Finance
investing, personal finance | Fox Business
Rosecliff founder and managing partner Mike Murphy says recessions will come and go, but investors need to keep their eyes on market ‘opportunities.’
If your thinking about investing there is no time like the present, advises Rosecliff founder and managing partner Mike Murphy. “Recessions come and recessions go, people need to look for opportunities to invest and not try to time the next recession” he told FOX Business’ Stuart Varney.
Here’s his five steps to getting started in FOX Business’ Financial 101 Planning series.
START NOW!
Get at it. There is no need to monitor the markets, just decide you’re ready and set aside some funds. “They should start investing today, not wait for maybe the market’s down tomorrow, or maybe they’ll be a better time in six months”, Murphy advised.
DO NOT ACTIVELY TRADE
Anticipating market moves is challenging for even the most seasoned traders, says Murphy. It’s unwise to try and time the market. “For most people, professionals even, it’s tough to trade successfully”, he warned. Instead, let your money sit and grow.
CREATE A LONG-TERM PLAN
Decide what your goals are; long-term, short-term or retirement. Then decide how much you can allocate each month or quarter and start investing.
INFLATION RISES FOR A THIRD STRAIGHT MONTH
Affluent individuals can protect their money if they place it into money-generating assets, including stocks, personal finance experts say. (iStock / iStock)
BUY LOW COSTS ETFS
Murphy recommends low-cost exchange-traded funds (ETFS) that hold a basket of stocks for broader exposure.
A good option, he noted, is the SPDR S&P 500 ETF trust, which mirrors the S&P 500, the broadest measure of the U.S. stock market. So far this year the fund has returned over 10%.
The fund’s heavily weighted in large cap tech, according to filings. Those stocks include Microsoft, Apple, Nvidia and drugmaker Eli Lilly to name a few.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 423.26 | -3.02 | -0.71% |
| AAPL | APPLE INC. | 167.78 | -1.89 | -1.11% |
| NVDA | NVIDIA CORP. | 870.39 | +16.85 | +1.97% |
| LLY | ELI LILLY & CO. | 761.98 | +4.71 | +0.62% |
MONITOR YOUR MONEY
It’s a good idea to keep track of your returns every month, quarter and year, according to Murphy. “History has proven 100% of the time, its proven, if they leave that money there over time it’s going to compound and increase in value,” he said.
Workers setting up the TuSimple booth for CES 2022 at the Las Vegas Convention Center on Jan. 3, 2022.
Alex Wong | Getty Images News | Getty Images
Embattled Chinese autonomous trucking company TuSimple has rebranded to CreateAI, focusing on video games and animation, the company announced Thursday.
The news comes as GM folded its Cruise robotaxi business this month, and the once-hot sector of self-driving startups has started to weed out stragglers. TuSimple, which straddled the U.S. and China markets, had its own challenges: concerns over vehicle safety, a $189 million settlement of a securities fraud lawsuit and delisting from the Nasdaq in February.
Now, just over two years after CEO Cheng Lu rejoined the company in the role after being pushed out, he expects the business can break even in 2026.
That’s thanks to a video game based on the hit martial arts novels by Jin Yong that’s slated to release an initial version that year, Cheng said. He anticipates “several hundred million” in revenue in 2027 when the full version is launched.
Before the delisting, TuSimple said it lost $500,000 in the first three quarters of 2023, and spent $164.4 million on research and development during that time.
Company co-founder Mo Chen has a “long history” with the Jin Yong family and started work in 2021 to develop an animated feature based on the stories, Cheng said.
The company claims its artificial intelligence capabilities in developing autonomous driving software give it a base from which to develop generative AI. That’s the next-level tech powering OpenAI’s ChatGPT, which generates human-like responses to user prompts.
Along with the CreateAI rebrand, the company debuted its first major AI model called Ruyi, an open-source model for visual work, available via the Hugging Face platform.
“It’s clear our shareholders see the value in this transformation and want to move forward in this direction,” Cheng said. “Our management team and Board of Directors have received overwhelming support from shareholders at the annual meeting.”
He said the company plans to increase headcount to around 500 next year, up from 300.
Cutting production costs by 70%
While still under the name TuSimple, the company in August announced a partnership with Shanghai Three Body Animation to develop the first animated feature film and video game based on the science fiction novel series “The Three-Body Problem.”
The company said at the time that it was launching a new business segment to develop generative AI applications for video games and animation.
CreateAI expects to lower the cost of top-tier, so-called triple A game production by 70% in the next five to six years, Cheng said. He declined to share whether the company was in talks with gaming giant Tencent.
When asked about the impact of U.S. restrictions, Cheng claimed there were no issues and said the company used a mix of China and non-China cloud computing providers.
The U.S. under the Biden administration has ramped up limits on Chinese businesses’ access to advanced semiconductors used to power generative AI.
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