Schadenfraud Anyone? Forbes Unveils its Latest Top 400; Can’t Stop Netflix; Venmo’s the New Way to Go. At Least According to Paypal

That’s a whole lotta money…

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Forbes has unveiled its latest list. This time it’s the top 400 richest Americans for 2017 and there are very few surprises in store. Bill Gates and his $89 billion net worth takes the top spot, followed by Amazon’s Jeff Bezos and everyone’s favorite Omaha Oracle, Warren Buffett.  Facebook’s Mark Zuckerberg sits pretty in fourth place. The first time we finally see a woman on the list is at spot number 13 and it’s occupied by Alice Walton of the illustrious Walmart clan. There are 22 newbies on the list and some of them are even self-made billionaires, including Netflix CEO Reed Hastings who comes in at number 359. He had a good year and his company had a great quarter. But we’ll get to that one in a bit. Former Uber CEO Travis Kalanick comes in at number 115, despite being out of his CEO job, while beloved Star Wars creator George Lucas gets spot 118. As for President Trump, he did make the list, coming in at a less than impressive (for him) ranking of 248.  He shares the spot with 15 other people including Snapchat founder Evan Spiegel. Their fortunes are valued at $3.1 billion, a figure the President will probably dispute. It’s a steep drop for the President, whose 2016 ranking had him at the 156th spot. But I guess that’s what happens when your portfolio loses $600 million. I wonder who he’s going to blame for that one?

Wall Street ❤️ Netflix…

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The best way to bring Wall Street to its finicky knees is to crush its expectations. And Netflix did just that. First, the video streaming company laughed in the face of analysts’ projections for subscriber growth. For Netflix that was a 5.3 million increase, far from the modest forecast of 4.5 million new subscribers. A large percentage of those new subscribers came from outside the U.S. Netflix now boasts 109 million subscribers and I’m guessing you must be one of them, right? As for the next quarter, the company expects to add 6.3 million subscribers. Revenue for the company was $2.99 billion, again beating projections of $2.97 billion.  However, at first glance, Netflix’s profit was not so impressive. But that’s only because the company is throwing down serious cash for producing its own shows. And if you’ve ever seen “Orange is the New Black” or “House of Cards” then you’d probably agree that it’s money well spent.  So what does this all mean for you, the Netflix connoisseur/viewer, who obsessively waits for new seasons of your beloved shows to be unleashed? Well, you can probably expect an increase in your subscription plans but hey, that’s the price you gotta pay if you want to keep watching new seasons of “Stranger Things,” right?

Going half-sies…

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If you haven’t signed up for Venmo yet, now might be a good time to start. The company just announced that users can now use the app to make mobile online purchases from over 2 million retailers including Forever 21 and Foot Locker.  But what’s so darn cute about Venmo is a feature that gives you the option to split a purchase with a friend. Or even an acquaintance, I suppose. Which is so great when you go out for lunch and can’t be bothered to do the math at the table or when you just want to pay the rent down the middle. And, you can even share status updates about the purchase. How nifty. Especially if you’re a millennial. Did I mention that Paypal is Venmo’s parent company? Well, it is. And pretty much anywhere you’re able to use PayPal, you can now use Venmo there as well. Just think of all the Lululemon merchandise you can purchase with all your besties.

 

 

 

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Show Me the Money! Forbes Unveils Its Annual List of People With Money to Show; UK Shows Google What Happens When You Don’t Shut Down Haters; Twitter Did Something Impressive. Just Not With Its Earnings

Rich-y rich…

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It’s that time of year again. The one where Forbes reminds us just how much money we don’t have relative to the richest people in the world. And here goes. There are 13% more billionaires this year than last year and their combined net worth totals almost $7.7 trillion. Yes. Trillion.  The number one spot goes to Microsoft co-founder Bill Gates who’s net with totals $86 billion. When Gates is not busy fixing the world and explaining to the President why his budget ideas are bad ideas, he runs the world’s largest charitable organization. Naturally, the Oracle of Omaha, Warren Buffet, comes in a close second with a net worth of $75.6 billion, while Amazon’s Jeff Bezos makes his debut into the top three with a net worth of $72.8 billion. And even though we only finally see a woman on this list at the number 14 spot, there’s still some uplifting news. For instance, the number of women who ma∂e it onto the list has increased 170% since 2009. Also, there’s a record 56 women on the list who are self-made billionaires. If you’re curious to see who did and didn’t make the list, click here to find out. And spoiler alert: Perhaps President Donald Trump really ought to consult Bill Gates on any and all future budget concerns for the country, considering he lost a billion in the last year and ranks #544.

