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9 Tips For Making Deductions Like Sherlock Holmes

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sherlock

Since his first appearance in 1887, Sherlock Holmes has become an industry — the Guinness Book of World Records notches him as the most-played movie character in history, with some 200 actors playing the role— and a metaphor for clear thinking. 

Psychologist Maria Konnikova's "Mastermind: How To Think Like Sherlock Holmes" unpacks the Holmesian method of inquiry in the language of cognitive science.

From her research, we'll take a look at how anyone can observe and deduce like the fictional detective.

Observe the details.

When Holmes first met Dr. Watson, his soon to be partner in solving crimes, the detective made a certain and offhand claim: "You have been in Afghanistan, I perceive." 

Watson's reply: "How on Earth did you know that?"

Holmes, naturally, deduced it

"I knew you came from Afghanistan...

The train of reasoning ran, 'Here is a gentleman of a medical type, but with the air of a military man. Clearly an army doctor, then. He has just come from the tropics, for his face is dark, and this is not the natural tint of his skin, for his wrists are fair. He has undergone hardship and sickness, as his haggard face says clearly. His left arm has been injured. He holds it in a stiff and unnatural manner. Where in the tropics could an English army doctor have seen much hardship and got his arm wounded? Clearly in Afghanistan.'" 

That is deep-level observation, Konnikova says. Holmes sees his new acquaintance's symptoms of tropics, sickness, and injury, and is able to see how they fit together — deducing his personal history from his appearance.

We can learn the same by learning to paying attention.



Pay attention to the basics.

When Holmes famously quips that the solution of a case is "elementary," he's not simply dismissing the detective work as easy. Rather, he's talking about elements, the essentials of a situation. 

Holmes says:

"Before turning to those moral and mental aspects of the matter which present the greatest difficulties, let the enquirer begin by mastering more elementary problems." 

As a physicist begins with the laws relevant to a problem, a detective begins with the facts of a case before adding in interpretation. 

"Whatever the specific issue, you must define and formulate it in your mind as specifically as possible — and then you must fill it in with past experience and present observation," Konnikova writes. "As Holmes admonishes Lestrate and Gregson when the two detectives fail to note a similarity between the murder being investigated and an earlier case, 'There is nothing new under the sun. It has all been done before.'"



Use all of your senses.

In the novel "Hound of the Baskervilles," Holmes assembles clues not just by reading everything he can find, but involving all his senses.

As he tells Watson: 

"It may possibly recur to your memory that when I examined the paper upon which the printed words were fastened I made a close inspection for the water-mark. In doing so I held it within a few inches of my eyes, and was conscious of a faint smell of the scent known as white jessamine. There are seventy-five perfumes, which it is very necessary that a criminal expert should be able to distinguish from each other, and cases have more than once within my own experience depended on their prompt recognition. The scent suggested the presence of a lady, and already my thoughts began to turn toward the Stapletons. Thus I had made certain of the hound, and had guessed at the criminal before we ever went to the west country." 

While we don't need to go and memorize the smell of 75 perfumes, Konnikova says, we shouldn't neglect our senses — since they influence our decisions in ways we don't even realize



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Martha Stewart Posted A Bunch Of Awesome Drone Photos Of Her Farm

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Martha Stewart has posted some new photos of her Bedford, Conn. farm to her blog. They were taken with a drone flying 900 feet above the ground.

The 153-acre property — once known as “Cantitoe Farm”— was bought by Stewart over 12 years ago, and has a greenhouse, barn, garage, studio, and guest house, as well as horse paddocks and gardens.

“One of my security detail, Dominic Arena, recently purchased a DJI Phantom flying camera,” Stewart wrote on Martha: Up Close And Personal. “These drone-like, radio controlled aircraft are lots of fun to play with and they take extraordinary photos.”

They certainly do. Check out some of the best pictures below with amazing commentary from Martha herself.

