Michelle Bisnoff was convicted of fraud after using a big-name sales pitch to raise money for a patented ring she didn’t own. Esos Rings sold just 6 on Walmart.com; 3 were returned.
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Why some commercial property types are recovering faster than others
He said the buyers succeeding in retail today are pricing in a cushion to cover any future disruptions to the market.
“There’s enough juice in there,” Muller said. “You never know what to expect next year. We’ve seen what happened with the pharmaceutical industry and Amazon, and online shopping can continue to put stress on the overall market.
“Experienced owners of retail are continuing to buy at these caps because they have built in enough juice that if my tenant is going to give me notice in a year or two, or my tenant’s business plan changes, there’s enough built in. The successful people now in retail know that it’s an ever-evolving market.”
Muller said that same willingness to rethink a property has shown up before in retail assets that could no longer compete as originally built.
“We had old indoor shopping centers turn inside out, where the exterior became retail, and the rear became industrial,” he said. “The perimeter became retail, the inside became industrial or flex space. Guys, depending on location and size, are trying to be creative instead of just knocking down the building.”
Venmo Credit Card Changes Rewards Structure, Adds Up to 4% Category
Venmo Credit Card Changes Rewards Structure,
The Venmo Credit Card has changed its rewards structure for new applicants, replacing its old dynamic 3% and 2% spending categories with a new setup focused on dining, entertainment, streaming and Venmo purchases. The good thing is that existing cardholders are keeping the old structure for now.
With the refresh, the card earns:
- 3% back on dining, entertainment, streaming and purchases made with Pay With Venmo
- 4% back on dining and entertainment when you split the bill with a friend on Venmo and they pay you back for part of it
- 1% back on everything else
Previously, the Venmo Credit Card automatically earned 3% back on your top spending category and 2% back on your second-highest spending category. Those features are being removed for new cardholders.
The card still has no annual fee and currently does not have a signup bonus. You can find more details here.
Guru’s Wrap-Up
This makes the Venmo Credit Card less flexible than before, since you can no longer earn 3% back automatically on whichever eligible category you spend the most in.
The new 4% option can be useful for dining and entertainment, but the requirement of splitting purchase through Venmo adds a cumbersome step. Existing cardholders are grandfathered into the old earning setup for now and we don’t know how long that will last.
HT: DoC
US helps double oil volume exiting the Gulf, with the military now guiding ships in broad daylight
President Donald Trump signaled he’s in no hurry to make a deal with Iran and rejected Tehran’s latest proposal, as the U.S. military facilitates the transit of more oil through the Strait of Hormuz.
The Islamic Republic had reportedly offered a seven-day ceasefire, during which it would fully reopen the strait and resume nuclear talks. In return, the U.S. would lift its naval blockade, unfreeze Iranian assets, and end sanctions on its oil exports.
“They want to make a deal and I think that’s fine,” Trump told reporters outside the White House on Saturday, saying Iran is “losing so badly.” “I’d like to make a deal, too. But that deal would not be acceptable.”
In addition, he has privately told aides that he expects to resume bombing Iran after the midterm elections when high gas prices will be less of a political consideration, according to the Wall Street Journal.
Such bravado comes as U.S. officials believe time is now on their side and no longer on Iran’s side. The U.S. naval blockade is crushing Iran’s economy, and new financial sanctions are tightening the screws even more. At the same time, oil markets have been much more resilient than expected.
While crude prices remain high, with refined fuels facing a bigger shock, markets have yet to see catastrophic extremes, even as the Iran war and the strait’s closure approach their eighth month.
That’s because the strait is only partially closed with more oil getting out in recent weeks under the protection of the U.S. military.
On Wednesday, Tanker Trackers estimated that the total amount of crude oil exiting the U.S. blockade line is now 13 million barrels per day.
“The numbers have doubled in less than a month,” it said in a post on X.
That’s partly due to Saudi Arabia shifting its oil shipments back through the Persian Gulf, Tanker Trackers added, after previously diverting them via the East-West Pipeline for export from Red Sea ports.
