Author: openjargon

  • Biden and Trump both want you to ignore the obvious

    Composite image of Donald Trump (left) and Joe Biden (right) during the 2024 election's first presidential debate.
    After a shockingly weak debate performance, President Joe Biden is asking voters to look past criticisms of his age and ability — a strategy similar to Donald Trump's.

    • After a shockingly weak debate performance, President Joe Biden is asking voters not to count him out.
    • But looking past worries over Biden's mental acuity and ability would mean ignoring obvious flaws.
    • In that way, Biden's strategy to ignore and deflect looks similar to how Trump campaigns.

    After a shockingly weak debate performance, President Joe Biden is employing a Trumpian strategy: asking voters not to count him out despite obvious flaws in his campaign and to look past the questions of his fitness for office.

    "I would not be running again if I didn't believe with all my heart and soul that I can do this job," 81-year-old Biden said Friday, attempting to reassure the crowd at the North Carolina State Fairgrounds.

    But that's not what it looked like on Thursday when Biden floundered in his debate performance against former President Donald Trump, political strategists told Business Insider.

    "It was a disaster for President Biden," Alex Zdan, GOP political strategist and former New Jersey Republican candidate for US Senate, told BI. "It was a train wreck, impacting a volcano, going into a black hole, going into a comet. It was the worst-case scenario. It was everyone's fears come true. It got so bad, it's to the point where conservative Republicans, who never thought they'd feel this way before, are expressing empathy for the president."

    Some of Biden's most loyal Democratic defenders have now publicly called on him to leave the race. So far, Biden has ignored those calls and urged voters to overlook his tired and, at times, incoherent debate performance.

    "I don't walk as easy I as used to," Biden said Friday in North Carolina. "I don't speak as smoothly as I used to. I don't debate as well as I used to. But I know what I do know: I know how to tell the truth."

    Representatives for the Biden campaign did not immediately respond to a request for comment from BI.

    But looking past worries over Biden's mental acuity and ability would mean ignoring obvious flaws — likely to the detriment of his own campaign, two public relations experts said.

    "Given the conversation surrounding his age and the public being worried about his mental state, that performance could have swayed some undecided voters to either vote for Donald Trump or simply not vote at all," David Triana, a consultant for Triana PR, told BI. "Given how members of the Democratic Party are suggesting Biden should step aside and give someone else an opportunity this November, and the media seemingly propping up Gavin Newsom to do just that, I think this crisis reached DEFCON 1."

    Biden's current refusal to acknowledge his shortcomings and his persistence in the race despite calls to drop out has begun to echo Trump's typical strategy of ignoring and deflecting criticism, Triana said. Dustin Siggins, a former political journalist turned PR consultant, agreed.

    Both candidates are stubborn, Siggins said, and that stubbornness has bred success in spheres where it can be rewarded: politics and business.

    "However, Trump's habit is both a choice and part of his natural personality," Siggins told BI. "Joe Biden, as we saw on Thursday night, seems too cognitively impaired to understand how he came across to the entire country."

    Not everyone sees Biden's persistence in the race as an act of ego or hubris. Brand strategist Rebecca Horan called it "par for the course for any politician."

    "For one thing, he is still president, so stepping down from the race due to his age might seem like he is conceding the MAGA Republicans' case that he is not an effective president. It's easy to understand why someone would have difficulty doing that," Horan told BI. "I also believe there's some optimism — an 'I can fix this' stance — to Biden's persistence, where he does believe he is doing this for the good of the country."

    If it got to the point where the overwhelming sentiment within the Democratic Party was that Biden should step down, Triana said he believes Biden would — another difference between the two candidates.

    Where the similarities end

    Another Trump presidency would mean a vastly different America than if Biden won a second term. Trump has promised his second term would be categorized by "revenge" against his political enemies; he has threatened to indict Biden if the federal courts don't grant him immunity from prosecution, and authoritarianism expert Timothy Snyder worries democracy may not survive if Trump wins again.

    Trump has asked the American people to ignore the events of January 6, 2021, and his lies around the 2020 election. He's asked that they ignore that he was convicted on 34 felony counts related to hush money payments to a porn actor. He'd rather voters forget that he still faces three additional criminal cases — including two that center on allegations that he attempted to overthrow American democracy — and that he was impeached twice during his first term.

