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A look inside Facebook's New York office, where employees of the $280 billion company enjoy virtual reality games and an in-house pastry chef (FB)

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Facebook NYC 4958

Known for its incredible perks, impressive salaries, and great corporate culture, Facebook is one of the world's most desirable places to work.

The Menlo Park, California-based tech giant consistently earns top spots on rankings like Business Insider's annual "best companies to work for," Glassdoor's "best places to work," and LinkedIn's "top attractors," among many others.

To see what all the fuss is about, Business Insider recently visited Facebook's Manhattan office ... and let's just say, we get it.

Here's what we saw and learned during our tour:

SEE ALSO: A look inside $23 billion LinkedIn's New York office, where employees enjoy perks like free gourmet meals and a speakeasy hidden in the Empire State Building

DON'T MISS: A look inside Uber's Manhattan office, where employees of the $66 billion company have wine on tap and can bring their dogs to work

DON'T FORGET: A look inside the New York office of Yelp, a $3 billion company that offers its 4,000 employees around the world some of the most incredible perks

We arrived at Facebook's Greenwich Village office on a mild Friday afternoon in November. Once we checked in, we were greeted by engineering director Jeff Reynar and corporate communications manager Jamil Walker.



The first thing that jumped out at us on the tour was this physical embodiment of a Facebook "wall." Reynar told us New York City Mayor Bill DeBlasio and New Jersey Senator Cory Booker recently stopped by to sign it. “What’s kind of fun about this is that there’s a wall at most of our offices," Reynar says. "It’s kind of temporary. At some point, we’ll probably do some kind of construction and this will go away and we’ll start a fresh one with new signatures."



Across all of its 66 offices and data centers worldwide, Facebook — which has a market cap of $280 billion as of mid-November — employs almost 16,000 people. About 1,000 of them work in the Frank Gehry-designed Manhattan location, which also houses members of the company's Instagram team. Facebook occupies four floors of the building, which was once a Wanamaker's department store.

Source: Markets Insider



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It takes a while to spot what’s sci-fi about Black Mirror’s best episode

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black mirror san junipero

"Black Mirror" is known for dystopian visions of our tech-enhanced future. The episode everyone is talking about, though, is different.

"San Junipero" is the fourth episode of the Netflix-produced third season of the short film series.

Put it on and you may be struck, first, by the retro feel. Second, you may wonder what is sci-fi about it: the first act features no world-changing tech, only subtle hints in dialogue, music, and scenery that there's more than meets the eye. Finally, the ending is unlike any other in the series.

We've pulled highlights from the opening below. See if you can tell what's going on.

SEE ALSO: Futurist explains what "San Junipero" gets wrong about tech (warning: spoilers!)

DON'T MISS: The crazy story behind Netflix's "BoJack Horseman"

The episode opens in 1987, with a theater playing "The Lost Boys," a movie about two brothers who realize their California town is filled with vampires. Is that a clue?



A car radio is playing the contemporary hit, "Heaven is a Place on Earth."



Enter our protagonist, Yorkie, played by Mackenzie Davis from "Halt and Catch Fire."



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The secrets behind 6 famous 'SNL' sketches, from a man who's been there since the beginning

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Eugene Lee has been the "Saturday Night Live" production designer since the start of the show's first season in 1975.

At 77, he is one of the only original crew members still working, alongside "SNL" creator Lorne Michaels, who brought Lee in for the variety sketch program from a background in Broadway theater. 

Three Tony Awards, 12 Emmy nominations, and one Emmy win later, Lee continues to carry on his accomplished tradition in theater while also leading the "SNL" production-design team, week in and week out.

"In live television, we're a throwback to the past," Lee recently told Business Insider. "We still draw up sets by hand, the old-fashioned way: drafting sheets, pencils, tracing paper. But some things have changed over the years, of course."

Lee traced the evolution of the show over the course of its 42 seasons to us. In doing so, he revealed the inner workings of some of the best sketches in the history of the legendary series.

Here are the backstage secrets behind six famous "SNL" sketches:

SEE ALSO: 15 stars you didn't know used to be on 'Saturday Night Live'

1975: "The Wolverines"

"Well, I naturally love the first sketch, 'Wolverines,'" Lee said. 

The first cold open on the first-ever episode, "The Wolverines" featured Jim Belushi as an immigrant receiving absurd English lessons from a tutor (Michael O'Donoghue).

Lee outfitted the barebones set with nothing more than a rug, two arm chairs, an end table with a lamp, and a stairway — a no-nonsense setup for a theater designer who "didn't know anything about television."

"In retrospect, it's like 'The Honeymooners,'" he said. "It's so simple. In the early years, the scenery was much simpler, and as time goes on, people want the scenery to be more realistic, more like a movie."

 



1978: "The Olympia Restaurant" (the "cheeseburger, cheeseburger" sketch)

The famous Greek diner sketch starring Jim Belushi, Bill Murray, and Dan Aykroyd is reportedly based on the Billy Goat Tavern in Chicago, which is still around, but Lee says the look of the greasy-spoon set instead drew mostly from the "gritty" appearance of New York City in the '70s. 

"It's just our gritty version of a diner," he said. "I love the gritty, you know. I liked 42nd street when it was porn theaters. When we started 'Saturday Night,' New York was not in very good shape: subway cars graffitied over, Radio City Music Hall was basically empty."

"And after all, these were the 'Not Ready for Prime Time Players,' and the original home base was a fantasy of mine of a club underground, and it was kind of junky," he continued. "We've always liked sort of industrial looks, but things have just gotten slicker."



1983: "James Brown's Celebrity Hot Tub Party"

The classic sketch that featured Eddie Murphy as a singing and disrobing James Brown stepping into a hot tub was decorated with elaborate curtains and a real, operating, miniature hot tub.

It was a relatively easy setup for Lee, thanks to his background in constructing Broadway stages.

