Goldman Sachs Asset Management is making a big bet on defined outcome exchange-traded funds — also known as buffer ETFs, which use options to help protect against market losses. This month, Goldman Sachs agreed to buy defined outcome ETF provider Innovator Capital Management for $2 billion. "We did this deal with Innovator. We've loved that business for years. We're really excited about this space that they've invented, the defined outcome space," he told CNBC's "ETF Edge." "Defined outcome, in particular, is a very fast and attractive space to us." His reasoning: The ETFs solve particular problems for investors. They're looking for further growth," Lake said. Kathmere Capital Management, which has $3.4 billion in assets under management as of late November, invests extensively in ETFs. According to Nick Ryder, the firm's chief investment officer, defined-outcome ETFs are used in some client portfolios as part of a stock strategy built to reduce downside risk. They're used in tandem along with tools like trend-following and covered-call strategies. "There's both a client demand for these and we also see a role for them in portfolios," Ryder said. He added that the ETFs are so attractive because they're geared for investors seeking stock market exposure with a built-in safety net. Over the long haul, they tend to work their way upwards to the right. But we know as through years of experience... the ride is anything but smooth," Ryder said. "So for us, this category of these risk-managed equity solutions... plays a role in a portfolio, and that's where our adoption is really driven by." We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services.

Belarusian President Alexander Lukashenko freed 123 prisoners on Saturday including Nobel Peace Prize winner Ales Bialiatski and leading opposition figure Maria Kalesnikava after two days of talks with an envoy for U.S. President Donald Trump. In return, the U.S. agreed to lift sanctions on Belarusian potash. The prisoner release was by far the biggest by Lukashenko since Trump's administration opened talks this year with the veteran authoritarian leader, a close ally of Russian President Vladimir Putin. Western governments had previously shunned him because of his crushing of dissent and backing for Russia's war in Ukraine. Nine of the released prisoners left Belarus for Lithuania and 114 were taken to Ukraine, officials said. Bialiatski, co-winner of the 2022 Nobel Peace Prize, is a human rights campaigner who fought for years on behalf of political prisoners before becoming one himself. Bialiatski told Reuters he had spent the previous night on a prison bunk in a room with nearly 40 people, and was still getting to grips with the idea of being free. "Thousands of people have been and continue to be imprisoned ... So our struggle continues," he said in his first public comments in the three years since he won the award. The Norwegian Nobel Committee expressed "profound relief and heartfelt joy" at his release. Kalesnikava, a leader of mass protests against Lukashenko in 2020, was among the large group taken by bus to Ukraine. "Of course, it's a feeling of incredible happiness first of all: to see with your eyes the people who are dear to you, to hug them, and understand that now we are all free people. It's a great joy to see my first free sunset," she said in a video published by the Ukrainian Telegram channel Khochu Zhit. It showed her embracing Viktar Babaryka, an opposition politician arrested in 2020 while preparing to run against Lukashenko in an election. "I very much look forward to hugging Maria... the last five years was very hard for us, but now I talked to her (by phone) and I feel as if the five years did not happen," she said. U.S. officials have told Reuters that engaging with Lukashenko is part of an effort to peel him away from Putin's influence, at least to a degree - an effort that the Belarus opposition, until now, has viewed with extreme scepticism. Trump's envoy, John Coale, had earlier told reporters in Minsk: "Per the instructions of President Trump, we, the United States, will be lifting sanctions on potash." The U.S. and the European Union imposed wide-ranging sanctions on Belarus after Minsk launched a violent crackdown on protesters following a disputed election in 2020, jailing nearly all opponents of Lukashenko who did not flee abroad. Sanctions were tightened after Lukashenko allowed Belarus to serve as a staging ground for Russia's invasion of Ukraine in 2022. The opposition has consistently said it sees Trump's outreach to Lukashenko as a humanitarian effort, but that EU sanctions should stay in place. EU sanctions are about systemic change — stopping the war, enabling democratic transition, and ensuring accountability. These approaches do not contradict each other; they complement each other," exiled opposition leader Sviatlana Tsikhanouskaya said. Lukashenko has previously denied there are political prisoners in Belarus and described the people in question as "bandits." Trump has referred to Lukashenko as "the highly respected president of Belarus," a description that jars with the opposition, who see him as a dictator. "The United States stands ready for additional engagement with Belarus that advances U.S. interests and will continue to pursue diplomatic efforts to free remaining political prisoners in Belarus," the U.S. embassy in Lithuania said. Belarusian human rights group Viasna — which is designated by Minsk as an extremist organization — put the number of political prisoners at 1,227 on the eve of Saturday's releases. Sign up for free newsletters and get more CNBC delivered to your inbox

