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Economist Peter Schiff criticized the Federal Reserve&#8217;s 2% inflation target as a pretext for accommodative monetary policy, amid Fed Chair Jerome Powell&#8216;s recent congressional testimony highlighting <a href="https://www.benzinga.com/25/02/43668443/powell-to-congress-fed-is-not-there-yet-on-inflation-cpi-was-above-every-forecast-us-debt-path-is-unsustainable">persistent inflation concerns</a>.
What Happened: In a post on X on Sunday, Schiff argued that the Fed&#8217;s 2% target, introduced in 2012, served as justification for quantitative easing and zero interest rate policies. &#8220;For the first 99 years of the Fed&#8217;s existence, the unofficial target was zero, as the mandate was price stability,&#8221; Schiff wrote.
Former central banker Neil Grossman added historical context, noting that the 2% inflation concept originated with the Reserve Bank of New Zealand in 1995 before other central banks adopted it. Grossman suggested the Fed used this target to &#8220;ignore one leg of their statutory mandate.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I believe the 2% inflation concept was introduced by the RBNZ in 1995 and slowly adopted by other CBs. In the Fed's case it was just another opportunity to ignore one leg of their statutory mandate (price stability) which as you point out is 0%. The dual mandate includes full…
&mdash; Neil Grossman (@Neilytics) <a href="https://twitter.com/Neilytics/status/1893742592271266217?ref_src=twsrc%5Etfw">February 23, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/personal-finance/25/02/43904075/warren-buffett-said-he-could-end-u-s-deficit-in-5-minutes-if-you-guys-cant-get-it-done-well-get-some-other-guys-to-get-it-done">Warren Buffett Said He Could End U.S. Deficit In 5 Minutes: &#8216;If You Guys Can&#8217;t Get It Done, We&#8217;ll Get Some Other Guys To Get It Done&#8217;</a>
Why It Matters: The criticism comes as Powell told Congress that inflation, currently at 3%, remains above the Fed&#8217;s target. &#8220;Today&#8217;s inflation print shows we&#8217;re close but not there yet,&#8221; Powell said during his House Financial Services Committee testimony. Core inflation, excluding food and energy, increased <a href="https://www.benzinga.com/25/02/43668443/powell-to-congress-fed-is-not-there-yet-on-inflation-cpi-was-above-every-forecast-us-debt-path-is-unsustainable">more than expected to 3.3%</a>.
Recent Fed minutes revealed officials see &#8220;a high degree of uncertainty&#8221; requiring a careful approach to rate decisions. Market participants are closely monitoring these developments, with major retailers like Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) expressing caution about economic uncertainties and <a href="https://in.benzinga.com/news/econ-s/25/02/43895372/walmarts-warning-fed-highlights-inflation-risks-chinese-stocks-surge-this-week-in-markets">persistent inflation pressures</a>.
Powell emphasized the Fed&#8217;s commitment to its restrictive stance, declining to specify an inflation threshold for rate cuts. He also raised concerns about the U.S. fiscal outlook, describing the current debt path as &#8220;unsustainable&#8221; given large <a href="https://www.benzinga.com/25/02/43668443/powell-to-congress-fed-is-not-there-yet-on-inflation-cpi-was-above-every-forecast-us-debt-path-is-unsustainable">deficits and low unemployment</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

News

Economics

Peter Schiff Slams Fed's 2% Inflation Target: 'For The First 99 Years… The Unofficial Target Was Zero' Amid Jerome Powell's Inflation Concerns

A TikTok <a href="https://www.tiktok.com/@proudunionguy/video/7471336532293553451">video</a> by Proud Union Guy is getting a lot of attention for calling out &#8220;bootlickers&#8221;—those who defend corporate profits over fair wages and labor rights. The video has sparked intense discussions and over a thousand comments on Reddit and TikTok from people venting their grievances and experiences.
<h2 class="wp-block-heading">What's A Bootlicker?</h2>
According to Proud Union Guy, a &#8220;bootlicker&#8221; is someone who sides with corporations at the expense of workers. For example, he says that if you think record corporate profits are fine but get upset when <a href="https://www.benzinga.com/news/24/10/41303608/hundreds-of-hilton-hotel-workers-strike-at-seattle-airport-demand-higher-wages-and-reversal-of-covid">workers demand higher wages</a>, you might be a bootlicker. If you believe staying late without pay proves dedication instead of being exploited, same deal.&nbsp;
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Other signs include blaming high prices on worker pay instead of <a href="https://www.benzinga.com/government/24/05/38724294/biden-says-hes-already-turned-economy-around-blames-corporate-greed-for-persistently-high-inflation">greedy companies</a>, thinking unions have too much power while ignoring how big businesses control everything, or getting mad at workers on strike instead of the companies paying them unfairly.
<h2 class="wp-block-heading">Workers Are Weighing In</h2>
The video quickly took off, with many viewers agreeing and sharing stories of coworkers who fit the description. One <a href="https://www.reddit.com/r/UnitedAssociation/comments/1ippfvp/we_all_know_somebody_that_would_flunk_this_quiz/">Reddit</a> user commented, &#8220;I bet we all know a guy or two working after hours doing paperwork or taking phone calls.&#8221; Another pointed out, &#8220;My foreman at my last job told my partner and I that we should be grateful to have a job. Kind of funny since the only reason he was a foreman was through nepotism.&#8221;
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One worker said, &#8220;Way too many trumpy guys in the unions voting for our own downfall because they've been poisoned by social media propaganda,&#8221; expressing their annoyance at coworkers who vote against their own interests. One user even &#8220;outed&#8221; their son as a bootlicker saying, &#8220;My dumbass kid is one of them. Funny thing is, I&#8217;m non-union ([International Brotherhood of Electrical Workers] is weak af where I live) but he&#8217;s [United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada]. He drank the Kool aid and voted against his own self interests, despite me trying to talk him out of it. Now he&#8217;s all pissed because he feels lied to. I tried to tell ya kiddo.&#8221;
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<h2 class="wp-block-heading">Not Everyone Agrees</h2>
While the video got a lot of support, not everyone was on board. Some critics mocked the TikToker's delivery, pointing out his sunglasses, clean gear, and toothpick as signs of trying too hard. Others argued that unions sometimes protect <a href="https://www.benzinga.com/25/02/43723246/meta-faces-backlash-as-laid-off-workers-say-they-were-unfairly-targeted-despite-strong-performance-records">underperforming workers</a>, sharing their own negative experiences. A few even questioned the term &#8220;bootlicker,&#8221; noting that billionaires don't wear boots, so maybe &#8220;Italian shoe licker&#8221; would be more accurate.
Whether you agree with Proud Union Guy or not, the debate over labor rights and fair pay isn't going away. With corporations <a href="https://www.benzinga.com/government/regulations/25/02/43596413/corporate-americas-best-earnings-in-3-years-will-tariffs-end-wall-streets-honeymoon">raking in record profits</a> while many workers struggle, conversations about who benefits from the system—and who defends it—are bound to continue.
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'Are You A 'Bootlicker?' Viral Video Lists The Signs Of A Corporate Bootlicker, And People Are Calling Out Their Coworkers

