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There's a good reason why retirement funds are putting big bucks into tech 'unicorns'

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Yesterday, the New York Times published some interesting statistics about retirement funds investing in big privately held tech companies — including so-called "unicorns" with billion-dollar-plus valuations, like Pinterest, Uber, and Airbnb.

According to the Times, mutual funds run by firms like like Black Rock, Fidelity, and T Rowe Price made 29 deals to invest in private companies last year, worth $4.7 billion. That's up 16x from 2012, when only six such deals totaling $296 million were made.

These companies seem like riskier bets than companies traded on public markets.

Their books are generally closed. Valuations are determined by agreement between investors and the companies, not by the real-time market actions of millions of investors. There's a real isk that these companies will never go public, or will be acquired for less than they're worth now.

Fortune's Dan Primack says there's no reason for retirees to panic. He points out that these investments are still a tiny percentage of the overall retirement funds' investments — about 0.3% in the case of Fidelity's Contrafund — and the only one with any exposure is a high-risk fund from T Rowe Price which was built specifically to invest in these kinds of startups.

But it's also notable that these investment firms have little choice. There's a desperate search for high-yield investments going on right now in the investment community. Bonds aren't cutting it. The public stock market has been choppy. 

Tech is typically a higher-risk higher-growth investment, but a lot of the fastest growing tech companies are staying private for longer than they used to.

For instance, when Microsoft went public in 1986, its revenue was $196 million — that's $417 million in today's dollars.

By way of comparison, Facebook's revenue when it filed its IPO in 2012 was $3.7 billion. Uber is expected to book more than $2 billion in net revenue (that's total revenue minus payments to drivers) this year.

There are a number of reasons why big companies like this are staying private, but a lot of investors and execs blame regulations like Sarbanes-Oxley, which require public companies to deal with more red tape than they used to. Other folks, like investor Keith Rabois, say this is basically an excuse and founders just don't want the kind of scrutiny that successful public companies have.

Regardless, investors are apparently willing to take slightly riskier bets to hit their funds' targets. Those bets increasingly include big, fast-growing, privately held tech companies. 

 

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BMW's first electric car may be able to communicate with iPhones and Apple Watches (AAPL)

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2014 bmw i3 hits the race track

BMW may be working with Apple on the in-car operating system for the BMW i3, according to German auto magazine The Auto Motor and Sport (via Pocket-Lint).

The report says BMW had been holding "regular talks" with the iPhone maker about "topics like connected car vehicles."

The publication went on to say that Apple's operating system would be deeply ingrained into the i3, which is BMW's first mass-produced car with an electric powertrain. From the report:

This would allow not only iPhone, Apple Watch, iPad, laptop and Mac computers to communicate and exchange data, but it could also be integrated with the car's fuel consumption and movement data.

The report comes just as rumors had suggested that Apple has been developing its own electric car. The Auto Motor and Sport's report suggested that Apple and BMW could be collaborating to develop an electric car, but BMW denied those rumors to Reuters. 

mercedes carplay iphoneApple already has a platform for the car, called CarPlay: It's advertised as a safe and simple way to use your iPhone while on the road, for things like managing your music, or responding to texts and phone calls. This connection between Apple and BMW would go one step further, giving Apple access to data about the car, such as its fuel and movement levels. 

Tesla Motors already offers many of these features for its car owners, and then some: With the free Tesla Model S app, owners can check their car's charging progress in real-time, start or stop charging, heat or cool the car before driving, flash the lights or honk the horn while it's parked, open or  close the roof, or lock or unlock the car remotely. It essentially lets you use the Model S without a traditional key fob.

Apple's connection with BMW might let it act similarly: In fact, Apple CEO Tim Cook said as much in an interview with The Telegraph in February:

"The [Apple] Watch is designed to be able to replace car keys and the clumsy, large fobs that are now used by many vehicles," he said.

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Twitter has an 'arbitrary and unjust' system for promoting employees, claims lawsuit

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Dick Costolo Twitter CEOFormer Twitter employee Tina Huang has launched a proposed class-action lawsuit, claiming her former employer has a complicated promotion system that unfairly favors men over women.

In her complaint, which was obtained by the San Francisco Chronicle, Huang's lawyers describe how she was denied a promotion in 2013.

According to the suit, there are eight titles in the engineering department's hierarchy, which Twitter calls its "technical ladder." The company posts job descriptions on its web site, but they're allegedly meant to attract interest to Twitter only, and don't necessarily reflect actual job openings.

