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☆ Charlie Munger, who was Warren Buffett's right-hand man at Berkshire, dies at 99
▼ + stars: | 2023-11-28 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/3] Berkshire Hathaway Inc Vice Chairman Charles Munger speaks at the Daily Journal annual meeting in Los Angeles, U.S., February 15, 2017. The death of Munger, a Berkshire vice chairman since 1978, marks an end of an era in corporate America and investing. "It's a shock," said Thomas Russo, a partner at Gardner Russo & Quinn in Lancaster, Pennsylvania, and longtime Berkshire shareholder. PHILOSOPHICALLY ALIKESince becoming a Berkshire vice chairman, Munger worked closely with Buffett on allocating Berkshire's capital and not mincing words when he thought his business partner was making a mistake. Money manager Whitney Tilson, who knew Munger personally, said a "generation of investment managers" learned some of their craft from Munger and Buffett.

Persons: Charles Munger, Lucy Nicholson, Warren Buffett's, Charlie Munger, Munger, Berkshire Hathaway, Buffett, Thomas Russo, Gardner Russo, Quinn, Rick Meckler, Charlie, Warren, Paul Lountzis, Whitney Tilson, Tilson, Greg Abel, Ajit Jain, Abel, Buffett's, Howard, CHARLIE, Jain, Lountzis, Russo, Jonathan Stempel, Lewis Krauskopf Svea, Bayliss, Chibuike, Megan Davies, Rosalba O'Brien, Lisa Shumaker Organizations: Berkshire Hathaway, Daily, REUTERS, Cherry Lane Investments, Lountzis, Management, BNSF, Apple, Thomson Locations: Los Angeles , U.S, Berkshire, California, America, Omaha , Nebraska, Lancaster , Pennsylvania, Munger, New Jersey, Wyomissing , Pennsylvania, Omaha, Warren, New York

☆ Berkshire Hathaway vice chairman Charlie Munger dies at 99
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +12 min

Nov 28 (Reuters) - Charlie Munger, the longtime vice chairman and second-in-command to Warren Buffett at Berkshire Hathaway (BRKa.N), died on Tuesday morning at a California hospital. For stock-pickers like us to lose Charlie Munger, would be like if you’re a basketball fan and you lose Bill Russell. "I wouldn't think Berkshire will look much different, apart from Buffett no longer being able to share ideas with Munger. CATHERINE SEIFERT, VICE-PRESIDENT, CFRA RESEARCH, NEW YORK“Berkshire Hathaway shareholders are not going to be directly or negatively impacted from the passing of Charlie Munger. Therewass already a transition plan in place and there's a transition plan in place when Warren Buffett passes away.

Persons: Charlie Munger, Warren Buffett, Charlie, WHITNEY TILSON, BRIAN MOYNIHAN, Charlie Mungerwass, ” BURNS MCKINNEY, Bill Russell, ”, Berkshire Hathaway, ” PHIL ORLANDO, FEDERATED HERMES, BILL, Buffett, Munger, PHILLIP, —, STEVE SOSNICK, “, ” WIN MURRAY, DIAMOND, MARY JO, BILL SMEAD, Warren, ” “ Buffett, Todd Combs, Ted Weschler, ” PAUL LOUNTZIS, Greg Abel, I've, you'll, STEPHEN DODSON, hewass, ” PAUL NOLTE, FOR MURPHY, Warren Buffet, they've, QUINCY KROSBY, RICK MECKLER, CHERRY, NEW VERNON, Hewass, obviouslywass, DOUG KASS, ” THOMAS RUSSO, GARDNER RUSSO, QUINN, CATHERINE SEIFERT, he's, ” ANTHONY SAGLIMBENE, THOMAS HAYES Organizations: Berkshire Hathaway, COOK, APPLE, WHO, KASE, OF, FEDERATED, Berkshire, ” WIN, THE BRETTON, SAN, SYLVEST, NEW, Buffett, GREAT, Global Finance, Markets, Thomson Locations: California, Munger, Berkshire, American, DALLAS , TEXAS, GLENVIEW, CALIFORNIA, CONNECTICUT, DIAMOND HILL, COLUMBUS , OHIO, PHOENIX, ” “ Berkshire, , PENNSYLVANIA, ELMHURST, IL, CHARLOTTE, NC, CHERRY LANE, NEW JERSEY, LANCASTER , PENNSYLVANIA, Munger . Berkshire, TROY , MICHIGAN, GREAT HILL

☆ Fact Check-False claim of COVID vaccine link to AIDS-related illnesses recirculates
▼ + stars: | 2023-06-06 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

The Expose article says that its central claim is based on a “cherry-picked” list of conditions associated with AIDS and HIV infection. Any increase in the incidence of the listed conditions “would not necessarily be proof that the COVID-19 vaccines cause weakened immune systems,” Mimiaga noted. The claim that COVID vaccines can cause “vaccine-acquired immunodeficiency syndrome” or “VAIDS” has been shared since 2021. Similar claims that COVID vaccines cause HIV infections, AIDS or AIDS-like immune weakening have also been debunked (here), (here). The posts stem from a story that uses unreliable data to falsely suggest a link between COVID vaccines and AIDS-associated diseases and cancers, according to independent health experts.

