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When I recently reached out to Moodys Analytics chief economist Mark Zandi for his updated home price forecast, he said his long-term outlook for the U.S. housing market remains largely unchanged: he expects a prolonged period of stagnation as affordability gradually improves.
Following the historic run-up in prices during the Pandemic Housing Boom and the subsequent mortgage rate shock, Zandi believes resale activity/existing home sales will likely stay frozen for several more years.
Affordability has to be restored for housing to regain its mojo, Zandi told ResiClub. Flat home prices [adjusted for inflation] is the healthiest path forwardits the only way for incomes to catch up.
Zandi expects nominal national home prices to move sideways over the next 12 to 24 months, with local variation: markets in the South and West, where building has been stronger, seeing some modest declines, while tight-inventory markets in the Northeast and Midwest remain more stable.
The worst of the pain in the housing market might be now and in the next six to nine months. After that, things will begin to feel a little betterbut not good, Zandi said. The housing market will heal . . . but its going to take timeand a lot of patience.
Over the next decade, Zandi projects U.S. home prices will rise roughly in line with inflation, meaning no real [adjusted for inflation] house price gains for around 10 years.
While Zandis team at Moodys Analytics expects U.S. home prices not to rise on a real (i.e., inflation-adjusted) basis, the firm is forecasting that nominal U.S. home prices will increase +23.5% between December 2025 and December 2035.
(Note: Real home prices are adjusted for inflation, and nominal home prices are not adjusted for inflation. All the charts below are forecasts for nominal home prices.)
In the chart above, you can see where Moodys latest forecasts would take U.S. home prices by the end of 2035and in the chart below, how the forecasted annual gains compare to the historical performance of the asset class.
Moodys forecast for annual home price changes:
2026 > +0.48%
2027 > +1.35%
2028 > +2.39%
2029 > +2.78%
2030 > +2.86%
2031 > +2.71%
2032 > +2.44%
2033 > +2.18%
2034 > +2.05%
2035 > +2.08%
Outside of affordabilitythe primary headwind Zandi believes is restraining real home prices and the broader housing markethe also highlighted additional challenges: a restrictive immigration environment that could limit the future construction labor force, particularly in the South and West, and elevated long-term Treasury yields connected to long-term fiscal risks.
He said the latter could keep mortgage rates closer to 6.0% than 5.5%which had been his previous long-term outlook for the average 30-year fixed mortgage ratefor the foreseeable future.
How does Moodys forecast vary by market? Check out the interactive below.
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Financial forecasts looking out even one year often struggle to get it rightlet alone those stretching out a full decade. So with any forecast like this, its best to approach it with some skepticism, or at least avoid treating it as a certain destiny.
Whether or not the exact numbers play out, Moodys broader message is clear: The firm doesnt expect a 2008-style housing crash or another explosive housing boom in the coming years. Instead, it anticipates the housing market will continue to gradually recalibrate following the historic Pandemic Housing Boom.
Is Bitcoin biting the dust?
The world’s most popular cryptocurrency (BTC) has seen its value drop significantly from highs earlier this year as it has struggled to shake off a price decline that began in early October.
As of Monday morning, the price of one BTC was around $94,000, which is down almost 8% over the past five days and down 14% over the past month.
Notably, the token is now roughly flat since the beginning of the yearmeaning it’s given back all of the value it gained earlier in 2025, having topped out at slightly more than $124,000 in October.
The downturn started in early October, and since then, Bitcoin is down roughly 32%, putting it firmly in bear market territory.
Other cryptocurrencies are following suit. The CoinDesk 20, a crypto market index, is down around 16% over the past week, roughly matching Bitcoins decline.
The sell-off, it appears, is being driven by investors, including institutional investors, who are cashing out, combined with weak sentiment and broader economic concerns.
The selloff is a confluence of profit-taking by LTHs, institutional outflows, macro uncertainty, and leveraged longs getting wiped out, Jake Kennis, senior research analyst at Nansen, told CoinDesk. What is clear is that the market has temporarily chosen a downward direction after a long period of consolidation/ranging.
Bitcoins death cross
While values are down, something else is catching the attention of traders as they watch the falling charts: Bitcoin experienced a dreaded death cross on Sunday, further fueling the markets fears of a prolonged downturn.
A death cross is a market signal used by traders who conduct technical analyses (in other words, they scour charts for indicators and signals). It occurs when an assets short-term price momentum or moving average falls below its longer-term trends or moving average.
Plotted on a chart, the asset’s priceBitcoin being the asset hereappears to cross. In this case, the cross occurred at the $94,000 mark, as Bitcoin had previously eclipsed that price way back in March.
The fear is that the death cross could signal that Bitcoin is in for a broader collapsehence the death portion of the cross. But it’s important to note that such a decline is not a given, and Bitcoin could still rebound in a relatively short period.
Benjamin Cowen, a crypto market analyst and data scientist who founded Into the Cryptoverse, posted on X Sunday that prior death crosses marked local lows in the market, and that the time for Bitcoin to bounce if the cycle is not over would be starting within the next week.
When Jennifer Austin met Molly in second grade, they quickly became best friends. They giggled through classes until the teacher separated them, inspiring them to come up with their own language. They shared sleepovers and went on each other’s family vacations.