Current employees cannot apply for them, the complaint says. 

Though employees can nominate themselves for promotions during regular performance reviews, typically "employees are tapped on the shoulder for advancement," according to the complaint, and it's the manager who's responsible for making a case as to why a particular employee should be promoted. 

Once the manager makes a recommendation for a promotion, a committee of the employee's peers and superiors decide whether to go through with it. After the committee makes a decision, no formal feedback is given to the employee, according to Huang's complaint.

Put on leave for 3 months

Huang was hired by Twitter in October of 2009. She was promoted to Staff Engineer in 2011. Of the 164 staff engineers working at Twitter at that time, only seven were women, according to the suit. Of the 22 people occupying a senior technical position above her, all were men.

In the winter of 2013, Huang's manager nominated her for a promotion to Senior Staff Engineer. 

According to the court filing, Huang's reviews were overwhelmingly positive, especially regarding her leadership on the Ibis project. She was ultimately denied the promotion.

The committee denied her requests for an explanation, though rumors from some managers said that it was because of her "aggressiveness" and "lack of high quality code" on the Ibis project. 

"Ms. Huang decided to share her concern that Twitter’s promotion policy was arbitrary and unjust with Dick Costolo, Twitter’s CEO. She drafted an email articulating her concerns about Twitter’s promotion process, and discussed it with colleagues prior to sending the email to Mr. Costolo on March 3, 2014,"Huang's complaint reads. 

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Shortly after, Huang was informed by her department head that she would be placed on leave while Twitter's HR department completed an investigation, which they said would take about a week.

It lasted more than three months. 

"While Ms. Huang did not understand why going on leave was necessary, she nevertheless acquiesced because she understood that the investigation would be completed in relatively short order,"Huang's complaint reads. "Ms. Huang was extremely troubled because as a result of her absence, she was being removed from her projects. At this time, she believed that she had been functionally terminated from her position at Twitter."

The complaint also says that Twitter revealed her complaint internally. "At this time, Ms. Huang also learned that during the investigation, HR had revealed Ms. Huang’s complaints to her colleagues. This lead to the perception that even if she did receive the promotion (which she did not), her ability to lead would be undermined because her colleagues would think she did not deserve a position because she was a complainer," the complaint reads. "While Ms. Huang had further meetings with HR and Mr. Costolo, at no time did Twitter communicate the result of its investigation, or provide any meaningful options for moving forward. Ms. Huang was in limbo: she had a job in name only."

Huang emailed her resignation on May 21, 2014. 

A Twitter spokesperson provided this statement to Business Insider: "Ms. Huang resigned voluntarily from Twitter, after our leadership tried to persuade her to stay. She was not fired. Twitter is deeply committed to a diverse and supportive workplace, and we believe the facts will show Ms. Huang was treated fairly."

SEE ALSO: Twitter had 22 top engineers, and all of them were men, says an ex-employee in a sex discrimination lawsuit

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An unexploded World War II bomb has been found in London

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An unexploded German World War II bomb has been found in London, NBC News reports citing London police and fire officials. 

The unexploded bomb was found in the Bermondsey district of South London, approximately a mile away from the historic Tower Bridge. The bridge has been shut down as emergency services have cordoned off the area. 

The bomb was found by workmen at a construction site in Bermondsey. The ordnance is estimated at being five feet long and weighing a half ton. 

According to London's Southwark Council, an Army disposal team is working to deactivate and remove the bomb. To secure the area, residents in a 328 foot (100 meter) radius around the explosive have been evacuated from their homes while traffic has also been rerouted through London. 

The Independent notes that Bermondsey, formerly an industrial area, was one of the most heavily bombed neighborhoods of London during the Blitz, the Nazi air assault that lasted from September 1940 to May 1941. 

During the Blitz, the Germans bombed London a total of 71 times. In total, the Nazi Lutfwaffe dropped 100 tons of explosives on British cities during this stage of the war, killing 40,000 civilians. 

This is not the first time that a German bomb has been found in London after the end of the Blitz. The discovery of unexploded bombs does not "happen every day but they are not massively uncommon where there's building works going on," the London Fire Brigade told NBC. 

SEE ALSO: These charts helped US troops identify enemy aircraft during World War II

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NBA MVP POWER RANKINGS: Where the top players stand with 3 weeks to go

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Stephen Curry

With LeBron James' slow start to the season and Kevin Durant missing more than half of the games so far, this season's MVP race is the most wide open in years.

