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☆ A stock trader who consistently beats the S&P 500 and returned 52% in his best year shares 4 of his favorite investing books
▼ + stars: | 2023-10-01 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +3 min

Erik Smolinski had been self-educating on finance since high school, when one of his teachers recommended he look into investing. He went to the school library, picked up a couple of books, and started learning about basic investing concepts. He's read a handful of investing books and shared four of his top picks with Insider. He's a "big fan" of the author, Lawrence McMillan, who has years of experience trading options. Smolinski also likes anything by the author Euan Sinclair, who has decades of professional options trading experience and a PhD in theoretical physics.

Persons: Erik Smolinski, Smolinski, He's, Lawrence McMillan, Richer, William Green, Charlie Munger, Jack Bogle, Jack Schwager, Stan Weinstein, it's, Euan Sinclair, Warren Buffett's, Warren Buffett, There's Organizations: William Green Financial, Top Locations: Bull

☆ Russia’s diesel export ban may be just its latest attempt to hurt Europe
▼ + stars: | 2023-09-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Russia’s decision to ban diesel exports to most countries could not have come at a worse time for Europe. But the EU still needs a steady flow of Russian diesel to global markets to keep prices stable. The Russian government announced the curbs — which also apply to gasoline — Thursday, saying they were aimed at stabilizing domestic fuel prices. Diesel is Europe’s economic workhorse, powering the majority of vans and trucks ferrying goods and raw materials round the continent. Before Europe imposed its import ban, Russia supplied 40% of the country’s diesel.

Persons: London CNN —, ” Jorge León, ”, Natalia Kolesnikova, Pamela Munger, Henning Gloystein, Gloystein, “, Tim Lister, Anna Chernova Organizations: London CNN, European Union, Reuters, Kremlin, Diesel, Analysts, European, Rystad Energy, CNN, Gazprom, Getty, Eurasia Group, “, Brent Locations: Europe, Russian, Moscow, Ukraine, Russia, Saudi Arabia, South America, East, North Africa, AFP, Turkey, United States

☆ IPOs are heating up again. Here's why Warren Buffett thinks they are a bad investment idea
▼ + stars: | 2023-09-09 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

The chief executive officer of Berkshire Hathaway , with his legendary keen eye for value, thinks that bargains are rarely found in the IPO market. 'Ridiculous' commission Both Buffett and Munger have called the underwriting fees that investment banks charge for IPOs "ridiculous," saying they inflate IPO prices. Better in auction market The investment icon likens the stock market to an auction market where extraordinary bargains pop up now and again. By contrast, the IPO market resembles a negotiated deal where cheap securities are hard to come by. "In my view — you're way more likely to get incredible bargains in an auction market.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Charlie Munger, Buffett's, Munger, Goldman Sachs, Benjamin Graham, they're Organizations: Arm Holdings, Berkshire Hathaway, Oracle, Wall, Columbia University, Berkshire, BNSF Railway, Apple, Clayton Homes Locations: Omaha, Alleghany, It's

☆ Charlie Munger invested nearly $90 million of his family fortune with Li Lu. The 'Chinese Warren Buffett' has turned it into about $400 million.
▼ + stars: | 2023-09-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Charlie Munger handed $88 million to Li Lu when the value investor launched a new fund in 2004. The value investor, who Munger has dubbed the "Chinese Warren Buffett," has grown the sum to roughly $400 million since then. "We made unholy good returns for a long, long time," Munger told the Financial Times for a new profile of Li. "And Li Lu just backed up the truck, bought all he could and made a killing." You can't find a more capitalistic capitalist than Li Lu."

Persons: Charlie Munger, Li Lu, Warren Buffett's, he's, Munger, Warren Buffett, Li, JP Yim, Kweichow, Buffett, He's Organizations: Service, Financial Times, Berkshire Hathaway's, China's, Buffett, Columbia University, Capital Management, Securities, Exchange, West Bancorp, Apple, Bank of America Locations: Wall, Silicon, Munger, BYD, Berkshire, New York, California, Washington

☆ Warren Buffett, who turns 93, is at the top of his game as he pushes Berkshire Hathaway to new heights
▼ + stars: | 2023-08-30 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Berkshire shares have roared back to an all-time high on record operating profit, making it the biggest non-tech company by market capitalization. Warren Buffett took control of Berkshire Hathaway in 1965, and nearly six decades later as the "Oracle of Omaha" turned 93 Wednesday, his conglomerate is stronger today than it's ever been. Buffett likens the iPhone maker to a consumer products company and has said he is also attracted to its big buyback programs. "It's groundbreaking in the sense that I'm not aware of any prominent investor, hedge manager investing in Japan," Kass said. They touched on every top-of-mind topic for investors from the banking crisis to recession risks and even crypto.

