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Read previewWell-known investor Charlie Munger has died at the age of 99 after a decades-long career. In the last decades of his life, Munger began selling or donating the majority of his Berkshire stock. You're going to crater immediately. If you've got two suitors who are eager to have you, but one is way better than the other, you're going to choose that one rather than the other. If you don't, you're going to need a lot of luck."
Persons: , Charlie Munger, Munger, Berkshire Hathaway, Warren Buffett, Buffett, I'm, Bonnie Schiffman, you've, it's, We're, Warren Organizations: Service, Forbes, CNBC Locations: Berkshire, Omaha, Berkshire Hathaway
Price drops may be needed to thaw the housing market, which could take years, Zandi said. Kelman expects home prices to drop next year, as listings are up and sellers are cutting prices. AdvertisementHouse prices may be headed lower, dealing a blow to sellers but providing relief to buyers, two experts say. The housing market ground to a halt this year, as the Federal Reserve's inflation-fighting hikes to interest rates have boosted mortgage rates to two-decade highs. "I don't expect the housing market to come roaring back here, certainly not in 2024," he said.
Persons: Mark Zandi, Glenn Kelman, Price, Zandi, Kelman, , Morgan Stanley's, there's, we've, Redfin's Kelman Organizations: Service, Yahoo Finance, Fox
A movie director used Netflix funds to trade options and cryptocurrencies, The New York Times said. "47 Ronin" director Carl Erik Rinsch bet on Gilead Sciences and dogecoin, and against the S&P 500. He lost $6 million on options, but a winning bet on dogecoin boosted his balance to $27 million. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementA Hollywood director took millions of dollars of production funding from Netflix and used it to trade stock options and cryptocurrencies, The New York Times said on Wednesday.
Persons: Carl Erik Rinsch, dogecoin, , Here's, Carl Erik Rinsch's, Rinsch's, Rinsch, Gilead, Dogecoin, Constantin, Rinsch didn't Organizations: The New York Times, Gilead Sciences, Service, Netflix Locations: The, Gilead
Warren Buffett has made giving away Berkshire Hathaway stock a Thanksgiving tradition. He just donated $866 million worth of shares to his family's foundations, echoing last year's gift. Buffett discussed wealth and philanthropy, and revealed fresh details about his estate planning. The famed investor donated close to $900 million worth of his company's stock to four of his family's foundations on Tuesday, topping his nearly $800 million gift last November. He gave 1.5 million B shares to The Susan Thompson Buffett Foundation, named after his late wife, and 300,000 shares to each of his three children's organizations: The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation.
Persons: Warren Buffett, Buffett, , Warren Buffett's, Susan Thompson Buffett, Howard G, Melinda Gates, — Howard, Susan, Peter —, Greg Abel Organizations: Berkshire Hathaway, Service, Berkshire Hathaway's, Susan Thompson Buffett Foundation, The Sherwood Foundation, Buffett Foundation, NoVo Foundation, Melinda Gates Foundation, Berkshire Locations: Berkshire
Ted Gioia made a $6 million error when he cashed in his Apple stock about 25 years ago. The jazz critic bought 300 shares in the 1980s that would have been worth $6.4 million today. AdvertisementA management consultant turned jazz critic made a $6 million mistake when he sold Apple stock about 25 years ago. Gioia purchased 300 Apple shares, paying only a little above the company's IPO price. "Without Jobs, Apple failed every time it tried something new, for example the Newton handheld device, which was a huge disaster—and almost a joke," Gioia continued.
Persons: Ted Gioia, , Gioia, Apple, Steve Jobs, Jobs, Tim Cook, Cook Organizations: Apple, Service, Stanford, Boston Consulting Group, Newton, McKinsey
Sam Altman was ousted from OpenAI then accepted a top job at Microsoft over the weekend. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOver the course of a whirlwind weekend, OpenAI cofounder Sam Altman was ousted from ChatGPT's parent company and promptly accepted a job running a new AI research team at Microsoft. [Microsoft CEO Satya] Nadella says they're still committed to OpenAI. (Ware predicted brain drain as other OpenAI employees follow Altman to Microsoft or join other rivals now he's no longer in charge.)
Persons: Sam Altman, OpenAI, , Microsoft didn't, Dan Ives, Altman, — that's, Jason Ware, They've, Satya, Nadella, they're, They're, Ware, Ben Laidler, Emmett, Joshua Mahony, Jim, Fan, Satya swoops, I'm, Jason Calacanis, It's Organizations: Microsoft, Wall Street, Service, Nasdaq, Albion Financial, CNBC, Markets, Nvidia Locations: OpenAI
Warren Buffett's Berkshire Hathaway has built a record $157 billion pile of cash and Treasuries. Buffett is gearing up to snag bargains and strike deals once the economy weakens, Steve Hanke says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "This is classic Buffett," Hanke, a professor of applied economics at Johns Hopkins University, told Markets Insider in a recent interview. The Berkshire boss will profitably put his dry powder to work once the economy slumps, Hanke said.
