage it would gain through partnering with PayPal. (<a href="http://recode.net/2014/01/30/paypal-wants-in-on-apples-mobile-payments-dreams/" target="_blank">Re/code</a>)<strong><br /></strong></p>
<p><strong>INTUIT-OWNED MINT BRINGS MONEY MANAGEMENT TO BITCOIN. </strong>Silicon Valley-based Mint, a personal finance management platform, has partnered with Bitcoin wallet Coinbase to allow users to see their Bitcoin holdings on the same platform as their other finances like their 401Ks and bank accounts. It's not a huge step forward for Bitcoin, but it does show that it's becoming more of a household name. (<a href="http://venturebeat.com/2014/01/29/mint-integrates-with-coinbase-so-you-can-track-bitcoin-with-the-rest-of-your-finances/" target="_blank">Venture Beat</a>)</p>
<p><strong>HEARTLAND PAYMENTS SYSTEMS FILES A LAWSUIT. </strong>Payments processor Heartland Payments Systems is filing a lawsuit against another processor, Mercury Payments Systems. In a transaction, card networks charge an interchange fee and payments processors add a mark-up charge to this interchange fee when they charge merchants for their processing services. Heartland alleges that Mercury payments is billing some of its mark-up fee as an interchange fee so that the cost of its services looks lower than it actually is. (<a href="http://www.snl.com/irweblinkx/file.aspx?IID=4094417&amp;FID=21840149" target="_blank">Heartland Payments Systems</a>)</p>
<p><strong>WELCOME, INSIDERS: </strong>Don't forget to <a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">sign up</a> and get Payments Insider every morning in your inbox. Please email johnh@businessinsider.com with news and tips.</p>
<p><strong>PAYMENTS TECHNOLOGY PROVIDER ADDS DIRECT-TO-DEBIT PAYMENTS FOR BUSINESS. </strong>Georgia-based Acculynk provides software for securing digital payments. The company has a peer-to-peer payments platform, Payzur, which now provides businesses with a way to make payments directly to the debit or prepaid cards of individuals or businesses. The advantage of the service is that businesses and individuals no longer need to wait days for payments to clear. (<a href="http://www.pymnts.com/news/businesswire-feed/2014/january/30/acculynk-launches-direct-to-debit-business-payout-solution-20140130005332" target="_blank">PYMNTS</a>)</p>
<p><strong>CLINKLE GETS HACKED</strong>. Payments startup Clinkle, which we reported on in a <a href="http://www.businessinsider.com/dunkin-donuts-puts-starbucks-in-its-sights-with-a-new-mobile-payment-strategy-2014-1" target="_blank">recent Payments Insider</a>, has been hacked, according to TechCrunch. The hack was apparently carried out using a private API which was used to reveal the names, phone numbers, Clinkle IDs, and images of people using the app. While the hack is somewhat concerning, Clinkle hasn't officially launched yet and responded saying that the feature was for testing purposes and would be turned-off when the app launched. (<a href="http://techcrunch.com/2014/01/30/clinkle-gets-hacked-before-it-even-launches/" target="_blank">TechCrunch</a>)</p>
<p><strong>A LOOK AT MOBILE PAYMENTS IN LATIN AMERICA. </strong>New legislation brought into effect in a number of Latin American countries will shape the future of digital payments in the region.</p>
<p><strong>Legislation in Peru requires that mobile payments be interoperable.</strong> In other words, the country is building one set of rails so that mobile payments can be made to anyone, regardless of the platform they're on or the institution they are using to make or receive payments. The banks that control the ACH rails are building the new mobile payments rails. Peru has also created a new category of company called "Electronic Money Issuing Firm," which is defined as a business that changes physical money into digital money. These companies will have access to the new mobile payment rails. The idea is to increase financial inclusion by making it easier for mobile payments companies to be successful. These companies often provide bank-like services to the unbanked.</p>
<p><strong>Brazil requires all payments to ride on the same rails. </strong>Like Peru, Brazil wants all the payments rails to work equally for all types of payments institutions and providers, but Brazil's plan is to create interoperability for all types of payment, not just mobile. In addition, non-banks can now qualify as financial institutions which will give new mobile payments companies access to the rails. Fees for payments are now under the supervision of Brazil's central bank which may help to keep them low.</p>
