Tag: Forget

Neglect AMC Leisure: These Excessive-Progress Shares Can Make You a Millionaire

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Private investors have ruled the Wall Street neighborhood for more than two months.

Starting in mid-January, retail investors in Reddit’s WallStreetBets chat room began buying out of the money into heavily short stocks using stocks and call options. Short sellers are investors who want to drop a company’s stock price. The thing about short selling is that it is mostly done by institutional investors (i.e. the so-called “big bucks”) and the losses are unlimited.

The amalgamation of these Reddit-based investors has put pressure on dozens of companies, including video game and accessory retailers GameStopwhat started the frenzy.

Image source: Getty Images.

Smart investors are closing the curtain on AMC

Nowadays it is a cinema operator AMC Entertainment Holdings ((NYSE: AMC) For many Reddit retail investors, this is arguably high on the list. With nearly all AMC cinemas open or reopening as of March 26, retail investors are relying on consumers to rush back to the theater.

Long-term investors, however, shouldn’t get caught up in the recent hype surrounding AMC. Although it could have risen nearly 400% since the start of the year, the company has Bankruptcy filing in January narrowly avoided. The company only stepped out of the bankruptcy bar after offering nearly 165 million new shares and issuing over $ 400 million in additional debt. It’s unclear whether AMC will have enough capital to survive the next two years, or even be able to service its growing debt burden.

Make it worse AMC’s operating model has been compromised. For closed theaters, select streaming operators – AT & T.WarnerMedia on HBO Max and Walt Disney on Disney + – will release some or all of their films on their streaming platforms on the same day they are due to hit theaters in 2021. Whatever film exclusivity had operators like AMC, it was effectively thrown out the window.

These are real millionaire stocks

Instead of pouring your hard-earned money into a company that is clearly flawed, consider investing in the following trio of high growth stockswho have all the tools you need to become a millionaire.

Medical staff having a virtual conversation with a senior physician.

Image source: Getty Images.

Teladoc health

The first company that can draw absolute circles around AMC is Teladoc health ((NYSE: TDOC), a provider of virtual health services.

As you can imagine, Teladoc put it down in 2020, in large part due to the pandemic. The number of virtual visits has more than doubled to almost 10.6 million, after slightly more than 4.1 million in the same period of the previous year. Because doctors wanted to keep potentially infected and at-risk people in their homes, they turned to telehealth services in greater numbers.

With Teladoc, however, it should be noted that this growth was firmly entrenched before the pandemic outbreak. The average sales growth between 2013 and 2019 averaged 75% per year.

The reason the ceiling is so high for Teladoc has to do with that universal benefits through virtual visits. They are much more convenient for the patient, and telehealth enables doctors to keep a better eye on chronically ill patients. For insurers, telemedicine can lead to better patient outcomes (that is, lower cost long-term care) and virtual visits are typically billed cheaper than office visits. It is a win-win endeavor across the healthcare system.

Teladoc also completed the acquisition of Livongo Health company for applied health signals Beginning of November. Livongo collects a lot of patient data and uses Artificial Intelligence (AI) to send tips and nudges to its members to help them lead healthier lives. Livongo has already enrolled over 500,000 diabetics in the US and will seek to expand into hypertension and weight management. In other words, Livongo’s services could be for large numbers of adults in the United States

Teladoc projects as one of the most exciting healthcare companies of the decade.

A businessman holds his hands over clippings of a family, a car and a house.

Image source: Getty Images.

EverQuote

If high-growth small-cap stocks are more your thing, toss AMC Entertainment aside and say hello EverQuote ((NASDAQ: EVER).

EverQuote operates an online insurance marketplace. While the insurance industry spends an estimated $ 146 billion annually on advertising and distribution, only $ 5.6 billion is spent on digital ads, which is EverQuote’s specialty. But here’s the catch: digital editions are expected grow by 16% annually until 2024Total advertising and distribution spending increases 3% annually for pedestrians.

