• Ex-OpenAI board member reveals what led to Sam Altman’s brief ousting

    Sam Altman
    A former OpenAI board member is opening up about CEO Sam Altman.

    • An ex-OpenAI board member revealed new details about Sam Altman's brief ousting as CEO.
    • Helen Toner said Altman lied to the board "multiple" times and was "withholding information." 
    • Toner claimed he didn't tell the board about ChatGPT's release; they found out on Twitter, she said. 

    Former OpenAI board member Helen Toner revealed explosive new details about what led to CEO Sam Altman's brief ousting in November.

    In an interview with Bilawal Sidhu on "The Ted AI Show," which aired Tuesday, Toner said Altman had lied to the board multiple times.

    As one example, Toner said OpenAI's board learned about the release of ChatGPT on Twitter.

    She said that Altman was "withholding information" and "misrepresenting things that were happening in the company" for years.

    Toner — one of the board members who voted to kick Altman out — alleged Altman also lied to the board by keeping them in the dark about the company's ownership structure.

    "Sam didn't inform the board that he owned the OpenAI startup fund, even though he constantly was claiming to be an independent board member with no financial interest in the company," she said.

    Altman keeping that from the board "really damaged our ability to trust him" and that the board was "already talking pretty seriously about whether we needed to fire him" in October, she said.

    OpenAI didn't immediately respond to a request for comment from Business Insider.

    Toner — currently a director of strategy at the Centre for Security and Emerging Technology at Georgetown — alleges the OpenAI chief also gave board members "inaccurate information about the small number of formal safety processes" OpenAI had in place.

    She said that made it "basically impossible" for the board to understand if the safety measures were sufficient or if any changes were needed.

    She said there were other individual examples, but ultimately, the board concluded that "we just couldn't believe things that Sam was telling us, and that's a completely unworkable place to be in as a board."

    Toner added that it was "totally impossible" for the board to trust Altman's word. The board, she said, had a role to have independent oversight of OpenAI and "not just helping the CEO to raise more money."

    But then, last October, the board had a number of conversations where two executives detailed their own experiences with Altman in which they used the phrase "psychological abuse," according to Toner.

    She said the executives told the board they "didn't think he was the right person to lead the company to AGI, telling us they had no belief that he could or would change, no point in giving him feedback, no point in trying to work through these issues." 

    By the time the board realized Altman needed replacing, Toner says it was clear that Altman would "pull out all the stops" to block the board from going against him if he found out. She claims he "started lying to other board members in order to try and push me off the board."

    She said, "We were very careful, very deliberate about who we told, which was essentially almost no one in advance, other than obviously our legal team and so that's kind of what took us to to November 17."

    But Altman's ouster didn't last long.

    As staff threatened to quit and speculation swirled that Microsoft may poach Altman's team from OpenAI and hire him directly, the company's board brought back Altman as CEO less than a week later.

    Toner resigned from her role as an OpenAI board member less than two weeks after Altman returned as CEO.

    Do you work for OpenAI? Do you have insights to share? Contact the reporter at jmann@businessinsider.com or reach out via Signal at jyotimann.11


    Read the original article on Business Insider
  • How Warren Buffett’s advice is guiding the ASX shares I’m buying in 2024

    A man sits thoughtfully on the couch with a laptop on his lap.

    When looking for successful stock market investors for inspiration, there is arguably no better figure to turn to than the legendary Warren Buffett.

    Over his exceptionally long investing career, Buffett has achieved astonishing returns, turning his company Berkshire Hathaway Inc (NYSE: BRK.A)(NYSE: BRK.B) from a failing textiles mill into the US$881 billion behemoth it is today.

    Fortunately for every single investor on the planet, Buffett has always been generous with his wisdom and guidance. His annual letters to the shareholders of Berkshire Hathaway, as well as his famous shareholder meetings, are typically jam-packed with advice, tips and cautionary tales.

    So today, let’s discuss how Warren Buffett’s advice is guiding my own ASX share investing in 2024.

