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<ul class="summary-list"><li>In a court filing Monday, Eric Adams argues his bribery charge should be dismissed.</li><li>The NYC mayor says it was legal for him to accept lavish travel accommodations from Turkey.</li></ul>In a court filing Monday, New York City Mayor Eric Adams asked a federal judge in Manhattan to dismiss the bribery charge against him, arguing that <a target="_blank" class="" href="https://www.businessinsider.com/travel-new-york-mayor-eric-adam-alleged-accepted-court-documents-2024-9">the lavish travel accommodations</a> he accepted from Turkish officials were gifts, not bribes."<a target="_blank" class="" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-charges-indicted-2024-9">The indictment</a> in this case alleges a 'bribery' scheme that does not meet the definition of bribery and indeed does not amount to a federal crime at all," Adams' lawyer argues in the filing.The first-class international flights and hotel stays he enjoyed over the past decade were not conditioned on any specific mayoral favors, <a target="_blank" class="" href="https://www.documentcloud.org/documents/25178330-us-v-adams-mol-dismissal-20240930">the 25-page motion</a> says.<a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-legal-bill-nyc-taxpayers-alex-spiro-criminal-defense-2024-9">Alex Spiro</a>, Adams' lawyer in the criminal corruption case, asked the judge to dismiss just one of the five counts against him.He can still bring future motions to dismiss the charges, but the quick filing — less than a week after the indictment was unsealed — underscores how the lawyer, known for his hard-charging tactics, <a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-court-appearance-criminal-case-indictment-2024-9">is seeking to get a quick win</a> for the embattled New York City mayor amid calls for him to resign from office and ahead of a brutal primary fight next summer.Monday's dismissal motion cites a recent Supreme Court decision allowing officials to accept gratuities meant to curry their favor in a general, non-specific way."The indictment does not allege that Mayor Adams agreed to perform any official act at the time that he received a benefit," Adams' motion argues."Rather, it alleges only that while serving as Brooklyn Borough President—not Mayor, or even Mayor-elect—he agreed generally to assist with the 'operation' or 'regulation' of a Turkish Consulate building in Manhattan, where he had no authority whatsoever, in exchange for travel benefits (e.g., upgrades to vacant business-class seats and a car ride to a restaurant)," the motion says.Adams is accused of accepting $100,000 in luxury international travel from wealthy foreign businesspeople, including at least one Turkish government official who was "seeking to gain influence over him" for nearly a decade, according to the indictment.Federal prosecutors said last week that in return for these gifts, Adams pressured city fire officials to approve the opening of Turkish House, a newly constructed Manhattan skyscraper housing Turkey's consulate and other diplomatic functions.Adams also agreed not to make statements critical of Turkey on the anniversary of the Armenian genocide, the indictment alleges.In a press conference following the mayor's arraignment in court Friday, Spiro mocked the charges as "the airline upgrade corruption case."The other charges in Adams' indictment allege he knowingly sought and accepted illegal campaign contributions from corporations and foreign nationals.Adams has pleaded not guilty. If convicted on all charges, he faces a maximum of 45 years in prison.

Eric Adams says his lavish, Turkey-funded travels were legal 'gifts,' not bribes

<ul class="summary-list"><li>New York will sell bonds backed by a "mansion tax," a one-time tax on properties over $2 million.</li><li>The bond sale will fund $2 billion in infrastructure improvements to the city's subways and buses.</li></ul>New York City is planning to fund upgrades to the largest public transit system in the country with bonds backed by taxes on expensive homes.The bond sales will put $2 billion toward infrastructure projects at the Metropolitan Transportation Authority, the city's subway and bus service, which has long struggled to find ample funds to repair and upgrade its aging infrastructure. The agency currently has <a target="_blank" href="https://new.mta.info/document/37176">$47.4 billion in outstanding debt</a>.The city plans to start selling these bonds as early as the end of this year or early next year, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-06/nyc-s-transit-system-eyes-debt-repaid-with-mansion-tax-revenue?srnd=phx-markets">Bloomberg reports.</a> Investors who buy the bonds will be repaid with money from New York's "mansion tax."The tax, which started funding infrastructure projects for the MTA back in 2019, pulls revenue from the transfer of residential properties that cost $2 million or more. The tax is an especially lucrative source of funds in New York, where a strong housing demand makes for frequent turnover . The mansion tax generated $345 million in funding for the MTA last year alone.The bond sales will go toward financing the MTA's $51.5 billion plan to improve its subway, bus, and rail infrastructure. The program is the largest investment of its kind in MTA history, according to the <a target="_blank" href="https://new.mta.info/capital/2020CapitalProgram">agency's website</a>.Mansion tax bonds are not the MTA's first foray into debt backed by alternative funding sources. In the past, the MTA has sold bonds backed by the city's sales tax revenue, among other debt financing vehicles.Other cities like Los Angeles and Santa Fe have employed similar taxes on the sales of large homes to generate new revenue streams for underfunded government initiatives, including affordable housing and homeless prevention projects. Chicago introduced a similar tax on properties over $1 million earlier this year, but voters rejected it.

