• Steve Ballmer said his investment strategy is partly influenced by Warren Buffett.
• But Ballmer, whose net worth is larger than Buffett's, has an unconventional investment portfolio.
• More than 80% of Ballmer's portfolio is held in Microsoft stock, per The Wall Street Journal.

Steve Ballmer has an unorthodox investing approach.

The former Microsoft CEO is worth $151 billion, per the Bloomberg Billionaires Index, making him the ninth richest person the world.

That puts him ahead of famed investor Warren Buffett by a nearly $10 billion margin.

In an interview published Sunday, Ballmer told The Wall Street Journal that his investment strategy is partly influenced by Buffett, who has long said that since most people picking stocks cannot beat the returns of a general index fund. But there's one key difference.

The Journal reported that Ballmer keeps more than 80% of his portfolio in Microsoft stock. The rest is held in index funds. Ballmer declined to say how large his stake is in Microsoft.

"Microsoft's outperformed just about every other asset I could have owned," Ballmer told the Journal.

Ballmer's investment strategy goes against conventional wisdom, which suggests that people reduce their risk by diversifying their capital across different asset classes. And the world's wealthiest people typically go beyond stocks and bonds to invest in non-liquid assets like private equity and real estate. Ballmer said he is "mostly dialing out of private equity."

To be sure, Ballmer wasn't always going against the trend.

The 68-year-old tried diversifying in the past but said he struggled to find money managers who consistently beat the market.

"The only stock I really study still is Microsoft, because that's still overwhelmingly, overwhelmingly, overwhelmingly the No. 1 thing that I own," Balmer told the outlet.

Ballmer began his career at Microsoft in 1980 and succeeded founder Bill Gates as CEO in 2000.

According to regulatory filings, Ballmer held 333 million shares, or a 4% stake, in Microsoft when he stepped down as CEO in 2014.

Microsoft's shares are up 16.1% this year. The Seattle-based tech giant has been in front of the AI race with huge bets on startups like Sam Altman's OpenAI and France's Mistral AI.

In October, Microsoft CEO Satya Nadella said in an earnings call that the company's AI business is on track to top an annual revenue run rate of $10 billion next quarter.

This would make it the fastest business in Microsoft's history to reach that milestone, Nadella added.

Ballmer attributes his bumper gains in Microsoft's stock to luck.

"Forget the stock price. I had luck, essentially, in getting to listen to the right people," Ballmer told the Journal.

"But I also had luck in terms of my loyalty to the company and not wanting to be a seller as a leader of the business. It turned out to be a great investment thing, too," he added.

Ballmer did not respond to a request for comment from Business Insider.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back to our Sunday edition, a roundup of some of our top stories. You've likely heard the term "supercommuter," but you might have wondered… why? Someone who does it from Washington, DC, to NYC admits she's not sure the job is worth the commute. Still, she's not regretting doing it.

On the agenda today:

• Musicians billed US taxpayers for luxury hotels, shopping sprees, and million-dollar bonuses.
• Their mother inherited a priceless archive. Then a messy legal battle tore their family apart.
• Zillow's price estimates are screwing up homebuying — but Americans don't care.
• Inside Citi's unpopular annual review process.

But first: Blackstone's feeling festive.

If this was forwarded to you, sign up here. Download Insider's app here.

Some warmth from a Blackstone

Blackstone released its annual holiday video for the seventh consecutive year, which might elicit the reaction: Why is a firm managing $1 trillion worried about holiday videos?

The videos — full of self-deprecating jokes and Blackstone-backed product placement (of course) — have become a bit of an annual tradition on Wall Street. Last year's notched 8 million views across platforms, a spokesman told BI. We've got a full rundown and ranking of all seven videos here.

Some people are laughing at Blackstone as opposed to with Blackstone, but that's kind of the point. In an industry full of super serious people doing super serious business for super serious clients, Blackstone's willing to make itself the butt of the joke.

Ok, yes, there is a business case for the videos. Jay Gillespie, the head of Blackstone's video team and one of the brains behind the holiday extravaganza, spoke to BI's Alex Nicoll about the evolution of his role at the firm.

Blackstone's not alone in its outside-the-box approach to marketing on the Street. More firms are getting a bit — to borrow a phrase from my British colleagues — cheeky in pitching themselves to the general public.

Take BlackRock, which a few years ago took to social media to make clear it's not Blackstone. (The firms have a long history together and have sometimes lean into the confusion between the two. BlackRock CEO and cofounder Larry Fink made a cameo in Blackstone's holiday video this year: "Can you believe people confuse US for THEM?")

Wall Street's marketing frenzy isn't foolproof. For an industry that prides itself on what kind of business you are bringing to a firm, marketing's impact isn't as direct as landing a massive deal or hitting the perfect trade.

COVID relief money funded musicians' lavish lifestyles

Wealthy musicians received millions of dollars from the Shuttered Venue Operators Grant, a pandemic relief program intended for struggling independent venues and arts groups. However, stars like Lil Wayne and Chris Brown used the program as a piggy bank to keep the party going, exclusive reporting from BI shows.

Thousands of pages of accounting documents reveal how artists directed millions in taxpayer funds toward their own bank accounts, luxury purchases, and entertainment expenses — often outweighing what they spent on touring crew members.

How musicians spent the grant money.

The cursed inheritance

Luisa Isabel Álvarez de Toledo, a Spanish duchess, devoted much of her life to cataloging the Archive of Medina-Sidonia, a priceless collection that had been in her family for generations. Comprising of 6 million documents, the archive details the secrets of the kings, dukes, and explorers of medieval Spain.

After Luisa Isabel died, she left her three children just 743,000 euros. However, the bulk of her estate — and control of the archives — went to the woman she'd married on her deathbed. What ensued after was a bitter legal battle that would shatter the family, captivate Spain, and throw the fate of the archives into doubt.

Inside the palace showdown.

Don't trust that Zestimate

There is perhaps no real-estate metric more loved — and loathed — than Zillow's automated home valuation tool. The Zestimate draws casual clickers to the site, whether it's to lurk on previous residences, friends' or colleagues' homes, or the value of your neighbor's property against yours.

The problem is that the Zestimate is often misguided, and Americans' obsession with it can create crushing reality checks when homes actually hit the market.

But that's not a problem for Zillow.

Citi's controversial curve

Earlier this month, Citigroup welcomed 34 managing directors, marking its biggest class in years. Behind the scenes, however, the bank's promotion process can be political and pit employees against each other, four current and former managing directors told BI.

The bank rates its employees on a forced curve, assessing them from best to worst. These rankings influence whether an employee might receive a promotion or lose their bonus.

Managing directors break down how it works.

This week's quote:

"What we're having to speak of already sounds like we're lying — it already sounds like a movie because it's so horrible."

— Adria English worked as a dancer at Sean "Diddy" Combs' famous white parties and filed a lawsuit in July accusing him of sex trafficking. Combs has vehemently denied all accusations of sexual assault and sex trafficking.

More of this week's top reads:

• How Gwyneth Paltrow's Goop lost its glow amid layoffs and pivots.
• Is it too late to buy bitcoin? Why some Wall Street experts say no — and 4 ways to start investing now.
• Amazon is delaying full RTO for some employees because it doesn't have enough workspace, internal notifications show.
• The American dream is shrinking.
• A chip company you probably never heard of is suddenly worth $1 trillion. Here's why, and what it means for Nvidia.
• Meet the 33 women in venture capital who made partner or higher at firms like Andreessen Horowitz and IVP in 2024.
• AppLovin has rocketed to a $100 billion valuation. Some industry insiders are skeptical its run can last.
• America is one big casino now.
• Want to break into VC in 2025? MBAs and consulting backgrounds are out. Technical skills, especially AI, are in.
• Inside India's 'Silicon Valley.'
• AT&T's CTO tells his US team there won't be 'one-for-one seating' upon the return to 5 days in office — read the memo.

• Leaked MrBeast docs reveal 'Beast Games' contestant terms — including a $500K penalty for divulging info.

  ---

  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York.

• A secretary bought three shares of her company's stock for $60 each in 1935.
• Grace Groner reinvested her dividends for 75 years, and her stake ballooned to $7.2 million.
• Her employer, Abbott, shared Groner's story in a recent website post.

A secretary paid $180 in 1935 for three shares of her employer's stock. By the time she died in 2010, her investment had mushroomed to $7.2 million.

Abbott, a pharmaceutical company, gave a shout-out to the former employee in a recent post on its website.

"As we celebrate 101 years of dividend payouts, we're remembering one of the earliest Abbott investing success stories, that of Grace Groner, who worked as a secretary at Abbott for over 40 years," the post reads.

"In 1935, Groner bought three shares of Abbott stock for $60 each. She consistently reinvested her dividend payments and quietly amassed a $7.2 million fortune. Groner passed away in 2010, at the age of 100, and it was only then that her multimillion-dollar estate was discovered."

She gifted her entire fortune to a foundation she'd established in support of her alma mater, Lake Forest College. She earmarked the money to finance internships, international study, and service projects for students.

Groner hung onto her Abbott shares for over 75 years without selling a single one, despite several stock splits, and used her dividends to bolster her stake.

She was likely able to leave her nest egg intact for so long because of her simple lifestyle. She lived in a one-bedroom house, bought her clothes at rummage sales, and didn't own a car, the Chicago Tribune reported in 2010.

Her shares would be worth north of $28 million today, excluding dividends, given that Abbott's stock price has roughly quadrupled since 2010. The drugmaker's market value has risen to around $200 billion, meaning it now rivals Disney, PepsiCo, and Morgan Stanley in size.

