Latest news with #Hurd
Yahoo
27-05-2025
- Business
- Yahoo
We used AI for retirement planning advice and were surprised by what we found
A year ago, if you had asked me whether you should use artificial intelligence to help with your retirement planning, I would have said, absolutely not. Artificial intelligence officially went mainstream in 2023 — a year that marked its leap from cubicles of tech geeks into the daily lives of average Americans. Since then, AI's reach has grown rapidly. Today, average Americans are turning to AI for all sorts of everyday tasks and diversions: planning vacations, creating recipes out of ingredients in the fridge and pantry, writing college essays, producing videos, and creating action figures. Why Obama's former budget director is now sounding alarms about debt Treasury Secretary Bessent has a plan to bring down long-term yields. But will it work? I'm hosting a Memorial Day barbecue. Would it be so bad to ask my guests to make financial contributions? 'Is this a good tax strategy or a sham transaction?' My mother wants to give me her home. I have a plan to avoid taxes. Rising bond yields give stock-market investors the yips. Watch these levels. And it's not just personal use. AI is increasingly embedded in the workplace, where workers — or at least those not yet displaced by AI — are using it for data analysis, content creation, vibe coding, customer service, and digital marketing So if you asked me today whether it's a good idea to use AI for retirement planning, my answer would be yes — provided you can become proficient in what's known as prompt engineering. Prompt engineering is the practice of crafting clear, specific instructions or questions to get more accurate and relevant responses from AI tools like ChatGPT. I say this for several reasons. I've been experimenting quite a bit with AI and getting feedback from subject matter experts who are thoroughly impressed with the responses I'm getting back from AI systems like Gemini Deep Research. For instance, I asked Gemini Deep Research to develop a retirement spending plan based on research by Michael Hurd and Susann Rohwedder, both of Rand, which showed that spending declines on a real basis 1–2% over the course of retirement, as well as research by David Blanchett, then with Morningstar, which showed expenditures decrease in real terms for retirees throughout retirement and then increase toward the end. Afterward, I shared AI's report with Hurd and Blanchett. 'This is terrific,' said Hurd. And Blanchett said: 'Looking at the analysis, it looks pretty accurate and straightforward… High level. I'd say I'm excited about the potential role of AI when it comes to helping people get more personalized advice/guidance around things like retirement versus what you might see reading an article online or something.' Another reason to pay attention to AI in retirement planning comes from the work of Andrew Lo, a professor at MIT, and Jillian Ross, a doctoral student who collaborates with him. Together, they are exploring whether large language models like ChatGPT can provide reliable financial advice to everyday investors. Early results suggest the potential is there. In their paper Can ChatGPT Plan Your Retirement?, Lo and Ross argue that AI-powered financial advisers, often referred to as robo advisers, could represent the future of financial planning. However, they note that these tools still require significant improvement before they can truly replace human advisers. One key area of development is the ability for AI to exhibit more humanlike traits, such as empathy and an understanding of each person's emotional relationship with money. Lo and Ross also emphasized the importance of embedding ethical standards into AI systems. These standards should reflect a fiduciary duty, meaning the AI must always act in the best interest of the client, rather than in the interest of its creators or affiliated companies. If these improvements can be achieved, the authors believe AI financial advisers could dramatically expand access to quality financial planning. By combining deep analytical capabilities with a more personalized, human approach, AI could help make professional-level advice available to people who might not otherwise afford it. In a separate paper titled Generative AI from Theory to Practice: A Case Study of Financial Advice, Lo and Ross outlined the next step in this evolution. They point to finance-specific large language models as the future of robo-advisory services. Looking ahead, Lo and Ross envision a transformation of retail investment where everyone with investible wealth can make optimal investment decisions aligned with their life goals – essentially a 'full democratization of finance.' And reason number three has to do with my discussions with James Mallory, a professor at the National Technical Institute for the Deaf, one of the colleges of Rochester Institute of Technology. Mallory, who has degrees in computer science and electrical engineering technologies, demonstrated for me how someone could use AI to handle complex financial calculations that previously required extensive spreadsheet work. 'With AI, you could run a simple table or do a complex Monte Carlo analysis,' said Mallory. 