An early retiree who interviewed 100 millionaires found many of them built their fortunes using a simple investment strategy championed by Warren Buffett
- John, who runs personal-finance blog ESI Money and retired early at the age of 52 with a $3 million net worth, interviewed 100 millionaires over the past few years and found that many of them use the same, simple investing strategy.
- The median net worth of millionaires John interviewed was $2.3 million.
- For many of them, their investing strategy boils down to this: investing in low-cost index funds.
- Experts agree that investing in index funds is a winning strategy when playing the stock market for two reasons: They're broadly diversified, eliminating the risk of picking individual stocks, and they're low-cost.
- Investing can get emotional — money can cloud choices with "fear, greed, and nervousness," tempting investors to move their investments around, certified financial planner Shelly-Ann Eweka previously wrote for Business Insider.
Trump’s Interior Secretary will step down at the end of the year
- Secretary of the Interior Ryan Zinke will step down from his post at the end of the year, according to President Donald Trump, who tweeted the announcement this morning.
- The announcement comes after several high-profile departures from the Trump administration this year, including White House Chief of Staff John Kelly, and Attorney General Jeff Sessions, and Environmental Protection Agency head Scott Pruitt.
- With the new Democratic majority in the US House of Representatives, Zinke has been under increased scrutiny, with Democratic lawmakers vowing to pursue ethics investigations into irregular private flights and potential violations of the Hatch Act. But despite those threats, Zinke remained in Trump’s cabinet, and was thanked for his service by the President this morning.
- Vox notes that Zinke’s tenure was “one of the more impactful” in Trump’s cabinet, and that his actions will “have lasting consequences for energy development and [the] environment.” Trump says that he will announce his replacement next week.
Embattled Interior Department secretary Ryan Zinke is stepping down
- Interior Secretary Ryan Zinke is stepping down, President Donald Trump tweeted Saturday morning.
- Trump wrote that Zinke would be leaving the administration at the end of the year after a two-year stint in the White House and that he would be naming a replacement next week.
- The embattled secretary's departure comes amid the pressure of numerous ethics probes into a series of questionable expenditures, including reportedly spending thousands of dollars in taxpayer funds for a government helicopter ride to arrive on time for a horseback ride with Vice President Mike Pence.
- Zinke has previously had similar issues related to his use of government funds.
- Zinke is the second major administration personnel departure in a week, following White House Chief of Staff John Kelly's departure and the reported struggle to replace him before Mick Mulvaney, the director of the Office of Management and Budget, was tapped.
Washington's mad holiday dash begins
- The week started out with a White House chief-of-staff search that went off the rails -- it was unclear who would replace John Kelly after the presumptive successor, Nick Ayers, announced he wouldn't take the job.
- But Trump ended speculation late Friday afternoon, tweeting that OMB head Mick Mulvaney would become "acting" chief of staff.
- Meanwhile, former Trump lawyer and fixer Michael Cohen was sentenced to 36 months in prison (a swanky one, at that) on Wednesday, and he's not keeping quiet about his ex-boss anymore.
- One major speed bump is a possible government shutdown over funding for Trump's border wall, which will come to a head at the end of next week.
- The Point: Unlike Michael Cohen and Donald Trump, Nancy Pelosi had a VERY good week.
John McCain's Senate replacement will resign this month
- Washington (CNN) - Arizona Sen. Jon Kyl will step down from the US Senate at the end of this year, a few months after being appointed to fill the late Sen. John McCain's seat.
- Kyl wrote in a letter Wednesday to Arizona Gov. Doug Doucey that he will resign from the US Senate effective December 31, 2018.
- Ducey, a Republican who was just re-elected to a second term, will now pick a replacement to serve until 2020, when there will be an election to fill the remaining two years of McCain's term.
Photo captures the exact moment Obama learned of the Sandy Hook shooting
- Former President Barack Obama has said the worst day of his presidency was December 14, 2012, the day a gunman killed 20 first graders and six adults at an elementary school in Newtown, Connecticut.
- Pete Souza, the former chief official White House photographer, captured that powerful moment in the Oval Office when the president received the news from Homeland Security adviser John Brennan.
- The photo shows Obama leaning against a sofa, his shoulders hunched, arms crossed, and eyes closed as he listens.
- On the fifth anniversary of the shooting, former White House press secretary Jay Carney also shared his memory of that day on Twitter, calling it his worst day at the White House.
Trump reportedly close to picking Chris Christie in 'reality TV' hunt for new Chief of Staff
- President Donald Trump's quest to replace John Kelly as Chief of Staff for the White House has attracted unsolicited celebrity applications — but reportedly honed in on former New Jersey Governor Chris Christie.
- Christie met with Trump on Thursday to discuss the job, the Associated Press reported.
- Trump had formerly hit back at reports that the job, usually a coveted post of paramount importance, didn't appeal to many candidates on account of the chaos within his administration.
- Trump talked about Christie in a way that made staffers feel like he could be closing in on the former state prosecutor, Axios' Jonathan Swan reported.
- Christie came up in connection to Trump's cabinet when CBS News reported that Christie's name was in consideration for the post of Attorney General in early November.
General Electric's Stock Surges as a Longtime Bear Suggests the Worst May Be Behind the Company
- On Thursday, JPMorgan Chase analyst Stephen Tusa, who had a sell rating on (ge) for more than two years, raised his rating to neutral, prompting GE’s stock to rise as much as 11.8% Friday.
- On Thursday, GE also announced a restructuring of its digital assets.
- The company is selling a majority stake in ServiceMax, a cloud-software company to Silver Lake, a private equity firm.
- As part of the restructuring, Bill Ruh, GE Digital’s leader, will step down, the company said.
- GE’s stock later retreated some from its intraday highs after another analyst, John Inch of Gordon Haskett, said he remained bearish on the stock.
- “While GE and bullish analysts continue to downplay the company’s liquidity risks/challenges, we believe ongoing business ‘fire sales’ possibly point to a different story,” Inch said, according to Seeking Alpha.
Melania Trump says her biggest struggle at the White House is dealing with 'opportunists' who use her 'family's name'
- Melania Trump said Wednesday that the most difficult thing she deals with as First Lady of the US are the "opportunists" who talk about her in the media.
- Without being specific, Trump said the people who talk about her aren't accurate.
- In the interview, Trump also talked about how she keeps up with her husband President Donald Trump's administration, and isn't afraid to offer her opinions.
- In November, she ousted Mira Ricardel, a top White House national security advisor she clashed with.
- Trump admitted she's also often found herself at odds with Chief of Staff John Kelly, who is said to be leaving at the end of this year.
- Follow INSIDER on Facebook.
Recode Daily: Trump’s former personal lawyer Michael Cohen gets three years in prison
- The best of things.
- The worst of things.
- Sign up for our Recode Daily newsletter to get the top tech and business news stories delivered to your inbox.
- Platforms like YouTube and Netflix are at war, and Shots Studios CEO John Shahidi is happy to sell content to all of them.
- The first of three public hearings on the terms of the previously secret deal were held today.
- Uber controls the majority of U.S. ride-hailing but Lyft is growing twice as fast.
- And both plan to go public in early 2019.
- Plus: New Verizon execs say old Verizon execs made a $5 billion mistake betting on AOL and Yahoo; social media has surpassed newspapers as a news source for Americans; Time’s Person of the Year is a group of journalists targeted for their work.