Insider Today: Preparing for Trump 2.0
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Welcome back to our Sunday edition, a roundup of some of our top stories. Former Google lead Andrew Yeung has been dubbed the Gatsby of Silicon Valley. He shared the coffee chat formula that's helped him grow his seven-figure tech event business.
On the agenda today:
- Goldman Sachs tapped 95 people to join its exclusive partnership.
- Amazon CEO Andy Jassy explains why he wants fewer managers.
- A free meal cost an investor his retirement savings.
- America has a shoplifting epidemic. The thieves aren't always who you think.
But first: What happens next after Donald Trump's resounding US election victory.
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Preparing for 47
AP Photo/Evan Vucci
The most expensive presidential election in history is over, and the effects of Donald Trump's victory are already being felt in dollars and cents.
Stocks surged, finishing the week at record highs. Bitcoin also hit record highs, while Tesla surpassed a $1 trillion market cap. Treasury yields also finished the week higher, as investors bet that a Trump White House will drive inflation.
Big companies are already weighing the potential impact of tariffs. Outdoors brand Yeti is looking for new suppliers. Steve Madden plans to cut its sourcing of goods from China. Airbus said it expects to pass the cost of any tariffs on to airline customers.
In Silicon Valley, many venture capitalists and startup founders are cheering the prospect of less regulation and increased deal activity.
On Wall Street, too, there's hope of less onerous regulation, particularly as several financiers are offering advice to the incoming administration.
And at least one media CEO hopes Trump's win will open the doors to consolidation.
Meet Goldman's new partners
Jeenah Moon/Bloomberg via Getty Images
Goldman Sachs promoted 95 executives to its highest designation of leaders outside the C-suite. The new class is the largest number of partners to be promoted under CEO David Solomon.
It's also one of Goldman's most diverse. A record 26 are women — a demographic that has been closely watched following a series of high-profile female partner exits — as well as a record level of Hispanic executive promotions, a company exec said.
Also read:
Andy Jassy hates bureaucracy
F. Carter Smith/Bloomberg via Getty Images; Chelsea Jia Feng/BI
In an all-hands meeting this week, Amazon CEO Andy Jassy explained the company's recent plan to reduce the number of managers. According to a recording of the meeting obtained by BI, Jassy said the move was meant to root out bureaucracy.
The goal is to make faster decisions and reduce management layers that are killing Amazon's unique culture, Jassy said. "The reality is that the S team and I hate bureaucracy," Jassy said, referring to Amazon's most senior leadership team.
More from the all-hands meeting.
Also read:
Risky business
Getty Images; iStock; Natalie Ammari/BI
There's no such thing as free lunch — or in one investor's case, free dinner. As a retiree, he was used to avoiding the countless postcards offering a fancy dinner accompanied by a presentation on investing advice.
But on one occasion in 2010, he took the bait. There, he met one of the hosts who would eventually advise him to invest in financial products that ultimately cost him a chunk of his retirement savings.
Why these 'free lunch seminars' are common in the industry.
The great American shoplifting spree
Getty Images; Jenny Chang-Rodriguez/BI
Regular Americans are shoplifting everything from tape measures to blocks of cheese. Rather than stealing out of true necessity, these shoplifters are opportunists: adults with decent jobs, firmly in the middle class.
And they don't feel particularly bad about it. Some of them view shoplifting as a silly childhood habit they never kicked out, while others think of it as a way to fight back against goods that are unjustly expensive.
Behind regular people's retail theft.
Also read:
- Rich people are more likely to steal from self-checkout. Why?
- America's absurd war on 'organized retail crime'
This week's quote:
"I congratulate President Trump and we look forward to working with the new administration in support of sound policies that enhance economic growth and financial stability."
— Goldman Sachs CEO David Solomon in an internal memo to staff.
More of this week's top reads:
- Anthony Scaramucci tells BI four key reasons why Trump won.
- Sam Altman's hiring strategy bets on talent, not age.
- Silicon Valley is grieving over Trump, but quietly lauding a coming tech deal resurgence.
- After leadership changes, and layoffs, Netflix's gaming exec reveals a new AI role.
- Donald Trump's election victory has big implications for Intel.
- Food deliveries keep getting more expensive — but we can't stop ordering.
- Your nest egg is private-equity giant Apollo's "single biggest opportunity" for growth.
- A leaked memo shows Google's Workspace chief is stepping down.
Hollywood is going conservative, turning toward faith and family-based shows.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Lisa Ryan, executive editor, in New York.