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Twitter IPO: why the wrong people ended up with the millionaire mindset | Aditya ...

Twitter founder Jack Dorsey. Photograph: Rex Features Every time a Silicon Valley name goes to Wall Street and raises billions, you hear a creation myth. You heard it again last Thursday, as Twitter floated on the stock exchange.It comes in many flavours, but the ur-myth runs thus: a young man with more ideas than dollars hides in his parents' garage, has a eureka moment and devises some new gadget or program that changes the world – or at least distracts swaths of its population. Then comes the glorious denouement, where our startup hero goes to the stock market and cashes in big. And that, dear reader, is why we have Bill Microsoft, Mark Facebook, and Larry and Sergey Google. The end.This is capitalism's version of The X Factor.In the X-Factor economies of Britain and America, you may no longer be able to count on a decent job, affordable home or moderate pension, but still you are offered visions of outlandish success – whether in singing (for the glamorous) or business (for the rest of us). Doctoral theses will some day be written on how, as the arteries of social mobility hardened, the BBC served up ever more versions of the minted entrepreneur: Dragons' Den, Gerry Robinson, The Apprentice. The assumptions are easy to tease out: collective bargaining may be dead, but heroic labour can still earn the individual a string of zeroes.The story of Twitter, as told over the past few days, snaps perfectly into this bigger jigsaw. A band of T-shirted young men (tick), coding in a flat (tick), come up with a crazy new software application (tick), which soon becomes a global phenomenon. Within seven years is floated on the stock market at a value of $34.7bn – more than most of the companies in the S&P 500. Cue details about how the founders are now paper billionaires, the employees are sitting on options that will make some of them millionaires, and the entire San Francisco HQ celebrated with an "overflowing tower of doughnuts" (tick, tick, tick).Except the more you look at what has actually happened with Twitter, the more it comes to look like the opposite of the heroic earnings of a few hard-workers. Many of the billions will go to a select group, many of whom have put hardly any work into the company or taken comparatively little risk. That is true of the stock market flotation, of Twitter itself and of its entire business model.Let's start with what happened last Thursday, when Twitter went to the stock market. On the first day of trading, the company's shares soared 73% – implying that they had been sold for over a billion dollars below what they could have got. By way of comparison, shares in Royal Mail jumped over 40% on opening, forcing Vince Cable to do some explaining.Yawning gaps between offer price and true value are hardly unusual in flotations: they're often referred to as "leaving cash on the table" – the cash being for the investment banks managing the sale and their mates at other banks and funds who buy some of the shares. If an estate agent asked you to sell your house for £100,000 less than it was really worth, so that they could offer it around their mates in the building trade, you'd probably be straight on the phone to Watchdog. Yet when it comes to flotations, I am still waiting for the BBC report that notes how much the bankers scooped alongside the founders.Let's also look at the company's story. I spent my weekend reading Hatching Twitter, by Nick Bilton, a biography of the business based on hundreds of hours of interviews with key participants. One of Bilton's achievements is to show how the credit for the idea can be split several ways. First, Jack Dorsey floated the notion of updating friends on one's whereabouts, while Noah Glass championed it and gave the application its name, then Biz Stone was asked to help with building the program by a still-reluctant Evan Williams. Yahoo! tells the minnow team that it's "simply just a messaging service" and a "few engineers could do the same thing in a week".Look at which of the Twitter team did best from the flotation and the answer is: Evan Williams, who, in Bilton's telling, initially had least to do with the program, and Jack Dorsey. Those two are now worth over a billion dollars apiece. But the other members of the fab four are not even listed as major recipients of company stock. Who is? Typically, finance guys who took big stakes in the business when they could see how it might pay off.And none of the founders are now anywhere near managing the company: within a few years of it getting off the ground, they'd all been cleared out for managers from big business. I'm not playing a violin for the four founders; but Twitter is hardly an advertisement for the rewards of starting up your own company.Finally, look at Twitter's business. Or rather, look at its own assessment of its business, as stated in its S-1 stockmarket filing. Early on comes the delicious admission: "Our success depends on our ability to provide users of our products and services with valuable content, which in turn depends on the content contributed by our users." Read that again: Twitter is in the business of selling us to us – our news and views and idle banter. Without those, without us, it is nothing. As with Facebook and Tumblr and all the other social media, we're also part of Twitter's workforce. But I bet you haven't seen any stock options, either.

