Best Investments For 2024

Hermès heir awarding 51-year-old gardener Billion Dollar fortune

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This story keeps getting crazier. Last year the heir to Hermès shocked the world by deciding to adopt his gardener to gift them his $11BN fortune. But last week he claimed the money… vanished. Why did he leave it to his gardener? Where did the money go? Here’s what I found: 

Puech is a fifth-generation descendant of Thierry Hermès, who founded the luxury fashion house in 1837. It all started as a small, Paris workshop that made horse harnesses. But today, the company is valued at $220 BILLION.

Over time, Hermès evolved and diversified into fashion. Iconic products like the Hermès scarf established the family name as a luxury status symbol. 

Fast forward 187 years and 5 generations, Puech plans to pass his estate of $11B to his gardener. All anyone knows about the mystery gardener is that they come from a modest Moroccan family. And this isn’t the first time Puech has made large gifts to them. 

He’s already gifted properties in Marrakesh, Morocco, and Montreux, Switzerland – worth a combined $5.9 million. But not everyone is a fan of his generosity… 

Initially, Puech planned to donate his entire $11B fortune to the Isocrates Foundation: A small charity for journalism. But then he changed his mind. As you can imagine, he annoyed a number of people with that decision. Including his family… 

In 2011 Hermes faced a hostile takeover attempt by LVMH. The family created a private holding to stop this attempt – but one family member didn’t join the holding: Puech. Now he plans to gift his wealth to his gardener, he’s defying the tradition of keeping wealth. 

To facilitate the transfer of his wealth, Puech was planning to adopt his 51-year-old gardener to pass on his $13 billion estate. But just last week, the money seems to have vanished. Where did it go? 

Puech claims he has no idea. He’s accused his wealth manager, Eric Freymond of “gigantic fraud” in the disappearance of the $13 BILLION in Hermès shares that he was planning to leave his gardener. But the courts didn’t agree with him.

They found that Puech willingly gave Freymond access to his bank accounts, and let him manage his money. And although it’s not certain where the money went, there’s one thing for sure. It’s not likely to go to his gardener anymore. 

But I can’t help but think “What if it did go to the gardener?” Put yourself in their shoes. Your life is changed forever – now what..? Puech thought he was doing them a favor, but would he really be helping him? Will the money destroy the gardener’s life and his family?

This story in particular reminds me of a quote: “Wealth is as potent as any sword. When mastered it can bring the world to its knees. When not, it can bring the owner to his knees.”

With wealth, there are repercussions of inheriting that level of power overnight. And it makes you think twice about: how much is a “gift” – and at what level does gifting power actually become a curse?

Building Your Own “Legacy” 

Being inspired by stories and taking consistent action are two different things. Here at Connect My Currency we inspire our traders through consistent actionable growth strategies using automated and hybrid trading solutions. 

Find out more about what we do Click Here

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Ewan @CMC

From Death To £400 Million: The Bookstore Rebirth

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In recent years, the U.K. bookstore industry has experienced a remarkable resurgence. After a challenging period marked by the rise of e-books and competition from online giants, physical bookstores have bounced back, with many now reporting significant revenue growth. This revival has not only invigorated the industry but also rekindled the joy of browsing books in-store—a pleasure that many readers had sorely missed.

A Comeback Story

The decline of physical bookstores was a well-documented narrative throughout the 2010s. The rapid adoption of e-books and the dominance of online retailers led many to predict the demise of brick-and-mortar bookstores. However, recent trends have proven these predictions wrong. Bookstores in the U.K. are not just surviving—they are thriving.

One of the key factors driving this resurgence is a renewed interest in physical books. Despite the convenience of digital formats, many readers have returned to printed books, appreciating their tactile nature and the joy of owning a physical collection. This shift has been reflected in sales figures, with physical book sales outpacing e-book sales in recent years. According to a report by the Publishers Association, physical book sales in the U.K. increased by 5% in 2023, reaching a value of £3.7 billion.

Independent Bookstores: The Heart of the Revival

Independent bookstores, once seen as an endangered species, have played a central role in the industry’s revival. Far from being overshadowed by larger chains and online retailers, independent bookstores have carved out a niche by offering personalized services, curated selections, and a community-oriented experience.

The numbers tell a compelling story. The Booksellers Association reported that the number of independent bookstores in the U.K. has grown for the sixth consecutive year, reaching 1,072 stores in 2023. This growth is not just in quantity but in financial performance as well. Many of these stores are reporting millions in annual revenue, driven by loyal customer bases and a resurgence of local shopping trends.

Waterstones: A Success Story

Waterstones, the U.K.’s largest bookstore chain, exemplifies the industry’s broader success. After years of restructuring and adapting to market changes, Waterstones has emerged stronger than ever. The chain reported a revenue of £400 million in 2023, with significant contributions from both in-store sales and a robust online presence.