"When I laid out the studio originally, there was the home base in the middle, which changed over the years, and there were little stages," he said. "And the little stages were like 18, 19 inches high, maybe 2 feet high, so things like hot tubs and other things that we needed to go down, since it played on a little stage just like Broadway, you could just cut a hole and set it in, really very simple."



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7 reasons why your next European vacation should be to Malta

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gozo malta

Few Americans have discovered Malta's charms, despite the country being a popular warm-weather destination among Northern Europeans. They come for the superb climate, yes, but also the exotic landscapes (think: north Africa meets Italy) and modern-day conveniences (English is one of two official languages).

Make the the capital Valletta your home base, and you'll be ideally situated to explore its historic streets and myriad landmarks, as well as the country's two other islands, Gozo and Comino. Getting around is easy and public transportation is good, so you should have no trouble seeing it all within a matter of days.

SEE ALSO: 16 photos that will make you want to buy a one-way ticket to Canada right now

The weather's great.

Sunbathing in November? In Malta, you can. The Mediterranean archipelago gets some 300 days of sunshine a year, with hot, humid weather lasting from summer through late fall. It also has the clearest waters in the Mediterranean, making it one of Europe’s premiere swimming, snorkeling and scuba-diving destinations. Comino, the island home to the iconic Blue Lagoon “swimming pool,” has the lion’s share of underwater attractions including caves, colorful corals and sponges and aquatic life like octopus and barracuda fish.



It's full of history.

From the Romans to the Moors, the Knights of Saint John, the French and British, Malta has seen a succession of conquerors over its 7,000-year history. Thank its location — directly south of Sicily, east of Tunisia, and north of Libya— for that. Today, its rich history can be gleaned from its ancient streets, which feel like open-air museums with their striking medley of medieval, baroque and postmodern architecture, and in its (distinctively British) customs (think: afternoon tea and driving on the left side of the road). Three historical sites on your Malta roadmap: Valetta, the capital of Malta where you'll find the Church of Assumption and Saint John's Co-Cathedral, Gozo, to see the megalithic Ġgantija temple and Birgu, the oldest of the settlements on the shore of the Grand Harbour.

RELATED:The Best of Malta



The food is to die for.

Much like its architecture, language, and history, Malta's cuisine is an exciting mashup of Italian, English and Arabic influences. You could have bangers and mash one meal, linguini pescatori another — it simply comes down to what you’re craving in that moment. A few constants on Maltese menus? Plenty of meats (rabbit and pig especially), cheeses (Malta is famous for its mild sheep's milk variety), and seafood — each served in abundance during breakfast, lunch, and dinner. Some must-stops on your Malta eatathon: Diar il Bniet, a family-run restaurant with farm-to-table eats; Harbour Club, a popular Valetta hangout with comfort-driven food and classic cocktails; and Ta’ Philip, home to the best suckling pig we’ve ever had.



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Stunning photos of planes will change the way you see air travel

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Los Angeles International 25L and 25R (Wake Turbulence)Beauty is not something usually associated with plane travel and airports, but photographer Mike Kelley has managed to change that.

The LA-based architectural photographer spends hours at airports around the world taking pictures of planes taking off and landing, then photoshopping them together to create “Airportraits.”

According to Kelley, “Every day, tens of thousands of aircraft take to the sky, connecting cities, moving people, goods, and ideas, fueling globalization and trade. In a world where travel and shipping are considered mundane and even a nuisance, ‘Airportraits’ seeks to visualize a linear and nearly invisible phenomenon that is often taken for granted.”

Originally an architectural photographer, Kelley has always been fascinated by aviation.

“I guess I'm just a boy who never grew up. I've always been super interested in aviation, infrastructure, industry, and that sort of thing. Every weekend I go watch planes for fun at LAX, so it was only natural for me to start bringing a camera and putting ideas together in my head.”



His first "Airportrait" was created in 2014, at LAX. When he put it on Reddit to see if his idea of compositing multiple take-offs had any legs, he was shocked at how popular it became.



“I put it on the internet as kind of a 'hey, check this little thing out that I did, it's kind of cool' and it just went very viral.”



See the rest of the story at Business Insider

I built a spreadsheet to calculate what it would take to retire early, and it was a shock

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After being inspired by Jeremy’s early retirement story, I decided to sit down and calculate once and for all how long it would take for us to retire early as well.

(And by retire early, I really mean “be financially independent” – ie not needing money anymore to survive whether you still want to work or not. In a way I feel like I’m already retired since I’d be blogging as I am now when officially free, only I very much need the money to live off right now, haha …)

As any good nerd would do in these times, I headed straight to Google for some early retirement spreadsheets to help plot my scheming.

I came across a few good places that shared close to what I was looking for (the 2nd spreadsheet over at Reddit was helpful (and detailed!), as well as this fun calculator at Networthify.com), but I couldn’t find anything that was nice and simple where I could plug in a few numbers and get my snapshot without having my head explode..

So I decided to make one of my own.

It took me a little extra effort and sharpening of Excel skills to put together, but I was happy to jump in and fully immerse myself in what early retirement looks like number-wise. And when you’re building stuff from scratch, you get to cater things to your own liking! Which to me meant simplicity and getting that overall *snapshot* of what the deal is here. I wanted to see exactly how far away FI (financial independence) is, and be able to easily play with the numbers to see how it affects the future.

This is what I came up with.

SEE ALSO: Over the past 6 years, I've fine-tuned a spreadsheet that has completely changed my finances

The Early Retirement / FI Spreadsheet

(You can download the spreadsheet here: Early Retirement Spreadsheet)

Here are the assumptions it makes:

• 4% withdrawal rate– This is the amount experts/bloggers often recommend as the “safe withdrawal” amount based on the Trinity Study. (That says historically you would have been fine spending 4% of your initial portfolio value and adjusting for inflation each year)
• 25 multiplier– This is the ratio that will tell you when you’ve reached financial independence – when you have 25x your annual expenses invested in income generating assets, which is based on that same 4% withdrawal rule.
• 8% return rate – This is another of those often quoted, yet highly controversial numbers, and is an average over the span of many years and not just a specific one. NOTE: Inflation will make this # not as sexy over time, but fortunately is already calculated in with the 4% withdrawal plan.
• 100%– The amount of an expert in Early Retirement I am not ;)

UPDATE: This spreadsheet gives you a snapshot for the future as things stand *today*. It’ll all change as time goes on, but if we update it along w/ it then in theory it should always be correct for any given moment in time :) If you want to adjust for future changes though, scroll down and check out v2!

