Ken Griffin says young grads who are not interested in reading books about their field have 'picked the wrong career'
Ken Griffin advises young graduates to read about their chosen fields.
"If it's not interesting to you, you picked the wrong career. It's that simple," the billionaire said.
He said that not all of Citadel's hires come with a mindset of reading and learning after college.
If you don't like reading books about your career, you should choose another one, according to Ken Griffin.
In an interview with S&P Global released on Tuesday, Citadel's founder and CEO said that young graduates need to read about the domains they are in and change careers if they don't find those books interesting.
"Stay current in the body of knowledge that represents the career you've chosen," Griffin said. "And by the way, if it's not interesting to you, you picked the wrong career. It's that simple."
Griffin, who founded Citadel in 1990 — a year after graduating from college — added that it's OK to experiment with your career early on.
"In America in particular, that's totally fine," he said. "No one will judge you for going from one career to a radically different field throughout your 20s."
Not everyone at his own investment firm enters with this mindset, Griffin said.
"We hire endless numbers of really bright undergraduates. Some of them have this belief that when you graduate from college, you're done reading textbooks, and nothing can be further from the truth," he said.
Citadel has $66 billion in assets under management and is among the world's largest and most successful hedge funds. The firm did not respond to a request for comment from Business Insider.
The CEO said that his book recommendation for anyone starting their career is Jim Collins' "Good to Great" because it outlines the keys to running a business, such as how to build a good team.
Business leaders across the industry have been vocal about the importance of reading intensely and have recommended several books, many specifically for those early in their careers.
Bill Gates and Warren Buffett suggest reading "Business Adventures" by John Brooks, a collection of 12 essays about financial and corporate life in the US.
Meta's CEO, Mark Zuckerberg, and LinkedIn's founder, Reid Hoffman, recommend Eric Ries' "The Lean Startup," a book about entrepreneurship and iterating quickly.
Bumble's CEO, Whitney Wolfe Herd, has suggested reading Adam Grant's "Originals: How Non-Conformists Move the World," a book about how people can drive change without conforming to the status quo.
Airbnb's Brian Chesky has spoken about "High Output Management" by Andy Grove, a handbook where the former CEO of Intel shares his take on how to build and run a company.
Read the original article on Business Insider
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
31 minutes ago
- Yahoo
Trading Day: Whirlwind fades, calm returns
By Jamie McGeever ORLANDO, Florida (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist After two days of strong gains in world stocks amid the widespread relief over cooling Middle East tensions, relative stability was the hallmark of trading on Wednesday, with major asset classes moving in much narrower ranges. In my column today I look at U.S. foreign direct investment - was the sharp decline in the first quarter an anomaly, or a warning of what's to come in the brave new tariff world? More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. 1. Fed's Powell cautions against ending Fed power to payinterest on reserves 2. U.S. current account gap clocks pre-2008 crashmilestone: Mike Dolan 3. Israel-Iran war highlights Mideast's declining influenceon oil prices: Bousso 4. NATO commits to spending hike sought by Trump, and tomutual defence 5. U.S. exchanges, SEC in talks to ease public companyregulations Today's Key Market Moves * World stocks and the Nasdaq 100 hit new peaks for a secondday in a row. The S&P 500 slips, but is still very close to itsrecord high. * Some big moves in U.S. tech, with Super Micro Computer+8.8%, Nvidia +4.3% to a record high, AMD +3.6%, and Tesla-3.8%. Real estate is the biggest declining sector, -2.5%. * Oil stops the rot, kind of, gaining nearly 1% on inventory drawdown and signs of strong U.S. gasolinedemand. * The dollar slips to fresh multi-year lows against the euroand sterling. * Platinum up another 2.5% to new 11-year high above$1,350/oz. Now up 28% in June, on for its best month since 1986. Whirlwind fades, calm returns The MSCI All Country index and Nasdaq 100 touched new record highs for a second session, and Asian and emerging market stocks posted solid gains earlier in the day. But the Dow, U.S. small caps and benchmark European indexes all fell. The euro's march higher is taking its toll, and European stocks have underperformed since the brief Israel-Iran war broke out on June 13. The euro on Wednesday rose for a fifth straight day to $1.1665, its highest since October 2021. Sterling hit its highest since February 2022 at $1.3670, and Britain's FTSE 100 slipped to its lowest this month. Bank of England policymakers may be secretly cheering the pound's rally, however, if it helps tame inflation pressures. The latest Citi/YouGov survey of UK consumers' inflation expectations on Wednesday