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☆ Kevin Clayton on the floor Berkshire Hathaway Annual Meeting with Warren Buffett
▼ + stars: | 2024-05-09 | 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 EmailKevin Clayton on the floor Berkshire Hathaway Annual Meeting with Warren BuffettBecky Quick speaks with Clayton Homes CEO Kevin Clayton from the floor of Berkshire Hathaway's Annual Meeting

Persons: Kevin Clayton, Warren Buffett Becky Quick, Clayton Organizations: Berkshire Hathaway, Clayton Homes Locations: Berkshire

☆ Analysis: Biden’s Rafah warning sends immediate shockwaves through US and global politics
▼ + stars: | 2024-05-09 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

Hospitals are overstretched as Palestinians die in Israeli attacks on the suburbs and tens of thousands of people have already fled. For Netanyahu, the eradication of the group that carried out the October 7 attacks may be a matter of political survival. • Can Israel — as Netanyahu vows — go ahead alone in an operation even the US has disowned? • How would a full-scale offensive in Rafah further hamper already faltering attempts to secure a ceasefire between Israel and Hamas? Initially, Biden’s warning, delivered in an interview with CNN’s Erin Burnett in the swing state of Wisconsin on Wednesday, looks like a case of political whiplash.

Persons: Joe Biden’s, —, Reagan, Benjamin Netanyahu, ”, Biden, Donald Trump, Netanyahu, Will Biden’s, Israel —, pummel, he’s, Erin Burnett, CNN Alon Pinkas, CNN’s Becky Anderson, ” Pinkas, CNN’s Erin Burnett, Joe ”, Israel’s, Gilad Erdan, Yoav Gallant, “, dissing Biden, Mike Johnson, ” Trump, Trump, Bill Clinton, Barack Obama, Ronald Reagan’s, Massachusetts Sen, Elizabeth Warren Organizations: Washington CNN, CNN, Israeli, Gaza Health Ministry, United Nations, Democratic, Republicans, Trump, voters, Republican, House, Hamas, Party, GOP, CNBC Locations: Israel, Rafah, Washington, Gaza, Rafah —, New York, Wisconsin, United States, Europe, Michigan, Chicago, Vietnam, Iran, Damascus, Lebanon, Massachusetts

☆ Warren Buffett said he could make a 50% return on $1 million and predicted higher taxes. Here are 14 Q&A nuggets.
▼ + stars: | 2024-05-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +7 min

Read previewWarren Buffett let slip a slew of intriguing facts and anecdotes during Berkshire Hathaway's annual shareholder meeting on Saturday. But the Berkshire CEO also warned of higher taxes, teased a potential Canadian investment, and revealed a $500 million gift of Berkshire stock. Cash hoardBerkshire's mountain of cash and Treasury hit a record $189 billion last quarter, and it's likely to swell to more than $200 billion this quarter, Buffett said. Taxing timesThe government will probably raise taxes in the coming years in a bid to balance its budget, Buffett said. Pocket changeBuffett claimed that if he had only $1 million to invest instead of nearly $200 billion, he could earn a 50% annual return.

Persons: —, Warren Buffett, Buffett, he'd, Costco Buffett, Charlie Munger, Charlie, Talia Lakritz, he's, Todd Combs, Ted Weschler, Greg Abel, Greg, Munger, Abel, haven't, Ruth Gottesman, Sandy Gottesman, Brent N, Clarke, Garry Kasparov, Kasparov, B Organizations: Service, Paramount, Business, Treasury, Costco, Albert Einstein College of Medicine, Getty, Berkshire, Nebraska Furniture Locations: Berkshire, Russian, Omaha, Costco . Berkshire, Wisconsin, Canada, Nebraska

☆ Warren Buffett's sister Bertie: "I feel so lucky that he's my big brother"
▼ + stars: | 2024-05-09 | 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 EmailWarren Buffett's sister Bertie: "I feel so lucky that he's my big brother"Warren Buffett's sister Bertie Buffett Elliott speaks with Becky Quick about her relationship with her brother and the lessons she might have taught him.

Persons: Warren Buffett's, Bertie, Bertie Buffett Elliott, Becky Quick

☆ The Chair of the FDIC is facing calls to resign after scathing report. The implications for banks could be significant
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency. If he heeds the calls, there could be significant ramifications for banks across the country. “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.

