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Macy’s CEO says he was told being openly gay would harm his career when he started in 1983

Photograph of Macy's CEO Jeff Gennette speaking into a microphoneA file photo of Macy’s CEO Jeff Gennette.

John Lamparski/Getty Images

  • Macy’s CEO Jeff Gennette was told being gay would harm his career, per The Wall Street Journal.
  • Gennette, who started at Macys in 1983, said he got pushback for his sexuality.
  • He worked almost his entire career at Macy’s, and was made CEO in 2017.

Macy’s CEO Jeff Gennette said he was told that being openly gay could harm his career, The Wall Street Journal reported.

Gennette was describing the attitudes to his sexuality in 1983, when he joined Macy’s and was open about being gay.

In an interview with the Journal published Saturday, Gennette, said that other people treated his sexuality like a dark secret even though he did not.

He said it led to a mentor tipping him off that “things are being said” about him.

Gennette said the mentor seemed to be telling him that “maybe I should be less transparent about it if I wanted to get ahead in my career.”

He said there were also other times being gay was presented as a “deterrent.”

Gennette didn’t take the advice, and continued at Macy’s as an openly gay man for his entire career except a two-year stint with the toy retailer FAO Schwarz.

In July, Gennette told Time magazine “there were no gay CEO examples” for him to look up to in his early career, and that he felt “like an outsider” while he was the only gay person in Macy’s senior leadership.

Gennette joined the company as an executive trainee in 1983 after graduating from Stanford, per the company’s corporate website.

He went on to work in the retailer’s men’s and children’s departments, as well as being the executive vice president and director of stores for Macy’s Central in Atlanta, and another executive role in its West division.

He became president in 2014, CEO in 2017, and chairman in 2018..

Insider contacted Macy’s for comment.

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Benedict leaves German homeland with complicated legacy

BERLIN (AP) — Pope Benedict XVI leaves his homeland with a complicated legacy: pride in a German pontiff but a church deeply divided over the need for reforms in the wake of a sexual abuse scandal in which his own actions of decades ago were faulted.

Benedict has long drawn mixed reviews in Germany, a country where Christians are roughly evenly split between Catholics and Protestants and where many struggled with his conservative stance.

The day after the then-Cardinal Joseph Ratzinger was elected as the first German pope for centuries in 2005, best-selling newspaper Bild’s front page screamed “We are the Pope!” The left-leaning Tageszeitung countered with the headline “Oh, my God!”

Chancellor Olaf Scholz said that “as the ‘German’ pope, Benedict XVI was a special church leader for many, not just in this country.” He paid tribute to the late pontiff as “a formative figure of the Catholic Church, a combative personality and a wise theologian.”

“As the church in Germany, we think with gratitude of Pope Benedict XVI: He was born in our country, his homeland was here, and he helped shape church life here as a theological teacher and bishop,” said the head of the German Bishops’ Conference, Limburg Bishop Georg Baetzing.

Still, a decade after his resignation, deep divisions are apparent in the German church between traditionalists in Benedict’s mold and relative liberals.

“The German pope filled many with pride, but above all with hope,” said Irme Stetter-Karp, the head of an influential lay organization, the Central Committee of German Catholics, or ZdK. “For some, this hope was richly fulfilled. For others, there remained an unfulfilled longing to find a way … for their Christianity to succeed in the 21st century.”

Since 2019, German Catholic bishops and representatives from the ZdK have been engaged in a potentially trailblazing reform process — the “Synodal Path” — that is addressing calls to allow blessings for same-sex couples, married priests and the ordination of women as deacons.

German church leaders insist that the process won’t lead to a schism and vow to see it through, even as they face pressure from suspicious Vatican officials.

Illustrating both the pressure for reform and the divisions it faces, a Synodal Path assembly in September failed to approve a text calling for a liberalization of sexual teaching because, while it won 82% backing overall, it failed to get the required support of two-thirds of German bishops.

The retired pope himself stayed out of the fray though his longtime secretary, Archbishop Georg Gaenswein, has signaled his own strong skepticism about the Synodal Path.

The process was launched in response to the abuse scandal that has rocked the church in Germany and elsewhere in recent years, something that has contributed to large numbers of Germans formally leaving the church.

