Markus Andrews

A view of the Microsoft headquarters in Issy-les-Moulineaux, a suburb southwest of Paris, France, on Jan. 13, 2025.
Mohamad Salaheldin Abdelg Alsayed | Anadolu | Getty Images

Tariffs under the Trump administration have triggered concerns about the impact on demand and fears of a potential recession, roiling the stock market.
Amid the ongoing volatility, the pullback in several stocks with strong fundamentals presents a lucrative opportunity to build a position. Top Wall Street analysts are spotting attractive names with robust long-term growth prospects — and they are trading at compelling levels.

With that in mind, here are three stocks favored by the Street’s top pros, according to TipRanks, a platform that ranks analysts based on their past performance.
Microsoft
First on this week’s list is tech giant Microsoft (MSFT), which is considered to be one of the key beneficiaries of the ongoing artificial intelligence wave. MSFT stock is in the red so far this year due to pressures in the broader market and the weak quarterly guidance issued by the company.
Recently, Jefferies analyst Brent Thill reaffirmed a buy rating on MSFT with a price target of $550, saying that following the recent sell-off, the stock’s risk/reward profile looks attractive at 27-times the next 12 months’ earnings per share. Thill said that despite the recent underperformance, MSFT remains one of Jefferies’ favorite large caps. He sees multiple drivers for the stock to reboot, including the possibility of growth in Azure and M365 Commercial Cloud to stabilize or inflect as AI revenue becomes more significant.
The analyst noted Azure’s continued share gain against Amazon’s Amazon Web Services and solid AI-driven backlog growth, with MSFT seeing 15% backlog growth in the December quarter compared to Amazon’s and Alphabet’s Google Cloud’s 8% and 7% growth rates, respectively. For M365 Commercial Cloud, Thill expects Copilot to continue to experience a solid but gradual adoption that will become more material in Fiscal 2026.
Another driver highlighted by Thill was the continued expansion in MSFT’s operating margin despite significant AI investments. “MSFT’s margin in the mid-40s are still well above large cap peers in the mid 30s,” he said.

Finally, Thill contended that while Microsoft’s free cash flow (FCF) estimates have contracted by 20% since Q4 FY23, he sees the potential for positive revisions to FY26 estimates as capital expenditure growth starts to moderate and AI revenue grows.
Thill ranks No.677 among more than 9,400 analysts tracked by TipRanks. His ratings have been successful 57% of the time, delivering an average return of 7.5%. See Microsoft Ownership Structure on TipRanks.
Snowflake
Cloud-based data analytics software company Snowflake (SNOW) is this week’s second stock pick. The company delivered better-than-expected results for the fourth quarter of fiscal 2025 and issued a solid full-year outlook, driven by AI-related demand.
On March 23, RBC Capital analyst Matthew Hedberg reiterated a buy rating on Snowflake stock with a price target of $221. Following a meeting with the management, the analyst said that he has a “better appreciation for the company’s goal to be the easiest-to-use and most cost-effective cloud enterprise data platform,” for AI and machine learning (ML).
Hedberg views SNOW stock as an attractive pick, especially after the recent pullback, due to its superior management team, a $342 billion market opportunity by 2028, and the right architecture. He also highlighted other positives, including the strength of the core data warehousing and data engineering products and the progress made in AI/ML offerings.
“With 30% growth at a $3.5B scale, multiple idiosyncratic revenue drivers and margin improvement, SNOW remains one of our top ideas,” said Hedberg.
The analyst also highlighted that while Snowflake’s CEO Sridhar Ramaswamy is focused on product innovation, given his experience at Google and Neeva, he is also working equally as hard on improving the company’s go-to-market selling to both data analysts and data scientists.
Hedberg ranks No.61 among more than 9,400 analysts tracked by TipRanks. His ratings have been profitable 64% of the time, delivering an average return of 18.8%. See Snowflake Insider Trading Activity on TipRanks.
Netflix
Finally, let’s look at streaming giant Netflix (NFLX), which continues to impress investors with its upbeat financial performance and strategic initiatives. In fact, the company surpassed the 300 million paid membership mark in Q4 2024.
Recently, JPMorgan analyst Doug Anmuth reiterated a buy rating on Netflix with a price target of $1,150. The analyst noted that NFLX stock has outperformed the S&P 500 so far in 2025, reflecting optimism about the company’s 2025 revenue outlook, solid content slate and growing dominance in the streaming space.
Anmuth thinks that “NFLX should prove relatively defensive against macro headwinds,” given the robust engagement and affordability of the platform coupled with high engagement value. The analyst also highlighted that the company’s low-price ad tier at $7.99 per month in the U.S. makes the service widely accessible.
Aside from robust engagement, Anmuth expects Netflix’s 2025 revenue growth to be bolstered by organic subscriber additions and a rise in average revenue per member due to recent price hikes, with the higher prices expected to drive more than $2 billion in revenue from the U.S. and UK.  
The analyst also expects Netflix to gain from an attractive content slate in 2025, with key releases like The Residence, Harlan Coben’s Caught, Devil May Cry, The Clubhouse: A Year with the Red Sox, Black Mirror Season 7, and You Season 5. Overall, Anmuth has a bullish stance on NFLX due to multiple drivers, including expectations of double-digit revenue growth in 2025 and 2026, continued expansion in operating margin and a multi-year free cash flow ramp.
Anmuth ranks No. 82 among more than 9,400 analysts tracked by TipRanks. His ratings have been profitable 61% of the time, delivering an average return of 19.2%. See Netflix Options Trading Activity on TipRanks. More

