3 Things Investors Can Learn From Warren Buffett

Business

Morningstar.com 24 June, 2021 - 12:26pm 20 views

Who is Warren Buffett?

Mr. Buffett, the 90-year-old chairman and chief executive of Berkshire Hathaway Inc., had served as a trustee of the foundation since 2006, when the billionaire pledged to donate all of his company stock to philanthropy. The Gates Foundation is one of five beneficiaries of Mr. Buffett's largess. The Wall Street JournalWarren Buffett to Quit as Gates Foundation Trustee

Why did Warren Buffett resign?

Last March, he stepped down from his role on Microsoft's board of directors to focus solely on his work with the foundation. Buffett is the world's eighth-richest person, with a net worth of $105 billion, according to Bloomberg. CBS NewsWarren Buffett resigns from Gates Foundation, donates $4.1 billion

(Reuters) - Warren Buffett's Berkshire Hathaway Inc appears to have extended its drive to repurchase its own stock, even with its share price near a record high, according to regulatory filings and an analyst.

Edward Jones & Co analyst James Shanahan estimated that buybacks have totaled about $5.15 billion between April 22 and June 22, and about $6.46 billion in the second quarter, based on Berkshire's average share price during the applicable periods.

Berkshire did not immediately respond on Thursday to a request for comment.

Buffett has aggressively repurchased Berkshire shares as high stock market valuations and the growth of special purpose acquisition companies, which take private companies public, made buying whole companies appear expensive.

"It's a killer," Buffett said at Berkshire's May 1 annual meeting, referring to SPACs.

Berkshire repurchased $6.6 billion of stock in the first quarter, and a record $24.7 billion in 2020.

Its last major acquisition was a $32.1 billion takeover of aircraft parts maker Precision Castparts in 2016. Berkshire ended March with $145.4 billion of cash and equivalents.

"There could be deal frustration," said Cathy Seifert, a CFRA Research analyst with a "hold" rating on Berkshire. "Share buybacks also reflect confidence in one's stock."

Berkshire may discuss buybacks in its financial report for the second quarter, likely in early August.

On Wednesday, Buffett donated more than $4.1 billion of his Berkshire stock to the Bill and Melinda Gates Foundation and four family charities.

The donations left him with a 15.8% stake in his Omaha, Nebraska-based conglomerate, regulatory filings show.

That stake suggests Berkshire's share count has been dropping, based on reported shares outstanding as of March 31 and April 22, according to another regulatory filing.

The dollar amount of any buybacks depends on what price Berkshire paid. Through Wednesday, Berkshire's share price was down 7% from its early May record high.

Repurchasing stock "offers a simple way for investors to own an ever-expanding portion of exceptional businesses," Buffett wrote on Feb. 27 in his annual shareholder letter.

Berkshire owns several dozen businesses including the BNSF railroad and Geico car insurance, and stocks such as Apple Inc and Bank of America Corp.

Shanahan said Berkshire's cash hoard may have declined since March, based on the company's investment activity and ability to generate free cash flow. He rates Berkshire a "buy."

(Reporting by Jonathan Stempel in New York; Editing by Nick Zieminski)

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Raiders’ Nassib top-selling jersey, Vegas gambles on comeback, Buffett exits Gates Foundation

Yahoo Finance 26 June, 2021 - 12:39pm

JULIE HYMAN: Here's a check of some other business headlines now. Warren Buffett resigning as a trustee to the Bill and Melinda Gates Foundation. Buffett says he hasn't been active there for years. His decision is happening as the future of the foundation is in question after Bill and Melinda announced their divorce in early May. Buffett also announced he's donating over $4 billion of Berkshire Hathaway shares to five separate foundations.

Las Vegas has a new casino, the first one on the Strip in more than a decade. It's classic Vegas. The $4.3 billion Resorts World will have a 5,000-seat theater, with Celine Dion in residency, 3,500 hotel rooms, seven swimming pools, and, natch, a 100,000-square-foot LED screen on one side of the building. You see it there. The resort will mark its opening on July 4 with a Miley Cyrus concert and fireworks show.

