When Puma announced on Thursday that former Adidas sales chief Arthur Hoeld would become its new CEO, replacing Arne Freundt over “differing views on strategy execution,” it wasn’t just a routine leadership shake-up.

The move added another chapter to one of the most iconic rivalries in corporate history: Puma versus Adidas.

That rivalry, marked by talent swaps and strategic one-upmanship, had also seen a dramatic turn in 2022 when Puma hired Bjørn Gulden, who had been a senior vice president of apparel and accessories at Adidas in the 1990s, to lead the company as its CEO.

But beneath these boardroom moves lies a far older and more personal story—one that began with a bitter sibling split in a small German town and evolved to become one of the most legendary feuds in global sportswear.

Adidas and Puma, two of the world’s largest sportswear giants, owe their origins not just to ambition and innovation, but to a bitter rift between two German brothers — Adolf and Rudolf Dassler.

This is their story:

A feud born in the Dassler family

The story begins in the 1920s in Herzogenaurach, a town of just over 20,000 people nestled in Germany’s Franconia region.

The Dassler brothers ran a shoe company together — Gebrüder Dassler Schuhfabrik (Dassler Brothers Shoe Factory) — operating out of their mother’s laundry room.

Adolf, known as “Adi,” was the quiet craftsman, focused on design and detail. Rudolf, or “Rudi,” was the extrovert and the salesman, charismatic and bold.

The pair found early success, most famously when American sprinter Jesse Owens wore their shoes to win four gold medals at the 1936 Berlin Olympics.

But the business — and their relationship — began to unravel during World War II.

Misunderstandings, personal grudges, and political tension turned into open hostility

The exact trigger for the rift between the Dassler brothers remains disputed.

Local records merely refer to “internal family difficulties,” but the most widely circulated story is that Rudi—often described as the more charismatic of the two—had an affair with Adi’s wife, Käthe, a betrayal that permanently severed the brothers’ bond.

Other theories have also emerged over the years.

Some revolve around tensions over their political affiliations—both brothers joined the Nazi Party in 1933—and debates over who could claim credit for inventing the revolutionary screw-in football studs that helped West Germany clinch the 1954 World Cup on a rain-soaked pitch in Berne.

One particularly infamous episode dates back to 1943, during an Allied bombing raid over Herzogenaurach.

According to reports, Adi and Käthe rushed into an air raid shelter already occupied by Rudi and his family.

Upon seeing them, Rudi allegedly muttered, “The Schweinhunde (pig dogs) are back.”

Rudi later claimed he had been referring to the RAF bombers, but Adi was unconvinced—another slight that deepened their already fractured relationship.

By 1948, the brothers had gone their separate ways, and Herzogenaurach was never the same again.

Herzogenaurach: “the town of bent necks”

Rudolf set up his own company on one side of the Aurach River and called it Puma.

Adi remained on the other side and registered his company as Adidas, a portmanteau of his first and last names.

It is here that the headquarters of these two giants stand even today, barely a couple of miles apart.

What followed was not just a corporate rivalry, but a town-wide schism.

Herzogenaurach became known as “the town of bent necks,” because locals would first look down at your shoes before deciding whether to speak to you.

“The split between the Dassler brothers was to Herzogenaurach what the building of the Berlin Wall was for the German capital,” local journalist Rolf-Herbert Peters said in a Guardian report of 2009.

Marriages between employees of Adidas and Puma were discouraged.

Each factory had its own football club, barber, and pub — even churches and bakeries aligned with one side or the other.

“Even religion and politics were part of the heady mix. Puma was seen as Catholic and politically conservative, Adidas as Protestant and Social Democratic,” said Klaus-Peter Gäbelein of the local Heritage Association in the report.

Even in death, the divide persisted: the Dassler brothers are buried in the same cemetery, but at opposite ends.

From the Cold War on cleats to modern brand warfare

The Adidas-Puma rivalry has evolved from personal vengeance to boardroom competition.

For decades, both brands fought for supremacy in football sponsorships, athlete endorsements, and Olympic moments.

