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The latest news from Business Insider
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    traders

    • Stocks are getting slammed, which also means they're cheaper to buy.
    • According to Bank of America Merrill Lynch, corporate America is holding the "dry powder" that would push the S&P 500 to 3,000 by year-end, or about 4% above where it opened on Wednesday.
    • Two sectors will be the biggest winners, the strategists said.

    The sell-off in US stocks this week may have created a good buying opportunity for a key group of investors — public companies themselves — according to Bank of America Merrill Lynch.

    It's already been a record-breaking year for share buybacks. Led by the tech sector, companies spent a record $190.6 billion on their shares in the second quarter, according to S&P Dow Jones Indices. A chunk of the cash came from overseas, following a permanent tax cut on foreign-earned profits provided by the Tax Cuts and Jobs Act.

    By reducing the count of their outstanding shares, companies are able to boost their earnings per share, one of the metrics investors care about the most and a strong catapult of stock prices.

    Despite the record spending on buybacks, less than half of such announcements in the second half of 2018 have been executed, according to Bank of America Merrill Lynch. That's why buyback executions are "dry powder in the equity market," a group of strategists led by Mark Cabana said in a note on Wednesday.

    For example, Apple announced $100 billion in buybacks during the second quarter and repurchased only $20 billion worth of stock in the same period.

    The ratio of announced to completed buybacks this year climbed above 2:1 in the second quarter, Cabana said. The ratio hasn't been higher during this bull market.

    "The trend of elevated announced executed buybacks should serve as a modest tailwind for the equity market over the remainder of the year as buybacks are executed, where we expect buybacks will add 3ppt to EPS growth this year, and forecast the S&P 500 will reach 3,000 by year-end," Cabana said.

    The median Wall Street analyst also expects the S&P 500 to end the year at 3,000, a 4% jump from where the index opened on Wednesday.

    Screen Shot 2018 10 10 at 11.28.02 AM

    Companies have been reluctant to execute on their buyback plans partly because of concerns about valuations, Cabana said. After all, companies would argue that they buy shares believing they're undervalued, but all-time highs mean stocks are more expensive to buy.

    And some of the tax-reform windfall has been diverted to capital expenditure, Cabana added.

    But the sell-off over the past five days — the longest since November 2016 — presents more attractive prices at which companies can buy their shares.

    "A normalization of the buyback ratio should support the equity market, particularly tech and healthcare stocks, but potentially harm the front end of the US rates curve since it could result in a liquidation of corporate short-term holdings," Cabana said.

    SEE ALSO: Morgan Stanley has 4 strategies for how clients can withstand the impact of higher interest rates

    Join the conversation about this story »

    NOW WATCH: Wikipedia founder Jimmy Wales: There's going to be an 'enormous backlash' against Donald Trump's lies


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    In N Out

    In-N-Out is a burger chain unlike any other, combining price and quality in what fans consider a perfect harmony no other chain can match. 

    The chain's famous Double-Double costs just $3.85. For comparison, that's a bit more than McDonald's Bacon McDouble, which costs around $2, but far less than Shake Shack's Double ShackBurger, which clocks in at around $8. 

    Notably, the Double-Double price hasn't risen much in years, even with inflation and a proliferation of burger chains that seem to draw inspiration from Shake Shack's menu.

    Forbes reports that in 1989, the Double-Double cost $2.15, the equivalent of $4.40 in current dollars taking inflation into account. So, in other words, Shake Shack has essentially lowered the cost of its burgers over the last 30 years. 

    A Forbes profile of President Lynsi Snyder breaks down how exactly the chain maintains its low prices, and it's thanks to a limited menu, in-house production, and shrewd real-estate strategy. Here's the explanation: 

    "To start, the limited menu means reduced costs for raw ingredients. The company also saves money by buying wholesale and grinding the beef in-house. By doing its own sourcing and distribution, it likely saves 3% to 5% in food costs a year. It cuts out an estimated 6% to 10% of total costs by owning most of its properties — many bought years ago — and not paying rent. In-N-Out picks its locations carefully, clustering them near one another and close to highways to lower delivery costs while also avoiding pricey urban cores."

    The low prices are especially notable considering In-N-Out is regularly celebrated for offering some of the best wages and benefits in the fast-food industry, with employee pay starting at $13 per hour.In-N-Out Burger ranked No. 4 on Glassdoor's list of the best places to work in 2018, beating out Google (No. 5), Lululemon (No. 6), and Microsoft (No. 39).

    Read Forbes' full profile of Snyder here »

    SEE ALSO: Employees at In-N-Out say they're more satisfied than others at tech giants like Google and Microsoft

    Join the conversation about this story »

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    michael buble

    • A representative for Michael Bublé told Us Weekly the singer isn't quitting his music career after all.
    • The comments contradict Bublé's own statements to The Daily Mail, where he said he was giving his "last interview" and was "retiring from the business" after his latest record.

    A representative for Michael Bublé said his comments about quitting music following his son's cancer struggle shouldn't be taken at face value.

    "He is not going anywhere,"a representative told Us Weekly. "[He] is absolutely not retiring."

    In an interview with the Daily Mail published Saturday, Bublé talked about how his son's liver cancer diagnosis made him question his priorities, as well as the celebrity lifestyle.

    "This is my last interview," he said in the interview. "I'm retiring from the business. I've made the perfect record and now I can leave at the very top."

    Bublé said he was reconsidering his priorities after his son Noah was diagnosed with liver cancer. He said he found social media and "celebrity narcissism" hollow.

    "The diagnosis made me realize how stupid I'd been to worry about these unimportant things. I was embarrassed by my ego, that it had allowed this insecurity," he said.

    Representatives for Bublé didn't immediately respond to INSIDER's request for comment.

    Visit INSIDER's homepage for more.

    Join the conversation about this story »

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    gavin mcinnes

    • Video purportedly shows members of the far-right group the "Proud Boys" beating up anti-fascist protesters after their leader gave a talk in New York City on Friday.
    • In a separate incident, three protesters were arrested for assaulting a New Jersey as he was leaving the Gavin McInnes speech.
    • NYPD officials said they are reviewing footage from the event to see if more arrests are necessary.

    Newly released video reportedly shows the moment members of the far-right group the "Proud Boys" attacked anti-fascist protesters.

    Dozens of protesters gathered outside the Metropolitan Republican Club on New York City's Upper East Side Friday night, where Proud Boys founder Gavin McInnes was scheduled to give a speech.

    As the event was letting out, some of the attendees allegedly assaulted some of the so-called "Antifa" protesters.

    But the only arrests that were made that night were in connection to another incident, involving three protesters who allegedly assaulted a New Jersey man as he left the talk.