• Five people who earn more than $100,000 annually shared how they're spending their money.
• They're trying to balance spending on big purchases with saving for future goals.
• Some have spent money on a new car or travel, while others have invested in a home or startup.

For some, earning a six-figure income can facilitate a big splurge. For others, it's an opportunity to establish additional income streams or financial security.

Abid Salahi earns about $140,000 a year from his software engineering job. The 26-year-old, based in Vancouver, said his biggest purchase over the past year was a new car that cost roughly $37,000. Additionally, Salahi said he upgraded his home workspace.

Despite his earnings, one thing has been out of his reach: owning a home. The houses in his area that check his boxes cost more than $500,000. To afford a down payment, Salahi said he's saving and being more judicious about how much he spends dining out and at the grocery store.

Reaching a six-figure salary can be a challenge for some employees. The average annual salary for US-based full-time workers was about $82,000 as of November, the latest data available, per a New York Fed survey. Some workers who earn more than six figures have used the opportunity to set themselves up for potential future success.

Business Insider asked five people who've made more than $100,000 annually what they've spent their money on in recent years. BI has verified their six-figure earnings.

Balancing spending now and saving for the future

Earning a six-figure income has also created new opportunities for John, who's on track to earn roughly $250,000 this year by balancing a full-time and part-time remote IT role.

The millennial, who's based in California, said one of his biggest expenses over the past year was his sister's medical bills, which were about $30,000, he said.

When he spends money on himself, he focuses on fun and health. He hired a personal trainer, who charges about $130 weekly for a one-hour session. Last year, he spent about $9,000 on a three-week honeymoon in Asia.

While he's trying to take advantage of his money in the present, John said he's also prioritized saving for the future.

"I follow a concept of 'pay yourself first' — where I put money into retirement and savings first, and then the rest is disposable," said John. His identity is known to BI, but he asked to use a pseudonym due to fears of professional repercussions.

Looking forward, John said he's saving money for the children he hopes to have one day, a bigger car, and a home.

Corritta Lewis is also balancing spending now while saving for the future. Last year, Lewis earned roughly $280,000 from her consulting job and a travel blog she runs as a side hustle. The 35-year-old, who's based in Orlando, said she and her wife spend most of their disposable income on travel.

"We've been digital nomads for four years, so most of our money was used to travel the world and have amazing experiences," she said.

Despite her travel expenses, Lewis said she doesn't live a luxurious lifestyle and is focused on long-term saving. She aims to work part-time hours by her 40th birthday.

"Right now, we are prioritizing savings and investments," she said.

Investing in themselves and real estate

Margaret Pattillo took home around $128,000 last year from her digital marketing and PR business. The 27-year-old, who's based in Florida, said she's on track to earn more than $160,000 this year.

Pattillo used her earnings to buy a home earlier this year and has plans to buy a second home as an investment property. She tries to use her money to create additional income streams that will set her up for future financial success.

"I don't place much value in material items and I'm lucky that I get to travel for work frequently," she said. "I'd say my biggest goal is to build up as many cash-flowing assets as I can in the next 10 years."

Christopher Stroup has put his earnings toward a different type of investment: a new business.

Stroup earned roughly $130,000 last year working as a financial advisor. The 33-year-old, who's based in California, said his income has helped him improve his relationships with friends and family by giving him the budget to go out to eat and on trips. He said his goal is to travel to Europe at least once a year.

Over the past year, Stroup said the biggest thing he's spent his money on is the financial planning business he launched in September. He said his startup costs have included marketing expenses and hiring a team. However, he hopes the investment in his business will put him in an even better financial position.

"If it works out well, achieving my financial goals on my desired timeline has a much higher probability of happening," he said, adding that two of his main goals are owning a home and starting a family.

Are you making over $100,000 a year? Are you willing to share your story and the impact this income has had on your life? If so, contact this reporter at [email protected].

• Nicole Chan Loeb is a 38-year-old photographer, videographer, and a mother-of-two.
• She and her husband prioritize experiences over gifts, so they invest for their kids in lieu of toys.
• They want to teach their children financial literacy and set them up for a secure financial future.

This as-told-to essay is based on a conversation with Nicole Chan Loeb, a photographer and videographer from Boston. It's been edited for length and clarity.

My kids are 1.5 and 4 years old, and I've never bought them any physical presents for birthdays and holidays.

For birthdays, I'll make a cake, and instead of buying toys and clothing, I invest money for them to set them up for a more secure financial future. Plastic toys and knickknacks are temporary fun, but they cause clutter and landfill waste.

My mom taught me about stocks when I was growing up

Growing up, my mom used to tell me about the stocks or funds she invested in for me. Every week, we'd take the figures in the newspaper, chart them on graph paper, and stick them on the fridge. We mostly invested in mutual funds. That was fun, and I especially loved the special time my mom and I spent together. I similarly want to teach my kids financial responsibility and literacy.

My husband and I met in college in 2004. We both worked in the finance and accounting industry — I was in management consulting, and he was in internal audits — before deciding it wasn't for us. I quit in 2010, and he quit shortly afterward, and we both became entrepreneurs. I'm a photographer and videographer, and he owns an escape room company.

It was a considerable risk and I was absolutely terrified. But since my parents taught me financial literacy, I've learned how to save to be comfortable no matter what. Plus, the flexibility and fulfillment this lifestyle provides is very worth it.

We gift our kids investments instead of physical gifts

My husband and I don't exchange gifts in general. If we want something, we'll just purchase it for ourselves — after all, our money is pooled — so I find gift-giving challenging. Instead, we share and enjoy dinners, experiences, shows, and vacations. We give each other cards — it's more about the sentiment.

This year, my husband and I maxed out our kids' custodial Roth IRAs and deposited $7,000 each. My kids have been models for children's clothing lines, toy companies, and hospitality campaigns in my work as a commercial and advertising photographer, so the money is considered their earned income.

We decided to start investing for the kids last year because, from conversations with friends, we realized that we all wished topics like taxes, saving for retirement, and smart investing were taught in high school or earlier. We decided not to wait and agreed to start teaching these concepts as soon as our kids could grasp the basics.

Also, both my husband and I were lucky to leave school without a massive amount of debt because of our parents. These investments will allow our kids to graduate from college without an insurmountable amount of debt.

We're focused on Roth IRAs for now, but we plan to open investment accounts for them within the following year. If they don't have earned income in future years, we will set up a custodial brokerage account and invest for them that way. Because we both own our businesses, our salaries and incomes fluctuate, so we look at our finances each year and decide how much to invest.

Our kids are happy with spending time together

My kids are young, so the concept of expecting gifts has yet to solidify. And they don't really need anything. We're lucky to live in a great neighborhood where the parents pass on toys when their kids have outgrown them. I rarely purchase large toys or gifts, but I don't hold back from ad hoc purchases of crayons, markers, kids' card games, and board games.

Our children are happiest when we spend time together, doing things like lunch dates, playing board games, and baking. Happiness comes from experiences and relationships, and fewer material things promote creativity.

They spend a lot of time outside making up their own games, and we often play with things like sticks, stones, water, acorns, and pinecones. We want contented, balanced kids who aren't overwhelmed with things and toys and chasing the next new shiny object.

My husband and I find a lot of interest and joy in investments, and we hope our kids will as well. My four-year-old is very bright, and in the next year or so, he'll understand that you can put money in specific vehicles to grow, learning the concept of delayed gratification.

I'm hopeful that our kids will start making their own side income in high school and start to learn to invest for themselves as teenagers, just as I did while growing up.

If you have a unique way of teaching your children financial literacy and would like to share your story, email Jane Zhang at [email protected].

• Many older Americans regret some career choices that affected retirement plans and job prospects.
• Regrets include not prioritizing education, frequent job changes, and involvement in office drama.
• This is part of an ongoing series about older Americans' regrets.

For millions of Americans, retiring at 65 is just a dream.

Since September, BI has heard from older Americans about their career regrets in two surveys it conducted.

Over 3,000 people between the ages of 48 and 96 completed a voluntary BI survey or emailed reporters about their life regrets. In a separate survey, over 300 recently laid-off Americans over 50 shared their career regrets. We followed up with 13 interviews to learn more. This is part of an ongoing series.

Some common themes people discussed included not prioritizing education, switching jobs too frequently, and struggling to navigate office politics. Many also cited age discrimination — data from AARP found that 64% of those over 50 have either seen or experienced age discrimination in the workplace. Nearly all said they were passed over for some roles in favor of younger applicants with lower pay expectations, particularly in white-collar roles where hiring has slowed.

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

Bureau of Labor Statistics data found that 18.9% of Americans 65 and older — about 11.4 million people — still work, many for financial or social reasons. Some returned to work after retiring, citing financial concerns.

Not prioritizing or getting the wrong kind of education

Lou Nelson, 63, was an executive assistant in the medical devices industry for 25 years but faced two layoffs since 2021. She hasn't had luck securing work since January.

For most of her career, she had few regrets about not having a bachelor's degree because she worked for top healthtech companies and said she was well respected. However, after sending out over 50 applications, she suspects not having a degree has impeded her search.

"Nobody wants to hire someone that's 63 years old, and I don't know if it's because of pay or experience," said Nelson, who lives in Texas.

A college degree is still a big boon to finding and holding a job. The Bureau of Labor Statistics' latest jobs report showed that Americans with a bachelor's degree or higher had an unemployment rate of 2.4% in November 2024, while those with only a high-school diploma had an unemployment rate nearly twice as high, at 4.6%.

