Shawn Tully is an American business journalist at ''Fortune'' magazine, Speaker, and the writer who coined the acronym "HENRYs" (High Earners Not Rich Yet), to characterize a demographic of Americans in lucrative professions who encounter difficulties accumulating substantial wealth. Tully is one of the two Fortune Senior Editors-at-Large, along with Geoffrey Colvin. Since Tully introduced the term in 2003, "The HENRYs" has gained widespread recognition in defining this affluent group. Widely adopted in the financial press and utilized by money managers both in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

and internationally, the term has become a prominent label associated with the financial landscape.

Early life and education

Shawn Tully, born in

Manhattan, New York City Manhattan ( ) is the most densely populated and geographically smallest of the five boroughs of New York City. Coextensive with New York County, Manhattan is the smallest county by area in the U.S. state of New York. Located almost entire ...

, relocated to

Princeton, New Jersey The Municipality of Princeton is a Borough (New Jersey), borough in Mercer County, New Jersey, United States. It was established on January 1, 2013, through the consolidation of the Borough of Princeton, New Jersey, Borough of Princeton and Pri ...

, at the age of ten, where he spent his formative years. He completed his secondary education at The Hun School of Princeton, graduating with distinction in 1966. Subsequently, Tully pursued higher education at

Princeton University Princeton University is a private university, private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial ...

, earning a Bachelor of Arts degree in English literature in 1970. Continuing his academic endeavors, he obtained a Master of Business Administration (

MBA A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular a ...

) from the University of Chicago Graduate School of Business (The Booth School of Business). In 1973, Tully furthered his studies by attaining a Masters of Applied Economics from the

Université Catholique de Louvain UCLouvain (or Université catholique de Louvain , French for Catholic University of Louvain, officially in English the University of Louvain) is Belgium's largest French-speaking university and one of the oldest in Europe (originally establishe ...

Belgium Belgium, officially the Kingdom of Belgium, is a country in Northwestern Europe. Situated in a coastal lowland region known as the Low Countries, it is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeas ...

. This educational background laid the foundation for his subsequent career in business journalism.

Career

Starting that year, Tully worked for

First National City Bank Citibank, N.A. ("N. A." stands for " National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. Citibank was founded in 1812 as City Bank of New York, and ...

(Citibank) in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

, then for Garden State Land Co. In 1976, Tully shifted direction and became a freelance writer, contributing frequently to ''

New Jersey Monthly ''New Jersey Monthly'' is an American monthly magazine featuring issues of possible interest to residents of New Jersey New Jersey is a U.S. state, state located in both the Mid-Atlantic States, Mid-Atlantic and Northeastern United St ...

''. From 1979 to early 1983, Tully worked for ''Fortune'' in

, first as a reporter, then as

Associate Editor An editor-in-chief (EIC), also known as lead editor or chief editor, is a publication's editorial leader who has final responsibility for its operations and policies. The editor-in-chief heads all departments of the organization and is held accoun ...

. As an outside project, he co-authored the book ''Sports Illustrated Tennis'' with coach Doug McCurdy. While a reporter, Tully assisted two veteran ''Fortune'' writers, Carol J. Loomis on ITT chief Harold Geneen's disastrous investment in a rayon mill in

Quebec Quebec is Canada's List of Canadian provinces and territories by area, largest province by area. Located in Central Canada, the province shares borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, ...

, and Roy Rowan on three pieces on brothers Bunker and Herbert Hunt following the collapse in silver prices. Among his early investigative pieces as author: accounts of the collapse of Canadian oil giant Dome Petroleum and the rise of Canadian property giant Olympia & York. In January 1983, Tully moved to

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

, as Paris Bureau Chief, for Fortune International. His CEO profiles while in

Europe Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...

included pieces on construction titan

Francis Bouygues Francis Bouygues (; 5 December 192225 July 1993) was a French businessman and film producer.L'Oreal, Francois Dalle. Following the indictment of commodities trader

Marc Rich Marc Rich (born Marcell David Reich; December 18, 1934 – June 26, 2013) was an international commodity, commodities Trader (finance), trader, financier, and businessman. He founded the commodities company Glencore, and was later indicted in the ...

in the U.S.,Tully wrote three articles on Rich, while he was living and working in