    He also wants us to forget his lies, of which there were at least 30 on Thursday night (compared to Biden's nine, a fact-checker found). These included vastly overstating the economy's health during his tenure, exaggerating the size of the US's trade deficit with China, and falsely claiming the Biden administration is weak on border policy.

    The GOP has, for the most part, gamely followed this selective amnesia. Politicians that haven't have largely been primaried or siloed to be talking heads on cable TV.

    When BI reached out for comment, representatives for the Trump campaign declined to answer questions about similarities between Trump and Biden. Instead, a spokesperson pointed to the former president's recent statement declaring victory during Thursday's debate.

    A harm to democracy?

    The election will ultimately be decided by Independents, undecided voters, and anyone who might stay home. To have a chance, Biden will need that constituency to ignore his poor debate performance and questions about his age. So the question becomes: Will they come November?

    Even some of Biden's most strident supporters are worried he's no longer the country's greatest chance of defeating Trump and has instead become a liability in the fight against him.

    "One of the key arguments for Biden is saving democracy: 'Trump tried to lead an insurrection on January 6, and I'm the one that will stop that,'" Christian Grose, a professor of political science and public policy at USC, told BI. "If there are now Democrats calling for Biden to step down or not run, it sort of messes up that narrative."

    Qasim Rashid, a human rights lawyer and former Democratic candidate for congressional seats in Virginia and Illinois, told BI there needs to be an off-ramp built for Biden that protects his dignity and his legacy and "allows us to continue our momentum on the values of protecting democracy, fighting for economic justice and ensuring that 2024 is not the last presidential election, but a stepping stone to 2028, 2032 and so on."

    "At the end of the day, for me, the top priority is, how do we protect our democracy?" Rashid said. "And if the evidence shows that that's with Biden, OK — but I think the evidence is now starting to show, pretty compellingly, that there's a better alternative, and we should take that seriously. Whether Biden and his team and the Democratic Party listen to that, it's up to them."

    The New York Times Editorial Board argued that Biden's staying in the race could ultimately be a detriment to democracy. In an opinion article published Friday, the board stated that the greatest act of public service Biden could do now would be to end his campaign for reelection.

    Refusing to do so, the board wrote, puts America at risk of the very fate Biden aimed to avoid by running in the first place: a second Trump presidency.

    "The clearest path for Democrats to defeat a candidate defined by his lies is to deal truthfully with the American public: acknowledge that Mr. Biden can't continue his race, and create a process to select someone more capable to stand in his place to defeat Mr. Trump in November," The Times' board wrote. "It is the best chance to protect the soul of the nation — the cause that drew Mr. Biden to run for the presidency in 2019 — from the malign warping of Mr. Trump. And it is the best service that Mr. Biden can provide to a country that he has nobly served for so long."

    Read the original article on Business Insider
  • The greatest act of public service Joe Biden can do now is step aside, New York Times Editorial Board says

    President Joe Biden standing in front of a podium, looking down.
    The New York Times Editorial Board argued in a Friday column that President Joe Biden's debate performance on Thursday showed voters that the president is not fit for a second term.

    • President Joe Biden had a disastrous debate night against Donald Trump on Thursday.
    • The president, 81, coughed, stumbled upon his words, and didn't complete some sentences.
    • His performance did little to convince voters that he's fit for office, The New York Times Editorial Board wrote.

    After President Joe Biden's disastrous debate performance on Thursday night against former President Donald Trump, The New York Times Editorial Board has declared that it's seen enough: Biden should step aside.

    The Times editorial board, which provides opinions on critical issues facing the country at the moment, published a column on Friday criticizing Biden's performance and wrote that it did little to convince American voters that the 81-year-old president is fit for another term.

    "The president appeared on Thursday night as the shadow of a great public servant," the editorial board wrote. "He struggled to explain what he would accomplish in a second term. He struggled to respond to Mr. Trump's provocations. He struggled to hold Mr. Trump accountable for his lies, his failures, and his chilling plans. More than once, he struggled to make it to the end of a sentence."