Using Player Efficiency Rating (PER, avg=15.00), Win Shares, and Wins Above Replacement (WAR), as well as team performance, we ranked the top players who can make a case for this year's MVP award.

As we move towards the end of the season Stephen Curry is the favorite. But there are seven other players who can also make a strong case.

1. Stephen Curry, Golden State Warriors (previously: 1st)

Team Record (rank in conference): 56-13 (1)

PER (rank): 27.51 (4)

Win Shares (rank): 12.9 (2)

Wins Above Replacement (rank): 15.72 (2)

One thing to know: Stephen Curry is averaging just 32.9 minutes played per game. No player has ever won the MVP playing fewer than 33.3 minutes per game and only two have won the award playing fewer than 35.0 minutes per game (Bill Walton 33.3 in 1978-79 and Steve Nash 34.3 in 2004-05).



2. Russell Westbrook, Oklahoma City Thunder (previously: 5th)

Team Record (rank in conference): 40-30 (8)

PER (rank): 29.55 (2)

Win Shares (rank): 9.1 (9)

Wins Above Replacement (rank): 9.85 (9)

One thing to know: There have been 40, 40-point games in the NBA this season. Russell Westbrook and James Harden each have seven and no other player has more than three. Westbrook also has ten triple-doubles this season. No other player has more than three.



3. LeBron James, Cleveland Cavaliers (previously: 4th)

Team Record (rank in conference): 46-26 (2)

PER (rank): 26.25 (7)

Win Shares (rank): 9.1 (9)

Wins Above Replacement (rank): 13.40 (3)

One thing to know: This season is starting to look a lot like LeBron James' first season with the Heat and if the season ended today, the Cavs would play the Heat in the first round of the playoffs.



See the rest of the story at Business Insider

This casual steakhouse has the hugest cult following of any restaurant chain

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Texas Roadhouse has the most loyal fans in the industry. 

The Western-themed casual steakhouse was the most likely to be recommended by its customers, according to a recent report by Morgan Stanley. 

Texas Roadhouse was the most popular overall and with Baby Boomers and Gen X. It had average popularity with millennials. 

millennials restaurants recommend

Comparable sales rose 7% in the fourth quarter, while traffic was up by 5%. 

Despite its popularity, Texas Roadhouse keeps a lower profile than competitors like Outback Steakhouse, Red Lobster, and Olive Garden. 

The chain has about 400 locations around the United States. 

It's known for giving away buckets of free peanuts at the table and encouraging patrons to throw the shells on the floor. 

Customers also get unlimited dinner rolls with butter. 

#CaptionThis

A photo posted by texasroadhouse (@texasroadhouse) on Jan 22, 2014 at 1:21pm PST

Popular menu items on Yelp include steak, ribs, and barbecue chicken. Meals typically come with sides like baked potatoes, steak fries, and vegetables. 

O come all ye hungry...

A photo posted by texasroadhouse (@texasroadhouse) on Dec 17, 2014 at 5:44pm PST

Many Yelp reviewers say that Texas Roadhouse has flawless execution of basic American food. 

"Simple, flavorful and makes you come back for more every time," one reviewer wrote. 

Another reviewer wrote that service is fast and the food is consistently hot upon delivery. 

Employee satisfaction is probably a factor in Texas Roadhouse's renowned customer service.

It’s Mardi Gras! We’re the king of steak… come see us!

A photo posted by texasroadhouse (@texasroadhouse) on Feb 17, 2015 at 3:59pm PST

The company was the only casual dining restaurant to be named one of the top 50 places to work by Glassdoor. 

Glassdoor, a job data firm, polled anonymous workers about the company's practices. 

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Stocks are sliding (DIA, SPY, SPX, QQQ)

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Stocks have turned negative. 

In afternoon trade on Tuesday, the Dow was down 90 points, the S&P 500 was down 9 points, and the Nasdaq was down 11 points. 

Stocks opened the session roughly unchanged and were drifting for most of the day before taking a bit of a leg lower Tuesday afternoon. 

Bonds, in contrast, were rallying, with the 10-year yield falling to around 1.86% and the 30-year yield falling to 2.45%. 

Tuesday morning saw a rash of economic data cross the wires. Inflation data showed that prices were flat in February, while new home sales crushed expectations — rising 7.8% against expectations for a 3.5% decline — and manufacturing activity picked up in March. 

In stock news, Google announced that Morgan Stanley CFO Ruth Porat would join the tech giant in the same role. Whiting Petroleum shares were down as much as 20% after the shale oil company announced a debt and equity offering on Monday night. 