    The NYPD said it is reviewing video footage of the event and speaking to witnesses to see if more arrests are necessary, and asked anyone with information on the incident on the Upper West Side to call 1-800-577-TIPS.

    "If you were a victim of an attack, we urge you to file a complaint so we can bring those perpetrators to justice," the NYPD tweeted on Saturday.

    'One guy had his foot on the guy's neck'

    Photojournalist Shay Horse, who was there, told Buzzfeed News Proud Boys members ganged up on Antifa demonstrators.

    "There was a big group of like 30 of them, and they came out grunting … trying to hype each other up," Horse said.

    broken glass nyc republican club

    Horse said cops escorted the group only to the corner of the block and that the assault happened about two blocks away from the event.

    He said he talked to some of the Proud Boys members involved and they said that the fight broke out when one of the Antifa protesters tried to swat a "Make America Great Again" hat off one of their heads.

    "I heard them screaming and swearing at some guy on the ground," Horse told Buzzfeed. "They were beating the s--- out of him and kicking him in the head. One guy had his foot on the guy's neck."

    "One dude started screaming, 'Do you feel brave now f----r,'" he added.

    Eventually, an NYPD officer rolled up to the scene on a scooter, Horse said, and broke the fight up. But he said the Proud Boys were allowed to leave without being questioned and no arrests were made.

    Another journalist, Sandi Bachom, took video of an assault that appears to be the same one Horse described.

    'New York has zero tolerance for your BS'

    New York Gov. Andrew Cuomo called on the NYPD to arrest the perpetrators.

    "Authorities must review these videos immediately and make arrests and prosecute as appropriate. Hate cannot and will not be tolerated in New York," Cuomo tweeted Saturday night. "Here's a message from a Queens boy to the so-called 'Proud Boys' - New York has zero tolerance for your BS."

    New York City Mayor Bill de Blasio said the NYPD is "fully investigating" the incident.

    "If you know anything, the NYPD wants your help," he tweeted Saturday night. Hate is never welcome in NYC and we will punish those responsible — whether they threw punches or incited violence — to the fullest extent of the law."

    Before the event, protesters vandalized the Republican club, throwing a brick through a window, spray-painting the anarchy symbol on the doors, and gluing the locks. No arrests have been made in connection to the vandalism yet.

    SEE ALSO: Right-wing militias recruit young soldiers on 4Chan

    DON'T MISS: 'There's no one for right-wingers to pick a fight with': The far right is struggling to sustain interest in its social media platforms

    Join the conversation about this story »

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    howard marks

    • Howard Marks, the co-founder and co-chairman of $122 billion Oaktree Capital, made a fortune by loading up on distressed corporate debt during the darkest depths of the financial crisis.
    • In an exclusive interview with Business Insider, Marks explained how his overall investment philosophy and views on market cycles enabled him to make that legendary trade.
    • Marks also explained why he's continuing to buy more every day, and laid out the scenario that would prompt him to get more defensive.

    Back in late 2008, in the deepest throes of the financial crisis, everyone in the market was running scared.

    Not Howard Marks.

    As the co-founder and co-chairman of Oaktree Capital, which currently oversees $122 billion, Marks smelled opportunity.

    He and his partner, Bruce Karsh, came up with a daring plan — one that would fly in the face of investors who refused to touch the market with a 10-foot pole. They were going to start buying cheap assets. Billions of dollars' worth.

    They began purchasing distressed corporate debt at a clip of about $650 million a week, something they continued throughout the last 15 weeks of the year, Marks told Business Insider in an exclusive interview. When all was said and done, Marks and Karsh had amassed a whopping $10 billion position.

    Their approach proved prudent — and wildly profitable. That debt rebounded, and the trade made about $6 billion for Oaktree investors and $1.5 billion for Marks, Karsh, and their partners, according to a New York Times report.

    But summarizing the trade so neatly hardly does it justice. At the time, it was a massive risk for Marks and his associates to make a wager of that size, considering the dire market environment.

    Marks and his team did loads of diligence around the value of the debt they were buying, and saw that it had considerable upside potential. But what ultimately sold him on the trade was how overwhelmingly negative sentiment was across the market.

    He recalls a conversation he had with a chief investment officer. Every time he posed a negative assumption, the CIO would ask about an even worse scenario.

    "I could not propose a scenario negative enough to satisfy her," Marks told Business Insider.

    That signaled to Marks that the market cycle was bottomed out, and that it was time to start buying.

    "Psychology was absolutely as negative as it could've been," he said. "When you can't come up with a scenario negative enough on the downside, you know that pessimism is rampant. That's important. It really exemplified our strategy at its best."

    It's this investment strategy — assessing where we are in the market cycle and investing accordingly — that's the focal point of Marks' new book, "Mastering the Market Cycle," which was released October 2.

    Simply put, when emotions are riding high at either extreme, that's when it's best to take immediate action.

    If confidence is oozing out of investor pores and risk-taking is abundant, it may be time to get defensive. And if nobody can fathom conditions getting any worse — as in late 2008 — perhaps buying is the right move.

    It certainly was for Marks.

    Why Marks is continuing to buy

    It's well-established that Marks made a career-defining call back in 2008. But what is he doing right now?

    "We're adding to positions," he told Business Insider. "We're buying every day. We're endeavoring to be fully invested, but with caution."

    This may seem surprising, considering many experts across Wall Street have been calling for an imminent market collapse on a seemingly weekly basis.

    We're buying every day. We're endeavoring to be fully invested, but with caution.

    But Marks doesn't see it that way. In his mind, conditions aren't overstretched to a degree that requires extreme defensiveness — at least not yet.

    "The future is not so bad and prices are not so high that you should be in cash," he said. "On the other hand, I don't think the prices are so low, and the outlook is so good, that you should be aggressive."

    His decision to keep buying is informed by what he refers to as his internal investment speedometer. He knows what his normal position is and adjusts how deeply he's invested based on market conditions.

    Marks said every investor should develop a baseline like this, based on such factors as age, financial position, plans, aspirations, and employment. Once that's established, it becomes much easier to tweak risk-taking behavior as market sentiment gyrates.

    With that said, Marks acknowledges that conditions are edging ever closer to overoptimism.

    He explained: "When you have a lot of optimism, not much risk aversion, and a lot of money in the hands of eager buyers, what are you going to get? High prices, high risk, and low perspective returns. We have those things today."

    What could push Marks into defensive mode

    Those last comments beg the question: What would have to transpire for Marks to shift into a fully defensive mode?

    He says it would take more risk-embracing behavior — the kind of confidence that prompts investors to blindly continue piling into expensive assets.

