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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
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
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at how Corporate America is rethinking its sustainability and diversity efforts amid a push to avoid being labeled "woke." The rallying cry against companies' progressive campaigns is starting to leave a mark on Corporate America. AdvertisementAfter years of big promises and grand plans around social issues like diversity and sustainability, companies have taken a noticeable step back , Business Insider's Emily Stewart writes. The electric car maker axed more than 3,400 job postings in North America down to just three on Wednesday.
Persons: , let's, wokening Brooks Kraft, Emily Stewart, Emily, ESG, hasn't, Peter Thiel, Donald Trump's, Bud Light, influencer Dylan Mulvaney, Rock, Saul Loeb, Chelsea Jia Feng, Wall, Warren Buffett, It's, Justin Sullivan, Elon, Eric Schmidt, Steve Mnuchin, Kevin O'Leary, salespeople, BI's Rob Price, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, wokening Brooks Kraft LLC, Corporate America, Trump Media, Getty Images, of America, Berkshire Hathaway's, People's Bank of China, Chelsea, Microsoft, Google, YouTube, Netflix Locations: America, Beijing, North America, New York, London
John Leguizamo revealed that he turned down Stanley Tucci's part in "The Devil Wears Prada." AdvertisementJohn Leguizamo said that he declined what turned out to be an iconic role for Stanley Tucci — lovable art director Nigel Kipling in "The Devil Wears Prada." 'The Devil Wears Prada,' the Stanley Tucci part," Leguizamo responded. 20th Century Studios"The Devil Wears Prada" wasn't the only role that Leguizamo said he regretted turning down. "I felt dissed, and they probably weren't dissing me, but I felt dissed," Leguizamo said.
Persons: John Leguizamo, Stanley, Wears, Leguizamo, Smith, , Stanley Tucci, Nigel Kipling, Tucci, Anne Hathaway's, Andy, Miranda Priestly, Meryl Streep, Anna Wintour, Vince Vaughn's, Brad Pitt, Angelina Jolie, Robin Williams, Williams, Sid Organizations: Service, Studios
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
JPMorgan said this regional bank is so appealing that it would have attracted attention from the late Charlie Munger. "When we think of the late, great Charlie Munger and his mantra to 'buy wonderful businesses at fair prices,' the bank that fits this bill in our view is Cullen Frost," the firm's bank analyst Steven Alexopoulos said in a note. However, JPMorgan said the bank's "strong organic growth story" remained fully intact. JPMorgan said investors are now able to buy the shares at 13.1 times forward earnings, compared to a 16X historical average. The bank maintained its overweight rating and has a 12-month price target of $140 per share, which would translate into 32% upside from Tuesday's close of $105.62.
Persons: Charlie Munger, Cullen Frost, Steven Alexopoulos, Munger, Buffett, Cullen, Frost, — CNBC's Michael Bloom Organizations: JPMorgan, Berkshire Hathaway's, CFR, Frost Bankers Locations: San Antonio , Texas
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKey takeaways on the markets and economy from Berkshire's annual meetingAnneka Treon, Chief Economist at Van Lanschot Kempen, and Barbara Goodstein, Managing Partner at R360, discuss Berkshire Hathaway's annual shareholder meeting and the broader markets.
Persons: Anneka Treon, Van Lanschot Kempen, Barbara Goodstein Organizations: Berkshire Locations: Van
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
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett is now 'as bearish as he ever gets,' says Bill SmeadBill Smead, chief investment officer at Smead Capital Management, joins CNBC's 'The Exchange' to share his reactions to Berkshire Hathaway's annual meeting over the weekend.