Switzerland Switzerland, officially the Swiss Confederation, is a landlocked country located in west-central Europe. It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland ...

as a fugitive, starting with the cover story “Secrets of Marc Rich” co-authored with Ford Worthy. In the late 1980s, when the Vatican was dealing with the Banco Ambrosiano scandal, Tully wrote the cover story "The Vatican's Finances." An examination of pay for European versus U.S. CEOs revealed that the chiefs of such companies as

Peugeot Peugeot (, , ) is a French automobile brand owned by Stellantis. The family business that preceded the current Peugeot companies was established in 1810, making it the oldest car company in the world. On 20 November 1858, Émile Peugeot applie ...

(Stellantis) and

Rhône-Poulenc Rhône-Poulenc () was a French chemical and pharmaceutical company founded in 1928. In 1999, it merged with Hoechst AG to form Aventis. As of 2015, the pharmaceutical operations of Rhône-Poulenc are part of Sanofi and the chemicals divisions ...

(

Hoechst AG Hoechst AG () was a German chemicals, later life sciences, company that became Aventis Deutschland after its merger with France's Rhône-Poulenc S.A. in 1999. With the new company's 2004 merger with Sanofi-Synthélabo, it became a subsidiar ...

) earned far less than their American counterparts. In 1989, Tully became European Editor. That year, he wrote “The Coming Boom in Europe,” predicting that new, free market reforms would lift the EU's growth rate. His forecast proved incorrect, as the EU's

GDP Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance o ...

declined in the early 1990s. Tully returned to

in 1991 and continued writing for ''Fortune'', as Associate Editor. Pursuing his focus on

c-suite Corporate titles or business titles are given to corporate officers to show what duties and responsibilities they have in the organization. Such titles are used by publicly and privately held for-profit corporations, cooperatives, non-profit org ...

profiles, he wrote “The Super CFOs” on Stephen Bollenbach of

Disney The Walt Disney Company, commonly referred to as simply Disney, is an American multinational mass media and entertainment industry, entertainment conglomerate (company), conglomerate headquartered at the Walt Disney Studios (Burbank), Walt Di ...

, Dennis Dammerman of General Electric Co. ( GE), and several other prominent CFOs, followed in 1993 by an examination of how CEOs including Roberto Goizueta of Coca-Cola had adopted Economic Value Added (EVA) as a key metric for measuring profitability. That year, Tully contributed an account of

Donald Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party (United States), Republican Party, he served as the 45 ...

’s comeback from near bankruptcy several years earlier, the: disastrous partnership between

Northwest Airlines Northwest Airlines (often abbreviated as NWA) was a major airline in the United States that operated from 1926 until it Delta Air Lines–Northwest Airlines merger, merged with Delta Air Lines in 2010. The merger made Delta the largest airline ...

and

KLM KLM Royal Dutch Airlines, or simply KLM (an abbreviation for their official name Koninklijke Luchtvaart Maatschappij N.V. , ),

of the

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

in “The Alliance from Hell”, and first of several articles examining America's chronic shortage of doctors. A 1995 story predicted that Lehman Bros. would have difficulty surviving as an independent company. In September 1996, Tully left ''Fortune'' to work as an on-air reporter for

CNBC CNBC is an American List of business news channels, business news channel owned by the NBCUniversal News Group, a unit of Comcast's NBCUniversal. The network broadcasts live business news and analysis programming during the morning, Day ...

, returning to ''Fortune'' in January 1998 as Associate Editor. He continued his concentration on investigative subjects by examining the deep problems at insurer

Conseco CNO Financial Group, Inc. (formerly Conseco, Inc. (from Consolidated National Security Corporation)) is an American financial services holding company based in Carmel, Indiana. Its insurance subsidiaries provide life insurance, annuity and suppl ...

caused by its failed merger with Green Tree Financial. An artilcle on index fund pioneer Dimensional Fund Advisors described how a number of Nobel Prize winners, including Merton Miller and Myron Scholes, as well as future laureate Eugene Fama worked with DFA to craft its investment approach. Two of Tully's stories in early 2000 asserted that the

NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

index had risen to a bubble valuation, due largely to the excessive prices for "dot.com" stocks. From the spring 2001 to mid-2002, the

fell over 80%. Columnist George Will cited Tully's skepticism about the stock market valuations in an article published in April 2000. A look into the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

trading rules concluded that those rules significantly increased costs to customers. The following year, Tully asserted that Wall Street banks were failing to act in their customers' best interests, citing as a notable example the systematic underpricing of Initial Public Offerings. In that piece, veteran investment banker Felix Rohatyn criticized the banks for diverging from the former practice of putting their clients' interests first. Immediately following

Jamie Dimon James Dimon ( ; born March 13, 1956) is an American businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006. Dimon began his career as a management consultant at Boston Consulting Group. After earnin ...

