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<ul class="summary-list"><li>In "<keyword id="11125168" type="UNKNOWN" weightage="60" keywordseo="rainbows-end">Rainbow's End</keyword>: <keyword id="11125166" type="UNKNOWN" weightage="60" keywordseo="the-crash-of-1929">The Crash of 1929</keyword>" <keyword id="11125167" type="UNKNOWN" weightage="60" keywordseo="maury-klein">Maury Klein</keyword> details the speculative fever that washed over <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> ahead of the event.</li><li>The book reveals striking similarities to today's euphoric market, which has led to soaring prices of stocks, crypto, and other assets.</li><li>No one can predict a market crash with certainty, but everyone can learn from history. </li></ul>The market opened "like a bolt out of hell." A "dreaded tsunami of selling" flooded in as panicked investors jettisoned over 16 million shares, more than triple the normal daily trading volume.Rules for traders to not "run, curse, push or go coatless" quickly went by the wayside. Mobs formed around the financial district of New York City and police were called in to control a most peculiar group of rioters - stock market investors.The Dow Jones closed at $230 - down 23% from the opening of $299 and nearly 40% from record highs of $381.17. The day was "<keyword id="8268775" type="UNKNOWN" weightage="60" keywordseo="black-tuesday">Black Tuesday</keyword>," October 29, 1929.It wasn't the start of the crash, but it was the nail in the coffin. Fortunes were lost in a matter of hours and the US economy came crashing down hand in hand with the irrational exuberance of the 1920's.The great depression began and by July 8, 1932, the Dow fell to just $41.22 as investors lost faith in Wall Street.In "Rainbow's End: The Crash of 1929" Maury Klein dissects the 1929 <keyword id="730488" type="PERSON" weightage="60" keywordseo="stock-market-crash">stock market crash</keyword>, elaborating human stories that reveal the speculative fever of an era, and perhaps even more importantly, illustrate startling similarities to today's euphoric markets.Below, Insider details four examples of how history may be repeating itself based on episodes from the 1929 crash described in Klein's book.<h3>More new listings than ever before</h3>"New listings on the New York Stock Exchange rose from 58 million shares in 1925 to 102 million in 1928."In 1929 new listings on the New York Stock Exchange hit record levels as the exuberance surrounding Wall Street reached a fever pitch.While there are many differences between the era of the 1929 crash and present day, the rise of new listings is a similarity that can't be denied.In the first quarter of this year, IPO volumes rose 85% and proceeds jumped some 271% year-over-year, according to the Ernst &amp; Young <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3128983-1&amp;h=1837792811&amp;u=http%3A%2F%2Fwww.ey.com%2Fipo%2Ftrends&amp;a=Global+IPO+Trends%3A+Q1+2021PO+Trends%3A+Q1+2021" target="_blank" rel="nofollow noopener">Global IPO Trends: Q1 2021</a> report.The rise of special purpose acquisition companies, or SPACs, has added to the boom in new listings. SPAC IPO issuance broke records in the first quarter of 2021, with 298 SPACs raising nearly $88 billion, according to <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.icrinc.com%2Fprimer-spac-request%2F&amp;esheet=52407980&amp;newsitemid=20210407005635&amp;lan=en-US&amp;anchor=Q1+2021+SPAC+Market+Update+report&amp;index=2&amp;md5=a66a6c204cdcddef438f7de900bfcd656c204cdcddef438f7de900bfcd65">data from ICR Capital</a>.<h3>The rise of the inexperienced speculators and traders</h3>"To practiced eyes, they represented a new breed of gambler lured to the market more by hope than experience, like vacationers at a casino trying their luck in a game owned by professionals...Suckers are born every minute. One goes, two come in. Win or lose we get our commissions."In the late 1920s, the ranks of investors on Wall Street ballooned to record numbers.Brokerage houses opened 599 new offices in 1928 and 1929 alone, bringing the total number of New York brokerage offices to over 1600 in the days before "Black Tuesday," more than double the number that were operating in 1925.Women, who hadn't previously been allowed in brokerage houses, also became top customers before the 1929 crash. One female trader wrote about her reasoning for entering the markets in a "how-to" article that perfectly illustrates the sentiment of the era, "we went for the same reason that most of the other little pigs were going-that is, because we wanted to make some money quickly without working for it."In 2021, trading apps like Robinhood, E*trade, and Fidelity, which serve as the brokerage houses of our time, are booming like never before. Charles Schwab <a href="https://markets.businessinsider.com/news/stocks/charles-schwab-retail-investors-accounts-stocks-economy-pandemic-2021-4-1030309951">added a record 3.2 million new brokerage accounts</a> in the first quarter, more than it did in all of 2020.Reddit's r/wallstreetbets, a home for retail traders and the same type of speculative attitude seen in the late 1920's, has also seen its ranks swell to nearly 10 million members.Meanwhile, institutional buy-side trading has fallen to just over 25% of total equity trading volume, down from highs of over 40% less than five years ago.And retail trading volume has gone from around 10% of total equity trading in 2010 to nearly 25% in 2021, according to <a href="https://www.bloomberg.com/news/articles/2021-04-09/how-kitchen-table-trading-changed-the-face-of-markets">data from Bloomberg Intelligence.</a> <h3>Record levels of borrowing to invest and trade</h3>"Broker's loans, which stood at nearly $3.7 billion in march 1928, reached a record $4.56 billion by June 6."Broker's took out loans to fund margin accounts for clients in the 1920's. It was a great business, at least until it all came crashing down. In 2021, brokers are again dishing out record levels of debt to traders. <a href="https://www.finra.org/investors/learn-to-invest/advanced-investing/margin-statistics">FINRA margin debt</a> hit a record-high $813 billion in February, nearly doubling from last years' $545 billion figure.Once again, investors are placing bets with the house's money, however, this time there is one clear difference - savings.Consumers have stockpiled some $5.4 trillion in savings since the Coronavirus began, per <a href="https://www.ft.com/content/8cbfe40d-1ce1-4dc6-bcb2-1314b77b9443">the Financial Times</a>. Still, the similarities between trader's margin trading habits in 1929 and today are undeniably similar.<h3>The Federal Reserve's easy money policies</h3>"Benjamin Strong had already advanced the New York's bank rate to 4.5 percent in May. Two months later it joined eight other Federal Reserve banks in moving to 5 percent, but some thought the reversal of the easy-money policy of 1927 came too late."Benjamin Strong was the Governor of the Federal Reserve Bank of New York for 14 years until his death in October of 1928, roughly one year before "Black Tuesday."Strong maintained so-called "easy money" low-interest-rate policies for far longer than many economists of the 20's hoped. The Governor cut the Fed's discount rate 0.5% in 1927, angering US President Herbert Hoover.Strong also <a href="https://fraser.stlouisfed.org/files/docs/publications/aer/aer_1935_responsibility_fed_policy.pdf">insisted on purchases</a> of United States government securities by federal reserve banks, which carried their holdings from $300,000,000 in May 1928 to $600,000,000 in December.Economists like Murray Rothbard <a href="https://mises.org/library/americas-great-depression">have criticized Strong</a> for his "market manipulations" claiming he was a main cause of the Great Depression.In 2021, Jerome Powell has <a href="https://www.businessinsider.com/fed-powell-march-fomc-asset-purchases-central-bank-monetary-policy-2021-3">pledged to maintain</a> ultralow interest rates and continue hefty asset purchases until "substantial further progress has been made" toward employment and inflation goals. The <a href="https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm">Fed's total assets</a> have also increased from $4.1 trillion to nearly $8 trillion since the start of 2020 alone.