"Dominic was up bright and early! Standing near the horse stables, he flew his drone high enough to take this breathtaking sunrise featuring the Cross River Reservoir."Martha Stewart bedford farm"This beautiful aerial shot of my home, which I call the Winter house (center), includes the flower room, carport and studio in the one long structure to the left, the Summer house to the far right, one of the horse paddocks and my beautiful peony garden in full bloom below."Martha Stewart bedford farm"I love the intersection of the four big horse paddocks and the way the fencing makes everything so architecturally pleasing," she wrote. "The grass in these paddocks is cut very short, preventing too much rich grazing which causes the Freisians to get fat."Martha Stewart bedford farmThis is Stewart's gorgeous stable "block" with stable house, carriage house, and farm offices. "My Chow Chow, Ghenghis Khan, loves to play in the small paddock on the upper right, which is sectioned off from the large horse paddock by an electric fence. If you look closely, you can see Dominic near the gate in the boxwood allee."Martha Stewart bedford farmThe property also has a flower garden, equipment shed, corn crib, hoop house, vegetable greenhouse, blueberry garden, hay barn, and greenhouse.Martha Stewart bedford farmAnd since it's Martha Stewart, of course the gardens are extremely well-organized.Martha Stewart bedford farmSee more pictures over at Martha Stewart's blog.

SEE ALSO: A Railroad Tycoon Is Selling His 87-Acre Connecticut Horse Farm For $55 Million

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The 10 Highest-Funded Kickstarter Projects Of All Time

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levar burton reading rainbow

For startups, Kickstarter can be the key to success: It exposes your name and your product, and it lets you raise money from anyone in exchange for incentives. 

The crowdfunding platform puts the power in the hands (and the pockets) of the people, essentially democratizing the fundraising process and allowing startups to have a more direct line of communication with their customers. Kickstarter has raised $1,200,690,155 to successfully fund 65,076 projects since its launch in 2009.

We've compiled a list of the highest-funded projects in Kickstarter's five-year history, explaining who they are, what they made, and how successful they've been since making it big with their crowdfunded projects.

The Micro, a 3-D printer small enough for your desktop

Goal: $50,000

Raised: $3,401,361

The Micro is a 3-D printer that promises easy use for the average person who might not be used to 3-D printing in their home. You just plug in the printer, download or create a model of whatever you want to make, hit print, and watch your creations take shape. The Micro was fully funded in May — it blew past its goal in 11 minutes— and could start shipping out orders to its backers as soon as August.



Reaper Miniatures Bones, an evolution of gaming miniatures

Goal: $30,000

Raised: $3,429,235

Funded in August 2012, Reaper Miniature Bones is a miniature set of plastic figurines, based in the science fiction and fantasy genre and used to play tabletop games. In 2013, Reaper Miniatures opened up a second crowdfunding campaign to raise money for even more of the mini figurines. Similar to its first project, it blew away its $30,000 goal with $3.2 million from 14,964 backers.



"Mighty No. 9," a classic Japanese side-scrolling game

Goal: $900,000

Raised: $3,845,170

"Mighty No. 9" raised almost $4 million from last year's Kickstarter, and exhausted all of its stretch goals, too. Led by "Mega Man" creator Keiji Inafune, "Mighty No. 9" is a side-scrolling Japanese game. This week, the company announced it would open a second round of funding to enhance the game with English voice acting, a feature that should be released next year, reports Polygon.



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The Fabulous Life Of Billionaire Michael Dell

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michael dell hawaii

With an estimated net worth of $18.6 billion, Michael Dell is one of the wealthiest people in the world.

Dell dropped out of school at the University of Texas at Austin to found Dell Computer Corp., which soon became one of the fastest growing companies in the country. He was only 23 when his company had its IPO in 1988, and soon, he was a billionaire. 

Dell lives the extravagant life of a successful businessman as well, complete with all of the private planes, summer homes, and sweet rides you'd expect from a billionaire. 

Michael Dell was born on February 23, 1965 in Houston, Texas. He was fascinated with gadgets from a young age — when he was 15, he bought one of the first Apple computers and disassembled it to see if he could put it back together.

Source: Academy of Achievement



When he was in high school, he got a job selling newspaper subscriptions. After figuring out how to target an untapped customer base, he made $18,000 in just one year.

Source: Academy of Achievement



Though he was really only interested in computers, Dell entered the University of Texas at Austin as a pre-med student in 1983. He spent his spare time upgrading PCs and selling them from his dorm room, making $180,000 in his first month of business. Though he never came back for his sophomore year of classes, he returned to his dorm for a photo opp in 1999.

Source: Entrepreneur



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The 20 Best Beaches In America

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Hapuna bay big island hawaii

The U.S. has 95,471 miles of shoreline, some parts more pristine than others.

Because nothing quite says "summer" like sand between your toes, salty air, and the lullaby of waves crashing on shore, we set out to find the best beaches in the U.S.

For this list, we looked at six notable beach rankings compiled by travel experts, vacationers, and water quality researchers and combined these rankings to come up with the ultimate list of the Best Beaches in the U.S.

