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The Fund is actively managed and seeks capital appreciation by investing in securities that River1 Asset Management LLC (River1 or the Sub-Adviser) believes have an above-average probability of outperforming the S&P 500 Index over all time horizons. The Funds investable universe is comprised of all U.S. listed equity securities. This includes common stock and American Depositary Receipts (ADRs), without regard to market capitalization. ADRs are U.S. listed equities that represent interests in securities issued by a foreign company. The Fund typically invests in a portfolio of approximately 12-30 companies, although the precise number of holdings will vary over time.

Lyft Inc. Class A

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Lyft compra la app de taxis Freenow y entra al mercado europeo, ampliando su alcance global y potencial de ingresos.

Lyft se expande a Europa con la compra de Freenow por 175M€

Advisor Managed Portfolios Trenchless Fund ETF

"Fast food" used to mean cheap, greasy, and everywhere. You didn't need to check your bank account before grabbing a burger and fries. But now, that dollar menu is looking more like a memory — and according to "Rich Dad, Poor Dad" <a href="https://www.benzinga.com/personal-finance/25/03/44389025/robert-kiyosaki-of-rich-dad-poor-dad-says-fastest-way-to-lose-money-is-investing-in-what-you-dont-understand">author Robert Kiyosaki</a>, it's not just hitting broke college kids or struggling families. It's hitting the rich.
On April 26, <a href="https://x.com/theRealKiyosaki/status/1916273717380059394">Kiyosaki posted on X</a> that even McDonald's and Burger King franchise owners — the ones with multiple stores — are going under.
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"WHY ARE A FEW REALLY REALLY RICH people…getting POORER?" he wrote, all caps and all. "The problem is the franchise stores are going bankrupt."
His reason? The people who used to grab fast food the most can't afford it anymore.
"One reason is today's poor cannot <a href="https://www.benzinga.com/insights/news/25/04/44880308/heres-how-much-1000-invested-in-mcdonalds-20-years-ago-would-be-worth-today">afford to eat at McDonald's</a> or Burger King," he wrote. "While this might be good for the poor to eat healthier less expensive foods like apples and kale, inflation causing even the richest…to become poorer."
Kiyosaki, who's spent decades warning people about inflation, fiat currency, and what he calls "fake teachers," isn't exactly celebrating the shift. He sees it as another sign that the system is cracking — even if a few folks are eating cleaner.
"A few Tweets or ‘Xs' ago, I stated one of McDonald's potato suppliers went bankrupt… because the poor were eating less French Fries," he added. "Today the franchise owners… Some of the richest people in the world are going bankrupt. This is not healthy."
Trending: <a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
He used the post to push his long-running message: turn this crisis into a learning opportunity. "Please use this financial crisis to become healthier, wealthier… by becoming wiser," he wrote. And he urged followers to ditch traditional schooling and look for real-world lessons instead: "Knowledge is the new money."
Kiyosaki closed with a plug for his books, financial games, and favorite assets: "saveing [sic] gold, silver, and Bitcoin."
Americans are clearly rethinking their drive-thru habits. A <a href="https://www.lendingtree.com/debt-consolidation/fast-food-survey/">LendingTree survey</a> from last year found that 78% now see fast food as a luxury, not a budget-friendly meal. Another 62% say they're cutting back altogether.
So yes, the fries are more expensive. The burgers are smaller. And the fallout isn't just hitting the "poor"— it's hitting some of the franchise owners, too…the ones who were supposed to be safe.
Kiyosaki sees it as a signal to wise up and ditch the debt, question what you're being taught, and stop counting on a system that's getting pricier by the combo meal. Whether you agree with his <a href="https://www.benzinga.com/25/04/44981953/strongly-believe-bitcoin-will-reach-180k-to-200k-in-2025-robert-kiyosaki-says">gold-and-Bitcoin gospel</a> or not, he's got a point: when even McDonald's starts to feel like a splurge, it might be time to <a href="https://www.benzinga.com/personal-finance/25/02/43539942/are-you-rich-heres-what-americans-think-you-need-to-be-considered-wealthy-2">rethink what "rich" really means</a>.
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Image: Shutterstock

Personal Finance

Robert Kiyosaki, 'Rich Dad Poor Dad,' Says Poor People Can't Afford To Eat McDonald's Or Burger King — Good For Health But Bad News For Economy

Editor's note: This story has been updated to reflect that the announcement was made on Saturday at the Berkshire Hathaway annual meeting.
Warren Buffett shocked attendees at the Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) annual meeting on Saturday by announcing that he will step down as CEO by the end of the year, with Greg Abel set to succeed him.
What Happened: The Associated Press <a href="https://www.politico.com/news/2025/05/03/warren-buffett-retire-00325196">reports</a>&nbsp;that Buffett stated, &#8220;I&nbsp;think the time has arrived&nbsp;where Greg should become the&nbsp;chief executive of the company&nbsp;at year end.&#8221; Buffett will turn 95 on August 30.
Buffett&#8217;s retirement marks the end of&nbsp;a 60-year tenure during which&nbsp;he transformed Berkshire Hathaway from&nbsp;a struggling textile firm into a major conglomerate with a market capitalization of $1.16 trillion.
See Also:&nbsp;<a href="https://benzinga.com/25/05/45158172/amazon-ceo-andy-jassy-predicts-pandemic-like-consumer-shifts-says-company-is-maniacally-focused-on-keeping-prices" target="_blank" rel="noreferrer noopener">Andy Jassy Predicts Pandemic-Like Consumer Shifts, Says Amazon Is &#8216;Maniacally Focused&#8217; On Keeping Prices Low</a>
Buffett plans to retain his Berkshire stock. He said, &#8220;I&nbsp;would add this, the decision&nbsp;to keep every share is&nbsp;an economic decision because I&nbsp;think the prospects of Berkshire&nbsp;will be better under Greg's&nbsp;management than mine.&#8221; He also mentioned his intention to &#8220;hang around&#8221; to provide guidance during the transition, but&nbsp;operational and capital allocation decisions&nbsp;will be under Abel&#8217;s control.
The announcement&nbsp;came as a surprise to&nbsp;most of Berkshire&#8217;s board members, with only Buffett&#8217;s children, Howie and Susie, being aware of the plan. Abel has been considered as Buffett&#8217;s potential&nbsp;successor since at least 2021.
Why It Matters: Buffett&#8217;s retirement signifies the end of an era at Berkshire Hathaway. His investment strategies and leadership have been instrumental in the company&#8217;s growth.
Abel&#8217;s appointment as CEO is a significant move, marking a new chapter in the company&#8217;s history.
His leadership will be closely watched by investors and market analysts alike, as he takes on the challenge of steering the conglomerate in the post-Buffett era.
Read Next:&nbsp;<a href="https://benzinga.com/news/earnings/25/05/45184121/warren-buffett-warns-tariffs-could-backfire-on-economy-says-trade-should-not-be-a-weapon-its-a-big-mistake-i-dont-think-its-wise" target="_blank" rel="noreferrer noopener">Warren Buffett Warns Tariffs Could Backfire on Economy, Says, ‘Trade Should Not Be A Weapon. It's A Big Mistake, I Don't Think It's Wise' &#8211; Benzinga</a>
Photo: Kent Sievers/Shutterstock

Markets

Warren Buffett To Step Down as Berkshire Hathaway CEO by End of Year, Asks Board To Confirm Greg Abel as Successor (CORRECTED)

