Columbus, Georgia, one of the places on MakeMyMoves top destinations for remote workers list.
Left: Photo by Sebastian Kahnert/picture alliance via Getty Images. Right: SeanPavonePhoto
There are approximately 22 million remote workers in the US, many of whom are looking for new locales.
MakeMyMove recently released its list of top 10 destinations for remote workers.
The list includes popular hotspots and up-and-coming hidden gems.
Remote work has fundamentally changed the landscape of American life. As more and more people can do their jobs from anywhere in the country, new communities are popping up as hot spots for remote workers.
There are about 22 million adults in the US who work from home. The flexibility has allowed people to prioritize affordability and location, with many people ditching big cities for smaller towns.
MakeMyMove, a company that connects people who work from home with up-and-coming communities, released a list last week of its top 10 places for remote workers, highlighting places that are both well-known remote work locales and hidden gems.
Wichita, Kansas
Witchita, Kansas
Joe Sohm/Visions of America/Universal Images Group via Getty Images
Wichita, located in south-central Kansas, has a population of about 396,000 people, offering residents a blend of urban life and Midwestern charm. The medium home price in Wichita is $275,000 and the city boasts an internet speed of up to 5 Gbps, making it a desirable locale for remote workers, according to MakeMyMove.
Tulsa, Oklahoma
Tulsa, Oklahoma
Getty Images
Tulsa has become a popular destination for workers freed from the constraints of in-office work thanks to the city's Tulsa Remote program, which offers transplants a $10,000 grant to start a new life there. Tulsa has a cost of living that comes in 23% below the national average, according to MakeMy Move, as well as a vibrant arts and culinary scene.
The average household in America spends $61,334 a year on various expenses, more than a third of which typically goes to housing, according to the World Population Review.
Yellow Springs, Ohio
Yellow Springs, Ohio
StanRohrer
Yellow Springs beckons artists and nature lovers alike with a lively creative scene and unbeatable access to the Glen Helen Nature Preserve. Budget Travel recently named the locale one of America's Coolest Small Towns, and Yellow Springs is known for its community spirit and welcoming atmosphere, according to MakeMyMove.
Columbus, Georgia
Columbus, Georgia
SeanPavonePhoto
Columbus is an ideal Southern sanctuary with an affordable cost of living and a relocation program that offers people up to $5,000 and a free six-month membership to a local co-working space, according to MakeMyMove. The city is known for its history, bustling restaurant scene, and accessible hiking.
Virginia Beach, Virginia
Virginia Beach, Virginia
Kyle Little
Virginia Beach offers residents coastal access in a city with a median home price of $400,000. The community draws water sports enthusiasts, history buffs, and foodies. Major Virginia cities like Norfolk and Richmond are also nearby.
White County, Indiana
White County, Indiana
Courtesy of MakeMyMove
White County is a rural paradise that is eager for more remote workers. MakeMyMove works with the town to help qualified people access up to $7,500 in moving cost reimbursements. White County has a cost of living 12% below the national average and access to nature and Indiana's big cities, according to the company.
Metuchen, New Jersey
Metuchen, New Jersey
Courtesy of MakeMyLove
Metuchen is a small town with big city perks. The New Jersey locale offers easy access to New York City while giving remote workers the benefits of a peaceful, quiet hometown. Cute shops and restaurants line Metuchan's historic downtown, and the median home price is about $629,000, according to MakeMyMove.
Bloomington, Indiana
Indiana University Bloomington.
Ying Luo/Getty Images
Bloomington is best known as a college town, but the city also offers residents access to top-tier museums, a lively art scene, and scenic hiking routes. The median home price is $399,450, according to MakeMyMove.
Bisbee, Arizona
Bisbee, Arizona
Denis Tangey, Jr./Getty Images
Bisbee is another entry in Budget Travel's list of coolest small towns. The Arizona town was once a mining haven, but today, Bisbee draws artists and bohemians drawn to its Southwest spirit and surrounding mountains. Plus, Bisbee has a cost of living 11% below the national average, according to MakeMyMove.
Pocahontas County, Iowa
Pocahontas County, Iowa
Courtesy of MakeMyMove
Pocahontas County is a hidden gem for remote workers seeking a quiet, idyllic town with a cost of living 28% below the national average. The laidback locale boasts kayaking, fishing, hiking, camping, and friendly residents. MakeMyMove is working with the town to cement moving inventives.