Now of course none of these numbers are absolute since we can’t predict the future, so these are things you’ll have to decide yourself to keep or tweak depending on your own beliefs. I tend to personally agree with them since I’m getting these #’s from my friends who are *already* retired, but either of them can be changed easily in the spreadsheet to match your own situation.



Let’s break down the sections:

INVESTMENTS— This is where you put your *ahem* investments. No home equity, cars, property, collectibles, etc. Just straight up income-producing investments since this is where you’ll be getting your money to live off in ER (early retirement). Notice this is an adjustment from having our Net Worth be the center of attention! That gives you an overall snapshot of your entire finances which is also good to know, but doesn’t necessarily paint a good ER picture…

(I left out cash here on purpose since it’s just sitting in a savings account and not making a return, but I know others do like to include it… fwiw)

RETIRE NOW: YEARLY & MONTHLY— This tells you what you have to live off of *right now* should you decide to retire today. Again, based off the same 4% withdrawal rate.

AGE: NOW & THEN– This is where you plug in your current age which will be automatically adjusted in the “Investments” column to the right. Unfortunately you have to match up your ER age manually as I couldn’t figure out how to have that match and automatically adjust w/ that right-side column. You can easily figure it out though :) It’s now updated and will automatically calculate for you thanks to an anonymous reader!

EXPENSES (CURRENTLY)— This is arguably the most important factor here as it determines exactly how much you need to have in order to retire *today*. The higher your expenses the bigger the pot – which is where this 25x number comes in. The total amount needed to live off your wealth is 25x your yearly expenses, one of the main variables we have control over! (BTW in the spreadsheet all you need to do is plug in your monthly expenses and it’ll auto-calculate the rest)

INVESTMENTS (GROWTH OVER TIME)— This is where the return rate plays its role, as well as the amount of money you’ll be investing yearly in the future as well. You can easily see how DRASTIC the numbers change by tweaking either area. Just 1 % point or $1,000 extra can make a huge difference! As it’s all about compounding over the years until you reach that sweet sweet nectar of freedom ;)

That’s it! Nice and simple right? You can easily plug in your own numbers in a matter of seconds (provided you know them off your head or can easily log in and copy/paste from your Net Worth spreadsheet which you’re tracking, right? ;)) and get a snapshot of your own situation.

It’s pretty humbling…



Here’s what the calculations are telling me:

(The numbers in that spreadsheet example are my own)

1. I can’t retire until I’m 54 at this rate. Which really isn’t “early!!”
2. I need a nest egg of $2,250,000 in income-producing assets to do so
3. I’d have $1,383.53 to live off if I decided to retire *today* (not a lot, but VERY COOL TO KNOW!!)
4. Our expenses are ridiculously high right now…

[UPDATE– our expenses are now roughly $5,200 a mo (yeah no more daycare!!) so we’re looking at needing “only” $1,600,000 now which chops down the years left by 6 and granting us financial freedom at age 48 :) At least in theory – hah.]

So pretty much the opposite of what I wanted to see, haha… Which means that if I’m serious about reaching financial independence early FOR REAL, I need to either drastically cut our expenses, or drastically start saving more again. Something we used to do like crazy before the Perfect Storm hit of income losses, house renovations, baby producing (big factor), and just general change in business.

That’s the bad news.

The good news? Our current situation is only temporary and by this time next year (and probably much sooner actually), we’ll have an extra $40k-$80k a year coming in to completely speed things up again. Something I’m VERY much looking forward to ;) And many of our expenses like daycare and rental property losses will be gone in a matter of time as well – freeing up $2,500 off the bat.

**Which leads us to the other important thing to consider: What we spend NOW can/will/should be different than what we spend in actual retirement.**

Depending on how far away this is, it could affect mortgage/car payments (or lack there of), commuting expenses, healthcare expenses, food budgets, entertainment and the list goes on. Something that Jeremy brought to my attention when I shot him my first “go” at the retirement spreadsheet above.

He made some edits and shot it back to me…



See the rest of the story at Business Insider

14 'Harry Potter' references you may have missed in 'Fantastic Beasts and Where to Find Them'

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Warning: There are major spoilers ahead for "Fantastic Beasts and Where to Find Them."

J.K. Rowling's "Harry Potter" spin-off, "Fantastic Beasts and Where to Find Them," is finally in theaters.

It's the first of five planned movies, all written by Rowling herself. The first installment takes place in the same magical universe as the "Harry Potter" series, but in 1926 New York instead of during the tail end of 20th century Britain.

Still, there are a lot of obvious connections to the "Harry Potter" books. Newt Scamander, the film's chief protagonist, is the author of "Fantastic Beasts and Where to Find Them," one of Harry's first-year textbooks at Hogwarts, and Scamander's future grandson also marries Luna Lovegood, as noted at the end of "Harry Potter and the Deathly Hallows."

Plus, Gellert Grindelwald, the villain, was once best friends with Albus Dumbledore.

But there are also some smaller hidden moments or clues you may have missed. Here's what we noticed:

A MACUSA worker pulls a silver wisp of Tina's memories out of her head, in a scene where Tina is sentenced to death.



She extracted a memory. It works in the same way Dumbledore and other characters extracted their memories for the Pensieve.



Percival Graves thinks Credence Barebone is a squib, which is a magician-born person who can't practice magic.



See the rest of the story at Business Insider

6 surprising downsides of being extremely intelligent

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You might think life would be easier, happier, and infinitely more fulfilling if only you could rack up a few more IQ points.

