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☆ Warren Buffett's deputy isn't in 'The Big Short' like Michael Burry - but he also bet against the housing bubble and spoke to Michael Lewis
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"The Big Short" starred Michael Burry and others who bet the mid-2000s housing bubble would burst. Author Michael Lewis phoned Combs to talk about his housing wager while researching "The Big Short." AdvertisementAdvertisementMichael Burry and the other stars of "The Big Short" weren't the only investors to uncover the toxic assets underpinning the mid-2000s housing bubble, and place bets on its spectacular collapse. Lewis said he was working on a book about the whole situation that would become "The Big Short." AdvertisementAdvertisementCombs finished the story by saying he enjoys being "one small little piece" of the fascinating backstory behind "The Big Short."

Persons: Michael Burry, Todd Combs, Warren Buffett's, Michael Lewis, Combs, —, Warren, Ted Weschler, Baupost Group's Seth Klarman, Klarman, Bear Stearns, Lewis, Steve Eisman, Danny Moses, Greg Lippmann, Buffett, it's Organizations: Service, Berkshire Hathaway's, Countrywide, Washington, Long, Mortgage, Street, Securities and Exchange Commission Locations: Berkshire, Bear Stearns

☆ Charlie Munger trashed crypto, warned AI hype seems overblown, and talked poker and donuts at a private event. Here's an inside look at his Zoomtopia keynote.
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Charlie Munger panned crypto, warned about AI hype, and trumpeted Zoom at Zoomtopia last week. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementCharlie Munger trashed cryptocurrencies, warned the AI buzz seems overblown, and praised Zoom for keeping him connected during his closing keynote at Zoomtopia on October 4. Craig Durr, research director at The Futurum Group:"Munger shared his seasoned perspective on crypto and AI – both of which he was skeptical about. He said communications help drive business, and business success is about focus and consistency.

Persons: Charlie Munger, Warren Buffett's, —, Eric Yuan, hasn't, Zoom, Tobi Tungl, Craig Durr, Munger, Eric Yuen, Mark Friedler, Warren Buffett, Eric Kunnen, Charlie, Melody Brue, doesn't, Eric, David Maldow Organizations: Service, Berkshire Hathaway's, CTI, Grand Valley State University, Moor Locations: Zoomtopia, cryptocurrencies, Grand

☆ Elite investor Jim Rogers rings the alarm on US debt and dollar dominance - and warns of bubbles in stocks and real estate
▼ + stars: | 2023-10-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

George Soros' former business partner said stocks, bonds, and real estate are widely overvalued. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementAmerica's debts have ballooned to dangerous highs, the US dollar's dominance won't last, and there are bubbles in stocks, bonds, and real estate across many countries, Jim Rogers has warned. Rogers is best known as George Soros' former business partner, and the cofounder of Quantum Fund and Soros Fund Management. In May, he predicted the worst bear market of his life with "trouble" across stocks, bonds, real estate, and currencies.

Persons: Jim Rogers, George Soros, Rogers, —, dollarization Organizations: Service, YouTube, Quantum Fund, Soros Fund Management Locations: United States, China, Brazil, Russia, India, South Africa

☆ Be ready for the S&P 500 to crash by 50%, house prices to slide, and a recession to strike, Jeremy Grantham says. Here are the elite investor's 16 best quotes from a new interview.
▼ + stars: | 2023-10-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

The elite investor sees house prices falling and predicts a recession will strike next year. AdvertisementAdvertisementJeremy Grantham floated the possibility of a 50% crash in the S&P 500, predicted US house prices would drop, and rang the recession alarm during the latest episode of Bloomberg's "Merryn Talks Money" podcast. They're vulnerable on the debt front, vulnerable on the financial front, and vulnerable on a broad economic front." "An over 40-year period of driving down mortgage rates, of course you drove up house prices all over the world, pretty much. "House prices are worse for the ordinary household.

Persons: Jeremy Grantham, —, Merryn, bitcoin, It's, Russell, overpricing, it's, They've Organizations: Service, Commodities

☆ Legendary investor Jeremy Grantham warns the S&P is likely to crash by 30% - and could nosedive 50% if the 'wheels fall off'
▼ + stars: | 2023-10-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The S&P 500 will likely plunge by 30%, and could be cut in half, Jeremy Grantham says. AdvertisementAdvertisementThe S&P 500 is likely to crash by 30%, and could nosedive by over 50%, Jeremy Grantham has warned. He also predicted that US house prices will slump and a recession will strike next year, and dismissed bitcoin as a con. AdvertisementAdvertisement"My guess is we will have a recession," Grantham said. The steeper mortgage rates will "drive down" house prices, Grantham said.

