Silicon Valley's housing crisis is serious. A new report from Open Listings reveals that workers at five major tech companies, including Apple, Facebook, and Google, would have to spend over 28% of their salary to pay a monthly mortgage on a home near work. Software engineers at Apple have it worst.
Warren Buffett says: Bring it on. In his annual letter to shareholders of Berkshire Hathaway Inc , Buffett said "no company comes close" to his conglomerate in its ability to financially withstand even a mega-catastrophe that causes $400 billion of insurance losses. Buffett said the odds of such a catastrophe in any year is just 2 percent, but that Berkshire would lose only about $12 billion, a sum more than offset by annual profits from its non-insurance businesses.
Billionaire Elon Musk is a huge fan of cutting-edge technology and is usually ahead of the curve when it comes to finance, but he's not a bitcoin bull. The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago," Musk confessed. Using today's bitcoin price of about $10,000 a coin, that translates to $2,500. The serial entrepreneur – whose net worth tops $20 billion – made the revelation in response to a question about a Twitter scam where random users posed as celebrities (like Musk) in a bid to steal people's cryptocurrencies. Musk's indifference to bitcoin
It is no secret that Nvidia NVDA is one of Wall Street’s most popular stocks. The graphics chip maker is a dominant force in the global gaming industry, and its tireless investments in self-driving cars, machine learning, and artificial intelligence all but guarantee the company a spot among the tech industry’s leaders for years to come. Nvidia’s leadership and innovation have also led to a massive surge in the company’s stock.
In the wake of the mass shooting in a Florida high school last week, companies are dropping their partnerships with the National Rifle Association (NRA), which touts 5 million members. According to a list compiled by ThinkProgress, an advocacy organization, there are at least 22 corporations, including car-rental companies and financial institutions that have been offering discounts to NRA members. –First National Bank of Omaha: The largest privately held bank announced it will stop issuing the NRA Visa Card due to “customer feedback” on Thursday.
Carlyle Group Co-CEO Glenn Youngkin discusses how his company plans to continue its success and what the future holds for General Electric.
Billionaire Warren Buffett prodded ordinary investors on Saturday to stay invested in U.S. stocks, ignoring price swings, guidance from people with fancy credentials and the temptation to load up on bonds. Buffett said it is a "terrible mistake" for investors with long-term horizons - among them, pension funds, college and endowments and savings-minded individuals - to measure their investment "risk" by their portfolio's ratio of bonds to stocks. The long-time bull on U.S. companies and the economy issued his latest letter to Berkshire Hathaway Inc shareholders on Saturday.
General Electric Co. trimmed its pension deficit by $2.4 billion as the manufacturer tackles the worst shortfall in corporate America. The company closed 2017 with $100.3 billion in obligations across its pension plans and $71.6 billion in assets. Pension funding has become a central issue for GE stakeholders concerned about how the beleaguered company will meet its obligations while dealing with severe cash-flow and earnings challenges.
It’s impossible to accurately know when the next market decline will be, according to legendary investor Warren Buffett. It’s important to remember that even Buffett’s Berkshire Hathaway (BRK-A, BRK-B) hasn’t been immune to significant swings in its stock price either. “This table offers the strongest argument I can muster against ever using borrowed money to own stocks.
There were a few notable topics that Warren Buffett did not want to talk about in his latest letter to Berkshire Hathaway shareholders. Warren Buffett’s latest letter to Berkshire Hathaway (BRK-A, BRK-B) shareholders was released Saturday, and a few major themes were missing. The last 18 months at Wells Fargo, Berkshire’s largest public market equity investment by market value, have been tumultuous. The bank has been embroiled in a scandal over opening millions of fake accounts for customers, which cost former CEO John Stumpf his job, and continued missteps at the firm have led some lawmakers to call for current CEO Tim Sloan to be ousted from his post.
In his annual letter to Berkshire Hathaway (BRK-A, BRK-B) shareholders, legendary investor Warren Buffett muses on the M&A environment, his aversion to leverage, opportunities to buy during downturns, and his disregard for fees charged by active managers.
What investors then need instead is an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals. In other words, the takeaway is that everyday investors can beat the so-called “smart money” and they don’t have to shell out hefty investment fees or execute a lot of trades to do it. Buffett, who has argued that investors — both small and large — would be better off putting money in low-cost index funds, wrote in his 2005 shareholder letter that active management professionals (hedge funds), as a group, would underperform the returns achieved “by rank amateurs who simply sat still.” His thought was that the active managers who collect massive fees would leave their clients “worse off” than the amateurs who simply invested in unmanaged low-cost index funds.
Credit scores have the power to impact your financial well-being. Credit card companies, banks and credit unions are making it easy for customers to view their credit scores on demand, and often for free. Here are 10 things you need to know about your credit score, according to experts.