"And I want people to know that we made them dance, and I think that'll be a great day," Nadella said in February 2023 after it launched the revamped Bing search engine it made with OpenAI.
But Google CEO Sundar Pichai likes to listen to his own music, he said in a new interview with Bloomberg published Wednesday.
"One of the ways you can do the wrong thing is by listening to noise out there and playing to someone else's dance music," Pichai said in the interview, in response to Nadella's remarks.
Microsoft did not respond to a request for comment.
Microsoft announced its "New Bing," powered by OpenAI in February 2023. Nadella previously told The Verge that he waited 20 years to compete with Google, and it "should have been the default winner" of the Big Tech AI race.
Despite Google's early investment in AI and all of its resources and talent, Microsoft started off leading the AI race when it partnered with OpenAI and the new Bing and 365 Copilot, an AI-powered productivity tool for Microsoft apps.
When ChatGPT launched in 2022, Google reportedly issued a "code red" to employees about the potential threat to its search business. The company also refocused its AI strategy following the new competition.
Soon after, Google launched its AI chatbot Bard, now called Gemini. Later, when it announced upgrades, Google faced almost immediate backlash for inaccurate depictions of historical figures created by the image-generator tool.
But the tech giant is catching up, capitalizing on its massive user base to promote its AI products.
Google recently announced it's building its own AI chips. It's also ramping up its AI efforts with a series of cloud advancements, the general availability of TPU v5p, the new release of Gemini 1.5, and various AI additions to Google Workspace.
It's also been restructuring its teams and cutting staff over the last year to make room for its biggest priorities, namely AI advancement. In 2023, Google reduced its workforce by about 6% and thousands of layoffs have come in waves so far in 2024.
Pichai told Bloomberg that AI is in its earliest stage and competition is always a part of working in the tech space.
"It's happening at a faster pace, but you know technology changes tend to get faster over time," Pichai said in the interview. "So it's not surprising to me at all."
"I think we have a clear sense of what we need to do," Pichai added.
Meanwhile, Google is still dominating search compared to Bing — something Nadella acknowledged in the time since his remarks about making his rival dance.
"I think when you have 3% share of global search and you're competing with somebody who has 97%, even a small gain here and there is an exciting moment," Nadella told Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, in an October interview. "But Google is a very strong company, and they are going to come out strong."
"Google has a number of structural advantages right there: they already have the share, they control Android, they control Chrome," Nadella added. "I always say that Google makes more money on Windows than all of Microsoft. It keeps us grounded."
Do you have a tip about Google? We want to hear from you. Email the reporter from a non-work device at aaltchek@insider.com
Investors have been flooding into the uranium industry in large numbers over the last 12 months.
You only need to look at the performance of the ASX uranium stocks such as Boss Energy Ltd (ASX: BOE) and Deep Yellow Limited (ASX: DYL) to see this.
Over the period, these uranium stocks are up a remarkable 155% and 94%, respectively.
But if you thought the gains were over, think again.
One little known ASX uranium stock has just been named as a buy and tipped to rise strongly from current levels.
Which ASX uranium stock is a buy?
According to a note out of Bell Potter, its analysts think that Lotus Resources Ltd (ASX: LOT) could be a top option right now.
It owns an 85% interest in the Kayelekera Uranium Project in Malawi, Africa, and a 100% interest in the Letlhakane Uranium Project in Botswana, Africa.
The broker was pleased with the recent mineral resource estimate (MRE) update for the the Letlhakane project. It commented:
The updated MRE stands at 155.3Mt at 345ppm U3O8 for a total contained 118.2Mlbs U3O8, inclusive of 34.4Mlbs in Indicated Resources, which is a reduction on the original ACB [previous owner] MRE (2015) of 190Mlbs at 321ppm U3O8. The main difference between the two estimates is the hypothesised operations, which infer the economic cut-off grade. Under ACB, LM was a large-scale, low-grade two stage heap leach operation. In our February initiation on LOT, we didn’t see this as the path forward for the project. Our initial interpretation was that LOT would look to focus on the highgrade portions of the deposit and utilise ore-sorting to increase the milled grade over +600ppm. With a starting point of +400ppm, a conservative estimate of 40% mass rejection could achieve this we hypothesised. Today’s announcement is a step towards proving that thesis.