Much like how Teladoc’s platform is changing the face of healthcare, EverQuote’s online insurance market is makes life easier for consumers and their customers (the insurance companies). Consumers can compare prices quickly and efficiently. EverQuote’s marketplace provides insurers with motivated buyers, which means they are spending their advertising dollars with great efficiency. According to the company, around one in five buyers who requests a quote will make a policy purchase on the platform.

Although EverQuote makes most of its sales with auto insurers, it did Expansion into new industries through acquisitions in recent years. In addition to automatic coverage, it now offers consumers the ability to rate home, rental, life and health insurance on its platform. These new industries are growing much faster than auto and should help EverQuote maintain double digit growth.

As the company gobbles up insurance online ad shares and approaches recurring profitability, it has all of the catalysts needed to turn its investors into millionaires.

A key in a lock surrounded by dozens of alphanumeric codes.

Image source: Getty Images.

CrowdStrike Holdings

One final high-growth stock that should shame AMC long-term and make investors rich is cloud-focused Cybersecurity company CrowdStrike Holdings ((NASDAQ: CRWD).

On a macro basis, there may not be a more compelling story this decade than cybersecurity. As more companies than ever move their presence online or to the cloud, the responsibility for protecting corporate and consumer data increasingly rests with nimble third-party providers like CrowdStrike. Once optional, cybersecurity has evolved into a service for basic needs.

What sets CrowdStrike apart is the superior cloud-native platform Falcon. This platform monitors more than 5 trillion signals per week and relies on AI to more intelligently identify potential threats before they become a problem. In addition, Falcon is more responsive to threats than local security solutions and, in many cases, can do so at a lower cost.

If that sounds like a bunch of praise, take a look at CrowdStrike’s operating results to prove its effectiveness. The company advertises a 98% retention rate and has delivered 12 consecutive quarters with dollar-based retention rates of at least 123% – which means that existing customers, on average, spend at least 23% more than in the same quarter last year. Additionally, 63% of customers now have at least four cloud module subscriptions, up from just 9% over four years ago.

The point is this: CrowdStrike’s customers are growing rapidly, and the cybersecurity specialist has little trouble scaling to meet their needs. CrowdStrike is can grow in double digits in the long term.

This article represents the opinion of the author who may disagree with the “official” referral position of a Motley Fool Premium Consulting Service. We are colorful! Questioning an investment thesis – including one of our own – helps us all think critically about investing and make decisions that will help us get smarter, happier, and richer.

Overlook AMC Leisure: These Shares Will Make You Wealthy

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In the past two months, Wall Street has seen a new phenomenon: the Reddit frenzy.

Retail investors in Reddit’s WallStreetBets (WSB) chatroom have essentially banded together to buy and stock shares Out-of-the-money call options on stocks with high short interest. The goal of the WSB community is to create a short squeeze that will skyrocket sharply shortened stocks. With the vast majority of short sellers being institutional investors and hedge funds, these retail investors see their actions as a way to get back to what they call “big bucks”.

Image source: Getty Images.

AMC is an extremely popular (and incredibly dangerous) investment

Even though GameStop is the undisputed king of all Reddit stocks, cinema chain AMC Entertainment Holdings ((NYSE: AMC) easily ranked second most popular. AMC was one of the least-selling stocks in the market in late January, and the penny stock price was voracious bait for young investors.

Beyond the Reddit frenzy, optimists are also encouraged by the reopening of the U.S. economy. New York City and Los Angeles cinemas are reopening, and 21% of the US population have received at least one dose of a coronavirus vaccine. A return to normal seems on the horizon and investors are banking heavily on AMC to capitalize on this pent-up demand.

Unfortunately, the “buy AMC” thesis is is flawed. The reopening catalyst assumes there will be no setbacks in the major markets, which is unlikely. It’s not yet clear whether enough Americans will receive the vaccine, suggesting that herd immunity could be pushed further. Coronavirus variants also threaten to reduce the effectiveness of vaccines approved for emergency use.

