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<ul><li><keyword id="9741420" type="UNKNOWN" weightage="60" keywordseo="laura-kane">Laura Kane</keyword>, <keyword id="6365707" type="ORGANIZATION" weightage="60" keywordseo="ubs">UBS</keyword> head of investment themes Americas told Bloomberg on Tuesday that US investors wanting to position themselves well as the dollar weakens should look to global equities. </li><li>Kane said "one of our preferred <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> is the UK" because the companies are attractively valued.</li><li>This is a contrast to European markets, which are heavy with valuations that have gotten too high, said Kane. </li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingestgest">Read more on Business Insider</a>.</li></ul>Laura Kane, UBS head of investment themes Americas, told Bloomberg on Tuesday that a weak dollar means there are investment "opportunities to be had outside of the US," particularly in the UK. "We do have an outlook for a weakening dollar, which of course can be a positive for some of these international equity plays," she said. The dollar index is down more than 3% in the last month. She added that UBS is "overweight on global equities," and also said "one of our preferred markets is the UK."Read more: <a href="https://www.businessinsider.com/morgan-stanley-how-to-invest-for-the-coming-bull-market-2020-8">Morgan Stanley breaks down 4 reasons the next stock bull market is just getting underway — and lays out its best investing strategy for taking advantage</a>Kane emphasized that the UK will give an investor international exposure with attractively vaulued companies. "European markets, for example we feel that valuations have gotten too high," she said. On Tuesday, Britain's <keyword id="138464" type="PERSON" weightage="60" keywordseo="FTSE-100">FTSE 100</keyword> index rose 1.71%.Kane added that USB sees "attractive risk-reward opportunities" in high yield, investment grade bonds, and emerging markets. She especially likes dollar-denominated bonds and dividend-paying stocks for investors who can take on the risk.

US investors should seek global opportunities like UK stocks as the dollar weakens, says a UBS wealth-management head

<ul class="summary-list"><li>A shopper got a surprise when he picked up a 700-year-old script for $75, per the Maine Monitor.</li><li>Academic Lisa Fagin Davis confirmed the piece was genuine, and could be worth up to $10,000.</li></ul>A bargain hunter spent just $75 on a medieval script at a yard sale that could be worth as much as $10,000.<a href="https://www.themainemonitor.org/looking-for-a-cake-mixer-finding-a-medieval-manuscript-in-waterville/">The Maine Monitor reported</a> last week that Will Sideri picked up the 700-year-old document at an estate sale in Maine after noticing the leaf adorned in Latin writing alongside some musical notes.<a href="https://apnews.com/article/oddities-entertainment-music-religion-3162da2fed026abbdf5820e72f11e523">The Associated Press reported</a> that Sideri was initially in the market for a "KitchenAid mixer, a bookshelf or vintage clothing" at the estate sale, but ended up spending $75 on the manuscript labelled: "1285 AD. Illuminated manuscript on vellum. $75.''Sideri messaged Megan Cook, an English professor at Colby College who used to teach him, to ask if it was real. Cook got in touch with fellow academic Lisa Fagin Davis, who determined within a few hours that the photo was genuine, per the Monitor.What's more, Davis said it could be worth up to $10,000. An expert on manuscripts confirmed the valuation to the AP.Davis, a Simmons University professor, told Insider in an email: "Leaves of the Beauvais Missal measure around 295 x 205 mm and have 15 or 21 lines of text, or ten staves of music, in two columns."An estate sale in Maine isn't even the most unexpected place where a Beauvais Missal leaf has turned up. Will's leaf is, however, the least expensive leaf sold in recent memory. The most expensive was sold a few years ago for $10,000," she said.Davis, who is also executive director of the <a href="https://brokenbooks2.omeka.net/">Medieval Academy of America</a>, said the script appeared to be from the Beauvais Missal, used in the Beauvais Cathedral in France, that dated back to the late 13th century. It was likely used in Roman Catholic worship. The academic told the Monitor that newspaper magnate William Randolph Hearst, <a href="https://www.pbs.org/wgbh/americanexperience/features/kane-william-randolph-hearst-campaign-suppress-citizen-kane/#:~:text=Citizen%20Kane%20was%20a%20brutal,executives%2C%20led%20by%20Louis%20B.">said to be the inspiration</a> for the film Citizen Kane, once owned the script before selling it in 1942.Davis <a href="https://brokenbooks2.omeka.net/">has written extensively</a> on the Beauvais Missal, and told the Monitor individual scripts were likely torn out of a larger book by art dealers, much to the chagrin of academics. Despite knowing its true value, Sideri told the Monitor he doesn't intend to sell the script, and has handed it over to his parents for safe keeping while he moves home."This is something at the end of the day that I know is cool," <a href="https://apnews.com/article/oddities-entertainment-music-religion-3162da2fed026abbdf5820e72f11e523">he told the AP</a>. "I didn't buy this expecting to sell it."It is rare, but not unheard of, for the true value of a historic piece of art to go awry over time. In 2018, Laura Young <a href="https://www.businessinsider.com/roman-bust-sold-goodwill-store-3499-2000-year-old-relic-2022-5">bought a Roman Bust</a> at a Goodwill in Austin for $34.99. It turned out to be a genuine 2,000-year-old relic, and was arranged to be returned to its rightful owners in Germany.

A bargain hunter picked up a 700-year-old medieval script for $75 at a yard sale that could be worth $10,000