Persons: ”, VAERS, Matthew Mimiaga, Mimiaga, Thomas Russo, ” Mimiaga, ” Russo, Read Organizations: Reuters, U.S, U.S . Centers for Disease Control, Prevention, CDC, Facebook, Food and Drug Administration, University of California, Fielding School of Public Health, ”, myocarditis, University, Buffalo Jacobs School of Medicine, Biomedical Sciences Locations: United States, Los Angeles, COVID

☆ CNBC Pro Talks: Buffett disciple says capital discipline is an 'adage' at Berkshire Hathaway
▼ + stars: | 2023-05-05 | by ( Alex Harring | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Pro Talks: Buffett disciple says capital discipline is an 'adage' at Berkshire HathawayThomas Russo became a value investor more than 40 years ago after meeting Warren Buffett at Stanford Business School in the early 1980s. Incorporating Buffett's style of value investing, Russo managed to grow assets in his Semper Vic Partners funds at Gardner Russo & Quinn to more than $9 billion. Watch what he expects from the annual Berkshire Hathaway shareholder meeting and where he's finding opportunities in today's tricky market.

☆ Fact Check-COVID ‘monovalent’ vaccines not banned, FDA approval not withdrawn
▼ + stars: | 2023-04-25 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

But the original vaccines remain licensed in the United States and are not “banned” as suggested by some social media users. An FDA spokesperson also commented on the agency’s official Twitter account: “It's probably worth clarifying that the monovalent vaccines are still approved (licensed). EUA information for the Moderna and Pfizer vaccines can be seen on the FDA website (here) , (here). The FDA withdrew authorizations for emergency use of Pfizer-BioNTech and Moderna monovalent COVID vaccines while authorizing use of the updated, bivalent versions in all age groups. The agency did not withdraw its approval or license of the original vaccines, nor “ban” their use.

☆ Warren Buffett, in annual letter, stays upbeat and preaches patience
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire's. And I doubt very much that any reader of this letter will have a different experience in the future." "Buffett is very humble in assessing his own investment prowess, and unnecessarily so," said Thomas Russo, a partner at Gardner Russo & Quinn and longtime Berkshire investors. It also became a big seller of stocks including Taiwanese semiconductor maker TSMC (2330.TW) late in the year, while stepping up repurchases of its own stock. Buffett also urged investors not to dwell on near-term market conditions - he said Berkshire offers "modest protection from runaway inflation, but this attribute is far from perfect."

☆ Buffett's Berkshire posts record annual operating profit
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and lower gains from investments caused fourth-quarter profit to fall. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Profit also fell at the BNSF railroad, while Berkshire generated more profit from its energy businesses and more income from its insurance investments as interest rates rose. For all of 2022, Berkshire lost $22.82 billion, largely because of losses in its $308.8 billion common stock portfolio. "We're delighted to see the growth in float," said Thomas Russo, a partner at Gardner Russo & Quinn who helps invest $8 billion, about 17% of which is in Berkshire stock.

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☆ Buffett's Berkshire has record annual operating profit despite inflation, rate pressures
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter. Buffett called 2022 a "good year" for Berkshire in his annual shareholder letter, after the conglomerate's dozens of businesses generated $30.8 billion of profit despite rising inflation and supply chain disruptions, including from the war in Ukraine. Berkshire also bulked up its cash hoard, ending the year with $128.6 billion after selling about $16.3 billion of stocks in the fourth quarter. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Berkshire projected that Geico, which shed 7% of its 41,000-person workforce last year, will generate an underwriting profit in 2023.

☆ TSMC out of favor with slew of funds alongside Berkshire, filings show
▼ + stars: | 2023-02-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The announcement drove shares in TSMC down 6% on Wednesday, although they remain up 23.5% this year. Equity long-short hedge fund Tiger entirely sold its 1.3 million shares in TSMC in the fourth quarter, a stake worth $119 million at current prices. Fund manager Capital Group also sold over 9.5 million shares in the chipmaker, regulatory filings showed. JPMorgan and BlackRock dumped roughly 4 million shares in TSMC each. On Tuesday, Charles Munder, a director and vice-chairman of Berkshire, said TSMC is the "strongest semiconductor company on earth," without elaborating on the reasons for the sale.

☆ Fact Check-Pepto-Bismol not a proven treatment for COVID-19
▼ + stars: | 2022-12-09 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

Pepto-Bismol, the familiar pink over-the-counter medicine, might be expected to ease diarrhea symptoms in people with or without COVID-19. The claim that “big pharma” is hiding the benefits of Pepto-Bismol as a treatment for COVID-19 is part of a narrative that COVID-19 was manufactured for the pharmaceutical industry as a source of profit, previously debunked by Reuters (here). Bruce Yacyshyn, an adjunct professor at the University of Cincinnati and co-principal investigator of the Pepto-Bismol clinical trial, told Reuters via email that there was a valid scientific reason to test the medication in the context of COVID-19. But it remained as yet an “unproven treatment” for the virus because “no placebo controlled, randomized clinical trial data is yet available for this drug in this indication.”WHY PEPTO-BISMOL? There is no scientific evidence that Pepto-Bismol provides any benefit as a treatment for COVID-19, and a clinical trial testing that question has not yet produced results.

☆ Fact Check-The common cold is an upper respiratory illness, not a detox process
▼ + stars: | 2022-11-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

While it remains true that there is no cure for the common cold, social media users are sharing a misleading message that the common cold is itself a “cure” for built-up toxins and debris. The common cold is the body’s response to infection by a variety of common viruses, and there is no evidence that cold symptoms have a detoxifying effect, experts told Reuters. But the most common cause is the large family known as the rhinoviruses (here) (here). Social media claims that the common cold is actually a detox capable of removing toxins from the body are false, Russo said in a phone interview. Like common cold viruses, RSV is a respiratory virus that transmits from person to person and typically causes moderate cold symptoms in most people.

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