James Harden #13 of the Houston Rockets looks on during the second half of an NBA game against the Toronto Raptors at Scotiabank Arena on December 05, 2019 in Toronto, Canada.
Vaughn Ridley | Getty Images Sport | Getty Images
If the Brooklyn Nets knew for sure they’d land James Harden, perhaps the club might’ve held off on a deal with Motorola and driven a harder bargain.
The jersey patch deal would be worth more with three prominent players over two. That’s the brand power of a National Basketball Association superstar.
And Harden is sure to give the Nets more brand appeal once he arrives on the New York City basketball scene, while the James Dolan-owned Knicks can only watch.
The Nets are completing a transaction that will land Harden, the 2018 NBA MVP, in a trade with the Houston Rockets that involves two other teams, six different players, four draft picks, and four draft swap options (trading picks), according to various reports.
The Nets did not immediately return a phone call seeking verification of the deal.
Indiana Pacers guard Victor Oladipo is also included in the trade that will send him to the Rockets. And the Cleveland Cavaliers even landed a few assets, including 2016 first-rounder Taurean Prince. With Harden making $41 million in salary this year, the clubs needed to match salaries in the deal; hence, the plethora of players involved.
The Nets also won in the deal as their brand increases with Harden’s stardom and his massive audience he brings with to him. The Nets were already in a good position with Durant’s return, paring with Irving, which helped land the Motorola patch deal. Harden gives the team another bump, and means that Alibaba co-founder and team owner Joe Tsai has three NBA superstars since purchasing the team for more than $2 billion in 2019.
“There is potential for really great impact,” said Jene Elzie, the Chief Growth Officer for New York-based sports agency Athletes First Partners, in an interview with CNBC on Wednesday.
Elzie, a former vice president of international marketing for the NBA, pointed to a trend among sports fans siding more with athletes than teams, especially in the NBA. She said Harden’s transaction would help the Nets’ brand grow both in New York and overseas.
“We see more today, especially with the proliferation of social media among young people consuming sports; that trend towards more player-focused fandom,” said Elzie. “Now, people follow the players to establish their favorite team.
“There are a subset of fans who are intensely James Harden fans who will now be associated both in the Brooklyn market and across the country,” she said, adding the Nets will grow in “basketball-crazed markets” overseas like China and the Philippines.
“I think the Nets have a very clear strategy of how they want to grow their appeal,” Elzie said. “Certainly, Joe Tsai coming outside the U.S. and having that global perspective; it’s clear what the mission is.”
Kevin Durant #7 of the Brooklyn Nets shoots the ball against the Washington Wizards during a preseason game on December 13, 2020 at Barclays Center in Brooklyn, New York.
Nathaniel S. Butler | National Basketball Association | Getty Images
The branding bump from landing Harden could help make up for a shortfall from lack of arena revenue during the Covid-19 pandemic.
Abbamondi said the NBA would take a 40% hit to its income with fans still restricted in arenas, and it doesn’t appear that will change soon with the league currently enduring outbreaks throughout its clubs.
“The revenues that require [the Barclays Center] to be full, and it’s not going to be full for some time,” said Abbamondi. “So, we’re definitely going to be impacted, but we have an opportunity in front of us, and we think it’s a great opportunity to entertain our fans through television and other media.”
So far this season, the Nets team are seeing a boost in its local TV ratings on YES Network, and the club’s interest among national networks will only grow when the NBA releases the second half of its schedule with Harden now in the mix.
Abbamondi also hinted NBA teams could welcome fans back in time for the postseason, where gate revenues are usually at their highest point. Harden’s addition helps here, too, as tickets could be in demand if the virus subsides by the playoffs and fans are welcomed back.
“A championship on its own is great,” said Elzie. “But the brand lift of having another star player will help drive tickets and drive fan engagement.”
How to stay in control and avoid emotional investing decisions
Yellow Dog Prod. | Image Bank | Getty Images
We witnessed the tale of two markets in 2020.
The market experienced a short, steep and frightening freefall. Yet it quickly turned, with stocks finishing the year near all-time highs.
This unique experience had a big impact on the psyche of investors and, consequently, how they managed their money. Some investors became too traumatized to put cash to work in the markets. Others reacted by aggressively day trading and made rash investment decisions.
Neither of these behaviors are beneficial for long-term financial success. Evaluating both reactions, and incorporating a proper process-oriented approach for managing your investments, is the best way to avoid similar missteps in 2021.
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As the market dropped, the economic situation looked bleak, with unemployment reaching numbers not seen since the Great Depression. I remember having conversations with investors as the market fell where I suggested putting some cash to work. Some of the responses I received broadly fell into the theme of “I don’t want to catch a falling knife,” “Let’s wait for things to settle down” or “Let me think it over and get back to you.”
All these reactions were essentially just a way for investors to procrastinate. I advised against that approach but they were, understandably, scarred by the freefall they had just experienced.