In 2018, a church-commissioned report concluded that at least 3,677 people were abused by clergy in Germany between 1946 and 2014. More than half of the victims were 13 or younger, and nearly a third served as altar boys.

Various dioceses tasked law firms or others to put together reports on their own past. That has led to massive and unresolved tensions in the Cologne diocese, where the archbishop, Cardinal Rainer Maria Woelki, drew widespread criticism for his handling of a report he commissioned. His offer of resignation has been pending with Pope Francis for months.

An independent report in the Munich and Freising archdiocese, where Benedict served as archbishop from 1977 to 1982, turned the spotlight on the retired pope himself last January. Its examination of decades of abuse cases faulted their handling by a string of church officials past and present, including the then-Cardinal Ratzinger in four cases.

Benedict asked forgiveness for any “grievous faults” in his handling of clergy sex abuse cases, but denied any personal or specific wrongdoing. Reform advocates and victim support groups criticized what they saw as a tone-deaf response.

The bishops’ conference head, Baetzing, said Saturday that “he asked for forgiveness from those who were affected; still, questions remained open.” But he stressed Benedict’s role in turning around the church’s approach to clergy sexual abuse as head of the Congregation for the Doctrine of the Faith and later as pope.

The pro-reform group We are Church said that Benedict’s response to the abuse report did serious damage to his reputation and was generally critical of him as an “implacable reactionary.”

As pontiff, Benedict — who left his homeland for the Vatican in 1982 — made three visits to Germany, including a trip to his native Bavaria in 2006 and a 2011 trip in which he became the first pope to address the German parliament.

His only known trip outside Italy since his retirement also took him to Germany. He returned to Bavaria for a few days in June 2020 to see his elder brother, the Rev. Georg Ratzinger, shortly before the latter’s death.

The governor of Bavaria, Markus Soeder, said that “he always carried his homeland in his heart” and that many there “will remember him gratefully not just as Pope Benedict XVI, but also as a humble pastor.”

“He gave many people strength and orientation,” Soeder said. “But at the same time, he also had to face responsibility for difficult phases in his work.”

In his “spiritual will,” released by the Vatican Saturday, Benedict wrote: “I pray for our country to remain a country of faith and urge you, dear compatriots: do not let yourselves be deterred from the faith.”

___

Follow AP’s coverage of the death of Pope Emeritus Benedict XVI at https://apnews.com/hub/pope-benedict-xvi

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Russian troops kill two civilians in Ukraine on Dec 31

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Two people were killed and 50 others hurt in Ukraine because of Russia’s armed aggression on Saturday, December 31.

According to Ukrinform, Deputy Head of the President’s Place of work Kyrylo Tymoshenko said this in a publish on Telegram, referring to figures from regional armed service administrations.

One particular man or woman was wounded in the Dnipropetrovsk region, just one individual wounded in the Donetsk region, 5 wounded in the Zaporizhzhia region, six wounded in the Mykolaiv region, one wounded in the Kharkiv area, one particular human being killed and 4 wounded in the Kherson location, ten men and women wounded in the Khmelnytskyi region, and a person human being killed and 22 wounded in Kyiv.

The Russian military on December 31 carried out enormous assaults on 11 areas in Ukraine.

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The post Russian troops kill two civilians in Ukraine on Dec 31 appeared first on Ukraine Intelligence.

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Putin, Xi vow closer ties as Russia bombards Ukraine again

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Russian President Vladimir Putin speaks during a meeting with Chinese President Xi Jinping, seen onscreen, via a video conference at the Kremlin in Moscow, Russia, Friday, Dec. 30, 2022.

Russian President Vladimir Putin speaks during a meeting with Chinese President Xi Jinping, seen onscreen, via a video conference at the Kremlin in Moscow, Russia, Friday, Dec. 30, 2022. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP)

Putin, Xi vow closer ties as Russia bombards Ukraine again

By FELIPE DANA Associated Press

KYIV, Ukraine (AP) — Russian President Vladimir Putin and Chinese leader Xi Jinping vowed Friday to deepen their bilateral cooperation against the backdrop of Moscow’s 10-month war in Ukraine, which weathered another night of drone and rocket attacks following a large-scale missile bombardment.