<p><strong>Mexico and Costa Rica want to connect mobile phone numbers with bank accounts.</strong> In Mexico, banks will be required to associate a customer's bank account with that person's phone number when requested. The customer's phone number can then be used as an account number to which funds can be delivered. Costa Rica is going to roll out a similar scheme in the second quarter of 2014 as well. These new strategies are meant to increase the use of mobile phones as financial management and payment devices. (<a href="http://paymentsviews.com/2014/01/30/the-biggest-mobile-payments-story/" target="_blank">Payments Views</a>)</p>
<p><em><strong>Here's what else BI Intelligence subscribers are reading...</strong></em></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/how-bitcoin-works-and-could-change-payments-2014-1">BITCOIN: How It Works, And Why It Could Fundamentally Change How Companies And Individuals Handle Payments</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/in-2013-paypal-far-surpassed-its-own-expectations-for-mobile-based-transactions-2014-1">In 2013, PayPal Far Surpassed Its Own Expectations For Mobile-Based Transactions</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/amazon-reports-earnings-as-payments-news-breaks-2014-1">Amazon Reports Earnings As Payments News Breaks - Starbucks Doubles Down On Mobile Payments</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/video-insider-super-bowl-ads-already-top-44-million-views-on-youtube-2014-1">Apple TV Could Rule The Cable Box - Super Bowl Ads Already Top 44 Million Views On YouTube</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/social-insider-facebook-is-a-mobile-business-zucks-milestones-mining-twitter-news-2014-1">Facebook Is A Mobile Business - Zuck's Milestones - Mining Twitter News</a></strong></p>

Visa's Earnings Call Sheds Light On EMV, Bitcoin, And V.me

<p>As 2014 gets closer, <keyword id="28120" type="CITY" weightage="60" keywordseo="Linkedin">LinkedIn</keyword> asked its group of top influencers to pick the "<a href="http://www.linkedin.com/today/post/article/20131210125828-5434591-big-idea-2014-the-texasization-of-america?trk=cha-feed-art-title-5813860289242095616">one big idea</a>" that they believe will shape 2014. </p>
<p>Before stepping back from work to celebrate the holidays, here are a few of the most fascinating <keyword id="123401" type="UNKNOWN" weightage="60" keywordseo="ideas">ideas</keyword>, from how investing could change to the leadership skills that are going to be most important in the future. </p>
<p><strong>It will be "the year of the entrepreneur."</strong></p>
<p><span style="line-height: 1.5em;">"Technology is helping every business, large and small, to move forwards, which will only increase in the coming year," <a href="http://www.linkedin.com/today/post/article/20131211143548-204068115-big-ideas-2014-the-year-of-the-entrepreneur?trk=cha-feed-art-img-5813860289242095616">Virgin Group Chairman Richard Branson writes</a>. "Now, entrepreneurs can build companies at a fraction of the cost in the past. All of the little things that used to add up to big headaches for new businesses, from accounting to website development, are now available to small businesses, giving them the same capabilities as large enterprises at a cost they can afford."</span></p>
<p><strong>The meaning of a college degree will begin to change.</strong></p>
<p><span>Jeff Selingo, <a href="http://www.linkedin.com/today/post/article/20131210000347-17000124-big-idea-2014-base-degrees-on-what-we-know-not-how-long-we-spent-in-a-classroom?trk=cha-feed-art-title-5813860289242095616">a higher education expert</a>, argues that we need to move beyond a place where a college degree simply says you made it through 120 credit hours of college courses. We need to focus on what people learn.</span></p>
<p>"Here's how it basically works: Students demonstrate mastery of a subject through a series of assessment tests or assignments, instead of following a prescribed set of courses," Selingo writes. "Faculty mentors work closely with students throughout a degree program to design a schedule and access the learning materials they need to demonstrate mastery and then another group of course evaluators grades those exams, research papers, or performance assessments."</p>
<p><strong>Your online activity will become a data mine for recruiters.</strong></p>
<p><strong><span></span></strong>"People are pretty predictable whenever they start thinking about another job," career expert <a href="http://www.linkedin.com/today/post/article/20131210000108-15454-big-idea-for-2014-big-brother-becomes-a-recruiter?trk=cha-feed-art-title-5813860289242095616">Lou Adler writes</a>, "doing many of things on the list below. Once three to four of these actions click to on, the person is more likely to respond favorably to a 'custom' message about another job that appears on your LinkedIn newsfeed, in an email or IM."</p>