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Brendan McDermid</div></div></div><ul class="summary-list"><li>UBS says there are five common mistakes that thematic investors need to avoid for their strategies to work.</li><li>Laura Kane, the firm's head of Americas thematic research, offers advice mostly centered around the patience investors should exhibit when deciding when to buy or sell.</li><li>She also lays out how investors can avoid each of the five pitfalls she outlines.</li></ul>Investing based on themes requires patience and confidence, according to one of UBS's top researchers. But actually abiding by those principles is easier said than done.Laura Kane - the head of Americas thematic research for the firm's chief investment office - recognizes this, and has compiled a list of five common mistakes made by <a href="https://www.businessinsider.com/defiance-launches-first-5g-etf-2019-3" target="_blank" rel="noopener">thematic investors of all types</a>. She also lays out how investors can avoid each pitfall.<h3>1) Chasing fads</h3>Kane says it's vital to understand the difference between a long-term trend that's going to endure, and a fad that attracts tremendous hype and then fades almost as fast. Bitcoin, she says, is a fad. Meanwhile, changes in global demographics are an important trend in her view.Kane writes that as the global population is growing rapidly and concentrating in cities, while the populations in developed countries are aging. Those have major investing consequences."We will see the need for healthcare technologies to cope with an aging population, as well as demand for more energy-efficient infrastructure in growing emerging cities," she wrote.How UBS says investors can avoid this pitfall: Investors should focus on the three main "inescapable forces" that should transpire, regardless of the business cycle:<ul><li>Population growth - By 2050, the global population will have surged to 10 billion from 7.5 billion at present time.</li><li>Aging - By 2030, individuals older than 60 will outnumber those 25 or younger in developed countries.</li><li>Urbanization - By 2050, UBS expects that 68% of the world's population will live in cities.</li></ul><h3> 2) Being too early</h3>Everyone wants to be the first to identify a trend or a great trade, but there is often no advantage in being the first company to disrupt an industry. That means that, as an investor, you may not want to bet on a company that is shaking up a field because it might ultimately be beaten out by later competitors.After all, <a href="https://www.businessinsider.com/how-amazon-decided-to-sell-books-2018-4">Amazon wasn't the first online bookseller</a>, and if you'd invested in MySpace and passed on Facebook, you've probably been dealing with some regrets. Kane says that should be on investors' minds as they consider investing in ride-hailing companies ahead of the expected <a href="https://www.businessinsider.com/exclusive-uber-plans-to-kick-off-ipo-in-april-sources-2019-3">IPOs of Uber</a> and <a href="https://www.businessinsider.com/lyft-ipo-financial-show-mounting-losses-as-company-grows-2019-3">Lyft in the next few months</a>."The shape of the ride-hailing industry is still being defined, as many variables continue to evolve," she wrote. "Until we get greater clarity on regulatory, liability, and even tax consequences, it will be difficult to choose winners in this space."How UBS says investors can avoid this pitfall: UBS says traders should let the dust settle in fledgling industries before making any specific decisions.<h3>3) Making just one bet</h3>An investor might be overwhelmingly confident about or interested in one single theme, but Kane says they shouldn't put all their eggs in one basket because that's likely to lead to volatility. If a trader insists upon a single theme, Kane recommends they be careful with the rest of their your portfolio to make sure its risks and rewards are well-balanced.How UBS says investors can avoid this pitfall:UBS says traders should diversify holdings so as not to get caught with outsized exposure to a failing idea.<h3>4) Not looking under the hood</h3>Thematic investors sometimes buy into any company that fits into their favored idea. But Kane says they need to look carefully at every company - especially if they're new."A company could be exposed to an attractive theme, but that does not automatically mean it is a good investment," she writes.In addition, Kane advises investors to look hard at issues like corporate governance and culture as well as financial measurements.How UBS says investors can avoid this pitfall:UBS said traders should do exhaustive homework on new entrants to industries and themes they're pursuing.<h3>5) Selling too soon</h3>Kane writes that investors often sell too quickly because they're afraid of future pain. But that haste can cause them to miss out on eventual gains that might dwarf their present losses."The temptation is high to walk away from long-term ideas that temporarily underperform," she says. "We advise against trying to jump in and out of long-term thematic investments."Kane adds that over the last six decades, a buy-and-hold strategy for the <a href="https://markets.businessinsider.com/index/s&amp;p_500" target="_blank" rel="noopener">S&amp;P 500</a> has worked much better than trying to time market highs and lows. That's illustrated by the chart below.Jeremy Grantham, the widely respected investor who successfully predicted the last two financial bubbles, has <a href="https://www.businessinsider.com/jeremy-grantham-bubble-advice-predictor-of-every-modern-financial-collapse-2018-9">made a similar point</a>: In a market bubble, getting out of too soon can be just as bad as getting out too late. How UBS says investors can avoid this pitfall:UBS says traders shouldn't abandon a long-term theme because of modest setbacks. It could hurt them just as much to get out too early than wait too long to exit.<div class="KonaFilter image-container display-table"><div><div class="image on-image">UBS</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/victorias-secret-closing-dozens-stores-2019-3">Victoria's Secret is closing dozens of stores this year - here's why the brand has failed to keep up</a></h3> <div> </div> </div>

Investors focused on themes are making 5 big mistakes. Here's how UBS says they can be avoided.