New York City will sell bonds backed by taxes on mansions to fund the subway

<keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, which is set to be presented on July 22nd, is set to accelerate the growth of <keyword id="20459350" type="General" weightage="20" keywordseo="Indian-stock-markets" source="keywords">Indian stock markets</keyword> by as much as 20%, a recent survey by <keyword id="19897999" type="General" weightage="20" keywordseo="Bloomberg" source="keywords" meta.keywordsubtype="org" meta.entityname="Bloomberg" meta.hostid="261" meta.entityid="Bloomberg">Bloomberg</keyword> noted. While some respondents hope that the <keyword id="20983733" type="General" weightage="20" keywordseo="NSE-Nifty50" source="keywords">NSE Nifty50</keyword>, which is currently trading at 24,273.35 points, might reach 26,000 points by the end of this year, others estimate the index to inch up even higher. The budget is likely to boost consumer spending, accelerate consumption, and support infrastructure development, noted half of the 24 experts Bloomberg surveyed. Data by Bloomberg Intelligence predicted that the estimated earnings per share (EPS) of companies on the MSCI India Index is set to rise by 15.6% on year basis, for the calendar year 2024. In contrast, Chinese firms are expected to grow at about 10%. One-fourth of surveyed analysts noted that pushing capital expenditure would be the government's top priority, while the other half thought the focus would be on boosting consumer demand. Naturally, analysts see potential growth in consumer discretionary stocks in the months to come, followed by financial services. <h2>Focus on Women, Capex</h2>Many are expecting the government to raise the standard deduction threshold from the current Rs 50,000 to Rs 1,00,000. The government is also thinking of raising the limits of the <keyword id="19930663" type="General" weightage="20" keywordseo="Public-Provident-Fund" source="keywords">Public Provident Fund</keyword> (PPF) from Rs 15,000 to Rs 25,000. As per Ashwajit Singh, Founder and Managing Director of IPE Global, "the budget is expected to be tilted towards adopting a strategy for the underprivileged, youth, farmers, and women. The budget is expected to reflect the government’s tried and tested formula of ‘guarantees’ by opting for income transfer policies and spending more on welfare schemes in government campaigns in India. Allocations for existing schemes such as 'Housing for All’, MGNREGA, and health insurance for these sections of society are likely to increase while new schemes may be introduced". According to Badal Yagnik, CEO of Colliers India, the real estate segment is optimistic regarding this budget: "Housing, infrastructure development, sustainability, and digitization will remain at the core of the budget, which will go a long way in supporting real estate growth across segments in the long term. EV infrastructure, renewable energy, and green financing will continue to remain in focus, creating a strong base for a sustainable future. Incentivization of green buildings through minimum alternate tax or tax breaks similar to the infrastructure sector will be particularly beneficial. Meanwhile, retail investors are calling for additional rationalizing of the capital gains tax structure. The Union Budget 2024–25 should explore initiatives to boost greater retail engagement in REITs and InvITs". Anooshka Soham Bathwal, founder of Dhanvesttor, a financial management platform, expects that the government's focus is likely to keep driving the increased participation of women in the workforce in the upcoming full budget, where it can attain the same by incentivising higher education for women. "To promote entrepreneurship, the government can introduce special benefits for the businesses started by women. Further steps towards a stable policy environment and ease of doing business are also desirable. Incentives on tax, funding, and growth for women-centric organizations can help to further attain the inclusive growth objective of government". Bathwal also emphasized that the budget should promote entrepreneurs and the country's startup system. "Entrepreneurs are advocating for additional tax breaks for investors and promoters to attract more domestic capital. As India progresses towards becoming a global hub for entrepreneurship and innovation, fostering both technological and process innovations is crucial. Significant improvements in ongoing training and skill upgrades are vital, particularly given the rapid growth in Tier 2 and Tier 3 markets. Additionally, the government needs to address the credit challenges faced by SMEs", she continued Also read <a href="https://www.businessinsider.in/budget/budget-2024-heres-what-indias-elderlies-want/articleshow/111486023.cms" data-type="tilCustomLink">Budget 2024: FM might delight India's senior citizens this time around</a> <a href="https://www.businessinsider.in/finance/union-budget-2024-25-when-will-it-be-presented-what-to-expect-and-more/articleshow/111014203.cms" data-type="tilCustomLink">Union budget 2024-25 : When will it be presented, what to expect and more</a>