Business: Clearwater Analytics Holdings is a provider of comprehensive cloud-native platforms for institutional investors across global public and private markets. The platform eliminates information silos by integrating portfolio management, trading, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics in one unified system. The company serves insurers, asset managers, hedge funds, banks, corporations and governments. The company is also a provider of enterprise risk analytics and developer infrastructure. Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. Starboard has initiated activist campaigns at 59 prior information technology companies and their average return on these situations is 36.92% versus an average of 20.01% for the Russell 2000 during the same time periods. Additionally, Starboard has taken a total of 163 prior activist campaigns in their history and has an average return of 21.26% versus 14.34% for the Russell 2000 over the same period. On Dec. 9, Starboard announced a nearly 5% position in Clearwater Analytics and is urging the company to run a robust sales process if it has received in-bound interest from potential buyers. Clearwater Analytics is a provider of front-to-back, cloud-based investment accounting solutions. In 2020, Warburg Pincus and Permira made minority investments, and, about a year later, these three firms took the company public at $18 per share. Clearwater performed fairly well from its IPO through 2024, supported by consistent growth and historically strong margins that drove a premium valuation relative to peers, and these sponsors were rewarded accordingly. Warburg and Permira, which owned 22%, each sold their positions entirely and WCAS, which owned 56%, reduced its stake to roughly 1% by November 2024, at prices as high as $29.11 per share. Shortly thereafter, the company started making a string of acquisitions — a public company, Enfusion, and two private businesses, Beacon and Bistro. All of these transactions were announced between January and March of this year and closed within the following few months. Unsurprisingly, the market questioned the company's decision to change course so sharply as well as its ability to integrate these three acquisitions while continuing to maintain its core organic growth story, and the stock sold off sharply, ultimately reaching a low of $15.73 per share after its third-quarter earnings report last month. Shortly thereafter, it was reported that Clearwater had engaged advisers to evaluate strategic options after receiving a bevy of unsolicited offers from firms like Thoma Bravo and even Warburg Pincus and Permira, both of whom still had representatives on the board. These announcements prompted Starboard to disclose its nearly 5% position in Clearwater and urge the company to run a robust sales process if it has received in-bound interest from potential buyers. But don't misunderstand Starboard's motive or thesis. They are not short-term strategic investors jumping on an opportunity for a quick return. They have likely been looking at Clearwater for many months and had owned it because they like the standalone story and see an opportunity to create long term value. But, to paraphrase the overused quote attributed to Mike Tyson (but really said by Cus D'Amato), everyone has a plan until they get hit. So, when news surfaces that the company is considering a sale and that two of its board members may be bidders, Starboard is doing what any good activist would do and making sure there is a fair process to maximize value for shareholders. There could be a quick resolution here if the board decides to sell to the company and receives a bid that is good for everyone. But that is a risky activist thesis on its own. If the standalone path is ultimately pursued, it would make a lot of sense for the private equity investors who no longer own any material position to resign from the board and be replaced with industry experts and a shareholder representative who can guide management through a standalone plan. Essentially, there are three potential outcomes to Clearwater's current inflection point: (i) a standalone plan where the company integrates its acquisitions and grows its core; (ii) a sale of the company for a satisfactory premium following a real and competitive review process; or (iii) an abbreviated sale process orchestrated in part by Warburg and Permira resulting in a sale to Warburg and Permira. Starboard would likely be happy with (i) or (ii) and we expect them to do everything within their power to prevent (iii). Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments. Sign up for free newsletters and get more CNBC delivered to your inbox