Dis-content…

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Just when you thought Google could do no wrong, the search engine giant finds itself in the midst of some major policy revamping after a bunch of big-name advertisers pulled their marketing  – and whole lot of money – because it was showing up on /sexist/hate-filled/offensive/anti-semitic/terrorist-promoting content. The trouble started when major brands, including the BBC and department store chain Marks & Spencer, noticed their ads being being placed alongside content promoting violent extremist groups. Last I heard, department stores were no great fans of terrorism. Now, part of the policy revamp includes broadening Google and YouTube’s definitions of hate speech, which is always a good thing since hate manages to always rear its ugly face no matter how subtly its presented. Also, content won’t be able discrimnate against groups based on their identity, socieo-economic class and country of origin. Such measures ought to make it a tad bit more difficult for the haters to get their odious messages out. In addition to some added controls and a few default settings, Google should end up creating a kinder, gentler platform. Hopefully…

Speaking of which…

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Even though Twitter doesn’t exactly have the fiscal luxury to delete accounts, to its credit, the social media company did just that and put the kibosh on close to 380,000 of them because of their links to terrorism. So lousy earnings aside I say “Kudos” to Twitter.  Those accounts were just the ones it took down between July and December of 2016.  Since August of 2015, over 635,000 accounts have been removed for the same reason. The information was disclosed in its latest transparency report and these actions are part of an effort to weed out extremist groups and other assorted haters. Interestingly enough, almost 75% of the accounts that were removed from Twitter were discovered by technology created just for this purpose for Twitter, while 2% of those accounts came down after governments made requests for the company to get rid of them.

 

Bill Gates Is So Not Into President’s Budget Blueprint; Does Uber Have Some High-Level Job Openings?

Just letting you know…

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Chances are if Bill Gates is not into your budget blueprint, then maybe it’s worth it to make a few (hundred-billion dollar) changes to it.  Which explains one of the reasons why the world’s richest man is in DC today, to have a little chat with the President of the United States.  Bill Gates, who knows a thing or two, isn’t taking too kindly to President Trump’s budget blueprint, particularly the part about cutting foreign aid. Gates is of the very informed and highly researched opinion, that providing foreign aid not only assists the world’s poorest individuals, but it also helps Americans. A lot. Gates said as much in a recent TIME op-ed piece, explaining how foreign aid actually decreases global conflicts, strife and get this…political instability. There’s a joke in there somewhere, but I’ll leave you to make it. Feel free to leave it in the comments. In any case, Mr. Gates went on to say, “These projects [foreign aid] keep Americans safe. And by promoting health, security and economic opportunity, they stabilize vulnerable parts of the world.” I think the philanthropist billionaire/Microsoft co-founder just might be onto something, no?

Outta here…

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As if a lawsuit from Google and claims of sexual harassment couldn’t make things any worse for Uber, things are about to get even more awkward – if that’s possible – with two very high-level execs saying buh-bye to the ride-hailing app. First we have President Jeff Jones, who is leaving after less than a year on the job. It seems that a few weeks ago, Uber CEO Travis Kalanick announced he was seeking new leadership, along with plans to install a new COO. Rumor has it that that bit might have had something to do with Jones untimely departure. In the meantime, Jones explained, in his own special spin that “…the beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber, and I can no longer continue as president of the ride sharing business.” You just know there’s an ugly, yet presumably very juicy story behind that articulate statement. But I guess we’ll just have o wait for the book to come out. Naturally, Uber officially thanked Jones and wished “him all the best” no doubt with the utmost sincerity. The other Uber exit is brought to us by Brian McClendon, who is set to ditch his post of Vice President of Maps and Business Platforms. Mr. McClendon announced plans to return to his native Kansas to pursue a career in politics. He’s apparently very disenchanted with the state of Kansas’ fiscal crisis and presumably the rest of the political climate. At least that’s the story he’s sticking to.

