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Unretired two-time Pro Bowl LB Shaquil Barrett signs to resume career with Tampa Bay Buccaneers
Ice Cube unleashed his 11th studio album "Man Down" on Friday, featuring several hip hop titans -- but probably none more appreciative than Killer Mike !!! The reigning Grammy Rap Album of the Year winner lent his lyrical touch to Cube's "Man Down" closer "Ego Maniacs" with Busta Rhymes , and told his fans the collab checked off a bucket list mark ... he's been holding onto since the 8th grade!!! Cube's socially aware lyrics inspired a nation of millions to rap with an edge, KM included ... and it was only a matter of time before the cosmos connected them. The legendary rapper also finds time for his Mt. Westmore boys Snoop Dogg , E-40 , Too $hort , in addition to Xzibit , B-Real , Kurupt and his longtime co-star Mike Epps !!! There's a lot of topics covered on the album but one thing you won't find is support for President Donald Trump -- he nipped that rumor in the bud during the "Man Down" press run.FORT COLLINS, Colo. (AP) — Mustapha Amzil scored 14 points as New Mexico beat Colorado State 76-68 on Saturday. Read this article for free: Already have an account? To continue reading, please subscribe: * FORT COLLINS, Colo. (AP) — Mustapha Amzil scored 14 points as New Mexico beat Colorado State 76-68 on Saturday. Read unlimited articles for free today: Already have an account? FORT COLLINS, Colo. (AP) — Mustapha Amzil scored 14 points as New Mexico beat Colorado State 76-68 on Saturday. Amzil added five rebounds for the Lobos (10-3, 2-0 Mountain West Conference). Donovan Dent added 14 points while going 7 of 16 from the field while they also had six assists. C.J. Noland had 11 points and finished 5 of 7 from the field. Nique Clifford led the way for the Rams (7-6, 1-1) with 17 points, seven rebounds, six assists and three steals. Jaylen Crocker-Johnson added 13 points and nine rebounds for Colorado State. Kyan Evans also had 10 points. New Mexico took the lead with 8:53 to go in the first half and did not relinquish it. The score was 41-25 at halftime, with Filip Borovicanin racking up 10 points. New Mexico was outscored by Colorado State in the second half by eight points, with Amzil scoring a team-high six points in the final half. Both teams next play Tuesday. New Mexico visits Fresno State and Colorado State goes on the road to play San Jose State. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar. Advertisement
Maschmeyer's 34 saves carry Ottawa Charge past New York Sirens, 3-1For Connecticut Attorney General William Tong, President-elect Donald Trump ’s pledge to end birthright citizenship is more than just a provocative anti-immigrant policy likely to be blocked by courts. It’s personal. Tong, 51, a Democrat who has served as the state’s top legal official since 2019, is the son of immigrants who came to the United States from China and Taiwan. He is the first member of his family to have been born on U.S. soil and is the first Asian American to be elected to statewide office in Connecticut. “I grew up working side by side with my parents in our family’s Chinese restaurant, and in one generation I’ve gone from that Chinese restaurant kitchen to be the attorney general of the state of Connecticut,” he said in an interview. “That only happens one place in this world, and that’s in America.” On the campaign trail, Trump promised to take action to end birthright citizenship on day one of his second term in office, a move that would immediately prompt legal challenges. “I would be the first to sue,” Tong promised. He is one of 23 Democratic state attorneys general who are likely to be regular opponents of Trump on various issues, ranging from immigration and LGBTQ rights to environmental policy and abortion, just as many were in the first Trump administration. Likewise, Republican attorneys general routinely sued to block President Joe Biden’s policies, notching up major victories on issues like student loan debt forgiveness and a Covid vaccine-or-test mandate for businesses. The fight over birthright citizenship might be one that challengers have a good chance of winning, even with a conservative Supreme Court that includes three justices appointed by Trump. The vast majority of legal scholars think there is no genuine legal dispute over the guarantee of birthright citizenship as enshrined in the Constitution’s 14th Amendment. “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States,” the amendment states. James Ho, now a Trump-appointed judge on the 5th U.S. Circuit Court of Appeals who is considered a contender for the Supreme Court if Trump has a vacancy, wrote an article in 2006 rejecting the claim that the children of undocumented immigrants should not be considered citizens. “Birthright citizenship is guaranteed by the Fourteenth Amendment. That birthright is protected no less for children of undocumented persons than for descendants of Mayflower passengers,” he wrote. Ho himself was born in Taiwan and immigrated to the United States with his parents. Trump has said he will sign an executive order that would ensure children born to parents who do not have legal status in the U.S. will not be considered U.S. citizens. At least one parent would need to be a citizen or legal resident for a child to receive birthright citizenship, Trump said in a video announcing the plan last year. He indicated the policy would not apply retroactively. A Trump spokesman did not respond to a request for comment about the brewing plans to counter his efforts. The administration could try to implement the policy, thereby kicking off a legal fight, by ordering federal agencies to prevent people from obtaining passports or Social Security numbers. Supporters of limiting birthright citizenship say the language in the 14th Amendment referring to citizenship being awarded to people “subject to the jurisdiction” of the United States does not include the children of undocumented immigrants. Conservatives have embraced the idea of declaring the act of migrants crossing the southern border as a form of invasion — a move that could have them treated more like enemy combatants than migrants. Texas Gov. Greg Abbott has taken that approach , leading to conflicts with the Biden administration. A declaration along those lines by Trump could be used to defend a policy seeking to end automatic birthright citizenship, an approach Judge Ho outlined in remarks made after the November election that seem to backtrack on his earlier view. He said that “birthright citizenship obviously doesn’t apply in case of war or invasion.” Cecillia Wang, legal director of the American Civil Liberties Union, which is also gearing up to sue Trump on birthright citizenship and other policies, said calling immigration a form of invasion reflects “a white nationalist view” that is not supported by the facts. “I don’t think that anyone’s theory about so-called invasion ... should fly in the courts,” she added. From Tong’s perspective, any limitation on birthright citizenship would be a violation of the 14th Amendment. It is “beyond clear” what the law states, he said, and it will “get real when people’s lives and communities are impacted, or worse, destroyed” if Trump’s plan goes into effect. He was quick to cite the experience of his parents, who “ran for their lives” before reaching the United States and settling in Connecticut. “Let’s just cut the crap and acknowledge that we’re Americans. Everybody is as American as anybody else,” Tong added. “I mean, it strikes to the core of our constitutional foundation, the 14th Amendment.” This story first appeared on NBCNews.com. More from NBC News:
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Unwrap the latest AI features with Amazon Fire TabletsSunday, December 29, 2024 Asia, the largest continent on Earth, is a kaleidoscope of diverse cultures, breathtaking landscapes, and vibrant cities. As we look forward to 2025, it’s the perfect time to plan your next adventure across this mesmerizing part of the world. From ancient temples and bustling markets to tranquil beaches and verdant mountains, Asia offers endless opportunities for exploration and discovery. Here’s your ultimate guide to the best places to visit in Asia in 2025, promising experiences that are as enriching as they are unforgettable. Kyoto, Japan’s ancient capital, continues to enchant travelers with its stunning temples, lush gardens, and rich cultural heritage. In spring, the cherry blossoms create a dreamy pink canopy, while autumn brings fiery hues to the city’s parks and temples. Don’t miss a visit to the iconic Fushimi Inari Shrine and a traditional tea ceremony. The bustling metropolis of Tokyo is a wonderland of innovation and tradition. From the neon-lit streets of Shinjuku to the serene Meiji Shrine, Tokyo offers an eclectic mix of experiences. 2025 promises new openings in the city’s culinary and cultural scene, making it a must-visit destination. For the latest travel news, updates and deals, subscribe to the daily TTW newsletter . Bali remains a traveler’s paradise, blending stunning beaches with lush rice terraces and spiritual experiences. In 2025, immerse yourself in Ubud’s tranquil vibe or surf the waves at Uluwatu. For a truly unique experience, visit the awe-inspiring Pura Lempuyang Temple and enjoy breathtaking views of Mount Agung. Bhutan’s commitment to Gross National Happiness makes it one of the most unique destinations in the world. Nestled in the Himalayas, this kingdom offers pristine landscapes, ancient monasteries, and an unmatched sense of tranquility. Trek to the iconic Tiger’s Nest Monastery and experience the vibrant Paro Tsechu festival in 2025. Hanoi, Vietnam’s capital, is a city of contrasts. Wander through the historic Old Quarter, savor the flavors of pho and banh mi, and explore the cultural richness of sites like the Temple of Literature. A UNESCO World Heritage site, Halong Bay is a must-see for its emerald waters and towering limestone islands. Opt for a luxury cruise or a kayaking adventure to experience this natural wonder. For the latest travel news, updates and deals, subscribe to the daily TTW newsletter . Seoul seamlessly blends the old and new, offering attractions like Gyeongbokgung Palace alongside the trendy streets of Hongdae. 2025 brings exciting events and openings in K-pop entertainment hubs and fashion districts. Jeju Island, a UNESCO World Heritage site, is known for its volcanic landscapes, stunning waterfalls, and unique local culture. Explore the Hallasan Mountain trails or unwind on its pristine beaches. Rajasthan’s palaces and forts are a testament to India’s royal history. Jaipur, Udaipur, and Jaisalmer offer mesmerizing architecture, vibrant markets, and cultural richness. Attend a traditional Rajasthani folk dance performance for an immersive experience. Known as “God’s Own Country,” Kerala is a haven of tranquility. Cruise through the backwaters on a traditional houseboat, visit the hill stations of Munnar, and indulge in Ayurvedic wellness treatments. Bangkok’s dynamic energy is contagious. Visit the opulent Grand Palace, explore the floating markets, and enjoy vibrant street food. 2025 is set to enhance its reputation as a global city. Chiang Mai offers a more relaxed pace with its ancient temples, night bazaars, and scenic mountain surroundings. Participate in a Thai cooking class or visit an ethical elephant sanctuary for meaningful experiences. For the latest travel news, travel updates and travel deals, airline news, cruise news, technology updates, travel alerts, weather reports, insider’ insights, exclusive interviews, subscribe now to the daily TTW newsletter . Palawan consistently ranks among the world’s most beautiful islands. Explore the otherworldly landscapes of El Nido and Coron, with their limestone cliffs and crystal-clear lagoons. Cebu combines history, culture, and natural beauty. Discover Magellan’s Cross, dive with whale sharks in Oslob, and explore the stunning Kawasan Falls. Singapore’s futuristic skyline, lush green spaces, and multicultural vibrancy make it a standout destination. Visit Gardens by the Bay, explore the lively hawker centers, and enjoy world-class attractions like the Marina Bay Sands. Beijing’s iconic sights, including the Great Wall, Forbidden City, and Temple of Heaven, are a must-see for history enthusiasts. 2025 may also bring new cultural exhibitions and performances. Shanghai dazzles with its modern architecture and rich cultural heritage. Stroll along the Bund, explore the French Concession, and enjoy a traditional dumpling feast. Nepal is a haven for adventurers and spiritual seekers alike. Trek to Everest Base Camp or Annapurna Circuit for breathtaking mountain vistas. Don’t miss the UNESCO World Heritage sites in Kathmandu Valley, including the Swayambhunath Stupa and Pashupatinath Temple. Asia in 2025 promises an extraordinary tapestry of adventures, from historical treasures to cutting-edge modernity. Whether you seek spiritual serenity, cultural immersion, or thrilling escapades, this continent has something for every traveler. Start planning your journey now and prepare to be captivated by the wonders of Asia! Read Travel Industry News in 104 different regional platforms Get our daily dose of news, by subscribing to our newsletters. Subscribe here . Watch Travel And Tour World Interviews here . 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Unretired two-time Pro Bowl LB Shaquil Barrett signs to resume career with Tampa Bay BuccaneersNEWARK, N.J. (AP) — Emerance Maschmeyer turned in 34 saves on 35 shots on goal and the Ottawa Charge held off the New York Sirens 3-1 on Sunday for their second win in six games. Playing their first game in 10 days, the Charge got a first-period goal from Emily Clark and Shiann Darkangelo and Kateřina Mrázová added second-period goals to build a 3-0 lead through two periods. Ottawa has scored at least three goals in all five of its meetings with New York over two seasons. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.DK Metcalf is happy to block as Seahawks ride streak into Sunday night matchup with PackersBy JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Democrats and business groups warn of risks from Trump’s tariff threats Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump’s first term tariffs had a modest impact on economy Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. Trump wants much more far-reaching tariffs going forward The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.
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Maine's voter-approved limit on PAC contributions triggers lawsuit in federal court
Artificial intelligence. Abortion. Guns. Marijuana. Minimum wages. Name a hot topic, and chances are good there's a new law about it taking effect in 2025 in one state or another. Many of the laws launching in January are a result of legislation passed this year. Others stem from ballot measures approved by voters. Some face legal challenges. Here's a look at some of the most notable state laws taking effect: FILE - Director of Photography Jac Cheairs and his son, actor Wyatt Cheairs, 11, take part in a rally by striking writers and actors outside Netflix studio in Los Angeles on Friday, July 14, 2023. (AP Photo/Chris Pizzello, File) California, home to Hollywood and some of the largest technology companies, is seeking to rein in the artificial intelligence industry and put some parameters around social media stars. New laws seek to prevent the use of digital replicas of Hollywood actors and performers without permission and allow the estates of dead performers to sue over unauthorized AI use. Parents who profit from social media posts featuring their children will be required to set aside some earnings for their young influencers. A new law also allows children to sue their parents for failing to do so. FILE - In advance of Instagram CEO Adam Mosseri's Congressional testimony, to illustrate the harms children face on social media, parent activists brought an "Instagrinch" to the Capitol building in Washington, Dec. 7, 2021. (Eric Kayne/AP Images for ParentsTogether, File) New social media restrictions in several states face court challenges. A Florida law bans children under 14 from having social media accounts and requires parental consent for ages 14 and 15. But enforcement is being delayed because of a lawsuit filed by two associations for online companies, with a hearing scheduled for late February. A new Tennessee law also requires parental consent for minors to open accounts on social media. NetChoice, an industry group for online businesses, is challenging the law. Another new state law requires porn websites to verify that visitors are at least 18 years old. But the Free Speech Coalition, a trade association for the adult entertainment industry, has filed a challenge. Several new California measures aimed at combating political deepfakes are also being challenged, including one requiring large social media platforms to remove deceptive content related to elections and another allowing any individual to sue for damages over the use of AI to create fabricated images or videos in political ads. FILE - Parents, students, and staff of Chino Valley Unified School District hold up signs in favor of protecting LGBTQ+ policies at Don Antonio Lugo High School, in Chino, Calif., June 15, 2023. (Anjali Sharif-Paul/The Orange County Register via AP, File) In a first nationally, California will start enforcing a law prohibiting school districts from adopting policies that require staff to notify parents if their children change their gender identification. The law was a priority for Democratic lawmakers who wanted to halt such policies passed by several districts. FILE - Christian F. Nunes, president of National Organization for Women speaks as abortion rights activists and Women's March leaders protest as part of a national day