    How Waren Buffett is helping my 2024 stock market investing

    Buffett: Keeping it simple

    The investing world is perpetually in the grips of the latest fad. Whether it be lithium stocks, uranium shares or cryptocurrency miners, there always seems to be a sector or corner of the market that is booming as investors flood in to try and grab a piece of the next big thing.

    But Buffett has never been a trendjumper or setter for that matter. In fact, he typically warns investors to stay in their lane. Here are two quotes that best sum up Buffett’s attitude:

    Beware the investment activity that produces applause; the great moves are usually greeted by yawns.

    Never invest in a business you cannot understand.

    As such, I’ll be staying away from the hot stocks in 2024, sticking to businesses that I can easily understand. That’s why I’ll be far more likely to buy shares of say Coles Group Ltd (ASX: COL) than Arcadium Lithium plc (ASX: LTM).

    Look for ASX shares with something special

    Disciples of Warren Buffett would be well aware of the man’s love of what he calls an economic moat. A moat is a durable competitive advantage that a company can possess, which helps it stave off competition:

    The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

    This could come in the form of a strong brand, a product that investors find difficult to stop using, or a cost advantage that ensures a company’s products are the cheapest available.

    We can see this reflected in Buffett’s own portfolio at Berkshire. Most of Berkshire’s holdings have an obvious moat – Coca-Cola‘s universally known brand or Apple‘s reputation for quality products are two such examples.

    Using this principle, I’m hopeful that my next ASX share buy in 2024 will be a company with a strong moat. It might be Transurban Group (ASX: TCL) for its network of almost unavoidable toll roads across Australia or perhaps Lottery Corp Ltd (ASX: TLC) for its exclusive rights to run lotteries and Keno in most Australian states.

    Foolish takeaway

    In my view, there is no one better than Warren Buffett if you want investing advice and inspiration. As such, my next ASX buy will hopefully be one that Buffett would approve of.

    The post How Warren Buffett’s advice is guiding the ASX shares I’m buying in 2024 appeared first on The Motley Fool Australia.

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

    Before you buy Coles Group 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 Coles Group 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 5 May 2024

    More reading

    Motley Fool contributor Sebastian Bowen has positions in Apple, Berkshire Hathaway, and Coca-Cola. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Apple, Berkshire Hathaway, Lottery, and Transurban Group. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool Australia has recommended Apple and Berkshire Hathaway. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • 5 things to watch on the ASX 200 on Wednesday

    Business woman watching stocks and trends while thinking

    On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a subdued session and dropped into the red. The benchmark index fell 0.3% to 7,766.7 points.

    Will the market be able to bounce back from this on Wednesday? Here are five things to watch:

    ASX 200 expected to fall

    It looks set to be another subdued day for the Australian share market on Wednesday following a mixed start to the week in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 49 points or 0.6% lower. On Wall Street, the Dow Jones fell 0.55%, the S&P 500 was flat, and the Nasdaq pushed 0.6% higher. The latter hit a record high and rose beyond 17,000 points for the first time.

    Oil prices surge

    ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a great session after oil prices surged overnight. According to Bloomberg, the WTI crude oil price is up 3.1% to US$80.15 a barrel and the Brent crude oil price is up 1.65% to US$84.47 a barrel. Traders were feeling confident ahead of the highly anticipated OPEC+ meeting.

    Santos supply agreement

    The Santos Ltd (ASX: STO) share price will be on watch today. That’s because after the market close on Tuesday, the energy company announced a binding long-term LNG supply and purchase agreement with Hokkaido Gas. The long-term agreement will supply up to approximately 0.4 million tonnes per annum of LNG for 10 years, commencing in 2027, from Santos’ LNG portfolio on a delivered ex-ship basis.

    Gold price races higher

    ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price raced higher overnight. According to CNBC, the spot gold price is up 1.1% to US$2,359.2 an ounce. A softer US dollar boosted the precious metal.