Buy buy baby…

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Well, at least somebody has finally stepped up who has a bit of faith in Snap Inc. Enter James Cakmak, a Wall Street analyst with the firm Monness, Crespi, Hardt, who gave the app its very first – and only –  “buy” rating, slapping it with a $25 price target. And fyi, Snap identifies itself as a camera company. Got it? Having the dubious distinction of being crowned as the biggest tech IPO in two years, Snap managed to raise a whopping $3.4 billion its first day out. It went up almost 60% on its first day but since then came barreling back down over 25%. Its shares have been losing steam over concerns that the company has a ridiculously high valuation, yet grim prospects for profits. Cakmak graciously said that he’s giving Snap the benefit of the doubt because, even though he himself is unsure if Snap will be able to crank out an actual profit, he likes the way the company stacks up against its competitors. Awww.

 

The List of all Lists; Kate Spade’s Numbers Need to Get Accessorized; GoPro Goes Big With Latest Acquisitions

A-listers…

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Forbes unleashed its latest list of the world’s richest people just in time to make you feel really bad about yourself. 1,810 billionaires made the list and their combined net worth is a mind-blowing $6.48 trillion. But don’t be too impressed since that figure is actually $580 billion less than it was last year. Hey, times are tough. There are 16 less billionaires this year and 540 of them are living large in the United States. The gender gap managed to rear its ugly face on this list as only 190 women made the cut, with 65 here in the United States. Unfortunately that figure was down from 197 last year. Heiress and L’Oreal businesswoman Lilliane Bettencourt is the highest ranked woman, taking the 11th spot with a net worth of $36.1 billion. For the third year in a row, Bill Gates is sitting pretty at the top with a net worth of $75 billion. However, to be fair, he is $4.2 billion poorer than he was last year. My heart aches for him, really. Like Zara clothing? Apparently most people do since its owner, Amancio Ortega, ranks in the number two spot. Warren Buffett, no surprise, takes third while Carlos Slim snags the fourth spot. Facebook’s 31 year old Mark Zuckerberg took the sixth spot with his $44.6 billion and becomes the youngest billionaire in the top ten. Lucky him. And whether you love him or hate him, Donald Trump did make the list with an estimated net worth of $4.5 billion.

Accessorized…

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Kate Spade almost fell out of fashion on Wall Street today when the company reported that its fourth quarter sales fell short, coming in at $62 million and adding 32 cents per share. The company missed estimates by a penny and posted a 51% decline from last year  when the company saw $126 million with 49 cents added per share.  At least its revenue was up 7.6% to $429 million, although analysts did expect that number to ring in closer to $442 million. Oh well. Maybe next quarter. Yet, Kate Spade shares rose as high as 6.7% today. And why shouldn’t they? After all, the swaggy design house is expanding its merchandise into home decor and children’s apparel, prospects that have Wall Street tongues wagging, if ever so slightly. The company has had quite the quirky fiscal ride as it was down a staggering 42% for the last twelve months yet managed to creep up 12% since the beginning of the year. That was happening even while the almighty S&P was going down 5.5%.  Go figure.

Pro-active…

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What to do when your company takes a vicious downward spiral killing 70% of its value? You go shopping, of course. And that’s exactly what GoPro Inc. CEO Nicholas Woodman did. The action-camera exec announced he is plunking down $105 million to buy not one, but two video editing applications, in hopes of beefing up one of the company’s bigger problem areas.  Wall Street responded kindly by sending shares up and let’s face it, GoPro shares need all the help they can get. GoPro’s acquisitions are Replay and Splice, applications that will allow users the ability to easily cut and publish footage on their mobile phones. Given that Woodman himself called he GoPro editing experience an “inconvenience,” these acquisitions seem like a prudent move. Too bad, however, that this move comes on the heels of GoPro’s decision last month to cut 7% of its workforce after weak holiday sales and slashing the price of its newest camera by 50%. That’s what happens when you’re staring into a crowded market of action-cameras. But, taking a page from Warren Buffett, Woodman is optimistic that 2016 will be a record year for GoPro. Let’s hope so since 2015 saw GoPro’s stock hit an all-time low.

