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REVEALED: How much Tesla, Rivian, and Nikola pay their employees, from engineers to managers (TSLA)

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A new generation of electric-vehicle startups is competing with Tesla for talent, in some cases recruiting employees away from the electric-car maker.

The US Office of Foreign Labor Certification requires companies to disclose compensation for permanent and temporary employees from outside the US to ensure the firms aren't paying them less than the average wage earned by their peers. Business Insider analyzed salary data Tesla and upstarts like Rivian, Nikola, and Canoo shared with the US government to gain insight into the salaries they pay to stay competitive with their rivals.

The data is from 2020 and represents either an average or range among employees included in Tesla, Rivian, Nikola, and Canoo's disclosures.

Here's what some employees in the EV industry make each year.

Are you a current or former employee of Tesla, Rivian, Nikola, or Canoo? Do you have a news tip or opinion you'd like to share? Contact this reporter at mmatousek@businessinsider.com, on Signal at 646-768-4712, or via his encrypted email address mmatousek@protonmail.com.

SEE ALSO: Why it's almost impossible for cars to go 300 miles per hour

Tesla

  • Controls engineer: $125,724
  • Data scientist: $107,000
  • Equipment engineer: $99,188
  • Global supply manager: $122,244
  • Industrial engineer: $103,667
  • Integration engineer: $121,641
  • Lead senior controls engineer: $124,500
  • Manufacturing engineer: $111,863
  • Manufacturing-engineering manager: $166,425
  • Mechanical-design engineer: $107,125
  • Process engineer: $93,989
  • Product manager: $121,500
  • Quality engineer: $93,978
  • Senior applications engineer: $131,076
  • Senior compliance engineer: $126,000
  • Senior data engineer: $147,500
  • Senior electronic-design engineer: $133,651
  • Senior manufacturing engineer: $121,346
  • Senior mechanical-design engineer: $116,390
  • Senior process engineer: $121,895
  • Senior product manager: $118,949
  • Senior site-reliability engineer: $145,000
  • Senior software engineer: $148,001 to $165,000
  • Senior supplier-industrialization engineer: $119,645
  • Senior technical program manager: $125,487
  • Software engineer: $150,190 to $169,375
  • Senior application-support engineer: $130,000
  • Senior reliability engineer: $139,000
  • Staff test engineer: $149,344
  • Supplier industrialization engineer: $107,500
  • Technical program manager: $115,750

Tesla did not respond to a request for comment.



Rivian

  • CAD-design engineer: $95,000
  • Chassis engineer: $110,000
  • Controls engineer: $110,000
  • Design-release engineer: $113,650-$120,000
  • Manufacturing engineer: $91,500
  • Mechanical engineer: $105,000
  • Perception engineer: $152,500-$160,000
  • Purchasing manager: $135,000
  • Quality engineer: $76,667
  • Senior embedded engineer: $170,000
  • Senior financial analyst: $124,300
  • Senior software engineer: $151,500
  • Senior systems engineer: $176,667
  • Software engineer: $153,288
  • Supplier quality engineer: $87,000
  • Systems engineer: $134,013
  • Vehicle-controls engineer: $113,000
  • Vehicle crash-safety test engineer: $85,500

"Rivian salaries vary widely according to experience, geographic location, industry norms, and demand," a Rivian spokesperson said. "We're proud to compensate employees across locations and levels fairly, and to award equity to every member of our team."



Nikola

  • CAE Engineer, crash safety: $95,000
  • Lead battery-module-design engineer: $118,000

Nikola declined a request for comment.



Canoo

  • Electrical engineer: $102,350-$135,000
  • Mechanical engineer: $124,800-$156,667

Canoo did not respond to a request for comment.




The 18 hottest adtech companies of 2020

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The coronavirus hit the adtech industry hard in 2020.

Advertisers cut ad spend in March, which meant less money for the digital ad firms that live off ad spend. Adtech companies also continued to fight for scraps from the triopoly of Google, Facebook, and Amazon.

Apple and Google's upcoming moves to kill third-party cookies threatened to upend longstanding ad targeting practices, leading firms like The Trade Desk and LiveRamp to roll out ID initiatives to future-proof themselves and look for others to back their efforts.

The acceleration of streaming TV during the pandemic also led more adtech companies to chase TV ad dollars.

And adtech firms that specialize in helping marketers navigate Amazon expanded to Walmart, Instacart, and Target as those retailers beefed up their advertising businesses.

Funding remains hard for adtech companies as investors look for businesses not tied to seasonal and often rocky ad spend with recurring revenue models. Still, firms focused on solving problems in digital advertising like TVision DoubleVerify raised money. Other firms looked to go public as Wall Street fell back in love with adtech due to broad macroeconomic changes.

Here are the 18 adtech companies that are best adapting to all these changes, based on our reporting and more than 50 nominations, looking at factors like revenue, funding raised, and reputations.

We specifically looked at the issues that comanies are trying to solve — from the demise of ad targeting with third-party cookies to the rise of ad-supported streaming TV. This year's list emphasizes the growing number of companies pitching ways to help marketers change how they target as Google and Apple clamp down on third-party cookies.

We also highlighted a star to know from each company.

Acast: Wants to use software to ramp up podcast ads

Star to know: Jack Oliphant, senior account director 

2020 revenue: between $65 million to $75 million, according to a source familiar with the company.

Total funding to date: $126.2 million, according to Crunchbase.

Comment: With Spotify, iHeartMedia, and SiriusXM betting big on podcasts, acquisitions of podcast companies spiked this year.

Independent Acast's software plugs so-called dynamic ads into more than 20,000 podcast shows from publishers like PBS, Vice, and A+E Networks that collectively generate 300 million monthly listens. The 6-year-old company says that it had made $100 million in revenue for podcasters.

Acast claims that its programmatic ad revenue has increased 250% year-over-year as ad sales have become increasingly automated.

It's also moving into AI, with Oliphant spearheading new AI-based technology that lets advertisers buy podcast ads based on show content.

The firm was recently named Patreon's podcast partner, meaning that Patreon's creators can publish paywalled podcasts and access advertising features through Acast. Acast also made all of its podcast inventory available to advertisers this year through Strata, FreeWheel's ad marketplace for local and regional advertising.



Beachfront Media: Wants to create TV-like ad pods for OTT

Star to know: Silvia Abreu, head of product

2020 revenue: $35 million to $45 million, according to a source familiar with the company.

Comment: Beachfront Media is working to make streaming TV more like linear TV.

A challenge with OTT advertising is that programmatic ad breaks are harder for networks and advertisers to control than linear TV, which can make sure competitors like Pepsi and Coca-Cola don't run spots next to each other.

To solve that issue, Abreu helped Beachfront Media roll out an ad product for OTT advertising this year that mimics linear TV's "pods." Networks and publishers use the tool to set ad prices for specific ad slots. For example, the first and last slots in an ad break are typically more expensive than the middle ad slots. BeachFront Media says that the approach also makes the TV experience more seamless for consumers.

The firm also helps TV networks and pay-TV companies sell linear and video-on-demand ads programmatically.



Beeswax: Wants to add machine learning to programmatic advertising

Star to know: Shuai Yuan, director of data science

2020 revenue: $33 million

Total funding to date: $28.3 million, according to Crunchbase.

Comment: Beeswax is one of a handful of companies helping marketers take their programmatic advertising in-house, a trend that's sped up in the pandemic. For a flat monthly fee, the firm helps advertisers create custom ad stacks.

As other adtech companies went through layoffs this spring, Beeswax acquired MediaGamma to beef up its engineering. Yuan, former VP of data sciences at MediaGamma, spearheads Beeswax's investments in machine learning.

The firm has also rolled out products that aim to provide transparency into the murky "adtech tax" and is working on cookieless targeting and frequency capping that limits the number of times people see the same ad.



Captify: Wants to be advertisers' search alternative to Google

Star to know: Fiona Davis, chief operating officer

2020 revenue: between $60 million and $80 million

Total funding to date: $12.3 million (£9.2 million), according to Crunchbase.

Comment: Nine-year-old Captify wants to take on Google's search dominance.

The advertising firm collects and sells audience data from places like publisher and e-commerce websites, which advertisers use to fine-tune their programmatic advertising campaigns.

Davis has helped Captify push into TV ad dollars, with tools that help advertisers target audiences like sports fans or thrill seekers across OTT apps and websites and track metrics like reach and frequency.

Captify also rolled out a consultation arm in 2020 that helps advertisers analyze search data to make decisions about reopening back up after pandemic shutdowns.



Cooler Screens: Wants to turn stores into digital ads

Star to know: Arsen Avakian, CEO and cofounder

2020 revenue: $2.5 million

Total funding to date: $80.7 million, according to Crunchbase.

Comment: Cooler Screens' Avakian wants to revamp retail.

With e-commerce growing significantly during the pandemic, retailers that rely on physical stores are looking for more shopper data. Cooler Screens makes digital screens that replace glass refrigerator doors in retailers that brands like Chobani pay to advertise on. The screens also display information about the products behind the door like nutritional information.

Retailers like Walgreens, Kroger, and Get Go are betting big on Cooler Screens to track consumer habits. Walgreens plans to roll out Cooler Screens in 2,500 of its stores next year. Cooler Screens raised $80 million in Series C funding from investors including Verizon Ventures and M12 in October, valuing the startup at $500 million.

Avakian has said that 120 brands have run ads on Cooler Screens and that the startup's business quadrupled between February and August of 2020.



DoubleVerify: Wants to build contextual advertising tools

Star to know: Mark Zagorski, CEO

2020 revenue: $200 million, according to people familiar with the company

Total funding to date: $549.5 million, according to Crunchbase.

Comment: A flood in coronavirus-related news coverage revved up marketers' interest in DoubleVerify and other companies that block ads from news that advertisers deem negative.

As funding gets increasingly difficult for adtech firms to raise, DoubleVerify stands out, raising $350 million in funding led by Tiger Global Management while naming longtime advertising veteran Mark Zagorski as CEO. DoubleVerify is also rumored to be a likely candidate to go public in early 2021 as Wall Street starts to favor adtech companies again.

As marketers shift more money to OTT advertising, DoubleVerify rolled out new products this year that aim to stamp out ad fraud and create specific brand safety and suitability controls. The firm also expanded into India, Japan, and broadened its European footprint.



Innovid: Wants to buy and measure OTT ads

Star to know: Stephanie Geno, SVP of marketing

2020 revenue: $75 million to $100 million, according to a source familiar with the company

Total funding to date: $95.1 million, according to Crunchbase.

Comment: Innovid helps marketers buy and measure connected-TV advertising and tackles problems like pixelated ads or ads that don't appear for clients like NBCUniversal's new streaming service Peacock. Innovid also signed a new deal in 2020 with Verizon Media and BrightLine to pitch advertisers interactive ads that are bought programmatically.

Geno has worked on educating marketers about the shift from linear TV to OTT advertising, partnering with the Association of National Advertisers and brands on research that looks at how consumers interact with ads.

Next year, the firm plans to launch a household ID that will make it easier for advertisers to target digital ads without cookies.



LiveIntent: Wants to solve identity problems with email

Star to know: Kerel Cooper, SVP of global marketing

2020 revenue: $140 million

Total funding to date: $65.1 million, according to Crunchbase.

Comment: Publishers like The Washington Post and The New York Times use LiveIntent to sell ads in email newsletters, work the firm is betting on as it gets harder for advertisers to target ads with cookies.

Cooper pitches publishers an ID that matches customer data with LiveIntent's identify graph as an alternative to cookie-based targeting. In 2020, LiveIntent inked deals with adtech companies including Kochava, Infosum, and Magnite that use email data to pinpoint ads.

LiveIntent hopes its ID will help publishers sell ads with more data. LiveIntent said that its approach helped one advertiser reach 45% more ad impressions than buying ads with third-party cookies.



LiveRamp: Wants to replace third-party cookies with IDs

Star to know: Daniella Harkins, SVP of sales excellence and strategy

2020 revenue: $381 million

Comment: LiveRamp wants to solve big issues around the death of third-party cookies.

LiveRamp has long worked with big brands to run targeted digital ads by onboarding data like loyalty card information and sales data. It's now trying to make deeper inroads with publishers to help them sell and target ads. 

LiveRamp has also pushed hard into TV and pitches marketers on targeting and measurement tools for addressable advertising, which targets ads to specific households, and OTT advertising. LiveRamp has deals with Beachfront Media and Beeswax that use IDs instead of cookies for targeting.

 



Lotame: Wants to help marketers phase out third-party cookies

Star to know: Amy Yeung, chief privacy officer and general counsel

2020 revenue: between $50 million and $100 million

Total funding to date: $61.7 million, according to Crunchbase.

Comment: Lotame is a data management platform that helps marketers phase out third-party cookies, and Yeung oversees efforts to make sure its products are privacy-safe.

The firm pitches its ID that combines email and customer data with publicly available data  that publishers use to pool together audiences across different devices and browsers to sell to advertisers. Lotame says the ID includes data from 180 sources to help advertisers match data across devices to target and measure ads. 

Lotame signed a deal with Amobee in 2020 to use Lotame's data to fine-tune social ads on Facebook, Snap, and Pinterest. A similar deal with Nielsen Taiwan allows marketers to layer Lotame's data on top of retail data.



Magnite: Wants to be the largest publisher-facing adtech firm

Star to know: Katie Evans, chief operating officer

2020 revenue: $139.6 million through the third quarter

Comment: Evans helped merge 600 employees from Rubicon Project and Telaria in April to form Magnite, which helps publishers sell ads on OTT apps.

In 2020, Magnite signed deals with Hulu and Discovery this year to power their programmatic ad sales.

The adtech company is also a prominent backer of Prebid, an industry organization that develops open standards for header bidding — a tactic that publishers and adtech companies use to sell ad space more efficiently. Tom Kershaw, Magnite's CTO, is also chairman of Prebid.org.

Prebid and Epsilon recently rolled out an ID called SharedID that publishers can use as an alternative to third-party cookies. Magnite, News Corp., MediaMath, and Insider Inc. have backed SharedID.



Mediavine: Wants to handle ad sales for small publishers

Star to know: Eric Hochberger, CEO and cofounder

2020 revenue: $250 million

Comment: Mediavine handles programmatic advertising for thousands of small media companies and also runs sites like The Hollywood Gossip and Food Fanatic. The publisher-facing adtech space has gotten increasingly competitive with shrinking margins and lookalike products, but Mediavine has carved out a niche by focusing on publishers' big ad operations problems.

In 2020, Mediavine expanded its work with adtech firm GumGum to offer advertisers contextual targeting that avoids using cookies. Hochberger also worked with Liveramp to roll out a set of tools that help publishers collect first-party data like email addresses.

It also built technology that ensures publishers get paid if adtech companies are delayed with payments, go bankrupt, or ask for "clawbacks" where adtech companies ask publishers to give money back they've already been paid.



Pacvue: Wants to use software to buy e-commerce ads

Star to know: Melissa Burdick, president

2020 revenue: More than $20 million

Comment: E-commerce advertising ballooned this year as retailers saw online sales soar and advertisers put more money into Amazon, Walmart, and Target's ad business.

Pacvue is one of a handful of adtech firms that are increasingly plugging into e-commerce platforms to help advertisers buy and manage ad campaigns. The firm says that its business grew 300% in 2020.

Pacvue has long sold software to help brands like Tuft & Needle and Duracell buy ads on Amazon, and Burdick helped the firm expand in 2020 to include Instacart and Walmart. The software pulls together reports and tools for managing budgets and campaigns across the e-commerce platforms.



Roku: Wants TV to go digital

Star to know: Louqman Parampath, VP of product management

2020 revenue: $452 million through the third quarter

Comment: Roku continues to morph from seller of streaming TV devices to media giant that wants to control the future of TV advertising.

Roku has benefitted from the pandemic as cord-cutting grows and advertisers move budgets from linear TV to OTT. Even in a shaky time for TV ad budgets, Roku signed upfront deals with the big six agency holding companies to help advertisers reach people who don't watch linear TV and frequency-cap ads.

Parampath helps build new capabilities for advertisers. After acquiring adtech firm Dataxu last year, Roku also rolled out a demand-side platform this year that allows advertisers to buy and manage campaigns. Roku also pitches first-party user data that advertisers use to analyze what content someone watches.



The Trade Desk: Wants the ad industry to back its ID

Star to know: Michelle Hulst, EVP of global data and strategy 

2020 revenue: $516 million through the third quarter

Comment: The Trade Desk remains the biggest and most powerful adtech company.

With Apple and Google clamping down on third-party cookies, The Trade Desk in 2020 rolled out its Unified ID 2.0 initiative aimed at replacing cookies and offered them for free to spur adoption. The ID tools are backed by Nielsen, Liveramp, PubMatic, and Criteo.

Hulst has also helped The Trade Desk become one of the largest programmatic media-buying firms buying OTT ad inventory, helping advertisers replicate linear TV buys on properties like Disney, NBCUniversal, Sling TV, and TubiTV.



TripleLift: Wants to make native ads for OTT

Star to know: Jordan Bitterman, CMO

2020 revenue: $543 million

Total funding to date: $18.7 million, according to Crunchbase.

Comment: TripleLift is betting big on the rise of so-called native ads in streaming TV.

The firm is best known for helping publishers monetize their websites with native ads that look like editorial content, but during 2020 it's moved to adapt that product to TV shows. It's testing the feature with more than a dozen publishers and placed ads in 100 episodes of TV.

Bitterman has also helped TripleLift's efforts to crack down on misinformation and fraud. The firm rolled out an initiative with media-buying firm GroupM to promote ad buying on high-quality sites that were hard hit by the pandemic.

Like other adtech firms, TripleLift temporarily enacted furloughs and pay cuts in the pandemic. TripleLift crossed the milestone of handling $1 billion in ad spend in 2020, with more than half of that business coming from 2020.



TVision: Wants to measure TV like digital

Star to know: Yan Liu, CEO and cofounder

2020 revenue: $10 million

Total funding to date: $40.7 million, according to Crunchbase.

Comment: TVision wants to compete with Nielsen and Comscore by bringing digital-like metrics to TV.

The firm pays people to install a device next to their TVs that anonymously tracks their TV viewing — measuring if someone is in the room while the TV is on and what shows people watch, for example.

Clients like Anheuser-Busch and Dentsu Aegis Network use TVision's tools to measure their ad campaigns as well as competitors' performance. TVision also equips ad companies like Moat, Xandr, and VideoAmp with TV viewing stats.

As the shift to streaming TV has sped up in the pandemic, TVision launched a product to measure streaming ad campaigns to help advertisers plan their video ad spending.

Liu led TVision to raise $16 million in its Series B round of funding from Susquehanna Asia Investments this year.



Zeotap: Wants to use first-party data for ad targeting

Star to know: Projjol Banerjea, founder and chief product officer

2020 revenue: Between $20 million and $30 million

Total funding to date: $81.2 million, according to Crunchbase.

Comment: The European-based competitor to LiveRamp sells a data platform that brands like Red Bull, Unilever, and Nestlé use to target ads using their first-party data.

Zeotap also pitches its version of an ID called ID+ that competes with LiveRamp's identity product. The ID helps marketers create cookieless audiences for ad targeting and is backed by Accenture, Omnicom's Annalect, and PubMatic.

As laws like the California Consumer Privacy Act become a bigger focus for marketers, Banerjea has heloed Zeotap expand to the US while raising $60.5 million this year from investors like SignalFire and MathCapital. 



Meet 6 top recruiters scouting talent for family offices as the secretive wealth managers to the world's richest look to supercharge their investing prowess

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You've heard of the war for talent in different corners of financial services, especially between high-flying startups and Wall Street institutions.

A similar battle is unfolding between traditional financial services firms and family offices, the privately held, loosely regulated wealth managers for the world's richest individuals and their families.

After placing some searches on hold earlier this year, many family offices are again looking to hire fresh talent or reassess their staff, executive recruiters said in interviews.

They are looking to grow their direct-investing and private markets capabilities, poaching investors and wealth advisors from private equity firms and private banks., 

Read moreWe built the first-ever searchable database of the top Wall Street recruiters for banking, hedge funds, and private equity

And US-based family offices are seeking out fresh legal talent, in part due to the likelihood of a higher tax rate for the wealthy and a shifting regulatory environment under President-elect Joe Biden.

"Family offices have always been fairly lean with their team structures and we haven't seen any drives to cut costs by trimming their recruitment," said Paul Westall, director of the London- and New York-based search firm Agreus Group, in an interview last month with the family office organization and research provider Campden Wealth.

"On the contrary, we have seen family offices reacting to new opportunities and having to bring in additional expertise in order to have knowledge and talent in-house," Westall said, adding family offices are increasingly relying less on "external advisors such as banks." 

Business Insider rounded up six must-know executive recruiters in the space. 

Read more: Here's how family offices are snapping up talent from private-equity firms and elite wealth managers, according to 6 top recruiters

SEE ALSO: Here's how family offices are snapping up talent from private-equity firms and elite wealth managers, according to 6 top recruiters

SEE ALSO: Family offices salary data reveals how much the advisers to the world's wealthiest make, from investment analysts to CEOs

SEE ALSO: Meet 17 BlackRock power players carrying out CEO Larry Fink's vision to turbocharge the firm's $222 billion alternative-investments business

Jeff Warren, Russell Reynolds Associates

Jeff Warren co-heads the private equity practice in the Americas for Russell Reynolds Associates, the executive search and advisory firm, conducting searches for alternative investment institutions, family offices, and other financial services firms.

Family offices are "being run more like traditional investment firms," said Warren, who is based out of Los Angeles and New York. The industry's growth has come as equity markets have soared higher, creating vast amounts of wealth for the affluent. 

Some of Warren's searches this year within the space have included chief executive searches for two family offices based in the upper midwest, the finance chief of a mid-Atlantic real estate business and its associated family office, and the head of investments, tax, and trust planning for a northeastern US-based family office.

"It will only continue on the private market side," said Warren, adding that there is also a sense among family offices that they've got capital to deploy and would rather allocate that capital directly than to vehicles like hedge funds.

Warren is also a member of the firm's chief executive and board services practice. Before he joined Russell Reynolds Associates in 1999, he was the director of business development for KSL Fairways, a private equity affiliate of KKR. 

 



Sarah Burley Reid, Spencer Stuart

Sarah Burley Reid is a partner at Spencer Stuart who co-leads the firm's global private wealth management practice, focusing on recruiting senior executives and leaders across investments, sales, marketing, and client services. 

Burley Reid has seen a rise in family office-focused recruitment over the last five or so years, but more recently, she has observed "even more curiosity from families about talent who can join them in-house," she said in a recent interview. 

Burley Reid, who is based in New York, has also observed an uptick in family offices seeking out talent to handle private equity and private credit investments, and those looking for opportunities in uncorrelated areas of the market.

She added that also means seeking out talent who can seek out direct investments, not only act as allocators. 

"Another trend we are seeing — and this is also in the corporate world, not just in family offices — is that, this is a really stressful period in general, and people are looking to retire early. They're exhausted," she said. 

Before joining Spencer Stuart nearly two decades ago, she was a management consultant with the consulting firm Booz Allen & Hamilton. 

 



Derek Braddock, BraddockMatthews

Derek Braddock co-founded New York- and Boston-based executive search firm BraddockMatthews, which launched seven years ago, with Bill Matthews. BraddockMatthews focuses on asset management searches within financial services. 

Within its family office practice, BraddockMatthews has worked with a wide range of firms, from those with roughly $300 million in accumulated wealth to $8 billion.

About 90% of that work has been for US-based family offices, and has largely been within single-family as opposed to multi-family offices.

While some areas within asset management are shrinking, the family office space continues growing at a rapid clip, Braddock said in a recent interview with Business Insider. 

As a growing number of family offices look to bring investment talent in-house, Braddock has found that a notable share of chief investment officer searches he's conducted have been the first one a family office is bringing in. 

In years past, a logical pool of talent family offices used to look for top-tier investment chief talent came from within the endowment and foundation community, since the two worlds share some similar investment styles.

"But one, those people don't always resonate with family offices, and two, as importantly, the family office world has matured in and of itself," he said. 

That type of talent pipeline hasn't entirely faded. But now many tend to come from the world of private equity, Braddock said, where executives or investors have experience executing direct investment and underwriting capabilities.  

Read more: Family offices oversee trillions in wealth and are highly secretive. But that's changing as they chase direct deals — and company execs want to know who's behind the money.



Julie Zorn, StevenDouglas

Julie Zorn runs the national family office search practice at StevenDouglas, the Sunrise, Florida-based recruitment firm.

Families' younger generations becoming more involved with a family's financial decisions, particularly when it comes to socially responsible investment decisions, is one prominent theme Zorn has noticed recently across her base. 

"They will pick a cause and invest in companies accordingly," she said in a recent interview.

As her peers across the industry have noted, another focus for family offices continues to be building out their direct-investing capabilities and seeking out talent who can source new deals rather than just allocating assets.

An investor or leader who intimately understands the companies' families want to invest in directly is a sought-after quality, said Zorn, who is based in Southern California. 

Her team works with family offices of all sizes in the US and internationally, and works with them at different stages, from families who are just setting one up to those that have been around for years. 

Zorn has also been on the other side of the table, working within the industry catering to ultra-high-net-worth clients. Before joining StevenDouglas four years ago, Zorn was in private banking and wealth management at BMO Harris and Citi Private Bank.



Brian Davis, Major, Lindsey & Africa

Brian Davis is a New York-based managing partner with the legal industry-focused executive search firm Major, Lindsey & Africa, focused on search areas including capital markets, private equity, tax, and compliance searches for institutions including family offices, hedge funds, and law firms. 

Davis said in a recent phone interview that he's witnessed a rise in the number of general counsel searches family offices are conducting. 

"It's not a sleepy back office, the way they used to be run," he said. "They're being more proactive."

In many cases, family offices are competing with private equity and hedge funds for the same legal talent who can help handle more sophisticated transactions that may require a greater level of compliance, he said. 

Family offices are engaging in executing their own investments directly in more instances, Davis said: "Maybe they just aren't happy with the returns they are getting," and are hiring in-house talent like chief investment officers to help execute their own investments, he said. 

Geographically, he has seen a rise in requests from Asia-based family offices over the last decade. 

Davis joined Major, Lindsey & Africa nearly two decades ago. 