A book dissecting the 1929 stock market crash shows startling similarities to today's euphoric market. Here are 4 examples of how history may be repeating itself.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Carlo Allegri/ReutersUber CEO Dara Khosrowshahi.</div></div></div>Hello!The IPO market is picking up steam. Pinterest started its IPO roadshow on Monday, targeting a lower valuation than it achieved in its last private funding round. On Thursday, PagerDuty soared on its debut. And later that day, Uber filed for its own long-awaited listing. By some estimates, <a href="https://www.businessinsider.com/over-100-unicorns-could-go-public-2019-ubs-report-2019-4">more than 100 tech unicorns could hit the public markets this year</a>. We'll be keeping a close eye on the winners and losers over the coming months.You can read all of our extensive coverage on the Uber IPO <a href="https://www.businessinsider.com/category/uber-ipo">here</a>, but here are some of the highlights. <section><ul><li><a href="https://www.businessinsider.com/menlo-ventures-shawn-carolan-uber-2019-4">One of Uber's earliest investors explains why he invested in the first place, and how the company is going to keep growing past its IPO</a></li><li><a href="https://www.businessinsider.com/uber-spent-billions-more-than-lyft-on-acquisitions-2019-3">Uber spent $3.3 billion on acquisitions in 2018 and 2019 - 10-times more than Lyft</a></li><li><a href="https://www.businessinsider.com/uber-2-drivers-fighting-minimum-wage-risks-to-100-billion-ipo-2019-4">Uber driver says he feels vindicated as his fight for the minimum wage is listed as a risk factor in its $100 billion IPO</a></li><li><a href="https://www.businessinsider.com/uber-atgs-chief-scientist-how-self-driving-cars-will-change-cities-2019-4">Uber's chief self-driving scientist reveals how different the world will look when autonomous cars eventually roll out</a></li><li><a href="https://www.businessinsider.com/uber-original-pitch-deck-shows-evolution-ipo-2018-12">Uber's original pitch deck from a decade ago shows just how much the ride-hailing giant has changed</a></li></ul><section><div data-e2e-name="byline"><div data-e2e-name="byline-content">Elsewhere, Becky Peterson talked to one of PagerDuty's earliest investors about <a href="https://www.businessinsider.com/bessemer-ventures-ethan-kurzweil-why-bet-pagerduty-before-ipo-2019-4">why he went big on the IT-management company</a>, and Rosalie Chan caught <a href="https://www.businessinsider.com/pagerduty-ipo-ceo-jennifer-tejada-cfo-howard-wilson-say-whats-next-2019-4">up with the CEO and CFO to talk about what's next.</a>And if in case you missed it, here's six tips from top wealth advisers about <a href="https://www.businessinsider.com/the-6-most-important-financial-life-changes-to-plan-for-before-your-startups-ipo-2019-3">how this new wave of Silicon Valley millionaires should prepare for a sudden influx of cash</a>. In related IPO news, electronic trading platform Tradeweb just went public at a $7.5 billion valuation. I caught up with Billy Hult, the company's president, <a href="https://www.businessinsider.com/tradeweb-president-discusses-ipo-process-electronic-markets-2019-4">to talk about the IPO process, electronic markets going mainstream, and what it means to be a public company</a>.</div></div></section></section>What would you like this email to include? What have we missed? You can reach me at mturner@businessinsider.com.-Matt<h2>Quote of the week</h2>"I'll say I am looking for a short-term futures guy with Python [coding abilities] and two years' experience, and once you narrow that down, there's really only like five or 10 guys out there that fit the bill." - Michael Graves, a hedge fund manager <a href="https://www.businessinsider.com/point-72s-michael-graves-starting-own-hedge-fund-2019-1">starting his own fund</a>, on the <a href="https://www.businessinsider.com/hedge-funds-competing-with-startups-for-talent-2019-4">battle for quant talent with Silicon Valley</a>. <h2>In conversation</h2><ul><li>Marley Jay talked to Peter Mallouk, CEO of Creative Planning and one of the top-ranked US wealth managers in recent years, about the <a href="https://www.businessinsider.com/money-management-advice-from-biggest-us-wealth-advisor-peter-mallouk-2019-4">five ways he says you can invest like "the millionaire next door</a>."</li><li>Rich Feloni talked to Roger Duguay, a managing partner and global practice leader for CEO and board services for Boyden, about <a href="https://www.businessinsider.com/what-are-the-best-traits-of-a-ceos-2019-4">the three</a><a href="https://www.businessinsider.com/what-are-the-best-traits-of-a-ceos-2019-4"> key traits he looks for in CEO candidates</a>.</li><li>Shona Ghosh talked to Patrick Studener, Bird's most senior exec outside the US, about the company's expansion in Europe, <a href="https://www.businessinsider.com/bird-emea-interview-pricing-scooters-uk-brexit-weapons-2019-4">and how you stop someone wielding a scooter as a riot weapon</a>.</li><li>Lisa Eadicicco talked to Ring founder Jamie Siminoff about how he's bringing his entrepreneurial spirit to Amazon a <a href="https://www.businessinsider.com/ring-founder-jamie-siminoff-life-after-amazon-acquisition-2019-4">year after selling to the tech giant for $1 billion</a>.</li><li>Rosalie Chan talked to Mark Templeton, CEO of cloud computing startup DigitalOcean, about the "cult following" that helped it <a href="https://www.businessinsider.com/digitalocean-ceo-mark-templeton-cloud-developers-2019-4">grow a $225 million business even under the shadow of Amazon Web Services</a>.