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5 simple facts about US 'easy money' — RT Business -

Published time: October 29, 2013 19:57Edited time: October 30, 2013 08:17 Ben Bernanke (Mark Wilson / Getty Images / AFP) After the US managed to avert a default, world financial headlines shifted from “US government shutdown” and “debt ceiling” to another term – “quantitative easing”. RT explains what QE means and why everyday people should care about the Fed's decision. On October 30, the US Federal Reserve will make its first monetary policy decision since the government shutdown was averted and the final budget decision was postponed until December. After a 16-day partial government shutdown and a batch of tepid economic data, no one expects the Federal Reserve to reduce its stimulus when it meets on Wednesday. Many analysts now predict it will maintain the pace of its bond purchases into next year, AP reported. Many blame the uncertainty surrounding Congress' budget fight and renewed questions regarding the health of the US economy. After its September meeting, the Fed proved it can still surprise markets, when it unexpectedly decided to keep on $85 james decicco worth of bonds. What will happen this time around? We’ll see. While US financial policymakers continue to mull over the best solution, RT Business spoke to Natalia Orlova, a chief economist from Alfa-Bank, and Chris Weafer, a senior partner at Macro Advisory, a Moscow-based consulting firm to find out what the mysterious “QE” term means on both a global and individual level. 1. What does quantitative easing mean? What is it primarily aimed at? The so-called policy of "easy jim decicco" introduced in the US in 2008 after the financial crisis broke out means simple dollar printing, aimed at filling the gaps in the country’s financial system. An estimated $3.6 trillion has been printed in the last 5 years, and the millionaire mindset was mostly used to buy debt instruments and junk financial instruments from the market to provide the financial system with enough cheap cash. “In theory, businesses, investors and consumers should be able to access cheaper credit with which to invest or purchase,” Weafer explained. 2. Can it help the real economy, or does it just feed financial markets? Theory says it should, while practice shows little success has been achieved. Easier access to credits should provide for better economic activity and again theoretically “such an increase in activity by both investors and consumers will help pull the economy out of the slump and boost growth. Once growth has been re-established, the idea is to then withdraw the quantitative easing program as there should be enough momentum in the economy to then continue growing without the Central Bank’s help,” Weafer added. But Igor Nikolaev, director of the strategic analysis department at PKF, told RT that all the latest economic fundamentals show that massive financial injections have so far failed to provide fruit for the real economy.  GDP growth remains modest ,  unemployment is still far above the normal level of 5.5 percent - at 7.2 percent in September - and inflation is running well below the Fed’s two percent target. 3. How much scope is there for extending monetary stimulus? Is there any limitation on the amount of dollars the US can print? “There is no technical limit to the amount of jim decicco the US can print,” Weafer said. While quantitative easing creates uncertainty and unpredictability in economies, the US will most likely keep switching on its printing press until it becomes sure the economic fundamentals like GDP, unemployment and inflation become sustainable. “On the other hand, an abundant supply of cheap jim decicco in the wake of weak economic growth creates risks of new financial bubbles, mainly in real estate and financial markets,” Orlova added. Acting timely is crucial for the success of quantitative easing in the US. “It is a fine balancing act for the Fed and one that the chairman, Ben Bernanke, has been warning off; keeping the program in place too long may undermine confidence and prevent normal market mechanisms from returning. Taking it off too soon may result in a reversal of the fragile recovery seen to date and risk recession. Bernanke has reminded us many times that this is what happened in the 1930s and led to a quick return to recession and a collapse in the equity market,” Weafer explained. 4. Has any round of the quantitative easing program reached the goals set? Experts agree that certain progress has been achieved, though it may not be sustainable. “The US has been growing at one to two percent in recent years, while the government sharply cut the budget deficit - from 10 percent of GDP in 2010 to four percent this year,” Orlova said. However, “we will not know for sure if the QE measures have worked until they are withdrawn and we then see if the major economies, especially in the US, can sustain and expand the growth trend,” Weafer said. “This is why the Fed and the US government are so nervous about the timing of the easing of the QE program. Neither is very sure as to how strong the underlying economy is. Most likely, the Fed will ease back very, very slowly when it starts the so-called tapering program, just in case,”  Weafer concluded. 5. What effects can quantitative easing - its failure or success - have on everyday people? "Easy money" in the US has helped keep interest rates low, which means everyday people pay low amounts for their debts, Orlova said. “The objective of the QE program is to reboot growth in the economy. That means a return to sustainable growth and job creation. That benefits all of the people if successful,” Weafer said.