Budget 2024 to fuel stock markets: Bloomberg Survey

<ul class="summary-list"><li>Two significant upgrades to the B-52 bombers are facing issues and delays, per a new watchdog report.</li><li>The re-engined bombers, for instance, won't be operational until 2033, three years later than expected. </li></ul>Some significant upgrades to the US Air Force's 70-year-old strategic bombers are facing notable issues.Plans to replace the engines and upgrade the radars of the B-52s now come with a higher price tag, delivery delays, and technology issues, according to a <a target="_blank" href="https://www.gao.gov/products/gao-24-106831">new government watchdog report</a>.The B-52 Commercial Engine Replacement Program, which seeks to substitute the bombers' older engines with military-configured commercial engines, is now delayed "in part due to funding shortfalls to complete the detailed design," the annual Government Accountability Office report on major US military programs said earlier this week.Per the report, the B-52 CERP program "has worked with the contractors and submitted budget requests to support critical design review in August 2025 and initial operational capability in mid-fiscal year 2033." Delays are notably "a result of underestimating the level of funding needed to complete the detailed design activities."That's three years later than the Air Force planned to have the re-engined planes operating. The service first announced plans in 2021 to replace the engines on its B-52s — which are out-of-production — with new Rolls-Royce-designed ones. The new engines boast improved fuel usage and easier maintenance.<div type="image" title="Pilots from the 2nd Bomb Wing land a B-52 Stratofortress at RAF Fairford, United Kingdom, Sept. 25, 2017 after a mission in support of bomber assurance and deterrence operations." height="2926" width="4396" msid="111174715" hostid="261" sizebytes="407370"></div>Along with the delays, the cost of CERP saw a jump. The program's procurement cost, an initial $8 billion, is now up to around $9 billion, according to the Pentagon's fiscal year 2025 budget, as <a target="_blank" href="https://insidedefense.com/daily-news/b-52-new-engine-procurement-costs-jump-1-billion-125-hike-not-yet-cost-growth">Inside Defense first reported</a>. Its projected total cost is unclear.The B-52 Radar Modernization Program also saw a bump in cost due to issues with lab testing, the GAO report said. "Costs grew by 12.6 percent since the program's initial estimate in 2021 due to additional hardware and labor for three integration labs, installation of test equipment, and an additional year of contractor support."That upgrade involves switching the B-52s over to a new radar that provides greater range and resistance to electronic warfare countermeasures.Along with the issues with these B-52 programs, GAO's report found that the Department of Defense was, across the board, "still struggling to deliver new technologies quickly, even while faced with constantly evolving threats."<div type="image" title="A U.S. Air Force B-52H Stratofortress assigned to the 20th Expeditionary Bomb Squadron at Barksdale Air Force Base, Louisiana, arrives on the flightline August 4, 2023, as part of a Bomber Task Force mission at Andersen Air Force Base, Guam." height="2079" width="3124" msid="111174711" hostid="261" sizebytes="37528"></div>For the B-52, the integration of new systems is critical to keeping its <a target="_blank" href="https://www.businessinsider.com/air-force-b52-fired-new-hypersonic-missile-pacific-test-2024-3">B-52s operational for the next few decades</a>. The Air Force plans to keep the planes in service until 2050, almost 100 years after the first B-52 entered service. There are currently 72 active, with some in conventional roles and others still able to serve in a nuclear capacity. Those that are no longer active are in <a target="_blank" href="https://www.businessinsider.com/2nd-b52-bomber-resurrected-from-air-force-boneyard-rejoins-fleet-2021-3">long-term storage at the Air Force's "boneyard" in Arizona</a>.The <a target="_blank" href="https://www.businessinsider.com/b52s-still-flying-and-crews-train-like-going-to-war-2021-1">Air Force continues to rely on the B-52s</a> for long-range strategic bomber missions, even though they lack the speed of the B-1 Lancers and the stealth of the B-2 Spirits.Their formidable airframe and durable design keep them in good shape despite continued flights and operations. And updated weapons, communications, and other hardware and software keep the planes modern and capable, as well as make it easier to conduct future upgrades.