Waterstones’ success has been attributed to several factors. The chain has focused on creating a welcoming and comfortable environment in its stores, encouraging customers to linger and explore. Additionally, Waterstones has emphasized local autonomy, allowing individual store managers to curate their selections based on local tastes and preferences. This strategy has resonated with customers, driving both foot traffic and sales.

Adapting to a New Landscape

The COVID-19 pandemic posed significant challenges to the retail sector, and bookstores were no exception. However, many bookstores adapted quickly, enhancing their online presence and offering delivery services. These adaptations not only sustained them during lockdowns but also positioned them well for the post-pandemic market.

As restrictions eased, there was a noticeable increase in foot traffic, with customers eager to return to the in-store experience. This was particularly evident during key retail periods such as the 2023 holiday season, where sales exceeded expectations. The industry’s ability to adapt and innovate during challenging times has been a critical factor in its ongoing success.

Challenges and the Road Ahead

Despite the positive trends, challenges remain. Competition from online giants like Amazon continues to be a significant hurdle for bookstores, particularly in terms of pricing and convenience. However, many bookstores have differentiated themselves by offering unique experiences that online retailers cannot replicate.

Looking ahead, the outlook for U.K. bookstores is optimistic. The combination of a strong cultural shift towards supporting local businesses, the enduring appeal of physical books, and the innovative approaches taken by both independent stores and large chains suggests that the industry is on track to continue making millions in revenue.

The Bottom Line

The resurgence of U.K. bookstores is a testament to the resilience of the industry and the enduring appeal of physical books. From independent bookstores to large chains like Waterstones, the sector is once again thriving, with many stores reporting millions in revenue. This comeback is not just a financial success but a cultural one, reflecting the deep connection between readers and the physical act of browsing and buying books.

As the industry continues to evolve and adapt, U.K. bookstores are well-positioned to remain a vital part of the retail landscape, bringing the joy of reading to millions and proving that the bookshop is far from a thing of the past.

Figures at a Glance:

  • Physical Book Sales: £3.7 billion in 2023, a 5% increase from the previous year.
  • Independent Bookstores: 1,072 stores in 2023, marking six consecutive years of growth.
  • Waterstones Revenue: £400 million in 2023, reflecting strong in-store and online sales.

These figures highlight the robust health of the U.K. bookstore industry and underscore the broader trend of readers returning to physical books and in-store shopping experiences.

Inside JPMorgan’s Algorithmic Trading: How Algos Drive Your Trading

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In today’s fast-paced financial markets, speed, precision, and data-driven decision-making are more critical than ever. At the forefront of this technological revolution is algorithmic trading, often referred to simply as “algos.” At institutions like JPMorgan Chase, algos play a pivotal role in managing large volumes of trades, executing complex strategies, and optimizing financial outcomes. But how do these sophisticated systems work? Let’s take a deep dive into the world of algorithmic trading at JPMorgan.

  1. The Power of Data: The Foundation of Algos

Algorithmic trading begins with data—lots of it. JPMorgan’s algos ingest and analyze vast amounts of market data in real-time. This includes everything from price movements and order book data to trading volumes and broader financial indicators.

But it’s not just about what’s happening right now. Algos also rely on historical data to identify patterns, trends, and correlations that might inform future trading strategies. This combination of real-time and historical analysis allows JPMorgan’s algos to make informed decisions quickly, often faster than a human could even blink.

  1. From Strategy to Execution: The Role of Quantitative Models

At the heart of JPMorgan’s algorithmic trading are predefined rules and strategies. These can range from relatively simple instructions to highly complex, multi-layered strategies.

Many of these strategies are built on quantitative models, developed by quants—specialized analysts who use mathematical and statistical methods to predict market behavior. Once a strategy is in place, the algorithm can execute it automatically, placing trades based on the predefined rules without the need for human intervention.

  1. Speed and Precision: How Algos Execute Trades

Once an algorithm identifies a trading opportunity, it can place an order on the market almost instantaneously. This is where the real power of algos comes into play—executing trades in milliseconds, which is critical in a market where prices can change in the blink of an eye.

JPMorgan’s algos can also optimize the type of order placed (whether a market order, limit order, or stop order) and the size and timing of each trade. This careful orchestration minimizes market impact and reduces transaction costs, ensuring that the trades are executed at the best possible price.

  1. Staying Ahead of Risks: Real-Time Monitoring and Human Oversight

Despite the speed and efficiency of algos, human oversight remains a crucial component of the process. At JPMorgan, algos are constantly monitored in real-time to ensure they perform as expected and remain within the bank’s risk parameters.

