• A Republican House candidate who allegedly "liked" and shared a number of controversial social media posts, including a lewd drawing of Bigfoot, defeated his Democratic opponent by a sizeable margin.
• Republican Denver Rifleman, a Trump-backed brewery owner, won Virginia's 5th Congressional District with 53.3% of the vote, compared to Democrat Leslie Cockburn's 46.7%.
• Riggleman's social media habits were scrutinized after Cockburn shared a screenshot of an Instagram post that featured a lewd image of Bigfoot.
• Cockburn described the sighting as "Bigfoot erotica," and said in a tweet that "this is not what we need on Capitol Hill."
• The Representative-elect has since made his Instagram private for his 295 followers, and reportedly said his post was merely a joke between his military friends.

A Republican House candidate who allegedly "liked" and shared a number of controversial social media posts, including a lewd drawing of Bigfoot, defeated his Democratic opponent by a sizeable margin on Tuesday.

Republican Denver Riggleman, a Trump-backed brewery owner, won Virginia's 5th Congressional District with 53.3% of the vote, compared to Democrat Leslie Cockburn's 46.7%, according to the Associated Press.

In July, Riggleman's social media habits were scrutinized after Cockburn, an award-winning investigative journalist, shared a screenshot of an Instagram post in which Riggleman shared a lewd image of Bigfoot — the hairy, humanoid creature from North American folklore.

Riggleman described his image as a "#matinghabitsofbigfoot" cover art, and noted in the caption, "I hide nothing in this magnificent tome. Don't erase the censor box."

Cockburn described the sighting as "Bigfoot erotica," and said in a tweet that "this is not what we need on Capitol Hill."

The Representative-elect has since made his Instagram private for his 295 followers, and reportedly said his picture was merely a joke between his military friends.

Riggleman also drew criticism after "liking" several Facebook pages that shared controversial material, including political messages couched in sexual innuendo. Following a BuzzFeed News report on his social media habits, Riggleman reportedly took back his "likes"; and some of the pages were no longer active.

In a meme that superimposed Democratic Sen. Elizabeth Warren's face on a Native American — apparently a satirical reference to her claims she was of Native American descent — Riggleman commented "She is such an idiot." according to screenshots a Democratic opposition research firm shared to BuzzFeed News.

Virginia's 5th Congressional District seat was once occupied by Republican Rep. Tom Garrett, who abruptly left his position after staffers accused him and his wife of forcing them to go on personal errands. Garrett later admitted he was struggling with alcohol addiction.

SEE ALSO: A white poll worker in Houston was fired for shouting racist language at a black voter

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NOW WATCH: Trump once won a lawsuit against the NFL — but the result was an embarrassment

A cryptocurrency millionaire has revealed his designs for an utopian community in the Nevada desert run completely on blockchain.

The New York Times reports that the man behind the project, Jeffrey Berns, is planning a city that would run entirely on blockchain, a decentralized infrastructure which could theoretically provide the foundation for a community that's independent from the capitalistic world we live in. Instead of government and big corporations in control, the blockchain-based city would put power in the hands of the people and use cryptocurrency as the coin of the realm.

"The city aims to showcase how business development, residential living and commerce can flourish alongside world changing technologies," reads a description on the website of Tom Wiscombe Architecture, one of the designers of the community. "Multiple innovative technologies will change the way its residents interact on a daily basis and blockchain technology will be at the center of it all – keeping systems honest, fair and democratic. "

The area Berns has planned for his city comprises 67,000 acres of land in the Nevada desert that Nevada Gov. Brian Sandoval has dubbed "Innovation Park." It surrounds an industrial park where Tesla's Gigafactory is located, as well as buildings that major tech giants like Google and Apple own. 

The company that Berns founded, Blockchains LLC, bought the property earlier this year for a reported $170 million, according to the NYT. Berns is able to fund the entire project — including the additional $300 million he's already put into the land — with money he acquired from an investment in the cryptocurrency Ethereum back in 2015.

"Something inside me tells me this is the answer," Berns told the NYT. "That if we can get enough people to trust the blockchain, we can begin to change all the systems we operate by.”

Berns says Blockchains plans to begin construction of the city in late 2019 at the earliest, but the company still needs to develop a master plan and get county approval.

Check out some of the designs for this blockchain-based utopia in the Nevada desert:

SEE ALSO: A 70-year-old Taiwanese man known as 'Uncle Pokémon' uses an outrageous setup to play 'Pokémon Go' on 11 different phones at once

Renderings of the city show a city split in two parts: a residential area and campus for researching emerging technologies, shown here.

The business side of the city will feature "a highly secured, high-tech Blockchains Campus that joins blockchain technology with artificial intelligence (AI), 3D printing and nanotechnology,"according to the website for the city's architects.

Berns told the NYT he also plans to build a university here.

The research campus will include "workplace/manufacturing hybrids" to encourage innovation and collaboration.

The commercial side of the city is focused on encouraging technologically forward ideas and development. One of the design firms, Ehrlich Yanai Rhee Chaney Architects, says on its website that these research building would serve as places "where inventions are prototyped and where they are conceived."

The architecture is designed to encourage collaboration and creativity, with communal civic areas and large courtyards.

The tech campus will also feature an esports arena.

There's not many details available about the esports tournament arena. But the rise of competitive video gaming and its growing market indicates that esports is the future, which is right in line with Innovation Park's vision of a tech-forward community.

The Insider Picks team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.

Startups are often seen as incubators or think tanks making better, smarter, or cooler products faster than traditional companies can. And thanks to the lean businesses models made possible by the internet, those products don't have to cost more than the status quo they're replacing. 

Their uniqueness, cool origin stories, and — on average — more sustainable and ethical business practices also make them particularly good gifts. Below are 74 up-and-coming startups we love to shop at, plus a cheat sheet for what to buy from each of them.

Below, you'll find 74 of the best gifts you can buy from startups this year.

Looking for more gift ideas? Check out all of Insider Picks' holiday gift guides for 2018 here.