Persons: New York CNN — Martin Gruenberg, Cleary Gottlieb Steen, Gruenberg, ‘, ’, “, ” That’s, CNN Gruenberg “, Joe Biden, Bill Foster, That’s, Travis Hill, Rulemaking, ” Dennis Kelleher, Hill, Cowen, Sen, Elizabeth Warren aren’t, Karine Jean, Pierre didn’t, Biden, Kelleher Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Hamilton, FDIC, CNN, Democrat, Democratic Rep, Republican, Senate, Democratic, Better, Federal Reserve, White Locations: New York, Basel

☆ Warren Buffett warned on AI scams, a fiscal disaster, and losing friends. Here are 15 top quotes from Berkshire's bash.
▼ + stars: | 2024-05-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Warren Buffett discussed AI fraud, fiscal woes, and bad bets at Berkshire Hathaway's annual meeting. Buffett hailed his late business partner, Charlie Munger, and offered a raft of life advice. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The 93-year-old CEO ruled out retirement at 65 for his successor, paid tribute to his late business partner, Charlie Munger, and offered advice about role models, quality relationships, and giving back. This story is available exclusively to Business Insider subscribers.

Persons: Warren Buffett, Greg Abel, Buffett, Charlie Munger, — Organizations: Berkshire Hathaway's, Service, Paramount, Business Locations: Berkshire

☆ Key student-debt relief programs are at risk if Congress doesn't boost Education Department funding, 25 Democratic lawmakers say
▼ + stars: | 2024-05-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. Elizabeth Warren led a group of Democrats in pushing for increased Federal Student Aid funding. AdvertisementA group of Democratic lawmakers is pointing to one key thing that will help student-loan borrowers and families navigate financial aid: more funding. Advertisement"FSA's responsibilities have increased to protect students and borrowers, but its federal funding has remained stagnant," they wrote. AdvertisementWhen it comes to the FAFSA, both Republican and Democratic lawmakers have been highly critical of the way the Education Department has facilitated the rollout. The Education Department is also in the process of crafting its broader student-debt relief plan, which is currently in the public comment period.

Persons: Sen, Elizabeth Warren, —, Massachusetts Sen, Tammy Baldwin, Shelley Moore Capito, Joe Biden's, Biden, Secretary Miguel Cardona, Cardona Organizations: Federal Student Aid, Service, Democratic, Massachusetts, Sens, Republicans, Business, Education Department, Public, Republican, Secretary

☆ Stanley Druckenmiller cut his Nvidia stake in late March, says AI may be a bit overhyped short term
▼ + stars: | 2024-05-07 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Billionaire investor Stanley Druckenmiller revealed Tuesday that he has slashed his big bet in chipmaker Nvidia earlier this year, saying the swift artificial intelligence boom could be overdone in the short run. "We did cut that and a lot of other positions in late March. "I'm not Warren Buffett; I don't own things for 10 or 20 years. I wish I was Warren Buffett," he added. Nvidia has been the primary beneficiary of the recent technology industry obsession with large artificial intelligence models, which are developed on the company's pricey graphics processors for servers.

Persons: Stanley Druckenmiller, We've, Druckenmiller, I'm, Warren Buffett Organizations: Nvidia

☆ Warren Buffett says one question posed by AI has stumped economists for a century
▼ + stars: | 2024-05-07 | by ( Michelle Castillo | ) www.cnbc.com time to read: +8 min

Calling AI profound, Buffet said that the technology is like a "genie" — once it gets let out of the bottle, it could have disastrous effects. It's a question, he said, that has riddled the best economists for a century. Warren Buffett is the first to admit he doesn't know much about artificial intelligence. This rebound has led to questions from corporate executives about factors that could be at play, from AI to return-to-office mandates. "Every company is looking at AI and deciding where it will help them," he said during a recent interview on CNBC's "Money Movers."

Persons: Buffett, Buffet, Warren Buffett, it's, couldn't, John Maynard Keynes, Keynes, Gary Cohn, Cohn, Dev Ittycheria, Elon Musk, Mark Zuckerberg, Sam Altman, Robert Solow, Berkshire Hathaway Organizations: Apple, Berkshire Hathaway, Berkshire, IBM, National Economic, CNBC, Nvidia, McKinsey, Harvard Business Locations: Omaha, Berkshire

☆ Apple wants to give the iPad a boost
▼ + stars: | 2024-05-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The tech giant's event will reportedly showcase a new family of… iPads and iPad accessories. But Apple's event , which kicks off at 10 a.m. EST, is looking to give the iPad a boost. iPhone sales have noticeably dipped, which is why you're hearing Apple tout its "services" business , writes BI's Peter Kafka. And the new product Apple wants you to be excited about — the Vision Pro — hasn't lived up to the hype. a16z joins the Big Tech "fake work" debate.