If market conditions change suddenly or if the algo encounters an unexpected scenario, human traders and risk managers can step in to adjust or halt the algorithm’s operation. This hybrid approach—leveraging the speed of automation while maintaining human control—helps to manage risks effectively.

  1. Diverse Strategies for Diverse Markets

JPMorgan deploys a variety of algorithmic trading strategies, each tailored to different market conditions and goals. Some of the key strategies include:

• Market Making: Algos provide liquidity by placing both buy and sell orders, profiting from the bid-ask spread.

• Statistical Arbitrage: These strategies exploit price inefficiencies between correlated securities.

• High-Frequency Trading (HFT): Algos execute trades at extremely high speeds to capitalize on small price movements.

• Execution Algorithms: Designed to break up large orders into smaller pieces to minimize market impact and achieve the best possible execution price.

  1. The Role of AI and Machine Learning

JPMorgan’s algos are not just static sets of rules—they are increasingly incorporating AI and machine learning to enhance their predictive capabilities. These advanced systems can learn from new data, adapt their strategies over time, and even analyze non-traditional data sources, like news or social media, using natural language processing (NLP).

This AI-driven approach allows JPMorgan to stay ahead of market trends and adjust to changing conditions more dynamically than ever before.

  1. Ensuring Compliance: The Importance of Regulatory Adherence

In the highly regulated financial industry, ensuring compliance with laws and regulations is non-negotiable. JPMorgan’s algos are designed to adhere to all relevant rules, including those governing market conduct and best execution practices.

Every action taken by an algorithm is meticulously recorded, creating an audit trail that can be reviewed to ensure compliance and assess performance. This transparency is crucial in maintaining trust and integrity in the financial markets.

  1. Continuous Improvement: Post-Trade Analysis and Optimization

The work doesn’t stop once a trade is executed. JPMorgan conducts thorough post-trade analysis to evaluate the performance of their algorithms. This analysis looks at profitability, execution quality, and whether the trades adhered to the intended strategy.

Based on these insights, the algos can be refined and optimized, ensuring they are always evolving and improving to meet the demands of the market.

Conclusion: The Future of Trading at JPMorgan

Algorithmic trading is a cornerstone of modern finance, and at JPMorgan, it’s clear that these systems are as dynamic as the markets they operate in. By combining data-driven strategies with cutting-edge technology and human oversight, JPMorgan’s algos are able to navigate the complexities of global markets with unparalleled speed and precision.

As AI and machine learning continue to evolve, we can expect these systems to become even more sophisticated, opening up new possibilities for what algorithmic trading can achieve. But no matter how advanced the technology becomes, the integration of human expertise will remain a key factor in ensuring these powerful tools are used responsibly and effectively.

In the world of finance, where milliseconds can make millions, JPMorgan’s algos are not just following the market—they’re helping to shape it.

The Untold Story of Dan Saunders’ The 1.6 Million ATM Money Glitch”

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In the world of high finance and criminal exploits, few stories are as bizarre and compelling as that of Dan Saunders, an ordinary Australian bartender who stumbled upon an extraordinary loophole. His tale is one of sudden wealth, lavish spending, and the inevitable consequences of living a lie—a story that reads more like a Hollywood script than real life.

The Accidental Discovery

Dan Saunders was just an average guy, working as a bartender in Wangaratta, a small town in Victoria, Australia. His life was unremarkable until one fateful night in February 2011. After a night out drinking, Saunders found himself low on cash and decided to make a withdrawal from an ATM. To his surprise, despite his account being nearly empty, the ATM allowed him to withdraw $200.

Puzzled but intrigued, Saunders began to experiment. He soon discovered that between midnight and 1 AM, the ATM system went offline for a brief period, meaning it didn’t immediately verify account balances with the bank. This glitch allowed him to withdraw money far beyond his actual balance.

A Taste of the High Life

Realizing the potential of his discovery, Saunders began making increasingly larger withdrawals. Over several months, he siphoned off around 1.6 million Australian dollars. With this newfound wealth, Saunders transformed his life overnight. He indulged in all the luxuries that most people only dream of—private jets, five-star hotels, extravagant parties, and expensive gifts for friends and strangers alike.

Saunders didn’t hide his sudden fortune. Instead, he flaunted it, living a life of excess that included chartering a private plane to take friends to the Pacific Island of Fiji for a weekend. He became the life of the party, enjoying the thrill of his new status while sharing his wealth generously.

The Moral Dilemma

But as the saying goes, all good things must come to an end. For Saunders, the fantasy of limitless wealth began to crumble under the weight of guilt and paranoia. He knew that his actions were illegal and that it was only a matter of time before he would be caught.

