Personal accident policies are not just about cover against accidental death or loss of limbs anymore. These days, many non-life <keyword id="35450" type="COMPANY" weightage="40" keywordseo="insurance">insurance</keyword> companies are offering feature-rich covers and high sum assured on these policies. According to insurance experts, many of these are really useful to customers. Consider, for example, the high sum assured of Rs5 crore or a feature like modification of house after the mishap to make it more suitable for living. They can prove to be invaluable to customers.<br />
<br />
But, the only trouble is that these additional features have a hefty premium, say experts. So, many of them are asking individuals to go for basic policy first and then consider adding useful features to it if they have the resources.<br />
<br /> “Personal accident insurance offering accidental death, permanent total disability, for a sum assured of at least 10 times annual income is a must. Plans with more features can be bought if the budget permits and if an individual needs,” says Sanjay Datta, chief — underwriting and claims, <keyword id="144335" type="POSITION" weightage="40" keywordseo="ICICI-Lombard-General">ICICI Lombard General</keyword> Insurance. Mukund Seshadri, founder partner, MSV Financial Planners says, “Ideally one should have a feature-rich policy, but most people do not have their finances in place. It is better to buy a basic personal accident insurance cover first.”<br />
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Personal accident insurance plans come into the picture when one meets with an accident. Such policies cover accidental death, permanent total disability (PTD), permanent partial disability (PPD). They also promise to pay weekly benefit of a fixed sum in case of temporary total disability (TTD). While, some plans offer to pay a fixed sum for broken bones, modification to the house, transportation of family and for buying blood, few others offer to pay for medical expenses arising out of an accident.<br />
<br />
Though the bouquet of benefits looks good, each of these comes at a cost. For example, while the basic plan that offers accidental death, PTD and PPD benefit for a sum assured of Rs10 lakh can be secured at Rs1,100-1,200 per year, TTD benefits may cost almost 50% more than the basic plan. If more features such as accidental medical expenses benefit are added, you may have to pay 10% to 30% more. The final number keeps increasing as you keep adding the features to the basic plan.<br />
<br />
While the cost should have a bearing on the buying decision, one should not altogether avoid extra features or high sum assured, say experts. “Your approach to buying personal accident insurance cover should be —first buy a basic cover; if you have money go for more features, and if your budget still permits, go for a high sum assured,” says Sudhir Sarnobat, CEO, medimanage.com, a health insurance advisory. For example, an individual with an annual income of Rs5 lakh should have a basic accident insurance plan for a sum assured of Rs50 lakh.<br />
<br />
If he can afford to spend more, more features can be looked at. “While shopping for additional features, individuals must decide using two factors — what is the possibility of the insured meeting with a risk arising out of an accident and how much benefit would be paid by the insurance company,” adds Sarnobat. For example, a salaried individual working as an office staff, who has a ‘paid leave’ offered by his employer, may ignore buying TTD benefit.<br />
<br /> He may not be in the high risk zone and can afford to stay at home for four weeks due to TTD arising out of an accident. Compare him with a self-employed professional, who may be travelling a lot and doesn’t have a ‘paid leave’, he should be buying a weekly benefit for TTD. “You have to look at each benefit in absolute terms, too. Some of these benefits may be irrelevant in some cases,” says an <keyword id="193338" type="POSITION" weightage="40" keywordseo="actuary">actuary</keyword> who does not wish to be identified.<br />
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For example, transportation of family benefit is useless if you do not have a family, or you always travel with your family. Also each of these add-on benefits has sub-limit. House or vehicle modification expense is capped at lower of Rs1 lakh or 10% of sum assured.



Buy A Basic Accident Cover First, Then Shop For add-Ons

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c62dcda2628982eaa182368-911/gettyimages-1081152832.jpg" border="0" alt="truck driver" data-mce-source="Pedro Pardo/AFP" /><p class="source"><span>Pedro Pardo/AFP</span></p><p class="caption">Truck drivers nationwide aren't paid during their rest breaks.</p></div><p></p></div></div></p><ul class="summary-list"><li>The Federal Motor Carrier Safety Administration (FMCSA) <a href="https://www.businessinsider.com/california-truck-drivers-rest-breaks-fmsca-2018-12">said on Dec. 21</a> that California trucking companies don't need to provide paid rest and meal breaks for their truck driver employees.</li><li><a href="https://www.businessinsider.com/california-truck-drivers-respond-fmcsa-ruling-2018-12">Truck drivers rejected</a> the ruling, saying paid rest and meal breaks help ensure safety. Under federal law, they are legally required to rest for 30 minutes a day during their 14-hour workdays. Now, California truckers don't need to be paid during that break.</li><li>Last week, the Teamsters Union and the state of California sued the <span>FMCSA. </span></li></ul><p> </p><p>California truck drivers don't receive paid rest and meal breaks anymore.</p><p><a href="https://www.businessinsider.com/california-truck-drivers-rest-breaks-fmsca-2018-12">A December 21</a> ruling from the Federal Motor Carrier Safety Administration (FMCSA) said California trucking companies don't need to provide trucker employees with paid rest and meal breaks.</p><p>The ruling followed petitions from industry groups like the American Trucking Associations, which represents the country's largest trucking companies. </p><p>One reason to nix the break, <a href="https://www.youtube.com/watch?v=ymXnD_oKRv0">according to a statement</a> from <span>FMSCA Administrator Ray Martinez, is an uptick in crashes between the California-Oregon border that are allegedly caused by a decline in parking. Paid rest breaks are also "a drag on the economy," Martinez <a href="https://www.youtube.com/watch?v=ymXnD_oKRv0">said</a>. </span></p><p><span><em><strong>Read more: </strong><a href="https://www.businessinsider.com/california-truck-drivers-rest-breaks-fmsca-2018-12">Rest breaks are a 'drag on the economy,' and the federal government says California truck drivers don't need them</a></em></span></p><p>Last week, lawsuits filed to <span>the US Court of Appeals for the Ninth Circuit</span> from the Teamsters Union and the state of California took aim at those claims. Both parties are suing the FMCSA and alleging that federal laws don't overrule California's labor laws. </p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c3910be0df17673431f36f2-2400/gettyimages-910323248.jpg" border="0" alt="trucker" data-mce-source="Scott Olson/Getty Images" /><p class="source"><span>Scott Olson/Getty Images</span></p></div><p></p></div></div></p><p>These suits contest the ideas that rest breaks are bad for the economy and safety.