showed that long-term inflation expectations among the British public rose to the highest since September 2022. One sector faring better in Europe on Wednesday, though, was defense, after NATO leaders agreed big increases in defense spending, especially from Europe. U.S. defense stocks have moved in the other direction this week following the Iran-Israel ceasefire. On the policy and macro front, Fed Chair Jerome Powell's second day of congressional testimony passed off without fireworks, although there were sparks in his exchanges with some lawmakers. He reiterated his view that the central bank is right to wait and see what the impact is from tariffs before considering further rate cuts. U.S. foreign investment slump - anomaly or warning? Much of the 'de-dollarization' debate has focused on foreign exposure to U.S. securities like stocks and bonds. But investors shouldn't ignore foreign direct investment flows, the traditionally sticky capital that may also be sending out warning signals. Foreign direct investment typically involves an overseas entity acquiring the assets of a company in another country or increasing its holdings, often via the purchase of machinery, plants or a controlling stake. FDI is therefore considered a longer-term investment compared to portfolio flows, which can be more volatile. U.S. President Donald Trump says he has attracted record foreign investment into the country. Indeed, the White House has a page on its website with a "non-comprehensive running list of new U.S.-based investments" since Trump's second term began. The running total is in the trillions of dollars and includes pledges from several foreign countries. Included are more than $4 trillion in U.S.-bound investments pledged by the United Arab Emirates, Qatar, Japan and Saudi Arabia. During Trump's trip to the Middle East last month, he said the U.S. is on track to receive $12-$13 trillion of investments from countries around the globe, which includes "projects mostly announced ... and some to be announced very shortly." These flows may emerge in full, in time. But official figures on Tuesday showed that FDI in the first quarter actually fell to $52.8 billion, the lowest total since the fourth quarter of 2022. That's well below the quarterly averages of the past 10 and 20 years. The Commerce Department figures also showed that the U.S. current account deficit widened to a record $450.2 billion in the quarter, or 6% of U.S. GDP, meaning FDI inflows barely covered 10% of that shortfall. Should the Trump administration be worried? TARIFF DISTORTIONS The short answer is probably not, at least not yet. FDI flows are typically far smaller than portfolio flows into equity and fixed income securities, so from the perspective of funding the current account deficit, the drop in FDI is not as pressing a concern. On the other hand, if foreign investors are also buying fewer U.S. securities, capital from elsewhere will be needed to fund that deficit. Additionally, America's balance of payments data in the first quarter was hugely distorted by domestic consumers and businesses front-running Trump's tariffs, loading up on imports before the duties kick in later this year. Trump's bet is that the deficit will shrink this year and beyond as his 'America First' policies spur more "onshoring" from domestic firms as they bring production back home and the weakening dollar helps U.S. manufacturing by making exports more competitive. The subsequent boom will attract investment from companies and governments overseas. In theory. However, these dynamics work both ways. For example, the European Union is by far the largest provider of U.S. FDI, accounting for 45% of the total in 2023, according to Citi. The combination of the continent's German-led fiscal splurge, U.S. tariffs and 'de-dollarization' concerns could easily crimp that flow, perhaps significantly. Another potential risk to U.S.-bound FDI is 'Section 899' - the possible tax of up to 20% on foreigners' U.S. income that could be part of Trump's budget plans. A Tax Foundation report in May found that Section 899 would "hit inbound investment from countries that make up more than 80 percent of the U.S. inbound FDI stock." Industry pushback may water down Section 899, but it remains a cloud on the U.S. investment horizon. The U.S. is the world's biggest recipient of FDI, with a 25% share of global volumes in 2023, up from around 15% before the pandemic, according to Citi. Its economy is the largest in the world, a thriving hub of innovation, pioneering technology, artificial intelligence and money-making potential. That will always attract FDI. Whether it attracts as much in this new environment remains to be seen. What could move markets tomorrow? * Germany GfK consumer confidence (July) * European Central Bank President Christine Lagarde, VicePresident Luis de Guindos and board member Isabel Schnabel speak(at different events) * Bank of England Governor Andrew Bailey and Deputy GovernorSarah Breeden speak (at different events) * U.S. weekly jobless claims * U.S. durable goods (May) * U.S. trade (May) * U.S. GDP (Q1, final estimate) * U.S. 7-year note auction * Richmond Fed President Thomas Barkin, Cleveland FedPresident Beth Hammack and Fed Governor Michael Barr speak (atdifferent events) Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Jamie McGeever; Editing by Nia Williams) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