When most investors put billions into a company, they tend to buy in—literally. New phone, new laptop, new earbuds. <a href="https://www.benzinga.com/personal-finance/25/02/43612207/warren-buffett-has-lived-in-his-31500-home-for-67-years-and-calls-it-one-of-his-best-investments-but-warned-a-house-can-be-a-nightmare">Warren Buffett? Not so much</a>.&nbsp;
For years, the Oracle of Omaha held onto a $20 flip phone, even as his Apple investment soared into the tens of billions. The man who could buy a small tech company before breakfast was still using a device most people ditched before Instagram even existed.
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Let's rewind.
Back in 2016, Buffett's Berkshire Hathaway <a href="https://www.benzinga.com/general/education/24/10/41188299/if-you-invested-1-000-in-apple-stock-when-warren-buffett-bought-shares-heres-how-much-youd-have">started scooping up Apple shares</a>. By 2018, he had a serious stake. At that point, he was still proudly carrying a Samsung SCH-U320 flip phone—a relic even then. While Apple's CEO Tim Cook was busy running one of the most valuable companies on Earth, he was also trying to convince his biggest shareholder to at least use the product.
"Tim Cook sent me a Christmas card again this year saying he's going to sell me an iPhone this year," Buffett said in a <a href="https://www.cnbc.com/2018/01/10/warren-buffet-isnt-eager-to-trade-his-flip-phone-in-for-an-iphone.html">2018 CNBC interview</a>, holding up his vintage phone like it was a trophy. He even joked that Cook kept reminding him every Christmas.
Still, Buffett didn't budge.
He didn't switch to an iPhone until 2020, a year when Apple's stock price hit a record high, driving the company's valuation near $1.5 trillion. <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-scored-billions-gain-apple-stock-profit-washed-up-2020-6-1029293940">According to Markets Insider</a>, Berkshire's Apple stake hit roughly $72 billion at the end of 2019—and by mid-2020, that number had jumped by another $11 billion, hitting $83 billion. That single stock made up over 40% of Berkshire's equity portfolio.
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That's when Buffett finally let go of his beloved burner.
"My flip phone is permanently gone," he told <a href="https://www.cnbc.com/2020/02/24/apple-investor-warren-buffett-traded-in-his-flip-phone-for-an-iphone.html">CNBC's Becky Quick on Squawk Box</a> in February 2020. "I've been given several of them, including [from] Tim Cook." He officially switched to an iPhone 11, though he admitted he mostly used it "as a phone" and wasn't diving deep into apps or emoji keyboards. "You're looking at an 89-year-old guy who's barely beginning to get with it," he said.
It's worth noting: Buffett was already managing one of the largest Apple stakes in the world before ever making a single FaceTime call.
His aversion to upgrades isn't new. Back in a <a href="https://www.cnn.com/2013/10/23/us/warren-buffett-piers-interview/index.html">2013 CNN interview</a>, Buffett pulled out a Nokia flip phone and joked, "This is the one Alexander Graham Bell gave me." He added, "I don't throw anything away until I've had it 20 or 25 years." That wasn't some figure of speech—he meant it. The Nokia was still in his pocket at a time when iPhones had fingerprint scanners.
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The underlying philosophy? Buffett <a href="https://www.benzinga.com/personal-finance/25/03/44464242/warren-buffett-said-i-love-your-business-i-love-you-ill-give-you-4-billion-but-refused-to-cross-an-ocean-to-see-a-business-before-buying-it">never needed to use a product to see its value</a>. He bought Apple not because he wanted to join the iPhone hype, but because he believed in the business model. And he believed in it enough to let it dominate his portfolio.
Fast forward to 2024, and <a href="https://www.benzinga.com/markets/equities/25/03/44349818/warren-buffett-dumped-nearly-70-of-apple-shares-but-its-price-to-sales-ratio-remains-elevated-at-8-2x-warns-this-market-analyst">Buffett began trimming that Apple stake</a>. He sold about 115 million shares in Q1—roughly 13% of Berkshire's total. Then in Q2, Berkshire shed another $80 billion worth of Apple stock. Still, Berkshire retained more than 905 million shares valued at approximately $174 billion, according to company filings. That's 6% of all outstanding Apple shares and nearly one-fifth of Berkshire's entire portfolio.
So while Buffett finally <a href="https://www.benzinga.com/25/04/45032214/analyst-questions-apples-reported-iphone-shift-to-india-amid-china-tariff-pressures-doesnt-solve-all-the-problems">embraced Apple hardware</a>, he did so at his own pace—and only after Apple stock helped add tens of billions to his bottom line.
Because for Buffett, it's never been about chasing trends. It's about buying value and holding it.
Even if that means holding a flip phone long past its expiration date.
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Warren Buffett Held $72 Billion In Apple Stock — But Still Used A $20 Samsung Flip Phone: 'I Don't Throw Anything Away Until I've Had It 25 Years'

A 28-year-old woman with a master&#8217;s degree in business is pulling in more than $130,000 a year through OnlyFans. She doesn't do nudity, but after years of grinding to build a loyal audience, she runs her <a href="https://www.benzinga.com/content/40885756/discover-how-to-start-an-online-business-with-a-proven-blueprint">online business</a> full-time. Despite the income, she says she's ready to walk away.
<h2 class="wp-block-heading">Success Didn't Cure the Burnout</h2>
&#8220;The job is boring. It's not stimulating at all,&#8221; she wrote in a <a href="https://www.reddit.com/r/careeradvice/comments/1k8rrlb/no_hate_onlyfans_model_looking_to_switch_careers/">Reddit post</a> that went viral with thousands of comments. &#8220;It's hard to date with it and I miss being social. I live alone and work from home and have no coworkers.&#8221;
Her story hit a nerve with many.
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She explained that she <a href="https://www.benzinga.com/startups/24/11/41781866/kevin-oleary-claims-you-have-to-work-25-hours-a-day-for-him-business-is-simple-you-either-make-money">worked nonstop through her early twenties</a>, graduating with honors by 21 thanks to dual enrollment programs and college classes taken in high school. But when it came time to start a career, she said she hit a wall. Employers wouldn't hire her for entry-level roles, saying she was overqualified. Others told her she didn't have enough experience.
&#8220;I applied to thousands and thousands of jobs and I never could land one,&#8221; she wrote. Eventually, she took a job that paid just $30,000 a year and worked night shifts at restaurants to survive. &#8220;I worked about 80+ hours a week. I couldn't sustain it.&#8221;
That led her to OnlyFans. She didn't have a big social media following and avoided explicit content, but she found success producing niche fetish content. She now runs over 10 platforms, does her own marketing, <a href="https://www.benzinga.com/money/expense-tracker">tracks expenses</a>, and manages her business alone.
&#8220;It took years to build a following and I don't think anyone has any clue how hard it actually is,&#8221; she said. &#8220;99% of women make less than $100 a month on OF.&#8221;
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Even with her success, she says the work is isolating and emotionally draining. She wants to move on but doesn't want to take a financial hit. Her goal is to <a href="https://www.benzinga.com/partner/general/24/07/39837486/take-these-5-steps-to-get-a-6-figure-tech-salary-in-2024">find a job that pays six figures</a>, offers some freedom and flexibility, and ideally lets her work from home.
She floated real estate as an option, saying it could let her be social but still work independently. She also noted her experience in sales and digital marketing.
<h2 class="wp-block-heading">Reddit Weighs In on Her Career Dilemma</h2>
The responses to her post were mixed.
Some praised her as a self-made entrepreneur who essentially runs a solo digital marketing firm. &#8220;You don't have to say you were a model on OnlyFans. The job was the marketing, the financial management, the endless paperwork you had to file to be&#8230; a small business owner,&#8221; one former career coach wrote.
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Others pointed her toward sales jobs in tech, pharmaceuticals, or luxury vehicles, where strong communication and hustle can pay off fast. Some said she should launch her own agency to help other content creators grow.
One Redditor summed it up like this: &#8220;You already know what it takes to build something. Go build something you&#8217;re passionate about.&#8221;
Still, many reminded her that jobs offering $100,000 with no direct experience are rare. She may need to take a short-term pay cut to gain long-term career satisfaction.
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She Earns $130K On OnlyFans And Has A Master's Degree In Business. Still, She's Looking To Switch Careers Because 'The Job Is Boring'

President Donald Trump&#8216;s approval ratings have plummeted 100 days into his second term.
What Happened:&nbsp;Trump&#8217;s approval ratings have significantly declined since the commencement of his second term. In January, Trump enjoyed positive approval ratings&nbsp;for the first time in&nbsp;his political career. However, recent surveys indicate a dramatic reversal of this trend.
The&nbsp;latest CNN/SSRS <a href="https://edition.cnn.com/2025/04/27/politics/approval-rating-trump-100-days">poll</a>, conducted between&nbsp;April 17-24 among 1,678 adults,&nbsp;found that only 41 percent approve of Trump&#8217;s&nbsp;job performance, while 59 percent&nbsp;disapprove. This is a 4-point drop since March and 7 points lower than in late February.
A&nbsp;Fox News <a href="https://www.foxnews.com/official-polls/fox-news-poll-first-100-days-president-trumps-second-term">poll</a>, conducted between&nbsp;April 18-21 among 1,104 registered&nbsp;voters, showed Trump&#8217;s net approval sinking&nbsp;to -10 points, with 44&nbsp;percent approving and 55 percent&nbsp;disapproving, down from -2 points&nbsp;in March.
Also Read: <a href="https://www.benzinga.com/markets/25/04/44780349/trumps-tariff-policies-fuel-economic-concerns-economists-expect-slower-growth-ahead" target="_blank" rel="noreferrer noopener">Trump&#8217;s Tariff Policies Fuel Economic Concerns, Economists Expect Slower Growth Ahead</a>
An ABC News/Washington Post/Ipsos <a href="https://abcnews.go.com/Politics/trump-lowest-100-day-approval-rating-80-years/story?id=121165473">poll</a>&nbsp;conducted between April 18-22 among&nbsp;2,464 adults revealed&nbsp;that Trump has the lowest&nbsp;100-day job approval rating of&nbsp;any president in the past&nbsp;80 years. Only 39 percent of respondents approve of Trump&#8217;s job performance,&nbsp;down 6 percentage points from&nbsp;February, while 55 percent disapprove.
Despite the declining approval ratings, Trump has attempted to discredit these&nbsp;polls, branding them as &#8220;fake&nbsp;news.&#8221; 
However, with his approval ratings&nbsp;sliding, the White House faces&nbsp;a critical question: is this a temporary slump or the beginning of a presidency on shaky ground?
Why It Matters: The plummeting approval ratings come at a crucial time for the Trump administration. The declining numbers could potentially impact the administration&#8217;s ability to push forward with its policy agenda. Furthermore, it raises questions about the public&#8217;s confidence in the administration&#8217;s ability to handle pressing issues. 
The White House will need to address these concerns to regain public trust and improve approval ratings.
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Politics