And speaking of Vegas, Las Vegas Raiders defensive lineman Carl Nassib had the top-selling NFL jersey for the past two days, according to a Fanatics spokesperson. Nassib, on Monday, came out as gay, the first active NFL player to do so. He also donated $100,000 to The Trevor Project, which supports LGBTQ youth with crisis intervention and suicide prevention services. And the NFL said yesterday, it would match that donation.

And in IPO headlines today, Chinese electric carmaker Xpeng got approval to list its shares in Hong Kong, according to multiple reports. The company, which is already listed in the US, seeks to raise as much as $2 billion and begin trading in July. Its US shares were higher on this news today. Meanwhile, DNUT is coming into public markets next week. That's the ticker Krispy Kreme has chosen for its return.

With a target valuation of almost $4 billion, the donut chain plans to offer 26.7 million shares at $21 to $24 bucks each. Krispy Kreme has been privately held since 2016 by JAB Holding, J-A-B Holding, which also owns Panera Bread and Caribou Coffee, Myles.

MYLES UDLAND: I know Brian Sozzi is looking forward to the Krispy Kreme IPO. I know he's going to head down to Penn Station, get himself a fresh dozen, and then see how that settles. And then, he'll do all that before he gets back out to Queens to do the show, live from his kitchen.

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The Oracle of Omaha said today that he will donate an additional $4.1 billion of Berkshire Hathaway's shares, and announced he is resigning as a trustee at the Bill and Melinda Gates Foundation. 2021...

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Billionaire Warren Buffett is resigning as a trustee of the Bill and Melinda Gates Foundation weeks after the couple announced their divorce after 27 years of marriage. Mr Buffett, the nonagenarian chairman and chief executive of Berkshire Hathaway, said his goals remained “100pc in sync” with the foundation as he stepped down from the charity set up by the Microsoft founder and his wife. Launched in 2000, the Bill and Melinda Gates Foundation is one of the world's largest charitable organisatio

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Carl Nassib has the top-selling jersey at Fanatics after coming out.

Warren Buffett Moves to Distance Himself From Bill Gates

The Nation 26 June, 2021 - 12:39pm

Warren Buffett and Bill Gates attend the Forbes 2015 Philanthropy Summit Awards Dinner on June 3, 2015, in New York City. (Dimitrios Kambouris / Getty Images)

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Why Windows 11 is bringing Android apps to your PC: CNBC After Hours

CNBC 26 June, 2021 - 12:39pm

CNBC.com's Pippa Stevens brings you the day's top business news headlines. On today's show, CNBC.com's Jordan Novet explains what's coming to Microsoft's operating system refresh, Windows 11. Plus, Warren Buffett says he has officially given away half of his net worth to charity.

Microsoft revealed Windows 11 during an online event on Thursday. The announcement comes almost six years after the introduction of Windows 10, which is the world's most widely used PC operating system, with over 1.3 billion devices using it.

Windows, which represents over 10% of Microsoft's revenue even as the company has grown by selling cloud services, became more critical during the pandemic as people stayed home and spent more time with Windows 10 for school, work and gaming. Microsoft reported higher Windows revenue from consumer PCs — but Apple's Mac revenue also rose, and shipments of PCs running Google's Chrome OS skyrocketed.

Warren Buffett said Wednesday he will donate $4.1 billion worth of Berkshire Hathaway shares to five foundations, and that he will resign as the trustee at the Bill & Melinda Gates Foundation.

This year's donation marked the halfway point for the 90-year-old Oracle of Omaha, who in 2006 pledged to give away all of his Berkshire shares through annual gifts to Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation. Back then, Buffett owned 474,998 Berkshire A shares. Today, he said he owns 238,624 shares, worth about $100 billion.

"Today is a milestone for me," Buffett said in a statement. "In 2006, I pledged to distribute all of my Berkshire Hathaway shares — more than 99% of my net worth — to philanthropy. With today's $4.1 billion distribution, I'm halfway there."

