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Chipotle Burrito Vault: BOGO, Double Protein Or Free Burritos For A Year
The Offer
Direct link to offer
- Chipotle is offering ‘Burrito Vault’ where you can win: Free Burritos for a year, BOGO, free double protein. You have four guesses to get the vault combination right each hour.
The Fine Print
- NO PURCHASE NECESSARY.
- Legal residents of the 50 U.S., & DC and Canada, 13 years or older.
- Enter between approx. 9:00 a.m. ET on 3/30/26 – approx. 9:00 p.m. ET 4/1/26.
Our Verdict
If you win one BOGO or double protein you can’t win it again during the competition. /r/chipotle has threads for each hour, for example the answer for this hour is ‘Burrito, no rice, pinto beans, carnitas 2x , pico and corn, cheese, sour cream, lettuce, queso, cilantro lime’ but the prizes have already run out.
How The World’s First Finance Bro Ruined A Nation
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How John Law’s first experiment with paper money ended up crashing the French economy with it
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Why Alts Command High Fees
Over the past three decades, fee compression has reshaped equities and fixed income, alongside the rise of transparent, low-cost mutual fund and ETF structures. Yet alternatives, even within those same vehicles, have largely resisted similar pressure. As diversification becomes harder to achieve, the value of uncorrelated returns may help explain why.
Alternatives here refer to mutual funds and ETFs pursuing strategies such as global macro, managed futures, merger arbitrage, and other long/short approaches.
The data illustrate this divergence. In 1992, the median alternative mutual fund charged 1.45% per annum as an expense ratio. By 2024, the median had risen to 1.77%. This stands in contrast to the broader trend of declining fees across most other fund categories.
Why has the fee reduction revolution that reshaped much of asset management largely bypassed alternatives? To explore this, we consider several possible explanations, including superior performance, changes in systematic risk, and increased co-movement among indices, each of which could justify higher fees.
The evidence suggests a more structural explanation: as global diversification has declined, uncorrelated returns have become harder to find, allowing alternative strategies to sustain higher fees.
Figure 1 shows median expense ratios for fixed income and large-cap equity funds, both index and active. As the data illustrate, fees have declined across these categories, while alternatives have remained elevated, reinforcing the extent to which they have resisted broader industry trends.
For example, active fixed income funds charged a median expense ratio of 1.10% in 1992. By 2024, that median had declined to 0.61%. Over the same period, alternative fund fees increased.
Jerome Powell to Gen Z: Don’t fear AI—master it
Federal Reserve Chair Jerome Powell delivered a pointed message to the next generation of workers last week: Stop worrying about artificial intelligence and start learning how to use it.
Speaking before nearly 400 Harvard economics students in a wide-ranging conversation moderated by professor David Moss, Powell acknowledged that Gen Z is entering one of the more challenging job markets in recent memory—and said AI is both part of the problem and the solution.
Moss put Powell on the spot immediately, asking on behalf of the students in the room: “They’re entering into an uncertain time—an economy where new job formation is lower for many reasons. In particular, jobs that were plentiful a couple of years ago for students coming out of college are no longer so. And AI sits as this remarkable technological transformation that is both promising and existentially threatening.”
Powell said he and his colleagues at the central bank were “well aware of the current situation for students coming out. It’s a time of very low job creation. And also you have AI going on.” Allowing that something “more longer-term, more secular” is probably happening around technology and AI, he was direct: “There’s no denying it’s a challenging time to enter the labor market.”
Powell also cited shifts in immigration policy, along with the disruptive forces of new technology. But rather than counsel caution, he pointed students toward the tools disrupting their future careers: “I think you’re in a situation where you need to invest the time to really master the use of these new technologies, and that should stand you in good stead.”
Powell spoke from personal experience. “My observation is that these large language models make people much more productive,” he said. “I feel like it’s making me more productive, because I can learn things really quickly.” He added that conversations with his son and others in the workforce had reinforced that view: For those who learn to use AI well, it is an amplifier, not a threat.
The AI-washing wave is already here
The remarks come at a delicate moment. The U.S. unemployment rate remains low, but Powell was candid that the headline figure offers little comfort to recent graduates struggling to land their first jobs. New college hires that were plentiful just a few years ago have grown scarce, he noted, as companies assess what work can be automated.
Powell all but confirmed that many large companies are eager to follow Block CEO Jack Dorsey’s lead and lay off thousands of workers, a practice that some, including OpenAI CEO Sam Altman, call “AI washing.” He said that “major U.S. companies—and we talked to a lot of those people who run those companies—they’re all looking at what they can do” in terms of staff reductions. “The truth is, they can take out a lot of jobs that can be automated by a very smart large language model. They just can, and they will, because their competitors are doing it, and they can’t afford to have higher costs than their competitors.”
