☕️ Mansion hunting

When the dual CEO model may make sense... Together with [JobsOhio]( [December 05, 2021]( | [View Online]( | [Sign Up]( | [Shop]( [People are ice skating on a table, while a waiter threatens to rip off the tablecloth ] Hoi Chan IN THIS ISSUE No direct reports = no problem Mansion hunting in LA Can 2 CEOs work?   Editor's Note   Good morning. The Unicode Consortium released its list of the [most used emojis]( for the year, and came out on top. At first, emojis offended my sensibilities as a writer. “People use these to avoid having to think of actual words,” I grumbled. But then my mom started using in texts, I received my first after sending a joke to the group chat, and my perception of emojis slowly shifted from to more of a . To use actual words, I came to accept them as an inevitable aspect of modern communication. Still, I find that emojis are best deployed as metaphors rather than substitutes for an existing phrase. And it seems like most people agree: The most popular emojis, according to Unicode, are ones that represent multiple concepts, like the or the . The most infrequent are country flags, which are largely one-dimensional. Just never try giving me a and we’ll be good. —Neal Freyman  CULTURE  [Stock Watch]( [Stock watch ]( � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Stock%20Watch%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F12%2F03%2Fstock-watch-december-5%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%26mid%3D{{md5%28profile.email%29}}%26uid%3DhtwfLgmyDtkWRTXRTk6KksLR%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  Q&A  [Icebreakers with...Million Dollar Listing's James Harris]( [[Icebreakers with...Million Dollar Listing's James Harris]James Harris]( James Harris sells some of Los Angeles’s most expensive homes while starring in the reality TV series, Million Dollar Listing, and prepping for the release of his upcoming real estate newsletter, [The Blueprint](. For him, “The real estate comes first, the show comes second,” so we got on the phone and chatted about the real estate market, industry trends, and the bloody (he’s British btw) unbelievable amenities high net worth clients request for their not-so-humble abodes. How is the real estate market looking? It is absolutely fantastic. It's been the strongest year and a half of real estate I've ever seen. The market right now is fueled by interest rates being as low as they are—debt is unbelievably cheap to borrow from the bank. On top of that, the home has always been the sanctuary. But when Covid hit, the home really became the sanctuary, creating a bull market. And that's not just in California. That’s across America and really even across the world. What are the biggest trends you’re seeing in luxury real estate lately? Wellness. It used to be, “Oh, we'll just put in a sauna or a steam room and we'll be done.” Now it's like a cold plunge, a sauna, a steam...I saw a house recently that had a bloody surgery room in it. What's the most requested amenity among high net worth clients? I don't want to repeat myself, but it is wellness right now. People also love the idea of two kitchens: Having your display kitchen that's galleried in the main living area, and then having a chef's kitchen, which is separated from the main area of the home so that you don't have to make a big mess in your house and you can keep it tucked away from everything else. What is the next up-and-coming real estate market besides Austin? Well, everyone's saying Austin right now. But also, all the secondary markets have gone through the roof: Nantucket, Palm Springs, Santa Barbara, any secondary market right now is booming. Do you have a go-to celebration when you close a big deal? I don't have a go-to celebration, but I do love to go away for the weekend with my family. And I love to just enjoy time by the beach and actually enjoy the win because a lot of people don't actually enjoy the win. They just go, go, go. And that's what I did for many, many years. This interview has been edited and condensed for clarity. � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Icebreakers%20with...Million%20Dollar%20Listing%27s%20James%20Harris%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F12%2F03%2Ficebreakers-with-million-dollar-listing-s-james-harris%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%26mid%3D{{md5%28profile.email%29}}%26uid%3DhtwfLgmyDtkWRTXRTk6KksLR%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  TOGETHER WITH JOBSOHIO OOOOOHHHHHHio [JobsOhio]( Which state ranks 3rd in Moody’s Housing Affordability Index? Which state started over 125k new businesses in the first 7 months of 2021? Which state is the 7th largest domestic economy? [Oooooooohhh yeah, it’s Ohio](! Yep, the Ohio that’s within a 2 hour flight of 75% of the US and Canada. The same Ohio that employs over 125k engineers, scientists, and technicians. [Ooooooohhh heck yeah, that Ohio](. The biggest names in tech know all of this. Ohio’s home to offices for Meta, Google, IBM, and Carvana—who have been known to yell out, “Ooooohhh yeah, Ohio!” from their swanky offices from time to time. But [Ohio’s not just for the big players](, it’s an attractive locale for tech entrepreneurs in AI, cybersecurity, and social media startups of all sizes and shapes. Ohhhhhh yeah, did we mention that office space in Ohio comes at 25% the cost of the big coastal cities? [Ohhhh yeah, learn more about how Ohio is better for tech businesses here](.  