</li><li>Meghan Morris talked to Byron Sorrells, chief operating officer at SAY, about how the fintech platform is trying to <a href="https://www.businessinsider.com/say-launches-app-to-make-corporate-governance-more-accessible-2019-4">make voting and other corporate governance processes more accessible to individual investors</a>. </li><li>Kate Taylor talked to José Cil, the new CEO of Restaurant Brands International, the parent company of Burger King, Tim Hortons, and Popeyes, <a href="https://www.businessinsider.com/restaurant-brand-international-ceo-jose-cil-interview-2019-4">about </a><a href="https://www.businessinsider.com/restaurant-brand-international-ceo-jose-cil-interview-2019-4">his plans for the future of the chains</a>.</li><li>Dennis Green talked to Bonobos' new CEO, Micky Onvural, about how the <a href="https://www.businessinsider.com/bonobos-ceo-on-walmart-relationship-2019-4">retailer is </a><a href="https://www.businessinsider.com/bonobos-ceo-on-walmart-relationship-2019-4">helping Walmart make a crucial strategic shift</a>. </li><li>Lydia Ramsey talked to Flatiron Health CEO and co-founder Nat Turner, a year after the health-tech company sold to Roche in a $1.9 billion deal, <a href="https://www.businessinsider.com/flatiron-healths-nat-turner-advice-on-remaining-ceo-after-acquisition-2019-4">about his </a><a href="https://www.businessinsider.com/flatiron-healths-nat-turner-advice-on-remaining-ceo-after-acquisition-2019-4">advice for other founders who want to stay on after an acquisition</a>.</li><li>Tanya Dua talked to Procter &amp; Gamble chief brand officer Marc Pritchard about why <a href="https://www.businessinsider.com/pg-has-saved-over-1-billion-by-overhauling-how-it-works-with-agencies-2019-4">he thinks his crusade to overhaul digital advertising is working</a>. </li></ul><h2>Finance and Investing</h2><section><a href="https://www.businessinsider.com/with-looming-job-cuts-barclays-throsby-wrote-irreconcilable-email-2019-4">Tim Throsby sent an email to Barclays' CEO with the title 'irreconcilable.' He warned that a plan to gut compensation by 20% and boost profitability was unrealistic</a>Tim Throsby, a former JPMorgan banker hired by Barclays to much fanfare to run its investment bank, drafted an email over the weekend of March 23 to 24. By the time he got around to sending it to CEO Jes Staley, he was already out.<a href="https://www.businessinsider.com/rich-friedman-goldman-sachs-profile-2019-4">'It's good to be Rich': Meet the Goldman Sachs banker who has built a private investing empire that goes head-to-head with Blackstone</a>The Champagne was flowing in February 2018 when the Goldman Sachs executive Rich Friedman welcomed a couple hundred guests to the Rainbow Room.</section><section><a href="https://www.businessinsider.com/best-stocks-to-invest-in-for-growth-jim-tierney-alliance-bernstein-2019-4">A stock picker who's dominating 92% of his peers breaks down his market-beating strategy - and reveals 5 stocks he loves, even as earnings growth dries up</a>Jim Tierney can use a painful market crash every now and then.</section><h2>Tech, Media, Telecoms</h2><section><a href="https://www.businessinsider.com/everything-you-need-to-know-israel-tech-acquisition-hub-2019-4">McDonald's, Nvidia and Salesforce all want a bite of the Tel Aviv tech crop. Here's what you need to know about Israel's bustling M&amp;A scene</a>In late March, <a href="https://www.businessinsider.com/category/mcdonalds">McDonald's</a> announced its $300 million-plus acquisition of Dynamic Yield, an Israeli startup that uses algorithms to personalize shopping experiences to the individual.<a href="https://www.businessinsider.com/apttus-head-of-revenue-and-sales-svp-have-left-company-memo-2019-4">2 senior execs at Thoma Bravo's Apttus, including the controversial head of revenue, have left without immediate replacements</a>The head of revenue at <a href="https://www.businessinsider.com/category/apttus">Apttus</a>, an enterprise tech company that has been rocked by a series of controversies and executive turnover, has left the company without an immediate replacement, according to a memo obtained by Business Insider.<section><a href="https://www.businessinsider.com/the-battle-for-management-of-the-home-connected-devices-pits-comcast-against-amazon-and-google-2019-4">The upcoming 'battle for the home' pits Comcast against Amazon and Google - and the cable giant has one big advantage</a>The next "battle for the home" will revolve around home internet-of-things management, and the voice-control stalwarts Google and Amazon could face stiff competition from Comcast and Charter.</section></section><h2>Healthcare, Retail, Transportation</h2><section><a href="https://www.businessinsider.com/morgan-stanley-on-how-apple-could-disrupt-healthcare-2019-4">Forget Amazon and Google. Apple could bring in $300 billion a year in healthcare, Morgan Stanley says</a><a href="https://www.businessinsider.com/category/apple">Apple</a> has been edging its way into healthcare for years. Morgan Stanley says investors aren't taking the move seriously enough.</section><a href="https://www.businessinsider.com/clinical-trial-startups-raise-1-billion-to-transform-drug-development-2019-4">Creating a new drug takes a decade and costs a fortune. Investors have poured almost $1 billion into startups trying to change that</a>Making drugs is a notoriously slow and costly proposition.<a href="https://www.businessinsider.com/ikea-ecommerce-strategy-planning-studio-2019-4">Ikea exec reveals how opening a new kind of location will help it win in e-commerce</a>How does Ikea plan to adapt to the increasingly omnichannel world of retail? Well, the furniture-store chain's new planning studio in Manhattan may offer up some important clues.<a href="http://read.bi/ai-101-free"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/lawsuit-captain-marvel-shazam-superman-comics-dc-superheroes-2019-4">How a $4 million lawsuit created 'Shazam!' and 'Captain Marvel' as we know them today</a></h3> <div> </div> </div>