’s return to banking as CEO of

Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, ...

, Tully wrote an article on Dimon, as well as a followup profile when he became CEO of

JP Morgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational finance corporation headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States, and the world's largest bank by mark ...

in 2006. In “Blood Feud” (2004) Tully examined the battle between Boston Scientic and

Johnson & Johnson Johnson & Johnson (J&J) is an American multinational pharmaceutical, biotechnology, and medical technologies corporation headquartered in New Brunswick, New Jersey, and publicly traded on the New York Stock Exchange. Its common stock is a c ...

for the purchase of

Guidant Guidant Corporation, part of Boston Scientific and Abbott Labs, designs and manufactures artificial cardiac pacemakers, implantable cardioverter-defibrillators, stents, and other cardiovascular medical products. Their company headquarters i ...

, and followed-up in 2006 with a piece asserting that the winner,

Boston Scientific Boston Scientific Corporation (BSC), headquartered in Marlborough, Massachusetts and incorporated in Delaware, is an American biotechnology and biomedical engineering firm and multinational manufacturer of medical devices used in interventional ...

, had vastly overpaid for

in “The (second) worst deal ever”. Between 2002 and 2007, Tully wrote three stories predicting that a bubble was building in the housing market that would eventually cause prices to drop sharply. He also took that position in a debate with ''Fortune'' writer Jon Birger. The cover of the September 2004 ''Fortune'' issue in which 'Is the Housing Boom Over?" appeared pictured a drawing of a house falling off a cliff. The articles attracted attention in the press, including coverage after housing values declined substantially in 2008 and 2009. In January 2010, Tully wrote a story questioning why

President Barack Obama Barack Hussein Obama II (born August 4, 1961) is an American politician who was the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, he was the first African American president in American history. Ob ...

did not make a course adjustment similar to the one taken by French President Francois Mitterrand starting in 1983, after voters appeared to be rejecting Obama's economic agenda following the election of Republican Scott Brown to the

Senate A senate is a deliberative assembly, often the upper house or chamber of a bicameral legislature. The name comes from the ancient Roman Senate (Latin: ''Senatus''), so-called as an assembly of the senior (Latin: ''senex'' meaning "the el ...

Massachusetts Massachusetts ( ; ), officially the Commonwealth of Massachusetts, is a U.S. state, state in the New England region of the Northeastern United States. It borders the Atlantic Ocean and the Gulf of Maine to its east, Connecticut and Rhode ...

. Tully was promoted to Senior Editor-at-Large in 2010. In 2011, Tully wrote a favorable profile

Brian Moynihan Brian Thomas Moynihan is an American lawyer and banker. He is the chairman, president, and CEO of Bank of America, having been promoted to these positions in 2010. Moynihan is a member of the Council on Competitiveness board and Partnership for ...

, who had become

Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...

’s CEO after the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. In a two day interview, former Philippine first lady

Imelda Marcos Imelda Romualdez Marcos (; born Imelda Remedios Visitación Trinidad Romuáldez; July 2, 1929) is a Filipino politician who was First Lady of the Philippines from 1965 to 1986, wielding significant political power after her husband Ferdinand ...

explained her plans for addressing the energy crisis by mining deuterium from the ocean floor. A feature co-authored with Katie Benner explored the sudden departure of CEO Robert Kelly from

BNY Mellon The Bank of New York Mellon Corporation, commonly known as BNY, is an American international financial services company headquartered in New York City. It was established in its current form in July 2007 by the merger of the Bank of New York an ...

