WESTLAKE, Texas, September 25, 2024--Schwab Asset Management®, the asset management arm of The Charles Schwab Corporation, today announced forward share splits on 20 Schwab ETFs. Forward ETF share splits increase the number of shares outstanding and decrease the Net Asset Value (NAV) per share.

Schwab Asset Management Announces ETF Share Splits

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co.

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A Daily SportsLine Betting Podcast · Professional golfer Grayson Murray has died. He was 30 years old. Murray&#x27;s death comes after he withdrew Friday during the second round of the 2024 Charles Schwab Challenge, citing an illness

Professional golfer Grayson Murray, 30, dies by suicide after withdrawing from Charles Schwab Challenge - CBSSports.com

Chewy stock has struggled but is starting to show signs of recovery.

Charles Schwab Increases Its Stake in Chewy Stock. Should You Do the Same? @themotleyfool #stocks $CHWY

Charles Schwab Increases Its Stake in Chewy Stock. Should You Do the Same?

Charles Schwab Investment Management Inc. boosted its position in Adeia Inc. (NASDAQ:ADEA – Free Report) by 3.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 869,421 shares of the company’s stock after buying ...

Charles Schwab Investment Management Inc. Boosts Stock Holdings in Adeia Inc. (NASDAQ:ADEA) - Defense World

Charles Schwab Investment Management Inc. boosted its position in shares of Payoneer Global Inc. (NASDAQ:PAYO – Free Report) by 0.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,084,799 shares of ...

Charles Schwab Investment Management Inc. Grows Position in Payoneer Global Inc. (NASDAQ:PAYO) - Defense World

The Charles Schwab Co. (NYSE:SCHW – Free Report) – Investment analysts at Zacks Research increased their Q3 2024 earnings per share (EPS) estimates for Charles Schwab in a report issued on Tuesday, May 28th. Zacks Research analyst R. Department now forecasts that the financial services ...

The Charles Schwab Co. (NYSE:SCHW) Forecasted to Post Q3 2024 Earnings of $0.86 Per Share - Defense World

Charles Schwab offers stock brokerage accounts with $0 minimums. Find out how to open a Charles Schwab account online.

How to Open a Charles Schwab Account | The Motley Fool

Charles Schwab

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Episode Four, a New York-based advertising agency, has introduced RYA (Radical Yet Acceptable), an AI tool designed to generate marketing campaign ideas using consumer behavior data. The platform processes 84 million data points weekly to analyze U.S. demographic preferences and spending patterns. The agency, projecting $20 million in revenue this year, developed RYA using proprietary data collected over a decade. The system analyzes where Americans spend their discretionary time and money, providing insights across 180 genres and 20 action categories. Mark Himmelsbach, Founding Partner of RYA and Episode Four, explained the tool's development: "What our agency used to do in six weeks we can now do in one day. The system generates insights and ideas in reduced time frames." The platform's technical capabilities include: Analysis of U.S. population samples


Data processing for demographic segments


Integration with client databases


Custom survey incorporation


Data clean room compatibility


Processing of unstructured data sources Current clients including Adobe, Charles Schwab, and Invesco QQQ have received early access to the platform. The system allows brands to: Access demographic data down to 0.5% of the U.S. population


Analyze consumer entertainment preferences


Track spending behavior patterns


Generate campaign concepts


Integrate proprietary data


Monitor audience engagement metrics Teddy Lynn, Founding Partner of RYA and Episode Four, noted the platform's role in campaign development: "RYA prompts broader thinking. With 180 genres, we can create concepts that align with audience preferences." The platform's development comes amid industry discussions about AI's impact on marketing roles. Episode Four positions RYA as an enhancement tool for human creativity rather than a replacement for marketing professionals. Technical features include: Consumer behavior analysis


Demographic segmentation


Data integration capabilities


Campaign concept generation


Performance tracking


Market trend analysis Future developments include plans for a marketplace connecting agencies, production companies, and marketing specialists. This expansion aims to facilitate campaign execution across various genres and platforms. Industry analysts note that AI-powered marketing tools represent a growing trend in advertising technology. The success of such platforms could influence how agencies approach campaign development and audience analysis. The tool's release reflects broader industry movements toward data-driven marketing decisions. Market observers suggest that integration of AI tools in creative processes could impact traditional agency workflows and campaign development timeframes. For the marketing industry, RYA's launch represents continued evolution in creative technology applications. The platform's performance could influence future developments in AI-assisted marketing tools and creative processes. Don’t forget to like and share the story! Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR Episode Four , a New York-based advertising agency, has introduced RYA (Radical Yet Acceptable), an AI tool designed to generate marketing campaign ideas using consumer behavior data. The platform processes 84 million data points weekly to analyze U.S. demographic preferences and spending patterns. Episode Four RYA The agency, projecting $20 million in revenue this year, developed RYA using proprietary data collected over a decade. The system analyzes where Americans spend their discretionary time and money, providing insights across 180 genres and 20 action categories. Mark Himmelsbach, Founding Partner of RYA and Episode Four, explained the tool's development: "What our agency used to do in six weeks we can now do in one day. The system generates insights and ideas in reduced time frames." The platform's technical capabilities include: Analysis of U.S. population samples Data processing for demographic segments Integration with client databases Custom survey incorporation Data clean room compatibility Processing of unstructured data sources Analysis of U.S. population samples Analysis of U.S. population samples Data processing for demographic segments Data processing for demographic segments Integration with client databases Integration with client databases Custom survey incorporation Custom survey incorporation Data clean room compatibility Data clean room compatibility Processing of unstructured data sources Processing of unstructured data sources Current clients including Adobe, Charles Schwab, and Invesco QQQ have received early access to the platform. The system allows brands to: Access demographic data down to 0.5% of the U.S. population Analyze consumer entertainment preferences Track spending behavior patterns Generate campaign concepts Integrate proprietary data Monitor audience engagement metrics Access demographic data down to 0.5% of the U.S. population Access demographic data down to 0.5% of the U.S. population Analyze consumer entertainment preferences Analyze consumer entertainment preferences Track spending behavior patterns Track spending behavior patterns Generate campaign concepts Generate campaign concepts Integrate proprietary data Integrate proprietary data Monitor audience engagement metrics Monitor audience engagement metrics Teddy Lynn, Founding Partner of RYA and Episode Four, noted the platform's role in campaign development: "RYA prompts broader thinking. With 180 genres, we can create concepts that align with audience preferences." The platform's development comes amid industry discussions about AI's impact on marketing roles. Episode Four positions RYA as an enhancement tool for human creativity rather than a replacement for marketing professionals. Technical features include: Consumer behavior analysis Demographic segmentation Data integration capabilities Campaign concept generation Performance tracking Market trend analysis Consumer behavior analysis Consumer behavior analysis Demographic segmentation Demographic segmentation Data integration capabilities Data integration capabilities Campaign concept generation Campaign concept generation Performance tracking Performance tracking Market trend analysis Market trend analysis Future developments include plans for a marketplace connecting agencies, production companies, and marketing specialists. This expansion aims to facilitate campaign execution across various genres and platforms. Industry analysts note that AI-powered marketing tools represent a growing trend in advertising technology. The success of such platforms could influence how agencies approach campaign development and audience analysis. The tool's release reflects broader industry movements toward data-driven marketing decisions. Market observers suggest that integration of AI tools in creative processes could impact traditional agency workflows and campaign development timeframes. For the marketing industry, RYA's launch represents continued evolution in creative technology applications. The platform's performance could influence future developments in AI-assisted marketing tools and creative processes. Don’t forget to like and share the story! Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program . HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR Vested Interest Disclosure: business blogging program business blogging program

