CNBC Markets Now: June 3, 2025
CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.
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This 35-year-old left the US for India to start a ‘Cali-style' burritos business — now it brings in $23M/year
Introducing burritos to the land of biryani is a genuinely unconventional business idea. Yet, this experiment has turned into a massive success for 35-year-old American entrepreneur Bert Mueller. In a recent interview with CNBC Make It, the young entrepreneur described how he discovered that Mexican cuisine was a perfect match for the Indian palate, which convinced him to launch California Burrito, a fast-casual Southern California-style restaurant, in 2012. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) The company now has 103 locations across the country and generates $23 million in annual revenue. California Burrito's rise holds three powerful lessons every entrepreneur and investor should take notes on. Here's the secret sauce. Mueller told CNBC that he first visited India as a foreign student. In 2021, just 46,000 international students were enrolled in Indian colleges, according to the British Council, making it one of the less obvious choices for studying abroad. But for Mueller, that was part of the appeal. 'I wanted to go somewhere that was radically different than the U.S. and so I decided that India was the place to be given that, first off, I loved Indian food and second, people spoke English,' he told CNBC, calling the decision 'contrarian.' This contrarian mindset has helped many investors and entrepreneurs uncover hidden gems and rare opportunities in unlikely places. By keeping an open mind and considering unconventional options, you could boost your chances of finding a lucrative niche that few others have considered. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Another secret to Mueller's success is his cautious approach to building a business. He told CNBC that his initial estimate for startup costs was $100,000, but he raised nearly $250,000 from friends and family 'to be careful.' These additional funds gave him and his team much-needed flexibility to launch California Burritos and mitigate the risks of introducing an unproven concept to a new market. This approach mirrors Warren Buffett's investing principle of working with a 'margin of safety.' No one can predict the future with precision, so by raising more funds than you need or investing at a lower valuation than you think is fair could be the best way to mitigate unforeseen risks. Mueller admitted that his journey had its fair share of setbacks. He told CNBC that the first area manager he hired turned out to be corrupt and was colluding with vendors for kickbacks. The betrayal could have derailed the entire venture while it was still in its infancy, but Mueller says giving up wasn't an option. 'My mom is a marathon runner, and I have that trait in me,' he said. 'You have to keep going until you've reached the finish line. And I never felt like quitting.' According to psychologist Angela Duckworth, this ability to deal with failure and persevere is a key trait of high achievers in various fields. Her research indicates that grit — the ability to persevere despite challenges — is a greater predictor of success than social intelligence, IQ or even talent. Similarly, a study published in the Journal of Global Entrepreneurship Research found that undergraduate students with higher levels of grit had greater intentions of launching their own business after graduation. Just like Mueller, if you're considering a new venture or a new opportunity, the ability to deal with setbacks and keep pushing forward despite adversity is a key skill you'll need to develop. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
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CNBC Changemakers: Twin sisters turn medical school rejection into game-changing health tech company
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Satellite imaging play Planet Labs pops more than 50% after posting earnings beat, record revenue
Shares of satellite imagery company Planet Labs soared more than 50% during Thursday's trading session on the back of its strong first-quarter earnings report. The company on Wednesday posted its first-ever quarter of positive free cash flow, coming in at $8.0 million. Planet Labs also exceeded quarterly estimates on top and bottom lines, reporting record revenue for the period. Planet Labs posted breakeven adjusted earnings and $66.3 million in revenue for the first quarter, while analysts polled by FactSet projected a loss of 4 cents per share on sales of $62.3 million. For the second quarter, Planet Labs expects sales to range between $65 million and $67 million. Analysts were expecting $65.2 million, per FactSet. "We had an excellent first quarter, exceeding our expectations, demonstrating solid validation of our strategic direction and great execution," Planet Labs CEO Will Marshall said in a press release. "Looking ahead, we're responding to strong demand signals by prioritizing the delivery of global insights at scale via AI-enabled solutions and rapidly expanding our satellite services offering." Shares of Planet Labs are up more than 50% year to date, given Thursday's jump, and have soared about 82% this quarter alone. The stock was last up by roughly 54% during midday trading. The company, which operates more than 200 satellites currently in orbit, earlier this year announced a $230 million contract with an anchor customer to further the rollout of its next-generation Pelican satellites. Marshall told CNBC in January that the contract was its "biggest deal ever and it's a significant step for us into this satellite services business."