Grover McBeath, 79, said not having either limited his career options. He struggled through school and dropped out in eighth grade.

He joined the Air Force and worked in electronics for most of his career, but he lacked job satisfaction. Though he traveled the world for work and his salary peaked at $38,000 a year, he said he had an "unstable, nomadic lifestyle." McBeath took Social Security at 62 and relies on the $1,108 a month he receives. He lives in affordable housing in Nevada and receives SNAP benefits to help pay for food.

"I was in a career field that I didn't have an aptitude for, and many times, I just felt so lost in what I was doing, which is why I bounced around a lot," McBeath said, adding he wished he prioritized education.

Still, many believe a college degree isn't worth the financial burden. A Pew Research Center survey of US adults conducted at the end of 2023 found that just 22% of respondents believed a four-year college degree would be worth it if they had to take out loans.

Some older Americans BI spoke with agreed that their degrees haven't helped further their careers. Lynda Namey, 54, was a healthcare business manager for two decades, making $62,000 a year at her peak. However, after a divorce that put her in debt, she said she panicked and returned to school for her master's and doctorate degrees in counseling from Liberty University. She had no strong desire to pursue the degrees but did it because she expected them to help her land higher-paying roles.

That hasn't panned out. The Alabama resident removed her doctorate from her résumé to not appear overqualified. While searching for a full-time job, she's held part-time consulting, life coaching, and independent contractor roles. She also teaches meditation.

"I'm a middle-aged woman who has to completely support myself. I pay for my own insurance, and I've got to think about my future," Namey said. "I can't afford to take a job that pays $17 or $18 an hour. But those are the only jobs I get interviewed for."

Switching jobs frequently instead of building a cohesive career

Though a few job seekers regretted not looking enough for new roles, dozens said they regretted bouncing between jobs and career paths and not being more intentional about growing their networks.

After working in various industries, Dawn Habbena, 63, fell in love with human resources. But after her company was sold, she took a job in compliance for a wealth management company, which wasn't as satisfying as HR.

When Habbena faced a layoff during the pandemic, she struggled to get back into HR. Six months later, she got an HR job for a manufacturing plant, but she took another HR role after moving to help her aging mother. She described that role as "absolutely horrible," and she's since struggled to find another position — even as a grocery checker — after sending out over 1,000 applications.

Habbena wished she'd stayed focused on HR to accrue more experience and kept building her computer skills. She lives in a one-bedroom apartment with her 86-year-old mother and drives for DoorDash to stay afloat.

"I wish I had more confidence in what I did because I was easily knocked off," said Habbena, who lives in Texas.

Many older Americans, like Chuck Smith, 60, couldn't control how long they stayed in roles because of layoffs but wished they had settled somewhere more stable. Smith, from Massachusetts, worked in tech marketing for most of his career, making as much as six figures.

Smith was laid off in June 2023 and said he's since applied to over 2,700 roles and landed about 100 interviews. Though he and his wife are financially comfortable, Smith said he's worried about how quickly he's spending down his savings without a stable income.

Though hiring has remained steady for lower-income workers, the job market for six-figure earners has slumped. New LinkedIn data found hiring has fallen 27% in IT and 23% in product management and marketing since 2018. Middle managers have also faced hiring challenges — hiring levels fell 42% between April 2022 and October 2024, data from Revelio Labs found.

To be sure, recent data reveals that switching jobs often yields financial gains. A September Vanguard report found that the median job switcher received a 10% increase in pay. Still, it also showed a 0.7 percentage-point decline in people's retirement savings rate when switching jobs because 401(k) plan benefits can vary and people often make mistakes when rolling over retirement accounts.

AARP found that older workers who voluntarily change roles or industries in their 40s and 50s tend to retire later and have better work outcomes than their peers who stay in one role.

"They have better wage growth. They've experienced a higher success rate of staying in the workplace over those who might have been forced to change jobs later in their career," said Carly Roszkowski, the vice president of financial resilience programming at AARP.

Taking a risk on a business, contract roles, or an 'office bully'

Some respondents took risks that hurt them financially.

Michael R., 70, opened toy stores in New York throughout the 2000s, thinking they would grow enough that he could retire comfortably. However, when his businesses crashed amid the 2008 recession, he lost over $650,000 and declared bankruptcy.

"If I didn't do the business, I would have bought a house," Michael said, adding that in that scenario, he could've helped his whole family by selling his mom's house and gifting his siblings the money.

However, he had to move in with his mother, and after she died, he rented a studio apartment. He said he works nearly every day of the week at his friend's toy store and earns about $8,000 a month between his paycheck and his Social Security benefits.

"I'm still struggling just to pay my rent, my groceries, and my car. We don't get a raise. We don't get a bonus," Michael said. "I'm grateful I'm employed, but I can't go out looking for another job. Nobody's going to hire somebody who's 70 years old."

Some regretted taking risks working in contract roles instead of prioritizing full-time work. Mauricia Day, 74, never finished her degree and said she's held over 40 jobs — many contracted — in radio, tailoring, and office administration, making $30,000 a year at most. After a layoff in 2020, she hasn't found secure work. She works at a nonprofit in a part-time contract role that ends in December.

Day said because she knew little about saving and investing, she lived paycheck to paycheck. She wished she'd focused on securing full-time employment in one field instead of relying on unstable income. She receives $1,136 in Social Security and $317 from her pension each month, which is slightly more than her house payment.

"I wish I had focused more on a career; it would have probably helped better with retirement and investing," Day said, adding she stayed home for nearly 18 years raising her children. "I have a lot of friends who have been retired for 10 years, 15 years. I'm unsure why I'm still looking, but I know I'm still looking."

A few wished they took fewer risks navigating workplace dynamics. Robbi Sera, 59, said she had a stable career as a biotech project manager and made good financial decisions, such as maxing out her 401(k). However, she said she took a few risks at work that backfired.

Sera said she gave constructive feedback to a "company bully," which she said contributed to her layoff in February. She wished she'd stayed quiet until she locked down a different job, as she said the hiring landscape is "dismal."

Sera, who splits her time between California and Hawaii, said even though she's financially stable, she and her husband have cut back on spending significantly, rarely eating out or traveling. She earns $20 an hour as a contracted customer service agent for the aviation industry while searching for higher-paying roles.

"You just keep swimming and hope that something gets better," Sera said.

Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form or email [email protected].

There is a new venture fund in town. Swizzle Ventures, founded by Jessica Kamada, former COO of the marketing agency Bamboo, has raised just over $5 million for its Fund I, according to an SEC filing. There was no target raise amount.  The firm, which quietly opened in 2023, is an early-stage firm looking to […]

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• Michael Allen stopped buying pricey Christmas presents for his friends and family in college.
• His financial priorities changed after leaving the Marine Corps and working toward his degree.
• Allen values time with loved ones over material gifts and emphasizes memories over money.

This as-told-to essay is based on a conversation with Michael Allen, a 54-year-old author from Titusville, Florida. It has been edited for length and clarity.

In 1995, I realized I couldn't give expensive gifts anymore. I was used to buying gifts to impress my loved ones, and I received nice gifts as well. At a younger age, I would get things like an Atari with games, boxing gloves, or a football. Gift cards, nice clothes, and even a watch were more common presents as I grew older.

As a college student and a recently retired Marine, my priorities were school and food. My next goal after serving in the Marine Corps was to get a degree. Not wanting to participate in the "who bought the most expensive present" game made sense.

I was getting by on side jobs

I tutored other college students and worked as a bouncer. Although I was only making enough money to cover my necessities, I was looking forward to achieving my goals of becoming an English teacher and a writer.

Buying extravagant things at the expense of putting myself in huge debt didn't seem attractive. I knew my financial situation had changed throughout my life, and I had to spend and save accordingly.

Reflecting on the hard work I put in made me extremely proud rather than ashamed of my financial background.

I decided to have a conversation with my friends and family

One day before Christmas, I asked my friends and family to lower their expectations regarding future gifts. I told them about my financial situation, what I could spend on, and what I was trying to accomplish.

Spending exorbitant amounts on Christmas was out of the question. Being open and honest about my struggles and primary issues worked out in my favor. I wasn't nervous to have this conversation.

Most of them understood, and I was truly relieved once I confessed. It immediately broke the needless superficial confinement I had put myself in to conform to the norms.

I also prepared myself to receive less of what I had previously

While some family members would still buy me costly gifts, some limited their splurging on me after this conversation. I was satisfied with getting whatever they would get me, even if it was nothing sometimes. Some even joined me in setting this boundary for themselves.

I started enjoying Christmas even more without having to impress people with my gift-giving superpowers. I became accustomed to speaking my mind and being truthful at all times. When you embrace life in that manner, many burdens are lifted.

Even as I make more money, gifts still don't seem important to me

My financial situation has improved, but I now sometimes only hand out one present per person. I make sure it's something meaningful and not just anything.

I once made my mother a loving video, and she still plays it often. On another occasion, I built a website for my daughter and made her a book. Personalization goes a long way.

Focusing on getting together with your loved ones and spending purposeful time with them are the only significant things of concern to me. Gifts are a component of Christmas, not the foundation.

Memories matter, not money. Food, drinks, old movies, and a good time is all I care about getting from anyone.

• The richest of the rich can use life insurance to avoid estate and income taxes.
• Private-placement life insurance is perfectly legal — unless a new bill passes.
• A financial advisor tells Insider how the insurance saves the wealthy tens of millions of dollars.

