130.30 -0.28 (-0.21%)
After hours: 7:51PM EST
|Bid||130.31 x 800|
|Ask||130.45 x 900|
|Day's Range||130.18 - 131.25|
|52 Week Range||91.11 - 131.29|
|Beta (3Y Monthly)||1.20|
|PE Ratio (TTM)||12.89|
|Earnings Date||Jan 14, 2020|
|Forward Dividend & Yield||3.60 (2.76%)|
|1y Target Est||123.71|
(Bloomberg) -- DoorDash Inc., the unprofitable food delivery company, is weighing a direct stock listing for its planned entry into the public markets as soon as next year, rather than holding an initial public offering, according to two people familiar with the matter.By listing directly, DoorDash would be able to go public without the scrutiny that comes with an investor roadshow but wouldn’t raise money by issuing new shares. The move is still desirable because it lets existing shareholders—some of whom have been sitting on equity for years—sell their stock.DoorDash has yet to file with U.S. regulators for its listing and remains undecided on the path to take, said the people, who asked not to be identified discussing private information. The direct listing option is appealing to DoorDash executives because they think the company can get money through other means, one of the people said.Just last week, DoorDash got $100 million from investment accounts advised by T. Rowe Price Group Inc. The company has also talked with banks about arranging a credit facility of about $400 million. JPMorgan Chase & Co. is leading the potential financing and is also advising DoorDash on the public stock sale, people with knowledge of the matter have said. Spokeswomen for those companies declined to comment.Direct listings are rare but have become a popular topic of conversation among tech companies in the last year. They’re a byproduct of an abundance in capital available in the private markets, creating less of a need to raise money through an IPO. Spotify Technology SA was the first high-profile company to go through the process last year, and Slack Technologies Inc. followed this year. Airbnb Inc. is also leaning toward a direct listing and would be the largest tech company to take the unconventional approach.Meanwhile, the IPO process has been particularly unforgiving this year to deeply unprofitable companies, like Lyft Inc. and Uber Technologies Inc. WeWork was forced to abandon its IPO and take a bailout from its largest investor, SoftBank Group Corp., when Wall Street rejected the company’s pitch on the roadshow.DoorDash has raised about $2 billion from investors, including SoftBank and Sequoia Capital, most recently at a valuation of $12.7 billion. It uses gig-economy labor and faces similar risks as Lyft and Uber. DoorDash was embroiled in a controversy over drivers’ tips this year, which it addressed partially by increasing pay to workers. However, the issue lingers. The attorney general in Washington, D.C., sued DoorDash on Tuesday, alleging the company pocketed customers’ tips to reduce labor costs.Critics have also said DoorDash fortified a lead in the U.S. by spending cash at an unsustainable pace. Tony Xu, DoorDash’s chief executive officer, told Bloomberg this month that the business is designed to eventually be profitable. “We have a lot of money in the bank,” Xu said. “We are in no rush to spend it all.”Venture capitalists in Silicon Valley organized a summit last month to tout the benefits of direct listings. At the closed-door event, Benchmark’s Bill Gurley, Sequoia Capital’s Michael Moritz and other VCs argued against IPOs. Xu was among the executives in attendance.\--With assistance from Crystal Tse, Michelle Davis and Michael Hytha.To contact the author of this story: Candy Cheng in San Francisco at email@example.comTo contact the editor responsible for this story: Anne VanderMey at firstname.lastname@example.org, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
High-dividend stocks can be misleading. Here's a smart way to find stable stocks with high dividends. Watch these 14 dividend payers on IBD's radar.
Locally based Globalscape Inc. has secured a huge source of credit, among multiple moves it's made following a recent positive quarterly earnings report that continued its streak of favorable results. Globalscape (AMEX: GSB), a publicly traded secure data transfer company, entered into a five-year, $55 million senior secured credit facility with a syndicate of banks led by JPMorgan, according to a news release. The new credit facility provides for a term loan facility in the principal amount of $50 million and revolving commitments in an aggregate principal amount of $5 million with JPMorgan (NYSE: JPM) and East West Bank.
