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Almost to the weekend! A 4,000-year-old slab could be a treasure map for Bronze Age riches in what sounds like the potential plot for an offshoot of the “National Treasure” series.
In today’s big story, we’re looking at why giving your boss an ultimatum is a recipe for disaster.
What’s on deck:
Markets: Inside the investment strategy of a fund that’s crushed its peers.Tech: Famed investor Marc Andreessen is getting backlash for calling social responsibility the “enemy.”Business: All the ways office landlords are rolling out the red carpet to get tenants.
But first, do this or else!
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The big story
Chris Williams says threatening to leave often feels like blackmail to managers.
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You’re fed up with your job and are finally going to let your manager know it: “Fix this, or I’m leaving.”
It doesn’t really matter what “this” is — pay, workload, or lack of upward mobility. Either way, you’ve given your manager an ultimatum.
And according to Chris Williams, a former VP of HR at Microsoft, that’s a big mistake. Threatening to leave rarely ends in the worker’s favor.
In a bid to keep up with the never-ending stream of workplace trends, let’s call this one “thruitting.” (Yes, it needs some work, but you get the idea.)
You may feel empowered to take such an approach after the success of other worker-led trends. And with unemployment sitting at just 3.8%, the job market remains strong.
But the power is reverting to the employer. Case in point: companies’ unflinching efforts to get workers back in the office.
Even employees at tech companies, long considered an ideal workplace, are feeling bummed.
Regardless of your beef with your current gig, threatening to leave is probably not your best move. At best, you’ll limit future opportunities at the company; at worst, you might be shown the door, Williams warns.
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If you’re skeptical about this advice, it’s worth noting Williams has written extensively about workplace topics.
And he’s even warned about going to HR despite working in the department.
Feedback should always be a two-way street, and employees should feel empowered to point out issues in the workplace. Negotiating better job terms isn’t just for when you start a new role.
(For more on how to negotiate your dream job and why it’s about more than just pay, read this fantastic piece by Insider Today’s Diamond Naga Siu.)
But when it comes to ultimatums, they often do more harm than good. A worker’s valid gripes regarding their job could get overshadowed when an ultimatum is issued.
It’s also worth considering what got you to the point of issuing an ultimatum — or “thruitting” — in the first place. If things are that bad, why do you even want to stay?
3 things in markets
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Charlie Munger thinks it’s a lot harder to get rich these days. Warren Buffett’s right-hand man said there’s more competition for value investors than in the past. He also cited home prices, steep company valuations, and higher taxes as detriments to building wealth.
Everyone’s got thoughts on the bond market. Treasury yields hit 16-year highs early Wednesday. “Bond King” Jeffrey Gundlach says it’s time to buy long-dated Treasurys with a recession looming. But a note from Barclays makes the case for yields to climb higher, which would mean bond prices are still cratering.
Here’s what a fund outperforming 99% of its peers invests in. Baron Partners Fund is up 1,003% over the past 15 years. One of the fund’s co-managers detailed six stocks he’s betting on for the long term (MSCI and FactSet) and the qualities he looks for in companies.
3 things in tech
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Get ready for “AI factories.” It’s a new type of manufacturing, according to Nvidia CEO Jensen Huang — the production of intelligence. These factories are meant to “accelerate the AI industrial revolution” and enable the development of technology like robots.
Billionaire investor Marc Andreessen’s controversial manifesto. It’s called “The Techno-Optimist Manifesto.” And one section in particular raised eyebrows for calling social responsibility an “enemy.”
The top AI tools that creators use to make content. A survey of 2,000 influencers revealed that they’re thinking about how — and how not — to incorporate the tech in their work. Some shared that AI has helped them reduce costs and create higher quality content.
3 things in business
Office landlords are going to unusual lengths to get leases signed
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This might be the best time to shop for an office. Office landlords are offering some pretty nice incentives to get skittish tenants to sign a lease: flexible leases, termination rights, better fitness amenities, and more.
The University of Pennsylvania is experiencing a major donor revolt. They’re pulling out over dissatisfaction with the university’s response to the Israel-Hamas war. Other elite higher education institutions have also drawn scrutiny.
Everything that happened during Tesla’s earnings call. Shares were trading down more than 3% around 40 minutes into the earnings call. Elon Musk was joined by the company’s new chief financial officer. Plus, Musk provided an update on the much-awaited Cybertruck.
In other news
Arantza Pena Popo/Insider
The marketing failure that’s going to kill us all.
A Texas judge has slowed down the bankruptcy deal of a leading prison health provider.
Elon Musk is considering taking Twitter out of Europe due to new regulation in the region.
Leaked document: Amazon wants to bring personalized ads to smart shopping carts.
“I moved to a Colorado ski town to live my dream life, but am leaving because it’s too expensive and crowded.”
United Airlines is changing the way it boards economy passengers, starting October 26.
A Trump attorney shouted, “You lied yesterday,” while cross-examining a key state’s witness.
McDonald’s is caught up in the Israel-Hamas war, as different franchises help different sides.
For the first time since 2000, the rate on the typical 30-year fixed mortgage reportedly hit 8%.
What’s happening today
Tears Are Falling — KISS kicks off its last-ever North America tour. The tour begins in Cincinnati, Ohio and ends in New York City.
Dolly Parton’s autobiography is published. It’s titled “Behind the Seams: My Life in Rhinestones” and follows her sense of style.
Earnings today: AT&T, Blackstone, and other companies.
For your bookmarks
Free tax filing program
US Treasury Secretary Janet Yellen has said tax filing should be simple.
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See if you’re eligible for the IRS’ new, free tax filing pilot in 13 states. It’s part of the department’s attempt to make tax filing simpler and more cost-effective.
The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.