Page 18 – Kanebridge News

Who Gets the TikTok in the Divorce? The Messy Fight Over Valuable Social Media Accounts

When Kat and Mike Stickler filed for divorce, their lawyers had a math problem.

Among the couple’s biggest assets was MikeAndKat, a channel on TikTok and YouTube in which they shared their lives with about four million followers. No one knew how to evenly split MikeAndKat between Mike and Kat.

“The judge was like, ‘what?’” Kat said last month during a podcast interview with Northwestern Mutual. “It’s a whole new terrain.”

Social media pays the bills for millions of Americans. But making a living online is more financially complicated than working a 9-to-5. Influencers need an audience to win advertising deals, and changing what they post risks turning followers away. Couples who showcase their love life online face an existential threat to the family business when they split.

For the lawyers charged with pinning a dollar value to the accounts to divide them fairly, it’s way harder than assessing a house or car. Fortunes can swing depending on which ex has the keys to the account. That was Kat’s argument in fighting for control of the TikTok channel.

“If the TikTok account was left to me, it would keep growing, but if it wasn’t, it would stop,” said Kat, 29, in the podcast interview.

She was right.

Kat got the TikTok, changed that handle to KatStickler and now has almost 10.5 million followers. She has another three million across Instagram, YouTube and Facebook. The channels, where Kat posts skits impersonating her mother and snippets of her everyday life, have earned her enough to buy a condo and become a small business investor.

Mike ended up with the YouTube account, which is now defunct. He now works in sales and declined to comment.

There are 27 million paid content creators in the U.S., and 44% of them say social media is their full-time job, consultant The Keller Advisory Group found.

The big bucks don’t come from views or followers. Brands pay influencers to recommend a product or service to their audience. U.S. advertisers paid content creators $26 billion in 2023, according to Statista.

Once divorce specialists tally up how much money the accounts are raking in, the couple can divide them, or one partner can take more and buy out the other.

But there’s one elusive factor in a digital asset’s value: the account’s potential to keep making money. Both partners have to make a case for their role in that potential. How many pranks did they think of? How many hours did they spend editing videos?

“There’s typically one person in the relationship who is passionate about social media, who’s driving the business,” says Cameron Ajdari, who runs a talent management group with his wife representing some of TikTok’s most followed couples.

It’s not always clear who that person is by the time divorce rolls around. Social media success often evolves quickly, and couples may not be prepared to track finances and labour.

Reza and Puja Khan say everything they’ve done to amass about five million followers on shared channels has been a team effort. They started posting about their wedding in 2020 and, within months, Puja was able to quit her office job. Now, they estimate social media brings in about half a million dollars a year.

Almost all of that goes into a joint bank account. It was a little overwhelming to see their incomes jump so fast, far above what their parents made, say Reza, 28, and Puja, 27. They hired a financial adviser earlier this year, but the idea of dividing their empire has never crossed Puja’s mind.

“This is the first time we’re actually thinking about it,” she says. “If I really went public with a hypothetical split, that could create its own momentum.”

The way influencers rebuild their brands after breaking up can make or break their careers.

If the person got popular by posting memes or makeup tutorials, they probably won’t take much of a financial hit from a divorce. But there could be more damage if a lot of the videos feature family time.

“One could take it over and they just rebrand, which is risky,” says Nina Shayan Depatie, a divorce attorney in Los Angeles who has worked with influencers. “When you’re looking at the valuation, you would have to consider that.”

Ayumi Lashley, 34, started creating social media videos with her husband in 2017. They made it their full-time job in 2020 and the accounts paid for her car and house, she says.

When they divorced in 2023, they both tried to elevate their personal profiles, but their fan base is still attached to a nonexistent relationship. She says she chose not to share much about the split and lost a few thousand followers, while her ex posted more about the divorce.

“A lot of people were very upset with me for not talking about it,” Lashley says. “His career is doing amazing and mine is not.”

Many content creators don’t intend to make videos of their daily outfits forever, even if it isn’t divorce that ends their careers.

“I always joke we’re like NFL players. You get five or 10 good years, but you take one bad hit to the knee and you’re done,” says Vivian Tu, 30, who posts about financial literacy to roughly eight million followers. “You can’t control the algorithms. You can’t control what is in vogue and what’s not.”

Tu says she is preparing for a life away from social media by developing other streams of income, including writing a book and hosting a podcast.

She is also aware of what divorce could do to her business. Tu wrote up a prenuptial agreement that included all her social-media accounts before she got married in June.

“My social media is my résumé,” Tu says. “Why would I allow anybody else to put my work on their résumé?”

Impact Investing Is Turning Mainstream, Report Finds

Impact investing is becoming more mainstream as larger, institutional asset owners drive more money into the sector, according to the nonprofit Global Impact Investing Network in New York.

In the GIIN’s State of the Market 2024 report, published late last month, researchers found that assets allocated to impact-investing strategies by repeat survey responders grew by a compound annual growth rate (CAGR) of 14% over the last five years.

These 71 responders to both the 2019 and 2024 surveys saw their total impact assets under management grow to US$249 billion this year from US$129 billion five years ago.

Medium- and large-size investors were largely responsible for the strong impact returns: Medium-size investors posted a median CAGR of 11% a year over the five-year period, and large-size investors posted a median CAGR of 14% a year.

Interestingly, the CAGR of assets held by small investors dropped by a median of 14% a year.

“When we drill down behind the compound annual growth of the assets that are being allocated to impact investing, it’s largely those larger investors that are actually driving it,” says Dean Hand, the GIIN’s chief research officer.

Overall, the GIIN surveyed 305 investors with a combined US$490 billion under management from 39 countries. Nearly three-quarters of the responders were investment managers, while 10% were foundations, and 3% were family offices. Development finance institutions, institutional asset owners, and companies represented most of the rest.

The majority of impact strategies are executed through private-equity, but public debt and equity have been the fastest-growing asset classes over the past five years, the report said. Public debt is growing at a CAGR of 32%, and public equity is growing at a CAGR of 19%. That compares to a CAGR of 17% for private equity and 7% for private debt.

