Finding a great brand that's growing fast and buying the stock while the company is still small can lead to life-changing returns.

Nike (NYSE:NKE) first started selling athletic shoes under its trademark brand in 1972. The Nike Cortez is considered a classic -- a style that the company still sells today.

That first year marked the beginning of an explosive decade of growth, which came amid a brutal bear market for investors. But even a staggering economy in the late 1970s couldn't slow down the rapid revenue growth Nike was experiencing.

From 1972 through Nike's initial public offering (IPO) year in 1980, revenue climbed from less than $2 million to $269.8 million. Both revenue and profits roughly doubled every year.

Image source: Nike.

Nike had its IPO on Dec. 2, 1980. The stock was first sold to the public at $22 per share and traded in the over-the-counter (OTC) market on the NASDAQ. There have been seven stock splits -- all 2-for-1. This means shareholders received two shares for every one share they owned. But unfortunately, a stock split is not free money, as the share price is cut in half so that the total value of the investment stays the same.

If you had bought just one share at the IPO price, you would own 128 shares worth $11,520 based on the current trading price of $90 per share.

But if you had invested $10,000, you would own 58,181 shares. That investment would have a value today of $5,236,290.

Many investors (including myself) might look at that as a pipe dream. Who would be lucky enough to buy a great growth stock at its IPO and make millions? The thing is, Nike was already becoming a household name by 1980. It was a relatively small company by today's standards, but Nike's shoes were being worn by famous athletes at major sporting events at the time.

In the early 1980s, Nike had already emerged as a leading supplier of athletic shoes. In the 1981 annual report, the company stated, "Today, Nike shoes have a reputation as being among the most technically innovative shoes on the market." Nike was the first company to make shoes with full-length cushioned midsoles, lightweight nylon uppers, the unique Waffle-sole, and the patented Air-Sole.

Investors who took the Peter Lynch approach ("invest in what you know") could have conceivably bought some shares of Nike. The stock actually traded below its IPO price through the first half of 1981. You could have bought shares for as low as $17.50 early that year.

However, I don't believe discovering Nike and buying around the IPO price would have been the most difficult thing to do. The real challenge for early investors would have been remaining patient during a brutal period for the company in the mid-1980s.

By 1985, growth had dramatically slowed down at Nike. Revenue for the fiscal year ending May 31, 1985, grew just 2.9% -- a far cry from the explosive growth just a few years earlier. What's more, profits dropped that year to $10.3 million, down from $40.7 million the previous year.

Nike stock plummeted 66% between 1982 and 1984. In hindsight, it would have been a huge mistake to follow the herd. But based on how Nike founder and CEO Phil Knight described the state of the business back then, it would have seemed like the right choice to sell and move on.

Here is what Knight said in his 1984 letter to shareholders:

Several factors affected us. Most significantly, our domestic footwear market is changing, edging away from athletic looks to a renewed demand for fashion and traditional styles. These changes resulted in inventory valuation losses over three times greater than 1983.

It's fascinating that the trends toward "fashion and traditional styles" hurt Nike in the mid-1980s, when today the sneaker giant is seeing booming business from the trend toward athleisure wear. The athleisure trend has essentially bridged the gap between mainstream fashion and athletic wear, which is fueling Nike's current momentum.

There is something to the idea of never selling a single share of any stock you buy. The reward of sticking with that one great stock can more than pay for the losers. Companies don't operate in a static environment; great businesses will find a way to keep growing. Nike certainly did.

A young rookie in the National Basketball Association (NBA) named Michael Jordan arrived on the scene the same year Knight penned those words in the 1984 annual report. Nike was about to conduct a business school lesson for the ages in how you effectively market a brand.

But there was an element of luck involved.

Jordan came close to signing a shoe deal with Adidas (OTC:ADDYY) (OTC:ADDDF), but Nike was offering to pay him more than his annual salary as a player with the NBA's Chicago Bulls. It was a gamble for the swoosh brand, because no one knew Jordan would become an iconic star.

The rest is history. That 2.9% growth rate Nike experienced in 1985? The Air Jordan shoe line experienced "unprecedented market success" when it was introduced, and Nike revenue soared to $2.235 billion by 1990 -- more than doubling in just five years.

The Jordan Brand makes up less than 10% of Nike's revenue today, but the introduction of the Air Jordan in the 1980s breathed new life into a company that was struggling. It's difficult to imagine where Nike would be today without His Airness.

Over the past few decades, Nike has innovated and marketed its way to being one of the top consumer discretionary brands. An investor who exercised true patience would currently be earning $51,199 per year in dividend income off their $10,000 investment in Nike stock at the IPO -- and that's before taking into account any potential dividend reinvestment along the way.

See original here:
If You Invested $10,000 in Nikes IPO, This Is How Much Money You'd Have Now - Motley Fool

With the decade drawing to a close, Bank of America has identified 10 important investing themes to watch over the next 10 years. Underpinning the list is the tectonic societal shifts that the firm anticipates will play out over the next decade.

The firm said the coming decade will be "unlike any before it" as the world's social, environmental, political and economic systems face "escalating challenges." Megatrends will reach their boiling point in the 2020s, which will lead to changes in how governments, companies, markets and society more broadly operate, BofA predicts.

"We expect the 2020s will overhaul old paradigms, disrupt business models, and produce new trends that will shape our future. In the next 10 years, we should see increased automation, a global recession, unprecedented innovation, serious environmental challenges, the death of quantitative easing, tectonic shifts in demographics and the end of globalization," Bank of America analysts led by Haim Israel said in a note to clients Monday.