AMC is even more worrying just avoided filing for bankruptcy earlier this year. It was forced to sell nearly 165 million shares and spent more than $ 400 million in debt to step down from the bankruptcy bar. Unless capacity limits in key markets relax anytime soon, I’m not sure if AMC has enough capital to survive the year – especially if there are pandemic setbacks.

Worst of all, however, AMC’s core operating model is now threatened. With consumers stuck in their homes for about a year, select streaming services have become competitors. AT & T. Subsidiary is WarnerMedia All of his films will be released on HBO Max in 2021 They’ll be in theaters the same day. Walt Disney plans to do something similar with a few movies on its Disney + streaming platform.

Forget AMC, these innovative stocks can make you rich

The point is, AMC is a dangerous investment that can make people lose a lot of money. Rather than buying a company that is hanging by a thread, I encourage you to buy the following three game-changing stocks, each of which has the tools to make you rich.

A key in a lock surrounded by dozens of alphanumeric codes.

Image source: Getty Images.

Ping identity

Although there are a number of trends in this decade that offer double-digit growth potential, Cybersecurity could be the safest. As more and more companies push online and move their data (and that of their customers) to the cloud, the responsibility for protecting this data will increasingly lie with third parties. That’s where Ping Identity Holding ((NYSE: PING) come in.

While most security companies excelled during the pandemic, identity verification specialist is Ping Identity struggled a bit. Full year sales were largely unchanged, with a number of customers opting for one-year subscriptions instead of multi-year plans. However, there are many reasons to believe that this weakness is pandemic-related and temporary.

Although total revenue was flat, the company’s focus on subscription services helped increase annual recurring revenue (ARR) by 15% to $ 259.1 million. Ping ended the year with 51 customers generating ARR greater than $ 1 million, up from 38 customers at the end of 2019. The company clearly has the ability to expand its services with larger customers and touts its services protecting 60% of Fortune 100 companies.

Additionally, 92% of fourth quarter revenue came from subscriptions, and the gross subscription margin was 86% for that quarter of 2020. For example, even if ARR growth came in at 15% next half-decade, it would be pretty hard to overlook the cash flow potential with the company’s subscriptions generating 86% gross margin.

Ping identity is also very inexpensive. While most cybersecurity stocks are valued at 20 times sales or higher, Ping can be topped up for 7 times projected sales in 2021. This is possibly the best value among cybersecurity stocks.

A clear jar full of cannabis buds placed on top of a fanned-out stack of $ 20 bills.

Image source: Getty Images.

Cresco Labs

Marijuana stocks should be big winners throughout the decade, regardless of what happens to the classification of cannabis in Washington. The US multistate operator (MSO) operates in the world’s most lucrative market. Cresco Labs ((OTC: CRLBF) has the potential to make investors rich.

As with most MSOs, Cresco’s success will depend to some extent on its presence in retail. The company started the year with just 20 pharmacies open but relied on acquisitions to expand. The signing of the green creations contract maximized its presence in Ohio during the upcoming deal Bluma Wellness The buyout gives the company a healthy presence in medical-marijuana-legal Florida.

The interesting thing about Cresco Labs, however, is that there is a game plan for retailers mainly revolves around limited license states. In particular, over 60% of open locations are in states where regulatory authorities limit the number of retail licenses. Penetrating states with caps on pharmacy licenses is a smart way for Cresco to build its brand while facing minimal competition.

The major growth driver for the company is likely to be wholesale. Although wholesale cannabis offers lower margins than retail, Cresco has more than enough volume to overlook margin differences. This is because the company holds one of the most coveted cannabis distribution licenses in California, allowing the company to place proprietary and third-party products in more than 575 pharmacies across the Golden State.

With Cresco’s forecast growth outperforming many of its peers, it has a good chance of putting some serious green in its shareholders’ pockets.