Upgrades to keep the US military's oldest bombers — its B-52s — flying for a century are running into delays and rising costs, watchdog finds

<ul class="summary-list"><li>States are expected to dole out billions of dollars in rebates later this year for heat pumps.</li><li>There's already a 30% tax credit for homeowners who make energy-efficiency upgrades.</li></ul>This may be the year to install an electric heat pump at home.States are expected to start doling out funding under a nearly $9 billion rebate program later this year to make energy-efficient appliances and other home upgrades more affordable. Nine states on Wednesday <a target="_blank" href="https://www.nescaum.org/documents/2.7.24-nescaum-mou-press-release.pdf">also pledged to aggressively promote</a> heat pumps so that by 2030 they would account for a large majority of the market for heating, air conditioning, and water-heating systems.The efforts are aimed at replacing oil and gas in residential buildings, a major contributor to the climate crisis. The energy Americans use at home accounts for about 19% of greenhouse-gas emissions, <a target="_blank" href="https://www.eia.gov/totalenergy/data/monthly/pdf/flow/CO2_emissions_2022.pdf">according to the Energy Information Administration</a>.Electric heat pumps are also <a target="_blank" href="https://www.energy.gov/energysaver/heat-pump-systems#:~:text=Today's%20heat%20pump%20can%20reduce,as%20furnaces%20and%20baseboard%20heaters.">more efficient</a> at heating and cooling homes than systems powered by oil and propane. Heat pumps move hot and cold air from indoors to outdoors, rather than burn fuel, and can save <a target="_blank" href="https://carbonswitch.com/heat-pump-carbon-reduction-and-savings-potential-report/">the average US homeowner</a> an estimated $500 a year. In Maine — <a target="_blank" href="https://www.businessinsider.com/cities-require-or-encourage-switch-green-buildings-natural-gas-electric-2023-2">a leader in heat-pump adoption</a> thanks to state incentives — <a target="_blank" href="https://www.mainehousing.org/programs-services/energy/energydetails/heat-pump-program#:~:text=Using%20prices%20from%20the%20Governor%27s,compared%20to%20heating%20with%20propane.">annual savings range</a> between $900 and more than $2,000."We're thinking about ways to provide more incentives so that we can make the decision easier for consumers because heat pumps are not cheap," Serena McIlwain, the secretary of the Maryland Department of the Environment, told Business Insider. "They're going to need some support from states and the federal government."Maryland is among nine states — along with California, Colorado, Maine, Massachusetts, New Jersey, New York, Oregon, and Rhode Island — that aim to boost heat-pump sales to 65% of new heating, air conditioning, and water-heating systems by 2030 and 90% by 2040.Heat pumps currently make up about one-quarter of the HVAC market in those states, according to the Northeast States for Coordinated Air Use Management, a coalition of environmental agencies leading the multistate push to boost sales.Cutting the up-front costs of buying and installing heat pumps is a key way to increase sales. Prices vary widely depending on the project, including where someone lives, the size of their home, the type of heat pump they buy, and the labor. A <a target="_blank" href="https://www.rewiringamerica.org/electrification-costs-estimates">report by Rewiring America</a>, a nonprofit that advocates for electrifying buildings, found that median costs ranged from $5,200 in Maine to more than $18,000 in Massachusetts before applying state incentives.<h2>Federal tax breaks, state rebates</h2>The Inflation Reduction Act signed into law by President Joe Biden in August 2022 authorized numerous programs to help homeowners go electric and invest in energy-efficient retrofits.A tax credit of up to $3,200 <a target="_blank" href="https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit">became available last year</a> for people making changes to their primary residence. However, the reach is limited because the credit can't be claimed by landlords or Americans who don't have much taxable income.This year, states are expected to set up rebate programs funded by the act. But first, the programs need approval from the Energy Department, and so far only California, New York, Hawaii, and New Mexico <a target="_blank" href="https://www.energy.gov/scep/articles/first-group-states-apply-landmark-home-energy-rebates-funding-lower-energy-costs">have submitted their applications</a>. Maryland hopes to offer rebates by summer or fall, Jay Apperson, a spokesperson at the state's Department of the Environment, said in an email.One rebate program is designed to offer point-of-sale discounts on heat pumps, electric stoves, insulation, and new breaker boxes and wiring — capped at $14,000 per household. The program is targeted to low- and moderate-income homeowners, or those earning between 80% and 150% of the median income in their area. Landlords who rent to people in those income brackets are also eligible.The other program is designed to cover half the cost of energy-efficiency projects that can show a home's energy use will drop by at least 20%, with larger rebates for low-income households."The rebate programs are a vehicle for equity in the IRA," Sage Briscoe, the director of federal policy at Rewiring America, told Business Insider. "They are the tool to reach families most in need of help to make changes in their homes."Beyond the up-front costs, a barrier to increasing heat-pump adoption is education. Homeowners typically don't think about their heating and cooling system until it breaks. That leads to a mad dash to replace it, and many contractors still aren't familiar with heat-pump systems."We have to take advantage of that end-of-life opportunity," Emily Levin, a senior policy advisor of building electrification at NESCAUM, said. "There's a lot of outdated information about heat pumps out there."McIlwain said Maryland was working to put more information online, including a database of contractors, electricians, and manufacturers trained on heat pumps. The website will also have information about incentives for homeowners.States including <a target="_blank" href="https://www.efficiencymaine.com/about-heat-pumps/">Maine</a>, <a target="_blank" href="https://cleanheat.ny.gov/">New York</a>, and California have already set up similar sites.

