DIRS.INFO The most relevant business & tech news

☆ It's shaping up to be a tough summer for the stock market, but Nvidia could help salvage things
▼ + stars: | 2024-05-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we examine how this summer is shaping up to be tough for the stock market . Stocks are on track to either remain flat or turn negative going forward , according to two market vets Jennifer spoke to. The pessimism about stocks' future is due to a few factors. Some Nvidia employees are considered to be millionaires SOPA ImagesThere is, however, one company that could salvage things: Nvidia. As the key chipmaker in the space, a win for Nvidia is a win for everyone betting on AI being the future.

Persons: —, Jenny Chang, Rodriguez, Jennifer Sor, Stocks, Jennifer, It's, Jerome Powell, BI's Linette Lopez, Warren Buffett Scott Morgan, Warren, Berkshire Hathaway, Goldman Sachs, Michael Burry, John Paulson, Alyssa Powell, Gen Zers, Instagram, Vincent Sandoval, Getty, Henrik Sorensen, Tyler Le, Larry Ellison, it's, aren't, Cash, Bill Lee, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, New York Knicks, NBA, Business, Getty, Fidelity, Hamptons, Nvidia, Reuters, Berkshire, JPMorgan, Meta, Sciences, Apple, The Locations: Montauk, Berkshire, New York, London

☆ Election officials in battleground Michigan grapple with sweeping voting changes and a presidential election
▼ + stars: | 2024-05-20 | by ( Fredreka Schouten | ) edition.cnn.com time to read: +9 min

The state’s highly decentralized system of administering voting means that “Michigan has 1,500 elections every big election day,” said Kyle Whitney, the city clerk of Marquette in the state’s Upper Peninsula. ‘We’re all beginners’The new rules in Michigan flow from a constitutional amendment that state voters approved by a wide margin in 2022 that dramatically expanded access to voting. Miller was elected to succeed the previous, term-limited clerk and is overseeing her first presidential election. Deborah Pellow, the part-time clerk of rural Tilden Township in the Upper Peninsula, is also overseeing her first presidential election this year. The next big test for Michigan comes in August, when voters cast primary ballots for congressional, state and local offices.

Persons: Michael Siegrist, Joe Biden, Donald Trump, tabulators, Biden, ”, Kyle Whitney, ” Whitney, Brennan, ‘, “, ” Lori Miller, Miller, “ It’s, Deborah Pellow, Pellow, Adam Wit, –, Shira Roza, Carlos Osorio, Angela Benander, Joycelyn Benson, Jacqueline Beaudry, ” Benander, ‘ We’re Organizations: CNN, Ferrari, Republican, Trump, Brennan Center for Justice, Wolverine State, Biden’s, Michigan’s, Democratic, Michigan Association of Municipal, Michigan Locations: Michigan, Canton Township, Antrim County, Marquette, Wolverine, Livonia, Detroit, Wayne County, Tilden Township, Canton, Harrison, Warren , Michigan, Ann Arbor City, Tilden

☆ Brent oil gains after Iran's President dies, Saudi flags issue with King's health
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures extended gains on Monday, inching up amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and the Saudi crown prince cancelled a Japan trip, citing health issues with the king. Brent gained 10 cents, or 0.1%, to $84.08 a barrel by 0454GMT, after rising to $84.30 earlier, its highest since May 10. He added that WTI prices may rebound further toward $83.50 after rising above the 200-day moving average of $80.02. Despite the volatility in the region, oil prices moved only slightly. "Continuity in Saudi strategy is expected regardless of this health issue," he added.

Persons: Brent, Ebrahim Raisi, Saudi Arabian Crown Prince Mohammed bin Salman, King Salman, Yoshimasa Hayashi, Tony Sycamore, Sycamore, Warren Patterson, Patterson, Saul Kavonic, Prince Mohammed Bin Salman's Organizations: Brent, . West Texas, Saudi, Saudi Arabian Crown, Iranian, IG, ING, The, of, Petroleum, Petroleum Reserve Locations: Fort Stockton , Texas, Saudi, Japan, East Azerbaijan, Saudi Arabian, China, U.S, United States, Washington

☆ Warren Buffett's Berkshire has been a net seller of stocks for 6 quarters in a row. Here's why
▼ + stars: | 2024-05-19 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett's Berkshire Hathaway has been a net seller of stocks for six straight quarters despite the recent disclosure of a headline-making purchase of a stake in insurer Chubb . In fact, Berkshire hasn't been a net buyer of stocks since the third quarter of 2022, according to an analysis of filings. The bulk of the first quarter selling came from trimming Berkshire's massive Apple bet by 13% after reaping enormous gains. "If I saw one of those now, I'd do it for Berkshire," Buffett told shareholders, referring to his Japanese investment. Berkshire's cash hoard reached a record $189 billion in the first quarter, up from almost $168 billion in the fourth quarter.