If you’ve inherited an individual retirement account, costly mistakes could shrink your balance, experts say.
Since 2020, most non-spouse heirs must follow the “10-year rule,” and IRAs must be depleted by the 10th year after the original account owner’s death.
Starting in 2025, some of these beneficiaries also must take required minimum distributions, or they could face a 25% penalty.

Djelics | E+ | Getty Images

If you’ve inherited an individual retirement account, you may have big plans for the balance — but costly mistakes can quickly shrink the windfall, experts say.
Many investors roll pre-tax 401(k) plans into traditional IRAs, which trigger regular income taxes on future withdrawals. The tax rules are complicated for the heirs who inherit these IRAs.

The average IRA balance was $127,534 during the fourth quarter of 2024, up 38% from 2014, based on a Fidelity analysis of 16.8 million IRA accounts as of Dec. 31.
But some inherited accounts are significantly larger, and errors can be expensive, said IRA expert Denise Appleby, CEO of Appleby Retirement Consulting in Grayson, Georgia.
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Here are some big inherited IRA mistakes and how to avoid them, according to financial experts. 

What to know about the ’10-year rule’

Before the Secure Act of 2019, heirs could empty inherited IRAs over their lifetime to reduce yearly taxes, known as the “stretch IRA.”

But since 2020, certain heirs must follow the “10-year rule,” and IRAs must be depleted by the 10th year after the original account owner’s death. This applies to beneficiaries who are not a spouse, minor child, disabled, chronically ill or certain trusts.
Many heirs still don’t know how the 10-year rule works, and that can cost them, Appleby said.
If you don’t drain the balance within 10 years, there’s a 25% IRS penalty on the amount you should have withdrawn, which could be reduced or eliminated if you fix the issue within two years.

Inherited IRAs are a ‘ticking tax bomb’

For pre-tax inherited IRAs, one big mistake could be waiting until the 10th year to withdraw most of the balance, said certified financial planner Trevor Ausen, founder of Authentic Life Financial Planning in Minneapolis.
“For most, it’s a ticking tax bomb,” and the extra income in a single year could push you into a “much higher tax bracket,” he said.

Similarly, some heirs cash out an inherited IRA soon after receiving it without weighing the tax consequences, according to IRA expert and certified public accountant Ed Slott. This move could also bump you into a higher tax bracket, depending on the size of your IRA.
“It’s like a smash and grab,” he said.
Rather than depleting the IRA in one year, advisors typically run multi-year tax projections to help heirs decide when to strategically take funds from the inherited account.
Generally, it’s better to spread out withdrawals over 10 years or take funds if there’s a period when your income is lower, depending on tax brackets, experts say. 