Still, Powell pushed back against fatalism. He cited the historical pattern of technological disruption—stretching back to the invention of the loom—as evidence that new tools, however threatening in the short term, ultimately raise productivity and living standards.
Jerome Powell on the Luddite era
Powell put on his econ nerd hat for a second, citing all the similar technological advances throughout the history of modern capitalism. “If you look back through history—to generalize, this has been going on for a couple hundred years, since the loom was invented, right, to put all the people who were doing weaving out of business. But in all cases, it has wound up raising productivity and raising living standards—as long as the society keeps producing people who have the skills and aptitudes to benefit from that technology.”
Powell predicted “that will be the case here,” when it comes to AI—just a new version of the loom. “It may take some patience and all that,” he said. “But in the longer term, this economy is going to give you great opportunities. And just be a little optimistic about that.”
The crucial question, though, is just how much longer that longer term ends up being. When mechanical weaving displaced textile workers in 19th-century England, after all, the transition was brutal, sparking the Luddite movement of displaced workers destroying the machines that had taken their jobs. What if the “long term” is the whole life span of the Gen Z generation?
That was exactly Moss’s follow-up question: Does longer term mean 10, 20, or even 40 years? “You know,” Powell responded, “it’s so hard to say.” All the AI adoption that he sees happening in the 2020s is focusing on existing middle management, back-office jobs, and Powell speculated that fluent AI users should be unaffected by this, while admitting that he didn’t know the answer. “There can be a period during which it’s challenging,” he acknowledged to the professor, “and this may be one of those. But nonetheless, I would just say it’s out there, and it’s out there to be done. And I would be, medium and longer term, very optimistic about this economy compared to any other economy.”
How Mortgage Rates Could Have a Winning Week
It’s been hard for mortgage rates to buy a bucket lately.
They’ve been creeping higher and higher all month with seemingly no letup in sight.
The worst part is they were at the lowest levels in over three years at the end of February.
Question is, what can stop the pain and deliver rates a rare W to end the month of March?
Well, if we’re honest, it’s going to take a combination of mutual restraint in the Middle East and more weak jobs data.
Mortgage Rates Need a Clear Message That Things Are Cooling Off in the Middle East
First and foremost, mortgage rates need a clear message that tensions in the Middle East are easing.
It seems every day we get mixed messages, today being no different.
On Truth Social, President Donald Trump said, “The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran.”
While that seemed to make markets happy, as evidenced in the 10-year bond yield chart above, he followed that statement by adding something that might provoke Iran.
“Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately “Open for Business,” we will conclude our lovely “stay” in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!).”
So clearly we’re getting a little bit of dovishness and hawkishness, all rolled into one.
And it’s unclear if Iran will be amenable to that type of talk, which is basically a threat packaged as a peace deal.
Yesterday, he said Iran had agreed to “most of” the United States’ 15-point peace plan, though we continue to hear conflicting reports.
Long story short here, we need to see actual, positive dialogue between the two countries, something Pakistan is reportedly attempting to host.
If Iran and the U.S. can have constructive talks that lead to an end of the conflict, oil prices would settle down, bond yields would ease, and mortgage rates would get a win.
But it all hangs in the balance, as there’s simultaneous talk of boots on the ground, which would be a clear ratcheting up of the current situation.
Mortgage Rates Need Cool Economic Data to Offset Recent Inflation Fears
The second ingredient needed for a winning week is cool economic data, namely a soft jobs report on Friday.
Before that, we have job openings on Tuesday, retail sales and the ADP jobs report on Wednesday, and finally the big BLS Employment Situation to cap off the week.
If those reports point to cooler data, especially when it comes to the labor market, mortgage rates will benefit from additional downward pressure.
While inflation concerns are elevated because of the Middle East conflict, namely due to surging oil prices, weak labor has been the offset.
Sure, we don’t want to root for a flagging economy, but if jobs numbers are robust AND inflation is rearing its ugly head again, it’ll be bad news for mortgage rates.
So you kind of need a jobs report miss and weak data in these other reports if you want mortgage rates to go down this week.
It’s a tall task given the conflict in Iran is still very much taking center stage.
But if we somehow see easing tensions there and weak economic data here, mortgage rates can be the beneficiary.
Especially since they’ve increased so much in such a short period of time, rising from sub-6% levels to 6.625% in the span of less than a month.
As always, take advantage of small windows of opportunity if you’re deciding whether to lock or float your mortgage rate.
We’re currently in an uptrend so if and when a winning week presents itself, be ready to pounce.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.