Persons: Jeremy Grantham, Grantham, bitcoin, —, Merryn, who's, he's Organizations: Service, Apple, Nvidia —, Consumers, Federal Reserve Locations: Grantham

☆ 'Bond King' Bill Gross warns mortgage rate surge will hammer homebuilding – and may herald an economic downturn
▼ + stars: | 2023-10-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Soaring mortgage rates could be bad news for the economy, Bill Gross tells Insider. AdvertisementAdvertisementThe housing market is grinding to a halt as borrowing costs soar, paving the way for a broader economic downturn, Bill Gross said. The hikes have caused 30-year mortgage rates to soar from below 3% in late 2021 to about 7.7% — their highest level in more than 20 years. A key reason is a supply shortage, as many homeowners have locked in cheap mortgages rates and are loath to lose them by selling. Gross expected high mortgage rates to temper demand for new home construction – a leading indicator for the wider economy.

Persons: Bill Gross, —, Gross, Powell Organizations: Service, Federal Reserve

☆ Apple CEO Tim Cook just sold 13% of his stock for $42 million after taxes
▼ + stars: | 2023-10-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Apple CEO Tim Cook just sold $88 million of his stock, earning about $41.5 million after taxes. The iPhone maker's boss cashed in 13% of his stake, but still owns shares worth $570 million. The disposals generated around $88 million of gross proceeds, but roughly $44 million was withheld by Apple to cover the taxes incurred. For example, he sold $752 million worth of Apple stock in August 2021, netting himself around $355 million after taxes. Following his latest trades, Cook owns about 3.3 million Apple shares, a position worth $570 million as of Wednesday's close.

Persons: Tim Cook, Cook, —, Apple, Tesla, Warren Buffett's Berkshire Hathaway, Buffett Organizations: Apple, Service, TSR, Nvidia, Tech Locations: Warren

☆ Warren Buffett has only topped Forbes' rich list once – while Bill Gates ranked first for 24 years straight
▼ + stars: | 2023-10-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Yet the famed investor has only topped Forbes' list of the wealthiest Americans once, in 1993. AdvertisementAdvertisementWarren Buffett has been a billionaire for nearly four decades – but only topped Forbes' annual list of the 400 richest Americans on one occasion, back in 1993. He has topped the Forbes list 25 times, including for 24 consecutive years between 1994 and 2017. Individuals worth less than $10 billion topped Forbes' rankings every year between 1982 and 1994. The leader was worth below $90 billion each year until 2018, when Bezos ranked first with a $160 billion fortune.

Persons: Warren Buffett, Buffett, Bill Gates, —, Forbes, Daniel Ludwig, Gordon Getty, Sam Walton, John Kluge, Jeff Bezos, Elon Musk, Gates, Larry Ellison, he's, outshone Buffett, –, Alice Schroder, Rick Wilking, Melinda French Gates, Bezos Organizations: Forbes, Service, Walmart, Microsoft, Amazon, SpaceX, Oracle, Berkshire Hathaway, Gates Locations: Berkshire, Omaha

☆ Don't thank the Fed for tackling inflation — it caused the problem, Wharton professor Jeremy Siegel says
▼ + stars: | 2023-10-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The Fed shouldn't get credit for tackling the inflation threat, Jeremy Siegel says. The "Wizard of Wharton" blames the Fed for the US money supply soaring and prices surging. The Fed has caused a "permanent loss of purchasing power" for workers and savers, Siegel says. He also underscored the unnecessary pain that the Fed caused by not only buying bonds to stimulate the economy, but also funding the government's spending spree. AdvertisementAdvertisement"Powell and his Fed deserve little praise for fixing a problem they caused," Siegel said in his WisdomTree column.

Persons: Jeremy Siegel, Wharton, Siegel, —, Jerome Powell, that's, Powell Organizations: Fed, Service, Reserve, American Locations: Russia, Ukraine

☆ Sunny days for the US economy could end abruptly if these 2 'storm clouds' hit, JPMorgan's Jamie Dimon warns
▼ + stars: | 2023-10-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The US economy is in good shape but there are "storm clouds" on the horizon, Jamie Dimon says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe US economy is enjoying sunny weather, but a storm may be brewing on the horizon, JPMorgan CEO Jamie Dimon has warned. We don't know if they're going to hit, when they're going to hit, what they're going to do." Dimon advised people to be prepared for interest rates to hit 7%, and he didn't rule out a painful downturn.