Atlas Coffee Club

What to buy:
Three-Month Subscription, $60

Atlas Coffee Club is a monthly coffee subscription that curates freshly-roasted, micro-lot coffees from around the world and sends them to your door. Since the coffees span the globe, each shipment is meant to connect recipients with the culture that produced it. Shipments include a corresponding postcard (plus flavor notes and brewing tips), and the coffee bag designs are inspired by local landscapes and textiles. 

Allbirds

What to buy:
Women's Wool Loungers, $95
Men's Wool Loungers, $95

This is the footwear company responsible for the merino wool sneakers and loungers often called the "most comfortable shoes in the world"— a statement we agreed with after trying them. They're great for everyday use or for traveling, and you'll find them in high concentrations in hubs like Silicon Valley and New York City. 

Allbirds are also a great gift for environmentally-conscious shoppers. The company is well-known for practicing "better business" and engineering its shoes from sustainable wool, eucalyptus leaves, or foam made from sugar cane.

AUrate

What to buy:
Tribar Ear Jacket, $180

Instead of making concessions on quality, pricing, and ethical practices, AUrate makes beautiful jewelry that combines all three. They use durable luxury materials, original designs, transparent pricing, and sustainable production that women can feel good about supporting. In partnership with Mastery Charter, the startup has also given thousands of books to NYC students and schools. 

• No college basketball player has more buzz surrounding him right now than Duke's Zion Williamson.
• The 6-foot-7, 285-pound power forward poured 28 points and 7 rebounds into the Blue Devils' 118-84 rout of the Kentucky Wildcats Tuesday night. 
• Williamson's performance caught the eye of Golden State Warriors head coach Steve Kerr, who was so impressed that he compared him to four-time NBA MVP LeBron James.
• Kerr quickly remembered that he could be fined for speaking about players on his team directly and apologized to NBA commissioner Adam Silver.

Duke freshman Zion Williamson is taking the whole basketball world by storm.

The Blue Devils absolutely annihilated No. 2 Kentucky at the Champions Classic to deal head coach John Calipari the worst defeat of his career at any level. In just 23 minutes on the floor, the 6-foot-7, 285-pound power forward racked up 28 points and 7 rebounds on 85% shooting.

Read more: Duke's much-hyped freshman class dominated No. 2 Kentucky, and the rest of the college basketball world should be scared

Check out some highlights from Tuesday night's top-five matchup:

Aside from putting the earthquake-inducing dunks that made him a social media sensation on full display, Williamson demonstrated a polished handle and even drained a shot from beyond the arc for his first points in a Duke uniform. He is, without a doubt, a complete package, the likes of which come only once in a generation.

Or so Golden State Warriors head coach Steve Kerr thought.

"I saw some kid on Duke last night who was pretty impressive," Kerr said, per The Athletic's Anthony Slater. "I thought LeBron was a one-shot deal, but apparently the next guy is coming."

In speaking to the media on Wednesday, Kerr gushed over Williamson's next-level talent but knew better than to mention his name outright. When asked which one of the Blue Devils' top-ranked freshmen he was referring to, the eight-time NBA champion simply said: "the one who is 285 [pounds]."

"Before I get fined I'm going to change the subject," Kerr joked, drawing a chuckle from the press around him. "I dug my own grave on that one. [NBA commissioner] Adam [Silver], please don't fine me, wherever you are!"

When a reporter quipped that the Warriors likely will not have a high enough pick to acquire Williamson in the 2019 NBA Draft, Kerr began to answer before miming out zipping his lips and walking away.

Something tells me that Silver — who graduated from Duke in 2014 and currently sits on the university's Board of Trustees — may be sympathetic to Kerr on this one.

Take a look at the full video below:

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• Attorney General Jeff Sessions received a standing ovation as he left the Justice Department building following his forced resignation on Wednesday.
• President Donald Trump asked Sessions to resign, just hours after the close of what has been a heated midterm-election season.
• "It's been an honor, sir," acting attorney general Matthew Whitaker said to Sessions.

Attorney General Jeff Sessions received a standing ovation as he left the Justice Department building following his forced resignation on Wednesday.

Sessions reportedly shook hands with acting attorney general Matthew Whitaker, his former chief of staff, amid a crowd of around 150 people.

"It's been an honor, sir," Whitaker said to Sessions, according to the Associated Press.

Sessions waved and thanked the crowd, at one point giving them a thumbs-up. Other senior Justice Department officials, including deputy attorney general Rod Rosenstein and solicitor general Noel Francisco, were also reportedly at the send-off.

After months-long reports of a frayed relationship with Trump, the former attorney general offered his resignation in an undated letter.

Two months after Trump became president, Sessions attracted his ire after recusing himself from special counsel Robert Mueller's Russia investigation.

Sessions, who backed Trump early on in his 2016 presidential campaign, cited a Justice Department regulation that prohibits officials from investigating campaigns they were involved in.

Trump publicly berated Sessions in fiery statements and tweets as the months dragged on, fueling rumors Sessions would be on his firing line. According to Washington Post journalist Bob Woodward's book, "Fear: Trump in the White House," Trump made pointed remarks against Sessions, such as calling him "mentally retarded" and "dumb Southerner."

You can watch the video here »

SEE ALSO: Trump denied calling Jeff Sessions — or anyone — 'mentally retarded,' but old records show he has

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NOW WATCH: Trump once won a lawsuit against the NFL — but the result was an embarrassment

• T-Mobile and OnePlus' $300 trade-in discount for the OnePlus 6T ends on Thursday, November 8 at midnight. 
• It's the best deal for a smartphone as good as the OnePlus 6T in recent memory. 

T-Mobile and OnePlus' trade-in deal that gives you a $300 discount off the $580 OnePlus 6T when you trade in an eligible device ends tomorrow on Thursday, November 8 at 11:59 p.m.

The OnePlus 6T for $580 from T-Mobile is already a great price for such a good smartphone, but a $280 price tag for the OnePlus 6T is the best deal for a high-end Android device in recent memory. 

To be sure, you don't get everything you'd get with a smartphone that costs north of $800, like wireless charging or official water resistance. But you do get a beautiful device with performance that's just as fast, or even faster, than the top Android smartphones out there. The camera has also proven to be excellent so far. The OnePlus 6T is also the first smartphone sold in the US that comes with a fingerprint sensor hidden underneath the display, and it works surprisingly well for a first-generation effort.

