The Fed Should Correct for Overconfidence in Its Review
In a speech Thursday, Federal Reserve Chair Jerome Powell hinted that the central bank's five-year framework review will focus on the particulars of its maximum employment and stable price goals, as well as efforts to communicate clearly with the public. In both cases, the Fed should be guided by humility in the face of uncertainty.
The potential fracturing of the globalized trading system and a return to 1930s-style tariffs are developments that are expected to boost consumer prices and hurt growth in the US, but the propositions haven't been tested in nearly a century. It's impossible to know for sure whether price or growth effects will dominate — or whether some unforeseen third outcome will materialize.
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Forbes
13 minutes ago
- Forbes
Trump Made $3.4 Million From Books Made Mostly Of Other People's Work, New Filing Shows
President Donald Trump reported earning $3.4 million from Winning Team Publishing, which has published three books drawing heavily on material not created by Trump—including publicly available photos and private correspondence he owns the rights to—according to a financial disclosure filed Friday. President Donald Trump gifts Japanese Prime Minister Shigeru Ishiba a copy of his book "Save ... More America" during a joint press conference iat the White House in February. (Photo by) The earnings stem from the books 'Our Journey Together,' published in 2021, 'Letters to Trump,' released in 2023, and 'Save America,' which was published during the final stretch of the 2024 campaign. 'Our Journey Together'—a coffee table book of White House photos, many already public, with captions written by Trump—was published in December 2021. In April 2023, Winning Team published 'Letters to Trump,' a collection of 40 years of correspondence from the likes of Kim Jong Un, Princess Diana and Hillary Clinton, alongside Trump's commentary. Published during the final stretch of the 2024 campaign, 'Save America' features more photos from Trump's presidency—some from wire services and his presidential library—appearing to mark a shift from the mostly free material used in earlier books. Spokespeople for the White House, Trump Organization and Winning Team Publishing did not immediately respond to requests for comment. Donald Trump Jr. and Sergio Gor, who is now Trump's director of the Presidential Personnel Office, founded Winning Team Publishing in 2021. Trump's post-presidency books currently sell for $75 to $99 on Winning Team Publishing's website, with autographed copies now priced at $999—double what they cost before his reelection. He continues to earn income from his business empire while in office through the Donald J. Trump Revocable Trust, the same structure he used during his first term. Trump is the trust's sole donor and beneficiary, and Donald Trump Jr. serves as its trustee, according to Securities and Exchange Commission filings. $855,000: That's how much political committees have paid Winning Team Publishing, according to Federal Election Commission records. The Republican National Committee, Turning Point PAC and Trump's own fundraising vehicles are among its biggest customers, often using the books as donor incentives. It's unclear how many copies Trump's books have sold, since most industry tracking services don't capture direct sales from his publisher's website, which appears to be his primary sales channel. 'In short, [Our Journey Together] is a memoir spun from the thin gruel of musty propaganda and cherished grudges,' Washington Post critic Ron Charles wrote. 'Turning these pages is like watching an old man dust his Hummel figurines and whine about the neighbors.' 'We should all buy it,' conservative commentator Brian Darling wrote in his book review of 'Letters to Trump' for The Washington Times. 'To own the libs, and to own a piece of American history. It is a chance to enjoy learning more about the most interesting politician of our lifetimes.' Despite Trump's frequent attacks on the mainstream press, some critics offered mild praise: New York magazine's Margaret Hartmann wrote that his first two post-presidency books 'were less of a cynical cash grab than you might think,' adding they 'offered some genuine value for fans of the 45th president.' Whether Trump will release a fourth book through Winning Team Publishing—potentially drawing on material from his second term—remains an open question. Trump's efforts to profit from his presidency have come under renewed scrutiny, following a $2 billion crypto deal with an Emirati-backed firm and reports of his plans to accept a luxury plane to temporarily serve as Air Force One before it is donated to his presidential library. Beyond Trump's own titles, Winning Team Publishing has released books by several right-wing figures, including Rep. Marjorie Taylor Greene, R-Ga., Turning Point USA's Charlie Kirk, U.S. Attorney and former Fox News host Jeanine Pirro, former Trump adviser Peter Navarro, former Arizona gubernatorial candidate Kari Lake and Donald Trump Jr. Forbes estimates Donald Trump is worth about $TKTKTK billion, with much of his wealth coming from his shares in Trump Media. Further Reading The 3 Easy New Ways Anyone Can Funnel Money Directly To Donald Trump's Businesses (Forbes) Trump Organization Admits President Still Controls His Business In New Filing (Forbes) Trump's Golf Courses Keep Pushing Legal Boundaries With Presidential Seal Markers (Forbes) Trump's Business Hired More Foreign Workers Than Ever In 2024 (Forbes) Trump Store Debuts Merchandise Collection Pegged To Election Victory (Forbes) Trump Hasn't Spent A Dime Of His Own Money On His 2024 Campaign (Forbes) A Trump Political Committee Bought $158,000 Worth Of Books Shortly After Jared Kushner Published His Best-Selling Memoir (Forbes)