The rankings we used were Dr. Beach's Top 10 Beaches for 2014, Trip Advisor's 2014 Travelers' Choice Awards Top 25 Beaches in the United States, Travel + Leisure's Best Beaches on Earth, Natural Resources Defense Council's Superstar Beaches, CNN's World's 100 Best Beaches, and Condé Nast Traveler's Best U.S. Islands for Beaches.

20. Beachwalker Park – Kiawah Island, South Carolina

Roughly 20 miles from downtown Charleston, Kiawah Island's 10 miles of beaches are set among perfectly preserved maritime forests, sand dunes, and marshes. Beachwalker Park, mentioned among Condé Nast's Best U.S. Islands for Beaches list, is the island's only stretch of sand with public parking, lifeguards, and restrooms.

kiawah island beachwalker state park south carolina seashell shell

Source: Flickr/Bill Sutton



19. Barefoot Beach Preserve – Bonita Springs, Florida

Dr. Beach named Barefoot Beach No. 2 on his list of Top 10 Beaches for 2014. The pristine setting provides up-close access to tons of animal species, including sea turtles who nest in the sand dunes during the summer months.

barefoot beach bonita springs florida

Source: Flickr/chrisgriffith



18. Cape Hatteras – Outer Banks, North Carolina

Dr. Beach's fourth favorite beach, Cape Hatteras, made the Natural Resources Defense Council's "superstar list" for its crystal clear, unpolluted waters. The historic Cape Hatteras Lighthouse on site has 257 steps leading to panoramic views.

cape hatteras outer banks lighthouse north carolina

Source: Flickr/thebetancourts



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These 10 Startups Are Creating The Future Of Food

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Soylent Rob RhinehartScientists and entrepreneurs are revolutionizing the way we think about food.

We're seeing new ingredients, like insects, and new means of production, including 3D printers.

Investors are taking notice. In 2013 VCs invested $146 million in the food and beverage industry, according to a report from CB Insights.

We've put together a list of 10 food startups that aren't just creating sustainable, healthier food options — they're shaping the future of food.

SEE ALSO: More Game Changers

SEE ALSO: Tiny Flying Robots Are Being Built To Pollinate Crops Instead Of Real Bees

Modern Meadow grows meat and leather in its lab.

Founders: Andras Forgacs (CEO), Gabor Forgacs (chief scientific officer), Francoise Marga, Karoly Jakab

What it is: Modern Meadow grows leather and food in its lab using biofabrication, which takes small biopsies from animals leaving them unharmed. Modern Meadow's next development, pending FDA approval, will be marketing its 3D printed beef.

Funding: Just received $10 million from Horizons Ventures; prior funding from investors including Sequoia Capital and PayPal cofounder Peter Thiel

Website: http://modernmeadow.com/



Soylent lets you drink complete meals.

Founder: Rob Rhinehart (CEO)

What it is: Soylent is a food product designed to be a complete meal replacement. It's made up of vitamins, minerals, proteins, and carbohydrates essential for human nutrition. Soylent comes in a powder form as well as an oil-based solution, and both are mixed with water to create the meal substitute.

Funding: $2.3 million from Andreessen Horowitz, Initialized Capital, Lerer Ventures, Hydrazine Capital, Y Combinator

Website: http://www.soylent.me/



Solazyme turns algae into food ingredients for your favorite recipes.

Founder: Jonathan Wolfson (CEO)

What it is: Solazyme, a company known for creating renewable biofuels and skincare products from algae, has ventured into new territory: food. Its microalgae-derived food ingredients, which include eggs, butter, and vegetable oil, offer reduced calories, saturated fat and cholesterol than traditional products.

Funding$145.80 million from Harris & Harris Group, Lightspeed Venture Partners, Braemar Energy Ventures, VantagePoint Capital Partners, Roda Group, Bunge, Bluecrest Capital Finance, Morgan Stanley, Chevron Technology Ventures

Website: http://solazyme.com/



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Everything You Need To Know About The iPhone 6 (AAPL)

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iphone 6 concept

The next iPhone is likely only a few months away, and reports and rumors about the new device are spreading like crazy.

We've combed the web for leaked photos, rumors, and gossip, and rounded them all up here in one place.

The iPhone 6 will probably have a larger screen.

The most prominent rumor surrounding the iPhone 6 is that Apple will bump the screen size up to 4.7 inches. It all started exactly one year ago when Reuters reported that Apple was testing 4.7-inch smartphone displays. Ever since then, other reports have been consistent. 