Those taking advantage of the trade-in deal can expect to make 24 monthly installments of a little more than $11 per month. Compare that to the usual monthly installment of around $30 or so per month for other top smartphones.

Sure, that $300 discount isn't technically a discount, since you're trading in an old phone that has some value. But for people who would've just let their old phone gather dust in a drawer, rather than going through the trouble of trying to sell it, that $300 is essentially a discount. 

Eligible trade-in devices include:

• Apple: iPhone 8, iPhone 8 Plus, iPhone 7, iPhone 7 Plus, iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus
• Samsung: GS8 series, Note 8, GS7 series, Note 5, GS6 series
• Google: Pixel 2, Pixel 2 XL, Pixel, Pixel XL
• LG: V30, V30+, G7, V20, G6
• Motorola: Z2 Force, Z2 Play, Nexus 6
• OnePlus: 5, 5T, 6, 3, 3T, X, 2, 1

The trade-in is available for anyone on any carrier. They'll just have to switch to T-Mobile, of course. 

SEE ALSO: The $550 OnePlus 6T makes me feel like I'm cheating in a world where top smartphones cost $750 or more

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NOW WATCH: After using Samsung Galaxy phones for 5 years, I made the switch to the iPhone XS

• Vice Media CEO Nancy Dubuc, who took over for Shane Smith in March, is cutting staff at the digital publisher, The Wall Street Journal reports.
• The Brooklyn-based company is reportedly shedding 10% to 15% of its workforce and is on track to miss its revenue goals for this year.
• Vice Media had 27 million unique visitors in September, down from 49.1 million in March 2016, according to Comscore. 

Nancy Dubuc, Vice Media's CEO who replaced Shane Smith in March, is making cuts at the digital publisher.

According to a report from The Wall Street Journal, Brooklyn-based Vice Media is lowering its headcount by 10% to 15% of its workforce and is on track to miss its revenue goals for this year.

To make the cuts, Dubuc ordered a companywide hiring freeze six weeks ago and plans to trim staff through both the freeze and attrition.

Vice Media had 27 million unique visitors in September, down from 49.1 million in March 2016, according to Comscore. Vice Media's total Comscore numbers each month are comprised of traffic from its own properties plus third-party websites like SEO-focused Ranker, Metalinjection.net, and ModernFarmer.com.

Per the report, Vice Media is expected to make $600 to $650 million this year, which is flat with its 2017 revenue. The company reportedly is on track to lose more than $50 million this year in addition to losing $100 million in 2017.

“At a time of seismic change across the media landscape, Vice has never been better positioned to continue its remarkable growth, further cementing its status as one the most impactful and innovative youth brands worldwide," the company's board of directors said in a statement. "From its deep library of critically-acclaimed programming, to its diversified revenue streams and channels across digital, mobile, television, film and branded content, Vice's audience has never been bigger, more global, more diverse or younger.”

Vice's web audience is shrinking

Vice Media has built scale in digital media by focusing its coverage on specific verticals like Noisey (which covers music), Broadly (for women), Munchies (for food), and Vice News. Dubuc reportedly plans to fold several of its existing verticals together to form three to five core verticals, according to The Wall Street Journal's sources.

Instead of focusing on web publishing, Vice Media plans to beef up its television and movie business to make third-party programming.

Vice’s in-house agency Virtue (formerly Carrot) is also a priority. Virtue recently signed a deal with entertainment brand El Rey to launch an agency catering specifically to the US Hispanic market.

According to a recent interview with The Hollywood Reporter, Vice Media is preparing to launch a live news show called “Viceland Live” on Viceland, the channel operated by A+E Networks. Vice’s current weekly show on HBO is also in the process of winding down this season.

Dubuc took over Vice Media earlier this year amid sexual-harassment allegations and financial concerns over whether or not the digital media company could live up to its $5.7 billion valuation, including a $450 million investment from private equity firm TPG last year.

"Of course, there's pressure," Dubuc told The Hollywood Reporter. "Like any good Hollywood story, people look for the Caped Crusader. The reality is never as simple."

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• In a recent podcast interview with economist Tyler Cowen, former Google CEO Eric Schmidt said the company's failure to build the next, big social network was mostly his fault. 
• "I think it would be fair to say that the rise of Facebook, etc., occurred on my watch," Schmidt admitted. 
• The former top executive blamed his age, in part, for the company's social failures, saying: "Because we didn’t collectively use it, I suspect we didn’t fully understand how to do it." 

Google has never been great with social networks.

In a recent podcast interview with economist Tyler Cowen, former Google CEO Eric Schmidt said this was mostly his fault. 

Schmidt was asked about the reason for Google's missteps with social networks — specifically Google Groups.

"Well, first place, I need to take responsibility for that failure," Schmidt said referring to Google Groups, a product that most people have only used to create email groups but was initially thought of as a social network. "There were plenty of things that went unwell, but I think that in my CEO-ship, that was probably the one that I missed the biggest."

Cowen proposed the idea that perhaps Google didn't have the right DNA as a company to create the next, big social network. 

"My answer is because we didn’t use it, that we were of the age where we were more comfortable with telephones and email and that kind of stuff, and this was emerging," said Schmidt, who served as the company's top exec between 2001 and 2011. "And there really was a slightly younger generation that was really driving it. The stuff was invented well past when I was in college." 

Schmidt completed his undergraduate degree at Princeton in 1976. 

"Because we didn’t collectively use it, I suspect we didn’t fully understand how to do it," he said. 

Google+, perhaps the company's most aggressive attempt to enter the elite social network class, was launched in June 2011, months after Schmidt turned over CEO duties to Larry Page that January.  But there were several other social networking misfires, including the ill-fated Google Buzz and Google Wave.

Read more:  Former CEO Eric Schmidt says Google had to revamp its whole hiring process because they were interviewing candidates 16 times

One of the few bright spots in Google's history of social woes was its 2006 acquisition of YouTube. 

