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The First Jobs Of 9 Big Wall Streeters

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Warren Buffett

Before they were the masters of the universe, many of the biggest names in finance worked jobs outside of Wall Street. 

We're talking about things from bagging walnuts to selling peanuts to delivering newspapers and attending parking lots. 

Some of these jobs were things they did as kids to earn some extra spending money, while others were to pay for college or make an actual living.

We've compiled a list of nine big Wall Street names and detailed some of their earliest gigs before they started on The Street.   

 

Former Citigroup CEO/Chairman Sandy Weill sold New York City directory books.

First Job: In the mid-1950s, Weill tried selling New York City directory books, but apparently he spent more time playing arcade games instead.  

Wall Street Career: Weill scored his first gig on Wall Street working in the back office of a brokerage firm.

During his career, he worked his way to the top of The Street becoming the CEO/Chairman of Citigroup.  

Weill, who is credited as being the father of the financial supermarket, recently made waves with his call to break up the big banks. 

Source: San Francisco Chronicle 



Warren Buffett sold chewing gum and Coca-Colas and delivered newspapers.

First Job(s): Starting at age 6, Buffett would go door to door and sell packs of chewing gum.  His other door to door sales stints included selling magazines and Coca-Cola's.  He also ran a newspaper delivery route.

Wall Street Career: Buffett (a.k.a. "The Oracle of Omaha") is the chairman and CEO of Berkshire Hathaway and is widely considered one of the most successful investors. 

According to Forbes, Buffett has a net worth of $44 billion. 

Source: The FT



T. Boone Pickens ran a newspaper route during his teenage years.

First Job: Growing up in Oklahoma, T. Boone Pickens delivered newspapers as a teenager. He was able to increase his newspaper sales by expanding his route through acquiring surrounding ones. 

Wall Street Career: Pickens is the chairman of BP Capital Management and he's also the author of his namesake plan for U.S. energy independence "The Pickens Plan." 

Forbes estimates Pickens has a net worth of about $1.4 billion. 

Source: BoonePickens.com 



See the rest of the story at Business Insider

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JP Morgan's Tom Lee Likes These 12 Stocks (X, AA, TIE, CLF, MU, AMD, SRCL, CTAS, FFIV, MCHP, WM, HRS)

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tom lee jp morgan

Tom Lee of JPMorgan Chase and his equity research group have identified 12 stocks that they believe could outperform in coming months and that are also less likely to be "consensus" buys.

Lee looked at only overweight and neutral rated stocks.  He also screened for stocks that investors were betting against.  Specifically, these stocks had short interests that were above 4.7% of float or higher.

The stocks have an average 22% potential upside opportunity relative to JPMorgan analysts' price targets. 

United States Steel

Ticker: X

Industry: Metals & Mining

Target Price: $43.00

Short Interest as % of Float: 26.0%

United States Steel engages in the production and sale of steel mill products. It was founded in 1901 and is headquartered in Pittsburgh, Pennsylvania.

Source: JPMorgan Chase



Alcoa

Ticker: AA

Industry: Metals & Mining

Target Price: $12.00

Short Interest as % of Float: 9.0%

 Alcoa engages in the production and management of primary aluminum, fabricated aluminum, and alumina. It was founded in 1888 and is based in New York, New York.

Source: JPMorgan Chase



Titanium Metals Corp

Ticker: TIE

Industry: Metals & Mining

Target Price: $17.00

Short Interest as % of Float: 5.6%

 Titanium Metals produces and sells titanium melted and mill products. It was founded in 1950 and is headquartered in Dallas, Texas.

Source: JPMorgan Chase



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How The Recession Spread Across America And Continues To Haunt Us Today

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July 2012 Coincident Index

The economic malaise logged in the second quarter GDP report seems to have continued, new data out of the Federal Reserve Bank of Philadelphia shows.

Although the U.S. index increased 0.2 percent in July, more than a third of individual states logged declines, up from just a fifth a month earlier.