Fira Yagyaev, Selby Jennings

Fira Yagyaev is a principal consultant focused on private banking and wealth management within Selby Jennings, the banking and financial services-focused recruitment firm. 

Yagyaev, who is based in New York, said one of the most in-demand positions for family offices are searching for is wealth advisors from the likes of private banks and other specialty wealth managers.

"Nine times out of 10," when she asks an individual candidate what they are interested in, they say the family office space. 

For people looking to move into that industry, Yagyaev thinks that's due to the prestige that comes with working for a family office, and the human element of working with a single client in a more intimate fashion than a larger firm. 

Another role in relatively high demand is heads of portfolio management, she said, a sign more family offices are looking to bring investment talent in-house rather than outsourcing those capabilities. 

Yagyaev has also seen an uptick in searches for trust and estate specialists as family offices seek out help navigating changes in tax policy under President-elect Joe Biden.

Yagyaev joined the firm in 2018, and was previously a senior recruitment consultant with Selby Jennings before being named a principal consultant. 



Top energy CEOs and investors share their best predictions for 2021, including a hydrogen boom, the rise of commercial EVs, and more layoffs in oil

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Ah, 2020 — the year that wore out the word unprecedented.

The price of US oil went negative for the first time ever. Exxon, once the world's largest company, was kicked off the Dow Jones Industrial Average. 

Meanwhile, wind and solar became the cheapest sources of electricity in most parts of the world. And Tesla's market value breached $600 billion, greater than the combined market value of the other nine largest car companies

Read more: The 46 top climate-tech startups to watch in 2021, according to VCs

As coronavirus vaccines race across the country, hope is now seeping into the oil industry, where profits are tethered to fuel demand. Crude prices are notching up as a result. 

Clean-energy execs are feeling good, too, as a climate-friendly administration prepares to take office. Gina McCarthy, who led the Environmental Protection Agency under former president Barack Obama, will lead domestic climate policy, while former Michigan governor Jennifer Granholm is set to run the Department of Energy and pioneer a transition to electric cars, if confirmed by the Senate. 

Needless to say, 2021 is already shaping up to be a very different year. So, what can you expect?

We put that question to 24 energy investors, CEOs, and analysts. Here are their top predictions. 

Oil demand could near a full recovery and shale production may come back online, but crude prices are unlikely to reverse pandemic losses.

Layoffs, budget cuts, and bankruptcies this year among oil and gas companies were largely the result of a severe drop in demand for oil, which drove down the price of crude beginning around March.

Now the question has become, "When will demand recover, and when will it peak?" 

Some respected analysts and companies, including BP, say the answer is possibly never — demand for oil may have peaked last year

Others don't agree with that view. Daniel Yergin, vice chairman of the consulting firm IHS Markit, tells us he expects demand to recover in late 2021 or in 2022, assuming there's a strong economic rebound. He also sees some shale production ramping up before the end of next year. 

Meanwhile, Vikas Dwivedi, a strategist at Macquarie Group, says demand will return in late 2022 at the earliest, but more likely in 2023. (The International Energy Agency, a respected forecaster, said that global oil demand will not recover in 2021.)

Dwivedi also points out some "positive surprises" that he says have boosted oil markets, and may continue to support them in the new year, including a strong auto and real estate market, deurbanization, and demand for petrochemicals

As far as prices are concerned, Martijn Rats, an oil analyst at Morgan Stanley, "sees a path to" $55 per barrel of Brent in the second half of next year, according to a note the bank published in early December. Goldman Sachs also sees Brent hitting $55 next year. That's about $4 up from where prices stand today

Read more: Plastic empire: Inside Big Oil's massive bet on chemicals that could help save the industry in a future with fewer gas-powered cars



American shale companies will be leaner and less focused on growth.

American shale companies weren't thriving heading into the pandemic. As Morgan Stanley analysts noted, they "lost money for much of the last decade."

In that time, they pumped millions of barrels of oil out of the ground, flooding the market with crude that ultimately ended up driving down prices and undermining their own endeavors. 

This year, after oil markets collapsed, companies involved in oil exploration and production were forced to adopt a more disciplined approach to spending money, the analysts said. Heading into 2021, they're focused less on growth and more on generating returns to shareholders, they added.

That's also lowered the price-per-barrel that shale firms need to turn a profit, experts say. 

"Shale producers need to establish a new social contract with investors that it's not growth at any cost, it's growth at what cost," said Yergin, author of the book, The New Map: Energy, Climate, and the Clash of Nations. "You have to give money back to investors, and I'm starting to see that."



Still, oil companies will be hurting and could cut more workers to stay afloat. Plus, investors continue to ditch fossil fuels.

Almost every major oil company slashed its project budget and cut workers in 2020. Experts we spoke to expect that to continue. 

"I'm still expecting an industry-wide rationalization process to continue — meaning, a reduction of capital spending, which then means a reduction of people," Dwivedi said. "I don't see that trend changing." 

Investors will be skeptical of any company that starts beefing up its workforce and project budgets if the price of oil rallies, he said. 

Read more: Exxon is slashing workers and cutting costs as a hobbled oil market slowly recovers. Here's everything we know.

Plus, investors are increasingly screening companies for ESG — environment, social, and governance — criteria, and many are dumping fossil fuels.

There's also an appetite among traditional oil-and-gas investors to back clean energy, said Emily Reichert, the CEO of Greentown Labs. Earlier this year, her firm hosted training sessions to convert traditional oil investors to climate-tech investors, which drew huge audiences, she said.



A bigger trend will be the focus on lowering carbon emissions across the corporate sector.

Nearly every expert we spoke to emphasized that climate change and efforts to combat it will gain even more attention in 2021.

That shouldn't come as a surprise. The incoming Biden administration has pledged to reduce the country's emissions to net-zero by no later than 2050, as have loads of major corporations. 

This year will see an uptick in corporate support for climate action. More companies will commit to sourcing renewable energy 24/7, as Google has done, for example, and to lowering scope 3 emissions, which are generated from the use of their products, said Rob Collier, a VP at the energy firm LevelTen Energy. 

You'll also see more oil companies follow BP's footsteps by rebranding themselves as energy companies, said Tom Blum, an angel investor and partner at G. C. Andersen Partners, an investment banking firm. 

Countries, too, are likely to ramp up their decarbonization commitments, said John Morton, a partner at the advisory firm Pollination and former White House senior director for energy and climate change under former President Barack Obama. He expects countries attending an upcoming intergovernmental climate-change conference to make "moderate-to-significantly enhanced commitments to decarbonization."

Commitments are great, but follow-through is better, said Emily Kirsch, the CEO and founder of Powerhouse, a climate-tech venture fund and startup hub. She'll be watching to see how companies begin achieving their pledges in the year ahead. For the most part, corporations met their 2020 pledges, according to a recent Bloomberg News analysis



That will mean more money for and attention to climate tech.

Investment in technologies that help lower carbon emissions is surging, and VCs we spoke to say it has a lot more room to grow. 

"We're just at the beginning of this wave," said Adam Rothenberg, a partner at the VC firm BoxGroup. 

Barbara Burger, who heads up Chevron's VC arm, says 2021 will bring a lot more money into climate tech — and it will come from increasingly diverse sources. For example, private equity and family offices, she said, will enter the venture space because they acknowledge that there's still a lot of innovation necessary to push forward the energy transition. 

One of those areas of innovation will undoubtedly be hydrogen, she said.

 

 



2021 will be a huge year for hydrogen, VCs say.

This year brought no shortage of headlines that hyped hydrogen. Next year could bring more.

While there's still plenty of skepticism surrounding the element, experts we spoke to seem more confident than ever that the industry — which has been prone to false starts— will finally gain traction.  

"We've been talking about it for a long time but it's just never received take-off velocity," Morton said. "What's different this time is the scale of public funds."

Not only that, but the tech is far more advanced, he said, and there's the political will.

"We have all three of those things aligning — not just in one country but in multiple countries," he said.  

Read more: Everything you need to know about the hype and realities of the hydrogen industry, which could transform the energy sector and explode into a $2.5 trillion market

Some VCs are now circling the industry and looking for where to invest. Unlike other sectors of climate-tech, however, such as batteries or carbon capture, there aren't many buzzy startups. 

"We look aggressively," Vinod Khosla, founder of Khosla Ventures, said. "We haven't found somebody with breakthrough technology. There's a lot of incremental technologies there, but nobody has a real breakthrough. If you find one, have them call me."

The investors we spoke to say hydrogen used for aviation, heavy-duty vehicles, and industrial processes, such as steelmaking, is most promising. 

Read more: Billionaire investor Vinod Khosla shares the 4 most promising sectors he's betting on in the booming climate-tech industry



EVs, and the batteries that power them, will also soar in the year ahead.

If 2020 was the year of electric cars, "2021 will be the year of commercial vehicle electrification," said Brook Porter, a partner at Kleiner Perkins spinout fund G2VP, which has invested in the electric-bus company Proterra. 

"The thing about commercial vehicles is that they have an economic case," he said. "It's now just cheaper to electrify a bus or a school bus or a delivery truck than to drive one with an internal combustion engine."

Expect big companies with commercial fleets to announce that they're betting on EVs, Porter said. 

EV ridesharing is also set to be huge next year, said Jigar Shah, the president and cofounder of the investment firm Generate Capital. More cars could become a part of ridesharing programs next year than are bought by all private individuals combined, he said. And those programs are increasingly transitioning to electric fleets. (Both Uber and Lyft, for example, pledged to have all-electric fleets by 2030.)

Auto giants including Tesla and GM are working on batteries that last a million miles or more. Shah says "ridesharing is the only sector that cares about that," because private buyers have a mental block of buying a car with more than 100,000 miles on it. 

"They're worth more to put them in rideshare," he said.



Batteries will be big, too, in all kinds of applications.

A swelling EV market will continue to fuel the battery industry. Traditional lithium-ion cells will dominate in the year ahead, but lithium-metal chemistry — such as that developed by Khosla-backed QuantumScape, which recently went public — will gain traction, Blum, the angel investor, said. 

It's worth noting that many of the most valuable clean-tech startups are working on battery tech for EVs, including Sila Nanotechnologies and Northvolt. 

Next year will also be a big year for batteries attached to home solar-energy systems, said Tom Werner, the CEO of SunPower, which is among the nation's largest solar companies. One of every two solar systems sold in the US will be sold along with storage by the end of the year, he predicts. 

"You'd almost have to be tone-deaf not to be in storage as a solar company," Werner said. 

In 2021, you could also see corporations sign contracts to offtake power from utility-scale batteries, in addition to just electricity from wind and solar farms, Collier of LevelTen Energy said.

"The industry has scaled to the point where costs to develop projects have declined and more storage projects are becoming available to enter into contracts," he wrote in a recent blog post. "Storage projects have the unique ability to charge when electricity prices are low and sell when electricity prices are high." 



Three other under-the-radar technologies will also gain steam.

Experts we spoke to predicted that a number of other kinds of climate-tech are set to pop in 2021 — perhaps, a sign itself that the industry is booming. 

Firms that operate grid management software are set to grow in 2021, Blum said, as more and more distributed energy sources, from solar panels to batteries, are added to the grid, creating a complex equation of supply and demand.

Carbon-capture will be big, too, according to Burger of Chevron and Girish Nadkarni, CEO of Total's VC arm, Total Carbon Neutrality Ventures.

"Negative emissions technologies are going to get a lot of fanfare," Burger said. 

Next year could also see renewable natural gas become an industry worth billions, Shah of Generate Capital said. 

"The dairy industry and the hog industry have finally decided that this is exactly how they want to deal with their waste," he said. 

This story was originally published on December 17.  



Photos show crowded airports during Christmas as Americans buck the CDC's recommendation to stay home

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SEE ALSO: 'I'm absolutely terrified for Christmas': Nurses say they're bracing for record-shattering COVID-19 hospitalizations after the holidays

The US Centers for Disease Control and Prevention said the best way for Americans to celebrate December holidays was to stay home.

Source: Business Insider



Still, 1.19 million travelers passed through airports the day before Christmas Eve, the highest number since March, according to the Transportation and Security Administration.

Source: Business Insider



Healthcare workers had said they expect the post-Christmas COVID-19 surge to be worse than the outbreak after Thanksgiving.

Source: Business Insider

Read more:Meet the 35 healthcare startups VCs say will take off in 2021



Gov. Gavin Newsom issued a stay-at-home order in December in parts of California because of high ICU capacity.

Source: Business Insider



As of December 28, Southern California and San Joaquin Valley regions reported 0% available ICU beds.

Source: LA Times



Anthony Fauci said the COVID-19 surge "might actually get worse" after the Christmas and New Year's holidays.

Source: Business Insider



The UK went into a restrictive lockdown before Christmas after reporting a new coronavirus strain that might be more contagious.

Source: Business Insider



Leading disease experts, like Dr. Anthony Fauci and former Food and Drug Administration chief Scott Gottlieb, said the new strain was likely already in the US.

Source: Business Insider

Read more:Meet the 19 key scientists, executives, and leaders responsible for pushing coronavirus vaccines across the finish line



LA County began testing for the variant coronavirus strain around Christmas time.

Source: Business Insider



The CDC recently said 1 million Americans received initial COVID-19 vaccine doses within 10 days of the Pfizer vaccine gaining FDA authorization on December 11. The CDC had recommended healthcare workers and nursing home residents get inoculated first.

Source: Business Insider



But some healthcare workers said vaccines may not curb a COVID-19 surge after Christmas.

Source: Business Insider



RBC unveils its 15 top biotech stock ideas for 2021 as the sector is poised to take off on the back of pandemic-related innovations and new funding

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The biotech sector is riding on the momentum of the COVID-19 vaccine rollout into the new year as the US and European Union nations kick off mass efforts to inoculate their residents.

Many pandemic-related influences are setting up the sector for outperformance but several factors could still work against the group, making individual stock selection a key priority in biotech investing in 2021, RBC's healthcare equity team said in a December 14 report. 

On the positive side, the development of COVID-19 vaccines and treatments have shed light on the innovative science taking place in the sector, drawing increasing investor interest and building goodwill that is likely to take the edge off of regulatory drug pricing concerns. 

"Innovation in new targets and modalities, as well as capital flow into the space, are at all-time highs," RBC analysts including Brian Abrahams wrote. "And while maturing franchises and patent cliffs have slowed growth for larger-cap biopharmas, this – along with strong balance sheets and access to capital – should continue to drive M&A, especially considering that COVID-19 has proven to be less of a barrier to deals than expected."

However, the very promising developments within the sector could also work against biotech stocks in the near term. 

Easy access to capital, shorter development timelines, an expanding pool of vaccine developers, and success stories like Moderna have encouraged small- and mid-cap biotech companies to remain independent and sign partnership agreements instead of resorting to mergers and acquisitions to raise cash reserves, RBC said. 

"While these may set individual companies, and the sector as a whole, up well for longer-term sustainability, this could lead to near-term stock downside for companies perceived to be takeout targets," RBC analysts wrote. "Indeed, our buy-side survey suggests investor expectations for M&A in the space remain high, viewing it as the largest sector tailwind."

Additionally, as herd immunity and a mass vaccinated population are expected to return society to normalcy in the second half of 2021, investors could shift assets to non-healthcare sectors that have been beaten down by the pandemic. 

As a result, biotech investing in 2021 is likely to require a balancing act between these pandemic-influenced macros and micro factors while pushing investors to focus on the winners and losers in a post-COVID world. 

"The advent of telehealth may dramatically improve efficiency of care delivery, boosting the overall market for medicines and facilitating more rapid switching and uptake of new drugs vs. entrenched incumbents," RBC analysts wrote.

They continued: "The experience with coronavirus vaccine and treatment development could catalyze improved interest, funding, and regulatory paths for infectious disease approaches. And we could see a new wave of therapeutics aimed at combatting the long-term side effects of COVID-19 (cognitive, fibrotic, pulmonary) likely to be faced by millions of people."

Taking all the above factors into consideration, RBC's healthcare team has compiled its 15 top biotech stock ideas for 2021, ranging from large-caps to small-caps. The stocks, along with their tickers, price targets, and analyst commentaries are listed below. 

SEE ALSO: A market-beating investor on Charles Schwab's exclusive list of top-tier mutual funds explains why he believes traditional value investing never really worked — and shares his strategy for identifying the best cheap stocks

1. Gilead Sciences

Ticker: GILD

Price target: $85

Commentary: "We believe Biktarvy's strong profile and robust launch, along with favorable demographic and pricing dynamics, will underpin good HIV franchise sustainability through at least 2025; with nearer-term competitive threats overblown; we expect this, along with life cycle efforts such as their capsid inhibitor, to maintain a strong foundation for GILD's valuation."

Source: RBC Capital Markets



2. Genmab

Ticker: GMAB

Price target: $40

Commentary: "We continue to see GMAB as one of the most preferred emerging large-cap biotech stocks under coverage with a growing & resilient royalty revenue stream enabling profitability while funding internal development of a differentiated, well-validated, & well-pedigreed pipeline."

Source: RBC Capital Markets



3. Acadia Pharmaceuticals

Ticker: ACAD

Price target: $55

Commentary: "Going into the April 2021 PDUFA decision for expansion in DRP, we continue to like pimavanserin's growth prospects and believe uptake will continue to be strong as the momentum gradually recovers to pre-COVID-19 levels across multiple channels, and the potential strength in Nuplazid revenues and label expansion, in our view, offers a path forward to additional upside over 2021 – we see U.S. peak sales of Nuplazid reaching $2.5B+ in PDP and DRP."

Source: RBC Capital Markets



4. Global Blood Therapeutics

Ticker: GBT

Price target: $75

Commentary: "While COVID-19 headwinds are real though temporary, we expect to see recovery in growth momentum in 2021 as the pandemic gradually subsides with potential vaccine EUA approvals, and continue to see the value of Oxbryta in the long term with peak global sales potential of over $1.6B in age 12+ in the late 2020s with potential additional sales opportunities from label expansion, and complementary pipeline assets contribute to the long-term life-cycle management and pipeline diversity of the company, in our view."

Source: RBC Capital Markets



5. Arrowhead Pharmaceuticals

Ticker: ARWR

Price target: $80

Commentary: "We think: 1) A1AT is potential first-in-class and VRTX is more complementary than competitive, 2) APOC3/ANG3 are promising CV targets with superior profiles vs ASO/mAbs (REGN/PFE/IONS), 3) the company is best positioned to unlock value beyond the liver (ENaC for cystic fibrosis, HSD for NASH, HIF2α for RCC, Lung2 for COPD), 4) potential M&A target given most programs still in-house."

Source: RBC Capital Markets



6. Sarepta Therapeutics

Ticker: SRPT

Price target: $191

Commentary: "We remain bullish on Sarepta for the company's potential to deliver a gene therapy for DMD with best-in-class efficacy on top of a solid commercial franchise and an innovative pipeline. Data from placebo-controlled Study 102 of SRP-9001 in DMD will read out in 1Q21 and, if positive, should enable a regulatory filing and start SRPT on a path towards $5B in annual gene therapy revenue."

Source: RBC Capital Markets



7. Exelixis

Ticker: EXEL

Price target: $34

Commentary: "We think shares can move higher in 2021 from key catalysts in 2021 including (i) a PDUFA for CHECKMATE-9ER (2/20) where the CaboNivo combination are set to compete with other immunotherapy regimens; (ii) potential registrational data from COSMIC-311 & COSMIC-312; and (iii) recovery tailwinds from a potential COVID-19 vaccine adding support behind Cabo uptake in a "pandemic sensitive" market (oncology)."

Source: RBC Capital Markets



8. Constellation Pharmaceuticals

Ticker: CNST

Price target: $52

Commentary: "We believe the company's phase II data, particularly with the latest update emerging from ASH, strongly supports the promise of lead drug '610 in myelofibrosis, and despite some residual market debate, that the data show added benefits very likely due to the agent and not the Jakafi background therapy. We also see $1B potential within a well-understood market ripe for additional entrants with novel mechanisms. Though others have taken note of CNST's promising data, CNST remains 1-2 years ahead of competition, and increasing large cap biopharma interest in the space could provide enhanced BD opportunities."

Source: RBC Capital Markets



9. Athenex

Ticker: ATNX

Price target: $33

Commentary: "We continue to like ATNX ahead of key near-term catalysts including two FDA approval decisions for (i) tirbanibulin ointment for actinic keratosis (12/30) and (ii) Oraxol (oral paclitaxel + encequidar) for metastatic breast cancer (2/28) with 2021 set to be an inflection year. We see Oraxol's ph3 data sufficient to support approval which was further supported by the updated OS/PFS data presented at SABCS and we anticipate high commercial demand in the ~40K+ metastatic breast cancer patients/yr expected to be eligible for single-agent paclitaxel before broadening to other indications."

Source: RBC Capital Markets



10. Aprea Therapeutics

Ticker: APRE

Price target: $40

Commentary: "With a novel mechanism of action and solid clinical data to date for the treatment of MDS and severe heme-malignancies, we believe APRE's small molecule p53 reactivator pipeline in oncology, led by eprenetapopt, has an established path for a role in the treatment paradigm for TP53 mutant patients. We see investor focus sharpening going into the highly binary pivotal readout of eprenetapopt in MDS, and remain confident in the favorable efficacy and safety profiles of the asset from the consistently encouraging clinical data and physician enthusiasm and believe the timeline for regulatory, and commercial steps remain intact."

Source: RBC Capital Markets



11. Adverum Biotechnologies

Ticker: ADVM

Price target: $30

Commentary: "We think: 1) gene therapy may revolutionize $12b antiVEGF retinal market, 2) ADVM's delivery method is ideal for retinal diseases, 3) data in wAMD is robust and our KOLs think inflammation is manageable with steroids, and 4) strong potential for M&A optionality."

Source: RBC Capital Markets



12. Clinigen Group

Ticker: CLIN LN

Price target: 1300p

Commentary: "In addition to its strong positions within structurally growing pharma services niches, we believe that the market is failing to price in any upside from Proleukin (IL-2, aldesleukin) in new indications. This drug is being studied in over 100 trials, including alongside Iovance's Lifileucel in melanoma and cervical cancer, and in ALS. These trials provide immediate revenue and, should they be successful, could ultimately be worth more than Clinigen's existing market cap. We expect the first BLA for Lifileucel to be submitted in 2021, with Proleukin's use in ALS having been granted orphan drug designation."

Source: RBC Capital Markets



13. Aptose Biosciences

Ticker: APTO

Price target: $9

Commentary: "We believe APTO's targeted oncology pipeline has potential to garner increasing attention as it clinically matures over the year. Our confidence remains strengthened by the continued clinical progress of oral pan-FLT3/BTK inhibitor CG-806 – APTO's main value driver we estimate with over $1B out-year sales power, which is an early sketch of an intriguing multi-pronged end-market asset with foundational potential across the B-cell and AML landscapes."

Source: RBC Capital Markets



14. Dicerna Pharmaceuticals

Ticker: DRNA

Price target: $35

Commentary: "We think: 1) Nedosiran offers meaningful differentiation vs ALNY, 2) RNAi will be the backbone of HBV cure and we like the "X-sparing approach" that has polarized investors, 3) the company is well capitalized and platform's versatility offers optionality for further non-dilutive capital."

Source: RBC Capital Markets



15. Hansa Biopharma

Ticker: HNSA SS

Price target: CHF 287

Commentary: "Hansa's lead asset, Idefirix (imlifidase), is an antibody-degrading enzyme that has been conditionally approved in Europe for highly sensitised kidney transplant patients – the company will start to roll out to specialist transplant centres in Europe in the coming months. We expect the drug will be approved in the US in 2024, following completion of phase 3 studies."

Source: RBC Capital Markets



Read the pitch deck that 3 Dropbox alumni used to raise $17 million for Twingate, a startup that aims to kill off a 'hated' part of remote workplace security

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Twingate Founders Alex Marshall, Tony Huie, Lior Rozner

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The age of remote work has caused a cybersecurity nightmare for IT departments as workers log on to corporate networks from unsecure home devices.

Most workplaces aim to solve that problem using VPNs, or virtual private networks, which encrypt workers' internet traffic and route it through the company's servers. But VPNs are notorious for slowing down internet speeds and can't distinguish between users' work and non-work browsing.

Twingate wants to change that. The startup, founded by three former Dropbox employees, is aiming to unseat traditional VPNs by providing a new security architecture that makes it faster and more secure for companies to reroute remote workers' internet traffic.

Twingate's product is already convincing investors to buy in: The company announced in October that it raised $17 million in Series A funding led by WndrCo, 8VC, SignalFire, and Green Bay Ventures. Dropbox founders Drew Houston and Arash Ferdowsi also participated in the funding round.

Tony Huie and Alex Marshall, two Dropbox alums, cofounded the startup along with Microsoft architect Lior Rozner in 2019. The trio had all previously seen their coworkers' frustration with their existing VPN, and after launching they began wooing corporate clients with distributed, VPN-reliant workplaces. 

Huie, who is now Twingate's CEO, said he expected 30-year-old VPN technology was insufficient in an era where remote work was only becoming more commonplace.

"What we heard from everybody was that they hated [using a VPN]," Huie told Business Insider. "Users didn't like it because it slowed down the internet. And for security teams, it introduces all of these structural issues as well."

Twingate itself is remote-first without a centralized headquarters, a model that, in 2019, Huie expected most companies would eventually follow. Then COVID-19 hit, and a process that Huie predicted would unfold over a decade played out in a matter of weeks.

"It really accelerated everything for us ... what it's done is pull forward trends that were already in motion," Huie said.

While traditional VPNs route all of remote worker's internet traffic through corporate servers, Twingate's tech allows for more flexibility by letting companies distinguish between work traffic and non-work traffic. Rather than directing all the traffic through a central hub, which can slow down internet speeds, it makes it possible for traffic from specific apps and websites to be routed directly to those servers while non-work internet browsing stays on a worker's device.

The startup's software also provides AI that monitors employees' devices for suspicious logins. While traditional VPNs generally assume that a device is safe once it's registered with the employer, Twingate is designed to detect attempts to access work networks at unusual hours or from unfamiliar locations and alert IT teams to possible breaches.

Some traditional VPN providers do already provide tools for companies to separate work and non-work traffic, but Huie says Twingate stands apart from the competition because it's also designed to be easy to set up, with most clients able to configure the software within 15 minutes.