<p><a href="http://www.linkedin.com/today/post/article/20131210000108-15454-big-idea-for-2014-big-brother-becomes-a-recruiter?trk=cha-feed-art-title-5813860289242095616">Here's Adlers list</a> of online activities that soon-to-be jobseekers engage in:</p>
<ol>
<li>Expand their professional network.</li>
<li>Update their LinkedIn profile.</li>
<li>Check out salary studies.</li>
<li>Buy career books <a href="http://budurl.com/EGFHp" target="_blank">like this one on Amazon</a> or go to <a href="http://www.wileyjobnetwork.com/" target="_blank">Wiley.com</a> and brush up on the latest technology.</li>
<li>Join online professional groups.</li>
<li>Attend their live professional association meetings more frequently.</li>
<li>Read career-focused articles like this one. (FYI, LinkedIn knows you're reading this post right now, how long it took to read, and will track what you do next. Caution: under no circumstances <a href="http://budurl.com/EGFHp2" target="_blank">click here!</a>)</li>
<li>Google for jobs, just to see what's available, e.g., "warehouse manager jobs in Dallas."</li>
<li>Do company research and follow more companies.</li>
<li>Research staffing firms to find recruiters.</li>
</ol>
<p>"With this information, all that's needed is to use an expert system to push jobs to you that best match your areas of expertise and interests," Adler argues.</p>
<p><strong style="line-height: 1.5em;">Investing will completely change as boomers retire and women and millennials begin investing more.</strong></p>
<p><span style="line-height: 1.5em;">"The changes driven by these demographic shifts will be far-reaching," <a href="http://www.linkedin.com/today/post/article/20131210000408-174077701-big-idea-2014-investing-will-completely-change?trk=cha-feed-art-title-5813860289242095616">former Merrill Lynch exec Sallie Krawcheck writes.</a> "An example: as a rule, today's investors compartmentalize their money. They have their investment money, which is slated to earn the highest return, and they have the money that they give away every year to charitable organizations. These pools are separate."</span></p>
<p><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">"And so this is changing, as the opportunity to express one's values - be they social, environmental, or political - will not remain compartmentalized going forward," she says. "The ability to amplify one's impact, by expressing one's values through investment dollars, is becoming mainstream." </span></p>
<p><strong style="line-height: 1.5em;">The distinction between media and tech will crumble.</strong></p>
<p>"What will define media and technology in 2014? The end of defining labels," <a href="http://www.linkedin.com/today/post/article/20131210000204-270738-big-idea-2014-the-distinction-between-media-and-tech-crumbles?trk=cha-feed-art-title-5813860289242095616">CNBC's Julia Boorstin writes.</a> "As these two industries converge, the silos will disappear, leaving an integrated mix of content and distribution companies. That co-mingling will enable more ambitious goals and bigger, riskier bets to push the boundaries of the business."</p>
<p><strong style="line-height: 1.5em;">Washington will revamp its unsuccessful technology approach.</strong></p>
<p>"For the most part, government software is done using the waterfall approach, in isolation from the people who'd use it, even as much of private industry has moved on," Craigslist founder <a href="http://www.linkedin.com/today/post/article/20131210000323-5062-big-idea-2014-how-to-fix-washington-s-approach-to-tech">Craig Newmark writes.</a></p>
<p><span>The most obvious example is the troubled launch of Healthcare.gov, but there are countless other projects that take too long because the government hasn't adopted the tech practices that successful companies are using. Newmark predicts that will change, and Washington will adopt better practices, such as listening to the people who use the system and using open-source approaches.</span></p>
<p><strong style="line-height: 1.5em;">Agility will become the key skill for leaders.</strong></p>
<p><a href="http://www.linkedin.com/today/post/article/20131210125940-203184238-big-idea-2014-the-one-crucial-leadership-skill-is-agility?trk=cha-feed-art-title-5813860289242095616">Executive recruiter Jim Citrin</a> uses a large set of criteria to identify candidates, leadership ability, operational skills, and worldwide experience. But the thing that's by far most important is something he calls "learning agility."</p>
<p>That means having the self confidence to admit you don't know everything, asking questions, being genuinely curious, and being able to quickly act on what you learn.</p>
