Breaking: Sun Still Rises Despite Trump Presidency, Chicken Littles Demand Investigation

The Paul Truesdell Podcast

Principal Storyteller and Analyst:

Paul Grant Truesdell, J.D., AIF, CLU, ChFC, RFC
Founder & CEO of The Truesdell Companies
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You are listening to the Paul Truesdell Podcast, sponsored by Truesdell Wealth and the other Truesdell Companies. Note. Due to our extensive holdings and our clients, always assume that we have a position in all companies discussed and that a conflict of interest exists. The information presented is provided for entertainment and informational purposes only. Truesdell Wealth is a Registered Investment Advisor.

Rough Notes

Introduction

Good morning, good afternoon, good evening. Welcome to another addition to the Paul Truesdell podcast. We call it the Paul Truesdell podcast because my name is Paul Truesdell, so that makes the most sense.

In today's episode, we're going to be covering the business headlines from yesterday that prove the world keeps spinning despite presidential predictions of doom. We'll dive into Trump's masterful Middle East strategy that's got both Israel and Iran scrambling to adjust, and we'll take a look at Gavin Newsom's hilarious attempt to rebrand himself as a centrist while keeping his communist-style economic policies firmly in place. 

We're going to weave in some basic data with a little bit of sarcasm—as you know, that's my style—to show you how experience and business acumen consistently outperform academic theories and establishment groupthink. 

So what do you say? Let's get this disclaimer out of the way and then we'll kick this thing off.

Business Headlines The World Continues Turning

Let's start with yesterday's business headlines, because apparently the apocalypse got delayed again.

Dick's Sporting Goods Acquires Foot Locker for $2.4 Billion

Dick's Sporting Goods announced a major acquisition yesterday, purchasing athletic footwear retailer Foot Locker for $2.4 billion. The deal combines two of America's largest sporting goods retailers as they face challenges from rising tariffs and direct-to-consumer competition from athletic brands. Dick's Sporting Goods is a publicly traded company on the NYSE, while Foot Locker is also publicly traded, known for its mall-based athletic footwear stores targeting urban and youth markets.

Cerebras Systems Eyes 2025 IPO

AI chipmaker Cerebras Systems announced its "aspiration" to go public in 2025, as the artificial intelligence boom continues to drive investor interest in specialized semiconductor companies. The company is known for creating the world's largest computer chip specifically designed for AI training and inference workloads. Cerebras is currently a private company backed by venture capital, competing with Nvidia in the AI chip space.

UnitedHealth Under Federal Criminal Investigation

UnitedHealth Group faces a federal criminal probe over possible Medicare fraud, according to reports, sending shares down yesterday. The investigation adds to the healthcare giant's challenges following recent cybersecurity breaches and leadership changes. UnitedHealth Group, traded on the NYSE under UNH, is America's largest health insurer and parent company of Optum healthcare services.

Walmart Warns of Tariff-Driven Price Increases

The world's largest retailer warned it cannot absorb all costs from higher tariffs on imported goods, particularly from China, signaling potential price increases for shoppers. Walmart and other retailers are racing to secure Chinese-made merchandise before the busy summer shopping season as trade tensions continue. Walmart, traded on the NYSE as WMT, operates over 10,000 stores worldwide and is a bellwether for consumer spending.

Nvidia Reveals $900 Million CoreWeave Investment

Chip giant Nvidia disclosed it owned $900 million worth of stock in cloud computing startup CoreWeave as of March, highlighting its strategic investments in AI infrastructure companies. The revelation comes as Nvidia continues to dominate the AI chip market and expand its ecosystem of partners. Nvidia trades on NASDAQ under NVDA and is currently one of the world's most valuable companies, specializing in graphics processing units and AI accelerators.

JPMorgan Investors Seek Tariff Impact Clarity

Investors are looking for JPMorgan Chase to provide more clarity on how new tariffs will impact its business operations and succession planning as the banking giant faces an uncertain trade environment. The bank's leadership and strategic direction remain key concerns as the financial sector navigates potential regulatory changes under the new administration. JPMorgan Chase, traded on the NYSE as JPM, is America's largest bank by assets and a global leader in investment banking and consumer finance.