Persons: —, Tyler Le, they're, iPads, Antonio Villas, Boas, BI's Peter Kafka, Peter, hasn't, Katie Notopoulos, Wall, Lauren DeCicca, Tim Cook, Katie, aren't, I'd, we'll, I'm, Alyssa Powell, Danielle DiMartino Booth, James Devaney, Roger Kisby, Jack Dorsey's, Elon, Dorsey, Elon Musk, Satya Nadella, OpenAI, Jeff Bezos, Mark Zuckerberg, Warren Buffett, Berkshire Hathaway, a16z, Emily Sundberg, Andreessen Horowitz, David Ulevitch, Vladimir Putin, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Apple, Google, Getty, US Treasury, National Bureau of Economic Research, Images, Penske Media, Microsoft, Tech, Paramount, Berkshire, Big Tech, Walt Disney Company Locations: BREIT, New York, London

☆ Americans have spent their savings. Economists worry about what comes next
▼ + stars: | 2024-05-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But now that extra spending money is gone, economists are concerned about what comes next. That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report. Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. “A continuing strong labor market could help consumers maintain spending patterns similar to those observed recently, even without pandemic-era savings,” they wrote. What comes next: Disney, Airbnb, Uber, Anheuser-Busch, Tapestry and Dillards all report later this week — investors will look for any comments about how consumer spending, or lack thereof, is altering revenue forecasts for 2024.

Persons: Hamza Abdelrahman, Luiz Edgard Oliveira, ”, Austan Goolsbee, ’ ”, Fitch, Sarah Wyeth, Chris Kempczinski, Abdelrahman, Airbnb, Warren Buffett, Berkshire Hathaway, Greg Abel, Buffett, “, Abel, isn’t, Boeing “, Scott Stocker, Read Organizations: CNN Business, Bell, New York CNN, San Francisco Federal Reserve, Chicago Federal, Society for, ”, Shoppers, Tyson Foods, “, Disney, Anheuser, Busch, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, FAA, Boeing, Federal Aviation Administration, CNN Locations: New York, United States, Omaha , Nebraska, Omaha, scamming

☆ Warren Buffett's Apple trim epitomizes one of Jim Cramer's major investing rules
▼ + stars: | 2024-05-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

Warren Buffett's reasons this weekend for trimming Berkshire Hathaway's massive Apple stake exemplify one of Jim Cramer's primary rules of investing. More recently, Jim steadfastly stood by his "own it, don't trade it" conviction as Apple shares went on a rough ride earlier this year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Warren, Jim Cramer's, Jim, Buffett, Tim Cook, CNBC's Becky Quick, Cook, Becky, Jim likes Apple, Apple, Jim Cramer, Warren Buffett Organizations: Apple, Developers, CNBC, Berkshire Locations: Berkshire, Omaha , Nebraska

☆ Three things investors probably don’t know, but should
▼ + stars: | 2024-05-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Arone spoke with Before the Bell to outline three things about markets right now “that investors should know, but probably don’t.”1. You write that investors might be surprised to hear that small- and mid-cap stocks have outperformed large-cap stocks over the past five months. Why do you think that’s surprising, and what does it say about markets? Most investors think that the S&P 500 has been outperforming everything else, largely dragged up by the performance of the Magnificent 7 (Amazon, Tesla, Alphabet, Meta, Apple, Microsoft and Nvidia). The big beneficiaries of that, I think, would be a surprise for most investors — those mid-cap stocks and small-cap stocks.