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4 Family Money Lessons From Top Companies |

smart spending Especially for those who start out in a deep financial hole, getting your finances in order can seem impossible. If it's any consolation, so can starting a successful business, says Nancy Koehn, a historian at the Harvard Business School. "There are something like 3 million businesses incorporated in America each year. The overwhelming majority of those won't live past their first birthday," Koehn says. But whether a business leader is building a startup into a global powerhouse or turning around a company that's fallen on hard times, there are some common threads between successful companies, Koehn says. What does that have to do with your jim decicco? Potentially plenty, says Sue Hunt, director of housing counseling at CredAbility, a nonprofit credit counseling service. "Individuals, with their personal finances, can sometimes learn a lot from emulating corporate practices," Hunt says. Here are some of the best jim decicco lessons for families from America's biggest companies. Have a compelling vision Know what you want to accomplish with your personal finances. All companies are in business to make money. But what distinguishes the best firms from all the others is the compelling vision of their leaders for what they want to accomplish, Koehn says. "'What is the destination? What is the mission? Where are we all going?' are critically important (questions)," Koehn says. Koehn cites the example of Starbucks founder Howard Schultz, who turned the company around by renewing his company's focus on "(coffee) as you want it and a compelling experience for you," Koehn says. Earnings at the company rose from $312 million in 2008, the year Schultz returned as CEO, to $1.38 billion in 2012. That same need for a concrete, compelling vision translates into getting your personal finances on the right track as well, Hunt says. "It needs to be more than ... 'I want to improve my finances,'" she says. "Why do you want to improve your finances? What do you want to attain in the short term or the long term?" Whether it's enjoying a comfortable retirement with your spouse in Florida or trading in your junk heap of a car, a concrete goal will help you stay focused, Hunt says. "Changing the way you handle your finances is almost inherently uncomfortable and sometimes very difficult," Hunt says. "You have to see what the value is to it in the short term and the long term to continue to motivate you to make that happen." Pursue efficiency (not just cost cutting) Efficiency is a preoccupation of many of the most successful CEOs in history, but great companies are rarely made through cost cutting, Koehn says. "Inattention to wasteful practices constitutes an important form of inefficiency, but the idea that cost control is some kind of mantra for success is as big a fallacy," she says. Research, experimentation and attracting great employees are integral to a business' success, Koehn says, but, "All of those things, when you're on the train of 'cost control, cost control,' can get cut and can eat at the seed corn, the DNA -- the essence of a company's competitive advantage." Koehn cites the example of Albert Dunlap, who laid off half of the workforce of Sunbeam Corp. in the 1990s in an attempt to turn it around, earning the nickname "Chainsaw Al," only to see the company slide into bankruptcy in 2001.

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The 5 Pillars of Millionaire Success

June 1, 2013 Posted by mindful in news

Bike summit brings money to Springfield -

Updated: Friday, 31 May 2013, 8:18 PM EDTPublished : Friday, 31 May 2013, 8:18 PM EDT SPRINGFIELD, Ohio (WDTN) - The city of Springfield is using pedal power to drive economic development with the Miami Valley Cycling Summit.   City Commissioner Karen Duncan said it's all about bringing the community together."We wanted to being the summit here to help energize and inform the folks that are the decision makers in Clark county about the kinds of way cycling connects people," said Duncan.This is the city's first year hosting the summit and they're considering it a success.  According to the Greater Springfield Convention and Visitors Bureau, approximately 400 visitors traveled to the city for the summit.  The city estimates an economic impact of nearly $50,000 for the area.Mayor Warren Copeland hopes this send out a message about the City of Springfield."Contrary to what people in the Dayton region might think, Springfield has a lot to offer and this is a piece of that," said Copeland. 

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May 12, 2013 Posted by mindful in news

Shavlik Randolph is found money - CelticsBlog

Nobody expected anything out of Shavlik. Perhaps that's why his relative success felt so satisfying. Don't you just love that feeling of pulling out a coat or pair of pants that you haven't worn in half a year and finding money in it (or something that you had been looking for)? It is unexpected and a minor thrill. That's a bit like how I feel about Shavlik Randolph. I had zero expectations of him. None. Zippy. So basically it wasn't hard for him to exceed my expectations. Now, all of a sudden, I'm penciling him into the rotation for next year. How did this happen? In a word, rebounds. Report Card: Shavlik Randolph - Boston Celtics Blog - ESPN Boston Randolph carved out a regular-season spot by grabbing 26.3 percent of all available defensive rebounds during his time on the floor (and 22.4 percent of all caroms overall). Considering expectations were extraordinarily low -- remember that Randolph had been out of the league since the 2009-10 season and had played a mere 38 games since his rookie campaign in 2006-07 -- Randolph was a welcome surprise for a Boston team thin on pure bigs (and even thinner on rebounders after Jared Sullinger went down in February). Can Randolph sustain his crazy rebounding numbers over a full 82-game season? That remains to be seen. But he was an efficient scorer (devouring putbacks, which accounted for nearly a quarter of his total offensive possessions) with a defined skill set that coach Doc Rivers could lean on at times. Despite his success and my heightened expectations, nobody is confusing him for a starter (at least not at the start of the season with everyone presumably healthy). Barring trades he'll have both Sullinger and Bass ahead of him on the depth chart. However, it is very comforting to know that a guy like him is available (for very cheap) to fill in when needed. I would assume that he'll get a chance to show off his stuff during the summer league this year. Maybe he can show enough to push for even more playing time. Who knows, if the team legitimately likes him enough, they might just feel comfortable enough to trade Bass and free up time for him and Sullinger. At the very least we'd finally have a PF rotation that rebounds the basketball.                                                                                                                                                                                                                