<a href="https://www.benzinga.com/personal-finance/25/02/43718032/warren-buffett-was-asked-how-a-regular-person-gets-rich-he-detailed-exactly-how-hed-make-30-billion-starting-over-with-only-10000">Warren Buffett</a> back in 2011 made a bold <a href="https://www.cnbc.com/2011/07/07/warren-buffetts-5minute-plan-to-fix-the-deficit.html">claim on CNBC</a>. He said he could fix the U.S. deficit in five minutes. His idea? Make sure politicians actually feel the consequences of their spending habits.
"You just pass a law that says that any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election," Buffett said. He laughed, but his point was clear: politicians don't fix the deficit because there's no real incentive for them to do so. "A more effective threat would be just to say, ‘If you guys can't get it done, we'll get some other guys to get it done.'"
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Nearly 14 years later, the deficit hasn't just stuck around—it's ballooned. In 2011, the U.S. debt was around $14.3 trillion. As of 2025? It's now <a href="https://www.jec.senate.gov/public/vendor/_accounts/JEC-R/debt/Monthly%20Debt%20Update.html#:~:text=As%20of%20January%202025,%20of,16.75%25%20($4.84%20trillion).">past $36 trillion</a>, with an annual deficit projected at $2.84 trillion. If Buffett thought Washington was reckless in 2011, what would he say now?
<h2 class="wp-block-heading">Enter Trump and Musk: A New Plan to Cut the Deficit</h2>
In a move that nobody saw coming at the time, President Donald Trump—reelected in 2024—teamed up with billionaire Elon Musk to take a <a href="https://www.benzinga.com/news/25/02/43801493/this-says-it-all-says-mark-cuban-as-doge-website-was-still-blank-despite-musks-claim-that-all-department-actions-were-posted-there">swing at government inefficiency</a>. Their newly formed Department of Government Efficiency aims to trim federal spending by up to $2 trillion by July 4, 2026.
DOGE, which Musk himself is leading, has already started slashing budgets, focusing on programs under agencies like USAID and the Department of Health and Human Services. So far, their reported savings sit at $55 billion, a small dent in their massive goal — but it's only been four weeks.&nbsp;
Trending: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
Trump, never one to shy away from bold claims, has praised Musk as the smartest guy for the job. But not everyone is convinced. Conservatives are torn—some love the aggressive cost-cutting, while others point out that major entitlement programs, which make up a <a href="https://www.benzinga.com/personal-finance/25/02/43759664/trump-investigates-u-s-debt-for-fraud-suggests-treasury-payments-might-not-count">bulk of federal spending</a>, remain untouched.
<h2 class="wp-block-heading">Would Buffett's Idea Have Worked?</h2>
Buffett's plan was simple but ruthless: make politicians personally accountable for running deficits. But in reality, Congress would never pass such a law—because it would mean voting themselves out of power.
In a 2011 CNBC article, an attorney pointed out that there is a legal loophole that could make it happen. Under Article V of the U.S. Constitution, two-thirds of state legislatures could call for a convention to propose an amendment. If three-fourths of the states ratified it, it would become law—no Congressional approval needed. But as the attorney noted, odds of that happening would have been slim and the process would take longer than "five minutes."
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<h2 class="wp-block-heading">The Same Problem, Just Bigger</h2>
The more things change, the more they stay the same. Washington is still <a href="https://www.benzinga.com/markets/25/02/43756938/ray-dalio-warns-of-looming-us-debt-crisis-says-america-faces-economic-heart-attack-without-fiscal-cuts">kicking the debt problem down the road</a>, and politicians are still avoiding real consequences. Buffett's five-minute plan never happened, and neither did serious budget reform.
Trump and Musk's DOGE initiative might be the biggest attempt yet to tackle spending, but the question remains: will it be enough?&nbsp;
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Personal Finance

Warren Buffett Said He Could End U.S. Deficit In 5 Minutes: 'If You Guys Can't Get It Done, We'll Get Some Other Guys To Get It Done'

Singapore Defense Minister Ng Eng Hen, was direct when speaking at the BMW Foundation Herbert Quandt Annual Leaders Roundtable last week. In a speech addressing the shifting global landscape, he said the world is witnessing a fundamental change in the assumptions that have shaped international relations for the past 80 years.
The U.S. has &#8220;willy-nilly&#8221; shifted its image from a liberator to a great disruptor and now to a landlord demanding rent, Ng said, pointing to a stark departure from the post-World War II global order where the US was seen as a stabilizing force.
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<h2 class="wp-block-heading">A Shift in US Priorities</h2>
Ng suggested that while American primacy has always been a key element of its foreign policy, it has now become the overriding concern, sometimes at the expense of traditional alliances. "America's primacy has become the overriding consideration," he said, adding that this shift is disrupting global stability and trade.
The <a href="https://www.benzinga.com/25/02/43607060/5-stocks-to-sell-on-the-new-china-trade-war">U.S.-China rivalry</a> remains the most significant geopolitical factor moving forward. With new <a href="https://www.benzinga.com/markets/25/02/43423288/trumps-tariffs-are-here-heres-what-will-get-more-expensive-from-canada-china-and-mexico">trade restrictions and fresh tariffs</a>, Ng noted that the world should brace for continued economic disruptions. Citing the previous trade war between 2018 and 2019, he pointed out that bilateral trade between the two economic giants dropped by 10%. Europe, too, imposed tariffs to counter its trade imbalance with China, but the result was a slowdown in economic growth, from 3.5% to just 0.4% in 2023.
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<h2 class="wp-block-heading">US Antagonism Pushing Allies Toward China</h2>
Donald Trump's administration has <a href="https://www.benzinga.com/25/02/43418661/trump-announces-new-tariffs-on-goods-from-canada-mexico-and-china-will-go-into-effect-from-feb-1">imposed tariffs on Canada and Mexico</a> while pressuring Colombia and <a href="https://www.benzinga.com/news/global/25/02/43447167/trumps-takeover-of-panama-canal-stocks-to-watch-as-diplomacy-affects-presidents-plan">Panama</a> over trade and migration. He has also repeatedly said Canada &#8220;should become the 51st state." Colombia, a longtime U.S. partner, initially resisted his demand to accept deported migrants on military flights but ultimately complied, which critics dismissed as political theater. Meanwhile, as Trump's hardline approach strains relations, China has been actively courting these and other U.S. allies with economic incentives and diplomatic overtures.&nbsp;&nbsp;
<h2 class="wp-block-heading">A World Without a Stabilizing Leader</h2>
Ng warned that the absence of a stabilizing global leader could have serious consequences. "In the absence of a leader to protect our global commons, I think we must all expect that the progress and well-being of the global commons will suffer," he stated.&nbsp;
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&#8220;On the other hand, if you look at China, it is <a href="https://www.benzinga.com/markets/25/01/42779225/this-domestic-solar-stock-fslr-could-shine-in-your-portfolio-if-president-elect-donald-trump-imposes-tariffs-on-chinese-solar-panels">80% of the world's solar manufacturing</a> capacity, and more than half of EVs produced worldwide are Chinese-made,&#8221; Ng pointed out. As the U.S. takes a more isolationist stance, China is seizing opportunities to strengthen its economic and political ties with countries that feel alienated by Washington's hardball tactics.
<h2 class="wp-block-heading">Who Will Step Up?</h2>
Ng left his audience with an open question: If the U.S. no longer plays the role of global stabilizer, who will? "Who, if anyone, any one country or region or bloc, can step in if the U.S. declines to protect the global commons, and how effective, and against what resistance?"
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'Willy-Nilly'—Singapore Defense Minister Says The US Is No Longer A Stabilizing Force, But A 'Landlord Seeking Rent'