Tech company Sonus also saw shares fall as much as 30% after slashing its guidance in a statement on Tuesday morning. 

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This sport band will make it much easier to run with your iPhone 6 [43% off]


Goldman thinks jobs creation can't maintain its current robust pace

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Goldman Sachs investment research thinks payroll growth is a little to hot at the moment.

"Monthly payroll employment gains have averaged 293k over the last 6 months and have not dipped below 200k since February," Goldman Sachs' David Mericle said. "But payroll growth increasingly looks like an outlier."

In a note to clients Tuesday, Mericle wrote that he sees job growth decelerating slightly, to under 200,000 per month, through 2016:

While the significant weight on the momentum variables in the short-run equation suggests that the deceleration is likely to be gradual, we expect payroll growth to eventually decline to just under 200k/month under our baseline forecast.

Screen Shot 2015 03 24 at 1.44.16 PM

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The hottest smartphone maker in China is now selling gorgeous TV sets for dirt cheap

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Xiaomi has made quite a name for itself by selling high-end products at dirt cheap prices. But if you thought its phones and tablets were cheap, wait until you see Xiaomi's Mi TV 2, a 40-inch Android-powered smart TV that costs just a paltry $320.

There's a lot to love about the TV's specs, which includes a Sharp-built monitor and fast, powerful chips to handle the Android-based OS. It also supports all kinds of video and gaming formats, it's super thin, and you can even buy it with one of several bright candy-colored casings, which are both fun and reminiscent of the company's colorful tablet lineup.

But again, there's no beating that $320 price point for this brand of television. You can find 40-inch TVs at retailers like Best Buy and B&H around that same price point, but they're all extremely basic in terms of features, and don't include any of the internet-related capabilities you'd find in any smart TV.

In February, Xiaomi announced it would start selling products in the US this year, with the exception being its popular line of smartphones and tablets. Hopefully the company considers stocking these cute, ultra-cheap TVs on this side of the Pacific Ocean.

We first heard about these new Xiaomi TVs over at Gizmodo. Check out more photos below.

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xiaomi tv

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Why I've felt like an 'impostor' my entire life

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I can still remember slumping over the counter in the kitchen in the house where I grew up, tears pooling in my eyes, as my dad tried to explain something from my elementary-school science book.

It was late at night on the eve of a science test. I can't recall the concept he was trying to explain, only that I just did not get it.

It was the eleventh hour, I was running out of time, and I wasn't understanding it. There was no way I was going to pass that test. I was going to get a zero. The zero would bring down my average and I'd get a terrible grade on my report card, which would bring down my overall average. That would make it harder to get into a private high school, which would, in turn, make it tougher to get into a good college. The spiral continued on from there.

My dad's voice was level as he tried every which-way to get me to understand, but there was an edge of frustration that I could sense even as a kid. Today, I understand that that frustration came from the fact that he knew I wasn't going to fail my test, because as many times as I insisted that I would, I never did.

He was right.

I was always an excellent student, and my grades reflected it. In middle school, I was voted most likely to succeed. After standardized tests in seventh grade, my teacher asked if I felt like I would be more challenged if I skipped ahead to eighth grade (I declined). I attended a competitive private high school, where I took the most challenging classes and was always in the top 10% of my class.

But despite the positive reinforcement from my parents and teachers — not to mention my report card — I continued to beat myself up about each important assignment that passed across my small desk.

For some inscrutable reason, I could never look at my work and think it was good. This issue was particularly acute when it came to writing, where everyone claimed my gifts lay. I won a local essay contest. I was asked to read a personal essay in front of my class because of the descriptive imagery it employed.

But I couldn't shake the feeling that I just was not the smart, talented person people seemed to think I was. Instead, I was somehow "pulling off" my good grades, a fraud slipping undetected into the realm of the intelligent.

Once I got to college and started studying the social sciences, I learned that this affliction has a name — impostor syndrome!

It describes people who feel like frauds and don't believe they deserve the success they've achieved.

According to Valerie Young, author of "The Secret Thoughts of Successful Women: Why Capable People Suffer from the Impostor Syndrome and How to Thrive in Spite of It," it's a surprisingly common affliction. Tina Fey, Sonia Sotomayor, and even Sheryl Sandberg have copped publicly to having these feelings.