Persons: Warren, Berkshire Hathaway, Chubb, Berkshire hasn't, Buffett, hasn't, I've Organizations: Berkshire, HP, Paramount, Treasury, Federal Reserve Locations: The Omaha, Berkshire, Omaha, Zurich, Louisiana, Pacific

☆ Social Security's 'biggest myth' leads people to claim early, expert says. Even a slight delay can boost retirement income
▼ + stars: | 2024-05-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Nevertheless, 75% of adults ages 50 and up believe Social Security will run out in their lifetime, a 2023 Nationwide Retirement Institute survey found. When people claim Social SecurityMoreover, data shows retirees often don't wait until they are able to receive 100% of the benefits they've earned. The full retirement age is generally between 66 and 67, depending on an individual's birth date. For every year beneficiaries wait past their full retirement age up to age 70, they stand to get an 8% benefit increase. Every month increases your benefitsNevertheless, experts say it's still generally best to delay claiming retirement benefits.

Persons: Emerson Sprick, they've, —, Warren Buffett's, Suzanne Shu, John Payne, Teresa Ghilarducci, Sprick Organizations: Security, Center, Social, Institute, Social Security Administration, Finance, Cornell University SC Johnson College of Business, Duke University Fuqua School of Business . Workers, The New School for Social Research, CNBC Locations: New

☆ Why Warren Buffett's record $189 billion cash pile isn't the market-crash signal some say it is
▼ + stars: | 2024-05-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Berkshire Hathaway is sitting on a record pile of cash at $189 billion. Putting Berkshire's cash pile into perspectiveInstead of measuring Berkshire Hathaway's cash position on an absolute basis, investors are better off measuring the cash pile as a percentage of Berkshire's total assets, according to Bloomstran. Berkshire Hathaway's $189 billion cash is actually at a pretty normalized level, and well below its peak of nearly 40% in 2004. At the time, the S&P 500 was trading near record highs, Apple was the biggest company in the world, and Berkshire Hathaway's absolute cash pile was at a record. with regards to Berkshire's cash pile at this year's annual shareholder meeting, the legendary investor responded:Advertisement"We only swing at pitches we like."

Persons: Berkshire Hathaway, Chris Bloomstran, —, Warren Buffett, Buffett, couldn't, Semper Augustus, Bloomstran, Berkshire Hathaway's, there's, Apple, He's, shouldn't Organizations: Service, Berkshire, Business, Berkshire Hathaway's, Apple Locations: Berkshire, That's

☆ Trim Alphabet, buy Microsoft: How major hedge funds invested in tech during the first quarter
▼ + stars: | 2024-05-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Hedge funds took a diversified approach to technology investing in the first quarter as the sector built on its 2024 rally. Both Appaloosa and Coatue trimmed stakes in Nvidia during the period, with the latter shrinking his stake by 68% to $1.25 billion. Stanley Druckenmiller told CNBC last month that he cut his Nvidia stake in late March and called AI a "little overhyped" in the short run. Apple caught renewed attention from Viking Global and cuts from Coatue and Warren Buffett's Berkshire Hathaway. Coatue, Third Point, Viking Global and Tiger Global upped their Amazon stakes, while Appaloosa and D1 Capital trimmed their holdings.

Persons: Michael Burry, Ole Andreas Halvorsen zeroed, David Tepper's, Chase, Seth Klarman's Baupost, Dan Sundheim's, Phillippe Laffont's Coatue, Dan Loeb's, Halvorsen, Tepper, Sundheim, Laffont, Brad Gerstner, Stanley Druckenmiller, Warren Buffett's Berkshire, Coatue Organizations: Technology, Nasdaq, Nvidia, Meta, Capital, Microsoft, Street's, CNBC, Apple, Viking Global, Warren Buffett's Berkshire Hathaway, Tiger Global Locations: Coatue, Warren

☆ Warren Buffett warned AI is like the atomic bomb, but this expert thinks he's being way too gloomy
▼ + stars: | 2024-05-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Warren Buffett's warning that AI is like the atomic bomb is too negative, one expert says. AI could free human workers to create things and solve problems instead of replacing them, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The elite investor compared AI to the atomic bomb during Berkshire Hathaway's annual shareholder meeting this month. This story is available exclusively to Business Insider subscribers.