But that's hardly the case, as evidenced by the 100-plus answers on a Quora thread titled, "When does intelligence become a curse?"

Users wrote about everything from the absurdly high expectations that people place on them to the trouble of constantly being perceived as a braggart.

Below, we've rounded up some of the most thought-provoking responses and explained the science behind them.

SEE ALSO: 8 common traits of highly intelligent people

You often think instead of feel

Quora user Marcus Geduld says he generally understands his emotions really well and can tell other people about them — but he never feels the relief of expressing them.

"This is a common problem for smart people, especially ones who are highly verbal. They use words as a smoke screen, and it's all the more effective when their words are true. Less articulate people tend to vent through physicality. They yell, punch, kick, run, scream, sob, dance, jump for joy... I explain. And when I'm done explaining, everything I've explained is still stuck inside me, only now it has a label on it."

Geduld's observation highlights the distinction between cognitive and emotional skills.

Scientists can't say for sure whether and how the two factors are related, but some interesting research suggests that high emotional intelligence compensates for low cognitive ability, at least in the workplace. In other words, it would seem that people who are super smart might not need to rely on emotional skills to solve problems.



People frequently expect you to be a top performer

"You are automatically expected to be the best, no matter what,"writes Roshna Nazir. "You have nobody to talk to about your weaknesses and insecurities." 

What's more, you're panicked about what would happen if you didn't perform up to snuff.

"This makes you so cautious about your failure that you cannot sometimes afford to take risks just fearing that what would happen if you lose,"writes Saurabh Mehta.

In an excerpt from "Smart Parenting for Smart Kids" posted on PsychologyToday.com, the authors write that parents are generally most anxious about their kids' achievement when those kids are smart and already doing well in school.

Unfortunately, they write, "sometimes that can lead to too much focus on what they do rather than on who they are."



You might not learn the value of hard work

A number of Quora users mentioned that intelligent people feel like they can get by with less effort than other people. But a high IQ doesn't always lead directly to success, and highly intelligent people may never develop the perseverance required to succeed. 

According to Kent Fung, "Intelligence becomes a problem when those who have it discover early in life that they don't need to work as hard to keep up, and thus never develop a good strong work ethic."

One study found that conscientiousness — i.e. how hard you work — is in fact negatively correlated with certain types of intelligence. The researchers propose that highly intelligent people might feel like they don't need to work as hard to accomplish what they want.



See the rest of the story at Business Insider

MEET THE NEW EXECUTIVE BRANCH: Here's who Trump has appointed to senior leadership positions

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President-elect Donald Trump has a lot of key positions to fill in the coming weeks that will shape his next four years in office.

While rumors have been flying around about who he will appoint, Trump has so far only made fiveofficial hires.

We'll update this list as he announces more senior leadership positions, but here's what we know so far:

SEE ALSO: Trump's choice for CIA director once said US Muslims who don't reject terrorism are 'complicit' in it

DON'T MISS: Trump's new national security adviser is under fire for his views on Russia, his business ties to Turkey — and his tweets

Reince Priebus, chief of staff

Obama administration counterparts: Rahm Emanuel, Pete Rouse, Bill Daley, Jack Lew, Denis McDonough (current)

Duties: oversee the Executive Office of the President, serve as the president's right-hand man

Priebus' former job: Chairman of the Republican National Committee

Bio:Priebus, 44, got his law degree from the University of Miami in 1998. He worked his way up through the ranks of the Republican Party, becoming the Wisconsin Party Chairman in 2007, then general counsel to the National Committee in 2009, and finally its chairman in 2011. Priebus helped launch Wisconsinites House Speaker Paul Ryan and Gov. Scott Walker to national prominence over the last several years. He has two young children with his wife, Sally.

Reactions: While Priebus' hire may comfort the Republican establishment, it may aggravate some of Trump's supporters who expect him to fulfill his promise to "drain the swamp" of Washington insiders in government.



Steve Bannon, chief strategist

Obama administration counterpart:Valerie Jarrett

Duties: serve as senior counselor to the president, shape the administration's political strategy

Bannon's former jobs: chairman of the alt-right news site Breitbart, CEO/chief strategist of the Trump campaign

Bio: Bannon, 62, graduated from Harvard Business School in 1983, and made much of his fortune as a Goldman Sachs banker and a longtime movie and TV producer. Since 2011, he has led Breitbart News, the far-right website espousing anti-establishment white nationalist positions, particularly on issues like immigration and trade. Bannon has two 21-year-old daughters, whose mother accused him of domestic abuse and anti-Semitic comments during their divorce proceedings in 1996. He pleaded not-guilty, and the charges were dropped. He has another ex-wife, as well.

Reactions: Bannon's appointment set off a firestorm of controversy, with critics pointing to what they considered racially charged, bigoted rhetoric used on Breitbart under Bannon's leadership.



Sen. Jeff Sessions, attorney general (pending Senate confirmation)

Obama administration counterparts: Mark Filip, Eric Holder, Loretta Lynch (current)

Duties: act as the country's chief law enforcement officer, represent the US in court cases, provide the Executive Branch with formal and informal legal counsel and advice

Sessions' former job: senator from Alabama

Bio:Sessions, 69, was born and raised in Alabama, got his law degree from the University of Alabama in 1973, and served in the Army Reserve for 13 years. President Ronald Reagan nominated him as a US attorney in 1981, then he was elected as Alabama's attorney general in 1994, and was first elected to the Senate in 1996. He is currently serving his fourth term. Sessions and his wife, Mary Blackshear, have three children and 10 grandkids.

Reactions: Sessions' consideration for a Cabinet positionhas revived allegations of racism that jeopardized his chance to become a federal district court judge in 1986, when a prosecutor testified Sessions called the NAACP and the ACLU "un-American." Incoming Senate Democratic Leader Chuck Schumer said he is "very concerned" about Sessions' civil rights record, a sentiment other liberals echoed. Many conservatives, meanwhile, applauded Trump's choice, with Republican senators saying they'd vote to confirm him.