    "The main thing for me would be an increase in optimism," Marks said. "If I see an upturn in optimism, pushing prices up even further, that would be important."

    The main thing for me would be an increase in optimism ... that would be important.

    He continued: "If rates go up a great deal more, and if inflation catches on and starts accelerating, and that necessitates the Fed raising rates even more, that would be tough for the economy and certainly tough on leveraged companies."

    Marks' view is interesting in the sense that it flies in the face of an increasingly loud chorus of bears across Wall Street. To hear others tell it, sentiment is already far too overextended, and a reckoning is imminent.

    In the end, Marks' outlook is one that should lend encouragement to other traders who aren't yet ready to throw in the towel on this market cycle. He literally wrote the book on the matter, and he's saying the coast is still relatively clear.

    It's hard to argue with that.

    SEE ALSO: The world's biggest stock bear predicts 'immediate and severe consequences' for the record-setting market — and explains why $20 trillion will be wiped from stocks

    Join the conversation about this story »

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    Catalog

    • Patrick Ip, an ex-Googler who was involved in a Nobel Peace Prize nominated project, has a new startup called Catalog.
    • Ip and his co-founder Jacobo Lumberas hope Catalog can create steady work and full-time jobs for independent photographers around the country. 
    • Ip's project at Google — One Billion Acts of Peace — didn't win the Nobel Peace Prize, but has documented 53 million so-called acts of peace thus far. 

    When Patrick Ip joined Google in 2014, he was quickly introduced to a man named Meng. 

    Meng, whose full name is Chade Meng-Tan, was an early engineer at Google turned full-time motivator for the company with the memorable job title of "Jolly Good Fellow."

    In one of their first meetings together, Ip remembers Meng pondering a new idea: "Google’s mission is to organize the world’s information. What if we tried to organize the world’s goodness?”

    Meng's idea would eventually lead to a Nobel Peace Prize nomination.

    For Ip, it was a formative lesson about the power of innovative ideas and technology. 

    On Wednesday, Patrick Ip announced the $1.5 million funding led by Moonshot Capital for his new company — Catalog — and it's a slight departure from his Nobel Peace nominated work at Google. 

    Ip, along with his co-founder Jacobo Lumberas, created Catalog to help small to medium-sized brands get unique, high-quality product photography at a lower cost than what was available before. 

    “It just shows how arcane the process is, where the only thing that is really a substitute [to Catalugue] are stock images that everyone already has access to,” Ip explains. “On the high end, the only other substitutes are in-house studios and agencies.” 

    One of Catalog's first customers — an all-natural cosmetics company named Naked Poppy — was quoted $7,000 for 15 photos by an agency.

    Catalog's product shots, by contrast, only cost $20 per photo. 

    Ip said he saw the problem first hand while he was at Google. Not having quality photography was one of the top reasons smaller companies weren't able to find success on Adwords — Google's search advertising service — and ultimately left the Google platform. 

    "What separates these highly saturated markets is the content you have, the photos that tell your story to connect with people," Ip says. "I got to see the problem at Google's scale, so I know it's huge." 

    To achieve lower costs, Catalog connects brands with independent photographers around the country. They hope their two-sided marketplace will create steady work for the photography community. 

    “[Photographers] can’t quit their [day] jobs on one-off deals. They need to know that work will continue to come,” Ip says. “[Catalog] could become a way for [them] to do this full time.”

    If it can create more jobs for photographers and help small brands grow, Ip hopes that Catalog could ultimately represent its own act of good.

    The project at Google — One Billion Acts of Peace — didn't ultimately win the Nobel Peace Prize, but it did gain the support of 14 Nobel Laureates, including the Dalai Lama and Archbishop Desmond Tutu. 

    Over 53 million acts of peace have been documented by the project thus far. 

    SEE ALSO: Here's how Google's new $800 Pixel 3 compares to the $750 iPhone XR

    Join the conversation about this story »

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    joe biden

    • CNN released the results of a poll on Sunday that shows former Vice President Joe Biden in the lead among potential Democratic candidates for the 2020 presidential election.
    • Thirty-three percent of respondents say prefer Biden win the party's nomination.
    • Sen. Bernie Sanders came in second with 13% of respondents saying he could win it.
    • The poll also asked whether respondents think President Donald Trump will be elected to a second term. Forty-six percent said they think he will win, while 47% said they think he will lose.

    Former Vice President Joe Biden is favored to win the Democratic party nomination in the 2020 presidential election, according to a new CNN poll released Sunday.

    The 75-year-old has yet to declare his intentions to run in the next presidential election, but there have been strong hints that he will challenge President Donald Trump in two years.

    The Democratic field is expected to be one of the largest ever. Respondents were questioned about their preference for 16 potential candidates in the poll. Biden came out on top, but garnered only 33% of the vote.

    He is followed by Sen. Bernie Sanders of Vermont, who is the favored candidate among 13% of respondents, and Sen. Kamala Harris of California, who 9% of respondents favored.

    Among some of the longshots on the list are Sen. Amy Klobuchar of Minnesota and Michael Avenatti, who gained fame as porn star Stormy Daniels' attorney.

    The poll also asked respondents whether they think Trump will win re-election or not, and the results were split: 46% said they think he'll win in 2020, while 47% said they think he will lose.

    Here's the full results:

    Biden: 33%

    Sanders: 13%

    Harris: 9%

    Sen. Elizabeth Warren: 8%

    Sen. Cory Booker: 5%

    Former Secretary of State John Kerry: 5%

    Former New York City Mayor Michael Bloomberg: 4%

    Senate candidate Beto O'Rourke: 4%

    Former attorney general Eric Holder: 3%

    Los Angeles Mayor Eric Garcetti: 2%

    Avenatti: 1%

    Sen. Kirstin Gillibrand: 1%

    Sen. Amy Klobuchar: 1%

    Former Massachusetts Gov. Deval Patrick: 1%

    Montana Gov. Steve Bullock: <1%

    Rep. John Delaney: <1%

    Someone else: 2%

    None/No one: 2%

    No opinion: 6%

    Read the full story on CNN »

    SEE ALSO: Biden is expected to make his decision on a 2020 presidential run by January

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    Join the conversation about this story »

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    Mazda 6 review

    • The Mazda6 is Mazda's midsize car.
    • It competes with the Honda Accord and Toyota Camry directly, though it distinguishes itself by focusing on performance and "zoom zoom."
    • I tested a Signature model with a manufacturers' suggested retail price of $34,750, but the base edition carries a starting price tag of $21,950.
    • I liked everything from the design of the car to the way it looks and drives, but it had some admittedly weird design flourishes.

    The Mazda6 is not to be overlooked.

    That's my conclusion after spending a few days with the car and driving it hundreds of miles through three states.

