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Billionaires’ success boils down to 3 simple traits, a new report says

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  • Billionaires have a trifecta of traits to thank for their success, a new report by UBS and PwC found.
  • Their smart risk-taking, focus, and determination is what makes them successful.
  • Companies run by billionaires perform almost twice as well as the rest of the market, Business Insider previously reported.
  • One of UBS’ billionaire clients plans in decades instead of quarters, according to John Matthews, the investment bank’s Group Managing Director of UBS’ Head of Ultra High Net Worth Americas.
  • Visit Business Insider’s homepage for more stories.

Intelligence isn’t what makes billionaires successful, a new report by investment bank UBS and PricewaterhouseCoopers found.

It’s billionaires’ “appetite for smart risk-taking, business focus, and determination” that helps them build and sustain their wealth, according to UBS and PwC’s 2019 Billionaires Report. These personality traits create what UBS and PwC call the “billionaire effect”: Companies run by billionaires perform twice as well as the rest of the market.

According to UBS and PwC, companies run by billionaires enjoyed returns of 17.8% between 2003 and the end of 2018. That’s compared to the MSCI AC World Index’s 9.1% return during the same time period. Billionaires’ companies were also consistently more profitable and performed better in the six years following an IPO than non-billionaire controlled companies, according to the study.

Billionaires have a trifecta of traits that add up to their success, the report outlines: They know how to take smart risks; they are obsessively focused on their businesses, which allows them to see opportunities others missed; and think longer-term than less wealthy CEOs.

“[I had a] conversation with a client talking about their success and how he has become successful with his company and his comment to me was, ‘John, I don’t think in quarters, I think in 10 years,'” John Matthews, the Group Managing Director of UBS’ Head of Ultra High Net Worth Americas, said at a press event hosted by UBS on October 6. “It’s a different mindset.”

A multitude of studies and books have similarly concluded that billionaires think differently than the majority of the population

The UBS and PwC report underscores findings that align with what other studies and books have also found: Billionaires think and operate differently than the majority of the population.

A review of the personality tests of 43 people with net worths above $11 million by German researcher Rainer Zitelmann found that ultra-wealthy entrepreneurs tend to have high tolerances for frustration and be more detail-oriented than the general population, Business Insider previously reported.

“To sum this up, you can say that rich people are less neurotic and less agreeable, but have a higher degree of conscientiousness, are more open to new experience, and more extroverted than the population as a whole,” Zitelmann said.

Entrepreneur Rafael Badziag, meanwhile, spent five years conducting face-to-face interviews with 21 self-made billionaires and found that the same characteristics that make them successful can also lead to their downfalls.

“Billionaires are nonconformists who demonstrate individualism at an early age when they break more than a few rules,” Badziag wrote in his book, “The Billion Dollar Secret: 20 Principles of Billionaire Wealth and Success.”

“Knowing when to make the leap versus when to run in the opposite direction often means the difference between bankruptcy and billions,” Badziag added.



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5 dead, others injured in White Island volcano eruption in New Zealand

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  • At least five people are dead and several others injured after one of New Zealand’s most active volcanoes erupted on Monday afternoon local time, sending huge plumes of smoke into the sky. 
  • New Zealand’s geological monitoring agency, GeoNet, said the eruption began at around 2:11 p.m. on Whakaari, also known as White Island.
  • According to the agency, the volcano sent ash plumes 12,000 feet into the air. 
  • New Zealand police officials said, around 6 p.m. on the night of the explosion, that the area is too dangerous for rescuers to try to retrieve anybody. 
  • Visit Insider’s homepage for more stories.

At least five people are dead and several others were injured after one of New Zealand’s most active volcanoes erupted on Monday, sending huge plumes of smoke into the sky. 

The eruption occurred at Whakaari, also known as White Island, which is located about 50 kilometers (30 miles) from the east coast of country’s North Island.

White Island map


Screenshop/Google Maps


According to New Zealand’s geological monitoring agency, GeoNet, the eruption began at around 2:11 p.m. local time.

Activity at the volcano diminished after the short-lived eruption.

At a press conference around 6 p.m. local time, New Zealand Police confirmed that at least five people died, while others were being treated in nearby hospitals for burns. 

Police added it is still too early to confirm how many people are involved and how many people are still on the island. 

Police Deputy Commissioner John Tims said that the volcano is currently too unstable for rescuers to enter.

“It is important that we consider the health and safety of those who are going to rescue those on the island,” said Tims.

Prime Minister Jacinda Arden said that about 100 people were believed to have been on the island when the volcano erupted, according to the New Zealand Herald. That figure was around double an earlier estimate of 50 given by police.. 

“All our thoughts are with those affected at this stage,” Ardern said on Monday afternoon after a cabinet meeting. 

New Zealand’s National Emergency Management Agency said that the immediate vicinity of the volcano remains hazardous.

 

GeoNet said the volcano sent ash plumes 12,000 feet into the air. 

A no-fly zone has been established above the island. 

According to GNS Science, New Zealand’s geoscience agency, White Island has been New Zealand’s most continuously active volcano for the last 40 years. 



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Miss USA Cheslie Kryst wears Statue of Liberty dress for Miss Universe

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  • Miss USA Cheslie Kryst wore an ensemble inspired by the Statue of Liberty during the Miss Universe National Costume Show. 
  • Her outfit looked strikingly similar to the dress Sandra Bullock wore in the film “Miss Congeniality,” in which she plays an FBI agent who went undercover as a pageant queen. 
  • Kryst told the New York Post that her outfit paid homage to Lady Liberty, Lady Justice, Rosie the Riveter, and Maya Angelou. 
  • Visit Insider’s homepage for more stories.