Persons: ”, Michael Arone, Arone, That’s, that’s, Jerome Powell, I’m, Warren Buffett, Berkshire Hathaway, Charlie Munger, Buffett, Greg Abel, Ajit Jain, Munger’s, Read, Parija Kavilanz Organizations: New, New York CNN, Wall, Federal Reserve, Bell, Apple, Microsoft, Nvidia, Treasury, Fed, Berkshire Hathaway, Oracle, Ikea Locations: New York, Berkshire, Woodstock, Nebraska, Omaha

☆ 5 things to know before the stock market Monday, May 6
▼ + stars: | 2024-05-06 | by ( Michele Luhn | ) www.cnbc.com time to read: +3 min

Feeling optimisticStock futures were higher Monday after ending last week on a positive note in light of a weaker-than-expected jobs report. Last week, the Dow and Nasdaq rose 1.1% and 1.4%, respectively, while the S&P 500 added 0.5%. Buffett's back, all rightWarren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. During the meeting, Buffett also fielded questions from shareholders, opined on the future of artificial intelligence and praised Fed Chair Jerome Powell for his work steering the economy. Final verdictCombination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance.

Persons: Joseph Prezioso, Warren Buffett, Charlie Munger, Buffett, Greg Abel, Jerome Powell, Sam Bankman, Zhao Changpeng, Mike Segar, Benjamin Girette, Changpeng Zhao, Zhao, Justin Sullivan Organizations: Dow, Nasdaq, Traders, Federal Reserve, Disney, Anadolu Agency, Getty, Berkshire, CNBC, Oracle, Berkshire Hathaway's, Paramount, Reuters, Bloomberg Locations: Omaha , Nebraska, Omaha, San Rafael , California

☆ There's more 'good value' in Japan market than in the U.S., asset management firm
▼ + stars: | 2024-05-06 | 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 EmailThere's more 'good value' in Japan market than in the U.S., asset management firmJeremy Schwartz, global CIO at WisdomTree, discusses the decision of Warren Buffett's Berkshire Hathaway to reduce its stake in Apple.

Persons: Jeremy Schwartz, Warren Buffett's Berkshire Hathaway Organizations: WisdomTree, Apple Locations: Japan, U.S

☆ Warren Buffett: AI has 'enormous potential for good and enormous potential for harm'
▼ + stars: | 2024-05-06 | by ( Ryan Ermey | ) www.cnbc.com time to read: 1 min

You're unlikely to see Berkshire Hathaway chairman Warren Buffett adding artificial intelligence stocks to his vast portfolio anytime soon. One of AI's applications that stuck out to the legendary investor: its potential utility for fraudsters. "When you think about the potential for scamming people ... if I was interested in investing in scamming, it's gonna be the growth industry of all time and it's enabled, in a way," Buffett said. Buffett would go on to compare the invention of AI to the development of the atomic bomb. Here's what he said.

Persons: Berkshire Hathaway, Warren Buffett, Buffett, it's Organizations: Berkshire Locations: scamming

☆ U.S. automakers like GM are rapidly losing ground in China, once an engine for growth
▼ + stars: | 2024-05-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

China was once a profit engine for GM, and its top sales market from 2010 to 2023. GM revealed several vehicles last week in China, including plug-in hybrid versions of its Buick GL8 minivan, a best-seller in China, and the Chevrolet Equinox crossover. "We think clearly that market has shifted and the landscape has shifted … with the capability of the Chinese [automakers]," Barra said. But it has had to aggressively cut prices to compete against Chinese automakers such ay BYD, Nio and others. Stellantis CEO Carlos Tavares earlier this year called Chinese automakers his company's "No.

Persons: Mary Barra, Jeff Kowalsky, we're, Barra, Paul Jacobson, GM wasn't, John Murphy, Michael Dunne, Dunne, Mark Fulthorpe, They'll, they've, Tesla, lockdowns, Elon Musk, Tingshu Wang, Reuters Tesla, Morgan Stanley, Adam Jonas, Musk, Junheng Li, Stellantis, Carlos Tavares, Zhu Jiangming, We've, We're, Ford, John Lawler, Lawler Organizations: General Motors Co, Bloomberg, Getty, General, GM, U.S, Chevrolet, SAIC, GM Pan, Asia Automotive Technology Center, Nurphoto, PSA Groupe, Chrysler, EVs, GM's, Buick, Wuling Motors, Motors, Bank of America Securities, China, Hummer, Durant Guild, America's, Detroit, P Global Mobility, Ford Motor, Tesla, Reuters, EV, Baidu, Warren Capital, Ford, Guangzhou Automobile Group, India & Asia, Lincoln, Lincoln Nautilus Locations: Detroit , Michigan, China, Barra, Beijing, Asia, Shanghai, Russia, India, Thailand, Australia, North America, South Korea, Brazil, Europe, GM's U.S, Qingdao, East China's Shandong, Indonesia, U.S, Nio, Greater China, South America