SpaceX is preparing to go public next year and has opened a secondary share sale that would value the company at $800 billion, according to a letter to shareholders sent by the company's CFO Bret Johnsen and reviewed by Reuters. The Elon Musk-led company's move towards a public listing, which could rank among the largest global initial public offerings, has been driven primarily by the rapid expansion of SpaceX's Starlink satellite internet business, including plans for a direct-to-mobile service and progress in its Starship rocket program for missions to the moon and Mars. In the letter dated Dec. 12, Johnsen said SpaceX has approved an arrangement where new and existing investors and the company will buy up to $2.56 billion of shares from eligible shareholders at $421 a share. "We are preparing the company for a possible IPO in 2026. Whether it actually happens, when it happens, and at what valuation are still highly uncertain, but the thinking is that if we execute brilliantly and the markets cooperate, a public offering could raise a significant amount of capital," Johnsen said. SpaceX aims to use the capital to ramp Starship's flight rate, deploy artificial intelligence (AI) data centers in space, build Moonbase Alpha and send uncrewed and crewed missions to Mars, Johnsen said. SpaceX did not immediately respond to a request for comment. Musk hinted at a possible SpaceX IPO in a post on social media platform X earlier this week. Reuters reported on Tuesday, citing a source familiar with the matter, that the rocket and satellite company is looking to raise over $25 billion in an IPO that could come as early as June. Investors have welcomed reports that SpaceX was considering an IPO that would fund Musk's Mars ambitions and value the rocket and satellite company at more than $1 trillion. SpaceX ranks as the world's second-most valuable private startup after ChatGPT maker OpenAI, according to data from Crunchbase. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox

Every time Charissa publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. This as-told-to essay is based on a conversation with 31-year-old Harsh Varshney, who works at Google and lives in New York. The following has been edited for length and clarity. Day-to-day, they help me with deep research, note-taking, coding, and online searches. But my job means I'm very aware of the privacy concerns associated with using AI. I've worked at Google since 2023 and spent two years as a software engineer on the privacy team, building infrastructure to protect user data. I then switched to the Chrome AI security team, where I help secure Google Chrome from malicious threats, like hackers and those who use AI agents to conduct phishing campaigns. AI models use data to generate helpful responses, and we users need to protect our private information so that harmful entities, like cybercriminals and data brokers, can't access it. Sometimes, a false sense of intimacy with AI can lead people to share information online that they never would otherwise. AI companies may have employees who work on improving the privacy aspects of their models, but it's not advisable to share credit card details, Social Security numbers, your home address, personal medical history, or other personally identifiable information with AI chatbots. Depending on the version being used, the information shared with public AI chatbots can be used to train future models and generate responses that are more relevant. This could result in "training leakage," where the model memorizes personal information about one user and later regurgitates it in responses to another. Plus, there's the risk of data breaches, which would expose what you've shared with a chatbot. I'm not confident about how my data could be used for future training. It's important to identify whether you're using a more public AI tool or an enterprise-grade one. Here, models aren't typically meant to train on user conversations, so it's safer for employees to talk about their work and company projects. AI chatbots usually keep a history of your conversations, but I recommend deleting it on both enterprise and public models regularly to protect your user privacy in the long term. Due to the risk of your account being compromised, it's a good precautionary habit to have, even if you're confident you aren't putting private data into the tools. Once, I was surprised that an enterprise Gemini chatbot was able to tell me my exact address, even though I didn't remember sharing it. Sometimes, if I'm searching for things I don't want the chatbot to remember, I'll use a special mode, a bit like incognito mode, where the bots don't store my history or use the information to train models. It's better to use AI tools that are well-known and are more likely to have clear privacy frameworks and other guardrails in place. Other than Google's products, I like to use OpenAI's ChatGPT and Anthropic's Claude. It's also helpful to review the privacy policies of any tools you use. Sometimes, they'll explain more about how your data is used to train the model. By making sure that setting is turned off, you're preventing your conversations from being used for training.