According to the GIIN, the rise in public impact assets is being driven by larger investors, likely institutions.

Private equity has traditionally served as an ideal way to execute impact strategies, as it allows investors to select vehicles specifically designed to create a positive social or environmental impact by, for example, providing loans to smallholder farmers in Africa or by supporting fledging renewable energy technologies.

Future Returns: Preqin expects managers to rely on family offices, private banks, and individual investors for growth in the next six years

But today, institutional investors are looking across their portfolios—encompassing both private and public assets—to achieve their impact goals.

“Institutional asset owners are saying, ‘In the interests of our ultimate beneficiaries, we probably need to start driving these strategies across our assets,’” Hand says. Instead of carving out a dedicated impact strategy, these investors are taking “a holistic portfolio approach.”

An institutional manager may want to address issues such as climate change, healthcare costs, and local economic growth so it can support a better quality of life for its beneficiaries.

To achieve these goals, the manager could invest across a range of private debt, private equity, and real estate.

But the public markets offer opportunities, too. Using public debt, a manager could, for example, invest in green bonds, regional bank bonds, or healthcare social bonds. In public equity, it could invest in green-power storage technologies, minority-focused real-estate trusts, and in pharmaceutical and medical-care company stocks with the aim of influencing them to lower the costs of care, according to an example the GIIN lays out in a separate report on institutional  strategies.

Influencing companies to act in the best interests of society and the environment is increasingly being done through such shareholder advocacy, either directly through ownership in individual stocks or through fund vehicles.

“They’re trying to move their portfolio companies to actually solving some of the challenges that exist,” Hand says.

Although the rate of growth in public strategies for impact is brisk, among survey respondents investments in public debt totalled only 12% of assets and just 7% in public equity. Private equity, however, grabs 43% of these investors’ assets.

Within private equity, Hand also discerns more evidence of maturity in the impact sector. That’s because more impact-oriented asset owners invest in mature and growth-stage companies, which are favoured by larger asset owners that have more substantial assets to put to work.

The GIIN State of the Market report also found that impact asset owners are largely happy with both the financial performance and impact results of their holdings.

About three-quarters of those surveyed were seeking risk-adjusted, market-rate returns, although foundations were an exception as 68% sought below-market returns, the report said. Overall, 86% reported their investments were performing in line or above their expectations—even when their targets were not met—and 90% said the same for their impact returns.

Private-equity posted the strongest results, returning 17% on average, although that was less than the 19% targeted return. By contrast, public equity returned 11%, above a 10% target.

The fact some asset classes over performed and others underperformed, shows that “normal economic forces are at play in the market,” Hand says.

Although investors are satisfied with their impact performance, they are still dealing with a fragmented approach for measuring it, the report said. “Despite this, over two-thirds of investors are incorporating impact criteria into their investment governance documents, signalling a significant shift toward formalising impact considerations in decision-making processes,” it said.

Also, more investors are getting third-party verification of their results, which strengthens their accountability in the market.

“The satisfaction with performance is nice to see,” Hand says. “But we do need to see more about what’s happening in terms of investors being able to actually track both the impact performance in real terms as well as the financial performance in real terms.”

Greenland Is Gorgeous and Uncrowded. Now Here Come the Americans.

As European hot spots become overcrowded , travellers are digging deeper to find those less-populated but still brag-worthy locations. Greenland, moving up the list, is bracing for its new popularity.

Aria Varasteh has been to 69 countries, including almost all of Europe. He now wants to visit more remote places and avoid spots swarmed by tourists—starting with Greenland.

“I want a taste of something different,” said the 34-year-old founder of a consulting firm serving clients in the Washington, D.C., area.

He originally planned to go to Nuuk, the island’s capital, this fall via out-of-the-way connections, given there wasn’t a nonstop flight from the U.S. But this month United Airlines announced a nonstop, four-hour flight from Newark Liberty International Airport in New Jersey to Nuuk. The route, beginning next summer, is a first for a U.S. airline, according to Greenland tourism officials.

It marks a significant milestone in the territory’s push for more international visitors. Airlines ran flights with a combined 55,000 seats to Greenland from April to August of this year, says Jens Lauridsen, chief executive officer of Greenland Airports. That figure will nearly double next year in the same period, he says, to about 105,000 seats.

The possible coming surge of travellers also presents a challenge for a vast island of 56,000 people as nearby destinations from Iceland to Spain grapple with the consequences of over tourism.

Greenlandic officials say they have watched closely and made deliberate efforts to slowly scale up their plans for visitors. An investment north of $700 million will yield three new airports, the first of which will open next month in Nuuk.

“It’s the rumbling before the herd is coming,” says Mads Mitchell, general manager of Hotel Nordbo, a 67-room property in Nuuk. The owner of his property is considering adding 50 more rooms to meet demand in the coming years.

Mitchell has recently met with travel agents from Brooklyn, N.Y., South Korea and China. He says he welcomes new tourists, but fears tourism will grow too quickly.

“Like in Barcelona, you get tired of tourists, because it’s too much and it pushes out the locals, that is my concern,” he says. “So it’s finding this balance of like showing the love for Greenland and showing the amazing possibilities, but not getting too much too fast.”

Greenland’s buildup

Greenland is an autonomous territory of Denmark more than three times the size of Texas. Tourists travel by boat or small aircraft when venturing to different regions—virtually no roads connect towns or settlements.

Greenland decided to invest in airport infrastructure in 2018 as part of an effort to expand tourism and its role in the economy, which is largely dependent on fishing and subsidies from Denmark. In the coming years, airports in Ilulissat and Qaqortoq, areas known for their scenic fjords, will open.

One narrow-body flight, like what United plans, will generate $200,000 in spending, including hotels, tours and other purchases, Lauridsen says. He calls it a “very significant economic impact.”

In 2023, foreign tourism brought a total of over $270 million to Greenland’s economy, according to Visit Greenland, the tourism and marketing arm owned by the government. Expedition cruises visit the territory, as well as adventure tours.

United will fly twice weekly to Nuuk on its 737 MAX 8, which will seat 166 passengers, starting in June .