"We've done a lot of work to make it super easy to deploy," Huie said. "The combo of great technology plus product and design will hopefully create a winning formula for this market."

VPN competitors include ExpressVPN, NordVPN, and Surfshark. 

Here's the pitch deck Twingate used to raise $17 million in Series A funding:

Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



Twingate investor pitch deck



16 finalists in the running to become Insider's 2020 Car of the Year

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It's officially the best time of the year. Welcome to Insider's annual Car of the Year awards, now in its seventh (seventh!) installment.

This year was hard for everyone, but at least the cars were good. We've tested everything from SUVs, sedans, pickup trucks, and grand-tourers to electric cars, sports cars, and supercars. From all of those, we've selected 16 finalists to be considered our Car of the Year.

This year, Matt DeBord, Alanis King, and Kristen Lee handled the driving, reviewing, and photographing of the cars. We all look for and appreciate different things about different cars, but we were able to agree on these 16 as final contenders.

Our methodology is straightforward, focused on basic questions:

  • Is there a strong business case for the vehicle?
  • Did our reviewers agree that the vehicle should be included? We have to come to a consensus, even though we might disagree on some particulars.
  • Was the vehicle objectively excellent? There has to be some sort of wow! factor.
  • Did the vehicle stand out from the sea of competition, particularly when it comes to technology? A Car of the Year finalist has to be special.
  • Can we strongly recommend buying or leasing the car? We demand to know whether we'd buy the vehicle ourselves if we had the resources.

We'll announce the 2020 Car of the Year on December 30 and prepare you for the big event by revealing our three runners-up the day before.

FOLLOW US: On Facebook for more car and transportation content!

Cadillac Escalade

Engine tested: 6.2-liter, 420-horsepower V8

Price as tested: $112,000

Why it's here: The Escalade is the undisputed King of Cadillacs, but it's been facing some stiff competition from its redesigned rival, the Lincoln Navigator. In the battle royale of full-size luxury SUVs, the Escalade had been fighting at a disadvantage for several years. But we knew a brand-new, fifth-generation Escalade was coming, and 2020 was the year it landed. The big guy got a moderate exterior update, but inside, the improvement on the technology front was dramatic.

Here's what we said in our review: "Escalade remains large and in charge, a great hulking hunk of a machine, but the new Navigator represented a significant rethink of the overall user experience, so the big question around the new Caddy wasn't whether it would be good at what it always has been but rather: Would it be good at charting a path to a future very different from the world of 1999, when the Escalade first hit the streets?

"As far as the exterior design goes, the Escalade has been updated but not reinvented. Remember, we're essentially talking about a giant box here, so we're not going to be threatening smaller, lovelier SUVs, such as the Jaguar F-PACE, the Maserati Levante, the Alfa Romeo Stelvio, or the Range Rover Velar.

"The all-new Escalade is most impressive for what it intended to be most impressive at: wowing passengers with its vast, luxurious, high-tech interior.

"Otherwise, it's easier to handle the previous-generation SUV, thanks to a new independent rear suspension that both creates additional interior space and gives the big ol' truck a more car-like demeanor from behind the wheel."



Chevy Bolt EV

Engine tested: 66 kilowatt-hour, extended-range battery pack, single electric motor, with the drivetrain producing 200 horsepower and 259 miles on a single charge.

Price as tested: $44,130

Why it's here: The 2020 Bolt EV got a larger battery pack — 66 kWh, up from 60 kWh — and bump in range of about 20 miles per charge. For parent General Motors, the all-electric Chevy has been the ultimate test platform, validating the automaker's battery technologies and testing the market for alternative models of propulsion. Without the Bolt, GM wouldn't be on track to roll out 30 new electrified vehicles by 2025.

Here's what we said in our review: "Some EV buyers might now see the Bolt as more of a means to an end, given that it's nowhere near as overtly high-tech as the Tesla Model 3, nor as nicely appointed as the Nissan Leaf. The much more plush MINI Cooper SE Electric has less range but comes off as more solidly made. And then there are your Audi e-Trons and Jaguar I-PACEs and, on some distant, exalted plane, the Porsche Taycan. In that company, the Bolt is basic.

"But it's been effective basic since 2017, and it continues to offer the best bang for the buck in the nascent EV market. I called it a masterpiece back in 2017, and although it competes in a more crowded arena these days, it's still a car that I hate to give back when the test week is over. 

"In other words, if I were buying, there's a good chance I'd be buying a Bolt."



Chevrolet Corvette

Engine tested: 6.2-liter, 495-horsepower V8

Price as tested: $80,315

Why it's here: It's the mid-engine Corvette! It's a car seven decades, and 7 million rumors, in the making. The automotive industry has talked about this thing nonstop since right after the original debut of the front-engine Corvette — the only kind of Corvette we've known from the 1950s until now. For the eighth generation of America's Sports Car, the engine was finally moved to behind the driver. True, the option for a manual transmission also disappeared, but that didn't dampen the Corvette's hype at all.

Here's what we said in our review"Head-on, the C8 is a visual punch to the face. Low, pointy, and wide, it captures the wild essence of great supercar design. Everyone will wave at you. Everyone will be stoked to see it. Smiles all around, and you'll feel just a little bit famous.

"But as striking as its face is, the C8 is docile. Driving it, you'll forget the car is mid-engined at all. It handles beautifully as a cruiser, agreeable and quiet, kind on your body over bumps but also not erasing the sensation of road imperfections altogether. It strikes a nice balance.

"That tame mood also extends to when you want to push the car a little bit. Oh, there's power, no doubt about that, and it'll do the fast stuff just fine — but the C8 doesn't feel innately hyped-up and ready to go like other sports cars do.

"As a base model, though, it's clear that Chevrolet left room for what's coming next. It's the only explanation for all the tameness. The upcoming performance versions will build on what the C8 already offers, and will likely surpass what they were in the C7 generation when they put down 650 horsepower and 755 horsepower."



Ferrari Roma

Engine tested: 3.8-liter, twin-turbocharged, 611-horsepower V8

Price as tested: $220,000

Why it's here: The new Ferrari Roma is a grand-touring coupé that now represents the entry-level hardtop for Maranello. It is, in short, a very good-looking car. What we have here is a beauty so breathtaking, so thorough, and so sleekly rendered that words such as "timeless" enter the imagination. But the Roma also has the most high-tech interior Ferrari has ever offered.

Here's what we said in our review: "What Ferrari has done is to create a car of monumental beauty that also embodies a new embrace of technology and still vacillates gracefully between high-speed comfort and extreme velocity wild-animal mode. The 0-to-60-mph dash is over in 3.5 seconds, and the Roma tops out at 200 mph. 

"At no point in exploring the torque curve or pushing the perfectly calibrated suspension to manage some back roads curves did the Roma even appear that it might break a sweat. 

"But trying to fluster such magnificence is hardly worth the effort. Instead, follow the Roma's lead and allow it to be your performance tour guide. Above all, this car showcases Maranello's wisdom, hard-earned and refined over the decades, on racetracks and roadways.

"Ferrari has squared a circle with the Roma. All the traditional values are present, from the snarling, burbling V8 to the edgy sense of slight danger that even seemingly calm highway drives serve up when you're behind the wheel. But this Ferrari is also packed with technology, more than I've encountered in a Prancing Horse in the past six years.

"Bravo, Ferrari! But they didn't forget that beauty is the most important value of them all."



Honda Civic Si

Engine tested: 205-horsepower, 1.5-liter four-cylinder turbo

Price as tested: $25,200

Why it's here: The Honda Civic Si is a mainstay, and it's one we're lucky to have. In a market dominated by crossovers and SUVs with seamlessly smooth automatic transmissions, the Si is a practical small car that you can only drive if you want or know how to use a clutch pedal. The Si goes against the trends, giving those of us who do the same a choice in an ever-dwindling segment of the car market. 

Here's what we said in our review"The Civic Si, like many cars of its nature, is pretty much the full package for someone who wants a new sporty car that won't require choosing between said car and ever having a hope of retiring.

"In a roughly $26,000 package, the Civic Si comes with the tech and safety comforts a car needs along with all the fun a buyer might want. With its four doors and trunk big enough to fit at least two humans (or, to be less ominous, two humans' worth of groceries for a couple of weeks), its sporty driving characteristics are balanced out by the fact that you could easily use it to bring home new furniture.

"Shifts are effortless. The light clutch pedal doesn't push back or provide much tension, but that doesn't matter. The lack of resistance and ease of shifting just feels right. You want to drive the Si, and it wants to drive with you.

"We've shown, at least in America, that our tastes generally aren't for cars like the Si or its counterparts. We're into big crossovers with enough room for the kids and enough cup holders for the lattes, and we want transmissions so smooth that we forget the car is even shifting from one gear to another.

"But for the few who venture toward a clutch — reluctantly or not — cars like the Si remain, with their small statures and very obvious gears that need to be manually changed, catering to that 2% of us who still want to buy a new car with that funky third pedal.

"That's a choice we're lucky to have, even if only a few of us know it."



Jeep Gladiator

Engine tested: 3.6-liter, 285-horsepower V6

Price as tested: $62,020

Why it's here: Midsize pickups are all the rage and Jeep wanted to get in on things. The Gladiator is the Jeepy competitor against the popular Chevrolet Colorado, Toyota Tacoma, and Ford Ranger — but its Mojave and Rubicon trims are for those who truly want to test the off-roading limits of their pickups. Plus, the Gladiator's doors come off! 

Here's what we said in our review"I liked the Gladiator. I appreciate its existence. I respect its off-road capabilities and how stable it always felt. If I lived in the desert, preferably somewhere in the American Southwest, I'd definitely consider one. But as it currently stands, I live in Brooklyn, and in Brooklyn, the Jeep pickup truck simply feels too big to be allowed. 

"That being said, I have a hard time figuring out who the Gladiator is actually for. You'd think, given the popularity of midsize trucks, they would sell more quickly than Jeep could make them. It certainly seems like the automaker was betting on this very thing to happen. But it didn't.

"Perhaps it's because the Gladiator markets itself a little bit too much to the niche truck buyer. The higher price tag certainly suggests that. This truck appeals to the buyer who probably wouldn't use their Gladiator as a work tool, but rather as a recreational vehicle. A playtime buggy. A toy. 

"Look no further than Jeep's own press images of the truck, which feature it prominently at play (or doing play-adjacent activities): fording creeks, going to the beach, rock crawling, hauling a boat, and transporting kayaks and dirt bikes. This is the truck you load up with camping equipment to get to that far-out campsite that's inaccessible to everything except lifted Jeeps and donkeys. 

"It's not a bad territory to occupy, even if a little niche."



Kia Telluride

Engine tested: 3.8-liter, 291-horsepower V6

Price as tested: $47,310

Why it's here: Buyers cannot seem to get enough of the Telluride, Kia's hot-selling midsize SUV. Was it the price or the utility that attracted people? Both, as it turned out! The Telluride gives you a lot of car for the money and its interior is shockingly upscale for how it's priced. Ours also had a roof-mounted tent, which Kristen Lee spent a night in.

Here's what we said in our review"In terms of getting the best bang for your buck, I can't really see how you can go wrong with the Telluride. It's got an interior that not only blows the unfair Kia reputation out of the water, but also one that feels far more upmarket than it is. It's spacious, roomy, and quiet.

"Aside from my wishing that it came as a hybrid and getting better gas mileage, I really couldn't find anything glaringly at fault.

"Kia is clearly doing something right here. It's given people a midsize SUV option that's handsome, has a great interior, and is aggressively priced. 

"To those of you feeling hesitant merely because the Telluride wears a Kia badge, put that aside. Go sit in a Telluride. Nothing in there would indicate it's the Kia you once turned up your nose at — whether fairly or not. 

"Kia is carving out a permanent space for itself in the market. And it brought a giant, Telluride-sized shovel for the job."



Lincoln Aviator

Engine tested: 3.0-liter, twin-turbocharged, 494-horsepower hybrid V6

Price as tested: $83,245

Why it's here: Lincoln's been knocking it out of the park with its luxury SUVs. The Aviator competes in the high-demand but highly saturated midsize SUV market. But with an interior that gives far more expensive luxury brands a run for their money, the Aviator is a strong competitor. And it's so, so fast with the hybrid engine.

Here's what we said in our review"Mash the throttle down and suddenly you're speeding for the horizon, the sheer force of almost cartoonish acceleration mingling with your own dumbstruck disbelief. With the Aviator's substantial girth, you wouldn't think it can move the way it will, drop down the gears as rapidly as it can, send you roaring ahead like it does. 

"The best seats by far are the front and middle-row seats. Those are the ones that get priority. The captain's chair middle-row seats reclined, slid back and forth on rails, had armrests, and offered enough legroom fit for a king. Middle-row passengers also get their own infotainment and climate controls.

"Despite its excellent hardware, the Aviator's still a relatively new player in the game. It still needs time to become a household name."



McLaren GT

Engine tested: 4.0-liter, twin-turbocharged, 612-horsepower V8

Price as tested: $237,930

Why it's here: McLaren's road-going cars have been praised for their comfort and everyday usability. The GT is that idea, made even more practical with increased storage space and added grand-touring characteristics: a smoother ride, an engine tuned to be less violent. It's an expensive way to road trip, for sure, but at least you can take it to Costco.

Here's what we said in our review"It's clear, especially when you consider everything it's up against, that McLaren still values performance over comfort. Distilled, the GT is a mid-engined car and with carbon-fiber tub — bones that make sense, because it was built by a company that has only ever known race cars and seismically fast road cars. The GT will never shed the driving characteristics that those basic qualities bring; it simply has a bigger trunk and a less bitey personality than the other McLarens.

"So, sure, the McLaren GT might be a 'grand tourer.' But don't get into one expecting it to shroud you in pillowy opulence.

"Instead, get into one knowing that it's just as capable as any McLaren — and totally down to whisk you and (some of) your baggage away on a weekend trip."



Nissan Rogue

Engine tested: 2.5-liter, 181 horsepower four-cylinder engine

Price as tested: $35,275

Why it's here: The compact crossover segment is the most competitive in the US auto market, and the Rogue has been Nissan's champion, going wheel-to-wheel with the Toyota RAV4 and the Honda CRV. The Rogue is thus Nissan's most important vehicle, so the pressure was on for on the third generation of an SUV that has, in the past, been able to sell 400,000 units every year.

Here's what we said in our review: "Nissan could have held the line and given the Rogue a mild makeover, but the company went much farther, basing the 2021 Rogue on a new platform that generates something of an optical illusion: It's about the same size as the previous generation, but it looks larger.

"The upshot is that Nissan has pushed itself just enough with this crucial vehicle, fixing what wasn't so appealing about the previous generation while not messing with what worked. The result is a Rogue that's close to perfect, although with a few lingering problems — most related to a small-ish engine, lacking a turbocharger.

"I wouldn't call the new Rogue exciting so much as reassuring. It's moderately fun to drive, but it truly shines in simple puttering around the suburbs, running errands, or on highway jaunts when the continuously variable transmission and the engine can reach a mellow cruising velocity. It has plenty of room for stuff in the cargo hold, and the back seats are roomy enough that adults should be able to tolerate them for short trips.

"The verdict on the 2021 Rogue is Nissan didn't fix what wasn't broken and did fix what some owners might have complained about, while not messing with a successful formula so much that sales could be threatened."



Polestar 1

Engine tested: 2.0-liter, supercharged and turbocharged, 619-horsepower four-cylinder hybrid

Price as tested: $155,000

Why it's here: As a new EV spinoff from Volvo and Geely, Polestar is worth paying attention to. It first and halo model is the 1, which brings incredible beauty and hybrid efficiency to a comfortable grand-tourer, otherwise known as a Big Coupe. It doesn't look quite like anything else on the road. It's expensive and it'll be made in very limited numbers. We think it's a future collector's item.

Here's what we said in our review"The driving experience isn't transcendent the way the Porsche Taycan EV's was. Don't get me wrong, it was very nice and the combined power makes you feel like a tacit force, but the curb weight does not make the car feel particularly agile. It is happiest sitting at speed, quietly, on a highway, or sweeping along a wide back road in a brisk but not breakneck pace.

"But I can also easily see this 1 becoming a future classic. It's already got the looks and exclusivity. 

"Plug-in hybrids are that weird stop-gap right on our road to cutting out the reliance on fossil fuels altogether. Cars such as the Toyota RAV4 Prime and the Polestar 1 offer more range than most current EVs and they're largely more powerful than their solely combustion-engine counterparts. Until the EV revolution fully takes hold, plug-in hybrids are our long-distance and efficiency solution.

"But when the EV revolution finally does happen, I bet we'll look back on cool hybrids like the Polestar 1 with the same sort of nostalgia that people look back on vintage analog cars with now."



Polestar 2

Engine tested: 408-horsepower, dual-motor setup

Price as tested: $59,900

Why it's here: Polestar wowed everyone with the stunning 1, but the all-electric 2 will be the volume seller. Aimed directly at the Tesla Model 3, it's a sedan that further normalizes the EV driving experience. Its interior is recognizably one that belongs to a car — not an overly futuristic minimalism-mobile — and even features the Android operating system natively.

Here's what we said in our review"The Polestar 2 drives great. This much I was able to glean in the one afternoon I spent with it.

"But what's packaged around that driving experience is also great. The 2 is a machine that has wonderfully sharp looks that'll stop passing pedestrians in their path — but not because it's flashy. It draws your eye because it doesn't look like anything else that's currently on the road. 

"Sitting in the 2, driving the 2 — both worked to achieve a mood of peace and serenity. The quietness from the lack of an engine contributed to that, too, of course. But there's an unmistakable sense of quiet quality here, one that doesn't need to go around shouting to make itself heard. 

"For a car built in China, the 2 feels overwhelmingly Scandinavian: smartly designed and well assembled. I guess this is what happens when you buy a car company, give them a bunch of money to do what they're good at, and then leave them the hell alone."



Porsche 911

Engine tested: 3.0-liter, twin-turbocharged, 443-horsepower flat-six

Price as tested: $135,840

Why it's here: The hallowed 911 is now in its eighth generation, internally called the 992 generation. The 911 Carrera is more powerful than ever, but it's also bigger and heavier than ever before. And you can no longer get any new Carrera model without a turbocharged engine, which is a big deal for 911 enthusiasts. You can still get certain Carrera models with a manual transmission, though. To visit this particular aspect, we tested out the Carrera S.

Here's what we said in our review"The 992 911 is objectively great, but it's hard to expect anything else. It's great this generation, it was great the previous generation, and it was also great the generation before that. Porsche's been perfecting this very formula for nearly 60 years, and I would be shocked if the 911 suddenly became bad. 

"The 911's biggest problem is that other 911s exist. Older ones that have all those pure driving characteristics that enthusiasts love and seek. That's why prices for used, air-cooled 911 have risen so stratospherically high in recent years. People want 911s, and they are willing to pay more for an old one just so they can have the tactile feedback that the new ones just don't offer. 

"That's one side of 911 ownership, to get sucked into the heritage of it all. 

"The Porsche 911, for many, has checked so many boxes for so long that it's sort of become the go-to answer at this point. Perhaps other cars might bring you more fulfillment and joy. But going home with a 911 is an unthinking choice, one that's guaranteed not to lead you astray if you're risk-averse. 

"It's the safe option, and there's power in that — because when you keep at something for 60 years, there had better be."



Porsche Taycan

Engine tested: 562-horsepower, dual-motor setup

Price as tested: $143,690

Why it's here: As Porsche's first EV, the Taycan is worth paying attention to. We tested out the Taycan 4S, which is currently the base-model version. But even calling it that feels disingenuous. It's heavy but feels planted and handles like a sports car. It is so, cosmically fast. And, being a Porsche, it is expensive.

Here's what we said in our review: "I liked the Taycan quite a bit. It's not built on an internal-combustion engine platform that's been repurposed for an EV, so there aren't any glaringly obvious passenger or cargo room compromises. Sitting in the back does not give you the distinct feeling that you're astride a battery pack.

"The Taycan weighs more than two tons, but it conducts itself like a very planted sports car. The optional rear-axle steering helped with maneuverability in tight spaces. It cruised quietly and smoothly on the highway when it wasn't gluing my passengers to their seat backs."



Range Rover Velar SVAutobiography Dynamic Edition

Engine tested: 5.0-liter, 550-horsepower supercharged V8

Price as tested: $94,655

Why it's here: The Velar nameplate is a relatively new one for Jaguar Land Rover, but the SVAutobiography Dynamic Edition trim level genuinely shows what the vehicle is capable of. It combines a fantastic design with compelling driving dynamics, serious off-road credibility, and a sophisticated level of luxury — exactly the package that JLR needs to go up against SUVs from Porsche, BMW, Mercedes-Benz, and Alfa Romeo.

Here's what we said in our review: "The Velar really is a proper, downsized version of the Range Rover SVAutobiography, its $200,000-plus full-size counterpart. I, at no point, felt as though I were piloting a midsize SUV — that massive engine subdued any smallness in the SUV. The solidity of the vehicle also made for an impeccable merger of freeway cruising a twisty-road cornering.

"I didn't explore the Velar's off-road capabilities, but they are many: hill-launch assist, low-traction launch, hill-descent control, all-terrain progress control, and dynamic terrain adaptation. These accompany a passel of driver-assist features, including adaptive cruise control, emergency braking, lane-keep, and a rear-traffic monitor.

"What you get with the Range Rover SVAutobiography Dynamic is a potent backwoods chariot that can also dash from 0 to 60 mph in about four seconds and, despite its heft, gobble up curves with composure. Conjoined with the beauty of the machine, it all made me think that while $95,000 is a lot, it isn't that much — not when you're getting so much SUV.

"The 2020 Range Rover SVAutobiography Dynamic Edition has achieved something special in the age of the luxury sport ute: It can reasonably claim to do it all, and look glorious the whole time."



Toyota RAV4 plug-in hybrid

Engine tested: 2.5-liter, 302-horsepower four-cylinder hybrid

Price as tested: $49,831

Why it's here: The Toyota RAV4 was the fourth best-selling vehicle in the US in 2019. Its trucky looks and nearly unbeatable utility make it easy to see why the car is so popular. The plug-in hybrid version of the RAV4 adds horsepower and efficiency into a package that's tough to beat. Even Honda doesn't offer a plug-in version of the CR-V — the RAV4's main competitor. The only drawback is the Toyota RAV4 Prime is a bit pricey for a RAV4.

Here's what we said in our review"The RAV4 is Toyota's volume seller, so it's an important one to get right. And for the majority of US buyers, it's exactly what they need. 

"It's comfortable, utilitarian, highly practical, well thought out, and incredibly easy to drive and use. When it came down to building a mass-market car, Toyota nailed it. No wonder the automaker sold nearly half a million of them last year.

"Then, Toyota took that package and made it a plug-in hybrid — a good one, at that.

"In my own testing, I saw a return of about 42 mpg. Our EV-only stint returned about 35 miles, as mentioned above, and that was mostly on a highway. For someone looking for a fuel-efficient car that can also haul around just about everything, the RAV4 Prime is the perfect solution."




From Rolex to Audemars Piguet: The 11 best watch investments for aspiring collectors

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Rolex GMT

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Drake owns a Richard Mille worth $750,000. Justin Bieber has an Audemars Piguet worth $50,000. And Jay-Z has a Patek Philippe worth at least $2.2 million

They're watches, of course. 

High-net-worth-individuals have been buying high-end watches for years, but the trend has accelerated along with so much other spending at the upper end during the pandemic.

For example, the Sotheby's Important Watches live auction concluded Tuesday and brought in $10.4 million— a 27% increase from last year — with a Patek Philippe Ref 2499 retailed by Tiffany & Co. selling for $818,600. A Cartier Ecran Mystery Clock went for $564,500, while a Rare Salmon Dial Audemars Piguet Royal Oak sold for $441,000. 

New watches can be very pricey and collectible, but vintage watches are the ones that almost dominate the watch sector. In fact, secondhand watch sellers are almost as popular as the auction houses that sell blue-chip artwork, and the websites that resell Birkin and Chanel bags

According to Deloitte's 2019 "Global Powers of Luxury Goods" report, the average annual sales made by the top 32 watch and jewelry companies topped $2 billion in 2017, but a 2018 Bain report stated that the secondhand market was worth nearly $25 billion, with watches and jewelry making up over 80% of all secondhand market purchases. 

As for where to look in secondhand? There are certain stand-out names.

"Brands like Rolex, Patek Philippe, and Audemars Piguet are controlled by families and not investors," Tim Stracke, CEO of the watch resale site Chrono24, told Business Insider earlier this year. "They have limited their supply for more than a century. They have a super long-term view and they value brand reputation higher than short term profits. This will very likely prevail for future generations and keep the value of their watches up."

Business Insider spoke with three watch experts to find out which watches are the best to invest in, and which ones they would recommend to those looking to start (or expand) their watch portfolios. The list includes both new and secondhand watches. Keep reading to find out the 11 stand-out watches they recommend. 

SEE ALSO: A millennial entrepreneur who runs a high-end watch retailer explains why now is the time to invest in watches — and which timepieces are the most valuable

DON'T MISS: Shattered storefronts and 'eat the rich' graffiti: Photos show the aftermath of destruction in luxury stores that were looted and vandalized during the protests

Business Insider spoke with three watch experts to see which watches they would recommend for those looking to invest.

The experts Business Insider spoke to all recommended the same brands: Rolex, Patek Philippe, and Audemars Piguet. These brands, in addition to Richard Milles, are synonymous with luxury in the watch world and make for a good long-term investment.

Tim Stracke, the CEO of Chrono24, a platform that allows customers to buy and sell pre-owned watches, told Business Insider that these top watch brands are known for their quality and craftsmanship, and are not produced en masse. 

"They are not available in unlimited numbers," Stracke told Business Insider. "That's why the demand is rising and prices remain stable or even grow."



Audemars Piguet: Royal Oak Jumbo, Reference 15202ST

Retail Price Estimate: $27,600

Stracke told Business Insider that historically, "steel sports models from iconic brands" are usually the ones that out-perform the global stock indexes. 

One of his top picks is the Audemars Piguet: Royal Oak Jumbo, Reference 15202ST, pictured above. 



Patek Philippe: Steel Nautilus, Reference 5711

Retail Price Estimate: $74,796

He also recommends the Patek Philippe: Steel Nautilus, Reference 5711. And said that mechanical watches such as this "hit the 'zeitgeist.'"