Every time Joshua publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. This essay is based on a conversation with Jan Gerber, 44, who runs the Paracelsus Recovery clinic in Zurich. Business Insider has verified his admission to another Swiss clinic for burnout. The piece has been edited for length and clarity. I had almost lost my company, my marriage was falling apart, and it felt like everything hit all at once. About six months later, that December, I checked myself into an inpatient program in Zurich, where I was diagnosed with acute depression brought on by stress. At the time, I had spent 12 years helping other people recover from burnout, depression, and addiction. I'm the founder of Paracelsus Recovery, a private clinic in Zurich that treats executives, founders, and ultra-high-net-worth individuals who require discreet and private care. Check out their stories below and share yours here. I was an ambitious Amazon exec who solved my burnout without skipping a beat at work. I won't let the job market break my spirit anymore. It all started when a friend of a friend, the CEO of a major, publicly listed corporation, called my parents, who worked in the mental health space, for help, and moved into their guest room for treatment. So, the entrepreneur in me realized there was a niche here: offering discreet treatment for people who couldn't just go to any old rehab. In 2011, I co-founded a clinic in the high-end mental health space with my mother and then step-father, which initially offered one-on-one care. In the early years of Paracelsus Recovery, we had a small number of clients, but it took years to establish a reputation. The high cost is a big hurdle for potential clients. We primarily find ultra-high-net-worth clients through family offices and membership organizations, such as Campden Wealth. About half are members of wealthy families, trust fund babies who don't develop a sense of purpose or drive. The other half is a mix of royalty, entertainers, entrepreneurs, founders, and top executives — those who have the funds to come to us. Often, burnout is not solely prompted by the number of hours worked, but also by the responsibility of overseeing thousands of employees, investors, and business partners, which weighs heavily on their shoulders. If you're in the public eye or run a public company, where, for example, earnings aren't meeting expectations, that can also have a significant impact on stress levels. The average worker typically seeks burnout treatment after a spouse, their kids, or employer tells them they can't show up late or get drunk every night anymore. Founders and professional executives tend to have much more to lose, and a network of people who help them conceal some of their issues. And, in general, they seek help much later. By the time these CEOs seek treatment, it's often when a substance is involved, and it's showing up as a fatty liver or cardiovascular issues, coming from alcohol abuse, for example. We offer a 10-day program called an "Executive Detox." These programs don't solve everything, but they stabilize clients and buy them some time. On average, people stay with us for six weeks; however, in extreme cases, they may stay for six months or more. A week at Paracelsus Recovery costs around £100,000, or about $131,000. My own treatment at another clinic encouraged me to introduce treatments such as shiatsu and breath-work. For me, it mostly means that someone leaves equipped with the tools to live a better life. Treatment at a clinic like Paracelsus Recovery is what I consider an acute stabilization, while the real work happens afterward. If you continue to hold on for another week, another month, or step back halfway while the stress persists, you'll still crash. For the sake of business continuity, I had to hang on. I still feel brain fog from being burned out, and my memory is worse than it was. I'm not sure if it will ever return. But my own experience, and my treatment at another clinic in Zurich, taught me about the value of proper inpatient treatment. At Paracelsus Recovery, we typically treat only three or four clients at a time, which makes for a warmer and more personal experience, whereas the Swiss Clinic I attended had a capacity of about 75 patients. Our patients stay in penthouse apartments with lake views, where most of their treatments take place. They have access to medical treatments, a midday IV to rebalance their biochemistry, as well as a personal trainer and private chef. Yes, the price tag is very high, but you get a lot for your money.

Every time Madison publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Empty nesters Renee and Kelley Hayes, 58, downsized from an over 2,000 square-foot home in Texas to a roughly 45-foot RV. Kelley dreamed of living in an RV and traveling the country full-time during retirement. However, he and his wife got to embrace this goal a few years earlier than intended. How are you spending time as an empty nester? They get to see what different states offer, such as the Grand Canyon in Arizona and the hot air balloon festival in Albuquerque, New Mexico. Renee and Kelley purchased an RV for roughly $82,000 in August 2018, while their kids attended college. They were looking for something to do as new empty nesters. A few months later, Kelley, who worked for General Motors before his retirement in 2022, was transferred to an office in Georgia, which meant leaving Texas and figuring out their next home. Kelley looked at some houses in January, but nothing caught his eye. Plus, Renee said, housing prices were expected to drop in Georgia, which could have meant selling their next home would be tougher. Renee went back to Texas to downsize and work on selling their home, while Kelley stayed in Georgia for work, residing in the Twin Lakes RV Park. They traveled during COVID when Kelley's job at the GM regional office went remote, and then Kelley retired at 55 in 2022. Since Kelley retired, they have split their time between traveling and caring for Renee's family farmhouse in Michigan, enjoying alternating between being fairly stationary in the summer and traveling for the other half of the year. They earn from social media content, and Kelley said he does "odds and end jobs up there in the summertime, working for farmers" or Renee's father. They use Harvest Hosts, a membership for overnight stays at wineries, golf courses, and other places. They stay at campgrounds, parks, and park in friends' or family members' driveways, among other places. "We do it to see things and have adventures, but also to spend time with friends and family," Renee said. There are a lot of logistics that can come with living on the road, such as whether you sell your home, what kind of RV to live in, and how to maintain it. Renee suggested people downsize before jumping into RV life and start early because it can take a while to go through all the items accumulated over the years. Renee and Kelley still have lots of space to live in their model. Kelley said the back is basically a multipurpose room. Renee said fuel can be expensive, potentially adding up to hundreds in just a month. "The slower you go and the longer you stop and are stationary, that helps keep your costs down on fuel," she said. They also don't have to pay for other home expenses like homeowners' association fees and house upkeep. The couple noted they spent hundreds of dollars between September and November to stay at multiple RV parks. Because living in an RV can require a lot of maintenance, Renee recommends taking some courses to learn how to repair things on your own. "Luckily, Kelley's handy and he's able to pretty much repair or replace things as we go." She also suggested renting an RV before buying if you have never been in one before, to see what it's like. Kelley said there are RV shows that people can go to so they can figure out what they want to travel in, because finding the perfect way to travel for someone can take time, just like finding a home. The couple said they are happy to help answer people's questions. Renee said she doesn't drive the truck with the 45-foot RV attached, but would be able to if they had a smaller vehicle.