Episode Four Launches RYA AI Tool for Marketing Campaign Generation

Episode vier stel RYA AI-instrument bekend vir die generering van bemarkingsveldtogte

Afsnit fire lancerer RYA AI-værktøj til generering af marketingkampagner

Episode Four lanza la herramienta de inteligencia artificial RYA para la generación de campañas de marketing

Չորրորդ դրվագը գործարկում է RYA AI գործիքը մարքեթինգային արշավի ստեղծման համար

エピソード 4 がマーケティング キャンペーン生成用の RYA AI ツールをリリース

მეოთხე ეპიზოდი იწყებს RYA AI ხელსაწყოს მარკეტინგული კამპანიის თაობისთვის

Episode ya minei ebandi RYA AI Tool pona génération ya campagne ya marketing

Fizarana efatra dia namoaka fitaovana RYA AI ho an'ny famoronana fanentanana ara-barotra

Episodi i katërt lëshon Mjetin RYA AI për gjenerimin e fushatës së marketingut

Avsnitt fyra lanserar RYA AI-verktyg för generering av marknadsföringskampanjer

Dördüncü Bölüm, Pazarlama Kampanyası Oluşturma için RYA AI Aracını Başlatıyor

Xiphemu xa Vumune Xi Sungula Xitirhisiwa xa RYA AI xa ku Tumbuluxa Pfhumba ro Xavisa

As decentralized finance (DeFi) continues to evolve fast and transform the world of finance, aarnâ protocol stands out as a protocol that is pushing the frontier of DeFi asset management with its unique and disruptive approach. Now in the public beta phase, aarnâ is set to launch its innovative Alpha Creator Program, providing a platform for the best minds in crypto and DeFi to shape the future of DeFi through tokenizing their unique expertise. aarnâ protocol hinges on three main components - the DAO, the tokenization engine, and the intelligent dApp. These form the seamless components of a flywheel that leverages cooperative human and artificial intelligence, forming the cornerstone of aarnâ's alpha discovery process and setting the stage for alpha creators. Who are Alpha Creators? Alpha Creators are an elite class within the DeFi universe. These are the innovators who have navigated the complexities of crypto and DeFi, demonstrating both strategic acumen and vision. Their prowess extends beyond their successful track records to a commitment to decentralization and the ability to translate intricate market trends into viable strategies. They will be instrumental in fueling aarnâ's ecosystem and democratizing access to DeFi. Through the Alpha Creator program, aarnâ opens its doors to these exceptional individuals, inviting them to further their journey of discovery and innovation. Joining the aarnâ DAO isn't merely a position; it's an invitation to shape the future of finance. aarnâ Protocol: The DeFi Alpha Infrastructure Layer At the heart of aarnâ protocol is its tokenization engine, an intricately designed system of seven interconnected smart contracts that create â_fi vaults. These vaults encapsulate a broad spectrum of DeFi strategies, from theme-based token portfolios with active or passive rebalancing to weighted crypto index products and sophisticated yield aggregation products that optimize returns on underlying tokens via lending, liquidity contributions, and staking. Designed for deployment on both Ethereum and Arbitrum, the tokenization platform is interoperable with leading DeFi protocols such as Uniswap, Compound, Saver, DyDx, GMX, and Balancer. Importantly, â_fi vaults will also tokenize algorithmic structured products generated from machine learning outputs, firmly positioning the aarnâ engine as the infrastructure layer for alpha discovery in DeFi. The Attraction for Crypto & DeFi Experts aarnâ is designed to be decentralised, non-custodial, and has a mission to decentralise the alpha value chain. At a philosophical level, aarnâ is looking for the best minds to join in this mission. aarnâ's decentralized design offers lucrative incentives for alpha creators. The alpha creators stand to gain 6% performance fees from the vaults they create, thereby fostering the decentralization of the alpha value chain. These financial incentives are matched with opportunities to participate in governance and shape the protocol's direction. They would also eligible for revenue sharing via ve aarnâ tokens. As the protocol gets progressively decentralzed, the aarnâ token would be utilized to facilitate and align key functionality of the protocol, and align incentives as well. Building the Schwab of Web3 together aarnâ protocol is crafted to become the decentralized Charles Schwab of Web3. With crypto still a nascent asset class, the decentralized asset management platform that aarnâ offers fills a vital gap in the market. It facilitates distributed (and not a monolithic centralized institution) asset management by allowing individual & independent alpha creators to evolve &  tokenize their strategies. These strategies are then vetted through a DAO process, paving the way for mainstream DeFi adoption. The alpha creators are at the heart of this vision, playing a pivotal role in shaping the future of decentralized finance. As such, aarnâ's alpha creator program represents a new frontier in the DeFi landscape, one where financial value creation is democratized on chain. Also published . here

aarnâ Protocol's Alpha Creator Program: Pioneering the Future of DeFi

Programa Alpha Creator de aarnâ Protocol: pioneros en el futuro de DeFi

Programme Alpha Creator d'aarnâ Protocol : pionnier de l'avenir de la DeFi

अर्न प्रोटोकॉल का अल्फा क्रिएटर प्रोग्राम: डेफी के भविष्य की शुरुआत

aarnâ Protocol の Alpha Creator プログラム: DeFi の未来を開拓する

Programa Alpha Creator da aarnâ Protocol: Pioneirismo no futuro do DeFi

Chương trình người sáng tạo Alpha của Giao thức aarnâ: Tiên phong cho tương lai của DeFi