41 minutes ago
- Yahoo
General Mills earnings, Novo Nordisk stock slips, Micron results
Josh Lipton takes a closer look at some of the top stories of the trading day as part of Yahoo Finance's Market Minute. General Mills (GIS) stock is under pressure after releasing fourth quarter results that fell short of Wall Street's expectations. Novo Nordisk (NVO) and Hims & Hers (HIMS) are in focus after the pair's weight loss drug partnership fell apart. Investors are eyeing Micron's (MU) third quarter results after the closing bell. Stay up to date on the latest market action, minute-by-minute, with Yahoo Finance's Market Minute. It's time for Yahoo! Finance's Market Minute. US stocks wavering, as the S&P 500 looks to return to all-time highs. General Mills slipping after weakness in net sales for the fourth quarter. Maker of Cheerios and Cinnamon Toast Crunch also noting its full-year sales trends did not meet the company's expectations. Shares of Novo Nordisk sliding. Spain's Ministry of Health investigates the company claiming a potential breach of advertising laws. This comes after earlier this week, Novo Nordisk ended its collaboration with Hims and Hers accusing that company of quote deceptive promotion and selling of knockoff versions of Wegovy. Micron stock sliding here ahead of that chip maker's third quarter earnings report. Latest results set to release after the market closed today. JP Morgan noting high bandwidth memory demand trends remain robust. Micron also among a slew of tech companies bolstering investments in US manufacturing. And that's your Yahoo! Finance Market Minute.
Yahoo
42 minutes ago
- Yahoo
Nasdaq, S&P 500 close near highs as 'top-heavy market' persists
The Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) are trading near record highs. The Leuthold Group's chief investment officer, Doug Ramsey, joins Market Domination to discuss recent market moves. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. So the market here, Doug, I'm looking at the SPX, the S&P 500. You're right near those all-time highs. As a long-time watcher of the markets, Doug, do you look at that and say, you know, we've come too far, too fast? We're looking extended here or no, you say this move makes sense and we're moving higher. Uh the resilience has been very impressive. Um, and I know, you know, Mark's certainly aware of the fact that yesterday, the New York Stock Exchange daily advance decline line closed in another all-time high, which technical theory says that, well, then the external high or the high and like the down the S&P 500 should be at least a few months into the future, if not longer. I I do think the market's maybe a little bit narrower than like the advance decline line would suggest. I mean, it continues to be a top heavy market, which that's not unusual leading into an economic cycle peak, where the troops, as they say, begin to lag behind the generals. But it's another year here in which sort of the average stock is is lagging the S&P 500 pretty badly as happened in 2023 and 2024. Uh, but um again, when you're close to an all-time high and breadth is an all-time high, it's usually not a reason for uh short-term caution on either the economy or the stock market. So you're talking technicals there, Doug. Let's also talk about the fundamentals, the upcoming earnings season. I'm just curious what your expectations are there. Doug, you know, we've gotten some reports. You saw FedEx and and General Mills today. They seem to certainly disappoint investors, but what are your expectations there? I think overall, they've been pretty solid, and I, you know, I look at estimate revisions. They've picked back up. Uh, as a matter of fact, they sort of followed a pattern just like the stock market during the trade war. I mean, estimate revisions uh crashed during that, you know, six to eight-week down period for the markets back in uh March and early April. They've rebounded nicely. Um, I'm concerned about, you know, some of the the news coming out of the cyclicals, and it's partly the news itself, and then it's also how cyclical stocks uh are priced here. Uh, we we monitor just sort of a simple valuation relationship between the cyclical sectors of the market. It's just very broad, so we look at consumer discretionary, industrials, and materials. So we look at evaluation premium or discount, and more typically, it's a discount of those three sectors relative to consumer staples, healthcare, and utilities. And the valuation premium today on the cyclicals vis-a-vis the defenses defensives has never been higher. So in other words, you know, I don't know about the broad market, but within the market, there is certainly no bet from managers who have to be fully invested in stocks that a recession is coming anytime soon. And that and that bothers me. I mean, it tells me that, you know, if we have a further slowing from here, or even a mild recession, that the cyclical stocks could really get pounded just because of the valuation premium uh they they now command. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