    Buy Pro Medicus shares

    Pro Medicus Limited (ASX: PME) shares are good value according to analysts at Goldman Sachs. In response to news that the health imaging technology company has won five new contracts worth $45 million, the broker has reiterated its buy rating with an improved price target of $136.00. This implies potential upside of 19% from current levels. It commented: “In our view, PME is well positioned into FY25 given a full year benefit of some large and high profile contracts, in addition to the accelerating frequency and size of new contract wins.”

    The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.

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

    Before you buy Beach Energy 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 Beach Energy 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 5 May 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in Pro Medicus and Woodside Energy Group. 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 Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • Planning your retirement? Here are the most popular investments outside superannuation

    A senior couple discusses a share trade they are making on a laptop computer

    Whilst one in four Australians rank superannuation as the most important investment vehicle for retirement and long-term wealth building, 85% are actively investing outside their super funds.

    So, how are Australians investing their spare cash?

    In this article, we take a look at the most popular investment options identified in a new survey.

    Research by financial advisory Findex shows the most common investments Australians have outside their superannuation are bank savings (64%), property (38%), cash (35%), and shares (34%).

    Other investments include exchange-traded funds (ETFs) (17%), cryptocurrency (17%) and bonds (6%).

    Findex says the range of investment options adopted indicates “not only nuanced preferences and risk appetites but a preference for liquidity and risk aversion among a significant portion of the population”.

    When the data is broken down by generation, we see different investment strategies at work.

    Generational differences in preferred investments

    Here is a summary of how investment choices outside superannuation differ between the generations.

    Baby Boomers (born 1945-1964)

    Baby Boomers prefer to invest in bank savings (60%), property (50%) and shares (46%).

    Gen Xers (born 1965-1980)

    Gex Xers like bank savings (57%), property (43%) and shares (36%).

    Millennials (born 1981-1996)

    Millennials prefer bank savings (70%), property (41%), cash (35%) and shares (33%). Interestingly, the survey shows this age group is the biggest player in five different categories of investments. They are bank savings, as stated; cryptocurrency (22%), ETFs (21%), managed funds (15%), and bonds (8%).

    Gen Zs (born 1997-2009)

    Gen Z is the biggest investor in cash (42%) and the second biggest investor in bank savings (66%). They also like shares (22%), ETFs (17%), property (14%) and cryptocurrency (13%).

    Investing in ASX shares during retirement

    Most superannuation funds primarily invest in ASX shares and international equities like US shares.

    Individual Australians can do the same thing outside their super by setting up a brokerage account and buying shares with their own funds.

    Investors in retirement typically want to maximise their passive income by owning preferably fully franked ASX dividend shares.

    Some of the most popular ASX dividend shares include the big bank shares, such as National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC). Income investors also like the big mining stocks, such as Fortescue Ltd (ASX: FMG) and BHP Group Ltd (ASX: BHP).

    Ray David from Blackwattle Partners says ASX 200 mining stocks present more of a buying opportunity today than bank stocks, which have had a significant run of share price growth since last November.

    The post Planning your retirement? Here are the most popular investments outside superannuation appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Bhp Group right now?

    Before you buy Bhp Group 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 Bhp Group 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 5 May 2024

    More reading

    Motley Fool contributor Bronwyn Allen has positions in BHP Group. 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.

  • Target has around 75 Pride items in its collection right now. That’s over 2,000 fewer than last year.

    A Pride month display at a Target in Wisconsin
    A Pride month display at a Target in Wisconsin last year.

    • Target has slashed its annual Pride collection after the retailer faced protests last summer.
    • Now, rather than thousands of LGBTQ+ themed products, the assortment has around 75 items.
    • Target said it's made changes "based on guest insights and sales trends."

    Target's annual Pride collection is a shadow of its former self after the retailer faced protests from conservative groups last summer.

    After a decade of offering a special collection of products sourced from the LGBTQ+ community to celebrate Pride month in June, the retailer said last year it was "rethinking" its cultural merchandising strategy.

    Pride this year at Target is shaping up to be a lot smaller, shorter, and quieter than it once was — and there's a good chance you might not see it at all.