. When Eugene Fama of the University of Chicago's Booth School won the Nobel Prize in 2013, Tully interviewd Fama on his contributions to the "efficient market" theory, and recalled his tennis rivalry with the professor when he was a student at the Business School. He predicted in a piece examining the outcome of

Time Warner Warner Media, LLC ( doing business as WarnerMedia) was an American multinational mass media and entertainment conglomerate owned by AT&T. It was headquartered at the 30 Hudson Yards complex in New York City. It was established as Time Warne ...

’s (WarnerMedia) spinoff of the

Time Inc. Time Inc. (also referred to as Time & Life, Inc. later on, after their two onetime flagship magazine publications) was an American worldwide mass media corporation founded on November 28, 1922, by Henry Luce and Briton Hadden and based in New ...

magazine group, (parent of ''Fortune'') that

Time Inc Time Inc. (also referred to as Time & Life, Inc. later on, after their two onetime flagship magazine publications) was an American worldwide mass media corporation founded on November 28, 1922, by Henry Luce and Briton Hadden and based in New Yo ...

. would have excessive debt and prove unprofitable.

was later purchased by Meredith Corp. in early 2018.

’s share price fell during its period as an independent company. Tully returned to examining the Vatican’s finances in “This Pope Means Business,” (2014) a look at

Pope Francis Pope Francis (born Jorge Mario Bergoglio; 17 December 1936 – 21 April 2025) was head of the Catholic Church and sovereign of the Vatican City State from 13 March 2013 until Death and funeral of Pope Francis, his death in 2025. He was the fi ...

’ efforts at financial reform. An investigative piece examined the takeover battle in the dollar store industry involving activist

Carl Icahn Carl Celian Icahn (; born February 16, 1936) is an American businessman and investor. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, ...

. During Donald Trump's first presidential campaign, Tully asserted in ''Fortune'' that

Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party (United States), Republican Party, he served as the 45 ...

had significantly overstated his income in federal election disclosures, and exaggerated his net worth in public statements. The next year, Tully wrote a critique of

President Trump Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party, he served as the 45th president from 2017 to 2021. ...

's economic policies predicting that his recommendations for higher

tariff A tariff or import tax is a duty (tax), duty imposed by a national Government, government, customs territory, or supranational union on imports of goods and is paid by the importer. Exceptionally, an export tax may be levied on exports of goods ...

s and other restrictions on free trade could curb economic growth. That same year, Tully also profiled Hunter Harrison, the 72-year old, newly named CEO of railroad giant

CSX CSX Transportation , known colloquially as simply CSX, is a Railroad classes, Class I freight railroad company operating in the Eastern United States and the Canadian provinces of Ontario and Quebec. Operating about 21,000 route miles () of trac ...

, and wrote an investigative piece on how the board of the Weinstein Co. supported co-CEO

Harvey Weinstein Harvey Weinstein (, ; born March 19, 1952) is an American film producer and convicted sex offender. In 1979, Weinstein and his brother, Bob Weinstein, co-founded the entertainment company Miramax, which produced several successful independent ...

prior to the onset of the Weinstein sex scandal. A follow-up recounted how director

Tarak Ben Ammar Tarak Ben Ammar (; born June 12, 1949) is a Tunisian-French film producer and distributor. He is famous for his interest in artistic movies, especially when they are related to Mediterranean culture or require North African locations. Early ye ...

, the Tunisian film producer, sought Weinstein’s ouster well before the scandal began. On the passing of Bobby Riggs, Tully recalled that he played the tennis champion-promoter while a Princeton student, and lost in a close match. In 2018, Tully examined

’s successful efforts to change the board and management of

Xerox Xerox Holdings Corporation (, ) is an American corporation that sells print and electronic document, digital document products and services in more than 160 countries. Xerox was the pioneer of the photocopier market, beginning with the introduc ...

in “Paper Jam”. The year after, he made the case that bonds were extremely expensive and likely to provide poor returns in future and in “The Man Who Nailed Madoff Got GE Wrong,” disagreed with the prediction by investigative accountant

Harry Markopolos Harry M. Markopolos (born October 22, 1956) is an American forensic accounting and financial fraud investigator and former securities industry executive best known for discovering Bernie Madoff's Ponzi scheme in the early to mid-2000s. From 1 ...

, who forecasted the Madoff scandal, that its long-term care reinsurance portfolio would bankrupt the General Electric Co. A collaboration with venture capitalist Bill Gurley criticized

Wall Street Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...