    The Mazda6 is a roomy, midsize car, but it feels like so much more. That's because its thoughtful design is evident throughout the vehicle, and its refinement feels like a class above.

    The Mazda6 competes with other midsized cars like the Honda Accord and Toyota Camry directly, though it distinguishes itself by speaking to driving enthusiasts in the language of "zoom zoom." And that's evident by the way the car drives.

    Still, Mazda is a niche player. Mazda sold only 22,618 cars in 2018 as of August, compared to the hundreds of thousands sold by the bigger players, according to sales figures from Kelley Blue Book. Worse news for people who love four-door sedans: the midsize segment itself is suffering a dramatic overall decline. Sales are down 20% year-over-year as consumers opt for crossover SUVs and pickup trucks.

    That's a shame, since the Mazda6 can easily hold its own against some of the best automotive offerings. I had the chance to take the 2018 Mazda6 for a spin, and I wound up falling in love.

    I tested a Signature model with an MSRP of $34,750, but the base edition carries a starting price tag of $21,950. Here's what we thought:

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    Meet the 2018 Mazda6. I was able to test the car on a late-summer trip to a friend's Pennsylvanian lake house.



    Ain't she a beaut? During a stop at a farmer's market to stock up on veggies and food for the weekend, I couldn't help but stop and stare on the way in and out.



    The first thing that struck me is the Mazda6's sculptural beauty. From every angle, the Mazda6 is a looker.



    See the rest of the story at Business Insider

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    simone biles

    • Simone Biles criticized Mary Bono, the new president of USA Gymnastics, for an anti-Nike tweet.
    • Bono appeared to be joining the right-wing campaign against Colin Kaepernick, the face of a Nike advertising campaign, because he protested police brutality against African-Americans by kneeling during the National Anthem at football games.
    • Bono deleted her tweet and said she regretted it.
    • The USA Gymnastics organization is currently embroiled in several scandals stemming from how it handled former sports doctor Larry Nassar's sexual abusing hundreds of women.

    Olympic gymnast Simone Biles criticized Mary Bono, the new head of USA Gymnastics, over a now-deleted anti-Nike tweet.

    Bono tweeted a photo of herself filling in the Nike logo on a pair of shoes with a marker while attending an event intended to raise money for the military. She appeared to be joining the right-wing campaign against Nike for featuring Colin Kaepernick, the football player who led national protests of police brutality against African-Americans, in an advertising campaign.

    In his protests, Kaepernick sat or kneeled during the national anthem played before football games. Conservative politicians and media figures have sought to distort Kaepernick's protests as one against the military and veterans. Kaepernick is currently a free agent and alleges the NFL blackballed him for his political views, in a case currently making its way through the courts.

    Biles, the most celebrated gymnast in the world since breaking a series of records at the 2016 Rio Olympics, called out Bono's tweet as inappropriate.

    Nike also sponsors Biles.

    Bono has since deleted her tweet, but it's been captured by screenshots.

    mary bono tweet nike gymnastics president

    In a series of follow-up tweets, Bono said she regretted publicizing her views.

    Bono was appointed president and CEO of USA Gymnastics on Friday. She is a former longtime Republican congresswoman, serving between 1998 and 2013. (She was first appointed after the death of her husband, Congressman Sonny Bono, who was previously part of the music duo Sonny & Cher.)

    Her appointment comes in the wake of a series of scandals plaguing the USA Gymnastics organization. They stem from years of sexual abuse of gymnasts at Michigan State University by Larry Nassar, the university's former sports medicine doctor. More than 265 women accused Nassar of sexual misconduct, including Biles.

    Following the scandal, USA Gymnastics replaced its entire board of directors and forced the resignation of its previous president, Steve Penny.

    Visit INSIDER's homepage for more.

    Join the conversation about this story »

    NOW WATCH: Inside the Trump 'MAGA' hat factory


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    Great Wall Of China Photos Tour (1 of 1)

    • The Great Wall of China became one of the 7 New Wonders of the World when it was chosen in 2007 by a vote of 100 million people.
    • The Great Wall may be one of the most iconic man-made structures in the world and is a must-see for most travelers.
    • There are many places to see the 13,000+ mile long wall. I decided to visit a section called Mutianyu about 2 hours outside of Beijing.
    • Located in a picturesque verdant valley, the Wall was beautiful and, on a spring day in May,  there was perfect weather and few crowds. I can't wait to visit wilder sections of the Wall on later trips.

    While only one of the ancient seven wonders of the world still stands — the Pyramids of Giza — 100 million people voted in 2007 to select a New Seven Wonders of the World.

    Among the winners: the ancient city of Petra in Jordan, the Christ the Redeemer Statue in Brazil, Machu Picchu in Peru, Chichen Itza in Mexico, the Colosseum in Rome, and the Taj Mahal in India.

    And, last but not least: the Great Wall of China,

    Though the Great Wall was not listed as World Heritage site by UNESCO until 1987, it is possibly the most iconic man-made structure in the world. I don't think it's an exaggeration to say it is a must-see for just about every traveler with even a passing interest in seeing China. 

    Visiting the Wall can be easy or hard depending on what exactly you want to see. Stretching over 13,000 miles through mountains, grasslands, and deserts, there are lots of places to see The Great Wall. It all depends on how much time you have and what you want to see. 

    When I visited China in April, I was on a tight schedule that had me running from Shanghai to Beijing to Shenzhen for a slew of meetings with tech companies. It left me little time to traverse the wilder sections of the Great Wall. But there was no way I was going to miss a chance to see the wonder.

    I decided to visit the Mutianyu section of the Wall, just a couple hours outside of Beijing. Located in a picturesque green valley, the well-maintained section is one of the most popular places to walk the Wall.

    It was the perfect trip to see 3,000-years worth of history in a single day.

    Here's what the experience was like:

    SEE ALSO: One of the 7 wonders of the world is a 10,000-year-old city hidden in the desert — and in real life, it's more incredible than you can imagine

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    While most people tend to think of The Great Wall as one giant thing, it's actually a series of sometimes connected, sometimes independent fortifications built along China's historical northern border.



    There are any number of sections to visit, but the most popular tend to be those within a few hours of Beijing. The Badaling section, the closest to Beijing is easy to walk but very crowded, while the Simatai section is further away, quiet, unrestored, and requires a difficult hike. The Mutianyu section is somewhere in between those two.



    After about a two-hour drive north from Beijing, I arrived at the Mutianyu section of the Great Wall. There's a big paifang, or Chinese gateway arch, to let you know you're in the right place.