As time passed, that procrastination morphed into “investor inertia.” These folks became too comfortable sitting in cash, and they had no strategy to get back into the market. As a result, they missed out on the market rebound and lost buying power due to inflation. Both consequences could have a long-lasting impact on the ability for some of these investors to reach their financial goals.
The Federal Reserve, Treasury and Congress acted quickly to ease monetary policy and approve the CARES Act, and loans for small businesses through the Paycheck Protection Program helped prop up the economy.
This spurred the market to begin recovering and helped investors to regain some confidence.
Over time, however, this confidence turned to overconfidence, with millions deciding to try their hand at day trading.
The most popular stocks also had some of the best performance. Consequently, many investors continued to pile into their favorite names, ignoring basic investing principals such as proper diversification.
Adding to the investment excitement were spikes in value of some crypto currencies, a record number of initial public offerings and the rise in popularity of Special Purpose Acquisition Companies (SPACs). These factors, coupled with the market’s meteoric rise, fed into the euphoria that propelled some investors to throw caution to the wind. Many of these day traders were rewarded for their imprudence with eye-popping returns to close out the year.
It’s during times of exuberance that it’s especially important to remember that markets move in cycles. A winning period for a group of stocks may be followed by a period of underperformance. This can be clearly seen throughout market history. The S&P 500 is experiencing a decade of outsized returns. However, investors are quick to forget that the index was flat from 2000 to 2010.
The reverse is true of emerging market stocks. They had a lackluster average return of approximately 3% annually for the past 10 years, following the stellar 37% average annualized returns from the decade prior.
Sectors move in cycles, as well. Technology stocks are currently having a wonderful run. However, it took 15 years for the NASDAQ to regain its peak after falling 70% when the dotcom bubble burst. Years of underperformance are a characteristic of the market. They are not an anomaly. Investors must plan accordingly.
So, how do investors overcome these behaviors?
A remedy for overcoming investor psyche, and both of the above resulting behaviors, is the same. It requires putting together a process-oriented approach for your investing. This involves four key components.
First, establish an investment policy statement. An IPS allows investors to clearly define their financial goals and other guidelines for how they want their money managed. A properly established IPS serves as a guiding light during both bear and bull markets and prevents investors from losing sight of what they are trying to achieve with their wealth.
Embracing diversification is not as exciting as trading the hot stocks of the day. However, it minimizes the chance of a catastrophic loss, which may help keep investors on track to achieve their objectives. To use a baseball analogy, you don’t need to hit home runs to win the game. It’s far better to focus on consistently getting base hits and avoiding a strike out.
Periodic rebalancing is also key. Rebalancing is readjusting portfolio weightings as investments fluctuate in value. Setting up predetermined weighting thresholds for each investment or a regular schedule when rebalances should occur, instead of trying to determine an optimal time to buy or trim one’s holdings, allows this process to happen automatically without emotions getting involved.
Get acquainted with dollar-cost averaging. This is the process of automatically adding money to your portfolio on a regular basis. This removes the temptation to time the market and alleviates the concern of investing at the wrong time. Regardless of what is happening in the market, money will continue to be added at regular intervals, allowing one’s investments to continue to compound over the long-term.
5 things to know before the stock market opens January 21, 2021
Coronavirus vaccine myths busted by experts
Jane Lee MD winces as she gets a Covid-19 shot in Weymouth, Massachusetts.
MediaNews Group/Boston Herald via Getty Images | MediaNews Group | Getty Images
Vaccine skepticism and outright anti-vaccination sentiment has become rife in recent months, with more members of the public questioning not only the efficacy of vaccines, but their development practices, safety standards and their objectives.
The rapid development of coronavirus vaccines over the past year, an urgent task given the devastation to lives and livelihoods being caused by the global pandemic, has made them a prime target for hesitancy and myth.
But disinformation and misinformation that casts doubt over safety and efficacy can endanger lives.
The World Health Organization said vaccine hesitancy was among its top 10 global health threats in 2019. Vaccination, it said, “prevents 2-3 million deaths a year, and a further 1.5 million could be avoided if global coverage of vaccinations improved.”
When it comes to Covid-19 vaccines, experts and public health officials say it’s crucial to combat misinformation (false or inaccurate information) and the more nefarious disinformation (that is, false information intended to mislead people) being spread about the jabs currently being deployed. Here are some of the main myths that are circulating about coronavirus vaccines:
Fact: The coronavirus vaccines that are now being deployed have undergone strict and rigorous clinical trials involving thousands of human participants after initial animal trials.
Vaccine makers have insisted that no corners were cut and trial results have proved the vaccines are safe and effective. Before being authorized for use, trial data from the vaccines — such as those made by Pfizer-BioNTech, Moderna and the University of Oxford-AstraZeneca — have undergone strict scrutiny by regulators including the U.S. Food and Drug Administration, the European Medicines Agency and Britain’s Medicines and Healthcare products Regulatory Agency.