Persons: Warren, Babak Zafari, —, Buffett, we'd Organizations: Service, Business Locations: Berkshire

☆ I toured Warren Buffett's hometown: Despite huge wealth, 'it's all very understated,' says 'Buffettology' author
▼ + stars: | 2024-05-18 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. I've written about personal finance and investing for 11 years, which means I've spent just about the same amount of time covering legendary investor Warren Buffett. Along with tens of thousands of investors, I traveled to Omaha, Nebraska, in early May to attend the annual shareholders meeting of Berkshire Hathaway, the company Buffett helms. I was meeting Clark for lunch. The whales and the wannabes come to Omaha to be seen, Clark told me over lunch, but also to get a peek into Buffett's world.

Persons: Warren Buffett, I've, Berkshire Hathaway, Buffett helms, David Clark, Buffett, Cherry Cokes, Clark, He's Organizations: Berkshire, Oracle Locations: Omaha , Nebraska, Omaha, Berkshire

☆ Jeff Bezos' Blue Origin is about to fly people to space for the first time in 2 years. Here's why it took so long.
▼ + stars: | 2024-05-17 | by ( Jessica Orwig | ) www.businessinsider.com time to read: +6 min

Read previewJeff Bezos' private space company, Blue Origin, recently announced its plans to launch a crew of six aboard its New Shepard rocket this Sunday. Still, late last year, Jeff Bezos told Lex Fridman on Fridman's podcast that "Blue Origin needs to be much faster." About one minute into the flight, Blue Origin lost the first-stage booster due to a faulty nozzle in the booster's engine. Blue OriginVirgin Galactic and Blue Origin are both in the suborbital space tourism business. Bezos says Blue Origin's culture isn't fast enoughJeff Bezos founded Blue Origin in 2000.

Persons: —, Jeff Bezos, Sara Sabry, Lex Fridman, Shepard, New Shepard, That's, ULA, Ted S, Warren, Bezos, Fridman Organizations: Service, Shepard, Business, Virgin Galactic, SpaceX, Origin, Federal Aviation Administration, Italian Air Force, Virgin, Glenn, United Launch Alliance, Rocket, NASA, US Space Force, AP Locations: Texas, New, Glenn, ULA

TradeBiden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. Biden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. As president, Trump fixated on the US trade deficit even as some economists argued against reading too much into such figures. He didn't see the fruits of his biggest trade deal, which went into effect in July 2020: the USMCA, a revamped North American trade deal known Experts at Brookings Institution have praised the treaty for growing regional trade. Trump has pledged to kill the Biden administration's new Asian trade talks, which the former president has dubbed "TPP two."

Persons: Biden, Niels Wenstedt, Trump, Katherine Tai, Sen, Elizabeth Warren, Barack Obama Organizations: BSR Agency, Getty, Republican Party, American Free Trade, World Trade Organization, Big Tech, Trump, Bloomberg News, Brookings Institution, TransPacific, US, Biden, Politico Locations: Washington, China, American, Mexico, Beijing

☆ CNBC Daily Open: Wall Street hits record, 'Thee rate cuts'
▼ + stars: | 2024-05-16 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

The Charging Bull is seen on an empty Wall Street on April 20, 2020 in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street hits record highThe S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. All three major indexes closed at record highs. Asia up, Japan's GDP shrinksAsia-Pacific markets rose on Thursday after Wall Street hit record highs.

Persons: Buffett, Chubb, Warren, Berkshire Hathaway, Seng, Biden, Morgan Stanley Organizations: CNBC, Nasdaq, Dow Jones Industrial, Federal, Tech, Nvidia, Apple, Microsoft, GameStop, AMC, Berkshire, Wall, Nikkei, U.S Locations: New York City, Zurich, Asia, Pacific, China

☆ The church of Warren Buffett: Why thousands of investors flock to Omaha to be near the investing genius
▼ + stars: | 2024-05-16 | by ( Ryan Ermey | ) www.cnbc.com time to read: +10 min

