Tuesday, July 27

Berkshire Hathaway

Berkshire Hathaway, Billionaires, Elon Musk, Jeff Bezos, Markets, MI Exclusive, Richard Branson, Space Travel, Spaceships, Warren Buffett, Weekend BI UK

Warren Buffett won’t be following Jeff Bezos and Richard Branson into space-he ruled out a rocket trip 25 years ago

Warren Buffett. CNBC Warren Buffett won't be following Jeff Bezos or Richard Branson into space. The investor once said he admired space explorers but had no desire to board a rocket himself. Buffett joked he would charge less to insure Elon Musk's Mars mission if Musk was on board. See more stories on Insider's business page. Amazon's Jeff Bezos and Virgin's Richard Branson blasted themselves into space this month, while SpaceX CEO Elon Musk's grand vision is colonizing Mars. Warren Buffett doesn't share his fellow billionaires' passion for interstellar travel-he ruled out leaving Earth 25 years ago.Buffett-who made his fortune investing in staid companies like Coca-Cola and Gillette-takes the same approach to fast-changing businesses and industries as he does to extraterrestria...
Berkshire Hathaway, Kirby, m&a, Markets, MI Exclusive, Private Equity, Right Lane Industrial, Scott Fetzer, vacuum cleaners, Warren Buffett

Warren Buffett’s Berkshire Hathaway sold Kirby after 35 years. The vacuum-cleaner company generated 5% of Berkshire’s profits at one point

Warren Buffett. Carlos Barria / Reuters Warren Buffett's Berkshire Hathaway sold Kirby after 35 years of ownership. The investor bought Scott Fetzer, the vacuum-cleaner brand's parent company, in 1986. Kirby once generated 5% of Berkshire's profits, and Buffett ranked it among his best businesses. See more stories on Insider's business page. Warren Buffett's Berkshire Hathaway recently sold Kirby after 35 years of owning the vacuum-cleaner company. The famed investor's conglomerate rarely sells businesses, and Buffett once prized Kirby as one of Berkshire's best subsidiaries, making the transaction a notable one.Berkshire sold Kirby to Right Lane Industries, an industrial holding company that seeks to acquire US-based manufacturing and industrial-services companies, invest in the...
Arbitrage, Arcata, Berkshire Hathaway, KKR, Lumber, lumber price, m&a, Markets, MI Exclusive, Stocks, Warren Buffett, Weekend BI UK, wood products

Lumber prices are on a roller coaster. They might remind Warren Buffett of the time he doubled his money on a timber company

Warren Buffett. REUTERS Lumber prices have skyrocketed and plunged in the past 18 months due to the pandemic. Warren Buffett once doubled his money with a clever bet on Arcata, a timber company. The investor pocketed $22 million after the US government settled a dispute over a redwood forest. See more stories on Insider's business page. The pandemic has had a dramatic impact on lumber prices, dragging futures below $300 per thousand board feet in April 2020, then lifting them as high as $1,700 this May. Warren Buffett could well be having flashbacks to the time he doubled his money on a deal involving a redwood forest.The billionaire investor and Berkshire Hathaway CEO described his Arcata bet as one of his "more serendipitous arbitrage experiences" in his 1988 letter to Berkshir...
Berkshire Hathaway, BYD stock, Charlie Munger, Electric Vehicles, Himalaya Capital Management, Li Lu, Markets, MI Exclusive, Warren Buffett

The investor responsible for Warren Buffett’s 25x gain on BYD just sold $320 million of the electric-vehicle maker’s stock

Warren Buffett. Paul Morigi/Getty Images for Fortune/Time Inc Li Lu's Himalaya fund sold 15% of its BYD stake in two days, netting about $320 million. Li encouraged Warren Buffett and Charlie Munger to invest in the Chinese automaker in 2008. BYD's stock price is down about 5% this year after soaring 400% in 2020. See more stories on Insider's business page. Li Lu introduced Warren Buffett and Charlie Munger to BYD, one of the pair's best investments over the past decade. The fund manager seems less bullish on the Chinese electric-vehicle maker today, given he recently cashed out more than $300 million of its stock in the space of two days.Li's Himalaya Capital Management sold 7.1 million shares for around $29 each on July 8, and disposed of another 3.6 million shares at a simila...
Berkshire Hathaway, Gabelli Funds, inflation, Mario Gabelli, Markets, MI Exclusive, Renewable Energy, Saving, SPAC, Stocks, Warren Buffett

Billionaire investor Mario Gabelli slams stock promoters, touts batteries, and discusses his Berkshire Hathaway bet in a new interview. Here are the 14 best quotes

Mario Gabelli. Thomson Reuters Mario Gabelli questioned SPACs, touted batteries, and slammed pump-and-dump schemes on Twitter. The Gamco Investors chief told young people to work hard, save, and invest. Gabelli reflected on his lucrative Berkshire Hathaway investment in the mid-1980s. See more stories on Insider's business page. Mario Gabelli blasted pump-and-dump schemes on Twitter, warned that special-purpose acquisition vehicles (SPACs) vary greatly in quality, and trumpeted battery technology in a recent RealVision interview.The billionaire fund manager and head of Gamco Investors also reflected on his mistakes, advised young people to save diligently and outwork their rivals, and discussed his lucrative bet on Warren Buffett's Berkshire Hathaway more than 30 years ago. Here ...
Bank of America, Banking, Berkshire Hathaway, Brian Moynihan, Markets, MI Exclusive, quarterly earnings, Stocks, Warren Buffett, Wealth management