There have also been reports Apple will release a 5.5-inch model of the phone.



The display may be made of scratch-resistant sapphire.

Your next iPhone may be less prone to damage. Earlier this year, Gurman also reported that Apple had purchased enough equipment to make hundreds of millions of sapphire glass screens for iPhones. Next to diamonds, sapphire is the second strongest glassy material. 



The screen looks like it'll be insanely durable.

YouTube user Marques Brownlee recently posted a video showing what he claims to be the iPhone 6's sapphire crystal display. In the video, he puts the display through a rigorous torture test, which includes scratching it with a knife, bending it under his shoe, and scraping it with keys. The screen was able to hold up without any noticeable damage. 



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The 17 Biggest Snubs And Surprises From Today's Emmy Nominations

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the americans keri russellThe nominations for the 66th Primetime Emmys were announced Thursday morning and not everyone is happy. 

Netflix stunned again, receiving more than double of last year's nominations pushing out comedies like "Brooklyn Nine Nine" and "Parks and Recreation" and dramas including "The Good Wife" and "Homeland" from receiving nods.

While BBC's "Sherlock" and HBO's "True Detective" received their fair share of praise, a lot of favorites went unrecognized.

Snub: Sure, Julianna Margulies received her nod, but "The Good Wife" gets shut out of the drama category despite a huge twist this past season.



Surprise: Netflix was nominated for an outstanding 31 Emmys between "House of Cards,""Orange is the New Black," and Ricky Gervais' "Derrick." Last year, the streaming service picked up 14 noms.



Snub: Despite announcing the nominees, Mindy Kaling didn't receive a nod herself.



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The Incredibly Sad Story Of How One Couple Let Their Child Die Because They Were Addicted To The Internet

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south korea internet addiction

Internet addiction, considered by some to be a first-world problem, is a nightmarish — and fatal — issue for some South Koreans.

In the early '90s, the South Korean government implemented policies to aggressively increase the number of internet connections in the country, investing heavily in broadband infrastructure.

The new HBO documentary "Love Child" narrates the story of a South Korean couple's internet addiction. "Love Child" raises questions about the implications of South Koreans' dependency on the internet, including the story of one couple who let their baby die because they were too busy playing online games.

"Love Child" will air on HBO July 28 at 9 p.m. EST and will be available On Demand starting on July 29. We got an early preview of the film and learned a lot about the toll internet addiction can take on someone.

In 2010, a South Korean couple was arrested for charges related to the death of their 2-month-old daughter.



Their daughter, Sarang, was malnourished. Her parents would leave her at home for six or more hours at a time and would go to a popular cybercafe to play online games.



This is the interior of the underground cybercafe and online gaming center PC Bang, where the couple spent hours every day playing games.



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HOUSE OF THE DAY: This $24 Million Miami Penthouse Comes With One Cool Perk

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Miami penthouse

Here's a home-buying incentive we've never heard of: an all-inclusive vacation.

But that's just what GR8-Group and Chad Carroll of Douglas Elliman (and star of Bravo’s "Million Dollar Listing Miami") are doing. 

The person who purchases this $24 million penthouse will also get a "billionaire's weekend getaway," which includes a private jet ride to a private island, a celebrity concert, and time on a yacht, all valued at $1.5 million. 

The two-story penthouse is perched atop the former Sony building and includes a private rooftop, 20,000 square feet of interior space, and customized steel and glass installations.

It's currently home to a creative firm, but could be used as a residence, office, shop, or gallery.

The penthouse is on the corner of Lincoln Road, a popular destination in South Beach.



The multi-level, 20,000-square-foot space is located atop the former Sony building.

 



The fully customizable space features custom steel and glass installations, exotic woods, and floating concrete stairs.



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These Gorgeous Postcards Are Some Of The First Color Photographs Of America

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In the late 1800s, the Detroit Photographic Company began printing a series of color postcards based off photographs of iconic places in America, such as New York City and San Francisco, and peoples such as the Seminole and Pueblo Indians. 

All produced between 1888 and 1924, the postcards were some of the very first color photographs of the United States ever. Though conventional color photography was not in widespread use until the introduction of Kodachrome in the 1930s, the Detroit Photographic Company used a process called Photochrom beginning in the late 1800s that added life-like colors in post-production. In the Photochrom process, trained technicians would transfer black and white photos onto numerous lithographic stones, each inked with a different color.