of strike actions outside the Supreme Court, Monday, June 24, 2024, in Washington. (AP Photo/Mark Schiefelbein, File) Many states have passed laws limiting or protecting abortion rights since the U.S. Supreme Court overturned a nationwide right to the procedure in 2022. One of the latest is the Democratic-led state of Delaware. A law there will require the state employee health plan and Medicaid plans for lower-income residents to cover abortions with no deductible, copayments or other cost-sharing requirements. FILE - Gov. Tim Walz speaks before a crowd gathered for a rally on the steps of the state Capitol in St. Paul, Minn., Wednesday evening, Aug. 7, 2019. Lt. Gov. Peggy Flanagan, center left, and his wife Gwen Walz, center right, stand by him. (Jeff Wheeler/Star Tribune via AP, File) A new Minnesota law prohibits guns with "binary triggers" that allow for more rapid fire, causing a weapon to fire one round when the trigger is pulled and another when it is released. In Delaware, a law adds colleges and universities to a list of school zones where guns are prohibited, with exceptions for those working in their official capacity such as law officers and commissioned security guards. Kentucky is becoming the latest state to let people use marijuana for medical purposes. To apply for a state medical cannabis card, people must get written certification from a medical provider of a qualifying condition, such as cancer, multiple sclerosis, chronic pain, epilepsy, chronic nausea or post-traumatic stress disorder. Nearly four-fifths of U.S. states have now legalized medical marijuana. Minimum wage workers in more than 20 states are due to receive raises in January. The highest minimum wages will be in Washington, California and Connecticut, all of which will top $16 an hour after modest increases. The largest increases are scheduled in Delaware, where the minimum wage will rise by $1.75 to $15 an hour, and in Nebraska, where a ballot measure approved by voters in 2022 will add $1.50 to the current minimum of $12 an hour. Twenty other states still follow the federal minimum wage of $7.25 an hour. FILE - A man talks on his cell phone while driving in Los Angeles, Monday June 30, 2008. (AP Photo/Kevork Djansezian, File) In Oregon, using drugs on public transit will be considered a misdemeanor crime of interfering with public transportation. While the measure worked its way through the legislature, multiple transportation officials said drug use on buses and trains, and at transit stops and stations, was making passengers and drivers feel less safe. In Missouri, law enforcement officers have spent the past 16 months issuing warnings to motorists that handheld cellphone use is illegal. Starting with the new year, penalties will kick in: a $150 fine for the first violation, progressing to $500 for third and subsequent offenses and up to 15 years imprisonment if a driver using a cellphone cause an injury or death. But police must notice a primary violation, such as speeding or weaving across lanes, to cite motorists for violating the cellphone law. Montana is the only state that hasn't banned texting while driving, according to the National Conference of State Legislatures. FILE - Surrounded by members of the legislature and signs touting saving families money, Kansas Gov. Laura Kelly announces her 'Axe the Food Tax' campaign at Dillons grocery store in Topeka, Kan., Monday, Nov. 8, 2021 by holding an axe. (Evert Nelson/The Capital-Journal via AP, File) Tenants in Arizona will no longer have to pay tax on their monthly rent, thanks to the repeal of a law that had allowed cities and towns to impose such taxes. While a victory for renters, the new law is a financial loss for governments. An analysis by Arizona's nonpartisan Joint Legislative Budget Committee estimated that $230 million would be lost in municipal tax revenue during the first full fiscal year of implementation. Meanwhile Alabama will offer tax credits to businesses that help employees with child care costs. Kansas is eliminating its 2% sales tax on groceries. It also is cutting individual income taxes by dropping the top tax rate, increasing a credit for child care expenses and exempting all Social Security income from taxes, among other things. Taxpayers are expected to save about $320 million a year going forward. FILE - Election board inspector Pat Cook readies "I Voted" stickers for voters during early voting in Oklahoma City, Friday, Oct. 29, 2010. (AP Photo/Sue Ogrocki, File) An Oklahoma law expands voting privileges to people who have been convicted of felonies but had their sentences discharged or commuted, including commutations for crimes that have been reclassified from felonies to misdemeanors. Former state Sen. George Young, an Oklahoma City Democrat, carried the bill in the Senate. "I think it's very important that people who have gone through trials and tribulations in their life, that we have a system that brings them back and allows them to participate as contributing citizens," Young said. Associated Press writers Trân Nguyễn in Sacramento, California; Kate Payne in Tallahassee, Florida; Jonathan Mattise in Nashville, Tennessee; Randall Chase in Dover, Delaware; Steve Karnowski in Minneapolis; Bruce Schreiner in Frankfort, Kentucky; Claire Rush in Portland, Oregon; Summer Ballentine in Jefferson City, Missouri; Gabriel Sandoval in Phoenix; Kim Chandler in Montgomery, Alabama; John Hanna in Topeka, Kansas; and Sean Murphy in Oklahoma City contributed. Republican presidential candidate former President Donald Trump is surrounded by U.S. Secret Service agents at a campaign rally, Saturday, July 13, 2024, in Butler, Pa. (AP Photo/Evan Vucci) President Joe Biden walks to the Oval Office after attending the House Democratic Caucus Issues Conference, Thursday, Feb. 8, 2024, in Washington. (AP Photo/Evan Vucci) Democratic presidential nominee Vice President Kamala Harris and running mate Minnesota Gov. Tim Walz arrive during a campaign rally at Desert Diamond Arena, Friday, Aug. 9, 2024, in Glendale, Ariz. (AP Photo/Julia Demaree Nikhinson) A delegate looks at her phone during the Republican National Convention Wednesday, July 17, 2024, in Milwaukee. (AP Photo/Julia Demaree Nikhinson) Jocardo Ralston, 47, from Pennsylvania, looks up to a television to watch the presidential debate between President Joe Biden and Republican presidential candidate former President Donald Trump at Tillie's Lounge on Thursday, June 27, 2024, in Cincinnati. (AP Photo/Carolyn Kaster) Supporters of Republican presidential candidate former President Donald Trump look on as a bus carrying Democratic presidential nominee Vice President Kamala Harris passes by following a campaign event, Sunday, Aug. 18, 2024, in Rochester, Pa. (AP Photo/Julia Demaree Nikhinson) Attendees look on at a campaign rally for Democratic presidential nominee Vice President Kamala Harris, Friday, Oct. 25, 2024, in Houston. (AP Photo/Annie Mulligan) Democratic presidential nominee Vice President Kamala Harris arrives to speak on the final day of the Democratic National Convention, Thursday, Aug. 22, 2024, in Chicago. (AP Photo/Jacquelyn Martin) Republican presidential candidate former President Donald Trump gestures as he arrives at the Republican National Convention Wednesday, July 17, 2024, in Milwaukee. (AP Photo/Julia Demaree Nikhinson) Republican presidential nominee former President Donald Trump speaks at a campaign rally at PPG Paints Arena, Monday, Nov. 4, 2024, in Pittsburgh, Pa. (AP Photo/Evan Vucci) Democratic presidential nominee Vice President Kamala Harris, left, and former first lady Michelle Obama arrive to speak during a campaign rally, Saturday, Oct. 26, 2024 at the Wings Event Center in Kalamazoo, Mich. (AP Photo/Jacquelyn Martin) A supporter greets Republican presidential nominee former President Donald Trump after a campaign event at the Cobb Energy Performing Arts Centre, Tuesday, Oct. 15, 2024, in Atlanta. (AP Photo/Alex Brandon) A political advertisement for Democratic presidential nominee Vice President Kamala Harris is displayed on the Sphere, Monday, Nov. 4, 2024, in Las Vegas. (AP Photo/John Locher) Democratic presidential nominee Vice President Kamala Harris walks toward reporters to speak before boarding Air Force Two, as she departs Las Vegas from Harry Reid International Airport, Thursday, Oct. 10, 2024, en route to Arizona. (AP Photo/Jacquelyn Martin) A voter works on her ballot at a polling place at the Ronald Reagan Presidential Library on Election Day, Tuesday, Nov. 5, 2024, in Simi Valley, Calif. (AP Photo/Chris Pizzello) Former President Donald Trump waits for the start of proceedings in Manhattan criminal court, Tuesday, April 23, 2024, in New York. Before testimony resumes Tuesday, the judge will hold a hearing on prosecutors' request to sanction and fine Trump over social media posts they say violate a gag order prohibiting him from attacking key witnesses. (AP Photo/Yuki Iwamura, Pool) Republican presidential nominee