aarnâ Protocol 的 Alpha Creator 计划：开创 DeFi 的未来

It seems everyone has been constantly talking about the concept of for decades. Essentially, MVP is a tool that allows companies to test the ideas before proceeding to stages of full development and launch. It is a model resembling the final product but with a minimum possible set of features needed for its deployment. Minimum Viable Product (MVP) There are five main goals that MVP helps to achieve: 1.     Initial customer testing. Probably, it is the main MVP function as it gives you a chance to see if potential customers are going to be interested in the product and to what level. 2.     User feedback. May provide some insight into the product's usability. From here, you can make the necessary improvements. 3.     Market trends research and validation. This step will give essential data on how to position the product on the market: from general ads campaigns to customer segmentation. 4.     Early client acquisition. In many cases, a segment of customers who have tested the product and would like to get it after the launch. Therefore, MVP helps to build the initial client base. 5.     Investment planning. Depending on the testing results, the company will understand how much it should invest in the idea – or whether to invest at all. According to the listed MVP benefits, it seems absolutely necessary for businesses to develop MVP. However, the concept rarely gets sufficient attention. Let’s see why. Not to be underestimated MVP should not be viewed as a one-off activity, but rather as an integral part of the company’s strategy. It is nearly impossible to implement in organizations with a traditional corporate culture where management wants to see a predictable return on every dollar invested. Conversely, under the MVP approach, they must be ready for the funds spent on the product modeling to have zero ROI if it fails in the testing stage. Refusal to invest in MVPs is closely associated with the companies’ fear to innovate. They normally tend to stick to predictable patterns without moving too far from their usual way of doing business. Eventually, neglecting to implement an MVP practice leads to lost opportunities. Minimum Viable Transformation That said, MVP also cannot be limited to a narrow set of activities within a single development cycle. While gathering information about the product, companies get tons of data that tells them about the broader business environment. If interpreted correctly, that data will definitely play a huge role in adjusting the company’s strategy going forward. The minimum viable product approach makes you rethink the fundamentals of how a business creates value. As early as a few decades ago, corporate leaders were focused on how to combine specific features to produce a sellable item. As time passed, they started concentrating more on the wider concept of business model innovation. Today, you can hardly find a strategy session that does not aim to discuss the ideas of reinventing the existing business model. Hence, it expanded the MVP to a much larger and more impactful process – a minimum viable transformation. Consider the early case of National Geographic. Few of its readers know that it used to be a journal of an adventurers’ club funded by its members. After having the original printed edition tested on a sample of enthusiasts, National Geographic developed into a world-famous magazine with millions of readers. Today, it is an enterprise with multiple revenue streams from advertising, licensing, tours, TV deals, and more. Or look at – a phone-based discount brokerage that transformed into a full-service financial institution by learning from its ecosystem. The company’s management took their time to learn how the customers were reacting to the products they launched. On the other hand, they were constantly exploring industry innovations, implementing remote databases, and building a network of third-party advisors. Charles Schwab Perhaps, at this point, we have come to an agreement that the minimum viable product has ceased to exist as a short-term tool. Now it is an integral part of a non-stop strategy cycle designed to improve the company’s business model. Or, and it has often been the case, completely transform it in a way that suits the ever-changing business environment. Fast, large-scale change is highly risky and must be reasonable. Therefore, minimum viable transformation provides opportunities to succeed in the modern business world. Takeaway Building an MVP may be challenging, but with the right approach, it brings tremendous benefits. There is a reason why most wonderful ideas do not survive the first contact with customers – basically, the developers never studied their audience beforehand. However, over the last decade companies started to implement the MVP concept within a broader range of strategic activities – a minimum viable transformation. It is an ongoing process called to alter the business model in a way that brings the most benefits in the long term. And we believe that MVP stage is one of the most responsible ones, that affects on the further product development.