Donald Trump's Support Tanks Early in Second Term — Poll Numbers Paint Grim Picture

For years, people have debated why there aren't enough skilled workers to fill all the open trade jobs in the U.S. A Reddit thread this week on <a href="https://www.reddit.com/r/jobs/comments/1k9rxfu/the_reason_behind_the_skilled_labor_shortage_is/">r/jobs</a> asked a simple question: Is the skilled labor shortage because everyone was told to go to college?
<h2 class="wp-block-heading">The College Push Was Real, But Not the Whole Story</h2>
Plenty of commenters said yes, the college push was intense. One user recalled, &#8220;Graduated HS in &#8217;06. Anything outside of the college pipeline was painted as a bad idea to me. Trade work and apprentice programs were talked about as if they were slave labor/scams.&#8221;
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Another said, &#8220;As a 2007 graduate, all we were told in school was to go to college. The trades were not discussed at all.&#8221;
But that's just one part of the puzzle. Many pointed out that skilled labor jobs <a href="https://in.benzinga.com/news/25/04/44880439/80-of-americans-say-the-country-would-be-better-off-with-more-manufacturing-jobs-but-only-25-want-one-themselves">come with real downsides</a>: physically punishing work, inconsistent hours, and pay that often doesn't reflect the toll it takes on the body.
One user shared, &#8220;Worked in the trades for 5 years out of college. Ruined my back and wrists. Have a cushy office design job now&#8230; I will never go back.&#8221;
<h2 class="wp-block-heading">&#8216;You'll Look 50 at 40&#8217;</h2>
The most upvoted comment came from a user who said, &#8220;People hear the &#8216;just join a trade, <a href="https://www.benzinga.com/startups/24/09/40685893/ive-been-on-call-since-1999-still-this-six-figure-tech-job-doesnt-require-a-college-degree">you'll make 6 figures</a>&#8216; meme and don't realize your first few years you don't make much, the work is hard, and the hours are brutal.&#8221; They added, &#8220;You'll look 50 at 40 and 75 at 55. Your knees, back, and hands will be a disaster by 50.&#8221;
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Others echoed that. One said that the risk of injury is so much worse than in an office job: &#8220;It's not a matter of if, but a matter of when, depending on the severity of your job, and the carelessness of others around you.&#8221;
<h2 class="wp-block-heading">No Shortage, Just Bad Offers</h2>
A recurring theme was that employers often blame a &#8220;<a href="https://www.benzinga.com/25/04/44881768/nearly-4-million-manufacturing-jobs-are-opening-as-boomers-retirebut-gen-z-is-not-interested">labor shortage</a>&#8221; when they just don't want to pay better. &#8220;There is no skilled labor shortage. Only an abundance of resume farming,&#8221; one user wrote. &#8220;Employers hold the power to frame the job market the way they see fit.&#8221;
Another added that their company laid off half the maintenance crew, kept production running with forced overtime, and then claimed they &#8220;can't find any skilled labor.&#8221;
As one bluntly put it: &#8220;Yeah, no. <a href="https://www.benzinga.com/startups/24/07/40068579/all-of-us-pay-for-the-fact-that-youre-not-paying-that-person-enough-says-mark-cuban-about-entreprene">It's low wages</a>. Especially here in Oklahoma. This state is set up to protect business owners and to be able to take advantage of employees.&#8221;
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<h2 class="wp-block-heading">Training Barriers and Broken Promises</h2>
Even those who try to get into trades say it's not that simple. One said they applied to a steamfitter apprenticeship but had to wait months just to get an interview.
Another mentioned, &#8220;If you want to make real money in any industry, you have to continue learning new things&#8230; But no company out there is going to pay more than base for a worker who only has the basic training.&#8221;
And while success stories do exist, they're the exception. One user warned that the high-paying union gigs are rare. Most people in the trades are making just above fast-food wages.
Others highlighted systemic issues. High schools cut shop classes, training programs are expensive, and some trades are still unwelcoming to women, minorities, and LGBTQ workers.
As one put it, &#8220;College is now the be-all and end-all. Everyone is forced to take out six-figure student loans for a piece of paper that doesn't even guarantee them a job, much less success.&#8221;
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Image: Shutterstock

'Yeah, No. It's Low Wages,' A Worker Responds To Whether The Skilled Labor Shortage Is Just Because Everyone Was 'Told To Go To College'

David Perdue, a former U.S. senator from Georgia and close ally of President Donald Trump, <a href="https://www.benzinga.com/government/regulations/25/05/45175235/nasdaq-100-leads-wall-street-rally-as-china-signals-openness-to-fentanyl-talks-easing-trade-tensions" target="_blank" rel="noreferrer noopener">has been confirmed as the next U.S.</a> ambassador to China, stepping into a role that will test his political and diplomatic skills amid deepening tensions between Washington and Beijing.
The Senate voted to confirm Perdue on Tuesday, with support largely split along party lines. Fifty-one Republicans, 15 Democrats, and one independent voted in favor, while 28 Democrats and another independent opposed the nomination, <a href="https://www.politico.com/news/2025/04/29/david-perdue-ambassador-china-confirmed-senate-00315468" target="_blank" rel="noreferrer noopener">reports</a> Politico.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/25/05/45183831/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-63" rel="noreferrer noopener">Benzinga&#8217;s &#8216;Stock Whisper&#8217; Index: 5 Stocks Investors Secretly Monitor But Don&#8217;t Talk About Yet</a>
Perdue, who represented Georgia in the Senate from 2015 to 2021, has increasingly voiced hardline positions on China, describing the country as a strategic adversary.
During his confirmation hearing, he warned that Beijing is waging &#8220;a new kind of war&#8221; against the U.S. and pledged to prioritize cutting off chemical exports linked to fentanyl production, the report read.
Once known for advocating trade cooperation with China, Perdue has shifted to a confrontational tone, aligning with Trump&#8217;s more aggressive posture.
The former CEO of Dollar General Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) and executive at Sara Lee and Reebok now assumes a high-stakes role at a time when the two superpowers are locked in a bitter trade dispute.
Trump&#8217;s recent tariff hike—imposing 145% duties on Chinese imports—has drawn retaliatory measures from Beijing, including a 125% levy on U.S. goods.
Despite the public rhetoric, Chinese officials have been working to win international backing, while Trump insists his administration is &#8220;actively&#8221; engaged with Beijing on trade terms, POLITICO further mentions.
Perdue&#8217;s ability to influence Beijing may hinge less on his past commentary and more on whether he has direct lines to Trump.
&#8220;This is going to be a challenge,&#8221; said Sen. Jim Risch (R-ID), chair of the Senate Foreign Relations Committee. &#8220;We need a strong leader like David Perdue at the front of our fight with the Chinese government.&#8221;
Max Baucus, who served as ambassador to China under President Obama, advised Perdue to remain firm but respectful. &#8220;He's more likely to break through the more he shows his respect for China and encourages China to show respect for the United States,&#8221; Baucus said.
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General

Can Trump Loyalist David Perdue Crack the China Code? Trump Ally Lands in Beijing Hot Seat