The European Central Bank said Saturday it has determined that Latvia's crisis-struck ABLV Bank is failing or likely to fail, and the bank will be wound up under its home country's law. Latvia's financial regulator on Monday ordered ABLV, Latvia's third-largest bank by assets, to cease all payments at the ECB's request amid U.S. accusations of money laundering and breaching sanctions on North Korea. "Due to the significant deterioration of its liquidity, the bank is likely unable to pay its debts or other liabilities as they fall due," the ECB said.
Shares of FedEx (FDX) rose 2.77%, to $252.22, on Friday, thanks in part to an upgrade from Bernstein's David Vernon and his team. Vernon boosted his rating to Outperform and his price target to $290, writing that the shares are attractively valued and offer mid-teens earnings- per-share growth marking the "highest rate of return in company history," thanks to a strengthening global economy, rising interest rates, and strong business-to-consumer demand. Lower corporate taxes also figure into his thesis. It's the business-to-consumer part that may be most eye-catching for investors, as it's impossible to talk about shipping these days without talking about Amazon.com (AMZN). Vernon writes that
Paying off your student loans is a hard slog that can take years, but it can come with a nice perk: a tax deduction. “No one likes having student loans, but at least one perk of them is the interest that you pay is tax deductible,” said Nick Holeman, a certified financial planner with Betterment.com. People who have paid up to $2,500 in interest payments over the last year are eligible for the student loan interest deduction, which will lower your taxable income.
Saudi Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, its oil minister said on Saturday. The Organization of the Petroleum Exporting Countries is reducing output by about 1.2 million barrels per day (bpd) as part of a deal with Russia and other non-OPEC producers. The pact, aimed at propping oil prices, began in January 2017 and will run until the end of 2018.
Tom Lee, Fundstrat Global Advisors, discusses DoubleLine Capital CEO Jeffrey Gundlach's comments about whether bitcoin and stocks are somewhat correlated and how the market could react to the Fed raising rates.
The nation's largest privately-owned bank holding company and a major car rental chain said Thursday they will stop promotions aimed at National Rifle Association members. The Nebraska-based First National Bank of Omaha will not renew its contract to issue the group's NRA Visa Card, spokesman Kevin Langin said in a statement. "Customer feedback has caused us to review our relationship with the NRA," Langin said.
Airlines United and Delta are the latest, and among the biggest, in a string of companies cutting largely promotional ties with the National Rifle Association in the wake of last week’s mass shooting at a Florida high school. With announcements Saturday, they UAL, +1.30% DAL, +1.73% join a major bank, insurer and car-rental giant, among others, in announcing they were dropping partnership programs with the NRA. Read: Delta passengers were trapped on runway for 12 hours — but did they get compensation? The NRA has been on the defensive amid renewed calls by a significant slice of the electorate to overhaul the nation’s gun laws to some degree while other Americans dig in on the basis of constitutional
One eager reader of Warren Buffett's annual letter will probably be Coca-Cola (KO) CEO James Quincey. Berkshire Hathaway (BRK.A) is a long-time shareholder of Coke, in large part because of the wide moat around its business. The fact Buffett loves drinking Cherry Coke helps, too. Buffett recently disclosed that Berkshire still owns 400 million shares of Coke. Berkshire is Coke's largest shareholder. Asked by TheStreet what he has learned from Buffett in terms of leadership, Quincey said it's a litany of things. "He has literally written several books on leadership and investing, and I think they are always very pragmatic, and commonsense rounded in the fundamentals of business," Quincey said.
The technology sector has dominated Wall Street recently, and despite the sudden return of volatility in global stock markets, that trend should continue well into 2018. While many will feel that they have already missed their chance to win big on tech stocks, there are still plenty of opportunities to cash in as we head further into the calendar year. The cloud of the dot-com bubble still lingers over this sector, and plenty on Wall Street remain hesitant to load up on tech stocks because of it.
Depending on our need for cash and risk appetite, we may try to make the most of daily market movements, or hold on in the hopes that the overall financial health/stability of a company will yield higher value in the form of dividends or share price appreciation.
Bank of America will ask its clients that make assault weapons about what the companies can do to help stop deadly mass shootings. The bank sent this statement to CNBC: "We are joining other companies in our industry to examine what we can do to help end the tragedy of mass shootings, and an immediate step we're taking is to engage the limited number of clients we have that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility." A number of companies have terminated their business partnerships with the National Rifle Association due to the rising outcry against the gun group after the deadly shooting at a Parkland, Florida high school
Warren Buffett is no fan of using leverage to enhance investing returns. In this year’s annual letter to Berkshire Hathaway shareholders, released Saturday, he offered the table below to illustrate why: The table shows the four “truly major” dips that shares of Berkshire BRK.A, +0.87% BRK.B, +1.01% have suffered over the last 53 years, Buffett notes. Berkshire over that time has built value by reinvesting earnings and letting compound interest “work its magic,” Buffett said. And while Berkshire has moved forward year by year, it wasn’t immune to the “gory” episodes portrayed above. See: Warren Buffett’s annual letter to investors “This table offers the strongest argument I can muster against