Many heirs must take RMDs in 2025

Starting in 2025, most non-spouse heirs must take required minimum distributions, or RMDs, while emptying inherited IRAs over 10 years, if the original account owner reached RMD age before death, according to final regulations released in July.
That could surprise some beneficiaries since the IRS previously waived penalties for missed RMDs from inherited IRAs, experts say.
While your custodian calculates your RMD, there are instances where it could be inaccurate, Appleby explained.

For example, there may be mistakes if you rolled over a balance in December or there’s a big age difference between you and your spouse.
“You need to communicate those things to your tax advisor,” she said.
Generally, you calculate RMDs for each account by dividing your prior Dec. 31 balance by a “life expectancy factor” provided by the IRS.
If you skip RMDs or don’t withdraw enough in 2025, you could see a 25% IRS penalty on the amount you should have withdrawn, or 10% if fixed within two years.
But the agency could waive the fee “if you act quickly enough” by sending Form 5329 and attaching a letter of explanation, Appleby said.
“Fix it the first year and tell the IRS you’re going to make sure it doesn’t happen again,” she said. More

Signage on the door of Illumina Inc. offices in Hayward, California, US, on Wednesday, March 5, 2025.
David Paul Morris | Bloomberg | Getty Images

Company: Illumina, Inc. (ILMN)
Business: Illumina provides sequencing-and array-based solutions for genetic and genomic analysis. It offers products and services to customers in a range of markets, enabling the adoption of genomic solutions in research and clinical settings. Its DNA sequencing technology is based on its reversible terminator-based sequencing chemistry, known as sequencing by synthesis biochemistry. Its BeadArray technology combines microscopic beads and a substrate in a manufacturing process to produce arrays that can perform many assays simultaneously.
Stock Market Value: $12.67B ($80.00 per share)

Stock chart icon

Illumina in the past 12 months

Activist: Corvex Management LP

Ownership: ~2.5%
Average Cost: n/a
Activist Commentary: Corvex was founded in 2011 by Keith Meister, Carl Icahn’s former lieutenant who served as CEO and vice chairman of Icahn Enterprises. Corvex is a highly concentrated, fundamentally driven hedge fund that uses activism as a tool, but not a primary strategy. The firm’s preference is not to be an activist, with a proxy fight being a last resort. It would prefer to amicably be invited onto boards.
What’s happening
On March 25, Illumina announced that Keith Meister (founder, managing partner and chief investment officer of Corvex Management) will join the board on March 28. The company also said that Dr. Scott Gottlieb has been elected non-executive chair of the board and that Stephen MacMillan (chairman, president and CEO of Hologic), who joined the board in June 2023, will retire as a director.
Behind the scenes
Illumina (ILMN) is a technology company that sells sequencing machines and consumables required for genomic testing. This business saw a dramatic rise in demand during the Covid-19 pandemic. Revenue surged by about 40% from $3.2 billion to $4.5 billion between 2020 and 2021. In that period, earnings before interest, taxes, depreciation and amortization went from $800 million to $1.1 billion. The stock traded as high as $511 per share in August 2021. Today, revenue is at $4.3 billion, EBITDA is at $900 million and the stock closed Friday at $80.00.