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Blake Foster appointed Head of Business Intelligence a HYBE America
HYBE America has appointed Blake Foster as Head of Business Intelligence, tasking the former Warner Music Group executive with overseeing data strategy and analytics across the company’s US operations.
In the newly created role, Foster will be responsible for developing HYBE America’s data infrastructure and building out its insights function, with a focus on harnessing the data generated by the company’s artists and IP.
Foster joins from Warner Music Group, where he most recently served as Senior Vice President of Business Intelligence.
In that role, he led the company’s analytics and insights division, overseeing a team of data specialists and contributing to enterprise-wide data strategy, including performance measurement and forecasting processes.
According to Monday’s (March 30) announcement, he also played a role in broader digital transformation initiatives, including efforts to prepare the organization for AI-driven workflows.
Prior to leading Business Intelligence, Foster served as SVP of Global Catalog Development & Marketing at WMG, where, according a press release, “he drove more than $7 million in incremental revenue and 2 billion incremental streams in just two years by defining and executing a global strategy for on-roster catalog” for artists like including Bruno Mars, Ed Sheeran, Sia, Charlie Puth, and Wiz Khalifa.
Prior to WMG, Foster held senior marketing roles at Atlantic Records and served as General Manager of OWSLA, the electronic music label founded by Skrillex.
During his frontline career, he worked on campaigns for artists including Skrillex and Diplo, David Guetta, and Icona Pop, spanning the EDM/pop crossover wave of the 2010s.
These included releases such as Skrillex and Diplo’s collaborative project featuring Where Are Ü Now, which relaunched Justin Bieber’s career; David Guetta’s highest-charting album (Listen), which peaked at No. 4 on the Billboard 200; and Icona Pop’s I Love It.
HYBE America said Foster will focus on aligning data, strategy, and creative execution as the company continues to scale its operations in the United States.
The hire arrives amid a broader period of executive expansion at HYBE America. The company recently rebranded its Nashville-based Big Machine Label Group as Blue Highway Records and appointed Jake Basden as CEO, shortly before the departure of longtime executive Scott Borchetta.
Elsewhere, HYBE America has made several senior leadership appointments in recent months, including Ethiopia Habtemariam as President of its music division, Gene Whitney as General Counsel, and Johanna Fuentes as Executive Vice President and Head of Communications and Public Relations.Music Business Worldwide
Staples No-Fee Mastercard Gift Card Deal Is Back!
Staples No-Fee Mastercard Gift Card Deal
Staples has another promotion for fee-free gift cards, this time for Mastercard gift cards. During the promotion period, you can buy $200 Mastercard gift cards at face value. That fee is normally $7.95 per card, so this is a considerable discount. It becomes a profitable deal if you also have a Chase Ink Business Cash card that earns 5X Ultimate Rewards on these purchases. Check out the full details below and a history of how often we see this offer.
Offer Details
Pay no purchase fee (a $7.95 value) when you buy a $200 Mastercard® Gift Card. You should see the promotion displayed at your local store, or in the Staple weekly ad here. There’s a new limit of 9 cards per customer per day.
Important Terms
- Offer valid March 29, 2026 – April 4, 2026.
- This card is issued by Pathward, N.A., Member FDIC.
- Limit 9 per customer per day.
- Staples DOES NOT sell more than $2000 of gift cards in any order due to Federal money laundering regulations.
- Offer valid while supplies last.
Guru’s Wrap-Up
This deal for no-fee Mastercard gift cards is a good opportunity to increase your spending and earn rewards. But remember that this promotion only applies to $200 Mastercard gift cards, and not other denominations. With the new limit of 9, it is now easier to buy more of these gift cards at the same store.
Since these purchases fall under the office supply category, you can also earn 5X Ultimate Rewards with your Chase Ink Business Cash card.
Let me know if you plan to take advantage of this deal, and if you have been able to find them in stock at your local Staples store.
HT: DoC
3 Brutally Honest Truths About Stocks, Rates and Real Estate Right Now
Like many investors, I have a lot of my retirement fund invested in stocks. And like many investors, I’ve been white-knuckling it for a month now as my portfolio plummets.
The war with Iran has trashed the stock market, now down for 5 consecutive weeks and entering correction territory, meaning down 10% or more.
Interest rates have risen radically and gas prices are crossing $4/gallon, up more than $1/gallon from pre-“excursion” levels.
When will all this end and when will stock prices recover?
I recently asked artificial intelligence (Gemini Pro, specifically) for input. Here’s the wording of the question I asked, otherwise known as a prompt:
You’re one of Wall Street’s leading experts on the economy, stocks and interest rates. Investors have watched their savings being butchered as higher interest rates and gas prices threaten to send inflation higher and stocks lower.
