Good Morning! The S&P 500 just notched its first nine-day winning streak since 2004 as trade tensions with China eased. Bezos is set to sell $4.8 billion worth of Amazon stock, and 30% of Microsoft’s code is now written by AI.

Barclays and Goldman are expecting a rate cut in July, while Sweetgreen’s CEO is out defending $16 salads. Baird called the recent WSJ working conditions report “misleading and incomplete,” and Robinhood rival eToro is weighing an IPO.

Plus: A finance influencer was charged in an $11M real estate fraud scheme, tech founders are betting on NYC, and should you do cardio before weights?

Backed by orders from SpaceX and the Department of Defense, BOXABL is bringing assembly-line automation to the trillion-dollar construction industry. Learn more about their latest raise here.

SQUEEZ OF THE DAY

The GOAT Retires

After 60 years of investing, dealmaking, shareholder letters, and Cherry Coke-fueled wisdom, Warren Buffett announced that he’s retiring as CEO of Berkshire Hathaway by the end of 2025.

Buffett, now 94, transformed Berkshire from a struggling textile mill into a $1.2 trillion investment empire. He will ask the Berkshire board to approve his hand-picked successor, Greg Abel, as the new CEO. Abel has overseen Berkshire’s non-insurance businesses for years and was designated by Buffett himself as the heir apparent in 2021.

Buffett will go down as one of the greatest capital allocators in history. He bought his first stock at age 11, took over Berkshire in 1965, and spent six decades turning it into the most famous conglomerate in the world.

Buffett won’t be disappearing entirely, he plans to stay involved behind the scenes and won’t sell a single share of his $164 billion stake.

As Abel figures out what to do with Berkshire’s $350 billion cash pile, the company will continue to hunt for value amid uncertainty. Below are a collection of Buffett’s most memorable quotes from his last annual meeting as CEO:

On Markets, Emotions & Opportunity

“If Berkshire went down 50% I would regard that as a fantastic opportunity.”

“I don't get fearful the way other people are afraid in a financial way.”

“We continue to make the best deals when people are the most pessimistic.”

“Every now and again you get an extraordinary opportunity. Most of the time you don't have much of an edge.”

“Patience is not a constant asset or liability. You don't want to be patient when the time comes to act.”

“This period has been… It’s really nothing. This is not a very dramatic bear market or anything of the sort.”

“People have emotions, but you’ve got to check them at the door when you invest.”

“It's not that I don't have emotions, but I don't have emotions about the price of stocks.”

“Don't take a position on anything unless you can argue the opposite just as well.”

“If you are in something in which you are going to lose you should quit.”

“We are not in the business of solving unsolvable problems.”

“If every time you swung you hit a homerun the game wouldn't be very interesting.”

“You can't blame humans for behaving like humans but you should understand their motivations.”

On Capitalism, Trade & America

“Capitalism in the United States has succeeded like nothing you’ve ever seen... it’s got this magnificent cathedral... and a massive casino attached.”

“Trade should not be a weapon. The more prosperous the rest of the world becomes, the safer your children will feel someday.”

“Balanced trade is good for the world. The more balanced trade there is, the better.”

“America should do what we do best and other countries should do what they do best.”

On Systems & Institutions

“You can't say the system is a failure but you can say it's very difficult to make major changes.”

“It's easier for an organization to see its quality go downward than upward.”

On Life, People & Character

“You get a few breaks in life in the people who you will meet. When you have them, you treasure them.”

“Make the most of the people you meet who are going to make you a better person and forget about the rest frankly.”

“If you need lots of money, you should probably behave in a way that encourages them to give you money.”

“Look around to see what interests you. I wouldn't try to be someone else.”

“I've already told you more than I know so let's move on.”

Takeaway: Buffett may be stepping down, but his principles aren’t going anywhere. Berkshire is still sitting on a war chest and a playbook built on patience, discipline, and buying when others panic. Greg Abel’s biggest challenge? Leading with Buffett's wisdom, without trying to be Buffett.

“I was born in 1930 and things got much more attractive over the next two years and I didn't do anything about it. That was the opportunity of a lifetime and I blew it by worrying about the kid in the next crib.”