BuzzFeed, a 15-year-old digital media company, announced Thursday it plans to go public via a merger with a publicly traded special purpose acquisition company. 

The company, merging with 890 Fifth Avenue Partners, is targeting a $1.5 billion valuation. The deal is expected to close in the fourth quarter.

BuzzFeed also plans to acquire Complex Networks, a digital publisher that specializes in streetwear, music and culture, for $300 million. The deal is made up of $200 million in cash and $100 million of equity in BuzzFeed, the company said. It added it will "immediately accelerate BuzzFeed's revenue growth."

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11 Ways Warren Buffett Lives Frugally

Yahoo Finance 26 June, 2021 - 12:39pm

Despite his roughly $105.6 billion net worth, according to Forbes, the sixth-wealthiest man in the world enjoys a life of simple taste, frugal living and generous philanthropy. Here's a look at Warren Buffett's tips for living frugally.

Billionaires live in mansions, right? Not Buffett.

He lives in the same residence in Omaha, Neb., that he bought in 1958 for $31,500, the equivalent of roughly $285,000 in 2020 dollars. Buffett has no intention of putting his own home up for sale. "I wouldn't trade it for anything," he told CNBC earlier this year.

In today's money, Buffett would have paid about $43 per square foot for the 6,570-square-foot home. But these days, the home is worth about $161 per square foot, according to the home's current value listed by the tax assessor's office in Douglas County, Nebraska, where Buffett lives.

If you want to live like Buffett, consider buying less home than you can afford. Instead of paying pricey mortgage payments, you'll be able to put more of your money toward savings, retirement or vacations.

And if you must take out a loan, perhaps get a 30-year mortgage -- it's "the best instrument in the world," Buffett told CNBC. In fact, Buffett took out a 30-year mortgage in 1971 when he bought a vacation home in Laguna Beach, California.

"If you're wrong and rates go to 2 percent, which I don't think they will, you pay it off," he said. "It's a one-way renegotiation. It is an incredibly attractive instrument for the homeowner and you've got a one-way bet."

You might assume billionaires brunch at the most extravagant restaurants, ordering eggs Benedict and bottomless mimosas. Or, they hire a personal chef who can whip up whatever and whenever they want -- right?

Wrong. Adopting Buffett's lifestyle doesn't include paying high prices for daily gourmet French toast prepared in the comforts of your own home.

When it comes to food, the billionaire investor has been known to save money by taking the fast-food route. In fact, he might kick off his day with a trip to McDonald's during his five-minute drive to work, reports CNBC.

If he's feeling rich, he'll splurge by spending $3.89 on a bacon, egg and cheese biscuit sandwich. If the market's down, he might spend $3.19 on a sausage, egg and cheese sandwich instead. On a really bad day, he buys two sausage patties for $2.38, puts them together and washes it down with a Coke he pours himself.

Buffett also is known to opt for cheap food when he's on the road -- but forget the cholesterol-soaked bacon and eggs at a local restaurant. Buffett's travel breakfast might consist of a pack of Oreos, his friend Bill Gates -- yes, his good buddy is the Microsoft founder -- wrote on his blog.

"One thing that was surprising to learn about Warren is that he has basically stuck to eating what he liked when he was 6 years old," Gates wrote. "He did move past baby food, of course, but he mostly eats hamburgers, ice cream and Coke."

Buffett explained his diet in a 2015 interview with Fortune: "I checked the actuarial tables, and the lowest death rate is among 6-year-olds. So I decided to eat like a 6-year-old. It's the safest course I can take."

Although some CEOs drive around in million-dollar cars, you'll likely find Buffett driving something much more modest.

In a BBC documentary, his daughter, Susie Buffett, said he bought cars that he could get at reduced prices -- like those that had been damaged by hail. The cars were fixed and didn't look hail-damaged and became a regular part of the Buffett lifestyle.