Berkshire Hathaway chief Warren Buffett, has put to rest rumors that he is accumulating a substantial cash reserve for his successor, Greg Abel.
Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BRK.A#NYSE">BRK.A</a>) chief Warren Buffett, has put to rest rumors that he is accumulating a substantial cash reserve for his successor, Greg Abel.
What Happened: Speaking at the annual shareholder meet on Saturday, Buffett denied the notion that he was holding back on investments to give Abel a chance to shine. 
&#8220;I wouldn&#8217;t do anything nearly so noble as to withhold investing myself just so Greg could look good,&#8221; he humorously <a href="https://www.youtube.com/watch?v=1LWBphTImy4">commented</a>, prompting laughter from the audience at Berkshire&#8217;s annual shareholder meeting.
Berkshire Hathaway&#8217;s cash reserve escalated to a record $348 billion in the first quarter of 2025, partially due to the sale of two-thirds of its Apple position in the previous year. Despite this, Buffett had words of praise for Apple CEO Tim Cook, who was in attendance at the meeting.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/02/43901149/buffett-reflects-on-60-years-at-berkshire-helm-cardinal-sin-is-delaying-the-correction-of-mistakes">Buffett Reflects on 60 Years at Berkshire Helm: &#8216;Cardinal Sin Is Delaying the Correction of Mistakes&#8217;</a>
Buffett expressed his readiness to invest $20 billion, or even $100 billion, given the right opportunity. He also voiced his preference for having enough bargains to maintain Berkshire&#8217;s reserve at $50 billion, but described consistent investment to decrease the cash pile as&nbsp;the &#8220;dumbest thing in the&nbsp;world&#8221;.
The billionaire investor also suggested that he may have been overly active in the market,&nbsp;referring to his late business&nbsp;partner, Charlie Munger&#8217;s view that he did &#8220;too many things&#8221;.
Why It Matters: The speculation about Buffett&#8217;s cash reserve strategy has been a topic of interest among investors and market watchers. 
Buffett&#8217;s denial of these rumors and his comments about investment strategies provide insight into his approach to managing Berkshire&#8217;s vast resources. His willingness to invest large sums, given the right opportunity, also underscores his commitment to growth and value creation. 
However, his remarks about the potential pitfalls of consistent investment to reduce cash reserves highlight his cautious approach to financial management.
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Buffett Dismisses Rumors Of Stockpiling Cash For Successor Greg Abel: 'I Wouldn't Do Anything Nearly So Noble Just So Greg Could Look Good'

Macro Notification

BRK/A

BRK/B

Warren Buffett To Suggest To Berkshire Board That Greg Abel Become CEO At Year End

A federal judge has invalidated an executive order issued by President Donald Trump that was aimed at prestigious law firm Perkins Coie.
What Happened: U.S. District Judge Beryl Howell ruled on Friday that the executive order was a case of &#8220;unconstitutional retaliation,&#8221; thereby nullifying it and preventing any further enforcement by the Trump administration.
The executive order was a part of Trump&#8217;s broader campaign against the legal profession, specifically targeting top-tier law firms he viewed as opponents. The order aimed to revoke security clearances of lawyers, terminate federal contracts, and deny employees access to federal buildings.
Perkins Coie, which represented the campaign of Democrat Hillary Clinton during the 2016 presidential election, was singled out due to its backing of employment policies and clients that were in opposition to the President&#8217;s views, reports <a href="https://apnews.com/article/trump-perkins-coie-law-firm-executive-order-206052ec8157380fb2e23010a6f88815">the</a> Associated Press.
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Judge Howell&#8217;s ruling permanently prohibits the enforcement of the executive order. She also directed Attorney General Pam Bondi and Russell Vought, the director of the Office of Management and Budget, to circulate copies of her ruling to all government departments and agencies that had previously received the executive order.
Several other law firms, such as WilmerHale, Jenner &amp; Block, and Susman Godfrey, have also contested similar orders and have been successful in temporarily halting them.
Why It Matters: The ruling is a significant victory for Perkins Coie and&nbsp;other law firms that have&nbsp;been under the crosshairs of the Trump administration. 
It underscores the importance of judicial checks and balances in safeguarding the rights of individuals and organizations against executive overreach. 
The decision also sets a precedent for other law firms and organizations that may face similar executive orders in the future.
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Judge Blocks Trump Order Targeting Law Firm Perkins Coie

Palo Alto Networks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), the global <a href="https://benzinga.com/trading-ideas/long-ideas/25/03/44501515/cybersecurity-stocks-to-outperform-its-the-one-line-item-that-no-company-in-the-world-is-cutting-josh-brown">cybersecurity</a> powerhouse with a market capitalization nearing $120 billion, is making a high-stakes move into the world of AI security with the acquisition of Protect AI, a Seattle-based startup that's risen fast in the red-hot <a href="https://www.benzinga.com/news/25/03/44375147/smart-puppies-are-smarter-than-ai-mark-cubans-surprising-take-on-the-future-of-artificial-intelligence">artificial intelligence</a> space.
The deal, <a href="https://www.prnewswire.com/news-releases/palo-alto-networks-announces-intent-to-acquire-protect-ai-a-game-changing-security-for-ai-company-302439638.html">announced</a> Monday, is expected to close later this year. The transaction is valued at over $500 million, <a href="https://www.geekwire.com/2025/palo-alto-networks-to-acquire-seattle-cybersecurity-startup-protect-ai/">GeekWire</a> reported, citing sources familiar with the transaction.
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<h2 class="wp-block-heading">Big Names Back a Big Bet on AI Security</h2>
Protect AI, founded in 2022 by former engineering leaders from Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Oracle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), and Amazon Web Services, helps enterprise customers secure machine learning systems by monitoring every layer of the AI pipeline, from data to deployment. It's one of the few startups solely focused on the growing threat landscape surrounding AI-based attacks.
Protect AI has attracted a notable roster of investors, including Salesforce Ventures, Samsung's Venture Investment Corp., and 01 Advisors, a VC firm co-founded by former Twitter executives.
According to<a href="https://www.bloomberg.com/news/articles/2024-08-01/security-startup-protect-ai-valued-at-400-million-in-funding-deal"> Bloomberg</a>, the company raised a $60 million Series B round in 2024, bringing its total valuation at the time to approximately $400 million.&nbsp;
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<h2 class="wp-block-heading">Prisma AIRS, Palo Alto's Push Into AI Risk Mitigation</h2>
Palo Alto Networks said the acquisition would be integrated into its newly launched AI-native security platform. The platform aims to defend organizations from emerging threats like model manipulation, prompt injection, training data poisoning, and supply chain vulnerabilities, risks that traditional cybersecurity tools often overlook.
Ian Swanson, CEO of Protect AI, wrote in a LinkedIn <a href="https://www.linkedin.com/posts/ianswanson_ai-cybersecurity-aisecurity-activity-7322599663746895872-6VDy?utm_source=social_share_send&amp;utm_medium=member_desktop_web&amp;rcm=ACoAACFfB9ABrae0tWCn0kxTT-AK_zR_u68I34M">post</a> that the company set out to &#8220;help organizations secure the most important technology of our time: AI.&#8221; He credited the company's team, investors, and growing industry urgency for helping them build what he called &#8220;category-leading solutions.&#8221;
<h2 class="wp-block-heading">A Founding Team with Deep Tech Pedigree</h2>
Protect AI was co-founded by Swanson, Badar Ahmed, and Daryan Dehghanpisheh, all of whom previously held senior positions at AI-focused startups acquired by tech giants. Swanson's previous ventures include Sometrics, which was acquired by American Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) in 2011, writes GeekWire.
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The startup has also made strategic acquisitions of its own, snapping up Laiyer AI, SydeLabs, Rebuff, and Huntr to expand its capabilities in red-teaming large language models and securing open-source AI supply chains. According to GeekWire, Protect AI currently employs around 120 people across offices in Seattle, Berlin, and Bangalore.
<h2 class="wp-block-heading">Strategic Moves with Long-Term Vision</h2>
The acquisition comes as cybersecurity experts warn of a widening AI threat surface. A 2024<a href="https://hiddenlayer.com/company/newsroom/hiddenlayer-ai-threat-landscape-report/"> report</a> by HiddenLayer revealed that nearly three-fourths of enterprises experienced at least one AI-related breach last year. That statistic has turned AI security from a niche concern into a boardroom priority.
Analysts expect massive growth in the space. In a 2024 report, Morgan Stanley <a href="https://www.morganstanley.com/articles/ai-cybersecurity-new-era">projected</a> the AI cybersecurity market will surge to $135 billion by 2030, reflecting a deepening need for solutions that can secure advanced machine learning environments.
This acquisition signals Palo Alto Networks' growing interest in AI-specific security as the technology becomes more embedded across sectors like software, finance, healthcare, and government.
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AMZN