"Today we have quite a powerful social network embedded inside of YouTube, but I think it would be fair to say that the rise of Facebook, etc., occurred on my watch," Schmidt said. 

Interestingly, Cowen stayed clear of asking Schmidt about the bombshell New York Times article published in late October that detailed Google's mishandling of sexual misconduct cases and helped to incite the recent, company-wide walkouts. 

Schmidt was cited in the report for hiring a former mistress to be a consultant for the company while he was CEO. 

SEE ALSO: Google used to ask these interview questions, but they're so tricky they were eventually banned

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NOW WATCH: After using Samsung Galaxy phones for 5 years, I made the switch to the iPhone XS

• CNN senior White House reporter Jim Acosta's "hard pass" press credentials has been suspended "until further notice," White House press secretary Sarah Huckabee Sanders said in a statement.
• The decision comes after a tense stand-off between Acosta and President Donald Trump during a press conference on Wednesday.
• During the press conference, Trump dodged a question from Acosta when a White House intern walked up to take his microphone away. Acosta held on to the microphone.

CNN chief White House correspondent Jim Acosta's press credentials has been suspended "until further notice," White House press secretary Sarah Huckabee Sanders said in a statement on Wednesday evening.

The decision comes after a tense stand-off between Acosta and President Donald Trump during a press conference on Wednesday, one day after the 2018 Midterm Elections. 

Trump dodged Acosta's question regarding the so-called migrant caravan when a White House intern walked up to take his microphone away. Despite multiple attempts to pry the microphone away from Acosta, he held on.

"CNN should be ashamed of itself having you working for them," Trump said to Acosta at one point. "You are a rude, terrible person. You shouldn't be working for CNN. You're a very rude person."

"That's enough, put down the mic," Trump said as Acosta continued his line of questioning.

But the White House appeared to suggest Acosta had laid hands on the intern. Sanders said the White House "will never tolerate a reporter placing his hands on a young woman just trying to do her job as a White House intern."

"This conduct is absolutely unacceptable," Sanders added. "It is also completely disrespectful to the reporter's colleagues not to allow them an opportunity to ask a question."

Acosta said Sanders' account of the incident was "a lie." Video footage and photographs showed the intern grazing Acosta's arm in trying to pry the microphone away, and briefly making contact with the hand holding the microphone.

Acosta was denied entrance on White House grounds on Wednesday evening for his nightly segment, and instead, recorded a conversation with a uniformed officer.

"We have been working at the White House for five years covering two administrations," Acosta said to the officer, as he voluntarily gave up his hard pass. "So yeah, it's been on that thing for a while."

CNN's reporters, namely Acosta, has been frequently seen on the White House's front lines. The latest incident marks one of many fiery exchanges the network has had with the Trump White House.

This is a developing story. Check back for updates.

SEE ALSO: A defiant Trump sparred with the media and threatened Democrats in a feisty post-midterms press conference

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• White House Press Secretary is accused of sharing a doctored video of CNN's Jim Acosta from far-right outlet Infowars.
• A White House intern tried to take Acosta's microphone away when Trump dodged Acosta's questions on Wednesday, and the White House alleges that Acosta put his hands on her.
• Sanders is accused of sharing a video that slows down the intern's approach and speeds up Acosta's movements to make the moment appear more violent.
• Acosta calls the accusation that he put his hands on the intern a "lie." 

The White House is accused of using a video of CNN's Jim Acosta doctored by far-right outlet Infowars as justification for suspending the journalist's press pass.

Trump clashed with Acosta, CNN's Chief White House Correspondent, at a press conference in the White House on Wednesday when a White House intern walked up and tried to take his microphone away. Acosta held on and kept trying to question Trump. 

Read More: The moment a White House intern confronted CNN correspondent Jim Acosta during a tense exchange with Trump, in 3 photos

At one point, the intern puts her arm underneath Acosta's to try and grab the microphone, and he pushed his arm down. Here is the moment as broadcast live on NBC:

But White House Press Secretary Sarah Huckabee Sanders has been accused of sharing a doctored version of the video, which slows down the intern's approach and speeds up Acosta's arm movement, making the moment appear more violent.

Here is the video shared by Sanders:

What appears to be the same video was shared two hours earlier by Paul Joseph Watson, the editor-at-large of Infowars.com, a far-right outlet whose content has been banned from almost every major tech outlet including Apple, Facebook, Spotify, and YouTube for spreading conspiracy theories.

CNN journalist Brian Stelter asked Sanders for the source of the "distorted" video on Twitter. " Surely you don't trust InfoWars...?" he asked.

Other Twitter users said that you could see that Sanders' video had been doctored when compared to other videos at different speeds. 

Sanders used footage from the event to justify revoking Acosta's press pass. She said on Twitter that the White House would "never tolerate a reporter placing his hands on a young woman just trying to do her job as a White House intern."

In response, Acosta said that Sanders' statement was "a lie."

Acosta told CNN's Anderson Cooper on Wednesday that he did not "put my hands on her or touch her as they’re alleging."

"It’s unfortunate the White House is saying this," he said. "I think I handled myself professionally."

Acosta had been repeatedly challenging the president’s characterization of a Central American migrant caravan as an invasion, and asking questions about the Russia investigation.

The White House Press Association condemned the White House's decision, saying that it should "immediately reverse this weak and misguided action." 

Business Insider has reached out to the White House for comment.

Join the conversation about this story »

NOW WATCH: This top economist has a radical plan to change the way Americans vote

A prominent research group in Switzerland has put together a list of "estimated transfer values" for the most expensive footballers in Europe — and the veteran striker Cristiano Ronaldo barely makes the list.

The FC Barcelona forward Lionel Messi has also been kicked out of the top five, as younger players continue to replace two of soccer's most established superstars.

Football think tank CIES Football Observatory adopts a "scientific perspective" to its methodology, taking into consideration six factors when putting a price on the head of Europe's top players:

1. Player performance: The quality and consistency of their form
2. Player performance in relation to their club: Are they the star player?
3. International status: How established are they for their country?
4. Contract: Players with longer deals are more expensive
5. Age: Younger players command higher fees
6. Position: Goal scorers are more expensive than goalkeepers

Without further ado, here are the 21 most valuable footballers in England's Premier League, Spain's La Liga, Germany's Bundesliga, Italy's Serie A, and France's Ligue 1, ranked in ascending order.

