P. 14 Past Missteps Cloud Federal Reserve Policy Cover Story: It will be a rare feat if the Fed can cool the economy without causing a deep recession. Its history of blunders doesn’t inspire much confidence. By MEGAN CASSELLA P. 10 J&J’s Kenvue Spinoff: An IPO Worth Buying The owner of the brands Tylenol, Band-Aid, and Listerine boasts a steady business, a healthy balance sheet, and an attractive valuation. By ANDREW BARY P. 11 Warren Buffett Still Has What It Takes Berkshire Hathaway and its legendary CEO are both in fine form heading into the company’s annual meeting. The stock is a buy. By ANDREW BARY P. 12 Thermo Fisher Can Thrive in a Downturn The company’s medical devices and diagnostic tools are musthaves for many in the healthcare, pharma, and biotech industries. By TERESA RIVAS P. 13 The Snowball Effect Pounds First Republic Financial advisors are fleeing the troubled bank as the stock slides. The problem only feeds on itself. By ANDREW WELSCH P. 20 Banks Are In a Tough Spot as Rates Rise Q&A: Longtime industry watcher Dave Ellison of Hennessy Funds discusses the headwinds facing financials—and names three midsize bank stocks that he likes. By LAWRENCE C. STRAUSS P. 5 Up & Down Wall Street: This Year, Sell in May A drawn-out battle over the debt ceiling and unfavorable seasonal patterns suggest that a market meltdown is coming soon. By RANDALL W. FORSYTH P. 7 Streetwise: The Fuzzy Logic of AI Chatbots Artificial intelligence is the theme driving stocks higher this year. Just don’t expect ChatGPT to dole out good investment advice. By JACK HOUGH P. 18 Income: Five Stocks With Rising Payouts Dividend hikes could be coming soon from Goldman Sachs, Target, Kroger, and other companies. It’s one way to fortify your portfolio. By LAWRENCE C. STRAUSS P. 54 A $1 Trillion Coin? Don’t Bank on It. Other Voices: Here’s a cautionary tale about using gimmicks to address the debt ceiling. By GEORGE J. HALL AND THOMAS J. SARGENT P. 19 Funds: Moves to Make for a Rate Reversal Closed-end bond funds are trading at deep discounts—and peak interest rates make them especially attractive. Here’s what to buy now. By LEWIS BRAHAM P. 22 Tech Trader: Amazon Serves as a Warning Earnings reflect the downside to cutting costs and laying off staff. By TAE KIM P. 24 Trader: Pick Stocks With Wide Moats Companies such as Coca-Cola, Visa, and Adobe can deliver steady returns despite market turmoil. By NICHOLAS JASINSKI P. 27 International: The ‘Lithium Triangle’ Chile, Argentina, and Australia are jockeying for position as electric vehicles boost demand for lithium. By CRAIG MELLOW P. 28 Striking Price: The Roots of a Revolution How the Chicago Board Options Exchange upended the way Wall Street trades and manages risk. By STEVEN M. SEARS Fed On the Edge As its 10th rate hike approaches, the central bank will need skill— and luck— to tame inflation without killing the economy. PAGE 14 VOL. CIII NO. 18 MAY 1, 2023 $5.00 BUFFETT’S BERKSHIRE IS A BUY • PAGE 11 > Charting theMarket P.30 WinnersandLosers P.31 MarketView P.32 Statistics P.34 Barron’s Roundtable on Fox Business Watch our TV show Saturday or Sunday at 10 a.m. or 11:30 a.m. ET. This week, making sense of the inflation outlook with Charles Schwab strategist Liz Ann Sonders. Plus, where to find the best yields as I bond rates are slashed.
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