Persons: Jamie Dimon, stagflation, —, Dimon, underscoring, isn't, Jane Fraser Organizations: JPMorgan, Service, Bloomberg, JPMorgan Tech, Federal, Fed, Citi, CNBC Locations: Russia, Ukraine

☆ Warren Buffett's Berkshire Hathaway has now cashed in $540 million of HP stock in under a month
▼ + stars: | 2023-10-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway sold another $130 million of HP shares in three days. The investor's company has now cashed in about $540 million of the computing stock in under a month. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway jettisoned another $130 million worth of HP stock during the last three trading days, it revealed in a regulatory filing on Monday. Buffett's conglomerate owned nearly 121 million shares, or 12.3% of HP, before it began selling on September 11. Prior to last month, Buffett's company hadn't touched the holding since last April.

Persons: Warren, Berkshire Hathaway, —, hadn't, Bill Hewlett, David Packard, Buffett —, Buffett, haven't, Todd Combs, Ted Weschler Organizations: HP, Service, Vanguard, Berkshire, Hewlett, Packard, HP Inc, Apple, Bank of America, American Express Locations: Berkshire, Monday's, California, Bank

☆ Elon Musk slams one wealth measure as flawed, as he owns stock in his companies not a 'giant pile of cash'
▼ + stars: | 2023-10-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Musk said he isn't raking in cash, but instead owns big stakes in companies he helped to build. "Technically, I 'lose' way more than that every time Tesla stock randomly drops," he added. The value of Musk's Tesla position is calculated by taking the total number of shares he owns and dividing that figure by the company's stock price. Tesla shares have doubled this year and soared more than tenfold within the past four years. For example, Warren Buffett is worth an estimated $117 billion, as he owns $116 billion worth of stock in his Berkshire Hathaway conglomerate.

Persons: Elon Musk, Musk, —, Tesla, Warren Buffett Organizations: SpaceX, Service, Bloomberg, Twitter, Berkshire Hathaway Locations: Berkshire

☆ 'Shark Tank' investor Kevin O'Leary warns commercial real estate woes will topple banks and throttle businesses
▼ + stars: | 2023-10-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Kevin O'Leary is worried about commercial real estate, regional banks, and small businesses. O'Leary wants to boost protections on payroll accounts to ensure companies can pay their workers. AdvertisementAdvertisementPressure is building on regional banks, commercial real estate developers, and small businesses, Kevin O'Leary has warned. AdvertisementAdvertisement"We're going to see more cracks in regional banks, and that's putting pressure on the loan books of those banks which are hitting small business," O'Leary said. The founder of O'Leary Funds and O'Leary Ventures urged lawmakers to support a $100 million guarantee for non-interest-bearing accounts, which would protect payroll accounts.

Persons: Kevin O'Leary, O'Leary, —, " O'Leary, They've Organizations: Service, Fox Business, Federal Reserve, Federal Deposit Insurance Corp, O'Leary Funds, O'Leary Ventures Locations: Regional

☆ Stocks may be at risk as the Fed's rate hikes and bond disposals squeeze valuations, hedge-fund billionaire David Tepper says
▼ + stars: | 2023-10-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

David Tepper expects stock valuations to fall due to interest rates and quantitative tightening. The Fed has also hiked interest rates from nearly zero to north of 5% over the last 18 months. As a result, stocks can fall if their earnings fall (earnings compression), or if their earnings multiple shrinks (multiple compression.) His latest bet underscores the big returns available to investors at virtually no risk thanks to higher rates. "Interest rates are to asset prices like gravity is to the apple," Buffett said in 2013.

Persons: David Tepper, Tepper, —, CNBC's Scott Wapner, Warren Buffett, Buffett Organizations: Service, Appaloosa Management, Federal Reserve, CNBC, Big Tech, Nvidia

☆ Will US house prices soar or plunge? These 5 experts are divided.
▼ + stars: | 2023-09-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

US home prices have shrugged off the surge in mortgage rates over the past 18 months. Homeowners don't want to sell and lose their cheap mortgages, while buyers don't want to overpay. Barbara Corcoran, Jeremy Grantham, and other experts are split on whether prices will soar or sink. The upshot has been mortgage rates doubling to over 7%, sparking an affordability crisis. Jeremy Grantham, Barbara Corcoran, David Rosenberg, and other experts have shared drastically different outlooks for home prices.

