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.
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.
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.
Martin Shkreli, clad in prison fatigues and sporting a scruffy beard, returned to court for the first time since his jailing in September, hoping to convince a judge that he shouldn’t have to forfeit money to the U.S. government. For 90 minutes in federal court in Brooklyn, New York, on Friday, Shkreli fidgeted and smirked only occasionally as his legal team assailed the prosecutor’s request that he surrender $7.4 million he allegedly reaped from his frauds. Now with prison-issued glasses instead of the wireless spectacles or contacts he wore at the trial, Shkreli listened closely as his lawyer argued that he generated "robust returns" for his hedge fund investors, didn’t steal their money, and shouldn’t have to pay a cent. "At the end of the day, investors made substantial amounts of money," defense lawyer Benjamin Brafman told the judge.
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.
Carlyle Group Co-CEO Glenn Youngkin discusses how his company plans to continue its success and what the future holds for General Electric.
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.
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.
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.
MOUNDSVILLE, W.Va. (AP) -- A West Virginia judge has dismissed a lawsuit brought by coal company Murray Energy against HBO host John Oliver. A segment of Oliver's Sunday show "Last Week Tonight" in June poked fun
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
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.
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.
Delta Air Lines Inc. and United Continental Holdings Inc. became the latest companies to cut ties with the National Rifle Association after a call to boycott the lobbying group became a top trend on Twitter Friday. The online furor continued into the weekend after the NRA’s leaders attacked the media and Democrats, claiming the fallout from last week’s Florida high school massacre was being politicized. One user, with almost a quarter of a million followers, tagged a slew of brands in his post, including NRA partners Hertz Corp. and LifeLock Inc. “There are only 5 million NRA members but over 300 million of us! Businesses have a choice whose business they prefer,” tweeted another. Delta and United, two of America’s largest passenger carriers, said Saturday they would back away from the group.
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.
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.
Trading bitcoin, the world’s largest cryptocurrency by market capitalization, could become cheaper and faster, thanks to new software employed by two major exchanges for buying and selling the digital currency. (See also: Be Wary of Cryptocurrencies: Ethereum Founder.) This week, both Coinbase and Bitfinex announced plans to adopt a software called Segregated Witness, or SegWit, which bitcoin enthusiasts and the later exchange says should reduce fees by as much as 20% and reduce transaction wait times. Bitcoin bears have often pointed to the cryptocurrency’s long transaction times, often more than 24 hours, as barring it from becoming a viable means of means of payment for goods and services.
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.
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.
There’s a lot to dislike about taxes, but the Internal Revenue Service has quietly given taxpayers one thing to appreciate: Less of us are seeing our tax refunds get hijacked through identity-theft scams. Credit for this goes to the IRS, as well as state tax agencies, tax-preparation services and financial institutions, all of whom have had to cooperate to stop thieves from filing fake returns for real people that yield refunds they redirect to themselves. To put that in context, the IRS received 135.7 million tax returns in 2017.
Warren Buffett's firm Berkshire Hathaway is sitting on a record amount of cash. Berkshire Hathaway has never had this much cash, so naturally people have wide-ranging ideas for how the Warren Buffett-led juggernaut may use it. The bank arrives at that figure by factoring in the record $109 billion of cash Berkshire had on hand at the start of February, and combining it with the company's strong free cash flow.
In its annual report, Berkshire said the increase, to $18.2 billion, was made in the fourth quarter, and was based on higher-than-expected loss payments reported by AIG. Berkshire also boosted a related deferred charge asset by $1.7 billion, and estimated its year-end net liability under the contract was $10.7 billion. The January 2017 contract called for Berkshire's National Indemnity Co to take on many of the long-term risks in AIG's property and casualty portfolio, sometimes known as "long-tail" exposure, in exchange for $10.2 billion upfront.