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President Trump's 2028 heir apparent is a 'jump ball,' Republican senator says
WASHINGTON ― The race to be President Donald Trump's Republican successor as the party's 2028 nominee is wide open, and Vice President JD Vance shouldn't be considered the automatic MAGA heir apparent, Sen. Thom Tillis said. The outgoing North Carolina U.S. senator, who opted against running for reelection in 2026, said it's a "jump ball" in 2028 when asked in an Aug. 20 interview on CBS News whether there's a "natural heir apparent" to Trump. "Absolutely, jump ball," Tillis said. "I think we're going to probably see one of the most diverse fields for the Republican primary that we've seen in modern times. I don't see any heir apparent." More: MAGA's next leader? Trump says Vance is 'most likely' to lead in 2028
Yahoo
11 minutes ago
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Warren Buffett Says 'I Never Look At Where A Candidate Has Gone To School' And Believes A 'Large Portion' Of Business Talent Is Natural
The "Oracle of Omaha" Warren Buffet came from humble beginnings. So perhaps it's not a shocking revelation that pedigree means little to him when it comes to business potential, he says in his latest shareholder letter earlier this year. Long revered as required reading for investors, Buffett's annual letter to Berkshire Hathaway shareholders delivered yet another insightful lesson. This year's edition included a compelling argument that raw business talent often outweighs formal education. He cited examples from his career, including that of Pete Liegl, the late founder of Forest River, an RV manufacturer Berkshire acquired in 2005. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can A Handshake Deal That Built Billions Buffett first learned about Forest River in June 2005 when a liaison wrote to him, highlighting the company's financials. He explained that Liegl wanted to sell to Berkshire and named his price upfront. 'I liked this no-nonsense approach,' Buffett wrote. A week later, Liegl and Buffett met in Omaha, where Liegl made it clear he sought financial security for his family but intended to keep running the business himself. The negotiation that followed was simple. Buffett accepted Liegl's valuation of additional real estate assets without demanding an appraisal. And when it came time to discuss salary, Liegl delivered a response that floored Buffet. ''Well, I looked at Berkshire's proxy statement and I wouldn't want to make more than my boss, so pay me $100,000 per year,'' he recalled. Trending: Kevin O'Leary Says Real Estate's Been a Smart Bet for 200 Years — But Liegl paired his humility with shrewdness. He also requested a 10% bonus on earnings above Forest River's current performance, and Buffett accepted. Over the next 19 years, Liegl, who passed away last November at 80, 'shot the lights out,' Buffett wrote, consistently outperforming every competitor in the RV industry. All without the clout of an Ivy League MBA. Buffett's Hiring Manifesto: Forget the Diploma Buffett later hammered the point home with his characteristic clarity. 'One further point in our CEO selections: I never look at where a candidate has gone to school. Never!' he wrote. He acknowledged that many exceptional leaders emerge from prestigious institutions — he himself went to the University of Pennsylvania's Wharton School. But was quick to reiterate that Ivy league, or even higher education, is far from a prerequisite for success. In addition to Liegl, he cited the success of Harvard dropout Bill Gates; and Ben Rosner, a "retailing genius" and Berkshire Hathaway executive who built a $44 million company that Buffett acquired, yet never advanced past the sixth investors and entrepreneurs the lesson is clear: when evaluating talent, pedigree should take a back seat to proven ability. Leave the academic gatekeeping at the door. If not, you risk overlooking "natural" talent, as he described it, like Liegl. His approach also underscores another key Buffett principle: That a single decision, whether in hiring or investing, can have an outsized impact over time. 'Mistakes fade away; winners can forever blossom,' he wrote, pointing to transformative Berkshire decisions like acquiring GEICO, hiring Ajit Jain and partnering with Charlie Munger — evidence that a brilliant choice can reverberate for a lifetime. Read Next: These five entrepreneurs are worth $223 billion – Image: Imagn Images Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Warren Buffett Says 'I Never Look At Where A Candidate Has Gone To School' And Believes A 'Large Portion' Of Business Talent Is Natural originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
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Mutual Funds Bleed Another $432B as ETF Conversions Grow
You can find original article here Wealthmanagement. Subscribe to our free daily Wealthmanagement newsletter. (Bloomberg) -- Mutual funds are bleeding assets anew, just as their ETF cousins break fresh records. Now, firms from Lazard to Aberdeen Group Plc. are pushing to convert traditional funds into exchange-traded ones, even as regulators look poised to bless a structure that would allow both to coexist in peace. The number of mutual funds being converted into ETFs in 2025 has already topped 30, the most since 2021, barring last year when one large swathe of funds issued by a single firm were flipped, according to figures compiled by Bloomberg Intelligence. Data from State Street and Morningstar show a similar trend as well. It comes even as the asset-management industry awaits a groundbreaking regulatory change that would allow firms to add an exchange-traded fund share class onto their existing mutual funds, arguably negating the need to go all-in on just one wrapper. In the meantime, money managers have forged forward with their conversion plans. In 2024, mutual funds bled a net $451 billion, while their exchange-traded counterparts — which typically offer superior tax efficiency and liquidity — took in a record $1.1 trillion, according to data from Bloomberg Intelligence. So far in 2025, mutual funds have already lost $432 billion. Read more: Wall Street's Rush to Launch Vanguard-Style Funds Draws Warnings Instead of the brisk pace seen so far this year, State Street's Frank Koudelka had 'expected mutual-fund-to-ETF conversions to slow down because of the impending approval of ETF share class.' 'I believe this is a result of most clients recognizing that some of its mutual funds simply make more sense as an ETF. Others have chosen not to wait for the regulatory approval of ETF share class,' said Koudelka, the firm's global head of ETF solutions. More than 60 firms, including BlackRock Inc. and State Street Corp., are waiting for the regulator to sign off on the so-called multi-share class structure, which was made possible after Vanguard Group's exclusive patent on the fund design expired two years ago. The steady pace of conversions also underscores Wall Street's growing preference to package strategies of all stripes into ETFs instead of mutual funds, as the latter vehicle has seen net outflows for the past three years.