Read all of Business Insider's coverage for the 2018-2019 world soccer season here.

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21: Luis Suárez, FC Barcelona — €110.6 million ($127 million)

20: Bernardo Silva, Manchester City — €112.2 million ($127.8 million)

19: Sadio Mané, Liverpool FC — €122.8 million ($141 million)

• Chris Hyzy, the chief investment officer for Bank of America’s Global Wealth and Investment Management division, outlines what would have to happen for the 9-year bull market to end.
• He also highlights three potential signals that could tip off investors to the types of deteriorating conditions that could lead to such a collapse.

The stock market's Red October may have felt like a major gut punch for investors, but it was actually pretty tame compared to the type of meltdown that will one day end the bull market.

So says Chris Hyzy, the chief investment officer for Bank of America’s Global Wealth and Investment Management division.

Hyzy notes that while corrections of 10% definitely hurt, they're usually short-lived and relatively harmless in the grand scheme of things. But he views bear markets — defined as declines exceeding 20% — as a totally different animal. There's something more sinister and deep-rooted about the conditions surrounding them.

As such, when Hyzy is assessing what could derail the ongoing bull market, he's looking far beyond the fleeting headwinds that briefly crippled stocks in October. He's instead focused on the type of jarring economic slowdown that can quickly turn the entire market on its head.

"From my perspective, in order for us to have a bear market that sticks, there has to be something other than a regime shift where you re-price things," Hyzy told Business Insider by phone. "That’s what a correction is — a repricing. There would need to be an economic hard landing."

While that may seem like a daunting prospect, Hyzy says there are ways to read the tea leaves and recognize a looming hard landing as it approaches. The key is the yield curve, which looks at Treasury bonds of different maturities in relation to one another.

According to Hyzy, the dreaded hard landing would correspond with an inversion of the yield curve comparing 10- and 30-year Treasurys — a situation where the nearer-term bonds would be yielding more than their longer-maturity counterparts.

Considering that most hard landings (and recessions) throughout history have been coupled with deep stock losses, a bear market might not be much further behind.

Going beyond a sudden economic collapse, Hyzy is also closely watching oil prices. He says that if the price of WTI crude climbs above $100, and brent crude rises above $125, that could be another major sign that an equity bear market is near.

After all, it would raise costs for both consumers and companies alike — hardly an encouraging combination for lasting stock market prosperity. Corporations in particular would find it extremely difficult to keep growing profits in such a scenario.

Hyzy says a third potential signal of a looming hard landing would be if credit spreads widen aggressively, especially in the high-yield, low-quality realm.

"When delinquencies and defaults start to go up, then balance sheets start to deteriorate, even though the broader economic landscape isn't showing that yet," he said. "That's where I'd get defensive."

Still, it's important to note that none of these situations are Hyzy's base case. He's particularly skeptical that oil prices will reach the lofty levels he's outlined above.

With that said, it's usually the outcome you're not expecting that throws you for the biggest loop. So traders would be best advised to keep an eye on all the triggers listed above, and react accordingly when they start to flare. Because even if conditions seem safe right now, they can change quickly.

"There are pockets of concern that are stirring the pot," said Hyzy. "But unless there's an economic hard landing, and earnings growth goes into a recession, this bull market can continue."

SEE ALSO: The 4 main drivers of market strength are all past their prime — and it's leaving stocks vulnerable to the next big crash

Join the conversation about this story »

NOW WATCH: There's so much CO2 in the atmosphere that planting trees can no longer save us

• Police in the Los Angeles-area suburb of Thousand Oaks responded a shooting at a college night at the Borderline Bar & Grill.
• Thirteen people are dead: 11 victims, a sergeant, and the suspect.
• The suspect's identity and motive are not yet known.
• The shooting began around 11:20 p.m. local time.
• The bar is located about 45 miles northwest of Los Angeles. It was having a college night, which attracted a young crowd.

Thirteen people are dead from a shooting at the Borderline Bar & Grill, about 45 miles northwest of Los Angeles.

Multiple witnesses described on Twitter and to local news outlets that a gunman walked up to a security guard at the bar and shot him, then walked into the bar, and opened fire. Witnesses described seeing the gunman opearte a semiautomatic handgun.

The shooter fired at police when they arrived, killing a deputy sheriff identified as Sgt. Ron Helus, Ventura County Sheriff Geoff Dean told reporters on Thursday morning. Sgt. Helus died in hospital.

The gunman is also dead, Dean said. His identity and motive are not yet known.

Between 10 and 15 other people are injured, and have been taken to local hospitals, Dean said.

The shooting began around 11:20 p.m. local time (2:20 a.m. ET), Dean said. The suspect had been "down with a gunshot wound" when officers entered the building, Dean said, adding that there was "blood everywhere."

Some witnesses described seeing a smoke grenade go off, but Dean said officers did not find any such devices in the bar.

Video footage showed police officers standing outside the bar for up to an hour following their initial arrival. Other footage showed civilians carrying out injured people from the bar and tending to their injuries.

Officers from the FBI Joint Terrorism Task Force, and Bureau of Alcohol, Tobacco, Firearms and Explosives responded to the scene.

Jeremy Childs, a reporter with local news outlet VCStar, tweeted a picture of a 19-year old bar-goer who had bloodied his hands throwing a chair through the window in an attempt to escape the building during the shooting. The bar was having a college night, which appears to have attracted a young crowd.

The bar is located near California Lutheran College and several other universities. A Pepperdine University spokesman said in a statement that several of its students were in the bar, but did not specify their conditions.

Police helicopters and dozens of squad cars thronged the scene, partially blocking local traffic.

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• Trade war fears, ongoing Brexit negotiations, and the crisis surrounding Italy’s budget are all dragging on the German economy.
• Traditionally strong exports have disappointed in four of last six months. New rules on emissions for automakers aren't helping.
• Europe’s largest exporter has also seen trade out of the country fall dramatically. It could get worse.

