It may have come as a surprise to those of us in attendance at the Berkshire Hathaway meeting in Omaha this Saturday, but Warren Buffett gracefully said he'll be stepping aside as CEO at the end of the year, ending the greatest 60-year run in business history. The 94-year old paved the way for his successor, Greg Abel, but reassured investors and the Berkshire faithful that he'll be hanging around to provide his infinite wisdom to the new leadership team, and to the rest of us. Listen to Warren's enduring words of wisdom, and to his faithful investors and students who are on the lifelong investing journey with him.

Links for show notes:
https://www.investopedia.com/terms/m/marketcapgdp.asp
https://www.investopedia.com/articles/markets/041714/how-warren-buffett-made-berkshire-hathaway-worldbeater.asp
https://www.investopedia.com/warren-buffett-to-step-down-as-ceo-of-berkshire-hathaway-at-year-end-11727785
https://www.investopedia.com/what-to-expect-in-the-markets-this-week-11725770
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp
https://buffett.cnbc.com/warren-buffett-archive/
https://www.investopedia.com/terms/m/marketcapgdp.asp
https://www.youtube.com/watch?v=1Nvte97VM6Y

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Chef Kwame Onwuachi is one of the most influential and innovative chefs working today. A James Beard Award-winner, best-selling author, entrepreneur, and storyteller, Chef Kwame derives his inspiration from the world and the communities he grew up with in the Bronx, NY, and his never-ending educational journey through food, flavor and history. Our conversation took place at Future Proof CityWide in Miami Beach in March, as part of the Recipe for Innovation Live series from Invesco QQQ, in partnership with Investopedia and Food and Wine.

Resources:

https://www.invesco.com/qqq-etf/en/recipe-for-innovation.html
https://www.tatiananyc.com/
https://www.kwameonwuachi.com/
https://www.foodandwine.com/author/ray-isle
https://futureproofhq.com/citywide/

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A de-escalation in the tariff sabre rattling between the U.S. and China brought the buyers back into the stock market, lifting it well out of correction territory as investors hope for cooler heads to prevail. But the damage to retail supply chains may have been done as the National Retail Federation warns of a 20% hit to sales if the tariffs remain on core items, and the big ticket holiday spending events like Halloween may be at risk.
Plus, a rare breadth indicator resurfaces as stocks surge, reminding us that we are investing in a headline driven environment.

Resources:
https://nrf.com/media-center/press-releases/import-cargo-levels-to-drop-sharply-amid-new-tariffs-and-uncertainty

https://www.investopedia.com/what-to-expect-in-the-markets-this-week-april-28-2025-11721321

https://www.hiaonline.org/news/698973/Press-Release---Tariffs-Threaten-to-Cancel-Halloween-and-Cripple-Christmas.htm

https://www.investopedia.com/terms/b/breadth-thrust-indicator.asp

https://www.carsongroup.com/insights/blog/team-members/ryan-detrick/

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David Booth, the founder and Chairman of Dimensional Funds, on how he and a group of future Nobel Prize winners came together at the University of Chicago in the late 1960’s and 70’s and revolutionized the investing world by applying data, for the first time, to quantify the real performance of the stock market, and to shine a glaring spotlight on the way Wall Street used to work. In the process, they created Dimensional Funds - one of the most successful investing firms in history.

LINKS:

https://www.dimensional.com/us-en/who-we-are/about-us

https://www.youtube.com/watch?v=T98825bzcKw

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The Big Money continues to flee U.S. assets amid more policy uncertainty and lack of guidance from C-Suites, but that hasn’t stopped individual investors from trying to buy the dips. That strategy has backfired, but they show no signs of giving up, yet. Plus, the president brings the smoke to the Fed Chair, but Powell may be protected by a key piece of legislation from 1913.