But attacks by Iran-backed Houthi and Iraqi fighters on Saudi oil infrastructure prompted Riyadh to hold off on using that bypass.
Tanker Trackers also attributed the recent surge in oil coming out of the Persian Gulf to daytime transits via the Strait of Hormuz with U.S. Central Command’s help.
U.S. Air Force photo by Tech. Sgt. Tiffany A. Emery
Similarly, oil expert Rory Johnston estimated that about 13.5 million barrels a day are now clearing the strait, based on the latest seven-day average.
That’s still well below prewar levels, forcing global reserves to drop further toward critical lows, but it’s about the same as the brief peak in July, when a U.S.-Iran ceasefire allowed traffic to rebound.
The respite quickly fell apart, and attacks on shipping resumed. The U.S. military continued guiding ships through the contested waterway, but those operations took place at night to lessen the odds of being targeted by Iranian missiles and drones.
The nighttime restriction limited how many ships could get through each day. Then the U.S. military conducted a series of airstrikes that degraded Iran’s ability to detect commercial vessels attempting sneak out. The Navy also cleared mines from the strait’s main corridor.
With the Iranian threat against ships now waning, a U.S. official told Axios earlier this month that the military and Gulf countries began conducting daytime transits of tankers through the strait.
To be sure, it’s expensive to move oil through the strait amid the ongoing threat of Iranian attacks. Shipping companies must pay crews more to take on the added risk, while insurance coverage also is costlier.
“I continue to stress that while a lot of oil is getting out of Hormuz the cost of getting those barrels out is very high ($30-40+/bbl, excluding the cost of the US military),” Johnston pointed out. “That doesn’t work if global prices fall (or Gulf exporters try to press their prices higher)”
If I Started Investing From $0 Today, Here's Exactly What I'd Do
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Trump Just Replaced The Dollar With Cryptocurrency…
What Is The Minority Mindset?
“The Minority Mindset has nothing to do with the way you look. It’s the mindset of thinking differently than the majority of people” ~Jaspreet Singh
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DISCLAIMER CONT’D: I’m just a random guy on YouTube so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
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Private Markets in Retirement Plans
Defined contribution (DC) plans have shifted investment and longevity risk from employers to individual retirement savers. As policymakers and plan providers consider expanding access to private markets, fiduciaries must determine whether these assets can improve retirement outcomes without introducing costs and risks that participants may not fully understand or be able to bear.
“Private Markets in Retirement Plans: Returns, Risks, and the Importance of Plan Design”examines how five private market asset classes (private equity, private debt, infrastructure, real estate, and venture capital) could affect end accumulations through a target-date fund (TDF). The research compares a baseline TDF invested in public equities and bonds with TDFs that maintain private market allocations over the saving period.
The report considers how different private assets affect average end accumulation values, the volatility of end accumulation values, downside and upside results, and risk-adjusted performance. It also tests whether combining growth-oriented assets with more defensive private assets changes the balance between return and risk.
The report’s central message is that private market access is not a standalone investment decision. Outcomes depend on the role of each asset class, the size of the allocation, the structure of the glide path, the length of the accumulation period, regular contributions, fees, liquidity, valuation, and governance.
How to Turn Customers Into Advocates for Your Brand
Catch the Full Episode:
Overview
Most businesses already have a group of customers who love what they do. The opportunity is turning that affection into advocacy, the kind where a happy customer brings someone else along. In this episode of the Duct Tape Marketing Podcast, John Jantsch talks with Zac Froud about how brands of any size can build customer relationships at scale and grow more advocates along the way.
Froud explains why he believes broadcasting is dead, how a platform differs from the community that lives inside it, and why the moment someone opts in is where a relationship starts. The conversation also covers what separates online communities that thrive from the ones that fizzle after launch, and why meeting people on the messaging apps they already use beats asking them to download something new.
Small business owners, marketers, and consultants looking for a practical path to stronger customer loyalty will find plenty to put to work.