former President Donald Trump dances after speaking at a campaign event Tuesday, Sept. 24, 2024, in Savannah, Ga. (AP Photo/John Bazemore) Democratic presidential nominee Vice President Kamala Harris looks at a monitor of the event from backstage, just before taking the stage for her final campaign rally, Monday, Nov. 4, 2024, in Philadelphia. (AP Photo/Jacquelyn Martin) Republican presidential nominee former President Donald Trump is prayed over with Pastor Paula White during the National Faith Summit at Worship With Wonders Church, Monday, Oct. 28, 2024, in Powder Springs, Ga. (AP Photo/Brynn Anderson) Forgiato Blow wears a necklace with a likeness of former President Donald Trump before Republican presidential nominee former President Donald Trump speaks at a campaign event at the Cobb Energy Performing Arts Centre, Tuesday, Oct. 15, 2024, in Atlanta. (AP Photo/Alex Brandon) Elon Musk jumps on the stage as Republican presidential nominee former President Donald Trump speaks at a campaign rally at the Butler Farm Show, Saturday, Oct. 5, 2024, in Butler, Pa. (AP Photo/Evan Vucci) Voters stand in line outside a polling place at Madison Church, Tuesday, Nov. 5, 2024, in Phoenix, Ariz. (AP Photo/Matt York) Democratic presidential nominee Vice President Kamala Harris hugs President Biden during the Democratic National Convention Monday, Aug. 19, 2024, in Chicago. (AP Photo/Charles Rex Arbogast) Republican presidential nominee former President Donald Trump speaks during a campaign rally at Lee's Family Forum, Thursday, Oct. 31, 2024, in Henderson, Nev. (AP Photo/Julia Demaree Nikhinson) Republican presidential nominee former President Donald Trump is reflected in the bullet proof glass as he finishes speaking at a campaign rally in Lititz, Pa., Sunday, Nov. 3, 2024. (AP Photo/Matt Rourke) Democratic presidential nominee Vice President Kamala Harris, bottom center, greets supporters after speaking during a campaign rally Saturday, Oct. 26, 2024 at the Wings Event Center in Kalamazoo, Mich. (AP Photo/Jacquelyn Martin) Democratic presidential nominee Vice President Kamala Harris speaks during a campaign rally outside the Philadelphia Museum of Art, Monday, Nov. 4, 2024, in Philadelphia. (AP Photo/Matt Slocum) A young girl holds a "Black Voters for Harris-Walz" sign outside of Democratic presidential nominee Vice President Kamala Harris' election night watch party at Howard University, Tuesday, Nov. 5, 2024, in Washington. (AP Photo/Terrance Williams) Democratic presidential nominee Vice President Kamala Harris, left, shares a laugh with second gentleman Doug Emhoff, after reuniting in Pittsburgh, Monday, Nov. 4, 2024, aboard Air Force Two, just before taking off from Pittsburgh for her final campaign rally in Philadelphia. (AP Photo/Jacquelyn Martin, Pool) With tears streaming down her face, a supporter of Democratic presidential nominee Vice President Kamala Harris applauds as Harris delivers a concession speech after the 2024 presidential election, Wednesday, Nov. 6, 2024, on the campus of Howard University in Washington. (AP Photo/Jacquelyn Martin) Bikers show their support for President-elect Donald Trump while riding on I-84, Wednesday, Nov. 6, 2024, near Lords Valley, Pa. (AP Photo/Robert F. Bukaty) Republican presidential nominee former President Donald Trump stands on stage with steelworkers as he speaks during a campaign rally at Arnold Palmer Regional Airport, Saturday, Oct. 19, 2024, in Latrobe, Pa. (AP Photo/Evan Vucci) Supporters cheer as Republican presidential nominee former President Donald Trump speaks during a campaign event, Sunday, Sept. 29, 2024, in Erie, Pa. (AP Photo/Matt Rourke) Democratic presidential nominee Vice President Kamala Harris appears on NBC's "Saturday Night Live," with Maya Rudolph, Saturday, Nov. 2, 2024 in New York. (AP Photo/Jacquelyn Martin) A delegate wearing a small American flag on his ear watches as Republican presidential candidate and former president, Donald Trump, speaks during the final day of the Republican National Convention Thursday, July 18, 2024, in Milwaukee. 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In this podcast, Motley Fool analyst Nick Sciple and host Ricky Mulvey discuss: Highlights from Walmart 's quarter. What shoppers want from mac and cheese. Why nicotine pouches may be "the biggest consumer product story this decade." Then, Motley Fool personal finance expert Robert Brokamp kicks off a two-part series with Christine Benz, Morningstar 's director of personal finance and the author of How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement . Go to breakfast.fool.com to sign up to wake up daily to the latest market news, company insights, and a bit of Foolish fun -- all wrapped up in one quick, easy-to-read email called Breakfast News. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center . To get started investing, check out our beginner's guide to investing in stocks . A full transcript follows the video. This video was recorded on Nov. 19, 2024. Ricky Mulvey: Shoppers are trading up and down. It's the middle that gets stuck. You're listening to Motley Fool Money. I'm Ricky Mulvey. Joined today by our returning champion, Nick Sciple. Nick, it's good to have you back. How have you been? Nick Sciple: Been great, Ricky. I've been out on parental leave the past few months trying to wrangle two under two. It's been fun, but it's great to be back in the adult world here with you. Lots to talk about maybe talking about one of the places I pick up diapers. More often than not. Ricky Mulvey: What a different conversation to come into versus two under two. Stocks are down today as tensions between Russia and Ukraine increase. I think it's worth mentioning at the top, Nick, but we don't have anything smart to say here, other than, we hope this isn't. I don't want to look at gold and be like, traders are going to gold. But I got nothing smart to say other than we hope this isn't really bad. Nick Sciple: Certainly scary headlines, nuclear saber rattling by Russia is going to continue more of these same growing tensions, I would say, between Russia and the West, just like this is one of those risks Warren Buffett has talked about in the past. You can't control, you have to live with as an investor. The world is always uncertain. This is the cost of doing business. If these threats end up to anything in the real world, no advice we can give you will protect you from this sort of thing. But unlikely that these words will lead to actions, but certainly something to pay attention to. Ricky Mulvey: Let's go from the bottom up with Walmart earnings, focusing on the business. They reported this morning, Nick, I think the biggest highlight to me is that comp sales number for Walmart, more people are going to their stores, including Sam's Club. Walmart proper, more than 5%. Same-store sales increase. Sam's Club 7% from the year prior. This tells me that the inflation story is not over as shoppers continue to look for value, but what stood out to you from the quarter? Nick Sciple: For me, really across the board, strong numbers for Walmart, you mentioned those comp store numbers, that's with inventory declining 1% during the quarter. So just classic what you look for out of a high-quality retailer, you look below the top line, 42% marketplace growth, 28% advertising growth, 22% membership income growth, really working across the board. If you think about what's driving all those sorts of things, marketplace growth, really leveraging Walmart's infrastructure to be attractive to sellers and really getting the right assortment to be attractive to buyers, companies cited over 20% growth in beauty, toys, hardlines, and home. My wife has called out the Walmart's apparel has made a big comeback. The more the folks you bring to that marketplace, that gives you opportunities to sell ads and direct purchase behavior. Also, the more folks that are buying on that marketplace, you can sell them membership opportunities. All that drives the flywheel, folks back to Walmart, and all those revenue streams that I mentioned are high margins. This is really a company that's firing on all cylinders. All the flywheels are spinning, and it's really a beautiful thing. Ricky Mulvey: The e-commerce growth impressive, especially internationally for Walmart. There's also a consumer trend going on. It's the trade-down. Doug McMillon highlighting that "Households earning more than $100,000 a year made up for 75% of our share gains." You have folks going from the higher-priced grocery stores, going back to Walmart. If you're a long-term holder of Walmart shares, you have to believe that those shoppers are going to be sticking around for years and years to come. What needs to happen for Walmart to hold onto these customers for the next 3-5-10 years? Nick Sciple: I think the real key is convenience, and the company understands that as well. You got the words convenience or convenient mentioned 16 times on the call. Walmart's really always going