How the MVP Concept Makes Companies Rethink Their Business Models

The exchange-traded fund, or ETF, has become such as successful vehicle for investing that there is likely one for any situation you can dream of. From countries with economic freedom ( ) to the metaverse ( ), you might be paralyzed by the . How can you make sure to choose the appropriate ETFs for your portfolio? FRDM META abundance of choices Where Do I Find Good ETFs? When searching for ETFs, it’s best to first narrow it down with a specific type of objective in mind. Are you looking for a specific region (e.g. China, Europe, Emerging Markets, Domestic)? Are you looking for specific company size (e.g. large-cap, mid, small, micro)? Are you looking for certain themes, commodities, or sectors (e.g. technology, semiconductors, energy, gold)? I would suggest searching via Google rather than your brokerage because the latter will bias results in their favor. The is a popular website that displays a wide selection of ETFs. If you are looking for other options, I would suggest googling “ “. ETF Database ETF Screener If you are not finding what you are looking for, here is a list of some that I have encountered over the past few years. ETF providers Ark Blackrock Cambria Funds Charles Schwab Direxion Fidelity/iShares Invesco JP Morgan Roundhill Simplify State Street Vanguard Wisdomtree Where Will This ETF Fit In My Portfolio? Most investors, myself included, preach diversification of assets within a portfolio. If you adhere to this advice, then you need to establish where this ETF will fit in with your existing assets. This first step is establishing your objective for the ETF. Some key questions to ask yourself are whether this ETF will be: Short term/Tactical vs. Long term/Core holding? Held in a taxable vs. non-taxable account? Domestic vs. International Developed vs. Emerging Markets stocks? High vs. Medium vs. Low dividend/shareholder yield (i.e. value vs. growth stocks)? Large cap vs. Mid/Small Cap vs. Diversified cap size? One sector/industry vs. Diversified sectors/industries? What Does This ETF Contain? ETFs typically contain a basket of stocks or bonds; however, some will include other types of assets (e.g. commodities, crypto exposure, etc.). Using the as an example, we can locate their documentation to further understand what is in this ETF. Within this documentation, the assets being held are often described in the “Objective”, “Overview”, “Portfilo and Management” and “Holdings” sections. Within the documentation, you can find out the following characteristics of VTI: Vanguard Total Stock Market (VTI) “Seeks to track the performance of the .” CRSP US Total Market Index “Large-, mid-, and small-cap equity diversified across growth and value styles.” Top 10 holdings include Apple, Microsoft, Alphabet, Amazon, etc. 27.6 percent is in the technology sector 1.37 percent shareholder yield This information informs you that this is a diversified portfolio of U.S.-based stocks across all industries and sizes. If you want more details you could dive deeper into the that this ETF tracks. ETFs that track an index are “passively managed” (i.e. less active) than ones that are actively managed (e.g. ARKK fund). The active managed ones tend to change holdings more frequently and are often more expensive than the passively managed funds. market index With a shareholder yield of 1.37 percent (i.e. blend of value and growth), shareholders can expect a return of this amount of money for each share. refers to buybacks, debt paydowns, and dividends, while dividend yield only refers to dividends. Value companies tend to have higher shareholder yields and return more cash back to the shareholder, while growth companies tend to reinvest their earnings back into the company. Shareholder yield The objective of the fund is not something to be taken lightly. Because of the popularity of ETFs, there are many available that are more complex than your traditional index fund. If a fund factsheet mentions words such as “leverage”, “covered calls”, “managed futures”, “hedge”, “options wrapper”, or other advanced financial terminology, then you should probably avoid it unless you have a solid grasp or seek a financial professional’s opinion. How Active Do You Want To Be? Choosing ETFs that are more tactical require a pre-determined exit plan as opposed to the long term plays which you can HODL. There is a range of how active you need to be with each ETF. While leveraged ETFs are typically held less than year, target date funds could be held for your entire life. In general, ETFs designed to be core holdings in a portfolio (e.g. SPY, VEA, AGG) can be left alone for decades if the investor chooses to do so. How Liquid Is The ETF? Liquidity can be defined as the ease in which you can buy or sell the ETF (i.e. swap it with cash or for cash). While most funds are easy to buy via clicking a button, the level of liquidity will determine how much it costs to move in and out of these funds. Increased liquidity means it will be quicker and easier to buy the fund at a fair price. Lower liquidity will increase volatility in prices for those funds. There are three methods I use to understand the liquidity of an ETF: Spreads, Assets Under Management (AUM), and Volume. The bid-ask spread for a fund is the difference in the price that someone is willing to pay (the bid) versus the price where someone is willing to sell (the offer or ask). Whether the brokerage displays the bid-ask spread for a fund or not, these still exist under the hood. Brokerages like Robinhood opt for simplicity so they hide this detail, while traditional finance firms like Fidelity will display the information to the investor. A smaller spread (or difference) between the bid and ask means higher liquidity. Take a look at a few ETFs below to see how much this spread can vary from the most liquid (SPY) to the least liquid (TRTY) of the bunch. Another indirect method of determining liquidity is to identify how many assets are under management for that fund or the volume (i.e. activity) for the fund. The more popular funds tend to have higher AUM’s and volume, which correlates with higher liquidity. You can often find the AUM and volume for a fund in ETF screeners (see below). Source: ETFDB : A more advanced statistic related to fund performance and standard deviation is . Higher standard deviation means higher volatility, which is a tough thing to stomach in real time. Note sharpe ratio How Expensive Is This ETF? The expense ratio of a fund is the managerial cost for holding this fund. If the fund appreciates 5%, you will realize a gain of <5% because of this fee*. This fee is incredibly important because many of the funds you encounter are virtually identical. It would be akin to choosing between a white sedan and an off-white sedan where the latter is priced 5,000 dollars higher for no reason. Investing newbies, like myself in 2017, will often make their ETF selections solely based off of ETF expense ratios, and the managerial cost of holding the fund. While this is an incredibly important box to check off, it is not the sole consideration. When comparing funds that seem similar, it might be beneficial to see how correlated the funds are. If two funds have 95 percent correlation, or higher, over several years then you likely can choose the cheaper fund. The process for checking correlations is fairly simple. First, go to a website that calculates the correlation between two funds like . Then, enter two funds that you want to compare, such as the Schwab U.S. Small-Cap ETF (SCHA) and Vanguard Small-Cap Value ETF (VBR). I edited the dates to show a longer time period, going back to 2010. Over the past 12 years, these funds had a correlation of 0.98. Additionally, they had very similar monthly and annual standard deviations. Because they are strongly correlated had similar standard deviations, then it likely will not matter which one you pick. Below, you will see a chart of their performance over time and their correlation results. this one and Source: Koyfin Source: Portfolio Visualizer *There are some exceptions, such as the offered by Fidelity. zero-fee funds Applying The Process As you go through this fund selection process, there are many fantastic, free resources out there. Some of my favorite resources that I use frequently include the following: ETF Database/Screener Wisdom Tree Fund Comparison Tool Koyfin’s data research and analytics tools Thankfully, the cost of buying or selling funds is free or nearly free on most platforms. Therefore, it is easy enough to update your portfolio as you learn more over time. This framework should enable you to have a better understanding of the differences between various funds. Some logical next steps would be improving your understanding of sharpe ratios, risk, and modern portfolio theory in order to build your ideal portfolio. ~ The Data Generalist Financial Disclosure: Anything on this website is not financial advice.