Putin and Xi made no direct mention of Ukraine in their opening remarks by videoconference, which were broadcast publicly, before going into private talks. But they hailed strengthening ties between Moscow and Beijing amid what they called “geopolitical tensions” and a “difficult international situation,” with Putin expressing his wish to extend military collaboration.

“In the face of increasing geopolitical tensions, the significance of the Russian-Chinese strategic partnership is growing as a stabilizing factor,” said Putin, whose invasion of a neighboring country has been stymied by fierce Ukrainian resistance and Western military aid.

The Russian leader said he expected Xi to visit Moscow in the spring. Such a trip “will demonstrate to the whole world the strength of the Russian-Chinese ties on key issues, will become the main political event of the year in bilateral relations,” he said.

Putin said military cooperation has a “special place” in the relationship between their countries. He said the Kremlin aimed to “strengthen the cooperation between the armed forces of Russia and China.”

Xi, in turn, said through a translator that “in the face of a difficult and far from straightforward international situation,” Beijing was ready “to increase strategic cooperation with Russia, provide each other with development opportunities, be global partners for the benefit of the peoples of our countries and in the interests of stability around the world.”

In its report on the meeting, Chinese state broadcaster CCTV described the events in Ukraine as a “crisis.” The term marked a departure from China’s usual references to the “Ukraine situation,” and the change may reflect growing Chinese concern about the direction of the conflict.

“Xi Jinping emphasized that China has noted that Russia has never refused to resolve the conflict through diplomatic negotiations, for which it (China) expresses its appreciation,”” CCTV reported.

Ties between Moscow and Beijing have grown stronger since Putin sent his troops into Ukraine on Feb. 24. Just last week, Moscow and Beijing held joint naval drills in the East China Sea. Putin and Xi also spoke by video link last December.

China, which has promised a “no limits” friendship with Russia, has pointedly refused to criticize Moscow’s actions in Ukraine, blaming the U.S. and NATO for provoking the Kremlin, and has blasted the punishing sanctions imposed on Russia.

Russia, in turn, has strongly backed China amid the tensions with the U.S. over Taiwan.

Russia and China are both facing domestic difficulties. Putin is trying to maintain domestic support for a war that has lasted longer than anticipated, while a surge in COVID-19 cases has overwhelmed hospitals in China.

In Ukraine, authorities reviewed the toll from a widespread Russian missile attack on power stations and other vital infrastructure Thursday that was the biggest such bombardment in weeks. Four civilians were killed during the barrage, according to Kyrylo Tymoshenko, the deputy head of the Ukrainian president’s office.

The General Staff of the Armed Forces of Ukraine said in its Friday morning update that Russian forces had unleashed a total of 85 missiles and 35 airstrikes on targets across Ukraine in the previous 24 hours. Russia also launched 63 attacks from multiple launch rocket systems, the military report said.

Following the first waves of missiles on Thursday morning, Russian forces attacked Ukraine with Iranian-made Shahed-131/136 drones on Thursday night and early Friday, all of which were shot down, the Ukrainian air force said.

Some were aimed at Kyiv, Mayor Vitali Klitschko said Friday. Of seven exploding drones launched against the Ukrainian capital, two were shot down on the approach to the city and five over Kyiv itself, according to Klitschko.

Ukrainian President Volodymyr Zelenskyy said in his nightly video address that Russia hasn’t abandoned plans to capture all of Donetsk, aiming to accomplish the goal by New Year’s Day. Zelenskyy also warned Ukrainians there could be another widespread air assault.

“There are two days left in this year. Perhaps the enemy will try once again to make us celebrate the New Year in the dark. Perhaps, the occupants are planning to make us suffer with the next strikes on our cities,” he said. “But no matter what they plan, we know one thing about ourselves: we will survive. We will. We will drive them out. No doubt about it. And they will be punished for this terrible war.”

Alena Verbitskaya, presidential commissioner for the protection of the rights of defenders of Ukraine, said Friday that 3,392 Ukrainian servicemen are now in Russian captivity. Another 15,000 people are classified as missing, he told Germany’s RedaktionsNetzwerk.