Persons: Warren Buffett, Bill Smead Bill Smead Organizations: Smead Capital Management, Berkshire Hathaway's Locations: Berkshire
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
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
The Berkshire Hathaway annual shareholders meeting Saturday will be broadcast exclusively on CNBC and livestreamed on CNBC.com. Chairman and CEO Warren Buffett is expected to field questions from Berkshire Hathaway shareholders who are attending the meeting in Omaha, beginning at 10:15 a.m. The event is always closely watched, but this year's will be noteworthy because Buffett won't have Charlie Munger by his side. Munger, the former vice chairman of Berkshire, was known for his sharp wit, and his absence is being felt by the thousands attending the event. Among the questions that will be top of mind at the "Woodstock or Capitalists" will be what Buffett's mystery holding is.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, Charlie Munger, Munger Organizations: Berkshire Hathaway, CNBC, Berkshire Locations: Omaha, Berkshire, Woodstock
This post originally appeared in the Insider Today newsletter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On the agenda:But first: Get in, we're going to the Met Gala. An aerial shot shows Jared Leto on the red carpet at the 2023 Met Gala.
Persons: , Jared Leto, Neilson Barnard, MG23, Anna Wintour, Bunny, Jennifer Lopez, Chris Hemsworth, Shou Zi Chew, I'm, Yulia Reznikov, everyone's, Morimoto, Chris Burnett, hasn't, they're, Tyler Le, Anne Hathaway's sizzling, Jerry Seinfeld Organizations: Business, Service, Disney, Victoria & Alberts, Metropolitan Museum, Art's Costume, Vogue, Costume Institute, Social, BI, HGTV, Netflix Locations: Epcot, Victoria, Scottsdale , Arizona, Scottsdale Scottsdale , Arizona, Scottsdale, Michigan
OMAHA, Nebraska — Warren Buffett said Saturday his designated successor Greg Abel will have the final say on Berkshire Hathaway's investing decisions when the Oracle of Omaha is no longer at the helm. Berkshire investing managers, Todd Combs and Ted Weschler, both former hedge fund managers, have helped Buffett manage a small portion of the stock portfolio (about 10%) for about the last decade. There was speculation that they may take over that portion of the Berkshire CEO role when he is no longer able. But it seems, based on Buffett's latest comments, that Abel will have final decisions on all capital allocation — including stock picks. Berkshire acquired MidAmerican Energy in 1999 and Abel became CEO of the company in 2008, six years before it was renamed Berkshire Hathaway Energy in 2014.
Persons: OMAHA , Nebraska — Warren Buffett, Greg Abel, Greg, Buffett, Abel, Charlie Munger, you've, Todd Combs, Ted Weschler Organizations: Berkshire, Oracle, Apple, MidAmerican Energy, Berkshire Hathaway Energy Locations: OMAHA , Nebraska, Omaha, Berkshire
Berkshire Hathaway reported Saturday its first-quarter 2024 figures, revealing that most of the conglomerate's stock portfolio is focused on just five stocks. At the end of the January-March period, Berkshire owned $135.4 billion in Apple shares , implying about 790 million shares. Apple has struggled this year, losing more than 4%, while the S & P 500 has soared 7.5% to record levels. The company also owned $24.5 billion in Coca-Cola stock — a longtime holding of Buffett's — and $19.4 billion in Chevron shares. Overall, these five positions made up about 75% of Berkshire Hathaway's stock portfolio.
Persons: Berkshire Hathaway, Warren Buffett, behemoth, Apple, Organizations: Apple, American Express, Bank of America, Chevron Locations: Berkshire, Bank
Warren Buffett on Pilot dispute: 'All's well that ends'
  + stars: | 2024-05-04 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett on Pilot dispute: 'All's well that ends'Berkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting. Buffett answers shareholder question about Berkshire Hathaway's dispute with Pilot.
Persons: Warren Buffett, Berkshire Hathaway, Buffett Organizations: Berkshire, Berkshire Hathaway Locations: Berkshire
Warren Buffett isn't jumping on the artificial intelligence bandwagon just yet, warning about the technology's potential for harm. "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" by AI, Buffett said at Berkshire Hathaway's annual shareholder meeting on Saturday. Buffett pointed to the technology's ability to reproduce realistic and misleading content in an effort to send money to bad actors. "Obviously, AI has potential for good things too, but ... I do think, as someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm — and I just don't know how that plays out," Buffett added.