WORK LIFE  [Do You Need Management Experience for a Successful Career?]( [Make it work image ]( Each week, our workplace whisperer Shane Loughnane answers a reader-submitted question about work in 2021. Anything bothering you at work? [Ask Shane here](. I’ve been working for just over five years and have always been in positions where I don’t have any direct reports. If this stays the same as I progress in my career, does it look bad to potential employers to not have management experience?—Alyssa from NYC Save for one notable exception out of New Jersey, you don’t typically get to be “The Boss” without accumulating a bit of management experience first. So where does that leave you, if you find yourself five years into your career without any direct reports or platinum records? Well, like most things, it depends. Any speculation on what potential employers might value should first be viewed through the lens of your own career objectives. Do you think you’d enjoy management? Do you see yourself in a position that will require you to have direct reports? If so (or, if you’re not sure), it’s worth seeking out opportunities to gain some experience. If you determine that supervising others doesn’t support your long-term goals or interests, perhaps there are better places to invest your energy. Keep in mind that having direct reports isn’t the only way to level up on your management skills. Leading a project—or any opportunity to train, coach, or mentor your peers—leverages similar competencies. These types of experiences can not only be valuable reference points during job interviews, but they’ll also allow you to gauge whether you find supervising others rewarding. If you think you might be born to run from your current job one day, it’s smart to consider how you’ll be perceived by potential employers. And while their specific expectations might be hard to predict, the best strategy is to prioritize experiences that allow you to better understand and develop your own strengths and interests, so that ultimately the way they see you becomes a byproduct of the way you see yourself. Something bothering you at work? [Ask Shane here](. � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Do%20You%20Need%20Management%20Experience%20for%20a%20Successful%20Career%3F%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F12%2F03%2Fmake-it-work-searching-for-management-experience%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%26mid%3D{{md5%28profile.email%29}}%26uid%3DhtwfLgmyDtkWRTXRTk6KksLR%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  ANALYSIS  [When 2 CEOs Are Better Than 1]( [[Meme of two people shaking hands]Neal Freyman]( Salesforce president and COO Bret Taylor was [promoted]( to co-CEO of the company this week, joining cofounder Marc Benioff in the throne room of the world’s largest customer relationship management company. It’s not the first time Salesforce has tried out the CEO buddy system. Keith Block led the firm alongside Benioff from 2018–2020, before stepping down and leaving Benioff as regular ol’ CEO. How does a co-CEO model work? Can it work? Not many have tried. Only two of the largest public US firms by revenue had a dual CEO structure as of summer 2020: insurers American Financial Group and Markel Corp. Along with Salesforce, perhaps the most high-profile co-CEO experiment has been attempted by [Netflix](, where Ted Sarandos has shared chief executive duties with Reed Hastings since July 2020. Netflix thinks this arrangement works because Sarandos and Hastings preside over different domains: Sarandos oversees content while Hastings, the company’s longtime boss, directs strategy more broadly. - In Netflix’s case, promoting Sarandos to co-CEO also appears to be a creative bit of succession planning so that he can fully take over the company one day. Management experts have been skeptical of the dual CEO structure for obvious reasons, like awkward power struggles and confusion over who’s actually in charge when big decisions need to be made. After all, Alexander the Great didn’t consult his co-king before invading Asia Minor. SAP, the German software behemoth, acknowledged as much in April 2020, when it decided to revert to one CEO from two after a 6-month experiment. It said the conditions brought on by the pandemic require companies “to take swift, determined action, which is best supported by a very clear leadership structure.” And even at Salesforce, which now has two CEOs, it’s apparent there’s still one person who wields the scepter: Taylor will technically report to Benioff despite sharing the CEO title, according to The Information. Still, the dual CEO model is gaining popularity among a certain type of company: fast-growing startups. Digiday spoke with executives from several [rapidly scaling European firms]( who have decided to go that route. These startup leaders said the challenges that come with hypergrowth are simply too much for one person to handle—a single CEO would burn out. Two people could better shoulder the burden and foster a more sustainable management team; maybe one could even take a vacation at some point. Bottom line: Few companies have successfully pulled off the dual CEO model over long periods of time, and have instead used it as a Band-Aid during crises or to groom new leaders. But as the demands of the CEO role evolve to include fundraiser, recruiter, and even politician, we should expect the role itself to evolve with it.