Since Covid, it’s been nothing but bad news for Illumina. Initially, post-pandemic headwinds slowed the demand for sequencing machines as the urgent need for testing waned. But the biggest cause of the company’s underperformance was the costly spin-out, reacquisition and later re-spin of its Grail business. Illumina created Grail in 2015 and spun it out in 2016, retaining a 20% ownership. In September 2020, Illumina agreed to acquire Grail back for $8 billion. They closed the acquisition a year later despite not receiving the approval of the Federal Trade Commission or the European Union, which angered the European Commission. The European Commission ultimately blocked the deal and levied a significant fine. With pressure from Icahn who was an activist at Illumina at the time, the company eventually re-spun Grail in June 2024. However, that is not the end of Illumina’s struggles, as the new political environment has led to more challenges. The company has faced geopolitical setbacks for its Russia and China businesses. Additionally, biotech funding revolving around the uncertain future of the National Institutes of Health has furthered concerns. Once valued at $70 billion, Illumina is now valued at less than $13 billion.
The good news is that all the problems are in the rearview mirror. The pandemic’s impact on the market has long subsided, the Russia and China businesses have been priced out, and the Grail debacle has been resolved. What remains is a streamlined business with a renewed leadership team, including a new CEO, CFO and a refreshed board led by a new chairman. Illumina is now a company that is the market leader in selling gene-sequencing technology. The company controls over 80% of the global market and maintains an installed base of more than 20,000 machines. Illumina operates under a razor-and-blade business model, with the machines themselves having margins of approximately 30%, and the recurring consumable sales that drive sustained revenue have much higher margins at approximately 80%. Since the Grail spinoff was announced, Illumina’s share price has declined further. This is in part due to the one hiccup the company has left: transitioning to a new generation of sequencing technology — the NovaSeq X. This is a natural evolution for this type of business that should drive long-term growth but could result in short-term pressure to revenue.
Now Illumina has announced that it is adding Keith Meister (founder, managing partner and CIO of Corvex Management) to the board, to be appointed on March 28. Meister and Corvex are no strangers to the board room or biotech. In fact, Meister is currently on the board of GeneDx (WGS), a major client of Illumina having integrated its DRAGEN (Dynamic Read Analysis for Genomics) Bio-IT Platform. Corvex is a great investor, and Meister has created value as a director of many companies including Biogen, Motorola, Yum Brands and MGM. Moreover, as a long-term investor Corvex likely sees the short-term challenge to revenue during Illumina’s technology transition as an opportunity. We expect he will be a valuable director as the company goes through this transition.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer, genetic testing startup Tempus, health-care tech company Aetion Inc. and biotech company Illumina. He also serves as co-chair of Norwegian Cruise Line Holdings’ and Royal Caribbean’s “Healthy Sail Panel.” More

The more than 9 million student loan borrowers who are estimated to be late on their payments could experience “significant drops” in their credit scores, the Federal Reserve warns.
Some borrowers might see their scores fall an average of up to 171 points, according to the new report.

A student works in the library on the campus of American University in Washington, D.C., U.S., March 20, 2025.
Nathan Howard | Reuters

The more than 9 million student loan borrowers who are estimated to be late on their payments could experience “significant drops” in their credit scores during the first half of 2025, the Federal Reserve Bank of New York warns.
Some people with a student loan delinquency could see their scores fall by as much as 171 points, the Fed writes in a March 26 report. Credit scores, which impact people’s ability and costs to borrow, typically range from 300 to 850, with around 670 and higher considered good.

The expected drop was highest for borrowers who start with the best scores. Among those with scores under 620, the reported new delinquency could lead to an average 87-point decline.
“Although some of these borrowers may be able to cure their delinquencies,” the Fed writes, “the damage to their credit standing will have already been done and will remain on their credit reports for seven years.”
It’s been a long time since federal student loan borrowers have needed to worry about the consequences of missed payments, which can also include the garnishment of wages and retirement benefits. That’s because collection activity was suspended during the pandemic and for a while after. That relief period officially expired on Sept. 30, 2024.

As student loan delinquencies appear on credit reports again this year, borrowers are likely to face a cascade of financial consequences, said Doug Boneparth, a certified financial planner and the founder and president of Bone Fide Wealth in New York.
“This credit score penalty restricts their access to affordable financing, locking them into a cycle of elevated borrowing costs and fewer opportunities to rebuild their financial stability,” said Boneparth, who is a member of CNBC’s Advisor Council.