The psychological toll of living a double life became unbearable. Saunders was constantly looking over his shoulder, waiting for the moment when the authorities would catch up with him. The thrill of the heist was replaced by a gnawing sense of dread.

Coming Clean

After nearly five months of living large, Saunders could no longer take the pressure. He decided to turn himself in, confessing his actions to the bank and the police. In 2015, Dan Saunders was sentenced to 12 months in prison for his crimes, followed by two years of probation. He was also ordered to repay the money, though the majority of it had already been spent.

The Aftermath and Legacy

Dan Saunders’ story didn’t end with his prison sentence. His case attracted significant media attention, and he later became something of a folk hero—a man who gamed the system and lived to tell the tale. He appeared on podcasts, including “The Joe Rogan Experience,” where he recounted his extraordinary experience.

However, Saunders is also a cautionary tale. While his story is undoubtedly fascinating, it serves as a reminder of the dangers of easy money and the heavy price of living outside the law. Saunders has expressed regret for his actions, acknowledging that the temporary thrill of wealth was not worth the long-term consequences.

In the end, Dan Saunders’ life is a testament to the age-old truth: If something seems too good to be true, it probably is. His journey from bartender to millionaire and back again is a compelling narrative of greed, guilt, and the human desire for redemption.

Billionaire Greek Playboy Flips $60 To $2.3 BILLION!

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The billionaire Greek playboy who seduced Jackie Kennedy. At 16 years old, his father’s wealth-empire was destroyed and his family barely survived a village massacre. But he turned $60 and a job as a phone operator into $2.3 BILLION. This is the story of Aristotle Onassis:

Aristotle Onassis grew up the son of a wealthy shipping entrepreneur – Socrates Onassis. But in August 1922, the Turkish army attacked and destroyed Greek cities and villages. Aristotle and the Onassis family were stripped of their wealth.

 

Aristotle’s father was imprisoned and his business was transferred to Turkish ownership. The once wealthy family now fled from Smyrna to Greece as refugees. But in 1923, Aristotle left on his own to make a new start in Buenos Aires. He was 17 with just $60 in his pocket.

He arrived in Buenos Aires and found a job as a telephone operator. Aside from income, Aristotle used the job to learn about business by eavesdropping on calls. But in the 1920s, he overheard a business call that would change his life forever.

 

The phone conversation revealed a business plan: Two men planned to film a main character smoking on screen – one of the first ever cigarette ads of the 1920s. And it gave Aristotle an idea for his own cigarette brand.

 

Aristotle’s cigarette brand would target the female market. He chose famous opera singer Claudia Muzio as the face of his brand. To get her to smoke his cigarettes, he showed up outside her dressing room with a bouquet of flowers.

Aristotle seduced Claudia Muzio and her alliance made his brand take off. By 25, he was a millionaire. But he saw an even greater revenue potential.

At the height of the Great Depression, everyone was getting out of the shipping business. But Aristotle Onassis bought 2 ships. World War II had just begun, so he registered his fleet of cargo ships to Panama. With that, he gained tax-free status and began building his empire.

 

Aristotle went on to build one of the world’s largest privately-owned fleets. But he ran into a problem. An oil deal with Saudi Arabia went bad and he lost MILLIONS.

Onassis couldn’t make his loan payments – he even considered selling his fleet of tankers. But in 1957, demand for ocean tankers skyrocketed during the Suez Canal Crisis. Aristotle could set ANY price he wanted. And he made more money than he ever had in his life.

In 1957 alone, Aristotle Onassis made $70 million (about $740 million today.) And that same year: Onassis founded Olympic Airlines, which became a major airline in Greece. He was 1 of ONLY 2 men in the world to own a private airline.

With his status and power, Aristotle also dated many famous women. After having two children with his wife Athina Livanos and an affair with Opera Singer Maria Callas… In the late 60s, he met Jacqueline Kennedy.

 

They met just months before President John F. Kennedy was assassinated in 1963. And in 1968, Onassis married Jacqueline Kennedy on his private island. The two were on cloud nine – but the American public was outraged.

Aristotle was at the top of the world – he had power, wealth and romance… But in 1973, he faced a tragic loss. His son Alexander, died in a plane crash. He was deeply distraught.

Just 2 years later at age 69, Aristotle Onassis died in 1975 in Neuilly-sur-Seine, France. At the time of his death, Onassis had a net worth of $500 million – approximately $2.3 BILLION today.

Some say that the death of his son drove Onassis to an early grave. And while reading about his story, I found this powerful quote from him: “The more you own, the more you know you don’t own.”

And while Aristotle Onassis’s wealth allowed him access to material things most people could only dream of owning… His story is a powerful reminder that even with all the money, power, and privilege in life, there are some things you can never own. Like life, and death.