Young told me that the pattern I experienced in my adolescence isn't a rare one, especially for young women. "It's a cycle of anxiety leading up to every new endeavor," she said. "Each time, you're convinced that this is going to be 'the big one,' the time when you're finally going to fail. Then you knock it out of the park again, and the cycle starts all over."

I told Young how risky it felt to reveal these feelings — as if my friends and colleagues might adopt the same doubts I have.

"It's actually a sign of emotional intelligence to admit that you have these impostor feelings," she said. "One study said that 70% of high achievers had these feelings at one time or another."

The first step in dealing with the impostor syndrome, says Young, is recognizing when those feelings are being triggered. Becoming aware of it can help you keep it under control, she says.

Unfortunately, I can't say giving these feelings a name did much to assuage them — at least not at first. My enrollment at one of the best journalism schools in the country did not change my deepest feelings. Senior year, when the outgoing editor-in-chief at the student magazine where I worked named me as her successor, I thought she was kidding.

The doubts followed me into my first job, at a publication I read and loved for years before I worked there. I met praise with silent doubt, certain that I didn't actually match up to who they thought I was.

I'm happy to say that over time, I gained confidence in what I was doing. Working as an editorial assistant, with what seems like thousands of small and varied responsibilities, helped me reach this enlightenment. It taught me that you can't be good at everything, and that you should play to your strengths.

It's an ongoing battle, however. Even listing my accomplishments here makes me cringe at the thought of sounding conceited, humblebraggy, or like a jerk. Of course, these fears only provide a case-in-point for the article.

Why should I be concerned about mentioning the things I worked hard to achieve? I know I shouldn't be, but I still can't help it. Hopefully admitting these impostor feelings will only help me — and possibly others who are reading — overcome them.

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Citi thinks pharmaceutical giant Teva is set for a 'material, potentially transformative, transaction' (TEVA, MYL)

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optimus prime model transformers Age of Extinction Hong Kong

Teva Pharmaceuticals recently made a hire that may be another sign of a huge deal that's coming, according to Citi.

On Monday, the company announced Timothy Wright as its new head of business development, effective April 13.

Here's Citi's Liav Abrahams in a note Monday:

"We note the commentary in the company’s press release, which highlights Mr. Wright’s experience in 'leading the transformation of large companies,' and the 'transformative time for both the company and the industry,' which suggests that a material, potentially transformative, transaction, is not off the table for TEVA."

Earlier in March, there was speculation that Teva — which has a market cap of $59 billion — was interested in acquiring Mylan, another pharmaceutical company, according to Investor's Business Daily. Mylan shares rose by more than 6% on the rumors.

Wright has worked in pharmaceuticals for almost 30 years and held several positions in senior management including as president and CEO. According to Abrahams, this hire suggests that Teva may be prepping a deal in the medium term. Sol Barer, the former CEO of Celgene, and Siggi Olafsson, formerly with Actavis, also recently joined the company.

The merger would give Teva a 25% share of the US generic pharmaceuticals market, according to a Morgan Stanley analyst cited by Bidness, and would make Teva the world's largest generics company.

Teva shares were lower and little changed at around $62.54 in late afternoon trading. 

Citi rates the stock a "Buy" and has a $70 price target.

(Via The Fly)

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Here are the only 9 jobs in America where women out-earn men

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In 2013, among full-time, year-round workers, women were paid 78% as much as men, according to the American Association of University Women

That's the so-called pay gap between genders, and ihasn't moved much in a decade.

Now, new data released by the US Census Bureau reveals the scope of that gap within occupations. It compares men and women's full-time wages in 342 professions. 

As Catherine Rampell reports at the Washington Post, women earn more than men in only nine of them. 

women over men (1)

Furthermore, in the tiny fraction of jobs in which women earn more than men, it's by a nearly inconsequential amount.

But when men out-earn women, it can be by a significant amount.

Here are a few of the most extreme examples:

men over women (1)

The standard explanation for the pay gap is that women self-select into low-paying, altruistic professions like nursing, teaching, and nonprofits, while men pursue highly lucrative, less altruistic careers. 

But this data shows the faults in that argument, since the pay gap persists in almost all job functions. 

Organizational psychology and other fields offer a few explanations as to why:

Women want more temporal flexibility than men.

Harvard economist Claudia Goldin has argued that the wage gap owes to how men and women regard their time differently. While women often take time off to have kids, men typically don't, and it creates cascading effects in earning potential.