Investors are clamoring for advice and looking to you for answers. They want to know what’s going to happen in three specific areas: stocks, interest rates and the housing market. What will you tell them?
First, I’ll give you the answer AI provided, then I’ll offer my opinion from my over 40 years of stock market investing and advising.
Here’s the answer from AI
You’ve watched your savings get butchered, and you’re not alone. Between climbing gas prices and interest rates that have been creeping higher, inflation is threatening to send the stock market into a tailspin.
People are clamoring for answers. They want to know when the bleeding stops and what to do with their money right now.
According to Bloomberg, recent inflation data is proving much tougher to beat than experts originally predicted. That means the era of easy money is dead.
Here’s exactly what you need to do regarding stocks, interest rates and the housing market.
1. Stop waiting for the stock market to rescue you
The reality: Wall Street is throwing a tantrum because the days of falling rates are gone, at least in the near future. Higher gas prices eat directly into corporate profits and consumer wallets, which means stock prices are going to stay choppy.
The strategy: Stop trying to time the bottom. It’s a fool’s errand. Instead of panic-selling your entire portfolio into cash, you need to pivot your investments to quality. Look for companies that generate massive amounts of cash and pay consistent dividends.
When inflation runs hot, you want to own businesses that can pass their higher costs directly onto the consumer without losing a single sale, like drug companies. If you’re holding onto speculative, unprofitable tech stocks hoping they’ll magically rebound to their past highs, you’re going to get burned.
2. Milk the interest rate environment for guaranteed cash
The reality: Higher interest rates are a nightmare if you’re carrying credit card debt, but they’re a goldmine if you have cash sitting around.
The strategy: The Federal Reserve is keeping rates elevated to fight off inflation. That means you can get paid a highly respectable return without taking on any stock market risk. If you have money sitting in a traditional checking account earning zero point nothing, you’re literally losing money to inflation every single day.
Move your cash into a high-yield savings account, buy a short-term bond fund or lock in a certificate of deposit. You can easily find yields hovering around 4% or 5% right now.
Take the guaranteed money while it’s sitting right there on the table.
3. Face reality on the housing market
The reality: Buyers are exhausted. You’ve got high home prices colliding head-on with higher mortgage rates, creating the most unaffordable housing market we’ve seen in decades.
The strategy: You need to erase the idea of a 3% mortgage from your memory. It isn’t coming back anytime soon. If you’re sitting on the sidelines hoping for a housing crash that will let you swoop in and buy cheap, you’re going to be renting for a very long time.
If you find a house you love and you can easily afford the monthly payment today, buy it. If rates eventually drop down the road, you can always refinance. But if buying stretches your monthly budget to the limit, stay put and keep renting. Don’t let the fear of missing out force you into a 30-year financial prison.
Now, here’s my opinion
What’s happening with stocks, interest rates and housing these days is brutal, but it’s not complicated.
Trump’s “excursion” into Iran is fueling inflation and threatening the world economy as higher fuel prices and interest rates filter through the financial system.
Keep in mind that higher gas prices aren’t only something you feel when you fill up. They raise the price of everything that’s being transported, which is basically everything. And oil is also a key ingredient in many products, ranging from plastics to fertilizer.
Higher prices obviously goose inflation, but they also hurt the economy, as more of your disposable income goes to gas and less to other things.
As I’ve said before, the depth of damage to the world’s economy hinges on two things:
- How long the war lasts
- How long it takes to repair the damage
When the war ends, which will hopefully be soon, things won’t instantly go back to normal. Damaged Middle Eastern infrastructure will take months, even years, to rebuild. This will keep oil prices higher for longer, which in turn will keep interest rates higher for longer.
The danger is that higher rates and a slowing economy will result in a situation known as stagflation: a combination of increasing inflation and a lousy economy.
If it continues long enough, a recession can result.
What I’m doing now
Although I have a lot invested in the stock market, I’ve also been keeping a lot of cash on the sidelines. Even though I don’t expect a quick market turnaround, I’ve started periodically deploying a little of that cash into the Invesco S&P 500 Equal Weight ETF.
With rates higher, I also want to add to various bond funds in my retirement accounts. But I’m going to wait a bit to see if they might get cheaper as inflation begins to bite and rates rise further.
In short, I’m doing some dollar-cost averaging into stocks and for now at least, waiting to add to fixed income investments.
Still stressed? Check out my recent article, “Freaking Out About the Stock Market? Read This.” And if you’re not already a member of this site, subscribe right now for more updates and free expert advice.
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