See the rest of the story at Business Insider

'New businesses will be born' — 5 top Silicon Valley dealmakers told us about the biggest trends in the internet business

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For many investment bankers, Silicon Valley — not New York City — is the place to be.

Some of the most exciting deals of the year are coming out of the tech world, like Microsoft's megadeal for LinkedIn and Snapchat's highly anticipated initial public offering.

Business Insider spoke with five top internet bankers based in the West Coast about where to expect more innovation — and more deal activity — in the coming months and into next year.

They told us that after a lull in IPO activity in 2016, it looks as though it will pick up in 2017. And there's a strong case to be made for mergers and acquisitions, or M&A, activity taking off, too.

In the words of one of the five, Barclays' Kirk Kaludis: "The sheer number of clients here is pretty awe-inspiring. You just see a lot of new innovation coming out of the startup community."

SEE ALSO: A senior Morgan Stanley dealmaker is reportedly leaving to launch a boutique firm

Kirk Kaludis — cohead of US technology investment banking, Barclays Investment Bank

When Kaludis thinks about M&A in the internet sector, he's focused on finding innovative companies that can be paired with large companies — or even mid- and small-cap ones — looking to bring innovation into their platforms.

"You see companies like Uber, Airbnb, and Snap, which are very young companies, continue to enjoy incredibly strong growth rates," he told Business Insider. "Those sorts of companies now are becoming real companies of scale with regard to hundreds of millions or even billions in revenue."

We could see more consolidation plays, he said, as more mature internet companies like AOL and Yahoo combine. His team is keeping a close eye on the internet IPO space, too.

"Probably the number one area that we're focused on is making sure that we're well positioned around those larger internet names that could get public as early as 2017 but also maybe into 2018," he said.

When looking for successful Silicon Valley startups, Kaludis said he tries to identify those with a clear and large market that can be monetized, most often via advertising.



Riaz Ladhabhoy — cohead of internet investment banking, Deutsche Bank

Deutsche Bank's Ladhabhoy expects to see a more positive stance from investors across the board next year.

"In M&A you'll continue to see a lot more cross-border transactions as well as cross-industry with internet in particular," he said, adding that he expects to see activity from the media and industrials sectors.

"Companies are sitting on cash, they're having a tough time figuring out build versus buy, they're having a tough time figuring out organic ways to grow, and there's a ton of stuff going on in the Valley."

In particular, Ladhabhoy said, he expects to see activity in e-health, sharing economy companies, autonomous driving, and augmented and virtual reality.

Ladhabhoy noted that a number of the tech IPOs in 2016 were in software — an area investors like in defensive times — but said he expects more internet deals to come next year.



Nick Giovanni — cohead of internet investment banking, Goldman Sachs

For Goldman Sachs' Giovanni, the most significant trend in the internet sector is the importance of scale.

"In many cases, scale allows a company to provide a better experience to the consumer and to have a better financial model," he told Business Insider. "We should expect M&A to continue as big companies get bigger to drive more value."

As for IPOs, Giovanni said that while activity was slower this year, it's important to focus on the longer-term trends.

"There are more significant private companies than there have ever been, more very well-capitalized large companies driving a very significant consolidation trend, and more innovation that is right around the corner."

When he is identifying the best internet companies to work with, Giovanni said he primarily looks for a large market opportunity — "not necessarily defined by an existing market but something that could be very large and transformative."



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The most innovative CMOs in the world — Meet 'The Rebels'

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Business Insider has published its inaugural ranking of the 50 most innovative CMOs in the world.

Rebels 4x3Here we celebrate the "rebels."

These are the CMOs who are taking their marketing a completely different direction from their peers; the marketers who are not afraid to challenge the status quo; and those who are leading communications designed to spark a debate.

Scroll down to see which CMOs made the cut. Our "Rebels" list is organized in alphabetical order.

Additional reporting from Lori Janjigian and Hannah Roberts.

Andy Donkin, Under Armour

Under Armour hired Donkin from Amazon in August, so we've yet to really see what his effect on the sports apparel business will be.

But we can get a flavor from his work at Amazon, where Donkin served as head of worldwide brand and mass marketing. He led campaigns for products including FireTV, Kindle, and Prime.

Amazon launched its first Super Bowl campaign this year to promote the Echo wireless voice-command device. The spot showed actor Alec Baldwin throwing a Super Bowl party with the help of Echo. Guests included former Miami Dolphins quarterback Dan Marino, actor Jason Schwartzman, and Missy Elliott. Amazon also assembled a team of about 20 people to interact with people on social media before, during, and after the game.

In an interview with VentureBeat, Donkin explained how he approached marketing at Amazon: "How do we move from this idea, from being a functional brand to an emotional brand? How do you begin to tell the story of a category that sounds very complicated?"

Andy Nairn, founder of Amazon's ad agency, Lucky Generals, said of Donkin: "He is a great client to work with. Straightforward, decent, and ambitious. The kind of person you want right next to you in the trenches."



Rand Harbert, State Farm

This summer, Harbert took a decadeslong positioning that insurance is for when things go wrong and took a 180 view: Insurance is for when things go right.

The new brand platform, "Here to help life go right"— moving away from its "good neighbor" tagline — was launched during the first game of the NBA Finals, of which the brand is a sponsor. In the cinematic 60-second launch ad, a child asks, "What if we woke up one day and everything just stopped going wrong?"

Harbert said of the rebrand, "We thought it was time to hit the refresh button in a category that's got a lot of clutter today — everyone seems to be talking to the consumer in the same way."

Harbert probably has more insight into his industry and company than most — he started as a State Farm agent in 1992.



Ann Lewnes, Adobe

Lewnes has been Adobe's CMO since 2006 and has been working to help realize the brand's potential to not only be known for its creative products like Photoshop, but also its entire marketing suite.