ORCL

PANW

Palo Alto Networks Acquires Protect AI For $500M+, A Startup Backed By Salesforce, Samsung, And 01 Advisors In AI Security Push

Donald Trump will share the spotlight with a massive display of American military might next month, as the U.S. Army gears up to celebrate its 250th anniversary with a full-scale parade on June 14 — coinciding <a href="https://www.benzinga.com/personal-finance/25/05/45183970/behind-the-empty-docks-how-trumps-145-tariffs-are-gutting-u-s-supply-chains" target="_blank" rel="noreferrer noopener">with the president&#8217;s 79th birthday</a>.
Set to unfold on the National Mall in Washington, D.C., the &#8220;day-long festival&#8221; will feature over 6,000 troops, more than 100 military vehicles, and close to 50 aircraft, according to Army officials, <a target="_blank" href="https://www.bbc.com/news/articles/cy9vzrxxjdwo" rel="noreferrer noopener">reports </a>BBC.
Trump has long advocated for a grand military parade reminiscent of France&#8217;s Bastille Day spectacle, which he attended in 2017.
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He initially pitched the idea in 2018, aiming to host it on Veterans Day, but later abandoned the plan due to projected costs nearing $90 million.
White House officials now confirm that planning for the upcoming celebration is in full swing.
Organizers are exploring ways to expand the event with more demonstrations, greater community participation, and larger-scale exhibits of military hardware.
Trump also reignited controversy Friday by proposing to rename Veterans Day as &#8220;Victory Day for World War I,&#8221; arguing that the U.S. deserves more recognition for its decisive role in past global conflicts.
The White House later clarified that the current Veterans Day name will remain intact, though additional commemorations for WWI and WWII victories are being encouraged.
In another proposal, Trump called for May 8 — known internationally as Victory in Europe Day — to be formally observed in the U.S. as &#8220;Victory Day for World War II.&#8221;
While his renaming efforts remain uncertain, Trump will still receive a high-profile salute. The June 14 parade is expected to be both a patriotic showcase and a symbolic nod to his legacy.
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US Army's 250th Anniversary Parade To Coincide With Trump's 79th Birthday

Phoebe Gates, daughter of <a href="https://www.benzinga.com/personal-finance/25/04/45056962/bill-gates-says-hes-happier-as-a-billionaire-than-if-he-were-middle-class-you-dont-need-a-billionbut-freedom-from-worry-is-a-blessing">Bill Gates</a> and Melinda French Gates, has stepped into the startup world with the launch of Phia, a browser extension and mobile app designed to make <a href="https://www.benzinga.com/news/global/25/03/44359892/sustainable-style-how-ai-is-reducing-waste-in-the-fashion-world">fashion</a> shopping smarter, more sustainable, and more affordable for Gen Z consumers.
Phia, co-founded with Stanford University classmate Sophia Kianni, functions as a digital shopping assistant. The app <a href="https://phia.com/">says</a> it tracks pricing data across more than 40,000 online retailers, surfaces lower-cost alternatives, and according to <a href="https://www.theverge.com/news/656349/phoebe-gates-phia-shopping-app-extension">The Verge</a>, it also highlights secondhand options from platforms like The RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>), Poshmark, and Vestiaire Collective. Phia&#8217;s goal is to reduce waste while helping users make more financially and environmentally responsible purchases,<a href="https://www.geekwire.com/2025/phoebe-gates-launches-e-commerce-startup-heres-what-her-famous-parents-thought-of-the-idea/"> GeekWire</a> writes.
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<h2 class="wp-block-heading">$850K in Early Funding From High-Profile Backers</h2>
Gates and Kianni, both avid resale shoppers, created the tool after growing frustrated with the lack of reliable pricing and resale discovery options online. According to The Verge, in addition to retail price comparison, Phia's &#8220;Should I Buy This?&#8221; feature evaluates whether a shopper is overpaying by using product data, market history, and resale listings.
Despite the founder's household name, Phia was not funded by the Gates family. Instead, Phoebe Gates raised capital independently, starting with $100,000 from Soma Capital and a $250,000 Stanford social entrepreneurship grant, GeekWire writes. After multiple rejections, the team secured an additional $500,000 in angel investments, bringing the total raised to $850,000.
Among Phia's early supporters are major names from fashion and media. Kris Jenner, entrepreneur and matriarch of the Kardashian-Jenner brand empire, publicly confirmed her role as an investor and mentor during an appearance on "<a href="https://www.youtube.com/watch?v=eSGd9ZR6CQ0&amp;ab_channel=TheBurnoutswithPhoebe%26Sophia">The Burnouts</a>," a podcast hosted by the Phia founders. Jenner's involvement adds visibility and strategic guidance as the company targets a younger, trend-driven demographic.
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Investor and business strategist Desiree Gruber, known for her work on "Project Runway" and as the CEO of Full Picture, also joined the funding round, she said in a LinkedIn<a href="https://www.linkedin.com/posts/desiree-gruber-4b7a4564_phoebe-gates-and-sophia-kianni-launch-shopping-activity-7321537221025492993-16fh/"> post</a>. Her post praised the Phia founders and celebrated the launch with enthusiasm, showing her strong support for the company's mission and vision.
In addition to Jenner and Gruber, Phia's advisory circle includes media executive Joanne Bradford and Spanx founder Sara Blakely, both of whom are serving as company advisors. Bradford<a href="https://www.linkedin.com/feed/update/urn:li:activity:7321319756966383616/"> shared</a> on LinkedIn that she's been supporting the team behind the scenes over the past year on copy, product, and go-to-market strategy.
<h2 class="wp-block-heading">A Technology-Driven Approach To Conscious Commerce</h2>
Phia represents a growing wave of e-commerce tools that emphasize affordability without sacrificing ethics or style. By embedding into users' regular browsing experience, the app acts as a passive advisor, alerting shoppers to resale alternatives, sale opportunities, and pricing insights without disrupting their shopping flow, according to The Verge.
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Environmental sustainability is a core component of Phia's identity. In line with Bill Gates' well-known environmental initiatives, the app encourages secondhand shopping to reduce fashion-related carbon emissions and textile waste. While Phoebe Gates has leaned on her father for personnel advice, she did not seek financial involvement. "Luckily, it never happened," Bill Gates told <a href="https://www.businessinsider.com/bill-gates-phoebe-gates-phia-funding-2025-4">Business Insider</a>, explaining that he preferred not to play an oversight role in the company.
Melinda French Gates encouraged her daughter to raise her own capital, describing it as a growth opportunity. Phoebe Gates told<a href="https://www.nytimes.com/2025/04/24/style/phoebe-gates-bill-gates-resale-phia.html"> The New York Times</a> that the fundraising process was difficult but essential, adding that her mother "saw it as a real opportunity for me to, like, learn and fail."
<h2 class="wp-block-heading">Phia's Market Position and Growth Potential</h2>
Phia enters a crowded but evolving space alongside established price-comparison tools like Honey, Rakuten, and Capital One Shopping, The Verge writes. What sets Phia apart is its focus on fashion, its AI-driven resale discovery features, and its cultural positioning with Gen Z consumers.
The combination of venture capital, mentorship from high-profile investors, and a technology-forward product gives Phia a unique advantage in the e-commerce landscape. While still in its early stages, Phia's launch signals a broader trend toward merging climate-conscious values with consumer tech.&nbsp;
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Image: Shutterstock

REAL

Bill Gates' Daughter Launches Phia, A $850K AI-Powered Fashion App With Backing From Kris Jenner And Desiree Gruber