Welcome to <keyword id="11994578" type="UNKNOWN" weightage="100" keywordseo="personal-finance" source="Orion">Personal Finance</keyword> Insider, a biweekly <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword> that connects you with the stories, strategies, and tips you need to be better with money.<h2>Here's what: How Insider's personal finance team budgets to live well</h2>Allow me to make a confession that may horrify you: I love <keyword id="12265146" type="UNKNOWN" weightage="60" keywordseo="budgeting" source="Orion">budgeting</keyword>. It's not that I'm a masochist or even a numbers nerd. I just love the power I feel when I look at my spreadsheet and see how I can make important purchases fit into my family's budget, or see the number rise in our savings account until it finally hits its target. To put it simply, I love being able to exercise control over my income instead of allowing it to control me. If you're the kind of person who'd rather do 4,000 hours of housework than deal with your finances, I hear you. I have been you. But I'm here to say it doesn't have to be this way - and <a href="https://www.businessinsider.com/how-to-budget-money" target="_blank" rel="noopener">budgeting is your best chance</a> at slaying the beast that is your financial fear.It won't surprise you to learn that Insider's personal finance team is made up of a bunch of people like me - people who love talking and thinking about money. And our brain trust is full of smart ways to manage your money to save thousands and live well. I'd like to use today's newsletter to share some of our best advice.My best budgeting tip is a simple one: Use a spreadsheet to <a href="https://www.insider.com/spreadsheet-to-track-spending-2017-1" target="_blank" rel="noopener">track your spending</a>. Knowing where your money is going now is the first step to spending it with purpose.I have a Google spreadsheet where I track every penny I spend. When I grocery shop on Saturdays, for instance, I get back in my car, whip out my phone, and add my Trader Joe's total to my "grocery" line item for the month. Each tab in my spreadsheet represents a new month, and I list out all of my monthly bills and have categories for variable spending with limits for each (like $200 a month for "personal care and household items"). I built my spreadsheet and set my category limits by looking back at a few previous months of credit card and bank statements, and figuring out where and how I was spending.When I need more money in a certain category, or need a new category all together, I make adjustments. My budget is a living document that evolves right alongside me.Personal Finance Insider's executive editor, <a href="https://www.businessinsider.com/author/libby-kane" target="_blank" rel="noopener">Libby Kane</a>, says being honest with yourself about your spending is critical to building a living, breathing budget that supports you (instead of suffocating you). "Fudging spending categories or amounts to be 'good' or 'better' will only work against you in the long term," she says, so set up your budget however it makes sense for you. "I used to have a spending category entirely for buying chocolate!"<a href="https://www.businessinsider.com/author/jasmin-baron" target="_blank" rel="noopener">Jasmin Baron</a>, our associate credit cards editor, shares a good hack for spending less at your favorite shops: Always join (and use) the loyalty/rewards program of the stores and restaurants you frequent. "It's amazing how much free or discounted stuff these programs offer - from free fries and other goodies at McDonald's (we may take advantage of that a lot around here) to digital coupons at grocery stores and drug stores," she says. "No coupon clipping required."Trying to save and invest your way to long-term wealth? Take a cue from <a href="https://www.businessinsider.com/author/ellen-hoffman" target="_blank" rel="noopener">Ellen Hoffman</a>, editor-in-chief of Insider's Service Journalism team: "I have a few direct deposits set up that split up every paycheck I earn between my <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">high-yield savings account</a>, investing account, and checking account," she tells me. "This has been a game-changer - it helps me save and invest with minimal effort. My hope is to be able to increase the amount I'm able to save and invest every year."<a href="https://www.businessinsider.com/author/sophia-acevedo" target="_blank" rel="noopener">Sophia Acevedo</a>, a fellow on the personal finance team, says keeping her savings separate from her spending money ensures she meets her goals every time. "When it comes to <keyword id="12265148" type="UNKNOWN" weightage="60" keywordseo="saving-money" source="Orion">saving money</keyword> for a long-term goal or <a href="https://www.businessinsider.com/where-to-keep-emergency-fund" target="_blank" rel="noopener">emergency fund</a>, I need it be out of sight and out of mind," she says. "I initially had one savings account and always felt guilty when I took money out. I decided to <a href="https://www.businessinsider.com/personal-finance/what-is-a-cd-certificate-of-deposit" target="_blank" rel="noopener">move my money to a CD</a> and that significantly improved my attitude on savings. If people are struggling to save, they should look into why it's a struggle and see if there's an account or tool that better addresses this problem."Cheers to budgeting and saving your way to a life you love.- Stephanie Hallett, senior editor of Personal Finance Insider<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/budgeting-hacks-from-friend-save-more-2021-9" target="_blank" rel="noopener">5 budgeting hacks I learned from a friend that help me save an extra $1,000 a month</a>Want to read more about budgeting? Writer Jen Glantz shares how a conversation with a friend changed her spending and savings habits for the better.<a href="https://www.businessinsider.com/personal-finance/paid-off-credit-card-debt-months-2021-9" target="_blank" rel="noopener">I thought I wanted to buy a house, but seeing nearly 80 homes in 9 months convinced me to spend my money on something more important</a>Writer Michelle Chikaonda thought she wanted to buy a house this year, but after seeing way too many overpriced homes in a hot market, she decided to focus on paying off her five-figure credit card debt - and fast.<a href="https://www.businessinsider.com/personal-finance/chase-sapphire-preferred-reserve-benefits-lesser-known" target="_blank" rel="noopener">8 lesser-known Chase Sapphire Preferred and Reserve benefits that can save you money - whether you're at home or on the road</a>We've said it before and we'll say it again: Use. Your. Rewards. You earned them, and they can save you money. <a href="https://www.businessinsider.com/personal-finance/decluttering-my-home-poverty-mentality-harms-2021-10" target="_blank" rel="noopener">Decluttering my home of 17 years showed me my 'poverty mentality' has been doing me more harm than good</a>The way we think about and relate to money has a profound impact on how we spend, save, and hoard cash (and objects). Writer Laura McCamy confronted this truth head-on when she started decluttering her home.Enjoying this newsletter and want to recommend it to a friend? <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">Here's a sign-up link</a>.

