Warren Buffett Shines Solo: A Historic Moment Without Charlie Munger
The Evolution of Berkshire Hathaway: Warren Buffett’s New Era
The Berkshire Hathaway (BRK-A, BRK-B) annual shareholders meeting on Saturday marks a significant shift for the conglomerate.
Warren Buffett, without his longtime partner Charlie Munger who passed away last year at 99, faces a new chapter in Berkshire’s history. In his annual letter, Buffett praised Munger as the “architect” of the modern Berkshire Hathaway.
Insights from the Shareholders Meeting
- Buffett, alongside vice chairs Greg Abel and Ajit Jain, engaged with shareholders in a Q&A session.
- Non-shareholders had the opportunity to watch a special movie featuring Munger’s memorable quotes and celebrity cameos.
- Buffett discussed the company’s Apple holdings and the growing cash reserves.
- He emphasized Berkshire’s focus on U.S. investments over international ventures.
Buffett’s cautious approach to investments was evident as he shared concerns about AI during the meeting. With Apple’s Tim Cook and Microsoft’s Bill Gates present, Buffett highlighted the potential risks and benefits of artificial intelligence.
Reflecting on his limited understanding of AI, Buffett expressed apprehension about its capabilities, acknowledging both its positive and negative impacts. He emphasized the need for careful consideration when investing in AI technologies.
The Stocks Charlie Munger Urged Warren Buffett to Buy
BYD (BYDDY) and Costco (COST) were the two stocks that Warren Buffett revealed Charlie Munger strongly advocated for during their partnership.
Buffett shared, “Charlie insisted on buying BYD and Costco, emphasizing ‘Buy, buy, buy.’ I regret not being more aggressive with Costco.”
Reflecting on Munger’s advice, Buffett admitted, “It wasn’t detrimental that we didn’t act swiftly, but Charlie’s judgment was spot on with both companies.”
When asked about expanding investments in China, Buffett mentioned that BYD, an electric vehicle manufacturer, is their sole Chinese investment, affirming that their primary focus remains on the United States.
Warren Buffett's Investment Strategy
Despite holding substantial cash reserves at Berkshire (BRK.A BRK.B), Buffett emphasized his preference for investing within the United States.
Buffett stated, "While we engage in the global economy through these companies, our major investments will continue to be domestic. I have a deep understanding of the US market, its strengths, weaknesses, and regulations, which gives me confidence. This sentiment is not as strong for international markets, and fortunately, I don't have to rely on them."
Although Buffett expressed his interest in Japan, he made it clear that significant investments outside the US are unlikely.
Warren Buffett's Take on Apple
According to Myles Udland, Berkshire (BRK.A, BRK.B) sold some Apple (AAPL) shares in the first quarter, raising concerns among investors. However, Warren Buffett quickly reassured everyone by stating that his views on Apple remain
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Warren Buffett Shines Solo: A Historic Moment Without Charlie Munger
Financial Times: Smuggled Libyan oil passes through the Maltese authorities without them batting an eyelid.. Here are the details
The Financial Times reported that the Swiss company Colmar obtained oil from the smuggling operation managed by the Libyan smuggler Fahmi Salim bin Khalifa and the Maltese citizens Darren and Gordon Debono, long before they were arrested by the Italian police along with other smuggling networks.
The newspaper added that the oil was cleared by Malta Customs despite the presence of a forged certificate from Fahmi Selim’s Tuoboda company, while the tanks were rented to the “Kolmar” company after the Swiss company made a public offer for storage.
The Maltese company Enmed, the state oil division, said it was not aware of the illegal contents of the warehouse because the oil had been cleared by customs.
The newspaper explained that using data from ship movements and information on bank payments, the investigation
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https://www.worldysnews.com/financial-times-smuggled-libyan-oil-passes-through-the-maltese-authorities-without-them-batting-an-eyelid-here-are-the-details/
‘Dutch Defense is preparing for the large-scale conflict’
#Dutch #Defense #preparing #largescale #conflict
Economy•4 May ’24 17:22 Author: Lisa van der Velde
With a defense investment of more than 21 billion euros this year, the Netherlands is coming close to the NATO standard for the first time. After years of peace missions, the armed forces of Western countries must now prepare for a completely different kind of conflict, with Russia as the main enemy. This is what Brigadier General and professor of Military-Operational Sciences Han Bouwmeester believes.