Persons: Barbara Corcoran, Jeremy Grantham, —, overpay, David Rosenberg Organizations: Service

☆ Hedge fund legend Ray Dalio warns the US will suffer a 'debt crisis' - and predicts an economic slump
▼ + stars: | 2023-09-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Ray Dalio is worried about America's borrowing binge and economic growth cooling. Dalio has previously flagged interest rates, civil unrest, and geopolitical tensions as concerns. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementRay Dalio rang the alarm on the ballooning federal debt, and warned the US economy is set to slump, in a CNBC interview on Thursday. Dalio, an official mentor to Bridgewater's three co-chief investors, cautioned the mountain of federal debt and other challenges could mean US growth dwindles to zero.

Persons: Ray Dalio, Dalio, — Organizations: Service, CNBC, Bridgewater Associates, Association, Federal Reserve Locations: Russia, China, Dalio

☆ JPMorgan CEO Jamie Dimon warns the Russia-Ukraine war and other global clashes are the greatest threat to the world today
▼ + stars: | 2023-09-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Be ready for energy prices to spike and interest rates to climb higher, Jamie Dimon said. The JPMorgan CEO warns geopolitical threats like Russia's invasion of Ukraine are critical concerns. AdvertisementAdvertisementBe prepared for higher energy prices, steeper interest rates, and a potential economic hangover from a reduction in government spending, Jamie Dimon says. But Russia's invasion of Ukraine – and how it's reshaping global relations – is the number one threat to the world, according to the JPMorgan CEO. "I think people should be prepared for higher oil and gas prices, higher rates," Dimon told CNBC-TV18 on Tuesday.

Persons: Jamie Dimon, —, Dimon, we've Organizations: Service, Ukraine –, JPMorgan, CNBC, TV18, Federal Reserve Locations: Ukraine, Russia, European, China

☆ 'Shark Tank' watch: Kevin O'Leary warns about commercial real estate, Barbara Corcoran expects house prices to climb, and Daymond John touts Apple and Amazon
▼ + stars: | 2023-09-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Three "Shark Tank" investors weighed in on stocks, real estate, and cryptocurrencies. Daymond John loves Apple and Amazon; Kevin O'Leary likes index funds but worries about commercial space. AdvertisementAdvertisementA trio of "Shark Tank" investors shared their views on stocks, real estate, and cryptocurrencies in a Fox Business interview on Tuesday. Kevin O'Leary touted index funds, rang the alarm on commercial real estate, and predicted the crypto industry will clean up its act. AdvertisementAdvertisement"Stock picking is really hard," the founder of O'Leary Funds and O'Leary Ventures said.

Persons: Daymond John, Apple, Kevin O'Leary, Barbara Corcoran, —, Daymond John trumpeted Apple, he's, she's, Stocks O'Leary, O'Leary, John, Amazon's, Corcoran, Crypto O'Leary, Sam Bankman, Fried's, I'm Organizations: Service, Fox, O'Leary Funds, O'Leary Ventures, Apple, Foods, The Corcoran Locations: bitcoin

☆ 'Shark Tank' investor Kevin O'Leary likely made over 20 times his money on a startup selling genetic-testing kits for cats
▼ + stars: | 2023-09-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Kevin O'Leary probably made over 20 times his money from one "Shark Tank" investment. The celebrity investor backed Basepaws, a startup selling at-home genetic tests for cats, when it was pitched on "Shark Tank" in 2019. O'Leary said on "The Daniel Mac Show" earlier this year that among his "Shark Tank" investments, Basepaws was his biggest winner in percentage terms. If O'Leary paid $125,000 for a 5% stake, he would have made about $2.4 million or 20 times his money, ignoring any dilution. "She's so good at promoting her products, she has built that business 10-fold since 'Shark Tank.'"

Persons: Kevin O'Leary, Basepaws, Zoetis, O'Leary, Anna Skaya, Robert Herjavec, Daniel Mac, —, Zoetis didn't, Anna Organizations: Service, Basepaws, Albertsons Locations: Basepaws, Wall, Silicon

☆ The inflation threat isn't over yet – and the Fed won't ease up in fighting it overnight, the co-chief investor of the world's largest hedge fund says
▼ + stars: | 2023-09-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The inflation threat isn't over and interest rates won't sink overnight, Bridgewater's co-CIO says. Karen Karniol-Tambour sees little reason for rate cuts with a strong economy and sticky inflation. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Indeed, the Fed may realize that inflation isn't fading, and markets are pricing in rate cuts that it's uncomfortable making, Karniol-Tambour said. Even so, bond investors are pricing in a "pretty good number of rate cuts" starting next year, Karniol-Tambour said.