“We look for new destinations, we look for hot destinations and destinations, most importantly, we can make money in,” Andrew Nocella , United’s chief commercial officer, said in the company’s earnings call earlier in October.

On the runway

Greenland has looked to nearby Iceland to learn from its experiences with tourism, says Air Greenland Group CEO Jacob Nitter Sørensen. Tiny Iceland still has about seven times the population of its western neighbour.

Nuuk’s new airport will become the new trans-Atlantic hub for Air Greenland, the national carrier. It flies to 14 airports and 46 heliports across the territory.

“Of course, there are discussions about avoiding mass tourism. But right now, I think there is a natural limit in terms of the receiving capacity,” Nitter says.

Air Greenland doesn’t fly nonstop from the U.S. because there isn’t currently enough space to accommodate all travellers in hotels, Nitter says. Air Greenland is building a new hotel in Ilulissat to increase capacity when the airport opens.

Nuuk has just over 550 hotel rooms, according to government documents. A tourism analysis published by Visit Greenland predicts there could be a shortage in rooms beginning in 2027. Most U.S. visitors will stay four to 10 nights, according to traveler sentiment data from Visit Greenland.

As travel picks up, visitors should expect more changes. Officials expect to pass new legislation that would further regulate tourism in time for the 2025 season. Rules on zoning would give local communities the power to limit tourism when needed, says Naaja H. Nathanielsen, minister for business, trade, raw materials, justice and gender equality.

Areas in a so-called red zone would ban tour operators. In northern Greenland, traditional hunting takes place at certain times of year and requires silence, which doesn’t work with cruise ships coming in, Nathanielsen says.

Part of the proposal would require tour operators to be locally based to ensure they pay taxes in Greenland and so that tourists receive local knowledge of the culture. Nathanielsen also plans to introduce a proposal to govern cruise tourism to ensure more travelers stay and eat locally, rather than just walk around for a few hours and grab a cup of coffee, she says.

Public sentiment has remained in favour of tourism as visitor arrivals have increased, Nathanielsen says.

—Roshan Fernandez contributed to this article.

The Generosity Power Move That Can Boost Your Career

Connectors always know just who you should talk to. They send the perfect introductory emails: warm, crisp, direct. And they make it look so effortless.

“It’s almost like music or something,” says David Dewane, a Chicago architect who loves introducing contacts from all parts of his life. “If you do it right, what you get is a little flash of possibility for both people.”

And possibility for the connector, too. Call it karma, the power of networks , or even just luck . If you become that hub for your friends and colleagues, it will come back to you, enriching your circles.

I think of people I know in my own life, the ones I speed text when I need a doctor for my kid. I feel so grateful, like they’re these life buoys that help keep me afloat. I wonder: Can the rest of us do that?

“We all develop a point at which the network that we’re in can’t satisfy our needs anymore,” says Brian Uzzi, a professor at Northwestern’s Kellogg School of Management who studies social network science.

When we become brokers, dipping in and out of various groups, we have access to all kinds of new information: little tips, fresh opportunities. Synthesizing multiple viewpoints, we’re better able to solve problems in innovative ways, Uzzi says. People love us for it.

Getting ahead

Connectors are more likely to get promoted and win bigger bonuses , Uzzi says. In one study of M.B.A. students, those who acted as brokers between cliques were twice as likely to get the best job offers upon graduating, he adds.

The key is to give before you ask.

“The idea of reciprocity is very powerful,” says Greg Pryor, a longtime human-resources executive who now researches organizational psychology topics.

Need a favor while you’re building a relationship, and you’re automatically in debt, he says. Instead, his career has been guided by a pay-it-forward mentality. He ends most calls by asking, “Is there anything I can do to help you?”

One time, a colleague asked if Pryor could get an acquaintance of hers up to speed on the topic of corporate culture and values. He spent a day with the friend-of-a-friend and connected her to others in the industry he thought could help.

The woman ended up becoming the chief human resources officer at software company Workday. When Pryor was looking for his next job, he reached out to her. A few weeks later, he was the new head of talent at Workday.

He spent a decade there, the best stretch of his career, he says.

The email formula

There’s an art to crafting the perfect email intro. Dewane, the Chicago architect who’s orchestrated thousands of introductions, is constantly scanning his mental Rolodex for pairs of contacts who can solve each other’s problems. He usually gets preapproval to reach out from both parties, then turns to his formula.

There’s two paragraphs—one for each person. He describes what they do, why he thought of them, and how they’re perfect to connect on this particular thing. He includes hyperlinks to both LinkedIn profiles. And he always puts the person who stands to gain more from the interaction last, queuing them up to initiate contact.

“I get kind of paranoid if intros just hang there,” he says.

If there’s a big difference in power between the two people, he choreographs the thread even more intricately. When connecting architecture students with professionals he knows at design studios, he’ll inform the students that he’s sending the email at 8 a.m. They are to reply by 8:04 a.m.

“I am going to open the door and then you are going to walk through it,” he says.

Oftentimes people freeze as they sit down to pen an email, scared of overpromising, says Erica Dhawan, a St. Petersburg, Fla.-based leadership consultant and author of a book about digital communication. Sliding into someone’s inbox involves risk. You’re encroaching on their time and looping yourself to two disparate contacts who may or may not hit it off.

Dhawan recommends using the phrase, “no guilt, no obligation,” when asking people if they’re open to connecting.

“I want them to feel like there’s mutual benefit,” she says, not like they’re doing her a favour.

Worst intro ever

Being on the receiving end of an introduction can also leave your stomach in knots, if it’s not done right.

“I’m in an email thread and I’m like, I don’t know why I’m here,” says Khaled Bashir, the founder of a marketing agency and AI startup in Toronto. “What am I supposed to do?”

Fellow founders will often connect him with potential clients. At least he thinks that’s what they are. The context is sometimes missing, and he’d appreciate a funny icebreaker so he can slide into the conversation without it having to be all business.

Bad intros can have happy endings, though.

Years back, Bashir was thrown into a random WhatsApp group by a client. No explanation, just him and one other guy. It turned out the other person was a fellow agency owner. The pair became fast friends. They bonded over the synergies in their work and a love of Japanese comics. Now, Bashir is selling the marketing part of his business to the friend, a move that will let him focus on growing his AI offerings.