Big returns
In response to the news, the broker has reaffirmed its speculative buy rating on the ASX uranium stock with an improved price target of 60 cents.
Based on its current share price of 44.5 cents, this implies potential upside of 35% for investors over the next 12 months.
Commenting on its recommendation, the broker said:
We maintain a Speculative Buy recommendation and our valuation lifts to $0.60/sh (previously $0.50/sh). Our valuation lift comes from an extension of potential operations at LM beyond our initial forecast (initial LOM production of 61Mlbs). We see positive catalysts at KM including 1) MDA finalisation, 2) FID and 3) offtake negotiations. Successful navigation of these hurdles will place LOT in the best position to advance project funding for KM, all whilst LM advances in the background.
Though, it is worth highlighting the broker’s speculative rating. This means it would only be suitable for investors with a high risk tolerance.
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We have tracked this ETF for a while now, noting that it remains a strong choice for many Australian investors. This is arguably thanks in part to an enviable record of delivering market-beating returns.
A high-flying ASX ETF
To illustrate, the MOAT ETF has returned 17.59% over the 12 months to 30 April. It has also delivered an average of 14.83% per annum over the past five years, as well as 15.62% per annum since its ASX inception in 2015.
This ETF has been able to achieve such stellar results by investing in a concentrated portfolio of US shares that are all selected on their perceived possession of what is known as an economic moat.
A moat is a term first used by legendary investor Warren Buffett. It refers to a company’s inbuilt protections against competition. The wider this moat is, the more able a company is to maintain dominance in its field.
This moat could come in the form of a strong brand (Coca-Cola or Apple are classic examples), or else a low-cost advantage that a company possesses at the expense of its competitors (Amazon or Costco).
It could also take the shape of a good or service that consumers simply find too difficult to stop buying or using (Microsoft‘s Office or Adobe‘s Photoshop).
Companies with the widest and most durable moats often make for the best long-term investments, as Warren Buffett has proven. Buffett has spoken extensively about the importance of an investment possessing a moat.
We can see this strategy playing out in the current MOAT portfolio. At this ASX ETF’s most recent filing, its top holdings included the likes of Google-owner Alphabet, Campbell Soup, Nike, Pfizer, Disney and Buffett’s own Berkshire Hathaway.
So we’ve established that this ETF is a high flyer when it comes to returns. But let’s talk about dividends.
What kind of ASX dividend income does the Wide Moat ETF pay?
It’s fair to say that US shares are not known for their dividend firepower. Sure, there are many strong income payers on the US markets. But thanks to a number of factors, including the absence of a franking system, it’s not too common to find yields of 4% or 5% in the top echelons of the US markets, as it is on the ASX.
An ASX index fund typically offers a 3%-5% starting dividend yield. However, a US index fund will be closer to 1%-2%.
So what about the ASX’s MOAT ETF?
Well, an ETF can fund dividend distributions in two ways. The first is passing on any dividend income its underlying holdings payout. The second is distributing the profits from the regular rebalances that most ETFs conduct every quarter in order to reflect their underlying indexes.
The VanEck Wide Moat ETF does a little of both. This means that its annual dividends (yes, investors receive just one dividend distribution every year) can vary rather wildly from year to year.
To illustrate, MOAT units paid out a chunky $8.15 per unit in 2023.
However, in January 2022, investors bagged just 98.11 cents per unit. The year before that, the figure came in at $1.01, whilst in 2020, investors received 88.1 cents per unit.
So today, MOAT units are technically trading on a trailing dividend distribution yield of 6.48%.
But given this ASX ETF’s volatile dividend distribution history, I wouldn’t be counting on this continuing over 2024.