A monitor that shows a patient's vital signs in an operating room.

Image source: Getty Images.

Intuitive surgery

Finally, investors should forget all about AMC and Entertainment Buy yourself into a real game changer in the health sector, Intuitive surgery ((NASDAQ: ISRG).

Intuitive Surgical is best known for its da Vinci robotic surgical system that enables surgeons to make precise cuts that can reduce scarring and shorten hospital stays. For insurers, this can result in higher up-front costs but reduce longer hospital stays, which can prove to be even more costly.

The da Vinci system is the undisputed leader in robot-assisted surgery. Intuitive has installed almost 6,000 of its machines worldwide since 2000, more than all of the company’s competitors put together. The company has been able to build priceless relationships with surgeons in hospitals and surgical centers very unlikely that we’ll see his customers switch to a competing system.

But it’s not just the company’s overwhelming competitive advantage that makes it such an attractive stock. Its operating model is Designed to be more efficient over time. As more da Vinci systems are installed, a higher percentage of sales will come from segments with juicier margins, such as: B. Instruments and accessories sold with each procedure, as well as from system maintenance.

Intuitive Surgical is just beginning to capitalize on its opportunity with its innovative soft tissue surgical solutions. Expect the da Vinci to gain significant market share in thoracic, colorectal, and general soft tissue procedures over the decade.

This article represents the opinion of the author who may disagree with the “official” referral position of a Motley Fool Premium Consulting Service. We are colorful! Questioning an investment thesis – including one of our own – helps us all think critically about investing and make decisions that will help us get smarter, happier, and richer.

Always remember that point is cash

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You often hear the phrase: “Time is money.”

It usually refers to a business owner who knows that there are only so many hours in a day and that wasted time leads to a decrease in productivity and profits.

Farmers use it too, but in other words; They call it “making hay while the sun is shining”.

When it comes to money and investments that work for you, this commonly used term is literal. Once you understand compound interest and how powerful it can be, “time is money” takes on a new meaning.

It’s amazing how much money can grow over time when invested and left alone. This is where compound interest comes into play, and those who understand and apply this principle early on will almost always be rewarded in the long run.

In his book, The Psychology of Money, Morgan Housel mentions the story of the famous investor Warren Buffett (pages 49-52). Buffett is widely recognized as one of the largest investors in the world and is often recognized for his investment expertise.

At the time the book was published in 2020, Buffet had a net worth of $ 84.5 billion. As impressive as that is, Housel reminds readers that $ 81.5 billion came in after Buffet qualified for Social Security in his mid-sixties.

According to Housel, Buffett has an average return of 22%.

However, the return is not the decisive factor for Buffet’s investment success. Buffet’s total wealth has more to do with the time its money has been invested than it does with returns. He has been investing money since he was ten.

If you’ve been in the market for a few years, you’ve likely seen the effect of compound interest on the growth of your money. The great reward for disciplined investing comes in later years, after all the hard work along the way is done.

If you are just starting out or are struggling with a variety of life circumstances – like bankruptcy, divorce, changing jobs, pulling down a huge mountain of student loan debt, or starting a doctor’s office – you may need a fresh start to plan for the future. Do not give up. Start where you are and remember that it takes time to see big changes, but they will come in time.

If you have a career that requires a lot of training and time to become a doctor, for example, time is an even bigger factor because your working years are limited. For example, doctors work longer on average than other people, often also because they started their careers later. As a rule, four years of medical studies and three years or more of residency mean that many doctors don’t earn a sizeable income until they are 30 or older, far behind their colleagues who have done most other professions.

There are a few important things you can do to get compound interest regardless of your age or situation.

  1. Be consistent. Make sure you put something away from every paycheck.
  2. To have a plan. Make sure you know where you are and where you are going. As you create your plan, make sure you are working with someone who can help you with it and understands your overall goals.
  3. Be patient. As you keep investing, you will find that your money will compound over time.