Life insurance is probably the least sexy area of financial planning. But for the richest of the rich, policies can slash tens of millions of dollars off their tax bills.

Private-placement life insurance is a little-known tax-avoidance tactic. When structured correctly, PPLI policies can be used to pass on assets from stocks to yachts to heirs without incurring an estate tax.

"In the US, people sell life insurance as a middle-class way of structuring assets," Michael Malloy, a wealth advisor who has specialized in PPLI for 20 years, told Business Insider in 2022. "But PPLI is a completely different animal."

The PPLI industry enables a few thousand ultra-rich American taxpayers to shelter at least $40 billion, according to an investigation by the Senate Finance Committee. The report estimated that the average PPLI policyholder is worth well over $100 million.

PPLI is legal—for now. On December 16, Oregon Sen. Ron Wyden released a draft bill to close the loophole. Under the Protecting Proper Life Insurance from Abuse Act, PPLI policies would be treated as investment funds, not life insurance or annuity policies, which would eliminate the tax benefits.

"Life insurance is an essential source of financial security for tens of millions of middle-class families in America, so we cannot have a bunch of ultra-rich tax dodgers abusing its special tax treatment to set up tax-free hedge funds and shelter oodles of cash," Wyden said in a written statement.

While tax savings are the primary draw of PPLI for US clients, those in the Middle East or Latin America are often looking to use trusts to conceal information about specific assets from corrupt governments, Malloy said.

"Clients don't want an organized crime ring bribing an underpaid tax official to get information on their family," he said.

US taxpayers are required to report to the IRS only the cash value of a foreign life-insurance policy, not the assets within the trust.

These offshore life insurers in jurisdictions such as the Cayman Islands and Bermuda typically require at least $5 million as the upfront premium. Malloy advises that clients have at least $10 million in assets to make PPLI worthwhile. His clients usually hold at least $50 million in assets.

Here is how PPLI works

In short, an attorney sets up a trust for a wealthy client. The trust owns the life-insurance policy that's created offshore.

The PPLI policy premiums are funded with assets. The assets must be diversified — typically with at least five different asset classes — and can include stocks and business interests, as well as tangible assets like yachts and real estate.

Depending on the client's age, nationality, and other factors, the death benefit can, in theory, max out at $100 million, Malloy said.

If structured correctly, the benefit and the assets in the policy are passed to the children without incurring an estate tax. A 40% federal estate tax applies to estate values topping $13.61 million for individuals and $27.22 million for married couples.

Unlike with policies from US insurers, clients can cancel their policies without paying a massive surrender fee. The assets also grow within the trust tax-free. The cash value of the PPLI policy assets is held in a separate account, and this cash can be disbursed to the policy holder or invested. Investing in hedge funds is a popular use of PPLI assets.

But there's a catch. Policyholders have limited control over investment decisions. They cannot give directives to the asset manager to buy a certain number of shares in Apple, for instance.

It also requires a small army of professionals, including trust and estate attorneys, asset managers, custodians, and tax advisors. Since PPLI is relevant only to the ultrawealthy, few in wealth management or law are familiar with it.

"There's no questions on the CPA exam or the bar exam about PPLI, and asset managers are kind of skeptical," he said. "They think you're going to take assets away. Actually, the assets become stickier and get more alpha because the client pays less tax."

How the proposed bill would endanger PPLI

Under Wyden's proposed legislation, most PPLI policies would be classified as "private placement contracts" (PPCs) rather than life insurance policies. As such, any accumulated earnings and death benefits would be taxed.

The bill would apply to future and existing PPLI policies, giving policyholders 180 days to liquify the assets or transfer them. Insurers who dare to issue or reinsure the policies will no longer have the benefit of secrecy. To better enable the IRS to enforce the bill, insurers will have to report all PPCs or face a $1 million fine for each 30-day period that they fail to do so.

The bill faces steep odds of passing with Donald Trump's reelection and a Republican House and Senate. The insurance industry is counting on it.

"This legislation is an attack on all forms of permanent life insurance and, by extension, an attack on holistic financial planning," said Marc Cadin, CEO of trade group Finseca, in a statement. "We look forward to working with the new Congress and the Trump administration to advance policies to move our country forward rather than raising taxes on life insurance."

Almost a year ago, I was prompted to look for another budgeting app. Intuit, parent company of Mint, the budgeting app I had been using for a long time, shut down the service in March 2024. The company encouraged Mint users to migrate to its other financial app, Credit Karma, but I found it to be a poor Mint replacement after trying it out. That sent me searching elsewhere to find an app to track all of my financial accounts, monitor my credit score, track spending and set goals like building a rainy-day fund and paying down my mortgage faster.

If you’re looking for a new budgeting app to get your finances straight, allow Engadget to help. I tried out Mint's top competitors in the hopes that I'd be able to find a new budgeting app that could handle all of my financial needs, and to see which are actually worth the money.

How we tested budgeting apps

Before I dove in and started testing out budgeting apps, I had to do some research. To find a list of apps to try out, I consulted trusty ol’ Google (and even trustier Reddit); read reviews of popular apps on the App Store; and also asked friends and colleagues what budget tracking apps (or other budgeting methods) they might be using for money management. Some of the apps I found were free and these, of course, show loads of ads (excuse me, “offers”) to stay in business. But most of the available apps require paid subscriptions, with prices typically topping out around $100 a year, or $15 a month. (Spoiler: My top pick is cheaper than that.)

All of the services I chose to test needed to do several things: import all of your account data into one place; offer budgeting tools; and track your spending, net worth and credit score. Except where noted, all of these apps are available for iOS, Android and on the web.

Once I had my shortlist of six apps, I got to work setting them up. For the sake of thoroughly testing these apps, I made a point of adding every account to every budgeting app, no matter how small or immaterial the balance. What ensued was a veritable Groundhog Day of two-factor authentication. Just hours of entering passwords and one-time passcodes, for the same banks half a dozen times over. Hopefully, you only have to do this once.

Best budgeting apps of 2025

Budgeting app FAQs

What is Plaid and how does it work?

Each of the apps I tested uses the same underlying network, called Plaid, to pull in financial data, so it’s worth explaining what it is and how it works. Plaid was founded as a fintech startup in 2013 and is today the industry standard in connecting banks with third-party apps. Plaid works with over 12,000 financial institutions across the US, Canada and Europe. Additionally, more than 8,000 third-party apps and services rely on Plaid, the company claims.

To be clear, you don’t need a dedicated Plaid app to use it; the technology is baked into a wide array of apps, including all of the budgeting apps listed in this guide. Once you find the “add an account” option in whichever one you’re using, you’ll see a menu of commonly used banks. There’s also a search field you can use to look yours up directly. Once you find yours, you’ll be prompted to enter your login credentials. If you have two-factor authentication set up, you’ll need to enter a one-time passcode as well.

As the middleman, Plaid is a passthrough for information that may include your account balances, transaction history, account type and routing or account number. Plaid uses encryption, and says it has a policy of not selling or renting customer data to other companies. However, I would not be doing my job if I didn’t note that in 2022 Plaid was forced to pay $58 million to consumers in a class action suit for collecting “more financial data than was needed.” As part of the settlement, Plaid was compelled to change some of its business practices.

In a statement provided to Engadget, a Plaid spokesperson said the company continues to deny the allegations underpinning the lawsuit and that “the crux of the non-financial terms in the settlement are focused on us accelerating workstreams already underway related to giving people more transparency into Plaid’s role in connecting their accounts, and ensuring that our workstreams around data minimization remain on track.”

Why did Mint shut down?

When parent company Intuit announced in December 2023 that it would shut down Mint, it did not provide a reason why it made the decision to do so. It did say that Mint's millions of users would be funneled over to its other finance app, Credit Karma. "Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features," Mint wrote on its product blog. In our testing, we found that Credit Karma isn't an exact replacement for Mint — so if you're still looking for a Mint alternative, you have some decent options.

What about Rocket Money?

Rocket Money is another free financial app that tracks spending and supports things like balance alerts and account linking. If you pay for the premium tier, the service can also help you cancel unwanted subscriptions. We did not test it for this guide, but we'll consider it in future updates.

• Blackstone's outlandish holiday videos have become must-see TV for Wall Street and beyond.
• Love them or hate them, they are smart marketing, and other companies are taking notice.
• Business Insider went behind the scenes to see how they're made and who's in charge.

On a Thursday in December, a small crowd stood outside the office of Blackstone's heir apparent, Jon Gray. A woman was holding a martini glass and asked the nearby film crew how she should toss its contents at her colleague.

Laurie Carlson, Gray's executive assistant, wanted to know how high she should throw the liquid and worried aloud about the office equipment, including a printer.

A member of the crew told Carlson to aim for the face — for comedic effect. A minute later, Joe Lohrer, the head of US retail sales for Blackstone Private Wealth Solutions, was dripping wet, and the head of Blackstone's video team, Jay Gillespie, called for another take.

"This is the first stunt we've ever done in a holiday video," Gillespie, who's spent his career in the film industry as a director, producer, editor, and cinematographer, told a reporter on set.

Since 2018, Blackstone has been releasing increasingly zany videos in time for the holiday season. Think of them as the house with the over-the-top Christmas lights: Some people love it, some hate it, but everyone is talking about it. It's become must-see-TV for Wall Street, and this year's video was among the zaniest. It included a series of mock reality-TV shows and ended with a country-western song-and-dance routine about leveraged loans and data centers.