'You could have AI calculate RMDs based on your unique situation and show the actual mathematical formulas for doing so.' During our Zoom call, Mallory shared how someone could upload financial documents in the form of PDFs, Excel spreadsheets, or even screen captures or images from reputable brokerage firms or financial institutions, then ask AI to analyze them and generate retirement scenarios. The system could help evaluate a range of planning decisions, including: – Optimal Social Security claiming strategies– Roth IRA conversion timelines– Tax-efficient withdrawal strategies– Healthcare cost projectionsMallory demonstrated for me how to develop a plan using AI that could achieve a sample client's retirement goals. During our meeting we ran a typical client scenario to: – Not run out of money before age 95– Minimize required minimum distributions and maximize Roth conversions– Manage Medicare income-related monthly adjustment amount surcharges Into AI, we plugged in facts and circumstances: account balances, income sources and amounts, planned withdrawals, and assumptions for portfolio returns, inflation, and taxes. And then we made the request. We asked AI to generate a year-by-year table from current age to 95 showing:– IRA withdrawals– Roth withdrawals– Social Security income– Taxable account withdrawals– Remaining balances in each account– Estimated federal and state taxes paid annually– RMD projections once applicable– Highlight if/when funds may be depleted– A plain-language summary– Output in a downloadable Excel file and a Word summary– Use clear, short column headings– Follow plain text formatting (no bold, no hyphens, use commas instead of dashes)It could even run a Monte Carlo simulation at any confidence you wanted for success probability. Suffice it to say, AI generated exactly what we wanted. AI, said Mallory, is like having a hammer. 'I can build a school or a church with it, or I could hit somebody over the head with it,' he said. 'The hammer's not bad or good, it's just a tool, and it depends on what you are going to do with it. AI is the same way, and I've been playing around with it. With AI, we could run our own Monte Carlo analysis. We could figure RMDs, put in different numbers, dump tables, spreadsheets, etc.' Mallory is completely trusting of the computed results in ways I never was a year ago, when AI would typically get much wrong with respect to retirement and financial planning. He doesn't feel the need to talk to a subject matter expert for most of these kinds of routine things as long as the user has a basic knowledge to create and verify the input prompting questions and the outputs are at least 'in the ballpark' with what is expected to verify its accuracy. He doesn't need a sounding board for this, although he strongly suggested running the ideas by an investment professional before any big decisions are made. 'So you're 99% trusting of it, if not more?' I asked Mallory.'In financial planning, yes,' Mallory said. And why is that the case? 'For a couple reasons,' he said. 'One, I have found that none of the financial experts from different reputable firms agree on exactly how things should be allocated. One expert would say there is too much cash invested, where another may say it's fine for derisking. Some recommend an S&P 500 SPX rated portfolio with a percentage in bonds and cash, others believe in an equal weight S&P 500 fund with no cash and a percentage in bonds. For example, some say 80/20, some say 60/40, some say 60/30/10. To a lay person, that conflicting advice can be confusing.''And two,' he said, 'AI can tap into the entire world's body of financial knowledge and expertise to answer virtually any question someone might have.' In that sense, Mallory sees it as more reliable than any single human adviser or firm, since it can compare and synthesize a range of expert perspectives and recommendations. Mallory describes himself as a 'common user in the financial sector,' but emphasized that getting useful financial guidance from AI requires effective 'prompt engineering,' which means knowing how to ask the right questions in the right way. This, he believed, is where the value of a financial expert would be beneficial, designing the prompts. 'It's all about prompt engineering,' the professor said. 'For example, you might tell the AI, 'I want you to act as an expert in this area. Think through what an expert would do. What guidance does the government provide? What are the required minimum distribution rules at age 72 or 73? What are the formulas involved?'' Does all this mean that there's no use for financial advisers in the future? Not necessarily. Despite his enthusiasm for AI tools, Mallory acknowledged its limitations and emphasized that he still values expert guidance for the larger picture.'It's not a replacement for an adviser clearly, but it takes a lot of the heavy lifting and tedious financial calculations away,' he offers one important caution around privacy and security. He strongly advises against uploading any documents that contain account numbers, Social Security numbers, or other sensitive personal information. For birthdays, he recommends using only the month and year, and substituting fake names whenever possible. Even better, you can simply tell the AI the person's age along with a placeholder name. While large language models, or what many refer to as LLMs, may claim they don't store your data, the information still passes through the cloud at least once, which raises concerns. Many paid AI platforms promise not to use your data to train their models, but free versions may use your inputs to improve their systems, something users should be aware of. 'While AI offers transformative potential in finance, it also raises serious concerns about data privacy and the risk of algorithmic misuse in decision-making,' wrote the authors of The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform. So proceed with caution and good common sense. 'Like the hammer, be wise and selective how you use it,' Mallory said. After 25 years, I finally asked for separate checks — and my friends iced me out. Did I do something terrible? 'What we found horrified us': My elderly relative mistook charity envelopes for overdue bills — and gave thousands to other family members My ex-wife said she should have been compensated for working part time during our marriage. Do I owe her? My brother's 'good daughter' siphoned $70,000 from her father's accounts. Should she still get an inheritance? 'They will drown you too': My coworker found out I inherited money — and harassed me to give him a loan