Guest Bio
Froud is the founder of ADVCY, a company that helps brands, events, artists, and creators turn passive audiences into active relationships. He spent nearly 20 years leading marketing and audience growth at Warner Music Group, Universal Music Group, Disney, and Coinbase, including time as an entrepreneur in residence building apps inside large organizations. Billboard named him a Global Power Player in 2025.
Key Takeaways
- Advocates are your most valuable customers. They tend to buy first and bring new customers with them, and many will tell you exactly what to build next.
- Map your customers on a spectrum from “just heard of you” to superfan, then find the levers that move each group a step closer. One-way messaging makes that movement hard.
- An opt-in is a signal of intent. Treat it as the first step in getting to know someone, before you drop them into a list and start sending emails.
- Small businesses can start with the niche that already loves them. Celebrate and reward those customers the way a loyalty program would.
- Build community where people already talk, like SMS, iMessage, and WhatsApp. Asking customers to download and return to a new app adds friction most won’t accept.
Great Moments
- [00:40] – Froud shares why he encourages people he mentors to try a few different industries and see where they fit.
- [01:53] – Froud clarifies that “broadcast” has nothing to do with TV. He means any marketing that only talks 1 way.
- [06:30] – Froud describes the rise of influencer and creator marketing as brands artificially creating advocates.
- [13:40] – Froud points to government behavior change campaigns as an underused source of marketing insight.
- [19:22] – Froud walks through community rooms that group people by shared challenges and location, then spin down when the conversation ends.
Memorable Quotes
- “We solved reach with social media, but we haven’t solved relationships with our customers.” – Froud
- “Placing a thousand people in a WhatsApp group isn’t a community. The platform is the container. The community is what happens between people.” – Froud
- “Advocacy is what happens when belonging becomes behavior. The traditional marketing funnel ends at purchase. Advocacy starts there.” – Froud
- “Impressions and reach are vanity metrics compared to an advocate who is going to market for you on your behalf.” – Froud
- “Sometimes the ultimate success of your community is helping someone no longer need your community. Don’t just measure how long somebody stays in the room. Measure what happens because they entered it.” – Froud
Resources
ADVCY, brand advocates, community building, Conversational Marketing, customer advocacy, customer loyalty, customer relationships, Duct Tape Marketing, John Jantsch, online community, Small Business Marketing, turn customers into advocates, word of mouth, Zac Froud
Wells Fargo Deals: 20% Back Dining ($10)
Update 9/25/26: Extended until 09/30/26
Update 9/23/26: Deal is back through 9/24 (that’s tomorrow). Some have 20%/$10, others have 10%/$7. There are other versions as well. (Hat tip to AdsBlockedException and to reader Harold)
The Offer
Check your Wells Fargo offers for the following deal:
- Get 20% back on your My Wells Fargo Deals Dining purchase. Up to $10 cashback. Valid 3/1/26 through 3/22/26.
Enroll and then use any eligible Wells Fargo credit or debit card to get the cashback.
Our Verdict
Nice offer. We’ve seen some really good ones coming out from Wells Fargo periodically.
Hat tip to reader Adam
Manulife sees Bank of Canada rate hike next month as inflation pressures build
The Bank of Canada is likely to raise interest rates at its next two meetings as the Middle East conflict creates the risk of broader price pressures, a senior macro strategist at Manulife said.
My Forever Portfolio: 4 Undervalued Stocks to Buy Now and Hold Forever
When I think about a forever kind of portfolio, I want businesses that keep showing up in everyday life, treat shareholders well, and still have room to grow even if the market is distracted by flashier names.
These four consumer‑facing stocks fit that mold for me and, to my eye, look priced more modestly than the hot AI stories that dominate headlines right now.
Image source: Getty Images.
1. Mondelēz International
You might look at Mondelēz International (MDLZ -1.00%) and see a snack company that already won its war for shelf space. Mondelēz owns many of the world’s most famous snack, chocolate, and biscuit brands, operating as a snacking tycoon. When I read what this company is up to, I read a business that keeps tuning its portfolio toward categories that age well.