    Target's online Pride collection on May 28.
    Target's online Pride collection on May 28.

    Whereas last May, Target's Pride collection featured more than 2,000 items online, this year's assortment consists of several dozen items — fewer than 75 in the regions Business Insider examined, including California, New York, and Wisconsin — as of May 28th.

    Now instead of bold statements and functional garments, the selection has more toned-down rainbow-themed apparel and accessories, a few alcoholic drinks, pet gear, and a cutting board emblazoned with "It's Giving Charcuterie."

    A seasonal display at Target in Madison, Wisconsin.
    A seasonal display at Target in Madison, Wisconsin.

    The company said earlier this month only select stores would carry Pride products, rather than all of its nearly 2,000 US locations.

    Business Insider visited a store on Tuesday in Madison, Wisconsin, and found that Target had yet to set out any Pride merchandise, although the company's website and app said items could be purchased from that location. A guest services employee at the store confirmed to BI that online orders could be fulfilled from the store, and said the store display should be available starting June 1.

    For now, what previously had been the location of a front-of-store Pride display was instead occupied by a summer "Swim and Sand Shop." Days earlier the spot had been set up for a pickleball promotion.

    A Pride month display at a Target in Wisconsin
    A Pride month display at a Target in Wisconsin last year.

    In an interview last year as the conservative firestorm was gaining momentum, CEO Brian Cornell argued against the idea that Target was too "woke."

    "When we think about purpose at Target, it's really about helping all the families, and that 'all' word is really important," he said "We want to do the right thing to support families across the country."

    "I think those are just good business decisions, and it's the right thing for society, and it's the great thing for our brand," he added.

    A year after the remarks, we're getting a better sense of what exactly is changing as the company switches up its strategy, which Target has said was the result of sales trends and guest insights.

    "Please know our intention is to bring our culture of care to life for our LGBTQIA+ team members — not just during June, but year-round," Target's VP of Brand Marketing Carlos Saavedra said in an email to the company's Pride+ Business Council earlier this month. "We remain committed to this wonderful community, and we are so excited to celebrate Pride with you all."

    Read the original article on Business Insider
  • EV range is making huge strides, but there still aren’t enough places to charge.

    An electric vehicle charges in California
    A Volkswagen ID.4 charges at a charging station in California. More than a decade into the EV transition, chargers still aren't ubiquitous enough to replace gas stations.

    • EVs go a lot farther these days, but chargers are still hard to find.
    • No one seems to agree whose job it is to build charging infrastructure.
    • Building enough chargers is just one part of the problem.

    Electric vehicles have come a long way — literally.

    In the earliest days of the EV transition, a fully battery-powered car (like the first-generation Nissan Leaf that went on sale in 2010) could only drive for about 100 miles on a full charge in the best weather conditions.

    That's fine for an enthusiastic early adopter or someone looking to replace just one of their multiple gas cars, but it didn't satisfy the average car shopper.

    Today, a mass-market EV can deliver about 300 miles on a single charge. That's a huge improvement in just 14 years, but the great American road trip is still far from achievable in an EV, thanks to one persistent issue: range anxiety.

    Car companies and battery suppliers have spent years working to quell this anxiety. But despite the vast improvements in battery technology, EV charging still can't hold a candle to the 5-minute stop to fill a gas tank.

    Even as charging times come down (GM boasts its Ultium batteries can gain about 100 miles of range in 10 minutes on a DC fast charger), there simply aren't enough public chargers in the right spots.

    Car companies hoped the public charging infrastructure would improve along with them as they built more range into their vehicles. This hasn't really happened, though, and a slew of EVs are hitting the market with nowhere to charge up on a road trip, exacerbating one of the biggest barriers to adoption.

    Charging is a hot potato issue

    One thing essentially everyone can agree on in the EV transition is that vast and reliable fast-charging infrastructure is essential. Studies have shown that areas with more access to public charging infrastructure have higher rates of EV adoption, even though a majority of charging happens at home.