But they gradually drifted apart after Austin’s family moved to Germany before the girls started high school. Decades passed before they recently reconnected as grown women.
Strong friendships really do stay for the long haul,” Austin, 51, said. “Even if there are pauses in between and they fade, that doesnt mean they completely dissolve or they go forgotten. Theyre always there kind of lingering like a little light in the back.
Early friendships are some of the deepest: the schoolmates who shared bike rides and their favorite candy. The roommates who offered comfort after breakups. The ones who know us, sometimes better than we know ourselves.
But as adults take on jobs and the responsibilities of homes and families, it can be challenging to stay connected with everyone we’ve loved.
Technology plays a role, too. Loneliness has increased since the television was invented and intensified with the introduction of smartphones, according to psychologist Marisa Franco, a University of Maryland assistant clinical professor and author of Platonic, a book about the science of attachment.
Once they’ve lost touch with friends, some people are reluctant to reach out, fearing rejection. But most of those on the receiving end appreciate the effort more than we expect, Franco said.
People are delighted to hear from their old friends and open to connections, she said.
Franco suggests reminiscing about a shared memory to span the time and distance. It can be something as simple as, “This pic came up and I just realized I wanted to check in on you, she said. Propose a meetup. If the friend lives far away, try scheduling a phone date to catch up.
Below, six people who tried to rekindle lost friendships reflect on distance, loss, and reconnection.
A missing piece
Heather Robb and Laine DiPasquantonio were nearly inseparable in their 20s, when they both lived in Boston. They went to concerts and vacationed together. DiPasquantonio was there when Robb met her future husband and attended their wedding as a bridesmaid.
But sometime after Robb married and DiPasquantonio moved to Colorado, their circle of friends scattered. They became busy raising children, juggling jobs, and caring for aging parents.
Its terrible because you dont know its happening, Robb, 60, said in a joint interview. I think it was simply space and time. We were all in different cities, we were all in that busy time of toddlers.
Years passed with occasional holiday cards and texts but few meaningful interactions. DiPasquantonio saw photos on social media of Robb skiing and traveling with other friends. I wasnt sure there was so much room for me, from a distance, she said.
Aww, I feel badly about that, Robb replied. I would argue that’s the bad side of social media.
The women found their way back to each other when Robb, president of Heather Robb Communications, had a business trip to Denver in April. She called to see if DiPasquantonio wanted to get dinner. I didnt know if she was going to be that happy to hear from me. I actually had some trepidation in reaching out,” Robb said.
When she did, Robb learned her friend was about to undergo surgery for breast cancer. Instead of meeting for dinner, DiPasquantonio, a placement specialist at Harmony Senior Referrals, invited Robb to stay for the weekend. A mutual friend flew out to join them.
I was so tickled that you called and wanted to get together. It was awesome, DiPasquantonio, 63, said during their interview. What took us so long, right?
They’ve remained close since.
It just feels so good. It feels like there was a missing piece, Robb said.
Just do it
Reyna Dominguez, 18, had the same best friend since first grade. But when Dominguez moved from Long Island to Brooklyn, her friend began college. Dominguez started working in a salon and their schedules didn’t align. About six months passed without communication.
After graduating from cosmetology school, Dominguez texted her friend to share the news.
I was a bit anxious that she was not going to respond. But she did, and I was so relieved and happy, Dominguez said.
Now they’re in touch about once a month and planning to get together.
Its important to stay in touch because sometimes I do get lonely, like I have no one to really talk to, Dominguez said. “But with her, she knows all about my life.”
Dominguez encourages anyone considering reaching out to an old friend to go ahead. I say just do it. You have nothing to lose, she said. I guess the worst they could do is not respond to you, but I feel like youll still be happy with the thought, I tried.
Staying close
Andrew Snyders best friend since 5th grade lives a plane ride away, but that hasnt stopped them from keeping in touch. They call or email each other at least once a month and see each other several times per year.
At key points in their lives, they’ve visited each others’ homes so when we talk about things, we actually can understand,” said Snyder, 50, who teaches philosophy and economics in New York City.
Living in different cities means it requires work to stay connected, but it’s important to Snyder, who feels that friendships are thinning out as people spend more time looking at cellphone screens.
Friendship and cooking your own food, and exercising and being outside, these are the things that used to be real life, and now I think theyre all fading, Snyder said. I dont think the real issue is time anymore. I think the real issue is a sense of overwhelm and a sense of depletion that we all feel.
No regrets
Kim Ventresca, 22, drifted from her best friend while attending college. She reached out a few times and they reconnected when the friend was having a rough time. But they stopped talking again when Ventresca was going through mental health and relationship challenges. Eventually, the other young woman told Ventresca she no longer wanted to be friends.
Ive got some new friends now, and I feel like its probably better because some things happen for a reason, she said. Im hoping that shes alright and that she is doing OK.
Ventresca, who works as a social media manager and receptionist in New Jersey, said she stll recommends reaching out to missed friends, even if it’s awkward.
The worst thing that happens is you get ‘left on read’ or delivered or declined, she said.
Secret language
After Austin’s family moved to Germany, she didn’t see her childhood best friend again for 20 years, through a chance meeting on a New York City subway platform. They reconnected briefly, but contact lapsed again.