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Suzanne Frey, an executive at Alphabet, is a member of The Motley Foolâs board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Foolâs board of directors. Motley Fool contributor Sebastian Bowen has positions in Adobe, Alphabet, Amazon, Apple, Berkshire Hathaway, Coca-Cola, Costco Wholesale, Microsoft, Nike, VanEck Morningstar Wide Moat ETF, and Walt Disney. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Adobe, Alphabet, Amazon, Apple, Berkshire Hathaway, Costco Wholesale, Microsoft, Nike, Pfizer, and Walt Disney. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2025 $47.50 calls on Nike, long January 2026 $395 calls on Microsoft, and short January 2026 $405 calls on Microsoft. The Motley Fool Australia has recommended Adobe, Alphabet, Amazon, Apple, Berkshire Hathaway, Microsoft, Nike, VanEck Morningstar Wide Moat ETF, and Walt Disney. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Pilbara Minerals Ltd (ASX: PLS) shares are a popular option for investors that are looking for exposure to lithium.
But just because the ASX 200 lithium stock is popular, doesn’t necessarily mean it is the best way to invest in lithium right now.
For example, the team at Bell Potter currently has a hold rating and $3.60 price target on Pilbara Minerals’ shares. This is notably lower than its current share price of $4.17.
But one ASX 200 lithium stock that the broker is bullish on and tipping to rise materially from current levels is Arcadium Lithium (ASX: LTM).
Why is it an ASX 200 lithium stock to buy?
Bell Potter was pleased with Arcadium Lithium’s first quarter update this week, noting that it delivered earnings ahead of its expectations but in line with consensus estimates. It said:
LTM reported Q1 2024 revenue of US$261m (BP est $268m) and Adjusted EBITDA of US$109m (BP est. $68m); overall the result was broadly in line with consensus.
It also notes that the company is forecasting more of the same over the remainder of FY 2024. Though, this will be dependent on realised lithium prices, which were strong during the first quarter. It adds:
The company has held full year 2024 scenarios for revenue (US$1.25-1.9b) and adjusted EBITDA (US$420-1,000m) based on market pricing ranges of US$15,000-25,000/t LCE. LTM achieved a Q1 2024 realised price of $20,500/t for carbonate and hydroxide products, materially higher than published indices due to fixed pricing and floors on a large proportion of hydroxide volumes.
Big returns
In response to the update, the broker has retained its buy rating with a trimmed price target of $9.50.
With the ASX 200 lithium stock currently trading at $7.07, this implies potential upside of 34% for investors over the next 12 months.
To put that into context, a $10,000 investment would be worth almost $13,500 by this time next year if Bell Potter is on the money with its recommendation.
Explaining its bullish view on the lithium miner, the broker concludes:
LTM provides the largest, most diversified exposure to lithium in terms of mode of upstream production, asset locations, downstream processing and customer markets. It is a key large-cap leverage to lithium prices and sentiment, which we expect to improve over the medium term. In supportive markets, LTM’s growth pipeline could see the company more than double production over the next three years.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Trump's lawyers argued that portions of Stormy Daniels' testimony warranted a mistrial.
Daniels had testified Tuesday that Trump didn't use a condom during their sexual encounter in 2006.
Trump's lead lawyer, Todd Blanche, called that testimony "a dog whistle for rape."
Stormy Daniels blew "a dog whistle for rape" when she testified that Donald Trump did not use a condom during their alleged sexual encounter, a defense lawyer complained Thursday.
The remarkable accusation was made by Trump attorney Todd Blanche on Thursday afternoon, during a failed bid for a mistrial in the ongoing hush-money trial in Manhattan.
The porn star and director had testified on direct examination Tuesday that she'd always worked for a condom-mandatory company — but that Trump did not use a condom as she lay "blacked out" during sex.
"We didn't know that this was coming," Blanche complained Thursday of the testimony. "It's a dog whistle for rape."
Blanche was complaining about multiple times in Daniels' testimony when she made graphic, highly salacious accusations against Trump that the lawyer said irreparably prejudiced the jury.
But the judge countered that Blanche and the rest of the defense team have no one to blame but themselves.
Trump's lawyers denied the sex ever happened, creating a credibility battle
She was working for Wicked Pictures, a pornography production company, which had sponsored a single hole on a golf course.
After meeting Trump during the tournament, she was invited to his hotel suite for dinner. Hoping to avoid some coworkers who had planned their own dinner, she reluctantly agreed, she said.
In his hotel room, Trump never actually got food for them, she said. Instead, they spent hours talking as her stomach growled, Daniels said.
Daniels has not explicitly accused Trump of rape. But in her testimony this week, she described the encounter with Trump in anxious terms.