Are You There Shareholders? It’s Me, Warren (2015); Forbes’ Magazine Names the A-Listers; Costco: AmEx Out, Visa and Citi In

Best Regards, Warren…

Image courtesy of  Boians Cho Joo Young/FreeDigitalPhotos.net

Image courtesy of Boians Cho Joo Young/FreeDigitalPhotos.net

Warren Buffet’s annual letter to Berkshire Hathaway shareholders arrived over the weekend, regaling us –  I meant them – with so many insights and wisdom about the economy and the ways of the investment Samurai. Among the many pearls, Mr. Buffet wanted to let folks know that “America’s best days lie ahead.” Things might have been a bit shaky the last few years, but darn be the naysayers  and things can and will only get better. Mr. Buffet also wished to remind people that “Market forecasters will fill your ear but will never fill your wallet.” Aw, Warren. There’s something very moving about the way the Oracle of Omaha advises people that all these financial experts surrounding us are good for nothing. He also offered some poetic words regarding his failed investment in British supermarket chain, Tesco: “In the world of business, bad news often surfaces serially: You see a cockroach in your kitchen; as the days go by, you meet his relatives.” The venture ultimately cost him a whopping $400 million and the Oracle attributes the loss, to among other things, not being decisive and fast enough about pulling out of the investment. Meanwhile, during an interview on CNBC, Warren Buffet said Sen. Elizabeth Warren (D-Massachusetts) should be “less angry and demonizing” and should be more open to compromise. Ouch. I guess those two won’t be hanging out together anytime soon.

Speaking of Warren…

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Image courtesy of iosphere/FreeDigitalPhotos.net

Omaha’s most famous resident made it to the number 3 spot on Forbes’ list of billionaires. Microsoft’s Bill Gates claims the top spot – again –  with a net worth of $79.2 billion while Mexico’s Carlos Helu Slim comes in for second. There are 1,826 billionaires on the list who have a combined total net worth of $7.05 trillion. However, the average net worth of the billionaires is actually down by $60 million this year to $3.86 billion. I know, how sad.  Seventy-one of those billionaires are breaking onto the list of the very first time. Among those first-timers is basketball great Michael Jordan who makes his big billionaire list debut this year with a little help from having increased his ownership stake in the Charlotte Hornets. But his restaurants, deals with Nike, Gatorade, Hanes, etc…allow him to claim the 1,741st spot with a net worth of about $1 billion. Forty-six of the billionaires are under the age of 40 with Snapchat’s Evan Spiegel having the distinction of being the youngest billionaire on the list.

Well hello, pardner…

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Image courtesy of stock images/FreeDigitalPhotos.net

Club goers rejoice! Costco has officially entered into agreements with Citigroup and Visa to become the wholesaler’s partner in credit. In the meantime, the retailer is bidding a not-so-fond farewell to American Express, who for the last 16 years had an exclusive deal with the chain. Citigroup will be putting out a Costco/Citi credit card with perks and generous rewards aplenty, in keeping with the Costco spirit, of course. Unfortunately, Costco shoppers must wait until April of 2016 to whip out the new plastic. However, debit cards know no bounds – or labels – and those will continue to be warmly accepted regardless of the issuer, at Costco’s 674 warehouses worldwide. And while AmEx is expecting to take some type of beating on Wall Street for the next two years, shares of Visa hit an all-time high today over this very exciting fiscal news.

Bill Gates’ Unappetizing New Venture; Have I Got a Jobs Report For You; Keurig Scores Dr. Pepper Snapple Exclusive

I’ll poop to that…

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Image courtesy of artur84/FreeDigitalPhotos.net

Bill Gates latest philanthropic endeavor is nothing short of crappy as the Microsoft founder plans to take human waste and turn it into…potable drinking water. And electricity too. But clearly it’s the water part that’s got people scrambling for their bottled water. With the help of the Omniprocessor, conveniently designed and built by Janicki Bioenergy, the Bill and Melinda Gates Foundation wants to help prevent the spread of diseases caused by water contamination and improve the quality of life in many underdeveloped countries. Oh the irony. With Senegal getting first dibs on a plant, the process can take waste from 100,000 people and convert it into 86,000 liters of potable water and a net 250 kilowatts of electricity. Be sure to see the pic of Bill Gates drinking a glass of the poop water. “Having studied the engineering behind it, I would happily drink it every day. It’s that safe.” That’s just…lovely.