Bank of America misses Q2 revenue forecasts-but smashes income estimates after slashing credit-loss provisions

Bank of America CEO Brian Moynihan. Photo by John Lamparski/Getty Images Bank of America reported second-quarter earnings on Wednesday. The banking group's revenue fell short of Wall Street's forecasts, but it beat on net income. Bank of America counts Warren Buffett's Berkshire Hathaway as its biggest shareholder. See more stories on Insider's business page. Bank of America reported second-quarter earnings on Wednesday. The banking group's revenue fell short of Wall Street's forecasts, but its net income blew past analysts' estimates.Here are the key numbers:Revenue: $21.5 billion versus Bloomberg consensus estimates of $21.8 billionNet income: $9.2 billion versus consensus estimates of $6.6 billionDiluted EPS: $1.03 versus consensus estimates of $1.03Bank of America, which coun...
Antitrust, Berkshire Hathaway, Finance, Politics, Strategy, Warren Buffett

Warren Buffett reversed plans to buy a $1.3 billion pipeline to avoid antitrust scrutiny — and its shows how the rich and powerful see Washington’s growing regulatory threat

Warren Buffett's Berkshire Hathaway abandoned plans to buy a $1.3 billion natural gas pipeline. Buffett's energy company operates in states where the pipeline runs, which seller said the FTC could have used to block the deal. The abandoned purchase signals that Buffett sees a growing federal regulatory threat. See more stories on Insider's business page. Washington's beefing up its antitrust regulatory muscle, and billionaire investor Warren Buffet is seemingly well aware of it.The Berkshire Hathaway owner's energy subsidiary said Monday it's throwing out plans to buy a $1.3 billion natural gas pipeline that operates in 16 states, ...
Berkshire Hathaway, Byron Trott, Goldman Sachs, Grills, IPO, m&a, Markets, MI Exclusive, Warren Buffett, Weber

Warren Buffett’s favorite banker has filed to take Weber public-and the grill maker could secure a billion-dollar valuation

Warren Buffett. AP Images Warren Buffett's longtime banker plans to take Weber public, SEC filings show. Byron Trott's BDT has been the grilling company's majority shareholder since 2010. Buffett has lauded Trott's dealmaking skills, expertise, and trustworthiness. See more stories on Insider's business page. Warren Buffett's favorite banker has filed to take Weber public, paving the way for the grilling specialist to deliver a billion-dollar IPO.BDT Capital Partners, helmed by founder and CEO Byron Trott, has been Weber's majority shareholder since 2010 and has agreed to sponsor its IPO. Weber boasts a global installed base of 50 million grills, and commands a 24% share of the global market, according to its draft IPO filing.Notably, Weber has enjoyed some benefits from the COVI...
3G Capital, American Football, Berkshire Hathaway, Markets, MI Exclusive, Ndamukong Suh, Tampa Bay Buccaneers, University of Nebraska-Lincoln, Warren Buffett

Warren Buffett allowed Ndamukong Suh to shadow him for several weeks. The NFL star shared his 3 key takeaways

Ndamukong Suh and Warren Buffett. CNBC NFL star Ndamukong Suh shadowed Warren Buffett for several weeks in 2010. The Tampa Bay Buccaneers player said every meeting was 100 times more valuable than a MBA. Suh's main takeaways were to keep things simple, focus on passions and people, and stay curious. See more stories on Insider's business page. Warren Buffett allowed Ndamukong Suh to shadow him for several weeks in 2010. The Tampa Bay Buccaneers star told the story of how he landed the gig, and detailed his three main takeaways, in a recent Twitter thread.Buffett was an honorary captain during Suh's senior game at the University of Nebraska-Lincoln. The famed investor and Berkshire Hathaway CEO stopped by the locker room to greet the players, including Suh. The future NFL player t...
Berkshire Hathaway, Bill & Melinda Gates Foundation, Bureaucracy, corporate strategy, Management, Mark Suzman, Markets, MI Exclusive, Philanthropy, Warren Buffett

Warren Buffett warned the Bill & Melinda Gates Foundation’s CEO about the’ABCs.’ The investor has flagged those threats before

Warren Buffett and Bill Gates. Reuters/Jason Lee Warren Buffett warned the Bill & Melinda Gates Foundation's CEO about the "ABCs" last year. The investor sees arrogance, bureaucracy, and complacency as major threats to large organizations. Buffett, who has gifted $33 billion to the foundation, once called the ABCs "corporate cancers." See more stories on Insider's business page. Warren Buffett told the CEO of the Bill & Melinda Gates Foundation that the greatest threats to the philanthropic behemoth were cockiness, red tape, and self-satisfaction. The billionaire investor and Berkshire Hathaway CEO, who has gifted a total of $33 billion to the foundation and resigned as its trustee in June, has warned about those forces in the past.Mark Suzman took charge of the Gates Foundation ...