Persons: Bridgewater's, Karen Karniol, Tambour, David Rubenstein, Jerome Powell, Ray Dalio, Nir Bar Dea, CIOs, Greg Jensen, Bob Prince Organizations: Service, Bridgewater Associates, Bloomberg Locations: Wall, Silicon

☆ Stocks are 'pretty overvalued' – and a recession is likely to hit in the next 9 months, says billionaire investor Jeffrey Gundlach
▼ + stars: | 2023-09-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Jeffrey Gundlach says stocks look expensive and he expects a recession in the first half of 2024. Government overspending could lead to an inflationary recession or "stagflation," Gundlach said. "I think the market is pretty overvalued," the billionaire CEO of DoubleLine Capital said on a recent company webcast. "It could be an inflationary recession." The prospect of "higher for longer" interest rates suggests a stock-market decline and recession are still real possibilities.

Persons: Jeffrey Gundlach, Government overspending, Gundlach, it's Organizations: Government, Service, DoubleLine, Nasdaq, Reserve Locations: Wall, Silicon

☆ Baby boomers are big winners from the Fed's policies - but younger generations are 'screwed,' market veteran says
▼ + stars: | 2023-09-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Baby boomers are the big winners from the Federal Reserve's policies, Larry McDonald said. Years of low interest rates boosted asset prices, and now they can earn 5% from Treasury bills. AdvertisementAdvertisementMcDonald's X post made the point that higher rates have lifted yields on Treasury bills to more than 5%. As a result, baby boomers have the option to cash out their profits, invest in short-term government debt, and collect a solid, guaranteed return. While baby boomers are under fire for hoarding wealth, their spending in retirement could prove crucial in sustaining the economy and preventing a recession, market veteran Ed Yardeni argued this summer.

Persons: Larry McDonald, McDonald, Lehman, He's, boomers, Baby, That's, Ed Yardeni Organizations: Service, Fed Locations: Wall, Silicon, millennials, Ukraine

☆ Ignore the Fed's inflation warning as it often gets things wrong, says top economist David Rosenberg
▼ + stars: | 2023-09-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Ignore the Fed's warning that interest rates may stay higher for longer, David Rosenberg said. The Fed misjudged the dot-com and housing bubbles as well as the inflation spike last year, he said. However, investors should ignore his messaging given the central bank's long history of getting things wrong, David Rosenberg says. Rosenberg was highlighting that, only two years ago, the Fed expected its benchmark interest rate to be under 1% at the end of 2023. The veteran economist has repeatedly sounded the alarm on the delayed impact of raising interest rates.

Persons: David Rosenberg, Jerome Powell, Rosenberg, Powell, Merrill Lynch, Ooops, Lucy, where's Organizations: Fed, Service, Rosenberg Research, North Locations: Wall, Silicon, North American

☆ The CEO of a hedge fund that averaged a 66% return for 3 decades spoke about investing, hiring, and sleeping 2,000 nights in his office. Here are the 11 best quotes.
▼ + stars: | 2023-09-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Brown had the idea for IBM's "Deep Blue," and has spent over 2,000 nights sleeping in his office. RenTech was founded by Jim Simons, a former MIT math professor and Cold War codebreaker. Peter Brown is the CEO of Renaissance Technologies, a quant fund founded by former Cold War codebreaker and MIT math professor Jim Simons. And the job is so demanding, I really don't see how I could do it otherwise." We don't know any economics.

Persons: Peter Brown, Brown, RenTech, Jim Simons, Goldman, he's, he'd, Peter, we're, we've Organizations: Renaissance, MIT, Service, Goldman Sachs Exchanges, Renaissance Technologies Locations: Wall, Silicon, York

☆ 'Shark Tank' investor Kevin O'Leary warns of a 3-pronged financial disaster as soaring interest rates bite
▼ + stars: | 2023-09-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Higher rates are hitting regional banks, commercial real estate, and small businesses, he says. "We've got the pressure at the regional banks, commercial real estate collapse, and small business not getting any capital," the "Shark Tank" investor told "Kudlow" in a recent interview. The Federal Reserve has rushed to crush historic inflation by hiking interest rates from nearly zero to north of 5% since last spring. Many small businesses and CRE developers rely heavily on debt financing from smaller banks, meaning higher rates and a credit crunch pose serious threats to them. He cautioned in another recent interview that the Fed was likely to lift rates higher than 6%, sending residential mortgage rates from a little over 7% today to above 8%.

Persons: Kevin O'Leary, We've, it's, O'Leary, CRE, hasn't Organizations: Service, Federal Reserve, Bank, Wall Street titans, JPMorgan Locations: Wall, Silicon

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