She said that, after leaving the bathroom attached to the bedroom of his penthouse hotel suite, she saw him on the bed wearing only boxers and a T-shirt. Seeing him there "minus a lot of clothing" was a "jump scare," she said.
"That's when I had that moment where I felt the room spin in slow motion," Daniels told jurors. "I felt the blood basically leave my hands and my feet and almost like if you stand up too fast, and everything kind of spinned, that happened too."
"I was moving like I was in a funhouse, like slow motion," she added later.
Daniels said she tried to make a joke out of the situation, and then Trump stood up between her body and the room's door.
She was also aware that Keith Schiller, Trump's bodyguard, was nearby and that if she wanted to leave the suite, she would have to wait by the elevator. She stressed, however, that she "was not threatened verbally or physically."
"There was an imbalance of power for sure," she said. "He was bigger and blocking the way."
Daniels said she didn't drink or use drugs that night. She didn't share the details of what happened next.
"I just think I blacked out," Daniels testified.
Trump reacted with fury toward Daniels' testimony. In court, he audibly cursed, the judge said later, threatening to hold him in contempt yet again.
A courtroom sketch of Stormy Daniels being questioned by prosecutor Susan Hoffinger during former President Donald Trump's hush-money trial.
REUTERS/Jane Rosenberg
And Daniels reacted with caution. Under intense cross-examination from Necheles, she was circumspect about discussing her family and whispered to the judge out of concern when shown documents that included her address.
Trump has denied having any sex with Daniels at all, saying they met only once, during the golf tournament earlier that day.
In his opening statement, Blanche accused Daniels of inventing a story about sex.
That made it necessary for prosecutors to elicit vivid, credibility-bolstering details from her on the stand, Merchan said.
And Necheles repeatedly failed to object to the testimony when she could have the judge added— including when Daniels dropped the word "condom" in front of jurors.
"There were many times where Ms Necheles could have objected but didn't," Merchan said.
"Yet, for some unexplained reason, which I still don't understand," there were no objections to some testimony, he continued. "For example, the condom."
Merchan said he wished the discussion of the condom didn't come into the trial and wasn't heard by the jury.
"For the life of me, I don't know why Ms. Necheles didn't object," he said, while the defense attorney looked toward the floor.
The details were only necessary, he noted, because the defense has outright denied the sex ever happened.
Merchan said that it's only because the defense set up their case accusing Daniels' of lying that he had to allow the prosecution to "rehabilitate" her.
Just 30% of Australians know their superannuation balance to the nearest $1,000, according to new research from Findex Group.
A further 30% have only a vague idea or no idea of their superannuation balance today.
The results show a lack of engagement in superannuation planning and management within the Australian population, Findex says.
Let’s investigate.
Do you know how much you’ve got in superannuation?
The survey shows that the knowledge gap is more pronounced among women and younger Australians.
Baby Boomers were the most likely to know their superannuation balance to the nearest $1,000. Fifty-one per cent of boomer respondents said they could name the number.
Gen Zs were the least likely generation to know their superannuation balance. The survey found that 26% had a vague idea, and 22% had no idea at all.
Of course, it’s not surprising that baby boomers are more acutely aware of their superannuation balances.
The youngest group within the baby boomers is turning 63 years old this year.
Their ‘retirement age’ — meaning the year they are eligible to receive the age pension — is only four years away at 67. So, they’re much more likely to be crunching the numbers now to prepare for this change.
And with the Bank of Mum and Dad expanding into superannuation, many baby boomers have already shared some of their super monies with their kids to help them buy a house.
Why don’t you know your super balance?
Perhaps one of the reasons why so many Australians cannot name their super balance is because they don’t know where to start in managing their superannuation.
The survey also revealed that 64% of respondents, or almost two-thirds of the population, do not feel confident about managing and growing their superannuation.
A survey by Colonial First State revealed that, on average, Australians think they need $1.6 million in superannuation or savings for a comfortable retirement.
No, no, no.
Not according to the official guidelines!
How much do you need for a comfortable retirement?
The Association of Super Funds of Australia (AFSA) publishes a regularly updated Retirement Standard.
The standard says couples aged 65 to 84 years who own their own homes without debt need $690,000 in superannuation, plus a part-pension, to fund a ‘comfortable lifestyle’.