Blackstone's viral holiday video is the work of Gillespie's team, which has been quietly helping to transform the public face of the private-equity giant since he joined the firm full time in 2019. The video operation now includes about 20 full-time staffers and produces an enormous amount of content, including 2,200 videos this year alone. It is the brainchild of Christine Anderson, Blackstone's global head of corporate affairs, who also oversees the team as the head of marketing.

While the holiday video is the most outlandish, much of what Gillespie and his team produce for Blackstone differs from other financial firms. Rather than focusing on how smart its employees are, the videos seek to humanize them, including by dressing them up in funny outfits and letting them sing and dance. Watching its videos, one can learn that Joe Zidle, the chief investment strategist for the private wealth group, is a Deadhead, and Kathleen McCarthy, the cohead of real estate, rocked out to indie band The Beths at the Coachella music festival in April.

It's arguably smart marketing in an era when being powerful and secretive can backfire, leading to questions and even conspiracy theories, especially for a firm as large as Blackstone, which manages over $1 trillion, making it the largest alternative asset manager in the world. On the "Today" show recently, Dan Roth, LinkedIn's editor in chief, said companies around the world are taking notice — even if some of the videos can attract haters on social media.

"They are watching to see what he's doing, and they're copying it," Roth said of a recent Blackstone video in which Gray discusses the company's earnings as colorful emojis (a handshake, a bicep, a gold medal) pop up on the screen. "We are seeing companies in Australia, companies in Europe, doing exactly the same thing," Roth said. "It's wild."

Origin story

Blackstone's holiday video tradition started in 2018 as a replacement for the New York holiday party, which was canceled because the investment firm, with more than 2,500 employees at the time, had grown too large.

Gray, together with Anderson, decided to mark the holidays instead with a video that parodied their workplace in the style of NBC's sitcom "The Office." Gray, who had just been tapped as president and COO, would play the role of the loveable but incompetent boss Michael Scott, played in the show by Steve Carell.

The video was initially intended for clients and employees, not the general public. Even as the videos have gained a wider audience, however, the company has continued in the tradition of using them to poke fun at the firm's inner-office dynamics.

One of the biggest jokes over the years was the firm's casting of Gray as the guy who drives his colleagues crazy with his special meetings and big ideas, several people who work with him said. Even the way he yells from his office for Carlson, his assistant, to jump on his latest pet project has a ring of truth to it, colleagues told BI.

"People tell me that I have an excess of enthusiasm, and many people I work with roll their eyes at it," Gray acknowledged to BI.

Other inside jokes included CEO and cofounder Steve Schwarzman's relentless hawking of his book, "What It Takes," and the head of tactical operations David Blitzer's obsession with teams he owns, including the NHL's New Jersey Devils. In 2019, the video featured Bennett Goodman, the cofounder of GSO, wearing a Hawaiian shirt in the office while sipping on a tropical cocktail — counting down the days till his retirement.

Over the years, the audience for the video has grown. In 2023, it attracted 8 million views across platforms, up from just 60,000 views in 2018, a spokesman told BI. The production has also grown more ambitious, with 200 of the firm's 4,900 employees starring in it this year compared with 20 the first year.

The video, which takes months to produce, is also popular inside Blackstone — so much so that it has raised Gillespie's profile within the halls of 345 Park Avenue. Indeed, one sign of his newfound status was his appearance in this year's video — as a reality TV show producer.

"People come up to me throughout the year, and they're like, 'My daughter is helping me rehearse so I might get a line next year,'" Gillespie told Business Insider. "People are really into lobbying to be in it."

Blackstone TV

Gillespie, 38, has been working on and off with Blackstone since 2012 but was only hired full-time after working on the 2018 holiday video. After graduating from Bard, a small liberal arts college overlooking the Hudson River, in 2008, he went straight to work in reality television, documentaries, and some corporate work. At Blackstone, he oversees both full-time production employees and outside contractors.

His team films, edits, and produces from Blackstone's headquarters at 345 Park Avenue. The company releases the content on its website and via email lists, as well as social media sites like LinkedIn, YouTube, Instagram, and X.

Some of what they produce is traditional: an executive sitting in an office opining on the state of the economy or a growing business opportunity. Gillespie appears to have a lot of freedom, however, to get creative.

More recently, he has taken to interviewing the firm's executives using his iPhone in a series of walk-and-talk interviews the firm has dubbed "Between Two Meetings." In one recent episode, Gillespie catches the firm's head of private equity, Joe Baratta, in the hallway and asks about the company's portfolio of owned and operated companies.

As Baratta starts to answer, a black bar with the word "REDACTED" appears over his mouth, and a closed caption appears on the bottom: "NOT APPROVED BY BLACKSTONE LEGAL AND COMPLIANCE." The audio of Baratta speaking is replaced with some loungey bossa nova as he walks through the halls to the elevator.

The audience (hopefully) walks away from that video chuckling at corporate America, but also with a sense of what it is like to work at Blackstone. Before the censors cut him off, Baratta was explaining that he was coming out of the firm's "weekly private-equity Monday morning meeting," which includes the entire team from around the globe. Schwarzman had been at the meeting, Baratta says, telling them about his recent trip to Asia.

In another series, Gillespie's video team interviews a series of managing directors. It's shot with upbeat music and spiffy editing like something you might see on the Food Network's "Diners, Drive-Ins, and Dives." The series seems geared toward highlighting Blackstone as a place to work, with questions like," What qualities do you look for in junior employees?," and "How do you overcome a career setback?"

Gray acknowledged that the videos can help with recruiting.

"I was interviewing someone yesterday who said they wanted to work here because of the holiday video," Gray told BI while filming a scene for the holiday video. "'You guys know how to make fun of yourself.'"

Showing that you can laugh at yourself is an important "humanizing" touch, Gray said, adding, "It shows you're a human-scale place."

"Jon Gray's baby"

Blackstone declined to comment on the cost of its holiday video or its internal video team, but Anderson said the company is saving money with its approach instead of relying on outside contractors.

"We started realizing that by having an in-house team, you could produce this stuff so much more efficiently and cheaply, and then you could just use this stuff for more moments," she said.

A BI reporter watched the filming of a few scenes adding up to 45 seconds in the final video. It took more than an hour to film these scenes, with a coterie of video and marketing professionals on set.

A video professional who has worked with both Blackstone and other financial institutions confirmed much of what Blackstone's executives said about their video-production process.

This person, who asked to remain anonymous to protect career opportunities, said Blackstone differs from other financial firms in its decision to forgo a costly production studio in favor of a team that shoots from wherever they can within the office. The end product takes viewers inside the firm's hallways and executives' offices, giving the videos a documentary feel.

The video professional said too many financial firms are "trying to make one room with four walls look interesting." They also said few financial firms have realized the benefits of investing in full-time video teams.

This person referred to Blackstone's holiday video as "Jon Gray's baby" and said Gray appears to have a great working relationship with Gillespie.

"They met and had a meeting of minds and just got each other," said this person, adding, "They brainstorm very well."

Gillespie credited Gray and Anderson with having the vision to invest in video.

"It feels like if you're not fluent in video these days, you're missing something," he said. "I think Jon and Christine caught that really early."

Gray is usually the first person to come up with the idea for the holiday video, Gillespie said. Sometime in the early summer, Gray will reach out to Gillespie and Anderson with some themes. Then, Gillespie, Gray, and Anderson work together on the script before shooting starts later in the fall.

It's a far cry from the firm's first holiday party in 1985, which included just nine people, Schwarzman told BI. When asked about the new approach, the firm's billionaire founder took a philosophical view.

"This is like your home and this is where you spend more time than you do at your home," he said earlier this month while decked out in a 10-gallon hat between video shoots. "So you have to have a range of experiences from intense work stuff to more casual stuff to the theater of the absurd. So here we are, the theater."

• Many of the 3,300 older Americans BI heard from recently regret not preparing enough for retirement.
• Financial planners described how younger people could set themselves up now to retire comfortably.
• This is part of an ongoing series about older Americans' retirement regrets.

For many Americans, their golden years can be a time of reflection — and regret.

Since mid-September, more than 3,300 older Americans have shared their retirement regrets with Business Insider through a reader survey or direct emails to reporters. Many said they wished they'd saved more, waited longer to retire, relied less on Social Security, or been more prepared for unexpected financial setbacks, such as a layoff, a medical diagnosis, or a divorce.

"I didn't really think about retirement in concrete terms," one 65-year-old wrote in response to a survey question about how people wished they planned for retirement differently. "I always felt I had time. Now I'm older, wholly unprepared, and without savings or a 401(k)."

We want to hear from you. Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

BI talked to financial planners, wealth managers, and a personal-finance writer about what younger generations could do to avoid similar financial mistakes. This story is part of an ongoing series.

Start saving and investing as early as possible, even with a small amount of money

The amount of money Americans need to save for retirement can vary based on lifestyle and the local cost of living. In a survey conducted by Northwestern Mutual in January, the average respondent said they thought they'd need about $1.5 million to retire comfortably. Wealth managers and financial planners encourage young people with this goal — or any others — to understand their options, start early, and take advantage of employer-match programs.

Brad Bartick, a wealth planner at Baird, said Americans should begin saving for retirement while they're in college or in their early 20s. "Sobering though it may be," Bartick said, "success may require you to work a second job" or "earn a higher level of training or education."

He suggests people create a "ruthlessly honest budget" so they can identify places to cut spending and ways to pay down high-interest debt or build up an emergency fund. If money is tight, start by putting $25 to $50 per paycheck aside for retirement.