Molly’s 2021 visit with one of her children to a college near Austin’s home provided another chance to restore the friendship. Theyve remained close since.
Something at that point just shifted,” Austin, owner of KindPoint Communications, said. “Things really picked up and we just basically outright said, Lets just keep this momentum going. Lets not wait another 20 years.’
Cathy Bussewitz, The Associated Press
Send your wellness questions and story ideas to cbussewitz@ap.org. Follow APs Be Well coverage, focusing on wellness, fitness, diet, and mental health at https://apnews.com/hub/be-well.
The Federal Aviation Administration said Sunday it is lifting all restrictions on commercial flights that were imposed at 40 major airports during the country’s longest government shutdown.
Airlines can resume their regular flight schedules beginning Monday at 6 a.m. EST, the agency said.
The announcement was made in a joint statement by Transportation Secretary Sean P. Duffy and FAA Administrator Bryan Bedford.
Citing safety concerns as staffing shortages grew at air traffic control facilities during the shutdown, the FAA issued an unprecedented order to limit traffic in the skies. It had been in place since Nov. 7, affecting thousands of flights across the country.
Impacted airports included large hubs in New York, Chicago, Los Angeles, and Atlanta.
The flight cuts started at 4% and later grew to 6% before the FAA on Friday rolled the restrictions back to 3%, citing continued improvements in air traffic controller staffing since the record 43-day shutdown ended on Nov. 12.
The number of flights canceled this weekend was at its lowest point since the order took effect and was well below the 3% cuts the FAA was requiring for Saturday and Sunday. Data from aviation analytics firm Cirium showed that less than 1% of all flights were canceled this weekend. The flight tracking website FlightAware said 149 flights were cut Sunday and 315 were canceled on Saturday.
The FAA statement said an agency safety team recommended the order be rescinded after detailed reviews of safety trends and the steady decline of staffing-trigger events in air traffic control facilities.
The statement said the FAA is aware of reports of non-compliance by carriers over the course of the emergency order. The agency is reviewing and assessing enforcement options. It did not elaborate.
Cancellations hit their highest point Nov. 9, when airlines cut more than 2,900 flights because of the FAA order, ongoing controller shortages and severe weather in parts of the country. Conditions began to improve throughout last week as more controllers returned to work amid news that Congress was close to a deal to end the shutdown. That progress also prompted the FAA to pause plans for further rate increases.
The agency had initially aimed for a 10% reduction in flights. Duffy had said worrisome safety data showed the move was necessary to ease pressure on the aviation system and help manage worsening staffing shortages at air traffic control facilities as the shutdown entered its second month and flight disruptions began to pile up.
Air traffic controllers were among the federal employees who had to continue working without pay throughout the shutdown. They missed two paychecks during the impasse.
Duffy hasnt shared the specific safety data that prompted the cuts, but he cited reports during the shutdown of planes getting too close in the air, more runway incursions, and pilot concerns about controllers responses.
Airline leaders have expressed optimism that operations would rebound in time for the Thanksgiving travel period after the FAA lifted its order.
Rio Yamat and Josh Funk, Associated Press
President Donald Trump said House Republicans should vote to release the files in the Jeffrey Epstein case, a startling reversal after previously fighting the proposal as a growing number of those in his own party supported it.
We have nothing to hide, and its time to move on from this Democrat Hoax perpetrated by Radical Left Lunatics in order to deflect from the Great Success of the Republican Party, Trump wrote on social media late Sunday after landing at Joint Base Andrews following a weekend in Florida.
Trump’s statement followed a fierce fight within the GOP over the files, including an increasingly nasty split with Georgia Rep. Marjorie Taylor Greene, who had long been one of his fiercest supporters.
The presidents shift is an implicit acknowledgement that supporters of the measure have enough votes to pass it in the House, although it has an unclear future in the Senate.
It is a rare example of Trump backtracking because of opposition within the GOP. In his return to office and in his second term as president, Trump has largely consolidated power in the Republican Party.
I DONT CARE! Trump wrote in his social media post. All I do care about is that Republicans get BACK ON POINT.
Lawmakers who support the bill have been predicting a big win in the House this week with a deluge of Republicans voting for it, bucking the GOP leadership and the president.
In his opposition to the proposal, Trump even reached out to two of the Republican lawmakers who signed it. One, Colorado Rep. Lauren Boebert, met last week with administration officials in the White House Situation Room to discuss it.
The bill would force the Justice Department to release all files and communications related to Epstein, as well as any information about the investigation into his death in federal prison. Information about Epsteins victims or ongoing federal investigations would be allowed to be redacted.
There could be 100 or more votes from Republicans, said Rep. Thomas Massie, R-Ky., among the lawmakers discussing the legislation on Sunday news show appearances. I’m hoping to get a veto-proof majority on this legislation when it comes up for a vote.
Massie and Rep. Ro Khanna, D-Calif., introduced a discharge petition in July to force a vote on their bill. That is a rarely successful tool that allows a majority of members to bypass House leadership and force a floor vote.
Speaker Mike Johnson, R-La., had panned the discharge petition effort and sent members home early for their August recess when the GOP’s legislative agenda was upended in the clamoring for an Epstein vote. Democrats also contend the seating of Rep. Adelita Grijalva, D-Ariz., was stalled to delay her becoming the 218th member to sign the petition and gain the threshold needed to force a vote. She became the 218th signature moments after taking the oath of office last week.