Cambodia said Thai forces, including fighter jets, continued to strike targets across their disputed border on Saturday morning, in the hours after U.S. President Donald Trump claimed to have brokered a ceasefire. Thailand's military countered with accusations that Cambodia was committing "repeated violations of international rules" by targeting civilian locations and laying landmines. Thailand and Cambodia had agreed "to cease all shooting" effective on Friday, Trump said after calls with the Thai Prime Minister Anutin Charnvirakul and Cambodian premier Hun Manet on Friday night. But neither leader referenced an agreement in statements after the call, and Anutin said there was no ceasefire. When asked about Trump's claim, Thailand's foreign ministry referred reporters to his statement. In a statement on Saturday on Facebook, Manet referred to the call with Trump and an earlier discussion with Malaysian leader Anwar Ibrahim and said Cambodia continues to seek a peaceful resolution of disputes in line with an earlier agreement signed in the Malaysian capital of Kuala Lumpur in October. Still, Manet said he advised the U.S. and Malaysia use their intelligence gathering capabilities to "verify which side fired first" in the latest round of fighting. Since Monday, Cambodia and Thailand have been firing rockets and artillery at multiple points along their disputed 817-km (508-mile) border, in some of the heaviest fighting since the five-day clash in July, which Trump halted with calls to both leaders. Trump was keen to intervene again to rescue that truce, which was expanded in October when he met the Thai and Cambodian prime ministers in Malaysia. The two sides agreed on a process to withdraw troops and heavy weapons and release 18 Cambodian prisoners of war. But Thailand last month suspended that agreement after a Thai soldier was maimed in the latest in a series of incidents involving landmines that Bangkok says were newly laid by Cambodia. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox

YouTube's CEO Neal Mohan is the latest in a line of tech bosses who have admitted to limiting their children's social media use, as the harms of being online for young people have become more evident. He said in an interview with the magazine that his children's use of media platforms is controlled and restricted. Mohan has three children: two sons and one daughter. Jonathan Haidt, NYU professor and author of "The Anxious Generation," has advocated for children to not have smartphones before the age of 14 and no access to social media before the age of 16. They could make phone calls on it, but it's a multi-purpose device by which the world can get to your children," Haidt said in an interview with CNBC's Tania Bryer earlier this year. This week, Australia became the first country to formally bar users under the age of 16 from accessing major social media platforms. Still, the rollout has faced some resistance since becoming law. Mohan said in a more extensive interview with Time on Wednesday that he feels a "paramount responsibility" to young people and giving parents greater control over how their kids use the platform. YouTube Kids was launched in 2015 as a child-friendly version of the Google-owned platform. He said his goal is "to make it easy for all parents" to manage their children's YouTube use "in a way that is suitable to their household," especially as every parent has a different approach. YouTube's former CEO Susan Wojcicki, also barred her children from browsing videos on the app, unless they were using YouTube Kids. "I allow my younger kids to use YouTube Kids, but I limit the amount of time that they're on it," Wojcicki told CNBC in 2019. "I think too much of anything is not a good thing." Bill Gates, Microsoft's co-founder, is amongst the tech titans who are against allowing young people too much screen time. With three children, now adults, Gates openly talked about not giving them cell phones until they were in their teens. "We don't have cell phones at the table when we are having a meal, we didn't give our kids cell phones until they were 14 and they complained other kids got them earlier," Gates said years ago. Meanwhile, billionaire Mark Cuban would even resort to installing Cisco routers and using management software to monitor which apps his children were on and shut off their phone activity. Learn more about the world of CNBC Make It