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Pope marks New Year as Vatican prepares to mourn Benedict

VATICAN CITY (AP) — Pope Francis prayed for his predecessor’s passage to heaven as he presided over a special New Year’s Day Mass Sunday in St. Peter’s Basilica, a day after Pope Emeritus Benedict XVI died in retirement at the Vatican.

The huge basilica will host Benedict’s coffin starting on Monday. Thousands of faithful are expected to attend the first of three days of viewing.

Benedict, 95, died Saturday morning in the Vatican where he had lived since retirement. He was the first pope in centuries to resign, citing his increasing frailty.

Francis looked weary and sat with his head bowed as Mass began on the first day of the year, an occasion the Catholic church dedicates to the theme of peace.

He departed from his written homily to pray aloud for Benedict, imploring the Virgin Mary to “accompany him in his passage to the hands” of God.

The pontiff will lead Benedict’s funeral on Thursday in St. Peter’s Square. That rite will be a simple one, the Vatican has said, in keeping with the wishes of Benedict, who for decades as a German cardinal had served as the Church’s guardian of doctrinal orthodoxy before he was elected pope in 2005.

In the last years, Francis has hailed Benedict’s stunning decision to become the first pope to resign in 600 years and has made clear he’d consider such a step as an option for himself.

Hobbled by knee pain, Francis, 86, on Sunday arrived in the basilica in a wheelchair, before taking his place in a chair for the Mass, which was being celebrated by the Vatican’s secretary of state.

Francis, who has repeatedly decried the war in Ukraine and its devastation, recalled those who are victims of war, passing the year-end holidays in darkness, cold and fear.

“At the beginning of this year, we need hope, just as the Earth needs rain,” Francis said.

___

Nicole Winfield contributed from the Vatican.

___

More on the death of Emeritus Pope Benedict XVI: https://apnews.com/hub/pope-benedict-xvi

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Wall Street’s biggest Tesla bull still sees the stock rebounding 122% from current levels – and doesn’t blame Musk’s Twitter dalliance for a brutal December sell-off

Elon Musk Tesla

Carina Johansen/Getty Images; Jeremy Moeller/Getty Images

  • Tesla stock is down more than 65% in 2022, but longtime bull Adam Jonas of Morgan Stanley isn’t giving up.
  • Despite recently trimming his price target, Jonas still sees 122% upside for Tesla shares.
  • He thinks Tesla will extend its lead in the electric-vehicle space next year, and also benefit from the Inflation Reduction Act.

Morgan Stanley remains bullish on Tesla stock despite recent turmoil and worry over Elon Musk’s focus. 

In a recent client note, longtime Tesla proponent Adam Jonas cut his price target on the stock $250, down from $330 previously. But despite the mea culpa, his new forecast still calls for 122% upside from Wednesday’s close.

Jonas offered two main reasons for his continued optimistic outlook: Tesla will extend its existing lead versus electric-vehicle competitors, and also see benefits from the Inflation Reduction Act.

When addressing Tesla’s more than 65% drop in 2022, including a 40% plunge in December alone, Jonas stopped short of blaming CEO Elon Musk’s preoccupation with Twitter — something that a growing chorus of critics have pointed to as a major loss driver. He instead attributed it to supply outpacing demand for the first time since the COVID-19 pandemic, and assorted “technical factors.”

“The last two years of demand exceeding supply will be substantially inverted to supply exceeding demand,” Jonas wrote. “Within this environment, we believe players that are self-funded (non-reliant on external capital funding) with demonstrated scale and cost leadership throughout the value chain (from manufacturing to up-stream material supply) can be relative winners.”

He continued: “Between a worsening macro backdrop, record high unfavorability, and increasing competition, there are hurdles to overcome. Yet we do believe that in the face of all these pressures, Tesla will widen its lead in the EV race, as it leverages its cost and scale advantages to further itself from the competition.” 