Samson Mow, a staunch Bitcoin supporter, has suggested a rollback of the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) blockchain. This comes in the wake of a massive $1.4 billion theft from the cryptocurrency exchange Bybit, reportedly orchestrated by North Korean hackers.
What Happened: In a post on X, Mow proposed that Ethereum, the dominant smart contract platform in terms of volume, should execute a hard fork. The aim is to return the purloined funds to Bybit and hinder the North Korean government from exploiting the stolen assets.
Mow expressed his support for the rollback of Ethereum&#8217;s chain, stating, "I fully support rolling back Ethereum's chain (again) so the stolen ETH is returned to Bybit and also to prevent the North Korean government from using those funds to finance their nuclear weapons program.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I fully support rolling back Ethereum's chain (again) so the stolen ETH is returned to <a href="https://twitter.com/Bybit_Official?ref_src=twsrc%5Etfw">@Bybit_Official</a> and also to prevent the North Korean government from using those funds to finance their nuclear weapons program. It must be done <a href="https://twitter.com/VitalikButerin?ref_src=twsrc%5Etfw">@VitalikButerin</a>.
&mdash; Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1893132013768491239?ref_src=twsrc%5Etfw">February 22, 2025</a></blockquote>
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Blockchain rollbacks, a process that reverses confirmed transactions to restore the chain to a previous state, are typically initiated after a significant security violation. In the case of Ethereum, a rollback would result in a hard fork, akin to the one that occurred in 2016 during the Ethereum DAO hack.
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In a lighter vein, Mow suggested&nbsp;that the new roll-backed chain&nbsp;should retain the ticker ETH, while the existing one could be rebranded as "ETHNK." He also cautioned investors to abstain from trading ETH until the issue is fully resolved.
As of now, Ethereum is being traded at $2,770, reflecting a 4% surge over the last day.
Why It Matters: The proposed rollback and hard fork of Ethereum&#8217;s blockchain is a significant development in the crypto world. It underscores the security vulnerabilities that persist in the digital asset ecosystem and the potential measures to mitigate the impact of such breaches. 
The situation also highlights the geopolitical implications of cryptocurrency theft, with the alleged involvement of North Korean hackers. 
The outcome of this situation could set a precedent for how the crypto industry responds to such security breaches in the future.
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Bitcoin Enthusiast Proposes Ethereum Chain Rollback Post $1.4B Bybit Cyber Heist

Disney CEO Bob Iger recently underscored the significance of hiring employees who exhibit &#8216;genuine decency&#8217;, a characteristic he feels is frequently undervalued in recruitment.
What Happened:&nbsp;Iger advocates for the prioritization of &#8216;genuine decency&#8217; in the hiring process. Iger contends that this trait is often overlooked by hiring managers.
In&nbsp;his book published in 2019, &#8220;The Ride&nbsp;of A Lifetime: Lessons Learned&nbsp;from 15 Years as CEO&nbsp;of the Walt Disney Company,&#8221; Iger wrote,&nbsp;&#8220;Genuine decency — an instinct&nbsp;for fairness and openness and&nbsp;mutual respect — is a&nbsp;rarer commodity in business than&nbsp;it should be, and you&nbsp;should look for it in&nbsp;the people you hire and&nbsp;nurture it in the people&nbsp;who work for you.&#8221;
"When hiring, try to surround yourself with people who are&nbsp;good&nbsp;in addition to being good at what they do," Iger wrote and as quoted <a href="https://www.cnbc.com/2025/01/29/disney-ceo-bob-iger-bosses-should-hire-genuinely-decent-people-more-often.html">by </a>CNBC. 
While acknowledging the importance of skills and experience, Iger asserts that character is equally crucial in fostering a positive workplace culture. He further emphasized that leaders should embody the values of integrity, decency, and honesty, as they are representative of the company&#8217;s values.
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&#8220;What people think of you&nbsp;is what they&#8217;ll think of&nbsp;your company,&#8221; Iger wrote, underlining the importance of a leader&#8217;s reputation in shaping the company&#8217;s image.
"You can be the head of a seven-person organization or a quarter-million person organization, the same truth holds. What people think of you is what they'll think of your company," he wrote in the book. 
Why It Matters: Iger&#8217;s comments come at a time when companies are increasingly being scrutinized for their corporate culture and values. 
The emphasis on &#8216;genuine decency&#8217; not only reflects the changing dynamics of the workplace but also underscores the need for companies to align their values with those of their employees. 
This alignment is becoming increasingly important as workers are more likely to remain loyal to companies that share their values, thereby reducing turnover and increasing productivity.
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Success Stories

Disney CEO Reveals the One Quality Leaders Should Prioritize, and Why It's So Rare

In his annual letter to&nbsp;Berkshire Hathaway&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) shareholders, investment mogul&nbsp;Warren Buffett&nbsp;has once again imparted his insights on investing.
What Happened: Warren Buffett&#8217;s <a href="https://www.berkshirehathaway.com/letters/2024ltr.pdf">letter</a>, released on Saturday, provides insights into investing and lessons from his six-decade tenure at Berkshire. The letter, which Buffett has kept free from political and current events, focuses on the future of Berkshire and his reliance on equities.
Buffett hinted at his successor, stating, &#8220;At 94, it won't be long before Greg Abel replaces me as CEO and will be writing the annual letters.&#8221; He also stressed the importance of honesty with shareholders.
Buffett also discussed Berkshire&#8217;s investment strategies, expressing impartiality in choosing equity vehicles and the occasional availability of outstanding businesses at bargain prices.
"Businesses, as well as individuals with desired talents, however, will usually find a way to cope with monetary instability as long as their goods or services are desired by the country's citizenry. So, too, with personal skills. Lacking such assets as athletic excellence, a wonderful voice, medical or legal skills or, for that matter, any special talents, I have had to rely on equities throughout my life. In effect, I have depended on the success of American businesses and I will continue to do so," he shared in the letter. 
He also reflected on America&#8217;s prosperity, attributing it to the wise deployment of capital and consistent saving by Americans. Despite the presence of scoundrels and promoters, Buffett believes the savings of Americans have delivered a quality of output beyond the dreams of any colonist.
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>
"Understandably, really outstanding businesses are very seldom offered in their entirety, but small fractions of these gems can be purchased Monday through Friday on Wall Street and, very occasionally, they sell at bargain prices. We are impartial in our choice of equity vehicles, investing in either variety based upon where we can best deploy your (and my family's) savings. Often, nothing looks compelling; very infrequently we find ourselves knee-deep in opportunities. Greg has vividly shown his ability to act at such times," he added. 
On Berkshire&#8217;s $334.2 billion cash pile, Buffett assured shareholders that the majority of their money remains in equities and that preference won&#8217;t change. He warned against the potential evaporation of paper money&#8217;s value if fiscal folly prevails.
Why It Matters: Buffett&#8217;s annual letter is a much-anticipated event in the investment world, offering insights into his investment philosophy and the future direction of Berkshire Hathaway. 
His comments on his successor and the company&#8217;s investment strategies provide valuable insights for investors. His reflections on America&#8217;s prosperity and the role of savings and capital deployment underscore his long-term, value-oriented investment approach. 
His warning about the potential devaluation of paper money in the face of fiscal folly serves as a cautionary note for investors.
Read Next
<a href="https://www.benzinga.com/25/02/43900955/berkshire-hathaways-q4-profits-soar-71-warren-buffett-says-his-firm-has-paid-more-taxes-than-tech-titans-in-trillions" target="_blank" rel="noreferrer noopener">Berkshire Hathaway Q4 Profits Soar 71%, Buffett Says Firm Pays More Taxes Than ‘Tech Titans' With Market Value in ‘Trillions'</a>

Earnings

Buffett's Key Lessons in Berkshire Annual Letter: 'Really Outstanding Businesses Are Very Seldom Offered in Their Entirety'