—NF � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=When%202%20CEOs%20Are%20Better%20Than%201%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F12%2F03%2Fsalesforce-adopts-the-dual-ceo-model-but-does-it-work%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%26mid%3D{{md5%28profile.email%29}}%26uid%3DhtwfLgmyDtkWRTXRTk6KksLR%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  TOGETHER WITH APPLE CARD [Apple Card]( ATTN: smart holiday shoppers. Whether you’re buying a cup of seasonal peppermint coffee or upgrading your snowman figurines, Apple Card gives you up to 3% unlimited Daily Cash back on every purchase. Yep, that’s [real cash that never expires or loses value](. Plus, you can see if you’re approved without impacting your credit score. [Apply now and use right away](. *Terms apply.  REAL ESTATE  [Open House]( Welcome to Open house, the only newsletter section that’s not covered in booby traps. We’ll give you a few facts about a listing and you try to guess the price. [4 beds, 4 baths Winnetka, IL home. Slideshow of front of house, driveway, dining room, staircase, bathroom with blue animal wallpaper, basement game room with wood paneling, and red barn in the backyard.]Zillow Today’s home is located in Winnetka, Illinois, a ritzy northern suburb of Chicago where Home Alone was filmed. And just like how Kevin McCallister taught us the true meaning of Christmas many years ago, this house will teach us the true meaning of tasteful wallpaper. Amenities include: - 4 beds, 4 baths - Solarium and a sun room - Wood-paneled party room for a wild ping pong night with the boys - Bonus red barn in the backyard How much to live near the holiday magic? � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Open%20House%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F12%2F03%2Fopen-house-a-winnetka-home-not-covered-in-bobby-traps%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%26mid%3D{{md5%28profile.email%29}}%26uid%3DhtwfLgmyDtkWRTXRTk6KksLR%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  RECS  [Just Click It](#) 1. Here’s why movie dialogue has gotten more difficult to understand. ([SlashFilm]() 2. Was our universe created in a laboratory? ([Scientific American]() 3. The science of mind reading. ([The New Yorker]() 4. The antique toaster that’s better than yours. ([Technology Connections]() 5. ’90s dad thrillers: a list. ([Read Max]() 6. Growhouses, pot fields, and biker gangs: The secret lives and crimes of Amish drug dealers. ([Mel Magazine]() 7. The Sun in ultra-HD. ([NASA]() 8. Tech is improving at an exponential rate. Here’s what that means for society. ([Emerging Tech Brew]() 9. A tale of two thefts. ([Popular.info]() 10. How professional Santas are trained. ([Insider]() How high can innovation take the aviation industry? That’s just one of the questions we’re going to be asking the CEO of GE Aviation, John Slattery, and United Airlines CEO, Scott Kirby, during our Twitter Spaces event on 12/8. [RSVP using your mobile device now](.* *This is sponsored advertising content  CONTEST  [Meme Battle](#) Welcome back to Morning Brew's Meme Battle, where we crown a single memelord every Sunday. Today's winner: Vance in Columbia, SC [Zuck meme ] This week's challenge: You can find the [new meme template here]( for next Sunday. Once you're done making your meme, [submit it at this link]( for consideration.  SHARE THE BREW  [Keep Your Hot Chocolate Hot](#) [Temperature control mug ]( The main problem with hot chocolate is that it doesn't stay hot. Now you might be thinking, "Wait, that's not a real problem," and you're right. But there is a real solution to this fake problem, and it's the Ember mug. This high-tech drinkware allows you to keep your beverage of choice at your temperature of choice. Refer a friend before midnight (ET) tonight and you'll both have a chance to win two Ember products: a mug for the home, and a travel mug for the road. Plus, every confirmed referral is one entry to win. So the more you refer, the more entries you get. [Share to win]( *Disclaimer: Only readers with US addresses are eligible to participate. Here are the [terms and conditions](.  ANSWER  # $1.2 million � � � � � Written by [Jamie Wilde](, [Neal Freyman](, [Max Knoblauch](, [Matty Merritt](, and Shane Loughnane Was this email forwarded to you? Sign up [here]( WANT MORE BREW? Accelerate Your Career → - [MB/A](: virtual 8-week program designed to broaden your skill set [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2021 Morning Brew. All rights reserved. 22 W 19th St, 8th Floor, New York, NY 10011