Persons: Warren Buffett, it's, Buffett, Organizations: Berkshire Locations: scamming
Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. — Warren Buffett revealed that he dumped Berkshire Hathaway's entire Paramount stake at a loss. "I was 100% responsible for the Paramount decision," Buffett said at Berkshire's annual shareholder meeting. "It was 100% my decision, and we've sold it all and we lost quite a bit of money"This is breaking news. Please check back for updates.
Persons: Warren Buffett, — Warren Buffett, Buffett, we've Organizations: Berkshire, Paramount Locations: Omaha , Nebraska, OMAHA, Neb, Berkshire
— Warren Buffett's annual shopping event, the pregame to Berkshire Hathaway 's annual meeting, is wowing shareholders flocking here this weekend. JazwaresSquishmallow pit at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nevada on May 3, 2024. Sarah Min | CNBCSome highlights include the latest Squishmallows toys for Buffett and Charlie Munger, a splashy Squishmallows pit, as well as other displays. Poor Charlie's AlmanackCharles Munger remembrance ahead of the Berkshire Hathaway Annual Shareholders Meeting at Omaha, Nevada on May 3, 2024. Sarah Min | CNBCThe Bookworm only had one book to sell this year: "Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T.
Persons: Warren Buffett, Charlie Munger, Sarah Min, — Warren, Berkshire Hathaway, Brooks, Buffett, Charles Munger, Charles T, Munger, Haslam, Warren Buffett's Berkshire Hathaway, CNBC Brooks Organizations: Berkshire Hathaway, CNBC OMAHA, Berkshire, CHI, CNBC, CNBC Jazwares, Berkshire Hathaway's, FlightSafety, CNBC Berkshire, Travel Centers, Procter & Gamble Locations: Omaha , Nebraska, Neb, Omaha , Nevada, Berkshire, North America, Brooks, Queen
A lower rate environment this year will boost the thesis for investing in emerging markets, according to Christine Phillpotts, a portfolio manager at Ariel Investments. Phillpotts, who manages Ariel's Emerging Markets Value and Emerging Markets Value ex-China strategies, told CNBC's Mike Santoli at Berkshire Hathaway's annual shareholder meeting that there are several reasons why emerging markets should outperform in 2024 and beyond. For starters, a lower interest rate environment would mean that investors would increase flows to ex-U.S. regions, including emerging markets. The portfolio manager noted that valuation discounts for emerging market equities are at all-time lows, based on a comparison of the MSCI Emerging Markets Index versus the S & P 500. For investors interested in artificial intelligence beneficiaries, Phillpotts highlighted that key opportunities in emerging markets lay within the picks-and-shovels plays that "will power the AI revolution."
Persons: Christine Phillpotts, CNBC's Mike Santoli, She's, Ariel's, Phillpotts, Warren Buffett's Organizations: Ariel Investments, Federal Reserve, Ariel, China Locations: China, Berkshire, U.S
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBerkshire Hathaway's Sue Decker on the absence of Charlie Munger: His impact will go on foreverSue Decker, Berkshire Hathaway lead director, joins 'Squawk Box' to discuss the absence of Charlie Munger at this year's annual meeting, what's ahead for Berkshire Hathaway, challenges facing the company, and more.
Persons: Sue Decker, Charlie Munger, Berkshire Hathaway Organizations: Berkshire
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKey focus for Berkshire's meeting this year will be succession plans, says Chris MarangiChris Marangi, Co-CIO of Value at Gabelli Funds, discusses Berkshire Hathaway's annual meeting.
Persons: Chris Marangi Chris Marangi Organizations: Funds Locations: Berkshire
Check out new shows like "A Man in Full" and "The Veil" this weekend. Anne Hathaway's new movie and Jerry Seinfeld's "Unfrosted" are streaming now too. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhether you're looking for something sexy, goofy, or serious, there are plenty of options for what to watch this weekend.
Persons: Anne Hathaway's, Jerry Seinfeld's, There's, Organizations: Service, Business
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