From a soccer uniform to a cannabis leaf, there were plenty of showstopping national costumes during the Miss Universe preliminaries this weekend. 

But some eagle-eyed fans may have noticed that Miss USA Cheslie Kryst’s national costume looked very similar to another famous pageant moment. 

Kryst, 28, looked like a golden Statue of Liberty thanks to her torch and crown, which shot confetti. 

Miss Universe Cheslie Kryst

Miss USA Cheslie Kryst during the National Costume Contest.
Miss Universe


The look was strikingly similar to the ensemble Sandra Bullock wore in the 2000 hit film “Miss Congeniality,” in which she plays an FBI agent who goes undercover as a pageant queen. 

During the finals of the Miss United States pageant in the film, Bullock and her fellow pageant queens wear Lady Liberty outfits complete with crowns and torches. 

Sandra Bullock Miss Congeniality

Kryst’s outfit looked very similar to Sandra Bullock’s pageant dress in “Miss Congeniality.”
Castle Rock Entertainment


Sandra Bullock Miss Congeniality

Sandra Bullock in “Miss Congeniality.”
Castle Rock Entertainment


While Kryst’s national costume for the Miss Universe pageant wasn’t inspired by Gracie Hart (Bullock’s character), it did pay homage to quite a few powerful women. 

Miss USA told the New York Post that her costume, which was designed by Martin Izquierdo, has references to Rosie the Riveter, Maya Angelou, Lady Justice, and Lady Liberty (of course). 

“I wanted to think of a way to combine several iconic American women into one costume,” Kryst said. 

Miss USA Cheslie Kryst at Miss Universe

Miss USA Cheslie Kryst competes in the Miss Universe National Costume Contest.
Miss Universe


Rosie the Riveter, a cultural icon of World War II, inspired Kryst’s headband and gown, the latter of which was made from denim and painted gold. 

“She represents power and empowerment and how women contribute to society,” Kryst told the Post. 

Kryst said her massive wings were inspired by Angelou’s autobiography “I Know Why the Caged Bird Sings” and symbolized “creativity and authenticity.”

Miss USA Cheslie Kryst Miss Universe

Miss USA Cheslie Kryst competes in the 2019 Miss Universe pageant.
Miss Universe


Kryst told the Post that her costume made her “feel powerful.” 

“It’s pretty, but it means something,” she said. “I get to wear a dress, and all of a sudden we’re talking about the history of the Statue of Liberty and Lady Justice.”



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CVS Health’s chief digital officer on the company’s tech strategy

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Firdaus Bhathena can think of a number of different projects that would keep him incredibly busy. 

Technology is coming for healthcare, and the centuries-old companies in the industry are facing a steep learning curve.

So they’ve brought on experts liked Bhathena to helm up the companies digital strategies. Bhathena is the chief digital officer of CVS Health, first came into his role in 2016 as a part of Aetna, the massive health insurer CVS acquired in 2018. 

Bhathena Firdaus   pic

CVS Health Chief Digital Officer Firdaus Bhathena
Courtesy CVS Health


CVS is a $98 billion company that provides insurance to 39 million people and operates nearly 10,000 pharmacies. The first CVS store opened in 1963.

Within the now combined company, Bhathena has to avoid being spread too thin. 

“It’s very tempting to — what we say in the tech world — to sort of peanut-butter spread your resources across a whole bunch of different things,” Bhathena said. 

Read more: We spoke with the execs tasked with bringing technology to some of the world’s oldest healthcare companies. Here’s how they’re picking their spots.

Using technology for a simpler consumer experience

What’s driving Bhathena’s group, he said, is a focus on improving the consumer experience within the whole organization, rather than focusing on a particular part of the business. 

That can be as basic as making sure the website is up and running or powering the technology that allows users to check if there’s a MinuteClinic appointment available.

Read more: We asked the CEO of CVS to share how he plans to use his 10,000 pharmacies to upend healthcare. This is the story he told us.

Ideally, Bhathena said, it’d be a world in which CVS could have a comprehensive picture of a person so that when they come in for a visit, the organization understands that you’re an Aetna member who uses CVS Caremark to manage prescription benefits, and that you’ve been in for three clinic visits in the past month.

Right now, that information isn’t connected, often meaning patients have to start from scratch every time they go into a retail clinic or have a virtual visit.

It could also mean getting more precise with messaging, such a prompting an Aetna member who hasn’t been to the doctor in years to go, rather than reaching out to all Aetna members, including those who have been in to see their doctors recently. 

In particular, there are three areas of technology Bhathena is paying close attention to: AI for healthcare, connected devices, and virtual care. Ideally, those technologies combined could make getting care more connected and easy to use for consumers. 

“I hope that in the next three years, when you join a health plan, you won’t just get a glossy brochure in the mail,”  Bhathena said.

Instead, you’ll also get a box with connected devices that might be able to help you better triage health incidents with the help of AI, figuring out if you might need to have a virtual visit or come in for an urgent-care or emergency-room visit, and connecting all the way to a pharmacy if a prescription is needed that could be delivered to your door.  

Read more: Walgreens and CVS have dueling visions for the future of pharmacies. Here are the biggest obstacles each one faces.



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