The coincident indexes take into account unemployment, employment, manufacturing hours, and wages. States where the index has declined for three months are marked in red or dark red.

We've collected maps going back to February 2007, right before recession spread across the country. Several times the economy has appeared to recover, but it keeps slipping back toward red.

February 2007



March 2007



April 2007



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8 Tricks That You Should Be Using When You Search For Stuff On Google (GOOG)

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Hiding

Sure, you could just type in a few key words into Google and hope for the best.

Or you could use some operators to help ensure that you get the best search results possible.

Operators are commands you type in along with your search that tell Google how to be even more specific with the results that it returns to you.

You can narrow them down by file type, the site where they were found, and even by the date they were published.

For reference, all of the operators mentioned in this post will follow this format:

operator:term

Notice the colon in the middle and that there are no spaces involved. That being said...

Search an individual site for a keyword by using the "site:" operator



Use the "filetype:" trick to look for a specific type of file



Looking for a site similar to one you like? Use "related:"



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10 Things You Need To Be Doing If You Use Apple's iCloud (AAPL)

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reading, beach, iPad, summer

It's been almost a year since Apple launched its online storage system, iCloud, to the public. 

Every user with an Apple ID gets 5 GB of storage for free to back up apps and settings on their iPhone, iPad, iPod. The service also syncs your photos, documents, and email with your Mac and mobile devices. 

The idea behind iCloud is to be able to access all your stuff no matter what Apple device you're using. 

But while iCloud is baked into all Apple products, it can be a bit confusing to use and get the most out of it. Here are some great tips to make sure you're getting the most out of Apple's cloud service.

First, make sure iCloud is activated on all of your devices. Here's how to activate it on Mac.

  1. Head to System Preferences and select iCloud
  2. Sign in with your AppleID and password
  3. Check all of the items you would like to sync: (photos, contacts, etc.)


Here's how to activate iCloud on your mobile device (iPhone/iPad/iPod)

  1. From your iPad or iPhone first tap Settings.
  2. Next navigate to the iCloud menu and switch it on.
  3. Choose what you would like to be saved in the cloud.


Now that you have iCloud set up, make sure you are syncing the items you care about the most.

We especially recommend syncing your contacts, notes, reminders, and bookmarks so that you can access them on any of your devices and on the web.



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Check Out The Awesome Hovercraft This Startup's Engineers Built In A 48-Hour Hackathon

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soundcloud hovercraft hackathon

Hackathons are a tradition at Silicon Valley startups. Some of the best technology companies in the world—like Facebook, for example—rely on them to surface up the next top projects for the company.

These marathon coding and hacking sessions aim to build new working products within the designated timeframe—typically 24 to 72 hours.

Sometimes you get fantastic new products. Sometimes you get some weird pieces of technology.

Like a hovercraft—built at a hackathon which happened over the past weekend hosted by SoundCloud, a startup that helps you store and share clips of sound and music online.

Jump straight to photos of SoundCloud's Hackathon weekend 

Surprisingly, the hovercraft wasn't the project that won the 48-hour-long contest—it was an actual service that could be useful to SoundCloud in the future called Never Ending Story.

Here are some of the other neat projects built during the hack weekend:

  • Toybox: A toddler’s toy built on Arduino, an open hardware platform, and Raspberry Pi, a $25 computer, able to play back custom SoundCloud sounds in reaction to the physical world.
  • Never Ending Story (We Hack 2012 winner): The age-old kid’s game: start a story and pass it on. The narrative begins with a SoundCloud file; you create a never-ending playlist of new people who tell new parts of a story.
  • Soundifyificationizer: Turns text into music by mapping groups of characters to MIDI notes for melody and drums.
  • HOVA: The hovercraft mentioned above.
  • StreadCloud: A meme-ifying tool to turn a photo of SoundCloud's chief architect into a joke. Includes voting.
  • Ruly: "R U Lost Yet" gives your friends a map with audio-powered step-by-step directions.
  • Deutsch Dienstag: An English-German phrasebook. Click an English sentence to hear the German translation
  • SoundCal: Allows users to add SoundCloud tracks to a calendar via the artwork widget.
  • Foodbaby: A website for collecting favorite recipes via an “Eat Later” bookmarklet. Once you cook the meal, you can connect the recipe to an Instagram photo of the dish.
  • Desmond: A port of the Android SoundCloud app to Google’s new experimental media streaming device, the Nexus Q.
  • Day In Sound: A day in the life of a SoundClouder in 2012.
  • SoundChain: Record a sound and send it to someone to continue and eventually make into a chain of sounds.
  • TweetSpeak: Allows you to speak your own tweets. Pick your best tweet, record it, and post it to Twitter.
  • Wedoc: A documentation of the weekend from audio interviews and montages.
  • Lunchbox: A mobile app enabling SoundCloud staffers to meet for lunch.
  • Message In A Bottle: Short message broadcasting with anonymous replies. Think of anonymous twitter.
  • The Passion Project: Stories of individuals sharing their passion with the world, arranged in a sensible way—kind of like Pinterest.

Here's the schedule! Two days of crazy hacking. Side note: 13:37 (or 1:37 p.m.) is a morphism of "leet," or "elite," into numbers.



There was a huge turnout for the weekend, as was well-documented by its employees.



One of the projects was screen-printing t-shirts for the events, with the help of Etsy.



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Entrepreneur Peter Shankman Takes Us On A Tour Of His Sky-High Apartment In Midtown

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peter shankmanTwenty years ago if you would have told entrepreneur Peter Shankman he'd be living on 42nd Street and 9th Avenue, he would have punched you.

"You mean next to drug dealers and crack addicts?!" Shankman told us over his grilled chicken lunch inside of his 56th floor condo in the Orion, around the corner from Port Authority and Times Square. Shankman, the founder of handy journalist tool Help A Reporter Out, and an author and marketing pundit, was born and grew up in Manhattan. A true "borough-bred," as he likes to say.

Click here to jump to the apartment tour >>

But the neighborhood improved, and Shankman, a tri-athlete and Iron Man competitor, was sold on the Hudson River views and lap pool. He and his wife purchased the two-bedroom, two-bathroom apartment about a year ago for $1.6 million from the original owner, who used the place as a crash-pad when in the city on business.

These days, Shankman uses the apartment as his office, doing about 30 percent of his business there, and the other 70 percent on airplanes as he travels the country.

"Everything fashionable or pretty in the apartment is due to my wife," Shankman said. "The electronics, the bathrooms, and the kitchen—that's all me."

Shankman, an admitted "geek," is in the process of installing electronic blinds that move with the direction of the sun, and a shower that has pre-set options in it. One of the most important features of the apartment was that it had a wall big enough to hold his flatscreen TV.

Most New Yorkers would cringe at the thought of living so close to Times Square, but Shankman revels in it. "You're so close, yet above it all," he said.

It's hard to not notice the views the instant you walk in the apartment. And judging from the binoculars on the window sill, Shankman hasn't tired of them, either.



From his 56th floor apartment, Shankman can see the new One57 building rising to the north and east. A regular sky diver, he joked that one of the worst things about living so high was knowing he couldn't use his pad to base jump.



The living room has beautiful wood floors, complemented by a white rug and couch with thick cushions. Shankman uses the coffee table as his desk and a lunch table.



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Annoyed By Instagram? This App Will Remove Filters From Photos (FB)

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normalize

A new app called Normalize strips photos of their Instagram or Hipstamatic filters in an effort to return the picture to its native state.

It uses straightforward controls that can either intensify the effect or approximate how the photo looked when it was originally taken (see the picture to the right for an example).

To see how it works, check out our screenshot walkthrough below. If you like it, head over to iTunes to buy the app for $0.99.