It might be the year to upgrade your home's heating and cooling system and get a big discount

<ul class="summary-list"><li>20 House members, mostly Republican, voted against federal funding for their districts.</li><li>It shows the limits of the "earmark" process, which aims to incentivize lawmakers to vote for bills.</li></ul>As Rep. Clay Higgins walked toward the House floor to vote on a <a target="_blank" href="https://www.businessinsider.com/house-congress-avert-government-shutdown-votes-2024-3">$1.2 trillion government funding bill</a> on Friday, the Louisiana Republican explained why his "earmarks" couldn't get him to vote yes."Ultimately, I don't control what the final language of the total funding bill will be," said Higgins. "When I cast a vote on a bill, it has to be reflective of my core principles."Higgins voted against the bill, despite securing $2.3 million in federal funding for an emergency operations center at the port in Morgan City, Louisiana.He was one of 20 House members — 15 Republicans and 5 Democrats — who voted against Friday's government funding bill despite securing so-called "earmarks," known officially as congressionally directed spending.Earmarks, which allow lawmakers to funnel spending toward specific projects in their districts, are controversial. Republicans banned them in 2011 amid accusations of fraud and waste, but Democrats brought them back in 2021. One argument in favor of earmarks is that they make high-stakes legislation easier to pass, providing lawmakers a stake in major bills and giving leadership a way to corral votes.But recent votes show that there are limits to that logic.Friday's bill encompassed roughly 70% of federal government funding, including the Pentagon, the State Department, the Department of Homeland Security, and other agencies.The other 30% was contained in a separate funding bill passed roughly two weeks ago, but that bill contained far more earmarks, especially for House members. Nonetheless, 42 House members who secured earmarks voted against it anyway, 40 of whom were Republicans.<div type="image" title="Democratic Rep. Pramila Jayapal cited a litany of reasons for opposing the bill, even as it contained $1.3 million for the Seattle Public Library." height="1500" width="2000" msid="108718109" hostid="261" sizebytes="136968"></div>The government funding bill, a compromise hashed out between the Democratic-controlled Senate and the Republican-controlled House, barely passed with the required two-thirds majority on Friday. Both progressives and Republicans found reasons to oppose it.Republicans protested that the bill did not include certain hardline immigration-related policy provisions, that culture war "riders" had been stripped from the compromise legislation, and as always, that the federal government is spending too much money.Ultimately, most of the GOP conference voted against the bill, and Rep. Marjorie Taylor Greene of Georgia is now <a target="_blank" href="https://www.businessinsider.com/marjorie-taylor-greene-motion-to-vacate-threat-republicans-2024-3">threatening to oust</a> Speaker Mike Johnson over it.22 Democrats, the vast majority of whom are members of the Congressional Progressive Caucus, voted against the bill in protest of increased military funding, increased funding for border enforcement measures, and a one-year ban on funding for the <a target="_blank" href="https://www.businessinsider.com/israel-calls-unrwa-chief-resign-hamas-center-under-gaza-hq-2024-2">UN Relief and Works Agency (UNRWA)</a>, a key provider of aid to Palestinians, particularly in Gaza.That included Rep. Pramila Jayapal of Washington, the chairwoman of the caucus, who voted against the bill despite securing $1.3 million for seismic structural upgrades at the Seattle Public Library."We are consistently rewarding waste, fraud, and abuse in the Pentagon by providing them with a larger budget year after year," Jayapal said in a statement.Republicans in particular have faced accusations in recent years of "voting no and taking the dough" — not just <a target="_blank" href="https://www.businessinsider.com/mike-garcia-earmarks-omnibus-government-spending-2024-1">when it comes to earmarks</a>, but for celebrating funding from bills that <a target="_blank" href="https://www.businessinsider.com/tommy-tuberville-federal-broadband-funding-voting-against-bipartisan-infrastructure-2023-6">they wholly opposed.</a>Already, Republicans <a target="_blank" href="https://www.businessinsider.com/marjorie-taylor-greene-9-million-earmark-funding-2024-3">including Greene</a> and <a target="_blank" href="https://www.businessinsider.com/lauren-boebert-funding-voted-against-ribbon-cuttings-earmarks-2024-3">Rep. Lauren Boebert</a> of Colorado have bragged about earmarks they secured in government funding bills this week, even though they voted against the final product.Here are the 15 Republicans who voted against the bill, despite securing earmarks:<ul><li>Brian Babin of Texas</li><li>Gus Bilirakis of Florida</li><li>John Curtis of Utah</li><li>Mike Ezell of Mississippi</li><li>Garrett Graves of Louisiana</li><li>Michael Guest of Mississippi</li><li>Diana Harshbarger of Tennessee</li><li>Clay Higgins of Louisiana</li><li>Trent Kelly of Mississippi</li><li>Burgess Owens of Utah</li><li>Mike Rogers of Alabama</li><li>Chris Smith of New Jersey</li><li>Greg Steube of Florida</li><li>Jeff Van Drew of New Jersey</li><li>Randy Weber of Texas</li></ul>Here are the 5 Democrats who did the same:<ul><li>Andre Carson of Indiana</li><li>Joaquin Castro of Texas</li><li>Pramila Jayapal of Washington</li><li>Summer Lee of Pennsylvania</li><li>Nydia Velázquez of New York</li></ul>

It happened again: These 20 House members, mostly Republican, voted against millions in funding for their own districts