(Bloomberg Opinion) -- Interest rates are not only low but, adjusted for inflation, the yield on the benchmark 10-year Treasury note is zero. This has been the case for some years now, and will likely continue in a world of chronic excess capacity and surplus savings that has been generated by globalization.Yet individual investors and financial institutions are far from recognizing and adapting to this reality. Instead, they’re taking bigger risks in their search for yield. The result may be severe financial problems, especially if the recession I believe the economy is nearing unfolds. Examples of extreme risk taking and high financial leverage are legion. The Federal Reserve agrees; in a twice-yearly report meant to flag stability threats on the central bank’s radar, it said that continuing low interest rates could dent U.S. bank profits and push bankers into riskier behavior that might threaten the nation’s financial stability.State pension funds have cut their expected returns, but their 7.25% average forecast is likely to be proven a fantasy. Funds with more than $1 billion in assets had a median return of 6.8% in the year ending June 30, the lowest since 2016. They’ll need to do better. Large public funds had $4.4 trillion in assets as of June 30, or $4.2 trillion less than they need to pay promised future benefits, according to the Federal Reserve. And the situation is deteriorating, with liabilities up 64% since 2007 but assets gaining only 30%, according to the Pew Charitable Trust.If investments fall short, public pension funds have three unsavory choices. The first is to ask state legislatures for more money, but most of them are looking to cut, not add, expenses. The second is to curtail retiree benefits, which is next to impossible politically. Besides, many pension benefits are set by law.Third, they can move out on the risk curve to achieve higher returns, and that’s what they’ve done for the most part. Pension funds in the U.S., U.K., Japan, Australia, Canada, Switzerland and the Netherlands allocated 26% of their assets in 2018 to alternative and riskier investments, up from 19% in 2008, according to Willis Towers. These include real estate, venture capital, private equity and even greenhouses and bonds rated barely above junk.As long as the Fed keeps short-term rates above zero, the difference between what banks pay on deposits and other sources of funding and what they earn on longer-term loans will remain compressed and could well be reduced further. This, of course, is just another manifestation of a flat yield curve.Net interest income at three large banks—JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. —fell 2% in the third quarter from the second, and the average net interest margin shrank from 2.66% to 2.54%. And they didn’t make it up on volume. Total loans were essentially flat, which is not that surprising as large banks are shifting to portfolio investments, namely Treasuries, which rose 5.1% in the third quarter compared with a 0.9% increase in loans outstanding.With the persistent constriction on interest rate margins, banks will no doubt also emphasize fee income in the years ahead. Ironically, security brokers and advisors are moving in exactly the opposite direction, potentially to their peril. And with the race to zero brokerage commissions, firms such as Charles Schwab Corp, Fidelity Investments, Vanguard Group Inc. and Robinhood Markets Inc. are shifting from brokerage to banking. Schwab’s commission revenue has declined to 7% of annual revenue from 14% in 2014, while it’s 11% for E*Trade Financial Corp. and 15% for TD Ameritrade Holding Corp.Those three firms held a total of $6 trillion in client money at the end of the third quarter, compared with $2.9 trillion at Bank of America Corp.’s wealth-management business, and they profit from spread lending—investing low-cost, often free client money at higher interest rates. They are betting their customers will remain insensitive to returns on their money and that free commissions will induce investors to leave these excess funds with them. Still, average money-market yields are much higher at 1.8% and in the first half of this year, and Schwab clients moved $58 billion into money-market accounts and other higher-yield alternatives. Also, Robinhood Markets just announced a 2% return for uninvested customer cash through partner banks.Savers are slowly but reluctantly adapting to zero real interest rates, and one of the arguments in favor of stocks is that they offer better total returns. The average dividend yield on the S&P 500 Index is 1.9%, just above the interest rate on the 10-year Treasury note. This has kept stocks very inflated with the cyclically-adjusted price-to-earnings ratio about 50% above its long-term average. In Europe, negative interest rates are inducing depositors to put currency in vaults and to save even more for retirement rather than spend. In Switzerland, individuals are fleeing to real estate, stoking fears of overbuilding.With robust demand, global sales of new government and private sector debt obligations are soaring, notably junk bonds. Some $4.6 trillion was issued through August, up 12% from a year earlier, according to S&P Global Ratings. Net corporate debt in relation to cash flow soared from 1.2 times in 2010 to 1.7 times at the end of 2018.Today’s risk-taking in search of high returns is not as eye-catching as was the subprime mortgage bonanza, but it’s much more widespread and, therefore, ominous. My advice to individual and institutional investors: reduce your leverage and risk and adapt to an era of chronic flat real interest rates.To contact the author of this story: Gary Shilling at email@example.comTo contact the editor responsible for this story: Robert Burgess at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.A. Gary Shilling is president of A. Gary Shilling & Co., a New Jersey consultancy, a Registered Investment Advisor and author of “The Age of Deleveraging: Investment Strategies for a Decade of Slow Growth and Deflation.” Some portfolios he manages invest in currencies and commodities. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Needham Bank would be the third bank in two years to open a location in Roxbury. Prior to that, the neighborhood had gone more than two decades without a new bank branch.