"You've got to understand, he keeps cars until I tell him, 'This is getting embarrassing -- time for a new car,'" said his daughter in the documentary.

Buffett also told Forbes in 2014 about his car-buying habits -- or lack thereof. "The truth is, I only drive about 3,500 miles a year so I will buy a new car very infrequently," he said.

Remember this the next time you're in the market for a car: Cars tend to depreciate quickly, so it can be better for your finances if you try to keep your well-working car for as long as possible -- or at least opt to buy a used car instead of new.

A commitment to live like Warren Buffett doesn't mean all work and no play. After all, even billionaires have hobbies. But compared to other famous CEOs, investors and entrepreneurs, Buffett's hobbies are much more affordable. For example, he enjoys playing bridge.

"If I play bridge and a naked woman walks by, I don't even see her," laughed Buffett during a CBS News "Sunday Morning" interview. Yep, Buffett is a self-proclaimed bridge addict, and you might even catch him playing the game about 8 hours a week, according to a Washington Post interview from 2017.

"I one time said that I wouldn't mind going to jail if I had the right three cellmates so we can play bridge all the time," he also said in the interview.

When Buffett's not busy being a business mogul, you might find him strumming his ukulele and singing as well. He's played for investors and at charity events. A video of him playing the instrument with Gates even went viral after it was posted on Gates' blog in 2016.

What do you give a friend who's also a billionaire? Buffett's long-standing friendship with Gates is legendary. In honor of Buffett's 90th birthday, the Microsoft magnate explained on his blog what's kept their friendship strong over the years:

"Of all the things I’ve learned from Warren, the most important thing might be what friendship is all about," Gates wrote. "A person that I admire as well as like — that's the perfect description of how I feel about Warren. Happy birthday, my friend."

And Buffett didn't earn Gates' gratitude through grandiose and expensive gestures. Instead, it's simply about how he treats others. In his 2016 blog post, Gates gave examples of how Buffett is a kind and thoughtful friend, such as driving personally to the airport to pick up Gates whenever he's in Buffett's hometown town, calling frequently and sending news clippings by mail that he thinks Gates and his wife will enjoy.

Those special touches that mean a lot to friends just might be the best takeaway for those seeking to live the Warren Buffett lifestyle.

Buffett likely won't be shelling out big money for the newest iPhone, even though he's now using one. The billionaire revealed in a February 2020 CNBC Squawk Box interview that he has been given several iPhones, including by Tim Cook.

He stated the Nokia flip phone, which he had held on to for years, is permanently gone and he now uses the newest model iPhone, which was an iPhone 11 at the time of the interview.

While it's tempting to always splurge on the latest technology, take a page from Buffett's book and only upgrade your phone when you really need to. If you insist on buying the latest iPhone to hit the market, look for other ways to save on your phone expenses, such as using a no-contract phone plan or buying a family plan to share data.

Buffett shuns high-end designer suits. Instead, he exclusively wears suits created by a Chinese sewing entrepreneur named Madam Li, whom he met in 2007.

"They fit perfectly," he said of the suits in a 2017 CNBC interview. "We get compliments on them. It's been a long time since I got compliments on how I looked but, since I am wearing Madame Li's suits, I get compliments all the time."

The takeaway: Opt for quality goods that will last you a long time, rather than buying something just because it has a brand name attached to it.

Buffett proves that even billionaires still appreciate an opportunity to save money. In Bill and Melinda Gates' 2017 annual letter, Bill recalled a trip he took with the investor, during which Buffett paid for their fast-food lunch using coupons. He even provided photographic proof of this.

"Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald’s? You offered to pay, dug into your pocket, and pulled out … coupons!" Bill wrote. "Melinda just found this photo of me and 'the big spender.' It reminded us how much you value a good deal."

Save on your next purchase -- even if it's something as inexpensive as a McDonald's meal -- by using applicable discounts, which you can easily find on online coupon sites.

Buffett has remained in the same office building since he joined Berkshire Hathaway in the 1960s.