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These are the 13 best amenities aboard Royal Caribbean’s Wonder of the Seas, the world’s largest cruise ship with a zip line, 3 water slides, and a park

Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

  • I sailed on Royal Caribbean International’s new 9,300-person Wonder of the Seas.
  • The world’s largest cruise ship is filled with fun spaces for intergenerational families.
  • These are the vessel’s 13 best amenities, services, and activities from a thrilling water show to the zipline.
Royal Caribbean International’s new 1,188-foot-long Wonder of the Seas is currently the world’s largest cruise ship.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

And with this giant size comes plenty of amenities to entertain guests for days.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Almost every modern family-oriented cruise ship has amenities like a pool, water slide, and outdoor decks.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

But only Royal Caribbean’s 18-deck Wonder of the Seas has an outdoor boardwalk with a candy store …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… an expansive underwater-themed playground for children …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… and an overwhelmingly bright and expansive pool deck.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

There’s a long list of activities and services available for up to 9,288 occupants.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

The list can be a lot, so here are the 13 best ones I saw when the cruise line invited me on the ship’s non-revenue sailing for media and travel agents.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

1. The Wonder of the Seas is divided into eight distinct “neighborhoods.”Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

No two neighborhoods look alike.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

But some are named after real-life recognizable destinations like Central Park and Boardwalk.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

2. The ship has over 20 dining venues including a new-to-brand Southern comfort restaurant with a live band …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… a sushi and teppanyaki venue, a seafood restaurant …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… and recognizable spots like Starbucks and Johnny Rockets.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Unfortunately for budget travelers, these are all paid specialty venues.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

3. But the ship’s buffets and primary dining venue still offer plenty of food for travelers who don’t want to shell out the additional cash.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

These buffets include an outdoor build-your-own taco bar, a hot dog stand …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… and a traditional indoor cruise buffet with a seafood, international fare, and dessert section.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

4. Every cruise ship has bars and lounges but the Wonder of the Seas’ are especially unique.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Not every cruise vessel has a bar with two robotic arms, liquor on the ceiling, and no bartenders.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

There’s also a bar that rises and lowers between two decks depending on the time of day …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… as well as several watering holes with live music — including a karaoke bar — and plenty of room to dance.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

4. There is a water playground and rows of pools and hot tubs scattered throughout the pool deck, giving guests a colorful place to relax and play under the sun.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

5. This outdoor deck also has three water slides, including two for racing.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

The colorful chairs, pools, and slides make the pool deck an overwhelming feast for the eyes.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

And the rows of outdoor lounge chairs seem endless as you walk through the pool deck.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

6. The deck above the pools has a collection of unique outdoor activities including a dry slide inside the mouth of a giant anglerfish …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… a mini-golf course, a surf simulator …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… a sports court, and a zip line that takes guests over the Central Park neighborhood.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

7. The adults-only solarium has three hot tubs, a multi-level pool, and animal topiaries.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

8. The open-air Boardwalk neighborhood actually looks like a boardwalk.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

The wood plank flooring, ice cream and candy store, arcade games …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… sports bar, and carousel all make the neighborhood convincing.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

But unlike a traditional boardwalk, this neighborhood is also home to the two large rock climbing walls that flank the Aqua Theater.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

9. The “inTENse” nighttime show at the Aqua Theater is a unique synchronized event unlike any traditional song-and-dance cruise ship musical.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Here, a tightrope walker opens a thrilling performance filled with divers, a shifting stage filled with water, and synchronized swimmers and dancers.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

10. But the onboard entertainment doesn’t stop at this water show.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

There’s also an ice skating performance and a superhero-themed show with drones that fly around the crowd.Ice skating show

Brittany Chang/Insider

11. The Wonder of the Seas has a tiny slice of New York City with the Central Park neighborhood.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Here, over 20,000 plants fill the open-air space lined with speciality dining and upscale shopping.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

It’s one of the more tranquil walking spaces aboard the ship, especially when there’s live music in the heart of the neighborhood.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

12. Like Central Park, the Royal Promenade neighborhood looks nothing like a cruise ship.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Instead, this indoor walkway resembles a mall with plenty of stores, fast dining options, and bars.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

But unlike a typical mall, the Royal Promenade has a giant metal cowboy hat and a Ford Mustang parked in the middle of the walkway.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

13. You could find yourself in the same elevator as a surprise piano player.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

The piano man graces different elevators every night …Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

… but guests won’t know which one until they hear the piano music and the cheers of listeners as the elevator travels throughout the 18 decks.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Small features like this make Royal Caribbean’s Wonder of the Seas an especially unique floating resort.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Many spaces aboard the vessel don’t resemble those on a traditional cruise ship.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

So it’s no surprise the Wonder of the Seas has “contributed significantly” to Royal Caribbean’s record number of bookings throughout 2022, Vicki Freed, Royal Caribbean’s senior vice president of sales, trade support, and service, told Insider in an email statement.Royal Caribbean Wonder of the Seas cruise ship

Brittany Chang/Insider

Source: Insider

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Warren Buffett’s salary has been $100,000 a year for over 4 decades. Take a look at the billionaire investor’s unique compensation.