The dual tailwinds of renewed trade optimism and stronger-than-expected corporate earnings drove the rally. The bullishness was further fueled by rate cuts by the Federal Reserve.
In the JPMorgan funds stable, Intrepid Growth Fund outperforms by finding quality stocks that are underappreciated and attractively priced.
A look at how portfolio assets can be periodically rebalanced (from better-performing asset classes to underperformers, for example) and occasionally sold to supplement income for retirees.
(Bloomberg Opinion) -- Unlike the bond market, which is largely anchored in economic reality, the stock market is based on hope. Everyone knows and understands that, but it’s still next to impossible to reconcile the latest leg higher in equities — which has pushed the Dow Jones Industrial Average, S&P 500 Index and Nasdaq Composite Index to records — with the latest economic data. Consider Friday, when all those benchmark indexes posted their biggest gains of the week even though a Commerce Department report showed that retail sales in October failed to rebound enough to offset concern about September’s horrible numbers. That was enough to spur JPMorgan Chase & Co., which as the largest U.S. bank should know a little something about the economy, to cut its fourth-quarter estimate of gross domestic product to a meager 1.25% from what was an already low 1.75% on an annualized basis. But none of that matters to the stock market, which has tied its belief in an upswing in the economy to every comment made by U.S. and Chinese officials on “phase one” of a trade deal. The problem is that no one truly knows what it will contain or accomplish. White House economic adviser Larry Kudlow told reporters late Thursday in Washington that “we are coming down to the short strokes” and are “in communication with them every single day.” And here’s where hope comes into play for the stock market. The hope is that unlike in the past, when the White House signaled that a deal was at hand, this time will be different. If it is, that might ease the uncertainty hanging over business leaders, ignite faster growth and allow companies to meet earnings estimates for 2020 that remain stubbornly high at just less than 10%.This wouldn’t be much of a concern if stocks were cheap, but they’re anything but. The S&P 500 is trading at 17.2 times the following year’s projected earnings. That ratio has been higher only once since the economy began to recover from the financial crisis, and that was during late 2017, just before the S&P 500 tumbled 10% over the course of a few weeks in late January and early February 2018.Put another way, all the good news that equity investors are anticipating is already reflected in stock prices — and then some. Proof for that comes in the widely followed monthly survey of fund managers by Bank of America Merrill Lynch. The latest results were released last Tuesday and showed that a net 6% of those polled expect a strong global economy next year, compared with negative 37% in September’s survey. That was the biggest month-over-month jump on record. But that came before the retail sales report, which should provide plenty of reason for pause heading into the holiday season. Sales in the “control group” subset, which some analysts view as a more reliable gauge of underlying consumer demand, increased 0.3% as projected, but the September figure was revised to a decline of 0.1% from no change. That was the fourth consecutive month this series was revised lower. “We’re more dependent on the consumer than ever in this expansion, and we’re getting some signs the consumer is slowing” Stephen Gallagher, chief U.S. economist at Societe Generale SA, told Bloomberg News. Although the bond market is no longer pricing in an imminent recession, it hasn’t exactly embraced the “all is fine” narrative like stocks have. Yields on U.S. Treasuries average 1.77%, which is in the middle of the 1.51% to 2% range they have been stuck in since July. And don’t forget, those yields averaged 3% this time last year.The phrase “priced for perfection” gets tossed around a lot by investors. This time, it feels