Annual living expenses for a comfortable existence are estimated at about $72,000 per couple.
Single retirees aged 65 to 84 years who own their own homes without debt need $595,000 in superannuation. Their living expenses run to about $51,000 per annum for a comfortable retirement.
ASFA also provides guidelines for a ‘modest retirement’.
In this case, both singles and couples need $100,000 in superannuation and a part pension to pay the bills. They also need to own their homes without a mortgage.
AFSA estimates living expenses of $46,944 for couples and $32,666 for singles aged 65 to 84 years.
AFSA’s estimates assume you will draw down all your super capital, invest it, and receive a 6% return per annum.
Do you have enough in superannuation yet?
If you’re an ‘average’ Aussie aged 65 to 69 years, then you probably do.
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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Because — in Dorsey's telling, at least — Bluesky was "literally repeating all the mistakes [Twitter] made as a company."
That's the TLDR from an interview Dorsey conducted with journalist Mike Solana at his Pirate Wires site.
The longer version of that explanation: Very early in Twitter's history, Dorsey imagined that Twitter could be an open-source protocol that wasn't controlled by anyone, instead of a venture-backed, for-profit company. But that didn't happen. And later on, when Dorsey got frustrated while running the for-profit version of Twitter, he imagined that Twitter could help start an independent, open-source protocol version of itself — Bluesky.
But then — in Dorsey's telling — he got frustrated that Bluesky was doing things like the old Twitter. Things like raising money, and moderating what happened on its platform, and having a board. Which Dorsey was on.
And then Dorsey decided what he really wanted to do was help Nostr, another Twitter alternative, which promises to actually be an open-source protocol, instead.
"So I just decided to delete my account on Bluesky, and really focus on Nostr, and funding that to the best of my ability. I asked to get off the board as well, because I just don't think a protocol needs a board or wants a board. And if it has a board, that's not the thing that I wanted to help build or wanted to help fund."
So there you go. That's the whole mystery, solved.
There's more to the interview. Dorsey, for instance, has some mostly kind words about Elon Musk, who bought Twitter in 2022. And there's a lot of space dedicated to Dorsey's telling around What Went Wrong With Twitter. Though that mostly repeats his idea that Twitter's original sin was becoming a venture-backed, for-profit company that went public with a business model based on advertising, positioned as a Facebook competitor.
And the version of it that Dorsey tells here doesn't touch on any of Dorsey's responsibility for Twitter's problems, which he lays at the feet of Wall Street investors, his board of directors and his advertisers. And not, for instance, the fact that he was running Twitter at the same time he was running Square.
Commonwealth Bank of Australia (ASX: CBA) shares were under pressure on Thursday.
The banking giant’s shares ended the day over 2% lower at $117.09.
Investors were hitting the sell button in response to the bank’s third quarter update.
CBA reported a 1% decline in operating income for the three months ended 31 March. This reflects one less day in the quarter and slightly lower net interest margins due to continued competitive pressures and customers switching to higher yielding deposits.
This ultimately led to Australia’s largest bank reporting an unaudited statutory net profit after tax of $2.4 billion. This is down 3% on the first half average and 5% on the prior corresponding period.
Also weighing on CBA shares were its rising arrears. While its balance sheet remains strong, CBA’s arrears increased across home loans, credit cards, and personal loans. This was largely blamed on cost of living pressures.
Has this pullback created a buying opportunity for investors or should they stay clear of the big four bank? Let’s find out.
Are CBA shares good value or overvalued?
The team at Goldman Sachs has been looking over the result and was reasonably impressed, noting that its profits are run-rating ahead of second-half expectations. The broker said:
Cash profit from continuing operations in 3Q24 of c. A$2.4 bn was down 3% vs. 1H24 quarterly average and run-rating c. 4% ahead of what was implied by our prior 2H24E forecasts largely due to outperformance on the BDD charge. PPOP was in line with expectations.
However, unfortunately this still doesn’t justify the significant premium that CBA shares trade at compared to the rest of the big four banks. Goldman adds:
While CBA’s volume momentum in housing lending has improved and BDDs charges remain benign, we do not believe this justifies the extent of its valuation premium to peers, and note the 52% 12-month forward PPOP premium it is currently trading on versus peers (ex-dividend adjusted), compared to the 24% 15-year average.