    See the rest of the story at Business Insider

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    Rich McBee Headshot for bio April17 (1)

    • Becoming a CEO means you were probably already good at whatever executive position you held previously within your company. 
    • But leading the company as CEO requires a few different skills that you might not yet know.
    • Rich McBee, CEO of Mitel since 2011, shares six things he learned about the role and what it takes to succeed in the top job.
    • First-time CEOs might not know that you'll constantly be judged, you serve many masters, and how to navigate people issues from the start.

    As a kid, I had one answer when asked what I wanted to be when I grew up: a CEO of a public company.

    Funny as that may sound, I had my sights on the corner office for as long as I can remember. I didn't know what the job would entail back then, but even in my earliest years I'd pore over the Wall Street Journal, absorbing as much business knowledge as possible.

    I finally achieved my childhood dream in 2011, when I became CEO of Mitel.

    Was I ready? I sure thought so — I had the operational side wired. But there are a lot of things you can't be trained for; some things you must experience for yourself.

    Fast forward seven years, and I've learned  countless lessons I'm happy to share with first-time CEOs and those who aspire to the role. I won't share insights from a strategy or operations perspective here. You are probably already good at that, or you wouldn't be in your role.

    Instead, I'll just offer some observations from the chair.

    1. Develop a thick skin

    Get ready for judgment. In the role of CEO, you're no longer the giver; you're now the receiver. Internal pressure and public criticism come with the job—both sometimes appropriate and sometimes unfounded. Either way, count on being second guessed consistently.

    In my early days at Mitel, a blogger made a comment online criticizing me personally, something along the lines of: "McBee couldn't manage his way out of a wet paper bag." I won't lie, this stung for a minute — or maybe a bit longer. But you have to get over it. At the same time, we were getting a lot of accolades from industry and financial analysts for executing our strategy and delivering results. You know if you have the right strategy and whether you're delivering on it. It's all about having a thick skin and staying focused.

    2. You are in a league of your own, yet you serve many masters

    Making the move from senior executive to the CEO is a more significant transition than many realize.. For one, you're in a league of your own. As an executive, you're a member of a team and you drive a piece of the company strategy. As a CEO, that strategy —good or bad— is ultimately yours. You own it. You lead the team. Employees look to you for the direction they will execute against.

    That said, don't be fooled into thinking the CEO is his or her own boss and operates with free reign. In fact, I have more bosses today than ever. As a member of the executive staff, you have one boss. As a CEO, the board of directors is your boss, so you may have five, seven, or more on the board to report to — and,there are also the shareholders.

    When it comes to board members, they do work together, but they also  exert their independence. Each board member may want to review something different — or they may want to review the same thing, but in a different way. You may have to learn six or seven ways of reviewing the same material for someone with a different perspective or preference.

    Developing a relationship with each member is critical, and so is speaking with each one before board meetings. You'll want to be aware of their concerns to head off issues, or at least be prepared when the topic comes up.

    3. Nothing is more important than putting the right people in the right place, at the right time

    There's a fine line between showing compassion and doing what's right for your team and the company. It can be easy to give people too much time to fix a situation, or to jump in and do their job for them. But you need to trust your gut and recognize when something isn't working out. Don't waste time—make the change and do it quickly. When I talk with other CEOs, the most consistent regret is not moving fast enough on the people issues.

    If you are brought in to accelerate or lead through a time of significant transition, take a hard look at your management team. It's critical to determine quickly who will be effective, and who may not have the appropriate skill set and experience to take the company forward with you. Nothing is more important than putting the right people in the right place, at the right time—for them and the company.

    4. You are the roadshow

    As an executive leader at a public company, you may have participated in investor roadshows. As the CEO, you are the roadshow.

    They want to hear from you and understand your strategy. Then, they're going to judge you on whether it makes sense and if they think you can execute it.

    I've always said, a company's stock price is equal to its Fair Market Value + Greed – Fear. I'll give you an example of what I mean. Some time ago, I was waiting for my turn to present at an analyst event while a CEO in front of me was giving his pitch. At one point, he said something that caused a chilling effect. He said his company had the right strategy, but cautioned it was going to be very difficult to execute. That one word, "difficult," caused instant fear.

    As I looked around the room, people were picking up their mobile phones, while he was still presenting, and giving instructions to sell.

    Never forget: Everything you say, every tone in your voice and your body language ,is being observed. Make sure you're projecting what you mean—all the time, every time.

    5. Your values can determine your value

    In today's world of instant communication and social media, it's easy to broadcast every single thought without an understanding of who it is reaching. It can also blur lines between your opinion and what your company stands for. If your stakeholders—customers, employees, investors, etc.—get wind of your views and don't agree, they may factor these views into decisions they make about you and your company.

    Your personal communications strategy should be considered a key aspect of the company's overall reputation management. This doesn't mean you shouldn't have a voice or an opinion on issues impacting your industry and your company. You just need to carefully consider what you're saying and how it could be perceived by the various stakeholders, especially at a time when people are constantly trying very hard to read between the lines.  

    6. Have fun

    Being a first-time CEO is exciting; you've worked hard, so enjoy it. You're opening the door to new possibilities and providing a fresh perspective to impact the future of your company.

    However, you must be prepared to face the added internal and external pressures to succeed in the role. Never ever fail to admit when you're wrong. Admit it and move on. Face the dynamics of being a new CEO and approach the ever-evolving business landscape head-on. You can't know it all, but you can assemble a team that does. Look to retain or hire, in every position, a person who can do that job better than you (and yes, there is a person out there who can do that position better than you.)

    Have fun, set high expectations and be deliberate. Most of all, remember it's all about the people. THEY are the company.

    Rich McBee brings more than 25 years of experience in telecommunications to his position as President and Chief Executive Officer of Mitel, leading Mitel's strategy, business performance, and global execution. Appointed to the role in January 2011, Rich is responsible for advancing Mitel's evolution and leadership in the business communications market, driving revenue growth and profitability, and devising and executing business strategies.

    SEE ALSO: I'm the CEO of a Fortune 500 company, and training for a half-marathon taught me 3 major business lessons

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    Brazil

    • Amazon appears to be preparing to open a full online store in Brazil, according to analysts based in the country.
    • Brazil is a promising market because it is one of the largest developing economies in the world and the largest in Latin America.
    • Still, it has been difficult historically for foreign retailers to do business there.
    • Amazon has taken a slightly different, and slower, approach to entering Brazil than it has with its other international forays.

    Amazon in Brazil could be about to take on a whole new meaning beyond the name of the enormous rainforest that runs through the country.

    It's looking increasingly likely that the American e-commerce giant is about to become a bigger player in Brazil's shopping ecosystem.