CNBC was granted permission to publish the full list.

Source: Bank of America

Bank of America says globalization has already peaked, which means that over the next decade there will be a greater focus on all things local.

"The 1981-2016 era of unchecked flow of goods, people and capital is coming to an end, catalyzed by the widespread recognition that while globalization has meant lower consumer prices, it has also meant slower growth, precarious employment and social disruption," Israel wrote.

The firm anticipates that while at first disruption in the global flow of things will increase the cost of doing business, eventually it will lead to a rebalancing that will raise productivity and set the global economy on a path to higher, sustainable growth.

"Countries will develop explicit national industrial policies and boost spending on R&D to foster local innovation, protect nascent industries, and shield national champions from hostile foreign takeovers," the analysts said.

Within a more nationalistic backdrop, investors should opt to own real assets like commodities, real estate and precious metals, as well as infrastructure and defense names. As things shift closer to home, small-cap and value stocks look better positioned than large-cap and growth stocks, according to the report.

The firm predicts that a number of other things will peak during the 2020s, including oil, cars and inequality; the population will age and people will own fewer things as the economy shifts from ownership to the sharing.

The economic picture entering the next decade isn't exactly rosy. Stocks may be hovering around all-time highs, but a record 90% of recipients in the BofA Global Fund Manager Survey said the world's economy is late in the boom cycle.

"We leave the 2010s stuck in an economic regime characterized by low growth and low inflation. Real GDP has averaged just 2% in the US, 1% in the EU and Japan, and halved from 12% to 6% in China as it rebalances towards a consumer rather than export-led economy," the firm said.

Bank of America sees today's bond market bubble as the "biggest vulnerability" for markets heading into 2020.

"In the coming years a policy mistake [inflation targeting/modern monetary theory] and/or the start of policy impotence (central banks pushing on a string) will likely cause a jump in interest rate volatility, end the decade-long bullish combo of minimum rates-maximum profits, and signal the big top in asset prices. A disorderly rise in bond yields would likely cause extreme pain as Wall St deleverages," the note said.

To hedge against a coming recession, the firm said to own things like gold and gold miners, as well as companies in monopoly areas like the utility sector since companies having pricing power even in downturns.

High-quality companies in areas where there's low political risk, and only a few key players, should also do well. Bank of America included things like national defense, waste management, data processing and payments, and global beverages in this category.

An aging worldwide population coupled with the rise of a middle class in emerging markets will shift consumer habits and tastes over the next 10 years.

"Companies will need to adapt or face disruption from the emerging spending power not just of Millennials but also of new Gen Z consumers (e-commerce, same-day delivery)," the firm said. Tech-compatability, sustainability, and experiences over traditional "goods" are among the trends expected to accelerate over the next decade

As people age, there will also be a big opportunity for advancements in healthcare targeting lift expectancy and quality. "Immortality' may prove the most interesting secular theme in the 2020s," Israel said.

Consumers are increasingly focused on the many and broad implications of climate change, which creates opportunity in areas like clean energy, electric vehicles, energy efficiency, new farming, water infrastructure and meat alternatives.

"Efforts to curb global warming require behavioral and systemic changes that will provide substantial opportunities for investors. ... BofAML estimates that the clean energy market is already worth [$300 billion], while the global waste industry presents a [$2 trillion] opportunity. Likewise, water infrastructure will need a minimum cumulative investment of [$7.5 trillion to 2030] to keep up with projected growth," the firm said.

A sharper focus on climate change will also be one of the forces driving an increase in environmental, social and corporate governance and impact investing over the next decade.

"We enter the 2020s with capitalism focused purely on profit maximization on the cusp of reform as it shifts away from shareholder supremacy towards greater involvement of stakeholders, i.e., moral capitalism," the firm said.

Bank of America estimates that $20 trillion the size of the S&P 500 will flow into environmental, social and governance strategies over the next 20 years as millennials and Generation Z become the primary investors.

The U.S. and China are currently battling to lead global artificial intelligence innovation, but this "splinternet" divide will disappear by 2030 as China becomes the world leader, Bank of America said.

"We believe the current trade war will transition towards a tech war in the 2020s, which will see a new 'arms race' between the US and China to reach national superiority in technology over the long term vis-a-vis Quantum Computing, Big Data, 5G, Artificial Intelligence, Electric Vehicles, Robotics, and Cybersecurity etc.," the firm said.

Baidu, Alibaba and Tencent will be primed to take advantage of the AI revolution, at the expense of the so-called "FAANG" stocks Facebok, Amazon, Apple, Netflix and Google-parent Alphabet.

"Just over half the population is connected in China but that is already nearly triple the number of internet users in the US, suggesting China's annual mobile data traffic could grow 56% compared with 35% in the US. ... With favorable policies and government backing, China's technology companies are likely to be better placed to take advantage of these data trends," the firm said. Robotics and automation are another key theme to watch over the next decade as developments could jeopardize up to 50% of worldwide jobs by 2035.

As everything shifts online and becomes data-fied, this "ubiquitous connectivity" will alter society's fabric, particularly in cities. Bank of America called the smart city theme "one of the biggest investible universes" as technology and data transform everything from urban transportation to city security to temperature control in office buildings.