"They are a counterpoint to the ever-growing digitalization of our everyday life and remind us of the beauty of true craftsmanship," he said. "Certain watch models are more sought after than others, which is mainly due to the brand reputation of the Swiss brands in terms of their craftsmanship." 



Omega Speedmaster “First Omega in Space”

Retail Price Estimate: $5,300

Another watch he recommends is the Omega Speedmaster "First Omega in Space" which he said is a "hidden champion" in watches. He also pointed to the fact that, over the last three years, this watch model has increased in value at a steady 10%. 

"[It's] a great version of the legendary Moonwatch at a more affordable price point," he said. 



Rolex: GMT, Reference 1675

Retail Price Estimate: $16,000 

Paul Altieri, CEO of Bob's Watches, has similar recommendations for those looking to invest in watches, and one of his favorites is the Rolex GMT, Reference 1675.

"I always encourage folks to buy what they love and not what will end up being the 'best investment'," he told Business Insider. "Historically speaking, Rolex has done fantastically well appreciating in value in the past few decades. And they are — for the most part — affordable luxury."



Rolex: Daytona, Reference 16520

Retail Price Estimate: $27,500

Another one of his favorites is the Rolex Daytona, Reference 16520. 

"I am partial to the Rolex Submariner, Daytona, and GMT models," Altieri continued. "You really can't go wrong here, whether it's a new model, pre-owned, or vintage.  As long as it's an original honest example." 



Rolex: Submariner, Reference 16800

Retail Price Estimate: $9,195

He is also a huge fan of the Rolex Submariner, Reference 16800. He pointed out that all of the three Rolex sports models — the Submariner, Daytona, and GMT, have increased substantially in demand over the past few years, as demand is what typically drives valuations. 

"They have all proven to be great investments over time," he finished. 



Patek Philippe: Nautilus, Reference 3700

Retail Price Estimate: $44,900

Adam Golden, CEO of Menta Watches, also said it was best to stick with "blue chip" watches, such as the ones previously mentioned, and said he loves the Patek Philippe: Nautilus, Reference 3800, pictured above. 

"Patek Phillippe Nautilus, circa 1978, in stainless steel," he said. "The Nautilus is arguably the most famous of Gerald Genta's designs and adorned by collectors, new and old."



Longines Vintage Chronograph, circa 1940-1950s

Retail Price Estimate: $3,000

However, he does say that it might be worth looking at other watches, like the Longines Chronograph from the 1940-1950s, as a good possible investment. 

"If you want to swerve off the beaten path, find models within "other" brands that have large cult followings," Golden said. "For example, Longines chronographs from the 1930-1960s with Caliber 13ZN or 30CH movements — they have a rabid fanbase and will always be desirable, albeit to a smaller audience."



Omega Speedmaster, Reference 2998-2

Retail Price Estimate: $37,500

Like Stracke, Golden is also a huge fan of the Omega Speedmaster series and recommends Reference 2998-2 .

"It's one of the only references to use the famous 'lollipop' chronograph hand," he said about the watch. "Early Speedmasters, such as this example, are grails amongst collectors, and finding well-preserved examples has become exceedingly difficult." 



Audemars Piguet: Royal Oak, Reference 5402

Retail Price Estimate: $124,660

Another model Golden recommends is Audemars Piguet's Royal Oak, Reference 5402, circa the 1970s, and designed by Gerald Genta. 

"The Royal Oak is the focal point and main attraction for the legendary watchmaker and these first execution models have soared in popularity," Golden told Business Insider. "This particular example is a first-series, or "A" series, meaning it was the very first batch of production, of only allegedly two thousand were produced."



Rolex: Gilt-dial Submariner, Reference 5513

Retail Price Estimate: $28,500

Finally, Golden is a big fan of the Rolex Gilt-dial Submariner, Reference 5513. This model, he said, has been nicknamed the "Bart Simpson" because its coronet on the dial is similar to the famous character's head.   

"Whenever I have someone ask me 'what is the best watch to buy for investment purposes,' my answer is usually the same — watches should, as a whole, not be treated as investments — they should be worn and enjoyed, as intended," Golden said. "However, if you want to "protect" your purchases and asset, make sure you do your homework, and buy a watch in good condition, and as original as possible." 



Today's best online deals: Get $50 off the Instant Pot Duo Nova

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instant pot duo nova 8 quart

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Every day, we round up the 5 best deals and bargains available on tech, home goods, fashion, and more. 

We've sorted this list with the best deals first. The prices and discounts are accurate at the time of publication but are subject to change without warning. For even more deals and savings across the web, check out the best online deals and sales happening now and Business Insider Coupons.

1. Instant Pot Duo Nova 8-Quart

The 8-quart Instant Pot Duo Nova is a great choice for those who cook for large groups and have counter space to spare. Deeply discounted to $70, this is a great deal that we rarely see outside of the holiday season.

Duo Nova Pressure Cooker 7-in-1 (8 Qt) (small, Preferred: Target)

Learn more in our guide to the best electric pressure cookers



2. "The Outer Worlds" on PS4, PS5, and Xbox One

"The Outer Worlds" is a first-person sci-fi RPG in which you can explore the vast expanse of space and decide how your player's story unfolds. Down to $20 on Playstation 4, 5, and Xbox One, it's an excellent deal for console gamers.

"The Outer Worlds" (small, Preferred: Best Buy (Playstation))"The Outer Worlds" (small, Preferred: Amazon (Xbox One))

Read our review of the Playstation 5



3. Cuisinart C55-01-12PCKS 12-Piece Knife Set

This collection from Cuisinart lets you stock up your kitchen with a knife for every need in a bright and colorful way. It's a great value for only $15 and comes with six knives and knife covers, including a chef knife, slicing knife, serrated bread knife, santoku knife, utility knife, and paring knife.

Advantage Color Collection 12-Piece Knife Set (small, Preferred: Amazon)Advantage Color Collection 12-Piece Knife Set (small, Preferred: Best Buy)

Read more in our guide to the best knife sets



4. Greenies Feline Savory Salmon Flavor

If you're already shopping on Chewy, this is a great price to snag some Greenies for your cat. These salmon-flavored treats are not only delicious, but they also clean your cat's teeth and freshen their breath.

Dental Cat Treats (Salmon Flavor) (small, Preferred: Chewy)

Check out our guide to the best dental products for cats



5. Gaiam Restore Total Body 36" Foam Roller

Nothing feels better on sore, aching muscles than a good roll-out. The Gaiam Restore Total Body is firm with a little give for a deep tissue massage to release tension and loosen stiffness. Down to $25, this isn't the best price we've ever seen for it, but it's a nice deal for an at-home fitness essential.

Restore Total Body 36" Foam Roller (small, Preferred: Target)

Read our guide to the best foam rollers



8 McDonald's menu items that were removed in 2020

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McDonald's southwest salad 2

Summary List Placement

The coronavirus pandemic has completely upended the restaurant industry and affected the operations of fast-food chains nationwide as they race to adapt to new health and safety limitations and changing customer behaviors. 

Many chains, including fast-food giant McDonald's, have removed items from their menus in order to streamline operations and focus on items that perform well among customers.

Customers have expressed outrage over these menu changes and while some removed menu items have made their return, many have not. 

Here are eight McDonald's menu items that were removed in 2020.

SEE ALSO: 12 fast-food items that have been removed from menus in 2020, so far

McDonald's released and quickly removed its little and double Big Mac burgers at the start of the coronavirus pandemic shutdowns.

On March 11, McDonald's launched two new iterations of its iconic Big Mac burger— the Little Mac and the Double Big Mac — at participating restaurants. The Little Mac featured a single patty and bun, while the double contained a whopping four burger patties separated by a bun, classic Big-Mac-style. 

However, after the chain announced it would be shortening its menu as a result of the coronavirus pandemic, the two new burgers quickly disappeared and have not returned since.



McDonald's grilled chicken sandwiches were just one of many menu items that disappeared as a result of the coronavirus pandemic.

The changes took effect in March, and while some items have made their return, most have not. What's worse for fans of these items is that they may never come back at all.

"We will certainly add things back to the menu. Whether it goes all the way back to where we were pre-COVID, I think that's probably unlikely," CEO Chris Kempczinski said during a virtual investor conference in June, according to CNBC.



McDonald's temporarily removed chicken tenders from the menu as a result of the coronavirus pandemic — however, the change could become permanent.

The fan-favorite menu item, then called Chicken Selects, first arrived on menus in 2004. However, in 2013, they were removed from menus nationwide. Four years later, chicken tenders made their way back onto menus as Buttermilk Crispy Tenders. 

After they were released, they promptly sold out. The chicken tenders still appear to be a popular menu item, despite being temporarily removed from menus as a result of the coronavirus pandemic.

However, since chicken tenders have yet to reappear on McDonald's menus, some fans fear the decision to remove tenders from the menu may be permanent. 



McDonald's salads were scrapped due to the coronavirus pandemic.

Salads have surely never been among McDonald's most popular offerings, so it's no surprise that they didn't make the cut for the chain's limited menu and increased focus on high-performing items.

"To simplify operations in our kitchens and for our crew, and ensure the best possible experience for our customers, we are working with our franchisees and local restaurants to focus on serving our most popular choices and will begin temporarily removing some items from the menu," Bill Garrett, McDonald's senior vice president of operations, said in a statement to Business Insider.



Bagels were also cut from the menu, but have seemingly sneaked back onto the menu.

Back in March, McDonald's decided to temporarily drop a number of pastry options from its breakfast menu, including bagels, leaving McMuffins, McChicken Biscuits, and McGriddles as the only options still available in the morning.

However, much of the breakfast menu has since seemingly returned — the McDonald's online breakfast menu now includes its Big Breakfast, bacon egg and cheese bagels, sausage burrito, oatmeal, and more.



Yogurt parfaits have also been removed from menus.

Previously available as a side, McDonald's fruit and yogurt parfaits were cut after McDonald's announcement of a limited menu. Now, the only sides available at the chain are fries and apple slices.



McDonald's famous All Day Breakfast might also be on its way out for good.

As outlets were reporting the departure of McDonald's All Day Breakfast back in March, McDonald's USA President Joe Erlinger tweeted, "All day breakfast's response to this news: 'I'll be back.'"

However, nearly eight months later, All Day Breakfast still has not returned, and many McDonald's franchisees and workers are rallying for the famous all-day menu to never return.

"As McDonald's and franchisees evaluate if and how we bring All Day Breakfast back to our menus, we want to ensure these improvements will remain consistent for our customers," McDonald's said in a statement to Business Insider. "Any final decision will be made in partnership with our franchisees, based on consumer demand, and designed to drive the business while minimizing operational disruptions."



McDonald's spicy chicken McNuggets left just as quickly as they arrived.

The new limited-time-only menu item was thought to be in response to the flourishing market for fast-food chicken products, as well as the smash success of Wendy's spicy chicken nuggets.

The chain's spicy nuggets, as well as the Mighty Hot Sauce they came paired with, quickly sold out just two weeks after being released, proving how much customers loved the new version of its classic nuggets. While some restaurants may still have stock, most are completely out of them. However, all hope is not lost for spicy nugget fans.

"We're thrilled with the positive response to these limited-time offerings," McDonald's said in a statement. "If our customers truly can't get enough, there's always a chance we'll bring limited-time menu items back in the future."



The best bushcraft and survival knives

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Summary List Placement
  • Knives rank among the oldest tools known to man, and if you're in the wilderness and can only take a single item with you, then a good survival blade is the one you need.
  • A reliable bushcraft knife should be at least 4 inches long, have a robust grind, a drop point or clip point tip, be made from stainless or carbon steel, and ideally be manufactured in the US, Europe, or Japan.
  • Owing to its tough-as-nails build quality, utilitarian blade geometry, and textured Micarta grips, the US-made Esee 5 is the best survival knife for most people.
  • See also: The best pocket knives
Table of Contents: Masthead Sticky

If you are in the backcountry with only one item, we hope it's a reliable knife. Although most of us employ knives for rather simple things like cutting food or opening packages, a good survival knife is still among the most important tools — if not the most important — you need to have if you ever find yourself in the wilderness far away from the amenities of civilization.

While blades are rather simple technology, what we use to chop, cut, and whittle with today has come a long, long way from the stone tools of old. First made from sharpened rocks such as flint, knives were later crafted from metal alloys like bronze, and later still, bronze was replaced by iron and the many different types of steel (that is, iron alloys) that blade-makers employ today. Knives come in a myriad of shapes and styles as well, designed for tasks such as cutting, cleaning game, hunting, self-defense, and, of course, survival.

What is meant by "survival" (in terms of knife design) refers more specifically to bushcraft, or the set of skills necessary for a person to source sufficient food, water, fire, shelter, and other necessities from a wilderness environment with minimal tools at one's disposal. With the possible exception of filtering or purifying water, your knife plays a role in meeting all of these needs.

Although there is no single blueprint for a "bushcraft knife," most designs cleave towards a fairly standard overall philosophy. This prioritizes ease of carry (i.e. not too bulky or cumbersome), ease of use (comfortable to hold during extended repetitious tasks and with a good grip), and utilitarian in both blade length and geometry (long enough to tackle most jobs but not unwieldy). This is a broad topic, so be sure to check out our more in-depth buying guide at the bottom of the page.

The next time you head into the great outdoors, don't be without your most important tool. We've rounded up the best survival knives which cover a nice spread of sizes, styles, and price points to help you find the right blade for your next bushcraft outing.

Here are the best survival knives:

Updated 12/28/2020 by Rachael Schultz: Updated intro, checked availability and prices of products

The best overall

With a nicely sized and super-tough drop-point blade, grippy Micarta handle scales, a sturdy kydex sheath, and an all-American pedigree, the Esee 5 is an icon in the bushcraft world.

Pros: Made in the US, optimal size and thickness for hard field use, high-quality 1095 carbon steel with a great heat treatment, holds an edge well, grippy Micarta handle scales, comes with a sturdy kydex sheath, backed by a lifetime warranty

Cons: A little pricey, relatively large and heavy for a 5-inch blade

It hasn't been around nearly as long as some historic brands like Buck or Ka-Bar, but for a company that's less than 20 years old, Esee has managed to earn one of the best reputations in the wide world of knife making.

Founded by outdoorsmen Jeff Randall and Mike Perrin, Esee has built its name as a maker of some of the best American-made survival and utility knives that money can buy — and among them sits our favorite, the venerable Esee 5.

The Esee 5's design is about as utilitarian as they come: It sports a 5-inch blade, hitting a nice sweet spot between being small enough to carry but big enough to use. Although, at 11 inches overall, it's a fairly beefy knife to be sure.

This blade is a quarter of an inch thick at its widest point, too, so it's tough enough to take a beating with minimal risk of breakage. Esee has one of the best 1095 steels in the industry, and Esee's in-house heat treatment process results in a carbon steel that's extremely durable.

The Esee 5's blade features a drop point, which is the geometry favored by the majority of survivalists (including the SERE instructors who helped design it) as the tip of the blade is thicker and thus less prone to chip or break. The full tang comes sandwiched between canvas Micarta grip scales, which is also widely considered to be the best choice for a serious-use wilderness knife owing to its ruggedness and tough surface texture that provides solid grip purchase even when wet.

The Esee 5 is often compared with another hugely popular knife in this size category, the Ka-Bar Becker BK2, which was also a contender for our top pick. One look at both and the similarities in size, blade geometry, and intended purpose are obvious — these knives are purpose-built for survival.

We gave the nod to the Esee 5 for two main reasons: It comes with better grips (Micarta instead of polymer) and a better sheath (kydex instead of nylon). Another nice touch is the Esee 5's glass-breaker pommel that doubles as a pry bar.

If there are drawbacks to the Esee 5, they're that it's a bit pricey and relatively heavy at around a pound. But considering you're getting a US-made blade that's built like a tank and backed by Esee's no-questions-asked lifetime guarantee, it's a fair deal.

You also get good Micarta grip scales and a nice kydex sheath out of the box, two things the Becker BK2 lacks; after buying these upgrades for your BK2 (as many owners end up doing), you're in the same price bracket as the Esee.



The best on a budget

For a solid, no-frills survival and bushcraft knife that won't break the bank, the Swedish-made Morakniv Kansbol has everything you need.

Pros: Made in Sweden, lightweight and utilitarian size for bushcrafting or backpacking, sturdy plastic scabbard that retains the knife well, stainless steel is resistant to rust and corrosion,  blade geometry is great for cutting and slicing tasks

Cons: Not a true full-tang design, blade is too short and thin for "big knife" jobs

Hailing from Sweden, Morakniv is another icon among knifemakers. Like Japan, Sweden has a history of blade-crafting that dates back over a millennium, from the legendary Ulfberht Viking swords to the no-nonsense bushcraft knives still made there today.

Few knives encapsulate this utilitarian design ethos better than the reliable and affordable Morakniv Kansbol.

Morakniv is particularly well-known for its budget-friendly yet sturdy stainless steel fieldcraft blades, and this company has done a lot to dispel the notion that stainless steel knives are cheap junk — a reputation unfairly earned due to the sea of low-quality Chinese-made novelty knives floating around.

While most "hard use" blades are made of carbon steel, corrosion-resistant stainless steel has some clear advantages in the wilderness where conditions can quickly become wet and muddy.

True bushcraft knives are typically medium-sized tools with blades sitting at around 4 to 5 inches. Mora knives are exactly what many experienced outdoorsmen and adventurers envision when they hear the term "bushcraft."

The 4-inch blade is expertly engineered for tasks like cutting and slicing, which is what you're going to need a knife for most of the time (think food prep, sharpening stakes, making feather sticks or wood shavings for starting fires, and so on).

Blades like the Kansbol aren't made for heavier tasks like chopping or batoning wood. It's not meant to be, but the trade-off is that this knife is much lighter with a considerably smaller footprint in your loadout than something like the hefty Esee 5 or the super-beefy Becker BK9.

And along with its Swedish pedigree, great stainless steel, sturdy sheath, lightweight, and no-frills bushcraft design, our favorite thing about the Morakniv Kansbol is its unbeatable value: For a much cheaper price point, you're getting a lot of knife for your money, and one which you'll be glad to have on your hip when you're miles away from civilization.



The best large size

A large survival blade has a number of benefits over small- and medium-sized knives, and when it comes to the "big knife" school of philosophy, Ka-Bar's near-legendary Becker BK9 is still the one to beat.

Pros: Made in the USA, built like a tank, good handle ergonomics, solid blade geometry, great overall design for a big knife that's not so large as to be unwieldy

Cons: Plastic "Grivory" grip can get slippery when wet, nylon sheath is functional but not as good as molded kydex

Adherents to the "big knife" school of thought argue that big knives are more versatile tools. While heavier than your typical 4- to 7-inch field blades, a large knife actually lets you shave some weight off of your loadout as it can perform a number of tasks that typically require bulkier tools. A large knife can chop, process firewood, and perform other such tasks well, so you don't need to carry additional instruments like folding saws or hatchets into the wilderness with you.

This argument has its merits, enough so that we've included one big knife on our roundup: The famous Becker BK9. Designed by blade-maker Ethan Becker and manufactured in the US by Ka-Bar, the BK9 has become one of the chief icons of the big knife community owing to its great design, extreme ruggedness, and serious chopping power.

Crafted of Ka-Bar's excellent 1095 Cro-Van steel, the Becker BK9 sports a 9-inch full tang blade that comes to a flat clip point. Some users might prefer a drop point, but the flat clip point of the BK9 is short and not curved, so it's very sturdy with a tip that isn't too aggressively pointy or fragile. The 9-inch blade is also well into "big" territory without being overkill as some other large knives that sport 11-, 12-, or even 13-inch blades.

As mentioned in the Esee 5 review when comparing that knife to the Ka-Bar BK2, Becker knives typically don't come with great handles or sheaths. The BK9's grips are no exception, being made of plastic Ka-Bar calls "Grivory" (a fancy name for polymer) that can get slippery when wet.

The nylon sheath isn't quite as rugged as kydex, either, but it gets the job done and has a kydex insert which keeps the blade secure — although many owners opt to replace it with a custom sheath from one of the myriad of online sheath-makers.

More than a few BK9 owners also buy Micarta replacement grips, although a cheaper solution is to grab some grip tape to wrap the Grivory scales, which greatly improves the knife's handling in wet conditions. Despite these cut corners, however, the Becker BK9 is a supremely solid knife for anyone who's a fan of big blades, and at this price, it's a good value for a US-made tool of this caliber and versatility.



The best all-purpose

It may buck modern bushcraft knife trends, but an old-school design and American pedigree make the Buck 119 Special an all-purpose survival blade that your grandpa would be proud to own.

Pros: Its 6-inch blade and traditional design make it an ideal "all-purpose" field knife, made in the U.S. of good stainless steel, comes with a nice thick leather sheath, backed by Buck's lifetime warranty, excellent value for an American-made survival knife

Cons: Smooth handle can get slippery, clip-point tip isn't quite as robust as drop-point blades

Modern bushcraft knives typically follow the same design pattern: A 4- to 5-inch drop-point blade, Micarta grip scales, no crossguard, and an exposed full tang. But sometimes the old things are the best things, and traditional knife designs like the time-tested Buck 119 Special remain hugely popular among outdoorsmen for a reason.

When you take a look at the Buck Special, you're probably reminded of the sort of knife your grandpa might have had on his hip when hunting or fishing. It has a traditionally-shaped grip with a metal pommel and crossguard to protect your fingers, a 6-inch stainless steel blade that terminates in an intense beak-like clip point, and is hair-popping sharp out of the box.

You can hunt, skin, and even defend yourself with this knife. So although it might not boast the design features and high-end steels found in modern bushcraft knives, this great old-school design lends the Buck Special its all-around versatility and appeal.

The smooth handle can get slippery when wet or bloody, though — hence the crossguard to keep your fingers from sliding up onto the blade — but this is easily fixed if you find it to be a problem.

Like Morakniv, Buck is another knife-maker that specializes in stainless steels for its blades. The 420HC steel that Buck uses isn't going to win any awards, but it's easy to sharpen, keeps its edge well, and is as corrosion resistant as you'd want stainless steel to be in wet environments.

Buck knives are priced right, too: The 119 rings in at around $65, and you get a nice thick leather sheath — an incredible value for a rugged and gift-worthy American legend.



The best high-end

Benchmade is one of the most respected American names in the world of knife-making, and for a high-end fieldcraft blade that your grandkids will fight over, the model 162 Bushcrafter is nearly perfect.

Pros: Full-tang drop-point blade that's purpose-made for field survival, made of excellent CPM-S30V carbon steel, is the perfect size for a bushcraft knife, grippy and moisture-resistant G10 handle scales, backed by Benchmade's lifetime warranty

Cons: Expensive

If you're at all acquainted with knives, you've heard of Benchmade. For more than three decades, this all-American company's blades have been coveted by knife enthusiasts, outdoorsmen, law enforcement and military personnel, and just about anybody else who wants the best and is willing to pay for it.

These excellent knives remain hugely popular for hunting, tactical, and everyday carry applications, and when it comes to high-end survival blades, the Benchmade 162 Bushcrafter is nearly perfect.

In stark contrast to the old-school Buck 119, the Bushcrafter completes the full checklist of modern survival knife features: Its 4.4-inch blade comes to a sturdy drop point at the tip, the knife is made from 0.164-inch thick steel stock with a full exposed tang, and the tang itself is sandwiched between two grip scales.

It's not Micarta, however. For the Bushcrafter, Benchmade used resin-coated G10 fiberglass, which stands up to moisture and blood better than cloth-derived Micarta while still providing a rough, grippy surface that won't slip around in a wet hand.

Since it's not as thick or nearly as large as the Esee 5, the Bushcrafter is considerably lighter: With an overall length of 9.15 inches and a weight of just 7.7 ounces unsheathed, the Benchmade 162 is a more carry-friendly field knife (while still being built like a tank) for those looking to run a lighter load.

Its CPM-S30V stainless steel also ranks among the best, with excellent sharpening and edge retention capabilities plus superior corrosion resistance to more common carbon steels.

The Bushcrafter comes in two flavors, each with different handle colors and sheaths: One with blue/green G10 scales with red liners and a tan leather sheath, the other with tan-colored G10 grips and a black kydex sheath. Although the first is more visually striking, kydex is generally accepted as the best sheath material, especially for wet and rugged conditions where leather is not ideal — but the choice here should come down to your own preferences.

The Bushcrafter is admittedly expensive at $250, owing to its premium S30V steel and superb level of craftsmanship. But this brand didn't become a legend in the knife world by hawking overpriced wares. When you're buying a Benchmade, you can be sure you're getting a hard-use American-made tool that'll outlast you, and the Bushcrafter is the one to get if you're looking for what may be the best modern survival blade that money can buy.



How to choose the right survival knife for your needs

Hunting down the right bushcraft or survival knife can be a time-consuming process. You can spend hours learning about different knife designs, steel types, blade geometries, and so on when shopping for a survival knife. To save you some time, here's the quick-and-dirty survival knife buying guide to get you started:

Blade size

People have strong opinions about blade size, but as a general guideline, the sweet spot for a survival/bushcrafting knife is 4 to 5 inches (6 to 7 inches is also acceptable for a general-purpose blade). Some survivalists and outdoorsmen subscribe to the "big knife" school of thought, as you can get a lot more done with a large blade, reducing redundancy among the other tools you're carrying.

Whatever size of survival knife you choose to carry into the wild, it's best to go with a blade that's at least 4 inches long. Any shorter and it'll be too small for many tasks. Also, consider that it will always be easier to perform small tasks with a bigger blade than it is to tackle big jobs with one that's too small.

Blade geometry

"Blade geometry" refers to the general shape of a knife's blade. As different knives are built for different tasks, there's no "one size fits all" blade shape even for rather specific niches like bushcrafting. Drop points and clip points are the styles you'll see the most among modern knives made for survival knives owing to their time-tested versatility.

Drop point blades are the most favored among survivalists, as the tip is more durable than that of a clip point (which comes to a sharper tip, thus making it more likely to break) and stands up well to rough use, but the sharp end of a clip point has some advantages of its own. Bushcrafting knives should also feature a robust grind that will leave the blade less susceptible to chipping or cracking along the edge.