"That may not seem like much, but it is the behavior of saving — the habit, if you will — that is most important later in life," Bartick said. "Additionally, time will reward your having started early."

Bartick suggested that people whose workplaces offer retirement plans contribute at least the maximum dollar amount their employer will match and raise their savings rate as their salary increases.

A fact sheet published by AARP in December cited an estimate based on Census, IRS, and Federal Reserve data that about 56 million Americans in 2022 lacked access to retirement-savings plans at work. The vast majority of those people earned less than $50,000, meaning they may not have much surplus cash to save for retirement.

Judith Ward, thought leadership director and a certified financial planner at T. Rowe Price, said that not every employer clearly communicates which resources it offers, so workers may have to research what's available. She suggests people aim to save 15% of their salary annually.

A 72-year-old who responded to the survey implored people to "always, always, always take advantage of a 401(k) program with your employer and max it out," adding: "My mortgage was too big initially, so I didn't participate in the program for a few years. Big mistake."

Those lacking a retirement-savings plan at work can use individual retirement accounts, which most banks offer. Traditional IRAs offer tax breaks up front. Roth IRAs offer tax-free qualified withdrawals later in life. Bartick said higher earners should consider a Roth 401(k), as they're likely to be in a higher tax bracket later in life and can therefore save more money.

Bartick described investing as "the great equalizer" for young people looking to build a retirement portfolio, adding that most people can open a brokerage account and invest with few barriers. While investing can be lucrative, it involves risk and isn't a surefire way to build wealth.

Rob Williams, a managing director of financial planning at Charles Schwab, said the biggest regret he hears is that people waited too long to invest, missing out on years of compounding interest.

Retirees who didn't save or invest enough often rely on Social Security in their later years. Several older adults told BI they regretted collecting Social Security at 62 instead of 67, when their full retirement benefits would have kicked in.

A 77-year-old survey respondent who wrote that they "took Social Security too early" said they regretted cashing in on their benefit before reaching full retirement age. They added that working a lower-paying teaching job hurt their Social Security income and retirement savings later in life.

Prepare in case of a divorce or a spouse's death

Dozens of survey respondents said they regretted how they handled finances with their spouse. Some said they weren't on the same page about retirement goals, while others said the death of a partner disrupted their carefully laid plans.

Ward suggested married couples consider retirement as a household and analyze finances together, even if spouses keep their accounts separate.

"One of the biggest retirement mistakes I see is when a spouse assumes they share the same retirement vision," Ward said.

Many older adults told BI that a divorce hurt their finances. One 67-year-old survey respondent who got a divorce said they regretted "not having a 401(k) and thinking I would be OK because my husband worked hard all his life."

A study published in the Journal of Gerontology in 2022 found that from 1990 to 2010, the divorce rate for adults 65 and older nearly tripled. A BI analysis of 2023 individual-level Census Bureau data found that divorced retirees had lower average 401(k) balances, less savings, and a lower monthly retirement income than married people.

Elizabeth Ayoola, a personal-finance writer at NerdWallet, said people could protect some of their money and retirement savings with prenuptial agreements. However, prenups typically apply only to money and assets acquired before a couple ties the knot, so they provide less protection if the couple divorces later in life. She said that including major assets or money in a trust could be an effective way to secure wealth in a divorce, and she advised couples to have transparent conversations about finances at all stages of their relationship.

A spouse's death can also have detrimental financial ramifications. Older Americans told BI they struggled to get by without their spouses' paychecks or Social Security income. Others said a lack of a will threw them into a complex legal battle and probate process for their spouses' assets.

Ayoola advised couples to write a will and consider a life-insurance policy.

Build a nest egg to lessen the sting of sudden bills or loss of income

Some older Americans told BI that unexpected expenses or events, like medical diagnoses or layoffs, depleted their retirement savings.

One 78-year-old survey respondent wrote that her husband had heart problems and was recently laid off. She described wanting to reduce their housing costs but being unable to. "We are trapped in a large home living on Social Security and draining savings until it's gone," she wrote.

Dozens of older Americans said a layoff affected their retirement planning. Carly Roszkowski, a vice president of financial-resilience programming at AARP, advised older workers to continue updating their résumés and keep their skills sharp in case they're laid off.

Younger people may want to diversify their skills and prepare to pivot careers. They may also want to build an emergency fund to support themselves or loved ones if they lose their jobs.

"Build relationships with colleagues, mentors, and industry professionals. Networking can open doors to new opportunities and provide valuable support and guidance," Roszkowski said. "Reverse mentorship programs can be effective in organizations to help bridge generational gaps and build understanding and collaboration between different age groups."

Several older Americans said they stopped working or used up much of their savings because of a medical diagnosis. Healthcare researchers advise investing in routine checkups, factoring medical emergencies into nest eggs, and researching government-assistance options.

When a 69-year-old survey respondent and her husband began to struggle with health issues in their 50s and 60s, she said it took a toll on their savings: "Because of our health, I had to cash in my 401(k) for medical expenses at a very early age."

Financial planners told BI that people should analyze the value of their last-resort funding sources, like homes or life-insurance policies, so they know the total of their assets in a costly emergency. Ward said a healthy emergency fund for young people should include enough to cover three to six months' worth of expenses. As people age, they should allocate more: Retirees should have one to two years' worth of income, Ward said.

Sudden healthcare costs can drain emergency funds. Williams advised that people — whether they're young or heading into retirement — research their insurance options so they can reduce out-of-pocket costs.

Doug Ornstein, a director of wealth management at TIAA, argued that people paying high out-of-pocket healthcare costs in retirement "probably would have to live really bare-bones instead of being able to leave their kids some money or be able to do some trips and travel."

Benefits counselors can also help people determine the government aid they qualify for — the money may help them conserve savings and cover bills. The National Council on Aging estimates that up to 9 million older Americans are eligible for government assistance but not enrolled.

Ayoola said that benefits like SNAP or Medicaid could help lower-income people save money over time. "I would tell them to look around for as many government resources as possible to supplement their income," Ayoola said.

Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

• 2025 is expected to be a robust year for mergers and acquisitions, and IPOs.
• Consequently, some investment banks are bulking up on hiring, industry recruiters say.
• Here's a look at which firms are staffing up and what sectors are seeing the most action.

When John Weinberg, the chairman and CEO of the elite boutique investment bank Evercore, sat down for a fireside chat in December at an annual Goldman Sachs conference, he revealed that his firm has been ramping up hiring.

"Most of the time, you don't really do much recruiting in November or December," he told listeners — but this year has been different. "If you could see my schedule, you'd see that virtually every day I am speaking with and recruiting" new talent, he said. "You could probably anticipate that our recruiting efforts will increase, not decrease."

Weinberg isn't the only Wall Street dealmaker for whom recruiting is top of mind. According to industry headhunters, hiring across the Street is expected to gain steam as 2025 gets underway. One headhunter said he's been so flooded with mandates as the end of the year approaches that his pipeline of work is up by as much as 70% over normal levels at this point in the year.

"We're probably up 60% to 70%," Kevin Mahoney, managing partner in the global financial-services practice at Christoph Zeiss Partners, told Business Insider. Next year is going to be "bonkers" in terms of hiring volumes, he said, adding: "We haven't been this busy in a long time."

After several years of lackluster deal activity, Wall Street is finally starting to see signs of a thaw in mergers and public offerings. A cocktail of lower interest rates, pent-up demand, and expectations for a friendlier landscape under Trump has left many dealmakers across the Street feeling bullish about the 2025 prospects for 2025. Robert Stowe, head of Americas equity capital markets at Barclays, told BI that he predicts some $50 billion in IPO volumes in the US next year. That would be a roughly 20% increase from 2024's just over $41 billion worth of IPO volumes in the Americas, as recorded by the deal-tracking firm Dealogic.

BI got an update on the latest investment-banking hiring trends from three top Wall Street headhunters: Mahoney; Meridith Dennes, managing director of recruiting at the firm Prospect Rock; and Brianne Sterling, head of the investment-banking recruiting practice at Selby Jennings.

Dennes said the industry's "musical chairs" will start to spike around January or February after bankers have received their bonuses. Many, she said, have gotten early hints about their bonus numbers this year and are privately grumbling.

"Bonuses are not coming out as strong as we expected them to be, and I think the reason is because there's been so much hiring at the senior level and at the MD level," she explained. "A lot of that compensation pool may be spoken for."

So, with moves on the way, which sectors will see the most activity? Here are a few key trends the headhunters say are worth watching in 2025.

The hot sectors

Banks big and small are already dialing up recruiting for their technology, media, and telecommunications teams, known as TMT in Wall Street parlance.

One reason, Mahoney said, is that those sectors are popular acquisition targets for financial sponsors. Indeed, private-equity firms are itching to deploy the billions they've raised from limited partners, but have been waiting for interest rates to decline.

"Something that I think will be interesting within the tech space, as well, is how teams are looking at staffing and positioning" for AI deals, as well as deals for cryptocurrency and digital-assets companies that may consolidate over the next year, Sterling of Selby Jennings said.

Tech has been a major area for banker movement, said Dennes, who also named healthcare, restructuring, industrials, consumer retail, and financial institutions (FIG) as hot. According to some of the early findings of her firm Prospect Rock's annual compensation survey, bankers in tech and restructuring displayed the highest levels of dissatisfaction with pay.

"Now, if they're not really paid," Dennes said, "they're going to want to jump — and there's opportunity for those folks to jump."