Good Economic Synes…

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Image courtesy of Stuart Miles/FreeDigitalPhotos.net

ADP graciously informs us today that 241,000 jobs were created in the private sector in December, smashing conservative estimates of 235,000 and making it the fourth straight month of job growth over 200,000. And while unemployment is expected to stubbornly stay at its 5.8% perch, but perhaps dip ever so slightly to 5.7%, signs still point to an expanding economy and a positive report from the Labor Department, expected Friday. But what’s even better, is that for the year, the private sector added more than 2.5 million jobs. Would it be overly optimistic to hope that the economy might return to full employment next year? Hmmm.

I’m a pepper?

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Image courtesy of tiverylucky/FreeDigitalPhotos.net

Keurig Green Mountain just scored a sweet bubbly deal with Dr. Pepper Snapple to make individual capsules that will be used on Keurig’s cold beverage system, due out in the fall. The deal makes Keurig Green Mountain the exclusive provider in the US and Canada. Dr. Pepper Snapple, which also makes Sunkist and Hawaiian Punch, has been struggling along with its rival/competition soda makers to stay relevant in a market that is shifting away from sodas…and in some cases apparently, towards poop water. In fact, volume sales of carbonated soft drinks fell 3% in 2013. But for Keurig, based in Waterbury, Vermont, this was clearly seen as a positive move by Wall Street as shares of the company bubbled up more than 3% in pre-market trading.

Forbes-ulous 400; International (FREE) Coffee Day; Getting Fee’d On

Rank’d…

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Image courtesy of biosphere/FreeDigitalPhotos.net

Forbes 33rd Annual Forbes 400 rankings of 2014 has at last descended upon us to rub our noses in it. The combined wealth of the lucky 400 who made the list totals a staggering $2.29 trillion (note the “t”). For his 21st straight year in a row, Bill Gates leads the pack with $81 billion in his bank account. Warren Buffet is nipping at his heels in the number two spot with only $67 billion. Facebook honcho Mark Zuckerberg fills in the #11 spot. As for the rookies, there’s WhatsApp’s Jan Koum rounding out the #62 spot and Uber Technologies very own Travis Kalanick who is comfortably perched at the #190 spot. At just thirty years old, Elizabeth Holmes is the youngest of the 47 women on the list at #110. She is the founder of a company called Theranos which apparently does something super complicated and impressive in blood testing. We’ll leave it at that. And in case you were wondering -and it’s okay of you weren’t – Oprah Winfrey comes in at the #190 spot. You can catch up on your billionaire rankings  at: http://www.forbes.com/forbes-400?

 Buzzzzzz…

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Image courtesy of amenic181/FreeDigitalPhotos.net

Today, September 29, marks International Coffee Day. And no I did not make that up. If you don’t believe me you can just walk in to your local Dunkin’ Donuts and pick up you FREE MEDIUM-sized cup of joe in honor of the momentous. Incidentally, Dunkin’ Donuts is eagerly touting its latest and greatest dark roast. If you’re feeling frisky, then whip out just a dollar and get yourself a mocha or latte. The idea behind International Coffee Day is to promote awareness for free-trade coffee and raise awareness about coffee growers around the world. Hey, works for me. McDonalds and Krispy Kreme, among others, are also offering some java gratis. But you might want to skip Starbucks today as it’s only offering samples – until 12:00. Whatever.

Fee’d…

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Image courtesy of scottchan/FreeDigitalPhotos.net

Just in case you weren’t paying attention, penalties for using ATM’s NOT associated with your bank have very rudely risen by 5% over this past year and more than 20% in the last five years. The average fee has stealthily climbed to $4.35 per transaction. There are actually two fees involved – one from your bank, punishing you for being so inconsiderate as to dare use another’s ATM. The other fee comes from the owner of the ATM from whose coffers you, once again, so inconsiderately, dared to withdraw funds. The average penalty for overdraft fees also increased to $32.75 per transaction. Following the 2008 financial crisis, banks had to follow a few new rules and regulations that put limits for what they could and could not penalize you. But, of course, they made up for it by making sure those penalties for which they could charge you went up. A lot. If these fees are really getting to you, check out credit unions, smaller local banks and online banks which tend to have less fees – and less (or no) strings attached.