5 budgeting hacks we actually use in our real lives

Global trends and changing demographics can produce major tailwinds for companies that are properly positioned. But identifying those companies and building a sound portfolio around them is not easy.So we spoke with Laura Kane, head of investment themes Americas at UBS Wealth Management, about what UBS considers to be the most important themes for investors.Matt Turner: Just to start, I wanted to ask you about some of the themes and trends that you are most interested in right now.Laura Kane: Two of the biggest demographic trends that we're following are population growth and aging. First, on the population-growth side, we're set to reach about 10 billion people by 2050. That's up from about 7 billion today, so a pretty large increase in the population.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Thomson ReutersElderly people walk in the street ahead of a national vote on pensions reform in Lausanne</div></div></div>The reason we're focused on this is that it's going to put a strain on critical resources needed to sustain human life. We are talking about the basics - food, water, and energy. And what's interesting is that most of this population growth is actually happening in low- and middle-income countries. Actually, 50% of that increase is going to come from Africa alone.So when you think about this strain of resources, it's actually going to be most acute in some of the countries where the need is already pretty critical. So that's one trend we're focused on.The other is aging. We're seeing people get older and live longer and we're seeing this not just in the US, where we're having 10 thousand baby boomers turn 65 every day, but in many parts of the globe. So Japan, Europe, and parts of the emerging world, including China.This is also going to put strain on healthcare services. We expect to see a lot more investment in that area especially in emerging markets who've historically underinvested in healthcare relative to the developed world.Those are kind of two big trends we're following. We're seeing a lot of investment opportunities around them as we think about what companies are actually going to help solve those challenges of tomorrow through innovative products and helping to get resources and services to the people that need them most.Turner: And in terms of the population growth and critical resources, how do you invest in those themes, and what types of things are we talking about? Is it something as simple as water, or is it more resources that might be used in technology, let's say?Kane: Yes, exactly. It could really be a wide number of opportunities, but, for example, within the water space, it could be a water utility that's helping to build out the necessary water infrastructure in emerging markets. It can also be a water utility that's investing in the developed markets in terms of making water systems better.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Joe Scarnici/Getty Images for FIJI Water</div></div></div>Right now about 28% of the water supply globally is lost through leaky piping systems and inadequate distribution. There's a lot of investment that needs to be made there. So that's just one example of an opportunity.If you think about food, there's a lot of advancements that can be made in agriculture. We're not seeing an increase in farmland. We're actually seeing a decrease as we see populations start to urbanize and cities are starting to sprawl out especially in the emerging markets.And what we're seeing is advances in technology that are helping to get more crops out of the same space. It could be using more machines instead of human labor or using big data and artificial intelligence to help forecast everything from weather patterns to optimizing crop-rotation patterns. So there really is a pretty wide opportunity set.Turner: And on the demographic side, we hear a lot about there being this demographic time bomb and pension crisis wherein the working population isn't sufficient to support the pension population. So how do you see that and what are some of the solutions to that?Kane: In terms of pensions and aging, it really depends a lot on the market. Here in the US, we're seeing baby boomers start to get to that age, and the baby boomers as a cohort relative to other segments of the population are actually wealthier because they grew up during a time of economic prosperity.And of course that's not everyone, so there are certainly some concerns there. As individuals reach their retirement years, they'll need to have enough money to sustain themselves.As far as the working population, I think we are going to see a greater influence of robotics. We're seeing this especially in Japan where they have perhaps the oldest population.We're seeing robotics being used in every from schools to even nursing homes. They're using robots to lift the elderly and do all their mundane tasks. I think we are going to see more of this in other regions as well.Turner: Necessity is the mother of invention, so clearly there's a need for these kinds of technologies. How do you play that as an investor?Kane: I think from an investment perspective, oftentimes we're compelled to go with the obvious choice. If you're thinking about e-commerce, you may think Amazon. Social media, you think Facebook, right?You are kind of pulled toward the giants, and those might be good investments, but I think for us, when we try to look at these major trends, we try to think more broadly to understand what are the investment implications in different sectors and different regions? Is there something that people are not seeing?So, for example, with electric cars. Who is actually making some of those inputs that go into these vehicles? It's not just about thinking of who's the biggest player in this space. Same thing goes for e-commerce, right? You can think about logistics companies, paper and packaging companies, and oftentimes when you think about that broader ecosystem, that's where opportunities can be found because those are the companies that are not as expensively valued. So we really do try to think very holistically when we're looking at a lot of these trends.Turner: How do investors use themes to guide their investment process?Kane: Typically a lot of the themes that we talk about tend to be with a longer-term focus so this is actually a great complement to a portfolio with other investments that might be focused on the near term. Oftentimes the themes can be something you can invest in and then kind of forget about for 20 years and look and see that those companies have done better than the broader market due to these thematic tailwinds behind them.I think one of the mistakes that people make is just homing in on one specific theme. That can be a smaller part of a portfolio, but for it to be a bigger presence, oftentimes we're recommending to take a more diversified approach.Investing in a number of themes at once in the portfolio so you're insulated from that shorter-term volatility that any of these themes may experience in the nearer term.Turner: One of the other themes I want to talk about is sustainable investing. It has seen a huge amount of growth in lots of different ways from green bonds to SRI stock funds and the like. How do you see that and where are we headed?Kane: We are seeing a greater interest in sustainable investing.One, there's demographics. Millennials and women tend to be more interested in sustainability. They are more interested in knowing about how the companies are investing and are actually run and what their impact might be on broader society, so that's one kind of force that's behind it.But we're also seeing a greater understanding of what is meant by sustainable investing. Go back 30, 40 years, sustainable investing was primarily used by religious institutions to just exclude certain securities from their portfolio. Whether it's weapons, gambling, you name it.But what we're seeing now is that sustainable investing has come to encompass actually incorporating more information in the investment process.So not just what's in the financial statements but other information that can be found in company sustainability reports, or what can be gathered through various investor presentations, or talking with the company management to really look at the company more holistically.Who's running the company? Are they using resources effectively? These things affect the bottom line.So if you're using less water and energy in your process, you're spending less money on your inputs. If you're talking about a technology company, is that company treating their employees well and are they able to retain the best talent?That's another important aspect: looking at the right factors for the right sectors. So I think there's starting to be a greater understanding of what sustainable investing can actually encompass and that it can actually be a return enhancing strategy and not only about exclusion.Turner: Some of those tactics that you've described in terms of minimizing water usage or having all of a company's buildings be energy efficient, often those require upfront investments and they generate returns over the longer term.How much tension is there between those kinds of strategies and some of the shorter-term capitalism that we see in markets?Kane: I think another aspect of these cost-saving measures is that it tells you a lot about management.How does management see the company? Are they running the company for the long term so that it's going to be a sustainable business? I think even if you don't see those recouped right away, you see what direction the company is going in and you really get the tone from management, what the board cares about, and that can tell you a lot about a company.Turner: But there have been instances where some of those companies that have said, "We want to be sustainable. We want to be run for the long term," have run into an activist investor who has a shorter time perspective. So how does that tension work itself out?Kane: I think it really comes down to doing the work thoughtfully. Really understanding a company at a more holistic level so, like I said, looking at what factors matter for which sector. Just having a greater understanding of what the management intention is and, for us as thematic investors, our work does tend to be more long-term focused.So we are trying to cancel out the noise in the markets, the political environment, and really focus more on a ten to twenty-year timeframe. That's really what we're focused on.Turner: And you mentioned millennial and female investors wanting perhaps to put more of their money into sustainable investments. Particularly for millennials, they're about to enjoy the gains that the baby boomers enjoyed through inheritance. They're about to inherit a huge amount of wealth so they really have the potential to shape how investment is done going forward. How big a force is that?Kane: I think it's going to be a huge force, and we're already seeing it.Surveys have been done of millennials that ask: Would you rather work for a company that's more sustainable, that sees its mission about more than just profits and improving the greater good? And largely millennials respond favorably to those types of questions.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div>We see that they typically respond that they would be willing to take less pay to work at those types of companies so even though they don't have the investable assets today, we can definitely see a shift in the mentality of millennials and see how it kind of makes sense that these are going to be investments that they are going to tend to prefer as they start to reach their peak earning years.So I certainly think the millennials will be a big driver behind the continued growth that we're seeing within the sustainable investing industry.Turner: And what does that do for companies if that is the case that more and more money is focused on sustainability from energy efficiency to how staff are treated?If the companies that score poorly on those measures start to see their stock price decline and the CEO's bonus is less, you could see a scenario where actually that really starts to change corporate behavior.Kane: Companies recognize this preference for sustainability.Some of the types of products that we see released into the market are greener products, companies advertise that their fabrics are made more sustainably, or using organic cotton, or that they don't use bad labor practices in terms of using child labor. Whatever it may be. So we do see companies starting to recognize this and starting to incorporate it into their behavior.A lot of this is due to transparency, so we're seeing more companies start to report on these sustainable metrics and, to your point, if a company is one of the few that's not reporting on some of these metrics, there's kind of no place to hide at this point because that raises a red flag in and of itself unless it's a smaller company or something.And as we see sustainable accounting standards start to become more mainstream, we're going to start to see that companies are going to increasingly report this data, and that's going to incentivize them to really take a hard look at how they are running their business and the type of information they're going to have to start releasing down the line.

The head of investment themes at UBS explains the big trends every investor should know

