🔮 Peek at Fidelity’s forecasts

Key engineers are abandoning Twitter | Legal & General fared fine after the UK pension meltdown | [TOGETHER WITH]( Hi {NAME}, here's what you need to know for November 21st in 3:13 minutes. 🥊 You wouldn’t fight a champion boxer with one hand tied behind your back, so you shouldn’t ignore half your asset options while going toe-to-toe with a recession. Join ICG’s Colm Walsh for[Investing Beyond Stocks And Bonds During A Recession]( next Monday, and find out how private equity can add some power to your portfolio’s punch. [Grab your free ticket]( Today's big stories - Key Twitter workers called Musk’s bluff and left the firm - Fidelity has a bad feeling about the next year, but a good one about these investing opportunities – [Read Now]( - September’s UK pension fund crisis barely nicked Legal & General’s profit Bye Bye Birdie [Bye Bye Birdie] What’s Going On Here? Elon Musk demanding Twitter employees roll up their sleeves or toddle off hasn’t gone down well, with a spate of resignations reported late on [Thursday](. What Does This Mean? When Musk told his Twitter employees to go big or go home, he was probably counting on them sucking it up and sticking around. But instead, a bunch of key engineering kingpins have called his bluff and are bidding farewell to the birdhouse. And that spells trouble: engineers are the mechanics who keep Twitter’s engine well-oiled, after all, and their sudden sayonara prompted whispering that the platform could grind to a halt. That forced the world’s richest man to soften his stance on remote working – but he’ll probably need to backpedal even further than that. Why Should I Care? Zooming out: What a difference a year makes. Musk’s rough-and-ready approach at Twitter has caused chaos, but his wrecking-ball style would probably have left an even bigger trail of destruction a year ago. Tech’s wave of success was at its crest back then, meaning tech workers were a hot commodity. And faced with an ultimatum like Musk’s, staff would have found it a doddle to jump ships to a rival firm. But this year’s been hard on Big Tech, and with jobs rapidly disappearing, maybe those coders shouldn’t be so hasty. The bigger picture: How to lose a team in 10 days. The usual employee-retention playbook is pretty straightforward at tech firms: hail and hold employees with hard cash and perks galore. But if dough’s the only thing on offer, companies will come unstuck the minute rivals offer lusher terms. That’s why culture matters: we aren’t just money-making machines, we need a sense of belonging and pride in our work to stay motivated. Right now, Twitter might be showing its rivals exactly how not to crack the culture code. You might also like: [Big tech’s got issues, sure. But that doesn’t mean it’s over.]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Bye Bye Birdie&utm_campaign=daily-global-21-11-2022&utm_source=email) Analyst Take Fidelity Expects A Hard Landing, But These Opportunities Are Braced For It [Fidelity Expects A Hard Landing, But These Opportunities Are Braced For It]( By Jonathan Hobbs, Analyst Fidelity just released a [56-page outlook report]( for 2023, but you don’t need to read all that. I’ve summed up the [key takeaways]( for you, and – spoiler alert – [the outlook]( is hardly a lesson in positive thinking. But it’s not all doom and gloom: after all, the resilient [opportunities Fidelity’s spotted]( could cheer you up. So that’s today’s Insight: [why Fidelity expects a hard landing, and which opportunities are braced for it.]( [Read or listen to the Insight here]( Finimize x Revolut Pretty good stuff, right? Our analysts write Insights like this every day, and you can read every single one of them with [Finimize Premium](. There’s no better time to get started: our new partnership means you can get [six free months of Finimize Premium]( and [three free months of Revolut Premium]( if you [sign up for Revolut today](. We’ll even send you £10 (or equivalent) to your Revolut account to get you started. SPONSORED BY RAISIN Take your saving skills up a notch Choosing the right savings account is more important than ever these days. Good job, then, that you no longer have to settle for just one: you can now [open multiple savings accounts]( from high-profile building societies and specialist banks with [Raisin UK](. That means you can choose the percentages, perks, and pay-ins that [best align with your financial goals](, and you can do it all without keeping tabs on multiple accounts and platforms. Put it all together, and you can [get all the best bits of the different savings accounts]( on offer, with none of the extra hassle. [Start really saving with Raisin UK](. [Check Out Raisin]( Open to UK residents only. Bulletproof Vest [Bulletproof Vest] What’s Going On Here? The giant UK insurer Legal & General (L&G) reared its head on Friday to [reveal]( the damage it took during September’s pension fund storm: a measly $12 million, as it turns out. What Does This Mean? L&G had a starring role in the post-mini-budget, [pension-fund kerfuffle]( that nearly brought down an entire industry, so taking a tiny £10 million ($12 million) hit to profit – one-tenth of one percent of the firm’s 2021 sales – is a pretty small price to pay. And sure, there could be aftershocks down the line, especially if once-bitten pension funds steer clear of L&G’s offerings in the future. But emerging with the faintest of scratches from September’s pandemonium is no mean feat, and impressed shareholders gave the firm’s stock a tidy bump when the news broke. Why Should I Care? For markets: Where the buck stops. The pension industry was caught with its pants down back in September, and while the Bank of England was right on hand to hoist them back up again, the deficiencies revealed by the slip haven’t disappeared. See, the reason the crisis got so bad is because pension funds were pursuing risky, debt-funded investment strategies. And if they’re forced to borrow less in the future, they could come up short when it’s time to pay out to retirees. That’d be bad news for the firms that sponsor the pension funds: they’re the ones on the hook for any shortfalls that crop up down the line. The bigger picture: Look on the bright side. If there’s another key takeaway from the pension-fund soap opera, it’s this: crises often come from left of field, but they’re almost never as bad as the sudden shock makes them seem. Remember, some doomsayers claimed that the global financial crisis could spell the end of capitalism, and others reckoned air travel and concerts were done for when Covid hit. When crisis strikes, then, the optimists are normally closer to the truth than the worrywarts. You might also like: [Three hard truths about the next financial crisis.]( Copy to share story: [( 🙋 [Ask a question](mailto:questions@finimize.com?body=Ask us a question: Where are you writing from? Let us know and we'll mention it when we reply.&noapp=true&subject=Bulletproof Vest&utm_campaign=daily-global-21-11-2022&utm_source=email) 💬 Quote of the day “There must be quite a few things that a hot bath won’t cure, but I don’t know many of them.” – Sylvia Plath (an American poet, novelist, and short story writer) [Tweet this]( Our community wants to know your name Building a good brand is hard work. So if you’re proud of the work you do, you best make sure everyone knows about it. You could start by [introducing yourself to our one-million-strong community](: they’re a global bunch of switched-on, savvy retail investors who want to take their investing skills up a notch. And if your tips, tools, or platform – plus whatever else you have up your sleeve – could help them do that, then this might be just the right spot for you to [show off what you have to offer](. Make sure everyone knows your name: [introduce yourself to over one million retail investors](. [Get In Touch]( CHART OF THE WEEK Black Friday’s coming up, so you’ve probably got your wishlists sorted (psst: we’ll humbly assume that a Finimize subscription is part of that). If not, here’s some inspiration: consumer electronics – especially smartphones – have been some of the most popular go-tos on the famous sale day, and you can break that down by company too. Apple takes the win when you measure sales by profit, even though it doesn’t top the leaderboard by volume. And get this: only Apple and Samsung actually make profit by selling phones. 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