appropriate given how much hope is priced into stock prices. To contact the author of this story: Robert Burgess at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- It’s been an up-and-down few years for Lazard Ltd., the storied blue blood investment bank.Its share of deal advisory work worldwide is ranked at its lowest in almost two decades, falling behind rival Evercore Inc., Bloomberg data show. Top Lazard bankers such as Matthieu Pigasse and Antonio Weiss have left and a few offices closed.Yet amid the setbacks, Lazard, founded in the 1800s as a dry goods merchant, can count on a surprising and steady source of business: Google, the quintessential Silicon Valley firm. Over the last decade, Lazard has quietly become Google’s go-to adviser, bringing it the cachet -- though not big fees -- of working with one of the world’s largest companies.Lazard has represented the Alphabet Inc. unit on every takeover where it used an outside adviser -- a total of $22 billion in transactions over that period, from Motorola Mobility for $9.8 billion in 2011 to Fitbit Inc. for $2.1 billion this month. For its many smaller transactions, Google generally uses its in-house banking staff.That kind of relationship, while informal, is rare these days, especially in the cut-throat world of technology investment banking. Companies typically use a variety of banks when doing deals. The Google-Lazard tie-up -- put together almost a decade ago by one of its bankers, Vernon Jordan, the well-connected power broker -- is more reminiscent of the century-old banking relationship between General Electric and what is now JPMorgan Chase & Co. And like that one, it reflects in part personal relationships and a desire for discreetness.“This harkens back to the old line way of banking where corporations would have this kind of relationship with an institution for decades,” said Barbara Byrne, a former vice chairman at Barclays Plc and now a director at CBS Corp.Antitrust ScrutinyThe Google business alone won’t make or break Lazard, to be sure. The New York-based firm’s share of global M&A by deal value is just 4.3% this year, the lowest since 2001, according to data compiled by Bloomberg. That share has especially tumbled in recent years as rainmaker bankers such as Ken Moelis, Paul Taubman and Blair Effron founded their own boutique firms that compete on megadeals.Google transactions may have brought Lazard a mere $70 million in fees since 2011, according to an estimate by consultant Freeman & Co. In the third quarter alone, Lazard posted financial advisory revenue of $304 million.And Google’s acquisition activity may slow as antitrust scrutiny grows from federal, state and Congressional investigators looking into whether the company is using its size to hurt competitors.But the relationship with Google serves to burnish the firm’s reputation, and allows its bankers to play up the ties, such as when seeking business with emerging tech companies, a person familiar with the situation said.“There’s no banker in the world who wouldn’t want that relationship,” Byrne said. “They would jump hoops for it.”Google and Lazard declined to comment.On Lazard’s last earnings call, CEO Ken Jacobs said that its financial advisory activity had “gained momentum.” The firm has reshuffled leadership in recent months, promoting several bankers including naming Peter Orszag as the firm’s chief global dealmaker in April. (Orszag is a Bloomberg Opinion columnist.)Jordan’s RoleLazard won its role with Google thanks partly to Jordan, 84, who had been a friend and adviser to former President Bill Clinton. He started working for Lazard in 2000 as the ultimate door opener and now holds the title of senior managing director.His entrée to Google was through David Drummond, who joined the company in 2002 and is now its vice president of corporate development, people familiar with the matter said. Jordan delivered a speech to honor Drummond at a social justice gala last year where he called him a “good friend.”(A former Google employee who had a long-term relationship with Drummond alleged in August that she was forced out of the company after dating him. Drummond has acknowledged the relationship and said he has addressed it with Google.)