Student loan borrowers can protect their credit

Student loan borrowers struggling to make their payments have options to stay on track and protect their credit, consumer advocates say.
For one, finding an affordable repayment plan can lower your chances of falling behind on your bills. Borrowers can apply for an income-driven repayment plan, which will cap their monthly bill at a share of their discretionary income. Many borrowers end up with a monthly payment of zero.
The Education Department recently re-opened several IDR plan applications, following a period during which the plans were unavailable.
Borrowers can also apply for a number of deferments or forbearances, which can pause your payments for a year or more. It may show up on your credit report that you’re not currently making payments on your loan, but you shouldn’t be flagged as late, said higher education expert Mark Kantrowitz.
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Additionally if you’re already in default on your loans, you should consider rehabilitating or consolidating your debt to return to a current status, experts said.
Rehabilitating involves making “nine voluntary, reasonable and affordable monthly payments,” according to the Education Department. Those nine payments can be made over “a period of 10 consecutive months,” its website notes.
Consolidation, meanwhile, may be available to those who “make three consecutive, voluntary, on-time, full monthly payments.” At that point, they can essentially repackage their debt into a new loan.
If you don’t know who your loan servicer is, you can find out at Studentaid.gov.
Experts also recommend that you check your credit reports regularly for free at AnnualCreditReport.com to make sure all three credit rating companies — Experian, Equifax and TransUnion — are showing your correct student loan balance and payment status. More

Despite economic pessimism, many Americans are still spending, some of which is driven by fear of future price hikes and ongoing uncertainty.
Behavioral scientists suggest volatility and fear are triggering impulsive, fear-driven purchases.
The S&P 500 fell 10% from recent highs in February, signaling Wall Street’s unease about the economy.

Consumer confidence in where the economy is headed hit a 12-year low this week, according to the Conference Board. A fresh reading out of University of Michigan today also showed a deterioration in overall sentiment with a 12% drop from February, marking the third month of decline.
Despite Americans’ concerns about the economy, they seem to be spending more. Roughly one in five Americans are shopping out of fear of future price hikes, which some experts refer to as doom spending.

Doom spending means making impulsive purchases largely driven out of fear over what the future may bring. In some cases, it’s a kind of retail therapy, but it can also be a strategy to get ahead of economic uncertainty.
“People are worried for a number of reasons,” Wendy De La Rosa, a Wharton professor who studies consumer behavior, told CNBC. “We as humans hate uncertainty and are averse to volatility. And so when there’s whiplash happening at a national level as to what tariffs are happening with which country and how it’s going to affect our domestic industries, that makes people really nervous.”
Consumer spending came in softer than expected in last month, but overall sales continued to grow steadily amid mounting fears of an economic slowdown and inflation.
It’s not just consumers who are concerned. Major companies, such as Walmart, Delta, and American Airlines, along with the Federal Reserve and Wall Street are all signaling uncertainty. The S&P 500 dropped 10% from record highs in February, suggesting investor fears over an economic slowdown.
Watch the video above to learn why Americans are spending more even in tough times and what this pattern means for the economy. More

Many people are bad investors largely because they aren’t skeptical enough: They react emotionally and they don’t understand compound interest, said Barry Ritholtz, chairman and chief investment officer of Ritholtz Wealth Management.
Famous investors like Warren Buffett and Peter Lynch who consistently beat the market are rare, Ritholtz said.

Barry Ritholtz
Barry Ritholtz

Barry Ritholtz had a hard time writing his first book, “Bailout Nation.”
Drafted in the midst of the 2008 financial crisis, the biggest challenge, he said, was that a different company “would blow up” every week.

It felt as if the writing “was never over,” said Ritholtz, the chairman and chief investment officer of Ritholtz Wealth Management, an investment advisory firm that manages more than $5 billion of assets.
By comparison, the new book was a “joy” to write, largely due to the benefit hindsight, said Ritholtz, who is also a prolific blogger and creator of the long-running finance podcast “Masters in Business.”
The book, “How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth — And How to Avoid Them,” published March 18, is a history lesson of sorts.
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Ritholtz looks back at anecdotes across pop culture and finance — touching on Hollywood titans like Steven Spielberg, music sensations like The Beatles, and corporate pariahs like Elizabeth Holmes of Theranos — to illustrate the disconnect between how much people think they know and what they actually know. (Ritholtz’ point being, The Beatles and films like “Raiders of the Lost Ark” were initially panned; Holmes, initially lauded, is now serving jail time.)