Tech dealmakers on the move

Union Square Advisors, a boutique technology-focused investment bank based in San Francisco, has onboarded a series of dealmakers recently, including tapping managing director Terry Jackson who previously worked at JPMorgan and Bank of America Securities. The firm also hired Todd Meadow to pitch in with sponsor coverage and brought on the banker Chris Appaneal to focus on software for governance, risk, and compliance.

Houlihan Lokey, a midsize firm long respected for its prowess in restructuring and distressed deals, has also been growing its wallet share in tech to win competitive M&A mandates.

This spring, the bank appointed Ryan Lund as co-head of US technology. It's been deepening the granularity of its software coverage with subsequent hires, as well — like Nana Kyei, a managing director who joined from Jefferies this fall and focuses on education tech. Geoff Rhizor joined the tech team in San Francisco in late summer; his coverage, in part, intersects with the fintech group's.

Barclays has also emphasized hiring managing directors focused on tech and healthcare deals, a company spokesperson told BI. Rob Patterson, who serves as head of data and information platforms coverage within tech investment banking, came over from Morgan Stanley. And the bank appointed David King, a former top-level banker at Bank of America, as global head of technology mergers and acquisitions this summer.

Big banks are staffing up

Some banks have already initiated widespread recruiting plans for juniors.

JPMorgan Chase, for instance, was engaged in a vigorous off-cycle recruiting spree for junior investment bankers as deal flow picked up speed this fall, according to industry sources and postings on its job board, as BI previously reported.

Goldman Sachs' careers portal recently displayed roughly a dozen openings for junior bankers in New York, San Francisco, and London. Vacancies included analyst and associate positions in coverage groups like financial institutions, entertainment banking, TMT, and industrials, as well as product-focused functions like equity capital markets.

Bankers need fresh blood: 'Send them our way'

The last time there was an M&A boom during the pandemic, many banks were caught unprepared and understaffed, resulting in complaints from overworked junior bankers.

This time, Wall Street employers say they won't make the same mistake twice — and many are eyeing boosting their junior ranks in preparation, the recruiters said.

Dennes expects an emphasis on associates and mid-level vice presidents to help juggle the ins and outs of executing the manifold deals coming down the pike. "Experienced bankers are always in demand," she said. "Anyone who has closed a couple of deals and is able to train junior staff is very valuable."

Dennes' firm, Prospect Rock, is currently working on filling four analyst roles, six associate roles, and two VP roles, postings on its website showed. Still, she doesn't see 2025 hiring following the same frenetic pattern it did during the pandemic-era M&A boom.

"In 2021, you just needed bodies — more horsepower. This is very different," she said. Now, banks are markedly more vigilant in emphasizing quality over quantity. "Nobody wants a 2021, 2022 redo," she added. "A lot of those hires were not strong."

Some senior dealmakers are already worried about short-staffing. A managing director at a Wall Street bank told BI he was confident that 2025 would deliver a volume of work comparable with 2021 levels, if perhaps not the same soaring valuations.

"Part of the conversation that we're going to have to think through is augmenting the team at the mid-level" to handle execution, he said. In this hiring market, though, "it's almost impossible" to find impressive associates or VPs, he cautioned. "Send them our way — because it's hard."

Are you an investment-banking insider or do you have knowledge of industry moves on Wall Street? Get in touch with these reporters. Reed Alexander can be reached via email at [email protected] or via the encrypted messaging app Signal at 561-247-5758. Emmalyse Brownstein can be reached at [email protected] or via Signal at 305-857-5516.

• Blackstone has released a comedic holiday video for the last seven years.
• Last year's Taylor Swift-theme video attracted eight million viewers.
• Business Insider has watched and ranked them all so you don't have to.

Blackstone released its first satirical holiday video in 2018 as a way to liven up employees' spirits in lieu of the company-wide holiday party, a tradition that was canceled because the firm had grown too large.

Now, it's a viral sensation. Eight million people have viewed last year's video featuring Blackstone executives doing their best to match the success of Taylor Swift's Eras Tour with a pop song about alternative investments. It made headlines, with the Daily Mail questioning whether it was "the most cringeworthy corporate video ever."

This year, the company doubled down on the singing (and introduced line-dancing) in its most ambitious (and outlandish) holiday video yet. It also featured 200 employees, up from just 20 in 2018, a testiment to the video's popularity within the firm.

Jay Gillespie, Blackstone's head of video, joked that his role in producing the video has made him a hot commodity at 345 Park Avenue.

"People come up to me throughout the year, and they're like, 'My daughter is helping me rehearse so I might get a line next year,'" Gillespie told Business Insider. "People are really into lobbying to be in it."

If you don't get it, don't worry. We decided to help readers save time by watching and reviewing all of the firm's videos going back to 2018.

No. 7: 2020

This video came out in December 2020, during the depths of the pandemic. It stuck to the theme it launched in 2018 of depicting Blackstone as a version of the NBC sitcom "The Office," but executives wore face masks and pandemic jokes featured prominently. In an early scene one Blackstone executive has a hard time recognizing a colleague with out-of-control long hair. (Remember when all the barber shops were closed?)

While it was a bleak time, the video ends on an upbeat note, with Blackstone employees cutting loose to "I'm Walking on Sunshine," kicking off the tradition of holiday video songs, which have featured prominently since. Still, it's a bit stuck in the pandemic era, hence its place at No. 7.

No. 6: 2022

The conceit of this holiday season is fake news station "BX TV News" prompting Jon Gray to search for Blackstone's secret sauce. (It was a roundabout way for the firm to tout its plan to hit $1 trillion assets under management, which it has since achieved.)

Schwarzman returns to a role he often plays in these videos as the sincere elder statesman to explain that the firm's true secret sauce is its employees. But then, he notes that there is a secret hidden in the basement, setting two executives on an Indiana-Jones-referencing journey to find the scroll with the firm's secret. This weird twist is the highlight of the video.

The video successfully makes a number of self-deprecating jokes about Blackstone's love of acronyms (BCRED, anyone?) and Wall Street's notorious work hours. By 2022, however, the company has been going with "The Office" theme for four years, hence its ranking.

No. 5: 2021

The budget for the holiday video clearly increased this year, with a storyline about the birth of BX TV, the firm's weekly video call that Gray is incredibly enthusiastic about (and employees, less so). There are animals, special effects, and a Reese Witherspoon cameo.

The key joke is a fake award ceremony where Gray receives "'Best Weekly Internal Zoom Call at an Alternative Asset Management firm." The hope is that it will convince the firm's president and chief operating officer that it's time to move on with John Finley, chief legal officer, saying, "I make one call to the FCC and they'll cancel this clown car."

Employees chant "end it," and celebrate as they think Gray has decided to cancel the show after winning the award. But instead, it's clear that 2022's BX TV season is already being planned, and the internal video call is still a weekly requirement at the firm.

No. 4: 2018

Scranton, Pennsylvania, is a long way from Park Avenue in Midtown Manhattan, and Dunder Mifflin would be among its smallest portfolio companies, yet Blackstone successfully riffed off the NBC sitcom "The Office" for its first annual holiday video. The video begins with the theme music from the television show, and like "The Office," there is hand-held camera work and plenty of "candid" interviews with executives. There's also a Michael Scott look-alike. As with all the holiday videos that follow, this one starts with Jon Gray calling his executive assistant, Laurie Carlson.

This video started it all and set the tone for Blackstone's trademark style of mixing the firm's reality with jokes. The premise of the video is that Blackstone canceled its holiday party and replaced it with a video, which actually happened. And Jon Gray really does, sometimes, act a bit like Michael Scott in his enthusiasm for wild ideas, according to people who know him. There are fewer visual gags and no Hollywood cameos, but it's a classic.

No. 3: 2023

The 2023's holiday video marked the first time Blackstone moved away from being a parallel version of "The Office" (only the title card remains). Instead, it's an homage to Taylor Swift and the Eras tour, with Blackstone trying to replicate her success with its own song about alternative investments.

This is video that broke into the wider world, spawning more than a few mocking tabloid headlines. But for a video series that's main goal is to help the firm laugh at itself, that's a measure of success. Add that this immortal line: "Just this once, I do hope people confuse us with BlackRock." Also, you get to see Steve Schwarzman dancing while wearing some glittery fringe top.

No. 2: 2019

The 2019 holiday video revolves around Blackstone' absurd search for a company mascot, which turns out to be Mr. Stone, a mascot that looks like a cross of Hulk and Jon Gray. The international offices of Blackstone get cameos in this one, as does a plug for Steve Schwarzman's book, What It Takes: Lessons in the Pursuit of Excellence"

Gray told BI that this was his favorite in the series because of the mascot. The firm not only hired a company to build the mascot suit, but also made dozens of bobbleheads which still show up in holiday videos, and on some people's desks.

We agree that that the mascot joke works, hence its ranking.

This video also ends with one of the best Steve Schwarzman gags of the series, when it's revealed that Schwarzman has been the mysterious person inside Mr. Stone the whole time.

No. 1: 2024

After last year's reception, leaned in to the cringe with a metaverse-like exploration of Blackstone executives as reality television stars that ends in a country song-and-dance routine.

It features appearances from famous friends. Larry Fink, CEO of BlackRock, which was originally created within Blackstone before spinning out in the 1990s, gets in a joke about how the two firms get confused for each other.

An extended "Real Housewives" bit includes some shade from Jenna Lyons, "Real Housewives of New York" star, fashion designer and executive creative director at Fundamental Co, a branding agency spun out of Blackstone last year.

The highlight, however, was billionaire founder and CEO Steve Schwarzman playing Kendall Jenner attempting to cut a cucumber, which has to be one of the most mind-bending images ever put on screen. (We are still struggling to fully process it.)