The late billionaire Charlie Munger, who passed away at the age of 99, shared in an interview that there&#8217;s no hidden formula to achieving <a href="https://www.benzinga.com/markets/25/01/42935637/heres-how-charlie-mungers-final-investment-move-doubled-his-money-reveals-his-close-friend-li-lu">financial success and longevity.</a>
What Happened: Munger&#8217;s approach to life and work was simple and direct. He focused on evading conventional pitfalls and was prudent in his decision-making.
Munger, a resident of the same humble abode for seven decades, held the belief that lavish living often paves the way to discontent. 
"I avoided the standard ways of failing, because my game in life was always to avoid all standard ways of failing. You teach me the wrong way to play poker and I will avoid it. You teach me the wrong way to do something else, I will avoid it. And, of course, I've avoided a lot, because I'm so cautious," Munger said in the interview <a href="https://www.youtube.com/watch?v=H5Oom5Rjp_Y">with </a>CNBC. 
This pragmatic approach was also mirrored in his spending habits. When his business associate at&nbsp;Berkshire Hathaway, Warren Buffett, opted&nbsp;to replace a company jet,&nbsp;Munger deemed the $6.7 million expense as extravagant.
Also Read: <a href="https://www.benzinga.com/news/25/01/43219503/charlie-mungers-three-investment-lessons-buy-wonderful-businesses-at-fair-prices-big-money-isnt-in-buying-or-selling-its-in-waiting-good-businesses-are-ethical-businesses">Charlie Munger&#8217;s Three Investment Lessons: &#8216;Buy Wonderful Businesses At Fair Prices, Big Money Isn&#8217;t In Buying Or Selling-It&#8217;s In Waiting, Good Businesses Are Ethical Businesses&#8217;</a>
In Munger&#8217;s view, steering clear of apparent risks, frivolity, and &#8220;insane&#8221; scenarios were instrumental to his financial success and longevity. &#8220;Steer clear of insanity at all costs. Insanity is far more prevalent than you&#8217;d imagine,&#8221; he said. 
Munger&#8217;s financial success and longevity were driven by his ability to steer clear of unnecessary risks, frivolous decisions, and irrational situations.
"Avoid crazy at all costs. Crazy is way more common than you think. It's easy to slip into crazy. Just avoid it, avoid it, avoid it," Munger said. 
Why It Matters: Munger&#8217;s philosophy of financial success and longevity offers valuable insights into his life and work ethic. 
His avoidance of conventional failure modes, his cautious decision-making, and his disdain for extravagance and risky ventures like cryptocurrency, all paint a picture of a man who valued practicality and prudence over quick gains and lavish lifestyles. 
His views on financial success and longevity, while not groundbreaking, offer a refreshing perspective in a world often obsessed with quick riches and ostentatious displays of wealth. 
His legacy serves as a reminder that success can be achieved through simplicity, caution, and a steadfast refusal to participate in &#8220;insane&#8221; ventures.
Read Next
<a href="https://www.benzinga.com/news/25/01/43077104/charlie-mungers-3-rules-for-success-dont-sell-what-you-wouldnt-buy-work-for-those-you-admire-partner-with-people-you-enjoy" target="_blank" rel="noreferrer noopener">Charlie Munger's 3 Rules For Success: ‘Don't Sell What You Wouldn't Buy, Work For Those You Admire, Partner With People You Enjoy'</a>
Image: Shutterstock

Charlie Munger's Financial Success and Longevity Advice: 'My Game in Life Was Always To Avoid All Standard Ways of Failing'

Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is one stock that has skyrocketed from its beginning stages, leaving many wishing they got in on it from the start. One woman recently called "The Ramsey Show" for financial advice regarding her Tesla stock, which grew to an astonishing amount from her initial investment.&nbsp;
Her dilemma? Whether to cash out and pay off her mortgage or hold onto the stock because, in her words, "Nobody knows what Tesla&#8217;s capable of."
<h2 class="wp-block-heading">From $1,000 to $380,000 in Tesla Stock</h2>
The caller explained that she invested $1,000 in <a href="https://www.benzinga.com/25/02/43686887/teslas-stock-climbs-nearly-3-in-thursday-pre-market-as-analyst-predicts-growth-in-ev-ai-and-robotics">Tesla stock</a> in 2011, in the company's early stages. Over the years, without adding any additional money to her investment, the stock surged, reaching upwards of $380,000. She and her family now owe $288,000 on their home and are weighing the benefits of selling the stock to become mortgage-free.&nbsp;&nbsp;
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Financial expert <a href="https://www.benzinga.com/personal-finance/25/01/43276105/trumps-tax-plan-could-slash-social-security-benefits-33-by-2035-ramsey-show-host-george-kamel-weighs-in">George Kamel</a>, a host on "The Ramsey Show," was impressed by the caller's success. "What?" he reacted in shock, before confirming that she had truly turned just $1,000 into hundreds of thousands of dollars without adding more funds to the investment.
<h2 class="wp-block-heading">The Risks of Holding a Single Stock</h2>
While acknowledging the incredible return, Kamel advised the caller to be cautious. He emphasized the risks associated with keeping such a large portion of wealth in a single stock, even one as well-known as Tesla. "As soon as you can get that house paid off and get out of a single stock, the better," he said.
His advice aligns with common financial principles: diversifying investments can help protect against market downturns. Tesla's stock, like any other, is subject to volatility. Holding onto the stock means exposure to potential price swings that could reduce the value of her gains.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> you can become an investor for $0.80 per share today.</a>
<h2 class="wp-block-heading">The Role of Taxes in the Decision</h2>
One of the biggest factors to consider in selling such a large stock position is the tax implication. Kamel advised the caller to consult a tax professional before making any moves. Since the stock's value has increased significantly since she bought it, selling would trigger <a href="https://www.benzinga.com/news/25/02/43669470/im-so-sorry-dave-ramsey-left-speechless-after-hearing-the-capital-gains-tax-a-canadian-restaurant-owner-would-owe-if-he-sold-his-business">capital gains taxes</a>. Depending on her income and how long she has held the stock, the tax bill could be substantial.
Instead of selling all at once, Kamel suggested an alternative approach: selling off portions of the stock gradually over a few years. This strategy could help reduce the overall tax burden by spreading the gains across multiple tax years, potentially keeping her in a lower tax bracket.
<h2 class="wp-block-heading">Can Her Income Cover the Mortgage Instead?</h2>
Another consideration is the caller's household income. She shared that her family is earning $275,000 annually, which is a strong financial position. Kamel's advice implies that, with such a high income, they may be able to aggressively pay down the mortgage without relying entirely on the Tesla stock sale.
See Also: If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?
<h2 class="wp-block-heading">What Should She Do?</h2>
Ultimately, the decision rests on her financial goals and risk tolerance. Paying off the mortgage would provide security and eliminate monthly payments, but holding onto the stock could yield further gains—though with added risk. Consulting a financial and tax professional could help her determine the best course of action based on her specific situation.
For investors who find themselves in a similar position, the key takeaway is clear: while big gains in the stock market can be life-changing, careful planning is essential to ensure those gains translate into lasting <a href="https://www.benzinga.com/personal-finance/24/02/36957443/the-majority-of-americans-dont-feel-financially-secure-and-believe-they-need-to-earn-233-000-a-y">financial stability</a>.
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a></li>
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JEPQ

MSTY

NVDY

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QQQM

SMCI

TSLA

Should She Cash Out? Woman Who Turned $1,000 Into $380,000 In Tesla Stock Asks The Ramsey Show For Guidance