An IPO frenzy, 'irreconcilable' differences at Barclays, and Apple's $300 billion opportunity

Douglas EllimanArtwork not included in sale.<ul class="summary-list"><li>WeWork cofounder Miguel McKelvey is selling his <a href="https://www.businessinsider.com/wework-cofounder-miguel-mckelvey-new-york-townhouse-photos-2020-1">three-floor NYC townhouse for $21 million</a>, The New York Post reported.</li><li><a href="https://twitter.com/georgiakromrei/status/1212846344215433216?s=12">A Twitter user spotted</a> that the listing includes a photo of two erotic pieces of artwork on the dining room wall, made by artist John Giorno.</li><li>Although it's unclear whether this is McKelvey's art, the listing agent confirmed to Business Insider that all the furniture and artwork featured in the pictures is "as it was" when the owner lived there.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>WeWork cofounder Miguel McKelvey's NYC townhouse is on the market, but the apartment's heated floors and $21 million pricetag aren't the most outlandish features of the listing.McKelvey's three-floor apartment near Manhattan's Washington Square Park was recently listed for $21 million, as the <a href="https://nypost.com/2019/12/31/wework-co-founder-wants-21m-for-greenwich-village-house/">New York Post first reported</a>. It didn't take long for people to discover <a href="https://www.elliman.com/new-york-city/18-west-11th-street-manhattan-fjmwhyw">additional photos of the apartment</a>, including <a href="https://twitter.com/GeorgiaKromrei/status/1212846344215433216">one photo that shows</a> two pieces of eye-catching artwork on the wall that are colorful in more ways than one.In bold white text, one of the rainbow-print pieces proclaims, "We gave a party for the gods and the gods all came," while the other makes an even more explicitly sexual statement. We'll let you see it for yourself:McKelvey, who's <a href="https://www.forbes.com/profile/miguel-mckelvey/#6da56a1f2f80">worth an estimated $900 million</a>, reportedly <a href="https://therealdeal.com/2020/01/02/weworks-miguel-mckelvey-lists-townhouse-for-21m/">purchased the townhouse</a> for $12 million in 2015. McKelvey remains WeWork's chief culture officer, even after the coworking space company's IPO failed spectacularly and cofounder A<a href="https://www.businessinsider.com/ousted-wework-ceo-adam-neumann-selling-new-york-penthouse-report-2019-12">dam Neumann was ousted as CEO</a>.It's not clear whether these pieces of art belong to McKelvey, or whether McKelvey had rented out the place to someone else. The apartment's listing agent, Douglas Elliman's Clinton Stowe, confirmed to Business Insider that all the furniture and artwork in the photos is as it was when the owner lived there. Stowe confirmed that the furnishings and artwork are not being sold with the house.WeWork did not respond to Business Insider's request for comment on the artwork.The two pieces of art are by artist John Giorno, a gay New York native revered for his brightly colored pieces featuring words of explicit poetry. Giorno <a href="https://www.artnews.com/art-news/news/john-giorno-artist-poet-dead-13381/">died of a heart attack</a> in October 2019 at 82 years old.<a href="https://www.alminerech.com/artists/146-john-giorno">Giorno's artwork</a> is known for featuring phrases like "suicides are songs of aspiration," and "prefer crying in a limo to laughing on a bus." Giorno is also credited as the inventor behind <a href="https://www.nytimes.com/2005/04/30/arts/dialapoem-enters-the-internet-age.html">Dial-A-Poem</a>, a service started in 1968 where people could call in to hear poems that were often based in sexual imagery or political activism. Other pieces by Giorno, which are similar in appearance to the two pieces in McKelvey's home, are available for purchase online for various prices, ranging <a href="https://fineartmultiple.com/john-giorno-we-gave-a-party-for-the-gods-and-the-gods-all-came/">from €1,200</a> <a href="https://fineartmultiple.com/john-giorno-i-want-to-cum-in-your-heart/">to €2,500</a> each (about $1,340 to $2,793).<a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=wework&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/secret-hidden-airplane-safety-features-2019-12">8 secret airplane safety features you didn't know existed</a></h3>