Tap the icon to launch the app



You can either pick an image from your Photo Roll or paste one that you've cut or copied from elsewhere



Here's the source image we'll use -- an Instagram-filtered shot of my apartment's fire escape



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Use These 15 Smart Tactics To Win A Real Estate Bidding War

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david-goliath

As the housing market shows signs of recovery, homebuyers are flocking to snap up deals on bargain properties across the country. 

That means running into competition is par for the course––and the weakest bids will not survive. 

"If you are serious about buying, it becomes a bit of a part time job," says Zillow.com real estate expert Brendon DeSimone. "This is your home and your only investment." 

We asked DeSimone to clue consumers into how they can make their bids stand out.

Don't wait for the open house

DeSimone is quick to advise clients to see as many houses as possible on weekends––whether or not they're invited.

"With the Internet, information moves so quickly. [Sellers] could do a private showing Wednesday [days before a scheduled open house]" he says. "If it looks good online, go see it."



Check email hourly for listing updates from your broker

"If you're a serious buyer, you make it a priority in your life and you're going to get email alerts from your broker every other hour," he says.

"Be in touch with your agent and know about new properties as they hit the market."

 



Don't be intimidated by higher bidders

These days, investors and average joes alike are flocking to snatch up deals on homes. Don't let them psych you out, DeSimone says. 

"Don’t spend too much energy trying to figure out what’s really going on with the other offers. If you love the property, keep moving forward, but at your own pace. Make the offer you’re comfortable with, and only when you’re comfortable making it."



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Domino's Ditches Major Part Of Logo And Designs 'Store Of The Future' [PHOTOS]

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domino's before and after

Domino's has ditched one major component in its newly-unveiled logo: The word "pizza."

The company also announced it's building what it describes as the "store of the future," in which consumers will be treated to a "pizza making theater"—so all-things-pizza are not lost.

Click here to take a tour of Domino's "store of the future"»

"We certainly remain a pizza company first and foremost—but people can now get so much more from Domino’s," a spokesperson told Business Insider. "As shown by the way we have spoken to consumers in the past couple of years—it’s less about just a pizza and more about a relationship and an experience."

The new logo, designed by CP+B, jumps on the bandwagon of a recent aesthetic trend—dropping some, if not all, of a company's name. Starbucks' logo is now just a mermaid; JCPenney is now merely JCP.

"We'd like to reach the point where we're as recognized as the Nike Swoosh or the Golden Arches," Russell Weiner, Domino's Pizza chief marketing officer, said in a press release.

This very logo was spotted in New Zealand earlier this month, although at the time Tim McIntyre, Domino's VP of Communications, told Business Insider "We allow our international markets to customize their pizza recipes to cater to local tastes; likewise, we give them leeway in terms of marketing. We have nothing to report about a new logo design in the U.S."

The new logo will appear in all new marketing materials come October. Domino's has already rolled out the pizza theaters in a dozen locations.

Domino's isn't the only fast food restaurant to undergo a makeover recently. For example, Taco Bell now has a "Fresco" healthy menu, Burger King claims that its sales growth is due to its new and improved menu, and even Chuck E. Cheese gave its mascot a rocker makeover. On top of the menu, logo, and new stores, Domino's and CP+B are also crowdsourcing a new delivery car—some of which bear a striking resemblance to the Batmobile.

"The reinvention of our brand really began with the new pizza in 2010, and has continued through menu expansion and an honest, accountable way of speaking to our fans and consumers," a Domino's spokesperson told BI. "Over 80 percent of our menu consists of products that have been newly added or revamped since 2008.  We have made a strong effort toward expanding our menu and giving our fans and consumers what they want."

This is what you see before you enter the "store of the future" in Vegas.



It's not that different from this 2006 storefront, but let's take a look inside.



Here's the inside of a Domino's store of the past ... aka 2008.



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What Philadelphia Was Like In The Summer Of 1973

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philadelphia, 1970s, thumbnail

Dick Swanson is an award-winning photojournalist, whose career spans some 35 years, and whose work has brought him to about 40 countries.