A US trade war, Brexit, Italy — you name it, Germany’s economy is suffering from it.

Europe’s economic powerhouse is in one of the longest boom phases of the postwar period, but it's being pounded by a cocktail of international events that ING Economics says is casting doubts on future growth. 

Germany’s Council of Economic Experts also paints a not-so-rosy picture: It expects 1.6% growth for the country this year and only 1.5% in 2019, well below expectations and down from a bumper 2.2% in 2017. Geopolitical issues were at the forefront of the council’s findings.

"The uncertain future of the global economic order and demographic change present the German economy with major challenges," chairman of the Council of Experts, Christoph M. Schmidt, said in a report published on November 7. "That is why we are faced with important economic policy decisions."

Trade war fears, ongoing Brexit negotiations, and the continued crisis surrounding Italy’s budget are all dragging on the German economy. That's not all: "Temporary production-related problems and capacity bottlenecks are dampening the pace of expansion," the report said.

Europe’s largest exporter has also seen trade out of the country fall dramatically, with exports dropping 0.8% month-on-month in September. Exports could continue to suffer in the event of a no-deal Brexit or new tariffs on autos out of the US as part of US President Donald Trump’s trade war. Export numbers dropped in four of the last six months and business confidence has been waning as investment opportunities weaken on geopolitical uncertainty, ING said.

Automakers are suffering, too

Germany’s malaise dampened the results of auto giants such as BMW. Third-quarter operating profit plunged 27% as the industry faces greater competition in global markets. The Financial Times reported on November 7 that new EU greenhouse-gas emissions targets for automakers — the EU seeks to reduce emissions by 30% — are behind a 0.1% contraction in Germany’s GDP in the third quarter as car companies struggle to adapt. 

In addition, potential Trump tariffs on China are a major issue for Daimler and BMW, which both build SUVs in the US for the Chinese market.

Research from UBS says that economic risks are predominantly external, but warn that deteriorating labor market conditions could have an impact. The country’s aging population could also prove to be problematic going forward unless more immigration and improved working flexibility are encouraged across the German economy, according to the Council of Experts.

SEE ALSO: Germany's military is about to get a big spending boost

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• Prince Charles is turning 70 next week.
• In a BBC documentary celebrating his birthday, the heir to the throne said that he would not be a "meddling" king following his succession because he is "not stupid."
• The prince has campaigned on a number of issues over the course of his 47-year royal career, including the environment, architecture, and genetically modified crops.
• His comments will likely appease British politicians who have worried about the heir's activism in the past.
• The Queen has stuck to convention over the course of her entire reign by steering clear of partisan issues.

Prince Charles turns 70 on Thursday November 14.

As time goes on, eyes are turning to the heir apparent to try and glean what kind of king he will be.

This week, Charles put many minds in British politics to rest when he assured that he would not be a "meddling" king.

Speaking as part of a BBC documentary to mark his 70th birthday, The Prince of Wales told filmmakers that he would rein in his public campaigning when he becomes sovereign.

The prince has campaigned on a number of issues over the course of his 47-year royal career, including the environment, wildlife preservation, and religious tolerance. He was recently awarded the GQ Editor's Lifetime Achievement Award For Services To Philanthropy.

However, Charles told the BBC that his endeavours were not appropriate for the monarch.

"You can't be the same as the sovereign if you're the Prince of Wales or the heir," he said. "But the idea somehow that I'm going to go on in exactly the same way if I have to succeed, is complete nonsense because the two situations are completely different."

He went on: "You only have to look at Shakespeare plays, Henry V or Henry IV part one and two, to see the change that can take place. Because if you become the sovereign then you play the role in the way that it is expected.

"So, clearly I won't be able to do the same things I've done as heir. So, of course, you operate within the constitutional parameters. But it's a different function. I think people have forgotten that the two are very different."

Read more:Prince Charles' official title has 18 separate elements — here's what each part of it actually means

Prince Charles has been accused of meddling in the past for his outspoken views on architecture, planning, and genetically modified crops. The Sunday Times once suggested that measures were underway to "allow King Charles III to speak out on matters of national and international importance in ways that at the moment would be unthinkable," a suggestion that was met with great disdain in parliament by those who feared an "activist king."

Queen Elizabeth II has stuck to convention over the course of her entire reign by steering clear of such partisan issues.

However, Charles has now put those fears to bed, saying his lobbying will not continue as monarch.

"I'm not that stupid," he said. "I do realise that it is a separate exercise being sovereign. So, of course, I understand entirely how that should operate."

Documentary filmmaker John Bridcut said that Charles preferred to think of his "meddling" as motivation.

"If it's meddling to worry about the inner cities as I did 40 years ago, then if that's meddling I'm proud of it," he said.

Bridcut said of the future king: "People who think he's hanging around, longing to be king, are very mistaken.

"It's not something he's dying to assume because inevitably it will only arise after the death of his mother."

Charles' wife the Duchess of Cornwall added in the film that Charles "knows his destiny" and that the responsibility of the throne is not weighing on his shoulders: "It's just something that’s going to happen," she said.

Elsewhere in the documentary, Prince William, second in line to the throne, said that while his father was brilliant, he wished he would spend more time with his grandchildren George and Charlotte: "We need him there as much as possible."

"Prince, Son and Heir, Charles at 70" will be broadcast on BBC One on Thursday night at 9 p.m. GMT.

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• Inflation in Venezuela hits an annual rate of 830,000% — and is likely to keep rising.
• A report published to the country's Congress by a coalition of opposition parties said that the annual rate had almost doubled since in the month since the last report was published in October.
• The International Monetary Fund expects inflation to hit 1 million percent by the end of 2018, with local economists expecting a further pick-up in price rises as Christmas bonuses are handed out in the coming month.

Inflation in the stricken South American nation of Venezuela hit an annual rate of 830,000% in the year to October, according to new data released this week to the country's parliament.

A report published to the nation's Congress by a coalition of opposition parties said that the annual rate had almost doubled since in the month since the last report was published. In the year to September, inflation stood at 488,000%.

Monthly inflation actually fell somewhat, with that figure falling from 233% in September, to 147% last month.