"It's a different sort of place," Buffett said of the company's Omaha headquarters in the 2017 HBO documentary "Becoming Warren Buffett," CNBC reports. "We have 25 people in the office and if you go back, it's the exact same 25. The exact same ones. We don't have any committees at Berkshire. We don't have a public relations department. We don't have investor relations. We don't have a general counsel. We just don't go for anything that people do just as a matter of form."

Even if you're not a business owner, you can still benefit from Buffett's way of thinking. It boils down to the old saying: If it ain't broke, don't fix it.

In Roger Lowenstein's biography of the businessman, "Buffett: The Making of an American Capitalist," the author says that after Buffett's first child was born, he converted a dresser drawer into a space for the baby to sleep instead of spending money on a bassinet, reports Forbes. When it came to the family's second child, he borrowed a crib rather than buying one.

Perhaps making your baby sleep in a drawer seems a little extreme, but it's just an example of thinking outside the box. Use resources that are already available to you to prevent unnecessary spending.

Buffett explained his choice to live frugally during a 2009 Q&A session he conducted with a group of business school students.

"You can’t buy health and you can’t buy love," said Buffett, according to the Underground Value blog. "I’m a member of every golf club that I want to be a member of [...] I’d rather play golf here with people I like than at the fanciest golf course in the world. [...] I’m not interested in cars, and my goal is not to make people envious."

And in a 2017 interview with People, Susie Buffett said of her father: "...it’s really true that he does not care about having a bunch of money." Instead, she said, he emphasizes family.

“I don’t think people realize, he’s got a bunch of great-grandchildren and he could tell you everything about what they’re all doing. He knows every one of those kids and he knows about their lives,” she said.

This article originally appeared on GOBankingRates.com: 11 Ways Warren Buffett Lives Frugally

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Berkshire Hathaway puts extra €40m into Dublin company

The Irish Times 26 June, 2021 - 12:39pm

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The funding was provided by way of new shares and brought its share capital to €176 million. The accounts also note that the Nebraska-based parent company put €20 million into the Irish business in 2020, also via new shares.

That funding was to “support the faster than expected growth of the business, including the associated start-up costs”, its financial statements note.

The Dublin operation was initially capitalised to the tune of €116 million as part of its authorisation process before it began trading in 2019, to meet “forecast regulatory capital requirements to December 2022, including the funding of initial net losses associated with the start-up of the new business”.

In terms of the impact of Covid-19, all of its offices are operating on a working from home basis and the board has assessed an “exposure” of €10 million from the pandemic.

“The board have reassessed the various risks which have been increased by the pandemic and are confident that the business is sufficiently robust to withstand all impacts,” the directors’ report notes.

The company’s gross premiums written was €318.4 million, up from €72.7 million in 2019. Its average loss ratio after reinsurance was 92 per cent, which the accounts state was in line with expectations.

When investment and exchange losses are included, the company made a loss before tax of €6.3 million, up from €2.7 million in 2019. An overseas tax charge of €2.1 million brought total losses for the year to €8.4 million.

Berkshire Hathaway European Insurance obtained its regulatory approval from the Central Bank of Ireland in March 2019, and commenced trading that month. It is involved in underwriting general insurance business and operates from branch offices in the UK, Germany, Spain, France and Italy.

The company’s wage bill almost trebled during the year to €10.5 million. Its 62 staff earned on average just more than €169,000 last year. Remuneration for the company’s directors amounted to €524,000.

On January 1st this year the company’s employees in Ireland were transferred into a group-owned service company here, “thus enabling them to more fully support the business of the parent company”.

In April the company exercised a break clause in its Dublin office lease and was finalising a five-year lease on a different property to commence in May.

The accounts state that this year is expected to be one of “significant growth whilst embedding the underwriting, and claims disciplines within the branch network”. The majority of the growth is expected to come from the UK branch.

Based in Omaha, Nebraska, Berkshire Hathaway is a multinational conglomerate led by Warren Buffett (90),who is regarded as one of the world’s most successful investors.