MIGUEL MEDINA/AFP via Getty Images<ul class="summary-list"><li>Analysts at UBS issued a report describing three main investing themes the coronavirus is shaping, and will continue impacting over the next decade: healthcare, technology, and global supply chains. </li><li>They detailed how the sectors are shifting, and how investors would be prudent to position around them. </li><li>For instance, with a renewed focus on genetic research, analysts said they recommend investing in the genetic therapies theme through a diversified portfolio of companies operating in that space.</li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more investing stories</a>.</li></ul>The <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1">novel coronavirus</a> has killed thousands of people around the world, roiled financial markets, and upended entire economies in a matter of weeks.Many economists are calling for a <a href="https://markets.businessinsider.com/news/stocks/global-recession-coronavirus-pandemic-rival-2008-great-financial-crisis-imf-2020-3-1029024160">recession</a> to hit the US this year, with the possibility of a recovery sometime next year. Some say a full-blown economic downturn is already upon us.This rapid deterioriation in conditions has also <a href="https://www.businessinsider.com/coronavirus-credit-crisis-bbb-rated-bonds-investment-grade-downgrade-risks-2020-3">flipped some investors' playbooks</a> on their heads, and some investment experts say COVID-19 's ripple effects will extend across industries for years to come. UBS analysts issued a March 27 report digging into the heart of that, laying out major investing themes the coronavirus is altering for the long-term: healthcare, technology, and global supply chains. "While we expect the global economy eventually to recover, we may see changes to lifestyles and business practices, as well as new healthcare and digital technologies, influence the post-pandemic economy," the firm wrote. To that end, analysts in UBS's global <a href="https://www.businessinsider.com/category/wealth-management">wealth management</a> division's chief investment office, led by Laura Kane, offered recommendations for how investors can best position themselves around those fundamental shifts. Here's a rundown of their outlook.<h2>Theme No. 1: 'Health, from genetic therapies to food systems' </h2>The coronavirus - which originated in Wuhan, China and has spread around the world - has "ruthlessly exposed the cracks in our global healthcare system," the analysts wrote, health-tech and <a href="https://www.businessinsider.com/list-telemedicine-startups-put-to-the-test-by-the-coronavirus-2020-3">telemedicine</a> are two industries they expect to grow in popularity.With a renewed focus on <a href="https://www.businessinsider.com/gene-therapy-treats-disease-but-prices-could-strain-us-health-system-2019-2">genetic research</a>, too, analysts said they recommend investing in the genetic therapies theme through a diversified portfolio of companies operating in that space "to manage the risks associated with clinical failure." Gene therapy is an experimental approach to treatment the National Institutes of Health defines as harnessing "genes to treat or prevent disease."Matthew Horwood/Getty ImagesWhile UBS did not provide specific stock recommendations around that theme, the US biopharmaceutical company <a href="https://markets.businessinsider.com/stocks/srpt-stock">Sarepta Therapuetics</a> is one company operating in the space that UBS has <a href="https://www.ubs.com/global/en/wealth-management/chief-investment-office/market-insights/house-view/daily/2019/latest-17122019.html">noted in the past</a>. The spread of the virus is also placing a fresh spotlight on the food supply chain, UBS said, one analysts think is going to drive innovation and create investment opportunities.To capture those themes, they recommend "investing in a basket of food-related opportunities across the consumer, technology, and industrial sectors."<h2>Theme No. 2: 'Digital technologies and cross-sector disruption'</h2>The pandemic should accelerate consumers' shift toward <a href="https://www.businessinsider.com/fintech-ecosystem-report">fintech</a>-based products, the analysts said, as more people are staying home and paying for items online. That won't change anytime soon, they contended. "Anecdotal evidence suggests fintech app downloads across Europe and other developed markets where penetration has been low have risen significantly over the past few weeks," they said. Revenues sourced from financial technology firms are expected to grow over the next decade, UBS said, and the space is enjoying a bump as the World Health Organization encourages cashless payments to stem the outbreak's spread.A WHO spokesperson <a href="https://finance.yahoo.com/news/who-world-health-organisation-coronavirus-banknotes-warning-111019361.html">told</a> Yahoo Finance earlier this month that people should use contactless payments "where possible," and wash their hands after handling cash. <a class="zoomin" href="https://static-ssl.businessinsider.com/image/5e7e64e814f18f1c704f1cf8-960/screen shot 2020-03-27 at 44035 pm.png"></a>UBSRetailers with strong online presences, too, are set to keep benefiting with more consumers confined to their homes are engaging with e-commerce, they wrote. For instance, <a href="https://markets.businessinsider.com/stocks/nke-stock">Nike</a> in its recent earnings <a href="https://news.nike.com/news/nike-inc-reports-fiscal-2020-third-quarter-results">report</a> for the quarter ending in February that its digital sales in Greater China rose by more than 30% while brick-and-mortar retail sales were impacted by stores temporarily closed during the COVID-19 outbreak."Against this backdrop, we continue to believe fintech as a trend should continue to deliver double-digit growth opportunities over the next few years, thus growing at least three times faster than traditional financial services," they added, suggesting investments exposed to the fintech ecosystem could benefit. <h2>Theme No. 3: 'De-globalization and its effects on manufacturing and supply chains'</h2>One major theme the pandemic underscores is the global supply chain's interconnectivity and complexities - <a href="https://www.businessinsider.com/trump-trade-war-us-china-tariffs-lost-no-meaning-2019-11">a feature of the US-China trade war on full display</a>.AP Photo/Pablo Martinez MonsivaisFor instance, the analysts pointed out nearly three quarters of elevators' global components are produced within 60 or so miles of Shanghai.In turn, the pandemic may push companies to consider more domestic supply chains with less reliance on outside ecosystems. "It doesn't necessarily mean on-shoring to high wage countries in Western Europe or North America, but perhaps Eastern Europe, Mexico, or other attractive countries in Asia, to become less dependent on China," UBS said.This would directly benefit companies with more modern factories using fewer humans and more automation, they said, pointing to the German industrial conglomerate <a href="https://markets.businessinsider.com/stocks/siemens-stock">Siemens</a> and its efforts around modernizing its manufacturing processes. "We believe this trend will continue and become even more relevant. Factory automation equipment, robots, and automation software will play an important role to achieve a higher level of automation," they wrote.Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.And get the latest <a href="/coronavirus-covid19">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses. <h3>NOW WATCH: <a href="https://www.businessinsider.com/unemployment-numbers-coronavirus-economy-layoffs-2020-3">3.3 million Americans filed for unemployment - and an economist predicts it could be far worse than the Great Recession</a></h3>

UBS outlines 3 major investing themes the coronavirus crisis is shaping today - and breaks down they'll play out in the years to come

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>In May, <a href="http://www.businessinsider.com/rules-of-dating-your-coworker-2016-1">my husband and I</a> bought <a href="http://www.businessinsider.com/changing-habits-saved-money-2016-8">a home</a> in a New York City suburb.When we began the process of applying for our mortgage, we were asked to submit a boatload of documents and paperwork. We each handed over two months worth of pay stubs, three years worth of W-2s, about a dozen quarterly bank statements, letters confirming our employment, retirement account balances … and the list goes on.We spent a few days getting everything together and then dedicated one Sunday afternoon in early April to scanning and emailing everything over to our soon-to-be lender.Before I sent the email, I carefully looked through each and every document once more to confirm we had everything they were asking for.Yup … okay … perfect … wonderful … great … WHAT?!?!When I looked closely at my husband's 401(k) statement, I was shocked to see the number at the very bottom. We had both started working and contributing to our retirement accounts around the same time (late 2010) and we earned about the same amount of money - so how on earth was his balance so much higher than mine?Tyler (my husband) and I are very open with each other about our finances - so I always knew he contributed a larger percentage of his pre-tax income to his 401(k) than I did. But I had never realized just how much more money he was actually saving until I saw the actual balance. While I had been contributing anywhere from 2% to 4% of my pre-tax income to my retirement account since I started working, he had been contributing between 8% and 12% - increasing his contribution by about 1% each year.That led to a pretty big disparity between his balance and mine over the six-year span. He had saved about three times what I had, to be exact.Seeing those numbers side by side was a huge wake-up call for me. I thought about our future. I wondered, If that gap is this big now, what will it look like in 40 years? I knew if I continued contributing and saving the way I was, he'd be in way better shape come time to retire. Sure, that's still years away - but I know from <a href="http://www.businessinsider.com/how-much-of-your-income-to-save-for-retirement-2016-6">reading about saving for retirement</a> that what you do and how you save when you're young has an immense impact on things later.I felt silly for once feeling so proud of myself for contributing anything. I had thought, Oh, how responsible of me! But I now realized it simply wasn't enough. I knew right then and there I had to re-evaluate.I sat down, did the math, figured out what I could afford to contribute without feeling strapped for cash each month, and increased my contribution to 8%. I also checked off that little box next to the question on the website about whether I'd like to automatically increase my contribution by 1% each year. Now I don't even have to think about it!As Business Insider's Libby Kane <a href="http://www.businessinsider.com/how-much-of-your-income-to-save-for-retirement-2016-6">recently pointed out</a>, in order to finance 20-30 years post-work - operating on about 70% of my former annual income (at least) - I should be contributing 15% of my pre-tax income starting at age 30. (I'm 28, so I have a couple of years to work my way up to that number.)She says, <a href="https://www3.troweprice.com/usis/iinvestor/en/planning-and-research/t-rowe-price-insights/retirement-and-planning/retirement-savings/the-power-of-15-.html">according to T. Rowe Price</a>, increasing my contribution to 15% could help me save about $600,000 more by age 65 than I would if I contributed just 10% of my income.Sure, upping my contribution now makes my paychecks a bit smaller (maybe I have to skip a dinner out every now and then, or hold myself back from buying those sandals I've been eyeing) - but I'm sure I'll enjoy that extra $600,000 more than I will those shoes I'll probably wear twice. Watch out, Tyler: I'll catch up before you know it! <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/cut-cable-tv-shows-hulu-netflix-hbo-amazon-2016-9">Don't be afraid to cancel cable - here's how to watch all of your favorite shows for less than $42 a month</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="k1aTZxNTE6vUYGpp5yk9kVtosxPxbU5_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