<ul class="summary-list"><li>Reed Hastings kept losing money as an investor so he sticks to owning Netflix stock and index funds.</li><li>"The few times that I've done investing, I've lost my shirt," Netflix's ex-CEO told "The Tim Ferriss Show."</li></ul><a target="_blank" href="https://www.businessinsider.com/reed-hastings-netflix-bio-2015-8">Reed Hastings</a> is a technology pioneer who built one of the world's biggest internet companies and transformed the entertainment industry. But he sucks at investing.The Netflix cofounder, who stepped down as the video-streaming platform's joint CEO early last year, revealed his terrible track record on the <a target="_blank" href="https://tim.blog/2024/04/03/reed-hastings/">latest episode</a> of "The Tim Ferriss Show" podcast."The few times that I've done investing, I've lost my shirt," Hastings said, explaining that he's overly optimistic and says yes to every good idea pitched to him.In contrast, skilled investors have "different DNA" that enables them to be more discerning and turn down all but the very best opportunities, Netflix's executive chairman continued."So I'm a pure index-fund investor, I'm Netflix plus index funds," he said.Hastings might be taking notes from Warren Buffett. The investing icon and Berkshire Hathaway CEO has <a target="_blank" href="https://www.businessinsider.com/millionaires-investment-strategy-low-cost-stock-index-funds-building-wealth-2018-12">long championed</a> a low-cost index fund as the best option for a "know-nothing investor," and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tim-ferriss-show-podcast-buffett-munger-investing-stocks-index-fund-2023-2">gave that advice to Ferriss himself</a> in 2008.Buffett has repeatedly said that almost everyone would be better off if they settled for a market return instead of trying to beat the average — and they would outperform most of Wall Street in the long run.Unlike Hastings, Buffett is picky about what he invests in, priding himself on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/steve-jobs-warren-buffett-apple-berkshire-focus-iphone-tech-stocks-2023-7">saying no to almost everything</a>. He even dubbed his late business partner Charlie Munger the "Abominable No-Man" for relentlessly shooting down ideas.Yet Hastings — who took Netflix from nothing in 1997 to $32 billion of revenue and $4.5 billion of net income in 2022, and a $300 billion market capitalization at its peak — has found other ways to put his money to work.In late January, he <a target="_blank" href="https://www.businessinsider.com/netflix-reed-hastings-donated-stock-billion-silicon-valley-community-foundation-2024-1">gifted 2 million Netflix shares</a> worth $1.1 billion to the Silicon Valley Community Foundation. The donation slashed his direct stake in Netflix by about 40% to just under 3 million shares — a position valued at about $1.9 billion.The tech veteran's net worth is still around $6 billion, as he holds 3 million Netflix stock options and has sold about $2 billion worth over the years, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/profiles/wilmot-r-hastings/">Bloomberg Billionaires Index</a>.Hastings has also donated <a target="_blank" href="https://www.businessinsider.com/netflix-ceo-reed-hastings-creates-100-million-education-fund-2016-1">vast amounts of money</a> to education providers like charter schools and historically Black colleges and