</p><p>For instance, the American Trucking Associations (ATA), an industry group that's made up of the largest trucking companies and wants to get rid of rest breaks, calculated that rest breaks would be bad for corporations. But they incorrectly calculated that truckers receive 60% more paid breaks than they actually do. </p><p>In response to that miscalculation, the case filed by <span>Miles E. Locker, attorney for California's Labor Commissioner, and California Attorney General Xavier Becerra wrote:</span></p><p style="padding-left: 40px;">(T)he ATA's arguments concerning lost productivity are speculative and unsupported. In this regard, the TTD states that the ATA's argument is nothing more than a "'back of the napkin' speculation on lost productivity... (that) invokes the specter of damage to interstate shipping without evidence."</p><p>These cases also stated that the lack of parking can't be attributed to the California paid rest break law. </p><h2>Industry groups, truck drivers, and politicians have fought over California rest breaks for years</h2><p>Previously to the December ruling, truckers were compensated like typical hourly employees in California. State labor laws stipulate that workers get a 30-minute meal break for shifts longer than five hours and mandate that <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">transportation</keyword> workers rest for 10 minutes every four hours. (That law still applies to truck drivers who only work in the state of California.)</p><p><a href="http://cdn.ca9.uscourts.gov/datastore/opinions/2014/07/09/12-55705.pdf">In 2014,</a> the US Court of Appeals for the Ninth Circuit ruled that carriers in California must ensure truckers get proper rest and meal breaks.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/california-truck-drivers-respond-fmcsa-ruling-2018-12">Angry California truck drivers are slamming a new rule that requires them to take unpaid rest breaks, one calling the change a 'travesty' for safety</a> </em></p><p>The ATA and the<span> Western States Trucking Association have long fought against that ruling through petitioning Congress, <a href="https://www.ccjdigital.com/california-teamsters-file-lawsuits-seeking-enforcement-of-states-break-laws-on-carriers/?utm_source=daily&amp;utm_medium=email&amp;utm_content=02-12-2019&amp;utm_campaign=Commercial%20Carrier%20Journal&amp;ust_id=167979ab19789383c5cb49f9955a5576&amp;utm_term=newsletter-2-daily-position-top-story">the Commercial Carrier Journal reported</a>. Last year, the groups turned to the FMCSA, which has a new slate of leaders under the Trump administration, to overturn the rest breaks ruling. '</span></p><p><a href="https://truckerdesiree.com/">Desiree</a><a href="https://truckerdesiree.com/"> Wood</a>, who began trucking in 2007, <a href="https://www.businessinsider.com/california-truck-drivers-respond-fmcsa-ruling-2018-12">previously told Business Insider</a> that not giving paid rest breaks could put the safety of truck drivers and typical drivers at risk. </p><p>"<span>If you really cared about safety, you would want people on the highway who are not stressed out about their pay and who are well-rested," Wood said. </span></p>       <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/extrude-honing-putty-increase-car-horsepower-automotive-2019-1">Watch how this putty can increase your car's horsepower</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/NDhnylrJ-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

A new federal ruling requires California truck drivers to take unpaid rest breaks - but a flurry of lawsuits could change that

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5746c71452bcd01d7b8c4fcd-1200/screen shot 2016-05-26 at 10.48.44 am.png" alt="jeff green" data-mce-source="LinkedIn" /><p class="source"><span>LinkedIn</span></p><p class="caption">The Trade Desk CEO Jeff Green.</p></div><p></p></div></div>California-based ad tech company The Trade Desk is expecting a bumper IPO when it debuts on the Nasdaq this week.</p><p>The Trade Desk - a "demand-side platform" that allows marketers to buy ads online using automated technology - dropped an <a href="https://www.sec.gov/Archives/edgar/data/1671933/000104746916015074/a2229525zs-1.htm">amended filing with the SEC on Monday night</a>, raising its price range from $14 to $16 per share to $16 to $18 per share.</p><p>The company is now proposing a maximum aggregate offering price of $96.6 million, up from the $86.3 million it targeted when it first filed its S-1 in August.</p><p>The firm is selling 4,666,667 shares of its Class A common stock, while shareholders are selling up to 700,000 Class A common shares.</p><p>The Trade Desk's IPO will mark the first ad tech company to go public since MaxPoint listed in March 2015.</p><p><a href="http://www.businessinsider.com/the-trade-desk-files-for-ipo-2016-8?r=UK&amp;IR=T">As Business Insider reported last month, the S-1 revealed healthy financials</a>. The Trade Desk's revenue was up 155.5% year-on-year to $113.8 million in 2015 and, unlike many businesses in the sector, the company is profitable, reporting adjusted EBITDA of $39.2 million, up 589% year-on-year.</p><p>The IPO is being underwritten by Citigroup, Jefferies, RBC Capital Markets, Needham, and Raymond James. The company's stock ticker symbol will be "TTD."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/nasa-mars-rover-curiosity-incredible-images-of-mars-2016-9">NASA just took these incredible images of mysterious rock formations on Mars</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="04amV1NTE6I5PiO3Z5YVW-P8mR2RpwBG" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '04amV1NTE6I5PiO3Z5YVW-P8mR2RpwBG',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Ad tech company The Trade Desk has raised the price range for its IPO

<p><div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5746c71452bcd01d7b8c4fcd-1200/screen shot 2016-05-26 at 10.48.44 am.png" alt="jeff green" data-mce-source="LinkedIn" /><p class="source"><span>LinkedIn</span></p><p class="caption">Jeff Green, president and chief executive officer of The Trade Desk.</p></div><p></p></div></div>California-based ad tech company The Trade Desk plans to raise $86.3 million in its initial public offering</p><p>The demand-side platform, which allows advertisers to buy online ads using automated technology, <a href="https://www.sec.gov/Archives/edgar/data/1671933/000104746916015074/a2229525zs-1.htm">filed its S-1 document with the US Securities Exchange Commission on Monday</a>, outlining its plans to go public on the NASDAQ. </p><p>If it goes ahead, it will mark the first ad tech IPO since <a href="http://www.bizjournals.com/triangle/blog/techflash/2015/03/maxpoint-interactive-ipo-advance-debut-mxpt.html">MaxPoint Interactive went public in March 2015</a>. The Trade Desk's stock ticker will be "TTD."</p><p>The filings reveal The Trade Desk's financials for the first time.</p><p>In 2015, the company generated $113.8 million in revenue, up 155.5% year-on-year.</p><p>Unlike many businesses in the ad tech sector, The Trade Desk is profitable. Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) came in at $39.2 million, up 589% year-on-year.</p><p>For the first six months of 2016, The Trade Desk generated $77.6 million in revenue and adjusted EBITDA of $20.1 million.</p><p>As of June 30, 2016, the company had $37.6 million in cash on its balance sheet, total assets of $294 million, and total liabilities of $240 million.</p><p>The Trade Desk says in the filing it had approximately 389 clients at the end of 2015, the majority of which were <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> agencies based in the US.</p><p>As of June 30, 2016, the company had 387 employees, 296 of those based in the US.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-guidelines-changes-uniforms-advertisements-rio-olympics-2016-8">New guidelines have led to a big change for uniforms at the Rio Olympics</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lneHZkNTE69r7QTb3lQXo3ADb2YvYxf4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'lneHZkNTE69r7QTb3lQXo3ADb2YvYxf4',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Finally, an ad tech IPO! The Trade Desk has filed documents to go public