<p>"Don't just ask first-level questions, go two or three levels deeper, probing the whys and hows," <a href="http://www.linkedin.com/today/post/article/20131210125940-203184238-big-idea-2014-the-one-crucial-leadership-skill-is-agility?trk=cha-feed-art-title-5813860289242095616">Citrin writes</a>. "Talk to people who have different perspectives than you or people on your team do. Be an active listener and project an openness to receive information and truth, even bad news." </p>
<p><strong style="line-height: 1.5em;">Americans need to accept that they might lose money from their 401(k)s.</strong></p>
<p><strong style="line-height: 1.5em;"></strong><a href="http://www.linkedin.com/today/post/article/20131210122858-205519992-big-idea-for-2014-the-adult-401-k?trk=cha-feed-art-title-5813860289242095616">Bloomberg host Tom Keene</a><span style="line-height: 1.5em;"> has a great primer on how to think about investment and retirement next year. Losses in the stock market happen; indeed, they're inevitable. And they're going to be a part of any retirement. </span></p>
<p style="padding-left: 30px;"><span style="line-height: 1.5em;">"My Big Idea for 2014 is for me, and perhaps you, to grow up and understand that declines in equity markets happen. Ten percent south is a correction; a drawdown of 18% is a bear market and, that jewel of an index fund in my 401(k) collapsed 55%+ from the nirvana of 2007 to the we're-all-gonna-die of March 2009.</span></p>
<p style="padding-left: 30px;">In short, I need to get smarter and less childish about my retirement finances. Next year is The Year of the Adult and adult begins with withstanding some measure of loss in the stock market."</p>
<p><strong style="line-height: 1.5em;">Americans will continue to move away from the coasts.</strong></p>
<p>"This migration to affordable housing is accelerating because, for the first time in a generation, home prices are increasing faster than wages or credit," <a href="http://www.linkedin.com/today/post/article/20131210125828-5434591-big-idea-2014-the-texasization-of-america?trk=cha-feed-art-title-5813860289242095616">Redfin CEO Glen Kelman writes.</a> "When home prices first began outstripping incomes in 2000, easy credit made up the shortfall. But the difference in today's real estate run-up is that lending is now regulated: home-buyers can't just borrow more. So they'll move to a place where they can pay less."</p>
<div>
<p><span>"This is why, after 2013 home prices </span><a href="http://www.redfin.com/research/reports/real-time-price-tracker/2013/home-prices-and-sales-october-2013.html#.Up1ercRDvSg" target="_blank">jumped 15%</a><span> while wages </span><span><a href="http://www.bls.gov/news.release/eci.nr0.htm" target="_blank">increased less than 2%</a></span><span>, 2014 will be the year of America's Other Places: Denver, Charlotte, Dallas, Houston, Austin, Richmond, Charleston and Salt Lake City," Kelman adds. "Newly mobile Americans, freed for the first time in five years from underwater mortgages, won't just move across the street. They'll move across the country."</span></p>
<p>Find more of the big ideas <a href="http://www.linkedin.com/channels/bigideas2014?trk=prod-inf-bigideas-1210-inpostpromo">here</a>.</p>
</div>

9 Big Ideas That Will Define 2014

<p>Earlier today in Davos, Switzerland, <keyword id="319703" type="PERSON" weightage="60" keywordseo="Marissa-Mayer">Marissa Mayer</keyword> gave her first televised interview since becoming <keyword id="6363100" type="CITY" weightage="60" keywordseo="Yahoo">Yahoo</keyword> CEO.</p>
<p><a href="http://www.bloomberg.com/video/yahoo-ceo-says-personalization-is-future-of-search-XDvwyS~OTCOMXwWq~j8m2w.html">Bloomberg Television scored the scoop.</a></p>
<p>We've embedded the 30 minute video below.</p>
<p>First, highlights from the transcript, provided by Bloomberg:</p>
<p style="padding-left: 30px;"><strong>Mayer on arriving at Yahoo and what she has focused on over the last several months:</strong></p>