He was a Life Magazine photographer in Vietnam and Washington, DC, and he has covered events in Asia, Central America, Europe, the Eastern Bloc countries, the Caribbean, the Middle East and South Africa.

In the summer of 1973, Swanson photographed daily life in Philadelphia for the Environmental Protection Agency's Documerica project.

Swanson captured scenes from the city center and the Philadelphia Museum of Art to the row houses of the suburbs to the junk yards, and we are featuring a selection of this project here.

17th Street, Between H And I Streets, NW



Street Scene



Play Area Of A Housing Project In North Philadelphia



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HOUSE OF THE DAY: Robin Williams Is Unloading His Extraordinary Napa Valley Estate For $35 Million

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robin williams home

Robin Williams has put Villa Sorriso, his 653-acre estate in Napa Valley, on the market with a price tag of $35 million, according to celebrity real estate blog The Real Estalker.

The 20,000-square-foot home has five bedrooms, six full bathrooms, and six half-bathrooms.

The home's amenities included a library, theater, elevator, a wine cellar and an art gallery.

The vast property, which has both vineyards and olive trees, is crisscrossed with roads and trails, according to the listing.

Welcome to Villa Sorriso.



The foyer seems opulent, but still has the vibe of a Napa Valley estate.



The library is all wood paneled.



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RANKED: Forbes' List Of The Highest-Paid DJs In The World

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DJ

Forbes' latest list ranks the world's highest-paid DJs over the past year.

With the increasing popularity of electronic dance music, better known as EDM, DJ paydays have also seen a record high.

The top ten "Electronic Cash Kings," as Forbes calls them, earned anywhere from $7 million to $22 million in the past year alone.

As Forbes points out:

One need only look at the recent activities of the genre’s most prominent practitioners: Last year, Skrillex was one of the main attractions at Coachella; last month, Deadmau5 ended up on the cover of Rolling Stone; last week, Kaskade became the first electronic act to sell out the Staples Center in Los Angeles.

The proof is in the hundred-dollar ticket prices, EDM is officially mainstream. And the top earners who hide behind computers with headphones on, all of whom are male, are reaping the benefits.

And unlike rock bands and pop stars who take home just one-third of gross ticket sales, DJ's production costs are often extremely minor as they simply require a USB stick, headphones and a laptop.

Forbes put together the following ranking after looking at recorded music sales, endorsements, merchandise sales, and sourcing Pollstar, RIAA, promoters, managers, lawyers, and some of the artists themselves.

10. Avicii—$7 Million

This 22-year-old Swede spins all over the world with his two essential tools: "a thumb drive and a good set of head phones."

He also picked up a Grammy nomination this year for Best Dance Single and was a featured performer at this year's Lollapalooza music festival in Chicago.

"Major festivals can pay [acts] $1,000–$2 million ... Music has gotten huge thanks to the internet," Lollapalooza co-founder and artists booker, Marc Geiger, told Bloomberg.



9. Afrojack—$9 Million

The former boyfriend of Paris Hilton, this Dutch DJ also moonlights as a music producer.

He was featured on Pitbull's number one hit single "Give Me Everything" and contributed to Beyoncé's single "Run the World (Girls)."

Afrojack also runs Wall Recordings, which has Dutchhouse DJs such as himself signed onto the label.



8. Kaskade—$10 Million

41-year-old Ryan Raddon, better known as Kaskade, performed 125 shows over the past year, according to Forbes.

The Illinois-born DJ rose to prominence alongside Deadmau5 and Wolfgang Gartner during the revival of American progressive in late 2008–early 2009.



See the rest of the story at Business Insider

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Here's Why The Feds Call The 'Hells Angels' A Criminal Organization

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Hells Angels biker

The Hells Angels have filed suit over the government's bar on letting foreign members enter the United States, CNN reported Monday.

The group claims the U.S. government has violated both immigration law and the Constitution by dubbing the Hells Angels a "known criminal organization."