    Amazon has sold books and some digital services in Brazil since 2014. But according to analysts at the Brazil-based firm BTG Pactual, which cited talks with suppliers and partners, Amazon could be planning to open a full, direct online store selling a variety of other items — including toys, baby products, electronics, computers, and appliances — as soon as this month.

    It's a move that has been brewing for a while. Brazil offers good prospects for foreign investment as it is one of the largest developing economies in the world and the largest in Latin America.

    Reuters reported in February that Amazon was in talks with suppliers, had opened a warehouse for distributing goods, and had entered into talks with a freight airline. Bloomberg also reported this month that Amazon had entered into a pilot agreement with CargoX, a Brazilian trucking startup that focuses on moving cargo around the country.

    Amazon declined to comment.

    Amazon is also hiring direct retail positions in São Paulo, according to its job website. The advertised jobs include responsibilities like managing inventory (Senior Instock Manager) and managing relationships with vendors (Senior Vendor Manager Retail), which could indicate a ramping up of inventory. Amazon is hiring for 23 new positions on its retail team in São Paulo for Amazon.com.br.

    Amazon has been looming over Brazil for a while. It has operated a marketplace — facilitating sales between third parties — for books, electronics, and home appliances since 2017.

    But it has moved slowly in creating the same direct retail experience that it offers in the other global markets where it operates.

    "They are uncomfortable in not being able to deliver a top-notch user experience," Fabio Monteiro, a retail research analyst at BTG Pactual, told Business Insider. "Brazil is one of the most complex countries to operate. If you are a foreign retailer, it's really complex."

    There are many reasons for that, Monteiro said, including a complex tax structure that varies from state to state, and a logistics system that relies on traversing sometimes-dangerous roads because of a lack of rail and navigable waterways.

    Payment systems are also different in Brazil. Many Brazilian customers expect retailers to offer payment plans, especially for high-ticket items, which involve the retailer taking on some credit risk that wouldn't normally be involved in a direct sale.

    Brazil is also exiting a recession and weathering a political crisis, which could make selling there more risky than it might otherwise be.

    There are many stories of foreign retailers pulling out of Brazil, either after experiencing the difficult retail climate for themselves or further evaluating the country and deciding not to start operating there. In June, Walmart announced it was pulling out of Brazil and selling its assets in the country to a local player. The deal was valued at next to nothing, and Reuters reported that Walmart owed $3 billion in back taxes to a variety of state governments in Brazil.

    Amazon fulfillment center Seattle

    Opening a full online store wouldn't change Amazon's pace of entry into the market, however. Amazon's relatively slow place is in contrast with the volume of its investment in other countries like India.

    "They are not in a hurry in Brazil," Monteiro said. "The opportunity they are seeing in other places like India is greater."

    It remains to be seen whether Amazon will ramp up its investment to become a dominant player in Brazil like it has done in other markets like the UK and Germany. If Amazon has any advantage over the country's incumbents, it would be in the technology they're bringing, Monteiro said. But that might not be enough to overcome the structural challenges.

    "The problem is some of the processes that Amazon has that are kind of black boxes that they usually don't adapt when they enter a new country," Monteiro added. "In Brazil they are being forced to adapt this system. This is really a big nightmare for any technology company."

    Have an Amazon news tip? Email this reporter at dgreen@businessinsider.com.

    SEE ALSO: There's more evidence that the race for Amazon's HQ2 is still wide open

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    Jon Gruden

    • The Oakland Raiders are reportedly shopping former first-round picks Amari Cooper and Karl Joseph.
    • Dealing either of the two players would be yet another substantial roster shake-up by newly appointed head coach Jon Gruden.
    • Gruden's first foray into roster management with the Raiders included his widely criticized decision to trade away Khalil Mack.


    Jon Gruden's tenure with the Oakland Raiders has not gotten off to a great start.

    After bringing Gruden in on a 10-year deal worth $100 million, expectations were high in Oakland, but the Raiders have fallen well short of meeting them, stumbling out of the gate to a 1-4 record.

    Gruden's most notable contribution to the team has not been anything he's brought to the Raiders, but rather what he has given away — namely, 2016 defensive player of the year Khalil Mack, who Gruden traded away to the Bears in a much-criticized move.

    Now, it seems that Gruden isn't yet done tinkering with the Raiders roster, with Fox Sports' Jay Glazer reporting that Oakland is currently shopping two other former first-round draft picks — safety Karl Joseph and wide receiver Amari Cooper — for potential suitors. Glazer goes as far as to call it a "fire sale" in Oakland.

    Gruden hasn't wasted his time reshaping the Raiders franchise, cutting ties with players like Michael Crabtree and Marquette King in addition to moving Mack in the 2018 offseason. 

    With dramatic moves still potentially left to be made, it's clear that tearing down and attempting to build back up the Raiders roster will be one of the defining aspects of Gruden's comeback in Oakland. 

    SEE ALSO: One year after Ben McAdoo was ripped for benching Eli Manning the move has proven prophetic

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    mexico beach 3

    Hurricane Michael left a wake of destruction after making landfall in Florida on Wednesday.

    Among the hardest-hit areas was the small seaside town of Mexico Beach, where entire rows of homes by the ocean were swept away, leaving only their concrete foundations behind.

    As residents returned to their homes and businesses, photojournalists used helicopters to document the damage from above. Here's what they found.

    SEE ALSO: Florida homeowners got a surprise when 4 kittens fell out of their attic after the roof collapsed during Hurricane Michael

    READ MORE: Before-and-after photos show Hurricane Michael's catastrophic destruction in Florida

    Hurricane Michael made landfall near Mexico Beach, Florida, around noon local time on Wednesday as a Category 4 hurricane with 155 mph winds.

    Source: Business Insider



    That made it the third-strongest hurricane in history to make landfall in the continental US.

    Source: Business Insider



    Gov. Rick Scott of Florida said the National Guard rescued about 20 people who decided to ride out the storm in Mexico Beach.

    Sources: Business InsiderAP



    See the rest of the story at Business Insider

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    Tacklebox Accelerator

    • Many people wonder how to start a business successfully. According to Brian Scordato, the founder of Tacklebox Accelerator, the first thing to do is keep your day job.
    • Tacklebox is a six-week program geared toward founders with full-time jobs. Scordato helps those founders bring their business concepts to fruition, slowly and steadily.
    • Tacklebox doesn't take equity; instead it charges founders $2,500.
    • Scordato and Tacklebox alums and mentors say even if you go through the program and realize you don't want to pursue your business idea any longer, that's still a positive outcome.
    • Tacklebox has a broad definition of success, and Scordato thinks it's OK that not every company will be a billion-dollar business.

    The first thing to know as a founder in Tacklebox Accelerator is that you will not "move fast and break things."