Massie said Johnson, Trump and others who have been critical of his efforts would be taking a big loss this week.
I’m not tired of winning yet, but we are winning, Massie said.
The view from GOP leadership
Johnson seems to expect the House will decisively back the Epstein bill.
Well just get this done and move it on. Theres nothing to hide, adding that the House Oversight and Government Reform Committee has been releasing far more information than the discharge petition, their little gambit.
The vote comes at a time when new documents are raising fresh questions about Epstein and his associates, including a 2019 email that Epstein wrote to a journalist that said Trump knew about the girls. The White House has accused Democrats of selectively leaking the emails to smear the Republican president.
Johnson said Trump has nothing to hide from this.
Theyre doing this to go after President Trump on this theory that he has something to do with it. He does not, Johnson said.
Trump’s association with Epstein is well-established and the president’s name was included in records that his own Justice Department released in February as part of an effort to satisfy public interest in information from the sex-trafficking investigation.
Trump has never been accused of wrongdoing in connection with Epstein and the mere inclusion of someones name in files from the investigation does not imply otherwise. Epstein, who killed himself in jail in 2019 while awaiting trial, also had many prominent acquaintances in political and celebrity circles besides Trump.
Khanna voiced more modest expectations on the vote count than Massie. Still, Khanna said he was hoping for 40 or more Republicans to join the effort.
I don’t even know how involved Trump was, Khanna said. There are a lot of other people involved who have to be held accountable.
Khanna also asked Trump to meet with those who were abused. Some will be at the Capitol on Tuesday for a news conference, he said.
Massie said Republican lawmakers who fear losing Trump’s endorsement because of how they vote will have a mark on their record, if they vote no, that could hurt their political prospects in the long term.
The record of this vote will last longer than Donald Trump’s presidency,” Massie said.
A MAGA split
On the Republican side, three Republicans joined with Massie in signing the discharge petition: Reps. Marjorie Taylor Greene of Georgia, Nancy Mace of South Carolina and Boebert.
Trump publicly called it quits with Greene last week and said he would endorse a challenger against her in 2026 if the right person runs.
Greene attributed the fallout with Trump as unfortunately, it has all come down to the Epstein files. She said the country deserves transparency on the issue and that Trump’s criticism of her is confusing because the women she has talked to say he did nothing wrong.
“I have no idea whats in the files. I cant even guess. But that is the questions everyone is asking, is, why fight this so hard? Greene said.
Trumps feud with Greene escalated over the weekend, with Trump sending out one last social media post about her while still sitting in his helicopter on the White House lawn when he arrived home late Sunday, writing The fact is, nobody cares about this Traitor to our Country!
Even if the bill passes the House, there is no guarantee that Senate Rpublicans will go along. Massie said he just hopes Senate Majority Leader John Thune, R-S.D., will do the right thing.
The pressure is going to be there if we get a big vote in the House,” Massie said, who thinks we could have a deluge of Republicans.
Massie appeared on ABC’s This Week, Johnson was on Fox News Sunday, Khanna spoke on NBC’s Meet the Press and Greene was interviewed on CNN’s State of the Union.
Kevin Freking and Chris Megerian, Associated Press
Associated Press writer Michelle L. Price contributed to this report.
President Donald Trump indicated Sunday that he plans to meet with New York City’s mayor-elect Zohran Mamdani and said they’ll work something out,” in what could be a detente for the Republican president and Democratic political star who have cast each other as political foils.
Trump has for months slammed Mamdani, falsely labeling him as a communist and predicting the ruin of his hometown, New York, if the democratic socialist was elected. He also threatened to deport Mamdani, who was born in Uganda and became a naturalized American citizen, and to pull federal money from the city.
Mamdani rose from an obscure state lawmaker to become a social media star and symbol of the resistance against Trump during his mayoral campaign. He campaigned on an array of progressive policies and a message that was stark in its opposition to the aggressive, anti-immigrant agenda Trump has rolled out in his second White House term.
The 34-year-old appealed to a broad cross-section of New Yorkers and defeated one of its political heavyweights, former Gov. Andrew Cuomo, by nearly 9 percentage points.
In his election night victory speech, Mamdani said he wanted New York to show the country how to defeat the president. But the day after, while speaking about his plans for Trump-proofing New York once he takes office in January, the incoming mayor also said he was willing to work with anyone, including the president, if it can help New Yorkers.
Representatives for Mamdani did not have an immediate comment Sunday night on the presidents remarks, but a spokesperson pointed to the mayor-elects remarks last week when he said he planned to reach out to the White House because this is a relationship that will be critical to the success of the city.
Trump expressed a similar sentiment on Sunday.
The mayor of New York, I will say, would like to meet with us. Well work something out,” Trump told reporters as he prepared to fly back to Washington after spending the weekend in Florida.
White House press secretary Karoline Leavitt clarified shortly after that Trump was referring to Mamdani and said no date had been set for such a meeting.
“We want to see everything work out well for New York, Trump said.
Trump’s comments came as he also said the U.S. may hold discussions soon with Venezuelan President Nicolás Maduro, after a military buildup near the South American country: Ill talk to anybody,” Trump said.