"Sensor and [internet of things] deployment is mostly in cities, opening major opportunities for semiconductor, sensor and software suppliers. For example, the expansion of the London Ultra Low Emission Zone for polluting vehicles will require cameras/sensors and software services," the firm cited as one industry set to benefit from smart cities.

Bank of America predicts that the space industry could be worth $1 trillion by 2030, with aerospace and defense companies set to reap the rewards.

"New technology (reusable rockets), innovative speedy private companies, miniaturisation of electronics and new services (internet from space, space tourism) could revolutionize space like never before," the firm said.

Declining costs and greater functionality will lead to an increased interest in space from individuals, countries and companies. "The next decade is set to be the most exciting ever for space," Bank of America said.

CNBC's Michael Bloom contributed reporting.

See the article here:
Here are Bank of America's top 10 investing themes to watch over the next decade - CNBC

When Andy Roddick was at the height of his tennis career, he knew he had to be smart about his money.

So he started building his wealth instead of spending it and is now a successful real estate investor.

His advice to others: Start investing at an early age.

"The most powerful thing you can be is a young investor," the one-time U.S. Open champ said. "Time is your friend."

Roddick entered the world of professional tennis in 2000 at the age of 17. He won the U.S. Open when he was 21 and briefly held the title of No. 1 ranked player in the world.

At the time, a mentor said, "you don't have to wear your wealth," recalled Roddick, who earned $20.6 million in prize money during his tennis career.

Year-over-year returns are fine ... decade-over-decade returns are a lot better.

Andy Roddick

Former U.S. Open champion

So he paid close attention to his financial health and looked for ways to give back.

When he was just 18 years old, he started the Texas-based Andy Roddick Foundation. The nonprofit focuses on engaging children outside of their time in the classroom, helping them grow in subjects like science, art, sports and literacy including financial literacy.

He also invested wisely. During the 2008 financial crisis, he began snapping up real estate when people were liquidating. He was able to lock down 15- and 20-year leases, namely on bank buildings.

He now has about 70 properties, but said he isn't aggressively buying at the moment.

While Roddick acknowledges that he's been extremely fortunate, he said you don't have to have a fortune to start saving and investing.

"You talk to some young people [who say], 'Well, I'm only pulling in x amount,''' he said. "I'm like, 'Well, 20% is the same regardless of how much you have. You know, put something away every month and be disciplined about it.'"

PHILADELPHIA, PA - JULY 25: Tennis player Andy Roddick attends the 2017 Mylan World TeamTennis New York Empire vs Philadelphia Freedoms match at Michael J. Hagan Arena at St. Joseph's University on July 25, 2017 in Philadelphia, Pennsylvania

Gilbert Carrasquillo | Getty Images Entertainment | Getty Images

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Tennis legend Andy Roddick: A young investor is the 'most powerful thing you can be' - CNBC

Updated: May 25, 2018:

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A lot changes in a decade.

Ten years ago, the economy was still reeling from the effects of the Great Recession, and the stock market, though it had rebounded somewhat from its lows, was still well off of all-time highs set in October 2007. Few would have guessed that the longest bull market on record was beginning.

Data by YCharts.

The 2010s are now coming to an end, and worry is mounting that another recession is inevitable. Recession or not, it's worth reviewing the investment motifs that have fueled the last decade of returns, as they will likely be the drivers of growth in the next 10 years -- the beginning of them, anyway. Here are my favorite themes, quotes, and other business trends from the 2010s.

During the first-quarter 2018 earnings conference call for Tesla (NASDAQ:TSLA) CEO Elon Musk gave the world this gem of a quote when answering a question about "competitive moats" and Tesla's charging stations:

First of all, I think moats are lame. It's nice sort of quaint in a vestigial way. If your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation. That is the fundamental determinant of competitiveness.

It was my favorite earnings call ever and will be a tough one for any CEO to beat. This statement, in particular, is worth unpacking. It offers some real insight into what has been happening in business and investing in the last decade. Historically, investors have searched high and low for companies with defensible business models, ones that are difficult for potential competitors to enter because of high costs or some enduring advantage the business maintains over everyone else. A slew of trends intersected over the last decade to challenge the idea of a competitive moat. Technological advancements, shifting consumer trends, venture capital willing to play the long (and sometimes money-losing) game, and changing brand loyalties have all been disruptive to the moat investing theory.

Technology has always been a disruptor of the status quo, but the pace of disruption and the subsequent rise of upstart businesses in the last decade has quickened. It isn't just Tesla that has benefited. I'm also thinking of Amazon (NASDAQ:AMZN) CEO Jeff Bezos' mantra "your margin is my opportunity," referring to the company's willingness to aggressively go after other retailers' business even if it meant little (or oftentimes no) profit -- all in the name of innovation and progress. Amazon seemingly came out of nowhere to become one of the largest companies on the planet, with its stock booming 1,750% over the last 10-year stretch. Disruption was also prevalent in 2007, with Apple's (NASDAQ:AAPL) iPhone being responsible for setting the stage for the reshaping of communications. It too had a stellar run in the 2010s to make it one of the top dogs in the market. Steve Jobs passed in October 2011, but his legacy will be an especially long-lasting one.

Businesses and investors slow to pick up on where technology is headed have suffered (retail apocalypse, anyone?), while those with a keen eye for visionary ideas have ridden gains to new record highs. Does that mean the business concept of defensibility is dead and constant disruption is the new norm? Probably not. Investment in innovation will only continue if the long-term payoff is still there. Nevertheless, another decade of disruption appears to be in the cards, since "digital transformation" -- organizations updating their operations to a digital-first strategy -- is only just beginning to take hold around the globe.