I saw my husband's 401(k) balance and it was a huge wake-up call about the way I save money

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>My <a href="http://www.businessinsider.com/rules-of-dating-your-coworker-2016-1">husband and I</a> recently bought a home in a New York City suburb.When we began the process of applying for our mortgage, we were asked to submit a boatload of documents and paperwork. We each handed over two months worth of pay stubs, three years worth of W-2s, about a dozen quarterly bank statements, letters confirming our employment, retirement account balances … and the list goes on.We spent a few days getting everything together and then dedicated one Sunday afternoon in early April to scanning and emailing everything over to our soon-to-be lender.Before I sent the email, I carefully looked through each and every document once more to confirm we had everything they were asking for.Yup … okay … perfect … wonderful … great … WHAT?!?!When I looked closely at my husband's 401(k) statement, I was shocked to see the number at the very bottom. We had both started working and contributing to our retirement accounts around the same time (late 2010) and we earned about the same amount of money - so how on earth was his balance so much higher than mine?Tyler (my husband) and I are very open with each other about our finances - so I always knew he contributed a larger percentage of his pre-tax income to his 401(k) than I did. But I had never realized just how much more money he was actually saving until I saw the balance. While I had been contributing anywhere from 2% to 4% of my pre-tax income to my retirement account since I started working, he had been contributing between 8% and 12% - increasing his contribution by about 1% each year. That led to a pretty big disparity between his balance and mine over the six-year span. He had saved about three times what I had, to be exact.Seeing those numbers side by side was a huge wake-up call for me. I thought about our future. I wondered, If that gap is this big now, what will it look like in 40 years?I knew if I continued contributing and saving the way I was, he'd be in way better shape come time to retire.Sure, that's still years away - but I know from <a href="http://www.businessinsider.com/how-much-of-your-income-to-save-for-retirement-2016-6">reading about saving for retirement</a> that what you do and how you save when you're young has an immense impact on things later.I felt silly for once feeling so proud of myself for contributing anything. I had thought, Oh, how responsible of me! But I now realized it simply wasn't enough. I knew right then and there I had to re-evaluate.I sat down, did the math, figured out what I could afford to contribute without feeling strapped for cash each month, and increased my contribution to 8%. I also checked off that little box next to the question on the website about whether I'd like to automatically increase my contribution by 1% each year. Now I don't even have to think about it!As Business Insider's Libby Kane <a href="http://www.businessinsider.com/how-much-of-your-income-to-save-for-retirement-2016-6">recently pointed out</a>, in order to finance 20-30 years post-work - operating on about 70% of my former annual income (at least) - I should be contributing 15% of my pre-tax income starting at age 30. (I just turned 28, so I have a couple of years to work my way up to that number.)She says, <a href="https://www3.troweprice.com/usis/iinvestor/en/planning-and-research/t-rowe-price-insights/retirement-and-planning/retirement-savings/the-power-of-15-.html">according to T. Rowe Price</a>, increasing my contribution to 15% could help me save about $600,000 more by age 65 than I would if I contributed just 10% of my income.Sure, upping my contribution now makes my paychecks a bit smaller (maybe I have to skip a dinner out every now and then, or hold myself back from buying those sandals I've been eyeing) - but I'm sure I'll enjoy that extra $600,000 more than I will those shoes I'll probably wear twice. Watch out, Tyler: I'll catch up before you know it! <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/obama-washington-dc-president-white-house-kalorama-neighborhood-2016-5">Here's the $5.3 million mansion the Obamas will reportedly live in after the White House</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9jc3ZxMzE6QOCQ6ydkxJ3LsB84vAV-S-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Seeing my husband's 401(k) balance was a huge wake-up call about the way I save money