    The board praised Biden's accomplishments in the past three years, calling him an "admirable president," but concluded that "the greatest public service Mr. Biden can now perform is to announce that he will not continue to run for reelection."

    A spokesperson for Biden's campaign did not immediately return a request for comment.

    The Times' editorial board, which typically leans left on issues, has previously called on Biden to take voters' concerns about age seriously.

    And Thursday's debate only cemented those concerns that the editorial board argued won't be dispelled through more public appearances.

    The New York Times newsroom, which operates independently from the editorial board, has been criticized by the Biden campaign and some of the left for its coverage of the president.

    Biden's team has bristled at the newspaper's coverage of the administration and the president, while a spokesperson for The Times has criticized the White House for lack of access for journalists.

    "Mr. Biden has granted far fewer press conferences and sit-down interviews with independent journalists than virtually all of his predecessors," The Times' spokesperson wrote in an April statement.

    A Times spokesperson declined to comment.

    The editorial board acknowledged in the column that Trump's debate performance should also be disqualifying, as the former president repeatedly misled and lied throughout the debate.

    But the board wrote that Republicans aren't interested in "deeper soul-searching" and that the party has been hijacked by Trump.

    The editorial board also wrote that Trump poses a serious threat to democracy and that if the choice came down to him and Biden, the board's "unequivocal pick" would be the sitting president.

    "That is how much of a danger Mr. Trump poses," the board wrote. "But given that very danger, the stakes for the country, and the uneven abilities of Mr. Biden, the United States needs a stronger opponent to the presumptive Republican nominee."

    Read the original article on Business Insider
  • Donald Trump just had the best 24 hours of his reelection campaign. But it might come back to bite him.

    Donald Trump
    Former President Donald Trump is having a good week.

    • Donald Trump is wracking up wins after Joe Biden gave a dismal debate performance.
    • The Supreme Court also issued two conservative rulings hours after the debate.
    • But Trump's seeming wins this week could fizzle out by November. 

    Former President Donald Trump is back on top — at least for now.

    The Republican nominee secured a spate of political wins this week after President Joe Biden delivered a disastrous first debate performance, and the Supreme Court handed down two Trump-friendly decisions.

    But Trump's Thursday night and Friday morning victories are far from permanent, and aspects of this week's ostensible wins could fizzle in the long run.

    Biden's big blunder

    Political experts and pundits seem to agree that Trump also performed poorly in the Thursday debate. He lied several times, failed to articulate his plans and policies, and once again boasted about his golf swing.

    But few were focused on Trump's faux-paus in the debate's aftermath. The focus was on Biden's raspy voice and seeming memory gaffes, which only exacerbated growing concerns about the 81-year-old president's age and fitness.

    Throughout the debate, Trump managed to inject some of his notorious zingers, including after one particularly incoherent Biden ramble, saying, "I really don't know what he said at the end of that sentence. I don't think he knows what he said either."

    Democrats responded to the debate with abject panic as some Biden loyalists started pushing for him to step down. The resulting liberal frenzy is at least marginally good for Trump, according to Christian Grose, professor of political science and public policy at the University of Southern California.

    "Trump is benefiting only in the sense that Biden did not benefit," Grose said.

    Most voters, however, are already decided. While the debate might have swung undecided Americans further toward Trump, Grose said Biden's poor performance is unlikely to sway Democrats toward the Republican nominee in today's partisan age. Biden may have lost himself some votes, but it's not evident that those will bolster Trump's base, Grose said.

    "Those who support Donald Trump will continue to support him in November, no matter what happens until then. Those that do not, will not," said David Triana, a public relations consultant focused on legal figures. "The question there remains: will they vote for Biden or stay home?"

    The early nature of this first debate could, however, end up playing in Biden's favor. Public recall tends to be short, and there is still ample time between now and November for Biden to try to change the narrative around his age — especially amid Trump's ongoing legal woes, Grose said.

    "Something terrible happens to one of these candidates once every two weeks — usually Trump," Grose said.

    Trump and Biden at the presidential debate
    Donald Trump and Joe Biden during the debate.

    SCOTUS surprises

    Less than 24 hours after the debate, the Supreme Court handed down two major decisions, which, at first glance, appeared to be more good news for Trump.