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5746c71452bcd01d7b8c4fcd-1200/screen shot 2016-05-26 at 10.48.44 am.png" alt="jeff green" data-mce-source="LinkedIn" /><p class="source"><span>LinkedIn</span></p><p class="caption">The Trade Desk CEO</p></div><p></p></div></div>California-based ad tech company The Trade Desk announced it will debut on the Nasdaq later on Wednesday at $28.75.</p><p>That's a nice pop on the <a href="http://uk.businessinsider.com/the-trade-desk-raises-ipo-price-range-to-16-to-18-per-share-2016-9">$16 to $18 per share price range the company had set on Monday.</a></p><p>The Trade Desk is a demand-side platform that works with <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> agencies, allowing them to buy online ads using automated technologies.</p><p>The firm is selling 4,666,667 shares of its Class A common stock, while shareholders are selling up to 700,000 Class A common shares.</p><p>$TTD will begin trading later on Wednesday afternoon.</p><p>In a note sent to clients earlier this week, Pivotal Research analyst Brian Wieser predicted investors will place a high valuation on the company, "likely approaching or exceeding $1 billion in the near term and making it the second most valuable ad tech pure-play after Criteo." France-based Criteo has a market cap north of $2 billion.</p><p>The Trade Desk's stock market debut marks the first pure-play ad tech IPO since <a href="http://adage.com/article/digital/ad-tech-s-rough-ride-wall-street-continues/297491/">MaxPoint listed - with a disastrous 15% share price drop in its first day of trading - in March 2015</a>.</p><p>The was underwritten by Citigroup, Jefferies, RBC Capital Markets, Needham, and Raymond James.</p><p><strong>Here's a run-down of some of the most important numbers from <a href="https://www.sec.gov/Archives/edgar/data/1671933/000104746916015074/a2229525zs-1.htm">The Trade Desk's S1 filing</a> (year end 2015, except where stated):</strong></p><p><strong>Revenue:</strong> $113.8 million, up 155.5% year-on-year</p><p><strong>Adjusted EBITDA:</strong> $39.2 million, up 589% year-on-year</p><p><strong>Cash</strong>: $37.6 million (as of June 30, 2016)</p><p><strong>Gross spend:</strong> $552.3 million</p><p><strong>Gross billings:</strong> $529.9 million</p><p><strong>Accounts receivable, net</strong>: $191.9 million</p><p><strong>Accounts payable:</strong> $108.5 million</p><p><em>We are covering The Trade Desk's IPO live. Please refresh this page for updates.</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/shade-balls-los-angeles-reservoir-successful-2016-9">Turns out LA's shade balls actually worked</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZrcDN4NTE6iVKMARlnjE0GaHCZwA8kDo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'ZrcDN4NTE6iVKMARlnjE0GaHCZwA8kDo',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Ad tech company The Trade Desk goes public at $28.75 per share - a huge pop on its $18 price target

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57e110c9b0ef97f0288b6917-1801/rtsoh5x.jpg" alt="Star Wars walking in traffic" data-mce-source="Reuters/David Mercado" data-mce-caption="Members of a school band wearing Star Wars costumes walk in the center of La Paz, Bolivia." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQE6ZPDLC#/SearchResult&amp;ALID=2C0FQE6ZPDLC&amp;VBID=2C0FC0151W48&amp;POPUPPN=5&amp;POPUPIID=2C0FQE6SN36H" /><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQE6ZPDLC#/SearchResult&amp;ALID=2C0FQE6ZPDLC&amp;VBID=2C0FC0151W48&amp;POPUPPN=5&amp;POPUPIID=2C0FQE6SN36H">Reuters/David Mercado</a></span></p><p class="caption">Members of a school band wearing Star Wars costumes walk in the center of La Paz, Bolivia.</p></div><p></p></div></div>Here is what you need to know.</p><p><strong><a href="http://www.japantimes.co.jp/news/2016/09/20/business/financial-markets/boj-begins-two-day-meeting-eyes-review-monetary-policy/">The Bank of Japan meets Tuesday evening</a>. </strong>There has been growing speculation the central bank will tweak its bond buying program to include the purchase of more short-term bonds in an effort to steepen the yield curve, The Japan Times reports. The Japanese yen is little changed near 101.90 per dollar.</p><p><strong><a href="http://www.businessinsider.com/jeff-gundlach-federal-reserve-not-going-to-hike-in-september-2016-9">Jeff Gundlach doesn't think the Fed will raise rates at Wednesday's meeting</a>. </strong>The CEO of DoubleLine Capital believes the Fed will use a "hawkish no-hike" language.</p><p><strong><a href="http://www.businessinsider.com/wells-fargo-john-stumpf-senate-apology-2016-9">Wells Fargo's CEO is testifying before the Senate Banking Committee</a>.</strong> Wells Fargo CEO John Stumpf will appear before the Senate Banking Committee on Tuesday and tell members he takes "full responsibility" for his bank<span> selling customers unauthorized bank accounts and credit cards, the New York Times reports.</span></p><p><strong><a href="http://www.bloomberg.com/news/articles/2016-09-20/bayer-mulls-dropping-monsanto-name-as-cure-for-brand-headache">Bayer might drop the Monsanto name</a>. </strong><span>The German drug and chemical is considering moving Monsanto products under the <span>Bayer CropScience label to remove the stigma of the Monsanto name, Bloomberg reports. </span></span></p><p><strong><a href="http://www.businessinsider.com/twitter-140-character-limit-no-longer-includes-media-replies-2016-9?r=UK&amp;IR=T">Twitter is finally letting you use more than 140 characters</a>.</strong> The social media company will no longer count <span>links to media like photos, GIFs, polls, and videos as part of its 140-character limit.</span></p><p><strong><a href="http://www.reuters.com/article/idUSFWN1BV0JH">Carl Icahn dumped a bunch of his Chesapeake Energy shares</a>. </strong>A Securities and Exchange Commission filing showed Carl Icahn owns a 4.55% stake in the energy explorer as of September 19, down from 9.40% on August 4, Reuters reports.</p><p><strong>2 IPOs are expected to price on Tuesday. </strong>According to Bloomberg, The Trade Desk (TTD) and Novan (NOVN) are expected to price between $16-$18 and $11-$13, respectively.</p><p><strong>Stock markets around the world are trade mixed. </strong>Japan's Nikkei (-0.2%) slipped amid a quiet overnight trade and Germany's DAX (+0.6%) paces the gains in Europe. S&amp;P 500 futures are higher by 6.75 points at 2,139.75.