The postcards were wildly popular at the time, selling by the millions at tourist attractions and in mail-order albums.

Photographer and collector Marc Walter, who specializes in vintage travel photographs, has put together a massive collection of these postcards in a recently released book, An American Odyssey. Taschen Books and Walter have shared a few of the postcards here, but you can see all 600 in the book.

Mulberry Street in Manhattan was bustling at the turn of the century. It was (and is) the heart of Little Italy. The street was part of the infamous Five Points neighborhood, a disease-ridden slum that played host to numerous riots and gangs. The sidewalks were filled with street vendors.xl_american_odyssey_058 059The view from Battery Park, New York City in the early 1900s.xl_american_odyssey_030 031On "laundry day" in the late 1800s and early 1900s, New York City residents dried their clothes on clotheslines that stretched between buildings. When the weather was wet, residents had to string up lines inside their already crowded apartments. Washing was done by hand.xl_american_odyssey_062 063This panorama shows San Francisco when it was still a developing Gold Rush town. Around this time, San Francisco started becoming a major city, as new neighborhoods cropped up in every direction and famous artists and writers began to call the Bay Area their home.xl_american_odyssey_547 550The Mount Lowe railway was a scenic railway on Echo Mountain and Mount Lowe in California, built as a tourist attraction for those visiting the Los Angeles area.  It operated from 1893 to 1938, but it was never particularly successful. Here, the railway navigates the Circular Bridge, a feat of engineering at the time that allowed the train to rise 12 feet in elevation over 500 feet of track. You can see Los Angeles in the distance.xl_american_odyssey_588The Homestake Mine in South Dakota was the largest and deepest gold mine in the United States, producing over 40 million ounces of gold. It was owned and operated by George Hearst, the father of media mogul William Randolph Hearst. xl_american_odyssey_268 269The Georgetown loop in the Rocky Mountains was considered an engineering marvel at the time. It connected two mining boom towns and covered an elevation of 600 feet. It was integral in hauling silver and gold during the Gold Rush and later became a tourist attraction.xl_american_odyssey_390 391This is one of the first photographs of the Grand Canyon. The area became a popular tourist attraction in the late 1800s, after the Santa Fe Railroad was extended first to Flagstaff (the closest city to the Canyon) in 1882 and, finally, to the Grand Canyon Village in 1901.xl_american_odyssey_414 415This is a shipping dock in Vicksburg, Mississippi. Steamboats were integral in developing the Mississippi River in the 1800s because they facilitated large-scale transport of passengers and freight.xl_american_odyssey_296 297The magnolias are in full bloom on the Ashley River in South Carolina. xl_american_odyssey_276 277The Zuni Pueblo people have been farming and living in pueblos in New Mexico for the last 4,000 years. Here they perform a rain-dance.xl_american_odyssey_406 407The Seminole Indians dominated Florida up until the 1800s. A series of wars between the Seminoles and the United States in the mid-1800s established U.S. control in Florida. Most Seminoles were forced to move west of the Mississippi, while a small group refused to leave. xl_american_odyssey_322AMERICAN_ODYSSEY_XL_INT_3D_05772

SEE ALSO: 15 Vintage Pictures Of Los Angeles When It Was Still A Beachside Village

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Finland Gives This Awesome Box Of Goodies To All Expectant Moms

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finland maternity box reddit

Since 1938, Finland has been giving expectant mothers a starter-kit box for babies.

The cardboard box comes with a mattress at the bottom to make it “baby's first bed,” and includes bodysuits, a sleeping bag, bathing products, diapers, outdoor gear, a blanket, and unisex clothes. There are also bra pads and condoms for the parents.

The contents of the package are updated nearly every year by the Finnish social security institution, Kela, which provides them to all expectant or adoptive parents. Though there is an option to take a cash grant of 140 euros, 95% of Finish parents choose the box since it’s worth much more, according to BBC news.

Reddit user GrumpyFinn uploaded pictures of her maternity box on /r/Pics and Imgur to show Redditors some of what was offered in this year’s box. “All of the clothes are very high quality, and a good chunk of what came in the box was made in Finland or by Finnish companies,” GrumpyFinn said.

Take a look below.

SEE ALSO: 9 Things That Surprised Me About Being A New Parent

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The Epic Story Of How A 'Genius' Hedge Fund Almost Caused A Global Financial Meltdown

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dominoes falling

Twenty years ago, one bond-trading hedge fund grew from launch to over $100 billion in assets in less than three years. It saw yearly returns of over 40 percent. It was run by finance veterans, PhDs, professors, and two Nobel Prize winners. Everyone on Wall Street wanted a piece of their profits.