Michelle L. Price and Chris Megerian, Associated Press
Associated Press writer Jake Offenhartz contributed to this report.
As of this writing, shares in Quantum Computing Inc. (Nasdaq: QUBT) are spiking in premarket trading, with the stock price up over 15%. Thats a relatively large swing, even for a quantum computing firm, where stocks have been especially volatile this year. Here’s what to know:
Why is QUBT rising today?
While quantum computing stocks have been volatile this year due in part to the speculative nature of the space, the main reason for Quantum Computings share price surge this morning seems more to do with the companys finances than just standard run-of-the-mill quantum speculation.
On Friday, Quantum Computing Inc. released its third-quarter 2025 financialsand the company announced an unexpected earnings and revenue beat.
As noted by Investors Business Daily, Quantum Computing reported earnings per share of 1 cent. Investors had been expecting the company to post a 6-cent-per-share loss.
The company also reported revenue for the quarter of $384,000. Analysts had been expecting revenue of just $100,000.
In a press release announcing its revenue beat, Quantum Computing said that the revenue increase is primarily due to increases in the number of, size of and level of effort performed on research and development services and custom hardware contracts.
Stocks reaction underscores quantum computing volatility
A quarterly revenue of just $384,000 might not excite investors in many other companies, but the revenue jump at Quantum Computing Inc. seems to have sparked a rally.
A little good news sent QUBT shares surging 15% this morning in premarketgood for QUBT shareholders. Yet those same moves also highlight the volatility of QUBT sharesand quantum computing stocks in general.
While QUBT is getting a boost today, as of Fridays close, the stocks price was down nearly 36% year to date.
And yet, that included a nearly 19% gain over the last six months and also a nearly 51% drop over the past month.
Those highs and lows underscore quantum computings volatility as Wall Street digests day-to-day news about the industry and navigates varying opinions on whether the technology will usher in the computing revolution that many exerts believe it will.
But today, at least in premarket, it seems like QUBT is experiencing what most investors would consider good volatility, with its 15% gains. But where the stock goes from here is anyones guess.
Over the last year, the stock has risen more than 140%.
Unsuspecting Netflix (Nasdaq: NFLX) investors might be startled this morning if they glance at a stock price chart for shares in the TV streamer.
As of the time of this writing, popular stock tracking sites like Yahoo Finance and apps like Apple Stocks are showing that Netflixs shares dropped more than 90% on Friday, when they began the day trading at more than $1,100. Those same charts now show that NFLX shares are trading at just around $111 each.
But dont panic. Netflixs shares havent actually lost 90% of their value. NFLX stock just split. Heres what you need to know.
Why are Netflix shares trading so ‘low’?
Netflix shares are currently trading at around $111 in premarket. Thats roughly 90% less than where the stock was trading when the bell closed on Friday. So whats happened?
Netflix shares did indeed trade at over $1,100 on Friday (the companys shares have traded in the four-digits for months). But when markets closed on Friday, Netflix initiated its previously planned 10-for-1 stock split.
As Fast Company previously reported, Netflix announced in October that it would split its stock 10-for-1 after the close of the market on Friday, November 14. NFLX shares would begin trading at their new split-adjusted price when markets opened on Monday, November 17, which is today.
So that dramatic stock price fall that you are seeing on some financial charts this morning isnt actually a fall in the value of Netflixs stock. Its just a temporary display of the difference between the pre- and post-split adjustment in Netflixs share price.
And even though Netlfixs shares are trading at 90% less than they were on Friday, qualifying investors who owned the shares that day will find they now have nine additional NFLX shares for each one they previously had, meaning the total value of their Netflix shares are the same (provided they did not sell any between then and now, and adjusting for any early-morning trading increase or decrease today, of course).
Why did Netflix split its stock?
Companies split their shares for a variety of reasons. In Netflixs case, when the streaming TV giant announced its share price split on October 30, it said it was doing so to reset the market price of the Company’s common stock to a range that will be more accessible to employees who participate in the Company’s stock option program.
Many large companies offer employee stock purchase plans that let their employees buy shares at a slight discount on a monthly or quarterly basis. When employees buy stock in the company they work for, it generally incentivizes them to ensure the company performs as well as possible, so their personal shares increase in value.
The problem for Netflix was that its shares were trading at over $1,000 apiece and, even with its employee purchase plan discounts, that put even a single share of the company out of reach for many employees.
But with the stock now trading at around $111 per share, a single share is much more affordable to the average employee.
Could Netflixs stock split benefit its share price?
Its important to note that stock splits dont change the fundamental value of a company. A company with 10 shares valued at $1,000 each is worth the same when it is composed of 100 outstanding shares valued at $100 each. The total value of all the companys shares remains the same pre- and post-split.
However, the lower value of a post-split share can make the stock more attractive to retail investors, who normally might balk at (or be unable to afford) a single share valued at $1,000.
Those same investors may decide, or now be able to afford for the first time, to pick up shares in the same company if a single share now costs only a few hundred dollars.
And if more retail investors start buying shares post-split because the individual share price is now more affordable, that could boost the companys stock price. In this way, share splits can potentially benefit a company’s stock pricenot because of the split itself, but because investors react to the stock’s now lower price.