“It’s a huge advantage to say, ‘I know how the game ended,'” Ritholtz said. “What the analysts were saying in the second, third, fourth inning, they didn’t know what they’re talking about.”
CNBC spoke to Ritholtz about why people are often bad investors, why famous investors like Warren Buffett are “mutants,” and why financial advice about buying $5 lattes is the cliché that just won’t die.
This interview has been edited and condensed for clarity.

How to be ‘miles ahead of your peer investors’

Greg Iacurci: Your No. 1 tip to being a better investor is to avoid mistakes — or, as you write, “make fewer unforced errors.” What are some of the most damaging unforced errors you often see?
Barry Ritholtz: Let’s take one from three broad categories: Bad ideas, bad numbers and bad behaviors.
Bad ideas are simply, wherever you look, people want to tell you what to do with your money. It’s a fire hose of stuff. Everybody is selling you some bulls*** or another. And we really need to be a little more skeptical.
On the numbers side, the biggest [mistake] is simply: We fail to understand how powerful compounding is. A lot of the dumb things we do get in the way of that compounding. Cash is not a store of value. It’s a medium of exchange, and you shouldn’t hold on to cash for very long. It should always be in motion, meaning you should be paying for your rent or mortgage with it, paying your bills and your taxes, whatever recreational stuff you want to do, whatever philanthropy you want to do and whatever investing you want to do. But money shouldn’t just sit around.

Compounding is exponential. When I ask people, “If I’d invested $1,000 in 1917 in the stock market, what’s it worth today?” You look at what the market’s returned — 8% to 10%, with dividends reinvested — $1,000 a century later is worth $32 million. And people simply can’t believe it. Ten percent [reinvested dividends] means the money doubles every 7.2 years.
The biggest [behavioral error] is simply, we make emotional decisions. That immediate emotional response never has a good outcome in the financial markets. It is exactly why people chase stocks and funds up and buy high, and why they get scared and panic out and sell low.
If you just avoid those three things, you’re miles ahead of your peer investors.

Not all plays are ‘Hamilton’

GI: Going back to something you mentioned about how relentless bad financial advice is, what are some memorably bad pieces of financial advice or investment opportunities you’ve come across?
BR: I get a lot of weird things — plays, restaurants. You should know, most plays are not “Hamilton” and most restaurants are not Nobu. These are really, really difficult investments. Those are all the winners. You’re not seeing the other million products in the same space that didn’t make it.
I think we have this really distorted viewpoint of the world that allows us to believe that finding a giant winner is much easier than it really is. And that is because you don’t see the endless fails, the restaurants that implode, the plays that close after opening night. All these little investment opportunities that come along, and the people selling [them], the advice they’re giving, they’re always weird and quirky. A great restaurant is a really good business, but most restaurants are terrible businesses, and that’s a hard thing for people to recognize.

The financial ‘cliché that refuses to die’

GI: There’s this great part in the book where you talk about the $5 coffee: The thought being, if you invest that money instead of buying coffee, you’ll basically be a millionaire. You write that it’s the “cliché that refuses to die.” Why do you think it’s detrimental for people to think this way?
BR: $5, really? I don’t want to come across as a completely detached one percenter, but if a $5 latte is the difference between you having a comfortable retirement or not, you’ve done something very, very wrong.

Let’s say you do put $5 away. If you saved $5 every day and invested it, it adds up to something. But when you look out 20, 30, 40, years, the other side of the spending equation is, what’s my income going to be? How much am I going to earn? If you’re going to show me $5 compounding over 30 years, you also have to show me where my income is going to be. If I’m looking at this as a 30-year-old, what’s my income going to be at 60? How will my portfolio, my 401(k) — and if I have kids, my 529 [college savings] plan — how will that have compounded over the same time? If you’re only looking at the $5 latte but ignoring everything else — and that’s before we even get to inflation — it looks like a chunk of money but it really isn’t.
The big philosophical problem that I’ve found is most of the spending scolds don’t understand what the purpose of money is.
GI: What is the purpose of money?
BR: Money is a tool. First, lack of money certainly creates stress. You can worry about paying the bills, and if you have a kid, how am I going to pay for their health care? Not having sufficient money to pay the rent, buy food, pay for health care, is certainly stressful. The first thing money does is it chases away the lack-of-money blues.