Image source: Getty Images.

Speaking of digital transformation, "the cloud" came into its own during the 2010s and has been rocket fuel for organizations looking to make a digital upgrade to spur on future growth or higher profitability. But what is "the cloud"?

Put simply, the cloud refers to software or some other type of service delivered via a data center. The concept isn't new, as many organizations have been building their own data centers and servers for decades -- usually within or near the office building it was intended for. The concept of the cloud in today's language, though, came from the idea that excess network or server capacity could be "rented" via an internet connection -- saving money for businesses without the resources to build a dedicated data center and allowing those with excess capacity to generate extra revenue.

Amazon was again a revolutionary in this department. The e-commerce giant caught on to the idea that it could farm out its extra storage and computing power to others, birthing Amazon Web Services (AWS), now Amazon's primary source of profitability.

Other tech companies caught on and started building public cloud services. The market for these public data centers and the services they support is now dominated by AWS, Microsoft's (NASDAQ:MSFT) Azure, and Alphabet's (NASDAQ:GOOGL) (NASDAQ:GOOG) Google Cloud. The cloud has given rise to mobility, giving consumers and business employees the ability to access data and services on the go as long as they have an internet connection. Myriad digital services have arisen from the movement as well, from basic personal and business software like Microsoft Office 365 to streaming media (more on that in a minute) to ride-hailing on a platform like Uber to complex business needs like digital infrastructure and artificial intelligence.

The growth of the cloud is far from over. The pace of new data center construction has slowed in the last couple of years, but the industry is gearing up for phase two: edge computing. Smaller data centers and other small computing systems intended to do heavy lifting are getting built closer to the source of data and end-users, powering more mission-critical operations like connected manufacturing, healthcare, and autonomous machines. Build-out of edge computing systems could overtake the cloud in the decade ahead as technological demands continue to increase.

Now ubiquitous with television and home entertainment, TV streaming really didn't become a thing until the 2010s. Thank you, Netflix (NASDAQ:NFLX). But while streaming shows and movies has become big business over the last 10 years, Netflix's monthly subscription model has had more far-reaching effects than just how consumers spend their free time.

To be fair, Netflix did not come up with the subscription service model, but Netflix and its cloud-delivered programming certainly helped pioneer what has become a subscription economy. Originally envisaged as software-as-a-service (SaaS), it now encompasses a wide array of digital platforms, services, and digital infrastructure paid for by customers via recurring payments.

The subscription model has gained in popularity for various reasons: ease of switching, low cost of entry, convenience, etc. Sometimes new subscription services pop up as a sort of gimmick or test, like how the auto industry has been trying out car subscription services. Others have quickly built small empires on the model, luring in customers with easy sign-up and low-obligation terms.

One argument against the subscription model is that all of those monthly obligations add up and create a big bill for consumers and organizations. Over the long term, a perpetual subscription can also be more expensive than just making an up-front purchase. However, given the rampant disruption and innovation going on, it looks like the subscription economy is here to stay.

More here:
Moats Are Lame: 3 Top Investing Themes of the 2010s - The Motley Fool

Invest in a vacation rental

Vacation rentals are becoming a popular real estate investment vehicle largely due to the rise of home-sharing companies like VRBO and Airbnb. A vacation rental can be a room or a home that's rented for a short term, often nightly or weekly. It can be a great way to generate cash flow.

The success of a vacation rental is largely based on the location, amenities, and quality of the property. Short-term rental demand in the area also plays a major role. Owning vacation rentals requires time spent managing online listings, communicating with potential renters, managing calendars for bookings, and ensuring check-in and turnover are handled effectively.

This type of rental property has a higher vacancy rate than other rental types and is restricted in some places.

Vacation rentals are best for the following investors:

Commercial real estate (CRE) is used for business purposes, such as retail or office space. Industrial buildings, apartment complexes, mobile home parks, and assisted living facilities also fall into this category. Commercial real estate is costlier than residential real estate, often requiring a greater down payment. There's usually more property to manage, too.

Investors in CRE need to dedicate ample time to learning how to properly invest in and manage the asset class before finding, buying, and managing an asset. With the larger upfront cost and significant time and effort required, many choose to invest in commercial real estate through alternative methods, such as REITs, ETFs, partnerships, or crowdfunding.

Commercial property is best for the following investors:

Real estate crowdfunding connects accredited investors with investment opportunities. These deals pool money from multiple investors to fund a real estate investment. The asset is owned and operated by the sponsor and the sponsor's management team, making this a passive investment.

Investors get returns in multiple ways, including dividends and preferred returns over time. Crowdfunding is a risky investment option and many variables affect the quality of an investment.

If you're interested in this avenue of investing, take a look at our complete guide to crowdfunding to determine whether it's right for you.

Real estate crowdfunding is best for the following investors:

There are times when specific avenues of real estate investing may be better than others because of current market conditions, but rarely is there one "best" way to invest over the long haul. The current investment fad may not be the best investment in 10 or 20 years.

There's no perfect model for investing. People have different financial goals, means, areas of interest, and specialties.

If you hate managing people and have a poor eye for design, rehabbing probably won't be good for you. If you're short on time and can't consistently find and review investment opportunities, never mind manage one, maybe real estate ETFs or REITs are better.

In general, the goal of investing is to build wealth over time and find investment opportunities that provide stable growth, income, and returns. Make sure you understand how the investment works, including how the return is calculated, the costs associated with that asset type, the risks, and the factors that contribute to a quality investment over time.