In light of this, the broker has reiterated its sell rating with an improved price target of $82.61 (from $81.98). Based on the current CBA share price of $117.09, this implies potential downside of approximately 30% for investors over the next 12 months.
The broker then concludes:
Coupled with i) a business mix that leaves it more exposed to the current competitive environment, and ii) while CBA has historically done a good job in balancing investment and productivity, we do not think it can escape elevated FY24E cost pressures given heightened inflation; we reiterate our Sell recommendation.
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Google cofounders Larry Page and Sergey Brin met at Stanford.
James Leynse/Corbis via Getty Images
Google cofounder Larry Page is the world's seventh-richest person, worth $128.6 billion
Fellow Google cofounder Sergey Brin is No. 9, with a reported net worth of $123.5 billion.
The centibillionaires spend their fortunes on sprawling estates, superyachts, and trapeze lessons.
Larry Page and Sergey Brin may have only taken salaries of $1 during their time at Google, but they're still two of the richest people in the world.
Both Page and Brin are among the largest shareholders of Google's parent company, Alphabet, despite stepping down from their posts in December 2019. Their combined fortune is valued at $257 billion, according to the Forbes Billionaires List.
Here's a look at how Page and Brin made and spend their fortunes.
Brin and Page met in 1995, when Brin gave Page a tour around Stanford University
Brin was a second-year graduate student in Stanford's computer science department and Page was considering attending. They reportedly both found each other "obnoxious" at first, but they became classmates.
Despite their initial spats, Brin and Page started working together on an interesting idea Page had about cataloging every link on the internet. BackRub, as it was called at its inception in 1996, took off.
After dropping out of Stanford, the two founded Google in 1998
Brin and Page resigned from their management roles at Alphabet in 2019.
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Google was first launched in a garage in Menlo Park, California.
Page had two stints as Google's CEO while Brin was president. In 2019, the billionaire duo announced that they would be stepping back from their roles at Alphabet.
"We've never been ones to hold on to management roles when we think there's a better way to run the company," their letter read.
Google CEO Sundar Pichai then took on the additional title of CEO of Alphabet.
In 2005, Larry Page bought a $7.2 million home in Old Palo Alto
The home, which is listed on the National Register of Historic Places, was built from 1931 to 1941 for Bay Area artist Pedro de Lemos.
At 9,000 square feet, the two-story home was built in the Spanish Colonial Revival style. It's constructed of stucco and tile around a courtyard. Parts of the home were salvaged from a chapel that was partially destroyed during the 1906 San Francisco earthquake.
In 2009, after Page bought the historic home, he started buying adjacent properties to construct an environmentally friendly estate. The 6,000-square-foot home has a roof garden with solar panels and four bedrooms.
Brin has even swankier digs in New York City's tony West Village
Brin bought a West Village penthouse for $8.5 million in 2008. Celebrities like Sarah Jessica Parker and Tiger Woods have also scooped up property in that neighborhood.
The two-story, three-bedroom, 3,457-square-foot penthouse also has a 1,200-square-foot wraparound terrace with views of lower Manhattan. The kitchen is outfitted with custom Moroccan tiles and top-of-the-line appliances.
Brin has also purchased an estate in an undisclosed location in Los Altos Hills, California.
The Google cofounders are both regulars at Burning Man
Page and Brin are known for attending Burning Man. To disguise their identities, they've worn full spandex body suits.
Burning Man has its own pop-up airport for all the billionaires preferring to charter their way to the festival built around the ideas of "decommodification" and "leave no trace."
Julie Jammot/Getty Images
Page and Brin also regularly traveled to Sicily to host the super-exclusive Google Camp.
Google Camp takes place at the Verdura Resort, which has a 200-foot infinity pool, a mile of private coastline on the Mediterranean, and two 18-hole golf courses.
Brin and Page have each bought superyachts
While they were in Fiji in 2012, Brin and Page rode in Brin's superyacht, the Dragonfly, a vessel measuring 240 feet Brin reportedly bought for $80 million in 2011. Previously, it was available to charter for $773,000 per week.