 Sarcastic Market Update

Well, well, well—would you look at that? The sun still rose in the east this morning and is stubbornly planning to set in the west tonight, even though Donald Trump is sitting in the Oval Office. The S&P 500 climbed for a fourth session, adding to this week's rally after the U.S. and China agreed to temporarily slash tariff rates. Shocking, I know—who could have predicted that business would continue as usual instead of the apocalyptic collapse predicted by the doom-and-gloom crowd?

Apparently, nobody told Wall Street about the supposed end times because the Dow Jones Industrial Average added 271.69 points, or 0.65%, Wednesday. Even more scandalously, tech giants are putting up a strong showing week to date. Nvidia and Tesla are both up around 15% each, while Meta Platforms has added nearly 9% during the period. Perhaps these investors missed the memo about following the mainstream media lemmings off the cliff.

In another stunning development that will surely disappoint the Chicken Littles, wholesale prices unexpectedly declined in April as prices for services fell the most in at least the past 16 years. The producer price index declined 0.5% when economists expected a 0.3% increase. But hey, don't let actual data stop you from following the Pied Pipers who promised economic Armageddon.

 Meta's Scam Crisis: A Warning for Seniors

The Wall Street Journal's investigation into Meta's platforms reveals an alarming trend that particularly impacts our senior community. The report documents what company officials themselves call "an epidemic of scams" flooding Facebook and Instagram, with fraudsters increasingly targeting older adults who may be more vulnerable to sophisticated deception.

Research consistently shows that seniors face higher risks from online fraud due to several factors. Natural cognitive changes that come with aging can affect judgment and decision-making speed. Additionally, seniors often demonstrate more trusting behavior online, having grown up in an era when business was conducted face-to-face with handshake agreements. Perhaps most significantly, seniors typically have accumulated substantial savings and assets, making them attractive targets for criminals seeking large payoffs.

The sophistication of modern scams compounds these vulnerabilities. Today's fraudsters use stolen business photos, fake customer testimonials, and AI-generated content that can fool even tech-savvy individuals. The McCormick spice rack scam mentioned in the Journal article demonstrates how criminals create elaborate fake websites with legitimate branding to steal credit card information.

This growing threat underscores why meeting your financial advisors and business partners in person remains crucial. Our casual conversation events provide an opportunity to sit down with real people, ask questions face-to-face, and develop genuine relationships with professionals who live and work in your community.

When you can look someone in the eye, visit their physical office, and verify their local presence, you're building a foundation of trust that no online interaction can replicate. Our decades of local presence, established reputation, and deep community roots provide the verification that seniors need in today's digital landscape.

The best defense against sophisticated online fraud isn't better technology—it's knowing exactly who you're working with. We encourage all community members, especially seniors, to attend our casual conversations where transparency isn't just a policy, it's the natural result of doing business with neighbors you can trust.

 Gavin Newsom's Presidential Posturing

Governor Gavin Newsom is positioning himself for a potential 2028 presidential run, attempting to moderate his political image on cultural issues. However, his progressive economic policies continue creating serious fiscal problems that may undermine any national aspirations.

Newsom announced a $12 billion budget shortfall this week, conveniently blaming President Trump's tariffs for California's economic woes. The reality tells a different story. California's highly progressive tax system, with a top rate of 13.3% on millionaires, makes state revenues dangerously dependent on high earners who are increasingly mobile. The state lost jobs in nearly every major industry except government and healthcare between 2024 and 2025, including significant losses in professional services, manufacturing, and finance.

Meanwhile, California's Medicaid expansion to illegal immigrants will cost $2.7 billion more than projected—a classic example of how progressive policies create budget busters when reality meets wishful thinking. Newsom now proposes charging premiums for these benefits, tacitly admitting the state has become a welfare magnet.