    The top court overturned the Chevron doctrine, a decades-old legal precedent that required courts to defer to federal agencies' interpretations of congressional statutes when reasonable. Conservatives long had their sights set on overturning the doctrine, which they argue granted too much power to the executive branch.

    In a separate 6-3 decision, the Supreme Court also narrowed charges for several January 6, 2021 rioters, ruling that the obstruction statute used to prosecute the defendants was employed too broadly by the Department of Justice.

    Both decisions are a reminder of the outsize role Trump has played in shaping the modern court. During his first term, he appointed three conservative justices who helped swing the court further right than it had been in many years.

    The January 6 case also has positive personal implications for Trump, who also faces a federal obstruction charge in Special Counsel Jack Smith's case. On Friday, legal experts told Business Insider that the decision was good news for Trump's legal prospects.

    But the personal benefits Trump may reap from the Supreme Court's decisions could have unwanted political effects on his campaign, Grose suggested.

    It could remind voters unhappy with the Supreme Court's conservative drift that another Trump term could mean more Trump SCOTUS appointees.

    Much of Biden's platform revolves around his claims that he alone can protect democracy from the dangers of a second Trump term. Undecided voters with strong opinions on abortion and January 6 could be turned off by Trump's Supreme Court appointees and their increasingly conservative rulings, he suggested.

    Should the court rule in favor of Trump's presidential immunity case next week, voters could be more inclined to believe Biden's narrative about democracy needing to be saved, Grose said.

    Many undecided voters are also particularly concerned with a candidate's character, and Trump's refusal to acknowledge responsibility for his crimes could come back to bite him with independents — especially if the Supreme Court grants him broad immunity, Triana said.

    But ultimately, it's just too soon to say how this week's events will impact November, Grose said.

    "We just have to wait and see how the polls shake out," he said.

    Read the original article on Business Insider
  • 4 of the best ASX ETFs to buy in July

    Magnifying glass on ETF text next to a calculator and notepad.

    A new month is upon us, so what better time to look at making some new additions to your portfolio.

    If you are interested in exchange-traded funds (ETFs), then it could be worth checking out the four in this article.

    Here’s what you need to know about these ASX ETFs:

    BetaShares Global Cybersecurity ETF (ASX: HACK)

    The first ASX ETF for investors to look at is the BetaShares Global Cybersecurity ETF. This strong-performing ETF provides investors with exposure to the cybersecurity sector. which is forecast to grow very strongly over the coming decades. This is being driven by rising levels of cybercrime and more infrastructure shifting to the cloud. This bodes well for the companies included in the fund, such as Accenture and Palo Alto Networks.

    Betashares Global Uranium ETF (ASX: URNM)

    A second ASX ETF for investors to look at in July is the Betashares Global Uranium ETF. This fund aims to track the performance of an index that provides investors with exposure to the leading companies in the global uranium industry. This has been a great place to be over the last 12 months thanks to rising uranium prices. This has been driven by strong forecast demand for use in nuclear power and weak supply of the chemical element. Among its holdings are locally listed uranium stocks Boss Energy Ltd (ASX: BOE) and Paladin Energy Ltd (ASX: PDN).

    Betashares Global Quality Leaders ETF (ASX: QLTY)

    A third ASX ETF for investors to consider buying is the Betashares Global Quality Leaders ETF. It was recommended by Betashares’ chief economist, David Bassanese, last year. And it isn’t hard to see why. This fund allows investors to buy many of the highest quality companies that the world has to offer. At present, there are approximately 150 companies included in the ETF. These companies rank highly on four key metrics: return on equity, debt-to-capital, cash flow generation, and earnings stability.

    BetaShares S&P/ASX Australian Technology ETF (ASX: ATEC)

    A final ASX ETF for investors to look at is the BetaShares S&P/ASX Australian Technology ETF. It could be a great option if you are lacking any meaningful technology exposure in your portfolio. That’s because it provides investors with access to the leading companies in a range of tech-related market segments. This includes information technology, consumer electronics, online retail and medical technology. This ETF was also recently highlighted as one to buy by the team at Betashares. The fund manager commented: “With the nascent adoption of AI, cloud computing, big data, automation, and the internet of things, there’s a good chance that the next decade’s major winners will come from the tech sector.”