    What no one can seem to agree on is who is responsible for building out public charging infrastructure. And a closer look reveals that perhaps pinning the problem on one entity, public or private, will only slow efforts to grow.

    Car companies have made some efforts to build out charging infrastructure, partnering with charging companies and other stakeholders to install public chargers and help new EV buyers install home charging systems.

    Tesla, which has always led the way with its Supercharger network, is also opening its stations to other car manufacturers, aiding in patching the holes in the public charging network.

    All these industry efforts have helped to feed an EV charging infrastructure boom in recent years. At the start of 2024, there were some 61,000 public charging stations in the US, more than doubling the amount of stations there were in 2020, according to Pew Research and the Department of Energy.

    Still, that's way less than the roughly 120,000 gas stations nationwide, and public efforts to grow charging infrastructure appear to be slow-going so far.

    The Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030. Since Congress approved this funding two years ago, only a handful of stations have gone live, according to reports.

    Building out charging infrastructure is just one piece of the puzzle

    We're still far from the level of infrastructure required for mass adoption, even as the rate of EV sales hits a slowdown.

    One slowdown appears to feed the other: a new crop of EV shoppers isn't interested in buying a car that might die on a road trip, and charging companies aren't willing to grow for customers that don't exist yet.

    On top of the issue of infrastructure coverage, there is the question of where we will get the power to run all of these new charging stations.

    A recent study from the University of Michigan Transportation Research Institute found that utilities are not fully equipped to handle the large swings in usage that can be caused by increased amounts of EV charging.

    All this means that cross-industry efforts — between car companies, their suppliers, charging startups, and public utilities — will be crucial as we continue to grow the share of electric cars on the road.

    Read the original article on Business Insider
  • Ex-Georgia Senate candidate Herschel Walker still has $4 million left in the bank from his unsuccessful 2022 run. Republicans aren’t happy about it.

    Herschel Walker
    Herschel Walker speaks to supporters at a campaign rally in McDonough, Ga., on November 16, 2022.

    • Herschel Walker still has millions left over from his unsuccessful Georgia Senate campaign.
    • Republicans are unhappy that he hasn't sent over money to boost 2024 campaign efforts, per Politico.
    • The Georgia GOP has been weighed down financially as it has paid the legal fees of the 2020 fake electors.

    Two years ago, the University of Georgia football icon and then-Senate candidate Herschel Walker was seen by many Republicans as a future star in the party.

    Walker, running against Democratic Sen. Raphael Warnock in the Georgia Senate race, won over many establishment politicians. GOP voters overwhelmingly coalesced around his campaign. And many observers predicted that a "red wave" would sweep him into office.

    But Walker — weighed down by numerous controversies and his inability to appeal to moderates in the competitive race — eventually lost to Warnock in a December 2022 runoff election.

    Walker is not running for another elected position in 2024. However, he still has $4.3 million left in the bank from his Senate run, much to the frustration of Republicans in Georgia and Washington — who say that the money could go a long way in aiding their party this year — according to Politico.

    "Those resources were solicited and given to support his candidacy as a Georgia Republican, and unless he intends to use them again for his own candidacy, I sure hope the favor would be returned," ex-Georgia Republican Party chairman John Watson told the outlet.

    Walker previously contributed $100,000 to the National Republican Senate Committee for a recount fund, and he also gave roughly $400,000 to charities, according to Politico.

    But Walker so far has not given any indication that he will be a major player in Georgia politics this year.

    After his Senate loss, he returned to the University of Georgia to complete his undergraduate degree.

    When contacted by Politico about the unspent funds, Walker said that there "wasn't money left in my account." He soon ended the call, telling the outlet that he needed to complete a paper.

    Over the past year, the Georgia GOP has been strained financially as it has paid the legal fees of the alternate fake electors who have faced charges over their efforts to overturn Biden's 2020 win in the state.

    Two-term Gov. Brian Kemp — a conservative who clashed with Trump-aligned figures over the 2020 election — has largely bypassed the state party by utilizing his own political committee to fundraise.