Materials

You can spend hours and hours learning about different blade steels before even approaching other design considerations. To keep it very brief, steels are divided into two main camps: stainless, which is more resistant to corrosion but typically softer, and carbon, which is less rust-resistant but holds an edge better.

The ideal hardness for a survival blade on the Rockwell scale is 58-60 HRC. Too soft and the knife will be tricky to sharpen properly and won't hold an edge well; too hard and the blade will be brittle and prone to breakage.

Stainless had a bad reputation years ago (mostly due to poor steels that you typically find on cheaply made knives), but some companies like Buck and Morakniv make very good stainless blades today. The most common carbon steel you'll see is 1095 owing to its ease of manufacturing, low cost, good edge retention, and durability when properly heat-treated. Other carbon tool steels, like A2, D2, and CPM-S30V, may have better properties (superior edge retention, corrosion resistance, etc.) than 1095, but are pricier.

Grip material is also important. Many users today, myself included, favor Micarta (made from compressed layers of linen, cotton, or paper), as its rough surface texture provides excellent purchase on the handle even when your hands are slick with sweat, water, grease, or blood. Leather and polymer handles are also rather common, but generally inferior to Micarta in both grip and durability, although there are ways to improve these shortcomings.

Origin

Knives are manufactured all over the world, but for a knife that you may end up having to rely on to survive, we strongly recommend sticking with qualified and well-known blade-makers in the US, Europe, and Japan. You typically don't have to pay out the nose for one of these blades, either. Stay away from the ocean of cheaply made junk from no-name brands (often made from low-quality stainless steels with poor heat treatments to match) that litters the internet.

That's not to say that all knives that come from China are poor quality, but as a general rule, the best blade-smiths in the world are located in America, Europe, and Japan — places with long traditions of quality smithing. Although our own picks are made in America and Europe, there are also some very solid blades coming out of countries like El Salvador (Condor), Brazil (Tramontina), and Taiwan (many of Cold Steel's offerings).



See more great camping and wilderness buying guides

The best first aid kits

While you never intend to need a first aid kit, you'll always be glad you planned ahead and kept some high-quality medical supplies on hand. The best first aid kits have everything from bandages and wraps to antibiotic ointment and pain relievers stored conveniently in a box or bag for easy access. Here are our top picks.


The best emergency kits

An emergency kit is something you should have around, in case an unexpected dangerous event happens. You can make your own, or purchase a pre-assembled kit that has everything you may need. We've rounded up the best emergency kits you can find pre-assembled.


The best fire starters

The ability to make fire is the oldest and most important technological innovation — and one that's vitally important if you spend a lot of time outdoors. Here are the best ones.



11 experts explain how our digital world is fueling polarization

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social media 2020 ST LOUIS, MO - SEPTEMBER 24: Protesters light up their cell phones during a protest action on Interstate 64 on September 24, 2020 in St Louis, Missouri. Protests have been taking place nationwide in response to the Kentucky grand jury's determination of no charges were brought against the officers related to the death of Breonna Taylor. (Photo by Michael B. Thomas/Getty Images)

Summary List Placement

Americans are becoming increasingly intolerant of those with opposing views, and our increasingly digital lives are part of the problem.

Between 1975 and 2017, animosity between Democrats and Republicans nearly doubled, according to researchers from Stanford University. And that survey was conducted before most of Donald Trump's presidency, before the COVID-19 pandemic, before George Floyd's death, and before the 2020 US presidential election.

But polarization is a complicated topic, and the ways that technology influences our politics and democracy aren't as simple as we're often led to believe. There are multiple ways to measure polarization, for example, with each explaining a different way we're divided. And "filter bubbles" vastly oversimplify the forces that shape how we interact online.

Documentaries like "The Social Dilemma" and "The Great Hack" have awakened many Americans to some of the powerful ways tech companies can, intentionally or unintentionally, influence our behavior in the "real" world. Yet these explain only some of the economic, psychological, technological, and political forces at play.

Of course, the tech industry is only partly to blame — we play a significant role as users, consumers, and citizens as well. But that requires a deeper understanding of how the internet is designed so that we can navigate both our online and offline worlds in ways that humanize others, make us better informed, and help us find common ground.

To pull back the curtain on some of the internet's invisible hands, Business Insider spoke with 11 experts whose backgrounds include, among other things, ethnography, misinformation, political science, cognitive psychology, media, and mental health.

Here's what they had to say:

Individuals, communities, and the digital village

Jolynna Sinanan, University of Sydney

So far, that conversation has been "all about the technology, according to Jolynna Sinanan, a digital ethnographer at the University of Sydney in Australia, "whereas it should be the other way around." The internet and social media have only become widely used in the past decade or so, meaning we're just beginning to establish norms around how people should or shouldn't behave online.

Instead, she said, we should be asking "what does being a person in a community mean?"

In Trinidad, where Sinanan has spent the last few years researching social media usage, there are stronger desires to fit in with one's community, while in America there is a stronger sense of individualism. Those values play out in people's online behavior, she said.

"All the sorts of extremes we've seen this year [in America] is very much the externalization of the 'I matter as an individual," she said, adding that Americans' tendency to engage in political conversations with complete strangers or share conspiracy theories is partly because they place more value in their individual identity.

Interestingly, young people, Sinanan said, are "the first group to figure out" how social and cultural norms map to online spaces like TikTok and Snapchat, and "they learn about privacy, community, and the village, and how to negotiate that very, very early on."

The internet, it turns out, may just need to grow up a bit.



Economic incentives

Samantha Bradshaw, Stanford University

No conversation about social media's impact on our politics and democracy is complete without talking about their business models.

"One of the main tensions," according to Samantha Bradshaw, a researcher at Stanford who studies that exact intersection, "is this tension between the economic incentives of platforms, and then democracy."

When Facebook designs its news feed, Twitter identifies trending topics, and YouTube recommends videos, their first goal is keeping us online longer because it helps them sell more ads and make more money, Bradshaw said, which can "conflict with more democratic design choices."

As criticism of that business model has grown, companies have reframed that goal slightly. Instead of prioritizing content that keeps us online longer, they're now boosting posts and videos that drive "engagement," or in Facebook's case, "spark conversations" and lead to "meaningful social interactions."

However, as Bradshaw pointed out: "things that are meaningful for conversation and for Facebook might not actually be meaningful for democracy."

Research shows that people are more likely to engage with content when they're angry and scared, and as a result, Bradshaw said, prioritizing engaging content reinforces "affective polarization."



Affective polarization

Dr. Karin Tamerius, Smart Politics

The word "polarized" probably makes many Americans think about political polarization — that is, a wide gap between our political beliefs and preferences.

But in the US, it's not our policy preferences that are growing farther apart, according to Dr. Karin Tamerius, a political and social psychologist who started Smart Politics, a progressive group focused on changing how people talk about politics.

"It's emotional polarization, it's what political scientists call 'affective polarization,'" she said. "Most of all, it's negative feelings about each other, so people on the left don't like people on the right and people on the right don't like people on the left, even though they're not actually that much farther apart on policy than they were in the past."

Social media has helped fuel that animosity by creating a space without a "clear set of norms," which has in turn brought out people's worst behavior, Tamerius said. As hard as it is to have political conversations with people offline, she added, having them online without those norms "can really explode."

"And if that's the only interaction that people have with someone who thinks differently from them, it's going to feed these perceptions that the other is bad or evil in some way," she said.



Shades of gray

Joel Benenson, Benenson Strategy Group

Joel Benenson, a pollster who consulted for Barack Obama's presidential campaigns in 2008 and 2012 as well as Hillary Clinton's in 2016, said that surveys his polling firm has conducted support the idea that Americans' political beliefs actually haven't shifted that dramatically in the past decade.

While those nuances often get lost on social media, Benenson said that's one advantage of the survey methods that pollsters use  — including online surveys, phone calls, text, and in-person focus groups — to learn about people's beliefs and attitudes.

"What you have to do is continually ask questions that are provocative in ways that allow you to look at the answers not always as black-and-white questions," he said, because "there are few attitudes or values that people bring to the table that don't have shades of gray… they are not absolutist."



Cognitive echo chambers

Mohsen Mosleh, Massachusetts Institute of Technology

One dimension where Americans are particularly divided, at least in terms of their social media habits, is their personality traits.

Mohsen Mosleh, a data scientist and cognitive psychologist at MIT, said that his research has identified "cognitive echo chambers."

"People who rely more on their intuitions," Mosleh said, tend to follow more promotional accounts and get-rich-quick scams. "Those who are analytical thinkers tend to avoid" those types of accounts, he said, instead favoring weightier topics such as politics.

Personality traits, like the "big five" (often referred to as OCEAN), are often more predictive of how we use social media than our political ideologies, Mosleh said.



Perceptual filtering

David Sabin-Miller, Northwestern University

People may perceive the same political content differently based on how they view the world to begin with, and that can shift how they react to it.

David Sabin-Miller, a graduate student at Northwestern University, built a mathematical model to help explain how those subjective responses — a psychological phenomenon known as "perceptual filtering"— can fuel polarization online.

"Perceptual filtering is how we're all participating in constructing our own distribution of content that is either comfortable to us or enticingly uncomfortable," Sabin-Miller said, referring to content we disagree with but may enjoy consuming because it gives us a "sense of righteousness."

As a result, even if society itself isn't becoming more polarized, Sabin-Miller said, "individuals have a sort of feedback with the environment where they can push themselves farther and farther to one side of the other just because they're fed different information."



Conspiracy entrepreneurs

Russell Muirhead, Dartmouth University

Before social media, most Americans got the bulk of their news from a handful of cable news stations, radio shows, and print newspapers or magazines. For economic reasons, those outlets often catered their content to broad audiences, meaning there was a larger common set of facts on which people based their opinions.

But social media platforms have created "information flows that fit our preferences pretty precisely," according to Russell Muirhead, a political science professor at Dartmouth University.

In doing so, he said, they've created "conspiracy entrepreneurs."

Facebook, Twitter, and YouTube have made it possible for creators to make money by attracting a much smaller number of people to their page or channel, even if they're peddling dubious ideas or products, Muirhead said.

"If people can sell QAnon to a fairly narrow audience, they can make money doing that," he said. "That didn't used to exist, there was no occasion for that kind of entrepreneurial activity."



Selective thinking

Helen Lee Bouygues, Reboot Foundation

Fake news and misinformation has undeniably been on the rise in recent years. But our susceptibility to it is, in part, actually a symptom of a lack of critical thinking skills suitable for the digital age, argues Helen Lee Bouygues, who launched her organization, Reboot Foundation, to tackle that exact problem.

Social media platforms and search engines use algorithms and design choices that promote "selective thinking"— where we gravitate toward information that confirms our existing beliefs — rather than critical thinking, Bouygues said.

For example, Facebook makes it difficult to distinguish between a link from a reliable news source or government agency versus a random blogger, while Google surfaces sites you've viewed in the past and designs its results page so people rarely make it past the first few results.

Bouygues said we need more tools and skills to help us "fight against the challenges of digital learning and gathering information through visual media."

"One of the biggest liberties is liberty of thinking," she said. "If we can't do our own metacognition and thinking about our own thinking, which is what critical thinking helps you do, then we're just a little bit like the number in 'Men In Black.'"



User-driven filter bubbles

Francesca Tripodi, University of North Carolina

Algorithms don't just influence us, however, we also influence them.

"Users drive these filter bubbles as well," according to Francesca Tripodi, a professor of sociology and media at the University of North Carolina.

Many people think of Google — which accounts for 90% of all online searches— and other search engines as neutral providers of information, but really they're designed to return the results that are most relevant based on our search queries, Tripodi said.

"The keywords that we enter are driven by us, not by the search engine that we choose," she said, giving the example of how searching for "undocumented workers" versus "illegal aliens" will return wildly different results about the topic of immigration.

"Because we come to these search engines with such drastically different ways of seeing the world," Tripodi said, we're essentially "keeping ourselves bubbled in information that only reaffirms what we already think we know about a topic."

There's a lot of focus on assessing the bias or credibility of an information source, but we also need to assess our starting point, Tripodi said.



Performative activism

Tina Harris, Louisiana State University

After George Floyd's killing sparked nationwide protests against police brutality and systemic racism in America, social media became a major outlet for people to express their views on the topics.

That has exposed a lot of explicit racism, but also subtler — and sometimes more harmful — racism, according to Tina Harris, a professor of race, media, and literacy at Louisiana State University.

Harris described a phenomenon of "performative activism," where people say they support social justice on public social media profiles, but their words and actions in their private, social, and professional lives at times have the opposite impact.

"'It's not just, what are they presenting on social media, but what happens when the camera is away," she said. "Their public face and their private face — do they actually match up?"

Harris said the Kardashians come to mind as one example of this because, while they've used their social media followings to push for things like prison reform and protest hate speech, they've also engaged in lots of cultural appropriation.



Offline recovery

Dr. Jonathan Jenkins, Massachusetts General Hospital

There's a growing body of research showing how social media networks exploit our psychology and emotions to keep us online longer. But just as important is what that keeps us from doing instead.

Jenkins, who helps everyone from athletes to first responders to executives develop mental strategies to cope with stress and anxiety, said that a key focus of his coaching is mental and physical recovery. Addiction to social media, he said, can also keep us from recovering properly.

"It takes away time that people could be resting and recovering and building their mental health or their emotional health and resilience," he said. An hour on social media could be spent meditating, taking a nap, reconnecting with family and friends, planning for the next day so it's not so stressful, or just relaxing.

Fortunately, Jenkins added, "you don't need it as much as you think you do. You existed completely in a healthy way before social media."



Layoffs, bankruptcies, and mergers: We're tracking how 22 energy giants from BP to Halliburton have responded to the historic oil price downturn

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Energy markets have recovered some ground since crashing to historic lows earlier this year. Yet big oil companies are still straining to stay afloat, as pandemic-fueled lockdowns continue to sap demand for their products. 

Exxon, which has long avoided talk of layoffs, is trimming its global workforce by 15%, relative to 2019. Meanwhile, BP, Shell, and Equinor — three of the world's largest energy companies — have all slashed their dividends. 

More cuts and other changes continue to rattle the industry. Business Insider is keeping track of all of them here for 22 of the world's top oil companies.

Do you have information about one of the companies mentioned here? Send tips to this reporter at bjones@businessinsider.com or through Signal/text at +1-646-768-1657.

SEE ALSO: 'There is no company that will be safe': Massive layoffs and furloughs are coming to the oil industry, experts say

Whiting Petroleum was the first major oil company to file for bankruptcy.

What it is: A Colorado-based oil and gas exploration and production company with large projects in North Dakota and Colorado. 

Employment changes: No layoffs or furloughs have been reported so far this year. 

Spending cuts: In March, Whiting announced that it would cut its capital budget by 30%, down to $400 million to $435 million, for 2020. 

Other financial changes: On April 1, the company filed for bankruptcy protection in Houston, "touting a proposed settlement with creditors to eliminate $2.2 billion in debt in return for a 97% equity stake," the Wall Street Journal reports. On September 1, the company announced it emerged from bankruptcy and shrunk its debt by $3 billion. 

Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter.



Oklahoma's Devon Energy agreed to merge with shale firm WPX Energy.

What it is: A large Oklahoma-based shale producer.

Employment changes: Devon Energy has reduced its workforce in the wake of poor market conditions, but the company has not revealed the scale of the cuts, according to KFOR-TV, an NBC affiliate. 

Spending cuts: Devon is reducing its 2020 exploration and production capex to between $950 million to $1 billion, the company said in August. 

Other financial changes: Devon and shale driller WPX Energy are combining forces through an all-stock merger to weather the oil-price downturn, the Wall Street Journal first reported. The companies have a combined market value of about $6 billion. 



Apache laid off at least 85 people and cut its quarterly dividend by 90%.

What it is: A large oil and gas exploration and production company, headquartered in Houston, Texas. 

Employment changes: Apache laid off at least 85 people in Midland, Texas earlier this year, state filings showed.

Spending cuts: Apache cuts its upstream capital budget by more than half, down to $1.1 billion, according to a public statement. The company also cut its quarterly dividend by 90% — from $0.25 to $0.025 per share. 

Do you have a tip? Please contact this reporter at bjones@businessinsider.com or through the secure message app Signal at (646) 768-1657. 



Chesapeake Energy is the highest-profile fossil-fuel company to file for bankruptcy amid the downturn.

What it is: An oil and gas exploration company headquartered in Oklahoma City, Oklahoma, known for its role in helping the US become a net natural gas exporter. 

Employment changes: The company laid off at least 200 employees in Oklahoma in April, Reuters reports

Spending cuts: In late February, Chesapeake said it would reduce its 2020 capex by 30% down to between $1.3 billion and $1.6 billion, per a company press release

Other financial changes: On June 28, Chesapeake filed for Chapter 11 bankruptcy protection, becoming the largest oil and gas company to file amid the oil price downturn, Reuters reports

Read more: US shale CEOs took home millions as the industry lost billions. Meet the 8 chief executives who earned the most.



Continental Resources cut its budget by more than 50%.

What it is: An oil and gas exploration and production company, and the largest leaseholder in the Bakken oilfield of North Dakota and Montana. 

Employment changes: No layoffs or furloughs have been reported. 

Spending cuts: The company said it would slash capital spending by more than 50%, down to $1.2 billion from an original planned $2.7 billion.

Other financial changes: Continental Resources suspended its quarterly dividend



Diamondback Energy plans to buy two rivals in deals worth more than $3 billion combined.

What it is: A Midland-based oil and gas exploration and production company operating in the Permian Basin. 

Employment changes: No layoffs or furloughs have been reported so far. 

Spending cuts: Diamondback cut its 2020 capital budget by more than 40%, or $1.2 billion, down to between $1.5 billion and $1.9 billion, according to a public statement

Other financial changes: Diamondback said in December that it would buy QEP Resources and Guidon Operating LLC. Together the deals are worth more than $3 billion, the Houston Chronicle reports



Marathon Petroleum, the nation's largest oil refiner, is cutting 12% of its workforce and sold its Speedway gas stations.

What it is: Based in Findlay, Ohio, Marathon Petroleum is the largest US oil refiner. The company turns crude oil into gasoline and other petroleum-based products. 

Employment changes: Marathon is slashing 12% of its workforce, or 2,050 jobs, Reuters reported in late September.

  • "The cuts include staff at its Martinez, California, and Gallup, New Mexico refineries, which in July were designated to close," per Reuters. 

Spending cuts: The Ohio-based firm cut its capital spending by 30%, or $1.4 billion, down to $3 billion for 2020. 

Other financial changes: Marathon sold its Speedway gas stations to 7-Eleven in a $21 billion cash deal in early August. Speedway is among the nation's largest convenience store chains. 



Halliburton laid off thousands of workers.

What it does: A large oilfield service and product company, headquartered in Houston, Texas. 

Employment changes: Halliburton has laid off almost 2,700 employees across Texas, Oklahoma, and Colorado, according to state filings, Business Insider reported in May. 

  • The company is planning to lay off another 216 workers at its facility in Carrollton, Texas, according to a December state filing. 
  • "Unfortunately, given the continued challenging market conditions, we did make the difficult, but necessary decision to reduce certain jobs at that location," Halliburton said in a statement responding to the latest cuts.

Spending cuts: The company cut capital spending for 2020 in half, down to about $800 million, according to a public statement

Read more:Oil giant Halliburton laid off almost 2,700 workers across 3 states amid the 'most severe' downturn in a generation, filings show

 

 



Baker Hughes said it would write down $15 billion in assets.

What it does: One of the world's largest oilfield services companies, based in Houston. Baker Hughes is known for its widely cited rig-count data, which tallies the total number of oil rigs in operation in the US and elsewhere.

Employment changes: Baker Hughes laid off more than 230 people in Oklahoma, the Houston Chronicle reported in April. That same month, the Houston Business Journal reported that the company was closing a plant in Houston that would affect more than 180 workers, and Alaska Public Media reported that it was cutting 63 workers in Alaska.

Spending cuts: The company said in April that it would cut capital spending for 2020 by more than 20%, down to about $780 million, from close to $1 billion in 2019.

Other financial changes: In April, the company also said it expects to write down the value of its assets by $15 billion.



Occidental Petroleum has cut its budget three times since March.

What it is: Occidental is a large oil and gas exploration and production company, and "the leading producer and largest acreage holder in the Permian Basin," according to its website. 

Employment changes: Occidental, or Oxy, reduced executive compensation in the spring, but the company has since begun to restore salaries, Houston Business Journal reported.

Spending cuts: Oxy cut its 2020 capital spending program by more than 50% to between $2.4 billion and $2.6 billion, down from $5.3 billion, the company said in a public statement.

Other financial changes: In March, the company cut its quarterly dividend by about 85%, from $0.79 a share to $0.11.



Schlumberger is cutting 21,000 jobs.

What it is: The largest oilfield services company in the world, headquartered in Houston. 

Employment changes: Schlumberger is cutting 21,000 jobs, equal to roughly one-quarter of its entire workforce. The company will pay more than $1 billion in severance benefits, largely during the second half of the year, the company said. 

Spending cuts: Earlier this year, the company said it would cut capital investment by 30%, relative to last year, down to $1.8 billion. 

Other financial changes: Schlumberger reduced its quarterly dividend by 75%, down to $0.125 per share. The Houston-based company is selling its North American fracking business. 

Read more:Schlumberger is slashing its global workforce, but workers in 1 country say the company is taking advantage of weak labor laws to stiff them of fair severance



EOG Resources cut capital spending for the year by almost a half.

What it is: A large oil and gas exploration and production company, based in Houston. 

Employment changes: No staff layoffs or furloughs have been reported so far. 

Spending cuts: Earlier this year, EOG said it would shrink capital spending for 2020 by 46%, down to between $3.3 billion and $3.7 billion.

 

 



Downstream giant Phillips 66 slashed capital spending by $700 million.

What it is: A spinout of the oil giant ConocoPhillips focused on midstream and downstream products, such as gasoline and petrochemicals, headquartered in Houston. 

Employment changes: No layoffs or furloughs have been reported so far. 

Spending cuts: Phillips 66 reduced consolidated capital spending by $700 million, down to $3.1 billion, for 2020, the company said in March. The firm also cut operating and administrative expenses by an additional $500 million for the year. 

Read more:A giant oil company is building the world's largest plant that turns vegetable oil and grease into fuel — yet another sign of rising demand for cleaner gasoline



ConocoPhillips agreed to buy Concho Resources in a deal worth $9.7 billion.

What it is: One of the largest oil and gas exploration and production companies in the world, also based in Houston. 

Workplace changes: ConocoPhillips warned that it may cut 500 workers or more from its Houston headquarters in order to shrink spending, Bloomberg News reported December 1. 

Spending cuts: ConocoPhillips cut planned capital spending for 2020 by $2.3 billion, or about 35%, the company said in a public statement earlier this year. The company also slashed operating expenses by about $600 million. 

Other financial changes: ConocoPhillips said it would acquire US shale giant Concho Resources in an all-stock deal worth $9.7 billion. 

Read more:An oil company wants to use giant chillers to refreeze the ground that climate change is thawing in order to drill for more oil — which will ultimately accelerate global warming



Equinor was the first oil major to slash its dividend.

What it is: A Norwegian energy giant that develops oil and gas projects, in addition to clean energy, such as offshore wind. 

Employment changes: Equinor is expected to cut jobs in the US, Canada, and the UK, a company representative told Reuters in early September. "The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil prices," Reuters reported. 

Spending cuts: On March 25, Equinor said it's trimming capital expenditure for 2020 by about $2.5 billion, or 20%, and reducing exploration and operating costs by a total of $1.1 billion.

Other financial changes: On April 23, the company announced that it's slashing its dividend by two-thirds — from 27 cents per share in the last three months of 2019 down to 9 cents per share. Equinor was the first oil major to announce dividend cuts.



Months later, so did Italian oil major Eni.

What it is: Eni is one of the world's largest oil and gas companies, headquartered in Italy. 

Employment changes: No layoffs or furloughs have been reported so far. 

Spending cuts: The Italian major is cutting 4 billion euros (about $4.7 billion) in costs and investments this year, and an additional 4 billion euros over the next four years, Reuters reported

Other financial changes: In late July, the company also announced that it's reducing its dividend. The company introduced "a new dividend policy tied to the price of Brent, offering a floor of 0.36 euros" ($0.43), according to Reuters. "In February the company promised a dividend of 0.89 euros," or $1.06, per Reuters. 



In November, Spanish oil major Repsol cut its dividend, too, as part of a plan to become a net-zero emissions company.

What it is: A major energy company in Spain that traditionally focused on fossil-fuel production. 

Employment changes: No layoffs or furloughs have been reported so far.

Spending cuts: The Spanish major cut its capital spending budget for 2020 by $800 million, down from about $2 billion in planned spending, S&P Global Platts reported.  

Other financial changes: Repsol will shrink its dividend for 2021 and 2022 by 40% to 0.60 euros per share, down from 1 euro, Reuters reported in late November. The cut is part of the company's plan to hike up spending on low-carbon energy. 



BP said it would cut 10,000 workers and later halved its dividend.

What it is: A London-based supermajor and one of the largest energy companies in the world, involved in both upstream and downstream activities. 

Employment changes: BP is planning to trim its global workforce by about 15%, resulting in 10,000 or so layoffs. The majority of those cuts, which disproportionately affect senior office-based roles, will take place before the end of the year, the company said. BP did not share how the cuts would impact specific geographies or business units in response to a request for comment. 

  • Only a quarter of the cuts will be voluntary and many of them will take place in operations, a company division that includes oil production and refining, Reuters reported

Spending cuts: BP said it would cut its 2020 capital expenditure by about 25%, down to about $12 billion, according to a public statement earlier this year. As part of that, the company said it would slash around $1 billion from both upstream (oil exploration and production) and downstream (refining and petrochemicals) activities.

  • On June 29, BP said it was selling its petrochemical business to Ineos, a UK-based chemicals company, in a deal worth $5 billion.

Other financial changes: In early August, BP announced it would cut its dividend in half as the company pivots to become an integrated energy company, shrinking its dependence on oil and gas. It's the first time the company has reduced its dividend in a decade. 

Read more: BP just shared a huge strategy update after posting a $17 billion loss. See the 6 key slides that map out the oil giant's future.



Total froze recruitment and cut more than $4 billion from its capital spending budget.

What it is: A French multinational oil major and one of the largest energy companies in the world.  