Despite its tough name, the Hells Angels claims it's just a group "of motorcycle enthusiasts who have joined to ride motorcycles together, organize social events, fundraisers, parties and motorcycle rallies," according to the CNN report.

So, why does the government believe those motorcyclists are also criminals? We decided to take a look at the alleged criminal past of the notorious motorcycle group to find out.

An "outlaw motorcycle gang" that operates around the world.

The Hells Angels have just roughly 2,500 members.

But the group has 230 chapters in the U.S., operates in 26 countries, and poses a threat on six continents, according to the U.S. Department of Justice. The group is tied to drug trafficking, money laundering, and other criminal offenses.

The Angels were formed in 1948, getting their name from bold World War II bomber pilots, according to the History Channel.

They began getting a rough reputation after one of their members killed a spectator at a 1969 Rolling Stones concert just a few feet away from Mick Jagger, the History Channel noted.



A two-year government sting led to the arrest of 19 Hells Angels in South Carolina.

In June, the FBI announced that it had arrested 19 people tied to a South Carolina Hells Angels outfit called the Rock Hell City Nomad Chapter.

They were accused of racketeering, money laundering, and other crimes. Authorities said they seized methamphetamine, cocaine, and 100 automatic weapons as part of the investigation.



A former Hells Angels chapter president was convicted of massive mortgage fraud in January.

Former Sonoma County, Calif. Hells Angels chapter leader Raymond Foakes was sentenced to nearly six years in prison in January for his role in a multi-million-dollar mortgage fraud.

Foakes got caught falsifying mortgage applications so he could buy land he never intended to live on, the FBI said. Instead, he wanted to use the property to grow marijuana, the feds claimed.

 



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The Best And Worst Case Scenarios For Every NFC Team Going Into The NFL Season

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LeSean McCoy Philadelphia EaglesThe 2012 NFL season is set to kick off in less than three weeks.

All the offseason hoopla has settled down with training camps coming to a close and the preseason in full swing.

As a preview for the upcoming year we've set out to present the best and worst case scenarios for each NFL team.

We already shared our thoughts on the AFC.

Next up, the NFC.

Note: These aren't meant as straight up predictions. They are realistic best- and worst-case scenarios for each team. What do we mean by realistic? Yes, the best case scenario for RGIII and the Redskins is winning the Super Bowl but that's not happening. And no, the Packers aren't missing the playoffs.

NFC EAST: Philadelphia Eagles

Best case: All the talent accumulated in 2011 finally meshes together. DeMeco Ryan solidifies a run defense that had its issues a year ago (7 games of 130+ yards allowed). Michael Vick continues to improve as a passer and Andy Reid gets his first Super Bowl win.

Worst case: A full season and offseason with the supposed "Dream Team" roster turns into a playoff trip, but Philly gets ousted in the first round.



NFC EAST: New York Giants

Best case: Eli Manning continues to build upon an incredible career. Terrell Thomas returns from injury to help a Giants pass defense that was dreadful last year. Another late-season run makes the Giants repeat champs.

Worst case: Defense gets shredded once again and a similar 9-7 campaign isn't enough this time around as they fall short of the playoffs.



NFC EAST: Dallas Cowboys

Best case: Signing Brandon Carr and drafting Morris Claiborne pay huge dividends for a 23rd-ranked pass defense from 2011. Tony Romo comes up with another great season. Cowboys win a game in the postseason for only the second time since 1996.

Worst case: Romo loses playing time to injuries. Kyle Orton can't replace his production. The run game becomes worse than average. Cowboys go into a dogfight with Redskins to avoid last place in the division.



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Welcome To The Small California Town Where Billion-Dollar Dreams Are Made

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Palo Alto

If Silicon Valley has a street of dreams, it's University Avenue in Palo Alto.

Just across the train tracks from Stanford University, Palo Alto is the first stop for startup schemers.

Google got its start on University Avenue. So did PayPal. After Mark Zuckerberg moved Facebook out his dorm room, he set up shop in Palo Alto.