's practice of underpricing IPO offerings. In 2021, Tully concluded that the “payment for order flow” model used by Robinhood raised rather than lowered trading costs for customers. and reported on a strategy deployed by

Southwest Airlines Southwest Airlines Co., or simply Southwest, is a Major airlines of the United States, major airline in the United States that formerly operated on a low-cost carrier model. It is headquartered in the Love Field, Dallas, Love Field neighborhood ...

CEO Gary Kelly to expand the airline's destinations during the pandemic, a second story related what Kelly learned from his predecessor

Herb Kelleher Herbert David Kelleher (March 12, 1931 – January 3, 2019) was an American billionaire airline businessman and lawyer. He was the co-founder, later CEO, and chairman emeritus of Southwest Airlines until his death in 2019. Early life Kelleher ...

that's helped Kelly, as executive chairman, in working with his own successor in the CEO job, Bob Jordan. Tully has argued in several stories in the early 2020s that Tesla's stock is highly overvalued. In mid-2022, Tully detailed the career of controversial

MicroStrategy MicroStrategy Incorporated, doing business as Strategy, is an American development company that provides business intelligence (BI), mobile software, and cloud-based services. Founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spah ...

CEO Michael Saylor and recounted his interview with former

Treasury Secretary The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

Larry Summers Lawrence Henry Summers (born November 30, 1954) is an American economist who served as United States Secretary of the Treasury from 1999 to 2001 and as the director of the National Economic Council from 2009 to 2010. He also served as presiden ...

, who predicted a long battle to curb inflation, and asserted that mega-billionaires are under-taxed. He traced the rise of real estate platform Fundrise, exploring how its co-founder Ben Miller created a vehicle for retail investors to gain access to multi-family rental projects and other types of private real estate. Just after the fall of

Silicon Valley Bank Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group, a Public company, publicly traded bank holding company that had offices in 15 U.S. state ...

, Tully interviewed

Nobel laureate The Nobel Prizes (, ) are awarded annually by the Royal Swedish Academy of Sciences, the Swedish Academy, the Karolinska Institutet, and the Norwegian Nobel Committee to individuals and organizations who make outstanding contributions in th ...

Douglas Diamond Douglas Warren Diamond (born October 25, 1953) is an American economist. He is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 1979. Diamond specializ ...

, who explained the mistakes that caused the collapse.In a follow-up piece, Tully examined how weaknesses in the Fed's “stress test” methodology led to the central bank's failure to identify the extreme vulnerability at SVP. In April 2023, Tully looked at the career and business practices of

Binance Binance Holdings Ltd., branded Binance, is the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading ...

CEO

Changpeng Zhao Changpeng Zhao ( zh, s=赵长鹏, p=Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance. He resigned as the CEO in November 2023 after pleading guilty to a money lau ...

, and in May, investigated how Binance's little-known affiliate network (in a piece co-authored with Alexandra Sternlicht). In July 2023, Tully suggested that Apple's stock was significantly over-valued, stating that the rise in its earnings during the

pandemic A pandemic ( ) is an epidemic of an infectious disease that has a sudden increase in cases and spreads across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. Widespread endemic (epi ...

was unsustainable, and that its elevated price-to-earnings multiple made the stock highly expensive. Tully's analysis attracted criticism in the financial press. As of January 12, 2024, Apple's stock price had declined roughly 4% from the time Tully's story appeared. A profile of Matt Swain, the 28 year old CEO, of investment banking and placement agent boutique Triago looked at how Swain is attracting large investments from family offices looking for an opportunity to own major portions or all of entire companies, as opposed to shares in pools of holding multiple companies provided by private equity firms. In September that same year, Tully explored CEO Marc Rowan’s strategy for building alternative asset manager Apollo as powerhouse in private debt. Tully assessed the strength of Elon Musk's standing in negotiating with his creditors at

Twitter Twitter, officially known as X since 2023, is an American microblogging and social networking service. It is one of the world's largest social media platforms and one of the most-visited websites. Users can share short text messages, image ...