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Why Netflix Should Replace Tesla in the "Magnificent Seven"
Tesla has been a huge winner for investors over the long haul, but the business is dealing with notable issues these days. Netflix continues to report double-digit percentage revenue growth and impressive profitability as it leads the streaming industry. The "Magnificent Seven" isn't an official index, but Netflix deserves to be included over the EV maker. 10 stocks we like better than Netflix › Looking back over the past decade and beyond, I don't think there are many folks out there who would deny just how impressive Tesla's success has been. This innovative business, led by polarizing CEO Elon Musk, disrupted the global auto industry with its electric vehicles (EVs). While the EV stock trades 32% below its peak (as of June 10), that's still a gain of 1,810% in the past 10 years. That long-term performance made it one of the world's largest tech companies, which is why Bank of America analyst Michael Hartnett gave it a spot in the "Magnificent Seven" when he introduced the idea of the group in 2023. However, I think it's time to swap the EV maker out of this unofficial grouping and replace it with the more-deserving Netflix (NASDAQ: NFLX). Over the years, Tesla shareholders grew used to seeing the company register jaw-dropping sales growth. The picture isn't so rosy anymore, though. Its automotive revenue declined 20% year over year in Q1. In 2024, it reported its first-ever year-over-year drop in deliveries. And the company's profitability has continued to slide as higher interest rates and a more competitive environment have put downward pressure on demand for its vehicles. Musk's push in the political arena might at first have been viewed positively by some investors, as he was positioning himself to have more influence in Washington, D.C., which could have benefited Tesla from a regulatory perspective. But both his time in President Donald Trump's inner circle and his more recent exit from politics, as well as his highly public spat with Trump, have been huge distractions that have certainly damaged Tesla's brand instead. It's safe to say that a company that was once in the fast lane is now stuck in traffic. Tesla will have a lot of work to do in order to get back to its prior glory. While Tesla faces a battle to get itself back on track, Netflix continues to flourish. The streaming stock is up 1,200% in the last decade. The company added 41 million net new customers in 2024, bringing its total to nearly 302 million at year's end. While Netflix chose to stop publicly reporting the number of subscribers it has starting this year, it did increase revenue by 12.5% year over year in the first quarter. It might seem like this streaming platform has saturated its market. However, co-CEO Greg Peters believes there are still "hundreds of millions of folks to sign up." By continuing to focus on creating compelling content offerings all over the world, Netflix is in a position to keep its expansion going. Wall Street's consensus analyst estimates are for its revenue to rise at a compound annual rate of 12.3% between 2024 and 2027. The streaming industry, like the automotive market, is extremely competitive. Netflix co-founder and former CEO Reed Hastings previously said that he counts sleep among the company's key competitors. I don't believe this was a stretch. Netflix goes up against all the other activities consumers can do when it's time to wind down and relax. But to be more specific, people have an almost unlimited number of viewing options at their fingertips today. Netflix is in the lead, though. Data from Nielsen shows that Netflix commanded 7.5% of video viewing time in the U.S. in April, only behind YouTube, which isn't necessarily an apples-to-apples comparison due to the latter largely featuring user-generated content. With its massive subscriber base, and trailing 12-month revenue of $40 billion, Netflix has the financial strength to spend a lot on content and marketing. And it's still able to bring in billions in free cash flow each year. It's important to highlight that the "Magnificent Seven" is not an official index like the S&P 500 is. However, with each passing quarter, Netflix continues to make the case that it deserves to be mentioned with the tech giants in that group. Given the streaming pioneer's ongoing success, it belongs in that exclusive club instead of Tesla. Before you buy stock in Netflix, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Netflix wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,702!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $870,207!* Now, it's worth noting Stock Advisor's total average return is 988% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix and Tesla. The Motley Fool has a disclosure policy. Why Netflix Should Replace Tesla in the "Magnificent Seven" was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