Employment changes: Total temporarily froze recruitment. "I'm instructing everyone to freeze hiring," Patrick Pouyanné, Chairman & CEO of Total, said in a video message to employees in March.

Spending cuts: Total cut capex by more than $4 billion, or 25%, from $18 billion to less than $14 billion, according to a public statement earlier this year. The company also shrunk its operating costs by $1 billion.  

Do you have a tip? Please contact this reporter at bjones@businessinsider.com or through the secure message app Signal at (646) 768-1657. 



Shell slashed its dividend for the first time since WWII and is cutting up to 9,000 jobs.

What it is: One of just a handful of oil supermajors, Shell is involved in nearly all aspects of the energy supply chain. The company is headquartered in The Hague. 

Employment changes: Shell is cutting up to 9,000 jobs, or more than 10% of its workforce, by the end of 2022, the company said

Spending cuts: Shell shrunk capital expenditure for the year by about $5 billion to $20 billion or below and reduced operational expenditure by a further $3 billion to $4 billion, relative to 2019, the company said in a public statement earlier this year

Other financial changes: Shell cut its dividend for the first time since World War II. The company also launched an internal cost-cutting review, called "Project Reshape," through which it's looking to cut as much as 40% off the cost of producing oil and gas. 

Read more:Shell's CEO explains why the oil giant had to slash its dividend for the first time since World War II



US oil giant Chevron will cut up to 15% of its workforce.

What it is: Chevron is the nation's second-largest oil company and among the world's largest energy firms, involved in upstream and downstream activities. 

Employment changes: Chevron will cut 10% to 15% of its global workforce, or as many as 6,700 employees, as the company streamlines its structure to match the current market conditions, a spokesperson told Business Insider. "Impacts in each location, business segment, and function will vary," the spokesperson said. "This is a difficult decision, and we do not make it lightly." 

Spending cuts: Chevron is paring back capital spending by about $6 billion to as low as $14 billion in 2020, largely by shrinking spending in the Permian Basin. The company is also reducing its operating expenses by about $1 billion. 

Other financial changes: Chevron acquired natural-gas giant Noble Energy. The deal closed in early October. 



Exxon Mobil is trimming its global workforce by 15%, or 14,000 workers.

What it is: Exxon is the largest oil company in the US. It was formed in 1999 through the merger of Exxon and Mobil.

Employment changes: Exxon is shrinking its global workforce by 15% through 2022, relative to the firm's workforce in 2019, which stood at more than 88,000 including contractors. 

Spending cuts: Earlier this year, the company said it was cutting capital spending for 2020 by 30%, or $10 billion, from $33 billion down to $23 billion, per a public statement. It also said it would reduce operating expenses by 15%. 

Click here to view more of our reporting on Exxon.

This story was originally published on March 27, 2020. We periodically update it with news and announcements. Most recently, we added new details about Diamondback Energy's proposed acquisitions and layoffs at Halliburton. 



The best online deals and sales happening now at Wayfair, GlassesUSA, M.Gemi, and more

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We rounded up the best sales and deals happening online today, with savings at GlassesUSA, M.Gemi, and more. 

Deals in this story are subject to change throughout the day. The prices listed reflect the deal at the time of publication. For even more deals and savings across the web, check out Business Insider Coupons.

The best deals available right now

Dental Cat Treats (Salmon Flavor) (medium, Preferred: Chewy)Restore Total Body 36" Foam Roller (medium, Preferred: Target)"The Outer Worlds" (medium, Preferred: Best Buy)Performance TPE Yoga Mat (medium, Preferred: Target)Smart Clock Essential and C by GE A19 Smart Bulbs (4-Pack) (medium, Preferred: Best Buy)LectroFan High Fidelity White Noise Sound Machine (medium, Preferred: Woot)Coffee and Espresso Maker (medium, Preferred: Sur La Table)Galaxy Tab S6 (10.5-inch, 256GB) (medium, Preferred: Best Buy)

The best on-going sales and exclusive discounts happening right now

Get up to 75% off sitewide at Frontgate

Shop the Frontgate sitewide sale now.

Frontgate is an excellent place to find indoor and outdoor furniture, holiday decor, and so much more — especially with a sale this good. Right now you can get up to 75% off sitewide. The retailer is one of our favorite places to shop for outdoor furniture, so even if the weather outside is frightful, this sale is a good time to buy. 



Get up to 60% off at Peter Thomas Roth

Shop the Peter Thomas Roth End of Year sale now.

A rare sale from the high-end skincare brand, right now you can get up to 60% off sale items from Peter Thomas Roth with promo code EOY2020. Not everything is discounted, but there's a pretty wide selection including some products from the Un-wrinkle line that we like in our guide to the best night cream. Peter Thomas Roth is expensive for sure, but the discount makes it a good chance to pick up some skincare that's a little bit easier on the wallet. 



Get up to 70% off at M.Gemi

Shop the M.Gemi End of Season Sale now.

M.Gemi having a sale may already sound too good to be true, but right now, you can snag up to 70% off sitewide. It's an End of Season sale, so it's likely not going to last long. We've tested and reviewed a handful of M.Gemi styles, including the Corsa boot and the Felize loafer.



Get up to 60% off at Wayfair

Shop the Wayfair End-of-Year Clearance sale now.

For furniture and decor for every room of the house, Wayfair has you covered. Right now the online retailer is holding its annual End-of-Year Clearance sale, during which you can snag some pieces for your home at up to 60% off.  Learn more about shopping for furniture at Wayfair here.



Get an extra 20% off sale items from Sephora

Shop the 30 Days of Sephorathon sale now.

Sephora has been holding sales for its Beauty Insiders all month-long, culminating in a juicy extra 20% off sale items through January 1. It's free to join the membership and it's especially beneficial if you shop regularly at Sephora. Skincare, makeup, and haircare are just some of the categories you can find deeply discounted in the sale, so whether you're shopping for some belated gifts or to treat yourself, you won't want to miss out on this sweet discount.



Get up to 75% off sale items at Too Faced

Shop the Too Faced Holiday Hangover sale now.

Too Faced is offering shoppers up to 75% off sale items during its Holiday Hangover sale. Eyeshadow palettes,  primers, lip glosses, and much more are deeply discounted, making it a great time to shop for yourself or for gifts. Though it's not included in the sale, one of our top eyeshadow palette picks is from Too Faced, and you can definitely find similarly pigmented shadows discounted. Shipping is free on orders $75+.



Get up to 65% off frames from GlassesUSA

Shop the GlassesUSA Holiday Sale now.

Whether you're looking to spend some FSA or HSA dollars before the year is up or just need some new frames, right now is a good time to pick up a pair from GlassesUSA. With promo code NEWYEAR65, you can get 65% off frames with basic Rx lenses. The brand sees deals somewhat often throughout the year, but a hefty 65% off is one of the best discounts we've seen.



Get up to 50% off from Adidas

Shop the End of Year sale at Adidas now.

Get up to 50% off right now from Adidas during its End of Year sale, free shipping included. It's not sitewide, but many styles are discounted including some of our favorite white sneakers. The sale only lasts through December 15, so act fast if you're hoping to put together a new fit at a discount. 




The best meat thermometers in 2020

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  • A meat thermometer is one of the best tools you can invest in to improve your cooking.
  • After testing 12 models and interviewing the lead chef at the Institute of Culinary Education, the Thermoworks Thermapen Mk4 is the best thermometer for most people because it's fast, accurate, and has thoughtful features like a backlight and auto-rotating display.
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The most-used piece of equipment in my kitchen isn't my Dutch oven, or my chef's knife, or even my most beloved spatula — it's my thermometer. I invested in a good kitchen thermometer almost a decade ago and since then, it's carried me through countless dinner parties and holiday meals (including a pig roast), hundreds of weeknight dinners, and a career in professional kitchens. I use my thermometer to temp everything from a piece of chicken to a loaf of bread to a pot of caramel or a vat of frying oil — I've even taken the temperature of a baked potato. 

Using a thermometer to take the temperature of food is one of the first skills students learn in culinary school. Tracy Wilk, the lead chef at the Institute of Culinary Education, said that a thermometer is a core tool that can make you a more confident cook. 

"A lot of home cooks can be intimidated by some techniques like cooking steak or tempering chocolate, but once you're able to work with temperatures, the gates really open up for your cooking abilities," Wilk said. "There's also a satisfaction from a perfectly cooked roast chicken that isn't cut into a million pieces before it's served. Using a thermometer will help you get accurate and delicious results."

Thermometers don't just help make your food taste better, they're also important for food safety. According to the Food and Drug Administration, a food thermometer is the only way to ensure that meat, poultry, and egg products are cooked safely as color and texture are not always reliable. 

In addition to speaking with Wilk, I relied on seven years of experience working in professional kitchens as a product tester for "America's Test Kitchen" and "Cook's Illustrated." During my time, I used a kitchen thermometer almost daily and wrote a number of reviews on specialty thermometers. To find the best thermometers you can buy, I tested 12 different models, putting each through an identical set of tests to determine accuracy, ease of use, and durability. You can read more below about our testing methodology, as well as information on how to use and calibrate a thermometer, and why Thermoworks occupies all of the top spots in our guide.

Here are the best meat thermometers 

Prices and links are accurate as of 12/29/20. We rewrote this guide after comprehensive testing and consulting an expert.

SEE ALSO: The best charcoal grills you can buy

The best thermometer overall

The Thermoworks Thermapen Mk4 is lab-calibrated, accurate, and thoughtfully designed with features like an auto-rotating display, large numbers, a backlight, and a superfast read time. 

Pros: Lab-calibrated, displays accurate temperature within seconds, large and easy to read display, automatic backlight, automatically turns on and off, display automatically rotates, can be used in Celsius or Farenheit, can be customized to display whole numbers or up to one decimal place, comes in 10 colors

Cons: Might be more difficult for lefties to use

During my time in the food industry, no tool was more ubiquitous than the Thermoworks Thermapen. I've seen it in the hands of chefs, health inspectors, recipe developers, heating and cooling techs, and cooking instructors. It's also been a core tool in my arsenal for almost a decade. The Thermapen is beloved in the industry because it's simply designed, accurate, and fast — it has everything you want and need in a thermometer with no superfluous extras. 

The Thermapen has long been the tool of choice by pros, but I didn't realize just how objectively best-in-class it is until I tested it alongside 11 other thermometers. When I used other thermometers, I found myself squinting to read numbers on tiny, dark, or glared displays; fussing with rotating digits that didn't always turn rightside up; or waiting painfully long for the temperature read-out. Coming back to the Thermapen after using those thermometers was a sight for sore eyes. 

While the Thermapen comes with an instruction manual and a certificate of calibration, it takes zero effort or knowledge to get it up and running: simply unfold the probe and get to temping. The display is large and easy to read; there's no glare from any angle and the display doesn't fog up when you get close to hot foods. The numbers automatically rotate depending on which way you're holding the Thermapen, so it's legible from all angles. A sensor near the display turns on the backlight whenever the ambient light is low; a feature I've found really helpful when grilling in the dark. The thermometer also automatically turns on when you pick it up and turns off when you put it down, so you don't have to worry about wasting the battery by forgetting to press an on/off button.

Most importantly, it's accurate and reads fast. It reported accurate temperatures in both of our calibration tests when we tested it in freezing and boiling water (which have known temperatures of 32 Fahrenheit and 212 Fahrenheit, respectively). When I used it while cooking steak, it reported the temperature within three seconds of sticking the probe in — the fastest of the models we tested. This fast readout is particularly helpful when cooking foods like fish or beef on the stovetop, which can easily overcook if you wait too long.

While the Thermapen is ready to go right out of the box, you can customize it by choosing between Celsius and Farenheit and setting the display to show whole numbers or one decimal place on the temperature readout. These customizations are done by unscrewing the bottom of the Thermapen, so there's no risk of accidentally making an adjustment while in the middle of cooking. Finally, in the event that something ever goes wrong with the Thermapen, Thermoworks has great customer service and you can even send the thermometer back to the company for professional calibration

The only issue I've ever encountered with the Thermapen is that it's not ergonomically designed with left-handed users in mind. If you hold it in your left hand, the display screen will face your palms and you won't be able to hold the thermometer as easily or as naturally as you'd like because of how the probe extends. My husband is a lefty and has remarked that using it in his non-dominant hand has taken some getting used to, though it's doable. Lefties might be more comfortable with our budget pick, the ThermoPop, which is configured better for left-handed use.



The best budget thermometer

The Thermoworks ThermoPop is a simple and easy-to-use meat thermometer at an entry-level price that's great for those just learning to cook. 

Pros: Accurate, fast, easy-to-read numbers, has a backlight, has a rotating display, can show temperatures in Celsius and Farenheit, comfortable for both lefties and righties to use, comes in nine color options

Cons: Backlight and display rotation have to be activated by pressing buttons, the rigid probe has some trouble getting into tight spots, only displays whole numbers, can't adjust digits if the thermometer needs calibration

While the Thermapen may be unparalleled in its features and accuracy, it comes at a premium price. For those learning to cook or just looking for something a little more simple or inexpensive, the Thermoworks ThermoPop has everything you need to get started, and it's about a third of the price of the Thermapen.

The thermometer is lollipop-shaped with a long, thin probe on one end and a bulbous display on the other. The screen is clear and easy to read with large digits and a backlight. It's accurate and reports the temperature within four seconds of inserting the probe into the food — just a second longer than the Thermapen. Since its probe is upright instead of angled, it works equally well for lefties and righties.

It has all the features you need in a thermometer, however, it takes an extra step to activate some of them. For example, you need to press a button to turn on the backlight or rotate the display while the Thermapen does both of these things automatically. It's also not quite as customizable — you can't set it to display one decimal place temperatures, it only shows whole numbers. And in the event that your thermometer's calibration is off, you can't make adjustments to the numbers on your own; you'd have to send it back to the company. It's also a little less maneuverable in tight spaces or awkward angles since the probe is straight instead of angled. 

That said, it's a great entry-level thermometer that has all the features you'll need for almost every type of cooking project.



The best leave-in thermometer

The Thermoworks ChefAlarm has many thoughtful features like built-in alarms, a timer, and a probe that stays in your food for the entire cook time, making it a great option for grilling or long cooking projects.

Pros: Accurate, reads quickly, large display, has built-in timer and stopwatch, has high and low alarms, comes with a pot clip and carrying case, can buy and use other probe styles depending on your needs, magnetic base, can be used in both Celsius and Fahrenheit, comes in nine different colors

Cons: Magnet not always strong enough to hold up the unit on grill lid or oven door, takes some time to set up 

While fast-reading handheld thermometers like the Thermapen and ThermoPop are great for most uses, sometimes you need a thermometer that can be left in your food while it's cooking, which is where probe or leave-in thermometers like the Thermoworks ChefAlarm come in. This style of thermometer features a probe that goes into your food and connects via a thin wire to a base that sits outside your grill or oven. It's a handy design for grilling, barbecue, or cooking long roasts in the oven — situations when you want to keep an eye on the temperature without constantly opening the grill lid or oven door and letting heat out.

The ChefAlarm is ideally suited for this kind of use. It features a high-temperature probe connected by almost four feet of cable to a rectangular base that reports the current temperature, as well as the minimum and maximum temperatures your food has reached while cooking. Buttons on the base allow you to set a timer or stopwatch, along with alarms to tell you when your food has dropped above or below a certain desired temperature range. There are four alarm volumes, ranging from moderate beeping to blaring. The base can be folded to sit stably on a counter or attached via a magnet to a metallic surface like a grill lid or oven door. It also comes with a carrying case and a clip for attaching the probe to pots for deep frying or candy making.

In my temperature tests, the ChefAlarm was accurate and relatively fast, reporting temperatures within six seconds. However, between the probe, cable, and base, it has a lot of parts and is a bit unwieldy for stovetop cooking like searing steak or fish. It also takes some time to program its suite of alarms and timer, usually not worth the minutes when cooking something quick. I've found I get the most use out of it when grilling or cooking foods that take a lot of time. These are usually occasions when I've spent a lot of money on a large cut of meat, or invested my time into a cooking project; the ChefAlarm gives me peace of mind that I'll get good results and that my money and time won't be wasted. 

One tiny quibble I have with the ChefAlarm is that the magnet isn't always strong enough to hold the base up when attached to my oven door. I work around this by just setting the base on my counter, but it could be an issue if you have a wall-mounted oven with no easily reachable surface nearby.



The leave-in thermometer on a budget

The Thermoworks DOT is a relatively inexpensive thermometer with a few simple, but well-designed features. It's an accurate leave-in thermometer without all the bells and whistles.

Pros: Relatively fast, very accurate, clear display that's easy to read from afar, has a backlight, can buy and use other probe styles depending on your needs, magnetic base, alarm alerts when the food has reached its set temperature, can be used in both Celsius and Fahrenheit, comes in nine different color options

Cons: No timer, no minimum or maximum temperature display, only one volume setting, only displays whole numbers

If you're looking for a leave-in thermometer that is a bit simpler and less expensive than the ChefAlarm, the Thermoworks DOT is a more streamlined option. It consists of a circular, magnetic base attached to a 4.5-inch probe connected by a 47-inch cable. The front of the base has just two buttons: up and down, which you use to set your desired final cooking temperature. You stick the probe in the food and leave it there for the entire cook time, and the thermometer will beep loudly to let you know when your food has reached your desired temperature. 

Like the ChefAlarm, the DOT has a backlight that can be activated with a button on the back of the base, and you can buy other specialty probes that work with it to suit your needs (though you most likely won't ever need to). One thing I particularly like about the DOT is that it's lighter than the ChefAlarm, and stays put when I attach it magnetically to my grill or oven. It's also incredibly accurate and a beat faster than the ChefAlarm, reporting the temperature within just five seconds.

The DOT doesn't have a timer or the ability to show you minimum and maximum cooking temperatures, but you may not need either of those functions if you're cooking something simple like a casserole or roast, or you use a separate timer while cooking. 

Overall, it's a great option if you're looking to dabble with a leave-in thermometer, or don't need all the extra bells and whistles that come with a more expensive thermometer.



The best remote thermometer

If you're serious about barbecue, the Thermoworks Smoke X2 offers both accuracy and convenience with a leave-in probe that can transmit data to a pager more than a mile away. 

Pros: Comes with a pager so you can monitor temperatures from afar, pager works more than a mile away from the base, comes with two temperature probes, accurate, moderately fast read and data transmission time, can set high and low temperature alarms for each probe, has a backlight, can be used in both Celsius and Fahrenheit, comes in nine different colors, can be used with other specialty probes and equipment

Cons: Too bulky for stovetop cooking

If you're cooking something that takes many, many hours or even days — as is often the case with barbecue — you're probably not going to want to spend all that time sitting next to the grill or oven monitoring temperatures. Remote thermometers like the Thermoworks Smoke X2 function similarly to leave-in thermometers, except they have an added pager component that lets you monitor the temperature of your food from afar. 

I first used the Smoke when I wrote an entire buying guide on just remote thermometers for another publication, and quickly found it has the best connectivity and the farthest range of the remote thermometers that are out there. For this guide, I spent even more time with the Smoke, testing its features and evaluating its speed and accuracy. 

The Smoke looks similar to other leave-in thermometers we tested. It comes with two probes that are connected by long wires to a base that sits outside your grill or oven. The base transmits that temperature data to a pager that you wear on a lanyard. Both probes were accurate and took about seven seconds to transmit the temperature to the base — slower than our other top picks, but much faster than any other remote thermometer I've tested. It then took another 15 seconds to report that temperature to the pager. 

The base and pager stay connected up to a mile away from each other, which likely covers all the distance you'll need. While I didn't test the lengths of this claim, I did walk with the pager up to 1,000 feet away from the base and it never lost connection, even when I went upstairs, behind walls, and down the block.

Unless you regularly cook barbecue or other lengthy projects, this isn't a thermometer you'll likely use every day. It's a bit too big and bulky for stovetop cooking, though it could take the place of a leave-in thermometer if you simply use it without its pager. That said, there are much more inexpensive options if you're just looking for an instant-read or leave-in thermometer. The Smoke is primarily worth the investment if you're interested in the pager component.

One neat feature of the Smoke is that it also works with Thermoworks Billows, a product that uses temperature data from the Smoke to adjust the airflow in your grill or smoker for optimal results. I didn't test the Billows because it's a specialty product that most home cooks won't need, but it might help justify the higher price of this thermometer if you're serious about smoking or barbecuing.



What else we recommend

We tested a total of 12 thermometers for this guide. Here are the ones we tested that didn't make the cut but still recommend as great thermometers:

  • Lavatools Javelin PRO Duo Digital Meat Thermometer ($54.99): This fast-reading handheld thermometer is accurate, easy to use, and gives clear readouts. It has many of the features we love in the Thermapen Mk4, like a backlight and auto-rotating display. While the Javelin is a great thermometer, the Thermapen edged this model out because its features were a bit more reliable; the Javelin's display sometimes rotated when we didn't want it to and you need to press a button to activate the backlight. These are minor quibbles, however, and this is a great option if you want a more affordable alternative with many of the same functions as the Thermapen. 
  • Lavatools Javelin Digital Meat Thermometer ($26.99): This petite thermometer is only a little more than four inches long with a probe length of just 2.8 inches. While it's fast, accurate, and easy to read for its small size, it's a bit too small for everyday use. I found my hands getting uncomfortably hot when holding this thermometer in food that was cooking, and its probe is too short to get all the way into large roasts and cuts of meat. That said, it's small enough that you could clip it to a keychain, or use the included magnet to keep it on your fridge door for easy access when you need a thermometer in a pinch. It might be a good portable thermometer, but not one that I would want to use every day.


What we don't recommend

Here are the meat thermometers we tested and didn't make the guide: 

  • OXO Good Grips Thermocouple Thermometer ($99.95): This instant-read thermometer is sleek, reports fast read-outs, and has a rotating display, but it was consistently off by one degree in all the calibration tests. While that wasn't a deal-breaker (and hardly enough of a difference to ruin your food), I was regularly thwarted by the rotating display, which consistently read upside down when I tried to use it in a hurry, like while searing steak. The probe does extend further than other models, which meant my left-handed husband could also use the thermometer comfortably in his dominant hand (many instant-read thermometers only extend far enough to be most versatile for right-handed use). It may be a good option for lefties, but I would've liked more accuracy and reliability given the price.
  • Polder Stable-Read Digital Thermometer ($19.98): This thermometer beeps to let you know when it's at a stable reading, which can be useful if you're still figuring out the nuances of using a meat thermometer. However, that was just about its only redeeming factor. It was consistently off by about 3 degrees F, and the display is hard to read, doesn't rotate, and is not backlit. The probe is rigid and the thermometer is long, so it's not good for temping things at an angle. Finally, the probe sheath was really difficult to pull on and off; not great when you're trying to grab the thermometer quickly while your food cooks. 
  • ThermoPro Wireless Meat Thermometer ($56.99): This remote thermometer gets solid reviews, so we decided to try it out. While it was accurate, it was difficult to use compared to the Thermoworks Smoke and lacked many of the features we love in that thermometer. The ThermoPro's display is relatively small and hard to read, it wasn't intuitive to use and program, and it only has a range of up to 300 feet. While this seems like a long distance, it lost connection when I left the transmitter by the grill and took the pager with me into my house and up a flight of stairs. When it was connected to the pager, it took about 45 seconds for the thermometer to report the temperature in all of our accuracy tests — the longest of any product we tried. While this lag isn't likely to make a difference in your food if you're using it to cook barbecue or another long-cooking dish, it's much too slow for stovetop use or quick-cooking foods like steak or fish. 
  • Taylor Commercial Digital Thermometer ($10.29): While this thermometer was the least expensive of any model we tested, its display is teeny-tiny at just 1/4 inch tall. I had to squint to read the numbers, the display often fogged up, and there was a glare if I didn't hold the thermometer at the right angle. It also took a relatively long time to read at about 20 seconds, and in that time, my hand got hot from having to hold the thermometer close to the food for so long. It also wasn't very accurate and was consistently off by 2 degrees F in all our accuracy tests.
  • Taylor Waterproof Instant Read Thermometer ($16.99): Another inexpensive option from Taylor, this thermometer was slightly easier to read and featured a backlight. While it was also faster and more accurate than the other Taylor thermometer we tried, it still wasn't without flaws. The display had a strong glare from certain angles and fogged up when close to hot foods; this was exacerbated by its short probe, which kept the thermometer (and our hands) near the heat. The buttons were also hard to press.


Our testing methodology

I've been using kitchen thermometers as a core tool in my arsenal for more than a decade, including seven years working in professional kitchens as a product tester and editor for "America's Test Kitchen" and "Cook's Illustrated." For this guide, I leaned on my extensive experience testing and writing about kitchen products and using a thermometer almost daily, and also interviewed Tracy Wilk, lead chef at the Institute of Culinary Education. I tested 12 different kitchen thermometers, putting each through a set of identical tests. Here's what I looked for in the best thermometers:

Accuracy: A thermometer should be, above all, accurate. I looked for accuracy at both high and low temperatures, as well as accuracy over time. I put each model through three different accuracy tests: an ice bath test, a boiling water test, and a sous vide test where I tracked the temperature reported by each thermometer over two hours when placed in a water bath heated by an immersion circulator. You can read more about how I did the industry-standard ice bath and boiling water tests below. Though I used the thermometers while cooking food to evaluate the ease of use, I didn't include food in my accuracy tests since it introduces a number of hard-to-control variables like cooking temperature, size and thickness of the meat, and potential human error.

Speed: In every test, I timed how long it took for the thermometer to report a steady, accurate temperature. Some thermometers read within seconds, while others took up to a minute. For remote thermometers, I also timed how long it took for the base to transmit the temperature data to the pager.

Ease of use: A good thermometer needs to be easy to use and the readouts should be legible and easy to read. I used each thermometer over several weeks as part of my regular cooking routine, seeing how comfortable they were to hold over hot pans filled with searing steak, whether their screens fogged up when I stuck the probes into vats of chili, and generally evaluating how easy they were to handle, use, and read. 

Durability: Thermometers are often used in busy kitchens where bumps and spills happen. I tested the durability of the thermometers by knocking each from the counter onto the ground 10 times and checking for any cracking or functionality loss. All the thermometers passed this test.

Special features: While a thermometer doesn't need to have any fancy features, I looked at any additional functions such as backlights, alarms, timers, and customizability. I checked to see that these functions were helpful and worked as intended.