Whether that potential benefit actually materializes in Netflixs stock remains to be seen.
Transitioning to a new industry often seems like a daunting prospect if you feel like you have to start from scratch, but that’s not necessarily the case. There are numerous strategies you can employ to navigate career changes, including translating existing achievements into relevant terms, finding unique opportunity gaps, and leveraging transferable skills in meaningful ways. Take it from professionals who have personally experienced this transition (or have helped others through it): you can build forward from experience rather than starting over.
Build Forward From Experience, Not From Scratch
When I was transitioning from more than 20 years in corporate roles to launching my own business, I told a colleague I felt like I was starting over.
“Why couldn’t I have done this at 20,” I said, “before spending decades building all this other experience? It feels like I’ve hit reset on my career momentum, and the mountain ahead looks huge.”
She smiled. “You’re facing your version of Everest,” she said. “But you’re starting at base camp, thousands of feet above where others begin.”
She was right. I wasn’t starting from scratch. I was starting from experience. Every skill I’d developed working for others was still mine to use. I’ve remembered that reframe ever since and share it with clients who are shifting into something new.
When you move into a different industry, start by looking at what still applies. Connect the dots between where you’ve been and where you’re going. Ask yourself:
What problems or structures feel familiar?
How do the revenue models, customer relationships, or supply chain challenges overlap?
Which of your strengths will transfer naturally into this new space?
Do your homework. Use AI to gather insights about your new industry. Talk to people who’ve made a similar jump. You’ll discover that what you know remains relevantyou just need to translate it.
When I moved from an HR leadership role in healthcare software to one in petroleum distribution, I quickly realized the challenges were similar. Different products, same human dynamics.
A client made a successful transition from investment banker to graduate career adviser for international finance students by leaning into his most transferable (and enjoyable) expertisedecades living in Asia, fluency in Mandarin, passion for mentoring, knowledge of the banking world. He’s at a premier university and loves his work.
Another client leapt from corporate program manager to nonprofit executive by trusting her strengthsstrategic alignment, stakeholder management, resource prioritization, and risk and issue management. Skills she learned at a huge organization applied differentlywith phenomenal results.
Bottom line: you’re not starting over. You’re building forward. Ground yourself in where you’ve been, learn what’s ahead, and construct bridges between the two.
That’s how you climb your next mountain, starting from base camp and not from scratch.
Tina Robinson, Founder and CEO, WorkJoy
Gain Industry Access Through Consulting Projects First
To not start completely from scratch in a new industry, I’d advise doing a little side-gig or consulting project within the new industry before pursuing full-time roles. For example, if you are a finance executive who wants to break into climate tech but keeps getting rejected because of the lack of relevant industry experience, you could try to get a freelance role first. For instance, offer to do a 90-day cash flow optimization project for a climate startup. Such an experience will help you see how the new industry operates from inside out, learn all insider terminology, see the unique problems that you can help solve, and make some useful connections who can then advocate for your work. This can change everything about your job search: you are no longer an outsider trying to get in; you’re already on the inside solving real problems. Many companies will take a risk on a consultant they wouldn’t take on as a permanent hire, and once you’re in, the industry experience barrier disappears.
Jan Hendrik Von Ahlen, Managing Director & Cofounder, Career Coach, JobLeads
Join Digital Communities to Connect Skills Meaningfully
Join a digital community, talk with professionals in that industry, and connect the dots from your skills to their needs. I have 15-plus years of marketing and communications management experience, and somewhere along the way, I realized that my team leadership skills and passions in developing communicators and leaders overlaps with the field of L&D (learning and development).
I joined an L&D Slack community, which opened myriad doors for me. Through the community, I signed up for their mentorship program and started working with a fantastic mentor to understand how my skills could transfer; I joined a book club, where I could share insights with L&D professionals; I signed up for coffee chats, where I listened to their pain points and discussed possible solutions; and I joined the digital conversations, adding my thoughts or asking questions and collaborating with colleagues in the space.
In that way, I listened to stories, learned the ins and outs of the function, and gained valuable insight that helped me connect the dots from my skills and passions to this new function and all it encompassed. In this way, instead of starting from scratch, you can leverage your skills in ways that are meaningful based on empirical evidence. You can also leverage your new network to identify solutions you didn’t know you could provide and to explore opportunities you didn’t know existed.
I can’t say enough good things about all the value digital communities have added to my professional career. As I’ve meandered through functions and industries for nearly two decades, communities have made all the difference.
Laura Goldstone, Senior Director of Communications and Branding Strategy, AdDaptive Intelligence Inc.
Make Skills Company and Industry Agnostic
The dawn of AI has many professionals worried about their current careers and considering, if not pursuing, a career shift.
First, realize that the days of an entire career with a single company, or even a single industry, are gone for most people, regardless of your education level, geography, or industry.
Second, realize that much of your knowledge and many of your skills are company and industry agnostic.
Start by making a comprehensive list of your knowledge, skill, and experience. Are you a good writer? Are you a Microsoft Excel expert? Do you have any certifications like “Project Management Professional” or “Six Sigma Black Belt?” Have you managed people? Take your time and be thorough. Note everything on the list that is useful outside of your current or last company and industry.