‘Science Experiments’Google pays Lazard a retainer of more than $200,000 a month for its services, according to people familiar with the situation. While some other banks have retainers with clients, Lazard’s is notable for its duration, going back years.Lazard plays a variety of roles for Google. Often it acts as a consultant, such as a McKinsey would, researching industries and exploring potential takeover targets, according to people familiar with the matter. A former Lazard employee described the work as doing “science experiments” for Google.They sometimes lead to being hired for traditional M&A advice, or coming in only for late-stage negotiations after Google employees handled the earlier talks.In the Fitbit acquisition, Lazard initially prepared a study on the smartwatch market, which laid the groundwork for Google to buy some of watchmaker Fossil Group Inc.’s technology earlier this year. That, in turn, led to Google hiring Lazard for the Fitbit purchase.Deep PocketsGoogle doesn’t typically require the array of services, notably takeover financing, offered by bulge bracket firms like Goldman Sachs or JPMorgan. The company has deep pockets to pay for a transaction itself. That’s why it made sense to turn to a firm that focuses more heavily on M&A.Google also trusts Lazard to keep potential takeovers close to the vest, people familiar with the arrangement said, even viewing some of the Lazard bankers as if they were embedded in the corporate development group.Paul Haigney, the longtime Lazard banker who, with John Gnuse, handles the day-to-day Google relationship, is described by people who know him as an old-school banker, meaning in part that he doesn’t like meeting or gossiping with the press -- a much-prized trait at the typically secretive Google.In the Fitbit acquisition, Lazard’s role was handled in a typical low-profile way. A release announcing it omitted the bank’s name, listing only Fitbit’s financial adviser, Qatalyst.“Banking relationships at the CEO and board level are extremely personal and not institutional,” said Stefan Selig, managing partner at BridgePark Advisors, whose clients include CEOs and wealthy investors. “Those relationships tend to be sticky if the bankers and management teams don’t change and if the client is happy with the service.”To contact the reporters on this story: Liana Baker in New York at email@example.com;Gerrit De Vynck in New York at firstname.lastname@example.org;Sonali Basak in New York at email@example.comTo contact the editors responsible for this story: Jacqueline Simmons at firstname.lastname@example.org, Larry Reibstein, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Saudi Arabia has abandoned plans to formally market shares in its state-owned oil company outside the kingdom and its Gulf neighbours, in the latest sign of the initial public offering’s shrunken ambitions. Bankers learnt on Monday that no formal European investor meetings would take place, a day after roadshows in the US and Asia were called off, according to people familiar with the matter. The decision is the latest setback for the kingdom, which will now seek to raise about $25bn through the flotation of Saudi Aramco — just a fraction of the $100bn it once sought.
Fund manager J.P. Morgan Asset Management upgraded its outlook on global stocks on Monday, pointing to hopes for a breakthrough in Sino-U.S. trade talks, a reduced risk of a U.S. recession and a moderately positive earnings outlook. The call, from the manager of $1.8 trillion in assets, comes as U.S. stock markets sit at a record high, but as a recent bond rally shows signs of unwinding. "We have held a cautious view on the outlook for equity markets for much of this year... however, the environment has shifted in recent weeks" said Patrik Schowitz, global multi-asset strategist at the fund manager in an emailed note.
While many investors may worry about the effects that the U.S.-China trade war, Brexit and Middle East tensions are having on the global economy, Jamie Dimon has this advice: Relax.