Harvard College grads serve as a prime example. Goldin's data is telling:

Among those who received their BAs around 1990, a 10 percent hiatus in employment time 15 years after the BA, thus amounting to an 18-month break, was associated with a decrease in earnings of 41 percent for those with an MBA, 29 percent for those with a JD or a PhD, and 15 percent for those with an MD.

How do we solve this? Either jobs need to be restructured so that they no longer reward never leaving work, or perhaps even more progressively, paternity leave could become mandated for men — and the burden of offspring would be more evenly distributed between genders.

Women are less likely to negotiate their salaries than men.

A 2007 study of graduating MBA students found that half of male grads had negotiated their job offers compared to an eighth of female grads. A 2013 German meta-analysis further confirmed that women are less likely to initiate negotiations.

In an interview with Forbes, Stanford management professor Margaret A. Neale captures why this creates such toxic downstream effects:

If you think of a $100,000 salary, and one person negotiates and gets $107,000, and the other doesn't — what's the cost of that? In a simple-minded way, some people say, "Is $7,000 really worth risking my reputation over?" And I agree, $7,000 may not be worth your reputation.

But that's not the correct analysis, because that $7,000 is compounded. If you and your counterpart who negotiated are treated identically by the company — you are given the same raises and promotions — 35 years later, you will have to work eight more years to be as wealthy as your counterpart at retirement. Now, the question is: $7,000 may not be worth the risk, but how about eight years of your life?

Since changing jobs every two years has become a common practice for getting paid more, losing out on negotiations can have a high price. 

When women do negotiate, it comes at a cost. 

Harvard professor Hannah Riley Bowles found as much in a 2006 study.

"In most organizations, those who control organizational resources and opportunities for advancement tend to be men," she and her colleagues wrote. "If women are justifiably less inclined than men to initiate negotiations with men, then they may have fewer opportunities to increase their compensation and promotion potential."

Women pay a "social cost" for negotiation, Bowles found, and men do not.

"Women who don’t negotiate may not be refraining because they are shy,"explained New Yorker psych writer Maria Konnikova in her coverage of the studies. "They may, instead, be anticipating very real attitudes and very real reactions that are borne out, time and again, in the lab and in the office. Often, leaning in has an even worse effect than saying nothing."

Those are only a few of the biases that women face— and white men tend to benefit from

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Five Guys is losing its most important customers

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five guys burger

Five Guys is losing favor among millennials, according to Morgan Stanley analysts.

Analysts asked millennials which restaurants they were most likely to visit in the next six months, and Five Guys was a clear loser across all generations. 

Morgan Stanley

Other burger chains such as Habit Burger and Shake Shack fared much better. 

Millennials cited concerns about cost and nutrition as reasons why they were planning to eat less often at certain restaurants, according to the report.

Some customers have complained on social media that Five Guys is too expensive.

"I cant afford to eat there anymore," Wil Massey wrote on the company's Facebook page.

Others have criticized the chain for using too much oil on its french fries. 

"None of this food is good in any way, shape or form," one customer wrote on Yelp. "It's a passable burger but the meat is never cooked the way you want it. The fries are ... oily, wilted, and all other adjectives you wouldn't want your fries described as. At least they aren't frozen."

The top qualities that millennials look for in a restaurant include "great-tasting food," good value, "high-quality food," and "fresh food," as indicated in the chart below from Morgan Stanley. 

Morgan StanleyWhile millennials may plan on reducing their visits to Five Guys in the future, they haven't stopped eating there yet.

More than 20% of respondents said they have visited Five Guys in the past three months. Morgan Stanley

SEE ALSO: This casual steakhouse has the hugest cult following of any restaurant chain

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The 12 richest colleges in America

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Harvard University has an endowment worth over $30 billion — miles ahead of any other college in America and larger than the GDP of some countries.

The Cambridge, Massachusetts school is just one of 77 universities with endowments over $1 billion, as this helpful graphic reveals. The chart — created by León Markovitz of dadaviz — shows how much each of the 12 biggest university endowments is worth, as well as how they stack up against each other.

Check out the full graphic below:

Richest Colleges In America

SEE ALSO: A 21-year-old who's refusing to pay back her student loans compares her cause to Rosa Parks' fight

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'The Late Late Show with James Corden' got off to a solid, star-studded start

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Late Late Show James CordenBritish actor and comedian James Corden took over hosting duty for Craig Ferugson on "The Late Late Show" on CBS Monday night. 

Corden, who is a big star in England, is not yet a household name in America. However, after just one night, he proved that he could fit right in, as he already got a chance to bond with one of America's favorite stars. 