</p><p><strong>Earnings reporting picks up a bit. </strong>Lennar will release its quarterly results ahead of the opening bell and FedEx and KB Home will report after markets close.</p><p><strong>US economic data is light. </strong>Housing starts will be released at 8:30 a.m. ET. The US 10-year yield is down 2 basis points at 1.69%.</p>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57e2b4dbb0ef9737018b7364-946/screen shot 2016-09-21 at 5.25.49 pm.png" alt="the trade desk" data-mce-source="The Trade Desk/Twitter" data-link="https://twitter.com/TheTradeDeskInc/status/778616267708239872/photo/1" /><p class="source"><span><a href="https://twitter.com/TheTradeDeskInc/status/778616267708239872/photo/1">The Trade Desk/Twitter</a></span></p><p class="caption">The Trade Desk IPO.</p></div><p></p></div></div>Good morning. Here's everything you need to know in the world of <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> today.</p><p><strong>1. <a href="http://www.businessinsider.com/the-trade-desk-ipo-2016-9">Ad tech company The Trade Desk went public at $28.75 per share on Wednesday - a huge pop on its $18 price target.</a></strong> TTD closed at $30.10 per share on its first day on the Nasdaq. </p><p><strong>2. <a href="http://www.businessinsider.com/the-trade-desk-ceo-jeff-green-ipo-interview-2016-9">The Trade Desk CEO Jeff Green said he hopes his firm's IPO will reignite "trust" between Wall Street and ad tech.</a> </strong>He also delved deep into his company's financials, including take-rate and its R&amp;D budget.</p><p><strong>3. <a href="http://www.businessinsider.com/mode-media-glam-collapse-inside-story-2016-9">Inside the catastrophe at Mode Media, the once $1 billion juggernaut that suddenly went bust.</a></strong> The company's CEO Samir Arora was known for his extravagant spending, including his use of company properties in the Hamptons and in LA.</p><p><strong>4. <a href="http://www.businessinsider.com/mark-zuckerberg-and-his-wife-will-invest-3-billion-into-curing-diseases-2016-9">Mark Zuckerberg and Priscilla Chan announced a plan to invest $3 billion into research they hope will cure all diseases by the end of this century.</a> </strong>"By investing in science today, we hope to build a future in which all of our children can build long and rewarding lives," Priscilla Chan said.</p><p><strong>5. <a href="http://www.businessinsider.com/r-rocket-internet-trims-losses-at-main-start-ups-2016-9?r=UK&amp;IR=T">German ecommerce investor Rocket Internet says it's still trying to cut its losses.</a></strong> It expects three of its main startups to turn profitable by the end of 2017.</p><p><strong>6. <a href="http://www.businessinsider.com/criteo-versus-steelhouse-2016-9">The Criteo versus SteelHouse "click fraud" lawsuit has got nastier.</a></strong> SteelHouse filed more documents, which allege 3.6% of Criteo's users are generating 25% of its clicks - a level it feels is so disproportionate that it is "indicative of adware, bots, click farms" or some other fraud. Criteo denies the allegation.</p><p><strong>7. <a href="http://www.businessinsider.com/citizens-advertising-takeover-service-duo-hired-by-wieden-kennedy-2016-9">The duo who replaced all the billboards in a tube station with cats to protest advertising have just been hired by an ad agency.</a></strong> Wieden + Kennedy London has hired Katy Edelsten and Chloe Cordon, who were behind the "Citizens Advertising Takeover Service" (CATS).</p><p><strong>8. <a href="http://www.businessinsider.com/viacom-slashes-its-dividend-by-50-and-says-its-interim-ceo-will-leave-2016-9">Viacom slashed its dividend by 50% and said its interim CEO will leave.</a></strong> Viacom also said it had ended the process of seeking a minority investor for Paramount Pictures as it considers all options available to the company.</p><p><strong>9. <a href="http://www.businessinsider.com/how-google-amazon-starbucks-got-their-names-2016-10">How 17 famous companies got their quirky names.</a> </strong>From Pepsi to Spotify.</p><p><strong>10. <a href="http://www.businessinsider.com/sports-authority-website-redirects-to-dicks-2016-9">Dick's Sporting Goods has a sneaky tactic to win over Sports Authority's customers.</a></strong> Dick's purchased the bankrupt retailer's brand name in its bankruptcy auction and the SportsAuthority.com website now redirects to DicksSporitngGoods.com.</p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/nasa-brings-back-dangerous-x-plane-program-2016-9">NASA is bringing back one of its most experimental and dangerous programs</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1lMHMzMzE6Kwf8Y_jhuPqCDkg5dhWnbN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '1lMHMzMzE6Kwf8Y_jhuPqCDkg5dhWnbN',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

The 10 things in advertising you need to know today

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c33b8d92a5b740592062d38-1357/screen shot 2018-12-19 at 10706 pm.png" border="0" alt="kyle weaver fidelity" data-mce-source="CNBC" data-link="https://www.msn.com/es-cl/autos/noticias/top-tech-funds-manager-on-stock-picks/vi-BBor2D6" /><p class="source"><span><a href="https://www.msn.com/es-cl/autos/noticias/top-tech-funds-manager-on-stock-picks/vi-BBor2D6">CNBC</a></span></p></div><p></p></div></div></p><ul class="summary-list"><li>Kyle Weaver, who oversees $5 billion as lead manager of the Fidelity Advisor Growth Opportunities Fund, shares his three top stock picks for 2019.</li><li>Weaver's fund has returned 12.71% over the past year through Jan. 4, putting it in the 99th percentile relative to competitors.</li></ul><p>Just as everyone expected the <a href="https://www.businessinsider.com/top-wall-street-investors-of-2018-break-down-success-provide-2019-outlook-2018-11" target="_blank" rel="noopener">stock market</a> to ease quietly into the end of 2018, chaos reigned supreme over the final week of the year.</p><p>Faced with some of the sharpest losses of the nearly 10-year <a href="https://www.businessinsider.com/category/bull-market" target="_blank" rel="noopener">bull market</a>, US <a href="https://markets.businessinsider.com/indices" target="_blank" rel="noopener">equity indexes</a> threw portfolio managers for a loop, disrupting many best-laid plans for year-end.</p><p>Which is why it's that much more impressive that Kyle Weaver - who oversees $5 billion as lead manager of the <a href="https://institutional.fidelity.com/app/funds-and-products/0248/fidelity-advisor-growth-opportunities-fund-class-a-fagax.html" target="_blank" rel="noopener">Fidelity Advisor Growth Opportunities Fund</a> - has been able to remain atop Wall Street fund manager rankings. He was in the 99th percentile through the end of November, and remained there as of Jan. 4, even following the market's turbulent December.</p><p>It's no mistake that Weaver stayed relatively insulated from the widespread damage that took stocks by storm. His entire strategy is built around stable, standalone businesses that are largely immune to macro conditions and negative external forces.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/top-wall-street-investors-of-2018-break-down-success-provide-2019-outlook-2018-11">We interviewed Wall Street's 8 top-performing investors to get their best ideas for 2019</a></em></p><p>Beyond that, Weaver picks stocks based on what he calls a "deep value" approach. That means he looks for companies trading at inexpensive valuations right now - perhaps at two to three times earnings - that also possess massive upside over a five- to 10-year period.