How To Identify A Good ETF

How To Build an AI-Powered Financial Assistant App

Languishing is apathy, a sense of annoyance or feeling floating or an overall lack of interest in life or the things that typically bring you joy and happiness. Sociologist Corey Keyes first coined the term languishing in a , as the antithesis of flourishing, a pervasive ‘meh’ feeling that dulls our motivation. paper Languishing is apathy, a sense of restlessness or feeling unsettled or an overall lack of interest in life or the things that typically bring you joy, says Shemiah Derrick, a licensed professional counselor. Unlike a panic disorder or depression, languishing is a series of emotions, not a mental illness. Languishing encompasses distressing feelings of stagnation, monotony, and emptiness, says Leela R. Magavi, MD, a Johns Hopkins-trained adult, adolescent, and child psychiatrist and regional medical director for Community Psychiatry, California’s largest outpatient mental health organization. Organizational psychologist Dr. Adam Grant has explained languishing as a sense of feeling “stuck” and empty about your life. “It feels as if you’re muddling through your days, looking at your life through a foggy windshield,” Grant said in a 2021 . New York Times article When you are languishing, you might even say that you’re just feeling kind of “blah.” Languishing is a state of not being at your best version, despite the lack of an acute stressor. While nothing is wrong, exactly, nothing’s right either. Languishers tend to feel aimless. They scroll social media, stare at the television, or watch the clock instead of actively engaging in life. Those suffering from languish may want to do something but lack the energy or the conviction that it’s worth the effort. In fact, lack of energy is one of the biggest side-effects of languishing. Queensland Mental Health Commission According to Oliver Burkeman, all of our efforts to be more productive backfire, and only make us feel even busier and more stressed. Most of us have experienced this creeping sense of being overwhelmed: the feeling not merely that our lives are full of activity — that can be exhilarating — but that time is slipping out of our control, says Burkeman. Even the concept of Inbox Zero and “digital productivity” created by Merlin Mann has maybe caused more mental issues than real solutions, something that Mann agrees when he says in an interview to Oliver Burkeman that his career as a productivity guru had begun an inner conflict. “I started making pretty good money from it” — from speaking and consulting about productivity — “but I also started to feel terrible, this topic of productivity induces the worst kind of procrastination, because it feels like you’re doing work, but I was producing stuff that had the express purpose of saying to people, ‘Look, come and see how to do your work, rather than doing your work!’” Taylorism first crossed the threshold into personal productivity when Charles Schwab, the president of Bethlehem Steel, asked another consultant, a businessman named Ivy Lee, to improve his executives’ efficiency as well. Lee advised those white-collar workers to make nightly to-do lists, arranging tomorrow’s six most important tasks by priority, then to start at the top of the list next morning, working down. It’s a stretch to imagine that nobody had thought of this before. But the story goes that when Lee told Schwab to test it for three months, then pay him what he thought it was worth, the steel magnate wrote him a cheque worth more than $400,000 in today’s money — and the time management industry was up and running. If you are suffering from languish, the normal stressors of work and life may feel like they hit harder. Languish depletes your energy and your ability to resile back from challenges. Languishing includes: Feeling disconnected from your colleaguesInability to get excited about your projectsDifficulty focusing or rememberingCynicism about your careerProcrastination or lack of motivationAn absence of well-being even though you’re not sickFeeling as if there’s nothing to look forward toFeeling as if you’re just going through the motions According to an article at BetterUp, languishing, depression, and burnout share many symptoms, they differ in cause and severity. Many symptoms overlap between the three, such as a lack of energy, difficulty focusing, and not feeling hopeful about the future: Burnout is specifically a work-related phenomenon. It arises from a poor work-life balance or doing work that isn’t a good match for one’s values and skills. Languish, on the other hand, is an overall state that affects every area of life. People who are languishing don’t meet the criteria for a mental health disorder. However, they lack a certain degree of vitality and optimism associated with true well-being. Languishing may be such a common feeling now because of its unpredictability. People move in and out of a state of languishing over a period of days or weeks. Languishing is most concerning when people get “stuck” in the feeling and don’t have the tools to get themselves out. Depression, by contrast, is a clinical condition that is more severe than languishing. Depression extends into all aspects of life, and it doesn’t come and go. Depression must last at least six months to be diagnosed and requires professional help to treat it. However, those experiencing languish or burnout are at higher risk of becoming depressed. In fact, the feelings that come with languish and burnout are a predictor for anxiety disorders and depression later. But what we can do? According to Adam Grant again, a concept called flow may be an antidote to languishing. Flow is that elusive state of absorption in a meaningful challenge or a momentary bond, where your sense of time, place and self melts away. According to Dr. Martin Seligman’s research on flourishing, the best way to move from languishing to flourishing is the PERMA model. Seligman developed PERMA as a short-hand to explain the components of what leads to flourishing. It stands for: ositive emotions ngagement elationships eaning ccomplishments P E R M A People who became more immersed in their projects managed to avoid languishing. To transcend languishing, try starting with small wins in your day. Languishing has been common during these critical pandemic times, but you can start to discover strategies to start flourishing and live your best version. Originally published . here

The Mood of the Year: Languishing

Here we go again. An increase in cases due to a new highly has thrown a wrench into most employers’ . COVID-19 contagious coronavirus variant return-to-office plans Only one week into 2022, central business districts remain barren, despite many employers’ previously announced expectations that workers come back to the office to start the new year. More than seven out of 10 professionals in the U.S. (71%) said their company had postponed its return-to-office plans because of the omicron variant of COVID-19, according to a new survey of 3,167 verified professionals in the U.S. from the Blind. professional social network The remaining 29% reported no such changes at their workplaces. Return to office: Which companies have pushed back their plans? Blind found that most tech companies moved their return-to-office dates, perhaps unsurprisingly, as many of them embraced flexible work policies. Survey responses from verified professionals at , Cisco, Credit Karma, Cruise, DocuSign, eBay, Expedia, , Intel, Lyft, MathWorks, Microsoft, Oracle, Peloton, Pinterest, Roblox, SAP, Twilio and Uber confirmed the delayed office reopenings, some of them indefinitely. Apple Google A few companies have pushed back their plans by as little as one month, even amid the uncertainty caused by the omicron variant. “Already pushed back a month,” said a verified Credit Karma professional, referring to the personal finance company’s new mid-February return date in a discussion of return-to-office plans. In contrast, many financial services companies, generally loathe in allowing work from home, have also held off on bringing employees back. American Express, Bloomberg, Charles Schwab, Goldman Sachs, Vanguard, Visa and Wells Fargo have altered their return to the office. “RTO was originally scheduled for now, but they finally caved at the last minute and pushed it back because of omicron,” said a verified Charles Schwab professional. “So stupid that they are forcing us back at all.” How are employers responding to the omicron variant? More than two years into the COVID-19 pandemic, some employers have not yet honed their workplace policies. Fewer than one in three professionals in the U.S. (31%) said their company requires employees who work in the office to get tested for COVID-19 at least once a week, according to Blind. The other 69% reported no such rule at their companies. The results indicate many employers may be waiting to implement President Biden’s vaccine mandate, which also gives workers the option to be tested for the coronavirus weekly. The U.S. Supreme Court is currently reviewing the mandate. A majority of verified professionals at Apple, Bloomberg, Broadcom, Cruise, Goldman Sachs, Micron Technology, Roblox, Salesforce and Wayfair confirmed their companies require COVID-19 testing to work in the office in Blind’s survey. While many companies have taken steps to verify their employees are vaccinated against COVID-19, Blind found few companies have yet to require a “booster” shot. About one in four U.S. professionals (24%) said their company had announced a requirement to get a booster COVID-19 vaccine, according to the survey from Blind, compared to the 76% who said no such policy exists. Bloomberg, Broadcom, Credit Karma and Goldman Sachs are some of the employers with a COVID-19 booster requirement for employees. The bottom line The coronavirus pandemic continues to test the mettle of employers. The omicron variant has forced many companies to rethink and push back return-to-office plans. A large majority of U.S. employers have asked their workforces to continue to work from home for another month or longer, with some companies giving up on setting a return date entirely, according to a new survey from Blind. Methodology Blind conducted an online survey of 3,167 verified professionals in the U.S. on its platform from Jan. 4 to 5, 2022, to understand how employers responded to the COVID-19 omicron variant. Also published on the Teamblind blog.