Tom Hanks stopped by the "Late Late Show" to reenact the actor's most iconic movies in just eight minutes.

James Corden Tom Hanks Late Late ShowLate Late Show James Corden Tom HanksTom Hanks James Corden Late Late ShowTom Hanks James Corden Late Late ShowJames Corden Tom Hanks Late Late ShowTom Hanks James Corden Late Late ShowWatch the full, funny video here:

Corden also got help from a few other famous faces.

Mila Kunis appeared as a guest and revealed that she is "maybe" married to Ashton Kutcher.

Late Late Show Mila KunisCorden's "Into the Woods" co-star Meryl Streep stopped by in a pre-taped video, as did Lena Dunham, Arnold Schwarzenegger, Simon Cowell, Chris Rock, Eddie Redmayne, Joel McHale, Simon Cowell, George Lopez, Billy Crystal, Katie Couric, Chelsea Handler, Shia LaBeouf, Allison Janney, and CBS President Les Moonves. 

Late Late Show Meryl StreepBut one of the biggest surprises was Jay Leno, who controversially came out of retirement to take back the "Tonight Show" while Conan O'Brien was host. In the video, Leno trains Corden to be a late night host "Whiplash" style. Leno also proves he at least has a sense of humor about his reputation, as he ends the video by claiming, "in three months, this show will be mine."

Late Late Show Jay LenoCorden's reign is off to a solid start: Nielsen estimates that his "Late Late Show" is 17% above the Late Late Show season average when Ferguson hosted from September through mid-December.

It is hard to tell yet whether those numbers will remain consistent, given that there is always a curiousity factor in the first night of somebody's hosting tenure. But given that a lot of successful late night hosts, including Conan O'Brien and Jimmy Fallon, took time to establish their comedic voice, it is promising to see how much confidence Corden has right out of the gate. Things could change even more in September once he has Stephen Colbert as a lead-in.

Now, if only he could get Hanks to stick around for a few more episodes.

SEE ALSO: Who is James Corden?

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Here's how 'Top Gear' host Jeremy Clarkson and Piers Morgan ended their decade-long feud

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Jeremy Clarkson Piers Morgan

For more than a decade, "Top Gear's" bombastic host Jeremy Clarkson and controversial TV personality Piers Morgan have been engaged in a brutal and entertaining feud. 

Clarkson is currently awaiting a judgment about his future – he got into a "fracas" with a "Top Gear" producer, which the BBC is investigating. A decision over whether he will stay or go as a host is expected this week.

But this past Saturday, an unexpected voice of support surfaced.

In his Daily Mail column, Morgan himself revealed that the combative duo had declared a truce after a "five-hour long drinking session at a pub" last summer. 

According to Morgan, Clarkson initiated the the peacemaking process by sending the fired-CNN host an early morning text message requesting that they "end it."

At the pub, the "Top Gear" host told Morgan:

I’m going through a difficult divorce, my first ex-wife has also came out of the woodwork to give me hell, I’m smoking too much, drinking too much, my back hurts, I’m all over the papers with this N-word scandal, I’m at war with my BBC bosses, and my mother has just died. I simply don’t have the energy for you any more.

Graciously, Morgan replied by telling Clarkson that he was glad the feud was coming to an end because he had run out of "vile epithets" to direct at arch-nemesis, as well as ways to call Clarkson "fat and useless."

Piers Morgan phoneThe feud began more than a decade ago when Morgan — then the editor of the Daily Mirror — published compromising photos of Clarkson with a female BBC executive who was not his wife.

In 2003, the feud reached a boiling point after Clarkson threatened Morgan with physical violence and threw a glass of water on him onboard the last flight of the Concorde. 

A year later, Clarkson carried out his threat and punched Morgan three times in the head at the National Press Awards, causing him to bleed profusely. Morgan still carries a scar on his temple from the incident, while Clarkson suffered a broken finger. 

At the end of the their extended drinking session, Morgan revealed that Clarkson's daughter Emily showed up in time to find the besotted pair and take a photo. Morgan then got his son, a "Top Gear" fanatic, on the phone and introduced Clarkson as his "new best friend."

Jeremy Clarkson Top Gear

In his column, Morgan wrote in support of his former sworn enemy, now friend, Clarkson,

I sensed that Jeremy’s just like pretty much every other 50-something in life; angst-ridden from damaged relationships, grieving loved ones, irritated by work-related issues, and battling inner demons.