Everybody is selling you some bulls*** or another. And we really need to be a little more skeptical.

Barry Ritholtz

Money [also] creates optionality. It gives you choices. It gives you freedom. It allows you to not do many of the things you don’t want to do. And it allows you to buy time with friends and family experiences and to create memories.
It’s the ability to spend your time how you want, with who you want, doing whatever work you want, or no work at all, if you eventually get to that point.
GI: What should people do to make investing as simple as possible and have good outcomes?
BR: [Vanguard Group founder] Jack Bogle figured this out 50 years ago. If you want to find the needle in the haystack — if you want to find the Apples, Amazons, Microsofts, Nvidias, J.P. Morgans, United Healthcares and Berkshires [of the world] — don’t look for the needle in the haystack. Just buy the whole haystack. (Editor’s note: The “haystack” here refers to buying an index fund that tracks the broad stock market rather than trying to pick winners.)
You make the core part of your portfolio a broad index, and then you put whatever you want around it.
So, start out with a basic index, be very tax-aware of what you do, and then back to the behavioral stuff: Don’t interfere with the market’s ability to compound.
The crazy thing about Warren Buffett: His wealth has doubled over the past seven years. Think about how insane that is. He’s 94, like half of his wealth came about from zero to [his late eighties], and the other half came about in the last seven years. That’s the miracle of compounding. More

The Social Security Administration is revising policy changes expected to require more people to visit its offices following complaints from customers, Congress, advocates and others, the agency said.
Effective April 14, people who cannot use an online Social Security account will be required to verify their identities in person.
Notably, the agency is now making it so the in-person requirements do not apply to disability insurance, Medicare and Supplemental Security Income applications.

A Social Security Administration (SSA) office in Washington, DC, March 26, 2025. 
Saul Loeb | Afp | Getty Images

The Social Security Administration is adjusting the timeline and terms of its new identity proofing policies after receiving fierce criticism from advocates and beneficiaries.
The agency on March 18 announced new requirements that would require more people to visit a Social Security office to claim benefits or change their direct deposit information if they are unable to put those changes through online.

With those changes, the Social Security Administration was also putting through stronger identity proofing procedures with the aim of curbing benefit fraud.
The change was slated to go into effect on March 31 — an expedited two-week timeline, which experts said was unprecedented. The agency announced on Wednesday it will move that effectiveness date to April 14.
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“I just have never seen anything like it,” Bill Sweeney, senior vice president of government affairs at the AARP, a nonprofit organization representing Americans ages 50 and up, told CNBC.com last week of the change. The AARP first found out about the policy changes when they were publicly announced on March 18, rather than the typical protocol of being given the opportunity to weigh in ahead of time.
“This isn’t how this agency, or I’m not sure any government agency, rolls out new policies that affect 180 million people who pay into Social Security and rely on this program,” Sweeney said.

The AARP was pushing for the Social Security Administration to reverse the announced changes and work in a more “orderly, transparent and clear change management process,” Sweeney said.

New updates to identity proofing policy

On Wednesday, the Social Security Administration said it is adjusting the policy in response to “customers, Congress, advocates and others.” One of those adjustments is moving the date the new policy goes into effect to April 14.
Importantly, the agency has also adjusted the policy so that certain vulnerable individuals — those applying for Social Security disability insurance (SSDI), Medicare or Supplemental Security Income (SSI) who are not able to use the agency’s personal online accounts — will still be able to complete their claims entirely over the phone.
When applying for retirement, survivor or spousal/children’s benefits, individuals should first attempt to do so through their online “my Social Security account,” and if unable to do so online, they must visit a Social Security office to prove their identity and review their application.

To change their direct deposit information, Social Security beneficiaries should first attempt to do so through their online account. If online changes are not possible, they can visit a local Social Security office or call the agency at 1-800-772-1213 to schedule an in-person appointment.
The Social Security Administration said it recommends individuals call to schedule an in-person appointment for applications for retirement, survivors or spousal or children’s benefits where individuals are unable to apply online.
The AARP, in a statement from chief advocacy and engagement officer Nancy LeaMond, said the updates are a “good first step” to respond to concerns about the new policy.
“Merely delaying the implementation of this change is not enough, though,” LeaMond said. “SSA should take a deliberate approach to its proposed changes to customer service that seeks public input, follows a clear communication plan and allows a reasonable timeframe for compliance.”