    The post 4 of the best ASX ETFs to buy in July appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Betashares S&p Asx Australian Technology Etf right now?

    Before you buy Betashares S&p Asx Australian Technology Etf shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Betashares S&p Asx Australian Technology Etf wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Accenture Plc, BetaShares Global Cybersecurity ETF, and Palo Alto Networks. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2025 $290 calls on Accenture Plc and short January 2025 $310 calls on Accenture Plc. The Motley Fool Australia has positions in and has recommended BetaShares Global Cybersecurity ETF. The Motley Fool Australia has recommended Betashares Global Uranium Etf. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Is my superannuation balance on track for my age?

    Couple holding a piggy bank, symbolising superannuation.

    Superannuation is a funny thing. Almost all of us know it’s there, thanks to the now-11% (soon to be 11.5%) of our paycheque that is diverted into our super funds every pay cycle.

    Yet if you ask most Australians who are more than 10 or 15 years away from retirement age, you’ll probably find a disturbing lack of knowledge or awareness over the state of their super fund.

    Perhaps that’s understandable. For one thing, super is one of the drier subjects that one can discuss around the proverbial water cooler. And for another, most Australians aren’t currently on track for an adequately-funded, comfortable retirement that can be built on superannuation alone. So why discuss it?

    But exactly how much does one need at a particular age to be considered ‘on track’ for a comfortable retirement? That’s what we’ll be going through today.

    Superannuation and a comfortable retirement

    How much super one needs for retirement is quite a subjective topic. For one, some people want to retire as soon as they can. While others envisage keeping busy and productive for as long as they are able. Further, some people might be happy with a modest retirement. Others might seek to fill their golden years with travel and luxury.

    As a starting point, the Federal Government’s Moneysmart website tells us that “if you own your home, the rule of thumb is that you’ll need two-thirds (67%) of your current income each year to maintain the same standard of living”.

    Luckily, super fund provider Australian Retirement Trust has run numbers on what it sees as the balance you should be aiming for if you wish to be on track for a comfortable retirement.

    To start off, it estimates that the super balance a 25-year-old should aim for for a comfortable retirement is $18,500.

    For a 30-year-old? It’s $59,000.

    This rises to $101,500 for someone aged 35 and again to $156,000 for 40-year-olds.

    Jumping to 50 years, and the estimated ideal balance is $281,000.

    That rises again to $361,000 for a 55-year-old and up to $453,000 for someone aged 60.

    For a 65-year-old who is two years away from the retirement age of 67, one should be aiming for a superannuation balance of $549,000.

    This is all built on assumptions made by the Association of Superannuation Funds of Australia (ASFA). These assumptions made provisions for what would constitute a ‘comfortable retirement’ over a ‘modest’ one. It also factors in eligibility for both the part and full Age Pension.

    So, hopefully, these figures will give you some useful context and help you understand whether your financial circumstances put you on track for the retirement you wish for.

    The post Is my superannuation balance on track for my age? appeared first on The Motley Fool Australia.

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    Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • $20,000 invested in NextDC and these ASX shares 10 years ago is worth how much?

    Man holding a calculator with Australian dollar notes, symbolising dividends.

    I’m a fan of buy and hold investing and believe it is one of the best ways to grow your wealth.

    To demonstrate just how successful this investment strategy can be with ASX 200 shares, I often like to see how much a single $20,000 investment in certain ASX 200 shares 10 years ago would be worth today.

    Let’s see how investments in these shares have fared during the past decade:

    Jumbo Interactive Ltd (ASX: JIN)

    The first ASX share that we are going to look at is Jumbo Interactive. It is the online lottery ticket seller behind the Oz Lotteries platform. It also has a growing Powered by Jumbo software as a service platform. This side of the business is aiming to disrupt the global lottery market by making the shift online easier for lottery operators. Combined, these businesses have underpinned strong earnings growth over the last decade and even stronger returns for investors. In respect to the later, Jumbo’s shares have provided investors with an average total return of 32% per annum since 2014. This would have turned a $20,000 investment in its shares 10 years ago into a mouth-watering ~$320,000 today.