‘Dutch Defense is preparing for the large-scale conflict’
12 min 32 sec
Russia is currently seen as the major threat to the West. Although the Russians are not the only danger, Bouwmeester emphasizes. ‘Consider, for example, China or smaller groups, also known as non-state actors. They could come from the Middle East, for example.’
Also read | Russia can make a big impact: ‘New r
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RELATIONS WITH DONORS
On the right track. This is the little that can be said about the negotiations of the Malagasy authorities with the International Monetary Fund, IMF. Optimism shared yesterday evening at the meeting room of the Ministry of Economy and Finance in Antaninarenina.
Not very talkative about the content of the discussions, Frédéric Lambert, head of mission of the IMF, nevertheless revealed a calendar deadline. “We hope to reach an Agreement by the end of June.”
But what Agreement is this? Rindra Hasimbelo Rabarinirinarison, Minister of Economy and Finance, provides clear and unequivocal details. “The governme
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Savings of the rich above IDR 5 billion have increased significantly, here are the data
Jakarta –
The Deposit Insurance Corporation (LPS) revealed that people’s savings of over IDR 5 billion have soared. LPS Purbaya Board of Commissioners Chairman Yudhi Sadewa said the number increased by 9.14 percent from the previous month.
“Savings above IDR 5 billion, savings above IDR 5 billion grew by 9.14%. The growth is much faster than February’s 6.10%,” he said at a press conference on the results of the meeting KSSK II periodical of 2024, cited by the Ministry of Health. Finance YouTube, Friday (5/3/2024).
Purbaya also said that savings below IDR 100 million also saw a significant increase. “In March it grew by 7.3%, compared to 5.17% in February. Last year in March it was 3.1%,” she continued.
According to Purbaya, the increase in the size of savings, both above IDR 5 billion and below IDR 100 million, indicates that domestic economic conditions are strengthening.
“It therefore appears that economic improvements are starting to be felt by the public, indicating that economic stability in the future should be even stronger,” he explained.
In terms of deposit guarantees, Purbaya said the number of customer accounts guaranteed for all their savings by LPS until the end of March 2024 has reached 99.94% of total ac
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Savings of the rich above IDR 5 billion have increased significantly, here are the data
Amgen’s Obesity Treatment Shows Promise, Putting Pressure on Novo Nordisk’s Stock Price
Investors’ expectations are growing as Amgen, an international pharmaceutical company headquartered in the United States, announced that clinical trials for obesity treatment are proceeding without a hitch. On the other hand, Novo Nordisk, a Danish pharmaceutical company famous for its obesity treatment products, is showing a weak stock price after forecasting that sales of obesity drugs in the first quarter of this year will fall below expectations and competition intensifies.
Alternative’s stock price increased by 11.84% on the New York Stock Exchange on the 3rd (local time), ending trading at $311.34. On this day, Amgen’s stock price rose by almost 16% at one point, recording the biggest intra-day increase since July 2009.
The stock price rise was bolstered by the company’s announcement the previous day that interim analysis results of a phase 2 clinical trial of its injectable obesity treatment drug, MariTide, were “encouraging.”
“We recognize that there is a significant concern about obesity,” said Amgen CEO Robert Bradway, “I believe it can be done,” he said. Amgen previously announced that it would no longer develop AMG786, an obesity treatment candidate that was being developed as an exist
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Amgen’s Obesity Treatment Shows Promise, Putting Pressure on Novo Nordisk’s Stock Price
Berkshire Hathaway, members queuing since five in the morning to listen to Buffett
Listen to the audio version of the article
Shareholders have been queuing since five in the morning to enter. The Berkshire meeting is perhaps the most popular event in the financial world, but more than the accounts, what matters here is the protagonist, Warren Buffett, the only investor who for decades has filled the arena of Omaha, in the state of Nebraska, as one football stadium. This year is the first meeting of Berkshire Hathaway without Buffett’s partner, Charlie Munger, who died in November at the age of 99, and the handover from Buffett, the 93-year-old founder, president and CEO of Berkshire, is clearly evident in the meeting. , to his designated successor as CEO, Ajit Jain, who runs Berkshire’s insurance business. Buffett himself underlines the moment of handover: «By now the phone calls I receive from Berkshire’s operational managers are practically close to zero». In short, age is unfortunately advancing. Buffett seems to joke about it: «I fee
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Berkshire Hathaway, members queuing since five in the morning to listen to Buffett
How much will the embargo on Israel cost Turkey?