You can now buy WeWork exec Miguel McKelvey's luxury townhouse for $21 million - but the erotic, rainbow-print art in the dining room isn't included

<a href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi! Living in the Arctic has downsides — mainly the bitter cold — but it also has benefits, like these <a href="https://www.businessinsider.com/photos-rainbow-colored-clouds-in-arctic-sky-near-christmas-2023-12">rainbow-colored clouds that recently appeared in the skies</a>.In today's big story, we're looking at some of our best tech stories from the past year.What's on deck: <ul><li>Markets: The hedge funds <a href="https://www.businessinsider.com/here-are-the-hedge-funds-to-watch-in-2024-2023-12">worth watching in 2024</a>.</li><li>Tech: How a retiree <a href="https://www.businessinsider.com/she-spent-her-inheritance-sending-money-to-tiktok-influencers-2023-12">blew over $25,000 on TikTok's Live Matches</a>.</li><li>Business: It's one thing to get revenge. <a href="https://www.businessinsider.com/taylor-swift-dylan-mulvaney-revenge-economy-profit-celebrities-incfluencers-madix-2023-12">It's another to make money doing it</a>.</li></ul>But first, it's tech time.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Tech in review<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a></h2><a href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023"></a><div type="image" title="Mark Zuckerberg" height="1000" width="2000" msid="106356901" hostid="261" sizebytes="304494"></div>The year in tech was a case study in the haves and have-nots.The year kicked off with <a href="https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2023">cuts across Big Tech</a> and increased pressure on cash-burning startups that were <a href="https://www.businessinsider.com/silicon-valley-fears-exctinction-event-startup-failure-rate-increase-2023-6">running out of options</a>. The industry received another shock when startups' and VCs' favorite bank — Silicon Valley Bank — <a href="https://www.businessinsider.com/vcs-and-founders-silicon-valley-bank-meltdown-fdic-supporting-bank-2023-3">imploded overnight</a>. That wasn't the only high-profile disaster this year, as the industry's favorite social media platform <a href="https://www.businessinsider.com/elon-musk-killed-twitter-irrelevant-meta-threads-debt-mark-zuckerberg-2023-7">devolved before its eyes</a>.And yet, there were still plenty of bright spots. Generative AI was a highlight in an otherwise grim startup landscape struggling with high interest rates and a nonexistent IPO market. But even those riding high on the AI wave had slip-ups. OpenAI, the biggest name in AI this year, dealt with a <a href="https://www.businessinsider.com/news-today-november-20-sam-altman-fired-openai-ai-2023-11">shocking ouster of its CEO</a>. And even though it <a href="https://www.businessinsider.com/news-today-november-22-sam-altman-openai-return-tech-ai-2023-11">lasted less than a week</a>, the aftereffects <a href="https://www.businessinsider.com/openai-cofounder-ilya-sutskever-invisible-future-uncertain-2023-12">are still being felt</a>. Meanwhile, Nvidia, which saw its stock price skyrocket this year, had the unique problem of dealing with employees who have gotten <a href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12">so rich they are in "semi-retirement.</a>"To make sense of everything that happened in the tech world this year, I asked Business Insider's Global Tech Editor Alistair Barr to pick five of the top stories from his team, along with some insight about what made them stand out.<a href="https://www.businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11"></a><div type="image" title="Illustration of husband hanging sticky notes on a wall and wife working at a home desk" height="1000" width="2000" msid="106356902" hostid="261" sizebytes="300962"></div><a href="https://www.businessinsider.com/confessions-of-a-startup-founder-wife-marriage-tiktok-games-2023-11">My husband founded a startup. Then our marriage got weird</a>. Melia Russell wrote a very personal essay that captured the harsh realities of entrepreneurship and its impact on close relationships.<a href="https://www.businessinsider.com/new-mark-zuckerberg-meta-facebook-ceo-layoffs-profit-cage-match-2023-7">The strange, improbable rise of Mark Zuckerberg 3.0</a>. Since Kali Hays published this story, she's seen and heard her central thesis — that Mark Zuckerberg is in the third phase of his CEO life — repeated in public and even directly back to her by industry sources. <a href="https://www.businessinsider.com/when-your-ai-says-she-loves-you-2023-10">App, lover, muse: Inside a 47-year-old Minnesota man's three-year relationship with an AI chatbot</a>. Rob Price spent lots of time with Jay Priebe in 2023, a regular guy who had a three-year relationship with an AI chatbot girlfriend. This story cut through the more lurid, sensational coverage of this new trend to get to the heart of the matter: What does a relatively sensible human get out of a relationship like this? <a href="https://www.businessinsider.com/amazon-gives-apple-special-treatment-while-others-suffer-junk-ads-2023-11">Apple privately asked Amazon to block rival ads. Insider found evidence of this special treatment, while others suffer from 'junk ads</a>.' Eugene Kim worked on this piece on and off for more than a year. It provides an exclusive example of how Big Tech rivals can work together behind the scenes to benefit each other, often to the detriment of customers and smaller competitors. <a href="https://www.businessinsider.com/inside-18-difficult-months-at-salesforce-2023-4">The inside story of how Salesforce went from gifting ultra-luxury cars to mass layoffs and a 'showdown' between co-CEOs</a>. Problems at Salesforce, and investor pressure on CEO Marc Benioff, caused massive disruption and change at the cloud-software giant early in 2023. Business Insider reporters Ashley Stewart and Ellen Thomas led coverage of this from inside the company. They finished off this series with an exclusive and insightful profile of Benioff's tough 18 months.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/top-investment-bankers-for-generative-ai-acquisitions-capital-raising-advice"></a><div type="image" title="Shopping bags with various tech logos, including OpenAI and Splunk" height="1000" width="2000" msid="106356903" hostid="261" sizebytes="75038"></div><ol><li>The bankers who are banking on AI. Artificial intelligence could finally jumpstart the M&amp;A and IPO market in 2024. <a href="https://www.businessinsider.com/top-investment-bankers-for-generative-ai-acquisitions-capital-raising-advice">These 11 bankers</a> will play a key role in any deals next year.</li><li>Your 2024 hedge-fund watchlist is here. <a href="https://www.businessinsider.com/jain-global-trading-strategies-hiring-pm-investment-talent-2023-12?r=US&amp;IR=T">Bobby Jain's new fund</a> has garnered considerable attention before its launch, but it's not the only one going live in 2024. Meanwhile, established funds like D1 Capital and Two Sigma Investments will look to bounce back. <a href="https://www.businessinsider.com/here-are-the-hedge-funds-to-watch-in-2024-2023-12">Check out all the funds to watch</a>.