Read more: 10 pictures reveal the huge amounts of cash Venezuelans need to buy everyday things

This week's figures may seem troubling, but things are set to get even worse for Venezuelans, with the IMF arguing that the country's annual inflation rate will likely hit 1 million percent or more by the end of the year.

"The collapse in economic activity, hyperinflation, and increasing deterioration ... will lead to intensifying spillover effects on neighboring countries," the Director of the IMF's Western Hemisphere Department said in a blog post in July.

Werner went on to compare what is happening in the country to the hyperinflation incidents seen in Zimbabwe in the early 2000s, and in Weimar Germany after the First World War.

Local economists, Reuters reports, also say that hyperinflation could become even more aggressive in the final months of the year. That's because public sector workers are given bonuses ahead of the holiday season which could boost purchasing power, and push the cost of goods up even more.

The data is the latest to suggest that measures introduced by the embattled president, Nicolas Maduro, is failing to achieve its aims. Maduro announced a series of radical economic interventions over the summer, designed to bring down inflation and stabilize the Venezuelan economy, which is currently in an accelerating decline.

Maduro's policies included devaluing Venezuela's currency, the bolívar, by 95% and pegging it to the state-backed cryptocurrency, the petro.

With the policies failing to have any real impact, the continued hyperinflation of goods means everyday items are unaffordable for many Venezuelans, and poverty and violence are widespread in the country.

News of Venezuela's still surging inflation rate comes just days after reports that the country has approached the Bank of England about getting back approximately 15 tonnes of gold bullion held in the UK.

Citing two sources with direct knowledge of the operation, Reuters said that the plans related to recently announced sanctions by the US aimed at disrupting the South American country's gold exports.

US President Donald Trump last week signed an executive order to bar US persons from dealing with entities and people involved with "corrupt or deceptive" gold sales from Venezuela.

SEE ALSO: A cryptocurrency is making huge inroads in Venezuela as inflation runs wild — and it's not bitcoin or the petro

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• Protesters thronged Tucker Carlson's Washington, DC, family home on Wednesday night chanting insults, threats, and demanding he move from the city. 
• In two videos shared on social media, the group chanted: "We know where you sleep at night," and told him "you are not safe."
• The Fox News "Tucker Carlson Tonight" host told the network he was at work at the time, but his wife and four kids were home. 
• One video was posted by "Smash Racism DC," famous for chasing Ted Cruz out of a DC restaurant over his support of Brett Kavanaugh.

An group of protesters seiged the home of Fox News host Tucker Carlson and his family on Wednesday night, ringing his doorbell and chanting threatening messages.

A YouTube video of the event which originated on now-suspended Twitter page "Smash Racism DC," is poorly lit, but a lead protester says calls Carlson a racist and a fascist before breaking into threatening chants. 

"Tucker Carlson, we will fight, we know where you sleep at night," the group chanted.

Here's the video, quoted extensively by US news outlets: 

In a separate video, posted by The Daily Caller reporter Benny Johnson on Twitter, the group seems to threaten Carlson's family, telling the Fox News host he is "not safe."

The size of the protest group is not known. 

Carlson later told Fox News that his wife was at home with his four children at the time, but he missed it as he was at Fox News' studios in Washington preparing his show.

Fox News said that activists rang Carlson's doorbell and broke his oak door.

Carlson also alleges one protester was caught on security video mentioning a pipe bomb, Fox News said.

Read more: Tucker Carlson says he 'can't really go to restaurants anymore' because people keep screaming profanities at him.

The network said Carlson told them by phone: "Here’s the problem, I have four children. I never thought twice about leaving them home alone, but this is the reaction because this group doesn’t like my TV show."

"Smash Racism DC," the group who first posted the video on Twitter, claimed responsibility for chasing Ted Cruz out of a DC restaurant in September by chanting "we believe survivors" during Supreme Court Justice Brett Kavanaugh's confirmation hearings.  

Business Insider reported Carlson said he was regularly heckled in Washington restaurants. He said: "Having someone scream, 'F--- you!' at a restaurant, it just wrecks your meal," appearing on the National Review podcast "The Jamie Weinstein Show" in October.

Business Insider tried to reach Smash Racism DC for comment, but has received no response.

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Here is what you need to know. 

Here comes the Fed. The market is pricing in just a 17% chance the US central bank raises rates at Thursday's meeting, according to Bloomberg. There's a 79.1% a rate hike happens in December, the data shows. 

Trump's tariffs are having an impact. Data from UBS shows the Chinese goods listed in the initial $34 billion of tariffs have seen imports to the US fall by 30%.

Here's how the 9-year bull market ends, and how you can see it coming. "From my perspective, in order for us to have a bear market that sticks, there has to be something other than a regime shift where you re-price things," Chris Hyzy, the chief investment officer for Bank of America's Global Wealth and Investment Management division, told Business Insider by phone. "That's what a correction is — a repricing. There would need to be an economic hard landing."

Goldman Sachs announces its new partners. The Wall Street bank named 69 people to partner in what is a semiannual exercise.

Tesla has a new board chair. The electric-car maker has named Robyn Denholm, CFO at Australian telecoms operator Telstra, as its new board chair, Reuters says.

Tilray soars on a big day for weed. The cannabis producer Tilray gained more than 30% Wednesday after Michigan became the 10th US state to legalize marijuana and as Jeff Sessions, a staunch opponent of legal weed, resigned as the US's attorney general.

Square's earning guidance comes up short. The mobile-payment provider reported earnings and revenue that topped expectations, but its fourth-quarter earnings-per-share guidance of $0.12 to $0.13 was below the $0.15 that Wall Street analysts surveyed by Bloomberg were expecting.  

Stock markets around the world trade mixed. Japan's Nikkei (+1.82%) led the gains in Asia and Germany's DAX (-0.17%) trails in Europe. The S&P 500 is set to open down 0.36% near 2,804.

Earnings reports keep coming. Acitivision Blizzard and Disney report after markets close.

US economic trickles out. Initial claims will be released at 8:30 a.m. ET. The US 10-year yield is down 2 basis points at 3.22%.