Omicron Variant is Drastically Slowing Down Return-to-Office Plans in US Tech Companies

This by Hang and David occurred in hackernoon's official #only-at-hackernoon channel. Slogging thread Hang Jun 10, 2021, 3:38 PM 😂 1 I was about to drop my current ideation on WeWork and how much of a loser Adam Neumann is (he is a billion dollar loser) so that I can write something about Robinhood. Now this guy stole my thunder :smiling_face_with_tear: 😭 https://hackernoon.com/a-platform-for-the-people-robinhood-opens-its-ipo-up-to-retail-investors-b54p35e1 David Jun 10, 2021, 3:44 PM just normal chill guy shoeless in the city? that Hang Jun 10, 2021, 3:48 PM 💸 1 He was probably talking Masa from Softbank into pouring another 70 millions to WeWork David Jun 10, 2021, 3:55 PM jajajajaja.., So new news. Is RobinHood IPO Access gonna' work well? Hang Jun 10, 2021, 3:57 PM Hopefully! So far I haven't been able to access any stonk with IPO price yet. But I'm keeping an eye on it. It should work well. Robinhood has been very smooth so far, kudos to their product team David Jun 10, 2021, 4:00 PM What do you like about their product details? Hang Jun 10, 2021, 4:27 PM 💯 1 Hm good question. I just like the UI UX of the app because when you log in, right off the bat it gives you an interactive chart of how your portfolio does in 1 day, 1 week, 1 year, 5 years and all time. It's much easier to navigate than another portfolio I have, which is placed in Charles Schwab. Second is the fractional share trading. If you want to buy just a part of a share, on Robinhood, you can go to the stock, hit buy and enter how much of that share you want to buy. On Charles Schwab, you have to go to Stock Slice, search for the stock (and it has to be in SP500 list), enter a multiply of 5, confirm with 1000 steps, then you can buy it. Robinhood helps you buy it instantly, but Charles Schwab makes you wait for roughly 30s - 1 minute, sometimes 5. And since stock price changes , waiting is prob not a good game to play. Robinhood is just simpler, but it doesn't mean I don't like Charles Schwab. In term of resources for stock research, Charles Schwab is a much better place to go to. They offer you resources that can last you the whole week! every second Hang Jun 10, 2021, 4:28 PM I haven't used other platforms such as Fidelity, M3 or such, but that was my experience. My only concern is that Robinhood may or may not have security issues - so I would recommend not putting all your eggs in one basket 😄 David Jun 10, 2021, 9:52 PM I like how they put the buyer first with fractional share trading. It shouldn't be I want to buy 5 shares of $Tesla and ppl end up paying $3,050; it should be hey I want say $3k worth of $Tesla for whatever the share price happens to be right now. Hang Jun 11, 2021, 3:39 AM Actually you can do both of it - buy 5 shares or buy an amount worth of shares. I think they're the pioneer to offer commission-free investing/trading and other platforms followed suit, in order to not lose customers. David Jun 11, 2021, 4:21 AM So software wise, what should a trading platforms product prioritize to keep and gain loyal customers? Hang Jun 11, 2021, 4:43 AM Haha, so Im not a software developer- Idk if I should answer this. However, I think that it depends on the type of users you are. If you are an beginner or a retail investor, chances are you go with Robinhood bc it was very loose on policy. I think platform out there should prioritize . See the pictures below, these are my current Robinhood UIUX. I have lifetime update of my current portfolio, my stock price, and news out there. I can swipe left and right or scroll on the same screen. I have all the information I need. If I want to buy a stock, I can click the ticker and buy it, with a bunch of options already there, such as Buy/Sell at Market Price, or Buy/Sell at Limit Price. It’s very convenient for beginners. simplicity, convenience and constant updates Hang Jun 11, 2021, 4:45 AM I have familiarized myself with Charles Schwab but for some reasons I still reach Robinhood for price updates, because it’s already there while I log in. On the other hand, this is what I have logging in to Charles Schwab. I go to Charles Schwab only when I have my iPad or laptop, but not on my phone. And lol I’m on my phone 90% of the time. It requires a couple more navigations and when you’re in need of buying something at that exact price it can be very annoying. I hope I make senses. It’s just my personal opinion, my friends use Fidelity and Charles Schwab and so far they don’t have problems with either platform. I think any platform is good for you, as each has its own pros and cons. It really only boils down to your personal preference. Disclaimer: This story is intended only for informational purposes, which does not, and will not serve as a recommendation or offer of buy or sell of the securities. This reflects the opinions of the author who is an associated person of Hacker Noon and does not reflect the opinions of Hacker Noon or any of its subsidiaries or affiliates. Nothing in this story should be taken as a solicited advice to buy or sell the securities.

Slogging About Adam Neumann, Robinhood IPO Access, and What's Next in FinTech UX? 