This year, Lewnes led the launch of the Adobe Digital Price Index— using insights such as online purchasing patterns and partnerships with professors from Stanford and the University of Chicago to launch a monthly report on various economic indicators affecting marketers' businesses.

Lewnes has also transitioned Adobe's approach to customer experience from what she dubbed an "inside-out" approach to an "outside-in" approach. So instead of Adobe telling the customer what they want to hear, all marketing material now starts with the customer's problem and how Adobe can help solve it.

Adobe has also launched some cinematic ad campaigns — more reminiscent of a consumer brand — to showcase those problems its products help solve. Recently, for example, Adobe released an ad featuring a fictional basketball player about to sign a billion-dollar contract. He gets tired of the endless paperwork and accepts an offer from a rival team. The ad promoted Adobe Sign and carried the tagline: "How's your customer experience? We can help."

Lewnes is a board member of the Advertising Council. Last year, she helped launch its anti-bullying campaign, encouraging young people to post a custom emoji any time they see bullying.



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This PlayStation 4 game looks incredibly realistic — you have to see it for yourself

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Like so many things created in France, PlayStation 4 exclusive game "Detroit: Become Human" is unbelievably beautiful. See for yourself:

Not bad, right? That's the main character of a new game from French game-development studio Quantic Dream. And that's not computer graphics you see above — that's the game itself.

But maybe you don't go in for all-white robot people. How's this?

detroit, playstation

"Detroit: Become Human" is an upcoming game for the PlayStation 4, with no release date (or even a window) in sight. What we've got right now is a gorgeous debut trailer for a project that's likely awhile out still — maybe in 2017? Maybe.

Join us below for even more.

SEE ALSO: This is the most beautiful game on Xbox One by a mile

"Detroit" is a game about artificial intelligence and humanity's future. Guess where it's set?



The game is set in a near-future version of real-world city Detroit, Michigan. Things haven't improved much from current day, it looks like.



The debut trailer starts with a drive toward the city, passing dilapidated houses and infrastructure:



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9 burning money questions that can be answered in 30 seconds or less

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Personal finance is, well ... personal.

That's why the answers to money questions can seem so complicated, and why so many people find it helpful to work with a financial planner. Everyone's life and situation is different, and it's the same for their money.

That said, just because the answers to money questions may be different depending on who's asking doesn't mean they're always complicated. Below, find nine basic money questions that can be answered in 30 seconds or less (although, if you want, we've included links to 90-second explanations, too).

SEE ALSO: I'm a financial planner, and here's what I tell my 30-something clients

One for every reason you're saving.

Since savings accounts are free — and sometimes even incentivized by the bank where you open them — the only reason not to have multiple is if you find that you're unable to keep track of them. Otherwise, keeping an account per savings goal accomplishes two purposes: 

1. It gives you an exact count of how much money you have allotted for a specific goal.

2. It keeps you from dipping into savings you've mentally, but not technically, attributed to one goal for another (like "accidentally" using your emergency savings for a mid-winter trip to Barbados).

Read more explanation »



At least two.

Let's go ahead and assume you're already on board with the need-a-credit-card-to-build-credit-and-make-major-purchases rationale and that we're all clear on the fact that a credit card does more harm than good if you don't pay your bill in full each month. Having only one means if your card gets lost or stolen — which is more common than you might think — you'll be in a tight spot for a while.

After two, it's up to you to decide how many cards you can handle responsibly.

Read more explanation »



20% of the house price.

By putting down 20% of the price, you avoid the monthly cost called private mortgage insurance (PMI), which the bank requires in the case that you aren't able to meet your payment obligations. This means you will pay more over the life of your loan than if you didn't have it.

However, if putting 20% will wipe out your savings, it's less risky to accept paying PMI until you can refinance when you have more cash. "I would much rather see people put 5% down, wipe out all their other debt with cash, and still have three months of emergency savings versus putting 20% down on a house,"writes CFP Sophia Bera.

Read more explanation »



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The 40 best Reuters photos of the year so far

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RTX2MHXP

Reuters' award-winning photojournalists are stationed across the world, documenting all of the major historical moments as well as the quieter ones.

Their team of editors has once again compiled the best photographs taken this year, and, with a little over a month left in 2016, we've picked our top 40 favorites. From Rio de Janeiro, Brazil to Milwaukee, Wisconsin, here are 40 of the most powerful photographs they've captured this year.

Editor's note: Many of the images in this slideshow depict graphic violence and injury, and many are upsetting.

Captions by Reuters and Sarah Jacobs.

SEE ALSO: I flew over New York City in a doorless helicopter like a daredevil Instagrammer, and it was terrifying

People watch as fireworks explode over Copacabana beach during New Year celebrations in Rio de Janeiro, Brazil, on January 1.



A woman with a Ziggy Stardust tattoo visits a mural of David Bowie in Brixton, south London, the day after his death, on January 11.



A Buddhist monk lights a candle at Wat Phra Dhammakaya during a ceremony on Makha Bucha Day in Pathum Thani province, north of Bangkok, on February 22.



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Obamacare isn't going away — and that makes one stock a great investment opportunity (HCA)

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Obama doctors Obamacare

Dale Wettlaufer, founder and portfolio manager at Buffalo, NY-based Charlotte Lane Capital, published a 12-page thesis recommending shares of hospital giant HCA Holdings on SumZero, a collaborative research platform for hedge funds, mutual funds, and PE funds.

The heavily-researched thesis on HCA goes into a detailed interpretation of the future of the Affordable Care Act (ACA), aka Obamacare, and the broad, downstream impacts on relevant sectors. We sat down with Wettlaufer for a Q&A to learn more.

Dale Wettlaufer is the CIO / CEO of Charlotte Lane Capital, which emerged from a large asset manager in 2016 after incubating the strategy for seven quarters. He has has 16 years of professional money management experience, including 11 years with Legg Mason Capital Management, where he was an analyst, PM, and Consumer Real Estate sector head.