Persons: David Kass, University of Maryland's Robert H, Buffett, Warren Buffett, Berkshire Hathaway, Greg Abel, Kass, Capital's Palihapitiya, Charlie Munger Organizations: University of Maryland's, Smith School of Business, Buffett, Berkshire, Mitsubishi, Mitsui, Sumitomo Locations: Berkshire, Omaha, Japan

☆ Warren Buffett turns 93 today. Here are 6 of the investing icon's best birthday stories.
▼ + stars: | 2023-08-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

"On August 30, 2030 — my 100th birthday — I plan to announce that Geico has taken over the top spot, " Buffett said in his 2015 shareholder letter. AdvertisementAdvertisementIn his 1999 shareholder letter, Buffett credited Huggins' "fanatical insistence on both product quality and friendly service" for See's generating $857 million in pre-tax income since Berkshire took over. During the party, Dinsdale revealed he had attended a directors' meeting at Kansas Bankers Surety, an insurance firm that Buffett had long admired. "I'm now scheming to get invited to Jane's next party," Buffett joked. He illustrated the point in his 1990 shareholder letter, using a story about his granddaughter Emily's fourth birthday party a few months earlier.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Geico, he's, Huggins, Law Buffett, Charlie Munger, Chuck Huggins, See's, Charlie, Mrs B, Rose Blumkin, Mrs, Jane Rogers, Roy Dinsdale, Dinsdale, I'm, Jane's, Emily's, Emily, Gee, B's Organizations: Berkshire, Apple, Service, Progressive, Allstate, AlphaSense, Nebraska Furniture Mart, Kansas Bankers Locations: Wall, Silicon, Nebraska

☆ A 33-year-old who built up a 6-figure net worth through 'lazy investing' says even though 2022 was a 'a decidedly bad year for investors,' he didn't change his investment strategy. Here's what his por
▼ + stars: | 2023-08-20 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

After paying off $42,000 worth of debt, he got serious about investing and built up a six-figure net worth through "lazy investing" while saving for his first home simultaneously. He reacted to the 2022 downturn similarly to how he did when the stock market crashed in 2020: apathetically. These are Vanguard, Fidelity, and Schwab's total stock market index funds. Another component of the lazy investing strategy is periodic rebalancing. It probably shouldn't be any more than four times a year because then the 'lazy investing' turns a bit too hands on."

Persons: Jesse Cramer, Berkshire Hathaway, Cramer, haven't, I'm, hasn't, they're, Cramer rebalances, it's, Berkshire Hathaway Cramer doesn't, Warren Buffett, Charlie Munger, Hathaway, I'd Organizations: Berkshire, Vanguard, Fidelity Locations: Berkshire

☆ Warren Buffett missed a trick by not investing in Tesla at a rock-bottom valuation, Elon Musk says
▼ + stars: | 2023-08-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett could have invested in Tesla when it was worth almost nothing, Elon Musk said. Buffett passed on Tesla at a $200 million valuation in 2008, Musk previously said. Tesla is now worth about $700 billion, but that's down from a peak valuation of $1.2 trillion. Elon Musk often mentions Warren Buffett on Tesla earnings calls. As for Buffett, he's questioned why Musk tweets himself into trouble, and once challenged the tech billionaire to disrupt the candy business.

Persons: Warren Buffett, Elon Musk, Buffett, Musk, Tesla, could've, Charlie Munger, Munger, He's, he's Organizations: Tesla, Service, SpaceX, Berkshire Hathaway, Ford, General Motors, BYD, Getty Locations: Tesla, Wall, Silicon, Berkshire, Munger

A lawsuit claims Rudy Giuliani was paid $300,000 while pitching investors on an anti-Biden film. Giuliani allegedly said it would be a "kill shot" that would sink Joe Biden's campaign. By then, Giuliani was hard at work trying to dig up election-year dirt on Joe Biden in his capacity as President Trump's personal attorney. Giuliani, the lawsuit alleges, asked for the farmers' help finance efforts to make sure Trump was elected to a second term. The aborted Giuliani film project also forms part of a whistleblower disclosure from Johnathan Buma, an FBI special agent whose allegations were first reported by Insider.