Yahoo
16-05-2025
- Business
- Yahoo
TILE Q1 Earnings Call: Strategic Diversification and Order Growth Offset Macro Headwinds
Modular flooring manufacturer Interface (NASDAQ:TILE) met Wall Street's revenue expectations in Q1 CY2025, with sales up 2.6% year on year to $297.4 million. The company expects next quarter's revenue to be around $360 million, close to analysts' estimates. Its non-GAAP profit of $0.25 per share was 17.5% above analysts' consensus estimates. Is now the time to buy TILE? Find out in our full research report (it's free). Revenue: $297.4 million vs analyst estimates of $296.5 million (2.6% year-on-year growth, in line) Adjusted EPS: $0.25 vs analyst estimates of $0.21 (17.5% beat) Adjusted EBITDA: $37 million vs analyst estimates of $34.95 million (12.4% margin, 5.9% beat) The company slightly lifted its revenue guidance for the full year to $1.35 billion at the midpoint from $1.34 billion Operating Margin: 7.8%, in line with the same quarter last year Free Cash Flow Margin: 1.4%, down from 3% in the same quarter last year Market Capitalization: $1.22 billion Interface's first quarter results reflected continued momentum in the company's core Americas market, with management crediting the One Interface strategy and diversified product portfolio for steady demand. CEO Laurel Hurd emphasized growth in education and healthcare segments, noting that both categories posted double-digit gains. She also cited the expansion of the i2 carpet tile portfolio and new product launches as key enablers of this quarter's performance. Looking ahead, management's guidance is anchored by a healthy backlog and robust order trends entering the second quarter. Hurd expressed confidence in offsetting recently announced tariffs through pricing adjustments and productivity improvements, stating these factors have been incorporated into current forecasts. The company remains focused on strategic investments in global product management and supply chain capabilities to sustain long-term growth, even as macroeconomic uncertainty persists. Management attributed Q1 performance to targeted growth in high-potential segments and ongoing operational improvements. Key points from the call underscore the impact of specific initiatives and market trends: Diversification delivers growth: The company's expansion into education and healthcare segments resulted in double-digit billing increases, driven by modernization initiatives and demand for durable, sustainable flooring solutions in these markets. Product innovation pipeline: Appointment of a VP of Global Product Category Management aims to accelerate product innovation and align offerings more closely with customer needs, supporting longer-term growth. Regional performance mixed: Americas posted 6% currency-neutral sales growth, with particularly strong order momentum, while Europe, Australia, and Asia-Pacific saw softer results, except for double-digit growth in Asia. Localized manufacturing limited exposure to currency swings and tariffs. Tariff mitigation plans: Management addressed exposure to new U.S. tariffs on select imported products (nora rubber from Germany and LVT from South Korea), noting that these impact less than 15% of global product costs. Plans to offset costs through pricing and productivity are already reflected in guidance. Supply chain optimization: Investments in global procurement, automation, and robotics—especially in U.S. carpet tile manufacturing—are delivering productivity gains, with plans to extend these improvements to Europe and Australia to support future margin expansion. Management's outlook for the coming quarters is shaped by expectations of continued end-market diversification, proactive tariff mitigation, and productivity enhancements, while acknowledging ongoing global macroeconomic uncertainty. Sustained segment momentum: Growth in education and healthcare markets is expected to continue, underpinned by modernization trends and demographic shifts, providing a buffer against softness in other segments like corporate office. Tariff impact managed: Management anticipates minimal disruption from new tariffs, with incremental pricing and productivity initiatives offsetting higher input costs, though timing of these offsets will be closely monitored. Strategic investments continue: Ongoing investment in product management, innovation, and global supply chain capabilities is expected to drive operational efficiencies and support margin stability, even as the economic environment remains unpredictable. Brian Biros (Thompson Research Group): Asked how the One Interface strategy contributed to margin and SG&A outperformance. Management cited strong Americas growth and double-digit gains in healthcare and education, with combined selling teams driving success in all product categories. Alex Paris (Barrington Research): Requested details on geographic growth, particularly in EMEA and Asia-Pacific. Management reported double-digit sales growth in Asia, with Europe and Australia described as softer. Alex Paris (Barrington Research): Inquired about potential risks and opportunities in government-related business amid return-to-office mandates. Management noted the segment is small but saw growth in Q1, driven by both public building churn and return-to-work activity. David MacGregor (Longbow Research): Pressed for clarification on the timing of tariff cost