universities (HBCUs).Netflix's executive chair might balk at buying individual stocks or backing startups, but he's not afraid of striking big deals.He <a target="_blank" href="https://www.businessinsider.com/netflix-co-founder-reed-hastings-creates-luxury-ski-club-2024-3">reportedly plowed</a> more than $100 million into Utah's Powder Mountain last year to secure majority ownership of the nation's largest ski resort, and has started upgrading its facilities and refocusing its business model.It may be the case that Hastings is better suited to calling the shots than backing the right horse.

Reed Hastings says he kept losing money as an investor so he sticks to owning Netflix stock and index funds

<ul class="summary-list"><li>In part of England, the assets of people who die without a will or next of kin revert to the king.</li><li>The practice has collected more than 60 million pounds in the past 10 years.</li></ul>King Charles III has been using money collected from people who die without a will or next of kin to finance improvements on his vast property empire, despite claiming the funds are donated to charity, according to <a target="_blank" href="https://www.theguardian.com/uk-news/2023/nov/23/revealed-king-charles-secretly-profiting-from-the-assets-of-dead-citizens">leaked documents obtained by The Guardian.</a>Across a swath of northwest England, a custom since feudal times has dictated that the assets of people who die without a will or next of kin revert to the king through the Duchy of Lancaster, which in its modern incarnation functions as something akin to a family office for the king, overseeing a portion of his vast landholdings. Over the past seven decades, the duchies of Lancaster and Cornwall have generated roughly 1.2 billion pounds for Charles and his mother, Queen Elizabeth II, The Guardian <a target="_blank" href="https://www.theguardian.com/uk-news/2023/apr/05/who-owns-and-profits-from-the-duchies-of-lancaster-and-cornwall-timeline">previously reported.</a>The Duchy has long claimed that money collected in this way is donated to charity. In fact, only a small portion goes to charity. The bulk, according to The Guardian, is used to finance improvements on rental properties owned by the king, including townhouses, cottages, agricultural buildings, and barns – helping the duchy spin a profit. Charles received 26 million pounds from the Duchy of Lancaster <a target="_blank" href="https://www.duchyoflancaster.co.uk/financial/">this year.</a> Neither duchy pays corporate taxes or capital gains taxes.When he took over as monarch last year, <a target="_blank" href="https://www.insider.com/royal-family-net-worths-money-finances-king-charles-2023-5#the-royal-familys-wealth-comes-from-sources-including-a-taxpayer-funded-grant-a-multibillion-dollar-real-estate-portfolio-and-inherited-assets-1">Charles inherited</a> control over institutions valued at roughly $42 billion.Buckingham Palace could not be reached for comment. The Duchy of Lancaster did not immediately respond to a request for comment. In a statement to The Guardian, a spokesperson for the duchy indicated that it was King Charles' wish that dead residents' assets "be used primarily to support local communities, protect the sustainability and biodiversity of the land, and preserve public and historic properties across the Duchy of Lancaster estates."

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