Next, rewrite your résumé to be company and industry agnostic, using your list as a guide. Again, take your time and focus on your audience, who does not know your company or industry specifics, acronyms, etc. Be sure anyone could read the résumé and understand your competencies and their value in any company.
Lastly, practice interviewing and answering common interview questions. Here, AI can be very helpful in identifying industries and companies in “hiring mode” and generating likely interview questions. Use a family member or friend for “role play” interviews to practice your responses. Even though you may have used AI to generate the likely interview questions, do NOT use AI to generate the best responses. The responses must be yours and must be genuine. Just be you. Interviewers can smell AI-generated and/or “boiler plate” responses within a few words.
While this strategy may seem “old school” to some, I can attest that it still works as well as ever. I have a client who transitioned from financial services to healthcare analytics. Their core principles of data interpretation, regulatory compliance, and stakeholder communication used in finance translated well to the healthcare industry. They used this strategy, while also enrolling in a short online course to gain familiarity with healthcare-specific terminology and regulations. Because they could demonstrate how their existing skill set aligned with the new role’s requirements, they were able to secure a mid-level position instead of starting in a junior role.
Don’t underestimate the value of your hard-earned knowledge, skills, and experience.
Joe Palmer, Managing Partner, Prosperity Partners Consulting, Inc.
Map Your Strengths to Find Transferable Joy
Write down your primary work responsibilities and rate them on a scale of 15, with 5 being the tasks you do with ease, excellence, and joy. Consider what the high scores tell you about your performance, thought process, relationship building skills, motivations, and work style. This gives you a road map of the type of work you would enjoy in the new industry and examples of the responsibilities and skills you hold that transfer over. When I coached someone using this strategy, she quickly realized why she was burned out as an attorney. She quit not too long after and found success transferring her legal knowledge to the nonprofit space.
Jaclynn Robinson, Founder | Organizational Consultant and Executive Coach, Nine Muses Consulting, LLC
Find Opportunity Gaps Others Miss
One of the main operating strategies I brought with me when I transitioned from executive production into successfully founding my own company in the world of brand strategy is, “Hit it where they ain’t,” a quote popularized by baseball hall of famer Willie Keeler. If you adopt this strategy, everything else you do will ladder up to it. This is a transferable skill. It’s true of baseball, advertising, and business in general. I’ve fine-tuned this skill, like a strategic curiosity looking for the useful gaps, throughout my career shifts and growth, and it’s served me well.
For example: we live in a highly digital world. Where most entrepreneurs I know are focused on winning in the digital space, we’re focused on finding real-world, offline opportunities to connect. We’ve joined a number of business development councils and networking groups that have taken our business to the next level. Segmenting 10% of my week to making meaningful connections within my space through both potential clients and competitors has been transformative for us as a business, and me as a leader.
The world around you is built by people who, in any realm, decided their 24 hours would be put towards building the world around them in their own vision, not someone else’s. “Hitting it where they ain’t” is about having the courage to dream big, taking a big swing, and making sure to follow through.
Andrew Stadelberger, Founder, Player/Coach
Leverage Executive Advising for Leadership Positions
One of the most overlooked transferable skills is executive advising. Consultants learn early how to communicate with and earn the trust of senior leaders. Their ability to distill complexity, identify what truly matters to the business, and operate with executive presence uniquely positions them for leadership roles. Several of my clients have leveraged this skill to step into senior positionsa senior manager became a department head leading 25 people, and another advanced straight from manager to director of partnershipswithout having to start over.
Cydnee DeToy, Career Coach, Cydnee DeToy Coaching
Translate Achievements into Target Role Language
Start by picking one target role and gather 10 job posts for that role so you can see the same tasks and words repeating.
Then translate your current achievements or roles into that language on a single page that lists three results you’ve delivered that match those tasks, written in plain terms with the metric that field is using.
Build two small proofs of work that fit the role, such as a sample analysis, a short teardown, or a simple workflow built from public data, and keep them tight enough that a busy manager can read them in five minutes.
While you build those pieces, talk to five people who do the job today. Connect using LinkedIn, politely ask how they spend a normal week, what gets them judged, and what a good first 90 days looks like, then adjust your proofs to mirror what they told you. This gives you a clear story, real information, and the right words, which is what hiring managers need to see when you come from somewhere else.
Jeff Mains, Founder and CEO, Champion Leadership Group
Showcase Expertise Through Content Creation Platforms
One great way to make a smooth transition into a new industry is by tapping into your transferable skills through writing on Substack. I’ve used this platform to share insights from my teaching experience in careers and personal development, which have helped me pivot into a new career as a coach.
By emphasizing the skills I already possessed and picking up new skills such as writing and marketing along the way, I have managed to connect the dots between education and entrepreneurship.
Writing not only gave me a platform to showcase my expertise but also allowed me to engage with an audience that appreciated my viewpoint, making the whole transition fel like a natural evolution instead of having to start from square one.
Katharine Gallagher, Founder, Personal and Professional Growth, katharinegallagher.com
Take Small Steps Before Making Big Leaps
When you know you want to transition into a new industry, you should focus on starting small and doing it step by step. You cannot simply drop everything, leave your company, and expect to get hired by a new company for a senior position.