But by 1998, that firm was primed to expose America's largest banks to more than $1 trillion in default risks. The demise of the firm, Long-Term Capital Management (LTCM), was swift and sudden. In less than one year, LTCM had lost $4.4 billion of its $4.7 billion in capital.

The entire story is recounted in Roger Lowenstein's book, 'When Genius Failed', with details on the specific strategies and financial theories employed by Long-Term. It's an absolute must-read for anyone working on Wall Street, so we've summarized the basics for you in ten slides.

This story has all the players — the Federal Reserve, which finally stepped in and organized a bailout, and all the major banks that did the heavy lifting: Bear Stearns, Salomon Smith Barney, Bankers Trust, J.P. Morgan, Lehman Brothers, Chase Manhattan, Merrill Lynch, Morgan Stanley, and Goldman Sachs.

In desperate need of a $4 billion bailout, the crumbling firm was at the mercy of the banks it had once snubbed and manipulated.

Consider this a history lesson.

The idea for LTCM began with John Meriwether, who ran bond arbitrage at Salomon Brothers. He resigned from that bank after an employee was discovered deliberately deceiving the U.S. Treasury.

The groundwork for Long-Term Capital Management began when John Meriwether joined the investment bank Salomon Brothers in 1974.

Meriwether set up a bond arbitrage group within Salomon, and began hiring intellectuals to build formulas predicting market prices and finding outliers. The strategy was to buy or sell bonds when prices deviated from the norm, then wait for prices to converge again to make a profit. 

The Arbitrage Group became known within Salomon for its clique-y culture, its confidence, and its substantial profits. Soon Meriwether was put in charge of all bond trading. Bond arbitrage started to spread across the financial industry. When Meriwether was forced to resigned after an oversight failure with one of his employees, he built his new hedge fund around these same principles.



Meriweather set up his own hedge fund for arbitrage using mathematical models to predict prices. Stocked with industry veterans and respected academics, the firm launched in 1994 with $1.25 billion in capital.

By the 1990s, the number of hedge funds in the U.S. had exploded, arriving at about 3,000 hedge funds from only about 200 in 1968. But Meriwether had high expectations for his hedge fund that would set it on an entirely different level.

First, he wanted to raise capital of $2.5 billion. Second, LTCM's asking fees would be 25 percent of profits on top of an annual two percent charge on assets. Third, investors were required to keep their capital in for a minimum of three years. These standards were incredibly uncommon for a hedge fund to demand.

To justify these, Meriwether recruited respected academics who would bring credibility for the nascent firm, including Robert C. Merton, Myron Scholes, and David Mullins, then vice chairman of the Federal Reserve. Despite numerous rejections from investors including Warren Buffet, LTCM began to pick up speed, even adding foreign investors who did not traditionally deal with hedge funds. 

By February 1994, Long-Term Capital launched with the largest amount of funding ever at $1.25 billion.



In two years, LTCM had risen to over $140 billion in assets. The firm guarded their trades to the extreme, refusing to give details to any banks or investors.

In the first year, Long-Term made almost no mistakes, earning 28 percent when most other bond investors were losing money. Run by a team of all-star partners with record-level funding, Long-Term Capital Management was the new firm that everyone wanted to do business with. 

Long-Term's edge came from its experience reading models and a secure base of financing. The team was skilled in finding pairs of trades, hedging their bets, and leveraging smaller profits for a bigger payout. People didn't really think of Long-Term as a hedge fund, but as a financial technology investment company.

However, Long-Term was very secretive about its operations, to the point where banks found it extremely frustrating to work with them. Partners rarely gave specifics on what strategies they were employing, and scattered trades between banks to avoid giving away too much information to any proprietary desk. Long-Term usually gave a broad overview of models and the economy, but not much else. The partners even bought back photos used in Business Week to erase themselves completely from the media.

The partners were also known to be condescending and conceited, always putting their own interests first. But since Long-Term was flourishing, no one needed to know exactly what they were doing. All they knew was that the profits were coming in as promised.



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Birchbox Is Opening Its First Retail Store, And Here's What It Looks Like

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Katia Beauchamp Birchbox Color Portrait Illustration

The popular discovery ecommerce platform Birchbox is venturing into the world of brick-and-mortar retail, according to a statement from the company.