No matter which investment strategy you pursue, always conduct due diligence on the quality of the venture and the viability of the overall return. Continue to educate yourself on how to invest in that avenue to ensure you pursue worthwhile investments.

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The Best Way to Invest in Real Estate Right Now - Motley Fool

Delta Air Lines was the first U.S. carrier to report third-quarter earnings this year, and despite rising costs putting pressure on the airline, strong travel demand helped its revenue and profit grow.

Since returning to the public market in 2007, Delta's stock has been a consistent performer, making it a win for those who invested 10 years ago. A $1,000 investment in 2009 would be worth more than $6,600, as of Oct. 10, 2019, for a total return of nearly 570%, according to CNBC calculations. In the same time frame, by comparison, the S&P 500 earned a total return of nearly 240%. The Atlanta-based airline's current share price is hovering around $54.

While Delta's stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results.

CNBC: Delta stock as of October 10, 2019.

Despite performing well in its third quarter, Delta's fourth quarter could be tough due to the airline's expectation that costs, excluding fuel, could rise as much as 5% year over year, CNBC reports. As J.P. Morgan analysts put it, Delta's prospects for the fourth quarter could be compared with "limping across the finish line."

Delta's stock has faced both ups and downs this year. In January, the shares tumbled almost 9% in one day after it predicted lower revenue growth. However, the stock is up almost 8% this year.

But going into the fourth quarter, many experts stand behind Delta, despite a lackluster forecast. Mark Tepper, CEO of Strategic Wealth Partners, said he's a fan of Delta's stock as opposed to other popular U.S. airlines for three main reasons.

For one, Delta doesn't fly the Boeing 737 Max, a type of airplane which has been grounded since March after two fatal crashes, Tepper said during a recent segment of CNBC's "Trading Nation." Two, it has "the best maintenance team in the industry," which helps extend the life of its aircraft, making it a good move financially. And three, Tepper supports Delta's partnership with American Express, which he calls "the gold standard," because it helps the company's bottom line.

Delta gained extra business while its competitors such as Southwest and American Airlines were forced to stop operating the Max and cancel thousands of flights. While Delta CEO Ed Bastian agrees the extra market share helped the airline's third-quarter performance, he doesn't believe "it was the main driver," Bastian said during a recent appearance on CNBC's "Squawk Box."

Ed Bastian, CEO, Delta Airlines

Anjali Sundaram | CNBC

Earlier this month, Delta was named the "Best North American Airline" for the second year in a row at the 2019 Business Traveller Awards. Delta has also been recognized by multiple organizations worldwide for its dedication to sustainability. And on Oct. 6, in an effort to close the gender gap in aviation, Delta celebrated International Girls in Aviation Day by flying 120 girls ages 12 to 18 to NASA in Houston.

The company isn't without its struggles, however. In 2007, the airline exited bankruptcy following a 19-month restructuring that cost $3 billion. Delta's shares were delisted by the NYSE after the bankruptcy filing before the company went public again in 2007. To get back into the black, Delta cut its labor force by around 6,000 and added dozens of new international routes, among other things. In 2008, the carrier merged with Northwest Airlines creating the world's largest airline at the time.

Looking forward, Delta plans on meeting the increased demand for flights by hiring at least 12,000 employees through 2020. This will include pilots, flight attendants, ground staff and more, Bastian told "Squawk Box." "We're [in] the process of hiring 6,000 people this year and at least a like amount next year," he said. Given that Delta expects its costs to rise in the fourth quarter, some wonder how a massive amount of hiring will impact its threshold for extra expenses.

If you are considering getting into investing, experts, including Warren Buffett, often advise starting with index funds, which hold all of the companies in an index, such as the S&P 500. Because index funds fluctuate with the market and aren't tied to the performance of a single business, they're less risky than individual stocks, making them a safer choice for beginners.

Here's a snapshot of how the markets look now.

Disclosure: Strategic Wealth Partners holds DAL.

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If you invested $1,000 in Delta 10 years ago, here's how much money you'd have now - CNBC

The $34 billion Iowa Public Employees' Retirement System, Des Moines, terminated Fisher Investments on Friday from a $386 million actively managed U.S. equity portfolio, said Shawna Lode, a spokeswoman for the pension plan, in a statement.

The fund's investment staff reviewed the recent sexist comments Kenneth L. Fisher, the firm's executive chairman and co-chief investment officer, made at a conference earlier this month.

Ms. Lode said the opinion of the fund's investment officers was that "Mr. Fisher's comments have damaged the credibility of the firm and its leadership. As a result, the risk to IPERS is that the firm could lose investment talent and/or it may be unable to recruit high-caliber talent in the future."

She added that the fund's investment team also is concerned that the negative publicity resulting from Mr. Fisher's actions "will probably continue to be a major distraction to Fisher investment personnel."

She added that IPERS is considering transition options, including a search for a manager to take over management of the portfolio.

Ms. Lode did not provide more details on the strategy Fisher Investments managed.

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Iowa becomes latest pension fund to cut ties with Fisher Investments - Pensions & Investments

SAN FRANCISCO, CALIFORNIA - OCTOBER 02: (L-R) SC30 Inc. President Bryant Barr and SC30 Inc. Founder ... [+] Stephen Curry speak onstage during TechCrunch Disrupt San Francisco 2019 at Moscone Convention Center on October 02, 2019 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)

Our earning potential is a very short window, but how can you leverage that into opportunities that set you up for post-career? Stephen Curry told a TechCrunch Disrupt panel session on his entry into the investment world earlier this month. Its a question many athletes grapple with after their playing days are done. In recent years, though, more and more players have gotten involved in areas like investment and technology earlier in their careers, a movement spearheaded in part by Currys former teammate Andre Iguodala.