The best approach in my opinion is starting by listening to podcasts, interviews, and webinars from industry experts. Transferable skills like good adaptation, project management, and attention to details will be your biggest allies because the soft skills are always important, and you need to learn just the hard skills.
I’ve been working in the HR industry, and when I knew I wanted to change my career, I started working on it eight months before. I read magazines about digital marketing, started following industry leaders, and launched my small side-hustle project, which worked like a playground for testing my new skills and knowledge.
Jan Kawecki, Cofounder, Kontra
Outsider Perspective Becomes Your Greatest Advantage
Every industry is drowning in sameness, so even though it may seem counterintuitive, you should lean into the fact that you’re an outsider. The fact that you don’t come from that world is your leverage. You have a different perspective, a different mindset, a different network even.
A lot of people complain about imposter syndrome, and that’s a very real phenomenon, even with people who have been in the industry for ages. So I don’t think the advice of “fake it till you make it” is really practical. It’s better when you look at yourself as the fresh variable in a system that’s been running on the same formula for too long. And it also allows you to be more authentic. That honesty translates and people respond to it because it doesn’t feel rehearsed.
Paul Carlson, CPA & Managing Partner, Law Firm Velocity
Strong Communication Skills Outweigh Technical Experience
Developing one’s interpersonal and communication abilities is a highly effective strategy to avoid starting from scratch when transitioning between industries. Oftentimes, companies believe it is easier to teach employees technical skills than social skills. Therefore, displaying strong interpersonal skills can be viewed as highly advantageous for employers and can compensate for having minimal or no experience within a specific industry.
As a clinical psychologist, when working with clients who are looking to pivot between job industries or are starting fresh without a prior employment history, a major focus of our work is on strengthening their interpersonal and communication skills. Examples of these skills, which can be developed through a range of practices, include speaking confidently, maintaining strong eye contact, practicing empathic and reflective listening, and displaying relatable body language.
Kimberly Glazier Leonte, PhD, Psychologist, Break The Cycle, LLC; Clearview Horizons, PLLC
Hello and welcome to Modern CEO! Im Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.
Performance assessment matters: Research from McKinsey & Co. maintains that companies with a focus on employee performance see 30% higher revenue growth and lower attrition rates than their peers.
In the past, though, top executives seemed to care mostly about the results of employee reviews: GE chief Jack Welch, for example, famously used performance appraisals to rank employees and fired those scoring in the bottom 10%.
Performance reviews reviewed
Dan Springer, CEO of Ironclad, makes the case that CEOs who care about culture should also dig into the quality of employee reviews. When he joined the 650+-person AI contract-management-software company, employees praised the culture but, he says, indicated that manager evaluation of their work was often lacking. When you asked if they were getting the kind of feedback that they needed to do their jobs, they didnt say no, but they were sort of bemused by the question, he recalls.
Springer conducted a training session on how to do performance reviews, going as far as role-playing a review with chief financial officer Helen Wang, who delivered an unvarnished assessment of Springers first few months on the job. (Helens tough, Springer says. I think people really enjoyed seeing the CEO get reviewed.)
The CEO then read one written midyear review from every frontline managerabout 80 in total. He says about 20% were outstanding. Another 60% were solidclear, metrics-driven, with specific examples. But roughly 20% missed the mark. Some featured long narratives that showed care for the employee but lacked actionable guidance. Others were short and vague.
Springer tapped these managers for further training on how to give effective feedback. We really did try to make it fun and not boring, he says.
A chance to fill in the gaps
With a résumé that includes CEO roles at Docusign and Responsys, Springer notes that at Ironclad and many other tech companies first-time managers sometimes get promoted without proper training. The great news is, our people are really smart, he says. Some people had not been trained on these best practices.
He says he believes Ironclads efforts to improve the quality of reviews will lead to better feedback in the long run and also send a powerful message to the organization. A number of employees feel that Ironclad has a kind and understanding culture, and while we have great company performance, they wanted to see our leaders raise the bar on addressing low [performance] and rewarding high performance, he says. So as CEO, I want to up the sense that were a performance culture by demonstrating that any chance I get. Privately held Ironclad says its annual recurring revenue is north of $150 million, and top line is growing about 40% a year. Springer says he aspires to take the company to another level.
Why better reviews matter
While Springer joined Ironclad in April, he opted not to rewrite corporate goals midyear. Now, he is focused on finalizing goals for the companys next fiscal year, which starts in February 2026. Springer says corporate goals will be centered on customer success, business and financial performance, innovation (particularly around AI), and employee success. Once theyre established, managers and employees will create objectives and key results that align with the companys priorities. Its a challenge to give good feedback if you dont have clear goals to talk about, he says.
I asked Springer why hes been so engaged in performance management and why other CEOs might want to invest time in making sure their employees are dispensing constructive feedback. There are only two reasons why, I think, a CEO should really care, he says. One is that they want to have a high-performance company, and two, they want to develop their talent. Those are pretty important reasons.
How are you raising the bar?
How does your organization approach performance management? Are there ways your CEO is directly involved in the process? Share your insights with me at stephaniemehta@mansueto.com, and well include some of the best reader feedback in a future newsletter.
Read and watch more: feedback loop How top CEOs get better at giving feedback Can AI make performance reviews less terrible? Executives, heres the one question your employees should ask during reviews