☆ Stocks making the biggest premarket moves: Berkshire Hathaway, Paramount, Spirit Air, Victoria's Secret and more
▼ + stars: | 2024-05-06 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Paramount — Shares popped 2.4% following a report that the owner of Paramount Pictures and CBS Entertainment Group began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. Morgan Stanley downgraded Victoria's Secret to underweight and cut its price target, citing expectations for negative EPS revisions and a tough second half for specialty retail. EHang Holdings — The autonomous aircraft stock advanced 3.2% on the heels of a bullish initiation of research coverage from Morgan Stanley. United States Steel — Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded it to overweight from equal weight. U.S. Steel shares have room to rise thanks to internal improvements, even if the Nippon Steel buyout deal collapses, Morgan Stanley said in a note.

Persons: Warren Buffett, Li, Tyson, Howard Shultz, Morgan Stanley, Coinbase, Bausch, Johnson, —, Sarah Min, Tanaya Macheel, Jesse Pound, Michelle Fox, Samantha Subin Organizations: Berkshire Hathaway, Paramount, Paramount Pictures, CBS Entertainment Group, Sony Pictures Entertainment, Spirit Airlines, Li Auto, StreetAccount, Starbucks, EHang Holdings, United States Steel, . Steel, Nippon Steel, Barclays, UBS Locations: Berkshire, China, Pittsburgh

☆ More Americans are feeling a six-figure salary can't afford them a middle-class lifestyle
▼ + stars: | 2024-05-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at people who feel like a middle-class salary doesn't equal a middle-class lifestyle . The big storyMiddle-class meltdownMichael Raines"Lately, I'm getting the feeling that I came in at the end. AdvertisementBusiness Insider's Jennifer Sor has a report on the people making over six figures who think the middle-class lifestyle they dreamed of isn't realistic for their salary . AdvertisementMarco Bottigelli/Getty, Yevgen Romanenko/Getty, Maskot/Getty, Tyler Le/BILet's address the elephant in the room: A six-figure salary is still a lot of money. Words like "AI Infrastructure" and "generative AI" point to more money heading to Nvidia for its popular H100 GPU chip.

Persons: —, Michael Raines, I'm, It's, Tony Soprano bemoaned, Jennifer Sor, Vincent, it's, Marco Bottigelli, Yevgen Romanenko, Tyler Le, Jenny Chang, Rodriguez, Warren Buffett, Buffett, Shruti Gandhi, Dalton Caldwell, James Cham, Hemant Taneja, Jenny Lefcourt, Nick Little, Sam Altman, Alice Zhang, Serena Williams, Jack Dorsey, Dorsey, — Dorsey, Bluesky, Alyssa Powell, Katie Notopoulos, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, Pew Research Center, nab, Adobe, Wall, Hamptons, Nvidia, Genomics, Serena Ventures, Fortune, Starbucks Locations: New York, Zillow, Santa Barbara , California, Berkshire, Bluesky, London, Chicago

☆ Warren Buffett had a 'resounding endorsement' for Apple's investment case: Deepwater's Gene Munster
▼ + stars: | 2024-05-06 | 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 EmailWarren Buffett had a 'resounding endorsement' for Apple's investment case: Deepwater's Gene MunsterGene Munster, Deepwater Asset Management managing partner, joins 'Squawk Box' to discuss the state of AI technology, Warren Buffett's comments on AI and AI-related scams at the Berkshire Hathaway annual meeting, Berkshire's sale of Apple, and more.

Persons: Warren Buffett, Gene Munster Gene Munster, Warren Buffett's Organizations: Deepwater Asset Management, Berkshire Hathaway, Apple

☆ Elon Musk says Warren Buffett should buy Tesla stock. Here's why he probably never will.
▼ + stars: | 2024-05-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Warren Buffett's Berkshire Hathaway should buy Tesla stock, according to Elon Musk. Detailed below is why Warren Buffett probably won't invest in Tesla, despite the encouragement. AdvertisementWarren Buffett should buy Tesla stock, according to Elon Musk. Related storiesBut Musk's dream of Berkshire Hathaway giving Tesla its stamp of approval and buying the stock is probably never going to happen. This isn't the first time Musk suggested Berkshire Hathaway should invest in Tesla.