Resource links:

https://www.vandaresearch.com/

https://www.investopedia.com/investors-are-scared-but-not-selling-these-stocks-are-keeping-them-in-the-market-11716780

https://www.investopedia.com/terms/f/1913-federal-reserve-act.asp

https://www.investopedia.com/trump-hints-at-firing-powell-after-fed-chair-signals-no-rate-cut-soon-11717006

https://www.investopedia.com/what-to-expect-in-the-markets-this-week-11717208

https://www.vandaresearch.com/

 https://www.investopedia.com/investors-are-scared-but-not-selling-these-stocks-are-keeping-them-in-the-market-11716780

https://www.npr.org/2025/04/17/1245273497/economic-lessons-learned-from-investopedia-and-ferris-bueller

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As the biggest stocks in the market continue their dizzying selloff, retail investors have been buying the dip at levels we haven't seen since just after the pandemic lockdowns. Vanda Research reported record inflows into the Magnificent 7 and other widely-held stocks like Palantir after April 2nd, and buying the dip has proved very painful during this correction. Marco Iachini, the S.V.P. of Research for Vanda Research, joins the Investopedia Express Conversation Series to break down what we've been buying, and searches for signs of capitulation across the stock market.

LINKS FOR SHOW NOTES:

https://www.vandaresearch.com/

https://www.investopedia.com/investors-are-scared-but-not-selling-these-stocks-are-keeping-them-in-the-market-11716780

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Last week's softening of the Trump administration's tariff policies super charged the stock market to its biggest daily gains in years, but incoherent messaging from the White House has investors second-guessing the rally in stocks and selling U.S. Treasuries and the Dollar. Plus, retail investors have been trying to catch falling knives amid the market volatility by buying the dips, but that strategy has backfired in this cycle, and trust in our capital markets has been compromised. And, big bank CEOs are warning about a recession, but beauty stylists are already seeing it show up at the salon.

Links for show notes:

https://content.govdelivery.com/bulletins/gd/USDHSCBP-3db9e55?wgt_ref=USDHSCBP_WIDGET_2

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

https://www.investopedia.com/trump-exempts-smartphones-computers-chips-from-tariffs-11714237

https://www.investopedia.com/terms/l/lipstick-effect.asp

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Steve Eisman, who was profiled in the terrific book and movie, "The Big Short", explains why he's not shorting any parts of the market right now, but what he would bet against under certain conditions. He explains what's different about this recent volatility and the Great Financial Crisis and the crash of 1987, and how the tariff war might play out as negotiations continue. Plus, his thoughts on Steve Carell's portrayal of him in the movie and how that has changed his life.

Links: https://www.audacy.com/podcast/the-eisman-playbook-048f2

https://www.investopedia.com/articles/investing/020115/big-short-explained.asp

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Liberation Day last week brought the biggest selloff in the stock market since the early days of the pandemic as investors couldn't get out of stocks fast enough, putting a swift end to the bull market that began running in October of 2022. Fed Chair Jerome Powell preaches patience as the impacts of the tariffs are still unknown, but consumers and investors haven't been this pessimistic in years. We lay out three scenarios for what might happen next in the tariff war, but one thing is for certain - no one - not even our elected officials, really knows. Plus, the Fed Chair shares his favorite economic indicator and Grateful Dead albums.

LINKS for show notes

https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/

https://sabew.org/

https://www.investopedia.com/stocks-just-had-one-of-their-worst-weeks-of-this-century-update-11709694

https://www.investopedia.com/what-to-expect-in-the-markets-this-week-11708734

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Investors have been bracing for, and selling ahead of April 2nd, dubbed "Liberation Day", by The White House, when hundreds of billions of dollars in tariffs are set to be imposed on Canada, Mexico and China. That has driven consumer and investor sentiment down to multi-year lows as we ready ourselves for more inflation and profit pressure. Meanwhile, the rise of a new coalition of autocracies called the CRINK's has been very busy doing business with one another in Russia, China, Iran and North Korea, and they are doing it without the Dollar. What a declining greenback means for the strength of the U.S. economy as it enters a new era of protectionism.

LINKS for show notes:

https://www.bis.doc.gov/index.php/other-areas/office-of-technology-evaluation-ote/section-232-investigations

https://www.investopedia.com/terms/p/protectionism.asp

https://globaltradealert.org/

https://www.investopedia.com/what-to-expect-in-the-markets-this-week-11704419

https://www.investopedia.com/investors-are-gripped-by-fear-and-distrust-but-hold-onto-favorite-stocks-11703339

https://www.youtube.com/watch?v=lnG2EvqRKbA

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