Bon appétit

To make connections less awkward, add food. Michael Magdelinskas, who works in government affairs for a consulting firm, hosts frequent dinner parties at his Manhattan apartment. Over sous-vide pork chops and cognac ice cream, he brings together everyone from former colleagues to acquaintances visiting from overseas.

He crafts guest lists by thinking about common hobbies, hometowns and the ratio of introverts to extroverts. Recently, a group of attendees formed their own Instagram chat thread, bonding over an inside joke. They didn’t even think to include Magdelinskas.

“That’s a good thing,” he says. “That means the process is working.”

Behind Many Powerful Women on Wall Street: A Doting ‘Househusband’

Suzanne Donohoe , a top executive at the private-equity firm EQT , started the month of September with a 10-day business trip through Asia and Europe. Back in New York, her husband, Matt Donohoe , was helping their three teenagers begin a new school year.

That was no simple task. Though the Donohoe children are close in age, each goes to a different school and has different extracurricular activities. Matt drove their 13-year-old to hockey practices in New Jersey and took all three children to Boston for a tournament. In between, there were groceries to buy, meals to prepare and homework to assist with.

It was all in a day’s work for Matt, who quit his job in 2007 to help out at home. A former emerging-markets trader with degrees from Georgetown and Columbia, he is part of a quiet but growing force of men who hold down the fort at home while their wives climb to the upper echelons of finance.

Wall Street has long struggled to elevate and retain women. A hotly competitive industry that demands long hours, frequent travel and the need to be on call constantly, it has been an unwelcoming environment for women, particularly those with children.

Women who have leadership roles in finance say that having a spouse who stays home—a househusband, if you will—can relieve that burden and allow them to rise. Even these privileged women, who have a spouse at home and often extra help beyond that, say maintaining the arrangements is a complex feat.

Chip Kelly has so far decided against going back to work because his family relies on his presence at home. Photo: Emli Bendixen for WSJ

For the men, being a househusband can come with a stigma: Society often still assumes men will be the bigger earners and women the primary caregivers. But that is starting to change.

In 45% of U.S. opposite-sex marriages, the wife earns as much as or more than her husband, a share that has roughly tripled over the past 50 years, according to a 2023 report from Pew Research Center. Dads represented 18% of stay-at-home parents in 2021, up from 11% in 1989, another Pew study found.

There are now househusbands at the highest levels of power. Doug Emhoff , married to Democratic presidential nominee Kamala Harris, gave up his career—as an entertainment lawyer—to facilitate her political rise after she was elected vice president. On Wall Street, the list of women with husbands at home includes the chief executives of Citigroup and TIAA, the chief financial officer of the private-equity firm Vista Equity Partners, and the global co-head of Blackstone’s real-estate business, among others.

Senior female executives whose partners also work say they have to manage an intense balancing act and admit to being envious at times of their peers whose husbands don’t work.

“The prototype of the person you are competing with, the people in nearly all of the successful positions, have a stay-at-home partner,” says Suzanne Donohoe, who was a partner at Goldman Sachs and KKR before joining EQT in 2022. “The disheartening part of the message is somehow you can’t achieve if one parent isn’t at home.”

She says she doesn’t think that is the case and knows and admires people in demanding jobs who make it work with neither spouse at home.

‘Safety net for a trapeze artist’

Many couples say they started out with parallel professions but reached a point at which the woman’s career accelerated. When one person needed to devote more time to parenting, it made more sense for it to be the man.

Chip Kelly was working in tech sales at an international startup in 2009 when his wife, Natalie Hyche Kelly, who is a Visa executive, gave birth to their first child. After the couple didn’t move quickly enough to get a spot at the daycare they wanted, Chip volunteered to care for the baby and work while she slept.

He took calls while pushing their daughter in the stroller. When she went to sleep, he worked through dozens of emails. The couple had twins a few years later. Around that time, Natalie was promoted and started commuting to San Francisco four days a week from Charlotte, N.C., where the Kellys lived. Chip tried to work while caring for the twins and their older daughter when she wasn’t in preschool.

After the family moved to San Francisco, Chip realised that he was neither doing his job nor parenting as well as he wanted to. He decided to devote himself full time to the latter.

“It was kind of becoming a no-brainer because my wife’s career was going so well,” he says.

The Kellys are now starting their third year in London, where Natalie serves as the payments company’s chief risk officer for Europe. Chip considered going back to work a few years ago, but so far has decided against that because his family relies on his being at home.

Chip Kelly at his family’s London home. Photo: Emli Bendixen for wsj (2)

“I’m like the safety net for a trapeze artist,” he says. “You don’t think about it unless they take it away.”

Kathleen McCarthy Baldwin, Blackstone’s global co-head of real estate, was nursing her second child in 2015 when her husband, Matt Baldwin, left his job as the CFO of a research firm and decided to take some time off.

“The idea of him not working made me very anxious, mostly because of my fears about what it would do to our marriage,” she says. “Would I be envious that he had more time with the children? Would he resent that I had this really exciting and demanding job?”

Matt told her he wasn’t worried. After spending a summer with their daughters at the Jersey Shore while Kathleen mostly worked in the city, Matt decided to make the change permanent.

These days, he rises at 5:30 a.m., before the rest of the house is awake. He makes oatmeal for the family four mornings a week, giving himself one morning off. On most days, Kathleen takes the girls to school while Matt goes indoor rock climbing.

After school, he and their nanny divide the responsibilities, with one taking the older daughter to sports practice, drama and guitar lessons and the other transporting the younger one to swimming lessons, violin and dance. Matt, who has become a skilled cook, usually makes dinner. Specialties include salmon, soft-cooked eggs and spicy pasta.

Kathleen says her husband’s decision to stay home created the flexibility for her to pursue other interests outside work, such as serving on the board of an anti-hunger nonprofit.

“When I talk with other women in this position, we all say our husbands are a very special breed,” she says. “They don’t define themselves by their jobs.”

Awkward moments

Not all men are as comfortable in the position.