Persons: Rudy Giuliani, Biden, Giuliani, Joe Biden's, Joe Biden, Hunter, Baldev, Kewel Munger, Tim Yale, Trump, George Dickson III, Hunter Biden, Dickson, Michael Moore's, Noelle Dunphy, John Doe, Mother Jones, Munger, Johnathan Buma, Bob Hawk Organizations: Service, Republican, Yale, Republicans, FBI, Munger Bros Locations: Wall, Silicon, Ukraine, California, New York City, Munger, Georgia, Washington

The lawsuit says Kennedy's screenplay and "Stranger Things" have several similarities in their characters, plot, dialogue and themes. Kennedy accused an artist who developed concept art for both his project and "Stranger Things" of sharing his work with the Duffer Brothers. Netflix and the makers of "Stranger Things" denied the allegations in court filings and said the stories are "objectively different" by "virtually every imaginable measure." "Most glaringly, Stranger Things features a core group of children who fight off evil monsters while navigating teenage social issues," the defendants said. The case is Irish Rover Entertainment LLC v. Sims, U.S. District Court for the Central District of California, No.

Persons: Ross, Matt Duffer, Mario Anzuoni, Jeffrey Kennedy's, Ross Duffer, Kennedy, Patrick Arenz, Robins Kaplan, Jeremy Osher, Boren Osher, David Grossman, Loeb, Kelly Klaus, Munger Tolles, Blake Brittain Organizations: REUTERS, Netflix, Rover Entertainment, Irish Rover, Irish Rover Entertainment, U.S, Central, Central District of, Luftman, Olson, Thomson Locations: Los Angeles , California, U.S, Los Angeles, Indiana, South Bend , Indiana, Central District, Central District of California, Washington

☆ WeWork just warned it might fail, signaling commercial real estate is in serious trouble
▼ + stars: | 2023-08-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The shared-workspace giant's woes may spell trouble for commercial real estate as a whole. "Excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships," he said. What does this mean for commercial real estate? Commercial real estate has been one of the hardest-hit sectors of the US economy over the last year. Its failure could be a "systematic shock" to commercial real estate in many American cities, Stijn Van Nieuwerburgh told The New York Times in June.

Persons: WeWork, David Tolley, Elon Musk, Charlie Munger, Jeff Greene, Ross Perot, Van Nieuwerburgh Organizations: Service, Investors, Federal Reserve, Ross Perot Jr, New York Times, Columbia Business School Locations: Wall, Silicon

☆ Warren Buffett cashed in his monster bet on Microsoft buying Activision Blizzard - but left some money on the table
▼ + stars: | 2023-07-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett exited his wager on Microsoft buying Activision Blizzard last quarter, filings show. Buffett built a $5 billion Activision stake, wagering the stock would hit Microsoft's offer of $95. One of Buffett's deputies oversaw Berkshire's purchase of 14.7 million Activision shares in 2021. After Microsoft bid $69 billion for Activision in January 2022, Buffett scooped up nearly 50 million shares as an arbitrage. The good news has sent Activision stock up 11% this month to $93, less than 2% below Microsoft's offer price.

Persons: Warren Buffett, Buffett, He's, Berkshire Hathaway, he'd, Charlie Munger, Charlie, Munger, Warren Organizations: Microsoft, Activision Blizzard, Activision, Service, Securities and Exchange Commission, SEC, US Federal Trade Commission Locations: Wall, Silicon, British

☆ Warren Buffett's Berkshire Hathaway cuts Activision stake as Microsoft deal inches closer
▼ + stars: | 2023-07-17 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett, chairman and CEO of Berkshire Hathaway, smiles as he plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska, May 5, 2019. Warren Buffett's Berkshire Hathaway dumped a significant portion of its stake in Activision Blizzard as Microsoft's deal to buy the video game company edged closer to the finishing line. The Omaha, Nebraska-based conglomerate disclosed a 1.9% stake in Activision with 14,658,121 shares, a new 13G filing released Monday evening showed. That compared with a 6.3% stake at the end of March and a 6.7% stake at the end of 2022. The 92-year-old investing legend has since added to the holding in a merger arbitrage play, betting that Microsoft's proposed acquisition of the video game company would close.

Persons: Warren Buffett, Berkshire Hathaway, Warren Buffett's Berkshire Hathaway, Ted Weschler, Todd Combs, Buffett, Charlie Munger Organizations: Berkshire, Berkshire Hathaway, Activision Blizzard, Activision, Federal Trade Commission, Microsoft, Oracle Locations: Omaha , Nebraska, The Omaha , Nebraska, Omaha

☆ Warren Buffett's wife balked at paying $4 for a cup of coffee. That won't surprise the investor's close followers.
▼ + stars: | 2023-07-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's wife reportedly balked at the $4 cost of a coffee at Sun Valley. Buffett lives simply, seeks value as an investor, and strikes a hard bargain when he cuts deals. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Her reaction won't surprise close followers of Buffett, or shareholders of his Berkshire Hathaway conglomerate. Indeed, Buffett still lives in the same house in Omaha, Nebraska that he purchased for $31,500 in 1958.