HEADLINES

Top Reads

• S&P 500 posts longest winning streak in 20 years (CNN)

• Microsoft said as much of 30% of its code is now written by AI (Sherwood)

• US stocks are underperforming rest of world by most in 32 years (FT)

• Visa announced a new $30B share buyback (8K)

• Snapchat now has over 900M monthly active users (8K)

• U.S. economy added 177,000 jobs in April as White House ramped up tariffs (Axios)

• Jeff Bezos discloses plan to sell up to $4.8 billion in Amazon stock (CNBC)

• Apple, Anthropic team on AI code (TC)

• Harvard may lose tax status (CNN) 

• Earnings show one tech segment starting to feel the tariff pinch fastest (CNBC)

• Sweetgreen CEO defends $16 salads (LI)

• Baird says working conditions report is 'misleading and incomplete’ (JSO)

• VC balances AI potential with avoiding its own extinction (Axios)

• 60 years at the Woodstock for Capitalists over the decades (CNBC)

• Robinhood rival eToro weighs US IPO as soon as next week (SA)

• Barclays, Goldman expect next Fed rate cut in July after jobs report (YF)

• Tech founders bet on New York (CJ)

• Why mass transit in the US is on the brink of an existential crisis (BB)

• Trump's April tariff revenue topped $17B (YF) 

• Finance influencer charged with running $11M real estate fraud scheme (NBC)

• Janet Yellen joins climate-focused VC firm Angeleno Group (Axios)

• Elon Musk claims DOGE has now saved the US $160B (CNBC)

PRESENTED BY BOXABL

Could This Company Do for Housing What Tesla Did for Cars?

Most car factories like Ford or Tesla reportedly build one car per minute. Isn’t it time we do that for houses?

BOXABL believes they have the potential to disrupt a massive and outdated trillion dollar building construction market by bringing assembly line automation to the home industry.

Since securing their initial prototype order from SpaceX and a subsequent project order of 156 homes from the Department of Defense, BOXABL has made substantial strides in streamlining their manufacturing and order process. BOXABL is now delivering to developers and consumers. And they just reserved the ticker symbol BXBL on Nasdaq.*

BOXABL has raised over $170M from over 40,000 investors since 2020. They recently achieved a significant milestone: raising over 50% of their Reg A+ funding limit! BOXABL is now only accepting investment on their website until the Reg A+ is full.

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks ended the week higher on Friday after a strong April jobs report beat expectations, with small- and mid-cap stocks outperforming large caps.

• Bond yields climbed, with the 10-year Treasury yield rising to 4.31%, as resilient labor data pushed Fed rate cut expectations from June to July.

• Asian markets advanced amid reports that China may re-enter trade negotiations with the U.S., while European markets rose as Eurozone CPI inflation held steady at 2.2%.

• The U.S. dollar weakened against major currencies, as traders recalibrated Fed expectations.

• Apple and Amazon reported better-than-expected Q1 results Thursday evening, which helped sustain positive market momentum despite cautious forward guidance.

• With earnings breadth improving and labor markets still strong, investors are positioning for more balanced sector leadership and potential trade resolution tailwinds.

Economic Data Highlights

• April nonfarm payrolls: +177,000 (vs. 136,000 expected)

• Revisions: February and March jobs lowered by 58,000

• Leading sectors: Health care and transportation added 81,000 jobs combined

• Unemployment rate: 4.2% (unchanged)

• Hourly earnings: +3.8% YoY (vs. 3.9% expected)

• Fed outlook: Rate cuts now seen starting in July; 3–4 still priced in for 2025

• U.S. dollar: Weakened versus major currencies

• Eurozone inflation: 2.2% (April preliminary, steady)

Reported Earnings

• Shell (SHEL) – Reported May 2: Beat expectations with adjusted earnings of $7.7B; upstream and integrated gas segments drove results. Continued share buybacks highlighted.

• Chevron (CVX) – Reported May 2: EPS of $2.20 beat forecasts; production volumes rose and capital spending remained disciplined. Hess acquisition update reaffirmed.

• Exxon Mobil (XOM) – Reported May 2: EPS of $2.06 topped estimates; strong refining margins and disciplined cost controls supported results despite lower oil prices.

Earnings Today

• Palantir Technologies (PLTR) – Reporting May 5 (After Market Close): Expected to post Q1 revenue of ~$862M (+36% YoY) and EPS of $0.13. Investors focused on AI contracts and commercial growth.

• Ford Motor Company (F) – Reporting May 5 (After Market Close): Projected Q1 EPS of $0.02, with macro headwinds from tariffs and supply chain constraints in focus.

• ON Semiconductor (ON) – Reporting May 5 (Before Market Open): Anticipated Q1 EPS of $0.51, down sharply YoY amid weaker China demand and ongoing geopolitical uncertainty.

Movers & Shakers

• (+) Dexcom ($DXCM) +16% after the glucose monitor maker announced strong earnings.

• (+) Five Below ($FIVE) +12% because the discount retailer raised its revenue guidance.

• (–) Roku ($ROKU) -9% after the streaming company predicts a worse-than-expected upcoming quarter.