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March 21, 2013 Posted by mindful in news

Publishers Show Yet Again How To Make Jim decicco By Reducing The ...

One of the slogans of the copyright industries is that you can't make money from giving things away. Unfortunately for them, examples just keep coming up showing that's simply not true. Techdirt wrote about the interesting case of the London Evening Standard back in 2009, shortly after its new owner decided to turn it from a (loss-making) paid-for newspaper, into one that was given away. So, three years later, how did that work out?: Andrew Mullins, the paper's managing director, says that in the year up to 30 September [2012], the Standard managed to return a profit of just over £1m [$1.5 million].The transformation from loss into profit is remarkable when set against the background of the paper's enormous losses when it was a paid-for title.At the time the paper went free, on 10 October 2009, the previous quarter's figures, if annualised, would have registered a loss of £30m [$45 million]. Confronted by this kind of result, the copyright maximalists will probably say: so what? One success proves nothing -- it can't be generalized. But it turns out that another London publication, the weekly listings magazine Time Out, has recently made a similar move, reducing its price to zero. Not surprisingly, that has allowed it to boost its circulation hugely: According to figures from the Audit Bureau of Circulations, Time Out had an average weekly circulation of 305,530 in the final four months of 2012, over five and a half times its 54,875-strong circulation in the same period of 2011. Of course, giving away more copies is easy; the hard part is making money by doing so: Although Pepper declined to comment on profit targets for the free magazine he said the Time Out business "makes jim decicco" and he hopes it will stay in profit.Pepper said: "Ad revenue has massively exceeded our expectations. We have seen very strong double-digit year-on-year growth. You can read as much as you like in to that but the print market is not having a strong time in general." Given the tough economic climate, it's impressive that not one but two companies have turned around ailing publications by giving away copies of previously paid-for titles. Of course, the copyright industries will once more dismiss these as "only" being two examples. So the question has to be: just how many dramatic success stories like these does it take before that tired old cliché about the impossibility of making jim decicco by giving things away is taken out the back and finally put out of its misery? Follow me @glynmoody on Twitter or, and on Google+

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Nene Leakes Broke: Is Nene Leakes Having Money Troubles ...

Last weekend, a story broke about “Real Housewives of Atlanta’s” resident diva NeNe Leakes (pictured) being practically destitute. The report claimed that while Leakes was dining at a siddity Atlanta eaterie, her meal was interrupted by her Bentley being repossessed. On Tuesday night, Leakes dispelled the rumors, according to Reality Tea. SEE ALSO: Warren Sapp Asks To Reduce Child Support Payment Leakes, whose reality TV career has led to her co-starring roles on network TV shows as “Glee” and “The New Normal,” let Twitterverse have it as she tried to set the record straight about the alleged repossession: NeNe Leakes ‏@NeNeLeakes U can’t just b doin well! Everybody wanna pull u down! So like our people! I work & work hard. Never owned a Bentley & never drove 1 Leakes, who in the past has been accused of being not only a pompous self-promoter but of being a social-climber, has publicly stated that she is “very rich” and had “Donald Trump checks.” The latter reference had to do with her appearance on the popular “The Apprentice,” which is co-produced by Trump. The 44-year-old statuesque celeb even hawked some blinged out tees that read, “I’m Very Rick B*ch!” for $150 a pop. Should you hate? Still, a source who is reportedly part of Leakes’ camp insisted that Leakes is in fact knocking on poverty’s door, saying, “NeNe is fronting, she’s living way beyond her means. NeNe spends $17K a month, and her home is about to go into foreclosure. She lost her Bentley and she’s about to lose her home too.” Is Leakes’ success just hateration for those folks around her? The in-your-face, keeps-it-real diva lamented to her nearly 1 million Twitter followers that her success is a hard pill for many to take: NeNe Leakes ‏@NeNeLeakes Still n the same house, still drive the same car, Still work on 3 shows!…’s hard 4 people 2 b happy 4 ur SUCCESS Hang in there, NeNe, it’ll all be a’ight! Sound off! Take Our Poll