SumZero: What is the future of the Affordable Care Act (ACA), aka Obamacare, under a Trump presidency?

Dale Wettlaufer, Charlotte Lane Capital: I believe Medicaid expansion will survive while State Health Insurance Exchanges have some bad adverse selection problems right now.

Those can be ameliorated with a national underwriting pool and clearer risk sharing support for the Exchanges. Penalties for non-enrollment should go to the underwriters, not the US Treasury; otherwise the adverse selection problem remains.

A number of State exchanges are running on fumes and this is hurting middle income people the most. It’s no surprise that group was Trump’s biggest supporters. The two lowest income quintiles represent the biggest swing towards the GOP vs. 2012 and benefit most from Medicaid expansion.

I don’t think Mr. Trump and the GOP will throw overboard these cohorts. I believe the overall thrust of ACA will remain with a re-ordering of some key financial elements.



SumZero: What is the opportunity with HCA Holdings stock right now?

Dale Wettlaufer, Charlotte Lane Capital: HCA has grown its business under a cloud of regulatory worry since the inception of the Affordable Care Act six years ago.

Will the ACA be repealed? Will ACA harm the sector? The Act has faced a number of tests, including at the Supreme Court level.

While HCA’s revenue grew 60% and earning per share grew 250% from 2008 through 2015, the multiple on the stock compressed and stands at 11x 2016E consensus EPS because of the overhang.

I argue ACA or broad healthcare access won’t be repealed, based on what President-Elect Trump and members of Congress have said, based on my read of how a social democracy works, and based on my read on the political consequences of a such a repeal for the newly- unified government under the GOP.

I also argue it’s inconsequential for excess return potential in HCA from this point. Remove ACA and it gets re-rerated. Modify ACA and it gets re-rated.



SumZero: Why now?

Dale Wettlaufer, Charlotte Lane Capital: HCA was down 16% the day after the 2016 national election. It has recovered somewhat, but was already cheap because of the overhang. It has traded off on adverse headlines and the stock has been over the last 18 months jumpier than a long-tailed cat in a room full of rocking chairs.

I believe the long-term growth outlook of the company and its competitive position are highly attractive with or without ACA and this point of heightened fear in the stock has improved the expected excess return in the stock.



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The 15 hottest New York City startups you need to watch

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New York City

The New York tech scene is on the rise. 

In just the last few months, we've seen the $3 billion-dollar acquisition of Jet and talks of IPOs on the horizon for Blue Apron and Pinterest. Silicon Valley giants like Google continue to hire in the region, and West Coast giants like Uber and Lyft are expanding their presence and fighting for turf in New York City. 

But there are also tons of early-stage companies just getting off the ground, armed with the lessons from their successful predecessors and the guidance of experienced New York venture capitalists and operators. 

We've compiled a list of 15 hot New York startups to watch by talking to investors, employees, fellow journalists, and active members of the New York tech scene:

SEE ALSO: This program gives hot startups free office space in New York City for a year — meet this year's winners

Amino Apps

What it is:

Amino's business model harkens back to the days of chat rooms, where people with specific interests could find like-minded individuals to talk to online. But instead of messaging via chatrooms, Amino uses apps to create communities around different topics. Anyone can create an app on any topic through Amino — examples so far include anime and the HBO show "Westworld"— and launch it through the Amino platform. Once it becomes popular enough to have a dedicated following, it becomes a standalone app in the App store. 

Amino relocated from Boston to New York City earlier this year after raising a $6.5 million Series A. Venrock's David Pakman serves on Amino's board. 

Founders: 

Ben Anderson and Yin Wang

Total funding:

$8.3 million from Venrock, Bantam Group, GV, Slow Ventures, Union Square Ventures, and more.

Website: 

www.aminoapps.com



Slice

What it is:

Slice — formerly MyPizza — is a mobile app that lets you order pizza from local pizzerias. Much like Seamless, users log on to the app and place an order at their local pizza place rather than calling it in. Founder Ilir Sela, an Albanian immigrant, created the company after watching friends and family struggle to create online ordering for their pizzerias.

Though Sela has been growing the business on his own for years, 2016 has been a major revamp year for the company. In less than 12 months, Sela has added more than 100 employees without any recruiting. It counts more physical pizzerias as partners than there are Domino's locations in the US.

Founder: 

Ilir Sela

Total funding:

$3.32 million from Primary Venture Partners

Website: 

slicelife.com



Dia&Co

What it is:

Dia&Co is a clothing subscription service for women who wear size 14 and up. Founded by two Harvard Business School graduates, the company was founded in 2014 to try to tackle a multimillion-dollar problem: most traditional retailers don't cater to plus-size women. While more than 65% of US women wear a size 14 and up, those sizes are rarely carried in stores. 

Women who sign up for Dia take a survey to determine what styles and fits they like, then are assigned a stylist who works with them to curate five selections that are mailed to their home. Dia has clients in all 50 states and says its revenue has grown 35X over the last year.  

Founders: 

Nadia Boujarwah and Lydia Gilbert

Total funding:

$25.01 million from Sequoia Capital, Lerer Hippeau Ventures, Binary Capital, and more.

Website: 

www.dia.co



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Stunning photos show the dark side of young ambition

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Photographer Isabel Magowan has been shooting photos of young people for years, but it never occurred to her that she'd have a photo series on her hands.

Someone asked her if she had a name for her photos, and she settled on "Cygnets," meaning "young swans."

Like a young swan, her subjects are beautiful and looking to the future. There's also an undercurrent of complicated emotions running beneath. They're all trying to be somebody, but there's something else going on alongside their ambition.

Magowan's selected photos delve into those emotions and try to represent them as photographs. 

Young people are taught ideas about beauty and success. But they also have their own ideas about beauty and success that can conflict with what they're taught, Magowan said.



They're all young people trying to be someone. But they're also trying to be someone they're not.



“Just because a space suggests something, and just because a person looks a certain way, doesn’t mean that we’re naturally fulfilled."



