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Key engineers are abandoning Twitter | Legal & General fared fine after the UK pension meltdown |

Hi Reader, here's what you need to know for November 21st in 3:13 minutes.

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Today's big stories

  1. Key Twitter workers called Musk’s bluff and left the firm
  2. Fidelity has a bad feeling about the next year, but a good one about these investing opportunities – Read Now
  3. 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.

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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

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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.

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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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