Adidas signed stars like Franz Beckenbauer and David Beckham, while Puma snapped up Pelé, Usain Bolt, and most recently, Neymar Jr.

The brands’ differing identities also became part of their competitive edge.

Adidas leaned into innovation, performance, and heritage. Puma took a more youthful, fashion-forward route, collaborating with artists like Rihanna and designers like Alexander McQueen.

Despite the intensity, modern leadership at both companies has attempted to thaw relations.

In 2009, employees from both firms played a symbolic football match to promote peace and reconciliation. But in the marketplace, the fight remains fierce.

Today, Adidas and Puma collectively generate billions in revenue, competing globally with the likes of Nike and Under Armour.

Yet in Herzogenaurach, the rift still echoes. Locals still joke that the easiest way to offend someone is to wear the wrong shoes.

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President Donald Trump’s tariffs and the subsequent retaliation from other countries have been wreaking havoc on US stocks this week.

Still, famed investor Jim Cramer remains convinced that there are exciting buying opportunities in the stock market currently amid what he called a “manufactured sell-off” in his latest briefing to the Investing Club.

Three names in particular that he recommends buying on the recent pullback are Home Depot, Nvidia, and Amazon.

Home Depot Inc (NYSE: HD)

Cramer recommends buying the dip in HD shares as the home improvement retailer sources more than half of its goods from within North America.

More importantly, the former hedge fund manager expects Home Depot stock to benefit from lowering interest rates.

Note that mortgage rates currently sit at a six-month low.

Against that backdrop, “Home Depot should be bought, perhaps even aggressively,” according to Jim Cramer.

The pent-up demand for housing may also benefit HD stock moving forward, he added. Plus, a 2.56% dividend yield tied to Home Depot shares makes it all the more exciting to own at current levels.

Wall Street agrees with Cramer on the home improvement retailer. Analysts’ consensus “overweight” rating on HD comes with a mean target of $432, which translates to a more than 25% upside from current levels.

Nvidia Corp (NASDAQ: NVDA)

China has already announced retaliatory tariffs on American goods, which will hurt Nvidia as it has significant revenue exposure to the world’s second-largest economy.

Still, Jim Cramer recommends buying NVDA shares on the weakness as he continues to believe in the company’s long-term potential, particularly its pivotal role in the AI-driven industrial revolution.

Cramer sees Nvidia’s cutting-edge chips as central to AI advancements, which he sees as a transformative force across industries.

His view on Nvidia stock is also in line with that of Wall Street.

Despite a sharp sell-off, analysts see eventual recovery in the AI stock to $173, indicating a more than 85% upside from here.

Amazon.com Inc (NASDAQ: AMZN)

Almost half of the top 10,000 sellers on Amazon’s US marketplace are from China.

The e-commerce giant sources a large number of goods it sells from Beijing as well.

Still, the Mad Money host remains bullish on Amazon stock following the sell-off, partially because it’s trading at an attractive valuation.

AMZN is currently going for a forward price-to-earnings multiple of about 30, significantly below its historical average of more than 55.

Moreover, the multinational company has a robust business model and diversified revenue streams, which make it resilient to economic challenges, according to Jim Cramer.

Much like the other names on this list, Cramer’s view on AMZN shares is also in line with Wall Street analysts.

The average price target on the tech stock currently sits at about $267, signaling close to a 60% upside from here.

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The S&P 500 index has crashed hard this year, erasing some of the gains made last year. The SPX crashed by 5.8% on Friday, meaning that it has crashed by over 17.5% from its highest level this year. It has dropped to its lowest level since May 2024, erasing trillions of dollars in value. 

A closer look at the S&P 500 index constituents shows that most of them tumbled last week. Only 15 companies rose by more than 1% during the week, with Lamb Weston, Molina Healthcare, Dollar General, and McKesson Corporation being the top leaders. 

Top S&P 500 index stocks to buy the dip

Historically, all sharp crashes of the S&P 500 index has been a good period to buy the dip. While the drop may continue for a while, there are chances that some popular blue-chip stocks will bounce back in the coming weeks. Some of the top S&P 500 stocks to buy are JPMorgan (JPM), Blackrock (BLK), Xylem (XYL), and Berkshire Hathaway (BRK).