to win on price, where it hasn't traditionally been able to have advantages is just the convenience. It's something that Doug McMillon also called out on the call is if you have higher discretionary income, these are folks that are more likely to pay up to save time, pay for those memberships, participate in pickup and delivery. If Walmart can continue to provide the value that it's always been able to deliver as a business and at a convenience level that other companies can't match, I think it can hold on to those high-income customers, and it looks like they're doing the things necessary to do that so far. Ricky Mulvey: What do you think about Walmart's valuation, the price tag on this stock? We talked about price to earnings, the price tag for Walmart on this previous weekend's show. Walmart's at 45 times earnings, 45. That's a lot for a grocery store that in a lot of ways, yes, it's getting more efficient, yes, it's getting more sales. Functions like a utility for a lot of people, that's putting it in the same weight class as Costco now. Do these multiples deserve to be in the same weight class? Yes, Costco is a little bit high. Nick Sciple: I think both those multiples, when you list them out to me, sound pretty high. But I do think Costco and Walmart are in a category of these dominant retailers from the 20th century that can really survive the competitive threats that we're seeing in today's 21st-century retail landscape, arguably, both expensive here, but both are growing their moot. Where I'm really worried about, if I look at retail today is what are the companies that are getting left behind. You look at the dollar stores this year, Dollar General and Dollar Tree , both down over 50%. Compare that to Walmart, almost two-thirds this year, 66%. Some of these companies might be getting left behind as Walmart becomes more convenient and can capture some of those areas of the market. I'd be more inclined to be worried about some of these other segments of retail that Walmart is capturing than I am concerned about Walmart itself. Although, is it going to be trading at 45 times earnings five years from now? Probably not, but I think there's a decent chance the stock is higher. Ricky Mulvey: There's also something happening at Walmart that doesn't really impact it as much, but a phenomenon happening at the grocery stores. There was an article in Bloomberg about it today, and that's that these brands that are in the center are getting cut out by shoppers. Basically, the example they use is mac and cheese. More people are buying store-brand cheap mac and cheese. Then you have your healthy-ish, allegedly healthy options that are the higher end that more people are gravitating to. In the middle, you have your Kraft Mac & Cheese, which is seeing sales declines. But you as a shopper you're going around the Tennessee grocery stores. Have you noticed this yourself or you gravitating up or down the value chain as a shopper? Nick Sciple: For me, I've always been the store brand guy. I think it's a trend along, millennials as a whole, but I was just raised that way to always get the store brand milk and the store brand cream cheese and that thing. For me, it's a habit I've always grown into. I have noticed more in my household, the willing to pay up for more of "The healthier versions of snacks," so you don't get the goldfish. You get the organic version of goldfish, that sort of thing. With the protein added products, I think those have had some success in capturing segments of the market. I think if you look at some of these big consumer package good companies, your Krafts, your Procter & Gamble s, they were really super efficient, built for the traditional retail model where you had the eye level shelf space, and that's how you attracted consumers. They're having to transition just like everybody else to this new purchasing model. I think those companies are still going to have to adapt. I do think long term, though, these businesses have such scale and are so sophisticated, even if they're getting attacked by some of these new emergent, healthy or other brands. Long term, these are acquisition targets for the big CPG companies. These aren't companies that I think are going to take down the big mammoth. Ricky Mulvey: Yeah, and in some cases, the store brand is the brand now. Kirkland is beloved. I love me some Kirkland coffee. I've got my Kirkland laundry pods. I'm happy with it. You mentioned it as an acquisition target. I'm going to dig into the numbers a little bit more. So Craft, year over year 6% decline in mac and cheese. Their stock has been basically flat over the past five years, as well. The store box mac and cheese, Bloomberg reporting, that's a 6% bump. The trade is pretty direct there. There's also this higher end option called Goodles, which is the protein added one that you were talking about. You also mentioned Procter & Gamble, Kraft Heinz , these consumer packaged goods companies, when we talk about this trend where the middle is getting cut out, is this a temporary thing? Is this an investing we like to say? It's a dark cloud that can be seen through or is this a long-term problem for these companies? Nick Sciple: It's not a dark cloud that I would say that I can see through today. It's not the area of the market that I would be aggressively looking for opportunities. I think these are sophisticated businesses with talented management that can adapt over time, but I don't think the vision of the future for these companies is ultra clear that Kraft Mac & Cheese is going to be as relevant five or 10 years from now as it is today. For me, I would be more comfortable looking at segments of the market that customers are moving toward that are growing segments, we might talk about one here in a second. Those are the areas I'd be looking for in consumer goods as opposed to trying to catch the falling knife. Ricky Mulvey: Let's get there because there is a surprising consumer product that has had a heck of a year, and that's nicotine. Altria and Philip Morris are both up almost 40%. These are mature companies that pay very healthy dividends. Altria, I think, pays over a 7% dividend right now. This is for outside observers, may be surprising. It's at a time where fewer people are smoking cigarettes. You shared an article with me that even Sweden is going smoke free. There is a move to pouches, but man, this move must be big. What's happening with the nicotine industry in 2024? Nick Sciple: You mentioned the nicotine pouches really has been the big story this year, and I think it's going to be the biggest consumer product story this decade. Smoking has been declining for quite a while. I think pouches are what's going to really drive growth in nicotine consumption. The global market for nicotine pouches is expected to grow from $7.4 billion in 2023 to $25.2 billion in 2028. That's according to EuroMotor and that's on top of really triple digit growth [inaudible] we've seen over the past several years. This is a segment of the market just doesn't get talked about that much because of the nicotine tobacco stigma. I think it's probably the first time this year. It's getting talked about on Motley Fool Money. I understand why the smoking causes cancer. It kills people. Certainly it's been a big public health consciousness drive over the past 50 plus years to spread that. Smoking is predominantly how people have consumed nicotine throughout history. Back from the 1500s, people smoked pipes, then cigars became popular in the late 19th century, cigarettes became popular, still become popular. Today, along the way, governments have taxed, punish, tried to ban nicotine use, but it's still persisted today, I think, likely to continue in the form of these nicotine pouches, other reduced risk products that have opportunity to deliver nicotine with fewer harmful chemicals. You mentioned Sweden as a market where you're really seeing smoking decline, and part of that is because Sweden is the market where nicotine pouches really first gained prominence. Launched there in 2008, descended from traditional Swedish noose tobacco it's been used hundreds of years. Last week, Sweden announced it became the first country in the world to reach smoke free status. That's with less than 5% of your adult consumers. Smoking at 16 years ahead of EU targets and really has been driven by policy that's made these products more attractive than cigarettes and education that's focused around tobacco harm reduction as opposed to just totally eliminating nicotine use. You see it in, health statistics for the country. Sweden has the lowest percentage of tobacco related diseases in Europe and 41% lower incidence of cancer than other countries. It's the second biggest market for nicotine pouches, the US is number 1, and there's been rapid growth. We can talk about some of the brands. Ricky, let's do it. Ricky Mulvey: I'm going to go back on something you said. We haven't talked about it and why we haven't