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">ReutersPepsi and Coke might be in a bit of trouble.</div></div></div>Four cities are preparing to vote on ballot initiatives that could present a major challenge to big soda. On November 8, residents of Boulder, Colo. and three cities in the Bay Area - San Francisco, Oakland and Albany, Calif. - will vote on whether or not to implement a tax on sugary drinks.The California initiatives would tax soda at a rate of 1 cent per ounce. The Boulder tax would be 2 cents per ounce. A new study from Harvard's T.H. Chan School of Public Health found that the proposed soda taxes would lead to millions of dollars in savings on healthcare costs. Researchers found that initiatives would result in a nearly 20% drop in soda consumption. The study, which used computer modeling to project the impact of the proposed taxes, also found that a decrease in soda consumption would have a direct effect on the health of the people in the area. According to the study, the incidence of diabetes in the three California cities would drop an estimated 4% by 2018 when the tax would be in full effect. The study also predicted that 6,000 fewer people in the area would be obese by the end of 2025. In turn, this reduction in rates of obesity and diabetes would cut healthcare costs in the San Francisco Bay Area by $54.9 million over 10 years.The same study found that the tax in Boulder would cut the incidence of diabetes by an estimated 10% in the city. Healthcare costs would decrease by $6.4 million over 10 years.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.flickr.com/photos/81016120@N05/12699321484/in/photolist-kmckQG-bpiKvE-7ZDnuU-bWrgKN-7VHBd6-f5jUN3-8UJsva-82yUYa-8UJobk-8UMVem-8UNXFx-53uM1k-82yWpi-e8sFzw-q2yxRj-pQYC72-7KYP1V-4Hbpnx-psQim4-bnbVQw-9LSLuD-e6u3XP-8UJuFp-8vuvHr-eZrcit-dzNL5F-a2ggb3-dTH7Vr-pnGS6H-jdiRGm-dTH8UK-9MxgGf-qd8NLy-nodHpL-e8sFFd-e6u2mi-7NSqh7-5pLz3X-9MuXuV-e7s1nq-e8HcFe-jf5p6B-8pdUF7-rbmAJj-aRAtzx-oPjp2v-9nBWba-8gihrC-7VLRy1-nsTGwn">Richard Heyes/flickr</a>San Francisco will vote on whether or not to implement a tax on sugary drinks on November 8.</div></div></div>"Our analysis looks beyond revenue and finds that this excise tax on sugary drinks can generate significant prevention of new cases of obesity, diabetes, improved quality adjusted life years and healthcare cost savings," Dr. Steven Gortmaker, a professor of health sociology and lead investigator on the project, said in a statement.Critics said the study is politically motivated. "This is a political maneuver financed by out of town special interest groups to push their pro-tax agenda 12 days before an election by looking at only the four cities with ballot initiatives," Laura Kane, a spokesperson for the American Beverage Association, said in a statement. "We encourage the Bay Area and Boulder to look at the facts - taxes on common grocery items don't make people healthier, just poorer."Few cities in the US that have successfully passed similar taxes. In Berkeley, Calif., soda consumption in low-income neighborhoods dropped 22% after the city imposed a penny-per-ounce tax on sugar-sweetened beverages, according to a study published in the American Journal of Public Health<a href="http://www.businessinsider.com/berkeley-soda-tax-lowered-soda-consumption-study-finds-2016-8"> in August.</a> The city's tax passed in 2014 and went into effect in May 2015. While taxes likely play a role in deterring consumers, other factors may be at play as well."The greater-than-predicted reduction in consumption in Berkeley could also reflect effects of the campaign surrounding the tax, which may have shifted social norms," the study said. In July, Philadelphia passed a tax of 1.5 cents per ounce of sugar-added and artificially sweetened soft drinks - a tax expected to raise approximately $91 million over the next year.Soda taxes have been passed on a national level in Great <a href="http://fortune.com/2016/03/16/sugar-tax-soft-drinks/">Britain, France, Hungary, and Mexico</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/APTOPIX-Philadelphia-Soda-Tax/c16332d5ad444330b9dbe52b508430da/11/0">AP Photo/Matt Rourke</a>The American Beverage Association has already spent more than $1.5 million on an anti-tax campaign.</div></div></div><h2>Big soda's reaction</h2>Unsurprisingly, the soda industry isn't entirely pleased with efforts to turn customers away from sugary beverages. The American Beverage Association, the industry's main lobby group, has already invested <a href="http://www.npr.org/sections/thesalt/2014/10/27/359325115/soda-makers-try-to-take-fizz-out-of-bay-area-tax-campaigns">millions of dollars</a> to fight laws to tax and label sugary beverages.As nutritional trends have become increasingly anti-sugar, per capita soda sales have dropped <a href="http://www.businessinsider.com/added-sugar-limits-alarm-soda-giants-2016-1">25% since 1998</a>, but the number of bottles and cans purchased is still rising. So far, soda giants are trying to recoup lost sales in two ways: convincing consumers that sweet sodas are still OK to drink, and investing outside of traditional sugary drinks.If soda companies want to persuade people to continue to drink soda, they need to cut sugar and calories. The American Beverage Association has an initiative to cut calories from beverages consumed per person by 20% by 2025. <a href="http://www.businessinsider.com/coke-and-pepsi-finally-ditching-sugar-2016-10">Last week,</a> PepsiCo announced that by 2025, two thirds of its drinks will have 100 calories or fewer from added sugar, per 12 oz serving. Currently, these types of sugary beverages make up roughly <a href="http://www.businessinsider.com/r-pepsico-sets-global-target-for-sugar-reduction-2016-10">40% of PepsiCo's drinks.</a>One way to do that is by making serving sizes of soda smaller. In the last quarter, Coke rolled out more new smaller sized packaging in markets including Mexico, India, and China, the company announced on Tuesday. Smaller cans contain fewer total calories than large bottles, which may make them more appealing to consumers. They also generally cost more per ounce.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Donald Heupel/ReutersPepsiCo CEO Indra Nooyi stands in front of Pepsi products.</div></div></div>In 2015, for example, an 8.5-ounce aluminum bottle of Coke generated $1.60 in revenue per purchase, while a two-liter gallon only generated $0.18. That's nearly nine times the revenue.Persuading people to buy soda in smaller cans isn't enough, though. Increasingly, soda giants are diversifying and investing in healthier options that won't be affected by sugar taxes.In April, PepsiCo CEO Indra Nooyi announced that less than 25% of the company's global sales are from soda - the same proportion of sales Pepsi brings in from its "naturally nutritious" category, which includes bottled water and unsweetened drinks. Nooyi calls the emphasis on products aimed at nutritionally-savvy customers <a href="http://seekingalpha.com/article/3965977-pepsico-pep-indra-k-nooyi-q1-2016-results-earnings-call-transcript?part=single">"future-proofing"</a> Pepsi's portfolio, "reshaping it to capitalize on consumers' increasing interest in health and wellness."Coca-Cola is attempting a similar make-over. The company is working to cut sugar in its sodas globally with lower-sugar recipe revamps. In July, the company rebranded its sugar-free, low-calorie soda Coke Zero as Coca-Cola Zero Sugar in Great Britain. The new brand will roll out in other European markets in the coming quarter."Since 2000, we've increased our business from about 10% of our volume coming from still beverages to almost 30% today," COO James Quincey <a href="http://www.businessinsider.com/coca-cola-soda-sales-down-by-volume-2016-7">said in a Q&amp;A in July.</a>Instead, the company is investing in <a href="http://www.businessinsider.com/coca-cola-acquires-ades-for-575-million-2016-6">juice</a>, <a href="http://www.businessinsider.com/coca-cola-invests-in-coffee-not-soda-2016-9">tea, coffee,</a> and <a href="http://www.businessinsider.com/coke-and-pepsi-push-bottled-water-sales-2016-9">bottled water. </a>These less-sugary options could provide an opportunity for growth, even as governments consider taxing soda on the city, state, and national level. The Berkeley soda study found that when people decreased their soda consumption, they replaced it with healthier choices. Water consumption (bottled or tap) increased 63% in Berkeley after the soda tax went into effect. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/coke-pepsi-ditching-sugar-soda-company-2016-10">Coke and Pepsi are ditching sugar</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Z4YjJ5NjE6SqYoRQPwHAQl1NBg3VYrnS" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Four cities are voting on ballot initiatives that should terrify Coke and Pepsi