(Bloomberg Opinion) -- A long-held belief of analysts in India is that the economy is supply-constrained. Demand isn’t even worth a footnote, while a temporary squeeze in the onion market deserves obsession because it could be inflationary. It’s increasingly obvious that this view is outdated. In October, inflation quickened more than expected to 4.62% because of, yes, an onion shortage. Yet core inflation, which strips out volatile commodity prices, slumped to 3.4%, the lowest since the current price series began in 2012. One explanation is that people have less money to spend on other things after buying vegetables. Yet, as Mark Williams, chief Asia economist at Capital Economics puts it, a 1.1 percentage point drop in core inflation over three months is rare. “This weakness isn’t solely due to spending being diverted,” he says in a research note.It’s a demand funk. Until about 2012, temporary supply shocks dominated. The starting point of production and transport is hydrocarbons, and India needs to import most of its crude oil. The government also has to pay farmers to feed 1.3 billion people. Because of the outsize dominance of food and fuel in consumption, price stability is ephemeral: A few months of high inflation could drastically impact consumers’ expectations. Any gap between (runaway) headline and (soft) core inflation would typically close with the core moving toward the main indicator. But something has changed. The supply-dominated headline number is now more likely to shift toward the demand-led core figure, JPMorgan Chase & Co. research has shown. Slack in the economy — of which there’s plenty — has become much more important than a transient disruption in commodity supplies. Therefore, despite consumer prices rising more than the central bank’s 4% target for the first time since mid-2018, the new consensus is that the economy is deflation-bound. That’s the reason most observers are shrugging off the October inflation rate as any kind of a speed limit on the central bank’s rate cuts. Whether the five rate reductions this year will lift demand is a different story. Banks aren’t passing lower borrowing costs down the line. As of August, their weighted average lending charge was almost double the Reserve Bank of India’s repurchase rate. This record spread is a crisis-like situation, Credit Suisse AG strategist Neelkanth Mishra says.It’s also a supply-side bottleneck, except more durable. The input missing from the production process is trust. In September last year, when I termed the collapse of infrastructure financier IL&FS Group as India’s mini-Lehman moment, lending by shadow banks was growing by 24%. It’s now collapsed to 7% because everyone’s worried about who will go bust next. Nonbank financiers’ funding sources have dried up. Meanwhile, state-run banks are dogged by $200 billion-plus in bad corporate loans, no matter how generously a cash-strapped government tries to recapitalize them.Nomura’s Sonal Varma calls it a “triple balance sheet problem” shared by banks, shadow lenders and India Inc. In her estimate, GDP expansion may have slowed further to 4.2% in the September quarter from a six-year low of 5% in the previous three months. The potential growth rate, she says, is around 6.5%. The longer the deleveraging cycle lasts, the bigger the risk that this potential could ebb further. How fast an economy can grow is measured from the supply side — by slapping together labor and capital inputs as well as productivity growth. But it’s here that demand is emerging as a constraint. Consumer spending fell in real terms in 2017-18, its first decline in four decades, the Business Standard reported Friday, citing an unreleased official survey. As Rathin Roy of the New Delhi-based National Institute of Public Finance and Policy has been arguing, the economy grows by producing what 150 million of the top income earners consume. When it comes to an inexpensive shirt that India’s workers can make for their billion-plus fellow citizens, Bangladesh does a better job. India balked at the last minute from joining the 16-nation Regional Comprehensive Economic Partnership trade agreement because it can’t compete against China in making everyday things. Roy’s call for a meaningful minimum wage for workers in all Indian states rich and poor shows a sensible way to create sustainable demand. Make things well enough for a swelling home market, and eventually India will supply them to the world. Satisfying the needs at the vast bottom of the socioeconomic pyramid will reduce slack. In an emerging market, confidence of entrepreneurs comes not from killer innovation but from knowing that producers can sell what they make. An undemanding India hurts everyone. To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The Department of Justice has charged another former JPMorgan Chase & Co executive with alleged racketeering and manipulating precious metals prices between 2008 and 2016, the latest in a string of similar prosecutions. The indictment against Jeffrey Ruffo, who is also charged with other federal crimes including conspiracy to commit wire fraud, is the result of an "ongoing investigation", federal prosecutors said in a statement. Ruffo is the sixth person to be charged with alleged fraud in connection to JPMorgan's precious metals desk.
JPMorgan Chase & Co. declared a dividend on the outstanding shares of the Firm’s Series V preferred stock. Information can be found on the Firm’s Investor Relations website at jpmorganchase.com/press-releases.
While the crypto market continues to stall, some analysts are betting on institutions to carry the next bull cycle, opposed to casual traders who snowballed the BTC price in 2017. Indeed, the Wild West days of crypto, accompanied by thousands of cash-grabbing, fraudulent ICOs seem to be coming to a close — compliance is the […]
Berkshire Hathaway’s Warren Buffett appears to have taken the summer off when it comes to investments, as stakes in RH and Occidental were probably taken by the two portfolio managers who oversees part of Berkshire’s big equity portfolio.