Persons: Warren, Berkshire Hathaway, Elon Musk, Musk, Buffett, Warren Buffett, —, Charlie Munger, Munger, Charlie, you've, they're Organizations: Service, Apple, Berkshire, Berkshire Hathaway's Locations: Tesla, Berkshire, BYD

☆ 'Twist' in Warren Buffett's succession plan raises eyebrows among Berkshire's Omaha faithful
▼ + stars: | 2024-05-06 | by ( Yun Li | ) www.cnbc.com time to read: +5 min

OMAHA, Nebraska — Many Berkshire Hathaway shareholders left last weekend's annual meeting pondering Warren Buffett's big revelation about succession. Others think Abel will be more likely to delegate the responsibility of stock selection. Buffett's investment lieutenants, Todd Combs and Ted Weschler, have independently managed about $15 billion each for Berkshire over the past decade. In addition to Berkshire's enormous equity portfolio, its pile of cash grew to nearly $189 billion at the end of March. The new forecast would translate into more than 20% upside and push Berkshire's total market value above $1 trillion.

Persons: Warren Buffett's, Greg Abel, Buffett, Greg, Abel, Todd Combs, Ted Weschler, Buffett hasn't, Combs, Bill Stone, Charlie Munger, who's, he's, Bueffett's, Cathy Seifert, Brian Meredith, Meredith, — CNBC's Michael Bloom Organizations: OMAHA , Nebraska —, Berkshire Hathaway, Saturday, Madison Investments, CNBC, Geico, Glenview Trust, Berkshire Hathaway Energy, UBS Locations: OMAHA , Nebraska, Omaha, Berkshire, Toyama, UBS Berkshire

☆ Taxes will have to go up eventually to tackle the deficit, says Wolfe Research's Tobin Marcus
▼ + stars: | 2024-05-06 | 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 EmailTaxes will have to go up eventually to tackle the deficit, says Wolfe Research's Tobin MarcusTobin Marcus, Wolfe Research head of policy and politics, joins 'Squawk Box' to discuss Warren Buffet's comments on fiscal policy at the Berkshire Hathaway annual meeting, tackling the national debt, the federal deficit's impact on the 2024 election, what the future tax policy will look like, and more.

Persons: Wolfe Research's Tobin Marcus Tobin Marcus, Wolfe, Warren Buffet's Organizations: Wolfe Research, Berkshire Hathaway

☆ Buffett's Berkshire Hathaway gains as insurance lifts first-quarter profit and cash nears $200 billion
▼ + stars: | 2024-05-06 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Those moves come after Berkshire posted first-quarter operating profit of $11.22 billion, up 39% from the year-ago period, mainly driven by an increase in insurance underwriting earnings. Insurance underwriting earnings rose to $2.598 billion, a 185% increase from $911 million in the year-earlier quarter. Geico earnings swelled 174% to $1.928 billion from $703 million a year prior. Cash soared to a record $188.99 billion in the first quarter, up from $167.6 billion in the fourth quarter. "We had much-improved earnings in insurance underwriting.

Persons: Warren Buffett, Martin, Cash, Buffett, Berkshire Hathaway, Brian Meredith, Edward Jones, James Shanahan Organizations: Berkshire Hathaway, Berkshire, UBS Locations: Omaha , Nebraska, Berkshire

☆ Why Warren Buffett's Paramount bet may have cost him $1.5 billion
▼ + stars: | 2024-05-06 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

Famed investor Warren Buffett's Berkshire Hathaway placed a $2.7 billion bet on Paramount in 2022. But when someone who's worth an estimated $132 billion says "quite a bit of money," it's probably a very big amount. The math: In 2022, Berkshire accumulated 91 million shares of Paramount B shares; Barron's estimates he paid "more than $30" per share. AdvertisementThat left Berkshire with another 63.3 million Paramount shares at the beginning of 2024, and sometime between then and Saturday they have sold off the rest. Add all that up, and it looks like Berkshire sold its Paramount stake for $1.2 billion after paying $2.7 billion for it — a $1.5 billion loss.

Persons: Warren Buffett's Berkshire Hathaway, hasn't, — Buffett, —, Warren Buffett, Berkshire Hathaway, Buffett, we've, Berkshire Hathaway hasn't, Berkshire Organizations: Paramount, Service, Sony, Apollo, Berkshire, Bloomberg Locations: Berkshire

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