The genesis of SC30 Inc.

To answer this very question, Curry and his team set up SC30 Inc. last year, bringing together all his off-court interests. Bryant Barr, a former teammate and roommate of Currys at Davidson, heads up SC30 Inc. Barr told me on a call recently that after he moved to the Bay Area to study at Stanford, the company was born from a series of conversations over three or four years around how could Stephen think about his off-court business from a much longer-term, more strategic perspective. So instead of just thinking about his playing days and his career, how could he think about the next 20 or 30 years?

SC30 Inc. includes Currys work to build his own brand through projects like the Underrated Tour. Then theres his burgeoning media production company, Unanimous Media, which is responsible for movies such as Breakthrough, Emanuel and Jumpshot, and programming such as his recent Stephen vs The Game series on Facebook Watch. Then there are his philanthropic endeavors through the Eat. Learn. Play. Foundation, which he and Ayesha Curry launched in the summer.

The final pillar of SC30 Inc. is investment. But this is Stephen Curry were talking about, a man who has revolutionized an entire sport with his long-range shooting ability and managed to ruin the game, to quote the phrase SC30 Inc. has picked up and run with. He may be at the start of his investment journey, but its already clear that hes not just about a normal investment strategy.

Just as Curry has changed the game of basketball, his team are thinking about how they can change the world through his presence in the investment space as well. Barr sets out the aim underlying all of the work of SC30 Inc. as not just to make money so you can sit on it and have nice things and continue to build wealth, but what could you do with that wealth that drives an impact in a really material way?

The partnership with Guild Education

That aspiration has been realized in their latest investment in Guild Education, a venture-backed tech company that partners with businesses, colleges, and students to offer education as benefit and help more people go back to college. If it sounds like theres a tie in with Currys philanthropic work, thats because there is, as Barr concurs it was clear right off the bat that there was clear alignment with the foundation. It was mission-aligned quite perfectly.

But Guild is set specifically as a business and seeks venture capital for a reason, as Rachel Carlson, the companys founder explains. For Guild, the impetus for that is that there are 64 million Americans today who need what we do. They either need access to complete their college degree or they need to earn a skill-certificate the only way were going to be successful in making a dent in that problem is by rapidly scaling. So thats why weve sought out being a venture-backed company.

For SC30, Inc. its important that there is a return to be made, as Barr sets out. We want to make sure its a good financial investment, and if its not theres no way were going to invest. We made a decision very early on that were not going to invest in things just because theyre brand-accretive to Stephen. Thats great if thats true, but first and foremost we need to believe that we can generate our target return here. But the added value of the alignment with the foundation meant that investing in, and partnering with, Guild is a home run according to Barr.

A step into impact investing

Its a step into a new world of impact investing. Guild has made SC30, Inc. think differently already, as Barr admits. What Guild has started to make us think about is where are there other opportunities for investment that align with our philanthropic interests? I dont think social impact investing needs to just be completely philanthropic in nature. Guild is a fantastic business. Theyre crushing it right now. Were very excited about what the future holds for them. We believe its going to be a great investment for our overall portfolio. But it is incredibly helpful and exciting to have something that aligns so much with what were doing philanthropically and allows us to really lean in on it from a value-add perspective.

Carlson is at the forefront of this world. I think differently about investment. When were fundraising at Guild were thinking about how do we bring people around the table who share conviction in our double-bottom line. One of those lines is our eventual profit line The other is your mission. How do you ensure your margin reinforces your mission, and your mission reinforces your margin?

One of the most important elements in answering that question is how you measure the return both financially and in terms of social impact. At the moment SC30, Inc. has concentrated on the financial return, but Barr says thats actually starting to change. Hes been out meeting with other investors to learn more about this space. Barr is exploring the intricacies involved. How do you balance the two, and what are the certain KPIs and metrics that youre looking at to understand if youre really driving impact or not... were continuing to develop a hypothesis, test it, and go back to iterate and evolve. As we start looking at businesses like Guild and investing in them to go beyond just the financial success how do we align purpose and profit?

With Guild, theres a clear methodology. The company is certified as a B-Corp. Its a rigorous process where the company measures and reports on impact metrics in the same way they report on their financial metrics. Carlson sets out what that looks like for Guild. Key indicators for us are how many students are successfully progressing through their programs in order to graduate, our loan avoidance rate our primary employers offer either fully-funded degrees whereby the employee can go back to college debt-free, or dramatically reduced where the employee pays a small amount so we measure how much debt were helping avoid for our student population. We measure other metrics directly with our universities related to underrepresentation such as graduation rates for a single mom.

With Guild the data isnt just collected and reported on though. Carlson explains that the companys business model is that they only get paid when students are successful. In effect we put all of our revenue at risk. And so measuring those outcomes is actually paramount as they are key performance indicators that will let us know if our business is going to be successful.

Adding value

Just as Guild is adding value to SC30, Inc. by helping them explore this path, so too is Curry able to add value beyond a normal investor. Barr stresses that Stephen is not simply a celebrity, customer-acquisition vehicle. We are looking to truly add value as an investor.