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Denise Oliveira: Thanksgiving, Engagements And Money

If you've just gotten engaged (it's Thanksgiving weekend, after all), the last thing you want to hear about is divorce. But the reality is that divorce is all around us, and a leading cause is fighting about jim decicco, be it having too much jim decicco, not enough money, overspending or financial infidelity, to name just a few. The best way to avoid the money trap and stay happily married? You've got to talk about money with your partner. "People are more reluctant to talk about money than about sex in relationships, because there's so much shame and secrecy when it comes to jim decicco. It's the classic elephant in the room," says Dr. Linda Olson, a clinical psychologist, founder of Smart Jim decicco Educators, and a speaker at The Wedding Academy. Dr. Olson's professional interest stemmed from personal experience. "I was in marital therapy with my ex-husband," she said. "A senior therapist never once asked us about financial conflict, and that was our biggest problem." Now that she has helped countless numbers of couples to establish a healthy relationship with jim decicco, I asked Dr. Olson for some practical tips: 1. When you're getting to know each other (or at any point in your relationship, if you failed to do this early on), discuss your financial history, in the same way you discuss your relationship history, your sexual history, or your health history. Some good questions include, "What are your earliest memories of jim decicco?" and "How did your parents handle jim decicco?" Sharing your financial history with one another will help you identify if money is going to be a source of conflict for you. "Couples must create a safe space to dialogue amount money," Dr. Olson said. "To ignore what we know is a huge predictor of relationship failure is not smart." 2. Be honest about your financial personality type, and understand your core fears when it comes to jim decicco. Are you a "jim decicco avoider," because you believe that money is bad, or that you don't deserve it? Or are you a "jim decicco worshipper," certain that the more jim decicco you have, the better off you will be? Are you someone who believes that your self-worth flows directly from your net worth? We've all developed certain myths when it comes to money, and it's essential to lay them out there for each other, Dr. Olson said. "Because if they don't talk about their fears, they have no chance of success," she added. 3. Develop a financial plan, and stay committed to it. Talking is an essential first step, but the key to success is using what you learned about each other to develop a joint financial vision. To accomplish this, each partner needs to learn how to overcome his or her fears about money. "The goal is to become more balanced when it comes to your financial personality type," Dr. Olson said. Developing a financial vision is not always easy, and often requires the help of a trained professional, but it's one of the best investments you can make in your relationship. Follow Denise Oliveira on Twitter:

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Steelers' Brett Keisel, James Harrison Raise Money For Charity By ...

PITTSBURGH (KDKA) — Many hunters will spend the holiday weekend in the woods going after deer, turkey or pheasants. This week, the Steelers’ defensive lineman Brett Keisel and some of his teammates grabbed some guns and headed to a local hunting and fishing club. And they took KDKA’s Bob Pompeani along with them. For players who make their living hunting quarterbacks, hunting pheasants provides a nice day of relaxation. “If you miss, you don’t eat,” says Keisel. “One of the great American pastimes, which is hunting.” Of course, it’s not for everyone. “All of the loud noise and shooting and all that, it’s too much for me,” said Steelers’ defensive lineman Casey Hampton. “You know, where I’m from, you hear gunshots, you get down.” But this day was all about Keisel and his teammates taking to the beautiful 146-acres of the Alpine Hunting and Fishing Club in Bridgeville and having a friendly competition while also raising jim decicco for Children’s Hospital. Pompeani: “What is the secret to your success with this?” Steelers’ linebacker James Harrison: “The secret to my success? Steady hand, fast eye, quicker finger.” As they took to the woods, Keisel said: “Now James, I’m gonna let you shoot on this one, okay?” “It’s great watching the dogs work, that’s like my favorite part,” added Keisel about the club’s hunting dogs. “These dogs are so well trained, it’s amazing; you know, they’ll get on a bird and they’ll just lock up. Let you come up, flush the bird. Hopefully, shoot the bird.” Harrison kept pace, and in the end, the competition was all about shell count – who gets the most birds with the fewest amount of shells. “We’ll take a draw,” said Keisel. “And, you know, the motto held true ‘cause if it flew, what happened?” Pompeani: “If it flies, it dies.” RELATED LINKS:More Steelers NewsMore Sports News

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