One stay-at-home dad whose wife works in private wealth at an investment bank says he sometimes tells other men that he manages real estate—technically true because the family owns a few buildings. He says he can identify other men in his position at private-school functions when they say they “manage investments” or “run a boutique hedge fund.”

“We’re all out there, but we can’t say anything about it,” he says.

Paul Sullivan has been trying to change that. He founded a group called the Company of Dads after leaving his job as a columnist for the New York Times in 2021. Sullivan’s wife runs an asset-management firm and became very busy with work after the Covid-19 pandemic.

Sullivan already defined himself as what he dubs a “lead dad,” the go-to parent for everything from playdates and doctors’ appointments. But he found no support groups for men in his position. He reached out to senior female executives and asked them about the idea of creating one. They approved. Some said their husbands didn’t help enough. Others said their husband’s friends made fun of them, calling them names like “Mr. Mom.”

“Two things can be true at once,” Sullivan says. “Moms can be discriminated against in the workplace, and dads can be afraid to take a lead role at home.”

Sullivan now organises events for lead dads such as a Father’s Day beer fest and a March Madness get-together. He gives talks at workplaces and hosts a podcast on which he interviews therapists, parenting coaches and fatherhood advocates. He counts the husbands of Goldman Sachs partners, JPMorgan Chase managing directors and top law partners among his members.

For the Donohoes, having Matt at home has meant that he has developed a close bond with his children. Suzanne says it has given her credibility with her colleagues when she needs to attend one of their doctor’s appointments or sporting events.

There are still mix-ups. Schools often call Suzanne first if one of the children is sick or needs permission to do something even though Matt is listed first on contact forms. Once it happened when she was in London on business. She gently asked the school administrator to call her husband. He was at their apartment five minutes away.

Move over, Marvel. The next blockbuster entertainment franchise might come from Japan.

Anime is shaping up as the country’s next big export industry, beyond cars and electronics. This once-niche entertainment form is entering the worldwide mainstream , and its growth could light up investors’ portfolios.

The global market for Japanese animation, known as anime, and its related products has more than doubled between 2012 and 2022 to 2.9 trillion yen, equivalent to $20 billion, according to the Association of Japanese Animations. The overseas market has been driving that growth. Markets outside of Japan made up around half of the total in 2022, compared with around 18% a decade earlier.

Streaming companies such as Netflix are certainly taking notice. Its live-action series “One Piece,” based on a Japanese comic, was its most-watched show in the second half of 2023. In fact, anime content on Netflix in the period logged 14% viewing growth from the first half of 2023, compared with a 4% drop overall, according to Jefferies. These streaming platforms will continue to introduce more anime-related content to their global audiences.

Japan’s anime and manga, the Japanese word for comics, have created many well-known characters and franchises over the years, such as Pokémon. And it looks to be getting even more mainstream. The anime market in North America has grown from $1.6 billion in 2018 to $4 billion this year, according to Jefferies. And Asia, which has long been more receptive to anime, will likely continue to grow strongly, especially in China. Anime has also been popular on Chinese streaming platforms such as Bilibili .

Apart from streaming, selling merchandise can be even more lucrative. Sanrio , which owns characters like Hello Kitty , has reported record profits, with its share price rising nearly sixfold over the past five years.

Sony would be another major beneficiary of this trend . The company owns animation streaming service Crunchyroll, which had 15 million subscribers as of June. That compared with around 3 million subscribers when Sony announced the acquisition of the streaming service from AT&T for nearly $1.2 billion in 2020. This contrasts with Sony’s approach in online streaming for other content: It acts more like an “arms dealer,” selling movies and shows to platforms such as Netflix and Amazon.com . That means the company could benefit more directly from the anime boom. And anime also has strong synergies with its movie and game businesses .

Anime maker Toei Animation, which owns popular franchises such as “One Piece” and “Dragon Ball,” is another listed company that would benefit. It makes anime itself, but more important for the overseas markets, it also earns licensing revenue from the copyrights to popular franchises that it owns. Sales outside of Japan accounted for more than half of its total revenue in the latest fiscal year ended in March. Season two for Netflix’s “One Piece” is already in production. Toei stock has nearly tripled since the end of 2019.

Anime has blockbuster potential, not just for audiences but for investors as well.

LVMH’s Arnault Family in Talks to Buy Majority Stake in Storied Parisian Soccer Club

Agache, the holding company of LVMH founder and Chief Executive Bernard Arnault ’s family, is in exclusive talks to buy a majority stake in storied soccer club Paris FC, extending one of Europe’s richest families’ foray into sports.

Agache said in a statement Thursday that the Arnault family is teaming up with Austrian energy-drink maker Red Bull, which is currently negotiating a minority stake in the second-tier Parisian club.

While Red Bull will be involved with the sporting element in an advisory function, the Arnault family intends to provide the club with the resources its needs for its economic and sporting development.

Though the move would be the family’s first step into soccer, Red Bull is already heavily invested in the sport with stakes in top-level clubs in Germany, Austria and the U.S.

Through LVMH, however, the family has ramped up its sports involvement and sponsorships recently.

Earlier this month, the company struck a 10-year partnership deal with Formula One, capitalising on the sport’s global ascendance. And this summer, LVMH brands were hard to miss at the Paris Olympics after the luxury-goods maker paid roughly 150 million euros to be a sponsor of the global event.

With the controlling stake in Paris FC, the family aims to establish both the men’s and women’s side among the elite of French football, Agache said.

“With the arrival of Agache as the club’s majority shareholder, the club will take on a new dimension with new goals and criteria for success,” it said.

The current owner of Paris FC, Pierre Ferracci, will remain president, Agache said. Antoine Arnault will be Agache’s representative on the club’s board of directors.

Paris FC, founded in 1969, returned to professional ranks in 2015 after spending four decades in the amateur leagues. It hasn’t been a part of France’s top flight league since the late 1970s, but currently sits at the top of the second-best division in the French leagues.