Editor&rsquo;s note: This article was originally published in July 2024. It has been updated in May 2025 to reflect current availability of the product and the evolving cultural context around cannabis.
&ldquo;Weed is fun. Let&rsquo;s face facts, it&rsquo;s fun,&rdquo; says Andrew Rea, the culinary maestro behind the wildly popular YouTube channel Binging with Babish, in an exclusive interview.
<h3>A Decade-Long Love Affair: From &lsquo;Vapor Poo&rsquo; To &lsquo;Digital&rsquo; Weed</h3>
Rea is not just a chef but a storyteller, seamlessly weaving narratives into recipes through his culinary recreations from movies, TV shows, and video games. His YouTube channel, Babish Culinary Universe, boasts more than 10 million subscribers and has become a beloved cornerstone of the online foodie community. His journey with cannabis, however, is a tale of personal discovery and therapeutic exploration.
&ldquo;When I first started smoking weed, the only options were from shady characters and college kids on bikes in New York City,&rdquo; Rea reflects with a smile. &ldquo;If you had told me about the tech and availability now&hellip; If you had told me that weed would effectively become digital, that we&rsquo;d have vaporizers that are disposable, that you would be able to walk around and smoke in a completely seamless and painless manner, and even get it delivered to your house above the letter of the law&hellip; I wouldn&rsquo;t have believed it. But that&#39;s the case now. It takes 45 minutes to order anything from my local dispensary.&rdquo;
Rea&#39;s journey with cannabis began about a decade ago, initially using it for both recreational and therapeutic purposes. &ldquo;I&#39;ve been roughly a daily user for about 10 years now, and it&rsquo;s been incredible to see the cannabis landscape change in that time.&rdquo; Battling anxiety and major depressive disorder, Rea finds solace and stability in cannabis. &ldquo;It&rsquo;s helped me manage my symptoms in some cases&hellip; and it&rsquo;s also just fun,&rdquo; he says.
Reminiscing about the early days, Rea talks about his first weed-infused culinary creations. &ldquo;I bought a vaporizer called The Magic Flight Launch Box, which looked like something a Boy Scout made,&rdquo; he laughs. &ldquo;Back then, the only way I could make edibles was by using vaporized weed &ndash; which is already decarboxylated, and spreading it on peanut butter and Graham crackers to make something called firecrackers. The vaporized weed was colloquially referred to as &lsquo;vapor poo,&rsquo;&rdquo; he adds with a humoristic tone.
<h3>The Babish THC-Infused Sugar Is Here</h3>
In 2024, Rea announced his latest cannabis venture: a collaboration with Old Pal to launch &quot;Old Pal x Babish THC-Infused Sugar&quot;. The product combines Old Pal&#39;s cannabis extracts with Rea&#39;s culinary sensibility, offering a versatile, precision-dosed THC-infused sugar designed for both novice and experienced consumers.
<img alt="Babish x Old Pal Sugar" src="https://imageio.forbes.com/specials-images/imageserve/667f1ae6619bf342de5f3533/Babish-x-Old-Pal-Sugar/960x0.jpg?format=jpg&amp;width=1440" style="height:416px; width:624px" />
Babish x Old Pal Sugar - Courtesy of Old Pal
&ldquo;I knew I wanted to make a THC-infused sugar that didn&rsquo;t add any flavor and could be used seamlessly in any recipe,&rdquo; Rea explains. &ldquo;It took quite a while to find a partner capable of doing that at the level Old Pal could. They not only met but exceeded my expectations.&rdquo;
The result is a sugar that offers precise dosing and easy integration into a wide range of recipes. Each teaspoon contains 5 MG of THC, allowing consumers to customize their experience. &ldquo;It&rsquo;s super accurate. If you use a set amount in your recipe and then divide that recipe into serving sizes, you know exactly how much you&rsquo;re taking into your system,&rdquo; Rea explains. &ldquo;You can also just grab a tablespoon-full and put it in your coffee, and you know exactly how much you&#39;re ingesting.&rdquo;
The sugar has since rolled out in dispensaries across select states.
Rea highlights the importance of safety and convenience in cannabis edibles. &ldquo;There&rsquo;s always a horror story about eating a brownie, not feeling anything for two hours, having another one, and then feeling like one&rsquo;s gonna die,&rdquo; he says. &ldquo;So, to be able to make predictable homemade edibles that are both safer... and more convenient is amazing. It&rsquo;s also one of the most pure cannabis experiences that I could imagine: it&rsquo;s the least harmful (I would imagine) for your body since you&rsquo;re not smoking it.&rdquo;
<h3>Only A High Person Could Think Of This</h3>
&ldquo;Weed let me look at the world through a new lens really, which I needed in my 20s when I was trying to make it in New York City,&rdquo; Rea reflects. &ldquo;I was thinking very inside the box, and it was very nice to take a peek outside the box thanks to cannabis here and there.&rdquo;
When asked if he was high when coming up with the idea for recreating recipes from movies, video games, TV shows, and cartoons, he candidly admits: &ldquo;I think so. If we&#39;re playing the odds here, it was nighttime in 2016... I&#39;d say I was very likely high.&rdquo;
He also emphasizes that cannabis isn&rsquo;t a cure-all: &ldquo;I recommend going to therapy first, not using weed to treat anything. It is not a fixer; it is an augmenter.&rdquo;
<h3>The Journey To Mainstream Acceptance</h3>
Rea&rsquo;s relationship with cannabis is multifaceted. He speaks about the therapeutic benefits, noting how it helps to &ldquo;round off the hard edges of the day.&rdquo; And while he uses prescription medication for his diagnosed conditions, cannabis complements his mental wellness. &ldquo;If alcohol blurs them [the hard edges], weed rounds them,&rdquo; he says.
He draws a thoughtful distinction between therapeutic and medicinal use: &ldquo;Instead of treating my existing conditions, which I use prescription medications to do, [cannabis] broadened my horizons... It gave me new perspectives and new experiences that I wouldn&#39;t have had otherwise.&rdquo;
<h3>Creative Cannabis Icons</h3>
When asked who he&#39;d most like to share a joint with, Rea doesn&#39;t hesitate: &ldquo;I want to smoke a joint with Daniels, the directors of Everything Everywhere All at Once.&rdquo;
He also dreams of sparking up with director Richard Linklater. &ldquo;He&#39;s one of my very favorite filmmakers, he filmed my favorite pot-smoking scene of all time, and he knows great music,&rdquo; he says.
<h3>The Future Of Edibles</h3>
Looking ahead, Rea continues to champion innovation in cannabis cuisine. &ldquo;I wanted to make something that definitely does the job for weed experts but also is inviting and accessible to people who have never tried cannabis before,&rdquo; he explains.
His collaboration with Old Pal marks a major step in that direction&mdash;blending culinary creativity, safety, and precise dosing in a format that&rsquo;s both fun and functional. And with growing access in multiple states and a growing audience of curious foodies, Rea&rsquo;s sugar may be just the beginning.
Read next:&nbsp;<a class="post-card-article-link" href="https://www.benzinga.com/markets/cannabis/25/04/44992856/willy-wonka-of-weed-opens-the-doors-to-the-raw-factory-heres-what-we-saw" target="_blank">&#39;Willy Wonka Of Weed&#39; Opens The Doors To The RAW Factory: Here&#39;s What We Saw</a>
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Follow me on <a href="https://www.twitter.com/javierhasse" rel="nofollow noopener noreferrer" target="_blank">Twitter</a> or <a href="https://www.linkedin.com/in/javierhasse/" rel="nofollow noopener noreferrer" target="_blank">LinkedIn</a>. Check out my <a href="https://elplanteo.com/" rel="nofollow noopener noreferrer" target="_blank">website</a> or some of my other work <a href="https://benzinga.com/cannabis" rel="nofollow noopener noreferrer" target="_blank">here</a>.
This article was originally published on <a href="https://www.forbes.com/sites/javierhasse/2024/07/11/binging-with-babishs-andrew-rea-talks-cannabis-launches-thc-sugar-weed-rounds-off-the-hard-edges-of-the-day/">Forbes</a> and appears here with permission.&nbsp;The article is from an external source. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.
Photo courtesy Old Pal

Cannabis

Entertainment

YouTube Star Babish Talks Cannabis: 'If Alcohol Blurs The Hard Edges, Weed Rounds Them... It's Not A Fixer—It's An Augmenter'