Persons: Warren Buffett's, Astrid Menks, Buffett, Warren Buffett, He's, Charlie Munger, —, Munger, They're, Alleghany, Goldman Sachs Organizations: Service, New York Post, Berkshire Hathaway, Berkshire, Alleghany Locations: Sun, Wall, Silicon, Berkshire, Omaha , Nebraska, Munger, Los Angeles, Omaha

☆ 100 million Squishmallows sold in a year — How the toy sensation joined Warren Buffett's conglomerate
▼ + stars: | 2023-07-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Shrewd business legend Warren Buffett has a whimsical side, buying companies whose products he personally enjoys like Dairy Queen and See's Candies. Berkshire inherited Squishmallows parent Jazwares through its acquisition of Alleghany in the fourth quarter of 2022. Jazwares founder and president, Judd and Laura Zebersky, now report to and are in regular communication with Greg Abel, Berkshire's vice chairman for non-insurance operations and Buffett's successor. We're thrilled to be part of it," Laura Zebersky said in an interview. Often Buffett admires the business' management and expects it to continue to grow and remain profitable.

Persons: Warren Buffett, Squishmallows, Charlie Munger, Judd, Laura Zebersky, Greg Abel, Berkshire's, Buffett, Abel's, he's, Abel Organizations: Berkshire Hathaway, Berkshire Locations: Omaha , Nebraska, Omaha, Charlie Munger . Berkshire, Alleghany, South Florida

☆ The billionaires' beef at Two Sigma seems pretty petty
▼ + stars: | 2023-06-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

ICYMI: This is the last week of 10 Things on Wall Street. Insider's Rebecca Ungarino has more details on how long the beef between Overdeck and Siegel has been brewing behind the scenes. What stands out to me about the drama at Two Sigma is how it all seems to be so petty. The Two Sigma cofounder was included only as an example of the type of managers Haider had eclipsed. The asset manager tapped two internal executives to serve as co-CEOs of the firm, succeeding CEO Jay Wintrob, The Wall Street Journal reports.

Persons: Dan DeFrancesco, I'm, Billy Joel's, —, we've, Goldman, Cofounders David Siegel, John Overdeck, David Siegel, cofounders, Insider's Rebecca Ungarino, Siegel, Rebecca, Haidar Capital's Said Haidar, Haider, Penny, Warren Buffett, Charlie Munger, Scott Olson, Ruobing Su, Michael Broadbery, Goldman Sachs, Maza, Andreessen Horowitz, Seth Klarman, Jay Wintrob, Robert O'Leary, Armen Panossian, Everybody's, they're, Joey Hadden, Jeffrey Cane, Hallam Bullock Organizations: Sigma, Baupost, Oaktree Capital, Street, Wall, LinkedIn Locations: Omaha, New York, London

In the last few years, however, this outlook has changed to "Tesla, BYD , and everyone else," according to Evercore. Chinese EV-manufacturer BYD sold more NEVs, or new energy vehicles, in 2022 than Tesla. Evercore noted that BYD's sales guidance for China in 2023 could potentially exceed the total EV sales in the U.S. and EU combined from 2022. "In many respects, such as battery and commercial vehicle platforms, BYD is already leading TSLA & others. Correction: Chinese EV-manufacturer BYD sold more NEVs, or new energy vehicles, in 2022 than Tesla.

Persons: Tesla, BYD, Evercore, Chris McNally, Warren Buffett, Charlie Munger's Berkshire Hathaway, Munger, McNally, — CNBC's Michael Bloom Organizations: EV, EU Locations: China, U.S, BYD, Berkshire, Omaha, Europe, EU, Thailand

☆ Elon Musk disclosed a missed opportunity, said he hates firing people, and revealed a desire to meet Warren Buffett in a 2008 profile that's resurfaced
▼ + stars: | 2023-06-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk bemoaned a missed opportunity and said he wanted to meet Warren Buffett in a 2008 profile. The Tesla, SpaceX, and Twitter CEO said he hated firing people and struggled to move to Los Angeles. The Tesla, SpaceX, and Twitter CEO could have invested in SunPower at a $15 million valuation but didn't do so, he said. However, its stock price has basically flatlined over the past 15 years, meaning Musk hasn't missed out on much since his interview. The electric-vehicle and space-transportation pioneer also disclosed the people he was most interested in meeting at the time: Warren Buffett and Charlie Munger.