When it comes to investing your money, time is an important factor. However, there are a number of significant advantages to using a financial advisor. We are committed to demonstrating and delivering real, measurable value every year in order to continue to earn our customers’ trust and business. We’ll do it. We’d love to teach you how. TrueNorth wealth offers a free consultation to convey this value and how we can help you prepare to face your retirement prudently.

Contact the paid financial planners at to schedule a free investment and retirement plan tailored to your personal financial goals TrueNorth wealth, one of the fee-paying wealth management firms in Salt Lake City. 801-316-8175.

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Getting ready to wed? Don’t overlook the cash speak – The Leaven Catholic Newspaper

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Chris Donnelly, a member of the Sacred Heart Parish in Tonganoxie, recently retired as regional president of the Country Club Bank. He speaks to The Leaven about what conversations couples should have about money when looking at marriage. LEAVEN PHOTO BY KATHRYN WHITE

It rarely happens when they are just dating. But there are good reasons for couples to thoroughly discuss their approach to money before getting engaged. The Leaven spoke to retired banker Chris Donnelly, who brings in the added perspective of recently seeing his three children marry.

Q. There are many things that can cause arguments in a marriage, but one of the perennials is money. What is important to know about your own approach to money before getting married?

A. You need to know where you are financially. If you don’t know where you are, no one else can either. It is important to live within your means. You need to know how much money you have each month and prioritize your expenses, working on the most important articles first.

Items like groceries, rent or mortgage, health care, and utility bills are top priorities. When you’ve covered all of the priority expenses, you’ll save for the future. You never know what the future will bring, so you need to be prepared. Once you’ve done this, you can consider spending on things that aren’t important to life.

Question: What should a couple tell each other about their money habits and when should they start this discussion?

A. Every couple should make a money plan before getting married. Full disclosure of your finances is important in any relationship. Identify and share your income and expenses ahead of time so you can create an expense plan for the time after your marriage. You want to avoid financial surprises. Marriage is a full-time partnership. Partners should share everything, including financial goals and dreams. When both partners are heading in the same direction financially, it is easier to prepare for the future.

Question: What major financial discussions should couples have when dating? Should they talk about the lifestyle they would like to have, their priorities and goals, their commitment to their community and the charities they support?

A. You should discuss your total income, expenses, and current debt. It’s important to know things like the number of monthly loan payments and other expenses. Excessive debt or loan payments can strain the family budget. Many people want a good lifestyle without really knowing what can support their income. The couple must first know their income and expenses. You shouldn’t live beyond your means.

Question: Of course, a discussion about children while dating is warranted. What should this discussion include?

A. Children are important to be included in your budget. You need to think through the stages of your children’s lives. Things like day care, health insurance, clothing, and extra food are important elements that you need to include in your monthly budget. Think ahead to estimate and budget the additional costs for one or more children before having children. You can see what your financial situation will be like before you actually have your first, second or third child.

Also, be sure to add a future college or tech school savings plan. Helping your child with minor or no student loans can help advance their future family financial plans.

Question: What are the pros and cons of having separate checking accounts and dual income couples when they are married and continue to manage their finances separately? Is it something you recommend?

A. Everything in marriage is a partnership. The two become one. Separate accounts for handling can create the feeling of hiding something or an imbalance. If you plan ahead, you both know the full financial picture so there shouldn’t be any hidden plans or costs.

I recommend keeping a joint account to show where all the money is going each month. Husbands and wives do many things together. You should also participate in everyday family finances.

Question: How about debt? Would you recommend the original borrower to pay them off, or should it be a common financial goal?

A. If you get married, it’s “for better or for worse”. This means that you take your partner with all the good and bad he brings to the table. You should develop a financial plan in advance that includes how you will jointly make the loan payments. When the two of you manage all of the debts brought up on the table, there is no question where that debt fits into the financial picture. Guessing what your spouse is doing with their money can cause serious problems.

Question: What should young married couples know about taxes?