Dave Ramsey recently <a href="https://www.youtube.com/watch?v=uu3BNkFoa2E">took a call</a> on &#8220;The Ramsey Show&#8221; from a 26-year-old listener worried about the stock market dipping. Ramsey, known for his no-panic approach to investing, quickly put things in perspective.
<h2 class="wp-block-heading">&#8216;Not Even Close&#8217; to a Crash</h2>
&#8220;There&#8217;s nothing to indicate that this is a crash. Nothing,&#8221; Ramsey said. &#8220;The U.S. economy is not imploding and falling in. Not even close.&#8221;
He told the caller that the current market situation is <a href="https://www.benzinga.com/content/44921683/this-volatile-market-is-made-for-nickel-and-diming-these-names">more about volatility</a> and uncertainty, not a sign of an economic collapse. Ramsey was direct when pointing fingers at the source of the market&#8217;s anxiety.
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<h2 class="wp-block-heading">Trump and Market Volatility</h2>
&#8220;The stock market does not like an <a href="https://www.benzinga.com/general/market-summary/25/04/45029647/experts-say-new-tariffs-could-spark-higher-prices-and-shortages-within-weeks">unpredictable environment</a>, and this is unpredictable as crud right now,&#8221; he said. &#8220;Because people don&#8217;t know what&#8217;s going to happen exactly, because I think Trump makes it up every morning.&#8221;
Ramsey explained that this unpredictability is fueling short-term swings, but it doesn&#8217;t change the long-term strength of the economy or the stock market&#8217;s overall growth pattern.
<h2 class="wp-block-heading">Long-Term View Still Wins</h2>
He reminded listeners that the S&amp;P 500 had strong years in 2023 and 2024, with returns of around 23% to 26% each year. A small 6% to 8% drop in the market now, he said, is hardly a crisis when looking at the bigger picture.
&#8220;When in doubt, zoom out,&#8221; Ramsey&#8217;s co-host, George Kamel, advised. He encouraged investors to <a href="https://www.benzinga.com/etfs/25/03/44524295/exclusive-advisorshares-portfolio-manager-says-market-nervous-in-2025-encourages-investors-to-have-long-term">focus on long-term trends</a> rather than day-to-day headlines: &#8220;Time in the market beats timing the market.&#8221;
Trending: Hasbro, MGM, and Skechers trust this AI marketing firm — <a href="https://www.benzinga.com/money/rad-intel">invest pre-IPO from $0.60 per share now</a>.
<h2 class="wp-block-heading">Personal Example of Patience</h2>
Ramsey also shared a personal example: he has about $5 million sitting in an S&amp;P 500 account intended for a real estate purchase. While the account has temporarily dropped by about $200,000, he said he has not &#8220;lost&#8221; anything because he hasn&#8217;t sold.
&#8220;If you sell, you take the loss. I didn&#8217;t lose anything. I&#8217;m just sitting here watching with great amusement the roller coaster ride,&#8221; he said.
Instead of pulling money out, Ramsey said he&#8217;s &#8220;scratching around for some extra money to throw in right now&#8221; because he sees it as a chance to buy stocks on sale.
<h2 class="wp-block-heading">Keep Investing Through the Ups and Downs</h2>
He wrapped up with a precise message: &#8220;We&#8217;re going to invest when it&#8217;s up and we&#8217;re going to invest when it&#8217;s down. We&#8217;re going to invest and we&#8217;re going to invest. And then we&#8217;re going to look up and we&#8217;re going to be worth millions of dollars. This is how we do it.&#8221;
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Dave Ramsey Says The Stock Market Is 'Unpredictable As Crud Right Now,' Claiming Trump 'Makes It Up Every Morning' And Fuels The Chaos

At the annual shareholder meeting of Berkshire Hathaway (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) on Saturday, Warren Buffett has voiced his criticism of the present administration's trade policy
At the annual shareholder meeting of Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BRK.A#NYSE">BRK.A</a>) on Saturday, Warren Buffett has voiced his criticism of the present administration&#8217;s trade policy, labeling the imposition of punitive tariffs on global trade as a severe mistake.
What Happened: During the session, Buffett expressed his discontent with the current aggressive trade policy, without directly mentioning President Donald Trump.
Addressing the gathering, Buffett <a href="https://www.youtube.com/watch?v=1LWBphTImy4">said</a>, emphasized, &#8220;Trade should not be a weapon,&#8221; and cautioned against provoking billions of people worldwide with punitive tariffs. 
"Trade should not be a weapon. The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago There's not been anything like it," Buffett said. 
"It's a big mistake, in my view, when you have seven and a half billion people that don't like you very well, and you got 300 million that are crowing in some way about how well they've done &#8211; I don't think it's right, and I don't think it's wise," he added.
His remarks were made following the White House&#8217;s recent introduction of the highest import levies in decades, which has caused considerable market instability.
Also Read: <a href="https://www.benzinga.com/news/25/03/44211240/warren-buffett-on-debt-and-donald-trumps-money-moves-trump-never-went-right">Warren Buffett on Debt and Donald Trump&#8217;s Money Moves: Trump &#8216;Never Went Right&#8217;</a>
"I do think that the more prosperous the rest of the world becomes, it won't be at the our expense, the more prosperous we'll become, and the safer we'll feel, and your children will feel someday," Buffett said.
The esteemed investor also underscored the significance of global prosperity, asserting that a prosperous world would not come at the cost of the United States, but rather enhance its safety and prosperity.
In its first-quarter earnings report Berkshire Hathaway noted that tariffs and other geopolitical events have generated &#8220;considerable uncertainty&#8221; for the conglomerate. 
The company also disclosed that it has been operating defensively, selling stocks for 10 consecutive quarters, resulting in a record cash reserve of $347 billion at the end of March.
Why It Matters: Buffett&#8217;s comments come at a time when the world is grappling with the economic impacts of the current administration&#8217;s hardline trade policy. The policy has been marked by the imposition of high tariffs, leading to significant market volatility and uncertainty. 
This has prompted companies like Berkshire Hathaway to adopt a defensive stance, selling stocks and amassing cash reserves. Buffett&#8217;s criticism of the policy underscores the potential risks and challenges it poses to global trade and prosperity. 
His remarks serve as a reminder of the importance of maintaining a balanced and cooperative approach to global trade, for the benefit of all nations involved.
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Earnings

BRK-A

Warren Buffett Warns Tariffs Could Backfire on Economy, Says, 'Trade Should Not Be A Weapon. It's A Big Mistake, I Don't Think It's Wise'

At the annual shareholder meeting of Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) on Saturday, Warren Buffett has voiced his criticism of the present administration&#8217;s trade policy, labeling the imposition of punitive tariffs on global trade as a severe mistake.
What Happened: During the session, Buffett expressed his discontent with the current aggressive trade policy, without directly mentioning President Donald Trump.
Addressing the gathering, Buffett <a href="https://www.youtube.com/watch?v=1LWBphTImy4">said</a>, emphasized, &#8220;Trade should not be a weapon,&#8221; and cautioned against provoking billions of people worldwide with punitive tariffs. 
"Trade should not be a weapon. The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago There's not been anything like it," Buffett said. 
"It's a big mistake, in my view, when you have seven and a half billion people that don't like you very well, and you got 300 million that are crowing in some way about how well they've done &#8211; I don't think it's right, and I don't think it's wise," he added.
His remarks were made following the White House&#8217;s recent introduction of the highest import levies in decades, which has caused considerable market instability.
Also Read: <a href="https://www.benzinga.com/news/25/03/44211240/warren-buffett-on-debt-and-donald-trumps-money-moves-trump-never-went-right">Warren Buffett on Debt and Donald Trump&#8217;s Money Moves: Trump &#8216;Never Went Right&#8217;</a>
"I do think that the more prosperous the rest of the world becomes, it won't be at the our expense, the more prosperous we'll become, and the safer we'll feel, and your children will feel someday," Buffett said.
The esteemed investor also underscored the significance of global prosperity, asserting that a prosperous world would not come at the cost of the United States, but rather enhance its safety and prosperity.
In its first-quarter earnings report Berkshire Hathaway noted that tariffs and other geopolitical events have generated &#8220;considerable uncertainty&#8221; for the conglomerate. 
The company also disclosed that it has been operating defensively, selling stocks for 10 consecutive quarters, resulting in a record cash reserve of $347 billion at the end of March.
Why It Matters: Buffett&#8217;s comments come at a time when the world is grappling with the economic impacts of the current administration&#8217;s hardline trade policy. The policy has been marked by the imposition of high tariffs, leading to significant market volatility and uncertainty. 
This has prompted companies like Berkshire Hathaway to adopt a defensive stance, selling stocks and amassing cash reserves. Buffett&#8217;s criticism of the policy underscores the potential risks and challenges it poses to global trade and prosperity. 
His remarks serve as a reminder of the importance of maintaining a balanced and cooperative approach to global trade, for the benefit of all nations involved.
Read Next
<a href="https://www.benzinga.com/markets/25/04/44778463/warren-buffetts-wealth-grows-even-amid-tariff-war-and-global-market-turmoil">Warren Buffett&#8217;s Wealth Grows Even Amid Tariff War and Global Market Turmoil</a>