In late-stage clinical trials, both the Pfizer-BioNTech and Moderna vaccines were found to be 95% and 94.1% effective, respectively, at preventing severe Covid-19 infection. The vaccine developed by the University of Oxford and AstraZeneca was found to have an average efficacy of 70%.
When the U.K. became the first country in the world to approve the Pfizer-BioNTech vaccine in early December, Dr. June Raine, chief executive of the U.K.’s MHRA, said no corners had been cut in its approval, saying experts had worked “round the clock, carefully, methodically poring over tables and analyses and graphs on every single piece of data.”
The MHRA’s scientists and clinicians conducted a “rolling review” of the data as it was made available during clinical trials, hence allowing it to speed up its assessment of the vaccine and whether to authorize it. This was critical, the MHRA said, given the public health emergency.
Chinese health care workers and volunteers wear protective clothing as they register people to receive a Covid-19 vaccine jab at a mass vaccination center for Chaoyang District on January 15, 2021 in Beijing, China.
Kevin Frayer | Getty Images News | Getty Images
Fact: The coronavirus vaccines developed by Pfizer-BioNTech and Moderna contain messenger RNA (or mRNA) which instruct our cells how to make a protein that triggers an immune response. This builds immunity against the virus that causes Covid-19.
The mRNA (i.e., the instructions) from a Covid-19 vaccine never enters the nucleus of the cell, which is where our DNA is kept, the U.S. Centers for Disease Control and Prevention states.
“This means the mRNA cannot affect or interact with our DNA in any way. Instead, Covid-19 mRNA vaccines work with the body’s natural defenses to safely develop immunity to disease.” In addition, immune cells break down and get rid of the mRNA soon after they have finished using the instructions. Find out more from the CDC here.
Fact: Some women are concerned that the coronavirus vaccine could harm their fertility and there has been a mass of misinformation online regarding this. Indeed, on Tuesday, the U.K.’s Royal College of Obstetricians and Gynaecologists and the Royal College of Midwives issued a statement about Covid-19 vaccinations, fertility and pregnancy.
In it, Dr. Edward Morris, president at the Royal College of Obstetricians and Gynaecologists, said: “We want to reassure women that there is no evidence to suggest that Covid-19 vaccines will affect fertility. Claims of any effect of Covid-19 vaccination on fertility are speculative and not supported by any data.”
He continued: “There is no biologically plausible mechanism by which current vaccines would cause any impact on women’s fertility. Evidence has not been presented that women who have been vaccinated have gone on to have fertility problems.”
A woman receives the vaccination the Pfizer-BioNTech vaccine.
KONTROLAB | LightRocket | Getty Images
Fact: The truth is there is limited data about the safety of Covid-19 vaccines for people who are pregnant, the CDC states on its website.
Of the data available from animal studies, “no safety concerns were demonstrated in rats that received Moderna COVID-19 vaccine before or during pregnancy; studies of the Pfizer-BioNTech vaccine are ongoing,” the CDC said.
Studies in people who are pregnant are planned and both vaccine manufacturers are monitoring people in the clinical trials who became pregnant, it added.
In the U.K., where the AstraZeneca and Pfizer-BioNTech vaccines are currently being deployed, the government states that: “the vaccines have not yet been tested in pregnancy, so until more information is available, those who are pregnant should not routinely have this vaccine.”
Nonetheless, the government notes that evidence from non-clinical studies of both the Pfizer-BioNTech and University of Oxford-AstraZeneca vaccines have been reviewed by the WHO and regulators around the world, and have “raised no concerns” about safety in pregnancy.
The U.K.’s Joint Committee on Vaccination and Immunisation, which advises the government on its vaccination strategy, “has recognized that the potential benefits of vaccination are particularly important for some pregnant women,” including those at very high risk of catching the infection or those with clinical conditions that put them at high risk of suffering serious complications from Covid-19. In these cases, the government recommends that women discuss possible vaccination with their doctor.
Traders work on the floor of the New York Stock Exchange.
Fact: Even if you are immunized against Covid-19, it is possible that you could still pass the virus on to others. We still don’t know how vaccination against Covid-19 affects onward transmission and until we do — and while many people remain unvaccinated — people are being urged to follow social-distancing guidelines, wear masks and wash hands to prevent possibly passing the virus on.
A Registered Nurse tends to a Covid-19 patient in the Intensive Care Unit at Providence St. Mary Medical Center in Apple Valley, California on January 11, 2021.
Ariana Drehsler | AFP | Getty Images
Fact: You can’t get Covid-19 from the Pfizer-BioNTech or Moderna coronavirus vaccines because they do not contain live virus. Meanwhile, the University of Oxford’s Vaccine Knowledge Project explains that the active ingredient of the Oxford-AstraZeneca vaccine “is made from a modified adenovirus which causes the common cold in chimpanzees. This virus has been modified so that it cannot cause an infection. It is used to deliver the genetic code for the coronavirus spike protein.”
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