Read more: 5 reasons the S&P 500 and the SPY ETF could dive in 2025

JPMorgan (JPM)

JPMorgan stock has crashed in the past few months, moving from the year-to-date high of $278 to $210. Like other banks, the stock has plunged as investors worry that the US may sink to a recession this year. 

The reality, however, is that JPMorgan is one of the safest banking franchises in the US, helped by Jamie Dimon’s focus on creating a fortress balance sheet. It has a CET-1 ratio of 15.7%, much higher than what US regulations require. This figure means that it can absorb a loss of $547 billion.

JPMorgan is also a good buy because of its history, where it has survived and thrived for over a century. In this, it has survived the dot com bubble, the Great Depression, the Cold War, the pandemic, and the Global Financial Crisis (GFC). 

Xylem (XYL)

Xylem is another S&P 500 stock to buy the dip in. Xylem is a top company in the water industry, where it manufactures pumps and disinfection systems that are used by households, companies, and utilities. Its top brands are Flygt, Goulds, Lowara, and Wedeco.

Xylem is an industrial company that makes most of its products in the United States, Europe, and in Asia. While some of its products will face tariffs, the company will likely weather the storm because of its strong market share and its brand awareness. 

Analysts have a bullish outlook of the Xylem stock price, with a target of $145, up from the current $104.

Berkshire Hathaway (BRK)

Warren Buffett’s Berkshire Hathaway stock price also crashed last week. Its class A shares dropped to $740,000, down from the year-to-date high of $807,220.

BRK is one of the best S&P 500 stocks to buy because of its business and its large cash balance. Buffett has sold stocks worth billions of dollars in the past few months, a sign that he predicted the ongoing bloodbath. 

This has left him with over $300 billion in cash, which he may use to buy cheap companies as he has done in the past. Like the other companies in this list, Berkshire has survived multiple economic crises in the past, a trend that will continue this year.

Blackrock (BLK)

Blackrock stock price has also crashed in the past few weeks. It tumbled to a low of $822 on Friday, the lowest level since August 12. It is down by over 23.7% from its highest level this year, meaning that it is in a deep bear market. 

Blackrock will likely suffer some outflows as some investors exit their positions. However, the reality is that the company has survived other crises in the past, and will do so this year. Analysts have a Blackrock stock target of $1,150, a big increase from the current $822.

Other top S&P 500 stocks to buy

There are other top S&P 500 index to buy and hold as most of them crashes. Notable names are companies are blue-chip companies like Abbott Laboratories, Enterprise Product Partners, and NextEra Energy.

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Most American stocks crashed last week as concerns about Donald Trump’s tariffs caused shockwaves in the financial market. Technology stocks were among the top laggards as the tariff issue coincided with concerns about the artificial intelligence industry. 

Private equity stocks were also some of the worst performers in the S&P 500 index. This article explores why these stocks crashed, and whether it is safe to buy the dip.

Private equity stocks have crashed

Top companies in the private equity industry plunged last week as the market reacted to Donald Trump’s Liberation Day tariffs. Apollo Global Management (APO) stock price crashed by 21%, making it one of the top-ten laggards in the S&P 500 index during the week. 

KKR stock price dropped by 20.7%, while Blackstone fell by 13%. Other companies in the industry, like Carlyle, Ares Management, and Blue Owl Capital also dropped by double digits. 

Portfolio companies to be exposed to tariff risks

The first main reason why private equity stocks crashed is the Liberation Day tariffs that Trump announced on Wednesday. His tariffs include a global minimum rate of 10%, with some countries seeing rates of over 50%.

These tariffs will largely hit most companies, whether they do business in the US or not. This includes companies that these private equity companies own. 

However, the direct impact of tariffs on these private equity companies will be limited because of how they make their money. Most of these firms make most of their cash from their assets under management.

For example, Blackstone made $1.648 billion from management and advisory fees in the fourth quarter. It then made $240 million in incentive fees, making it a smaller part of its business. 