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Fossil just debuted what it's calling its most colorful smartwatch ever — and it might be its most powerful, too. 

The watchmaker on Thursday unveiled the Fossil Sport, a $255 smartwatch that comes in six colors and has two standout internal features: the new Wear OS, Google's new smartwatch operating system; and the new Snapdragon Wear 3100 chip, which should give the watch better battery life and new abilities. 

Fossil says the new watch is aimed at a "design-conscious consumer," which is why the company opted for so many colors. Typically, smartwatches only come in two or three options, but the Fossil sport will come in silver, gold, dark gray, red, blue, and pink.

More varied color options, and more brightly colored options at that, seems to be a trend this fall: in September, Apple introduced the iPhone XR, which comes in six bright colors. 

"We know our consumers want versatility both in their activity and their accessories, which is why we wanted to bring a smartwatch to market that is a fit for every style," Steve Evans, executive vice president of Fossil Group, said in a press release about the new watch.

The Fossil Sport will also come in two case sizes, 41 mm and 43 mm, which are roughly the same sizes as an Apple Watch Series 4 (though, clearly, a different shape). 

Read more: Google made some subtle changes to its smartwatch operating system, Wear OS — and it proves that a little bit goes a long way

A new and improved chip

The Fossil Sport is among the first smartwatches to contain the new Snapdragon Wear 3100 chip from Qualcomm.

The new chip should make a major difference in battery life, which has been one of the main issues holding smartwatches back. For its part, Fossil says the Sport watch should get 24 hours of battery life, plus an additional two days in battery saver mode, which is a feature of the new chip. 

The new chip should also provide a few other nice features, like an enhanced "ambient mode" and some better watch faces, although Fossil hasn't given much more detail than that. 

Beyond the new chip, the Fossil Sport will come preloaded with the updated Wear OS, Google's smartwatch operating system. The new OS has a better shortcuts menu, better-looking and easier to read notifications, improved gestures, Google Assistant built in, and a totally redesigned Google Fit app. 

Here are some additional specs of the Fossil Sport:

• Wireless charging
• The ability to pair Bluetooth headphones
• Built-in sensors including heart rate, NFC, GPS, altimeter, accelerometer, gyroscope, ambient light, and microphone
• Touchscreen display
• Compatible with iOS and Android
• Interchangeable watch bands

The Fossil Sport will start at $255 and will be available to order on Thursday, arriving in stores on November 12. Customers in New York City will be able to check it out for themselves at a pop-up store at 138 Wooster Street from November 9-11. 

But if you want to get a closer look at the watch before then, here are all the colors it comes in, along with a few of the many strap options: 

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• It's been one of the active years in senior investment banking hires and exits since the financial crisis, according to top Wall Street headhunters.
• Business Insider reviewed executive search reports detailing nearly 300 investment banking moves at the managing director level or higher this year. 
• We're hearing that banks are still actively searching and looking to hire, so there could still be some shoes yet to drop in 2018. 

We're well into the fourth quarter, and investment banks are still raiding each other for senior-level, cream-of-the-crop talent. 

That's not how it usually works. 

If you hire a top banker now, you'll likely have to cover the bonus they would've earned at their previous shop — a pricey proposition that amounts to paying them for a year of work they did for a rival. Heading into November, Wall Street firms are typically sitting tight with what they've got and hunkering down to close out the year on a strong foot. 

But this isn't a typical year — not by a long shot. 

For starters, there's been an unprecedented amount of shakeups at the highest ranks of bulge-bracket investment banks: Citigroup reorganized its investment bank; David Solomon took over for Lloyd Blankfein as CEO of Goldman Sachs; and investment banking honcho Christian Meissner left Bank of America Merrill Lynch.

When key dominoes at the top of a bank fall, it can have a cascading effect: The new power brokers pick their own lieutenants, who in turn have their own favorites, and loyalists to the old guard can find themselves on the outside looking in.

According to top Wall Street headhunters, this is the most active year of hires and departures by senior investment bankers since the financial crisis. 

We reviewed reports and spoke with executives at several premier investment-banking search firms and found nearly 300 hires or departures at the managing director level or higher in the US this year. 

Julie Choi, CEO of CBK Partners, formerly known as Choi & Burns, said 2018 was the most robust year of hiring among the senior ranks — both in terms of quality and quantity — she's seen since the meltdown in 2008.

In part, this is because it's not just boutiques and independents picking off talent from global investment banks anymore.

“In past years, bulge-bracket firms were filling roles as departures occurred, which created a musical chairs between one firm and another. That doesn’t really reflect growth," Choi said. "What’s really different this year is that every firm is looking to take the hill — both independent and bulge bracket.”

Look no further than Goldman Sachs. Historically reticent to make senior lateral hires, the investment bank has brought in at least 13 dealmaker MDs in the US this year, many of them at the partner level, like ex-JPMorgan deal wizard Kurt Simon, who joined Goldman in August. 

This intense level of activity makes sense, considering the record level of dealmaking we've seen in 2018.

"You want to make hay while the sun shines," Albert Laverge, head of the corporate and investment banking practice for Egon Zehnder, told Business Insider. "People don't want to wait till Q2 to have somebody in place. Considering how much activity there is, waiting till June 1? It's just too long. Banks are taking a longer view, hiring now."

Hiring volume has largely tracked with the hottest sectors in investment banking — technology, media, and telecom has been the most active for MD-level hires, followed by healthcare, according to Laverge.

Like Choi, Laverge noted that it was the most active year in hiring he's seen since before the financial crisis.

"What I do find notable is how active the landscape is. It's November and announcements are still coming," Laverge said.

We're hearing that banks are still actively searching and looking to hire, so there could still be some shoes yet to drop in 2018. Bank of America Merrill Lynch, which has had a dismal year in dealmaking, is reportedly looking to hire 50 senior dealmakers to boost its banking business. 

Given the inordinate amount churn this year, Business Insider put together a list of the most notable moves of 2018. We worked with a handful of senior headhunters who live and breath this industry to winnow that list of nearly 300 moves down to the 40 biggest of 2018.

You can check out that list here. 

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