<p style="padding-left: 30px;">"Overall, I was genuinely pleased and surprised. I knew there had to be great people at Yahoo the same way when you look at art, you can tell whether it was created by a nice person or not, a depressed person or not. When you feel Yahoo's products, you can tell there are very nice, really competent, pleasant people that have a great time. It is a great company overall that has a very fun culture. For my first few months, my focus was on people. I believe technology companies live and die by talent. That's why when people talk about the talent wars…when you see the best people migrating from one company to the next, it means that the next wave has started. I got very focused on people, building the right team, particularly the executive portion, but all throughout the business, and also the overall environment. I wanted to make sure that Yahoo is the best place to work and that people really want to come and work there. That will help the talent piece. Also because I also believe that really strong companies have strong cultures. Yahoo has been no exception. It has a strong culture. It is different from every other corporate culture. Each has their unique and individual flavor. I wanted to find a way to amplify it. That is how you find the energy. You can harness that into innovation and say if we have people and they are excited about what they're working on every day… you can take that energy around culture and find fun ways to apply it to engage users."</p>
<p style="padding-left: 30px;"><strong>On she's focused on right now:</strong></p>
<p style="padding-left: 30px;">"I think that there's a real opportunity to help guide people's daily habits in terms of what content they read. That is something that we are really working on. All of these daily habits--news, sports, games, finance, search, mail, answers, groups--these are all things we have been underinvested in. A little love will go a long way."</p>
<p style="padding-left: 30px;"><strong>On Yahoo's mobile strategy:</strong></p>
<p style="padding-left: 30px;">"So the nice thing at Yahoo is that we have all of the content that people want on their phone, we have these daily habits. And I think that whenever you're dealing with a daily habit and providing a lot of value around it there is an opportunity not only to provide a lot of value to the end user but to also create a great business."</p>
<p style="padding-left: 30px;"><strong> On how Yahoo will compete if it doesn't have one of the four key distribution technologies:</strong></p>
<p style="padding-left: 30px;">"It's funny because one of our employees asked that at one of our company meetings. Given that we do not have mobile hardware, a mobile OS, a browser, or a social network, how are we going to compete?...Of the four horseman of the Internet to adopt that analogy, almost all of them are playing in one if not several of those medium. I think that the big piece here is that it really allows us to partner. Yahoo has always been a very friendly company. Our focus, in addition to technology, but also on media, it means there is an opportunity for strong partnerships. That is what we will be focused on. We work with Apple and Google in terms of the operating system. In terms of social network, we have a strong partnership with Facebook. We're able to work with some of these players that have a lot of strength in order to bolster our user experience that we offer on the Yahoo site."</p>
<p style="padding-left: 30px;"><strong>On what some of the successes will be in mobile that will allow it to duplicate the success of search as a money maker:</strong></p>
<p style="padding-left: 30px;">"I think people already are. For example, the application store, there are a lot of people who sell applications. The big thing is that search is a daily habit. What people do on their phones is often a daily habit. When I thought about the strategy for Yahoo I pulled the list of what people do on their phones in rank order of frequency. If you ignore a few exceptions, things done by carriers--like voice and text, and maps--because I know from my former life it is very expensive and hard to do right--the list looks like e- mail, check the weather, check the news, share photos, get financial quotes, check sports scores, play games. You get the idea. It was funny because I would go and recite that list as the new CEO of Yahoo and I would say, 'What am I doing?' And my family and friends would say--'You are describing Yahoo's business.' I would say, 'No, I'm listing in frequency order what people do on their phones.' The nice thing at Yahoo is that we have all the content that people want on their phones. We have these daily habits. I think whenever you have a daily habit and providing a lot of value around it, there is opportunity to not only provide that value to the end user but to create a great business."</p>
<p style="padding-left: 30px;"><strong>On how long it will take to develop personalization:</strong></p>
<p style="padding-left: 30px;">"I think it will probably happen in the next three to five years. I think what we have seen happen-- image recognition, voice recognition, translation--these are back on technologies to being able to understand context. Now it is a matter of being able to take personalized notions, things like likes on Facebook, tweets, articles you click on, taking all those signals and mapping those to understand, for example, I like clean energy on Facebook and I tweet out something about green energy, that is in fact the same interest as mine."</p>