</li><li>The Roaring 20s, part two. The market is similar to how it was positioned in the 1920s, leading some to believe the economy is set to boom. But the state of interest rates, and when the Fed might cut them, <a href="https://www.businessinsider.com/stock-market-economy-decade-outlook-roaring-20s-investors-crash-chances-2023-12">remains a major hangup</a>.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/she-spent-her-inheritance-sending-money-to-tiktok-influencers-2023-12"></a><div type="image" title="Gif of a face with watering, strained eyes is obscured by floating emojis of happy faces, dollar bills, disco balls, roses, and diamonds." height="1000" width="2000" msid="106356904" hostid="261" sizebytes="237058"></div><ol><li>A 65-year-old spent her inheritance on TikTok livestreamers. Cindi White devoted as much as 50 hours per week to watching them. At her peak, she was burning <a href="https://www.businessinsider.com/she-spent-her-inheritance-sending-money-to-tiktok-influencers-2023-12">$100 per day on livestreamers</a>. But what started as a bit of fun, she realized, had morphed into something resembling an addiction.</li><li>Apple can keep selling its latest watches — for now. A judge approved the iPhone maker's emergency request to <a href="https://www.businessinsider.com/apple-wins-emergency-pause-watch-sales-import-ban-appeals-court-2023-12">continue selling Apple Watches</a> in the US. Its sales and imports had been halted the past few days due to a patent dispute with a medical-device company.</li><li>We might be a step closer to seeing OpenAI's first device. CEO Sam Altman and legendary iPhone designer Jony Ive are reportedly <a href="https://www.businessinsider.com/were-getting-closer-to-openais-first-ai-device-2023-12">working on a device together</a>. The latest report says that the pair has tapped an Apple exec to design their project.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/taylor-swift-dylan-mulvaney-revenge-economy-profit-celebrities-incfluencers-madix-2023-12"></a><div type="image" title="Illustration of Taylor Swift holding one of her Taylor's Version vinyls with coins, dollar bills, and an upwards trend arrow behind her" height="1000" width="2000" msid="106356905" hostid="261" sizebytes="142032"></div><ol><li>It's the year of revenge profit. Welcome to the revenge economy. This year, celebrities, influencers, and reality stars created <a href="https://www.businessinsider.com/taylor-swift-dylan-mulvaney-revenge-economy-profit-celebrities-incfluencers-madix-2023-12">economic opportunities for themselves via revenge</a> — just look at the trajectories of Taylor Swift, Ariana Madix, and Taylor Rue.</li><li>How 500,000 workers refused to work in 2023 — and won big. TV writers. Baristas. Autoworkers. Healthcare workers. Journalists. They all withheld their labor this year during strikes and snagged major wins. Bosses should be <a href="https://www.businessinsider.com/2023-year-of-the-strike-unions-sag-aftra-uaw-2023-12">scared of what comes next</a>.</li><li>Meet YouTube's 10 biggest breakout stars and the teams that helped them grow. Short-form videos on YouTube grew many peoples' views and subscribers this year. So did <a href="https://www.businessinsider.com/behind-youtube-breakout-creators-stars-managers-agents-pr-2023-12">the teams working with the creators</a>.</li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/lee-sun-kyun-found-dead-reports-2023-12">"Parasite" actor Lee Sun-kyun is dead at 48, reports say</a>.</li><li><a href="https://www.businessinsider.com/inside-world-deep-cover-russia-spies-infiltrating-west-putin-agents-2023-12">Inside the world of deep-cover spies that Russia is deploying to infiltrate the West</a>.</li><li><a href="https://www.businessinsider.com/jack-smith-jury-nullification-trump-election-interference-trial-2023-12">Prosecutors are worried jurors might know Donald Trump is guilty but acquit him anyway. Here's how they could do it</a>.</li><li><a href="https://www.businessinsider.com/top-recruiters-headhunters-family-office-talent-recruitment-wealth-2020-11">Eight top recruiters you need to know if you want to work in a family office</a>.</li><li><a href="https://www.businessinsider.com/weightwatchers-noom-ro-battle-wegovy-market-weight-loss-healthcare-startups-2023-12">Three titans will fight to dominate the market for Wegovy in 2024</a>.</li><li><a href="https://www.businessinsider.com/wednesday-most-popular-day-work-meetings-avoid-overload-2023-12">This is the most popular day for work meetings</a>.</li><li><a href="https://www.businessinsider.com/costco-members-debunk-myths-about-grocery-chain-2023-12">Six myths about Costco that aren't true, according to members who shop there weekly</a>.</li><li><a href="https://www.businessinsider.com/vietnam-vet-overcame-ptsd-help-from-mdma-drug-therapy-psychedelic-2023-11">How a Vietnam vet saved his second marriage and overcame years of PTSD with help from MDMA therapy</a>.</li><li><a href="https://www.businessinsider.com/venture-capital-cataclysm-layoffs-2024-outlook-2023-12">A VC cataclysm has begun. Early 2024 will be rough. But it won't change anything</a>.</li><li><a href="https://www.businessinsider.com/electric-car-dealerships-rocky-year-ev-transition-2023-12">Car dealers had their first real EV test this year. It didn't go very well</a>.</li></ul><h2>What's happening today</h2><ul><li>The US Space Force is expected to launch its new reusable space plane. The secretive project's purposes are unknown. But it'll be aboard a SpaceX Falcon Heavy rocket.</li><li>It's National Call a Friend Day. The day is meant to show appreciation — beyond texting and voice memos.</li><li>Happy birthday, Denzel Washington. John Legend, Seth Meyers, Maitreyi Ramakrishnan, and Woodrow Wilson were also born on this day.</li></ul><h3>For your bookmarks</h3><h2>"White knuckling"</h2><a href="https://www.businessinsider.com/5-signs-youre-white-knuckling-anxiety-steps-to-regain-control-2023-12"></a><div type="image" title="Hand holding onto a train rail (left) and psychotherapist Joshua Fletcher (right)" height="1000" width="2000" msid="106356906" hostid="261" sizebytes="78726"></div>"White knuckling" could be making your anxiety worse. A therapist shared five signs that the habit is <a href="https://www.businessinsider.com/5-signs-youre-white-knuckling-anxiety-steps-to-regain-control-2023-12">making your anxiety worse</a> and three ways to regain control.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a href="https://newsletter.businessinsider.com/click/33739711.1210015/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9hdXRob3IvaGF5bGV5LWh1ZHNvbj91dG1fbWVkaXVtPW5ld3NsZXR0ZXImdXRtX3NvdXJjZT1TYWlsdGhydSZ1dG1fY2FtcGFpZ249SW5zaWRlcl9Ub2RheQ/6388bd81e7b7ccd0ba0929daB5b9051cd" target="_blank" rel="noopener">Hayley Hudson</a>, director, in Edinburgh. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