Four years after starting the online subscription service, Birchbox is opening up a 4,500-square-foot store in Soho. The store is opening July 11.

"We wanted to build another channel to help create a robust shopping experience for our customers," Birchbox cofounder Katia Beauchamp told Business Insider. "From content, to organization, to personalization, we applied the insight and feedback from our hundreds of thousands of customers to better understand what makes them tick to create a customer-first, holistic offline shopping experience."

According to Beauchamp, the store incorporates artificial intelligence and machine learning to create a personalized shopping experience. Customers will get the same curated experience in the physical store as they would through the online service.

Katia Beauchamp and Hayley Barna launched Birchbox in 2010.



Birchbox started off as a subscription service that sends customers a box of beauty samples every month.



The boxes contain beauty products like these.



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E-COMMERCE AND THE FUTURE OF RETAIL: 2014 [SLIDE DECK]

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BII percent of retail online

The retail industry is undergoing a dramatic shift: E-commerce is capturing a larger share of sales than ever before. 

We've created a slideshow highlighting the retail categories where e-commerce is having the most impact, and where there is still opportunity for disruption. The shift away from physical retail toward digital retail is happening faster than many observers expected. 

BI Intelligence is a research and analysis service focused on mobile computing, digital media, payments, and e-commerce. Only subscribers can download the individual charts and datasets in Excel, along with the PowerPoint and PDF versions of this deck. Please sign up for a free trial here.

 







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22 Vintage Photos Of Silicon Valley Before It Became The Center Of The Tech Universe

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vintage silicon valley

Silicon Valley is generally considered the center of the tech universe today.

But before Google, Facebook, LinkedIn, and a host of other major tech companies set up shop there, the Santa Clara Valley was the center of a different industry altogether. 

Rather than office buildings and parking lots, the Valley was covered in orchards and farmland. It was one of the largest suppliers of produce in the United States, and continues to be an agricultural hub today. 

History San José, a Silicon Valley-based historical organization, shared some photos from their archives that show how much the region has changed since its beginnings.

Before it was Silicon Valley, the Santa Clara Valley was a land of orchards and farmland. This photo, taken from the top of Mount Hamilton in 1914, shows the wide expanse of the valley.



Known by many as the "Valley of Heart's Delight," early 20th-century farms in the Santa Clara Valley supplied one-third of the world's prunes, in addition to huge quantities of tomatoes, grains, onions, carrots, cherries, and walnuts.

Source: Los Angeles Times

 

 



A group of men posed with a trenching machine made by the Knapp Plow Company. The manufacturers were an important part of the region's development into an agricultural hub, as the plows they created made it possible to farm the valley's hillsides.

Source: History San José



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An Economist Made This Extraordinary Presentation Explaining Where We Are And How We Got Here

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In a simply extraordinary presentation titled “Generations X and Y: Facing Economic and Financial Challenges in the Shadow of the Baby Boom,” Bill Emmons does a remarkable job of mining available data to paint a picture of where we are and how we got here.

This deck, in its entirety, is one of the best pieces of research I’ve seen since the beginning of the crisis. I’d like to thank Dr. Emmons for granting me permission to share his work.

Herewith some of the highlights and takeaways:

Income inequality is clearly visible in the growing gap between mean and median incomes.

fed reserve chart 01

This slide is so telling: Households headed by those over 65 have recovered — and then some — from the recession. Not so all the younger cohorts:

fed reserve chart 02

Here’s another very telling slide, reflecting the fact that it’s not so much that those with college degrees are doing particularly well, it’s that everyone else is doing significantly worse. This is a stunner:

fed reserve chart 03

 

Look what happened to the mean wealth of the under-40 cohort. Is it any wonder they’re living in Mom and Dad’s basement, not fueling household formation, and not spending money like drunken sailors?

fed reserve chart 04

Why did they lose so much? Because they were loaded up with too much house, and when the bubble burst, it crushed them:

fed reserve chart 05

Younger families had also amassed too much debt:

fed reserve chart 06

Put it all together and, as this slide states: “Homeownership Rates Are Plunging Among the Non-Elderly”:

fed reserve chart 07

The picture going forward is not a particularly happy one:

fed reserve chart 08

The medicine might not taste good, but this is what it might take to improve the outlook:

fed reserve chart 09

And there are some reasons to be hopeful:

fed reserve chart 10

Facing Economic and Financial Challenges in the Shadow of the Baby Boom



Facing Economic and Financial Challenges in the Shadow of the Baby Boom



Facing Economic and Financial Challenges in the Shadow of the Baby Boom



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10 Scientific Breakthroughs That Could Help Us Cheat Death And Live Forever

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angelic girl glowing heaven immortality life

Over the past 150 years, human life expectancy in the developed world has doubled from 40 years to 80. That's nothing compared to what scientists want to achieve.