Gray told BI that the turn to country was inspired by Beyonce's own embrace of the genre this year on "Cowboy Carter", which came in the wake of her 2016 snub by the Country Music Awards. And just like Beyonce, some of the firm's best work comes when they don't let the critics stop them.

• Blackstone's holiday video series is back, and this time the firm is going country.
• The video combines another original song with a slew of reality-television parodies.
• BlackRock CEO Larry Fink and fashion designer and reality-TV star Jenna Lyons make cameos.

Blackstone on Thursday launched its most ambitious holiday video yet on Thursday, featuring 200 employees, two cameos, and a country music song-and-line-dance routine.

The video series, which has become must-see TV for Wall Street, is in its seventh year. Last year's version attracted widespread attention, resulting in 8 million views across various platforms, the company said. The videos seek to poke fun at the people behind Blackstone, which manages $1 trillion in assets, while also touting its investment prowess.

This year's video ditched its usual framing around NBC's hit sitcom "The Office" in favor of reality-TV parodies and included a brief appearance by the "Real Housewives of New York" star and fashion designer Jenna Lyons. Some of Blackstone's portfolio companies, including Supergoop and Jersey Mike's, also got airtime.

It kicks off with a recap of last year's video, which depicted Jon Gray, Blackstone's president and chief operating officer, compelling the firm's executives to go on tour like Taylor Swift. In a "Behind the Music"-type parody, the executives lament the poor reception they received for their "cringeworthy" song titled "The Alternatives Era."

"People just stopped talking to me," Jon Korngold, the global cohead of technology investing and head of Blackstone growth, said. "CEOs, LPs, even my mom."

BlackRock CEO Larry Fink makes an appearance to turn his nose up at the company.

"Can you believe people confuse us with them," Fink says.

The story takes a turn when Christine Anderson, the head of corporate affairs at Blackstone and one of the masterminds of the firm's holiday video tradition, decides that the next logical step is reality TV.

The video, a metatextual reference to its own popularity, then hits overdrive with a series of reality television spoofs, from the "Real Housewives" to "The Bachelor."

"I'm private equity's biggest asset," Joe Baratta, the head of private equity, says in a braggadocious manner while being introduced in the faux series, "The Real Executives of Park Avenue."

Even the firm's international offices get in on the act with the London office starring in "Love Island Blackstone" and the Tokyo team competing in the infamous "Human Tetris" game-show stunt.

Back at 345 Park Avenue, Gray's executive assistant, Laurie Carlson, throws a martini into the face of Joe Lohrer, the head of US retail sales for Blackstone's private wealth group.

"Sorry, Joe, they wanted me to do something dramatic," Carlson says.

The head of Blackstone's video team, Jay Gillespie, makes an appearance as a reality-television producer and calls for another martini to try the shot again.

Perhaps the funniest bit is Schwarzman's appearance in a parody of "Keeping Up with the Kardashians," in which he is filmed awkwardly cutting a cucumber à la Kendall Jenner.

Back in the conference room, Gray tells the firm that they're going down the wrong path. A running gag in the series is that no one wants to go along with Gray's hare-brained ideas and it seems like he's finally come to his senses. Instead, he proposes another zany idea.

"Blackstone needs to go country," Gray says.

The video is capped off by the firm's second original song as executives sing and dance around the office, in Midtown traffic, and on the back of a mechanical bull.

The song's chorus, lip-synced by Schwarzman in the video, is "You can build. You can build with Blackstone," a reference to the firm's first television ad, which was released earlier this year.

• The Federal Reserve cut its benchmark interest rate to between 4.25% and 4.5% on Wednesday.
• The central bank also projected two cuts next year instead of four, sending stocks tumbling.
• Here's how analysts, economists, and other experts reacted to the Fed decision and market reaction.

The Federal Reserve cut its benchmark interest rate on Wednesday to a range of 4.25% to 4.5%, bringing its decline since mid-September to 100 basis points.

Wall Street usually celebrates rate cuts as lowering borrowing costs drives spending, investing, and hiring. Reducing rates also signals inflation is under control, and makes risk assets like stocks relatively more attractive by trimming yields on safer assets like Treasuries.

Yet stocks tanked because Fed officials projected two cuts next year, down from four previously. Fed Chair Jerome Powell also said the central bank expects to ease its monetary policy more slowly in the months ahead.

Here's a roundup of how analysts, economists, strategists, investors, and other experts reacted to the latest Fed decision in their morning research Thursday.

Matt Britzman, senior equity analyst at Hargreaves Lansdown

"US markets played the part of Scrooge on Wednesday, tumbling as the Federal Reserve's hawkish tone dampened holiday cheer.

Investors should see this as a healthy spot of profit-taking rather than an end to the party, after what's been a fantastic run for markets since the US election."

Russ Mould, investment director at AJ Bell

"Markets are normally good at reading the signs, but the sell-off on Wall Street last night would suggest investors had started on the Christmas sherry a bit early and were caught out by the Fed's announcement about where rates might go in 2025.

The 3% drop in the S&P 500 is a wake-up call that US markets are not a one-way ticket to the moon.

The fact futures prices are showing a rebound in the main US equities on Thursday would suggest we are not at the start of a full-blown market correction. Instead, it's more likely that investors are now sitting up and paying more attention to what could go wrong, rather than only focusing on the positives. That's long overdue and a healthy development."

David Rosenberg, founder and president of Rosenberg Research

"This is a Fed that really has no faith in its view at any time and is willingly reactive as opposed to proactive even though its actions affect the economy with long lags.

You would have thought that between the commentary and forecast changes that the world has changed dramatically since the jumbo rate cut just three months ago. It clearly does not take much to cause this Fed to swing its view around. I can guarantee that it will shift again."

Stephen Koopman, senior macro strategist at Rabobank

"'We had a year-end inflation forecast, and it's kind of fallen apart.'

Not exactly the confidence-inspiring line you'd expect from a Fed chair. But Jerome Powell's performance at yesterday's press conference wasn't his finest hour. In what might have been the most uncomfortable showing of his tenure, Powell ceded the stage to the hawks, visibly strained as he tried to sell a strategy he didn't fully appear to endorse.

Powell flagged inflation 'moving sideways' and 'higher uncertainty' around its trajectory. These admissions reveal a central bank increasingly unsure of its footing, with rates markets now expecting just one cut for 2025 (as we do), and with no real consensus on when that final cut would arrive."

Jamie Cox, managing partner for Harris Financial Group

"Markets have a really bad of habit of overreacting to Fed policy moves. The Fed didn't do or say anything that deviated from what the market expected — this seems more like, I'm leaving for Christmas break, so I'll sell and start up next year.

The good news is that this 10-day sell-off should lay the path for a Santa Rally leading into next week."

Chris Zaccarelli, chief investment officer for Northlight Asset Management

"Santa came early and dropped a 25-bps rate cut in the market's stocking but accompanied it with a note saying that there would be coal next year."

The market is forward-looking and ignored the good news of today's rate cut and instead focused on the paucity of rate cuts for next year."

Jochen Stanzl, chief market analyst at CMC Markets.

"What was heard last night from the Fed as an accompaniment to the interest rate cut is a showstopper for the stock market.

The Fed is sending a clear signal that it has almost completed the phase of interest rate cuts. The year 2025 will be a significant break in the Fed's rate-cutting cycle.

The Trump blessing could quickly turn into a curse. If the market expects yields to rise further, it is unlikely that the Fed will intervene against these forces. If inflation data continues to rise in January and February, then that could be it for the interest rate cuts."

Adam Turnquist, chief technical strategist for LPL Financial

"While the Fed is taking all the heat for today's sell-off, a reality check from overbought conditions, deteriorating market breadth, and rising rates was arguably overdue.

Overall, today's FOMC meeting brought back some unwanted clouds of uncertainty over monetary policy next year. At a minimum, market expectations have shifted toward a shallower- and slower-than-anticipated rate-cutting cycle. Technically, the near-term risk remains to the upside for 10-year Treasury yields, creating a likely headwind for stocks."

Jean Boivin, head of the BlackRock Investment Institute

"The Fed has poured cold water on already dwindling market hopes for generous rate cuts in 2025.

Given the risk of resurging inflation from potential trade tariffs and a slowdown in immigration that has been cooling pressure in the labor market, market expectations of only two more cuts in 2025 now seem reasonable.

We expected this policy outcome, so it doesn't change our recently upgraded view on US equities. US stocks can still benefit from AI and other mega forces, from robust economic growth and from broad earnings growth — and we see them outperforming international peers in 2025."

Isaac Stell, investment manager at Wealth Club

"With an economy that's going gangbusters and an incoming president with a fiscally loose agenda, you wonder why the Fed felt it necessary to cut.

Is this to curry favor with the incoming administration or is there a bump in the road the Fed can see that the rest of us are missing."

Michael Brown, senior research strategist at Pepperstone

"The FOMC delivered about as hawkish a cut as they could muster up yesterday, and market participants were not particularly pleased about what they heard.

It was, though, a little perplexing to see such a violent market reaction to Powell's remarks, particularly considering how 'every man and his dog' had been expecting this sort of a pivot in the run up to the meeting.

It feels, though, as if markets have overreacted to Powell's message, and that we may have reached something of a hawkish extreme here

Consequently, I'd be a dip buyer of equities here, as strong earnings and economic growth should see the path of least resistance continuing to lead to the upside, offsetting the fading impact of the 'Fed Put.'"