</p><p>To that end, Weaver shared with Business Insider three of his top stock picks for 2019. They are as follows. All quotes attributable to Weaver.</p><h2>Wayfair (<a href="https://markets.businessinsider.com/stocks/w-stock" target="_blank" rel="noopener">W</a>)</h2><p>"What's amazing about Wayfair is watching someone beating Amazon at its own game. In e-commerce and home furnishings, Wayfair is the 800-pound gorilla. It's a really big market in the US and Europe, and it's a very different kind than the books and CDs and groceries that you may think of as Amazon's core franchise."</p><p>"Wayfair divides its delivery network into small and large parcels. A Wayfair small parcel would be considered a very large one for Amazon. That requires a very different distribution network. These are large packages that are easy to damage and hard to deliver."</p><p>"In some ways they're following the Amazon playbook by investing in growth and being customer-focused. They own the process end to end, to make the experience better and better. As they do that, it's been dampening their current levels of profitability, but amplifying their long-term earnings power."</p><p>"When dollars and industries move to the internet, market concentration increases. The internet is much more of a winner-takes-most environment. Wayfair is in a nice position as the current largest company in that niche, even though it's huge."</p><h2>The Trade Desk (<a href="https://markets.businessinsider.com/stocks/ttd-stock" target="_blank" rel="noopener">TTD</a>)</h2><p>"Usually when you talk about internet advertising, the discussion is dominated by Google and Facebook, who have taken the vast majority of the ad dollars that have flowed to online advertising. What made Trade Desk controversial - and what created opportunity for a stock that was overlooked a year ago - was that there is a lot of internet left out there outside of Google and Facebook."</p><p>"There are a lot of advertisers who really want to figure out how to stop guessing, and start making data-driven insights to make sure their ad dollars aren't wasted. The Trade Desk was pretty much founded on that vision. It's founder-led and has been profitable since day one. They're just extremely customer-focused. One of their biggest innovations wasn't actually their technology."</p><p>"Instead of trying to disrupt the traditional ad agency model, they aligned with them and became their tool for serving digital advertising to their customers. They built a great tool with great technology, and had the correct vision. It was a unique model. At a time when people were trying to disrupt the ad industry, they kind of enabled it. It's proven to be a really winning value proposition."</p><p>"They're still a $400-500 million revenue company in a $700 billion global advertising industry. The fact that they're taking share in programmatic advertising - which is the fastest-growing part of the online market, which is taking share from the traditional market - gives them a lot of tailwinds to benefit from over the next several years.</p><h2>American Tower (<a href="https://markets.businessinsider.com/stocks/amt-stock" target="_blank" rel="noopener">AMT</a>)</h2><p>"It kind of proves how boring is beautiful. The tower business model hasn't changed in the multiple decades it's existed."</p><p>"The company's business model is simply to collect rent from telecom carriers that need to put equipment on those towers in order to get signal to their customers. The contracts are 5-10 years long, and they come with 2-3% price increases every year."</p><p>"Each tower is like its own tiny local monopoly. For that area of your neighborhood, there probably isn't another spot to put that equipment, which gives the tower companies a pretty unique advantage. And nobody wants new towers built in their area."</p><p>"Ten years ago, you could sit back and say wireless data would be a huge demand driver for carriers. Understanding the business model for the tower stocks, you could look out and see it was only trading at 3 to 4 times earnings 8 to 10 years out, and that's been what's come to pass. The stock is $160 instead of $30 now as it's traveled up with earnings growth."</p><p>"AMT has differentiated itself from other tower companies in the US by investing abroad in emerging markets like India and Nigeria, where wireless data growth is on an even steeper growth trajectory. That comes with some risks, but they're a very long-term focused company. They're aligned with us as long-term shareholders."</p><h2><a href="https://www.businessinsider.com/top-wall-street-investors-of-2018-break-down-success-provide-2019-outlook-2018-11" target="_blank" rel="noopener">Click here to read our full story, featuring exclusive interviews with Wall Street's top 8 fund managers</a></h2>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/saturn-losing-rings-faster-than-thought-nasa-2018-12">Saturn is officially losing its rings - and they're disappearing much faster than scientists had anticipated</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/STOBKWAC-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

An investor crushing 99% of his peers shares his top 3 stock picks for 2019 - one of which is 'beating Amazon at its own game'

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/558ad9ddecad04496457802f-640-480/ray-williams.jpg" border="0" alt="ray williams"><p class="source"><span>Ray Williams</span></p><p class="caption">Travel show host Ray Williams has been to many McDonald's around the world.</p></img></div><p></p></div></div>Ray Williams has eaten at McDonald's in 34 countries. </p><p>The <a href="https://www.facebook.com/pages/Hostile-Living-Adventure-Travel/128258497280443">travel show host and producer</a>, who once made headlines for <a href="https://www.kickstarter.com/projects/bourdainexperiment/the-bourdain-experiment-travelculturecomedy/description">croudsourcing an effort</a> to get legendary chef Anthony Bourdain on the air, says the fast food giant is a comforting taste of home on the road. </p><p>McDonald's <a href="http://www.businessinsider.com/mcdonalds-in-australia-vs-america-2015-5">restaurants in Australia</a> and <a href="http://www.businessinsider.com/mcdonalds-in-france-is-better-than-in-america-2015-4">France have a reputation for being better</a> than those in America. </p><p>Of all the McDonald's he's tried, Williams says Thailand does it best.</p><p>Here are a few reasons he thinks Thailand has the best McDonald's. </p><h3>1. Most sandwiches are available in double size.</h3><p>"That's four patties in some cases," Williams said. "A double Big Mac is never a bad idea." </p><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/hvewUQj29T/" target="_top">24hr McD's next door to my hotel and they do DOUBLE Big Macs. Gonna be an emotionally challenging week.</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by Katrina Bell (@misskb_1) on Dec 10, 2013 at 4:56am PST</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script><h3>2. Samurai pork burger</h3><p>One of the best-known menu items in Thailand is a burger with a pork patty, teriyaki sauce, shredded lettuce, and mayonnaise. </p><p>Williams says this "burger" - which is like a cross between a McRib and a Big Mac - lives up to the hype. </p><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/yHaoNtQDzY/" target="_top">???????????????? ??????!!