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. A shopping extravaganzaFor many shareholders, the annual meeting is less about buy-and-hold investing and more about, well, buying. Judith Lieber clutches were among the items on sale at Borsheim's in Omaha, Nebraska. The CHI Health Center before the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. Warren Buffett poses with Martin, the Geico gecko, ahead of the Berkshire Hathaway Annual Shareholder's Meeting in Omaha, Nebraska on May 3rd, 2024.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Charlie Munger, I've, I'd, Borsheim's, Judith Lieber, Ryan Ermey, Diane Cunningham Redden, —, Clayton, Brooks, Sarah Min, who'd, She'd, they'd, James Eddins, Greg Abel, Carol Loomis, David A, Charlie, Guy Spier, Spier, Charlie Munger's, Doerthe Obert, Martin Organizations: Berkshire, Berkshire —, Oracle, CNBC, Nebraska Furniture Mart, IWC, CHI, Buffett, Squishmallows, Berkshire Hathaway, CHI Health, Apple, Harlem Globetrotters, Grogen, Aquamarine Fund, Grogan Locations: Omaha , Nebraska, Berkshire, England, Woodstock, Omaha, Geico, Nebraska, Borsheim's, China, Australia, Cincinnati , Ohio, Diane Cunningham Redden Cincinnati , Ohio, Columbus , Nebraska, Fairhope , Alabama, Zurich

☆ Stocks making biggest moves premarket: Under Armour, Walmart, AMC, GameStop, Canada Goose and more
▼ + stars: | 2024-05-16 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Under Armour — The sportswear maker's Class A shares slumped 11% and its Class C stock fell 9% after it issued lower-than-expected full-year earnings guidance. Under Armour now expects earnings in the range of 18 cents to 21 cents while analysts polled by FactSet had forecast 59 cents. Cisco Systems also hiked its 2024 revenue guidance, saying it now expects revenue of $53.7 billion at the midpoint of a range. Meme stocks — Shares of AMC and GameStop extended losses following the revival of the meme stock movement on Monday and Tuesday. Baidu reported CNY 31.51 billion ($4.7 billion) of revenue, topping the CNY 31.34 billion expected by analysts, according to StreetAccount.

Persons: Armour, FactSet, Goose, Warren Buffett's Berkshire Hathaway, Chubb, Deere, GoodRX, Raymond James, John Ransom, Coupang, Tesla, — CNBC's Michelle Fox, Hakyung Kim, Sarah Min, Samantha Subin, Jesse Pound Organizations: Walmart, Wall, LSEG, Revenue, —, Berkshire, Cisco Systems, AMC, GameStop, Deere, Company, Baidu, UBS, ISI, European Union, Facebook Locations: Krakow, Poland, The Seattle

☆ Supreme Court saves consumer protection agency after a challenge from conservatives and the payday lending industry
▼ + stars: | 2024-05-16 | by ( John Fritze | Joan Biskupic | ) edition.cnn.com time to read: +3 min

Congress created the bureau in 2010 to protect consumers from financial scams. The payday lending groups sued over a 2017 bureau rule that prohibited attempts to withdraw payments from accounts after two consecutive tries failed due to insufficient funds. Because of that, the conservative appeals court tossed the payday lending rule. The Biden administration appealed to the Supreme Court in 2022. CNN Supreme Court analyst Steve Vladeck said the ruling is another instance of the high court not endorsing controversial opinions from the 5th Circuit.

Persons: Clarence Thomas, Biden, Massachusetts Democratic Sen, Elizabeth Warren, ” Thomas, Steve Vladeck, “, would’ve, ”, Vladeck, Samuel Alito, ” Alito, Neil Gorsuch, Stuart, Trump Organizations: CNN, Massachusetts Democratic, Federal Reserve, Circuit, University of Texas School of Law Locations: New Orleans

Thedieck, now 31, is still in the military, and has gotten an awful lot of what he's wanted ever since. Darren Thedieck, age 31, joined the Air Force at age 18. Saving on a military salaryThedieck was interested in saving and investing long before he joined the Air Force. Right now, though, the plan is for that money to provide a financial "cushion" for the family, Thedieck says. Instead of full retirement after military life, both he and Naudia plan to take off in a new direction.

Persons: Darren Thedieck wasn't, he's, Thedieck, He's, Darren Thedieck, Andrea Ferro, Naudia, Denmark —, he'll, — Warren Buffett, Benjamin Graham, Darren, That's, They're Organizations: CNBC, U.S . Air Force, Air Force, titans, Social Security, Service Credit Union, Apple, Disney, Netflix, Spotify, FIRE Locations: Las Vegas, England, South Korea, Germany, Aviano, Italy, Venice, Denmark, United States

☆ A Google executive shares the 5 things to avoid doing for a successful career
▼ + stars: | 2024-05-16 | by ( Daniel Rizea | ) www.businessinsider.com time to read: +9 min

His reply was surprising, if not simple: Think of the things you will do that will make you fail and just avoid doing them. Thinking back to Charlie's advice, I came up with five things you should avoid doing in order to have a successful and meaningful career. Avoid pushing for a promotion when you're not ready yetGetting a promotion when you're not quite ready may negatively impact yourself and your career trajectory. A good way to see if you're ready is to think about how you would feel if you were promoted tomorrow. AdvertisementThe main problem is that most of us avoid doing those 20 hours for years, pushing the things we want in life even further away.