Billionaire business tycoon Mark Cuban has expressed his dissatisfaction with the Democratic Party&#8217;s salesmanship.
What Happened: Cuban, a supporter of then-Vice President Kamala Harris in the last election, voiced his disappointment over the Democrats&#8217; performance in an interaction on Saturday.
He pinpointed the party&#8217;s failure to effectively communicate their message as a significant reason for their defeat in the White House and Senate races, and the Republicans&#8217; success in retaining the House majority.
Cuban shared his experiences as a spokesperson for Harris&#8217;s campaign. He criticized the Biden administration&#8217;s approach to several issues, notably immigration, labeling it as &#8220;awful.&#8221;
Despite his criticisms, Cuban attributed the Democrats&#8217; November losses to inadequate salesmanship. He compared this to President Donald Trump&#8216;s knack for selling a winning message, despite his own criticisms of Trump.
Also Read: <a href="https://www.benzinga.com/tech/25/02/43424157/mark-cuban-suggests-20-minute-daily-habit-to-destabilize-musk-zuckerberg-and-even-president-trump">Mark Cuban Suggests 20-Minute Daily Habit to &#8216;Destabilize&#8217; Musk, Zuckerberg, and Even President Trump</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/mcuban?ref_src=twsrc%5Etfw">@mcuban</a>: "I learned that the Democrats can't sell worth sh&#x2A;t." <a href="https://t.co/IZgRj72EOB">pic.twitter.com/IZgRj72EOB</a>
&mdash; Principles First (@Principles_1st) <a href="https://twitter.com/Principles_1st/status/1893342559813910879?ref_src=twsrc%5Etfw">February 22, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"It was kind of fun actually. I learned that the Democrats can't sell worth shit. And they're so, you know, persnickety about every little detail and that's why the Republicans at the presidential level — I don't want to say kicked their ass because it wasn't a runaway, but like I said, Donald Trump can sell. If you gave the Democrats a dollar bill and said, you can sell these for 50 cents, they would hire 50 people to decide how to do it and then would not know how to sell a dollar bill for 50 cents,&#8221; Cuban said. 
&#8220;If you gave it to Donald Trump and said sell this dollar bill for two dollars, he'd figure out a way. He'd tell you that two dollar bill is huge, it'll get you gold tennis shoes, it'll get you a Trump meme coin. That's the problem and that's what I learned,&#8221; Cuban added. 
When asked about possibility of a presidential run, Cuban emphatically stated, &#8220;Hell&nbsp;no. No. No. No, it's&nbsp;not going to happen.&#8221;
Why It Matters: Cuban&#8217;s critique of the Democrats&#8217; salesmanship underscores the party&#8217;s struggle to effectively communicate their message to voters. 
This has been a recurring issue, leading to significant losses in recent elections. 
Cuban&#8217;s comments also highlight the importance of effective communication and salesmanship in politics, a factor that has played a significant role in shaping the political landscape.
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Image: Shutterstock

Politics

Mark Cuban Criticizes Democrats, Says They Fail at Selling Their Message

Robinhood CEO Vlad Tenev recently expressed the company&#8217;s commitment toward prediction markets, stating that they are poised to shape the future of trading and information.
What Happened: Tenev, during an&nbsp;episode of &#8220;Hard Fork,&#8221; a&nbsp;<a href="https://www.nytimes.com/2025/02/21/podcasts/hardfork-grok-robinhood.html">podcast</a> by The New York Times, shared his belief in the potential of prediction markets. Tenev, who has a net worth of over $3 billion, explained the distinction between prediction markets, sports betting, and traditional news models.
&#8220;Prediction&nbsp;markets are the future of&nbsp;not just trading, but also&nbsp;information,&#8221; Tenev stated. He further elaborated that prediction markets, which involve wagers on the outcomes of future events, could potentially deliver news faster than traditional models. 
&nbsp;&#8220;I&#8217;ve been a big believer in the power of prediction markets for a long time — kind of a student of them — and I think prediction markets should be live for everything,&#8221; he added. 
He also suggested that the economic value of prediction markets could surpass that of news after the event.
Also Read: <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43739651/robinhoods-january-metrics-shine-but-crypto-notional-trading-volume-hits-a-speed-bump-sequentially">Robinhood&#8217;s January Metrics Shine, But Crypto Notional Trading Volume Hits A Speed Bump Sequentially</a>
Robinhood had previously seen&nbsp;success with its prediction market&nbsp;for the 2024 presidential election. The platform also introduced&nbsp;Super Bowl event contracts earlier&nbsp;this month, but had to pause the rollout following&nbsp;a request from the US&nbsp;Commodity Futures Trading Commission.
In a recent earnings call, Tenev underscored the potential of prediction markets for Robinhood&#8217;s business, stating,&nbsp;&#8220;We had over half a&nbsp;billion contracts traded in right&nbsp;around a week leading up&nbsp;to the election&#8230;&nbsp;what you should expect from&nbsp;us is a comprehensive events&nbsp;platform that will give access&nbsp;to prediction markets across a&nbsp;wide variety of contracts later&nbsp;this year.&#8221;
Why It Matters: The commitment to prediction markets by Robinhood signifies a shift in the trading landscape. 
As Tenev pointed out, these markets could potentially provide faster and more economically valuable information than traditional news models. 
With Robinhood&#8217;s previous success in the 2024 presidential election prediction market and plans for a comprehensive events platform, the company seems to be positioning itself at the forefront of this emerging trend in trading.
Read Next
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Robinhood CEO Foresees Prediction Markets as Future of Trading

Renowned YouTuber MrBeast has disclosed a massive financial loss amounting to &#8220;tens of millions of dollars&#8221; from the production of his <a href="https://www.benzinga.com/general/entertainment/23/05/32297538/mrbeast-invades-suburbia-buys-neighborhood-cul-de-sac-to-create-ultimate-friend-zone">Amazon Prime Video series, &#8220;Beast Games.&#8221;</a>
What Happened: In a recent podcast, MrBeast, also known as Jimmy Donaldson, confessed to the financial loss. 
Despite the fact that &#8220;Beast Games&#8221; was one of Amazon&#8217;s most successful series debuts in 2024, Donaldson labeled the decision to create it as&nbsp;&#8220;not a good financial decision.&#8221;
The reality show, consisting of 10 episodes and offering contestants the opportunity to win $5 million cash prizes, garnered over 50 million viewers within its first 25 days. However, the high production costs led to significant losses for Donaldson. He disclosed that the sets for just&nbsp;the first two episodes cost&nbsp;more than $29 million.
During the <a href="https://www.youtube.com/watch?v=FjrJ2DJN_pA&amp;ab_channel=TheDiaryOfACEO">podcast</a>, Donaldson confirmed that the total production cost surpassed $100 million. Despite the financial setback, he expressed no regrets, underlining his dedication to creating high-quality content for the YouTube community and his apprehension about disappointing them.
&#8220;I lost a ton of money filming the show, so that came out of my pocket,&#8221; he said. 
Also Read: <a href="https://www.benzinga.com/general/entertainment/25/02/43766653/mrbeasts-beast-games-wraps-up-first-season-heres-how-much-money-players-won">MrBeast&#8217;s Beast Games Wraps Up First Season &#8211; Here&#8217;s How Much Money Players Won</a>
&#8220;I lost tens of millions of dollars on that show. I&#8217;m an idiot,&#8221; he said adding that the sets on the first two episodes cost more than $29 million together.
In the same conversation, Donaldson also touched upon his personal finances, stating&nbsp;that he had &#8220;less than&nbsp;a million dollars&#8221; in his&nbsp;bank account, even though he boasts over&nbsp;365 million subscribers on YouTube.
&#8220;For me, it was about making season one as good as possible. I can&#8217;t let the YouTube community down because creators don&#8217;t have a good rep when it comes to doing stuff on streaming platforms. If I fail, it&#8217;s over; no streaming platform is ever gonna touch a YouTuber ever again,&#8221; he added.
Talking about his mental health, he said, &#8220;There&#8217;s definitely times where I would cry. But if my mental health was a priority, I wouldn&#8217;t be as successful as I am.&#8221;
&#8220;This is the life I chose. You want success, you want to change the world, you want to do this. And this is the price you have to pay,&#8221; he added. 
Why It Matters: This incident underscores the high costs associated with producing quality content, even for successful YouTubers like MrBeast. Despite the financial loss, 
Donaldson&#8217;s commitment to his audience and the quality of his content remains unwavering. This could potentially influence other content creators&#8217; decisions regarding the production of high-budget projects, highlighting the balance between financial investment and audience engagement.
Read Next
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Image: Shutterstock