talked about it? I programmed some of the show. Maybe we should have. Especially if you think it's the biggest consumer product story of the next decade. Ultimately, I think, our job on the show is not to tell you what to invest in what not to invest in based on our moral inclinations. I think the farthest I will go on that is you get started investing we encourage you at the Motley Fool to find maybe one company or one industry that you will never invest in, no matter how well it does, because it goes against what you believe in morally, it doesn't agree with your beliefs. We talk about alcohol. We'll also talk about cigarettes sometimes, and it's up to you what you want to do with that information. Let's talk. Now, about the nicotine pouches, Philip Morris, which owns ZYN that is the most popular nicotine pouch. There's a story about it in the New York Times a few weeks ago, giving it what I will generously describe as mixed coverage. But what it talks about is they don't really market this product. Philip Morris has not really been marketing ZYN but it has this online legion of fans, and it's become the number 1 brand in the US. How has ZYN specifically gotten so popular? Nick Sciple: So a few things. I think nicotine pouches in general are a good product relative to traditional nicotine delivery systems. It's discrete. You don't smell bad like you do smoking tobacco. Unlike traditional smokeless tobacco, dip and the like, you don't have to spit. It's a better product for those reasons. But ZYN was the first of the market in the US. In 2014, Swedish match was just the owner of ZYN until Swedish Match was acquired by Philip Morris. 2022 was really the first on the market. Also, if you look at the quality of the product relative to some others on the market, just higher quality product. Altria sells the on nicotine pouch product. British American Tobacco sells Velo, both of those products similar to ZYN, but end up having a lot more quality control issues than ZYN has, just a better product. Also, just for whatever reason, historically, nicotine products have always had a super high brand affinity and a concentrated market leader. You'd see it with Marlboro and cigarettes. You'd see it traditionally in the type of pipes and things like that that people smoke. For several reasons, the quality of the product, being the first to market. The virality that you get as more and more people use the product. Just the natural way nicotine products end up being concentrated ZYN has become the market leader. Today, over 73% share in the category by retail value in the most recent quarter, 149 million cans shipped last quarter alone, that's up 40% year over year, triple what it had shipped in the first quarter of 2022. That's in an environment where, sales were restricted because the product was stocking out in retail stores across the country. This is an environment where they're raising price as well. ZYN isn't the only product that's seeing growth. I mentioned, the on product from Altria. That had 46% growth in the most recent quarter, British American tobaccos product, growing 48% in the first half of 2024. Really across the board massive growth. You're seeing similar patterns to what you've seen in traditional nicotine products, and again, growth not likely to slow down anytime soon. Ricky Mulvey: You've also got a celebrity endorsement recently with Josh Brolin admitting on the WTF podcast with Mark Marron that he has a ZYN in a pouch in his lip 24 hours a day, emphasizing that he's not lying about that. As we wrap up here, anything else on tobacco is comeback that you want to hit? Nick Sciple: Well, you talked about celebrity endorsements. Tucker Carlson also getting into the Nicotine pouch game, which I think is interesting. ZYN, obviously, the leader in the market, don't have to be the market leader to be successful with a market category. It's as big and fast growing as we're seeing in nicotine pouches. It really doesn't take that much to be successful. Nick Sciple: In the market. You mentioned earlier comparisons with alcohol and things like that. I think about celebrities getting involved in nicotine pouches in the same way that George Clooney getting involved, selling Tequila or Ryan Reynolds getting involved, selling Aviation, Jane, you don't have to take down Jack Daniels or Jose Cuervo to be really significant in the market. The reason I mentioned the Tucker product, his part publicly traded company that we've recommended in Canada in the past, Turning Point Brands , is a billion dollar company. It takes lots and lots of sales for these products to be impactful for a company like Philip Morris or Altria, not the same for a company like Turning Point Brands has really built a business around being a small going after small, profitable segments of the tobacco industry, whether that's chewing tobacco or others in nicotine pouches, they're already showing success with their free brand. They've tripled sales year over year. That stocks over 130% this year. Whether you're looking for these big established companies with reliable dividends that have been around for a long time. Or looking for small cap businesses that there's lots of ways to get involved in this trend. If you can open your mind to the idea that nicotine can persist as a product while health outcomes for use and continue to improve, I think this is a category that you should consider investing in. Ricky Mulvey: Sometimes, products that hit that steamy button for the user, these can turn out to be good long term investments. We'll see. I'm going to keep an eye on it. Appreciate you bringing it to my attention, Nick Sciple. Thank you for your time and your insight. Thanks for being here. Nick Sciple: Thanks, Ricky. Anytime. Ricky Mulvey: Today's show is brought to you by public.com. Heads up, folks, interest rates are falling, but you can still lock in a 6% or higher yield with a bond account at public.com. That's a pretty big deal because when rates drop, so can the interest you earn on your investment. A bond account allows you to lock in a 6% or higher yield with a diversified portfolio of high yield and investment grade corporate bonds. While other people are watching their returns shrink, you can sit back with regular interest payments, but you might want to act fast because your yield is not locked in until you invest. The good news, it only takes a couple of minutes to sign up at public.com. Lock in a 6% or higher yield with a bond account. Only at public.com/motlefoolpublic.com/motleyfool. Brought to you by public Investing member FINRA and SIPC, as of 92624, the average annualized yield to worst across the bond account is greater than 6%. Yield to worst is not guaranteed, not an investment recommendation. All investing involves risk, visit public.com/disclosures/bond-account for more info. As we wrap up that segment, just a quick note, Turning Point brands and Turning Point USA are completely separate entities. Up next, Robert Brokamp kicks off a two part interview series with Christine Benz, Morningstar's director of Personal Finance and the author of How to Retire 20 Lessons for a happy, successful, and wealthy retirement. In today's conversation, they talk about distributions and why retirees may need less in stocks than they think. Robert Brokamp: Let's start with research on withdrawal rates in retirement, because it attempts to answer a key question. How much can I spend and be reasonably sure my money is going to last as long as I do? Plus, you could then use that to back into how much you have to have saved before you retire. Christine Benz: Right. Robert Brokamp: This year marks the 30th anniversary of the research report that established 4% as the safe withdrawal rate, written by a financial planner named Bill Bengen. Since 1994, all studies have come out, many saying that 4% is too low, some saying it's too high. Morningstar jumped into the game a few years ago. The most recent publicly available report was published toward the end of last year, and it brought us back full circle to 4%. What's your take on how someone should choose the right withdrawal rate for them when they retire? Christine Benz: Yeah, this whole thing about safe withdrawal rates, in a way, Robert, when I think about it rests on what I think of as a straw man. The formula that we use to even do our research, our base case, safe spending research at Morningstar, is that we assume someone's looking for Social Security equivalent or paycheck equivalent in retirement. They're going to take the same amount out every year, inflation adjusts that dollar amount, so they'll take a little bit more if inflation's up, maybe take a lower inflation adjustment if it's not up so much. But that's how we assume that someone marches along for however long their retirement is. The baseline assumption that we use for our research is 30 years. When we look at the research on this, it's not really how people spend that people do tend to spend