While Newsom tries to rebrand himself on issues like transgender athletics and homeless encampments, he remains wedded to the tax-and-spend policies that have driven businesses and residents to seek greener pastures in other states. His record of managing wildfires, crime, homelessness, and the resulting population exodus presents a challenging portfolio for any presidential aspirations. Moving right on culture while maintaining left-wing economics may prove an impossible balancing act for 2028.

Congressional Panel Probes Pfizer's "Miraculous" Vaccine Timing

House investigators are examining explosive allegations that Pfizer deliberately delayed Covid vaccine results until after the 2020 election—a claim the company naturally dismisses as "manufactured theories." According to congressional documents, a former Pfizer scientist allegedly admitted to colleagues that the timing "wasn't a coincidence" and described efforts to "deliberately slow down" clinical testing.

What a remarkable coincidence indeed! In the span of mere months, pharmaceutical companies achieved what they call a "medical miracle"—developing and testing vaccines faster than any in human history. Yet somehow, after decades of research and billions in funding, we still can't cure the common cold, seasonal flu, or countless cancers that have plagued humanity for generations. But this particular vaccine? Lightning fast, with minimal emphasis on potential side effects.

The federal investigation reveals a former Pfizer scientist was supposedly so concerned about potential scrutiny that he requested relocation to Canada and expressed worry about investigations into his role. The company, of course, insists the entire development process was "driven by science" under FDA guidance.

Anyone with common sense can smell something fishy about this timeline. Thankfully, the current administration has Congress digging deeper into these questions—though given that the vaccine development began under the previous administration, getting to the truth may take time. After all, we're still waiting for definitive answers about Lincoln's assassination and Kennedy's death. Some mysteries apparently require patience, but this one deserves every bit of scrutiny it's getting.

 Trump Redefines America's Middle East Strategy

President Trump's current approach to Middle East relations represents a fundamental shift from decades of American foreign policy orthodoxy, particularly in how the United States engages with Israel. Sources close to US President Donald Trump report that he is disappointed with Prime Minister Benjamin Netanyahu, marking a dramatic departure from the traditional Republican stance of unwavering Israeli support.

For decades, Israel has wielded extraordinary influence over American domestic and foreign policy, with successive administrations treating the relationship as essentially non-negotiable. Israeli officials have been careful to avoid any criticism of the U.S. administration even as Trump bypasses Israel on major regional decisions. This represents a stark change from previous administrations where Israeli preferences often drove American policy in the region.

Trump's business-first approach to Middle East diplomacy is yielding concrete results. Trump's geopolitical shake-up doesn't end in Syria. He's used the trip to build new pressure on Iran to agree to restrictions on its nuclear program, while simultaneously focusing heavily on business deals and new investments from the oil-rich region. This pragmatic approach has already secured major trade agreements and investment commitments worth hundreds of billions.

The strategy has effectively cornered Iran economically. Urals crude, Russia's main export blend, has plunged this week to its lowest level since 2023, at about $52 per barrel, demonstrating how Trump's trade policies are deliberately designed to support his foreign policy objectives. The collapse in oil prices severely constrains both Iran's and Russia's ability to fund regional conflicts and military operations.

 Sarcastic Interlude: The Great Apocalypse That Wasn't

Here we are, folks—more than 100 days into Trump's second term, and remarkably, the sun still rises each morning! Remember when every talking head on CBS, NBC, ABC, CNN, and the triumvirate of morning show prophets on CNBC assured us the world would end within the first hundred days? Yet here we are, watching diplomacy actually work while stock markets hit record highs. Who could have predicted that experience and pragmatism might actually produce better results than academic theories and establishment groupthink?

 Learning from History: Obama's Iran Policy Revisited

Trump's Iran strategy stands in stark contrast to the Obama administration's approach. The nuclear agreement included China, France, Germany, Russia, the United Kingdom, the United States and the European Union, so Obama didn't carry out any part of it on his own, but the deal ultimately unfroze about $100 billion worth of frozen Iranian assets that had been seized during previous administrations for nuclear violations.