Warren BuffettWarren Buffett.

AP Photo/Nati Harnik

  • Warren Buffett’s annual salary has been $100,000 for more than 40 years.
  • Berkshire Hathaway spends triple that amount on his security each year.
  • Buffett lives modestly despite owning about $100 billion of Berkshire stock.

Warren Buffett is an investing icon, the boss of Berkshire Hathaway, and one of the richest people on the planet. Yet he earns a modest annual salary of $100,000  — and hasn’t seen a pay rise in over 40 years, Securities and Exchange Commission filings show.

As Berkshire’s CEO and chairman, Buffett recommends to his board of directors how much he should be paid, and decides the rest of the executives’ compensation. The 92-year-old has received $100,000 a year since 1980 — a fraction of the $18 million average pay of S&P 500 CEOs in 2021.

Buffett doesn’t earn much from other sources either. He netted double his salary in annual directors’ fees in the 1990s and early 2000s, before he resigned as a director of The Washington Post Company and stepped down from other corporate boards.

The highest annual compensation he’s ever received at Berkshire was $525,000 in 2010, comprising his $100,000 salary, $75,000 in directors’ fees, and $350,000 allocated to his security costs.

Berkshire spends far more on Buffett’s personal and home security than it pays him directly. Keeping the boss safe has cost the company roughly $300,000 a year since 2008, or about $5 million in total.

Buffett isn’t in desperate need of a big salary. He owns roughly $100 billion of Berkshire stock — which he’s gradually giving away — and doesn’t spend much: he lives in a modest family home, drives a basic car, and eats breakfast at McDonald’s.

The investor also doesn’t use a company car, belong to any clubs where Berkshire pays his dues, or commandeer company-owned aircraft for his personal use.

Buffett shared his views on salaries at Berkshire’s annual shareholder meeting in 2017, when he was asked how much his successor would be paid. He expressed hope that the next CEO would already be rich, and wouldn’t be motivated to earn 10 or 100 times the money their family needs to live on.

“They might even wish to, perhaps, set an example by engaging for something far lower than, actually, what you can say their true market value is,” he continued, adding it would be “terrific” if that was the case.

Read more: JPMorgan says buy these 50 beaten-down stocks as traders continue to flee high-flyers and pile into cheaper names

Buffett is a firm believer that CEOs should be incentivized to deliver long-term success for their companies. He believes massive annual salaries, bonuses, and short-term stock options encourage short-term thinking.

Charlie Munger — Buffett’s right-hand-man and Berkshire’s vice-chairman — has followed Buffett’s example. He’s also received an annual salary of $100,000 for several decades now, SEC filings show.

In contrast, Ajit Jain and Greg Abel, who head up Berkshire’s insurance and non-insurance divisions respectively, are paid far more handsomely. Both men have earned a $16 million salary and a $3 million bonus in each of the past three years. Notably, Buffett has named Abel as his planned successor as Berkshire CEO.

Finally, Berkshire’s finance chief, Marc Hamburg, has seen his salary grow from about $300,000 in 1996 to $3.3 million in 2021.

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‘Big Short’ investor Michael Burry warned stocks would crash and rallies wouldn’t last. Here are 6 of his key tweets in 2022, and what they meant.

Dr. Michael BurryMichael Burry.

Astrid Stawiarz/Getty Images

  • “The Big Short” investor Michael Burry suggested the S&P 500 could plunge below 1,900 points.
  • The Scion Asset Management chief based his prediction on how past crashes have played out.
  • Burry said brief rallies were likely, and joked about his penchant for premature predictions.

Michael Burry, the hedge fund manager of “The Big Short” fame, rang the alarm on the “greatest speculative bubble of all time in all things” in the summer of 2021. He warned the retail investors buying up meme stocks and cryptocurrencies that they were headed towards the “mother of all crashes.”