    And Trump is playing catch-up financially as he continues to trail the Biden campaign in the money race.

    With Georgia once again in focus as a key swing state in November, both Democrats and Republicans are gearing up for a widespread campaign to turn out their respective bases.

    The stakes couldn't be higher: Trump won Georgia in 2016 but lost the state to Biden in 2020, largely because the president ran up the score in metropolitan Atlanta and among Black voters in rural Georgia. The former president very much wants to win the state again. But Biden is eager to hold Georgia, as his 2020 win in the state was one of the biggest electoral triumphs for Democrats that year.

    Read the original article on Business Insider
  • How Trump could turn a guilty verdict into a win

    Donald Trump speaks during a political rally in the South Bronx
    Former President Donald Trump and his campaign have tried to turn his legal woes, especially his mugshot, into a badge of honor.

    • Closing arguments in Trump's Manhattan criminal trial are expected this week.
    • The jury will then consider whether to render a historic verdict.
    • Polls show that the proceedings may change few votes, but there's potential peril ahead for Trump.

    Former President Donald Trump has turned his legal woes into a conservative cause celebre.

    The greatest test of that strategy could arrive as soon as later this week. Closing arguments in Trump's Manhattan hush money criminal trial are expected to occur on Tuesday. Twelve New Yorkers will then weigh the possibility of a historic verdict: finding the first-ever former president guilty in a criminal trial.

    Polling shows that a guilty verdict has some potential peril. But the strongest possibility is that voters will tune it out entirely in favor of economic issues, on which Trump scores far higher than President Joe Biden.

    Voters are paying attention to the trial but have thus far largely discounted it.

    Trump and his allies might not have to spin much.

    In a recent Quinnipiac University nationwide poll, 62% of voters said a guilty verdict would not affect their vote in November. In comparison, just 21% said it would change their minds.

    A Cook Political Report polling partnership that surveyed seven battleground states found that 40% of voters said Trump's legal woes had no impact on their support or were unsure. Interestingly, the same survey found voters were broadly aware of Trump's problems when asked about the hush money trial, a previous civil fraud trial, and a separate civil trial that found the former president liable for sexually assaulting columnist E. Jean Carroll decades ago.

    Voters were also asked by the Cook partnership whether they were more concerned about Biden's age or Trump's temperament and legal issues. Narrowly (53% to 47%), they said Biden's age was more concerning.

    Trump has rallied Republicans, but the broader public isn't entirely convinced.

    Trump has repeatedly shown he can rally Republicans to his side when his legal problems mount. But the average voter is not a GOP member of Congress nor responding to Trump's fundraising appeals.

    Despite Trump's and allies' efforts to cast doubt on the entire prosecution, some polls have found that Americans see legitimacy in the process. A Yahoo News/YouGov poll found that since last month, the hush money trial's approval has increased slightly; there's now a 12-point margin of approval (49%-37%).

    That's not to say many voters are sympathetic to some of Trump's claims. A recent New York Times/Siena College poll of voters in key battleground states found that among registered voters, slightly more (49%) thought that the former president would not get a fair trial than those who did (45%).

    And if there is one clear takeaway from recent polling it's that the American people do think the former president did something wrong, even if he may not have broken the law. The same Yahoo poll found that a majority of Americans (52%) believe Trump falsified business records " to conceal a hush money payment to a porn star" — the charge at the center of the Manhattan case. The Quinnipiac survey that showed voters may not be motivated by the trial also found that 46% of voters believe Trump did something illegal — another 27% believe he did something unethical but not illegal.

    Those responses are in stark contrast to the GOP officials, led by Speaker Mike Johnson, who have slammed the trial as a sham.

    Donald Trump listens during his Manhattan criminal trial.
    Former President Donald Trump's Manhattan criminal trial is set to consider closing arguments on Tuesday.

    Trump's reaction will loom over the verdict.