Persons: Warren, Berkshire Hathaway, Buffett, Steve Hanke, Hanke, , Warren Buffett, they've, who's, Ronald Reagan, Goldman Sachs, Berkshire's, Lee Munson Organizations: Service, Johns Hopkins University, Fed, Toronto Trust, Electric, Dow Chemical, Swiss, Berkshire Locations: American, Toronto Trust Argentina, Berkshire
Market prophet Gary Shilling issued a raft of dire warnings to investors in an interview this week. Stocks may crash 30%, a recession is imminent, and commercial real estate is a bubble about to burst, he said. AdvertisementStocks could crater by 30%, the US economy is careening toward recession, and commercial real estate is a bubble about to burst, a legendary market prophet warned this week. "I think the biggest bubble right now is commercial real estate. This isn't of the magnitude of the subprime-mortgage bonanza, but I think it is a bubble which is beginning to crack."
Persons: Gary Shilling, Shilling, , Julia La Roche, I've, they've, we're, John Paulson Organizations: Service, Federal Reserve
Stocks could plummet by as much as 30%, a legendary Wall Street forecaster has said. He said he was betting on Treasury bonds and the US dollar and against stocks and commodities. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPrepare for stocks to plunge by a third and a recession to strike imminently, a legendary market forecaster has said. "You'd have a further decline of about 30% from here to get that 40% overall decline, peak to trough," he said.
Persons: Gary Shilling, , I've, Julia La Roche, we're, Shilling, Merrill Lynch's, he's Organizations: Wall, Service, Co, Reserve
Warren Buffett's Berkshire Hathaway held a record $157 billion of liquid assets at the last count. Berkshire is betting on growth and value with Apple and Bank of America, the wealth manager says. AdvertisementWarren Buffett's stack of cash is bigger than ever because he spies problems on the horizon and he's struggling to find bargains, one wealth manager says. Buffett's Berkshire Hathaway held a record $157 billion in liquid assets like dollars and Treasury bills on September 30. AdvertisementMunson said that Berkshire is essentially pursuing a barbell strategy of owning both growth and value stocks.
Persons: Warren, Berkshire Hathaway, Lee Munson, , Buffett, He's, Kraft Heinz, he's, Munson Organizations: Berkshire, Apple, Bank of America, Service, Wealth, Yahoo Finance, Chevron, Big Tech Locations: Berkshire, Japan
David Beckham's mentor, Sir Alex Ferguson, praised Warren Buffett in his book about leadership. Like Buffett, soccer-club owners should be a source of funding and advice when needed, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSoccer-team owners should lead like Warren Buffett, according to the legendary manager who mentored David Beckham. Insider has spoken to several CEOs of Berkshire subsidiaries in recent years, and they've painted a similar picture to Ferguson.
Persons: David Beckham's, Sir Alex Ferguson, Warren Buffett, Buffett's, Buffett, , David Beckham, Michael Moritz, Berkshire Hathaway, Ferguson, they've, Charlie Munger, He's, Steve Jobs, Jobs Organizations: Manchester United, Service, Premier League, Cup, Berkshire, American Express, Football Locations: Berkshire
The famed investor's company reported lower revenues and profits in several divisions last quarter. Here's a roundup of Berkshire's weak spots last quarter:BNSF Railway - operating revenues fell by 12% and earnings by 15%. Manufacturing: consumer products - revenues fell by 2% in the third quarter and 13% in the nine months to September. AdvertisementAdvertisementBuffett foreshadowed the challenges, warning in May that most of Berkshire's businesses would report profit declines this year. While the US has escaped recession so far, Berkshire's earnings suggest there are some cracks in the economy.
Persons: Warren, Berkshire Hathaway, Here's, , Clayton, Buffett Organizations: Service, BNSF Railway, Manufacturing, Clayton Homes, Federal Reserve Locations: Berkshire, Forest
A "Black Swan" investor says there's a huge debt bubble and the Fed's policies will end in disaster. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I don't think that should be a controversial statement." "Treasuries are not a safe haven, they're very much a hopeful haven. I think that they're pretty cheap right now, frankly, so I don't want to trash them too much.
Persons: there's, Mark, Treasuries, Spitznagel, , Mark Spitznagel, it's, They've, It's, Peter Lynch, I'm Organizations: Service, Universa Investments, Yahoo Finance
Jeffrey Sherman touted bonds over stocks and flagged signs of weakness in the US economy. DoubleLine's deputy chief investor told Insider the Federal Reserve is an "enemy to everything." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementBonds are more enticing than stocks, the US economy is showing cracks, and the Federal Reserve is an enemy to investors, according to Jeffrey Sherman. He warned investors against trusting the central bank to balance inflation and growth while also shoring up asset prices.