A. Every couple should know how to properly prepare their taxes each year as taxes are a required expense. Tax issues can raise serious family concerns. You should add taxes to your family budget just like you would add food or rent. Knowing how to properly file your tax returns can save you money too.

Question: How should couples discuss whose job is being prioritized or how to deal with pay differentials, etc.?

A. By sharing all aspects of each other’s income and expenses, and establishing a budget and goals for the future, the couple can set priorities, including job requirements. If neither partner is willing to make sacrifices, the financial plan is much more difficult to achieve.

Question: How can couples stay on the same page in terms of spending, saving, and achieving their financial goals even in a busy life?

A. Couples should discuss their financial plan and goals frequently. Life is a series of changes and curveballs. Ignoring financial discussions is a bad idea. When both partners know where they are financially, it is much easier to look into the future.

Chris Donnelly recently resigned from his position as Country Club Bank Regional President. Prior to that, he was President and CEO of the Bank of the Prairie in Olathe. He and his wife, Susan, are members of the Sacred Heart Parish in Tonganoxie, where he serves on the ward finance council and where he and Susan jointly led the ward capital’s campaign.

Neglect Wedding ceremony Clothes. Divorce Fashion Has Arrived

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Off fire is a three times a month column dedicated to trends in fashion and beauty.

WEDDING EQUIPMENT Get all the attention – from bespoke suits to bespoke dresses to unconventional but no less strategic statements like overalls, army uniforms and Renaissance Fair costumes.

But the wedding style’s wicked stepsister, the divorce look, is gaining traction in the zeitgeist. When Mary-Kate Olsen and French banker Olivier Sarkozy finalized their divorce via Zoom last month, screenshots of the trials conducted by court reporters went viral. Ms. Olsen, whose The Row brand is synonymous with calm sophistication, wore a chic black turtleneck that was instantly disassembled and memorized. With her long, wavy hair that was unkempt in some sort of pandemic, she looked unique herself. And was that a hint of a smile?

In a popular screenshot of Mary-Kate Olsen’s divorce proceedings, she wears a black turtleneck.

The enthusiastic online response to the screenshot was reminiscent of the glory days of divorce in Hollywood, when plebes watched in awe as stars like Elizabeth Taylor (eight marriages) and Zsa Zsa Gabor (nine marriages) made series breakups glamorous. When Marilyn Monroe divorced Joe DiMaggio in 1954 after nine months of marriage, she famously wore a little black dress, high pumps and white gloves to the courthouse. She was filmed beaming and waving in front of the chambers – a scene that would have fit seamlessly into one of her films.

No formula dictates what to carry in a divorce proceeding, whether it be in the form of mediation, litigation, or now a video call. Still, few would deny that how you look plays a role in the outcome, with so much at stake: money, home, custody. The websites of family law practices often contain lengthy treatises that advise men and women on what to wear in court, with an emphasis on classic silk blouses, prim dresses, and sober suits. Some law firms go further: Claire Samuels Law, a family law and divorce mediation firm in Charlotte, NC, offers the services of a high-end stylist and posts style ideas like Prada pumps and minimalist Valextra handbags on her Instagram account.

“
“I think a divorce or separation is, in a way, a reclamation of who you are outside of this relationship, and I think you can see that in clothes. The outfits are very specific. ‘
”

Janice Meredith, a Toronto personal stylist who has conducted workshops for divorced women, recommends comfortable, confidence-building clothing. “Obviously nothing too tight or noticeable, but also no parts to pull or adjust that can appear weak and unsafe,” she said. For the zoom process, she prefers a Mary-Kate turtleneck because of its flattering abilities.

The hands don’t end with clothes. An article on the ESME (Empowering Solo Moms Everywhere) website patronizingly reminds women to “visit the ladies room to check your makeup, brush your hair and assess your overall appearance”.