    Macquarie Group Ltd (ASX: MQG)

    Another ASX share that has beaten the market over the last decade is investment bank Macquarie. Thanks to the quality and diversity of its operations and its strong position in investment banking, Macquarie has delivered strong profit growth over the 10 years. This has led to its shares outperforming both the market and the big four banks by some distance. For example, since 2014, the bank’s shares have recorded an average total return of 15.5% per annum. This would have turned a $20,000 investment in Macquarie’s shares a decade ago into ~$85,000 today.

    NextDC Ltd (ASX: NXT)

    Finally, a third ASX share that has been a market-beater over the last 10 years has been data centre operator NextDC. Thanks to strong demand for capacity in its world-class centres due to the structural shift to the cloud (and now the artificial intelligence megatrend), NextDC’s revenue and operating earnings have been growing at a rapid rate. This has put a rocket under the company’s shares and underpinned some very strong returns since 2014. For example, over the last decade, NextDC’s shares have generated an average return of 26.5% per annum. This means that a $20,000 investment in the data centre operator’s shares 10 years ago would have grown to be worth ~$210,000 today.

    The post $20,000 invested in NextDC and these ASX shares 10 years ago is worth how much? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Jumbo Interactive Limited right now?

    Before you buy Jumbo Interactive Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Jumbo Interactive Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in Nextdc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jumbo Interactive and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Jumbo Interactive. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • One of the most powerful men in entertainment just called OpenAI’s Sam Altman a ‘con man’ who can’t be trusted

    Side-by-side image of Endeavor CEO Ari Emanuel and OpenAI CEO Sam Altman
    Endeavor CEO Ari Emanuel criticized OpenAI co-founder Sam Altman, calling him a "con man" who can't be trusted with artificial intellgience.

    • Ari Emanuel, CEO of media conglomerate Endeavor, called for guardrails on artificial intelligence.
    • He said in an interview at the Aspen Ideas Festival that the technology will be necessary.
    • But he said OpenAI CEO Sam Altman can't be trusted and the government needs to step in. 

    Ari Emanuel, CEO of Endeavor, the sports and entertainment conglomerate, called OpenAI CEO Sam Altman a "con man" who can't be trusted with artificial intelligence.

    During the Aspen Ideas Festival on Friday, the media juggernaut was asked to share his thoughts on AI and the reassurances innovators such as Altman give about the technology.

    Emanuel first thought of Elon Musk, whom he called a "friend," and said that they disagree on many things but not on the risks of AI.

    "If he's nervous, then we should be nervous," Emanuel said. "And I do think there should be guardrails."

    On Altman, Emanuel was less kind.

    "As it relates to Sam Altman, I think he's — he's a con man." he said, criticizing how OpenAI began as a nonprofit, but Altman is "now making a lot of money."

    OpenAI has an unusual corporate structure known as a "capped-profit" company in which the for-profit arm is governed by a nonprofit. Altman doesn't directly hold equity in OpenAI.

    The purpose of the structure was to ensure that OpenAI pursued artificial general intelligence to benefit humanity before it prioritizes profits. In recent months, OpenAI's commitment to that mission has come under scrutiny.

    "I don't know why I would trust him," Emanuel said. "I don't know why we would trust these people."

    An OpenAI spokesperson did not immediately respond to a request for comment.

    Two days before Emanuel spoke at the festival, Altman and Airbnb CEO Brian Chesky were at the same event, saying that building AI responsibly will require society's input.

    "We need to learn how to make safe technology," Altman said. "We need to figure out how to build safe products, and that includes an ongoing dialogue with society."

    Emanuel said that people like Altman are likely very intelligent and that he doesn't want to stifle innovation; however, he doesn't trust that innovators have properly weighed the benefits of AI against the cons.

    "I thought about a whole host of stuff that's bad," he said. "So you're telling me you've done the calculation, and the good outweighs the bad. Really? I don't think so."

    The Endeavor CEO added that government regulation will be necessary as AI continues to develop.

    "I don't want to stifle innovation either cause I do think we need AI. But we have to have the rails around it," he said. "And I know a lot of people in Silicon Valley don't like the government coming in — and it's not like the government's performed great in that area given guardrails — but this is a pretty dynamic technology that needs really long thought about what can and can't happen."