The Scion Asset Management chief’s grim prediction may be coming true, as the S&P 500 and Nasdaq indexes tumbled by 19% and 33% respectively in 2022. In tweets posted in May 2022 then subsequently deleted, Burry took credit for calling the sell-off, explained why he expects further declines, and cautioned against buying into relief rallies.

Here’s a roundup of Burry’s best tweets about the stock-market slump:

The pandemic crash was just the startBurry tweet about speculative peaks

@michaeljburry

The S&P 500 index has rebounded strongly from the pandemic crash in the spring of 2020, rising from a low of 2,192 points to around 3,800 points today. However, it could halve in value to below 1,900 points over the next few years, Burry tweeted on May 3, 2022.

When the S&P 500 has crashed in the past, it has traded lower several years later, Burry noted. He pointed to the index bottoming 13% lower in 2009 than it did in 2002, 17% lower in 2002 than it did during the Long-Term Capital Management fiasco in 1998, and 10% lower in 1975 than in 1970.

If the benchmark index follows that historical pattern, it could trade 15% lower than its level in the spring of 2020, Burry said.

There may be epic but short-lived ralliesBurry tweet about dead cat bounces

@michaeljburry

A “dead cat bounce” refers to a temporary rebound in stock prices after a significant fall, often because speculators buy shares to cover their positions.

They often occur during major declines in the stock market, Burry said in a May 4 tweet. The implication is that investors shouldn’t get their hopes up about any rallies in the coming months, as they’re likely to be brief respites that won’t result in a market recovery.

Burry noted that 12 of the 20 largest one-day rallies in the Nasdaq index took place as the dot-com bubble burst, while nine of the S&P 500’s 20 biggest one-day rallies occurred in the aftermath of the Great Crash in 1929.

 

Don’t be fooled by stocks reboundingBurry tweet about bear-market rallies

@michaeljburry

Stocks could stage multiple rallies before the crash is over, Burry warned in a May 5 tweet.

He noted that after the dot-com bubble burst, the Nasdaq rallied 16 times by more than 10% — gaining on average 23% each time — on its way to a 78% decline at its nadir.

Burry also emphasized that after the Great Crash of 1929, the Dow Jones index rallied 10 times by more than 10%, rising by an average of 23% each time, before bottoming at a 89% decline.

 

Stocks are on a dangerous trajectoryBurry tweet about market history repeating itself

@michaeljburry

The US stock market appears to be following the pattern of previous bubbles, leaving it poised for a monumental crash, Burry noted in a May 8 tweet.

The Scion chief pointed to the S&P 500’s trajectory over the past 10 years, noting it was strikingly similar to the index’s chart for the decade leading up to the dot-com crash, and the Dow’s chart for the 10 years before the Great Crash of 1929.

Burry suggested that human nature was behind the consistently decade-long buildups, and implied that history is repeating itself.

Burry predicts correctly, but earlyBurry tweet about being a broken clock

@michaeljburry

Burry appeared to take a victory lap in a May 10 tweet, suggesting he believes the stock-market crash that he’s been warning about has finally arrived.

The Scion boss joked he was early with his prediction, just as he was during the mid-2000s US housing bubble.

Burry also nodded to Elon Musk calling him a “broken clock” last year, after the Scion chief bet against Tesla stock, predicted it would collapse in value, and questioned Musk’s motives for selling his company’s shares.

 

Stocks are set to tumble a lot furtherBurry tweet about more stock trading to come

@michaeljburry

Investors can expect stocks to fall a lot further, Burry warned in a May 11 tweet.

The investor noted that 5.2 times Microsoft’s outstanding shares were traded between the software stock’s peak during the dot-com bubble and its bottom in 2002. That figure was 3.3 times during the financial crisis, but had only reached 0.5 times at the time of his tweet.

Burry noted it was a similar story with Amazon and JPMorgan, indicating it could be a while before those stocks and others bottom out.

Read more: We interviewed the CEOs of 4 of Warren Buffett’s most iconic businesses. Here are their 16 best quotes about the investor, Berkshire Hathaway’s ownership, and navigating the pandemic and inflation.

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