Brazilian startup Mombak has secured $30 million in a Series A funding round led by Union Square Ventures, with participation from existing <a href="https://www.benzinga.com/news/25/04/44911292/insane-mark-cuban-thinks-us-investors-will-start-exporting-talent-and-funding-startups-abroad-to-cut-costs">investors</a> Kaszek, Bain Capital, and AXA IM Alts, as well as new backers Lowercarbon Capital and Copa Investimentos.
This funding will support Mombak&#8217;s mission to restore degraded farmland in the <a href="https://www.benzinga.com/government/regulations/25/01/43137590/microsoft-invests-in-carbon-credits-to-restore-amazon-rainforest-faces-challenges-from-data-center-growth-trumps-fossil-fuel-focus">Amazon rainforest</a> using native species and generate carbon credits for companies seeking to offset their greenhouse gas emissions, according to<a href="https://www.reuters.com/sustainability/climate-energy/brazil-reforestation-startup-mombak-raises-30-million-usv-led-round-2025-04-29/"> Reuters</a>.
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<h2 class="wp-block-heading">Mombak&#8217;s Ambitious Growth</h2>
Since its founding in 2021 by Gabriel Silva, former CFO of Nubank, and Peter Fernandez, former CEO of 99, Mombak has planted 5 million native trees across 45,000 acres, an area three times the size of Manhattan, Reuters writes. The company aims to reach 8 million trees planted by June.
&#8220;We are moving from startup to scale-up,&#8221; co-founder Gabriel Silva told Reuters. &#8220;We decided it was time to have a new capital round to invest in this new phase: taking our initial business and doing it in a much larger scale.&#8221;
Mombak&#8217;s approach involves acquiring or partnering with owners of degraded Amazon land to restore native vegetation, generating carbon credits that companies can purchase to offset their emissions. This model not only helps in carbon sequestration but also contributes to biodiversity and ecosystem restoration in the Amazon.
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<h2 class="wp-block-heading">Carbon Credit Demand Soars with Big Tech Support</h2>
According to Reuters, Mombak has already signed $150 million worth of carbon removal offtake contracts and expects that number to quadruple within the next year. Major companies such as Google, Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Meta (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and McLaren Racing have already committed to purchasing credits from Mombak, a sign that big tech is taking nature-based carbon removal seriously,<a href="https://www.reuters.com/sustainability/climate-energy/google-buys-carbon-removal-credits-brazil-startup-joining-microsoft-2024-09-19/"> Reuters</a> writes.
Google recently agreed to buy 50,000 metric tons of carbon credits from Mombak by 2030, marking its first carbon removal partnership in South America. Microsoft, ahead of the curve, also signed a contract in 2023 to purchase up to 1.5 million carbon credits from Mombak. Meta has also pledged support through its participation in the Symbiosis Coalition, a group that includes Microsoft, Google, and Salesforce, which committed to contracting up to 20 million tons of nature-based carbon removal credits by 2030, according to Reuters.
McLaren Racing, the iconic Formula 1 team, joined this growing list of partners by purchasing credits from the startup as part of its mission to reach net-zero emissions by 2040, Mombak <a href="https://mombak.com/news/mclaren-buys-carbon-credits-in-quest-for-net-zero/">announced</a>. These partnerships signal growing industry confidence in the scalability and quality of Mombak's carbon removal strategy.
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<h2 class="wp-block-heading">Public and Private Capital Fuel Climate Restoration</h2>
In addition to private equity and venture funding, Mombak recently secured $17.8 million through a joint commitment from Santander Brasil and Brazilian state development bank BNDES, Reuters<a href="https://www.reuters.com/sustainability/climate-energy/santander-bndes-back-mombak-reforestation-drawing-brazil-climate-fund-2025-04-07/"> writes</a>. This makes Mombak the first reforestation project to receive support from Brazil's $2 billion New Climate Fund, launched in 2023 to advance climate-focused initiatives.
Andy Weissman, managing partner at Union Square Ventures, emphasized the importance of this work, stating, "We believe that carbon removal will be one of the defining industries of the 21st century. We're proud to support Mombak's mission to turn the Amazon into a global engine for climate restoration."
<h2 class="wp-block-heading">The Road Ahead</h2>
With over $200 million raised since its founding, Mombak stands at the intersection of environmental impact and economic innovation. The company's commitment to large-scale reforestation, combined with demand from global corporations, positions it to lead a new wave of climate restoration rooted in natural solutions.
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Image: Shutterstock

MSFT

Google, Microsoft, Meta, And McLaren Back Mombak's $30M Amazon Reforestation Push, Targeting $600M In Carbon Credit Deals By 2025

As <a href="https://www.benzinga.com/25/04/45026616/trumps-trade-war-causes-sharp-decline-in-us-imports-from-china">U.S. ports</a> begin to empty and retailers brace for impact, experts warn that we are just beginning to feel the ripple effects of President Donald Trump's new 145% tariffs on Chinese goods. While social media buzz paints an exaggerated picture of ghost ports, the underlying supply chain disruption is very real — and it could soon hit home for American consumers.
<h2 class="wp-block-heading">Slow Ships, Sudden Shock</h2>
Tariffs don't grind global trade to a halt overnight. Freight ships from China typically take several weeks to reach U.S. ports. But already, the effects of paused or canceled shipments are being seen, particularly at major hubs like the Port of Los Angeles.
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Gene Seroka, executive director of the port, told <a href="https://www.cnbc.com/video/2025/04/29/port-of-las-gene-seroka-on-tariff-impact-retailers-have-about-5-7-weeks-of-full-inventories-left.html">CNBC</a> that shipments from China have "essentially ceased," and the port expects a 35% decline in cargo arriving next week.
Seroka added that large retailers have just five to seven weeks of inventory left before supply issues start to surface. &#8220;Until some accord or framework can be reached with China, the volume coming out of there, save a couple of different commodities, will be very light at best,&#8221; he said.
<h2 class="wp-block-heading">A Chain Reaction Through the Economy</h2>
According to <a href="https://fortune.com/article/trump-tariffs-empty-shelves-trucking-ports/">Fortune</a>, the slowdown will unfold in stages. In early May, consumers may begin noticing delays and product shortages. By mid-May, the trucking industry could feel the crunch as fewer goods arrive to be transported — resulting in layoffs. <a href="https://www.apolloacademy.com/probability-of-vtrr-90/">Apollo Global Management</a> forecasts that this could spiral into a full-blown recession by mid-summer.
Products expected to be hit hardest include fast fashion, children's toys, and back-to-school supplies. That's because the U.S. imports much of its apparel and low-cost consumer goods from China, and retail shelves are replenished months in advance.
Trending: How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.
<h2 class="wp-block-heading">Fact vs. Fiction at the Ports</h2>
Despite widely shared videos showing empty container yards, not all U.S. ports are equally impacted. The <a href="https://www.nwseaportalliance.com/newsroom/nwsa-q1-2025-teu-volumes-19">Northwest Seaport Alliance</a> reports that the Port of Seattle saw a 20% increase in cargo traffic over the first four months of 2025, compared with the same time last year.
Port Commissioner Ryan Calkins acknowledged the threat of tariffs but urged calm. "There is no reason to panic," he said. "We have a diverse global economy." Still, he cautioned that if the tariffs continue, holiday shopping later in the year could be affected, especially for items like clothing and electronics.
<h2 class="wp-block-heading">Retailers and Officials Scramble</h2>
<a href="https://www.benzinga.com/markets/equities/25/04/45037102/walmart-home-depot-target-push-chinese-suppliers-to-resume-shipments-agree-to-absorb-tariffs-report">Major retailers</a> like Walmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Home Depot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) have already tried to front-load shipments ahead of the tariff hike. According to Fortune, this led to record import activity at some ports earlier in the year. But experts warn that these stockpiles are only a temporary buffer. Jonathan Gold, vice president for supply chain and customs policy at the National Retail Federation, <a href="https://nrf.com/media-center/press-releases/import-cargo-levels-to-drop-sharply-amid-new-tariffs-and-uncertainty">said</a> that companies "will pull back and rely on built-up inventories, at least long enough to see what will happen next."
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Unfortunately, what's next remains unclear. The U.S. and China have offered conflicting reports about the status of trade negotiations. In the meantime, supply chain gaps are growing, cancellations of transpacific shipping routes are increasing, and uncertainty looms large.
<h2 class="wp-block-heading">The Bottom Line</h2>
While viral videos may not always tell the full story, the impact of <a href="https://www.benzinga.com/25/04/45058018/trumps-145-china-tariffs-spark-seller-backlash-as-amazon-prime-day-2025-faces-pullouts-and-discount-cuts-report">Trump's 145% tariffs</a> on China is already rippling through U.S. supply chains. Consumers may not feel the pain immediately, but signs point to a summer of higher prices, fewer choices, and tough decisions for businesses and shoppers alike.
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