</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by ???? ?????? (@b_nes35) on Jan 21, 2015 at 4:24am PST</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script><p><span style="line-height: 1.5em;">Other exotic menu items include spicy chicken, served with eggs and rice. </span></p><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/0PGYDAAYhP/" target="_top">Lunch ??</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by Pueng PT (@msnpmnp) on Mar 14, 2015 at 10:03pm PDT</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script><h3><span>3. The dessert menu</span></h3><p><span>Like McDonald's in France, Thailand offers a more extensive dessert menu than what Americans are used to. </span></p><p><span>Williams says the pineapple pie, which looks identical to McDonald's classic apple pie, is his favorite. </span></p><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/fpWR4YkWkj/" target="_top">???? ????????? $</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by Aiw T'td (@aiwch_td) on Oct 19, 2013 at 3:43am PDT</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script><p><span>Menu items also include a corn pie, ice cream floats, and Ovaltine drinks.</span></p><p><span>Some locations have cheesecake and brownies, too. </span></p><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/mIwx35FApN/" target="_top">????????????? #srtawberrycheesecake #brownies</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by B e e r ?? N a t n a p a t (@beerberry_sprite) on Mar 29, 2014 at 11:40am PDT</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script><h3><span>4. Delivery</span></h3><p><span>Williams says that Thailand has mastered delivery. </span></p><p><span>You can get your Big Mac delivered 24 hours a day in some locations. The food arrives quickly - while it is still hot. </span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/558adb1feab8ea4c2257802a-943-728/screen shot 2015-06-24 at 12.29.57 pm.png" border="0" alt="McDonald's Thailand"><p class="source"><span><a href="https://instagram.com/p/nKWIEFhKqq/">Instagram</a></span></p></img></div><p></p></div></div></p><p>McDonald's is attempting to expand delivery in America. </p><h3><span>5. Ronald McDonald is different.</span></h3><p><span>Outside McDonald's locations in Thailand, Ronald McDonald clasps his hands in greeting.</span></p><p><span>"What's not to love about Ronald welcoming you in true Buddhist fashion?" Williams said. </span></p><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/zdyJFSCUBS/" target="_top">#Sawadee #mcdonalds #Bangkok #Khaosan</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by Khoi Tran (@khoiala) on Feb 23, 2015 at 5:24pm PST</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script><div>Other notable things about McDonald's Thailand include some crazy dipping sauces. </div><div></div><div><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/fK13UOFwdF/" target="_top">Berry Mayo Dip .. ???????????????????! ??????????????????????????????????????? ?????????????????? 55555 @sunny_sepia</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by NYSH?PHA?KA?U$H (@nyshaphax_) on Oct 7, 2013 at 7:23am PDT</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script></div><div></div><div>Breakfast classics served alongside Thai dishes like rice pudding:</div><div></div><div><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/lvrpoLyKDs/" target="_top">M o r n i n g ??????????????????????????????</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by pompam07 (@pompam07) on Mar 19, 2014 at 5:54pm PDT</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script></div><p>And some fun Hello Kitty Happy Meal toys"</p><blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 658px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-version="4"><div style="padding: 8px;"><div style="background: #F8F8F8; line-height: 0; margin-top: 40px; padding: 50% 0; text-align: center; width: 100%;"><div style="background: url(data:image/png; base64,ivborw0kggoaaaansuheugaaacwaaaascamaaaapwqozaaaagfbmveuiiii9pt0ehh4gib4hibkchbwchbwchbydr+jqaaaachrstlmaba4yhyqsm5jtamwaaadfsurbvdjl7zvbegmhcaqbaf//42xcnbpaqakcm0ftumfaaibe81iqbjds3ls6zs3bipb9wed3yyxfpmhrft8sgyrcp1x8ueuxlmznwelfoycv6mhwwwmzdpekhlhlw7nwjqkhc4uizphavdza2jpzudsbzzinae2s6owh8xpmx8g7zzgkeopuoyhvgz1tbcxmkd3kwnvbu0gkhkx+izilf77iofhry1nyfnb/lqpb79drwoyjva/davg9b/rlb4cc+nqgdz/tvbbbnr6gbreqn/nrmdgaqeej7whonozjf+y2i/fzou/qaaaaaelftksuqmcc); display: block; height: 44px; margin: 0 auto -44px; position: relative; top: -22px; width: 44px;"></div></div><p style="margin: 8px 0 0 0; padding: 0 4px;"><a href="https://instagram.com/p/hopkMKCG2P/" target="_top">?????</a></p><p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A photo posted by Marunye (@marunye) on Dec 7, 2013 at 1:15pm PST</p></div></blockquote><script async="" defer="defer" src="//platform.instagram.com/en_US/embeds.js" type="text/javascript"></script>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/mcdonalds-secret-menu-real-2014-11">We Went To McDonald's To See If The 'Secret Menu' Is Real</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ozd3BocToG1In80punEt3-Xi9shExYMt" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'ozd3BocToG1In80punEt3-Xi9shExYMt',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Man who has eaten McDonald's in more than 30 countries reveals who does it best

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57e2b4dbb0ef9737018b7364-946/screen%20shot%202016-09-21%20at%205.25.49%20pm.png" alt="the trade desk" data-mce-source="The Trade Desk/Twitter" data-link="https://twitter.com/TheTradeDeskInc/status/778616267708239872/photo/1"><p class="source"><span><a href="https://twitter.com/TheTradeDeskInc/status/778616267708239872/photo/1">The Trade Desk/Twitter</a></span></p><p class="caption">The Trade Desk on IPO day.</p></img></div><p></p></div></div>When we catch The Trade Desk's CEO Jeff Green on the phone on Wednesday he is "beside himself."<p><a href="http://www.businessinsider.com/the-trade-desk-ipo-2016-9">It is an hour after the ad tech company's IPO</a>, which soared 59% at the open to $28.75 per share, up from the $18 price range the firm had set earlier that week.</p><p>TTD's opening day was a huge vote of confidence for the demand-side platform, whose <a href="https://www.sec.gov/Archives/edgar/data/1671933/000104746916015074/a2229525zs-1.htm">S1 filing revealed healthy financials</a>: Triple digit revenue growth and profitability - rare in a sector that is seeing much of its growth chomped away by <a href="https://www.ft.com/content/6c6b74a4-3920-11e6-9a05-82a9b15a8ee7">the duopoly Google and Facebook.</a></p><p>At a time when the majority of ad tech companies are flailing on the public markets (<a href="http://www.businessinsider.com/criteo-market-cap-2016-8?r=UK&amp;IR=T">except for Criteo</a>), and when there hasn't been an ad tech IPO in more than a year (<a href="http://adage.com/article/digital/ad-tech-s-rough-ride-wall-street-continues/297491/">and that was a disaster</a>), and&#xa0;when <a href="http://blogs.wsj.com/cmo/2015/06/10/ad-tech-firms-find-venture-capital-funding-is-running-dry/">VC funding is increasingly hard to secure</a>, many people within the industry are hoping The Trade Desk's IPO will reignite interest in the maligned sector.