This Slack discussion by Kien Dao and Hang occurred in slogging's official #introductions channel, and has been edited for readability. After a few scans on Twitter and Reddit, I kinda understand the basic definitions and terminologies, with short squeezes and all that. My question is: Do you think there should be a law, or a requirement of some kind when comes to stock trading? I mean for all we know, hedge funds have been doing this “pump and dump” strategy since forever, but the moment a group of individual retailers is doing it, it becomes a problem? It ain’t fair that the hedge funds have the power to pressure platforms like Robinhood to limit their users. Kien Dao Feb 8, 2021, 2:52 PM : a strategy executed to manipulate the stock market. Fraudsters will buy up shares of lightly traded companies, spread rumors or false news about its prospects, and then sell them at a higer price to investors who were tricked by the news. Kien Dao Feb 8, 2021, 2:52 PM *Pump and dump I am mixed actually, this is certainly new to both the regulators and the people who run the platform. Hang Feb 8, 2021, 2:54 PM I mean it’s interesting that this is only the first time someone is screwing big guys over like this. It’s unprecedented. Considering the whole situation and the fact that “stock trading has always been for the rich”, I can understand why people are mad at Robinhood and other platforms. Kien Dao Feb 8, 2021, 2:55 PM Okay, so I think there should be a law to keep people informed before jumping into short squeeze/options in general - that kind of stuff. I remember back in the summer a student committed suicide after playing around with options on Robinhood  (which is totally free and accessible) without understanding it properly. He ended up losing a lot - and we are talking 5 figures here, for a college student with debts and financial dependency. We don’t want the same thing to happen to people who short on GME and/or jumping into the ships without any fundamental finance and stock markets knowledge. People are mad at Robinhood but the truth is, they’re forced to do such actions. I don’t think this is Robinhood or any other platforms' fault. Hang Feb 8, 2021, 2:56 PM I myself have account in both Robinhood and Charles Schwab and their response to this issue is familiar. Imagine you have a business, working for it so hard and finally have some success, to find yourself in the middle of the war between the people and the regulators. Big oof. Looking back, we understand that the finance industry was what made America today. They rise on capitalism and will protect it at all cost, although it's messed up. I have watched some movies, documentaries and read a bit about the global crisis in 2008-2009 - to learn that they will always get bailed out in one way or another. And I repeat, always. Hang Feb 8, 2021, 2:57 PM So, as someone who has been in this game for a while, do you think that it is necessary for platforms like Robinhood to take this kind of action (limiting the ability to buy and trade) towards their users, considering many of them, especially the most recent users, don’t acquire enough knowledge of stock trading? Do you think more of what’s going on may lead to the fall of Wall Street? Kien Dao Feb 8, 2021, 2:59 PM I think trading and options should be limited because not everyone is informed or educated enough on that matter. Remember that trading and investing are not the same thing. Trading is more risky, short-time, and requires a lot of technical analysis knowledge. Not everyone knows about it. Also, fuck Wall Street, lol. Hang Feb 8, 2021, 3:00 PM Now that you mention it, I agree that it’s important for people to be educated on a certain level to be in this game. And yeah, Wall Street definitely has it coming, lol! Kien Dao Feb 8, 2021, 3:02 PM However, if people are educated enough to go for options, let them be. But they have to be careful, the lost on option, shorting to be exact, can be limitless. Think millions. That's a lot of money for normal people like us. Hang Feb 8, 2021, 3:02 PM Now that Robinhood just announced that they’ll open again (some time tomorrow), what do you think is going to happen? Do you think the same situation will be repeated, or perhaps Robinhood themselves have come up with a solution/system? Kien Dao Feb 8, 2021, 3:04 PM People will go for it, people are aggressive, lol. The rich here, a majority of them, boil the people's blood. We are talking about people of all backgrounds, occupations, and educations. They just dump a ton of money on it without factoring in both fundamental and technical analysis. That's their action against the big finance guys. They try to boo the rich, betting their money in sinking stocks to drive them forward and fuck all who bet against these tickers. Some are even losing their savings. They just hate the rich that much. There is no way in hell GameStop can thrive in such a short time. The factors for a turnover, new member on board, or renovation in services are not enough to drive a stock to the moon overnight. Especially GameStop. The system sucks. The UX UI sucks. Can't even pay online with my credit card. But they are authorized to sell Sony PS5, lol 😂 Hang Feb 8, 2021, 3:04 PM Wow, so far the whole thing seems very Hunger-Games like, with the rebellion against the rich in the Capitol and all. I wonder if there’s going to be some kind of war 😂 Kien Dao Feb 8, 2021, 3:07 PM I mean, look at this: Hang Feb 8, 2021, 3:08 PM Idk 😂 hopefully not. But people will be angry for a while and there will be a stock markets war between Redditors (some of them are knowledgeable) and the hedge funds (backed by the government, duh). Even if they restrict on GME, they will find another stock with potential turnarounds (even very lightly) to bet on. Robinhood can’t just go after them forbidding one by one. I know one thing - it will be bad for Biden, who just took office for several days and probably is not tech-savvy enough to use and understand Robinhood thoroughly (hopefully his staff will help him out). And for Robinhood too, it plans to go IPO this year. Hang Feb 8, 2021, 3:08 PM That’s right, I also read an article saying that the citadel and White House are also behind this. If that’s the case, it’s definitely not looking good for Biden. Kien Dao Feb 8, 2021, 3:09 PM Yes, that's a lot of pressure. And it's true that there is news about the citadel and White House behind the whole Robinhood restricting GME and other stocks thingy, but nothing is confirmed yet (and it's not like they will confirm it, lol). Biden can't make all the decisions by himself. Hang Feb 8, 2021, 3:09 PM Go for Crypto 🤷‍♀️ but Utsav told me to wait, lmao Hang Feb 8, 2021, 3:10 PM Bruh, I’m too dumb to be in this game 🤣 Kien Dao Feb 8, 2021, 3:10 PM Just wait, lol. Price is too high 💸 Anw, have you watched Too Big To Fail? You will see a point: once a huge company falls (ie Melvin, pretty huge, but not failed yet), some other companies will fall like dominos. Hang Feb 8, 2021, 3:11 PM No, I haven’t, but I do understand the reverse: once a big guy does it, everyone else is following. Take Apple, for example, people ridicule them, first for removing the 3.5mm headphone jack and then for getting rid of the charging brick. But here were are not 3 months later, Samsung is following with their most recent Samsung Galaxy product release. It’s just going to be a matter of time before the other guys do it, too! Kien Dao Feb 8, 2021, 3:12 PM Aight. So long story short: back then when they let Lehman Brothers go bankrupt, leading to the almost failure of AIG (the biggest insurance company at the time) - the last time I check, it's still here, just not as thriving. That’s one side. On the other side, Lehman’s accounts went frozen, people lost their whole savings, companies lost partners (and people who lend them money). It affects other banks too - as people started withdrawing their money all at once and some banks were not liquidated enough for it. Led to a whole disaster 👀 Hang Feb 8, 2021, 3:13 PM Yes, so when the giants do something (even fail), others follow suit. Idk if my POV is correct or logical enough, and I may got laughed out as a piece of shit by Wall Street, but that’s how I look at this. I find it hilarious, btw, mostly 'cause I’m staying out and watching. It's cool to see most are like this: Hang Feb 8, 2021, 3:13 PM Cool, thanks for the great discussion! Excited to see what’s coming next though I’m not even in the game xD Kien Dao Feb 8, 2021, 3:16 PM Lol, same. Happy to discuss. However, things seem to have cooled down a bit 🤷‍♀️ Guess people are finding drama in Covid time! Hang Feb 8, 2021, 3:16 PM