    Trump has never been one to take setbacks lightly. He's under a gag order that does not allow him to criticize witnesses, the jury, or Merchan's daughter. Once the verdict is in, Trump can unleash whatever criticism he desires.

    It's not hard to imagine that in responding to a potential guilty verdict Trump lashes out in a way that causes him more problems. His attacks on judges have historically triggered some of the rare instances when Republicans speak out more broadly against him. It was then-Speaker Paul Ryan who called Trump's suggestion that a federal judge couldn't fairly adjudicate a case because of his Mexican heritage the "textbook definition" of racism.

    But Trump has constantly been able to count on almost all of his fellow Republicans. The FBI's decision to search Mar-a-Lago marked another point of vulnerability for Trump. Almost immediately, top GOP officials rallied to his side.

    Then-House Minority Leader Kevin McCarthy proclaimed that the Justice Department had reached an "intolerable state of weaponized politicization." Even former Vice President Mike Pence, who had been harshly critical of Trump, expressed concern about the FBI's search of Mar-a-Lago.

    The repeated shows of unity in the face of a new Trump indictment became so common that Florida Gov. Ron DeSantis later complained that they "distorted the primary."

    The easiest prediction is that Trump's verdict will likely spawn a wave of donations. According to a Politico analysis, Trump's legal woes are among his most effective fundraising appeals. Trump had one of his best fundraising days since launching his presidential campaign on March 22 when the former president warned his followers that New York Attorney General Tish James might try to seize his assets in connection with a civil fraud verdict.

    During the Manhattan criminal trial, Trump has sent repeated fundraising appeals, including when Justice Juan Merchan found Trump in contempt for violating his gag order.

    There are obvious costs to such efforts. Trump has relied on his network of political groups to help pay his legal bills. President Joe Biden mounted a significant early cash advantage. While other parts of Trump's orbit have been forced to come to the aid of Save America, the main outfit that has paid Trump's legal fees. According to its most recent filing, the leadership PAC owes over $1.1 million to Trump's lawyers. If the former president is found guilty, his almost certain appeal would likely further draw on this fund for support.

    Still, there may never be another day in American history like the one about to unfold.

    Read the original article on Business Insider
  • 2 ASX shares that could help set you up for life

    A woman in hammock with headphones on enjoying life which symbolises passive income.

    We’d all like to be ‘set up for life’. That’s probably the main reason most of us make the trek to work every day and save where we can, when we can. But if you want to fast-track your financial independence and truly be set up for life, just padding out your savings account might not be enough to cut the mustard. That’s why I believe investing in ASX shares is essential for a comfortable retirement.

    However, investing in the share market can be a risky venture. Sure, those who stick to passively investing in index funds and similar investments are probably going to be just fine, as long as they don’t do silly things like sell in a market crash.

    But if you want to buy your own shares and establish a bespoke portfolio, you can run into all kinds of issues that might prevent you from establishing financial independence. So today, let’s discuss two ASX shares that I think can help anyone get their finances set up for life.

    2 ASX shares to set you up for life

    Goodman Group (ASX: GMG)

    First up is a real estate investment trust (REIT) in Goodman Group. Goodman has made a name for itself over the past few years as one of the ASX’s most successful REITs. Goodman units have risen by a whopping 157% or so over just the past five years. But I think there is plenty of growth left in Goodman’s tank. I particularly like this REIT’s focus on data centres and other future-facing industrial property.

    Unlike most REITs, Goodman does not normally pay a substantial dividend. Today, its units are sitting on a trailing yield of just 0.88%. But even so, this investment has more than made up for that in the past with its stunning capital growth. I think this REIT would be great to hold in any ASX share portfolio today.

    BetaShares Global Cybersecurity ETF (ASX: HACK)

    Next up we have an investment that’s not technically an ASX share, but an exchange-traded fund (ETF). HACK delivers pretty much what it says on the tin – a portfolio made up of the largest and most successful cybersecurity companies in the world. These include CrowdStrike, Cisco, Palo Alto and Broadcom.