Goop Chairs or Gucci Wallpaper? Kids Are Going Big on Home Design

When Abby Tennenbaum, 44, and her husband, Ross Tennenbaum , 46, purchased a $2.1 million vacation property in 2021 about 80 miles southeast of Seattle in the mountain resort community of Suncadia, Washington, they encouraged their two young daughters to collaborate with the family’s interior designer, Emily LaMarque, on decorating the house. The 3,143-square-foot, five-bedroom home had a budget of $500,000 for furnishings and decorating.

The Tennenbaum sisters—Ella, 12, and Edie, 8—gave LaMarque feedback on paint colours and wallpaper patterns, but they also expressed other specific preferences. They weren’t into insect art (though butterflies were okay).

They thought it would be neat to have indoor swings—which the house now has on all three of its levels. And Edie, who has always loved bunk beds, worked with LaMarque to design a bunk room, which is both sisters’ favourite space. “It looks so good and it’s so cool,” Edie says of the sleeping spot that has four full-sized beds.

The girls even convinced their parents, Abby and Ross Tennenbaum, that the kitchen needed a snow cone machine. Abby is an occupational therapist turned stay-at-home mother and Ross is the CFO of Avalara, a tax software company.

Children have long contributed thoughts on their bedroom designs: Pink! Blue! Princesses! Rocket ships! But now they are driving interior decisions around the house. “We’ve always talked with our clients’ children,” says Lynn Stone, co-founder of Hunter Carson Design, which is based in Manhattan Beach, California. “What we are seeing now is something different: Now we expect the kids to get involved.”

Stone and her co-founder, Mandy Gregory, routinely receive emails, Pinterest boards, Instagram messages and TikToks from their clients’ mini-mes. “Kids send us texts if they are out shopping, saying, ‘Do you think this will work in our room?’” Stone says. “One client’s daughter said, ‘Please, don’t meet with Lynn and Mandy without me, and if you do, FaceTime me!’”

A sampling of product requests from their pint-sized clients include CB2’s Goop-designed Gwyneth Boucle Swivel Chair (“Teens love this chair,” Stone says), Gucci wallpaper, Bella Notte handmade linens, customised neon signs, shelves to show off Lego collections and bedroom mini fridges (“Parents often say no to mini fridges,” Stone says). One teenager emailed Stone a screenshot of a Sotheby’s auction artwork in the $20,000 range that she wanted for her bedroom. Stone told her, “I too love this, but I don’t see it making its way into either of our houses.”

In 2021, Stone and Gregory were hired by stay-at-home mom Neeraj Rotondo, 56, to update her son’s bedroom and bathroom in the roughly 5,000-square-foot, five-bedroom Manhattan Beach house where Rotondo’s family had lived for more than a decade. The Mediterranean-style house is currently estimated at $6.2 million, according to Redfin. Rotondo’s son, Sam, who was 14-years-old at the time, gave his opinions: He wanted his room to have a couch-like bed, framed N.B.A. jersey artwork and a space to play card games with friends. The bedroom cost $8,000 and the bathroom was $23,000.

While that project was underway, Neeraj Rotondo’s two daughters, Leena and Kayla Rotondo, who were teenagers, convinced their mother that the family’s unused media room needed a refresh. “It was brown and navy with reclining chairs and super not welcoming,” says Kayla, 19.

Kayla was inspired by a Pinterest photo of reality star Khloé Kardashian ’s theatre room, especially its long, glamorous cream-coloured couch. Stone and Gregory outfitted the Rotondos’ screening room with a custom-built daybed with grey velvet cushioning, floating lounge chairs, fluffy cream pillows and faux fur blankets, shimmery grasscloth wallpaper, hand-blown glass sconces and candy jars. It cost $42,000.

“It was soooo fun that we were young and we got to bring our idea to life,” says Leena, 20. Her sister agrees. “It feels like the only room in the house that was just for me and Leena,” Kayla says. “It wasn’t anyone’s vision but ours.”

Savannah, Georgia-based Khoi Vo , who is the CEO of the American Society of Interior Designers, thinks it’s “wonderful” that youngsters are interested in home design, which gives family members a forum for communicating with each other and thinking about how they live together. “As a dad to a pre-teen, I think any chance a parent can get to engage in dialogue with their kids is an opportunity,” says Vo.

Vo emphasises that families need to recognise an interior design project’s constraints, whether it’s money, time, space, scale or all of the above. “A child might say, ‘I want a turret that I can shoot an arrow out of and a moat with alligators,” he says, noting that, yes, of course it’s okay to say no to the castle.

“If you’re designing a space just for you—you’re the only one who is going to use it—you don’t need to seek your 12-year-old son’s opinion,” Vo says. When it comes to the living room, though, Vo says it’s fine to talk as a family about it—but, that doesn’t mean the son needs the wall of television screens he wants for sports night.

Houston interior designer David Euscher thinks the pandemic made everyone become more aware of how they live in their own environments and how spaces influence behaviour. “Even without that event,” he says, “young people look for ways to exercise some control over their lives, and influencing their parents’ design choices at home is one way to do it,” he says.

In 2022, Wendy Becktold, 53, of Berkeley, Calif., hired local interior designer Nureed Saeed, owner of Nu Interiors, to design a bedroom for her son, Simon. Wendy Becktold, an editor, and her family moved into a roughly 2,400-square-foot, three bedroom 1922 Craftsman house in 2016, which she and her husband purchased for $1.3 million.

“Since I’m the youngest child, when we moved, I obviously got the smallest room,” says Simon, 16, who has an older sister. “For my furniture, I got hand-me-downs from everyone else. It was little-kid, vandalised furniture all around my room. So I leveraged that, and was like, well, mom, I have the smallest room and the worst furniture. Maybe it would be a good idea to get a little room redo. I guess it worked.”

Saeed created image boards featuring varying furniture and colours and she and Simon talked through the selections. He gravitated toward Midcentury Modern shapes, walnut woods and a colour palette of navy, tan, white and black with a hint of greige.

“Definitely more adult than I would have expected out of a 14-year-old,” Saeed says. As his space morphed into his new one with fresh paint, furniture and lighting, Simon says, “It was surreal to watch it become my room after I’d been speculating about how cool it was going to be.”