Persons: Jeffrey Sherman, Sherman, , Jeffrey Gundlach's, TCW, scrambles Organizations: Reserve, Service, Federal Reserve, Bank, Fed
Households are being hit hard by inflation and higher interest rates, Kevin O'Leary says. AdvertisementAdvertisementHe said the retailer's customers are "getting killed," adding: "They can't afford to fill their cars with gas. They can't afford to put a good meal on the table for their families. They can't afford their rent. They can't afford their insurance."
Persons: Kevin O'Leary, , O'Leary, that's, Bernie Marcus, Richard Drew, Marcus Organizations: Service, Fox News, Federal Reserve, Depot, Fox
His company Berkshire Hathaway sold over $5 billion of stocks on a net basis, its earnings show. Berkshire's cash pile grew to a record $157 billion, surpassing Disney's market capitalization. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway grew its cash pile by 7% to an astounding $157 billion last quarter, smashing the conglomerate's previous record of $149 billion in late 2021. They poured a record $68 billion into stocks last year, or $34 billion on a net basis. Their total cash and cash equivalents fell by 21% to $26 billion between January and September, while their short-term Treasury pile swelled by 36% to $126 billion.
Persons: Warren Buffett, Berkshire Hathaway, , Warren, Buffett, . Buffett, Charlie Munger Organizations: Berkshire, Service, Disney, Travel Centers, BNSF Railway, Berkshire Hathaway Energy Locations: Alleghany, Berkshire
The AI-fueled boom in the "Magnificent 7" tech stocks has propped up the stock market this year. AdvertisementAdvertisementSmead emphasized the Magnificent Seven are "the only thing keeping the rally in the S&P 500 index alive this year." He included a chart showing the 10 largest S&P 500 stocks by market cap have accounted for an unprecedented 96% of the index's performance for 2023. "AI looks like tech stock and S&P 500 index life support to us," Smead said. "What happens if the seven stocks that have propped up the passive S&P 500 Index go through what every stock of popularity has done historically?
Persons: Bill Smead, , Smead, Watson Organizations: Service, Smead Capital Management, Big Tech, Microsoft, Nvidia, Department, Federal
Jamie Dimon expects the Federal Reserve's war on inflation to shake markets at some point. Dimon warns overseas conflicts are a key concern and could hit the American economy. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementInvestors should prepare for turmoil as the Federal Reserve forges ahead in fighting inflation, Jamie Dimon says. "It'll have an effect on the economy, and it may determine whether the economy goes to hard landing or soft landing," Dimon said.
Persons: Jamie Dimon, Dimon, , there's hasn't, Warren Buffett Organizations: Service, Federal Reserve, JPMorgan, Yahoo Finance, Reserve, First Republic Locations: Ukraine, Israel, Europe, China
Charlie Munger avoids fashion stocks like Nike, but he'd invest in Hermès at a compelling price. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementCharlie Munger isn't a fan of fashion retail, but there's one luxury stock he'd own at the right price. Buffett's business partner also touched on Kraft Heinz, which counts Berkshire as its biggest shareholder with a nearly 27% stake. AdvertisementAdvertisement"Kirkland is a brand the way Tide is a brand, and Hermès is a different kind of a brand," Munger said.
Persons: Charlie Munger, Warren Buffett's, Munger, , Charlie Munger isn't, I'm, Birkin, Hermès, Kraft Heinz, Heinz, Kirkland Organizations: Nike, Service, Berkshire Hathaway's, Berkshire, Kraft Locations: Hermès, Berkshire
Elon Musk, Jamie Dimon, and Ray Dalio all have serious concerns about the US economic outlook. Leon Cooperman, David Solomon, and David Rosenberg have also predicted trouble in recent days. AdvertisementAdvertisementJamie Dimon, Elon Musk, and Ray Dalio are just some of the high-profile commentators who've raised the alarm on the economic outlook in recent days. Elon Musk, CEO of Tesla"I think there's still quite a few shoes to drop on the bad credit situation. David Rosenberg, president of Rosenberg Research"I am willing to acknowledge that the recession has been delayed.