    Read the original article on Business Insider
  • These were the best performing ASX 200 shares in June

    A woman with strawberry blonde hair has a huge smile on her face and fist pumps the air having seen good news on her phone.

    The S&P/ASX 200 Index (ASX: XJO) had a relatively decent time in June. During the month, the benchmark index rose by 0.85% to end the period at 7,767.5 points.

    While that was positive, a number of ASX 200 shares were able to smash the market with significantly stronger returns.

    Here are the best performing ASX 200 shares in June:

    Strike Energy Ltd (ASX: STX)

    The Strike Energy share price was far and away the best performer on the benchmark index with a 40% gain. This was driven partly by the release of an update on the Walyering-7 (W7) well within the Perth Basin. According to the release, W7 has intersected a high-quality conventional gas accumulation to the north-east of the currently producing Walyering gas field. In addition, the company announced plans to re-shape its South Erregulla project to a peaking power facility to firm renewable capacity in the Western Australian electricity market.

    Bapcor Ltd (ASX: BAP)

    The Bapcor share price was the next best performer with a gain of 21% in June. This was driven by news that the auto parts retailer received an unsolicited, indicative, conditional and non-binding takeover proposal from Bain Capital. Bapcor shareholders would receive $5.40 cash per share from the private equity giant. As things stand, the Bapcor board is still considering the offer. It has warned that “there is no guarantee that the Indicative Proposal put forward by Bain Capital will result in a binding offer or that any transaction will eventuate.”

    Pro Medicus Limited (ASX: PME)

    The Pro Medicus share price was on form again and rose 19.3% over the month. Investors have been buying this health imaging company’s shares since the announcement of five new contracts with a combined minimum contract value of $45 million at the end of May. Management advised that the contracts will be fully cloud deployed and are expected to be completed within the next six months. Goldman Sachs responded positively to the news. Its analysts reiterated their buy rating and lifted their price target on Pro Medicus’ shares to $136.00. Its shares have now surpassed this, hitting a record high of $144.34 on the final trading day of June.

    Healius Ltd (ASX: HLS)

    The Healius share price had a strong month and rose 18% over the period. Interestingly, this was despite the pathology services company downgrading its earnings guidance for FY 2024. It now expects underlying FY 2024 EBITDA of between $345 million to $350 million. Underlying EBIT is expected to be between $60 million and $65 million. However, it did report improving pathology volumes for the half year to date. This may have given sentiment a boost.

    The post These were the best performing ASX 200 shares in June appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Bapcor Limited right now?

    Before you buy Bapcor Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bapcor Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in Pro Medicus. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Pro Medicus. The Motley Fool Australia has recommended Bapcor and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Brokers name 3 ASX dividend stocks to buy

    Middle age caucasian man smiling confident drinking coffee at home.

    With so many ASX dividend stocks to choose from, it can be hard to decide which ones to buy.

    The good news is that brokers have been busy doing the hard work for you and have picked out three stocks they rate as buys.

    Here’s what you need to know:

    Eagers Automotive Ltd (ASX: APE)

    The first ASX dividend stock that brokers have given the thumbs up to is Eagers Automotive. It is one of the largest automotive retail groups in the Australia and New Zealand region.

    Its shares have been hammered in 2024 and are down 27% year to date. While this is disappointing, analysts at Bell Potter think that patient investors should be snapping them up while they are down.

    The broker currently has a buy rating and $13.35 price target on its shares. This implies potential upside of 27% for investors over the next 12 months.

    In addition, Bell Potter is forecasting fully franked dividends of 64.5 cents per share in FY 2024 and then 73 cents per share in FY 2025. Based on its current share price of $10.52, this represents attractive dividend yields of 6.1% and 6.9%, respectively.

    Inghams Group Ltd (ASX: ING)

    Over at Morgans, its analysts think that Inghams could be a top ASX dividend stock to buy. It is Australia’s leading poultry producer and supplier.

    Much like Eagers Automotive, its shares have been underperforming in 2024 and are down 8% year to date. Morgans thinks this has created a buying opportunity and has described Inghams’ shares as “undervalued” at current levels. It has an add rating and $4.40 price target on its shares, which suggests that 22% upside is possible.