Robinhood x Gamestop for Dummies - A Conversation Between 2 GenZ

The COVID19 crisis has been playing out globally for over half a year, or almost a year counting its early phase in China. It’s been hurting a lot of sectors, but one particular sector stood to benefit — Fintech. First of all, the pandemic has significantly accelerated the adoption of contactless payments in the US, as it took banks and Apple years to convince shoppers to switch to contactless cards or use ApplePay while it had already been a trend elsewhere in the world. Moreover, many shops and shoppers have even made a 180-degree turn on their attitude towards QR-code, which many investors and experts used to heavily doubt to have a future in the developed markets in the US and Europe. Second, as offline shopping was dead, the skyrocketing demand in e-commerce has benefited many fintech companies in the online payment space. The “buy-now-pay-later” superstar Klarna’s recent fundraise put its valuation at over $10bn. Adyen’s market cap more than doubled since the beginning of the year to more than €47bn as of Oct 1. Square’s market cap even quadrupled to almost $75bn from its lowest point in late March. Third, with most people sitting at home, online banking and trading start to gain mainstream status competing against the incumbent traditional financial institutions. The dispatch of the US federal stimulus package has given neobank startup Chime the opportunity to acquire tons of new customers by pre-funding the stimulus to those who live paycheck-by-paycheck. In mid-September, Chime raised $485mn giving it an eye-popping valuation of $14.5bn. Meanwhile, Robinhood benefited from millennials and gen-z’s trading on mobile phone at home and achieved a valuation of almost $12bn in September, even as the incumbent Morgan Stanley acquired the mighty E*Trade for $13bn and another giant Charles Schwab purchased TD Ameritrade for $26 bn. The pandemic has certainly triggered a lot of buzz for fintech companies to take advantage of, but how much of the tailwind is ephemeral? How can we know which of these trends are here to stay in the post-COVID world? More importantly, what are the fundamental trends that can sustain the long-term vision of these fintech stories? First of all, the buzz of mobile and online financial services is far more than just bringing offline experiences to the virtual world. In fact, it involves a much more radical change in the business model. Traditional financial services can easily build an interactive website or an app to appear millennial-friendly, but it’s much harder for them to re-invent their risk management and operations for the new age. For example, a friend of mine was kicking off his own startup last month, and the process involves setting up a bank account to take in investor’s money. Since her personal bank account is with Chase, naturally she was thinking about opening the commercial account with Chase. So she tried the registration process on Chase’s website. While the website’s design and interaction looked cool and tech-ish, it was clunky in so many ways. Not only did she have to re-enter much of her personal information again, but after 20 mins of filling out the details, she was still not able to set up an account via the website and was instead asked to go to a local branch — the closest of which being 3 miles away as the closer ones were closed down during COVID. Later, she found out that Chase only allows setting up a bank account via website for LLCs, not for C- or S-corps. It would have been much easier if Chase made it clear on the website, and also, Chase’s old-fashioned risk management system forced the unnecessary difference in how it can treat LLC vs a Corp. Furthermore, my friend was told that even if the new company has already been incorporated and has a legit EIN, Chase still requires the proof of filing with the local Secretary of State, which has a backlog of 1 month in California under the impact of COVID. So instead of wasting another month to close the funding round, she went with a neobank startup Mercury and managed to open a corporate bank account within 2 days. For any old banks to seriously think about compete against fintech startups, they will have to consider which part of their back-office logic, risk assessment, and operational flow should be completely redesigned and rebuilt with the help of tech. Again, it’s much more than just a fancy website or app. Second of all, fintech companies’ strategy should focus on how they can fundamentally disrupt the traditional cost structure, instead of tricking consumers with no real cost-saving. Many startup ideas centered around taking for granted what interest rates they can charge as “market rate” and charging consumers (invisibly but effectively) more. One of the fundamental reasons behind the take-off of many lending fintech startups is the fact that millennials and gen-z’s grew up after the 2007–2008 financial crisis and don’t trust financial institutions with their credit system. Thus, they tend to prefer debit cards over credit cards, partially for the sake of goodwill and reputation, but with the burden of student debt and sometimes even mortgage, they find these lending apps quite handy. With 60% Americans having less than $400 in their bank accounts — and btw that number has got to be outdated since the COVID crisis — no surprise they need financing, in the form of either buy-now-pay-later or payday loans. Besides, with the insufficient level of mathematical and financial literacy, most people can’t mentally calculate the effective annualized interest rate when they are charged $5 or $10 every time they loan out just a few hundred bucks or advance their paychecks. It seems to be just coffee money or beer money. Many startups claim to have genius machine learning and artificial intelligence models, but few have proven to work better than the commonly criticized FICO scores. So instead of competing on data science, it’s basically a battle of who has the better marketing strategy to acquire the larger consumer mindshare. A potentially drastic shift comes from payroll startup Gusto’s new product Gusto Wallet, which allows salary employees to flexibility adjust paydays without being charged — effectively a free payday loan. This is a product that’s really beneficial to the financial wellness of the underpowered population. To be able to afford to forgo the lucrative interest payment, Gusto is in a unique position compared to many banks and fintech companies, as it sits directly between the employees and their salaries. Many banks spend hundreds of dollars trying to convince their account holders to add direct deposit, while Gusto controls that direct deposit endpoint. From this gateway, Gusto has the potential to add on more financial service products and controls more distribution channels. In the end, finance is a game of distribution, and the role of data/algorithms is to make that distribution more effective and efficient. In the traditional world, given lack of data and transparency, many investment funds with poor return track records still manage make money from commission, as long as they can maintain good relationships with financial advisors which shielded them from individual investors. The earlier ETF revolution and more recently Wealthfront / Robinhood solved the transparency and accessibility problem but cannot solve the curation and selection problem, which is at the core of the distribution game. Perhaps a peek at the allocation of the upcoming Ant Group IPO can offer some insights into the future of the distribution game. As a completely new IPO allocation model, the Alipay wallet opened up Ant Group IPO allocation to any individual Alipay user starting as low as 1RMB via a group of 5 mutual funds selected and curated by Alipay. Within 2 days, 3 of the 5 funds were already fully subscribed, each fund with a cap of 12bn RMB (about $2bn), breaking all public fundraising records. This highly innovative curation/distribution model is underpinned by the unmatchable financial and transactional data that Alipay has via its connection with Alibaba the largest ecommerce platform in China. It remains to be seen which fintech companies in the US can win the data war against the large banks, who are finding a hard to realize the full potential of the vast data they possess. The fintech landscape in the US is a lot more segmented than in China, so the picture may become clearer as we see more partnership and consolidation among the fintech superstars.

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