Despite all the advice floating around, many women use their divorce proceedings to communicate more expressively that they have started a new chapter in their lives. Bay Area writer Aubrey Hirsch recently sent out a call for women to share their divorce dresses in a cheeky response to a popular one

Twitter

Trend of sharing photos of wedding dresses. Women interfered eagerly: a tight red power dress; Running shoes; a white lace wedding dress; a strapless jumpsuit; a shimmering tank top; A suit and a kawatte; a feathered mini dress; pink corduroy jeans; a glowing kitten headband; a lot of red; lots of high heels.

Ms. Hirsch said to me: “I have seen a lot of people in bright colors in which they felt sexy and felt good. I think a divorce or breakup is in some ways a reclamation of who you are outside of this relationship and I think you can see that in the clothes. The outfits are very specific. “

When Chicago life coach Carly Grace Herrera, 35, got divorced in a courthouse a few years ago, she deliberately chose a gray dress to be worn as a top, a gold jacket, and over the dress a wide flower skirt (“because it’s me) blooming “Honey,” as she put it. To her, the cozy, colorful combination felt both safe and hopeful. “Regardless of the outcome of this marriage, my prosperity is mine and my happiness is mine,” she said.

A 2018 New Yorker Will McPhail cartoon showed a smiling, fit woman standing in front of a mirror surrounded by her friends. It reads, “This is the one, folks. This is the suit I’m going to get a divorce in. “The joke still lands; nobody goes out to get a divorce. But with more progressive conversations around the couple (thanks, Gwyneth!), The concept of flaunting a divorce look feels a little more believable. As Ms. Hirsch said, “A divorce, like a wedding, is a major life event and it enters your new life … We talk one way and the other about one of these things and why aren’t they both kind of a celebration? ”

Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Overlook The Cash, Ignore Critics, Suppose Huge

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This article was kindly made available to us EVANNEX, who manufactures and sells Tesla aftermarket accessories. The opinions expressed are not necessarily our own at InsideEVs, nor have we paid for them EVANNEX to publish these articles. We find the company’s perspective as an aftermarket supplier of Tesla accessories interesting and are happy to share its content for free. Enjoy!

Published on EVANNEX on February 1st, 2021 by Charles Morris

Lists of business tips from Elon Musk has long been a favorite subject of the corporate media, and the genre has become even more important since Elon’s net worth grew to over $ 185 billion richest person in the world.

If you follow Elon’s advice, can you repeat his success? Well, we’ll see – but even if you don’t revolutionize the auto industry or start a colony on another planet, you may learn some ways to improve your productivity and, more importantly, achieve some of the things you really think are important.

The latest addition to Elon Musk’s “Secrets to Success” canon underscores Iron Man’s emphasis on meaningful projects aimed at creating a better world, not just piles of money. Justin Rowlatt, who writes for the BBC, attends an interview he did with Musk a few years agoand notes that the lessons Elon imparted are as relevant today as they were then.

The key to understanding Elon Musk’s agenda and what sets him apart from the everyday billionaire you might meet on the street is that making money was never his ultimate goal. As a young man, Elon identified three areas that he believes are “important issues that would most affect the future of mankind,” as Michael Belfiore reported in his 2007 book Rocketeers. “One was the internet, one was clean energy, and one was space.” Young Musk understood that it would take decades to distinguish himself in these areas, and since then he has focused on these areas.

As Musk Rowlatt said, he has nothing against the pursuit of wealth “if it is done ethically and well,” but he does not count his successes in dollars and cents. In fact, he doesn’t expect to die rich – he plans to invest most of his fortune in establishing the first Mars colony.

“They want things to get better in the future,” Musk told Rowlatt. “They want these new exciting things that make life better.”

Elon founded SpaceX out of frustration with the shy and ambitious goals of the US space program. “I’ve always expected that we would advance beyond Earth and take a person to Mars, have a base on the Moon, and go into orbit very often.”