    Morgans is also expecting some great dividend yields in the near term. It is forecasting fully franked dividends of 22 cents per share in FY 2024 and then 23 cents per share in FY 2025. Based on the current Inghams share price of $3.62, this equates to dividend yields of 6.1% and 6.35%, respectively.

    Universal Store Holdings Ltd (ASX: UNI)

    A final ASX dividend stock that brokers think could be a buy for income investors is youth fashion retailer Universal Store.

    Last month, Bell Potter put a buy rating and $6.15 price target on its shares. This implies potential upside of 24% from current levels.

    As for income, the broker is forecasting fully franked dividends per share of 24 cents in FY 2024 and then 31 cents in FY 2025. Based on its current share price of $4.97, this will mean yields of 4.8% and 6.2%, respectively.

    The post Brokers name 3 ASX dividend stocks to buy appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Eagers Automotive Ltd right now?

    Before you buy Eagers Automotive Ltd shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Eagers Automotive Ltd wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in Universal Store. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Eagers Automotive Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • $7,000 in savings? Here’s how I’d try to turn that into a $2,500 monthly passive income

    Happy man holding Australian dollar notes, representing dividends.

    The share market is a great place to generate a passive income.

    That’s because most ASX 200 stocks will share a portion of their profits with their loyal shareholders twice a year in the form of dividends.

    This means you can sit back with your feet and let these companies do the hard work for you, while pocketing your share of the profits every six months.

    In light of this, if I had $7,000 in a savings account and no plans for these funds, I would consider putting them to work in the share market.

    However, much like a bank account, you are not going to start generating material passive income immediately with this investment. But if you are patient, your savings could compound into something larger and turn the share market into your own personal ATM.

    Generating passive income from ASX 200 stocks

    Historically, share markets have generated an average return of 10% per annum. Some years are stronger, some years are weaker. But on average, 10% is what it has delivered.

    And while past performance is not a guarantee of future returns, I think it is reasonable to base our assumptions on the share market performing in line with historical averages.

    With that in mind, let’s see what that $7,000 could turn into with ASX 200 stocks.

    Long term returns

    If you only wish to invest that $7,000 into the share market and make no further contributions, then you would be looking at growing your portfolio to the following (based on a 10% annual return):

    • 10 years: $18,000
    • 20 years: $47,000
    • 30 years: $122,00
    • 40 years: $315,000

    What about passive income? I hear you ask. Well, if you are able to build a portfolio that averages a 6% dividend yield, the amounts above would generate the following in annual dividend income:

    • 10 years: $1,080
    • 20 years: $2,820
    • 30 years: $7,320
    • 40 years: $18,900

    Clearly, to really make meaningful passive income you’re going to have to leave your $7,000 to compound for a substantial amount of time. By the 40-year mark, you would be pulling in the equivalent of approximately $1,500 in monthly passive income.

    Building a time machine

    If we had a time machine and could jump forward in time, we would be able to scoop up all that passive income.

    But until they are invented, investors may have to do the next best thing. If you can contribute to your investment each year, then you could build your wealth quicker and grow your passive income.

    Here’s what would happen to a $7,000 investment into ASX 200 stocks each year instead of just once with a 10% per annum return:

    • 10 years: $141,000
    • 20 years: $488,000
    • 30 years: $1.39 million
    • 40 years: $3.7 million

    Now let’s see what annual passive income a portfolio that averages a 6% dividend yield would generate from these amounts:

    • 10 years: $8,460
    • 20 years: $29,280
    • 30 years: $83,000
    • 40 years: $222,000

    Based on the above, it is conceivable that you could have around $2,500 of monthly passive income from your ASX 200 stocks in 20 years if you are able to invest $7,000 into the market each year.

    Food for thought.

    The post $7,000 in savings? Here’s how I’d try to turn that into a $2,500 monthly passive income appeared first on The Motley Fool Australia.

    Should you invest $1,000 in S&P/ASX 200 right now?

    Before you buy S&P/ASX 200 shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and S&P/ASX 200 wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 24 June 2024

    More reading

    Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.