less throughout their retirement life cycle. Sometimes for reasons of uninsured long term care costs, mainly, we see healthcare spending flare up later in life. Then that inflates the averages for everyone, even though it's a fairly small segment of our population that has that catastrophic term care spending need. Anyway, it doesn't really factor in real world spending. Another thing that we know when we look at this problem is that ideally you would pay a little bit of attention to what's going on in your portfolio. In a good year, you can take more. In a good year like 2024, in a bad year like 2022, you'd probably want to take a little bit less. The basic intuition there is that you're preserving funds in a downturn, you're preserving funds that will be available to recover when the market eventually does. I definitely prefer that people think about flexibility if they possibly can and one thing I liked in the book is that Jon Guyton, who's a financial planner and has also done some work in this realm of retirement withdrawal rights. He notes that it's like a rare thing where our behavioral instincts, which is to spend less when our portfolios are down, actually align with what's good for our portfolios. In many cases, that's not the case. We feel like selling oftentimes out of our portfolios when the market's up, spending more feels better than spending less. This is a time where actually those two things are in alignment. Robert Brokamp: One of the points made by Jonathan Guyton and at least one other person that you interviewed in the book is that 4% is a worst case scenario. It's survived the worst conditions we've seen since the 1920s. In most situations, someone who fled the 4% rule would actually die with more money than they started with at retirement. Some of the suggestions from the experts, as well as the research from Morningstars, like you could, for example, instead of assuming that you just take an inflation adjustment every year, whenever your portfolio is down, you just don't take an inflation adjustment, and that adds 0.4-0.5% to the SAFE withdrawal rate. Or if you use the actual spending of retirees, which tends to go down over time, the actual beginning SAFE withdrawal rate could be 5%, especially if you are willing to cut back during times when your portfolio is down. Christine Benz: No, it's absolutely right that this is particularly important for people with tight financial plans, where there are real quality of life issues in underspending that if they wed themselves to this 4% guideline in many market environments that would prevail over the subsequent 25 or 30 year period or shorter period, perhaps, that would be too low. Ideally you would revisit this. You'd think about how your portfolio has performed. You'd be willing to be a little bit flexible. I think another factor that has gotten underrated that we're addressing in the 2024 retirement income research that we're working on is that most people have other sources of cash flow in addition to their portfolios, so most of us will come into retirement with the stabilizer of Social Security. That's going to make me more comfortable making those adjustments. My portfolio isn't my sole source of spending. If I'm able to look at Social Security as providing my baseline living expenses, I probably am willing to tolerate a bit of volatility in my portfolio cash flows, or at least that's how I think about it. Robert Brokamp: We'll get to Social Security a little bit later. But one of the other benefits of the research on safe withdrawal rates is that it gives an indication of what asset allocation seems to best enhance portfolio longevity, it depends on your assumptions and, frankly, which withdrawal rate strategy you're going to follow. But the research seems to indicate that there's like this Goldilocks amount of stock you should aim for, not too much, not too little. What's your general idea in terms of a range of a reasonable asset allocation based on the research you've done on safe withdrawal rates? Christine Benz: Yeah, it's more balanced, I think, than many people might think. I frequently run into retirees who say, you know what? I just own dividend paying stocks, forget your bonds, I own maybe a little bit of cash, and I call it a day. When we look at the research with our base case, where again, we're assuming someone wants that fixed real withdrawal throughout their retirement years, it very much points to the value of balance. In fact, when we did the 2023 research, in light of the fact that yields had gone up pretty decently on cash and on bonds, our model, because we're asking it to provide this fairly stable stream of cash flows, our model was basically saying back to us, I see that here today, and it's mainly in fixed income securities. The recommendation, like the highest safe withdrawal rate, somewhat counter-intuitively to all of us until we took a step back and thought about it, pointed to a 20-40% equity allocation, which is pretty light for most retirees. I think many especially investor type retirees have more ample equity ratings. I think the reason our model gravitated to that is because we are basically saying we want to lock down our cash flows, and we don't want a lot of volatility in those cash flows from year to year in light of higher yields, the money Carlo simulations that we run gravitated to that more conservative asset mix. If you're looking at a more flexible strategy where you are going to make changes to your spending on an ongoing basis and you're up for that. Then if you look at something like the guardrails strategy, which is Jonathan Guyton's strategy for dynamic withdrawals, it points to a higher equity mix, but still on the realm of balance, not 90, 10 equity versus fixed income. It's more sort of 60, 40 that delivers the highest spending rate with a guardrail strategy. Robert Brokamp: That's generally consistent with many of the other studies that have looked at historical returns as opposed to your study, which is more prospective, and that you don't want to go too much over 60 or 70% when it comes to stocks. Christine Benz: The reason is pretty intuitive, you don't have to be a market guru to understand the importance of if you're going to be spending from this portfolio, you basically want to and this gets to the bucket thing that I often talk about. But you want to lock down a stream of cash flows that you could pull from without disturbing equities. If you happen to be super unlucky, retire headlong into a market environment that you know where stocks immediately drop, you would want to be able to withdraw from safer assets and leave those equity assets to recover. Robert Brokamp: With your bucket strategy, you've often talked about three buckets. That's one super safe bucket, about two years of retirement income in cash, maybe years 2-8, corporate bonds, maybe some safer stocks, and then years 10 and beyond our stocks. When you're working, you're probably going to be mostly in stocks but at some point, you have to de risk. At what point do you think people really have to start taking that seriously? Is it 10 years from retirement, five years from retirement? Do you have any particular suggestions for how they should do that? Christine Benz: For sure, within a five year window, I would be thinking seriously about de risk. I think sometimes people hear de risk and think that we're saying, you're going to flee equities entirely. No, it's just that you probably have been neglecting safer assets in your portfolio. You might have that emergency fund, and if you're using some sort of all in one fund like a target date fund, it's tipping you into more bonds. But if you haven't been paying close attention, well, we've had a great equity market. Your equities are probably hogging a bigger share of your portfolio. I think the best way to address that is to perhaps turn your new contributions onto fixed income, that's probably the simplest, most painless way to approach it, where new contributions into your company retirement plan or maybe into your IRA, if you're building an IRA would go into fixed income assets, and then within I would say, probably a couple of years of retirement, then you would want to start building out that cash position. But there's definitely an opportunity cost to having too much in cash too early, even though inflation has moderated a little bit. I think you want to be careful about the peace of mind that you get with cash because there really is a significant opportunity cost over time with inflation, just taking a bite out of that purchasing power. Robert Brokamp: Yeah, one of the points one of your experts made, Fritz Gilbert, that we talk about series of withdrawal risk often in retirement and that's often conceived of the series of returns you get in retirement, but that sequence of returns risk actually starts before retirement because you don't want to get three years from retirement, and then the market drops 50% and then