    That mantra, once touted by Facebook and other tech companies, is antithetical to the Tacklebox approach to entrepreneurship. At the first of each session's six workshops, Tacklebox founder Brian Scordato says as much to the founders seated before him.

    Instead, Tacklebox is about making slow and steady progress. Case in point: Scordato advises the founders not to quit their day job until they're (almost) certain their business is viable.

    Launched in 2015, Tacklebox is a six-week program during which Scordato guides about eight founders, many of whom still have full-time jobs, in bringing their business ideas to fruition. Tacklebox isn't an accelerator in the traditional sense: Founders don't give up equity in their companies; instead, they pay $2,500 to attend what can seem like "startup school."

    The goal, Scordato said, is to show founders that successful entrepreneurship is, above all, "practice-able and teachable and learnable."

    Entrepreneurs who keep their day jobs may be more successful in the long run

    Admittedly, the slow-and-steady strategy isn't the sexiest. A story about an entrepreneur who up and quit her day job to pursue her startup dreams is generally much more compelling than an entrepreneur who waited it out until the time was just right.

    But Scordato makes a persuasive case for caution. "You're always proving that this is worth your time," he told me.

    "A lot of our founders have really, really good jobs and they've busted their asses to create a little bit of savings," he said. "Most of our founders don't come in and say, 'I hate my job; I want to leave.' It's more like, 'I really, really like my job. It's helped me gain this certain insight and I want to start a company based on that. But I want to make sure that it's worth leaving this awesome job for it.'"

    What's more, he said, having a full-time job means you necessarily have limited time to work on your business. So you have to prioritize, and do only the tasks that are most important. "It's interesting how it works when you force yourself into the confines to really focus on the 80/20 stuff," Scordato said, referring to the idea that 20% of your efforts often produce 80% of your results.

    Scordato's observations are backed by some research and anecdotal evidence.

    In his 2016 book, "Originals," Wharton professor Adam Grant wrote that, contrary to popular belief, the most successful entrepreneurs don't quit their day job to start a company. One University of Wisconsin study found that entrepreneurs who kept their day jobs were 33% less likely to fail than those who don't.

    Grant cites the example of Bill Gates, who was testing his idea for Microsoft on the side before he took a leave of absence from Harvard to go all in.

    Similarly, Kathryn Minshew, a cofounder and the CEO of The Muse, didn't quit her job at McKinsey until she was confident in the strength of her business. And the founders of jewelry company Aurate told Business Insider that starting a business on the side, while they were employed at Marc Jacobs and Goldman Sachs, made them better entrepreneurs.

    "Some people think about founders and think about startups as 23-year-olds starting something, and it's actually a good idea for them to do it even if it fails. It's a cool life experience," Scordato said. "That's for the most part not my founders. My founders have enormous opportunity cost for starting these things."

    Scordato also looks specifically for founders who have developed domain expertise over the course of their career. "You should have been subconsciously preparing to build this company for a long time, in a way such that your skill sets and knowledge bases have already distanced you from any competition," he said.

    Indeed, an MIT study found the average age of a successful startup founder is 45. The study authors found that work experience explains much of the age advantage. They write in the Harvard Business Review,"Relative to founders with no relevant experience, those with at least three years of prior work experience in the same narrow industry as their startup were 85% more likely to launch a highly successful startup."

    If a founder goes through Tacklebox and decides not to pursue their business idea, that's still considered a success

    Tacklebox Accelerator

    The most recent cohort of Tacklebox businesses included a dating app, a startup to make travel more comfortable, and a career-management platform.

    I sat in on two of the workshops and listened to a recording of a third. At the first workshop, Scordato told the founders that sometimes, people get to the end of the program and realize they don't want to launch their startup. "That's OK, too," he said.

    I was skeptical: Who spends six weeks and $2,500 only to realize, oops, their business idea stinks? But the Tacklebox alums I spoke with said they'd rather spend some time and money to realize their business idea isn't workable than quit their jobs and blow a huge amount of cash, only to reach the same conclusion a year down the line.

    Shawn Cheng, a partner at the venture production studio ConsenSys Labs, has been a mentor to Scordato and to Tacklebox founders; he told me that the biggest value of the program is learning "how to learn," or learning "how to walk away."

    Most startup accelerators take an "all or nothing" approach, Cheng said, in that you either build a company or waste everyone's time; Tacklebox is geared toward founders thinking that "they have an idea and they want to be testing it, and they want to be talking to more people about it, but they're not quite sure how they should validate it in order to put everything else in their lives on hold to pursue it."

    Sam Alston, the founder of Big Lives, which identifies up-and-coming fashion designers, was in the eighth cohort of Tacklebox, in 2017. She credits the program with giving her the confidence to leave her job, as a client development director at Louis Vuitton.

    Alston said she frequently recommends Tacklebox to aspiring entrepreneurs, noting that Scordato is transparent about the fact that "the skills that you gain should allow you to then test any business idea"— not just the one you're currently working on. "It's really selling a framework rather than consulting on a specific business."

    Scordato also told me that a handful of founders have gone through Tacklebox with one business idea, realized they didn't like it, and waited another year or so before going through Tacklebox again with a better one.

    It's a program Scordato might have benefited from earlier in his career. In the past 11 years, he's launched three startups, aside from Tacklebox: a recruiting platform for college basketball, a dating app, and a social-networking app. None of them are still in operation.

    Scordato's real talent seems to be spotting other entrepreneurs with potential and giving them the guidance and mentorship they need to develop their nascent businesses. He also brings in a series of outside experts, including successful founders and investors like Cheng. Each cohort of founders gets a chance to pitch their businesses to a group of investors, less to convince them to sign on and more to get feedback about how well they articulate their business' mission and goals.

    Unicorns aren't the only startups welcome at Tacklebox

    Tacklebox Accelerator

    Tacklebox has fed a few startups into Y Combinator, such as The Lobby, which gives job candidates a chance to chat with employees at top finance firms. While its founder Deepak Chhugani was in Tacklebox, he and Scordato devised a plan to get him into Y Combinator. Tacklebox also introduced Chuugani to Angela Lee, the founder of the venture-capital firm 37Angels and chief innovation officer at Columbia Business School, who wound up investing in The Lobby later on.

    Chuugani is glad he went through Tacklebox before Y Combinator. He told me that, in Y Combinator, after three months, if you don't think your idea is viable, it's a much more high-stakes situation. "You're forced to find any idea that might work," he said, "because now you've raised money from the accelerator." He added, "YC changed my life," but "you should be a little bit prepared to know what you're getting yourself into if you're going to raise money."

    Despite Chhugani's success, Scordato said that the majority of Tacklebox startups aren't suited to Y Combinator. The Lobby "has the potential to be a very high-growth, very huge exit sort of company," but it's an exception.