Once the bedroom project was complete, Saeed moved onto designing the living room and entryway, where Simon expressed his preferences for modern furniture. “I didn’t want to overstep my role as the youngest child,” he says, “but I did definitely say, ‘This is cool,’ ‘This is a good idea,’ ‘I’m not as keen on these things, like a couch.’”

The house project had limits. “We made careful considerations for our interior design selections because it’s quite an investment,” Wendy Becktold says. The bedroom project, for example, cost close to $10,000, but she says it was worth it, as the new space can be useful even after Simon leaves the nest someday.

The Becktolds’ project is an example of how Saeed thinks there has been a societal shift in how children are regarded today. “We view them as their own humans who, even at young ages, their opinions are worth honouring and listening to,” she says.

“It’s not like children sit down buttoned-up for a kick off meeting, but at some point, parents are always like: My kids really like this thing but I don’t know how to integrate it,” says Los Angeles-based Emily LaMarque, founder of an eponymous firm, who designed the Tennenbaum family’s house in Washington.

LaMarque says her recent clients’ offspring often fall into two camps: those who are inspired by nature or music. “There’s a lot of Taylor Swift,” she says, noting that for music fans, it’s less about capturing a specific musician’s aesthetic and more about exuding a vibe—though LaMarque will coordinate album cover posters with other artwork and decor.

One 10-year-old gave LaMarque four iterations of her bedroom floor plan. “Specifically, she said ‘I want a pale wood bed here. I want two nightstands. I want my two guitars to go here. I want a credenza—and I want a record player on it so it needs to be deep enough and I want plants on it.’”

LaMarque riffed back and forth with one 13-year-old drama lover, whose bedroom they decided to outfit with a nook that has curtains that can be tied back so the girl could have a theatre area. LaMarque says, “when she got her new bedding that she had helped pick out, she was literally jumping up and down.”

When Stock Prices Fall, Antidepressant Prescriptions Rise

Feeling depressed when the stock market is down? You have plenty of company. According to a recent study, when stock prices fall, the number of antidepressant prescriptions rises.

The researchers examined the connection by first creating local stock indexes, combining companies with headquarters in the same state. Academic research has shown that investors tend to own more local stocks in their portfolios, either because of employee-stock-ownership plans or because they have more familiarity with those companies.

The researchers then looked at about 300 metropolitan statistical areas, which are regions encompassing a city with 50,000 people and the surrounding towns, tracking changes in local stock prices and the number of antidepressant prescriptions in each area over a two-year period. They found that when local stock prices dropped about 12.8% over a two-week period, antidepressant prescriptions increased 0.42% on average. A similar relationship was seen in smaller stock-price drops as well. When local stock prices fell by about 6.4%, antidepressant prescriptions increased about 0.21%.

Older and sadder

“Our findings suggest that as the stock market declines, more people experience stress and anxiety, leading to an increase in prescriptions for antidepressants,” says Chang Liu , an assistant professor at Ball State University’s Miller College of Business in Muncie, Ind., and one of the paper’s co-authors. The analysis controlled for other factors that could influence antidepressant usage, like unemployment rates or the season.

In a comparison of age groups, those aged 46 to 55 were the most likely to get antidepressant prescriptions when local stocks dropped.

“People in this age group may be more sensitive to changes in their portfolio compared with a younger cohort, who are further from retirement, and older cohorts who may own less stocks and more bonds since they are nearing retirement,” says Maoyong Fan , a professor at Ball State University and co-author of the study.

Other correlations

When the authors looked at demand for psychotherapy during periods of declining stock prices their findings were similar. When local stock prices dropped by about 12.8% over a two-week period, the number of psychotherapy visits billed to insurance providers increased by about 0.32%. They also found a correlation between local stock returns and certain illnesses associated with depression, such as insomnia, peptic ulcer, abdominal pain, substance abuse and myocardial infarction. But when the authors looked at other insurance claims, like antibiotics prescriptions, they found no relationship with changes in local stock prices.

By contrast, for periods when stocks rise, the authors didn’t see a drop in psychological interventions. They found no statistical relationship between rising local stock prices and the number of antidepressant prescriptions, for example, which the authors believe makes sense.

“Once a patient is prescribed an antidepressant, it’s unlikely that a psychiatrist would stop antidepressant prescriptions immediately,” says Liu.

One practical implication of the study, Liu adds, is that investors should be aware of their emotional state when the market dips before they make investment decisions.

An Unforgettable Meal Can Cost $5 at Singapore’s Hawker Centres. Can the Next Generation Save Them?

In Singapore, it’s not unusual for total strangers to ask, “Have you eaten yet?” A greeting akin to “Good morning,” it invariably leads to follow-up questions. What did you eat? Where did you eat it? Was it good? Greeters reserve the right to judge your responses and offer advice, solicited or otherwise, on where you should eat next.

Locals will often joke that gastronomic opinions can make (and break) relationships and that eating is a national pastime. And why wouldn’t it be? In a nexus of colliding cultures—a place where Malays, Indians, Chinese and Europeans have brushed shoulders and shared meals for centuries—the mix of flavours coming out of kitchens in this country is enough to make you believe in world peace.

While Michelin stars spangle Singapore’s restaurant scene , to truly understand the city’s relationship with food, you have to venture to the hawker centres. A core aspect of daily life, hawker centres sprang up in numbers during the 1970s, built by authorities looking to sanitise and formalise the city’s street-food scene. Today, 121 government-run hawker centres feature food stalls that specialise in dishes from the country’s various ethnic groups. In one of the world’s most expensive cities, hawker dishes are shockingly cheap: A full meal can cost as little as $3.

Over the course of many visits to Singapore, I’ve fallen in love with these places—and with the scavenger hunts to find meals I’ll never forget: delicate bowls of laksa noodle soup, where brisk lashes of heat interrupt addictive swirls of umami; impossibly flaky roti prata dipped in curry; the beautiful simplicity of an immaculately roasted duck leg. In a futuristic and at times sterile city, hawker centres throw back to the past and offer a rare glimpse of something human in scale. To an outsider like me, sitting at a table amid the din of the lunch-hour rush can feel like glimpsing the city’s soul through all the concrete and glitz.

