which measures retail investors’ behavior and sentiment, based on a sample of accounts that completed trades in the past month. Their interests have been shifting toward less volatile names and more stable holdings like shorter-term bonds, the firm said.

Ms. Hellmann, who started actively trading in the early days of the pandemic, said she was sticking with it, learning more and refining her approach as she goes along.

She often rises at 3 a.m. and turns on CNBC to begin plotting her strategy for the day, which involves studying stocks’ price movements, a process she compared to learning to catch a softball — watching its arc, then trying to figure out the physics of where it will land. “That is what I’m doing with price and volume,” she said.

Long a buy-and-hold investor, she began with roughly $50,000 — money that came from shares of ConocoPhillips that she inherited in 2014 after the death of her grandfather, who had been a propane salesman. Her approach has grown increasingly complex over the past two years: Last fall, she took a large position in an exchange-traded fund that bets against the price of natural gas — which has gone up as Russia’s invasion of Ukraine roiled energy markets.

“The war causing natural gas to spike up at a time when it seasonally comes down did not help me much,” she said.

Even so, she’s more than quintupled her money since early 2020, riding the strength of a rally that has the S&P 500 up nearly 80 percent since it bottomed out in March 2020, even with its recent fall.

Experiencing losses after a period of gains can be instructive, said Dan Egan, vice president of behavioral finance and investing at Betterment, which builds and manages diversified portfolios of low-cost funds and provides financial planning services.

“If you have a good initial experience with investing, you see this is part of it, it will be OK,” he said. “We get bumps and bruises that you need to learn what pain feels like,” he said.

Eric Lipchus, 40, has felt plenty of pain in his nearly two decades of full-time day trading — he owned options on Lehman Brothers, the investment bank that imploded during the financial crisis of 2008-9. Before that, he had watched his older brother and father dabble in the markets during the dot-com boom and bust.

“I have been on a roller coaster,” he said. “I am making OK money this year but it’s been up and it’s been down. It seems like it could be a tough year — not as much upside as in previous years.”

Challenging conditions like investors are now facing can get stressful in a hurry, Mr. Lipchus said. Right now, he’s keeping half his portfolio in cash — and is taking a fishing trip to the Thousand Islands in a couple of weeks to clear his head.

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Why Jony Ive Left Apple to the ‘Accountants’

The new arrangement freed Mr. Ive from regular commutes to the company’s offices in Cupertino. He shifted from near daily product reviews to an irregular schedule when weeks would pass without weighing in. Sometimes word would spread through the studio that he was unexpectedly coming to the office. Employees compared the moments that followed with old footage of the 1920s stock market crash with papers being tossed into the air and people scurrying around in a furious rush to prepare for his arrival.

With anticipation mounting on Wall Street for a 10th-anniversary iPhone in early 2017, Mr. Ive summoned the company’s top software designers to San Francisco for a product review. A team of about 20 arrived at the city’s exclusive social club, The Battery, and began spreading out 11-by-17-inch printouts of design ideas in the club’s penthouse. They needed Mr. Ive’s approval for several features on the first iPhone with a full-screen display.

They waited that day for nearly three hours for Mr. Ive. When he finally arrived, he didn’t apologize. He reviewed their printouts and offered feedback. He then left without making final decisions. As their work stalled, many wondered, How did it come to this?

In Mr. Ive’s absence, Mr. Cook began reshaping the company in his image. He replaced the outgoing company director Mickey Drexler, the gifted marketer who built Gap and J. Crew, with James Bell, the former finance chief at Boeing. Mr. Ive was irate that a left-brained executive had supplanted one of the board’s few right-brained leaders. “He’s another one of those accountants,” he complained to a colleague.

Mr. Cook also emboldened the company’s finance department, which began auditing outside contractors. At one point, the department rejected a legitimate billing submitted by Foster + Partners, the architecture firm working closely with Mr. Ive to complete the company’s new $5 billion campus, Apple Park.

Amid those struggles, Mr. Cook began to broaden Apple’s strategy into selling more services. During a corporate retreat in 2017, Mr. Ive stepped outside to get fresh air when a newcomer to Apple named Peter Stern stepped before the company’s top leaders. Mr. Stern clicked to a slide of an X-shaped chart that showed Apple’s profit margins from sales of iPhones, iPads and Macs declining while profit margins rose from sales of software and services like its iCloud storage.

