I heard a health plan CEO say that he is focused on "EPS and NPS" (earning per share and net promoter score, the latter a measure of customer experience). This struck me as shortsighted.

If a health plan is ever going to deliver on a Starbucks, Amazon, or Facebook-like NPS, they need a different mindset. A mindset that say that they will invest relentlessly in the consumer experience/solving customer problems or even diluting them — this will in the short term hurt EPS. Amazon has lost money forever. Facebook burned billions in capital before making an EPS. Snap will spend $500M this year. They all do this because this is what it takes to make a great, useful and engaging technology product.

A health plan that's metering their spending, effort, and attention to satisfy EPS will never catch up and deliver a great NPS experience. And they will remain vulnerable to start-ups who can recruit better technical talent who have this ethos. It is why Castlight won the price transparency battle, and why Oscar caused so much existential fear.

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Updated 5 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.