<p style="padding-left: 30px;"><strong>On the future of tech:</strong></p>
<p style="padding-left: 30px;">"Technology isn't stagnant. It's amazing to think about the different waves of internet and technology. You know the first wave really was Yahoo itself, you know the directory, there are these pages out there, how do you organize them. And then the web got so large that the directory model broke down and gave to search. And then the next wave that came was social, and now I think we're on the mobile wave. And so if you think about that, hat's all happened in about 15 years. We've gone through 4 major technology shifts in terms of who the main players really are. And so I think there is always opportunity for new disruption."</p>
<p style="padding-left: 30px;"><strong>On privacy:</strong></p>
<p style="padding-left: 30px;">"I think that privacy will always be something that users should consider but I also think that privacy is always a trade-off. Because when you give up some of your information you get some functionality in return. So it's really about making those trade-offs in a very informed way. For me the core principles of privacy online are transparency, choice and control."</p>
<p style="padding-left: 30px;"><strong>On whether the interest graph is the kind of technology that will become a key to distribution:</strong></p>
<p style="padding-left: 30px;">"I definitely think with the web becoming so vast--there is a much content and social context and now with mobile, there is so much location and activity context. How do you pull all that together? The interesting the way you take it is to say ok, we will use some of that information--your personalization, your context, what you've done, all that--to make sense of the content. It is the Internet ordered for you. Which is interesting because it brings Yahoo back to its roots. It used to be that that's what Yahoo was. It took the internet and ordered it up. Now it's so vast that you can't just categorize it anymore. But could we provide a feed information that is ordered, a web ordered for you, and is also available on your mobile phone."</p>
<p style="padding-left: 30px;"><strong>On what excites her in the industry:</strong></p>
<p style="padding-left: 30px;">"I think that there are so many things. This is a question I like to ask people and the one answer you never want to give is 'oh, I'm very discerning, there is nothing that good out there.' I think there are amazing things you get to see all the time. All kinds of amazing technologies on mobile. When you think about what it means to be location sensitive…Some of these are very basic in terms of things like being able to check in, so there's Foursquare, but if you actually know where people are and where they check in, there are all sorts of sophisticated and interesting thing you can go on to do. So I think there are amazing technologies like that."</p>
<p style="padding-left: 30px;"><strong>On how much she thinks about design:</strong></p>
<p style="padding-left: 30px;">"I think about it a lot. Apple is the gold standard. Apple's philosophy is that technology and function should cooperate. The amazing thing about tablets, you can flick things and get rid of things, the pinch, the zoom, these are things that are so intuitive, you can see small children begin to use a tablet. There are terrific ideas that proud parents will applaud schilling children before they can even learn to talk -- and know how to turn the page or flick things on iPads -- they know how to turn the page or flick things on iPads. What is powerful but that is that it uses the natural paradigms' that are somewhat in eight to us, and they allow it to be the way that we use technology. That is incredibly powerful. That is overall what you want to have happen, to be able to whittle away technology such that all the complications lie underneath."</p>
<p style="padding-left: 30px;"><strong>On Facebook: </strong></p>
<p style="padding-left: 30px;">"Facebook provides an amazing platform. And so it will be one of the predominant platforms, if not the predominant platform. But now what happens with social is what you do with it. It's not just about writing down who your friends are, it's about taking that and finding useful content. And telling me 'Hey, you're in Davos right now, you know who else is?' And being able to offer me the opportunity to meet up with someone who I didn't know would be here."</p>
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