Musk may not crave money in itself, but he has a good understanding of how finance interacts with technology to determine what is and is not done. He quickly realized that the slow pace of Terran space exploration was not due to a lack of interest, but rather to the prohibitive cost of space travel. SpaceX (and Tesla) it was about cutting costs and finding more economical ways to use the technology we have to achieve a bigger goal.

And his goals are big indeed – so big that shy souls have often described them as science fiction stuff. But, as many others besides Musk have observed, modern institutions, both corporations and governments, appear to be structured to reward incremental progress and adventurous goals in a small space.

Above: Elon Musk discusses inspiration (YouTube: The not so boring man)

“If you’re the CEO of a large company and you’re looking for a modest improvement that takes longer than expected and doesn’t work quite as well, no one is going to blame you,” he tells Rowlatt. “If you are brave and want a real breakthrough improvement and it doesn’t work, you will definitely get fired.” This explains why (to take just one example) older automakers find it sufficient to make small improvements to their vehicles once a year.

Obviously, Musk doesn’t mind incremental improvements (both Tesla and SpaceX are continually making small improvements to improve efficiency or reduce costs), but he’s not afraid to imagine and develop entirely new products and new business models.

Big thinking naturally means big risks. In 2008, he made a dramatic decision that went down in business history. The launch of the roadster had failed, one of the SpaceX rockets had not reached orbit, the exchange was in the tank and Tesla had “cash worth about a week in the bank”. Musk said in Chris Paine’s documentary Revenge of the Electric Car, “Then I had to make a choice. Either I took all the capital I had left over from the PayPal sale and invested it in Tesla, or Tesla would die. “

Musk raised another $ 40 million, which was the majority of his personal fortune at the time. It was a tough move that impressed the other investors with his unconditional commitment. “That incredible Braggadocio, trust, caused people to change their minds and we and everyone else at the table said, ‘Oh my god, we want to be part of it, we want to get as much of this investment as possible,” VC said – Investor and board member Steve Jurvetson, “He saved the company in its darkest hour with an act of heroism that is difficult to describe. There’s nothing like spending your last dollar on a company you believe in.”

This wasn’t the last near-death experience for Tesla. The company had to cross the dreaded Death Valley again when it launched the Model S and a third time when it shipped the Model 3. Has Musk kept his cool? Not really – as he readily admits (and as we all could see from his eccentric Twitter feed), he was stressed to the max. He risked everything, but the profits were enormous – not just for Musk himself, but for anyone who drives a car, dreams of space travel, or likes to breathe clean air.

The final pillar of Muskian wisdom: ignore the critics. Musk made it clear in his interview with Rowlatt that he was personally very upset about the skepticism, saying no, and outright abuse he faced around 2018 when Model 3 went through production hell and anti-Tesla headlines turned into a surefire click were. Builder of media on both sides of the cultural divide.

“The liberal schadenfreude was really amazing,” said Musk. “There were several blog sites running a Tesla death guard.” As Musk sees it, he and all of the workers in his companies aspired to do great things, and it was hurtful to see how many people worked to make them fail.

Musk didn’t come emotionally safe through the flood of FUD, but he got through. He and his team were utterly vindicated, and the Croakers have lost any trace of credibility (and billions of dollars in some cases).

You could call it a happy ending, except that there is no ending. Tesla has set another round and one more round with unlikely ambitious goals, and SpaceX’s ambition to establish a colony on Mars has yet to be achieved. And Musk doesn’t take great risks. In December, a test of the SpaceX spacecraft launcher ended six minutes after take-off with a “rapid unplanned dismantling” (RUD).

Was the Iron Man discouraged? On the contrary, it focused on the valuable data the test generated. He tweeted: “The pressure in the tank of the fuel was low during landing, resulting in a high touchdown speed and high RUD, but we have all the data we needed! Congratulations SpaceX Team Hell yeah !! ”

He later joked about the event, saying, “Getting the crater in place was epic.” His last word on the subject: “Mars, here we come!”

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Written by: Charles Morris;; Source: BBC