– 2024-05-04 20:07:54
Turkish President Recep Tayyip Erdogan may have made a decision to cut off all trade with Israel until the Israeli government allows humanitarian aid to be flown to Gaza and a permanent truce is reached, but it seems he is not – at 100 %- sure the business world.
Turkey Cuts All Trade Relations With Israel – “This Is How A Dictator Behaves” Tel Aviv Responds
Erdogan’s decision surprised and displeased Turkish exporters as large and small Turkish companies, which supplied Israel with a wide range of products, fell from the clouds despite the fact that last month Turkey had announced a ban on the export of 54 types of products to Israel.
Israel: In the OECD against the trade boycott of Turkey
Fears of repercussions
The total freeze on Turkish exports to Israel it primarily affects the traders themselves.
Products destined for Israel are delayed at customs as the customs clearance system was shut down before the decision on the ban was announced.
Last year, Tu
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How much will the embargo on Israel cost Turkey? – 2024-05-04 20:07:54
Budget: Primary surplus at 3 billion – Which taxes inflated revenue
– 2024-05-04 19:30:27
The tax revenue of this year’s budget moved above the target during the first quarter of 2024, which is also due to the extended accuracy. According to data from the Ministry of National Economy and Finance, the revenues of the “Taxes” category amounted to 14.844 billion euros, increased by 598 million euros or 4.2% compared to the target included in the introductory report of the 2024 Budget. However, VAT revenue amounted to 5.876 billion euros and is 16 million euros short of the target
At the same time, the primary result on an adjusted cash basis was a surplus of 2,987 million euros, against a target of a primary surplus of 2,133 million euros and a primary surplus of 3,079 million euros for the same period in 2023.
It is noted that most of the difference in the primary surplus against the target in cash terms is not counted in the 2024 primary result in fiscal terms. Indicatively, an amount of 159 million euros relating to revenues from the Recovery and Resilience Fund does not affect the result in fiscal terms, while a significant part of the difference in tax revenue collections of 647 million euros is counted in the fiscal result of the year 2023. Therefore the primary result in fiscal terms differs significantly from the result in cash terms. In addition, it is pointed out that the above refers to the primary result of the Central Administration and not to the whole of the General Government, which also includes the fiscal results of the Legal Entities and the sub-sectors of OTAs and OKAs.
Revenue
In the period January – March 2024, the amount of net revenues of the state budget amounted to 16,823 million euros, showing an increase of 430 million euros or 2.6% compared to the target included for the corresponding period in the introductory report of the 2024 Budget However, the reporting target included the collection in March of an amount of 1,797 million euros from the Recovery and Resilience Fund, most of which, i.e. 1,687 million euros, had been collected in December 2023. and an additional amount of €159 million was collected in January 2024.
Excluding the above amount, net income shows an increase of 2,069 million euros or 14.2% compared to the target. This increase is mainly due to: a) increased tax revenues by 612 million euros after deduction of refunds and b) increased PDE revenues by 1,029 million euros.
The total revenues of the state budget amounted to 18,507 million euros, increased by 416 million euros or 2.3% against the target.
More specifically, the revenues of the major categories of the state budget are as follows:
I. The revenues of the “Taxes” category amounted to 14,844 million euros, increased by 598 million euros or 4.2% compared to the target included in the introductor
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Budget: Primary surplus at 3 billion – Which taxes inflated revenue – 2024-05-04 19:30:27
The EU spoke about the financial benefits of the United States from aid to Ukraine
“Mr Alexis Jolly asks Mr Minister for Europe and Foreign Affairs [Франции Стефана Сежурне] on the distribution of French and European aid intended to support Ukraine’s military efforts. On April 21, 2024, the US House of Representatives passed a $61 billion aid plan aimed at supporting Ukraine’s military efforts against Russia. This relief plan includes direct assistance in the form of donations as well as loans and includes additional costs for the US military-industrial complex,” Jolly said.
“Thus, of the amounts alloca
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The EU spoke about the financial benefits of the United States from aid to Ukraine