Persons: —, Charlie Munger, Warren Buffett's, we've, Josh Kaufman, I've, they've, you'll, Daniel Rizea Organizations: Service, Business, Google

☆ Stocks making the biggest moves midday: Walmart, Deere, Meta, Chubb and more
▼ + stars: | 2024-05-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The company said it now expects net income of roughly $7 billion, down from a range of $7 billion to $7.5 billion. Walmart — Shares rallied nearly 6% after the company reported adjusted first-quarter earnings of 60 cents per share, topping the 52 cents expected from analysts polled by LSEG. Chubb — Shares of the insurance company advanced nearly 4% after Warren Buffett's Berkshire Hathaway revealed Chubb was the confidential stock the conglomerate had been purchasing for two straight quarters. Berkshire bought nearly 26 million shares for about $6.7 billion, making it the second-largest holder in Chubb, according to a regulatory filing. GameStop , AMC — The meme stocks retreated for a second day following a speculative rally in the beginning of the week.

Persons: Chubb, Warren Buffett's Berkshire Hathaway, Goose, GoodRx, Raymond James, Samantha Subin, Alex Harring, Yun Li, Pia Singh Organizations: European Union, Facebook, Deere — Deere, Walmart —, LSEG, Revenue, Walmart, Berkshire, GameStop, AMC, UBS, AIG, Nippon Life Locations: Corebridge

☆ Jim Cramer loves Buffett's new stock, calling insurer Chubb the 'best there is'
▼ + stars: | 2024-05-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Walmart : Shares jumped more than 6% after the retail giant delivered a quarterly earnings beat and said it may now exceed the high end of its sales and adjusted earnings per share. "They go aisle by aisle, and they talk about how in food they've got deflation," Jim Cramer said. Chubb : Shares jumped 3.5% after Warren Buffett's Berkshire Hathaway revealed in a securities filing Wednesday night that it'd been buying a stake in the insurer. Cisco Systems : Shares dropped nearly 2% despite the networking company's better-than-expected quarterly results and upward revision to fiscal 2024 guidance.

Persons: Jim Cramer's, Jim Cramer, That's, Cramer, Chubb, Warren Buffett's Berkshire Hathaway, it'd, Kevin Plank Organizations: CNBC, Club, Walmart, Deere, Cisco Systems

☆ These 16 House Democrats voted to force Biden to deliver withheld aid to Israel
▼ + stars: | 2024-05-16 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Read preview16 House Democrats on Thursday voted for a bill designed to force President Joe Biden to provide all military aid to Israel — or risk the defunding of crucial national security-related offices. AdvertisementRepublicans in particular have sought to hit Biden for that move, including Rep. Cory Mills of Florida, a Republican who voted against Israel aid but has now introduced articles of impeachment against Biden for withholding that aid. AdvertisementSince October 7, the House has taken a variety of Israel-related votes that have split House Democrats, including one that equated anti-Zionism with antisemitism and another that was designed to crack down on campus antisemitism but faced free speech-related criticism. Last month, 37 House Democrats voted against a bill to provide the military aid to Israel that Biden is now partially withholding. Here are the 16 House Democrats who voted for the bill:

Persons: —, Joe Biden, Israel —, Thomas Massie of, Marjorie Taylor Greene, Warren Davidson, Ohio —, Biden, Cory Mills, I'm, nothing's, Jared Golden of, Greg Landsman, Ohio Organizations: Service, Democrats, Business, Republicans, Democratic, Republican, Department, Pentagon, Defense, State, National Security Council, White, . Jewish Democrats Locations: Thomas Massie of Kentucky, Marjorie Taylor Greene of Georgia, Ohio, Israel, Rafah, Gaza, Cory Mills of Florida, Jared Golden of Maine

☆ Stanley Druckenmiller built a big bullish position in small-cap stocks last quarter
▼ + stars: | 2024-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Stanley Druckenmiller revealed a big bullish position in small-cap stocks last quarter, according to a new regulatory filing. A call option gives an investor the right to buy an asset at a specified — or strike — price within a certain period. As of the end of March, Druckenmiller owned 31,579 call contracts with unknown value, strike price or expiry, according to the filing. The noted investor also took some profit in his big Nvidia bet last quarter by slashing the stake by more than 70%. Other than these changes, Druckenmiller added a sizable stake in semiconductor name Coherent , making it his eighth-biggest holding.