The Obama administration's controversial payments to Iran included not just the unfrozen assets but also the administration's $1.7 billion cash payment delivered in the form of pallets of currency. The United States has a longstanding policy not to pay ransom, because it puts bigger targets on the backs of Americans overseas, yet the timing of these payments coincided suspiciously with hostage releases.

 The Russia Oil Revenue Factor

Trump has learned that choking Russia's oil revenues provides immense leverage, and his trade policies are strategically crafted to achieve exactly this result. Russia's oil price in roubles has fallen to a two-year low below the 4,000 rouble per barrel mark and some 40% lower than planned in the federal budget. Russia already hiked state spending on national defence by a quarter in 2025 to 6.3% of gross domestic product (GDP), the highest level since the Cold War, but falling oil revenues make this unsustainable.

Oil exports make up about 30 percent of the country's budget revenue and have been key in propping up Russia's war machine three years into the full-scale invasion of Ukraine. Trump's calculated trade moves have created a perfect economic vise for Russia's economy, forcing Putin into increasingly untenable fiscal positions. This represents sophisticated economic warfare—using America's market power as a geopolitical weapon while strengthening domestic industries.

 The Clinton-Russia Connection

Understanding Trump's current success requires examining previous administrations' failures. The 2010 deal allowed Rosatom, the Russian nuclear energy agency, to acquire a controlling stake in Uranium One, a Canadian-based company with mining stakes in the Western United States. While the Department of Treasury led an interagency group called the Committee on Foreign Investment in the U.S., which considers input from nine members, the deal raised serious questions about allowing Russia to control American uranium resources during a period of growing tensions.

 Trump's Strategic Mastery

Trump's approach demonstrates sophisticated understanding of leverage and negotiation. The second Trump administration has done a better-than-expected job in producing some signs of progress toward reaching a settlement with Iran on a new nuclear deal, while maintaining credible military threats. By keeping Iran guessing about American intentions while pursuing multiple diplomatic channels, Trump maintains maximum flexibility.

The President has effectively used Secretary of State Marco Rubio to handle detailed negotiations while maintaining his own strategic overview. This division of labor allows Trump to remain above the fray while ensuring his administration speaks with one voice on crucial issues. The approach represents a masterclass in diplomatic statecraft—using pressure, incentives, and uncertainty to achieve optimal outcomes.

Let’s Wrap This Up

And so, as we wrap up today's episode, let's take a moment to appreciate the stunning fact that civilization hasn't collapsed. Despite the dire predictions from the same media mavens who've been wrong about everything from the 2016 election to Russian collusion, America continues to function. Markets thrive, diplomatic progress occurs, and shockingly, the Earth continues its ancient habit of rotating on its axis.

We've covered business headlines that show corporate America adapting and thriving, exposed the scam epidemic targeting our seniors, laughed at Gavin Newsom's transparent presidential posturing, questioned the suspicious timing of Covid vaccine announcements, and analyzed how Trump has fundamentally rewritten the rules of international diplomacy.

Perhaps it's time for the chicken littles to find a new sky to claim is falling. Experience, it turns out, beats wishful thinking every single time.

This has been the Paul Truesdell podcast. Thank you for listening, and remember—check out today's blog post on paultruesdell.com under THOUGHTS for the full analysis with all citations and references. Until next time, keep thinking critically and don't let the fear-mongers ruin your day.

- Business Headlines The World Continues Turning
- Metas Scam Crisis A Warning for Seniors  
- Gavin Newsoms Presidential Posturing
- Congressional Probes The Covid Vaccine Timing Scandal
- Trump Redefines Americas Middle East Strategy
- Sarcastic Interlude The Great Apocalypse That Wasnt
- Learning from History Obamas Iran Policy Revisited
- The Russia Oil Revenue Factor
- The Clinton Russia Connection
- Trumps Strategic Mastery



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