Constructed in 2009, the Dragonfly was the world's fastest superyacht. It has an open-air cinema, a Jacuzzi, and a dance floor. It can hold 18 guests and 16 crew members.
Brin has several luxury yachts and water-sports vehicles that those in his inner circle call the "Fly Fleet."
Besides the Dragonfly, the fleet also includes a 130-foot yacht called the Butterfly, as well as a smaller pleasure craft called the Firefly.
Brin owns multiple yachts, including the Butterfly.
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Meanwhile, Page's superyacht, called "Senses," measures 60 meters and accommodates up to 12, has six decks, open and shaded sun decks, a gym, and Jacuzzi — as well as five Waverunners. He reportedly paid $45 million for it in 2011.
Brin and Page also travel in style by air
They bought a Boeing 767-200 in 2005 — an unusual choice as executives usually prefer Gulfstream jets.
Brin and Page have a private jet and their own private airport.
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The former passenger jet carries 50 passengers. There are several seating areas, two staterooms with connecting bathrooms and showers, and a dining area.
These guys don't just have a private plane — they also have an $82 million private airport. Google began building its own private airport near the San Jose airport in 2014.
Page doesn't just dabble in typical aircraft. While we don't know how often Page himself is taking the products for a spin, he has funded three flying car companies — a fitting hobby for the man who once oversaw Waymo, Google's self-driving car service.
Page and Brin both have been taken with Teslas
The duo led an investment round of $40 million in Elon Musk's EV company back in 2006.
Brin was the fourth person to receive a Tesla Model X Crossover SUV in 2015 when it was first released — he snagged a white one.
Tesla CEO Elon Musk speaks during an event to launch the new Tesla Model X Crossover SUV on September 29, 2015 in Fremont, California. After several production delays, Elon Musk officially launched the much anticipated Tesla Model X Crossover SUV.
Justin Sullivan/Getty Images
Page took his interest in Tesla even further in 2014 when he said he would donate his billions to Elon Musk instead of a charity, his family, or his own business.
Page and Brin have both frequently given to philanthropic causes
From 2000 to 2017, Brin donated donated $37.5 billion and Page $38.5 billion. In 2018, however, both Brin and Page gave 0% of their fortunes to charity.
Brin has reportedly donated more than $1.1 billion to Parkinson's disease research, making him the largest individual donor to the cause. (Brin has previously said his mother has Parkinson's, and he has a rare genetic mutation that puts him at a higher risk for developing it than the general population.)
In both 2020 and 2021, The Sergey Brin Family Foundation gave roughly $250 million to groups with causes like tackling climate change and homelessness, and even a nonprofit supporting colonization of the moon.
Page's Carl Victor Page Memorial Foundation disbursed nearly $200 million to charities in 2021, of which 99% went to the National Philanthropic Trust, a donor-advised fund. DAFs, as they're known, let donors make tax-deductible contributions that are given to charities over time, though money can stay in DAFs indefinitely, and when it is disbursed, you can't publicly track where it goes.
Brin also spends his money on a variety of thrill-seeking hobbies
Brin has been reportedly building an entire flying airship at a NASA research center near Mountain View, California, not far from Google's headquarters.
The project has been estimated to cost between $100 and $150 million — and is funded entirely by Brin. Brin's airship received FAA clearance last year.
Sources say Brin pictures the airship delivering goods and food on humanitarian missions, as well as being an "air yacht" for the billionaire's friends and family.
Sergey Brin's airship company, LTA Research, received clearance last year for its massive Pathfinder 1 to take the skies at heights of up to 1,500 feet.
LTA Research via LinkedIn
Brin is a lover of roller hockey, ultimate Frisbee, gymnastics, and high-flying trapeze. He has been spotted at advanced trapeze classes at the Circus Warehouse in New York City, which costs $1,760 per month.
Page has been known to kite board — sometimes with Richard Branson.
Brin reportedly paid the salaries of 47 people who work for him and his family, including ex-bankers who manage his philanthropy and finances, a fitness coordinator, a yacht captain, an archivist, and a photographer.
For those two centibillionaires, their combined net worth is now around a quarter of a trillion — yes, with a "t" — dollars.
That's a far cry from Google's humble beginnings in a garage in Menlo Park.
Rachel Premack and Taylor Nicole Rogers contributed to a previous version of this story.