    Some founders go onto more niche accelerators, like New York Fashion Tech Lab — but for about half of Tacklebox startups, Scordato said, "maybe they need a little bit of money to build the initial tech platform, or they need to hire someone to do that, but it's not going to be a big challenge. They can start operating and become profitable quickly."

    Lee, the 37Angels founder, said Scordato and Tacklebox are more open-minded about success than most other startup accelerators. That is to say, getting into the uber-selective Y Combinator isn't the only measure of success.

    Lee mentioned the concept of "lifestyle startups," a term that's emerged in the last decade to describe a business that doesn't need venture capital and won't necessarily be worth $1 billion, ever. Lee said the term is often perceived negatively; but lifestyle startups, she said, are welcomed at Tacklebox. A lifestyle startup can still bring in $10 million a year, she said — and "since when did making $10 million a year become a failure?"

    "We LOVE those," Scordato wrote in an email, referring to lifestyle startups. "What we really stress is that companies that could be great lifestyle businesses and probably won't be unicorns shouldn't try to become unicorns. They should build sound, revenue-generating businesses that can build great products at a high margin for a (relatively) small group of customers."

    In an irony that's not lost on its founder, Tacklebox itself is one such startup. "I love that Tacklebox is practicing what it's preaching," Cheng said. He mentioned that Tacklebox has already gone through several iterations, holding workshops on weekends, mornings, and evenings, and offering higher and lower price points.

    "It's got to be scary for Brian," Cheng added, "but I commend him for that and for not being afraid of trying new things and experimenting."

    SEE ALSO: 'Entrepreneurship porn' lures young people with a pretty picture of startup life, but it glosses over the most dangerous parts

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    Celebrity makeup artist Daniel Martin is known for creating beautiful and natural makeup looks–including Meghan Markle's wedding-day makeup. We sat down with him in New York to discuss the no-makeup makeup trend, his go-to products, and steps to beautiful, glowy skin. 

    Martin recently partnered with Hilton as part of the Hilton Passport Project to ensure travelers have picture-perfect passports with the goal of encouraging the 60% of Americans without passports to apply for one.

    Following is a transcript of the video.

    Daniel Martin: Hi guys, I'm Daniel Martin. I'm a celebrity makeup artist based here in New York City.

    I think people resonate with the makeup that I do, and the point of view that I do, because for the past few years, we've been living in a time where, through social media, especially Instagram, we've been seeing so much makeup. It almost became normal, so I feel like, especially through Meghan's wedding, that she kinda showed the world that you don't need a lot to be comfortable in your own skin, and I think now, people are starting to feel confident, and owning their own beauty, because they don't need a lot.

    Depending on the person, there's definitely a lot of makeup that goes into a no-makeup makeup, but I would say that good skin care practices definitely make a huge difference in feeling confident in not putting anything on. But at the end of the day, you wanna be able to own your own beauty, whether that's a dark eye, or a red lip, almost wearing it like a lip balm. You find what you're most proud of, and just accentuate that, because at the end of the day, it's about owning your own beauty and feeling confident in your own skin.

    For beautiful, glowy skin, my must-have products would be... Tatcha makes this incredible primer that blurs out imperfections, and it creates this nice luminosity to the skin. Honest Beauty has this incredible magic balm that you can use on the highest parts of your face. It's this beautiful emollient base that you can actually hydrate your lips with. I've used it on the collarbone, the eyelids. Also, Dior. The Backstage foundation adds this beautiful medium coverage to the skin that looks like skin, so you can use it with your finger, you can use it with a brush, but it gives you that really beautiful radiance that everybody wants, that thinks that they need a lot of time to do, but they actually don't.

    If you're gonna splurge on any product, I would say it's your skincare. You do wanna take care of your skin, and I feel like if you take care of your skin, whatever makeup you put on top of it will just lay beautifully, so I would spend more money on your complexion products, rather than color.

    Steps to glowy skin is to, one, make sure that the skin's at a neutral place, being that you want to use a toner to kind of balance out the pH, so you kinda see where any redness is, or any kind of dehydration is happening on your skin. The second part is to use a moisturizer, all over the face, to really understand where your glowy parts are. And then, after you've done your skin care, you can go in and use foundation, usually in the T-zone, to even out any kind of redness or discoloration, and then use either a cream highlighter or a powder in the highest parts of your face, so it'd be around the cheek, brow bone, Cupid's bow, just really pop those areas on the face.

    I think what's on trend for fall, for makeup, is you're going to see a lot more people comfortable in their own skin, and not wearing a lot of makeup. It's either gonna be like a funky color in the eye, or an accent lip, or maybe something different embellished on the face, like a rhinestone glued by the eye or something. But I feel like it's about individuality this season, and I feel like, culturally, it's about that as well. About owning your own beauty.

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    richard branson

    • Sir Richard Branson, founder of the Virgin Group, has an estimated net worth of $5 billion.
    • When he spends his money indulgently, it's only to make money in return — like renting out real estate he owns, such as Necker Island.
    • In fact, Branson once said in an interview that he's "embarrassed" by displays of wealth, like leaving large tips and buying things for "pure luxury."
    • A member of the Giving Pledge, Branson would rather spend his money on philanthropy.

    Nearly 50 years after dropping out of high school at age 15 and founding his first business, Sir Richard Branson is now the billionaire chair of the Virgin Group, which brings in more than $21 billion annually in global revenue.

    Having overseen approximately 500 companies, Branson, who is known for his charisma and eccentric behaviors, has an estimated net worth of $5 billion.

    Ever the savvy businessman, Branson has spent some of his billions indulgently, but only to make money in return — like renting out real estate he owns (think Necker Island). When it comes down to it, Branson is rather frugal, opting not to own objects of pure luxury. He also donates much of his time and money to philanthropic efforts.

    Below, see how the eccentric leader spends his billions.

    SEE ALSO: Warren Buffett is the world's third-richest man — see how the notoriously frugal billionaire spends his fortune

    DON'T MISS: Bill Gates is worth $95 billion and he plans to give most of it away — here's how he spends his money now, from a luxury car collection to incredible real estate

    Richard Branson launched his first business at age 15. In 1972, he founded Virgin Records and went on to launch the Virgin Group conglomerate. Through this, he's built an estimated $5 billion net worth.

    Source:Forbes, Business Insider



    Branson is well-known for his jet-setting adventures and eccentricity, such as dressing as a butterfly to run a marathon.

    Source: Business Insider



    Virgin Media, Virgin Australia, and Virgin Atlantic are some of the biggest companies under Virgin Group.

    Source:Financial Times



    See the rest of the story at Business Insider