Persons: Stanley Druckenmiller, Russell, Druckenmiller, We've, I'm, Warren Buffett, George Soros Organizations: Duquesne Family Office, U.S . Securities, Exchange, Nvidia, CNBC, Quantum Fund, Duquesne Capital Management Locations: Duquesne

☆ Chubb is 'ideal fit' for Warren Buffett's investment style, says Deutsche Bank
▼ + stars: | 2024-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's purchase of a 6.4% stake in Chubb makes perfect sense as the insurer checks all the boxes of the Oracle of Omaha's investment criteria, according to Deutsche Bank. "We believe that Chubb is an ideal fit for Warren Buffett's investment philosophy, characterized by high-quality business with strong [returns on equity], a robust economic moat, a proven track record of compounding returns, and a distinguished management team," Deutsche Bank analyst Cave Montazeri wrote in a note to clients. Buffett's Berkshire Hathaway unveiled a $6.7 billion stake in Zurich-based Chubb in a new regulatory filing, ending months of speculation over the identity of the secret stock pick. Deutsche Bank said Chubb has a disciplined approach to underwriting and capital allocation and, in the near term, should benefit from earned pricing above loss costs, strong investment income and growth in its international operations. CB ALL mountain Chubb Deutsche Bank has a buy rating on Chubb and a 12-month price target of $278, implying a 10% gain from Wednesday's close of $252.97.

Persons: Warren Buffett's, Chubb, Warren, Cave Montazeri, Berkshire Hathaway, Montazeri, — CNBC's Michael Bloom Organizations: Oracle, Deutsche Bank, Berkshire, Securities and Exchange Commission, Chubb Deutsche Bank, ISI, Alleghany Corp Locations: Zurich, U.S, Omaha, Berkshire

☆ Warren Buffett finally reveals the mysterious company he’s invested billions of dollars in
▼ + stars: | 2024-05-15 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The mystery is over: Warren Buffett’s Berkshire Hathaway disclosed a major stake in the insurance company Chubb, finally revealing the investment he has kept under wraps since last year. Berkshire revealed it acquired nearly 26 million shares of Chubb in a Wednesday Securities and Exchange Commission filing of the company’s first quarter investments. Buffett, Berkshire’s CEO famous for his investing prowess, has amassed a sizable following of investors who mimic his portfolio moves. The investment in Chubb underscores Berkshire Hathaway’s investment strategy over the past several months. Berkshire also sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its holdings by 78%.

Persons: Warren Buffett’s Berkshire Hathaway, Chubb, Donald Trump’s, Jean Carroll’s, Buffett, Berkshire’s, Buffett’s, Berkshire Hathaway, Nicole Goodkind Organizations: CNN, Wednesday Securities, Exchange Commission, SEC, Berkshire Hathaway’s, Insurance, Indemnity, American Express, Bank of America, Apple, HP Locations: Berkshire

☆ Fed isn't going to reach inflation target due to shelter costs, says 3Fourteen's Warren Pies
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed isn't going to reach inflation target due to shelter costs, says 3Fourteen's Warren PiesWarren Pies, 3Fourteen Research, joins 'Closing Bell' to discuss shelter disinflation and takeaways from the CPI report.

Persons: Warren

☆ Warren Buffett downsized his Apple stake for tax reasons. Here's what it means
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett surprised many by selling a significant portion of his gigantic Apple stake, and his reason for the sale was even more surprising. Buffett, who trimmed Berkshire Hathaway's Apple holding by 13% in the first quarter after reaping enormous gains, suggested that the sale was for tax reasons. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. There's no special tax rate for capital gains in a corporation as they become part of the entity's income. Corporate income tax rate The corporate tax rate in the U.S. averaged 32.1% from 1909 to 2024, with a peak of 52.8% in the late 1960s, according to the Internal Revenue Service.

Persons: Warren Buffett, Buffett, There's, Kelly Gillette Organizations: Apple, Treasury Department, U.S, Internal Revenue Service, Armanino LLP, Apple Berkshire, Berkshire Locations: Berkshire, Omaha, Texas

Search resuls for: "WARREN"

25 mentions found