A large group of researchers — inside academia and out — are working on ways to increase longevity. Even Google has hired a bunch of futurists and well respected scientists for Project Calico, a "death-defying" initiative.

A recent Science Channel show with Morgan Freeman, "Through The Wormhole," interviewed a bunch of physicists, futurists and scientists about technology they're working on that could greatly expand our lifetimes and maybe make it so that we never die.

Some researchers think the key to immortality is tied to the second law of thermodynamics which states that everything (on the molecular level) progresses toward higher states of disorder. Over time, the molecules that make up the cells in our bodies follow that rule and deteriorate — which is why we need to continually make new proteins and grow new cells.



The reason our atoms and cells decay is due to entropy, which is the idea that everything moves from more ordered states to higher degrees of disorder. It takes great deals of energy to reverse this process. Dr. Michio Kaku, a theoretical physicist at City College of New York, likens the process to separating cream from coffee once it's been added.



"Nothing is immune to the power of entropy, not even the cells of our body," Kaku says. "That’s why we age and die," our cells and bodies wear out trying to replace their parts over and over. But he says "there is a loophole to the law of entropy. There’s a way to return order to disorder."



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The 10 Most Popular Wedding 'First Dance' Songs

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wedding couple first dance bride groom

This coming weekend is one of the biggest wedding weekends of the year, and to honor all the summer newlyweds, Spotify analyzed some 30,000 wedding-themed playlists and ranked the 10 most popular first dance songs.

Etta James’ classic “At Last” obviously made the cut, as well as Ray LaMontagne’s “You Are The Best Thing.” And thanks to the "Twilight" franchise, “A Thousand Years” by Christina Perri, which the characters dance to on their wedding day, is also in the top 10.

See the full list below.

  1. “At Last” by Etta James

  2. “I Won’t Give Up” by Jason Mraz

  3. “You Are The Best Thing” by Ray LaMontagne

  4. “All of Me” by John Legend

  5. “Better Together” by Jack Johnson

  6. “A Thousand Years” by Christina Perri

  7. “Everything” by Michael Bublé

  8. “First Day Of My Life” by Bright Eyes

  9. “Then” by Brad Paisley

  10. “Make You Feel My Love” by Adele

You can check out the full list of the most popular first dance songs on Spotify and stream them here.

SEE ALSO: The 12 Most Over-The-Top Weddings In Tech

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MORGAN STANLEY: Here Are The 15 Best Stocks For The Next 12 Months

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Morgan Stanley analysts published their annual "Vintage Values 2015" report highlighting what they considered to be the best stocks for the next 12 months.

"We selected stocks with over $1 billion in market cap that look likely to realize superior risk-adjusted returns between now and July 2015," they wrote

Their research reflects consideration of anticipated events over the next year, and how these events will impact the selected stocks.

Additionally, they note that their Vintage Values portfolio is "biased toward high quality, growth, and large market cap" and trades at a higher P/E valution than the S&P 500.

Abbott Laboratories

Ticker: ABT

Sector: Healthcare

PriceTarget: 45.00

Div. Yield 2014: 2.1%

According to Morgan Stanley analyst David Lewis, Abbott Laboratories is a "unique healthcare asset with high exposure to emerging markets and consumer-directed businesses, driving the potential for sustainable double-digit earnings growth".

Source: Morgan Stanley



American Express

Ticker: AXP

Sector: Financials

Price Target: 100.00

Div. Yield 2014: 1.1%

According to Morgan Stanley analyst Betsy L. Graseck, "AXP is significant levered to an improving US economy and consumer". Additionally, they expect that more small merchants will accept American Express, boosting AXP's US acceptance from 70% of Visa/Mastercard to 90% 18 to 24 months.

Source: Morgan Stanley



Amgen Inc.

Ticker: AMGN

Sector: Healthcare

Price Target: 140.00

Div. Yield 2014: 2.0%

Matthew Harrison of Morgan Stanley writes that they see "margin expansion and modest pipeline success as offering upside from current levels based on durable base business cash flows that provide downside support". However, a lack of margin expansion and increased biosimilar competition could lead to an investment risk.

Source: Morgan Stanley



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