Entertainment

Social Media

MrBeast Calls His Amazon Deal for 'Beast Games' a Financial Mistake: 'This Is the Price You Have to Pay'

Friedrich Merz of the conservative CDU is likely to become Germany's new chancellor, according to exit polls from Sunday's elections. The <a href="https://www.benzinga.com/markets/eurozone/25/01/42920583/musk-supports-german-afd-party-as-remedy-for-faltering-economy">far-right Alternative for Germany (AfD)</a> finished second.
What Happened: <a href="https://www.reuters.com/graphics/GERMANY-ELECTION/RESULTS/movaynkgova/">Reuters</a> reports that the first exit polls show the conservative CDU/CSU bloc taking about 28% of the vote. The AfD is on track to finish with about 20% of the vote.
Current Chancellor Olaf Scholz's Social Democratic Party (SPD) is running third, with about 16%, which would be its worst showing in decades. The Greens have about 13% of the vote, with several other parties dividing the remainder.
Despite the CDU/CSU bloc&#8217;s comfortable lead, Germany may face months of political uncertainty as the party will need to form a coalition to secure a majority.
The conservative bloc, composed of the Christian Democrats (CDU) and its Bavarian sister party the Christian Social Union, stands for low taxes, budget discipline, conservative-liberal values, and a strong role for Germany within the European Union and NATO.
The AfD, established as an anti-euro party in 2013, has evolved into an anti-immigrant grouping with some radical far-right members. Its leader, Alice Weidel, recently received support from the new U.S. administration, including a meeting with U.S. Vice President JD Vance and an endorsement from Elon Musk.
Why It Matters: The election results could have significant implications for Germany&#8217;s economy and its stance on immigration. The AfD&#8217;s surge in popularity is notable, particularly given its anti-immigrant stance and the recent endorsement from Elon Musk.
The election could also impact the <a href="https://www.benzinga.com/markets/cannabis/25/02/43886450/germanys-2025-election-could-make-or-break-cannabis-legalization-heres-where-key-parties-stand">future of cannabis legalization in Germany</a>. The SPD has been supportive of cannabis legalization. The conservatives&#8217; potential victory could change the course of this policy.
Image: Shutterstock

Merz on Track To Lead Germany Following Sunday Election, Far-Right AfD Takes 20% of Vote

When deciding between buying a home or investing in a business, financial stability plays a crucial role. That's exactly the dilemma Casey from Lexington, Kentucky, presented on a <a href="https://www.youtube.com/watch?v=hrV8wCxBC78&amp;t=769s">recent episode</a> of "The Ramsey Show" with hosts George Kamel and Ken Coleman.
<h2 class="wp-block-heading">The Dilemma: Homeownership vs. Business Expansion</h2>
Casey and her husband are working through Baby Step 3, which in <a href="https://www.benzinga.com/personal-finance/25/02/43768530/should-married-couples-split-expenses-dave-ramsey-says-no-youre-married-not-roommates">Dave Ramsey</a>'s framework means they're building a fully funded emergency fund of three to six months' worth of expenses. Once they complete this step, they're debating between purchasing a home or putting money into expanding Casey's husband's restaurant business.
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While the business is already established, Casey explains that her husband currently has partners and wants to eventually open his own restaurant. However, their financial situation raises concerns. Their household income varies significantly, with Casey's husband earning around $35,000 to $40,000 annually before taxes. Additionally, Casey stays home to homeschool their children, meaning their financial situation relies solely on her husband's earnings.
<h2 class="wp-block-heading">The Ramsey Show's Advice</h2>
Kamel and Coleman strongly advised against <a href="https://www.benzinga.com/startups/24/10/41304880/should-i-buy-a-225k-business-or-grow-my-30k-side-hustle-dave-ramsey-weighs-in">investing in a new business</a> at this stage. The restaurant industry is known for its high risk, and they emphasized the importance of financial stability before taking on even more.
"There is immense risk in starting a restaurant," Kamel cautioned. Coleman reinforced the idea of patience, advising Casey's husband to focus on his current business, learn from his experiences, and ensure financial stability before making a major move. He quoted an old saying: "If you chase two rabbits, you lose them both."
Trending: ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a>
When it comes to <a href="https://www.benzinga.com/real-estate/24/11/41876775/u-s-homebuyers-are-now-56-on-average-as-younger-generations-struggle-with-wildly-unaffordable-market-housing-expert-warns">homeownership</a>, the hosts initially agreed that buying a home should be the next goal after completing Baby Step 3. They called this "Baby Step 3B" in Ramsey's plan—saving aggressively for a down payment before moving on to investing in retirement.
However, after learning about the couple's income, their concerns about income stability led to a key point: homeownership may not be a wise decision at this stage either. Coleman pointed out that Casey's husband's income isn't high enough to comfortably afford a mortgage, warning that an unexpected downturn in the business could leave them financially vulnerable. "I would not be in any hurry to get in a house at all," he stressed.
<h2 class="wp-block-heading">The Priority: Increasing Income</h2>
Ultimately, the hosts agreed that before considering either homeownership or business expansion, Casey's husband needs to focus on increasing his income.
"We've got to delay the business dream," Kamel said. "The income is a crisis at this point."&nbsp;
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Coleman went even further, suggesting that Casey's husband could potentially earn more working elsewhere. "My goodness, he could make more working at Walmart," he said, highlighting that even a retail job could provide better financial stability at this stage.
While Casey and her husband are eager to build a future, "<a href="https://www.benzinga.com/personal-finance/25/02/43758999/the-idea-that-youre-going-to-tax-corporate-america-is-mythology-dave-ramsey-says-the-consumer-always-pays">The Ramsey Show</a>" hosts made it clear: neither buying a house nor expanding the business is a good idea right now. Instead, they encouraged them to focus on increasing their income, stabilizing their financial situation, and then working toward homeownership. Only after achieving financial security should they consider investing in a new business venture.
For those facing a similar dilemma, Kamel and Coleman's key takeaway is simple: financial stability comes first. Ensuring a steady, sufficient income lays the foundation for smart, long-term financial decisions.
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<li>These five entrepreneurs are worth $223 billion –<a href="https://www.benzinga.com/money/arrived-homes-private-credit-fund"> they all believe in one platform that offers a 7-9% target yield with monthly dividends</a></li>
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'Should We Buy A House Or Invest In Our Restaurant Business?' The Ramsey Show Weighs In