Carlson pinpoints Currys authenticity and connection with their students and potential students as something that is already paying dividends. With our students its constantly challenging the status quo, its saying just because youre a working adult, just because youre in your 30s or 40s and havent gone to college yet, just because youre a parent, just because youre low income doesnt mean youre not capable of achieving a college degree or achieving your higher education goals and aspirations. And thats something thats an authentic position that Stephen takes in his philanthropic work, but also as role model, as an athlete. Theres been this connection with... our students path to challenging the status quo when college today is designed for wealthy 18-year olds.

Developing the point, Carlson elaborates the difference between Curry and a more traditional set of investors. As a tech company, the reasons we normally get pointed towards the East Bay or Silicon Valley is because of tech Luminati, or famous technical founders. Whats interesting is that those folks dont necessarily create role models for our students in the way that Stephen is capable of. His background, his ability to overcome those obstacles, and then his commitment both to topics like gender equality and education its special that hes investing. If you told me youve got to find ten investors that meet that profile I dont know where Id start.

Changing the tech and investment world

One element that both sides stress is the common mission to change the worlds theyre operating in. Guild is one of a small number of female-founded venture-backed companies, while Curry has long been a champion for gender equality. In fact, this bond helped build the partnership in the first place, as Carlson explains. We share a passion for the work that Guild is doing but we also share a lot of commonalities in terms of our position in the venture capital and impact landscape as a female CEO and a black investor.

The statistics dont lie. In 2018 just 2.2% of the $130 billion total in venture capital money invested went to female-founded companies. All-male teams got 76%, or $109.36 billion. Companies with at least one female founder received $15.76 billion, or 12%, of last years venture capital. Even if the picture is improving, with women now making up a record-high number of CEOs at top-grossing companies, its starting from a low base. That high is only 6.6%.

Changing that is a major priority for SC30, Inc. as Barr explains. We want to find more female founders to invest in. Were actively looking at how do we increase the number of female-founded companies that were adding to the beginning of the funnel. But one thing thats equally as important is making sure that were investing in teams that are prioritizing that gender-equity across the board Even with our male-founded companies its how are you thinking about females on your board, how are you thinking about women on your executive team?

Indeed SC30, Inc. just did a data collection exercise across all their portfolio companies, totalling around 1000 employees. That showed that the profile was 46% female. Barr says that this is just the start. As we look at companies that we want to invest in, its not just what are they doing, its how theyre going about doing that.

So can SC30 Inc. be pioneers for other athletes in the impact investment world, as Iguodala has been for the tech space? Barr admits theyre early on in the journey. Id be lying if I told you that we had all the answers and its crystal clear on our end. But the north star for us is to be purpose-driven and to align purpose with profit. Judging by what Curry has done on the court, you wouldnt bet against him changing the game off it too.

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Can Stephen Curry Revolutionize The Investment Game? - Forbes

It's that time of year German university students are heading back to the classroom for the start of semester after their summer break. But at the University of Bonn, as in many German universities, some students are unhappy with the standard of the buildings where they will be attending classes this fall.

"Every room I know in the main building is old-fashioned and unpractical,"Lisa Stroetmann, Masters student in Political Science in Bonn, told DWon a sunny October day as hundreds of fresh-faced "Erstis" (first years) entered the main building for their first week of classes. "It's really not good enough."

"The rooms really aren't properly equipped,"another student agreed, who didn't want to be named. "Often the seminar rooms aren't big enough for the amount of students, because they assume after the first week that people will stop showing up."

Graffiti adorns building work which masks the Electoral Palace building of the University of Bonn in front of the Hofgarten

Asbestos in the main building

The Rheinische Friedrich-Wilhelms-Universitt Bonn certainly looks impressive at first glance. The iconic Electoral Palace, former home of the Prince Electors of Cologne and Bonn, has been at the heart of the university since it was founded in 1818. To visitors and new students enjoying the leafy Hofgarten in front of the building on a sunny day, the yellow frontage gives an air of prestige.

However, the building itself is not original, having beenrebuilt in the 1950s after extensive bombing damage during World War II. University students at the time were required to help in the building works.According to university spokesperson Andreas Archut, it is in desperate need of renovation. Cracks run along the walls and mold and moss are growing in corners.

Weve also recently discovered asbestos in the main building, so now we have very strict regulations about building works," Archut told DW. "You're not even allowed to hammer a nail in the wall without special precaution procedures."

Asbestos, along with lead and PVC, are building materialsonce commonly used butnow considered toxic. PVC and lead have also been found in other Bonn university buildings.

Huge building works aretaking place on the front and basement garage of the building, as announced by signs covered in graffiti.But there areno plans for similar renovation work on the ground level.

Cracks and mold visible in a ceiling in the courtyard of the University of Bonn

'A permanent problem'

The University of Bonn is made up of around 200 buildings, many dating from the 1960s and 1970s. Although there are many new buildings, some of the most tired and old-fashionedcan be found at the Rmerstrae concrete complex, which houses IT and sports facilities.

"There's onebuilding at the Rmerstrasse complex which is completely unused because of PVCin the walls,"Archut told DW.

It is, however, beyond the university's control to tear down or renovate these buildings. All the university buildings are owned by BLB (Bau- und Liegenschaftsbetrieb), a private company which rents the buildings to the university. This means that it is difficult for the university to instigate renovation projects.