</p><p>We asked Green what he feels his company's IPO means for the market, what sets The Trade Desk apart from his rivals, what the firm plans to spend the money on, and what its current financials spell out for its future growth.</p><p><em>This interview has been lightly edited for clarity and length.</em></p><p><strong>Lara O'Reilly:</strong> You've had a great day so far: opening 59% up and currently trading (at the time of the interview) around $28.5. How do you feel about that price and what does it mean?</p><p><strong>Jeff Green:</strong> It's interesting. I sent a note out to the entire team&#xa0;this morning and basically said: "Whatever happens today, up or down, I don't expect, in fact I have zero hope that Wall Street&#xa0;will get precise about you today."</p><p>We need to focus on building great biz and&#xa0;recognize that we are way more likely to be valued better in future</p><p>Today was about starting a conversation&#xa0;with Wall Street and&#xa0;getting to know&#xa0;each other. What&#xa0;has to be done within this&#xa0;space is a long pattern of building trust with Wall Street.</p><p><strong>O'Reilly:</strong> Lots of people within the ad tech industry are looking very closely at your IPO today. What does it mean for the sector?</p><p><strong><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5746c71452bcd01d7b8c4fcd-1200/screen%20shot%202016-05-26%20at%2010.48.44%20am.png" alt="jeff green" data-mce-source="LinkedIn"><p class="source"><span>LinkedIn</span></p><p class="caption">The Trade Desk CEO Jeff Green.</p></img></div><p></p></div></div>Green:</strong>&#xa0;I think what we have been&#xa0;doing the last couple of weeks, with roadshows with hundreds of investors, promoted&#xa0;in them a sort of resurgence or a&#xa0;bringing&#xa0;back of a thesis they once&#xa0;had.</p><p>All of them at some point believe that $640 billion [in global annual ad spend] will be transformed and that programmatic and digital is a better way to transact <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> than phones, fax machines, and martini lunches.</p><p>It will remind them of that. Some have been hurt by past investments, and confused by a confusing ecosystem, but we have a very compelling financial profile, and a very compelling business&#xa0;model.</p><p>We are just trying to enable other people to make money and do well,&#xa0;instead of going in and saying: "we are going to solve this all ourselves, we will be the end-to-end&#xa0;solution that everyone comes&#xa0;to use". We try to make agencies and other companies&#xa0;successful.</p><p><strong>O'Reilly:</strong> What exactly is it that sets The Trade Desk apart from other ad tech companies?&#xa0;</p><p><strong>Green:</strong> I&#xa0;think there are so many companies&#xa0;in our space that are perpetuating the problem.</p><p>This is a problem we are determined to solve. Advertisers are literally spending billions of dollars to make the consumers hate them.</p><p>When you think&#xa0;about that, it's just insane people are showing ads to you for things you already&#xa0;bought. I&#xa0;can't possibly go to travel site and not already see ad for something I already purchased.&#xa0;I'm constantly&#xa0;seeing airline tickets - maybe I buy them too early, but every single person I&#xa0;talk to, even ads we measure, we see companies do this again and again.</p><p>We are trying to make it so you think about buying and media holistically, instead of a siloed media budget. A platform where you&#xa0;coordinate transparency in terms of what you are buying to&#xa0;make better decisions.</p><p><strong><div><blockquote class="twitter-tweet" lang="en"><p>Congratulations to <a href="https://twitter.com/TheTradeDeskInc">@TheTradeDeskInc</a> now trading as <a href="https://twitter.com/search?q=%24TTD&amp;src=ctag">$TTD</a> on <a href="https://twitter.com/hashtag/Nasdaq?src=hash">#Nasdaq</a>! 🎉 <a href="https://t.co/9bwnDV8XYq">https://t.co/9bwnDV8XYq</a></p>- Nasdaq  (@NASDAQ) <a href="https://twitter.com/mims/statuses/778607821021642752">September 21, 2016</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div></strong></p><p><strong>O'Reilly:</strong> What do you plan to spend the IPO money on?&#xa0;</p><p><strong>Green:&#xa0;</strong>I'm so glad you asked. We have so much optimism for the future, it gives me chance to talk about it.</p><p>Firstly, international markets. The $640 billion in global advertising spend, two-thirds of that happens outside North America. We are going all in. We already have. We have 20 offices and we are opening four&#xa0;more before the end of Q4</p><p>We are going&#xa0;all in on programmatic TV. As&#xa0;you know,&#xa0;consumers are cutting the cord and&#xa0;moving into world where they can view things on demand. It's&#xa0;not just the Amazons and Netflix's&#xa0;of this&#xa0;world, they&#xa0;are also logging on to the stations and channels that are ad-funded. We are on the other side.</p><p>Spotify recently went all-in on programmatic audio, and we are equally in that space.</p><p><strong>O'Reilly:</strong> Your S1 filing revealed your take rate, which was around 19% in the last quarter. Is that sustainable - not least now clients are aware? What does your business look like at a take rate of 15% or 10%?</p><p><strong>Green:</strong> One of things we did when&#xa0;we started company, we went through an exercise of saying: What does business&#xa0;need to look like at "end date"?</p><p>I think most companies - frankly in every space, but especially in advertising technology - look at: What does the current landscape look like? How do I take advantage of that? How do I make money today?</p><p>What we said is sort of the opposite: What does it look like at 10 to 20 years from now, when things move to digital, the&#xa0;transformation from&#xa0;old school to new school media?</p><p>One of the things was we established our take rate [which should be determined on the value we add back to the client].&#xa0;We&#xa0;charge our customers in a way we think we can sustain for as far as we see into future. It's a real measure of mature market when people are compensated&#xa0;in proportion to value&#xa0;they give.</p><p><strong><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57e2c3f4b0ef97b3088b72d6-1200/david%20wells.png" alt="david wells" data-mce-source="Netflix"><p class="source"><span>Netflix</span></p><p class="caption">Netflix CFO David Wells sits on The Trade Desk's board.</p></img></div><p></p></div></div>O'Reilly:</strong> You have a relentless focus on agencies. One the one hand, that's great. You're one of WPP's preferred vendors and it's tough to sell to agency groups, and you've done it. On the other hand, marketers are becoming increasingly involved with ad tech decisions, hiring chief media officers or bringing certain elements of ad tech in-house. Netflix - and I know you have a Netflix executive on your board - brought all their programmatic in-house. Do you think you may need to diversify your client base?</p><p><strong>Green:</strong>&#xa0;We have essentially made a bet that media is going to continue to get more complex. As it continues to get more complex, the need for professional money managers actually goes up - and yes we use that financial analogy.</p><p>We need more people helping advertisers and brands make sensible decisions.