- now known as: " X", and a follow-up disclosing that creditors at X had agreed to a so-called “sell-down” agreement to protect their positions. In November, he once again examined Musk's distinctive approach to running his companies in “Elon Musk’s 10 Laws of Management”. An interview with economist

Steve Hanke Steve H. Hanke (; born December 29, 1942) is an American economist and professor of applied economics at the Johns Hopkins University in Baltimore, Maryland. He is also a senior fellow at the Independent Institute in Oakland, California, and ...

asserted that

President Biden Joseph Robinette Biden Jr. (born November 20, 1942) is an American politician who was the 46th president of the United States from 2021 to 2025. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 and re ...

's embrace of industrial policy marked a major shift for U.S. economic policy. His piece exploring CEO Larry Culp’s strategy for reviving the

General Electric Co A general officer is an officer of high rank in the armies, and in some nations' air and space forces, marines or naval infantry. In some usages, the term "general officer" refers to a rank above colonel."general, adj. and n.". OED Online. Mar ...

. appeared in January 2024. Following the disaster on Air Alaska flight 1282 over

Portland Portland most commonly refers to: *Portland, Oregon, the most populous city in the U.S. state of Oregon *Portland, Maine, the most populous city in the U.S. state of Maine *Isle of Portland, a tied island in the English Channel Portland may also r ...

on January 5, 2024, where a panel blew off a

Boeing The Boeing Company, or simply Boeing (), is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide. The company also provides leasing and product support s ...

737-9 Max aircraft, Tully explored the impact of the catastrophe on Boeing's business, and the missteps made by four previous CEOs that led to Boeing's chronic safety issues. The article first appeared online, then as the cover story for Fortune’s issue for April–May 2024. Six weeks later

Nvidia Nvidia Corporation ( ) is an American multinational corporation and technology company headquartered in Santa Clara, California, and incorporated in Delaware. Founded in 1993 by Jensen Huang (president and CEO), Chris Malachowsky, and Curti ...

's one-day gain of $270 billion in market cap became major global story that drew Tully's scrutiny. He presented calculations on how fast Nvidia's profits would need to grow over the next decade to justify its current, almost $2 trillion market cap, and found that the amounts Nvidia must add in annual earnings so large that it's unlikely to reward investors going forward. In August of 2023, when Nvidia's market cap was $1.2 trillion, Tully took the position that Nvidia shares were overvalued. Nvidia's share are now almost 70% higher as of late February than when Tully made that appraisal. Fortune published Tully's narrative of the final days of John Barnett, the Boeing whistleblower who died of gunshot wound in his car, in mid-March of 2024, followed by an account from Barnett’s mother and brother of the stress the late whistleblower suffered in bringing his longstanding lawsuit versus Boeing. Tully continued to follow the whistleblower story with an exclusive account of the twelve hours of depositions that Barnett gave in the two days before his death. Birth of the HENRYs Tully coined "The HENRYs" in an article in the June 23, 2003, issue of ''Fortune.'' He predicted that the Alternative Minimum Tax (AMT) could claw back a large portion of the cuts in federal income tax rates enacted that year, which included reductions for individuals and families with high incomes. In an October 2008 ''Fortune'' story, Tully returned to the HENRYs theme, describing the HENRYs as families and individuals earning, at that time, between $250,000 and $500,000 a year. In outside articles characterizing the HENRYs, that bracket has been changed. Tully stated that the HENRYs devote the vast bulk of their incomes to three expenses: taxes, housing and savings towards a private college education for their children. The size of those expenses, he says, leaves relatively modest amounts for retirement savings. Hence, he concluded that by retirement, the HENRYs are unlikely to accumulate sufficient net worth to be considered "rich". The group includes such professions as doctors, lawyers, consultants, small business owners, and corporate executives. Tully called the HENRYs "the bulk of the professional and entrepreneurial class that drives the economy". In 2019, the New York Post described its version “millennial HENRYs” as living “paycheck to paycheck.” The term "HENRYs" has appeared in a number of articles and reference sources that discuss the characteristics of this cohort, which earns mid-six-figure incomes but struggles to accumulate high savings.

References

{{DEFAULTSORT:Tully, Shawn Fortune (magazine) people Hun School of Princeton alumni Writers from Princeton, New Jersey Princeton University alumni University of Chicago Booth School of Business alumni American business and financial journalists American magazine editors American magazine journalists American male journalists American business writers 1948 births Living people Université catholique de Louvain alumni

Early life and education

Career

Related published articles

References