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Scott Olson/Getty</div></div></div>A new study from Harvard's T.H. Chan School of Public Health found that proposed soda taxes in San Francisco's Bay Area and Boulder, Colo., would lead to millions of dollars in savings on healthcare costs. The study released Thursday is particularly timely because three cities in California and Boulder will vote on November 8 on whether or not to pass a soda tax. Researchers found that the soda tax initiatives being considered California would result in a nearly 20% drop in soda consumption. The study, which was commissioned by food policy nonprofit Healthy Food America, used a computer model to project the impact of the proposals, which would tax soda at a rate of 1 cent per ounce. The study also found that a decrease in soda consumption would have a direct effect on the health of the people in the area. According to the model, the incidence of diabetes would drop an estimated 4% by 2018 when the tax would be in full effect in the three cities. The study also predicts that 6,000 fewer people in the area would be obese by the end of 2025, compared to how many people would be obese if the taxes do not go into effect. This reduction in rates of obesity and diabetes would cut healthcare costs in the San Francisco Bay Area by $54.9 million over 10 years.The same study found that if a similar tax of 2 cents per ounce passes in Boulder, the incidence of diabetes would drop by an estimated 10% in the city. Healthcare costs would decrease by $6.4 million over 10 years.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.facebook.com/PepsiUS/photos/a.123490744049.127432.56381779049/10153382856149050/?type=3&amp;theater">Pepsi</a></div></div></div>"Our analysis looks beyond revenue and finds that this excise tax on sugary drinks can generate significant prevention of new cases of obesity, diabetes, improved quality adjusted life years and healthcare cost savings," Dr. Steven Gortmaker, a professor of health sociology and lead investigator on the project, said in a statement.Critics say the study is politically motivated. "This is a political maneuver financed by out of town special interest groups to push their pro-tax agenda 12 days before an election by looking at only the four cities with ballot initiatives," Laura Kane, a spokesperson for the American Beverage Association, said in a statement. "We encourage the Bay Area and Boulder to look at the facts - taxes on common grocery items don't make people healthier, just poorer."Few cities in the US that have successfully passed similar taxes. In Berkeley, Calif., soda consumption in low-income neighborhoods dropped 22% after the city imposed a penny-per-ounce tax on sugar-sweetened beverages, according to a study published in the American Journal of Public Health<a href="http://www.businessinsider.com/berkeley-soda-tax-lowered-soda-consumption-study-finds-2016-8"> in August.</a> The city's tax passed in 2014 and went into effect in May 2015. While taxes likely play a role in deterring consumers, other factors may be at play as well."The greater-than-predicted reduction in consumption in Berkeley could also reflect effects of the campaign surrounding the tax, which may have shifted social norms," the study said. In July, Philadelphia passed a tax of 1.5 cents per ounce of sugar-added and artificially sweetened soft drinks - a tax expected to raise approximately $91 million over the next year.Soda taxes have been passed on a national level in Great <a href="http://fortune.com/2016/03/16/sugar-tax-soft-drinks/">Britain, France, Hungary, and Mexico</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/APTOPIX-Philadelphia-Soda-Tax/c16332d5ad444330b9dbe52b508430da/11/0">AP Photo/Matt Rourke</a>The American Beverage Association has already spent more than $1.5 million on an anti-tax campaign.</div></div></div><h2>Big soda's reaction</h2>Unsurprisingly, the soda industry isn't entirely pleased with efforts to turn customers away from sugary beverages. The American Beverage Association, the industry's main lobby group, has already invested <a href="http://www.npr.org/sections/thesalt/2014/10/27/359325115/soda-makers-try-to-take-fizz-out-of-bay-area-tax-campaigns">millions of dollars</a> to fight laws to tax and label sugary beverages.As nutritional trends have become increasingly anti-sugar, per capita soda sales have dropped <a href="http://www.businessinsider.com/added-sugar-limits-alarm-soda-giants-2016-1">25% since 1998</a>, but the number of bottles and cans purchased is still rising. So far, soda giants are trying to recoup lost sales in two ways: convincing consumers that sweet sodas are OK to drink, and investing outside of traditional sugary drinks.If soda companies want to persuade people to continue to drink soda, they need to cut sugar and calories. The American Beverage Association has an initiative to cut calories from beverages consumed per person by 20% by 2025. <a href="http://www.businessinsider.com/coke-and-pepsi-finally-ditching-sugar-2016-10">Last week,</a> PepsiCo announced that by 2025, two thirds of its drinks will have 100 calories or fewer from added sugar, per 12 oz serving. Currently, these types of sugary beverages make up roughly <a href="http://www.businessinsider.com/r-pepsico-sets-global-target-for-sugar-reduction-2016-10">40% of PepsiCo's drinks.</a>One way to do that is by making serving sizes of soda smaller. In the last quarter, Coke rolled out more new smaller sized packaging in markets including Mexico, India, and China, the company announced on Tuesday. Smaller cans contain fewer total calories than large bottles, which may make them more appealing to consumers. They also generally cost more per ounce.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div>In 2015, for example, an 8.5-ounce aluminum bottle of Coke generated $1.60 in revenue per purchase, while a two-liter gallon only generated $0.18. That's nearly nine times the revenue.Persuading people to buy soda in smaller cans isn't enough, though. Increasingly, soda giants are diversifying and investing in healthier options that won't be affected by sugar taxes.In April, PepsiCo CEO Indra Nooyi announced that less than 25% of the company's global sales are from soda - the same proportion of sales Pepsi brings in from its "naturally nutritious" category, which includes bottled water and unsweetened drinks. Nooyi calls the emphasis on products aimed at nutritionally-savvy customers <a href="http://seekingalpha.com/article/3965977-pepsico-pep-indra-k-nooyi-q1-2016-results-earnings-call-transcript?part=single">"future-proofing"</a> Pepsi's portfolio, "reshaping it to capitalize on consumers' increasing interest in health and wellness."Coca-Cola is attempting a similar make-over. The company is working to cut sugar in its sodas globally with lower-sugar recipe revamps. In July, the company rebranded its sugar-free, low-calorie soda Coke Zero as Coca-Cola Zero Sugar in Great Britain. The new brand will roll out in other European markets in the coming quarter."Since 2000, we've increased our business from about 10% of our volume coming from still beverages to almost 30% today," COO James Quincey <a href="http://www.businessinsider.com/coca-cola-soda-sales-down-by-volume-2016-7">said in a Q&amp;A in July.</a>Instead, the company is investing in <a href="http://www.businessinsider.com/coca-cola-acquires-ades-for-575-million-2016-6">juice</a>, <a href="http://www.businessinsider.com/coca-cola-invests-in-coffee-not-soda-2016-9">tea, coffee,</a> and <a href="http://www.businessinsider.com/coke-and-pepsi-push-bottled-water-sales-2016-9">bottled water. </a>These less-sugary options could provide an opportunity for growth, even as governments consider taxing soda on the city, state, and national level. The Berkeley soda study found that when people decreased their soda consumption, they replaced it with healthier choices. Water consumption (bottled or tap) increased 63% in Berkeley after the soda tax went into effect. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/coke-pepsi-ditching-sugar-soda-company-2016-10">Coke and Pepsi are ditching sugar</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Z4YjJ5NjE6SqYoRQPwHAQl1NBg3VYrnS" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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