    I think an investment in this trend is a pretty good bet. For one, there is little doubt that cybersecurity spending is only going to continue to rise quickly in the years ahead as businesses, governments and individuals pay up to prevent damaging data breaches and hacks.

    But HACK has proven its worth as an investment in the past. Since its inception in 2016, this ETF has returned an average of 17.21% per annum (as of 30 April). Past performances are never a guarantee of future returns. However, given the ever-increasing importance of cybersecurity to everyone on the planet, I think this is a trend worth investing in.

    The post 2 ASX shares that could help set you up for life appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Goodman Group right now?

    Before you buy Goodman Group 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 Goodman Group 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 5 May 2024

    More reading

    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 positions in and has recommended BetaShares Global Cybersecurity ETF, Cisco Systems, CrowdStrike, Goodman Group, and Palo Alto Networks. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Broadcom. The Motley Fool Australia has positions in and has recommended BetaShares Global Cybersecurity ETF. The Motley Fool Australia has recommended CrowdStrike and Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • How much could $10,000 invested in Fortescue shares be worth next year?

    A group of three men in hard hats and high visibility vests stand together at a mine site while one points and the others look on with piles of dirt and mining equipment in the background.

    It is fair to say that Fortescue Ltd (ASX: FMG) shares have been a great place to invest over the last 12 months.

    During this time, the iron ore miner’s shares have outperformed the market significantly with a gain of over 33%.

    This would have turned a $10,000 investment into approximately $13,300.

    In addition, over this period the mining giant has paid out total fully franked dividends of $2.08 per share. This boosts the total return to approximately 44% and means a $10,000 investment would have become $14,400 including dividends.

    But those returns are now firmly behind us. So, let’s take a look at what could happen in the future with another $10,000 investment.

    Investing $10,000 in Fortescue shares

    Firstly, with Fortescue shares currently trading at $26.51, a $10,000 investment (plus an extra $20.78) would lead to you owning 378 units.

    Let’s now see what those units could be worth in 12 months.

    Unfortunately, analysts at Goldman Sachs don’t believe that history will repeat itself for investors between now and this time next year. In fact, the broker thinks that Fortescue shares are overvalued and could be destined to crash deep into the red.

    According to a recent note, Goldman has a sell rating and $16.90 price target on the company’s shares.

    If this recommendation proves accurate, it will give those 378 Fortescue shares a market value of $6,388.20. That’s approximately 36% less than you started with.

    And Goldman isn’t expecting the Fortescue dividend to be anywhere near as generous in FY 2024 and FY 2025.

    The broker is forecasting a fully franked FY 2024 final dividend of 83 cents per share and then total dividends of 93 cents per share in FY 2025.

    If we assume the usual second-half weighting for its dividend payments, this could mean an interim dividend of 39 cents per share for FY 2025.

    This brings its total estimated dividends for the next 12 months to $1.22 per share. Based on its current share price, this would mean a 4.6% dividend yield. And for those 378 shares, it would generate $461.16 in dividends.

    This leaves us with a holding valued at $6,849.36 including dividends, well short of our initial investment of $10,000.

    Commenting on its sell rating, Goldman said:

    We continue to rate FMG a Sell on: 1. Relative valuation: the stock is trading at a premium to RIO & BHP on our estimates; 1.4x NAV vs. BHP at c. 0.9x NAV and RIO at 0.9x NAV, ~7.0x NTM EV/EBITDA (vs. BHP/RIO on c. 5.5x/4.5x), and c. 2% FCF vs. BHP/RIO on c. 6%/7%.

    Though, it is worth acknowledging that Goldman has been calling Fortescue shares overvalued for well over a year and this didn’t stop them smashing the market over the past 12 months. So, it certainly isn’t set in stone that this miner’s shares are about to crash. But don’t be surprised if they do.

    The post How much could $10,000 invested in Fortescue shares be worth next year? appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Fortescue Metals Group right now?

    Before you buy Fortescue Metals Group 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 Fortescue Metals Group 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 5 May 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 Goldman Sachs Group. 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.