Tech moguls call Palo Alto home, too—Apple CEO Tim Cook, Google CEO Larry Page, and Facebook CEO Mark Zuckerberg all liver there.

The only downside of Palo Alto's leafy streets and sunny clime: Space is tight. Pinterest, looking for more office space, moved to San Francisco. Quora is heading south to Mountain View. Palantir, a secretive startup which serves the CIA and FBI, among other customers, is grabbing all the space it can in downtown Palo Alto, and other companies complain it's squeezing them out.

Palo Alto is centered around the Caltrain station. The commuter-rail line runs between San Francisco and San Jose. Palo Alto is almost the halfway point—a little closer to San Jose.



Here's your first glimpse of University Avenue—a tree-lined, pedestrian-friendly oasis among Silicon Valley's office parks and freeways.



Start with breakfast at the Palo Alto Creamery—no relation to the equally famous Creamery in San Francisco. This is more of a diner—a good place for eggs and bacon.



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Okay, Folks, Let's Put Aside Politics And Talk About Taxes... [CHARTS]

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Income Share 50%One of the most divisive issues in this country right now is taxes.

And understandably so.

Everyone hates taxes.

And everyone wants someone else to pay all the taxes.

Also, we have a massive budget deficit right now, and most reasonable people know that they only way to balance the budget will be to cut spending growth and pay more taxes.

And no one likes the sound of more taxes.

But who pays those taxes, anyway?

How much is too much?

What's fair?

Who should pay more?

We can't really have an intelligent discussion of taxes without knowing who pays them.

And, politically, it's "silly season" right now, with each side saying whatever it thinks it has to to win, so we can't rely on politicians to tell us about taxes.

So, let's put aside politics for a few minutes and look at some facts...

For the purposes of these slides, we will be talking about FEDERAL taxes. If there's one government that everyone hates paying taxes to more than any other government, it's the federal government. So we're going to focus on that one. Federal tax revenue, as you can see, is still going up.



As a percent of the economy, though, federal tax revenue is actually well below average--only 17% of GDP.



Of course, federal spending is off the charts.



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YURTS: You'll Love This Eco-Friendly Housing Trend That's Heating Up On The West Coast

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yurt

Though they’ve been quietly cropping up at nature resorts and state parks for several decades, yurts are now gaining mainstream appeal, particularly since HGTV featured them on the hit show Design Star.

Yurts have been continually used in Central Asia for thousands of years, and are still the most common house type in Mongolia. Still, you might be wondering—what the heck is a yurt, anyway?

Essentially, a yurt is a round, tent-like structure. Though they were traditionally favored by nomadic sheepherders and others whose lifestyles necessitated portable housing, modern American yurts tend to be more permanent structures.

They can be used even in climates with harsh winters, as most yurt companies now make their covers from a reflective insulation developed by NASA, and are designed to withstand winds up to 100 mph. In fact, their round shape makes yurts more efficient to heat than square houses.

Yurts are relatively easy to assemble, and much cheaper than traditional Western houses. For a basic yurt, prices range from under $5,000 for a twelve foot yurt, to about $10,000 for a thirty footer—not including the many customizations and add-ons that can transform your yurt from rustic to luxurious.

But beyond the basics, why is this old-school structure experiencing a swell of popularity in the US? Below, Movoto examines five reasons why yurts are so hot right now.

They're different.

In 1978, Oregon-based Pacific Yurts became the first company to manufacture yurts for the US market. Since then, yurts have been steadily spreading east. While they used to be associated with “roughing it,” yurts are now being designed as luxury cabins at upscale resorts.

Jerry Ritchie, president of Yurts of America, has noticed this trend. “When they were first introduced [to the US market], they were more like kits,” Ritchie said. Now, he said, there are many more luxurious options. “The days of renting a little yurt for forty-nine dollars a night.. now it’s at least ten times that."