Management wants chocolate, biscuits, and baked snacks to move from roughly 80% of net revenue to closer to 90% over time, and is reaffirming a long‑term algorithm of 3% to 5% organic growth, high‑single‑digit adjusted earnings growth, and more than $3 billion in free cash flow.
For a forever hold, that mix matters: durable habits, steady cash, and a clear plan to keep the numbers up even when snack demand is not climbing.
Today’s Change
(-1.00%) $-0.61
Current Price
$60.25
Key Data Points
Market Cap
$77BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Day’s Range
$60.00 – $60.70
52wk Range
$51.20 – $66.65
Volume
5.6M
Avg Vol
8.5M
Gross Margin
35.01%
Dividend Yield
3.32%
2. Kimberly‑Clark
At first glance, Kimberly‑Clark (KMB +1.25%) looks like a pure income play: a company selling tissues, diapers, and personal‑care products that you buy without thinking. Underneath that, there is a history and discipline I want in a long‑term core holding.
The board has raised the regular dividend for 54 consecutive years, with the quarterly payout now at $1.28 per share, and 2026 results show operating cash flow comfortably covering both dividends and a heavier investment in productivity and new products. These dividend habits make Kimberly Clark a Dividend King, a company that has raised its dividends for at least 50 consecutive years.
If you plan to hold for decades, there is something reassuring about a business that responds to cost pressure with innovation and efficiency while still sending out a growing check.
Today’s Change
(1.25%) $1.21
Current Price
$98.43
Key Data Points
Market Cap
$33BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Day’s Range
$96.72 – $98.58
52wk Range
$92.42 – $125.32
Volume
3.3M
Avg Vol
4.1M
Gross Margin
36.76%
Dividend Yield
5.18%
3. Target
Target (TGT +0.83%) is the kind of stock people label as just a retailer. I think its current strategy makes it more interesting as a forever name. For 2026, Target laid out a multi‑year plan to invest an incremental $2 billion in operating improvements and more than $1 billion in extra capital spending, with a focus on refreshing store layouts, elevating in‑store service, and using technology and AI to make shopping more personalized and easier.
Management has made clear it’s leaning into busy families who care about style and value, and that it will deepen same‑day and next‑day fulfillment, which already account for a large share of digital sales. Over a long horizon, I see that habit competing with the online habits of the likes of Amazon and Walmart. That combination of physical refresh, digital convenience, and loyalty programs is what can turn a “big box” chain into a brand people stick with a long time.
Today’s Change
(0.83%) $1.30
Current Price
$157.45
Key Data Points
Market Cap
$72BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Day’s Range
$153.96 – $157.88
52wk Range
$83.44 – $170.75
Volume
3M
Avg Vol
4.1M
Gross Margin
26.83%
Dividend Yield
2.91%
4. PepsiCo
With PepsiCo (PEP +0.38%), it is tempting to focus only on soda and chips and conclude the growth story is done. I see a company that keeps treating its brands, supply chain, and balance sheet like permanent assets, and I see a company pushing to stay ahead of changing customer trends.
PepsiCo has paid consecutive quarterly dividends since 1965, and 2026 marked its 54th straight annual increase, with the board raising the annualized dividend by 4% and planning nearly $9 billion of cash returns to shareholders this year.
Behind that, it is pushing into healthier snacks and drinks. The company has been open about how they are working to make their food and drinks healthier by cutting added sugar, sodium, and saturated fat while developing more nutritious options without sacrificing taste.
If you want something you can hold through different interest‑rate cycles and consumer trends, a company that keeps refreshing what people eat and drink while sending back rising cash over decades is what I would choose.
All 4 are undervalued
To me, these four companies all look undervalued in the same way: their share prices do not fully reflect how much long‑term cash they can pull from everyday habits like snacking, shopping, and drinking. Buying them today means leaning into businesses that are still investing in brands, logistics, and store experiences while the market is busy bidding up more speculative stories, which gives you a chance to let time and compounding do the work rather than chasing price spikes.