Investor Chris Camillo has transformed a modest sum of $84,000 into a whopping $42 million over a span of 15 years, leveraging a unique investment strategy known as social arbitrage.
What Happened: Camillo&#8217;s strategy is centered around spotting investment opportunities by monitoring social media platforms and making early investments. His nearly 15-year track record from 2006 to 2020 boasts an average 77% annual compounded return, as confirmed by trading expert Jack D. Schwager.
According to a report <a href="https://www.businessinsider.com/stock-market-trading-strategies-social-arbitrage-chris-camillo-bets-picks-2021-8">by </a>Insider, Schwager audited and wrote about Camillo and others in his book &#8220;Unknown Market Wizards: The Best Traders You&#8217;ve Never Heard Of.&#8220;
Breaking away from traditional investors, Camillo doesn&#8217;t depend on company earnings reports or Wall Street analysts. He instead utilizes platforms like TikTok, Twitter, Facebook, and Instagram to identify trends and investment opportunities, while also keeping a keen eye on the everyday world.
Also Read: <a href="https://www.benzinga.com/markets/24/12/42497173/investment-guru-peter-lynch-if-you-cant-explain-to-an-11-year-old-in-2-minutes-or-less-why-you-own-the-stock-you-shouldnt-own-it">Investment Guru Peter Lynch: &#8216;If You Can&#8217;t Explain To An 11-Year-Old In 2 Minutes Or Less Why You Own The Stock, You Shouldn&#8217;t Own It&#8217;</a>
His remarkable gains, audited and confirmed by Schwager, started with a balance of $84,000 in August 2006. By May 2021, his cumulative profits had skyrocketed to $42 million.
Such performance is deemed rare, as even professional money managers find it challenging to beat the market. In fact,&nbsp;over 86% of US active&nbsp;stock-fund managers failed to outperform the S&amp;P 1500 in the 20 years through 2020.
However, Camillo&#8217;s strategy is not without its risks. Biljana Adebambo, the academic director of the Master of Science in Finance program at the University of San Diego School of Business, highlighted that his approach likely necessitated the use of riskier strategies such as options, which can amplify the volatility of returns and the frequency or severity of losses, reports the outlet. 
Why It Matters: Camillo&#8217;s success story underscores the potential of social arbitrage as an investment strategy. In an era where social media plays a pivotal role in shaping trends, his approach offers a fresh perspective on investment decision-making. 
However, it&#8217;s important to note the inherent risks associated with such a strategy, as pointed out by Adebambo.
Currently, Camillo is committed to educating others on how to leverage social arbitrage. 
He shares his knowledge and insights via his YouTube channel, Dumb Money Live, and engages with a community of social-arb investors on Dumb Money&#8217;s Discord channel.
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Chris Camillo Made $42 Million Trading Stocks Over 15 Years, Here's His Success Strategy

In a strategic shift, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has unveiled its latest product, the iPhone 16e, marking its exit from the budget <a href="https://www.benzinga.com/tech/25/02/43424187/apples-struggles-in-ai-and-ar-indicate-a-loss-in-product-edge">smartphone market</a>.
Bloomberg columnist Mark Gurman in his <a href="https://www.bloomberg.com/news/newsletters/2025-02-23/apple-abandons-budget-phones-inside-apple-s-modem-m4-macbook-air-launch-timing?srnd=undefined&amp;sref=TBDibEcD">latest</a> weekly "Power On" has shared that Apple&#8217;s new iPhone 16e, priced at $599, is $170 more expensive than its predecessor, the iPhone SE.
This price hike places the iPhone 16e in a different segment, leaving the budget smartphone market to rivals such as&nbsp;Samsung Electronics Co.,&nbsp;Alphabet Inc.&#8216;s Google, and Chinese manufacturers.
Despite lacking some features of the regular iPhone 16, the iPhone 16e offers most of the flagship lineup&#8217;s features for $200 less. 
Also Read: <a href="https://www.benzinga.com/tech/25/02/43759759/apple-and-meta-in-race-to-develop-ai-powered-humanoid-robots">Apple and Meta in Race To Develop AI-Powered Humanoid Robots</a>
The decision to increase the price of its low-end iPhone comes as Apple&#8217;s China revenue declined by&nbsp;11% and total iPhone sales&nbsp;fell about 1% during the holiday quarter. 
This suggests that Apple is prioritizing profit margins over higher unit sales.
Apple&#8217;s new pricing strategy could potentially impede its customer base expansion in emerging markets like India. However, the company may continue to sell older models in certain markets through carriers without advertising them on its website, a tactic Apple has used in the past.
Along with the iPhone 16e, Apple is also gearing up&nbsp;to launch the M4 MacBook&nbsp;Air and has confirmed&nbsp;that Apple Intelligence is coming&nbsp;to the Vision Pro.
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Image: Shutterstock

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Apple Ditches Budget Smartphone Segment With iPhone 16E Launch

$1.4 Billion Ethereum Stolen In Largest Crypto Hack In History
Cryptocurrency exchange Bybit suffered a major breach on Friday which resulted in the theft of $1.4 billion Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). The incident is considered the largest cryptocurrency hack in history, surpassing the 2021 Poly Network<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43886224/bybit-founder-confirms-1-4-billion-ethereum-hack-blames-masked-transaction"> hack of $611 million.&nbsp;</a>
The attack, which targeted Bybit&#8217;s Ethereum cold wallet, resulted in the loss of 401,347 ETH ($1.12 billion), 90,376 stETH ($253 million), 15,000 cmETH ($44 million), and 8,000 mETH ($23 million), <a href="https://x.com/OnchainLens/status/1892964703263244377">according</a> to Onchain Lens.
Read Next: <a href="https://www.benzinga.com/general/market-summary/25/02/43884153/us-services-drop-sharply-darkening-picture-of-high-prices-uncertainty-economist-says">US Services Drop Sharply: &#8216;Darkening Picture&#8217; Of High Prices, Uncertainty, Economist Says</a>
Following the discovery of the theft, Bybit launched a recovery bounty program with a reward of up to 10% of the recovered funds to ethical cyber and network security experts who retrieve any of the stolen assets.
The potential bounty of up to $140 million is one of the largest crypto recovery efforts in history.
&#8220;Within 24 hours of the event, we were overwhelmed with support from some of the best people and organizations in the industry, and we do not take it for granted. We have shared in a dark moment of crypto history, and we&#8217;ve proven we are better than the malicious actors,&#8221; said Ben Zhou, co-founder and CEO of Bybit.
SEC Creates Cyber And Emerging Technologies Unit&nbsp;
The Securities and Exchange Commission on Thursday announced the creation of the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect retail investors in the emerging technologies space.&nbsp;
The CETU, led by Laura D'Allaird, replaces the Crypto Assets and Cyber Unit and employs approximately 30 fraud specialists and attorneys.&nbsp;
"Under Laura's leadership, this new unit will complement the work of the Crypto Task Force led by Commissioner Hester Peirce. Importantly, the new unit will also allow the SEC to deploy enforcement resources judiciously," said Acting Chairman Mark T. Uyeda.&nbsp;
"The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies," Uyeda said.&nbsp;
The CETU listed the following as high-priority areas of focus:&nbsp;
<ul>
<li>Fraud committed with the use of artificial intelligence and machine learning</li>
<li>Fraud on social media, the dark web, or false websites </li>
<li>Takeovers of retail brokerage accounts</li>
<li>Fraud involving blockchain technology and crypto assets</li>
<li>Hacking to obtain material nonpublic information</li>
</ul>
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Financial Crime Weekly: $1.4 Billion Ethereum Stolen In Largest Crypto Hack Ever, SEC Creates Cyber And Emerging Technologies Unit