So I’ve been alarmed in recent years to hear about the supposed demise of hawker centres. Would-be hawkers have to bid for stalls from the government, and rents are climbing . An upwardly mobile generation doesn’t want to take over from their parents. On a recent trip to Singapore, I enlisted my brother, who lives there, and as we ate our way across the city, we searched for signs of life—and hopefully a peek into what the future holds.

At Amoy Street Food Centre, near the central business district, 32-year-old Kai Jin Thng has done the math. To turn a profit at his stall, Jin’s Noodle , he says, he has to churn out at least 150 $4 bowls of kolo mee , a Malaysian dish featuring savoury pork over a bed of springy noodles, in 120 minutes of lunch service. With his sister as sous-chef, he slings the bowls with frenetic focus.

Thng dropped out of school as a teenager to work in his father’s stall selling wonton mee , a staple noodle dish, and is quick to say no when I ask if he wants his daughter to take over the stall one day.

“The tradition is fading and I believe that in the next 10 or 15 years, it’s only going to get worse,” Thng said. “The new generation prefers to put on their tie and their white collar—nobody really wants to get their hands dirty.”

In 2020, the National Environment Agency , which oversees hawker centres, put the median age of hawkers at 60. When I did encounter younger people like Thng in the trade, I found they persevered out of stubbornness, a desire to innovate on a deep-seated tradition—or some combination of both.

Later that afternoon, looking for a momentary reprieve from Singapore’s crushing humidity, we ducked into Market Street Hawker Centre and bought juice made from fresh calamansi, a small citrus fruit.

Jamilah Beevi, 29, was working the shop with her father, who, at 64, has been a hawker since he was 12. “I originally stepped in out of filial duty,” she said. “But I find it to be really fulfilling work…I see it as a generational shop, so I don’t want to let that die.” When I asked her father when he’d retire, he confidently said he’d hang up his apron next year. “He’s been saying that for many years,” Beevi said, laughing.

More than one Singaporean told me that to truly appreciate what’s at stake in the hawker tradition’s threatened collapse, I’d need to leave the neighbourhoods where most tourists spend their time, and venture to the Heartland, the residential communities outside the central business district. There, hawker centres, often combined with markets, are strategically located near dense housing developments, where they cater to the 77% of Singaporeans who live in government-subsidised apartments.

We ate laksa from a stall at Ghim Moh Market and Food Centre, where families enjoyed their Sunday. At Redhill Food Centre, a similar chorus of chattering voices and clattering cutlery filled the space, as diners lined up for prawn noodles and chicken rice. Near our table, a couple hungrily unwrapped a package of durian, a coveted fruit banned from public transportation and some hotels for its strong aroma. It all seemed like business as usual.

Then we went to Blackgoat . Tucked in a corner of the Jalan Batu housing development, Blackgoat doesn’t look like an average hawker operation. An unusually large staff of six swirled around a stall where Fikri Amin Bin Rohaimi, 24, presided over a fiery grill and a seriously ambitious menu. A veteran of the three-Michelin-star Zén , Rohaimi started selling burgers from his apartment kitchen in 2019, before opening a hawker stall last year. We ordered everything on the menu and enjoyed a feast that would astound had it come out of a fully equipped restaurant kitchen; that it was all made in a 130-square-foot space seemed miraculous.

Mussels swam in a mushroom broth, spiked with Thai basil and chives. Huge, tender tiger prawns were grilled to perfection and smothered in toasted garlic and olive oil. Lamb was coated in a whisper of Sichuan peppercorns; Wagyu beef, in a homemade makrut-lime sauce. Then Ethel Yam, Blackgoat’s pastry chef prepared a date pudding with a mushroom semifreddo and a panna cotta drizzled in chamomile syrup. A group of elderly residents from the nearby towers watched, while sipping tiny glasses of Tiger beer.

Since opening his stall, Rohaimi told me, he’s seen his food referred to as “restaurant-level hawker food,” a categorisation he rejects, feeling it discounts what’s possible at a hawker centre. “If you eat hawker food, you know that it can often be much better than anything at a restaurant.”

He wants to open a restaurant eventually—or, leveraging his in-progress biomedical engineering degree, a food lab. But he sees the modern hawker centre not just as a steppingstone, but a place to experiment. “Because you only have to manage so many things, unlike at a restaurant, a hawker stall right now gives us a kind of limitlessness to try new things,” he said.

Using high-grade Australian beef and employing a whole staff, Rohaimi must charge more than typical hawker stalls, though his food, around $12 per 100 grams of steak, still costs far less than high-end restaurant fare. He’s found that people will pay for quality, he says, even if he first has to convince them to try the food.

At Yishun Park Hawker Centre (now temporarily closed for renovations), Nurl Asyraffie, 33, has encountered a similar dynamic since he started Kerabu by Arang , a stall specialising in “modern Malay food.” The day we came, he was selling ayam percik , a grilled chicken leg smothered in a bewitching turmeric-based marinade. As we ate, a hawker from another stall came over to inquire how much we’d paid. When we said around $10 a plate, she looked skeptical: “At least it’s a lot of food.”

Asyraffie, who opened the stall after a spell in private dining and at big-name restaurants in the region, says he’s used to dubious reactions. “I think the way you get people’s trust is you need to deliver,” he said. “Singapore is a melting pot; we’re used to trying new things, and we will pay for food we think is worth it.” He says a lot of the same older “uncles” who gawked at his prices, are now regulars. “New hawkers like me can fill a gap in the market, slightly higher than your chicken rice, but lower than a restaurant.”

But economics is only half the battle for a new generation of hawkers, says Seng Wun Song, a 64-year-old, semiretired economist who delves into the inner workings of Singapore’s food-and-beverage industry as a hobby. He thinks locals and tourists who come to hawker centers to look for “authentic” Singaporean food need to rethink what that amorphous catchall word really means. What people consider “heritage food,” he explains, is a mix of Malay, Chinese, Indian and European dishes that emerged from the country’s founding. “But Singapore is a trading hub where people come and go, and heritage moves and changes. Hawker food isn’t dying; it’s evolving so that it doesn’t die.”