Private Dealmaking

• Mach Industries, a defense tech startup, raised $100 million

• Astronomer, a data ops platform, raised $93 million

• Rogo, a generative AI startup, raised $50 million

• Doppel, a social engineering defense platform, raised $35 million

• Phoenix Tailings, a rare earths developer, raised $33 million

• Gruve.ai, an AI deployment platform, raised $20 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

NEIGHBORHOOD WATCH

Real Estate Digest

Mortgage rates declined again this week and are now 50bps lower than this time last year, as well as below the Q1 average of 6.83%. While tariff uncertainty is slowing the pace of the spring selling season, once there's more clarity, we can expect sidelined pent-up demand to reenter the market.

Latest News

• How’s the NYC market

• NYC wealth exodus drives billionaire’s bet on South Florida

• Mortgage rates inch lower

• Milwaukee is a cutthroat rental market

• This is the largest office-to-residential conversion in the world

New Listings

Need help with real estate? Our official partner, Nest Seekers, can help you buy, sell, rent, or invest, anywhere in the world. Get in touch here.

• 65 West 13th Street Apt: PHB1 New York, NY: 3 Bed / 3 Bath - $6,750,000

• 6 Wenwood Drive, Brookville Glen Head, NY: 5 Bed / 4.5 Bath - $4,950,000

• 221 Monroe Dr West Palm Beach, FL: 6 Bed / 5.5 Bath - $9,800,000

• Broad Walk, Winchmore Hill London, United Kingdom: 7 Bed / 8 Bath - $13,271,409

• Herdade da Aroeira, Setubal Portugal: 5 Bed / 5.5 Bath - $9,886,931

BOOK OF THE DAY

Our Dollar, Your Problem

Our Dollar, Your Problem argues that America’s currency might not have reached today’s lofty pinnacle without a certain amount of good luck.

Drawing in part on his own experiences, including with policymakers and world leaders, Kenneth Rogoff animates the remarkable postwar run of the dollar—how it beat out the Japanese yen, the Soviet ruble, and the euro—and the challenges it faces today from crypto and the Chinese yuan, the end of reliably low inflation and interest rates, political instability, and the fracturing of the dollar bloc.

Americans cannot take for granted that the Pax Dollar era will last indefinitely, not only because many countries are deeply frustrated with the system, but also because overconfidence and arrogance can lead to unforced errors.

Rogoff shows how America’s outsized power and exorbitant privilege can spur financial instability—not just abroad but also at home.

“A leading economist explores the global rise of the U.S. dollar and shows why its future stability is far from assured.”

DAILY VISUAL

Will There Be Fireworks on the 4th of July?

More than 90% of fireworks used in the United States are imported from China

PRESENTED BY DEEL

The Multi-Country Payroll Guide That’s Setting the Standard

Managing payroll across borders isn’t just about sending paychecks on time — it’s a strategic function tied to compliance, scalability, and operational resilience. So why are so many global teams still flying blind?

This Gartner® Market Guide (courtesy of Deel) maps out what today’s leaders need to know about multi-country payroll providers — who the major players are, key selection criteria, and how to avoid common implementation pitfalls.

Here’s what you’ll learn:

• Analyst-backed insights: See how providers stack up in 2024

• A risk-proof ops strategy: Understand the compliance implications of fragmented payroll 

• How to scale smarter: Discover tech that grows with your team, wherever they go

If you’re building a global team, this isn’t just a read — it’s required homework.

DAILY ACUMEN

Legends Series: Peter Lynch

Peter Lynch didn’t believe in ivory towers—he believed in parking lots.

As the manager of Fidelity’s Magellan Fund from 1977 to 1990, Lynch turned $18 million into $14 billion, delivering an astonishing 29% annual return.

His strategy wasn’t built on Wall Street whispers or esoteric models—it was built on curiosity.

Lynch famously bought Dunkin’ Donuts stock after noticing how busy the stores were.

If he saw packed parking lots, long lines, and growing consumer love, he asked: why not invest?

His philosophy, “invest in what you know,” encouraged average investors to use their edge—everyday life. Grocery aisles. Malls. Commutes.

Lynch was also a numbers guy—he prized companies with strong earnings, low debt, and what he called “growth at a reasonable price.”

But he combined fundamentals with firsthand insight.

His lesson?

Look around. The next great investment might be in your pantry, your gym, or your coffee cup.

ENLIGHTENMENT

Short Squeez Picks

• Should you do cardio before weights?

• The psychology of wanting to leave early

• 7 signs a person is well-off even if they never talk about it

• 5 ways to save time using AI

• Morning routine for increased productivity

MEME-A-PALOOZA

Memes of the Day

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