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How to make your beard less patchy

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Growing a beard is pretty much the final milestone on your way to manhood. You spend your formative years looking up to bearded wizards like Ernest Hemingway, Chuck Norris, and Obi-Wan Kenobi fully expecting to one day join their ranks. Then you catch a glimpse of yourself in the mirror and see...patches? No one ever said there'd be patches!

The cold, hard truth is that not all beards are created equal. For every Galifianakis, there are at least a dozen sad, scruffy Keanus out there. If you find yourself on the splotchier end of the facial-hair spectrum, don't worry. The good news is that facial-hair growth can only get better with time for most young guys (sorry, old-timers). And though there's no magic potion for miraculously filling in the gaps and growing a full-fledged beard overnight, there are ways to work with what you've got.

SEE ALSO: Adidas just created a futuristic shoe made with a super-strong, biodegradable silk

Let it grow.

Chances are you've never given your beard the opportunity to flourish. Once those first patches pop up after a week or two, you go straight for the razor. We dubbed it the Stubble Cycle, and it does nothing but keep you in a perpetual state of patchiness. Try this: The next time you feel the urge to clean shave your stubble, don't. Give yourself at least a month. It'll be hard. It'll be itchy. But there's no other way to reach your mug-rug potential than by letting your face run free. Once you've let your follicles spread their wings, assess the situation. Tidy up your neck and shape your jawline. If everything is satisfactory, congratulations, you have a beard. If you look like Wooly Willy, it's time to move on to our next tactic.



Master the short game.

So you went whole hog and patches are still a problem? No worries, the lumberjack look is overrated anyways. Try opting for a more refined five-o'clock shadow, à la Tom Ford. It's shorter than a beard but not quite stubble. Start by investing in a quality beard trimmer with an adjustable length setting. Trim your beard after a few days' growth, and really focus on shaping your jawline and cheeks. Both should be nice and clean (and definitely not too high). Patches will be less noticeable, and you'll have enough facial hair to earn yourself some grooming street cred.



Brush it.

Hear us out. If your facial hair tends to be unruly, give it a good brushing or use a comb to control the direction of your growth. We're not saying sit in front of the mirror and give your beard 100 strokes before bed. Just work it enough to even things out and fill in the not-so-dense areas. Go against the grain for a fuller effect. And remember to use conditioner! A lush beard is a happy beard. Avoid shampooing too often; that'll dry things out and leave your beard brittle. The hair on your face is just as important as the hair on your head, so treat it the same.



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A treasure trove of shipwrecks has been revealed by a new mapping technology

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4_Photogrammetric model of a shipwreck from the Medieval period

The remains of tens of thousands of ships litter the floor of the Black Sea, their wreckage telling the stories of war, trade, and the risks of crossing a massive body of water. There are ships on the cold sea floor there that have never been seen before: vessels from the Ottoman and Byzantine empires, from Venetian and Genoan merchant colonies, from slave traders coming out of Central Asia, and more.

A recent expedition using new technology to help map the sea floor has just revealed more than 40 previously unknown shipwrecks, nearly perfectly preserved, since they lie deep on the floor of the Black Sea in a region where there's no oxygen. For that reason, the wrecks have been kept safe from organisms that would normally chew through ropes and wood.

"The wrecks are a complete bonus, but a fascinating discovery, found during the course of our extensive geophysical surveys," says Jon Adams, a Professor of Archaeology at the University of Southampton and principle investigator on the sea floor mapping project, in a press release.

The ships are a fascinating bonus historic discovery from a map of the sea floor — and researchers think there's incredible potential for more to be discovered.

Here's what they've found.

The expedition is focused on exploring Bulgarian waters, trying to study how the sea changed over time and how those changes affected people living nearby.



The researchers are using using two Remotely Operated Vehicles (ROVs) to survey and map the sea bed.



The flows between the Mediterranean and the Black Sea separate waters and create a zone below 500 feet that is anoxic, very low in oxygen, which helps preserve everything that lies below.



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12 things successful people do in the last 10 minutes of the workday

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BI_Graphics_12 things successful people do

Perhaps you spend the last 10 minutes of your workday staring at the clock, counting down the seconds until you're free. Or, maybe you bury yourself in your work until the very last minute — then you grab your stuff and go without saying goodbye to your colleagues.

If either of the above scenarios sounds familiar, it may be time to reassess your end-of-day routine.

"How you finish the workday is very important," saysMichael Kerr, an internationalbusiness speakerand author of "The Humor Advantage." "It can set your mood for the rest of your day; it may impact your personal relationships, overall level of happiness, and how well you sleep that night; and it will set the stage for the next day."

Lynn Taylor, a national workplace expert and the author of "Tame Your Terrible Office Tyrant: How to Manage Childish Boss Behavior and Thrive in Your Job," says the most successful people typically have a routine in which they try to mitigate tasks that will linger and deter them from being completely focused for the next morning's events — expected or unexpected. 

1. They update their to-do lists

Successful professionals always keep an eye on their ever-changing to-do lists, Taylor explains. "But the last 10 minutes is when they also check their final progress against that day's objectives," she says. "They revise their final list accordingly while in the moment, rather than abruptly leave and hoping they'll remember all the nuances of that day in the morning."



2. They organize their desk and desktop

Your projects take much longer to complete when you're not organized. "Having an orderly desktop and desk will help you think more clearly and prioritize more effectively. It'll also help you quickly find important documents when you need them," says Taylor. "File digital and hard copy documents for easier access and greater efficiency when you need them next."



3. They review what they achieved

Taylor says in addition to focusing on what you still need to do, it's important to look back on what you've done.

Kerr agrees. "Taking even one minute to review what you achieved can give you a sense of accomplishment, and on a particularly trying and busy day it can remind you that you got more done than you realized," he says. "Happiness research tells us that doing a simple routine like this, and taking the time to reflect on what you accomplished, is a key way to boost your overall level of happiness."



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