Persons: Elon, Warren Buffett, Musk, —, Elon Musk, hasn't, Charlie Munger, Berkshire Hathaway, he'd, Buffett Organizations: SpaceX, Twitter, Service, Privacy, San Francisco Business Times, Berkshire, Tesla Locations: Los Angeles, SunPower, Texas

☆ VistaJet CEO defends company's financials as auditor raises liquidity, debt concerns
▼ + stars: | 2023-05-19 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

watch nowVistaJet CEO Thomas Flohr defended his company's financial standing following reports that the fast-growing private charter jet company is facing liquidity and debt trouble. All documents and data was always available to our equity and debt holders," Flohr said. "We as a company, both shareholders and bondholders, [are] only focused on EBITDA, the cash creation of the company," Flohr said. That's as a private company the choice we're making as this conservative policy in place, but we might change it going forward." "Going forward, this infrastructure really allows us to grow the company from approximately $800 million EBITDA to $1.5 billion EBITDA," he said.

☆ We’re pleased to see Ford rethink its China strategy as it accelerates EV business
▼ + stars: | 2023-05-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Ford's business has been struggling in China. Ford's internal combustion engine (ICE) business is profitable in China, and its luxury brand Lincoln is what Ford calls the "profit pillar" for the region. But China does not represent a huge business for Ford, which generates roughly 1% of total revenue from mainland China. While Ford does not have plans to exit China, the CEO is taking a closer look at its strategy there. Like for Tesla, China is key for Ford because it's the biggest EV market in the world.

☆ How TikTok sensation Squishmallows found Warren Buffett
▼ + stars: | 2023-05-13 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

May 13 (Reuters) - Squishmallows joined Warren Buffett's business empire two years after Lady Gaga, Kim Kardashian and others helped make the plush stuffed toys a viral sensation on TikTok. They married in 1993 and embarked on law careers, but Judd Zebersky soon realized that wasn't his destiny. Laura Zebersky, a litigator, sold her practice in 2005 and joined him, becoming Jazwares' president. "This was a brand that needed a lot of love," Judd Zebersky said. "Greg is exactly what we have all learned about the Berkshire model," Laura Zebersky said.

☆ Timing the market isn't easy during a debt-ceiling showdown. Investors should stick to this strategy instead.
▼ + stars: | 2023-05-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Traders on the floor of the New York Stock Exchange (NYSE) Spencer Platt/Getty ImagesMark Hamrick is senior economic analyst for Bankrate. Phil Rosen: How should investors be positioning themselves as the debt-ceiling fiasco drags on, and a potential default nears? If making a play around the debt ceiling is a no-go in your view, what should investors opt for instead? Homeowners are "quiet quitting" as low inventory and high mortgage rates keep a key market participant sidelined. That has a dual impact: each owner that postpones looking for a new house also marks one less seller on the market.

☆ For Wall Street's incoming interns, it's not exactly dress to impress
▼ + stars: | 2023-05-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

As Wall Street internship season quickly approaches, that's a question many soon-to-be summer analysts are asking each other. One big trend Emmalyse notes in her story is the casualification, so to speak, of Wall Street. But the Wall Street dress code was starting to change before 2020, thanks in large part to the tech community. Read more about Wall Street's new dress code for summer analysts. Wall Street's litigious sibling is not an appealing career path to Gen Zers, the Financial Times reports.

☆ Berkshire Hathaway cuts stake in EV maker BYD as Warren Buffett and Charlie Munger say they don't want to compete against Elon Musk
▼ + stars: | 2023-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The sale comes as Warren Buffett and Charlie Munger said they don't want to compete against Elon Musk. The share sale came just days before Warren Buffett and Charlie Munger said they don't want to compete with Elon Musk. Berkshire's current BYD stake is worth just over $3 billion. The comments came in response to a question about whether the two investors believe Elon Musk overestimates himself. Berkshire originally purchased its BYD stake in 2008 for just $232 million.

☆ The $31 trillion debt-ceiling fiasco could punish markets and it's complicating an already complex economic outlook
▼ + stars: | 2023-05-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In any case, one outcome that many hold with a high degree of certainty is that financial markets are going to feel pain if the "x-date" bell tolls. This $31 trillion debt ceiling argument "comes at the worst possible time," according to Chicago Fed President Austan Goolsbee. "Many past instances of debt limit standoffs have been resolved without significant market fallout," the strategists wrote in a recent note. That's according to LPL chief global strategist Quincy Krosby — she says it boils down to these three reasons. With recession risks climbing, Bank of America analysts slashed their 2023 outlook for oil prices.

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