While the much-maligned Morgan asked his readers to avoid pitying the "Top Gear" star, he did ask then to empathize with Clarkson, with the hope that Jeremy can sort out his life.

SEE ALSO: Here's why 350 million people love 'Top Gear' host Jeremy Clarkson

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50 years ago, NASA had to reassure Congress that astronauts would stop smuggling corned beef sandwiches into space

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Astronaut John Young on Moon

When you gotta eat, you gotta eat I guess. Even if you are an astronaut. While aboard the Gemini 3 space mission in 1965, Astronaut John Young had a craving. For some corned beef. Luckily, he had snuck a sandwich onto the craft in case he got peckish during the five-hour mission.

This little tidbit of space debauchery is just one of "Spaceflight’s Most Badass Maneuvers" a compilation of astronauts at their most badass by Adam Mann at Wired.com. From  Mann's Wired article:

Young was apparently a little unhappy with the terrible-tasting space food that astronauts received. Once in orbit, Young pulled out a mysterious object he had snuck aboard, leading to this exchange with his co-pilot Gus Grissom:

Grissom: What is it?
Young: Corn beef sandwich
Grissom: Where did that come from?
Young: I brought it with me. Let’s see how it tastes. Smells, doesn’t it?

Young was nice enough to share his prize with Grissom, before Grissom placed the contraband sandwich in his pocket. Apparently, Young brought the sandwich because Grissom was a big fan of corned beef.

The sneaky space sandwiching was pulled off with the help of Deke Slayton, director of flight crew operations. On the Gemini 3 Wikipedia page Grissom is quoted as saying about the corned beef sandwich incident:

"After the flight our superiors at NASA let us know in no uncertain terms that non-man-rated corned beef sandwiches were out for future space missions. But John's deadpan offer of this strictly non-regulation goodie remains one of the highlights of our flight for me."

Check out the rest of Mann's "Badass Space Maneuvers" over at Wired. 

What's so bad about having a corned beef sandwich in space? They seemed to make it back home alright, so what's the big deal?

Well, especially for something crumbly like rye bread and corned beef, the low gravity of space causes particles of food to float around in the cabin, and these particles can get into the machinery inside the space capsule.

Actually, in the transcript of the mission, Grissom says he's putting the sandwich away because it was breaking up and floating around the cabin, the exact potential problem that makes corned beef sandwiches banned in space.

After the mission, a congressional hearing was called about the sneaky sandwich, and NASA's deputy administrator George Mueller had to promise there would be no repeats of the apparently-tasty event.  

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The 20 highest-paying jobs you can do from home

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U.S. businesses will spend half a billion dollars hiring remote freelance workers in 2014.

"The growth is a clear indicator of a transition of work online," says Fabio Rosati, CEO of Elance-oDesk. 

The company's platform — which serves as a broker between companies that need skills and freelancers eager to supply them — sees 2.7 million freelance jobs posted a year. According to Elance-oDeskthe total earnings of freelancers have grown 50% compounded annually over the past five years.

From Rosati's perspective, so many businesses are hiring these workers because they need work done on demand, typically for a short stint. In those cases, a marketplace like Elance-oDesk becomes like the Amazon Prime for jobs. It's a win for both the employer, who can hire on an as-needed basis, and for the worker, who has flexibility of schedule and location.

What's more, freelancers with the right skills can earn a great living from the comfort of their homes, if the highest-paying freelance jobs are any indicator.

The wage numbers below come from the combined databases of Elance.com and oDesk.com, pulling from Jan. 1 to May 31 of this year. 

Highest Paid Freelance Skills Graphic

SEE ALSO: The 10 Highest-Paying Jobs That Don’t Require A Bachelor's Degree

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Showtime just picked up a TV drama about a hedge fund co-written by Andrew Ross Sorkin

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Damian Lewis

Showtime Networks has just picked up a new hedge fund drama called "Billions," according to a press release.

The 12-episode series "is a complex and contemporary drama about power politics in the New York world of high finance."

The show was written by Brian Koppelman, David Levien, and financial journalist Andrew Ross Sorkin. 

The series stars Damian Lewis, who plays a hedge fund titan Bobby "Axe"Axelrod, and Paul Giamatti, who plays US Attorney Chuck Rhoades.

Lewis appears to have been doing his homework in preparation for the show.

Earlier this year, he was spotted with a copy of David Einhorn's book "Fooling Some People All of the Time." 

Production is scheduled to begin later this year. The show is set to debut in 2016. 

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