Callers to 800 number face long wait times

The swift policy changes come as the Social Security Administration’s new leadership has come under scrutiny for its cooperation with the Trump administration’s Department of Government Efficiency, which the White House has tasked with slashing federal spending by cutting “waste, fraud and abuse” across government agencies.
The Social Security Administration’s acting commissioner, Lee Dudek, assumed the role in February after reportedly publicly disclosing he had been placed on administrative leave for cooperating with DOGE. Last week, Dudek threatened to shut down the agency in response to a federal judge’s temporary restraining order that prevents DOGE affiliates from accessing sensitive Social Security data. He has since reversed his stance.
As the agency’s leadership has been in flux, many observers say they have noticed longer 800 number wait times. Because DOGE has a running list of Social Security offices it plans to close, it will be more difficult to visit an agency office in person, experts say.
“The customer service situation at Social Security has really declined in the past month or so,” AARP’s Sweeney said.
The 800 wait times have “skyrocketed” since November, when they were at a low of about 11 minutes, Sweeney said.
The average time to answer a call is 21.2 minutes, according to Social Security Administration data, while nearly half of calls are not getting answered.

Yet callers have reported experiencing much longer wait times. In an effort to bolster transparency, Dudek plans to increase the “level of detail shared with the public to provide an honest and transparent view of wait times,” the Social Security Administration said on March 24.
As the agency transitions to the new identity proofing policy, some people who need its services feel like they are in limbo.
Lisa Cutler, communications director at the Alliance for Retired Americans, recently tried to contact the Social Security Administration on behalf of an elderly family to process an address change. She spent about an hour trying to get through on the agency’s 800 number before she gave up.
Cutler now estimates it would take a full afternoon to successfully get through to the agency. To make the process more complicated, the family member would have to be present to answer personal security questions.
Under Social Security’s new identity proofing policies, Cutler may instead have to set up an online account on her 87-year-old relative’s behalf. If the change can’t be processed that way, they would need bring the wheelchair-bound relative to a local Social Security office, which would require medical transportation.
The changes have felt like a “Silicon Valley go fast and break things” approach, Cutler said.
“But the problem is you’re dealing with a system that is meant to serve some of the most vulnerable people in our country,” Cutler said. More

The U.S. Department of Education announced it is re-opening the online applications for income-driven repayment plans, programs used by millions of federal student loan borrowers to repay their debt.
The Trump administration took down the applications for several IDR plans earlier this year, prompting criticism from consumer advocates and borrowers.

A person walks on campus at Muhlenberg College in Allentown, Pennsylvania, U.S. March 26, 2025. 
Hannah Beier | Reuters

The U.S. Department of Education announced it is re-opening the online applications for income-driven repayment plans, the programs used by millions of federal student loan borrowers to repay their debt.
The IDR plans now available, according to the Trump administration, are: Income-Based Repayment, Pay As You Earn and Income-Contingent Repayment.

The Trump administration took down the online applications for IDR plans earlier this year, prompting criticism from consumer advocates and borrowers.
At the time, the Education Department cited a February court order as its reason for pulling the applications. That was a decision from an appeals court in February blocking the Biden administration’s new IDR plan, known as SAVE, or Saving on a Valuable Education.
However, the American Federation of Teachers sued the Trump administration this month, arguing that it interpreted the ruling from the 8th U.S. Circuit Court of Appeals too broadly by pausing the applications for other IDR plans beyond SAVE.
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Congress created income-driven repayment plans back in the 1990s to make student loan borrowers’ bills more affordable. The plans cap borrowers’ monthly payments at a share of their discretionary income and cancel any remaining debt after a certain period, typically 20 years or 25 years.

Borrowers enroll in the plans not just for lower payments, but also to seek loan forgiveness under a number of different options.
More than 12 million people were enrolled in IDR plans as of September 2024, according to higher education expert Mark Kantrowitz. More