&#xa0;</p><p>In the past, media buying was simply order-taking. When&#xa0;the world of&#xa0;advertising was just order-taking, most brands outsourced&#xa0;most&#xa0;brands outsourced.</p><p>Buying media is more complicated than buying equity by all measures. It's&#xa0;unlikely there will be a time time when every brand will say: "we will do it all&#xa0;ourselves."</p><p>We continue&#xa0;to bet on money managers: agencies. There will be a few like Netflix&#xa0;that bring it in-house, but for the most part, the biggest brands in world will get smarter. They will bring things in-house from analytical standpoint: way more data, and we will use that data.</p><p>The relationship with agency will be closer but I think more and more we will see integrations like that from some biggest finance institutions and tech companies, which will integrate with us to share data.&#xa0;</p><p><strong>O'Reilly:</strong> Looking through your S1, it doesn't seem like you spend heavily on R&amp;D compared to your rivals. Is that an issue - not least now you have to prove growth and profit to investors every 90 days. Where do you see your R&amp;D spending going?</p><p><strong><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="The Trade Desk" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/57e2c51ab0ef97b3088b72de-960/screen%20shot%202016-09-21%20at%206.35.34%20pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/57e2c51ab0ef97b3088b72de-1131/screen%20shot%202016-09-21%20at%206.35.34%20pm.png" alt="Screen Shot 2016 09 21 at 6.35.34 PM" data-mce-source="The Trade Desk" data-link="https://www.sec.gov/Archives/edgar/data/1671933/000104746916015074/a2229525zs-1.htm" /></a><p class="source"><span><a href="https://www.sec.gov/Archives/edgar/data/1671933/000104746916015074/a2229525zs-1.htm">The Trade Desk</a></span></p></div><p></p></div></div>Green</strong>:&#xa0;I'm not certain that I&#xa0;believe that the number of dollars, or the percentage of dollars as&#xa0;often people focused on, in R&amp;D is necessarily the best measure of how product-centric or how technically advanced any given company is.</p><p>We operate on the perspective that, number one, we are a product-driven company.</p><p>Me as the CEO and my cofounder, our CTO, what we do every day is focus on what product we need to build so we can power most sophisticated buyers in advertising. We ship a product every week. We have dozens and dozens of engineers on dozens and dozens of products.</p><p>We continue to invest in R&amp;D and we factor it in as much as we can. At the core of who we are is&#xa0;a tech company, regardless of what our R&amp;D percentage is, or the total count. It's never been about that. It's about creating the best product.</p><p><strong>O'Reilly:</strong>&#xa0;In your S1, there seems to be some discrepancies between your accounts payable and accounts receivable. While all ad tech companies are essentially clearing houses for large advertisers, you'll need to show you have enough working capital to sustain that growth and keep paying the bills, even if some clients take a long time to pay&#xa0;- otherwise you could run the risk of growing yourself out of existence. How do you feel about your current level of cash and cash equivalents?&#xa0;</p><p></p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="The Trade Desk" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/57e2c459b0ef97011d8b7013-960/screen%20shot%202016-09-20%20at%2013.49.54.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/57e2c459b0ef97011d8b7013-885/screen%20shot%202016-09-20%20at%2013.49.54.png" alt="Screen Shot 2016 09 20 at 13.49.54" data-mce-source="The Trade Desk" /></a><p class="source"><span>The Trade Desk</span></p></div><p></p></div></div><p><strong>Green:</strong> We have zero concern. There is a gap between our accounts receivable and accounts payable. In the world of advertising, particularly with ad agencies and when they go to the clients to collect. We power the biggest brands in the world.&#xa0;</p><p>There is some delta between that and when we pay our inventory providers. We want to pay aggressively and continue to be the very best partner.</p><p>Some agencies have asked us to be a clearing house and we charge them a fee to do that that exceeds our cost capital. And because of the fact that we are growing very fast and we are profitable, it's super easy to borrow from banks at good rates.</p><p>We make money as a clearing house and as a result of that delta. We are very happy with the status quo. It fuels growth and brings on the biggest brands in the world. If you look at all our numbers and look at our bad debt, it's almost non-existent. [Clients]&#xa0;are paying us to be a clearing house.</p><p><strong>O'Reilly:</strong> Ad fraud is one of the biggest challenges the industry faces at the moment. How are you tackling that challenge and how do you feel the industry is dealing with it?</p><p><strong>Green:&#xa0;</strong>There is ad fraud out there, of course. There are people who just want to make money from tricking the system, just like there is in any field.</p><p>But it is&#xa0;such a tiny minority of inventory. Essentially, what we have the luxury of doing is looking at 5 million ads every single second.</p><p>What we are doing for the buy side and biggest brands in the world is we are helping them look through those 5 million ads a second and discriminate. They get to choose which one is most appropriate for brand. Anything questionable in any way, we don't even buy it.</p><p>The beauty is if you get to inspect it, if you're suspicious&#xa0;at all, you don't buy. The&#xa0;only place where it's an issue is if you're&#xa0;tricked to buying it.</p><p>Part of reason we grew so much is we gravitate to best media in the world: The New York Times, AOL, The Huffington Post, A+E, Turner - Turner is not fraud.&#xa0; &#xa0;</p><p>The notion that all good inventory only on Facebook.com or any other one place isn't true. There is great media. There is more great media than ever.</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/51bf1efd6bb3f7da15000032-2400/appnexus,%20brian%20o'kelley.jpg" alt="AppNexus, Brian O'Kelley" data-mce-source="Robert Libetti/ Business Insider"><p class="source"><span>Robert Libetti/ Business Insider</span></p><p class="caption">AppNexus CEO Brian O'Kelley.</p></img></div><p></p></div></div><p><strong>O'Reilly:</strong> Do you think your IPO will encourage AppNexus to go public next?</p><p><strong>Green:&#xa0;</strong>I don't know, but I&#xa0;will say this: We need, as an industry, more companies to doing well. If&#xa0;there's anything we are committed to doing, it is&#xa0;empowering an ecosystem where others do well.</p><p>I&#xa0;wish [AppNexus CEO] Brian O'Kelley&#xa0;and AppNexus nothing but the best of success. I&#xa0;hope they do well,&#xa0;whether that's an IPO, or a sale, or if they stay private. I believe in him as a CEO and a leader. They are a great partner.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/nasa-explain-harvest-moon-2016-9">The last harvest moon eclipse of the decade has come and gone - here's what a harvest moon actually is</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="R5azR4NTE672sougZCqjax_ft6MHxrHf" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'R5azR4NTE672sougZCqjax_ft6MHxrHf',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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