Before <a href="https://www.benzinga.com/startups/24/10/41255752/jeff-bezos-says-all-overnight-success-takes-10-years-amazon-didnt-turn-a-profit-for-almost-a-decade">Jeff Bezos built Amazon</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) into a trillion-dollar empire, he had a very specific approach to dating—one that involved a lot of blind dates. His top requirement? The woman had to be resourceful. Not just in the everyday sense, but in a "could-get-him-out-of-a-Third-World-prison" kind of way.
<h2 class="wp-block-heading">The Blind Date Rule</h2>
In a <a href="https://www.wired.com/1999/03/bezos-3/">1999 interview with Wired</a>, Bezos admitted he let his friends set him up before he met MacKenzie Scott at D.E. Shaw, where he served as vice president. "The No. 1 criterion was that I wanted a woman who could get me out of a Third World prison," he said.&nbsp;
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His reasoning? "I'm not the kind of person where women say, ‘Oh, look how great he is,' a half hour after meeting me. I'm kind of goofy," he said.
Bezos also said in the interview, "What I really wanted was someone resourceful. But nobody knows what you mean when you say, &#8216;I&#8217;m <a href="https://www.benzinga.com/news/24/08/40208629/jeff-bezos-once-said-lifes-too-short-to-hang-out-with-people-who-arent-resourceful-who-are-the-peopl">looking for a resourceful woman</a>.&#8217;&nbsp;
Luckily for Bezos, he didn't need a blind date to meet MacKenzie—he just had to conduct a job interview. In 1993, she applied for a position at D.E. Shaw in New York, and Bezos was the first person to interview her. He hired her as a research associate, and her office ended up right next to his. Listening to his laugh all day, she quickly found herself drawn to him.
"My office was next door to his, and all day long I listened to that fabulous laugh," she <a href="https://www.vogue.com/article/a-novel-perspective-mackenzie-bezos">told Vogue</a> in 2013. "How could you not fall in love with that laugh?"
Trending: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
The couple, who share four children —three sons and a daughter— married later that year, long before Bezos became one of the world's richest men. He joked in the same Vogue interview, "I think my wife is resourceful, smart, brainy, and hot, but I had the good fortune of having seen her résumé before I met her, so I knew exactly what her SATs were."
<h2 class="wp-block-heading">No Prenup, No Problem—For MacKenzie</h2>
Despite amassing a fortune together, Jeff and MacKenzie never signed a prenup. That made their 2019 divorce one of the most expensive in history. The settlement left MacKenzie with 25% of their Amazon stock—about $36 billion at the time, according to media reports. Instead of hoarding her wealth, she started giving it away at an unprecedented pace.
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MacKenzie Scott has since donated more than $19 billion to charities, funding social justice initiatives, education, and human services. Unlike traditional philanthropists, she doesn't micromanage how the money is spent. The typical grant size? $5 million—far beyond the usual $123,000 median seen in major philanthropic studies.
Her no-strings-attached generosity has upended conventional giving, proving that even in divorce, resourcefulness isn't just a trait Bezos admired—it's something Scott has mastered on a whole different level.
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<li>Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
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AMZN

Jeff Bezos Let His Friends Set Him Up On Blind Dates—The Top Criterion? A Woman Resourceful Enough to Break Him Out Of A 'Third-World Prison'

Billionaire investor&nbsp;Warren Buffett&nbsp;has addressed concerns regarding the record cash pile of&nbsp;Berkshire Hathaway Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>). 
What Happened: In a <a href="https://www.berkshirehathaway.com/letters/2024ltr.pdf">letter</a> to shareholders on Saturday, Buffett reassured of his commitment to owning businesses, amidst the company&#8217;s cash reserves reaching an all-time high due to a lack of major acquisitions and a sell-off of stocks.
The 94-year-old investor&#8217;s&nbsp;decision to address the cash&nbsp;pile, which stood at $334.2 billion&nbsp;at the end of last&nbsp;year, comes amid record valuations that have made US stocks less appealing and made it difficult for Buffett to find major deals.
Buffett assured shareholders that&nbsp;a substantial majority of their&nbsp;money would be deployed in equities, primarily American, many of which have significant international operations. 
"Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities — mostly American equities although many of these will have international operations of significance," Buffett said. 
This statement was released alongside Berkshire&#8217;s Q4 results, which showed a $9 billion increase in the cash pile as Buffett reduced stakes in stocks, including significant&nbsp;sales of shares in Citigroup&nbsp;and Bank of America.
Also Read: <a href="https://www.benzinga.com/25/02/43900955/berkshire-hathaways-q4-profits-soar-71-warren-buffett-says-his-firm-has-paid-more-taxes-than-tech-titans-in-trillions">Berkshire Hathaway Q4 Profits Soar 71%, Buffett Says Firm Pays More Taxes Than &#8216;Tech Titans&#8217; With Market Value in &#8216;Trillions&#8217;</a>
Over the past year, the company&#8217;s cash pile has nearly doubled as it reinvested the proceeds from stock sales,&nbsp;including tens of billions of&nbsp;dollars&#8217;&nbsp;worth of shares in Apple, into Treasury bills.
"We were aided by a predictable large gain in investment income as Treasury Bill yields improved and we substantially increased our holdings of these highly liquid short-term securities," Buffett added in his letter.
"Paper money can see its value evaporate if fiscal folly prevails. In some countries, this reckless practice has become habitual, and, in our country's short history, the US has come close to the edge. Fixed-coupon bonds provide no protection against runaway currency," Buffet shared. 
Why It Matters: Buffett&#8217;s reassurance comes at a crucial time when the company&#8217;s cash reserves have reached an all-time high due to a lack of major acquisitions and a sell-off of stocks. 
The investor&#8217;s commitment to owning businesses and preference for &#8220;ownership of good businesses&#8221; over cash-equivalent assets is a strong message to shareholders about the company&#8217;s investment strategy.
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Buffett's Assures Berkshire Hathaway Shareholders Amid Skyrocketing Cash Reserves

These nine mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Pony AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PONY#NASDAQ">PONY</a>) stock rose 58.88% after the company launched paid robotaxi services connecting Guangzhou's city center with Baiyun <a href="https://www.benzinga.com//node/43878528" target="_blank" rel="noreferrer noopener">International Airport and South Railway Station</a>.</li>
<li>Celsius Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) stock surged 43.95% after the company reported better-than-expected Q4 financial results. The company also announced the <a href="https://www.benzinga.com//node/43868556" target="_blank" rel="noreferrer noopener">acquisition of </a><a href="https://www.benzinga.com//node/43868556" target="_blank" rel="noreferrer noopener">Alani Nutrition</a><a href="https://www.benzinga.com//node/43868556" target="_blank" rel="noreferrer noopener"> for $1.65 billion</a>.</li>
<li>WeRide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRD#NASDAQ">WRD</a>) shares escalated 42.22%, possibly after NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)  disclosed a stake of <a href="https://www.benzinga.com//node/43739878" target="_blank" rel="noreferrer noopener">1.74 million shares in a 13F filing</a> last week.</li>
<li>Applied Digital Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) stock jumped 34.64%.</li>
<li>Solaris Energy Infrastructure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEI#NYSE">SEI</a>) shares upped 31.87% after the company reported <a href="https://www.benzinga.com//node/43872744" target="_blank" rel="noreferrer noopener">fourth-quarter financial results</a>.</li>
<li>Vicor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VICR#NASDAQ">VICR</a>) stock upped 27.80% after the company reported better-than-<a href="https://www.benzinga.com//node/43865613" target="_blank" rel="noreferrer noopener">expected Q4 fourth-quarter financial results</a>.</li>
<li>GDS Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDS#NASDAQ">GDS</a>) share rose 24.26%, probably after China's central bank vowed to take measures to support its real estate and shore up the economy.</li>
<li>VNET Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VNET#NASDAQ">VNET</a>) stock upped 24.17%.</li>
<li>The Goodyear Tire &amp; Rubber Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GT#NASDAQ">GT</a>) shares escalated 22.15%. </li>
</ol>
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<li><a href="https://www.benzinga.com/news/large-cap/25/02/43903210/twilio-coinbase-and-reddit-are-among-top-10-large-cap-losers-last-week-feb-17-feb-21-are-the-others-in-your-portfolio" target="_blank" rel="noreferrer noopener">Twilio, Coinbase And Reddit Are Among Top 10 Large Cap Losers Last Week (Feb 17-Feb 21): Are The Others In Your Portfolio?</a></li>
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