your plans have changed. Christine Benz: Yeah, I love that point that sequence risk, I think, is, something that we understand to be like this some big market drop right after you retire. But Fritz is absolutely right that it's important if you encounter that just before retirement, you want to build a bulwark against having to come in. You want to let your portfolio fully recover. I also think that inflation risk is maybe an under discussed aspect of sequence risk. It comes up in the book a little bit, but I think Wade Pfau talks about it where if inflation's really high in your early years of retirement, that's meaningful too. Because I don't imagine that we'll be going back to 2021, prices on cereal and hotels and all that stuff. We're probably here to stay, even though we will see the inflation rate moderate a little bit. You need to be thinking about sequence of inflation risk too. Robert Brokamp: Yeah, because it raises basically the floor of your spending for the rest of your retirement. Christine Benz: Right, exactly. Ricky Mulvey: As always, people on the program may have interests in the stocks they talk about, and the Motley Fool may have formal recommendations for or against, so don't buy or sell anything based solely on what you hear. All personal finance content follows Motley Fool editorial standards and are not approved by advertisers, The Motley Fool only picks products that it would personally recommend to friends like you. I'm Ricky Mulvey. Thanks for listening. We'll be back tomorrow.Bankrupt Big Lots Strikes Sales Deal, Preserves Brand NameBEIRUT, Lebanon — Lebanese authorities have arrested Abdul Rahman al-Qaradawi, an Egyptian opposition activist wanted by Cairo and son of the late spiritual leader of the Muslim Brotherhood, a Lebanese judicial official told AFP on Sunday. Qaradawi, also a poet, was detained on Saturday as he arrived from Syria at the Masnaa border crossing due to an Egyptian arrest warrant, the official said. The warrant was “based on an Egyptian judiciary ruling” sentencing Qaradawi in absentia to five years’ jail on charges of “opposing the state and inciting terrorism,” the official added. His father was prominent Sunni scholar Yusuf al-Qaradawi, the spiritual leader of the Muslim Brotherhood, which is outlawed in Egypt. The late scholar was imprisoned several times in Egypt over his links to the Muslim Brotherhood. He died in 2022, after decades in exile in Qatar. Lebanese authorities “will ask the Egyptian authorities” to transfer Abdul Rahman al-Qaradawi’s file for examination, the judicial official said, requesting anonymity, as they were not authorized to speak to the media. The judiciary will make a recommendation on whether “the conditions are met for him to be extradited” and the matter will be referred to the Lebanese government, which must make the final decision, the official added. Qaradawi was a political organizer against the government of longtime Egyptian leader Hosni Mubarak, who was toppled in 2011 in the Arab Spring uprising. He later became a vocal opponent of current Egyptian leader Abdel Fattah al-Sissi, who in 2013 overthrew elected president Mohamed Morsi of the Muslim Brotherhood. A family friend told AFP that Qaradawi holds Turkish citizenship and was returning from a visit to Syria, where rebels led by Islamist group Hayat Tahrir al-Sham toppled longtime Syrian ruler Bashar al-Assad on December 8. Assad’s ousting came more than 13 years after war broke out in Syria with the brutal repression of anti-government protests in 2011. Qaradawi had posted a video online taken at Damascus’s Umayyad mosque, celebrating Assad’s fall, expressing hope for “victory” in other Arab Spring countries including Egypt, and warning Syrians of “malicious regimes” in “the United Arab Emirates, Saudi Arabia and Egypt,” who he described as “Zionist-affiliated states.” The video has circulated widely, including on Egyptian media, where local outlets have described it as “insulting.” Some commentators close to Sissi’s government have demanded Qaradawi be handed over to Egyptian authorities. Cairo blacklisted the Muslim Brotherhood as a “terrorist” organization in 2013, and has since jailed thousands of its members and supporters and executed dozens. Yusuf al-Qaradawi’s daughter Ola was detained in Egypt for four and a half years over her links to the organization. She was released in 2021. Rights groups say Egyptian authorities have detained tens of thousands of people as political prisoners. Times of Israel staff contributed to this report.
Facebook Twitter WhatsApp SMS Email Print Copy article link Save Two fourth-quarter touchdowns powered top-seeded Archbishop Shaw to 28-25 victory over E.D. White in the Division II select title game that opened Friday’s action at the LHSAA Prep Classic. Michigan signee Jasper Parker ran for 174 yards on 19 carries and scored the go-ahead touchdown on a 62-yard run with 8:59 left in the game played at the Caesars Superdome. Shaw (12-2) won its first LHSAA title since 1987. Quarterback Mason Wilson added 88 yards on 16 carries and also completed 10 of 19 passes for 111 yards for the Eagles of coach Hank Tierney, who also coached to its 1987 title. E.D. White (11-3) was led by quarterback Grant Barbera, who accounted for 177 total yards. Barbera completed 12 of 17 passes for 133 yards and also ran for 40 yards on 16 carries with one touchdown. Benjamin Guidry led EDW with 52 rushing yards on four carries. It was the first Prep Classic appearance for Thibodaux-based E.D. White since 1981, the inaugural year of the Prep Classic. The Cardinals were the runner-up to John Curtis that year were the Division II select runners-up to University High in 2021 final played at UL’s Cajun Field.JPMorgan Chase & Co. trimmed its holdings in shares of Saia, Inc. ( NASDAQ:SAIA – Free Report ) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,080,530 shares of the transportation company’s stock after selling 16,130 shares during the quarter. JPMorgan Chase & Co. owned approximately 4.06% of Saia worth $472,473,000 as of its most recent SEC filing. Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new stake in Saia during the 2nd quarter worth approximately $41,000. International Assets Investment Management LLC purchased a new stake in shares of Saia during the second quarter worth approximately $42,000. Paladin Wealth LLC purchased a new stake in shares of Saia during the third quarter worth approximately $40,000. Tobam acquired a new position in Saia in the 3rd quarter valued at $100,000. Finally, Blue Trust Inc. lifted its holdings in Saia by 319.1% in the 3rd quarter. Blue Trust Inc. now owns 285 shares of the transportation company’s stock valued at $135,000 after purchasing an additional 217 shares in the last quarter. Insider Buying and Selling at Saia In related news, EVP Rohit Lal sold 1,120 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $560.00, for a total value of $627,200.00. Following the transaction, the executive vice president now owns 8,270 shares of the company’s stock, valued at $4,631,200. This represents a 11.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink . 0.30% of the stock is owned by corporate insiders. Wall Street Analyst Weigh In Get Our Latest Stock Report on SAIA Saia Trading Down 0.2 % Shares of SAIA stock opened at $475.31 on Friday. Saia, Inc. has a fifty-two week low of $358.90 and a fifty-two week high of $628.34. The company has a 50 day moving average price of $511.92 and a 200 day moving average price of $459.51. The stock has a market capitalization of $12.64 billion, a P/E ratio of 33.95, a price-to-earnings-growth ratio of 2.96 and a beta of 1.74. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.26 and a current ratio of 1.26. Saia ( NASDAQ:SAIA – Get Free Report ) last posted its quarterly earnings results on Friday, October 25th. The transportation company reported $3.46 EPS for the quarter, missing the consensus estimate of $3.53 by ($0.07). The business had revenue of $842.10 million during the quarter, compared to analyst estimates of $839.82 million. Saia had a return on equity of 18.00% and a net margin of 11.83%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.67 EPS. Equities research analysts predict that Saia, Inc. will post 13.51 EPS for the current fiscal year. Saia Profile ( Free Report ) Saia, Inc, together with its subsidiaries, operates as a transportation company in North America. The company provides less-than-truckload services for shipments between 100 and 10,000 pounds; and other value-added services, including non-asset truckload, expedited, and logistics services. It also offers other value-added services, including non-asset truckload, expedited, and logistics services. Further Reading Receive News & Ratings for Saia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Saia and related companies with MarketBeat.com's FREE daily email newsletter .Election impossible to call as latest poll puts ‘big three’ neck and neck
