This Is What Generative A.I. Is For. It's for When SaaS Is Dead | How Not To Invest Stupid And Other Smart Money Lessons From A Shark Tank Billionaire | Athletics should embrace “super-shoes” | When should Rishi Sunak call the next British election?

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This Is What Generative A.I. Is For. It's for When SaaS Is Dead - Inc.com

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How Not To Invest Stupid And Other Smart Money Lessons From A Shark Tank Billionaire - Forbes

John Paul DeJoria in 1980 invested his entire $700 life savings into a business selling new shampoo he developed with hair stylist Paul Mitchell. The duo chose the now distinctive plain white bottles with black lettering because they did not have enough money to pay for color inks. At the time sleeping in an old Rolls-Royce automobile, DeJoria pounded the pavement, selling his product in salons across Southern California. As the 1980s rolled on, the Paul Mitchell brand became a big hit with salons and their patrons who were willing to pay premium prices for high-end hair care products. DeJoria became a wealthy man and began to diversify into new ventures, like he did in 1989 when he co-founded Patrón Tequila, selling the brand to Bacardi in 2018 for $5.1 billion. In 2013, DeJoria appeared on Shark Tank and was part of an Emmy winning episode, where he invested $150,000 for 20% of a novel Florida irrigation company called Tree T-PEE. DeJoria is also a major investor in the House Of Blues nightclub chain. After his initial success as an entrepreneur, DeJoria also began investing in stocks and real estate, and learned a lot over the past four decades about how to maximize his returns while minimizing losses. Forbes recently met up with DeJoria, now 79 and worth $3 billion, at Utah’s Montage Deer Valley Resort during Goldman Sachs’ “At The Helm” private wealth management conference.

John Paul DeJoria: I got my start investing as a little kid. I was around 11 years old and had a paper route. I found out I could open a savings account, so I went to Citizens Bank in Atwater, California. I think I had $3. But other than that, I never had the money to invest. So when I really got started in investing, whether it's in the stock market or real estate or other things, I was more into my 30s after Paul Mitchell was finally underway making some money. I figured that I'm making enough money now, how do I preserve some of that for the future. What you should do in life to be successful is when you start making money, don't do what so many people have done—they start making money, they feel it's never going to end. Then the next year, it's not coming in and they've already mortgaged their future with debt.

Before I made any investment, I made sure I had enough money in the bank for six months of every bill I had—movie theaters, popcorn, gasoline, insurance, every cost—so I knew if anything went wrong, by gosh, I'd be okay for at least six months.

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Athletics should embrace “super-shoes” - The Economist

ACCORDING TO LEGEND, the first-ever marathon was so exhausting that Pheidippides, the Greek messenger who dashed the 25-odd miles (40-odd km) from the battlefield at Marathon to Athens to bring news of the victory over the Persians, collapsed and died. Over the subsequent 2,500 years, humans have become better at running that distance. Some even choose to do so dressed as rhinos. The very best now complete the modern marathon, all 26.219 miles of it, in a little over two hours. (Pheidippides’s time went unrecorded.)

Over the past five years the best times have improved dramatically—and more of the same will no doubt follow at the New York City marathon on November 5th. This can to a large extent be explained by the development of a new generation of hyper-bouncy running shoes—“super-shoes”—that offer athletes greater assistance. Such has been the improvement that some have questioned whether the technology is now too dominant and therefore whether the recent glut of fast times should be scrubbed from the records. This technophobia is misplaced.

The latest examples of bewilderingly quick marathon times were set on the flat roads of Berlin and Chicago. In Germany, Tigst Assefa of Ethiopia clocked 2 hours, 11 minutes, 53 seconds, obliterating the existing women’s record by more than two minutes. Eight of the ten fastest times in the history of female marathon-running have been recorded since the start of 2022. Then, in the Windy City, Kenya’s Kelvin Kiptum crossed the line at 2:00:35, lowering the men’s bar by 34 seconds. (The picture shows Mr Kiptum’s feet after his victory.) A stripling of 23—top marathon-runners are usually older—Mr Kiptum will probably become the first person to break the two-hour mark. And if he does not manage it, one of his contemporaries will. Six of the ten fastest men’s times ever have been recorded in the past two years.

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When should Rishi Sunak call the next British election? - The Economist

For someone who values fiscal prudence, Rishi Sunak bears a strong resemblance to Charles Dickens’s Wilkins Micawber. During his tenure as chancellor of the exchequer (and largely owing to the pandemic) public debt ballooned, from 84.5% of GDP to 96%. As prime minister, Mr Sunak’s political strategy seems to be almost pure Micawberism—a hope that something will turn up. Whatever turns up insofar as the economy is concerned is unlikely to be good for the Tories.

The latest date that the next general election can be held is in January 2025. But campaigning over the Christmas holidays next year is unlikely to endear the government to voters. Two other options are seen as much more likely. One is to call an election in the autumn of 2024; another is to hold one on the same day as local elections due in early May. The conventional wisdom in Westminster holds that Mr Sunak will want to wait until the autumn, so that the economy has more time to recover and inflation more time to fall.

Yet the forecasts for the remaining 15 months of this Parliament do not suggest that there would be a big economic pay-off to delay. The annual inflation rate, an uncomfortably high 6.7% in September, is expected to fall sharply in the months ahead as the impact of 2022’s surge in energy prices drops out of the figures. The Bank of England’s median forecast for inflation by the second quarter of 2024—and a May election—is 3.7%; come the final quarter, it would have fallen only a bit more, to 3.4%.

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