What we look forward to testing

There are hundreds of meat thermometers out there, here are some other models we're looking forward to testing soon: 

  • Yummly Smart Thermometer ($89.99): This thermometer is part of a new generation of leave-in thermometers that are completely wireless. The probe stays in your food the entire cooking time, but there are no wires coming out of your oven or grill like there are with the DOT or ChefAlarm. Instead, the probe wirelessly transmits temperature data to your phone, so you can see when the food is finished cooking. I've tested similar thermometers in the past and found that they either suffer from app or connectivity issues. I'm looking forward to trying out the Yummly and see if it improves on either of these issues.
  • Maverick Stake ($79.99): Maverick is a well-loved brand among barbecuers, and it recently introduced the Stake, which is another one of these new-generation wireless leave-in thermometers. We're looking forward to comparing it with the Yummly Smart Thermometer and other more traditional wired leave-in thermometers.
  • Taylor Gourmet Programmable Kitchen Thermometer with Timer ($21.99): This leave-in thermometer has a built-in timer and a more traditional design, similar to our top picks. It may make an inexpensive option for those looking for this style of thermometer.


Types of thermometers

In this guide, we focused on three primary types of thermometers used most commonly in cooking: instant-read thermometers, probe thermometers/leave-in thermometers, and remote thermometers. Here are the key differences between the styles:

Instant-read thermometer

Pros: Fast read-out, slim design that fits easily in your hand, can check multiple locations in the food quickly, can be used for almost any task

Cons: Not meant to be left in the food so you have to open the pot lid, oven door, or grill lid to check the temperature, which could result in heat loss and a longer cook time 

These devices are handheld digital thermometers that give you a temperature read-out in several seconds. They're the most versatile of the different thermometers, and if you're only going to buy one thermometer, this is the style to buy. They're great for stovetop cooking and foods that cook fast but also work well for checking on dishes you cook in the oven or grill. My instant-read thermometer is one of the most-used tools in my kitchen and the thermometer I reach for most often.

Probe thermometer or leave-in thermometer

Pros: Great for long cooks where you don't want to poke the food too often, good for candy-making and deep-frying, often has alarms or a timer built in

Cons: Slightly slower read-out, not ideal for fast-cooking foods like steak or fish on the stovetop, more parts to keep track of, bigger and harder to operate with one hand

These thermometers have a probe that's meant to be left in the food for the entire duration of cooking. The probe connects by a thin metal wire to a base that sits outside the stove, oven, or grill and shows the temperature read-out. Many probe thermometers also have extra functions like timers or alarms. This style is good for situations where you want to constantly monitor the temperature without having to frequently poke the food or open the oven door or grill lids, like when making large roasts or long-cooked braises. They're also useful for deep-frying and candy-making since you can clip the probe onto the pot and monitor the temperature of the frying oil or sugar for consistency.

Remote thermometer

Pros: Pager or smartphone-connectivity that lets you monitor temperature from afar, good for long-cooking foods like barbecue or roasts

Cons: Most expensive, bulky, slightly longer read and transmission time than leave-in thermometers

Remote thermometers are very similar to probe thermometers in that they have a leave-in probe connected to a base, but they have the added component of a pager that lets you monitor the temperature of your food from afar. This is popular for grilling and smoking, which typically have very long cook times. A remote thermometer lets you walk away from the grill or oven and still keep an eye on the temperature of your food. Many are also smartphone-connected, so you can check the temperature from your phone. While you can use them in all the same ways you would use a leave-in thermometer, they're usually bigger, heavier, and more expensive, so really only recommended if you do a lot of barbecuing or very long cooks.



Why ThermoWorks makes the best thermometers we tested

With Thermoworks occupying all five of our top picks, you might think this guide is sponsored — it most assuredly is not. Our guides are never sponsored and we conduct the same set of tests on all products (you can read more about how we tested in our methodology). We put 12 different thermometers through the same rigorous criteria for this guide. So how did Thermoworks products come to best the competition? Here are some of the reasons Thermoworks thermometers did so well, and why they're worth buying:

Accuracy: A thermometer should be accurate. Thermoworks thermometers consistently gave the most precise and accurate measurements in our tests. Should your thermometer reading be off after doing basic calibration tests (very unlikely in a new thermometer, since many of its products come factory-calibrated, but a possibility with extended use), some of Thermoworks' thermometers are easily adjusted with buttons inside the battery compartment, or you can send the thermometer to the company for lab calibration. 

Thoughtful design: Thermoworks thermometers are thoughtfully designed and simple to use. The thermometers have just the right amount of features — nothing superfluous. Some features we found particularly helpful in our top picks were large readouts, backlit displays, and easy adjustability. 

Trusted industry leader: Thermoworks has been in business for 25 years and only makes thermometers and temperature tracking devices. Its staff is filled with engineers who are laser-focused on thermometry and calibration. Its reputation for doing one thing and doing it well has made it a trusted brand used not only by home cooks and in the foodservice industry, but also by pharmaceutical, construction, manufacturing, utility, heating and air conditioning, plastics and rubber, research and science, and other industries. 

Customer service: While customer service didn't factor into my rankings for this guide, it's worth noting that Thermoworks has some of the best customer service I've ever experienced. I've been using Thermoworks products daily for a decade as part of my job and in my own home. Whenever I've had a question, a call to the customer service line quickly puts me in touch with a technician who can answer questions big and small — from troubleshooting data logging software to basic questions about what thermometer is best for what use. 

Colors: While appearance also didn't factor into my ratings, I do love that most Thermoworks products come in nine to 10 colors, so you can choose one that feels customized and personal to you.



How to calibrate a thermometer

Before you use your thermometer for the first time, you should make sure it's accurate. This process is called "calibration," but that's a bit of a misnomer since you usually aren't making any adjustments, just checking accuracy. In addition to calibrating your thermometer before its first use, it's also a good idea to check its accuracy periodically, especially if you're using an older model or a dial thermometer. There are two industry-standard ways to calibrate your thermometer: the ice bath test and the boiling water test.   

Ice bath test

The easiest way to check for accuracy is to prepare an ice bath. Here are the steps outlined on Thermoworks' website, which are standard across many brands:

  1. Fill a vessel like a large mug or bowl to the rim with ice.
  2. Add cold water to the vessel to fill the gaps between the ice. Stop filling when you've reached just below the lip of the vessel. 
  3. Insert your thermometer's probe into the center of the ice bath and stir gently.
  4. An accurate thermometer should read 32 degrees F (or 0 degrees C) in the ice bath.

Boiling water test

If you don't have ice readily available, you can also check the accuracy of your thermometer with boiling water. However, keep in mind that water boils at different temperatures depending on your location and the current atmospheric pressure. The boiling water calibration test should only be used in a pinch and only to detect glaring inaccuracies. Here are the steps:

  1. Fill a pot with at least four inches of water and bring to a boil over high heat.
  2. When the water is at a roaring boil with big bubbles bursting at the surface, insert your thermometer probe into the water, taking care that it doesn't touch the sides or bottom of the pot. 
  3. Compare the temperature read-out to the estimated boiling point of water for your area. At sea level, water generally boils at 212 degrees F (100 degrees C). 

What to do if your thermometer is inaccurate

If you perform either of the above calibration tests and find that your thermometer is inaccurate, first check the accuracy range of your device, which should be listed on the packaging or instructions. Some thermometers allow for a variance of up to a degree plus or minus the target temperature. If your thermometer's reading is within the allowed range, there's no need to make adjustments. 

If your thermometer is off by more than the allowed range, follow any included instructions in the packaging for adjusting the read-out of your device. If your device isn't adjustable you have a couple of options. First, you can send the thermometer back to the manufacturer for calibration. The price and availability of this service will vary depending on the model, your warranty, and the company. Second, you can simply take a small piece of tape and write the amount the thermometer is off by on it and stick it to the thermometer body. Every time you use the thermometer, the tape will remind you to mentally adjust the read-out by the number written on the tape. Finally, if your thermometer was cheap or is old, you may just want to buy a new one.



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Here are 16 companies experts think Microsoft could acquire including Workday, Twilio, and Crowdstrike (MSFT)

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satya nadella michael dell

Summary List Placement

2020 was a big year for Microsoft acquisitions, even the ones it didn't make. The company notably lost a bid to acquire TikTok's US operations but soon after made the surprise acquisition of ZeniMax Media – the company behind hit video game franchises like "Fallout" and "The Elder Scrolls"– for $7.5 billion.

Business Insider throughout the year analysts say Microsoft could try to buy, based on which buys could bolster key Microsoft businesses such as its Microsoft 365 suite of business software applications, Azure cloud computing business, or Dynamics customer relationship management software.

It's worth noting most of the companies on the list cost significantly more than Microsoft has ever paid to acquire any company. Microsoft's largest acquisition to date was its LinkedIn deal, worth $26.2 billion.

Morningstar analyst Dan Romanoff, for example, named big companies like Twilio and Docusign as potential targets, for example, but said he generally expects Microsoft to stick mostly to smaller deals.

"I would really expect [Microsoft] to continue to do deals at $1 [billion] or less that generally won't mean much to casual observers," he said in August, "but will serve to add important functionality to one of its existing product areas."

Futurum Research analyst Daniel Newman named acquisition targets as big as $205 billion Salesforce and said, "All of these acquisitions, to me, make a lot more sense than chasing TikTok."

Here are 16 companies experts say Microsoft could acquire:

Mmhmm

Valuation: $107.35 million, according to PitchBook

Mmhmm is building an app intended to allow people to virtually share their screen in a video call and remain in the picture at the same time, as Business Insider's Katie Canales reports, and was founded by by ex-Evernote CEO Phil Libin.

The company is still very young and in October raised a $31 million round of financing led by Sequoia Capital.

Creative Strategies analyst Carolina Milanesi told Business Insider in August she thinks Mmhmm could be a good acquisition target for Microsoft to build out its popular Teams workplace chat app and "help with the huge number of kids who like to do videos while playing Minecraft."



LoopUp

Market cap at the time of this writing: Nearly $60 million (trades on the London Stock Exchange)

LoopUp offers a subscription-based conference and remote meeting service. Raul Castanon-Martinez, a S&P Global Market Intelligence analyst, told Business Insider in September that the London-based company could help Microsoft bolster its Teams communications app.

"Microsoft has been on the offensive in the past few years looking to counter the challenge from emerging [software as a service] providers such as Slack and Zoom that have disrupted the communications and collaboration space," Castanon-Martinez said at the time. "A key area that could support this strategy is to expand the telephony capabilities in Teams."

LoopUp recently launched a Microsoft Teams integration, and Castanon-Martinez said Microsoft could acquire the company to compete against key industry players like Cisco and RingCentral.

Castanon-Martinez also said Microsoft might follow up recent telecom acquisitions, such as Metaswitch Networks and 5G startup Affirmed Networks, with another acquisition in the space, Raul Castanon-Martinez, a S&P Global Market Intelligence analyst.

Potential candidates, he said, include "communication platform as a service companies" like France-based Wazo, New York-based Voximplant and London-based Infobip.



Superhuman

Valuation: $260 million as of June 2019, per PitchBook

Superhuman builds an app intended to help users empty their inboxes in what it bills as "the fastest email experience ever made." Unlike most other email apps, it's not free — rather, it requires a $30/month subscription to use. In return, users get access to all kinds of email decluttering tools, including a conversational view that makes email look like a text message, as well as powerful keyboard shortcuts.

Creative Strategies analyst Carolina Milanesi in August said Superhuman could help Microsoft "modernize" its Outlook email app.



Automation Anywhere

Valuation: $6.8 billion, according to PitchBook

Robotic process automation — which helps companies automate repetitive tasks like data entry — is a fast-growing market, and it's a type of acquisition Futurum Research analyst Daniel Newman could be in the cards for Microsoft.

Automation Anywhere could be a likely candidate for a Microsoft acquisition "due to market momentum and pre-IPO nature," he said in September. Its leading competitors include startup UiPath, as well as Microsoft itself.

 



Dropbox

Market cap at the time of this writing: $9.76 billion

Dropbox builds a popular cloud-based file storage service. Microsoft already has a similar service with its OneDrive – but it wouldn't necessarily be acquiring Dropbox for its features.

"With over 500 million users, Dropbox doesn't necessarily add volumes to its current OneDrive capabilities, but it brings an enormous loyal user base and its revenues with it," Futurum Research analyst Daniel Newman said in September.



UiPath

Valuation: $10.2 billion, according to PitchBook

UiPath builds helps businesses automate common and routine tasks through robotic process automation technology, competing with the likes of Automation Anywhere and Microsoft itself.

The startup this month confidentially filed paperwork to go public. Newman said UiPath is among the most likely potential RPA acquisitions for Microsoft.



Crowdstrike

Market cap at the time of this writing: $47 billion

Microsoft could buy cybersecurity company Crowdstrike, RBC Capital Markets said in its 2020 software outlook report, and combine the company's products with its own to provide security to customers of all sizes, from small businesses to large enterprises.

RBC in the report published in January said Microsoft could sell the combined security product on its own or as a bundle through the company's Office 365 cloud-based suite of productivity tools. Microsoft's security spending, RBC noted back then, has reached $1 billion annually.

RBC analyst Alex Zukin confirmed the firm still believes Crowdstrike is a potential Microsoft acquisition target as of August. "Generally we think the company remains a very keen and opportunistic acquirer of very high quality assets at compelling price points," he told Business Insider.

Microsoft, for its part, has recently taken big steps to renew its push into the cybersecurity market, positioning itself to take advantage of the boom in remote work by helping to provide tools to help secure and manage a distributed workforce.



Twilio

Market cap at the time of this writing: $57 billion

Twilio builds a cloud communications platform intended help developers write apps that can send text messages and make phone calls.

"Twilio makes a lot of sense because it is broad based with a seemingly endless array of use cases," Morningstar analyst Dan Romanoff told Business Insider in August.

Microsoft could add "name brand" acquisition targets such as Twilio, Romanoff said, to its Microsoft 365 suite of business software applications, Azure cloud computing business, or Dynamics customer relationship management software.

But with Twilio valued so richly at about $37 billion, Microsoft would likely have to pay a hefty price for Twilio. "It's hard to imagine MSFT doing a deal that big," Romanoff said.

Twilio has been a favorite among analysts' potential Microsoft picks. RBC Capital Markets in a report earlier this year said that Twilio would be a good buy for Microsoft in order to embed Twilio's voice, messaging and email communication into Microsoft's consumer and business applications — and bring along the more than 7 million developers who use Twilio.

Piper Sandler said around the same time Microsoft could acquire Twilio could enhance Microsoft Azure's developer ecosystem. Piper Sandler did not respond to a request about whether their view of a potential Twilio acquisition has changed since January.



DocuSign

Market cap at the time of this writing: $42.76 billion.

DocuSign helps companies sign and manage agreements electronically.

It's one of the companies Morningstar analyst Dan Romanoff says Microsoft could acquire and add to existing businesses such as Microsoft 365 suite of business software applications, Azure cloud computing business, or Dynamics customer relationship management software.

"DocuSign makes some sense also given the greenfield opportunity and DocuSign's broad appeal," Romanoff told Business Insider in August.

But the price to acquire DocuSign would be steep and likely more than Microsoft wants to spend on acquisition of this kind. Romanoff expects Microsoft will mostly do deals for less than $1 billion.



Workday

Market cap at the time of this writing: $58 billion

Workday's human resources and financial management platform is used by 50 percent of Fortune 500 companies, according to RBC Capital Markets 2020 software outlook report.

Buying Workday would "provide [Microsoft] entry into what we believe is going to be the most durable cloud growth market outside of the public cloud," which it said is cloud enterprise resource planning. 

Analysts at Piper Sandler agreed earlier this year that Workday could be a potential acquisition market as Microsoft only has less than 5% of the so-called "human capital management" market that Workday is in.

RBC analyst Alex Zukin confirmed the firm still believes Workday is a potential Microsoft acquisition target as of August, but Piper Sandler did not respond to a request about whether its analysts still see the potential for a deal happening between the companies.

Futurum Research analyst Daniel Newman also believes Workday is a good target for Microsoft.

"I see cloud [enterprise resource planning] and [human capital management] continuing to heat up and Workday would come with an inspired list of customers and recurring revenues," he said in September.



AutoDesk

Market cap at the time of this writing: $65.89 billion

AutoDesk sells software to industries including construction and engineering, and Microsoft has been making a big push to target specific industries with its products.

"With eyes on upleveling its productivity and extended reality solutions, I think Autodesk could be an interesting play for Microsoft," Futurum Research analyst Daniel Newman said in September.



VMware

Market cap at the time of this writing: $59.57 billion

Dell is considering "a potential spin-off of its 81% ownership" of VMware, the software giant it bought in 2015 through a merger with EMC.

Futurum Research analyst Dan Newman in September said Microsoft could consider swooping in and acquiring VMware.

"With hybrid cloud being hot and VMware being one of the most utilized software suites to bridge on-prem and cloud, this could be a game changer for Azure and its hybrid cloud ambitions," Newman told Business Insider.

VMware could be valued as much as $100 billion in a potential acquisition, Newman said, so "there won't be a lot of suitors." 

The future of VMware is a hot topic, with Business Insider's Ben Pimentel reporting that it could be a good fit for Amazon, IBM, Oracle, or Google, too.



Salesforce

Market cap at the time of this writing: $205.55 billion

"On the most ambitious end of the spectrum, Microsoft could acquire Salesforce," Futurum Research analyst Daniel Newman said in September. "However, I believe their momentum in the overlapping spaces may have given the company confidence to make a run on their own."

Salesforce is continually brought up as a potential Microsoft acquisition target, but it's one that seems unlikely, given Salesforce's size. Microsoft's largest acquisition to date was $26.2 billion, for which it bought LinkedIn.

It could be an even more attractive buy for Microsoft after Salesforce acquired popular corporate workplace chat app Slack, a big competitor to Microsoft's own chat app Teams.

Piper Sandler analyst Brent Bracelin earlier this year said Salesforce would be an attractive acquisition because Microsoft had a small market share of front-office applications — the market term for software that helps salespeople and service reps keep track of their customers, which is an area where Salesforce specializes. 

Such a deal "would elevate Microsoft as the software-as-a-service alternative to Oracle, IBM, SAP and [Amazon Web Services]," Bracelin wrote in the note. The deal, however, has a "low likelihood given sheer size of potential deal and willingness to sell," Bracelin said.

In other words: As much as a deal might make sense on paper, don't hold your breath.



We asked 16 leaders from the likes of Facebook, Darktrace, and Revolut to share their hopes for a post-pandemic 2021

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Rishi Khosla, Poppy Gustafsson, Markus Villig

Summary List Placement

December is usually the season for office parties and congratulatory all-hands meetings, but the coronavirus has put paid to end-of-year celebrations around the world.

2020 has been largely defined by the "black swan" event that has brought a stark death toll and upended the way most of us live, work, and interact with each other. When the disease sent most of the Western world into lockdown in the spring, there was a broad sense that things would be back to normal by the end of the year.

They are not, and difficult decisions remain for governments, businesses, and individuals alike about how to cope in 2021.

We spoke to 15 CEOs, founders, and executives from firms such as Facebook, Revolut, and Darktrace about how 2020 had changed their priorities in work and life, and the lessons they want to take into 2020.

Some expressed gratitude to be working at a time when many people are on furlough or have lost jobs. Others fretted about the financial impact of the pandemic and lockdowns on women. And others remain laser-focused on their businesses, noting an uptick in customers using online services through the year.

These interviews have been lightly edited for length and clarity.

Facebook's VP of Play, Jason Rubin, says games have 'helped people find their happy place'

"This has been a horrible period of time. I keep telling my seven-year-old she'll remember these times and tell her own kids and grandkids about it. She hasn't seen her friends in months or been to class. It's been really hard.

"On the upside, I have this job and I'm not looking for employment, and I'm aware a significant part of the US is just trying to make ends meet.

"As a games maker, I had a very strong belief they would be the biggest entertainment medium in the world, but also that they would be a force for good, and something that made the world better.

"It's hard to say there have been many upsides to the past year. I've had the benefit of being able to spend more time with my kids and get into shape. I think this is a moment of change that isn't going to bend back, and I hope we can all keep pushing forward."



'We are vulnerable,' says Axel Hefer, CEO of Trivago

"The top priority for 2021 for business and for personal is to find and be comfortable within this new normal — be it as a travel business to serve the changing traveler needs and adapting the business for the new industry norm, finding a new normal as a hybrid of office work and remote work, and being able to get back to a regular routine with the family.

"To me the key lesson is that we are vulnerable. Everything is optimized to the status quo.  When you think about it, there is very little slack — in our healthcare system, or in many of our businesses."



Tania Boler, chief executive of femtech startup Elvie, worries about culture being lost for remote hires

"As with all businesses, 2020 has brought a plethora of challenges across our entire value chain. For most of these, we've managed to weather the storm through resilience, creativity and innovative solutions.

"However, the lingering impact I'm most worried about is the effect of remote working for both our team members and culture. 

"This year, we've had 114 new starters, which represents a +80.5% growth. When any company is scaling this rapidly, there's a significant risk of the cultural DNA getting diluted or lost.

"With COVID and remote working, this is exacerbated even further. So as we (hopefully) emerge from the stresses of the pandemic, our big re-focus will be on people and culture in 2021. As soon as it's feasible and safe, we'll be investing in making up for lost time – encouraging quality collaboration between team members and socializing in real life!

"Going into 2021, we must remember that progress can be eroded, so we must re-energize discussions and actions on female-friendly workplaces and champion a more equitable division of labour at home.

"We were slated to raise further funds in March, but Q2 presented a very volatile investor sentiment, with many startups being forced to take down rounds. We needed to stay agile, changing our Series C fundraising plans and conserving cash.

"But like many businesses that needed to adapt and react, we're moving forward with renewed focus on profitability so we can weather any global volatility." 



Markus Villig, chief exec of ride-hailing firm Bolt, isn't convinced remote work is forever

"In 2020, the way people moved changed dramatically ... We learned that even massive markets can change overnight — this taught us that the companies that are able to adjust will be the ones that survive, and we had to be one of those companies. We appreciated this early on and pivoted our product to help with what people needed at the time — access to food and groceries.

"Of course 2020 had an impact on a more human level, too. The switch to remote work has been well documented. I'm not sure that fully remote work is here to stay. Internal surveys we ran indicated the flexibility is appreciated but there's still power in discussions and relationship building that takes place in the office. As a result, we're opting for a hybrid approach where 20% of employees will have designated seats.

"We couldn't have survived 2020 as a company the way we did without being anything other than truly honest and grounded. We were in it together. Instead of firing people to save costs, we decided to do a temporary salary cut for the entire organisation. Fortunately, the result was that we didn't let anyone go. We kept the team informed with how things were going, even about the financial situation and logic behind decisions that were hard to make."



Anne Boden, CEO of Starling Bank, says there'll be less presenteeism in the future

"2020 has been a transformational year for Starling when we hit breakeven and became a serious lender, despite the impact of the coronavirus emergency. In fact the pandemic has accelerated the shift to digital.

"For us, this meant a huge increase in account numbers and in our deposit base and a steady increase in employee numbers (we've grown the staff by over 280 people since the start of the first lockdown in March). We raised a further £100 million in funding from our existing investors and gave free shares to all employees...

"We've learned new and better ways of working in 2020. I fully expect there will be long-term improvements to the world of work in banking and elsewhere once a new kind of normality resumes.

"This will involve more remote working and less presenteeism in the office. Done well, this has huge potential to boost productivity, give us all a better work life balance, protect the environment and boost the economies of local communities. It also gives us a great opportunity to boost regional economies, by encouraging remote working."



Oaknorth CEO Rishi Khosla say the lessons of COVID-19 could help 'generations to come'

"Our priority has always been to support the Missing Middle — high-growth businesses who have the largest positive multiplier effect in the economy in terms of productivity, job creation and GDP growth.

"We have continued to support these businesses throughout this year as evidenced by the software licensing partnerships we've announced with banks, as well as the amount of lending we've done via OakNorth Bank in the UK. This will continue to be our priority throughout 2021 and beyond given the vital role these businesses will play in the economic recovery as the world emerges from COVID-19.

"One of my greatest lessons from the 2008 financial crisis was that some of the most challenging periods economically can also create some of the biggest opportunities. Some businesses will emerge from this crisis even stronger and more resilient than before, and just like after the 2008 crisis, we will see new businesses and innovations being born out of the ashes of the crisis.

"I want us to be able to look back on this and know that as a society, we came together to support one another, to help the vulnerable, and to protect businesses and those they employ. If we get that right, it will be a great learning not just for 2021, but for generations to come."



Nik Storonsky, boss of challenger banking app Revolut, says challenges like Covid-19 can't slow ambitious founders down

"From a customer perspective, we are focused on launching products and services to support customers in these challenging times...

"From a business perspective we've increasingly diversified our revenue streams. We remain focused on the goal of becoming profitable next year and, thanks in part to the way we adapted to the pandemic, we are making good progress.

"We'll continue to build on revenue-generating products and reduce unnecessary operational costs. We'll also be rolling out banking operations across Europe next year, and unveiling new lending services in those markets.

"Go back to the drawing board and ensure that you are building products that are relevant for the new normal, and adding real value for your customers.

"Reevaluate your culture in 2021 to ensure that you are adapting to the changing needs of your employees, and going the extra mile to support them. It's been a huge gain, and a lesson, to have pretty much our whole workforce move to working from home with no loss in productivity but massive gains in work/life balance.

"2021 will be another challenging year, but don't let that dilute your ambition or slow you down. Many of the greatest tech companies were born, and flourished, during a crisis."



'Become a camel, not a unicorn,' say Deployed cofounders Kayleigh Kuptz and Emma Rees

"Become a camel, not a unicorn.

"Tech startups thrive to become unicorns, with a growth-at-all-costs approach to scale the business and its value as fast as possible. This is exciting and possible in a strong and certain economy.

"However, events in 2020 — from the pandemic to global political unrest and the UK officially being in a recession, the capital pool for startups dried up. All have made it harder to fund a scale-fast approach. Instead of aspiring to become a mythical creature, we now aspire to become a worldly beast; the camel, a creature able to survive and thrive when the resource pool is dry, and traverse whatever uncertain landscape lies ahead.    