The university in the city that hosts one of Germany's largest parties, Karneval, comes in tenth place. The relaxed attitude of the locals make it a popular destination with international students as does its proximity to other major European cities - it is a train ride from Amsterdam, Brussels and Paris.

The university is named after German writer, Johann Wolfgang von Goethe, just in case you were wondering. Frankfurt, which is often called "Mainhattan" because of its skyscrapers, is one of the country's ethnically diverse cities, and its banking sector offers a lot of opportunities.

With 37,000 students, the University of Duisburg-Essen is one of the largest higher education institutions in Germany. The university is a result of a merger in 2003 by the Universities of Duisburg and Essen. Studying in this region puts students in Germany's most densely populated region, the Ruhr Valley.

Founded in 1386, it is the oldest university in Germany. Bearing that title makes the university one of the most attractive destinations for foreign students, not to mention the appeal of Heidelberg - a city with one of the most charming and intact old towns in Germany.

It is one of the oldest universities in Germany. With notable alumni including Otto von Bismarck, Heinrich Heine, Robert Koch and African American activist WEB Dubois, the university also has a great reputation.

Berlin isn't only popular with tourists. Students love it. Apart from being known for its high ranked engineering program, Technical University of Berlin's location in the German capital is advantageous because it the cost of living is lower than other large western European cities.

RWTH Aachen university is located in the city it's named after, which lies on the German border with Belgium and the Netherlands. As Germany's largest technical university, RWTH's motto, "Zukunft denken" (Thinking the future) , also clearly reflects the university's reputation in the country.

The Bavarian capital is also home to another world class institution - the Munich University of Technology. In 2013, just under one in five students were foreign, according to the university's figures.

Ludwig Maximilian University (LMU) is in Munich, which was ranked "the world's most livable city" by Monocle magazine in 2013. It is one of Germany's oldest and most prestigious universities - 34 Nobel laureates are associated with LMU.

The Free University of Berlin (FU Berlin) was founded in 1948. Its name is a reference to West Berlin because of its status as part of the "free world" unlike its counterpart in then Soviet-occupied East Berlin, Humboldt University. FU Berlin is among the 11 institutions in the German Universities Excellence Initiative.

Author: Chiponda Chimbelu

A recent article from German newspaper Die Zeit estimates that over 1 billion ($1.1 billion) isneeded to modernize the university buildings in Bonn. Archut described this number as "an easy figure" to cite,but agreed thatit might not be far off what would be needed. "Just the main building would probably need 100 million ($110 million),"he told DW.

"Recently some money has been put into the student residences and brand new buildings, but no money has been put into renovating the older buildings, said Luca Cristodero, a fourth-year medical student. "This is especially the case with technical equipment and also the look of the buildings."

"It's really a permanent problem,"another student said. "They've always got building work going on here and it never seems to make any difference to the standard of the buildings."

A large crack in the ceiling of a University of Bonn building

'Elite'universities

As long as the buildings do their job and are safe, it can be argued that German universities do not need to update tired facades. After all, German public universities simply don't have the same kind of money as British Russell Group universities orIvy League colleges in the US.

Indeed, German universitieshave long prided themselves on removing themselves from the narrative of "elite"universities thatpervades the educational cultureof many Western countries. Unlike in the US or UK, where a name like Oxford or Harvard on a resume can make all the difference to a job application, German students often choose universities which offer courses which they want to study, or simply which are closer to home or offer other practical benefits.

Map showing the excellence intiative universities of Germany

However, this all has been slowly changing since 2006, when a federally funded program referred to as the "Excellence Initiative"began to hand out funding to German universities that made great steps in research programs or had made attempts to be promotethemselves internationally, for example in their connection with the Scottish University of St Andrews.

Infrastructure investment 'urgently needed'

Following a renewal of the fund in 2018, 11 German universities have received funding of between 10 and 15 millionto spend over the next seven years. But this money is to be invested in research at the universities and will not be spent on infrastructure.

Its great that were got funding for all these new researchprojects," Archut said. "Butwe do not want the excellent new additional staff we can now hirejust turn around and leave when they seethefacilities.This is why more investmentininfrastructure isurgently needed."

The University of Bonn was officially added to the list in July 2019, in recognition of itsgrowing international status andresearch model. Despite its infrastructure issues, Bonn remains one of the most highly ranked universities in Germany, according to the British Times Higher Education ranking.

Top 10 German universities

International university with a bright future

A 2016 Zurich study on the impact of the excellence initiative in German universities points out that the initiative is slowly seeing German universities creep up international league tables and describes the "very positive"impact of the program.

Bonn also pridesitself on becoming more international, which means that more funding comes in from international tuition fees: Germanand EU citizens pay no or very low tuition fees. However, in Bonn, the vast majority of students are from Germany, and for these students the issue of infrastructure may be more important that a university's international standing.

Proportion of German and foreign students in the University of Bonn

Archut explained that there may be a precedent, with the universities of Aachen and Bochum in Germany investing some of their money from previous excellence initiative schemes into new buildings. But for now there are no such plans in Bonn.

For now, new undergraduate students and federally-funded postgraduate researchers alike will have to continue to work and study university buildings in dire need of an upgrade, or else work out of separate buildings which the university is now renting.

With enrollment higher this year than ever before and 1,000 new researchers expected as part of the excellence initiative, the University of Bonn, just likemany German universities,may need a solution fast.

Every evening, DW's editors send out a selection of the day's hard news and quality feature journalism. You can sign up to receive it directly here.

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German universities 'urgently need infrastructure investment' - DW (English)