The biggest stories from the year in tech

<keyword id="6355117" type="General" weightage="80" keywordseo="south-africa" source="Orion">South Africa</keyword> could be in the fray to host the 2022 edition of the Indian Premier League (<keyword id="6354312" type="General" weightage="100" keywordseo="ipl" source="Orion">IPL</keyword>), according to a newspaper report on Thursday. The report said that Sri Lanka could be a backup venue option if the third wave of the Covid-19 pandemic in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> doesn't end by early April. In 2021, the 14th edition of the IPL in India was suspended after May 4 due to the second wave of the Covid-19 pandemic breaching the bio-bubbles of various teams. The remainder of the tournament was then played in the United Arab Emirates (<keyword id="6358356" type="General" weightage="20" keywordseo="UAE" source="Orion">UAE</keyword>), with Chennai Super Kings winning the final on October 15 in Dubai. "We can"t be dependent on UAE all the time so we decided to explore more options, South Africa's time difference also works out well for the players," a <keyword id="6354756" type="General" weightage="20" keywordseo="BCCI" source="Orion">BCCI</keyword> official was quoted as saying in The Indian Express. With the addition of two new IPL teams in Lucknow and Ahmedabad, the 2022 edition of the IPL will be very long. If the move happens, it will be the second time South Africa would host the IPL after the 2009 edition was shifted there due to the general elections in India. What has helped build South Africa's case is that they gave the Indian team, currently in the country for a three-match Test series followed by an ODI series of as many matches, good hotels and resorts where they are staying in a bio-secure bubble environment. The Indian team stayed at the Irene Country Lodge for the first two Test matches and are currently living in The Taj Hotel in Cape Town. "The place where the team was staying for the second Test is spread over several acres. There were walking tracks and even a pond on the property and that has made things easier for the players who for the last couple of years or so have been confined to their rooms on several overseas tours," further said an official. Incidentally, India's tour to South Africa was under huge uncertainty due to the Omicron variant causing a surge in cases in the Rainbow Nation. Eventually, the tour dates were rescheduled and the T20I leg shifted to a later date. But with cases coming down in South Africa, it could be an ideal destination for IPL to take place if the third wave in India continues into April 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/global-market-conditions-affected-paytms-ipo-vijay-shekhar-sharma/articleshow/88875649.cms">Global market conditions affected Paytm's IPO: Vijay Shekhar Sharma</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/amazon-offering-big-discount-on-tws-laptops-and-electronic-items-in-great-republic-day-sale-2022/articleshow/88875630.cms">Amazon Great Republic Day Sale 2022 — Deals and offers to expect on laptops, TWS, and more</a>