"Put people first. Growing an early stage start-up in 2020 has taught us that our team comes first. Lines between working and living are blurred with everyone working from home and creating new routines and habits.

"Communication, touchpoints, virtual coffees and listening are key to creating a culture of integrity and compassion; we are all human and are all in the same boat."



The old ways of doing cybersecurity have 'gone out the window', says Darktrace CEO Poppy Gustafsson

"Focus now is more important than ever. When your business is moving fast and the world is moving fast around you, you must be laser-focused on what's right in front of you.

"Personally, I'm focused on two key business challenges: maintaining a company culture of an ambitious, driven and dedicated workforce in a socially distanced world, and ensuring that we keep our eyes on innovating with, and ahead of, customer needs in a world that is constantly in flux.

"At several points throughout the pandemic I have taken a step back, paused and asked myself: 'Are we still delivering what the customer wants?' In many ways, this comes down to one key principle: Keep a short list and do it well.

"The theme of 2020 has been uncertainty. In a post-Covid world we will see an amalgam of uncertainty and opportunity, and the challenge will be to balance new opportunities with new risks....

"The old ways of doing security have gone out the window and the urgent problem for businesses to tackle in 2021 will be ensuring they have best in class technology to defend their organization."



Matt Cooper, CEO of Skillshare: '2020 has made me realize how much I've missed spending time at home.'

"On the company side of things, the pandemic has accelerated our business by 1-2 years. Both in terms of revenue and subscriptions, we're way ahead of where we thought we'd be during this time last year. Of course, being 'ahead of schedule' means that we're also playing catch up in some ways—we need to scale up our team sooner and build key infrastructure —but these are all great problems to have.

"On the personal side, 2020 has made me realize how much I've missed spending at home —working from my house each day has allowed me to experience this whole 'other world' that goes on between 7am and 7pm when I would normally be either commuting or at the office. It's been a tough year for everyone, but the silver lining is that I've been able to spend a little more time with my family. 

"I'm amazed at how resilient people are. Think about everything that we've been confronted with this year: COVID, political chaos, racial injustice, hurricanes, wildfires, just to name a few. Of course, we're far from being out of the woods on any of these issues — but the strength and resiliency shown by so many people this year gives me hope that we are heading in the right direction. 

"I remain concerned about the political divisions in this country and the spread of misinformation. When truth is defined by what news channel you watch or who you follow on Twitter, it strains our collective ability to have meaningful conversations with each other about how to make our world better.

"I don't have a grand solution on how to balance free press and free speech, but I do think that there needs to be more accountability for institutions and corporations to tell the objective truth, rather than the version that supports their agenda."



Charlie Delingpole, founder and CEO of ComplyAdvantage, is rethinking the future of work

"Prior to March, for decades people spoke about remote work and centripetal trends like megacities but by and large people were in the office every day and people gravitated toward hubs like London, New York and Singapore.

"Overnight endless coffee catch-ups, physical team meetings and conferences have been transferred to Zoom and people are leaving the big cities. Are we just as effective all working from home, and is this all going back to cafes and offices in April 2021?

"At ComplyAdvantage in 2020, we hired a lot of people outside our core offices of New York, London and Singapore and we've seen them highly valued members of our teams. Our traditional models of work have changed completely and it's difficult to say if this is a permanent or temporary change.

"The lessons we can learn depend on what we think the point is of face-to-face meetings. If our job is building trust or a relationship then in all likelihood we will revert to the status ante and back to coffee and conferences. If the job is to exchange information or update a project status, then this will potentially stay on Zoom.

"Either way many in-demand employees have become attached to working from home and companies will be at a competitive disadvantage if they are unable to offer the working environment and model that expensive and rare employees demand.

"Many potential clients are now no longer willing or able to meet physically at their dispersed kitchen tables, so potentially the non-technical workforce will also be forced into learning lessons that they would not necessarily like to learn."



Entrepreneur First's Matt Clifford says 2020 shows any good service can be delivered online

"One big conclusion from 2020 is that sometimes 'in person' is a superpower and sometimes virtual is. Pre-pandemic I probably did far too much in person by default, where virtual would have provided more reach, scale or efficiency.

"But this year has also demonstrated the (for now) un-substitutable power of physical presence for the most important relationships in our work and lives. In 2021 I'm looking forward to getting that back — but I'll also be more deliberate about what it's worth getting on a bus, train or plane for.

"The big lesson from 2020 is that any good or service that can be delivered over the internet serves a bigger, faster, more global market that we realized before.

"It's been a horrible, tragic year, but it's created a world with less friction for anything that touches software. That's good news for entrepreneurs and customers, and will drive the creation of new and important businesses in 2021."



CEO of AI chip producer Graphcore Nigel Toon will never take gatherings for granted again

"This year has affirmed my belief in the power of shared purpose when building a business. Our employees around the world have spent much of the year working from home; at kitchen tables and in spare rooms, from Bristol to Beijing — yet they have delivered our second-generation IPU products, launched a global partner program and held to our ambitious software release schedule.

"The drive and determination that makes that possible can only come from a belief that you're doing something important, and the knowledge that you're working with like-minded colleagues. So despite the separation, we've never felt more like a team.

"Having said that, I'm looking forward to a 2021 when we are all able to come together again in person, something that none of us – myself included – will ever take for granted again.

"It might be foolhardy to extract lessons from a situation that is ongoing, and where the consequences are yet to be fully felt and understood. However, what has been extremely impressive this year is how many businesses have dramatically re-configured the way they work to suit the changed circumstances.

"We obviously hope not to see a pandemic like this again, but that ingenuity and willingness to respond rapidly to a changing world will continue to be extremely valuable."



Alex Chesterman, chief exec of user car service Cazoo, says changes from Black Lives Matter were long overdue

"Covid has, of course, had a terrible impact on many businesses and livelihoods. In retail there has been an accelerated shift online during 2020 and this will continue as consumers have discovered new ways of transacting and prefer the convenience of the digital experience. Our priorities for 2021 haven't changed, but we are just moving at an even faster pace.

"Cazoo is certainly seeing an acceleration of those who are happy to purchase a car entirely online and that is likely to continue given that consumers love the experience. We have ambitious growth plans for 2021 as we continue our mission of turning Cazoo into a household name and delivering the best experience in terms of selection, value, quality and convenience for UK car buyers.

"Aside from COVID, this year has finally seen many employers taking long overdue steps, as a result of the Black Lives Matter movement, to ensure that they are doing everything possible to stamp out all forms of systemic racism and to create a level playing field.

"It is very important that this is not just a 2020 issue and that the changes organizations are making are long term and permanent."

 



COVID-19 has made Lars Fjeldsoe-Nielsen, general partner at Balderton Capital and former Uber exec, reconsider his carbon footprint

"This year has changed all of our behavior. I won't be flying as much in 2021 even if airports are running and countries open their borders. When you look back now, you just realize how much you could have done over Zoom, and how much time it would have saved. 

"Honestly, I think the awareness of our own carbon footprint has grown too. Everyone is contributing to trying to solve that issue now. There's been a huge shift in businesses thinking all the time about how they can be more sustainable.

"We have a generation of folks starting companies now, and they're committed to saving the planet — it might be even more of a priority to them than their bottom line. 

"We've felt it here in London, even in the reduction of basic noise pollution. I think there will be some very positive long-lasting effects to come out of this. It's too blatantly obvious what we have to do."



TS Anil, CEO of challenger bank Monzo, says 2020 has been filled with 'compassion and support'

"There's no denying this has been a tough year for everyone, but at Monzo we've had some amazing successes alongside this as well, and it's clear to me what our priorities in 2021 need to be.

"Two things really struck me about 2020 despite the incredibly difficult circumstances we all found ourselves in.

"First, there have been so many examples of compassion and support for each other during these times, and the importance of communities. We certainly felt that way at Monzo. As a digital-focused business, we were in a better position than many to adapt and help our colleagues through this big change. Our teams were able to transition to remote working smoothly. And then importantly, we've been able to continue serving our customers without disruption and give them the support they need.

"Second, even in this time of so much pain and disruption, there was still much to be grateful for. We've seen many examples of this in our personal lives, gaining a better understanding of what really matters and what we can do without...

"While I hope to get back to normal in 2021, I also hope we don't forget what we've learned this year. We must show the same level of compassion and understanding towards our friends, family and colleagues, as we continue to earn the trust and love from the customers we serve."



8 big investors like Golden Gate Capital and Stagwell Group that are betting billions on public relations firms

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Cision

Summary List Placement

Not long ago, private equity firms used to view investing in public relations agencies and software companies as a volatile industry.

Recently, that's changed.

Marketing M&A, which includes PR and PR software, grew 2% in 2019 while overall M&A declined 7%, investment bank JEGI reported, highlighted by deals like Platinum Equity's acquisition of Cision and CVC Capital Partners' acquisition of Teneo.

Financial buyers represented 14% of buyers of these firms for the past few years, up from 11% in 2016, said the report.

"It's a growth industry, and they're beginning to see that more and more," said Art Stevens, a mergers and acquisitions specialist that advises on PR agency deals. "They see firms doing rollups and becoming a $100 million business overnight that are 20% profitable at least."

Stevens cited roll-up vehicles like communications firm W2O Group, which more than tripled its revenue to a projected $350 million in 2020 since taking on investors in 2016.

Firms like financial communications agency ICR have also shown that PR can be a stable business. David Tayeh, head of private equity of North America at Investcorp, which acquired a stake in ICR in 2018, said the agency was attractive because of its diversified revenue streams, consistent year-over-year growth rate, and high cash flow.

"There's a level of stickiness that is generally underappreciated in the industry, with contractually recurring or recurring revenue that have proven quite resilient," Tayeh said.

Investcorp is betting ICR is only scratching the surface of its potential as the agency builds out data analytics services and benefits from crisis work as clients seek help defending themselves against social and financial activists, Tayeh said.

Stevens said the coronavirus pandemic hasn't dampened private equity interest in PR and predicts 2021 will bring a flurry of new deals.

Business Insider identified eight firms that have invested in PR agencies and software companies, using publicly available information and original reporting.

Clayton, Dubilier & Rice LLC

Clayton, Dubilier & Rice acquired healthcare marketing and communications holding company Huntsworth in March 2020 for $719 million, betting on strong growth in healthcare, according to Reuters.

Through its healthcare division, Huntsworth owns prominent healthcare communications companies like Evoke and Medistrava Consulting. Its PR division, whose operating profit grew 38% in 2019, contains Grayling, Red, and Citigate Dewe Rogerson, Quiller, and The Creative Engagement Group.

Since the CD&R deal in March, Huntsworth acquired communications and training consultancy Cormis, now part of its 400-person The Creative Engagement Group; and the 800-person medical communications company Nucleus Global.



CVC Capital Partners

PE firm CVC Capital Partners acquired a majority stake in PR powerhouse Teneo in 2019 in a deal that valued it at more than $700 million. Started in 1981, CVC has $109.1 billion in assets under management.

CVC bought out another private equity firm, BC Partners, which acquired a minority stake in Teneo in 2015. Teneo was founded in 2011 by former Clinton advisers Declan Kelly and Doug Band.

With BC's backing, Teneo has more than tripled its headcount to 800 people and acquired a slew of PR firms and other kinds of professional services companies, allowing it to enter new businesses like investment banking and executive recruiting.



Golden Gate Capital

Golden Gate Capital acquired a 40% stake in Sard Verbinnen & Co in 2016, becoming one of the most talked-about deals in the PR industry after several partners refused to accept the terms and exited the agency.

However, a source familiar with Golden Gate said Sard's headcount and revenues are up more than 50% since taking on the investment. It's also opened new offices in Hong Kong and Washington, DC.

With Golden Gate's cash, Sard Verbinnen acquired Oakhill Communications in 2020, cementing its presence as a communications and public affairs powerhouse in the UK and Europe. It also built out its research division by acquiring Arc Research.

The firm launched a governance group called SGA, led by the former head of ISS special situations, as well as a public affairs practice led by chairman Bruce Haynes and vice chair Miriam Sapiro, former acting US trade representative for President Barack Obama.



Investcorp

In March 2018, Investcorp acquired an undisclosed stake in financial communications agency ICR. David Tayeh, head of private equity of North America at Investcorp, and principal Warren Knapp lead the ICR account.

Investcorp's investment helped ICR grow its headcount from about 180 people to 250, launch a governance advisory practice, and acquire Westwicke Partners, a specialist in healthcare investor relations.

CEO Tom Ryan told Business Insider he expects ICR to grow revenue in the area of 15% in 2020. Based on revenue figures it provided to ProvokeMedia, that would put its annual revenue at around $100 million.



New Mountain Capital

New Mountain Capital, with more than $25 billion in assets under management, bought an undisclosed stake in W2O Group in 2019, fueling the healthcare PR agency's skyrocketing growth.

The 1,500-person W2O has more than tripled its revenues and headcount since 2016 and expects to grow revenue 50% to more than $350 million in 2020, CEO Jim Weiss said.

Since the New Mountain deal, W2O has made seven acquisitions in influencer and entertainment marketing and social media analytics, including Arcus Medica, ISO.health, Radius Digital Science, 21Grams, Symplur, Discern Health, and Starpower.

W2O has also used the proceeds of the New Mountain sale to build out its technology platforms and data analytics capabilities, Weiss said.

W2O's previous backer was MountainGate Capital.



Platinum Equity

Platinum Equity, a firm with more than $19 billion in assets under management, acquired software giant Cision in early 2020 in a deal valued at $2.7 billion.

Since then, Cision has attempted to merge with its biggest competitor, Meltwater, which the Department of Justice investigated for antitrust concerns. It's also tried selling its largest acquisition Trendkite, which it bought for $225 million.

Under Platinum Equity, Cision hired a new CEO, Abel Clark; and released new features and products like a relationship management solution to help PR pros reach 1.1 billion influencers and journalists in its database and an analytics dashboard and interactive reports.

With that deal, Platinum bought out Cision's previous owner, GTCR, and took the world's largest PR software company private after trading on the New York Stock Exchange for less than 3 years.



Stagwell Group

Mark Penn founded Stagwell Group in 2015 with a $250 million private equity investment led by former Microsoft CEO Steve Ballmer.

Stagwell and MDC Partners, an ad holding company that Penn also leads, have acquired or invested in a range of PR firms, including corporate heavyweights like Sloane & Company, political firms like SKDKnickerbocker, technology focused firms like Allison + Partners, and Finn Partners.

Stagwell Group is also investing in PR technology, launching an AI tool called PRrophet through MDC subsidiary KWT and an influencer marketing platform called Koalifyed, which is being used by Procter & Gamble.

In June 2020, Stagwell announced it was trying to merge with MDC.



Vista Credit Partners

Vista Credit Partners, the credit-investing arm of Vista Equity Partners, gave PR software giant Meltwater a $175 million cash infusion in March 2019.

Meltwater said the recapitalization allowed it to invest in its products after acquiring a string of companies like social analytics and engagement company Sysomos.

Most recently, Meltwater became a publicly traded company through an IPO on Euronext stock exchange that raised $395 million to pay down debt and pursue revenue growth by acquiring customers and through mergers and acquisitions.



20 firms that are helping big brands like Starbucks and Uber take their advertising in-house

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Brands have been bringing more of their ad-buying and creative production in-house over the past few years — a trend that's sped up in the pandemic.

Fully 55% of 196 respondents surveyed by the Association of National Advertisers (ANA) said they relied on their in-house agencies to adjust their campaigns since the pandemic hit in March. 

Meeting that demand is a new crop of consultancies and firms that are helping brands do work such as hiring, creating content, media buying, and measurement. While the trend may threaten traditional ad agencies and holding companies, some like Dentsu and WPP are establishing in-housing consulting practices in agencies of their own.

While this list is not all-inclusive, Business Insider identified 20 companies that are helping brands with this work, based on recommendations from industry analysts, trade organizations, and clients.

Here are the companies, listed in alphabetical order.

Accelerate by Isobar

Ad holding company Dentsu-owned digital agency network Isobar launched Accelerate a year ago after seeing more CMOs request in-housing help.

Isobar global chief client officer Sue McCusker said that Accelerate is not a product that Isobar sells, but a service it offers clients such as the International Air Transport Association (IATA) and Danish energy company OK.

For OK, it automated its marketing and helped it with personalized communications across its web, email, direct mail, app messaging and points-of-sale at gas stations.

Isobar said it doesn't break down Accelerate's revenue but said that specific areas of growth this year have included clients tapping its consulting practice and adopting some of its IP and media analytics tools for their in-house agencies. 

It's also recently expanded into production with a platform called Content Symphony that gives clients access to its network of 24 studios globally.



Aquent Studios

Aquent Studios was spun off from creative staffing firm Aquent in 1997, and draws from a talent database of nearly 2 million design, content, and experience professionals to develop in-housing solutions for clients, billing them for project-based work and managed services.

The independent consultancy has 700 employees who work with more than 30 brands including Microsoft, Starbucks, Snap, Liberty Mutual, Uber and Sephora. For Uber, it recently created a production studio for UberEats that went from creating content for 200 cities from 15 in less than 12 months.

It also has a project management software called RoboHead that it licenses to clients.

The firm claims more than $100 million in revenue per year and says that growth slowed down in 2020 to single-digits after four years of double-digit growth.



Blum Consulting Partners

Blum Consulting Partners is a 4-year-old boutique firm led by Alex Blum and Andrea Ruskin, who come from the creative production side of advertising.

While that makes creative execution, production, and archiving of creative assets its strengths, it says it can help clients with everything from strategy and messaging to technology issues and process challenges.

Blum wouldn't name clients, but said that it's working with a $93 billion global technology company and a fast-food chain in the US, and has seen a 50% net growth since its inception.

Some recent projects include helping a 150-person internal agency reorganize to handle an influx of new work and helping another client build a new agency.



Brunner

The Pittsburgh-based indie agency has been around for decades, but began helping its clients take media and production in-house in 2016, president Scott Morgan said.

Since then, it's helped clients in the financial services, healthcare and retail industries like Highmark Blue Cross Blue Shield and Home Depot set up digital media and search marketing and production functions, embedding its employees as interim CMOs in some cases, Morgan said.

Brunner claims that its in-housing practice has grown by threefold over the past two years.



Cella

Established in 1985, Cella is a consultancy that has been helping clients with staffing, consulting, and managing creative and digital in-house agencies since 2009 under EVP of consulting and managed services Jackie Shaffer.

It established its first managed in-house agency in 2012 and serves companies like Merck, Walmart, Comcast, Bed Bath & Beyond, and Twitter with work like account and campaign management, analytics, creative and marketing technology.

The firm recently started offering embedded teams that fill in the gap between its staffing and managed services.



GroupM's Essence

Essence, part of WPP's media-buying arm GroupM, began consulting with clients on how to set up their own media operations in 2019 under Oscar Garza, who previously helped brands like EA build their agencies.

Essence helps familiarize companies with self-service media platforms and put the right talent, technology, and processes in place, Garza said.

After helping clients like NBCUniversal, GroupM is building a new division at the network level to help advertisers bring more media planning and buying work in-house.



Freedman

While creative production company Freedman has been involved in the production side of advertising since 1990, it recently started to help clients with creative and strategy services.

The firm says it can help brands like Fitbit produce content for variety of channels fast, solving the challenges that come with expanding to local markets around the world.

The independent firm claims it can help clients achieve up to 35% savings on global campaign costs. 



FRWD

Established in 2009, Bain & Company owned-FRWD is led by John Grudnowski and helps clients with marketing duties like data activation, marketing technology, analytics and insight, and advertising optimization.

FRWD claims to have worked with more than 50 major brands in 2020, largely in consumer products, retail and financial services, with its client base more than doubling year-over-year in the fourth quarter.



Jellyfish

French conglomerate Fimalac-owned Jellyfish is known as a digital agency, but in-housing has become up to 10% of its revenue in the past few years as it's has helped 35 brands like Lowes, Crate & Barrel, Disney+, and News Corp. take charge of their digital advertising, according to the company.

When Dick's Sporting Goods wanted to bring its programmatic media buying in-house, for example, it helped it create a strategy and train staff over a period of six months. 



LabMatik

Founded by Tom Triscari in 2015, the New York-based consultancy has economists, technologists, and management consultants focused on in-housing programmatic media buying operations. 

Led by CEO Matt Nally, LabMatik serves clients like Nestle, Disney, SAP, Constellation Brands, and Berkshire Hathaway, particularly as they prepare for Google's plans to phase out third-party cookies.

It claims to bring in $4 million in revenue annually and help clients cut costs anywhere from 20% to 60%.



MightyHive

MightyHive, part of former WPP founder Sir Martin Sorrell's ad conglomerate S4 Capital, has helped marketers including Bayer, Electrolux, Sprint, and Sony Pictures Entertainment set up online ad-buying operations.

The firm says it's expanded to help clients with data and creative services as cookie-based advertising is phased out and works with sister agency MediaMonks to help clients stand up their own content studios.

In-housing engagements form a significant portion of the firm's revenue, and it says it's closed several new engagements this year.

One case study published by the Harvard Business Review said it helped save Sprint $6 million in agency costs annually, which it diverted to drive online sales.

"It was no secret that the agency holding company model had its challenges, and the pandemic has certainly exacerbated those challenges,"MightyHive's CEO Pete Kim told Business Insider earlier.



Oliver

Marketing vet Simon Martin set up Oliver in 2004, promising it could make brands more efficient by taking their advertising in-house. Today, the You and Mr. Jones-majority-owned firm has more than 3,000 employees in 46 countries and clients including Unilever, Adidas, Microsoft, 3M, WestJet and Bayer.

Oliver embeds team members with clients, auditing their processes, helping them create content and measure it. It helped Unilever set up U-Studios, its internal content arm, which helped bring down its costs by 30% in 2017.

With a 2020 revenue of $250 million, OLIVER claims to have grown 35% globally this year and its North American business 380% in the past three years. Most recently, it expanded to France under ex-Google strategic partnerships director Jean Neltner.



Pacific

The 8-year-old shop led by CEO Norman Brauns offers clients performance and brand marketing expertise including content, search-engine optimization, pay-per-click strategy and analytics.

It also has a keyword generator that automates SEO marketing and natural language generators and embeds SEO managers and supervisors with brands. 

Its clients include Expedia, Square and more recently, Realtor.com, and Columbia University.



Playbook

Playbook was spun off in 2019 from Forward — the in-house digital marketing agency at travel company lastminute.com.

The UK-based consultancy has more than 20 clients including Enel, Danone, and Rough Guides, helping them with product, marketing and branding strategy, and media planning and buying. For Cedat85, a speech-to-text technology company, it helped launch Cabolo, a new recording and transcription service.

Playbook says its annual gross revenue grew 40% in four years.

 



Serpico by Croud

Digital marketing agency Croud chief executive Luke Smith and chief strategy officer Ben Knight created Serpico as a standalone in-housing division in 2019.

The idea is that clients can plug into the agency's technology and global network of 2,400 on-demand digital experts to handle their digital media themselves.

Croud works with 90 clients including IWG, Vans, AXA IM, The North Face, AMC Networks, and Eventbrite. Serpico helped UK horse racing pool betting operator The Tote build a new marketing tech stack after being acquired.

It reported global revenues of £20m ($26.4m) in the last financial year, and said that Serpico's revenues have grown by 313% year- over-year in the 2020 financial year. 



Stiglin Consulting

Marta Stiglin launched Stiglin Consulting in 2005 after an agency and brand career that included doing marketing communications for Bose's consumer products.

Stiglin helps in-house agencies at clients including Deloitte to McDonald's with things like workflow audits, resource redesigns, management coaching, and-onsite training.

For McDonald's internal shop Agency 123, Stiglin helped it save as much as $6 million in production fees, said Joe Youssef, its senior director. 

Demand for companies seeking help with in-housing has shot up by as much as 20% during the pandemic, said Stiglin, also a founding member and a board member of the trade association In-House Agency Forum.

"Anytime there's any disruption to the economy, people figure out how to do more with less, and this time there's a real call for bringing digital competencies in-house," she said. "In-house agencies are now being called to put a CTO hat on."

 



The&Partnership

The&Partnership, an independent agency network which has WPP as a minority shareholder, has been helping clients with in-housing since 2008 by embedding creative, media and account management teams next to their internal marketing teams.

Off late, it's letting clients access its talent regardless of geography in the pandemic's work-from-home environment, so someone in South America can help clients in North America, for example.  

It's worked with The Wall Street Journal, Toyota, and The Royal Bank of Scotland. For the Journal, it embedded staffers with the publisher's marketers to help with strategic, creative, digital, design, event, and production needs. 

The network says it has grown over the past four years in a challenging ad landscape due to its in-housing work, which has grown 18% to 20% year-over-year over the past two years.



Tilt

Three-year-old creative and production firm Tilt specializes helping brands' in-house agencies and internal marketing departments with visual content.

Since it started by working with Walmart, it has grown into a 40-person company with clients such as Audi, Google, and HP under IPG and The Martin Agency vet Ron Carey. 

Last year, it worked with Audi's in-house creative agency KreativWerk to produce a teaser campaign for the Audi RS 6 Avant; and recently helped Walmart produce over 250 product images for its website in three months during the lockdown.  

The firm claims it saw top-line growth of 70% between 2018 and 2019, and projects revenue  between $10 million to $15 million in 2020. 



Wunderman Inside

Ad holding company WPP's digital agency, Wunderman (now WundermanThompson), launched Wunderman Inside in 2018 to help companies set up social media, CRM and e-commerce teams and the like, and it represents a growing part of WundermanThompson's business, said Melissa Dorko, Wunderman Thompson North America's chief growth officer.

Wunderman Inside places people from WundermanThompson inside clients' offices on a long-term basis. In the past, it's helped Best Buy build a division that now employs more than 100 people.

It's now working on projects for over 15 companies across North America, including Dell.

 



WBC In-House Advisors

WBC is a year-old consultancy that embeds its leadership within brands on a contractual basis, helping them revamp their content studios, organizational structures, strategy, and tools. 

Founder Wayne Barringer founded the firm after helping Boeing with its in-house content studio over the years, including when the company faced its 737 Max crisis in 2019.

It has worked with clients ranging from multinational brands to non-profits including SAP, MGM Resorts, Abbott Nutrition, and organizations like Big Brothers Big Sisters among others, Barringer said.



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