The presentation alarmed some people in the audience. It depicted a future in which Mr. Ive — and the company’s business as a product maker — would matter less and Mr. Cook’s increasing emphasis on services, like Apple Music and iCloud, would matter more.

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Britannia, With Fewer Rules

“Every stage of the crisis has been characterized by the idea that Britain is a special case,” Mr. Sanghera wrote.

It was special, and sometimes for the best of reasons. When the vaccines debuted in the United States, millions of people chased them online. In Britain, the vaccine chased you. One day, a notification showed up on your phone, from the National Health Service, asking which day and vaccination center was convenient. The entire process was easier than buying an iPad online.

But England was often special in the worst way. For stretches of the pandemic it had the highest death rate in Europe. In March 2020, when Mr. Johnson contracted Covid after seeming to defy recommended precautions, The Irish Times described Mr. Johnson’s leadership as “another example of British exceptionalism backfiring in grand style, some might say, and a bad omen for Brexit, the U.K.’s other social distancing project.”

To date, England’s efforts to prevent death from Covid-19 have been more successful than those of the United States, on a per-capita basis, but lag most of Europe. In Germany, there have been 141 deaths per 100,000, in Spain 197. In England, the per capita death rate is 240.

Not the worst, and far from the best. The historian and podcaster Dan Snow argues that this showing flows from the U.K.’s faith in the power of vaccines, which is of a piece with England’s love of — and gift for creating — life-altering technology.

“The vaccine was a kind of tech optimism, it was the moonshot,” he said. “Like the U.S., we’re a country open to transformative technology and that makes sense because this is where the industrial revolution began. We start by fiddling around with looms and textiles and eventually there’s a man on the moon.”

This faith in the power of English minds to dig the country out of any mess is a variation on the theme of exceptionalism. Put another way, the English are different. Expecting them to trod the same path as the rest of Europe is folly.

Or as Mr. Snow put it, “The boring, social democratic solution of ‘Let’s slow down transmission, sit apart from each other, let’s not do whatever we want’ — to English ears, that all sounds a bit Dutch.”

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Apple doubles its profits on soaring iPhone sales.

Apple said on Wednesday that its profits more than doubled to $23.6 billion in the most recent quarter as people embraced its latest iPhones and bought more of its other products, striking results for what is already the world’s most valuable company.

Apple said its revenues soared by 54 percent to $89.6 billion, a record for the March quarter that meant Apple sold more than $1 billion on average each day. The rapid growth is partly explained by slower sales in the same three-month period last year as the pandemic first took hold, but the quarter was still strong on its own merits and far surpassed analysts’ expectations. Apple’s sales increased sharply in each of its product categories and in each of its regions around the world.

As usual, the main driver of Apple’s success was the iPhone. Apple said iPhone sales rose by 66 percent to $47.9 billion, its steepest increase in years. The company’s flagship product had accounted for more than half of its overall sales for years, but more recently Apple has tried to diversify into other businesses, causing the share of revenue from iPhones to fall to 41 percent in the quarter that ended September 30. Then Apple unveiled the iPhone 12 in October, and sales have surged. In the latest quarter, iPhones accounted for 54 percent of Apple’s revenues.

Apple said that iPad sales grew 79 percent and that Mac sales grew 70 percent, success that was partly driven by more people splurging on computers as they worked and learned from home. Sales of Apple’s wearable devices, including the Apple Watch and AirPods, grew 25 percent, and its services division, which includes app sales and subscriptions to iCloud and other Apple services, grew 26 percent.

return much of its earnings to shareholders.

The enormous profits are further evidence of the growing dominance of the biggest tech companies. Also announced this week: Microsoft’s profits rose 44 percent to $15.5 billion; Facebook’s profits nearly doubled to $9.5 billion; and profits at Alphabet, Google’s parent company, more than doubled to nearly $18 billion. Amazon reports its earnings on Thursday.

Apple’s continued growth comes amid increasing scrutiny of its power. The company is facing antitrust investigations from regulators around the world, and on Monday, Apple is set to face off in a trial against Epic Games, one of the world’s largest game makers, over its control of the App Store.

Shares of Apple, which is worth roughly $2.25 trillion, rose nearly 2 percent in after-hours trading.

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