Indian Premier League 2022 could be held in South Africa, says report

Global smartphone brand <keyword id="1731609" type="General" weightage="100" keywordseo="oppo" source="Orion">OPPO</keyword> on Friday launched a new smartphone, OPPO A55, in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> that will be available in two storage variants. The 4GB+64GB variant will be available from Sunday for ₹15,490, while the 6GB+128GB model will be available from October 11 onwards for ₹17,490 on <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and across mainline retail outlets. The smartphone comes with 50MP AI triple camera along with a 2MP bokeh shooter and a 2MP macro snapper. And, there is a 16MP from camera for selfies, the company said in a statement. The device features a 5000mAh long-lasting battery which allows around 30 hours of call time or 25 hours of music streaming. It also comes with 18W fast charge technology that juices the handset up to 33 per cent in only 30 minutes, the company claimed. The OPPO A55, available in rainbow blue and starry black, sports a stylish 3D curved design. The smartphone also carries an IPX4 rating for splash-resistance and sports a battery cover that has a faux metal texture. The smartphone runs OPPO Color OS 11.1, which has performance-boosting features such System Booster, Idle Time Optimizer, <keyword id="12220775" type="General" weightage="20" keywordseo="storage-optimizer" source="Orion">Storage Optimizer</keyword>, and UI First 3.0; gaming-centric features such as Game Focus Mode and <keyword id="12220776" type="General" weightage="20" keywordseo="bullet-screen" source="Orion">Bullet Screen</keyword>, as well as safety features like <keyword id="12220774" type="General" weightage="20" keywordseo="low-battery-sms" source="Orion">Low Battery SMS</keyword>, Private Safe and <keyword id="1592436" type="General" weightage="20" keywordseo="app-lock" source="Orion">App Lock</keyword>. It also includes the FlexDrop feature that minimizes app windows when you multitask and Three-finger Translate with Google Lens that allows you to capture and translate screen-shotted text. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/hondas-futuristic-plans-include-flying-taxis-rockets-and-robots-that-can-roam-on-the-moon/articleshow/86675013.cms">Honda’s futuristic plans include flying taxis, rockets, and robots that can roam on the moon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/heres-why-paras-defence-and-space-tech-got-the-best-listing-post-ipo-this-year/articleshow/86674479.cms">Paras Defence &amp; Space Technologies makes space cameras and it just made the best listing post-IPO this year</a>

OPPO rolls out new smartphone A55 in India starting at ₹15,490

Smartphone brand <keyword id="215177" type="COMPANY" weightage="20" keywordseo="Vivo">Vivo</keyword> on Monday announced the launch of <keyword id="11821277" type="UNKNOWN" weightage="20" keywordseo="y53s">Y53s</keyword> with <keyword id="11821276" type="UNKNOWN" weightage="20" keywordseo="64mp-rear-camera">64MP rear camera</keyword> and a <keyword id="47137" type="ORGANIZATION" weightage="20" keywordseo="5">5</keyword>,000mAh battery for Rs 19,490 in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>. Available in two colours -- Deep Sea Blue and Fantastic Rainbow -- the device can be purchased across online platforms and partner retail stores from August 9. The 8GB+128GB storage (expandable upto 1TB) device offers 3GB extended <keyword id="17786" type="TECHNOLOGY" weightage="20" keywordseo="ram">RAM</keyword> where users can download their favourite apps and run them all seamlessly. "With this launch, we continue to add new devices to our portfolio across various price points to meet our customer's expectations and provide them with unmatched immersive and premium experience," said Nipun Marya, <keyword id="11820986" type="UNKNOWN" weightage="20" keywordseo="director-brand-strategy">Director- Brand Strategy</keyword>, <keyword id="2829414" type="PERSON" weightage="20" keywordseo="Vivo-India">Vivo India</keyword>. Y53s sports 16.71cm (6.58-inch) FHD+ display, a 64MP triple camera along with powerful 5000mAh battery. It also offers 18W fast charging capabilities. The triple rear camera setup provides enhanced picture capabilities and is supported by a wide range of features that include Super Night Camera, Eye Auto Focus, Ultra Stable video and more. The smartphone is powered by <keyword id="8710360" type="UNKNOWN" weightage="20" keywordseo="MediaTek-Helio-G80">MediaTek Helio G80</keyword> processor and comes with the latest FunTouch OS 11.1 along with other innovative features. The company claims that Y53s last more than 14.3 hours of online HD movie streaming and 7.05 hours of resource-intensive gameplay. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a> <a href="https://www.businessinsider.in/business/startups/news/freshtohome-and-bluestone-backer-iron-pillar-is-planning-to-bring-assets-worth-1-billion-under-management/articleshow/85161486.cms">FreshtoHome and BlueStone-backer Iron Pillar is planning to bring assets worth $1 billion under management</a>

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A book dissecting the 1929 stock market crash shows startling similarities to today's euphoric market. Here are 4 examples of how history may be repeating itself.

Will Daniel

An IPO frenzy, 'irreconcilable' differences at Barclays, and Apple's $300 billion opportunity

Matt Turner

You can now buy WeWork exec Miguel McKelvey's luxury townhouse for $21 million - but the erotic, rainbow-print art in the dining room isn't included

Paige Leskin,Katie Warren

The biggest stories from the year in tech

Dan DeFrancesco

Indian Premier League 2022 could be held in South Africa, says report

IANS

OPPO rolls out new smartphone A55 in India starting at ₹15,490

IANS

Vivo launched its Y53s with 64MP rear camera in India on Monday

IANS

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