pass-through versus pricing actions. Management stated that commission-based selling and existing inventory should help align timing of cost recovery. David MacGregor (Longbow Research): Asked about benefits and timing from new global product management and procurement roles. Management expects these roles to drive incremental long-term growth and productivity, with early signs already visible in supply chain efficiencies. In the quarters ahead, our analysts will be watching (1) whether education and healthcare segments maintain double-digit growth amid broader macro uncertainty, (2) the effectiveness and timing of tariff cost recovery through pricing and productivity, and (3) progress on global supply chain and product management initiatives. Execution in offsetting input cost inflation and sustaining backlog momentum will also be key markers for ongoing performance. Interface currently trades at a forward EV-to-EBITDA ratio of 7.6×. At this valuation, is it a buy or sell post earnings? Find out in our free research report. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today. 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
15-05-2025
- Sport
- Yahoo
Hurd powers O'Gorman to Girls City Golf title
SIOUX FALLS, S.D. (KELO) — The City Girls Golf Tournament is played over the span of a month, with three rounds beings played across the Sioux Falls public golf courses. O'Gorman's Erin Hurd used a strong start to help lead to a crown. Hurd carded an impressive 74 at Prairie Green, just two shots over par in the first round of the City Golf Meet. 'It was a great round for me, and it was a lot of fun,' Hurd said. 'It was a confidence booster for our team, just being able to get up some strokes.' Hurd tied for first with fellow teammate Geneva Fredrickson in the second round of the tournament. That gave Erin a 12 shot lead, entering the third and final round, which was played at Willow Run, on a warm and windy day this past Tuesday. 'The wind wasn't even the worst part. During the front nine, there was just a ton of bugs that kept flying at us. That was probably the hardest part of the round,' Hurd said. 'Once that wind kicked in, it was pretty hard to figure out your distances.' The windy weather was also tough on the short game, adding some speed to the greens. 'They were pretty fast today. If you get above that hole, it's pretty bad once you get above it,' Hurd said. 'Thankfully, our coach brought us out yesterday and we went to the practice green. He worked with us on those high to low putts.' Hurd finished the round with an 80, the best in the field. That helped Erin finish 23-over par for the entire tournament, 13 shots ahead of the competition. 'It's super special. I'm super proud of how I did and how my team supported me,' Hurd said. 'It's definitely a highlight of my season is winning city.' Hurd's performance led to the individual crown, but it also helped O'Gorman claim a one-shot win over Lincoln for the team title, capping off an O'Gorman sweep of the City Meet. 'I'm just always so proud of how we play. We're a great team together. We work so hard everyday, going to practice,' Hurd said. 'No matter how the outcome comes out, I'm always proud of our team.' O'Gorman will be a part of the Metro Conference Meet on Thursday at Elmwood. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-05-2025
- General
- Yahoo
Town hall to honor the legacy of Cynthia Graham Hurd and the Emanuel 9
CHARLESTON, S.C. (WCBD) – A town hall happening in June will honor the memory of Cynthia Graham Hurd and the Emanuel 9, while also reflecting on progress made since the June 2015 tragedy and the path forward for the community and nation. This June will mark 10 years since the Charleston Church Shooting, which claimed the lives of nine people as they attended Bible study at Emanuel AME Church. Among those victims was Hurd, a beloved librarian and community leader. The Cynthia Graham Hurd Foundation for Reading, Literacy and Civic Engagement was established to engage the community through Hurd's love and appreciation for reading. Organizers say the town hall will begin with a praise and worship service honoring Hurd's legacy. It will feature a performance by the 'A Sign of the Times' band with guest artist Toni Tupponce. After the service, attorney and former South Carolina Rep. Bakari Sellers will moderate a panel discussion, 'What's the Way Forward: 10 Years After Charleston' featuring Dr. Tonya Matthews, president and CEO of the International African American Museum, and foundation director Hon. Malcom Graham, Cynthia's brother and author of the book 'The Way Forward'. The event will take place on the evening of June 12 at Emanuel AME Church (110 Calhoun Street). There is no admission fee; however, attendees are encouraged to donate a children's book in support of Cynthia's passion for literacy. Those books will benefit local Charleston reading programs. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Insider
03-05-2025
- Entertainment
- Business Insider
Bill Gates is dating philanthropist Paula Hurd. Here's a timeline of their relationship.
Gates and Hurd have gone public with their relationship since they were first spotted together, walking red carpets and attending sporting events like the 2024 Olympics. Both were previously married. Gates and his ex-wife, Melinda French Gates, divorced in 2021 after 27 years of marriage and share three children. Hurd was married to Mark Hurd, a former CEO of Oracle and Hewlett-Packard with whom she shared two children, until his death in 2019. Gates, whose net worth is estimated at $109.6 billion, has called Hurd his "serious girlfriend." Here's a timeline of their relationship. Gates Ventures declined to comment when reached by Business Insider.