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Berkshire Hathaway puts extra €40m into Dublin-based European Insurance company

The Irish Times 26 June, 2021 - 12:39pm

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The funding was provided by way of new shares and brought its share capital to €176 million. The accounts also note that the Nebraska-based parent company put €20 million into the Irish business in 2020, also via new shares.

That funding was to “support the faster than expected growth of the business, including the associated start-up costs”, its financial statements note.

The Dublin operation was initially capitalised to the tune of €116 million as part of its authorisation process before it began trading in 2019, to meet “forecast regulatory capital requirements to December 2022, including the funding of initial net losses associated with the start-up of the new business”.

In terms of the impact of Covid-19, all of its offices are operating on a working from home basis and the board has assessed an “exposure” of €10 million from the pandemic.

“The board have reassessed the various risks which have been increased by the pandemic and are confident that the business is sufficiently robust to withstand all impacts,” the directors’ report notes.

The company’s gross premiums written was €318.4 million, up from €72.7 million in 2019. Its average loss ratio after reinsurance was 92 per cent, which the accounts state was in line with expectations.

When investment and exchange losses are included, the company made a loss before tax of €6.3 million, up from €2.7 million in 2019. An overseas tax charge of €2.1 million brought total losses for the year to €8.4 million.

Berkshire Hathaway European Insurance obtained its regulatory approval from the Central Bank of Ireland in March 2019, and commenced trading that month. It is involved in underwriting general insurance business and operates from branch offices in the UK, Germany, Spain, France and Italy.

The company’s wage bill almost trebled during the year to €10.5 million. Its 62 staff earned on average just more than €169,000 last year. Remuneration for the company’s directors amounted to €524,000.

On January 1st this year the company’s employees in Ireland were transferred into a group-owned service company here, “thus enabling them to more fully support the business of the parent company”.

In April the company exercised a break clause in its Dublin office lease and was finalising a five-year lease on a different property to commence in May.

The accounts state that this year is expected to be one of “significant growth whilst embedding the underwriting, and claims disciplines within the branch network”. The majority of the growth is expected to come from the UK branch.

Based in Omaha, Nebraska, Berkshire Hathaway is a multinational conglomerate led by Warren Buffett (90),who is regarded as one of the world’s most successful investors.

Get the latest business news and commentary from our expert business team every weekday

US Tycoon Warren Buffet Donates Over KSh 400 Billion of His Wealth to Charity ▷ Kenya News

Tuko.co.ke 26 June, 2021 - 12:39pm

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Billionaire investor Warren Buffet has given over KSh 400 billion to charity.

The billionaire announced the donations on June 24, 2021, while also revealing that he would be stepping down from the Bill and Melinda Gates Foundation.

In the statement, the 90-year-old said he is giving away stock worth over KSh 400 billion from Berkshire Hathaway, his multinational conglomerate holding company.

Forbes reported that the billionaire pledged to give away 99% of his wealth to charity in 2006.

Forbes estimated that the businessman’s fortune is worth over KSh 10 trillion.

On his resignation from the Bill and Melinda Gates Foundation, Buffet said that his participation is not required for the foundation to achieve its goals.

However, he did not mention Bill and Melinda’s ongoing divorce.

Buffet's donation comes soon after McKenzie Scott, the ex-wife of Amazon founder Jeff Bezos donated over KSh 270 billion to charity.

The divorce between Bezos and Scott was finalised in 2019 after 25 years of marriage.

Buffet’s resignation from the Bill and Melinda Gates Foundation comes a month after the philanthropists announced they are getting a divorce.

In a joint statement, Bill and Melinda said they are ending their 27-year marriage after realising they can no longer grow together as a couple.

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In the statement posted on social media, Bill and Melinda, who have three children together, said they mutually agreed to separate after fruitlessly working on their marriage.

However, the two pledged to continue working together on their eponymous foundation.

Source: Tuko

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