Ian Teal, of Red River Gorge Cabin Rentals in Kentucky, said that his company recently commissioned a set of yurts rather than building more square cabins because, “It was something different, something unique.”And that uniqueness pays off: Ritchie estimates that resorts can get 10 to 20 percent higher rents for yurts than for conventional cabins.



They're round.

The yurt’s shape is both practical and aesthetically pleasing. Its curved walls prevent wind from buffeting the sides of the yurt; in fact, yurts are amazingly sturdy even in adverse weather conditions. The domed ceiling of a 24-foot yurt rises fifteen feet, creating a sense of openness unparalleled by the traditional cabin.

“We grow up in squares,” Ritchie said. “Think of the house you grew up in or the house you own now. It’s square, square rooms, square doors, square hallways.” We’re so used to square buildings that simply walking into a yurt creates a novel effect. “When you walk into a round, cathedral-like structure...you have this big, round, open space, and it’s just a different feeling than what we’re used to.”



They're endlessly customizable.

Yurts of America and sites like it offer scores of options for customizing your yurt. Prices range from $7,500 for the most basic 24 foot yurt, to $17,500 for a fully loaded deluxe yurt. They can be made in any color. They can have air conditioning, plumbing, wet bars, even hot tubs.

They could even be covered in quilts, as was the case for one British woman who commissioned a yurt through Ritchie’s company.

Yurts can also be customized for people wanting to live as off-the-grid as possible. Some yurt dwellers install solar panels and rain catchment devices. Conservationists appreciate yurts for their small footprint and because they leave no permanent impression on the ground.



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The 15 Biggest Knockouts At This Year's Pebble Beach Car Auctions

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1953 jaguar c-type

Every year since 1950, lovers of luxury cars have flocked to Monterey, California for the Pebble Beach Concours d'Elegance. Over a long weekend, the rich and famous throw around millions of dollars as they build their classic car collections.

The five biggest auctions raked in $260.3 million this year, an all-time record that blew 2011's total of $197.5 million out of the water, according to CNBC.

Last month, we looked at the 15 best automobiles going on sale. Now it's time to see how they stacked up on the auction block.

A 1960 Ferrari 250 GT LWB California Spider sold for $11.3 million

Why it's awesome: This classic Ferrari, the most expensive car sold over the weekend, is one of only nine of its kind. It took first in class as the 1994 Falcon Club of America Nationals, and was restored with new disc brakes and covered headlights.

Sold by: Gooding & Co., for the Sherman M. Wolf Collection



A 1968 Ford GT40 sold for $11 million

Why it's awesome: Since Steve McQueen used this GT40 as the camera car to film the classic racing film Le Mans, it makes sense that the GT40 just became the most expensive American car ever sold at auction. After being removed to fit a camera, its roof has been restored.

Sold by: RM Auctions



A 1938 Horch 853A Special Roadster sold for $5.2 million

Why it's awesome: Predicted to sell for $6-8 million, this 74-year-old Horch is the most expensive of its kind ever sold. A Pebble Beach Best in Show winner, only five of its kind were ever built.

Sold by: RM Auctions, from the Collection of Joseph & Margie Cassini



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Tour The London Mansion That Just Hit The Market For A Record $158 Million

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heath hall

At £100 million ($158 million), Heath Hall on London's super-exclusive The Bishops Avenue is the new most expensive home for sale in Britain.

Built for sugar magnate William Tate Lyle in 1910, the home had fallen into disrepair in recent years.

It was purchased in 2006 by property tycoon Andreas Panayiotou, whose development company The Ability Group restored the 40,000-square-foot mansion and surrounding gardens to their former glory. He poured some $63 million into the home before putting it on the market, according to The Daily Mail.

The Ability Group shared some photos of the restored estate.

Heath Hall is set on two acres on one of the most exclusive streets in London.

Source: The Ability Group



Built for a sugar magnate, the home has 17 bedrooms and garage space for 10 cars.

Source: The Ability Group



Let's step inside.



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