Persons: Elon Musk, Jamie Dimon, Ray Dalio, Leon Cooperman, David Solomon, David Rosenberg, , who've, Jeremy Grantham, Tesla, I'm, Rosenberg, We've, Goldman Sachs, there's, we've, Larry Fink, Fink, Stephen Schwarzman, Blackstone, we'll, Harley Bassman Organizations: Service, JPMorgan, Omega, Bridgewater Associates Locations: Israel, Ukraine, China
Warren Buffett's Berkshire Hathaway should be part of a "Magnificent Eight," Jim Worden says. AdvertisementAdvertisementThe "Magnificent Seven" should be expanded to include Warren Buffett's Berkshire Hathaway, one investment chief says. Berkshire commands a larger market capitalization than Tesla or Meta, but it's not counted as a member of the Magnificent Seven because it's not a fast-growing technology company. Including it would provide significant diversification to the group of high-flying stocks, Worden said. It also holds roughly $350 billion worth of stocks, including multibillion-dollar stakes in Apple, Bank of America, Chevron, Coca-Cola, and Kraft Heinz.
Persons: Warren, Berkshire Hathaway, Jim Worden, , Warren Buffett's Berkshire Hathaway, I'm, it's, Worden, Kraft Heinz, Buffett, Charlie Munger, Munger Organizations: Service, Apple, Microsoft, Nvidia, Wealth Consulting, Berkshire, Bank of America, Fed Locations: Chevron, Berkshire, Treasuries
The "Shark Tank" investor says crypto needs a killer app, and NFTs will stage a comeback. "I am really, really, really good at sales. I'm gonna find a sales job, and I'm gonna learn more about that industry than anybody on the planet. And I'm gonna set a commission as high as I possibly can. Someday you're gonna turn around and say to yourself, 'I should have bought those damn NFTs when they were next to nothing.'"
Persons: Mark Cuban, , Cuban, I'm, I've, Rick Bowmer, Alexa, Crypto, That's, grandma, they're Organizations: Service, Dallas Mavericks, Yahoo, Facebook, Cuban, Amazon, Microsoft Locations: ChatGPT
Mark Zuckerberg's Meta has recorded nearly $50 billion of metaverse losses in under five years. "We expect our RL operating losses to increase meaningfully in 2024," they noted in Meta's third-quarter earnings. Meta's metaverse losses to date exceed the market capitalization of Ford ($45 billion), Keurig Dr. Pepper ($41 billion), Hershey ($39 billion), Kraft Heinz ($39 billion), and many other large companies. They could soon overtake Lululemon ($49 billion), Chipotle ($50 billion), Target ($51 billion), and Monster Beverage ($52 billion) in size. They would also be worth nearly half as much as Zuckerberg ($105 billion).
Persons: Mark Zuckerberg's Meta, Kraft Heinz, Nike's Phil Knight, Nvidia's Jensen Huang, Ken Griffin, , Zuckerberg's Meta, Zuckerberg, Dr, Pepper, Phil Knight, Jensen Huang, Taylor Organizations: Ford, Hershey, Service, Reality Labs, Lululemon, Monster Beverage, Bloomberg, Nike, Nvidia, Citadel, Meta, NBA Locations: Meta's
The Israel-Hamas conflict may trigger a global recession and financial crisis, Jim Rickards says. The Wall Street veteran flagged the risks of rising oil prices, weaker demand, and de-dollarization. AdvertisementAdvertisementIf the Israel-Hamas conflict spreads, it could spark a worldwide downturn and financial catastrophe, one Wall Street veteran has warned. "We're losing the financial war in Ukraine, we're losing the financial war to the BRICs," he continued, referring to Brazil, Russia, India, China, and South Africa. AdvertisementAdvertisementRickards isn't the only expert sounding the alarm on the Israel-Hamas conflict.
Persons: Jim Rickards, , Julia LaRoche, Rickards, We're, we're, Ray Dalio Organizations: Wall Street, Service, Wall, Hezbollah, Israel, Citibank, Term Capital Management, West Texas Locations: Israel, Gaza, Lebanese, Iran, American, Brent, Russia, Ukraine, Brazil, India, China, South Africa
Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, and Steve Schwarzman all shared their views. They tackled topics such as inflation, recession, the Israel-Hamas war, and commercial real estate. JPMorgan CEO Jamie Dimon, BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, Blackstone CEO Steve Schwarzman, and Bridgewater Associates founder Ray Dalio all shared their views. They touched on everything from the Israel-Hamas conflict and pressures on commercial real estate to inflation, interest rates, fiscal and monetary policies, and the risk of recession. David SolomonThe Goldman Sachs chief recalled the boom in mergers and acquisitions coming out of the pandemic, as massive amounts of fiscal stimulus and rock-bottom interest rates fueled "extreme confidence."
Persons: Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, Steve Schwarzman, , Goldman Sachs, Blackstone, Dalio, Dimon, Fayez Nureldine, David Solomon The Goldman Sachs, that's, Solomon, Fink, aren't, he's, we'll, Schwarzman Organizations: Service, Future Investment Initiative, Tuesday, JPMorgan, BlackRock, Bridgewater Associates, Getty Locations: Saudi Arabia, Israel, Russia, Ukraine, Riyadh, AFP
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