However, a recession can still expose these companies to risk, since they have become large players in the private credit industry. In private credit, these firms provide loans to companies across different sectors. The risk is where these recipients go out of business during a recession.

Difficulty in exits

The other reason why private equity stocks have crashed is that the ongoing market conditions are not ideal for exits. An exit is a situation where PE companies realize their investments. This typically happens through initial public offerings (IPOs) and sales.

PE companies now hold over 29,000 companies worth $3.6 trillion that they hope to exit, a difficult thing during a period of heightened risks. 

Their hope was that the Trump administration would usher in a period of deregulation and low inflation, which would fuel more activity, which has not happened.

Is it safe to buy private equity stocks dip?

The ongoing stock market crash has affected companies in the private equity industry. Still, there are chances that these companies will bounce back once the market moves out of the fear zone. 

One potential reason is that these companies now sit on $2.8 trillion in dry powder, a figure that refers to cash raised but not spent. It has become difficult for these companies to buy firms because of the market valuations. Therefore, these firms may use the dip to buy good companies at a lower price. In a note, one Hamilton Lane analyst said:

“History shows clearly that those are the periods when private markets, particularly private equity, outperform by the greatest amount.”

Further, these private equity companies have been in the business for decades. They have gone through worse market conditions before, including during the pandemic and the Global Financial Crisis.

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Meme coins continue to dominate attention in crypto, and a new entrant, PepeX, is gaining ground quickly.

Now in Stage 5 of its presale, PepeX has raised over $1,249,000, and the token price will increase from $0.0243 to $0.0255 in two days.

This rising demand stands in contrast to the Pepe token, which is down over 65% in 2025 following a peak last December.

While PEPE rode viral waves with no underlying utility, PepeX presents itself as a functional launchpad platform with anti-rug protections and a structured presale model for long-term token stability.

Price gains as presale enters new stage

PepeX is structured over 30 stages, increasing the price by 5% at each level. The presale began in late March with a token price of $0.02, and the current price sits at $0.0243 during Stage 5.

In two days, the price will move up to $0.0255 as the sale progresses into Stage 6.

If the entire presale sells out, the token will launch on public exchanges at approximately $0.085, offering early buyers a strong entry price advantage.

The current fundraising total stands at $1,249,035, reflecting growing traction as more buyers enter before the next price jump.

The presale is scheduled to run for 90 days, giving the project a fixed window to attract interest before launch.

Key differences between PepeX and Pepe

Unlike PEPE, which launched in 2023 purely as a meme coin with no functionality, PepeX is built as a launchpad for new meme tokens.

The platform plans to use artificial intelligence to vet and deploy new meme coins, allowing creators to launch tokens with features like automated liquidity locks and anti-sniper protection.

PepeX also caps developer token allocations at 5%, reserving 95% for the community.

This mechanism, combined with liquidity lock requirements, is designed to prevent token manipulation, unfair distribution, or early dumping by insiders—common issues in meme coin launches.

Pepe, in contrast, rose and fell on market hype.

It reached an all-time high of $0.00002803 in December 2024, but its current price has dropped to $0.0₅7041, down around 75% from its peak. No platform or ecosystem was ever attached to it, making it more vulnerable to speculative swings.

What could drive PepeX in 2025

Price forecasts for PEPE remain narrow. Analysts suggest a range between $0.000006 and $0.000015 by year-end, largely driven by meme momentum and speculative sentiment.

PepeX, however, introduces utility into the meme coin space. If it attracts meme creators looking for a safe, fast way to launch tokens—and investors seeking early-stage access—demand for PEPX may increase as the platform scales.

It also borrows the presale model from previous success stories, offering pre-launch gains as the token climbs through the staged price structure.

A successful listing at $0.085 would already reflect a more than fourfold gain from the opening presale price.

Its potential also ties to the broader meme ecosystem. Platforms like Pump.fun have generated over $500 million in meme coin value.

If PepeX manages to capture a slice of that market, it may drive additional trading activity once the token goes live.

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